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Indian equity benchmarks opened higher on Thursday, ahead of the RBI’s monetary policy decision. The 30-share BSE Sensex rose by 321 points or 0.45 per cent to trade at 72,473, while the NSE Nifty gained 65 points or 0.30 per cent to trade at 21,996.
In the last trading session on Wednesday, the Sensex and Nifty indices initially rose but later fluctuated between gains and losses, ultimately closing flat. Market volatility prevailed as investors awaited the RBI monetary policy announcement scheduled for Thursday. The S&P BSE Sensex ended the day at 72,152, down 34 points, while the NSE Nifty50 closed at 21,931, up by just 1 point.
The RBI Monetary Policy Committee meeting’s conclusion is set to be announced on Thursday at 10 am, and experts believe that the interest rates are expected to remain the same and RBI’s proactive approach in managing inflation reflects a balanced strategy of the central bank.
“With the Reserve Bank of India (RBI) keeping the repo rate at 6.50 per cent and revising its GDP forecast for the current fiscal year upwards, it sets a positive tone for the economy. With inflation under control, RBI’s decision signals stability and provides a conducive environment for infrastructure projects. This is in line with our expectations for continued growth in various sectors, including credit. RBI’s proactive approach in managing inflation reflects a balanced strategy that supports economic expansion while maintaining price stability,” said Sathvik Vishwanath, Co-Founder & CEO of Unocoin.
This week, investors are also eagerly awaiting earnings reports from a range of companies, which include Lemon Tree Hotels, Procter & Gamble Health, TATA Consumer Products, 3M India, Grasim Industries, LIC India, and Zomato, among others.
“The UPA government’s decade of governance (or its absence) was marked by policy misadventures and scams such as non-transparent auction of public resources (coal and telecom spectrum), the spectre of retrospective taxation, unsustainable demand stimulus and ill-targeted subsidies and reckless lending by the banking sector with undertones of favouritism, etc,” states the government in the ‘white paper’ presented by FM.
The ‘white paper’ presented by FM said, “The UPA Government inherited a healthy economy ready for more reforms, but made it non-performing in its ten years. In 2004, when the UPA government began its term, the economy was growing at 8 per cent (with industry and services sector growth above 7 per cent each and a resuscitating agriculture sector growth above 9 per cent in FY04) amidst a benign world economic environment.”
“When the NDA government took over the reins in 2014, the economy was in bad shape, nay, crisis. We faced the hydra-headed challenge of fixing an economy mismanaged for a decade, and restoring its fundamentals to sound health,” reads the white paper printed by FM on Thursday.
“The UPA government failed miserably to facilitate economic activities. Instead, the UPA government created hurdles that held back economy. It basked in the after-glory of the lagged effects of the reforms of the Vajpayee-led NDA government and benign global conditions and proceeded to exploit the resultant fast economic growth for narrow political purposes,” stated the White Paper presented by PM Sitharaman.
Union Finance Minister Nirmala Sitharaman, on February 8, tabled a ‘White Paper’ on the Indian Economy in the Lok Sabha.
The Sensex and Nifty, India’s key equity benchmarks, closed significantly lower on February 8 after the Reserve Bank of India (RBI) decided to maintain key interest rates. The Sensex closed 723.57 points or 1 per cent down at 71,428.43, while the Nifty closed 212.55 points or 0.97 per cent lower at 21,717.95.
Online food delivery platform Zomato reported a consolidated net profit of Rs 138 crore in the December quarter of the financial year 2023-24, marking a significant turnaround from a consolidated net loss of Rs 347 crore in the same quarter last fiscal year, according to a regulatory filing.
Consolidated revenue from operations for the third quarter of the ongoing fiscal stood at Rs 3,288 crore, compared to Rs 1,948 crore a year ago.
Thermax on Thursday recorded an almost 88 per cent rise in consolidated net profit to Rs 237.06 crore in the December quarter of the fiscal year 2023-24 led by higher revenues. Its consolidated net profit was Rs 126.40 crore in Q3FY23, the company said in a regulatory filing.
The firm’s total income increased to Rs 2,382.76 crore in the quarter from Rs 2,091.57 crore a year ago.
Airbus has granted a contract to Bengaluru-based Dynamatic Technologies to produce all doors for its narrow-body A220 aircraft family, marking a substantial advancement in the ‘Make in India’ initiative. This announcement was made during an event attended by Civil Aviation Minister Jyotiraditya Scindia and other officials on Thursday.
Rajasthan’s interim Budget, presented by Rajasthan Finance Minister Diya Kumari on Thursday, announced the allocation of Rs 1,000 crore for the establishment and upgrade of schools, colleges, hospitals, and administrative buildings, among other significant announcements. Additionally, plans for recruitment to fill 70,000 posts were outlined.
Business News Highlights: Sensex, Nifty Plunges After RBI Keeps Repo Rates Unchanged – ABP Live
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