Business News Highlights: Stock Markets End In Red, Sensex Settles At 73,502, Nifty Closes 150 Points Lower
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The stock market opened the trading week on a low sentiment. During early trade, the BSE Sensex slipped nearly 50 points to touch 74,071.33, while the NSE Nifty50 fell marginally to 22,486.55.
As the trading session continued, markets maintained a downward trajectory and the benchmark indices remained in red. As of 10:02 AM, the BSE Sensex declined over 150 points to fall below the 74K mark and traded at 73,960.01. At the same time, the NSE Nifty50 slipped almost 40 points and stood at 22,454.95.
In the last trading session on Thursday, the markets settled on a muted note after clocking fresh peaks during the opening session. The Sensex settled at 74,119.39, while the Nifty closed trading at 22,493.50.
India signed a free trade agreement with the European bloc, EFTA, on Sunday, culminating the years of negotiations for the trade pact into a concrete deal for the nations. The trade deal is formally known as the Trade and Economic Partnership Agreement (TEPA). Prime Minister Narendra Modi called the trade pact a ‘win-win’ situation for all parties involved. Commenting on behalf of the EFTA bloc, made up of Singapore, Norway, Iceland, and Liechtenstein, Guy Parmelin, Federal Councillor, said, “Our companies strive to diversify their supply chains while rendering them more resilient. India, in return, will attract more foreign investment from EFTA, which will ultimately translate into an increase in good jobs...All in all, the TEPA will allow us to make better use of our economic potential and create additional opportunities for both India and the EFTA States.”
Indian edtech start-up Byju’s also released the full salary of 25 per cent of its employees, sources revealed. The employees who received the whole salary belonged to the lower pay scale. The firm also made a partial payment to the remaining workforce.
The firm’s management sent two sets of letters to employees, sharing information about salary payment via alternate fund arrangements amidst the company’s financial crisis.
The management, in the letter sent to employees who received full salary, said, “We processed your salary for February late at night on Friday. However, due to yesterday being a second Saturday and on account of the long weekend, we expect the salaries to be reflected in your accounts on Monday. We sincerely apologise for any inconvenience caused by this delay and are grateful for your understanding.”
Exporters Body FIEO Elects Ashwani Kumar As President
The Federation of Indian Export Organisations (FIEO) announced on Monday that Ashwani Kumar has been elected unanimously as the new President of the body. Kumar replaced A Sakthivel, the body informed.
Powerlook Apparels To Invest Rs 50 Crore To Open 50 Outlets In India By 2027
Powerlook Apparels said on Monday that it will open two new offline stores in Mumbai and further announced that it plans to invest Rs 50 crore to open 50 such outlets in India by 2027. Raghav Pawar, Co-founder, Powerlook Apparels, noted, "Our expansion journey begins with the opening of these two offline stores in Mumbai. While e-commerce remains pivotal, we believe in the significance of physical stores, allowing customers to engage with our products," reported PTI.
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