Business News Highlights: Sensex Declines 434 Points, Nifty Holds 22,050
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world
The top executive of edtech giant Byju’s announced on Wednesday that the company's $ 200 million rights issue has been entirely subscribed to, urging all shareholders to join the renewed mission. Think and Learn Private Limited, operating under Byju's brand, initiated a $ 200 million rights issue at a valuation of less than 99 per cent of its peak valuation of $ 22 billion.
Finance Minister Nirmala Sitharaman led the Financial Stability and Development Council (FSDC) meeting on Wednesday, focusing on India's macro-financial stability and its readiness to address associated challenges. Additionally, the FSDC deliberated on devising a strategy to streamline and digitize the Know Your Customer (KYC) process within the financial sector.
Domestic benchmark indices halted their six-day winning streak on Wednesday as traders opted to take profits. The Sensex concluded 434.31 points, or 0.59 per cent, lower at 72,623.09, while the Nifty fell 141.90 points, or 0.64 per cent, settling at 22,055.05.
Orient Technologies Ltd, an information technology (IT) solutions provider, has submitted preliminary documents to the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The proposed IPO consists of a fresh issue of Rs 120 crore and an Offer For Sale of up to 46 lakh equity shares by promoters, as outlined in the Draft Red Herring Prospectus (DRHP) filed on Tuesday.
Arvind Panagariya, Chairman of the 16th Finance Commission, said on Wednesday that India should prioritise exports to attain a 10 per cent economic growth. He noted that the allure of import-substituting industrial policies is not exclusive to India, citing successful examples from countries like Singapore, Taiwan, South Korea, China, and India.
Shares of One97 Communications, the parent company of the Paytm brand, surged to the upper circuit for the fourth consecutive session on Wednesday. The stock of this fintech firm rose by 5 per cent to Rs 395.25 and Rs 395.05 per share, reaching its upper circuit limit on both the BSE and NSE.
The Institute of Chartered Accountants of India (ICAI) will offer recommendations to the government regarding augmenting the tax to GDP ratio and advancing green finance initiatives, said ICAI President Ranjeet Kumar Agarwal.
During a briefing in Delhi on Wednesday, he emphasised the necessity of enhancing the tax to GDP ratio for India to achieve developed economy status by 2047.
ABB India shares surged over 9 per cent on Wednesday following the announcement of increased Profit After Tax (PAT) in the fourth quarter ending December 2023. The company's stock soared by 9.24 per cent to Rs 4,940 per share on the BSE and by 8.97 per cent to Rs 4,930.30 per share on the NSE. The firm follows the January to December financial year.
EV platform, Ultraviolette Automotive, on Wednesday, named Ajay Shanker as the Chief Financial Officer (CFO) of the firm. Moving on from Schneider Electric, where he played the role of CFO, reported PTI.
The edtech firm upGrad announced on Wednesday that it would broaden its product reach by leveraging AI to translate popular Certs and Bootcamps into local languages. This initiative aims to cater to both freshers and working professionals. Acknowledging the potential to enhance communication and learning experiences, the company has prioritised Hindi, Tamil, Telugu, Kannada, and Bengali languages for implementation in phase one, reported IANS.
The Karnataka Assembly passed a bill on Tuesday to reduce the penalty on property tax in Bengaluru city limits by 50 per cent. The bill effectively halved the penalty amount, giving the residents savings up to Rs 2,700 crore, reported PTI.
The Indian rupee appreciated 6 paise to touch 82.91 against the US dollar in early trade on Wednesday, owing to a weak US dollar and positive market equity sentiment. At the interbank foreign exchange, the domestic unit opened at 82.90 and slipped to 82.91 against the American unit in initial deals. In the last trading session on Tuesday, the Indian currenyc settled at 82.97 against the greenback, at a gain of 4 paise.
The stock markets exhibited volatile behaviour on Wednesday. After opening on a high note, the key equity benchmarks, Sensex and Nifty, oscillated back and forth and narrowed their gains. As of 10:36 AM, the BSE Sensex stood at 73,070.07, at a gain of 13 points, while the NSE Nifty50 traded at 22,202.75, higher by 6 points.
Background
Business News Highlights: Hello and welcome to ABP Live's Business LIVE blog. Please follow this space for all the breaking news and latest updates from the Stock Market, economy, and the corporate world.
The stock markets exhibited a positive sentiment on Wednesday morning. The key equity benchmarks increased marginally in early trade. The BSE Sensex opened on a high note at 73,267.48, while the NSE Nifty50 touched a peak of 22,248.85 as the trading session started.
As of 10:12 AM, the benchmark indices traded in the green, however, narrowed their gains. The Sensex stood at 73,107.43, a gain of 50 points, while the Nifty50 traded at 22,218.50, higher by 21.55 points.
The US is set to reveal the PMI numbers for manufacturing, services sector, along with the existing home sale numbers for January, along with other data tomorrow. The central bank’s policy meeting minutes are also among the macroeconomic indicators expected to be released tomorrow.
In the last trading session on Tuesday, both Sensex and Nifty ended higher amid volatility. After inching up and down in the early part of the trading session, the S&P BSE Sensex finally settled at 73,057, higher by 349 points. On the other hand, the NSE Nifty50 closed the session at a record closing high of 22,197, up by 75 points. The index hit a record high of 22,216 in intraday trade.
Zee Entertainment Enterprises Ltd (ZEEL) issued a clarification on Tuesday after reports surfaced of the firm’s discussions with the Sony Group to save the $10 billion merger deal between the companies. The Indian media entity stressed that it is not meeting with the Sony Group to save the media merger, called off by the latter in January 2024.
Notably, the Economic Times reported in the first half of the day citing sources that the companies were engaged in negotiations in a last effort to revive the merger deal. In response, ZEEL issued an exchange filing and said, “We would like to clarify that the Company has not involved in any negotiations.”
- - - - - - - - - Advertisement - - - - - - - - -