Business News Highlights: Markets To Remain Closed For General Elections On Monday

Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world

ABP News Bureau Last Updated: 20 May 2024 05:07 PM
Uber Receives Approval To Operate Buses In Delhi

Uber announced on Monday that it has received an aggregator licence to operate buses in New Delhi by the Delhi Transport Department as part of the Delhi premium Bus Scheme. The company issued an official statement and said, "Delhi becomes the first state to award a licence for bus operations and Uber becomes the first aggregator to be granted a licence under the Delhi Premium Bus scheme."

Signature Global Acquires 14.65 Acres Of Land in Gurugram For Housing Project

Realty firm Signature Global announced on Monday that it has acquired 14.65 acres of land in Gurugram for Rs 350 crore approximately to build a housing project. The firm informed that the land is located in Sector 37D near Dwarka Expressway, Gurugram. 

Global Health Q4: Net Profit Climbs 25 Per Cent YoY

Global Health on Monday reported a 25 per cent jump in consolidated profit after tax to Rs 127 crore in the January-March quarter in the 2023-24 fiscal year (FY24), against Rs 102 crore logged in the corresponding quarter in the preceding 2022-23 fiscal year (FY23). The company, that operates hospitals under Medanta brand, said its total income climbed to Rs 836 crore in Q4FY24, against Rs 732 crore in the same quarter a year earlier.

Tata Motors' Subsidiaries Partner With Bajaj Finance To Provide Supply Chain Finance Solutions

Tata Motors announced on Monday that its subsidiaries, Tata Motors Passengers Vehicles (TMPV) and Tata Passenger Electric Mobility (TPEM), entered partnership with Bajaj Finance to provide supply chain finance solutions to passengers and electric vehicle dealers. Elaborating on the deal, TPEM CFO and TMPV Director, Dhiman Gupta, said, "Under a Memorandum of Understanding (MoU), the participating companies will come together to leverage Bajaj Finance's wide reach to help dealers of TMPV and TPEM access funding with minimal collateral, it added. The partnership with Bajaj Finance will further strengthen the access of the dealer partners to increased working capital."

India Cements Q4: Net Loss Narrows To Rs 50.06 Crore

India Cements Ltd on Monday clocked an improvement in consolidated net loss at Rs 50.06 crore in the January-March quarter in the 2023-24 fiscal year (FY24), against a loss of Rs 243.77 crore in the last quarter in the 2022-23 fiscal year (FY23). The company logged a revenue of Rs 1,266.65 crore in Q4FY24, against the revenue of Rs 1,485.73 crore in the corresponding quarter a year earlier. 

Musk Launches Satellite Internet In Indonesia

Elon Musk and Indonesia's Health Minister, Budi Gunadi Sadikin, on Sunday launched Starlink satellite internet service in Indonesia, to help improve connectivity for the health sector and reach the remote corners of the country. 





 



Bank of Maharashtra Emerges On Top In PSBs In FY24 In Business Growth

The Bank of Maharashtra clocked the highest growth rate in the 2023-24 fiscal year (FY24) in terms of overall business and deposit mobilisation amongst the public sector banks. The published financial data of the PSBs indicated that the Pune-based bank witnessed a 15.94 per cent jump in total business (domestic) in FY24. SBI followed the bank with a growth rate of 13.12 per cent

PM Modi Predicts A Happy Future For Stock Market Investors Post Elections

Prime Minister Narendra Modi in an interview with NDTV on Sunday predicted that the stock market will witness a robust growth after the election results on June 4. "We started at 25,000, and now the Sensex has reached 75,000 points. The more common people invest in stock markets, the better for the economy. And the risk appetite of every citizen should rise," the PM said focusing on the government's reforms and their impact on the economy.


Read More : Markets Set For Bull Run After Lok Sabha Election Results On June 4, Claims PM Modi

Orient Green Power Co To Raise Up To Rs 250 Crore Via Equity Rights Issue

Orient Green Power Company said on Saturday that it plans to garner up to Rs 250 crore via the issue of equity rights to the existing shareholders. The firm issued a regulatory filing on Saturday and said, "The issue of equity shares with face value of Rs 10 each of the Orient Green Power Company is proposed for an aggregate amount not exceeding Rs 25,000 lakh (Rs 250 crore) on a rights basis to the existing equity shareholders of the company."

RBI Governor Das Casts His Vote In Mumbai

Reserve Bank of India Governor Shaktikanta Das voted in Mumbai on Monday morning and called on all voters to cast their votes. Polling started in six Lok Sabha constituencies in Mumbai since 7 AM. "I urge all the voters to vote…this is a right in our parliamentary democracy and everyone should exercise it," Das said. 

Stock Market Holiday: BSE, NSE To Remain Shut Today For Lok Sabha Polls

The BSE and the National Stock Exchange (NSE) will remain closed on Monday (May 20) on account of the fifth phase of voting for the Lok Sabha Elections. Trading in derivatives, equities, SLBs, and currency derivatives, as well as in interest rate derivatives will remain shut for the day. The commodity derivatives segment will remain closed in the morning session - from 9am to 5pm, while the evening session will remain open from 5pm to 11.55pm. Stock market trading will resume on Tuesday (May 21).

DCCDL Logs 7 Per Cent Jump In Rental Income From Office Buildings In FY24

Dlf Cyber City Developers Ltd (DCCDL) reported that its rental income from office buildings climbed 7 per cent to Rs 3,460 crore in the 2023-24 fiscal year (FY24), against Rs 3,232 crore in the preceding 2022-23 fiscal year (FY23). This growth was attributed to rent appreciation and growth in the asset portfolio. The DCCDL is a joint venture between DLF Ltd and GIC, Singapore's sovereign wealth fund. 

Proptech Start-Up Reloy Clocks 65 Per Cent Growth In Revenue In FY24

Proptech start-up, Reloy, on Sunday reported a 65 per cent jump in its revenue in the 2023-24 fiscal year (FY24) to Rs 21 crore, against the Rs 12.7 crore logged in the preceding 2022-23 fiscal year (FY23). The company, backed by HDFC Capital, attributed this growth to a robust housing demand. The firm helps builders in generating referral sales. 


Akhil Saraf, founder and CEO, Reloy, told PTI, "We helped builders in generating Rs 1,450 crore worth of referral sales in the last fiscal."

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 stock market will observe a holiday on Monday due to the fifth phase of the Lok Sabha elections in Mumbai. Therefore, this trading week will remain shortened. In the last trading session on Friday, the key equity benchmark indices settled higher for the second consecutive session. The S&P BSE Sensex closed the session over 250 points higher at 73,917, while the NSE Nifty50 index ended the day at 22,466, climbing more than 50 points.


Sharing an outlook on the week, Arvinder Singh Nanda, Senior VP, Master Capital Services Ltd, said, “ONGC, SAIL, BHEL, JK Tyre, One97 Communications, Power Grid, InterGlobe Aviation, ITC, and NTPC will announce their quarterly earnings this week. The outlook for the market will be guided by the major domestic and global economic data, such as India's PMI manufacturing and service data, UK inflation data, US initial jobless claims, S&P global services data, and S&P global manufacturing PMI and Q4 corporate results.”


In the special trading session on Saturday, the indices closed slightly higher. The Sensex settled the session up by nearly 100 points at 74,005.94, while the Nifty ended trading at 22,502, inching up by 36 points.


Official data from the depositories revealed that foreign portfolio investors remained bearish on Indian equities in May so far due to the uncertainties surrounding the general elections. The investors dumped Indian equities worth Rs 28,242 crore, as of May 17, however, they infused the Indian debt market with Rs 178 crore in the same period. 


Sunil Damania, Chief Investment Officer, MojoPMS, stated that the investors have been selling in the current fiscal year. “First, there's uncertainty about the general elections. FPIs generally don't like uncertainty; they prefer to play it safe and lock in the profit they made last year. Second, the market valuations are high,” he explained.

- - - - - - - - - Advertisement - - - - - - - - -

TRENDING NOW

© Copyright@2024.ABP Network Private Limited. All rights reserved.