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It is expected that the benchmark Sensex and Nifty indices will kick off Tuesday’s trading session on a low trajectory, as indications from the GIFT Nifty suggest a downward opening for the broader index.
The stock market saw a dramatic downturn in the previous trading session on Monday, with global equities reeling from the mounting tensions between Iran and Israel. The BSE Sensex concluded the session at 73,399.78, plummeting 845 points, while the NSE Nifty50 settled at 22,277.85, dropping 241.55 points.
Furthermost, on Monday, Byju’s disclosed that the proposed augmentation of authorised share capital garnered approval, with a significant 55 per cent majority of the total votes cast. This resolution stemmed from a postal ballot and an Extraordinary General Meeting (EGM) convened on March 29, 2024. The voting procedures, encompassing both the EGM and postal ballot, concluded on April 6, 2024, under the diligent scrutiny of an independent third party.
Reliance Group’s subsidiary, Jio Financial Services, announced its partnership with US-based BlackRock to enhance wealth management and brokerage services in India. According to an exchange filing on Monday, Jio outlined that the collaboration would take shape through a 50:50 joint venture. The venture entails launching a wealth management entity, followed by establishing a brokerage firm in the Indian market.
“BlackRock, Inc., and BlackRock Advisors Singapore Pte have signed an agreement with the company to form a 50:50 JV for the purpose of undertaking wealth business, including the incorporation of a wealth management company and subsequent incorporation of a brokerage company in India,” said Jio Financial Services.
In addition, official government data released on Monday disclosed a slight uptick in India’s Wholesale Price Index (WPI)-based inflation, reaching 0.53 per cent in March 2024 compared to the same period last year, on a year-on-year (YoY) basis.
Bharti Airtel announced on Tuesday that it successfully launched 5G services across Tamil Nadu and clocked 5.9 million customers using its services in the state.
Brigade Enterprises Ltd reported a 46 per cent jump in sale bookings at Rs 6,013 crore in the 2023-24 fiscal year (FY24), against bookings worth Rs 4,109 crore in the preceding 2022-23 fiscal year (FY23). The realty firm said that its sales booking touched record high in FY24.
The IMF announced on Tuesday that the growth projection for the Indian economy stands at 6.8 per cent in 2024 and 6.5 per cent in 2025. The global lender gave an upwards revision in its growth estimates for the Indian economy from 6.5 per cent growth rate predicted earlier in January 2024. The body said bullish domestic demand conditions and an increase in working age population attributed to the revision.
With this projection, the body said India continued to remain the fastest growing economy in the world, while the growth estimate for China stood at 4.6 per cent during the period.
Investors saw their wealth erode by Rs 7.93 lakh crore in the last three market sessions amidst weak global trends and aggravating tensions in the Middle East region. The market capitalisation of the firms listed on the BSE decreased by Rs 7.93 lakh crore, and the BSE Sensex plunged 2.79 per cent in the last three sessions.
The mutual fund investments reached a fresh peak of Rs 53.4 lakh crore in the 2023-24 fiscal year (FY24), surging 54 per cent on a year-on-year (YoY) basis.
India clocked a slight fall in sugar production at 31.09 million tonne (MT), as of April 15 in the ongoing 2023-24 season, against 31.23 MT produced in the same period a year earlier. The data was released by the Indian Sugar Mill Association (ISMA) on Tuesday.
CRISIL reported on Tuesday that its consolidated net profit declined by 5.4 per cent to touch Rs 138 crore for the January to March quarter in the 2024 financial year (Jan-Dec). The rating agency’s net profit stood at Rs 146 crore in the same quarter a year earlier. The total income of the firm climbed to Rs 751 crore in the quarter under review, against Rs 732 crore clocked in the first three months of the previous fiscal year.
The rupee depreciated 14 paise to settle at 83.57 (provisional) against the US dollar on Tuesday, feeling the impact of a negative trend in domestic equities and a robust US currency in overseas market. In the last trading session on Monday, the domestic unit closed at 83.44 against the greenback.
Zomato announced on Tuesday that it is launching its first large order fleet meant to cater to deliveries for a group of 50 people. The company said the fleet would be an electric one, however, the vehicles remained in progress.
Today, we are excited to introduce India’s first large order fleet, designed to handle all your large (group/party/event) orders with ease. This is an all electric fleet, designed specifically to serve orders for a gathering of upto 50 people. pic.twitter.com/RCH6v0kxfn
Business News Highlights: Stock Market Closes In Red, Sensex Slips Over 450 Points, Nifty Below 22,150 – ABP Live
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