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At 10 am on Tuesday, the Sensex rose by 54.30 points or 0.07 per cent to reach 72,844.43, while the Nifty climbed by 17.50 points or 0.08 per cent to reach 22,139.50. Among the listed stocks, 1804 recorded gains, 1201 saw declines, and 110 remained unchanged.
On Monday, the stock markets sustained a downward trajectory. Although there was a slight recovery during the session, it wasn’t sufficient to offset the day’s losses. The BSE Sensex concluded the session below the 73K mark, settling at 72,790.13, a decline of 352.67 points, while the NSE Nifty50 finished nearly 100 points lower at 22,122.05.
Furthermost, the rupee strengthened by 2 paise to settle at 82.89 (provisional) against the US dollar on Monday, supported by volatility in the equity market. Forex traders observed that inflows from foreign investors and stable crude oil prices contributed to the currency’s resilience. At the interbank foreign exchange market, the rupee commenced trading at 82.88 and concluded at 82.89 (provisional) against the dollar. In the previous trading session on Friday, the rupee had closed 6 paise lower at 82.91 against the greenback.
In addition, Vijay Shekhar Sharma formally stepped down from his role as part-time non-executive Chairman of Paytm Payments Bank Limited (PPBL), resulting in a restructuring of the bank’s board. The development follows the Reserve Bank of India’s (RBI) directive barring PPBL from accepting customer deposits and credits after March 15 due to persistent non-compliance and ongoing supervisory concerns. This decision highlights the regulatory hurdles and compliance issues confronting PPBL, prompting substantial organisational changes to address these issues efficiently.
Paytm Payments Bank Limited (PPBL) disclosed the restructuring of its Board of Directors by appointing distinguished figures, as stated in a regulatory submission on Monday. Notable among the newly appointed Independent Directors are Srinivasan Sridhar, former Chairman of the Central Bank of India, retired IAS officer Debendranath Sarangi, former Executive Director of Bank of Baroda Ashok Kumar Garg, and former IAS officer Rajni Sekhri Sibal.
Commerce and Industry Minister Piyush Goyal, during his speech at the ‘Viksit Bharat@ 2047 Conclave’ organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), highlighted India’s leading role in global growth over the past decade. Goyal emphasised India’s strong macroeconomic fundamentals, significant infrastructure development efforts, and focus on social welfare initiatives as key drivers of this growth. Additionally, he outlined the government’s various initiatives aimed at promoting manufacturing within the country.
Goyal urged leaders of the Indian industry to actively participate in the ambitious goal of expanding the nation’s manufacturing presence globally, aiming to transform India into a developed nation by 2047.
Global TV shipments experienced a 3 per cent decline in 2023, totalling 223 million units, according to a new report released on Tuesday by Counterpoint Research. The report attributed this decrease to the insufficient strength of the US market, which failed to compensate for weaknesses in China and Europe.
On the first day of its share sale on Tuesday, Platinum Industries’ initial public offering (IPO) garnered a subscription of 8.04 times. According to NSE data, the Rs 235 crore IPO received bids for 7,74,20,952 shares against the 96,32,988 shares on offer.
The non-institutional investors’ portion was subscribed 13.58 times, while Retail Individual Investors (RIIs) subscribed 10.21 times. However, the category for Qualified Institutional Buyers (QIBs) saw a subscription of 7 per cent.
Gold prices stayed unchanged at Rs 62,950 per 10 grams in Delhi, as per the HDFC Securities on Tuesday. Meanwhile, silver experienced a decline of Rs 400, reaching Rs 74,200 per kilogram, down from its previous rate of Rs 74,600 per kilogram. Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, noted that spot gold prices (24 carats) in the Delhi markets remained steady at Rs 62,950 per 10 grams, maintaining the same level as the previous close.
The ‘Internet in India Report 2023’, jointly presented by the Internet and Mobile Association of India (IAMAI) and KANTAR, reveals that an overwhelming majority of Internet users in India, totalling around 707 million individuals, are actively utilizing Over-the-Top (OTT) audio and video services.
The Indian benchmark indices rebounded to finish higher on Tuesday, with Nifty hovering around 22,200, driven by buying interest in auto, capital goods, IT, and realty sectors. Despite a flat to negative opening, the market steadily strengthened throughout the day, closing near its intraday high. The Sensex rose by 305.09 points or 0.42 per cent to 73,095.22, while the Nifty gained 76.30 points or 0.34 per cent to reach 22,198.30 at the close.
Integrated marketing services firm RK Swamy Ltd is scheduled to launch its initial public offering (IPO) on March 4, with the offering set to conclude on March 6. The bidding for anchor investors will open for a day on March 1, as outlined in the Red Herring Prospectus (RHP). The proposed IPO includes a fresh issue of shares totalling up to Rs 173 crore and an Offer For Sale (OFS) of up to 87 lakh equity shares by selling shareholders, according to the Draft Red Herring Prospectus (DRHP).
Skoda Auto’s global CEO, Klaus Zellmer, highlighted India as the most promising growth market for the company, emphasising its crucial role in Skoda’s international expansion during a virtual address on Tuesday. Zellmer outlined Skoda’s plans for India, including entry into the compact SUV segment within a year and the launch of electric vehicles in the market.
The Uttarakhand government presented an annual budget exceeding Rs 89,000 crore for the financial year 2024-25 in the state assembly on Tuesday. Finance Minister Premchand Agarwal, while presenting the budget, described it as inclusive, with a focus on fostering the development of Uttarakhand. The budget is scheduled to pass on March 1 following debates in the house over the coming days.
Union Minister Piyush Goyal described startups as the foundation of the new India on Tuesday; he urged entrepreneurs not to overlook the opportunities as India moves towards becoming a $ 35 trillion economy by 2047. He emphasised that India has become a global leader, attributing its success to confidence, effective governance, and ongoing innovation.
Business News Highlights: Stock Market Closes, Nifty At 22,200, Sensex Up 305 Points – ABP Live
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