Business News Highlights: Stock Market Close; Sensex, Nifty Settles Higher Amid Volatility
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In the previous trading session on Wednesday, despite selling pressure in information technology (IT) stocks, both Sensex and Nifty, the two primary equity benchmarks, concluded the day in positive territory. The S&P BSE Sensex surged over 350 points during the day, surpassing the 74,000 milestone before settling at 73,853, marking a gain of 114 points. Conversely, the NSE Nifty50 closed at 22,402, climbing 34 points.
Further, on Wednesday, the Reserve Bank of India (RBI), utilising its authority under Section 35A of the Banking Regulation Act, imposed limitations on Kotak Mahindra Bank (KMB). These restrictions bar the bank from enlisting new customers via its online and mobile banking channels and from issuing fresh credit cards. The RBI's decision stemmed from supervisory apprehensions about the bank's technology infrastructure, unearthed during an examination conducted over the past two years.
“These actions are necessitated based on significant concerns arising out of Reserve Bank’s IT Examination of the bank for the years 2022 and 2023 and the continued failure on part of the bank to address these concerns in a comprehensive and timely manner,” said the central bank.
The RBI highlighted significant shortcomings in the bank's IT infrastructure, which include IT inventory management, patch and change management, user access management, vendor risk management, data security, and business continuity and disaster recovery protocols. Additionally, the central bank underscored KMB's deficiencies in IT risk and information security governance for two consecutive years, indicating a failure to meet regulatory standards.
“For two consecutive years, the bank was assessed to be deficient in its IT Risk and Information Security Governance, contrary to requirements under Regulatory guidelines,” RBI said.
Additionally, on Wednesday, Bharti Airtel stated that it is not in talks to acquire the 21.05 per cent stake in Indus Towers. This clarification comes in response to a newspaper report which hinted at Airtel's potential interest in the purchase. The report suggested that if such a deal materialise, Vodafone Group might consider allocating some of the proceeds to Vodafone Idea, its financially struggling joint venture in India with Aditya Birla Group.
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Indian Rupee Likely To Strengthen To Rs 82–82.50 In FY25: CARE Ratings
The Indian rupee is projected to strengthen to approximately Rs 82–82.50 in FY25, according to a CARE Ratings report. However, in the short term, it is anticipated to fluctuate within the range of Rs 83–83.50 against the US dollar. Chief Economist Rajini Sinha emphasised that while geopolitical tensions could pose risks, the rupee is expected to remain within this trading range in the near term.
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