Business News Highlights: Stock Market Closes Higher, Sensex About 100 Points Up, Nifty Over 22,350
Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world
IndiGo announced on Tuesday that it will launch in-flight entertainment content via its app on a three-month trial basis on its flights on the Delhi-Goa route starting May 1, 2024. The release added, "To avoid interferences with aircraft electronics, this service will be enabled after the aircraft reaches cruising altitude." The airline further said that passengers will need to carry their personal headphones to enjoy the services.
The injunction on the use of rights issue funds by Byju's will continue as a company law court in Bengaluru adjourned the matter to June 6 after hearing investors as well as the management. In its order earlier this year, the National Company Law Tribunal (NCLT), Bengaluru Bench, said the funds received by the company with respect to the rights issue should be kept in a separate escrow account and not be withdrawn till the disposal of the matter.
While investors have alleged that Byju's has misused the funds and levelled charges against it over non-compliance with the court's past order, the embattled edtech firm on Tuesday stated it has completely followed the NCLT directions. The matter has now been listed for the next hearing on June 6.
WeWork India announced on Tuesday that the firm has taken 1.83 lakh sq ft area in Gurugram and Pune on lease. The co-working firm said that it will expand and open new centres, made up of 3,100 desks in the next few months.
The rupee appreciated 3 paise to settle at 83.33 (provisional) against the US dollar on Tuesday. The domestic currency reached a fresh intraday high of 83.28 and a low of 83.39 against the American dollar, before finally closing at 83.33. In the last trading session on Monday, the Indian currency settled at 83.36 against the greenback.
BharatPe launched BharatPe One, a payment product integrating POS, QR code, and speaker together, on Tuesday. The firm said it plans to launch the product first in 100 cities and then expand it to about 450 cities over the next six months.
Patel Engineering Ltd filed an exchange filing and announced that it has launched a qualified institutional placement (QIP) issue with a floor price of Rs 59.50 per share.
The stock market ended trading on Tuesday on a slightly higher note amidst volatility. The BSE Sensex closed the session at 73,738.45, gaining about 90 points, while the NSE Nifty50 settled above 22,350 at 22,361.65, inching up by 25 points.
Stellantis India announced on Tuesday that it will increase prices across all models of the Citreon brand and its Compass and Meridian models under the Jeep brand. The hike will be of 0.5 per cent resulting in an increase of Rs 4,000 to Rs 17,000 across models and will be effective from April 30, 2024.
United Spirits Ltd on Tuesday announced that it received a VAT demand for Rs 29.69 crore from the Excise and Taxation Officer-cum-Assessing Authority, Ward-I, Palwal, Haryana, for the 2020-21 fiscal year. The demand order includes interest of Rs 13.47 crore, the firm informed in an exchange filing. The firm said it will file an appeal against the order and doesn't expect any financial consequences from it.
In a collaboration between InterGlobe Enterprises and veteran technology industry leader C P Gurnani, the artificial intelligence business venture AIonOS has been launched. The joint venture was unveiled by Rahul Bhatia, Group Managing Director of InterGlobe, and C P Gurnani, Executive Vice Chairman of AIonOS, in Delhi on Tuesday.
Travel distribution company TBO Tek Ltd and flexible workspace solutions firm Awfis Space Solutions Ltd have been approved by the market regulator, SEBI, to raise capital through Initial Public Offerings (IPOs). According to an update from the Securities and Exchange Board of India on Tuesday, the two companies, which submitted their initial IPO documents to the regulator between November and December, received their observations during April 15-16.
WeWork India announced its plans to extend its presence in the nation on Tuesday by finalising lease agreements for two additional buildings. Expected to launch within the next few months, these new properties, HQ27 in Gurugram and Amanora Crest in Pune, situated in significant business districts, are poised to reimagine the workspace environment for both professionals and enterprises, as stated by the company.
Shares of Vodafone Idea Ltd surged by almost 8 per cent on Tuesday, following the telecom operator's successful raising of Rs 18,000 crore in India's largest-ever follow-on offering (FPO). The stock rose by 7.83 per cent to Rs 13.98 on the BSE, while on the NSE, it increased by 7.75 per cent to Rs 13.90 per share. By the end of Monday's offering, 8,011.29 crore shares were sought, representing 6.99 times the issue size.
Bajaj Auto Ltd announced on Tuesday the appointment of Abraham Joseph as the Managing Director of its electric vehicle subsidiary, Chetak Technology Ltd. In a move aimed at enhancing technological advancements and solidifying its presence in both established and burgeoning mobility sectors, the company also disclosed the appointment of Ramtilak Ananthan as the Chief Technology Officer of Bajaj Auto Ltd (BAL).
Piccadily Agro Industries Limited announced on Tuesday that its revenue for the fiscal year ending March 31, 2024, amounted to Rs 829 crores, marking a 30 per cent increase compared to the previous year. The company achieved a revenue of Rs 285 crores in Q4, showcasing an exceptional year-on-year growth of 37 per cent, along with a significant rise in profitability by 585 per cent year-on-year to Rs 43.50 crores in Q4. These results demonstrate the company's resilience and strategic capabilities in effectively navigating through challenging market conditions.
Mahindra and Mahindra Financial Services Ltd (M&M Finance), a non-banking finance company (NBFC), said they discovered a Rs 150-crore fraud during the January-March quarter at one of its branches in the North East. The fraudulent activity primarily targeted retail vehicle loans, utilising forged KYC documents to misappropriate company funds. The company notified stock exchanges of the ongoing investigations, stating that they are in an advanced stage.
In the pre-opening session, the benchmark indices are showing upward momentum. The Sensex surged by 444.43 points or 0.60 per cent, reaching a level of 74,093.05. Similarly, the Nifty recorded an increase of 149.60 points or 0.67 per cent, at 22,486. These gains indicate a positive start for the trading day, suggesting optimism among investors.
None of the G7 nations is currently on course to fulfil their established emission reduction objectives for 2030, states a recent analysis released on Tuesday. Conducted by Climate Analytics, a leading global institute focusing on climate science and policy, the analysis precedes the G7 climate, energy, and environment ministers' gathering in Venaria Reale, Italy, scheduled for April 28-30.
The G7 collectively targets a 40-42 per cent reduction in emissions by 2030; existing policies suggest that the group is likely to achieve only a 19-33 per cent reduction by the decade's end, according to the analysis findings.
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.
In the trading session on Monday, the Sensex and Nifty, the primary equity benchmark, concluded the day on an upward trajectory, mirroring a surge in global markets. The S&P BSE Sensex surged by 560 points to reach 73,649, while the NSE Nifty50 settled at 22,336, marking a gain of 189 points.
Furthermore, Tata Consultancy Services (TCS) has reportedly started a new policy tying employees' quarterly variable pay to their presence in the office. This revision follows the company's move to enforce a mandatory five-day work week in the office. According to a report from Moneycontrol, the updated policy specifies that employees with attendance below 60 per cent will not qualify for the quarterly bonus.
The policy adjustment was announced to employees via an internal HR portal. As per the report, TCS now mandates a minimum of 85 per cent in-office attendance for employees to qualify for their full quarterly variable pay. Those with attendance ranging between 75 per cent and 85 per cent will receive 75 per cent of their variable pay, while individuals maintaining between 60 per cent and 75 per cent attendance will receive only 50 per cent of their variable pay.
In addition, reports suggested on Monday that iPhone maker Apple is poised to undertake a significant venture in India's workforce within three years. The tech giant plans to hire more than 500,000 individuals through its vendors, as per the news agency PTI report. Apple's vendors and suppliers currently employ approximately 150,000 workers in India, with Tata Electronics emerging as the largest employer by operating two plants for Apple.
On Monday, RIL reported a 1.80 per cent year-on-year (YoY) decline in its consolidated net profit for the March quarter. However, its annual earnings reached an unprecedented peak, propelled by a resurgence in its core oil and petrochemicals segment alongside steady expansion across its consumer-oriented telecom and retail divisions. In the fourth quarter of the fiscal year 2023-24, Reliance's consolidated net profit stood at Rs 18,951 crore. This figure slightly dipped from Rs 19,299 crore recorded in the corresponding quarter of the previous year. However, the profit surged sequentially compared to Rs 17,265 crore reported in the October-December period.
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