Business News Highlights: Market Ends Nearly Flat, Sensex Over 30 Points Down, Nifty Inches Above 23,250
Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world
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.
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.
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 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 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.
The Sikkim government on Tuesday approved a recommendation to increase dearness allowance by four per cent for its employees and pensioners, effective from July 1, 2023. The proposal was passed by the government in its first cabinet meeting on Monday, presided by CM Prem Singh Tamang.
Battery Smart announced on Tuesday that it garnered $65 million in the latest funding round, including a mix of primary and secondary investments. The funding round was led by LeapFrog Investments, along with other new and existing investors, such as MUFG Bank, Ecosystem Integrity Fund (EIF), Panasonic, Blume Ventures, and the British International Investment (BII). The firm said that it will utilise the funds to expand its operations.
Suzlon Group announced on Tuesday that it received a wind project of 103.95 MW capacity from AMPIN Energy Transition. The renewable energy firm will install 33 wind turbine generators with a Hybrid Lattice Tubular (HLT) tower with a rated capacity of 3.15 MW each in the Fatehgarh district in Rajasthan.
Elon Musk on Tuesday said that he plans to place a curb on using Apple devices at his firms if the iPhone maker uses OpenAI technology into its system.
The rupee traded on a flat note and touched 83.50 against the American dollar on Tuesday, impacted by a muted trend in domestic equities and a strong US dollar in the global markets. In the last trading session on Monday, the domestic unit closed at 83.50 against the greenback.
The stock market opened on a mixed sentiment on Tuesday. As of 9:34 AM, the BSE Sensex traded at 76,431.35, slipping close to 60 points, while the NSE Nifty50 stood at 23,260.60, inching up by over 1 point.
The government on Monday announced a tax devolution of Rs 1,39,750 crore to states for the month of June. The Finance Ministry issued an official statement and said that an installment was being released in addition to the regular devolution amount set for June 2024. This brings the overall devolution in the month to Rs 1,39,750 crore. With this release, the overall amount devolved for the 2024-25 fiscal year to states stands at Rs 2,79,500 crore, as of June 10, 2024.
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.
Prime Minister Narendra Modi announced his Cabinet allocations for his third term in office on Monday. Nirmala Sitharaman retained the Finance Ministry and will continue to be the Union Finance Minister of India in the Modi 3.0 government. Sitharaman will also hold the Ministry of Corporate Affairs portfolio in the government.
The next Budget presentation is expected around July. Sitharaman would like to utilise the surplus dividend from the Reserve Bank of India to keep a tab on the fiscal deficit levels in the economy.
In the last trading session on Monday, the indices broke away from their winning streak and settled lower after a range-bound session amidst volatility. The S&P BSE Sensex settled the session at 76,490, tanking a little over 200 points, while the NSE Nifty50 closed trading at 23,259, inching lower by 31 points. However, the indices reached fresh peaks in the earlier trading hours. The Sensex surpassed the 77K mark and touched 77,079 in the session, while the Nifty hit a fresh record high of 23,412, crossing the 23,400 mark.
The GIFT Nifty inched lower and traded in red below the 23,300 mark on Tuesday morning, indicating a cautious trading session ahead.
Fintech player, One97 Communications, announced on Monday that it is trimming its workforce in the latest restructuring process. The parent company of Paytm didn’t disclose the number of employees that will be affected by this, however, it said that it would provide outplacement support for a smooth transition.
Issuing an official statement, the fintech player said, “The company's human resource teams are actively collaborating with over 30 companies that are currently hiring, and providing assistance to employees who have opted to share their information, facilitating their immediate outplacement.”
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