Business News Highlights: Markets To Remain Closed Today For Ram Navami Holiday
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The stock market will observe a holiday on Wednesday to mark the festival of Ram Navami. In the last trading session on Tuesday, the markets continued to trade on a bearish note, following the sentiment from the last three trading sessions. The BSE Sensex closed the session at 72,944, declining more than 450 points, while the NSE Nifty50 settled the session at 22,148, plunging almost 125 points.
The International Monetary Fund (IMF) also announced on Tuesday a new growth rate projection for the Indian economy at 6.8 per cent for the 2023-24 fiscal year (FY24). The figure beat the earlier estimate of 6.5 per cent given by the global body in its World Economic Outlook report released in January.
The latest edition of the report also projected India to clock a growth rate of 6.5 per cent for the 2024-25 fiscal year (FY25). The growth estimates for China stood at 4.6 per cent for FY24, indicating that India continues to be the fastest growing economy in the world. The favourable change in India’s growth predictions was attributed to a strong demand at the domestic level and a rise in the working-age population in the nation.
The Association of Mutual Funds in India (Amfi) announced in its annual report on Tuesday that mutual fund assets clocked a record jump in FY24. The assets under management (AUM) climbed by Rs 14 lakh crore, logging a 35 per cent gain on a year-on-year (YoY) basis to an overall value of Rs 53.40 lakh crore.
This surge in mutual funds was credited to an increase in participation from retail investors and a strong sentiment maintained by the equity markets for the whole fiscal.
Pakistan Finance Minister Muhammad Aurangzeb said that the crisis-struck economy would require two to three years to execute the reform measures given by the IMF, otherwise, it will have to search for another bailout programme.
EET Fuels Names Rob Wallace As CEO Of EET Hydrogen Power
EET Fuels on Wednesday said that Rob Wallace will be appointed as the chief executive officer of EET Hydrogen Power. The Essar Group unit, EET, is leading the $3.6 billion worth low-carbon projects for the company in the UK and India in the next five years.
Pakistan Places A Temporary Suspicion On Social Media Platform X
The interior ministry in Pakistan said on Wednesday that it placed the social media platform, X, on temporary suspension citing national security concerns. Notably, the platform's users in the country have been raising complaints about the difficulties with the app since February.
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