Business News Highlights: Stock Markets Close, Sensex Settles Near 73,900, Nifty At 22,400
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world
The International Centre for Automotive Technology (ICAT) granted the PLI-Automotive Certificate to Ola Electric Technologies on Monday as part of the production-linked incentive (PLI) scheme. The automotive testing agency informed that the company's EV, namely 2W (Ola S1 Pro Gen2) satisfied the minimum domestic value addition criteria of 50 per cent needed for the certificate.
"With this certificate, which has gone through a process of due diligence, OLA will now be entitled to a Production Linked Incentive (PLI) payable by the Ministry of Heavy Industries," ICAT Director Saurabh Dalela said, PTI reported.
Axis Mutual Fund unveiled a new debt scheme on Monday, aiming to collect at least Rs 100 crore during the initial subscription phase. According to a statement from the fund house, the scheme commenced on Monday and will conclude on March 12. B Gopkumar, MD and CEO, Axis Mutual Fund, added, "The current yield curve presents material opportunities to investors with a medium to long-term investment horizon and can be a notable add-on to the investor's passive debt portfolio," reported PTI.
SpiceJet said on Monday that the Abu Dhabi Investment Authority (ADIA) acquired the airline's shares from the open market, however, the carrier didn't disclose any details.
Power Grid announced on Monday that its board has authorised a proposal to raise funds up to Rs 1,200 crore via bond issues. The firm issued an exchange filing and informed, "The Committee of Directors for Bonds approved the raising of bonds as unsecured, non-convertible, non-cumulative, redeemable, taxable Powergrid bonds - LXXVI (76th) issue up to Rs 1,200 crore." The firm said that the base size of the issue is Rs 400 crore, with a green shoe option of Rs 800 crore.
The stock markets traded on an almost flat note on Monday, however, attempted a small rally before ending in green. The BSE Sensex closed below the 73,900 mark at 73,872.29, up by 66 points, while the NSE Nifty50 managed to settle at 22,400.25, higher by 61.50 points.
Sugar production in India slipped 1.19 per cent to 25.53 million tonne in the current 2023-24 marketing year so far, the Indian Sugar Mills Association (ISMA) said on Monday. The production in the corresponding period a year earlier touched 25.84 MT, the industry body revealed. Providing a second estimate for sugar production, the ISMA estimated output to fall by 10 per cent to touch 33.05 MT in the ongoing marketing year, agaisnt 36.62 MT reported in the preceding year, reported PTI.
Godrej Properties Ltd is planning to develop a 62-acre township in Bengaluru, the firm revealed via an exchange filing. The property is projected to generate revenue worth Rs 5,000 crore and provide about 56 lakh square feet of saleable area including mainly of luxury residential apartments of different sizes, reported PTI.
Delhi CM Arvind Kejriwal said that women will have to provide self-declaration to avail the benefits of the Mukhya Mantri Mahila Samman Yojana, launched in the Budget presentation today. He explained the eligibility of the scheme and said, "Women above 18 years of age who are not government employees, who do not receive any pension and who do not pay income tax, will get the benefit."
Moody's, the global rating agency, has revised its growth forecast for India for the calendar year 2024, projecting it to reach 6.8 per cent, up from the earlier estimate of 6.1 per cent. This upward revision is attributed to the 'stronger-than-expected' economic performance saw in 2023, coupled with the diminishing global economic challenges. India's real GDP saw a notable expansion of 8.4 per cent year-over-year (YoY) in the fourth quarter of 2023, culminating in a full-year growth of 7.7 per cent. According to Moody's Investors Service, the substantial growth in 2023 was primarily fueled by government capital expenditure and robust manufacturing activity. With the waning of global economic headwinds, Moody's anticipates the Indian economy to comfortably maintain a growth rate of 6-7 per cent in real GDP.
Prime Minister Narendra Modi launched multiple development projects in Telangana worth over Rs 56,000 crore on Monday. The projects were related to the power, rail, and road sectors in the state. State Governor Tamilisai Soundararajan and Chief Minister A Revanth Reddy were also present during the event.
Delhi Budget 2024: As part of the government's focus on women empowerment, FM Atishi Marlena announced a new scheme aimed at helping young women in the upcoming fiscal year. The minister announced the scheme titled, the 'Mukhya Mantri Mahila Samman Yojana', under which girls over the age of 18 years, will be given a monthly allowance of Rs 1,000 from the government. This allowance will help women with their expenses.
Presenting the Delhi Budget 2024, Finance Minister Atishi Marlena proposed an allocation of Rs 76,000 crore for the upcoming 2024-25 fiscal year (FY25) on Monday. "In 2014, the GSDP of Delhi was Rs 4.95 lakh crore and in the last ten years, the GSDP of Delhi has increased two and a half times to Rs 11.08 lakh crore," she noted.
Delhi Finance Minister Atishi is scheduled to present the government's budget for the 2024-25 fiscal year on Monday.
The stock markets exhibited mixed signals in the morning session on Monday, after retracting he gains made in the pre-open. As of 9:39 AM, the BSE Sensex stood down by about 11 points and traded at 73,794.78, while the NSE Nifty50 slipped below 22,400 to touch 22,364.65, falling about 26 points.
The stock markets moved ahead in the positive trajectory in early morning trade. As of 9:20 AM, the BSE Sensex inched closer to the 74K mark and stood at 73,960.07, up by over 150 points, while the NSE Nifty50 rallied beyond 22,400 and traded higher by 77.50 points at 22,416.25.
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 opened the week with a positive sentiment. During the pre-opening session on Monday, the key equity benchmark Sensex, surpassed the 74K mark and gained over 200 points in the morning.
During the last week, markets exhibited major volatility, however, closed the week in green. During the special trading session on Saturday, both Sensex and Nifty hit fresh peaks during the session. The BSE Sensex closed at 73,806.15 on Saturday, while the NSE Nifty50 settled at 22,378.40, marking a fresh closing high.
This bull run was attributed to the strong GDP growth of 8.4 per cent reported by India for the third quarter of the current fiscal year. The GDP growth surpassed market expectations of 6.7 per cent.
Notably, foreign portfolio investors also changed their stance on the Indian equities market drastically and poured in over Rs 1,500 crore in the market in February, official data revealed. This stood against the outflow seen in Indian equities so far in the preceding months, with Rs 25,743 crore withdrawn from the segment in January. This change of strategy was also attributed to the robust GDP numbers and corporate earnings.
Investors continued to remain bullish on the debt markets and infused more than Rs 22,419 crore in the segment during February.
Providing an outlook, Santosh Meena, head of research, Swastika Investmart Ltd, noted, “Key upcoming events, such as the release of the US services PMI on March 5, 2024, testimony by the US Fed Chair Powell, along with the US unemployment rate on March 8 will be closely watched for their potential impact on market sentiment. Crude oil is also inching higher, and any negative surprise from there can disturb the mood of the market. However, the market is ignoring any bad news and continuing its bullish momentum.”
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