Business News Highlights: Stock Market Closes, Sensex Settles Over 73,800, Nifty At 22,378
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Google reinstated several Indian apps it had previously removed from its Play Store on Friday following a disagreement over unpaid service fees. Hours after the Centre strongly objected to the action taken by the tech giant Google, emphasising that the startup ecosystem plays a crucial role in the Indian economy and its destiny should not be determined by any major tech corporation, the apps were reinstated.
Expressing firm opposition to Google's removal of certain apps from its Play Store, the government declared on Saturday that the delisting of Indian apps is unacceptable. IT and Telecom Minister Ashwini Vaishnaw conveyed in an interview with PTI that the tech giant and the affected startups have been summoned for a meeting next week.
Coal production from captive and commercial mines surged by 27.06 per cent year-on-year to reach 126.8 million tonnes (MT) during April-February of this fiscal year. Additionally, coal dispatch from these mines witnessed a notable increase, rising by 29.14 per cent to 128.88 MT over the same period of the previous fiscal year, as stated by the coal ministry.
Chief Minister Vishnu Deo Sai announced at a public meeting in Tamamunda village, Jashpur district, that a total of Rs 13,000 crore would be distributed to over 24 lakh farmers in Chhattisgarh on March 12 as part of the paddy procurement process in the state. This sum is additional funds beyond the Minimum Support Price (MSP) provided to farmers for paddy procurement.
Shares of One97 Communications Ltd, the parent company of Paytm, dropped by over 2.50 per cent during Saturday's special trading session following the imposition of a penalty of Rs 5.49 crore by the Financial Intelligence Unit on Paytm Payments Bank. The special trading session, conducted by BSE and NSE in the equity and equity derivative segments, aimed to assess their readiness to manage significant disruptions or failures at the primary site.
The Internet and Mobile Association of India (IAMAI) on Saturday criticised Google's removal of Indian companies' apps and urged the tech giant to reinstate the delisted apps on its Play Store. The association issued a statement strongly condemning the removal of apps belonging to prominent consumer digital companies from the Play Store, including those of Bharatmatrimony, Info Edge, Shaadi.com, and TrulyMadly.
Info Edge (India) Ltd announced on Saturday that its mobile applications, such as naukri.com, 99acres.com, and shiksha.com, have been delisted from the Google Play Store. This action follows Google's recent removal of several apps, including prominent matrimonial apps, from its platform in India due to disagreements regarding service fee payments.
The World Bank’s Board of Executive Directors unveiled a fresh initiative on Saturday, allocating $452 million to promote connectivity in Assam. The program aims to enhance infrastructure to benefit more than 1.8 million individuals residing in rural regions, particularly during severe weather conditions.
The National Dairy Development Board (NDDB) plans to enhance productivity and raise India's contribution to the global milk production to 30 per cent by the end of the decade. The authority chairman, Meenesh Shah, said that the body is aiming to increase India's share in global milk production to 30 per cent, reported PTI.
The stock markets hit a fresh peak in the first half of the special trading session on Saturdat. The BSE Sensex rallied over 100 points to close at a record high of 73,860.26, while the NSE Nifty50 climbed more than 50 points to touch a fresh peak of 22,395 as session closed.
Prime Minister Narendra Modi will be in Bihar on Saturday to unveil development projects worth more than Rs 34,800 crore. Apart from the development projects, the PM will also unveil multiple projects in the oil and gas sector, worth about Rs 1.48 lakh crore, spread across various states.
The PM will also launch several development projects worth Rs 21,400 crore in Aurangabad around 2.30 pm. He will then travel to Begusarai where he will inaugurate and lay the foundation stone of projects worth more than Rs 13,400 crore, reported PTI.
The stock markets continued to exhibit a positive sentiment on Saturday after chasing a bull run in the last two trading sessions. The BSE Sensex stood down from the pre-open session, however, remained in green at 73,877.31, up by 132 points as of 9:41 AM, while the NSE Nifty50 stood just under the 22,400 mark at 22,396.40, up by 57.65 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 positive sentiment and rallied ahead in the pre-open session on Saturday. During the early morning session, the BSE Sensex jumped over 150 points to cross 73,900, while the NSE Nifty50 moved just above the 22,400 mark by gaining more than 50 points.
Earlier, the exchanges announced that both the BSE and the NSE will remain open on Saturday for a special trading session in the equity and equity derivatives market to evaluate the platform’s preparedness to handle major disruptions and failures. The first session would be conducted from 9:15 AM to 10 AM on the PR, while the second session would last from 11:30 AM to 12:30 PM on the DR site.
In the last trading session on Friday, both the equity benchmarks ended the session in green. This rally was seen for last two consecutive sessions. The BSE Sensex also reached a fresh peak of 73,819 during the day, while the NSE Nifty50 touched 22,353. At closing, the Sensex stood at 73,745, higher by 1,245 points, while the Nifty rallied over 350 points to settle at 22,339.
The Financial Intelligence Unit-India (FIU-IND) also announced on Friday that it has levied a major penalty of Rs 5.49 crore on the Paytm Payments Bank Ltd citing violations under the Prevention of Money Laundering Act (PMLA), 2002. The investigative body said that the probe into the fintech firm started after law enforcement agencies provided specific intelligence regarding illicit activities undertaken by the certain entities associated with the banking company.
Automajors like Maruti Suzuki, Tata Motors, and Hyundai reported robust sales for the month of February, credited to the consistent demand for sports utility vehicles (SUVs). Further, other auto companies like Mahindra & Mahindra, Honda Cars, along with others also logged a rise in vehicle dispatched to dealers in the month.
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