Business News Highlights: Market Settles Sky-High, Sensex Climbs Nearly 1,200 Points, Nifty Over 22,950
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 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 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'.
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 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."
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.
Waaree Energies announced on Thursday that it will provide 445 MW solar modules to Statkraft India. The solar solutions provider issued a formal statement and said, "Waaree Energies is set to illuminate single-location solar projects in Bikaner, Rajasthan, with a supply of 445 MW of its 540/545Wp dual glass bifacial modules. Scheduled for delivery between May and August 2024, this contract highlights Waaree Energies' vision to contribute towards revolutionizing India's renewable energy landscape, meeting its growing power demand, and to support the nation's transition towards its net-zero goals."
Tech Mahindra on Thursday announced that it has entered a partnership with Fuji TV, Japanese broadcaster, to develop and produce content for the global entertainment industry. Harshvendra Soin, President, Asia Pacific and Japan Business, Tech M, said, "We have partnered with Fuji TV to bring their content library in various local languages to Indian audiences...We see great potential in developing IPs catering to the Indian, Japanese, and other major content markets."
Godrej Properties Ltd announced on Thursday that it sold nearly 650 flats in Noida worth over Rs 2,000 crore, as robust consumer demand for residential properties continued. The realty firm sold the homes in its project Godrej Jardinia located in Sector 146 Noida, which was launched in May this year.
Roadway Solutions India Infra Ltd announced on Thursday that it has received two infrastructure projects worth Rs 4,900 crore from Maharashtra State Road Development Corporation (MSRDC).
Shares of Go Digit General Insurance Ltd, backed by Canada-based Fairfax, got listed on Thursday with a premium of over 5 per cent against the issue price of Rs 272. The stock began the trade at Rs 281.10, up 3.34 per cent from the issue price on the BSE. It later climbed 11.39 per cent to Rs 303. At the NSE, it listed at Rs 286, reflecting a jump of 5.14 per cent. The company's market valuation stood at Rs 26,869.44 crore. The initial public offering (IPO) of Go Digit General Insurance received 9.6 times subscription on the closing day of the share-sale on Friday.
Grasim Industries on Wednesday reported a jump of 15.5 per cent in consolidated net profit at Rs 2,721.81 crore in the last quarter of the 2023-24 fiscal year (FY24), against Rs 2,355.67 crore logged in the same period a year earlier. The flagship holding firm of the Aditya Birla Group clocked a 12.7 per cent rise in revenue at Rs 37,727.13 crore in Q4FY24, against Rs 33,462.14 crore registered in the January-March quarter in 2022-23 fiscal year (FY23).
The forex market will be closed today to mark the occasion of Buddha Purnima.
The stock market exhibited major volatility on Thursday morning and opened on an almost flat note. As of 9:31 AM, the S&P BSE Sensex traded at 74,189.46, slipping almost 32 points, while the NSE Nifty50 touched 22,585.65, inching down by over 10 points.
The Securities and Exchange Board of India on Wednesday levied penalties worth Rs 11.90 crore on 19 entities and banned them from the securities market for up to five year for being a part of the pump and dump scheme of shares of Superior Finlease Ltd.
The markets regulators demanded fines ranging from Rs 10 lakh to Rs 5 crore from the parties, including Ashish P Shah, Kirtidan K Gadhavi, and Rajneesh Kumar. The regulator also restricted 17 entities including Shah, Kumar, and Gadhavi from indulging in the securities market for five years.
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 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.
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