India Business News

About India Business News

Listen in to the top business headlines from India every weekday.

Publisher

SumCast

Category

business · news

Language

en

Explicit

No

First episode

9 Sept 2020

Latest episode

8 Dec 2023

Latest episodes

22 episodes in the feed.

1. 

   8 Dec 2023

   Friday, December 08, 2023

   Top things to know today morning: Indian Stock Market: After seven consecutive sessions of gains, benchmark indices took a breather on Thursday. Nifty fell below 20, 900, driven by selling in capital goods, FMCG, IT, and metal stocks. US Markets: Nasdaq surged 1.37% to 14,339.99 points on Thursday, driven by Alphabet and Advanced Micro Devices, boosting optimism about artificial intelligence. RBI's MPC Decision: RBI's Monetary Policy Committee is expected to keep the repo rate steady in its latest review. FII and DII Activity: Overseas investors continued to be net sellers in Indian equities for the second consecutive session. Indian Rupee: The Indian rupee weakened by 2 paise to Rs 83.35 against the U.S. dollar on Thursday. Oil Prices: Oil prices fell to six-month lows on Thursday due to concerns about sluggish energy demand in the US and China. Gold Prices: Gold prices firmed on Thursday as the dollar weakened in anticipation of U.S. non-farm payrolls data. Stock specific updates: Zomato: SoftBank is expected to sell Zomato shares worth $135 million via a block deal at Rs 120.50 per share. Adani Ports & Special Economic Zone: Expects to exceed FY24 guidance of 370-390 MMT and is on track to cross 500 MMT by FY25. Vedanta: In talks with foreign investors to raise $1.25 billion ahead of a $1 billion debt maturity in January 2024. Olectra Greentech: Received a Letter of Award for the supply and maintenance of 40 electric buses from Vasai Virar City Municipal Corporation, Mumbai, valued at Rs 62.80 crore. IRCON International: The Government of India will exercise the greenshoe option, selling an additional 7% stake in the offer-for-sale (OFS) of IRCON International. Container Corporation of India: Signed a MoU with NTPC Vidyut Vyapar Nigam (NVVN) to develop PV Solar renewable energy projects in CONCOR terminals. GlaxoSmithKline Pharmaceuticals: Established an omnichannel team to expand reach and coverage using technology. Completed a VRS for commercial function employees, incurring a one-off cost of Rs 156.57 crore. IIFL Securities: Securities Appellate Tribunal set aside SEBI's order, reducing the monetary penalty from Rs 1 crore to Rs 20 lakh. Bharat Forge: Kalyani Strategic Systems proposed to acquire a majority stake in Zorya Mashproekt India. DB Realty: Vanita Infrastructure's subsidiary acquired equity shares of DB Conglomerate Realty, making it a step-down subsidiary. IRB Infrastructure Developers: Logged November toll collection at Rs 437 crore, a year-on-year increase from Rs 366 crore.

2. 

   7 Dec 2023

   Thursday, December 07, 2023

   Top Things To Know Today Morning: Domestic equity indices extended their winning streak on December 6, marking the seventh consecutive day of gains. The bullish momentum persisted with notable buying activity in information technology and power sectors, coupled with continuous foreign inflows, propelling the benchmarks to achieve a new high for the third consecutive day. The Sensex concluded the day with a robust gain of 357.59 points, reaching 69,653.73, while the Nifty surged by 82.60 points to attain a new closing high of 20937.70 for both indices. In contrast, U.S. stocks experienced a dip on Wednesday, driven lower by megacaps and energy shares. Concerns over a cooling jobs market heightened expectations of the Federal Reserve initiating interest rate cuts early next year. The S&P 500 dropped by 0.39% to close at 4549.34 points, the Nasdaq Composite Index fell by 0.58% to 14146.71, and the Dow Jones Industrial Average slid by 0.19% to 36054.43. The Reserve Bank-led Monetary Policy Committee (MPC) is anticipated to maintain repo rates unchanged until June next year, according to a report from a foreign brokerage. The decision on rates will be disclosed on December 9 after the bi-monthly MPC meeting that commenced on December 6. Market Movements: Indian Rupee: The Indian rupee strengthened by 6 paise, closing at 83.33 rupees against the U.S. dollar on Wednesday. Oil Prices: Brent crude witnessed a 3.76% decrease, trading at $74.30 per barrel. Gold Prices: Gold prices saw a firming trend on Wednesday as Treasury yields eased. Spot gold rose by 0.3% to $2025.09 per ounce, while U.S. gold futures gained 0.3% to $2043.10. Dollar Index: The U.S. dollar touched a two-week high, while the euro displayed weakness across the board. The dollar index was last down 0.01% at 103.95. Stock-Specific Updates: Shree Cement: Plans to bid for lithium mining rights under a government initiative to secure critical minerals production through auctions. IRCON International: The Government of India plans to sell an 8 percent stake via offer-for-sale (OFS) with a floor price of 154 rupees per share. Dr. Reddy’s Laboratories: Enters into a collaboration with Coya Therapeutics for the development and commercialization of COYA 302, an investigational combination therapy for Amyotrophic Lateral Sclerosis. Bharat Electronics: Receives an order of 580 crore rupees from the Indian Army for the Annual Maintenance Contract (AMC) of radars. One 97 Communications: Expands its business to offer higher-ticket personal and merchant loans in partnership with large banks and NBFCs. IDFC First Bank: Cloverdell Investment, an affiliate of Warburg Pincus, is likely to sell a 1.3 percent stake in IDFC First Bank via a block deal. Network18 Media & Investments: Plans to merge its television and digital news businesses. Delta Corp: The High Court of Calcutta has granted interim relief to subsidiary of Delta Corp, Deltatech Gaming, of 6384 crore rupees for which a GST notice was sent in October. Adani Ports and Special Economic Zone: Will consider a proposal to raise funds through a bond issue in its board meeting on December 12. Hindustan Zinc: Board approves a second interim dividend of 6 rupees per equity share for FY24, amounting to 2535 crore rupees. Hindustan Unilever: Board approves the appointment of Tarun Bajaj as an independent director. Rites: Signs an MoU with Meghalaya Industrial Development Corporation for developing multi-modal logistics projects. Brigade Enterprises: Signs a joint development agreement for office space in Bangalore with a development value of 500 crore rupees. PVR-INOX: Opens a 4-screen multiplex at Gwalior, solidifying its position as the largest multiplex network with 1709 screens across 358 properties in 113 cities.

3. 

   6 Dec 2023

   Wednesday, December 06, 2023

   Top Things To Know Today Morning: On Tuesday, the BSE Sensex surged by 431 points to reach 69,296, and the Nifty50 saw a climb of 168 points, reaching 20,855. The Indian rupee saw a marginal decline of 1 paisa against the U.S. dollar, closing at Rs 83.38. Brent crude oil futures settled at $77.20 a barrel, falling by 83 cents. Spot gold was down 0.4 percent at $2,018.29 per ounce. Dollar index was last up 0.12 percent at 103.73, hovering around one-week highs. Corporate Updates: State Bank of India (SBI): SBI is acquiring a 20 percent stake held by SBI Capital in SBI Pension Funds for Rs 229.5 crore, increasing its stake to 80 percent. Somany Ceramics: The company has set December 15 as the record date for the Rs 125 crore buyback, representing a 15.18% stake at Rs 850 per share. Ashok Leyland: The company has raised its stake in Switch Mobility's holding company to 92.19% from 91.63%, deploying around Rs 662.5 crore as the first tranche of a planned Rs 1,200 crore investment. Bank of India: The bank has launched its qualified institutional placement (QIP) with a floor price of Rs 105.42 per share. GRM Overseas: The company has approved the appointment of Atul Garg as MD of its subsidiary GRM Foodkraft. Atul Garg will hold the post for 5 years. Axiscades Technologies: The company acquired a 100 percent stake in Epcogen for Rs 26.25 crore. Epcogen is engaged in engineering design and solutions for the energy space. HDFC Bank: The bank has sought approval from shareholders for the re-appointment of Sashidhar Jagdishan as the Managing Director & Chief Executive Officer and the appointment of V Srinivasa Rangan as an Executive Director. Dalmia Bharat: The company has approved the appointment of Puneet Dalmia as MD and CEO for five years, effective from December 8. Power Grid Corporation of India: The corporation has received a letter of intent for the establishment of an inter-state transmission system project in Gujarat.

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