Business News Highlights: Market Settles Sky-High, Sensex Climbs Nearly 1,200 Points, Nifty Over 22,950
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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.
The share market on Wednesday settled on a positive note amidst volatility. Both the key equity benchmark indices, Sensex and Nifty, closed in green. The S&P BSE Sensex ended trading at 74,221, climbing over 250 points, while the NSE Nifty50 closed near 22,600 at 22,598, logging a gain of 69 points.
The Reserve Bank of India (RBI) on Wednesday announced that it has approved a record-high dividend of Rs 2.11 lakh crore transfer to the central government for the 2023-24 fiscal year (FY24).
The Indian government earlier estimated a dividend of Rs 1.02 lakh crore from the central banks, state-operated lenders, and other financial institutions in its interim budget estimates for the 2024-25 fiscal year.
The Securities and Exchange Board of India (SEBI) informed on Wednesday that Le Travenues Technology Ltd and Bansal Wire Industries have received the approval from the markets regulator to go ahead with the initial public offerings (IPOs).
Travel booking platform ixigo’s parent entity, Le Travenues Technology filed the draft IPO papers with SEBI in February this year. Steel wire manufacturer, Bansal Industries, applied for their maiden issue in March.
The maiden offer of ixigo includes a fresh issue of equity shares worth Rs 120 crore and an offer-for-sale (OFS) of 6.66 crore equity shares by existing shareholders. These shareholders include Micromax Informatics Ltd, Peak XV Partners Investments V, SAIF Partners India IV Ltd, Catalyst Trusteeship Ltd, Placid Holdings, Madison India Capital HC, Rajnish Kumar, and Aloke Bajpai.
IndiGo To Launch Business Class In Flights Soon
IndiGo announced on Thursday that it will launch business class services on its flights on the busiest routes in the year. The details about the offering will be released by the carrier near its 18th anniversary in August.
India Could Get Rating Support If It Lowers Fiscal Deficit By Using RBI Dividend, Says Analyst
India can get 'rating support' if it manages to use the record-high dividend of more than Rs 2 lakh to lower its fiscal deficit, S&P Global Ratings Analyst YeeFarn Phua told PTI on Thursday. The expert said that the surplus dividend accounts for 0.35 per cent of the GDP and 'whether it would support the narrowing of the fiscal deficit in fiscal 2024-25 would really depend on the final budget that would be passed after the June election results'.
Market Closes: Sensex Settles Over 75,400, Nifty Rallies Over 350 Points
The stock market ended Thursday with a strong rally as the indices hit fresh highs. The S&P BSE Sensex settled the trading session at 75,418.04, soaring almost 1,200 points, while the NSE Nifty50 closed the day at 22,967.65, rallying ahead by over 350 points.
MG Motor India To Deliver 3,000 EVs To Vertelo In Phased Manner
MG Motor India announced on Thursday that it inked an agreement to deliver 3,000 EVs to fleet electrification platform, Vertelo, in a phased setting. The firm issued a statement and said, "The partnership will focus on providing sustainable mobility solutions to riders and will also work towards establishing a robust EV charging infrastructure in the country."
Freshleaf Raises Rs 1 Crore In Funding Round
Start-up Freshleaf announced on Thursday that it raised funds worth Rs 1 crore in a seed-round driven by Inflection Point Ventures. The tea brand said that it aims to use the funds to increase marketing efforts, enhance its production capacity, and boost research and development for its new projects.
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