Business News Highlights: Stock Market Extends Gain. Sensex Rises 114 Points; Nifty Settles Over 22,400
Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world
Tata Passenger Electric Mobility announced on Wednesday that it has received a contract to deliver 2,000 XPRES-T electric sedans to Vertelo, an integrated fleet electrification platform. As a subsidiary of Tata Motors, the company has entered into a non-binding memorandum of understanding with Vertelo, managed by Macquarie, for the supply of EV units.
Real estate company SKA Group announced on Wednesday that it will invest approximately Rs 600 crore in the development of a high-end housing project in Greater Noida, marking a significant step in its expansion strategy. The company has successfully delivered four housing projects totaling 3,200 units and is currently constructing two residential projects totaling 1,800 units.
The Indian stock market extended gains for the fourth consecutive session. The Sensex gained 114.49 points or 0.16 per cent, reaching 73,852.94, while the Nifty climbed 34.40 points or 0.15 per cent to reach 22,402.40. Among the listed shares, 2,184 witnessed advances, 1,458 experienced declines, and 134 remained unchanged.
Groww Mutual Fund announced on Wednesday that it has obtained approval from the market regulator, SEBI, to introduce the Nifty Non-Cyclical Consumer Index Fund via a New Fund Offering (NFO). This fund is expected to be the first of its kind in India, focusing on non-cyclical sectors. According to a statement from the company, the NFO is scheduled to be launched in the first week of May.
India saw 455 deals amounting to $25.6 billion in the first quarter of the current fiscal year, marking a 24 per cent increase in deal volume compared to the last quarter (Q4) of 2023, as indicated by a report by PwC India released on Wednesday. The media and entertainment sector emerged as the highest in value, while the retail and consumer sectors maintained their lead in deal volume, as per the report.
PayU announced on Wednesday that it has obtained in-principle approval from the Reserve Bank to function as a payment aggregator. Previously, in January 2023, the RBI had returned applications from PayU, a Prosus Group company, requesting resubmission within 120 days. With the in-principle approval secured, PayU can now onboard new merchants and extend digital payment services to them.
India has initiated the operation of four semiconductor manufacturing facilities, paving the way for the nation to emerge as a leading semiconductor hub globally within the next five years, according to Union Railways and IT Minister Ashwini Vaishnaw. In an interview with IANS, the Union Minister elaborated that Prime Minister Narendra Modi would soon lay the groundwork for the industry's continued expansion, fostering the creation of numerous job opportunities.
Delhi-NCR continues to be a hotspot for real estate transactions across various sectors and as in the previous financial year, land deals have been a significant part of real estate development. Anarock data finds that in contrast to the 23 land deals covering approximately 273.9 acres in FY23, FY24 saw 29 land deals for about 314 acres. "About 26 separate land deals, totaling 298 acres, were proposed for residential and township projects to meet the region's growing demand for housing and urban development," said Santhosh Kumar, vice-chairman, Anarock Group. "At least two land deals, spanning over 7 acres each, were planned specifically for commercial real estate projects. A separate deal involving approximately 8.61 acres was dedicated to an education-related project."
Bharti Airtel clarified on Wednesday that it is not engaged in discussions regarding the acquisition of the 21.05 per cent stake in Indus Towers held by UK-based Vodafone Group. This statement comes in response to speculations sparked by a report suggesting Airtel's interest in the stake.
"The company has no desire to raise its stake beyond what is required for financial consolidation of Indus in the company, which shall be done as and when appropriate with compliance of applicable disclosure requirements," Airtel said in an exchange filing.
Shares of ICICI Prudential fell nearly 7 per cent on Wednesday following the company's report of a 26 per cent decrease in net profit for the quarter ending March 31. The stock dropped by 6.73 per cent to Rs 553.15 on the BSE and by 6.24 per cent to Rs 556.75 on the NSE. The decline in net profit to Rs 174 crore for the quarter ending March 31 was attributed to increased expenses, as reported by ICICI Prudential on Tuesday.
Social media platform X is gearing up to introduce a dedicated TV app for users to upload high-quality videos, said its CEO Linda Yaccarino. The user interface of the X TV app bears a striking resemblance to that of YouTube. Yaccarino highlighted in a post on the social media platform that X is revolutionising the viewing experience from the small screen to the big screen.
The benchmark indices started trading on Wednesday with upward momentum. The Sensex surged by 205.86 points, reaching a level of 73.944.31. Similarly, the Nifty recorded an increase of 44.95 points, reaching 22,412.95.
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 GIFT Nifty suggests a promising opening for the broader index in India, showing an increase of 73 points or 0.33 per cent. Nifty futures were observed trading near the 22,449.50 level.
In the previous trading session on Tuesday, the stock market concluded trading with a modest uptick amid volatility. The BSE Sensex finished the session at 73,738.45, marking a gain of approximately 90 points, while the NSE Nifty50 closed above 22,350, settling at 22,361.65, with a slight increase of 25 points.
On Tuesday, the Reserve Bank of India's April Bulletin underscored the potential inflationary risks stemming from severe weather conditions and persistent geopolitical tensions, which might also contribute to fluctuations in crude oil prices. Retail inflation, measured by the Consumer Price Index (CPI), decreased to 4.9 per cent in March, following an average rate of 5.1 per cent over the preceding two months.
Furthermore, the pace of business activity in India and the overall economic expansion across the private sector continued to accelerate rapidly, with the HSBC Flash India Composite Purchasing Managers’ Index (PMI) rising to 62.2 in April, up from the 61.8 recorded in the previous month of March, according to a survey conducted by S&P Global.
It further revealed that business activity in the country surged at its fastest rate in nearly 14 years. Favourable demand patterns contributed to increased business intake and output. The Composite PMI index, which is seasonally adjusted, provides insight into the monthly changes in the overall production of both the manufacturing and service sectors in the nation.
“Private sector sales expanded for the thirty-third successive month in April and at the quickest pace in just under 14 years. As was the case for output, a faster increase in the services economy compared with softer growth at goods producers (but they nevertheless registered the sharper upturn),” states the survey.
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