Business News Highlights: Market Closes In Green, Sensex Above 76,600, Nifty Over 50 Points Up
Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world
SpiceJet reportedly discontinued its direct flight services from Hyderabad to Ayodhya owing to demand issues. The service was launched by the carrier about two months earlier and from June 1, the airline has stopped the flight.
The Indian rupee appreciated 3 paise to settle at 83.56 (provisional) against the US dollar on Wednesday, backed by a positive sentiment in the domestic market and benchmark indices reaching fresh highs. In the last trading session on Tuesday, the domestic currency closed at 83.59 against the greenback.
The stock market after hitting fresh peaks during the day, pared the gains but managed to settle in green. The BSE Sensex ended at 76,606.57, climbing nearly 150 points, while the NSE Nifty50 settled trading at 23,322.95, gaining over 50 points.
The International Road Federation (IRF) on Wednesday requested the Goods and Services Tax (GST) Council and the Finance Ministry to cut down tax on helmets from 18 per cent to nil, to boost safety gear use. The association issued a statement and said, "Two-wheeler riders are most vulnerable during road accident fatalities and lowering GST rates on helmets will help in making helmets more affordable for the masses amid increasing road accident fatalities."
The Cellular Operators' Association of India (COAI) on Tuesday announced the appointment of Abhijit Kishore as its Chairman and Rahul Vatts as the Vice Chairman of the association. Both the appointments will be effective from June 2024 for the 2024-25 period.
Read More : Cellular Operators' Association Of India Appoints Abhijit Kishore As New Chairperson
Glenmark announced on Wednesday that it received the nod from the US FDA to market a generic medicine to treat conditions caused due to surplus acid production in the stomach.
Skincare brand Foxtale announced on Wednesday that it raised $18 million in funding, driven by Panthera Growth Partners. The Series B funding round included investors such as Matrix Partners India and Kae Capital. The firm plans to utilise the funds to boost category expansion and top-level hiring.
The Suraksha Group invested Rs 125 crore equity fund in Jaypee Infratech Ltd to settle banks' dues and finish around 20,000 flats in Delhi-NCR as part of its resolution plan.
The stock market began on a positive note on Wednesday. As of 9:35 AM, the S&P BSE Sensex rallied more than 250 points and touched 76,713.99, while the NSE Nifty50 gained over 80 points to trade at 23,346.65.
Bharti Airtel announced on Tuesday that it has converted $49.87 million worth of foreign debt bonds into equity. The bonds were issued in January 2020, the telecom operator said. Issuing an exchange filing, the company informed, "We wish to submit that upon receipt of notices for conversion of FCCBs of principal value of USD 49.87 million from certain FCCBs holder(s), the Special Committee of Directors for Fund Raising has, today i.e. on June 11, 2024, approved the allotment of 6,934,266 fully paid-up equity shares of face value Rs 5 each at a conversion price of Rs 518 per equity share to such holder(s) of FCCBs."
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 traded in red on Wednesday morning below the 23,300 mark. Investors will keenly await the inflation data for May, scheduled to be released today after market hours. Further, the US Federal Reserve will also announce its decision regarding interest rates on Wednesday. This will provide insight into the monetary policy ahead. The industrial production and manufacturing figures for May for India are also scheduled for today.
In the last trading session on Tuesday, the key equity benchmark indices ended trading on a flat note after hitting new record highs during the day. The S&P BSE Sensex closed the session at 76,456, slipping more than 30 points, while the NSE Nifty50 settled for the day at 23,265, inching up by about 6 points.
According to an employment outlook survey released yesterday, Indian employers’ hiring intentions seem cautious but strong in the June to September quarter. The ManpowerGroup Employment Outlook Survey Q32024 found that India secured sixth rank globally in employment outlook, surpassing the global average by eight points.
While the Net Employment Outlook (NEO) for the country stood at 30 per cent points, it remained weak when compared to the preceding quarter or the corresponding quarter a year earlier. The NEO represents the hiring intentions of businesses in India during the June to September quarter, in this case.
According to a report by Reuters on Tuesday, Ola Electric is all set for its maiden initial public offering (IPO) in July as the firm has received the regulatory nod to go ahead with the $660 million issue. The firm is being backed by investors such as Softbank and Temasek. The report said that the firm will be meeting up with investors in the coming days to understand the interest and demand for its offer.
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