Business News Highlights: Stock Market Closes Higher; Sensex Up 182 Points, Nifty Over 23,450
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Minda Corp Partners With Taiwanese Firm For Local Sunroof Production In PVs
Minda Corporation, an auto components manufacturer, announced on Friday the signing of an agreement to establish a joint venture with Taiwan's HSIN Chong Machinery Works Co. This venture aims to manufacture sunroofs for passenger vehicles domestically. The partnership, structured as a 50:50 collaboration, is geared towards localising the production of sunroof and closure technology products.
Labour Secretary Sumita Dawra Leads EPFO Reform Review Meeting
Sumita Dawra, the Secretary of Labour and Employment, lauded the recent initiatives undertaken by the Employees' Provident Fund Organisation (EPFO) to streamline claim settlements and reduce rejections, according to an official statement released on Friday. Dawra, who chaired a review meeting on EPFO reforms on Thursday, emphasised the importance of close collaboration among officials to fortify the effectiveness of the social security system.
The statement further elaborated that EPFO is currently in the process of modernising its application software, transitioning to a Universal Account Number (UAN)-based single accounting system for each member, and automating process flows with minimal human intervention to expedite claim settlements.
Stock Market Close: Sensex Settles 182 Points Up, Nifty Above 23,450
Indian benchmark indices concluded the trading session positively on Friday, marking a notable milestone as Nifty reached a new record peak. The Sensex closed higher by 181.87 points, reflecting a 0.24 per cent increase, settling at 76,992.77. Similarly, the Nifty saw an uptick of 66.70 points, or 0.29 per cent, closing at 23,465.60. Among the stocks traded, 2177 registered gains, 1598 experienced declines, while 106 remained unchanged.
India's May Exports Show Robust 9% Increase
India's merchandise exports saw a notable increase of 9 per cent in May 2024, reaching $38.13 billion compared to $34.95 billion in the corresponding month last year, according to government data released on Friday. Concurrently, imports also experienced growth, rising by 7.7 per cent to $61.91 billion from $57.48 billion in May 2023.
India's Diversity Hiring Surges By Over 30% In 5 Years
India is blazing a trail in Diversity, Equity, and Inclusion (DE&I) hiring, as recent data reveals a significant surge of 30 to 35 per cent in diverse recruitment over the last five years despite persistent macroeconomic challenges. This noteworthy trend encompasses the inclusion of LGBTQIA+, women, and persons with disabilities.
Notably, NLB Services, a global technology and digital talent solutions provider, has also noted a distinct uptick of 10-15 percent specifically in LGBTQIA+ hiring within the past 3-4 years.
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