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The stock market on Tuesday exhibited volatility and started trading on a muted note. The key equity benchmark indices traded in red and reversed on the gains made in the last trading session on Monday. As of 10:28 AM, the S&P BSE Sensex traded at 73,8872.46, at a loss of over 140 points, while the NSE Nifty50 stood at 22,425.50, down by 37 points.
In the trading session on Monday, the indices hit fresh peaks during intra-day trade, before paring their gains a bit and settling in green. The BSE Sensex closed at 74,014, climbing over 350 points, while the NSE Nifty50 settled the session at 22,462, up by 135 points.
The oil marketing companies (OMCs) slashes the prices of both 19 kg commercial cylinders and 5 kg Free Trade LPG (FTL) cylinders on Monday. This move saw the commercial cylinders becoming dearer by Rs 30.50, while the price of the FTL cylinders was brought down by Rs 7.50. The new prices came into immediate effect from April 1,2024.
The new effective price of the 19 kg cylinders in New Delhi stood at Rs 1,764.50 after the change. This change was prompted by the rise in commercial liquified petroleum gas (LPG) cylinder prices announced earlier by the companies on March 1, owing to the current fluctuations in market environment and fuel costs.
The RBI is all set to begin its first Monetary Policy Committee (MPC) meeting for the 2024-25 fiscal year on Wednesday. The central bank’s committee will take a decision on interest rates and the fiscal policy ahead. The final decision of the committee will be revealed on April 5, 2024. The last time the repo rate was hiked was in February 2023 when it was increased to 6.5 per cent. Experts believe that the bank will maintain the status quo on the rates.
Ashok Leyland has witnessed a 7 per cent decrease in its vehicle sales for March, with 21,317 units sold. This figure represents a decline from the 22,885 units sold during the same month last year. In March 2024, the company sold 14,517 units of medium and heavy commercial vehicles, along with 6,800 units of light commercial vehicles, totalling 21,317 units.
Amidst ongoing protests by some Vistara pilots over pay revision, at least 15 senior first officers have reportedly recently resigned from the airline. Vistara operates approximately 300 flights daily and maintains a fleet of 70 planes, including A320-family aircraft and Boeing 787s. In recent weeks, the Tata Group-owned airline has been dealing with mounting discontent among pilots, leading to numerous first officers of its A320 fleet calling in sick.
According to a PTI report citing sources, at least 15 senior first officers have resigned from Vistara and transitioned to a domestic budget carrier.
ICICI Securities announced on Tuesday the receipt of a tax demand totalling approximately Rs 66.70 lakh from the Gujarat State Goods and Services Tax (GST) department. This demand comprises a GST demand of Rs 31.78 lakh, interest amounting to Rs 31.72 lakh, and a penalty of Rs 3.20 lakh, the firm said in a regulatory Filing. Allegedly, the Gujarat GST authority has asserted this demand, including interest and penalty, citing an excess claim of GST credit. ICICI Securities intends to contest the matter before appellate authorities and plans to appeal against the order with the Commissioner (Appeals).
The closing price of ICICI Securities shares stood at Rs 719.85 each, marking a decrease of 0.54 per cent compared to the previous closing price on the Bombay Stock Exchange (BSE).
United Spirits Ltd announced in a regulatory filing on Tuesday that it has been issued a tax demand amounting to Rs 5.51 crore, including interest. The demand pertains to the non-submission of specific statutory declaration forms and delivery proofs. The Deputy Commissioner of State Tax in Nanded has imposed this demand in relation to Pioneer Distilleries Ltd, which was amalgamated with United Spirits Ltd effective from December 30, 2023.
Vedanta Ltd, a prominent player in the mining sector, has been served with GST demand notices amounting to Rs 1.86 crore for using input tax credit deemed ineligible by the tax authority. In response, the company has announced its intention to contest these orders through an appeal process.
According to a regulatory filing made on Tuesday, Vedanta revealed that the GST demand notices were issued by the Office of the Assistant Commissioner in Tirunelveli, Tamil Nadu. The orders pertain to the period from FY 2017-18 to FY 2021-22 and confirm the demand of GST linked to the Input Tax Credit availed by the company, which the tax authority has deemed ineligible.
The state-owned Hindustan Copper Ltd announced that its metal concentrate production surged by 11 per cent year-on-year to reach 27,404 tonnes during the fiscal year 2023-24 in an exchange filing on Tuesday. The company also disclosed that its ore production for FY24 stood at 3.78 million tonnes, marking a significant 13% increase compared to the previous year.
According to the company, the metal in concentrate (MIC) production of 27,404 tonnes achieved during FY24 represents the highest output recorded in the last five years. Additionally, the ore production of 3.78 million tonnes in FY24 marks the highest level achieved in the past four years.
A total of 76 companies successfully raised nearly Rs 62,000 crore through mainboard IPOs during the fiscal year 2023-24, reflecting a remarkable 19 per cent increase compared to the previous fiscal year, supported by buoyant secondary markets, enthusiastic participation from retail investors, and strong inflows from institutional investors. As FY2025 approaches, expectations are high for another outstanding year in terms of IPOs (Initial Public Offerings).
This optimistic outlook is driven by a combination of factors, including the surge in domestic capital, improved governance practices, the dynamic entrepreneurial landscape of India, and favourable government policies backed by Foreign Direct Investment (FDI) support, as highlighted in a report by Pantomath Financial Services Group.
Shree Cement Ltd announced the inauguration of its new integrated plant in Dachepalli village, Guntur, Andhra Pradesh, at a cost of Rs 2,500 crore, six months ahead of the planned schedule. According to a press release issued by the company on Tuesday, the newly established plant, with a production capacity of three million tons per annum, will enhance Shree Cement’s manufacturing capacity to 56.4 MTPA.
The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) may consider reducing the repo rate only in the third quarter of FY25, as indicated in a recent research report by Soumya Kanti Ghosh, the Group Chief Economic Advisor at the State Bank of India (SBI). The report also suggests that the RBI will maintain its current stance and continue with the withdrawal of accommodation.
The first MPC meeting for the fiscal year is scheduled for this week. The repo rate, currently standing at 6.5 per cent, represents the rate at which the RBI lends to commercial banks.
The Indian equity market concluded the day with a slight dip amid volatility. By the end of the trading session on Tuesday, the Sensex declined by 110.64 points or 0.15 per cent, settling at 73,903.91, while the Nifty slipped by 8.70 points or 0.04 per cent to reach 22,453.30. Among the traded stocks, 2,686 witnessed gains, 1,015 experienced declines, and 111 remained unchanged.
Business News Highlights: Stock Market Closes In Red, Sensex Slips 111 Points, Nifty Below 22,500 – ABP Live
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