Business News Highlights: Indices Reverse Trend, Sensex Ends Under 76,500, Nifty Slips Marginally
Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world
Arthan Finance on Monday announced that it received fresh funding of Rs 50 crore from Incofin India Progress Fund and The Michael and Susan Dell Foundation. The firm issued a statement and said, "The funding will help Arthan Finance grow its assets under management (AUM), expand geographic footprint, and invest in advanced AI and ML-based underwriting systems."
Domestic passenger vehicle retail sales declined by 1 per cent on a year-on-year (YoY) basis in May, due to the extremely high summer temperatures and election season, the Federation of Automobile Dealers Association (FADA) revealed on Monday. The association said that passenger vehicle registrations decreased to 303,358 units in May 2024, against 335,123 units registered in the same month a year earlier.
Read More : Passenger Vehicle Sales Drop 1% In May Amid Heatwave, Two-Wheeler Sales Rise
Hospitality management start-up, Olive, logged a 76 per cent jump in its revenue to Rs 51 crore in the 2023-24 fiscal year (FY24), against the revenue of Rs 29 crore in the 2022-23 fiscal year (FY23). The company, promoted by Embassy Group, attributed the growth to increasing demand for short and long term accomodation facilities.
Gensol Engineering on Monday announced that it has received board approval to appoint Kuljit Singh Popli as an Independent Director for the firm for a period of five years. The appointment remains subject to shareholders' approval.
Kalpataru Projects International on Monday announced that it has received approval from the board to raise Rs 300 crore via Non-convertible Debentures (NCDs) on a private placement basis. The company in an official filing revealed that it plans to issue 30,000 NCDs at a face value of Rs 1 lakh each, coming up to Rs 300 crore.
Kronox Lab Sciences made its stock market debut with a 21 per cent premium on Monday. The company's shares started trading at Rs 165 on the BSE, marking an increase of 21.32 per cent from the issue price of Rs 136 apiece. On the NSE, the firm listed at Rs 164.95, climbing 21.28 per cent against the issue price. The IPO of the firm closed for bidding on Wednesday.
JSW Energy announced on Monday that it began the construction of its 1 gigawatt hour (GWh) battery energy storage system project at Fatehgarh in Rajasthan. The firm received the project from Solar Energy Corporation of India Ltd and is targeting to commission the project by June 2025.
The Indian rupee depreciated 10 paise to touch 83.50 against the US dollar in early trade on Monday, owing to a surge in the dollar index and US yields. In the last trading session on Friday, the domestic currency settled at 83.40 against the greenback.
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 green above the 23,300 mark on Monday morning. The Reserve Bank of India concluded its latest monetary policy committee (MPC) meeting on Friday and opted to maintain the status quo on key interest rates. The central bank kept the repo rate unchanged at 6.5 per cent.
As such in the last trading session on Friday, both key equity benchmark indices ended trading in green. The S&P BSE Sensex settled for the day at 76,693, climbing more than 1,600 points or over 2 per cent, while the NSE Nifty50 rallied ahead by 469 points or 2 per cent to close trading at 23,290.
In the week, macroeconomic announcements such as domestic inflation data and the interest rate decision from the US Fed are expected to influence investors. Elaborating on the outlook, Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd, stated, “Now the Lok Sabha elections and the RBI policy decision are settled, attention now turns to global factors. Key areas to watch include the US Fed interest rate decision, the rupee's movement against the dollar, crude oil prices and commodity prices. Additionally, investments by foreign portfolio investors (FPIs) and domestic institutional investors (DIIs) will remain under close observation.”
Foreign portfolio investors (FPIs) remained bearish on Indian equities in June so far, official data from the depositories revealed. As of June 7, the investors withdrew Rs 14,794 crore from Indian equities, while during the same period, the Indian debt market saw an infusion of over Rs 4,000 crore. This bearish outlook was driven by the recent Lok Sabha election results and the attractive valuations of the Chinese stocks. Overall, in 2024, the investors dumped equities worth Rs 38,158 crore, and infused Rs 57,677 crore in the debt market.
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