Business News Highlights: Market Ends Nearly Flat, Sensex Over 30 Points Down, Nifty Inches Above 23,250
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Steel Demand In India To Likely Grow By 9-12 Per Cent In FY25: Ind-Ra
India's steel demand is anticipated to grow by 9 to 12 per cent in the current 2024-25 fiscal year (FY25), India Ratings and Research (Ind-Ra) revealed on Tuesday. The demand would be backed by consistent growth in the end-user industries like automobile, infrastructure, etc.
SBI Mutual Fund Increases Stake In Kotak Mahindra Bank
Kotak Mahindra Bank informed on Tuesday that SBI Mutual Fund has hiked its stake in the lender to 5.01 per cent. The bank informed that the fund house acquired 21.57 lakh shares via the open market on June 5.
Stock Market Closing Bell: Sensex Ends Under 76,500, Nifty Inches Up By 6 Points
The stock market settled almost flat after attempting a rally throughout the session. The S&P BSE Sensex closed trading in red at 76,456.59, falling almost 34 points, while the NSE Nifty50 ended nearly flat at 23,264.85, inching up by 6 points.
Tata Steel Voices Concern About Port Talbot Plant Investment
Tata Steel expressed worry about reports from the British media suggesting that its investment of £1.25 billion in the Port Talbot plant could be affected due to policy differences between the UK government and the opposition. The firm issued an official statement and said, "We are apprehensive reading UK media reports suggesting that the £1.25 billion investment, the largest in many decades in British steelmaking, may be put in peril due to policy differences expressed by the Conservative and Labour parties, during the ongoing election period."
Neo Asset Management Raises Rs 2,575 Crore With Credit Fund
Neo Asset Management on Tuesday said that it raised Rs 2,575 crore from High Net Worth Individuals (HNIs) and multi-family offices. The fund, Neo Special Credit Opportunities Fund, planned to provide customised credit solutions to profitable firms.
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