Business News Highlights: Markets To Remain Closed Today For Ram Navami Holiday
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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.
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.
Women participation in technology roles in non-tech businesses is set to jump by 24.3 per cent by 2027 across freshers, junior, mid-senior, leadership, and C-suite levels, a report by TeamLease Digital, titled, 'Women at the Heart of India's Digital Evolution', revealed on Wednesday. The report said more and more women will be seen in tech roles in non-tech businesses by 2027 as the female employee numbers climb to 24.1 lakh.
PowerGrid Corporation of India said on Wednesday that it received board approval to raise up to Rs 12,000 crore via bonds in multiple tranches in the 2024-25 fiscal year. The firm issued an official filing and said, "Committee of Directors for Bonds in their meeting held on today i.e. on 17th April 2024 has approved the raising of Bonds as Unsecured, Non-convertible, Non-cumulative, Redeemable, Taxable Powergrid Bonds Issue(s) during FY 2024-25 in one or more tranches/series up to Rs 12,000 crore."
Daimler India Commercial Vehicles announced on Wednesday that it plans to enter the domestic battery electric segment and launch an all-electric next generation light-duty truck, eCanter, in the next 6 to 12 months. The truck saw a world premier in Japan and Europe in the latter half of 2022.
The power consumption in India jumped almost 10 per cent to touch 70.66 billion units (BU) in the first half of April, against 64.24 BU consumed in the same period a year earlier. The highest supply in a day during the first half of April last year touched 206 GW, while the supply peak for the same period this year stood at 218 GW.
Wardwizard Innovations & Mobility said on Wednesday that it sold 3,801 electric two-wheelers in March, against 3,744 units sold in the same month a year earlier. The firm said that it sold 26,966 EV units including two-wheelers and three-wheelers in the 2023-24 fiscal year collectively.
The inflow in small-cap mutual funds clocked an 83 per cent jump on a year-on-year (YoY) basis in the 2023-24 fiscal year (FY24) to touch Rs 2.43 lakh crore. This growth was credited to a major participation from retail investors and strong market conditions.
The Reserve Bank of India announced on Tuesday some draft guidelines to impose stricter norms on payment aggregators to help enhance the payment ecosystem. The draft also included the physical point-of-sale facilities of payment aggregators.
Domestic FMCG company, Dharampal Satyapal Group, said that it will spend Rs 125 crore in the current fiscal year towards increasing the network for its core brand Catch Spices in tier II and tier III cities, along with stepping up advertising and marketing of the company. The firm said it plans to launch new products like rasam powder, etc to cater to the requirements in South India and intends to increase at a CAGR of 30 per cent in the next five years.
The domestic finished steel consumption in India clocked a growth of 13 per cent to 136 million tonne (MT) during the 2023-24 fiscal year (FY24), against 120 MT steel consumed a year earlier. This growth was backed by surging demand from automotive and infrastructure sectors, SteelMint India said.
Restaurant chain Wow! Momo announced on Wednesday that it garnered Rs 70 crore in its latest funding round from Z3Partners. The firm said that the funds will be utilised to boost expansion and strengthen the distribution network along with research and development wing for its FMCG business. The firm operates Wow! Momo, Wow! China, and Wow! Chicken brands.
Vodafone Idea (VIL) notified the exchanges on Wednesday that it raised Rs 5,400 crore via its anchor book allocation from marquee global and domestic investors. The allocation saw 490.9 crore shares being disbursed to 74 funds for the price of Rs 11 per stock, leading to a overall size of Rs 5,400 crore. This marked the higher end of the price band for the issue.
ZEE Entertainment Enterprises Ltd announced on Tuesday that it has taken back its application from the National Company Law Tribunal Mumbai bench seeking the merger with Sony. Earlier in January, the media group applied with the NCLT calling for an implementation of the merger agreement with Sony Group firms, Culver Max Entertainment Pvt Ltd and Bangla Entertainment Pvt Ltd.
The Central Board of Direct Taxes (CBDT) inked a record high 125 Advance Pricing Agreements (APAs) with taxpayers in the 2023-24 fiscal year (FY24), the Finance Ministry announced on Tuesday. These APAs include 86 unilateral APAs and 39 bilateral APAs.
Background
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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.
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