Business News Highlights: Stock Markets End In Green, Sensex Crosses 73K, Nifty Over 22,200

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

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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 trading on Tuesday in red. The BSE Sensex dropped a little over 100 points to 72,605.25 in early trade. The markets continued to behave volatile and backtracked a little over the gains made in the last trading session.However, the markets continued to trade slightly higher in the session. As of 10:24 AM, the Sensex stood almost 100 points higher at 72,793.61. However, the NSE Nifty50 traded almost flat at 22,121.35, down by 0.90 points.Both India and the US are scheduled to release their monetary policy meeting minutes in the week. The minutes will help provide insights to the market investors regarding the interest rate policy decisions ahead of the central banks in both countries. Further, macroeconomic data such as jobless claims, S&P Global PMI data for manufacturing, services sectors, along with existing home sale numbers are scheduled to be released in the US towards the end of the week. Several officials from the Fed are also set to deliver their addresses in the week.The HSBC Services PMI, Composite PMI, and Manufacturing PMI for the month of February for India is scheduled for the latter half of the week.In the last trading session on Monday, both key equity benchmarks, Sensex and Nifty, settled higher marking the fifth consecutive session in green. The BSE Sensex settled at a gain of almost 300 points at 72,708, on the other hand, the NSE Nifty50 touched a fresh peak of 22,122, up 82 points. The Bombay High Court (HC) on Monday called the CBI’s arrest of former ICICI Bank MD, Chanda Kochhar, and her husband, Deepak Kochhar, an ‘abuse of power’ with regards to a loan fraud case. The bench, comprising Justices Anuja Prabhudessai and N R Borkar, criticised the investigation agency’s actions, and said the arrest was “without application of mind and due regard to the law”. The ruling stated that the CBI failed to provide substantial evidence or circumstances to justify the arrest.Notably, the arrest occurred on December 23, 2022, regarding the Videocon-ICICI Bank loan case.

20/02/2024 18:42:42

EV Start-Up Vidyut Secures $10 Million In Series A Funding Round

Electric vehicle start-up Vidyut announced on Tuesday that it raised $10 million capital funding including equity and debt in Series A fundraising for increasing its services. The funding round was dominated by 3one4 Capital, in addition to participation from existing investors like Saison Capital, Alteria Capital, and Force Ventures, among others. The EV firm will now provide EV insurance, lifecycle management and vehicle resale. It is also planning to expand its footprint to 40 cities, reported PTI.

20/02/2024 18:09:53

India's AI Market To Reach $17 Billion By 2027: Nasscom Report

The AI market in India is estimated to reach $17 billion by 2027, a Nasscom report in partnership with BCG revealed on Tuesday. The report titled, 'AI Powered Tech Services: A Roadmap for Future Ready Firms; AI & GenAI's Role in Turbocharging the Industry', said that this growth would be helped by several factors like a major increase in AI investments, surging enterprise tech spending, and the growing AI talent in the country, among others, reported PTI. The study also said that the AI market is currently growing at a compounded annual growth rate (CAGR) of 25 to 35 per cent.

20/02/2024 17:32:33

Raymond Realty Launches Premium Housing Project In Bandra

Raymond Realty announced on Tuesday that it will develop a premium housing project in Bandra, Mumbai. The real estate segment of the Raymond Group said that this project would generate an estimated revenue of about Rs 2,000 crore. 

20/02/2024 16:54:36

Govt To Set Up A Maritime Development Fund For Providing Support To Shipping Sector

The government is looking into establishing a maritime development fund (MDF) to help provide economical and long-term financial support to the shipping sector, T K Ramachandran, Secretary, Ministry of Ports, Shipping and Waterways, said on Tuesday. Addressing an event conducted by industry body CII, the official said that the government is also planning to provide infrastructure status to the shipping sector.

20/02/2024 16:24:01

Rupee Appreciates 6 Paise To Settle At 82.95 (Provisional) Against US Dollar

The Indian rupee appreciated 6 paise and closed at 82.95 (provisional) against the US dollar on Tuesday, owing to a strong sentiment in the equity market and a tepid American currency. At the interbank foreign exchange market, the domestic unit opened at 83.02 and hit an intraday high of 82.91, before settling at 82.95 (provisional) against the American dollar.. On Friday, the Indian unit settled 4 paise higher at 83.01 against the greenback.

20/02/2024 15:50:20

Stock Market: Sensex Climbs Over 73K, Nifty Closes Higher By 87 Points

The stock markets ended trading in green on Tuesday despite exhibiting volatility throughout the market session. The BSE Sensex closed almost 350 points higher at 73,057.40, while the NSE Nifty50 settled just above the 22,200 mark at 22,209.20, up by 87 points.

20/02/2024 15:36:57

Indian Delegation Departs For UK For Finalising FTA Discussions

A senior-level Indian official delegation has left for London to conduct discussions about the proposed Free Trade Agreement between the two coutnries, media agency PTI reported, citing sources aware of the matter. The Indian delegation will try to finalise the deal and clear out the differences on the remaining issues in the negotiations. Notably, both India and UK launched discussions for the FTA in January 2022.

20/02/2024 14:56:12

Tech M Acquires Orchid Cybertech Services For $3.27 Million

Tech Mahindra announced on Tuesday that it acquired a 100 per cent stake in Orchid Cybertech Services (OCS) via it’s wholly-owned subsidiary for about $3.27 million in an all-cash deal. Incorporated in 2004, OCS provides customer experience-related services to TPG Telecom, reported PTI.

20/02/2024 14:20:42

Whirlpool India Logs Sale Of 3.13 Crore Shares On BSE In Afternoon Session

Home appliance maker, Whirlpool of India saw 3.13 crore shares worth Rs 4,089.45 crore being sold on the BSE in the afternoon trading session on Tuesday. The firm’s shares stood at Rs 1,313.05 apiece, as of 2:03 PM.  Whirlpool Mauritius, the promoter firm, is expected to be behind the sales, as it has been looking into divesting its stake in the company’s Indian entity.

20/02/2024 13:51:02

PocketFM Launches Online Reading Platform 'Pocket Novel'

PocketFM announced on Tuesday that it is launching its online reading platform, Pocket Novel, and will invest about Rs 330 crore in the business. The platform will provide an online novel reading space for customers in India and the firm aims to log an annualised revenue run rate of $100 million globally by 2025, reported PTI.

20/02/2024 13:13:59

Maharashtra To Become $1 Trillion Economy By 2027-28, Says Governor Bais

Maharashtra Government aims to become a $1 trillion economy by 2027-28, Governor Ramesh Bais said while addressing the legislators in the Vidhan Sabha on Tuesday. “Maharashtra is the highest in attracting foreign direct investment in the country. There has been foreign direct investment of Rs. 65,500 crore in the state. This investment is 38.78 per cent of the country's total foreign direct investment,” the Governor said, reported PTI.

20/02/2024 12:27:38

Amazon Starts Delivery Service To Remote Village In Uttarakhand

E-commerce major, Amazon, announced on Tuesday that it began delivery service in Gajoli, a remote village located in the Uttarkashi district in Uttarakhand. The company claimed that it became the first e-commerce entity to provide delivery services to Maharishi Ashram at Gajoli in the state, reported PTI.

20/02/2024 11:49:29

Rupee Appreciates 2 Paise To 82.99 Against US Dollar

The rupee appreciated 2 paise to touch 82.99 against the US dollar in early trade on Tuesday, owing to moderating crude oil prices. Forex traders noted that a robust American dollar, foreign funds outflow, and weak equity market movements impacted the domestic currency. At the interbank foreign exchange, the domestic unit opened at 83.02 and moved up to 82.99 against the US dollar in initial deals. In the earlier trading session on Friday, the Indian currency closed 4 paise higher at 83.01 against the greenback.

20/02/2024 11:13:14

TN Agriculture Minister MRK Panneerselvam Tables Separate Budget In State Assembly

Tamil Nadu Agriculture Minister, MRK Panneerselvam, tabled a separate Agriculture Budget for the 2024-25 fiscal year in the State Assembly today. The minister allocated Rs 65.30 crore for millets in the Budget and also announced the 'one village, one crop' scheme in the document.

Further, the agriculture minister also proposed steps to reduce chemical fertilisers in paddy crop and announced measures to nurture villages to help them face climate change, reported PTI.

20/02/2024 10:50:09

Stock Market: Sensex Inches Over 72,700, Nifty Below 22,100

The stock markets exhibited volatile behaviour on Tuesday and threatened to erase the gains made over the last few sessions. As of 10:46 AM, the BSE Sensex gained about 30 points to stand at 72,737.98, while the NSE Nifty50 stood at a loss of 24 points at 22,098.35.