Business News Highlights: Stock Market Close; Sensex Settles 189 Points Lower, Nifty At 22,605

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.

In the previous trading session on Monday, there was a notable surge in banking stocks, propelling the Sensex and Nifty, India's primary equity indices, to close higher. The BSE Sensex ended the day by 941 points, reaching 74,671, while the NSE Nifty50 settled 223 points higher at 22,643.

Union Finance Minister Nirmala Sitharaman outlined crucial factors necessary for India to sustain its GDP growth on Monday. Speaking at the Viksit Bharat Ambassador Campus Dialogue program on GITAM University's Vizag Campus, she emphasised, "Our PM has set a target that by 2047, we need to reach the destination of a developed India. We have to make efforts, so the GDP grows and the benefits reach to all. GDP growth doesn't happen automatically; efforts are required at micro and macro levels and on the ground."

“All these matters, along with per capita income calculations. Unless the GDP is widened, we are not going to be able to meet the demands of the economy. We need investment, services to grow, educational institutions, and money for people to buy houses, start businesses,” she added.

Discussing India's economic expansion throughout the years, she remarked, "India's own efforts to make people's lives better were happening, but they were not effective. We were all stifled because of the way we ordered our economy. One-size-fits-all solutions were given. Then in 1991, we decided to open the economy. New opportunities arose, more resources came from abroad, which made us change and grow. Despite this, many things that could have happened didn’t happen. We realised that opening up has also not helped India."

Furthermore, India’s monthly average ATM cash withdrawals rose by 5.51 per cent during the fiscal year 2023-24 (FY24), according to a report "CMS Consumption Report 2024: Unfolding India" by CMS Info Systems released on Monday.

Compared with the preceding fiscal year (FY23), where withdrawals amounted to Rs 1.35 crore, FY24 increased to Rs 1.43 crore, as per the study. The report noted that monthly average ATM cash withdrawals in India remained consistently higher throughout FY24, with 10 out of 12 months recording withdrawals surpassing the monthly average of 7.23 per cent in FY23.

16:39 PM (IST)  •  30 Apr 2024

Central Bank Of India Q4 Result: Profit Up 41% To Rs 807 Crore

In the March quarter, the Central Bank of India recorded a 41 per cent surge in its net profit, reaching Rs 807 crore. This increase was facilitated by reduced non-performing assets and a growth in interest income. Comparatively, the Mumbai-based lender recorded a net profit of Rs 571 crore during the same period last year. 

16:12 PM (IST)  •  30 Apr 2024

SEBI Greenlights IPO Launch For Manappuram Finance's Asirvad Micro

Asirvad Micro Finance, a subsidiary of the listed NBFC Manappuram Finance, has obtained approval from SEBI to raise funds via an initial public offering, according to an update from the market regulator on Tuesday. The proposed IPO solely consists of a fresh issue of equity shares, with no offer for sale (OFS) component, as stated in the Draft Red Herring Prospectus (DRHP). The offering aims to raise up to Rs 1,500 crore.