Business News Highlights: Stock Market Ends Higher, Sensex Closes Over 72,700, Nifty Above 22,100

Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world

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 gains after ending the last trading session on a high note. As of 10:20 AM, the key equity benchmarks, Sensex and Nifty, were trading marginally in the positive territory. The BSE Sensex stood about 16 points higher at 72,442.84, while the NSE Nifty50 climbed almost 30 points to trade at 22,070.45.The markets will be observing the macroeconomic data at the global level set to be released in the week. Services, manufacturing PMI data, and jobless numbers are scheduled to be announced for the US economy towards the end of the week. Further, the US Fed will release the meeting minutes, providing experts with an insight into the interest rate path ahead. Sharing an outlook on the markets ahead, Vinod Nair, Head of Research,Geojit Financial Services, said, “Moreover, a disinflation trend in the eurozone and expectations of increased consumption demand in China after the New Year holidays provided further support. Looking ahead, a correction in PSU banks seems likely due to higher valuation risks. Meanwhile, sectors such as metals, FMCG, and capital goods are anticipated to gain momentum driven by robust construction demand, an order backlog, rural revival prospects, and India's narrowing trade deficit.”In the last trading session on Friday, the stock markets ended higher amid robust global sentiment. The BSE Sensex gained 376 points to close the session at 72,427, while the NSE Nifty50 settled at 22,041, higher by 130 points.Foreign Portfolio Investors (FPIs) also continued to act cautiously and offloaded Indian equities worth Rs 3,776 crore from Indian equities in February so far, as US bond yields surged and an environment of uncertainty surrounded the investors about interest rates. However, the investors continued to be attracted towards the debt market in India and poured in Rs 16,650 crore in the period under review, official data revealed.

19/02/2024 19:11:05

M-Cap Of BSE Listed Firms Touches Fresh Peak Of Rs 3.91 Lakh Crore

The market capitalisation of the firms listed on the BSE surged to reach a fresh high of Rs 3.91 lakh crore on Monday. This growth in valuation marks the fifth consecutive rally for the stock market.

To Read More, Click HERE

19/02/2024 18:22:37

I-T Department Suggests A Ceiling Of Rs 1 Lakh For Withdrawal Of Old Tax Demands

The Income Tax department recommended imposing a ceiling of Rs 1 lakh per assessee for withdrawal of small tax demands till the 2015-16 Assessment year. Earlier this month, FM Nirmala Sitharaman during her Budget presentation, said that the tax demands for the 2010-11 and 2011-12 to 2015-16 Assessment years will be withdrawn for specific amounts. The tax demands worth Rs 3,500 crore were to be withdrawn after the announcement. 

This limit of Rs 1 lakh would include principal component of tax demand, interest, penalty or fee, cess, and surcharge, the authorities clarified, reported PTI. At the same time, this remission would not be applicable on demands raised against the tax collectors under TDS or TCS norms of the I-T Act.

19/02/2024 17:42:10

Govt Allocates Rs 708.69 Crore For Natural Rubber Sector Scheme

The government allocated Rs 708.69 crore for the revised sustainable development of the natural rubber sector scheme for the upcoming two fiscal years (2024-26), Amardeep Singh Bhatia, Additional Secretary in the Commerce Ministry revealed on Monday. The funds under the scheme were increased from Rs 576.41 crore to Rs 708.69 crore, the official informed.

19/02/2024 16:51:13

Indian Hospitality Industry To Log Revenue Growth Of 11-13 Per Cent In FY25

The hospitality industry in India is anticipated to register a revenue growth of 11 to 13 per cent in the 2024-25 fiscal year owing to robust demand at the domestic level and an increase in foreign travellers, a report by CRISIL Ratings said on Monday. The ratings agency stated that strong demand along with improvement in supply would help the industry maintain a healthy operating performance in the near term.

19/02/2024 16:27:29

Tolins Tyres Submits Preliminary IPO Papers With SEBI

Tolins Tyres Ltd submitted preliminary IPO papers with markets regulator SEBI to raise Rs 200 crore via the fresh issue. The firm's issue includes equity shares worth Rs 200 crore and an offer-for-sale (OFS) of equity shares worth Rs 30 crore, it revealed in the draft red herring prospectus (DRHP) filed with the regulator on Friday. 

19/02/2024 15:50:42

Stock Market: Sensex Settles About 300 Points Higher, Nifty Closes Session At 22,122

The stock markets ended trading on a higher note after rallying throughout the session on Monday. The BSE Sensex gained almost 300 points and settled at 72,708.16, while the NSE Nifty50 closed nearly 100 points higher and stood at 22,122.25 at the end of the session.

19/02/2024 15:01:21

Power Grid Receives Investments Worth Rs 656 Crore

Power Grid Corporation announced on Monday that it's board approved an investment of Rs 656 crore to be utilised for implementing electricity transmission projects in India. 

19/02/2024 14:37:30

Sugar Production Falls 2.48 Per Cent In India, Says ISMA

India’s sugar production declined 2.48 per cent to hit 22.36 million tonne as of February 15 in the current 2023-24 marketing year, against 22.39 million tonne produced in the corresponding period a year earlier, data from the Indian Sugar Mills Association (ISMA) revealed. Providing a second outlook for the year, the industry body said that sugar output is anticipated to drop 10 per cent to 33.05 million tonne in the 2023-24 year, against 36.62 million tonne produced last year.

19/02/2024 13:54:28

Pure EV Garners $8 Million In Latest Funding Round

Pure EV announced on Monday that it collected $8 million from a group of investors. The funding was driven by Bennett Coleman and Company Ltd, Hindustan Times Media Ventures, along with other investors and high-net-worth individuals. The electric two-wheeler company informed that it is going through the final stage of completing its Series A1 funding round, coming up to $25 million with a foreign institutional investor included as well, reported PTI.

19/02/2024 13:20:58

CBI's Arrest Of Chanda Kochhar And Her Husband Was 'Abuse Of Power' By CBI, Says Bombay HC

The Bombay High Court in its latest ruling said that arresting former ICICI Bank MD and CEO, Chanda Kochhar, and her husband Deepak Kochhar in the loan fraud case was done 'without application of mind and due regard to the law'. The court called the move an 'abuse of power' by the CBI, reported PTI.

19/02/2024 13:18:06

Nothing Phone (2a) Will Be Manufactured In India

Nothing CEO, Carl Pei, officially announced that the firm's upcoming Nothing Phone (2a) will be manufactured locally in India. The CEO shared the confirmation via a social media post on X.

To Read More, Click HERE

19/02/2024 12:33:36

GPT Healthcare IPO: Bidding Opens On Feb 22, Price Band Set At Rs 177 To Rs 186 Per Share

GPT Healthcare Ltd, operator of hospitals under the ILS Hospitals brand, is set to open its initial public offering (IPO) worth Rs 502 crore on February 22 at a price band of Rs 177-186 per share. The issue will be open for subscription till February 26. 

19/02/2024 12:06:20

TN Budget 2024: FM Proposes Rs 1,000 Crore For North Chennai Development Scheme

TN Finance Minister Thangam Thennarasu tabled the State Budget for 2024-25 on Monday. The minister proposed Rs 1,500 crore for Adyar river restoration initiative and Rs 1,000 crore for the North Chennai Development scheme in the Budget.

19/02/2024 11:33:44

Air Asia To Operate Maiden Direct Flight Between Thiruvananthapuram And Kuala Lumpur

Air Asia Berhad will now operate a direct flight from Thiruvananthapuram International Airport to Malaysia's capital city, Kuala Lumpur, an official statement revealed. The airline will service the route with an Airbus 320 aircraft with a capacity of 180 passengers. This will mark the debut for services from Thiruvananthapuram for Air Asia. 

19/02/2024 10:44:51

TN Finance Minister Thangam Thennarasu Presents Budget In State Assembly

Tamil Nadu Finance Minister Thangam Thennarasu tabled the Budget in the State Assembly for the 2024-25 fiscal year on Monday morning. The minister outlined the 7-point objective in the Budget, calling it the 'seven grand Tamil dream'. These goals called for a focus on social justice, the welfare of marginalised, focusing on the youth, making a knowledge-based economy, equality focused on women's welfare, Tamil culture, and a sustainable future.

 

 

 

19/02/2024 10:38:20

Stock Market: Sensex Climbs Over 100 Points, Nifty Trading Above 22K

The stock markets traded flat on Monday morning and advanced as the session progressed. As of 10:35 AM, the BSE Sensex stood over 100 points higher and traded at 72,534.66, while the NSE Nifty50 climbed more than 50 points to trade at 22,092.75.