Business News Highlights: Sensex, Nifty Settle Flat Amid Volatility
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The GIFT Nifty on the NSE IX dipped 64 points, equivalent to 0.28 per cent, to 22,950.50, indicating a potential negative opening for Dalal Street on Friday.
In the previous trading session on Thursday, both of the primary stock market indicators, Sensex and Nifty, staged a robust recovery, reaching record highs as they surged over 1.5 per cent. The S&P BSE Sensex reached an all-time peak of 75,460 during the day before settling at 75,418, marking a gain of 1,197 points. Meanwhile, the NSE Nifty50 concluded the day at 22,968, reflecting an increase of 370 points.
Furthermore, the HSBC Flash India PMI estimates for May unveiled that the private sector achieved its third-highest output level for the month since July 2010. The Flash India Services PMI Business Activity Index reached 61.4 in May, compared to the final services PMI data of 60.8 for April. March's PMI data slightly surpassed these figures at 61.8.
Further, Air India, owned by the Tata Group, revealed a notable salary boost for its pilots, coupled with an annual performance bonus starting from April 1. As outlined in the official announcement, pilots will now witness a raise in their base pay ranging from Rs 5,000 to Rs 15,000 per month, contingent on their position, spanning from First Officer to Senior Commander. However, Junior First Officers will not experience any salary augmentation during this assessment period.
Air India has launched an annual performance bonus program along with a salary increase. The bonuses will vary between Rs 42,000 and Rs 1.8 lakh, contingent upon the pilot's rank. More precisely, First Officers and Captains will obtain an annual bonus of Rs 60,000, Commanders will receive Rs 1.32 lakh, and Senior Commanders will be granted Rs 1.8 lakh.
Orient Green Power Q4 Result: Firm's Loss Jumps To Rs 25 Crore
Orient Green Power Company reported a consolidated net loss of Rs 25.25 crore for the March quarter of FY24 on Friday, primarily due to reduced income. According to the company's exchange filing, this is an increase from the Rs 18.97 crore loss reported in the same period last year. Total income decreased to Rs 39.12 crore from Rs 46.45 crore in the January-March quarter of FY23.
Air India Names Sanjay Sharma As CFO
Air India revealed that it has appointed Sanjay Sharma as the Chief Financial Officer (CFO), effective June 10. Sharma will take over from Vinod Hejmadi, who will retire after serving Air India for over thirty years. According to an official statement, Sharma brings over thirty years of expertise in corporate finance, investment banking, and real estate sectors.
Stock Market Close: Sensex, Nifty Settle Flat
The benchmark indices in India achieved new record peaks on Friday as the Nifty crossed the 23,000 mark for the inaugural time. Despite this milestone, the market couldn't sustain the heightened levels and concluded with minimal fluctuations. By the closing bell, the Sensex edged down by 7.65 points or 0.01 per cent to reach 75,410.39, while the Nifty dipped by 10.55 points or 0.05 per cent, settling at 22,957.10.
Power Grids Strain as Peak Demand Hits 236.59 GW on Thursday
India experienced a season-high peak power demand of 236.59 GW on Thursday, driven by soaring temperatures nationwide, leading to increased usage of cooling appliances such as air conditioners and coolers. According to data from the power ministry, Thursday saw the highest supply meeting the peak power demand, marking the maximum level recorded for this summer season.
Hackers Employed Undetectable Malware And Tools Throughout Q1: Report
In this year's first quarter (Q1), hackers persisted in employing malware. They increasingly turned to tools with legitimate functions, enabling cybercriminal operations to remain undetected for extended periods, as per a new report released on Friday. Arete, a global cyber risk management company, presented its Q1 2024 Crimeware Report, revealing a slight rise in median ransom payments from Q4 to Q1, yet these payments remained consistent with the median payments recorded throughout 2023.
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