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The stock markets entered the trading week on a bullish note on Monday. The key equity benchmarks soared in a major bull run and hit fresh highs during the last trading day. The market valuation on all the firms listed on the BSE climbed to touch the record milestone of Rs 401-lakh crore during the session.
The S&P BSE Sensex closed trading at 74,743, climbing about 500 points, while the NSE Nifty50 gained more than 150 points and ended the session at 22,666. Both Sensex and Nifty hit fresh peaks of 74,869 and 22,697 during the day respectively.
Further, it was revealed on Monday by the Federation of Automobile Dealers Association (FADA) that the retail sales in the Indian auto sector increased majorly by double digits during the 2023-24 fiscal year. Retail sales across segments gained 10 per cent to touch 2,45,30,334 units in FY24, against 2,22,41,361 units sold in the preceding fiscal year. This growth was attributed to an unprecedented robust demand for passenger vehicles, three-wheelers, and tractors, the association said.
Backed by Blackstone, Aadhar Housing Finance Ltd, announced that it has received approval from SEBI to raise Rs 5,000 crore via an initial public offering (IPO). The company’s IPO will comprise a fresh issue of equity shares worth Rs 1,000 crore along with an offer-for-sale (OFS) worth Rs 4,000 crore by promoter BCP Topco VII Pte Ltd. The promoter is an affiliate of the Blackstone Group and controls a share of 98.72 per cent in the finance firm.
The stock markets this week will observe a holiday on Thursday to celebrate the festival of Eid-Ul-Fitr. The United States will also reveal its inflation rate in the week and several officials from the Fed will deliver their addresses, providing an insight into the country’s economic policy ahead.
More electric vehicles, including cars and bikes, were sold in India in the financial year 2023-24. The Federation of Automobile Dealers Associations (FADA) said on Tuesday that overall sales of electric cars went up to 90,996 units in 2023-24 from 47,551 units in the financial year 2022-23, a big increase of 91 per cent.
Best Agrolife Ltd, an agrochemical firm, announced on Tuesday that its shares will be listed on the National Stock Exchange (NSE) starting April 10. The company stated in a release that its equity shares will be listed and available for trading on the Exchange as of April 10, 2024.
Surinder Chawla, the managing director and CEO of Paytm Payments Bank (PPBL), has resigned from the company, according to a regulatory filing on Tuesday. This resignation coincides with PPBL facing regulatory action from the Reserve Bank of India. Chawla cited personal reasons and a desire to explore better career opportunities for his departure.
Musashi Auto Parts India Pvt Ltd said on Tuesday that they have decided to appoint Naoya Nishimura as its CEO. This company, a wholly owned subsidiary of Musashi Seimitsu Industries, Japan, specialises in manufacturing transmission components for two-wheelers and four-wheelers in India. In his new position, Nishimura will focus on expanding the presence of Musashi’s electric vehicle (EV) products in both the Indian and African markets, according to a statement from the company.
The $8.5 billion merger between Reliance and Disney significantly contributed to the overall deal activity in the March quarter of 2024, reaching a nearly two-year high, according to a report released on Tuesday by consultancy firm Grant Thornton Bharat. The total number of transactions, encompassing mergers, acquisitions, and private equity investments, rose marginally from 422 to 427 compared to the previous quarter. However, the total value surged by 43 per cent to $20.416 billion. The report highlighted that this performance marks the highest deal activity since the June quarter of 2022.
Think and Learn, the parent company of the edtech firm Byju’s has reportedly started paying March salaries to its employees, albeit nine days later than usual. The company anticipates completing the payout process within the next ten days, according to a report by the news agency PTI citing sources. In a communication to employees, the company attributed the delay to a group of four investors. The message assured employees that salary disbursement has started and will be finalised over ten days.
Indian benchmark indices struggled to maintain their record highs and concluded the volatile session with slight losses on Tuesday. At the time of closing, the Sensex declined by 58.80 points or 0.08 per cent to reach 74,683.70, while the Nifty decreased by 24.50 points or 0.11 per cent to 22,641.80. Among the stocks, 1,434 shares advanced, 2,269 shares declined, and 100 shares remained unchanged.
JTL Industries announced the acquisition of a controlling interest in Nabha Steels and Metals for an undisclosed sum on Tuesday. The plant, located in Mandi Gobindgarh, Punjab, possesses an annual production capacity of 200,000 tonnes and specialises in manufacturing steel products like coils and billets, as stated by JTL Industries in a regulatory filing. The company further revealed that it has acquired a 67 per cent stake in Nabha Steels and Metals.
Merck India announced on Tuesday that Dhananjay Singh has assumed the role of Managing Director of Merck Life Science in India, in addition to his current position as Head of Science & Lab Solutions Commercial, India. This transition became effective on April 1, 2024, following the retirement of Sreenath NS, who served Merck in India for 36 years.
According to a statement by the company, in his new role, Singh will lead the Life Science strategy in India, oversee governance and compliance, and collaborate with other leaders across Merck’s businesses in the country.
The IPEF, a group of 14 countries, including India and the US, is planning an investor forum in Singapore on June 5-6. This event will offer an opportunity for domestic climate technology entrepreneurs and companies to present and pitch their products to international investors. The commerce ministry stated that the government has called for applications from domestic climate technology entrepreneurs and companies to take part in this meeting.
Business News Highlights: Stock Market Closes Flat Amid Volatility – ABP Live
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