Business News Highlights: Stock Market Closes, Sensex Up 89 Points, Nifty At 21,839 Amid Volatility
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy, and corporate world
Krishnamurthy Venkata Subramanian, India's Executive Director at the International Monetary Fund (IMF), emphasised on Wednesday that growth in the country must remain at 8 per cent to generate enough employment to lower inequality and poverty. India's economy grew by an impressive 8.4 per cent in the final three months of 2023, marking its fastest growth in one-and-a-half years.
"We should be impatient even if we grow at 7 per cent. We should be looking to grow at 8 per cent and above, as the country needs to create a lot of infrastructure," Subramanian remarked during an event organised by the OMI Foundation.
Trust Fintech Ltd, a provider of fintech software solutions focused on SaaS products, has set the price band for its initial public offering (IPO) at Rs 95-101 per share. According to a statement by the company, the IPO is scheduled to open on March 26 and close on March 28, with the anchor portion opening on Friday. The IPO comprises a fresh issue of 62.82 lakh equity shares, each with a face value of Rs 10, offered through the book-building route.
Pocket FM, an audio streaming platform, announced on Wednesday the successful completion of its Series D funding round, securing $103 million. This financing round was spearheaded by Lightspeed, with StepStone Group also participating. According to a statement released by the company, the fresh infusion of capital will be instrumental in bolstering Pocket FM's endeavours to penetrate the US market further. Additionally, it will facilitate the platform's expansion initiatives into European and LATAM markets slated for 2024.
Assam's Chief Minister, Himanta Biswa Sarma on Wednesday expressed his anticipation that the forthcoming Tata semiconductor facility, valued at Rs 27,000 crore, would position the state on the global semiconductor landscape and significantly alter the economic terrain of eastern India. During a visit to Mumbai, Sarma conveyed his gratitude to Ratan Tata, Emeritus Chairman of Tata Sons, and Chairman N. Chandrasekaran. He thanked them for establishing the semiconductor facility, whose foundation stone was recently laid by Prime Minister Narendra Modi.
Approximately 79 per cent of individuals in India perceive Artificial Intelligence (AI) as a tool that will empower finance professionals to enhance their contributions, according to a recent report released on Wednesday. However, a concerning 61 per cent acknowledge that they are not actively acquiring the requisite skills for the evolving workplace landscape. Moreover, findings from the Association of Chartered Certified Accountants (ACCA) suggest that a significant 82 per cent of respondents consider an organization's commitment to fostering diversity and inclusivity as a pivotal factor influencing their decision to pursue employment therein.
Indian benchmark indices closed with slight gains after a volatile trading session on Wednesday. The Sensex concluded the day with an increase of 89.64 points or 0.12 per cent at 72,101.69, while the Nifty edged up by 21.60 points or 0.10 per cent to reach 21,839.10 at closing. During the session, 1563 stocks advanced, 2064 declined, and 119 remained unchanged.
In terms of sectors, auto, FMCG, realty, oil and gas, and power witnessed gains of 0.5-1 per cent each, while the metal index saw a decline of nearly 1 per cent. The BSE Midcap and Smallcap indices closed flat for the day.
JSW MG Motor India has announced an investment of Rs 5,000 crore aimed at bolstering production capacity and introducing a new car model every 3-6 months, commencing September, revealed top company executives on Wednesday. The newly established entity, a collaborative effort between China's SAIC and Indian conglomerate JSW Group, also aims to enhance the new energy vehicle segment, as stated by JSW Group Chairman Sajjan Jindal during the announcement of the partnership.
India's solar waste may soar to an astonishing 600 kilotonnes by 2030, equivalent to filling up 720 Olympic-size swimming pools, according to a study released on Wednesday conducted by the Ministry of New and Renewable Energy in collaboration with the independent think tank Council on Energy, Environment, and Water (CEEW). The study indicates that approximately 67 per cent of this waste will originate from five states: Rajasthan, Gujarat, Karnataka, Andhra Pradesh, and Tamil Nadu.
India's installed capacity currently stands at 66.7 GW (as of FY23), having already produced around 100 kilotonnes of waste. However, projections indicate that this figure could surge to 340 kilotonnes by 2030.
Optimo Loan announced that it raised $10 million from private equity firms Blume and Omnivore. The fintech firm raised the funds in a seed funding round and also got additional contribution from founder Prashant Pitti.
Zomato announced on Wednesday that it will be going ahead with its 'Pure Veg' model plans, however, it will be going back on the idea of green uniforms. Sharing the information on X, CEO Deepinder Goyal said, "This means that the fleet meant for vegetarian orders will not be identifiable on the ground (but will show on the app that your veg orders will be served by the veg-only fleet)."
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Bharti Hexacom got approval from the Securities and Exchange Board of India (SEBI) to raise funds via an initial public offering (IPO). The firm said that its maiden issue will not include any fresh offering of equity shares since it is an offer for sale, and the proceeds will not go towards the firm from the issue.
Attending the 'Startup Mahakumbh' in New Delhi, Prime Minister Narendra Modi addressed the event and said, "Today when the country is working on the road map of a Viksit Bhart 2047, I feel that this Startup Mahakumbh is of great importance. In the last decade, we have seen how India has made its mark in the IT and software sector. Now, we are seeing the trend of innovation and start-up culture in India."
The Indian rupee appreciated 1 paisa to hit 83.02 against the US dollar on Wednesday as the US Fed gets ready to announce the decision on key interest rates. In the last trading session on Tuesday, the rupee closed at 83.03 against the greenback.
The stock market on Wednesday continued to plunge following the sentiment from the last trading session. As of 10:22 AM, the BSE Sensex declined 181 points to reach 71,830.99, while the NSE Nifty50 stood more than 50 points lower and touched 21,756.30 in the morning trade.
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 market on Wednesday attempted a recovery after the slump in the previous trading session. The key equity benchmarks, Sensex and Nifty, both climbed in the early trade. The BSE Sensex rebounded 237.36 points to hit 72,249.41 in the early session, while the NSE Nifty50 stood higher by 74.25 points and reached 21,891.70.
However, as the session progressed, the equity benchmarks nearly erased their gains and traded lower amidst volatility. As of 10:02 AM, the Sensex stood down by almost 50 points to reach 71,962.49, while the Nifty slipped 21 points and hit 21,797.55 in the morning session.
In the last trading session on Tuesday, both Sensex and Nifty, ended trading in red and plunged 1 per cent in light of the upcoming interest rate decision from the US Fed, scheduled to be released on Wednesday. The S&P BSE Sensex fell more than 700 points to close at 72,012. On the other hand, the NSE Nifty50 closed the session at 21,817, slipping 238 points.
The Reserve Bank of India’s March Bulletin, published on Tuesday, said that India can maintain an annual GDP growth rate of 8 per cent and the supportive macroeconomic factors can provide a boost to the economy’s growth. The article titled, ‘State of Economy’, in the bulletin, was authored by a team led by RBI Deputy Governor Michael Debabrata Patra and made the claims.
The article further said that the global economy is losing growth momentum, with the slowdown in most resilient economies and the signs indicating further levelling ahead. “The world is confronted with large shifts in structure and sentiments, which are either underway or impending,” it said.
The article stated that the growth outlook remained uncertain due to geopolitical factors and extreme weather conditions. However, it noted, that the Indian economy continued to experience a favourable macroeconomic environment and this could be the stepping stone in the country’s growth story.
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