Stock market update: Mining stocks up as market falls
The 30-share BSE Sensex closed down 280.16 points at 80148.88
The 30-share BSE Sensex closed down 280.16 points at 80148.88
TARC Ltd appointed Arabian Construction Company as the main contractor for its luxury residential projects, TARC Kailasa in Central West Delhi and TARC 63A in Gurugram. Arabian Construction Company has a 50-year track record of delivering high-quality, sustainable, and safe high-rise buildings. This partnership aims to deliver top-tier residential developments.
The Nifty Auto index closed 0.05 per cent down at 25309.05.
Syngene International, the contract research and manufacturing services arm of Biocon, reported 19% year-on-year (YoY) drop in net profit to Rs.76 crore in Q1FY25 led by discovery services revenue taking a hit due to funding constraints at US biotechs.
Budget 2024: The government will not pre-announce its divestment plans to ensure optimal value for public companies, Finance Secretary TV Somanathan said in an exclusive interview with ET NOW on Wednesday. This strategic approach aims to maximize the financial returns from such divestments.
CG Power and Industrial Solutions announced its plan to acquire a 55% stake in GG Tronics for Rs 319 crore. The acquisition, expected to be finalized by August 23, 2024, involves purchasing equity shares from GGT promoters and subscribing to compulsorily Convertible Preference Shares.
BJP's Suvendu Adhikari alleged that Trinamool's Tapan Chatterjee verbally abused and attempted to assault him in the West Bengal Assembly. Adhikari wrote to Speaker Biman Bandyopadhyay, attributing the incident to the lack of personal security for MLAs inside the assembly. An investigation into the allegations has been initiated.
The tax on short term capital gains and long term capital gains on equity mutual funds have increased after the announcement made in the budget by the Finance Minister Nirmala Sitharaman.
The Karnataka High Court stayed an FIR against two ED officials probing the illegal transfer of government funds for tribal welfare to personal bank accounts. The court criticized the FIR, suggesting it could hinder ongoing investigations, and stressed that investigating government officers in this manner would deter others from working. The case involves alleged funds transfer of Rs 89.
The strategic partnership aims to aid the expansion of public EV charging infrastructure in the country, Hyundai Motor India said in a statement. These public EV charging stations will also provide convenience to all EV users for intercity and intracity travel considering the locations of dealerships across cities and highways, it added.
Alphabet's shares fell more than 3% in premarket trading on Wednesday after the Google-parent flagged higher expenses due to competition heating up in search and cloud computing.
The Union Budget 2024 highlighted a new internship scheme for 500 top Indian companies to skill 1 crore youth over five years. It targets individuals aged 21-24 who are neither employed nor in full-time education. The government will subsidize the program, covering most costs, with organizations required to contribute from their CSR funds.
Delhi police arrested 20-year-old Aditya, dressed as 'Spider Man,' for traffic violations on Dwarka Road. He and the vehicle’s driver, 19-year-old Gaurav Singh, face charges for dangerous driving and other offences. Meanwhile, a 74-year-old woman, Amarjit Kaur, was killed in Rajouri Garden after being struck by a speeding car. The driver fled, and police are searching for the suspect.
Jungle Camps India Ltd, which provides wildlife and conservation-focused lodges to guests, on Wednesday announced plans to achieve Rs 100 crore in revenue by FY28 from Rs 18 crore in FY24.
The CNMC, as the regulator is known, said that Apple may have imposed unequal commercial conditions on developers of mobile applications sold at its app marketplace.
In a continuation of post-Budget blues, the BSE Sensex fell 280 points to settle at 80,149 and the broader NSE Nifty declined 65 points to end at 24,413. From the Sensex stocks, Bajaj Finserv, Bajaj Finance, HUL, Adani Ports, SBI, and Axis Bank were the top laggards, falling 1-2.5%. On the other hand, Tech Mahindra, NTPC, Tata Motors, Sun Pharma, Power Grid and Asian Paints closed in the green.
Minister of State for Electronics and IT Jitin Prasada in a written reply to Lok Sabha said that a total of 32 companies were approved with committed investment of Rs 11,324 crore and a projected production target of Rs 10.7 lakh crore under the PLI (Production Linked Incentive) scheme for Large Scale Electronics Manufacturing.
Realty firm Mahindra Lifespace Developers Ltd on Wednesday reported a consolidated net profit of Rs 12.74 crore for the June quarter. The company posted a net loss of Rs 4.27 crore in the year-ago period.
Budget 2024: Relief for GST registered individuals and companies. "The waiver of interest and penalties for tax disputes faced by genuine taxpayers will reduce the financial burden on taxpayers, particularly benefiting small businesses and individual taxpayers who may face cash flow constraints and cannot really afford to litigate," says Siddharth Surana, Director, RSM India.
The Nifty Realty index closed 0.78 per cent up at 1074.25.
State-owned Bharat Sanchar Nigam Ltd (BSNL) has reported on-year rise in its Earnings Before Interest, Tax, Depreciation and Amortisation or EBITDA to Rs 2,164 crore for FY24, while losses narrowed to Rs 5,371 crore, Parliament was informed on Wednesday.
The Series-F funding round values the company at $3 billion and comprises fresh investment as well as a secondary sale of shares by some insiders, Clio told Reuters.
The Nifty Pharma index closed 0.74 per cent up at 20908.5.
India plans to ease restrictions on Chinese investments in non-sensitive sectors like solar panels and battery manufacturing, areas where domestic expertise is lacking. This move, following tightened scrutiny in 2020 due to border tensions, aims to improve economic ties while maintaining restrictions on sensitive sectors like electronics and telecom.