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IndiaTV Business: Google News Feed: Digest for February 09, 2024

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The Tata Group, consisting of 18 companies, has surpassed a market capitalization of Rs 30 lakh crore, driven by a significant rally in TCS and Tata Motors.
The BSE Sensex opened Wednesday's trading session 317.43 points higher, or 0.44 per cent, at 72,503.52, while the Nifty rose 113.30 points, or 0.50 per cent, at 22,042.70. Robust foreign fund inflows further bolstered the positive momentum in equities.
Shares of One97 Communications, the parent company of Paytm, rose 10 per cent to an intraday high of Rs 496.25, bringing relief to investors following a meeting between Paytm founder Vijay Shekhar Sharma and top officials from the Reserve Bank of India and the finance minister, Nirmala Sitharaman.
The Initial Public Offering (IPO) of Jana Small Finance Bank is set to open today, with the bank aiming to utilise the funds from the fresh issue to enhance its core capital and meet future capital requirements. Ahead of the IPO, the bank has already allocated 40,32,588 equity shares to 17 anchor investors, raising Rs 166.95 crore on Tuesday.
Shares of EIH Ltd surged to an all-time high, hitting the upper circuit of 20 per cent at Rs 426.15 apiece on the BSE in early trade on Wednesday, marking the fourth consecutive session of gains. The stock of the flagship company of the Oberoi Group witnessed this uptrend following its strong performance in the third quarter of the fiscal year 2023-24.

Oil firms losing Rs 3 per litre on diesel, profits on petrol shrink

Wednesday 07 February 2024 07:25 AM UTC+00
New Delhi: State-owned fuel retailers, including Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL), have refrained from adjusting petrol, diesel, and cooking gas (LPG) prices for almost two years, resulting in substantial losses when input costs were higher and profits when raw material prices were lower. Despite calls to revert to daily price revisions, they have held steady, citing extreme price volatility and the incomplete recouping of past losses.
The government said that some level of trade with Pakistan persists through air and sea routes, although Pakistan has unilaterally ceased all business through land borders.
Nestle India Ltd, a leading FMCG company, recorded a 4.38 per cent increase in net profit, reaching Rs 655.61 crore for the quarter ended December 31 compared to Rs 628.06 crore in the same period last year, according to a regulatory filing.
Reserve Bank of India Governor Shaktikanta Das is set to announce the bi-monthly policy on Thursday amid expectations of maintaining the status quo on the key interest rate due to inflation nearing the upper tolerance level of 6 per cent.
Financial Services Secretary Vivek Joshi said on Wednesday that the issue concerning Paytm is within the jurisdiction of the Reserve Bank of India (RBI), emphasising that the government's involvement is currently not warranted.
The Initial Public Offering (IPO) of Jana Small Finance Bank is set to open today, with the bank aiming to utilise the funds from the fresh issue to enhance its core capital and meet future capital requirements. Ahead of the IPO, the bank has already allocated 40,32,588 equity shares to 17 anchor investors, raising Rs 166.95 crore on Tuesday.
Shares of EIH Ltd surged to an all-time high, hitting the upper circuit of 20 per cent at Rs 426.15 apiece on the BSE in early trade on Wednesday, marking the fourth consecutive session of gains. The stock of the flagship company of the Oberoi Group witnessed this uptrend following its strong performance in the third quarter of the fiscal year 2023-24.

Oil firms losing Rs 3 per litre on diesel, profits on petrol shrink

Wednesday 07 February 2024 07:25 AM UTC+00
New Delhi: State-owned fuel retailers, including Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL), have refrained from adjusting petrol, diesel, and cooking gas (LPG) prices for almost two years, resulting in substantial losses when input costs were higher and profits when raw material prices were lower. Despite calls to revert to daily price revisions, they have held steady, citing extreme price volatility and the incomplete recouping of past losses.
The government said that some level of trade with Pakistan persists through air and sea routes, although Pakistan has unilaterally ceased all business through land borders.
Nestle India Ltd, a leading FMCG company, recorded a 4.38 per cent increase in net profit, reaching Rs 655.61 crore for the quarter ended December 31 compared to Rs 628.06 crore in the same period last year, according to a regulatory filing.
Reserve Bank of India Governor Shaktikanta Das is set to announce the bi-monthly policy on Thursday amid expectations of maintaining the status quo on the key interest rate due to inflation nearing the upper tolerance level of 6 per cent.
Financial Services Secretary Vivek Joshi said on Wednesday that the issue concerning Paytm is within the jurisdiction of the Reserve Bank of India (RBI), emphasising that the government's involvement is currently not warranted.
Equity benchmark indices surged in early trading on Thursday ahead of the Reserve Bank of India's interest rate decision, buoyed by a rally in global markets. The BSE Sensex rose by 321.42 points to 72,473.42, while the Nifty climbed 80.55 points to 22,011.05.
The monetary policy committee led by Shaktikanta Das has kept the repo rates unchanged at 6.50 per cent for the sixth straight time. The rate increase cycle was paused in April last year after six consecutive rate hikes totaling 250 basis points since May 2022.
The Reserve Bank of India (RBI) announced on Thursday a projection of 7 per cent GDP growth for the financial year 2024-25, slightly lower than the estimated 7.30 per cent expansion for the current fiscal year.
Nestle India Ltd, a leading FMCG company, recorded a 4.38 per cent increase in net profit, reaching Rs 655.61 crore for the quarter ended December 31 compared to Rs 628.06 crore in the same period last year, according to a regulatory filing.
Reserve Bank of India Governor Shaktikanta Das is set to announce the bi-monthly policy on Thursday amid expectations of maintaining the status quo on the key interest rate due to inflation nearing the upper tolerance level of 6 per cent.
Financial Services Secretary Vivek Joshi said on Wednesday that the issue concerning Paytm is within the jurisdiction of the Reserve Bank of India (RBI), emphasising that the government's involvement is currently not warranted.
Equity benchmark indices surged in early trading on Thursday ahead of the Reserve Bank of India's interest rate decision, buoyed by a rally in global markets. The BSE Sensex rose by 321.42 points to 72,473.42, while the Nifty climbed 80.55 points to 22,011.05.
The monetary policy committee led by Shaktikanta Das has kept the repo rates unchanged at 6.50 per cent for the sixth straight time. The rate increase cycle was paused in April last year after six consecutive rate hikes totaling 250 basis points since May 2022.
The Reserve Bank of India (RBI) announced on Thursday a projection of 7 per cent GDP growth for the financial year 2024-25, slightly lower than the estimated 7.30 per cent expansion for the current fiscal year.
The equity markets experienced a sharp decline in late morning trade on Thursday, driven by bank stocks, following the Reserve Bank of India's monetary policy decision. The 30-share BSE Sensex plummeted by 746.62 points to 71,405.38, while the Nifty dropped 220.95 points to 21,709.55.
Action against Paytm was for "persisted non-compliance," and adequate time was given for corrective actions, says RBI Deputy Governor Swaminathan J.
Provision of Rs 1,000 crore to establish and upgrade schools, colleges, hospitals, and administrative buildings in assembly constituencies and recruitment to fill 70,000 posts were among the key announcements by Rajasthan Finance Minister Diya Kumari, who announced the state's interim budget on Thursday.
Shares of YES Bank rallied 9.70 per cent to a 52-week high of Rs 32.70  on reports of the State Bank of India (SBI) offloading its entire stake.
Nestle India Ltd, a leading FMCG company, recorded a 4.38 per cent increase in net profit, reaching Rs 655.61 crore for the quarter ended December 31 compared to Rs 628.06 crore in the same period last year, according to a regulatory filing.
Reserve Bank of India Governor Shaktikanta Das is set to announce the bi-monthly policy on Thursday amid expectations of maintaining the status quo on the key interest rate due to inflation nearing the upper tolerance level of 6 per cent.
Financial Services Secretary Vivek Joshi said on Wednesday that the issue concerning Paytm is within the jurisdiction of the Reserve Bank of India (RBI), emphasising that the government's involvement is currently not warranted.
Equity benchmark indices surged in early trading on Thursday ahead of the Reserve Bank of India's interest rate decision, buoyed by a rally in global markets. The BSE Sensex rose by 321.42 points to 72,473.42, while the Nifty climbed 80.55 points to 22,011.05.
The monetary policy committee led by Shaktikanta Das has kept the repo rates unchanged at 6.50 per cent for the sixth straight time. The rate increase cycle was paused in April last year after six consecutive rate hikes totaling 250 basis points since May 2022.
The Reserve Bank of India (RBI) announced on Thursday a projection of 7 per cent GDP growth for the financial year 2024-25, slightly lower than the estimated 7.30 per cent expansion for the current fiscal year.
The equity markets experienced a sharp decline in late morning trade on Thursday, driven by bank stocks, following the Reserve Bank of India's monetary policy decision. The 30-share BSE Sensex plummeted by 746.62 points to 71,405.38, while the Nifty dropped 220.95 points to 21,709.55.
Action against Paytm was for "persisted non-compliance," and adequate time was given for corrective actions, says RBI Deputy Governor Swaminathan J.
Provision of Rs 1,000 crore to establish and upgrade schools, colleges, hospitals, and administrative buildings in assembly constituencies and recruitment to fill 70,000 posts were among the key announcements by Rajasthan Finance Minister Diya Kumari, who announced the state's interim budget on Thursday.
Shares of YES Bank rallied 9.70 per cent to a 52-week high of Rs 32.70  on reports of the State Bank of India (SBI) offloading its entire stake.
Equity benchmark indices surged in early trading on Thursday ahead of the Reserve Bank of India's interest rate decision, buoyed by a rally in global markets. The BSE Sensex rose by 321.42 points to 72,473.42, while the Nifty climbed 80.55 points to 22,011.05.
The monetary policy committee led by Shaktikanta Das has kept the repo rates unchanged at 6.50 per cent for the sixth straight time. The rate increase cycle was paused in April last year after six consecutive rate hikes totaling 250 basis points since May 2022.
The Reserve Bank of India (RBI) announced on Thursday a projection of 7 per cent GDP growth for the financial year 2024-25, slightly lower than the estimated 7.30 per cent expansion for the current fiscal year.
The equity markets experienced a sharp decline in late morning trade on Thursday, driven by bank stocks, following the Reserve Bank of India's monetary policy decision. The 30-share BSE Sensex plummeted by 746.62 points to 71,405.38, while the Nifty dropped 220.95 points to 21,709.55.
Action against Paytm was for "persisted non-compliance," and adequate time was given for corrective actions, says RBI Deputy Governor Swaminathan J.
Provision of Rs 1,000 crore to establish and upgrade schools, colleges, hospitals, and administrative buildings in assembly constituencies and recruitment to fill 70,000 posts were among the key announcements by Rajasthan Finance Minister Diya Kumari, who announced the state's interim budget on Thursday.
Shares of YES Bank rallied 9.70 per cent to a 52-week high of Rs 32.70  on reports of the State Bank of India (SBI) offloading its entire stake.
Union Finance Minister Nirmala Sitharaman on Thursday presented the National Democratic Alliance (NDA) white paper on the economic mismanagement of the economy during the tenure of the Congress-led United Progressive Alliance (UPA) government from 2004-2014. The Centre in its white paper said that the economy was in crisis in 2014. The NDA government armed with political and policy stability, took tough decisions for greater economic good, unlike its predecessor UPA. The Modi government in the document said that a white paper then would have set negative narrative, shaken confidence of investors.

LIC profit rises 49 per cent to Rs 9,444 crore in third quarter

Thursday 08 February 2024 01:00 PM UTC+00
LIC profit rises: State-owned insurer LIC today (February 8) reported a 49 per cent jump in net profit at Rs 9,444 crore for the third quarter ended December 2023. The country's biggest insurer had a net profit of Rs 6,334 crore in the year-ago period, according to a regulatory filing.
The Modi government on Thursday tabled the white paper on the economic mismanagement done during the 10-year rule of the Congress-led United Progressive Alliance government saying that it when the National Democratic Alliance (NDA) took over from the UPA in 2014, the economy was on a road to nowhere. The BJP government said that there was policy paralysis during the UPA's era, no decision making, no focus on infrastrucutre building as it should have been, worse management of 2008 Global Financial Crisis, scams, the banking sector was in crisis and overall the then government failed to take forward a healthy economy.
The Reserve Bank of India (RBI) announced on Thursday a projection of 7 per cent GDP growth for the financial year 2024-25, slightly lower than the estimated 7.30 per cent expansion for the current fiscal year.
The equity markets experienced a sharp decline in late morning trade on Thursday, driven by bank stocks, following the Reserve Bank of India's monetary policy decision. The 30-share BSE Sensex plummeted by 746.62 points to 71,405.38, while the Nifty dropped 220.95 points to 21,709.55.
Action against Paytm was for "persisted non-compliance," and adequate time was given for corrective actions, says RBI Deputy Governor Swaminathan J.
Provision of Rs 1,000 crore to establish and upgrade schools, colleges, hospitals, and administrative buildings in assembly constituencies and recruitment to fill 70,000 posts were among the key announcements by Rajasthan Finance Minister Diya Kumari, who announced the state's interim budget on Thursday.
Shares of YES Bank rallied 9.70 per cent to a 52-week high of Rs 32.70  on reports of the State Bank of India (SBI) offloading its entire stake.
Union Finance Minister Nirmala Sitharaman on Thursday presented the National Democratic Alliance (NDA) white paper on the economic mismanagement of the economy during the tenure of the Congress-led United Progressive Alliance (UPA) government from 2004-2014. The Centre in its white paper said that the economy was in crisis in 2014. The NDA government armed with political and policy stability, took tough decisions for greater economic good, unlike its predecessor UPA. The Modi government in the document said that a white paper then would have set negative narrative, shaken confidence of investors.

LIC profit rises 49 per cent to Rs 9,444 crore in third quarter

Thursday 08 February 2024 01:00 PM UTC+00
LIC profit rises: State-owned insurer LIC today (February 8) reported a 49 per cent jump in net profit at Rs 9,444 crore for the third quarter ended December 2023. The country's biggest insurer had a net profit of Rs 6,334 crore in the year-ago period, according to a regulatory filing.
The Modi government on Thursday tabled the white paper on the economic mismanagement done during the 10-year rule of the Congress-led United Progressive Alliance government saying that it when the National Democratic Alliance (NDA) took over from the UPA in 2014, the economy was on a road to nowhere. The BJP government said that there was policy paralysis during the UPA's era, no decision making, no focus on infrastrucutre building as it should have been, worse management of 2008 Global Financial Crisis, scams, the banking sector was in crisis and overall the then government failed to take forward a healthy economy.

Parliament approves interim Budget 2024-25

Thursday 08 February 2024 04:26 PM UTC+00
Parliament today (February 8) completed the exercise of passing the interim Budget for 2024-25, with Rajya Sabha returning the Finance Bill 2024 and the relevant appropriation bills. The Upper House also returned the appropriation bills related to the Union Territory of Jammu and Kashmir.
New Delhi: Paytm Payments Bank independent director Manju Agarwal has reportedly resigned from the board following an RBI order that imposed restrictions on the bank's operations. According to a source, Agarwal resigned with effect from February 1.
The Reserve Bank of India (RBI) announced on Thursday a projection of 7 per cent GDP growth for the financial year 2024-25, slightly lower than the estimated 7.30 per cent expansion for the current fiscal year.
The equity markets experienced a sharp decline in late morning trade on Thursday, driven by bank stocks, following the Reserve Bank of India's monetary policy decision. The 30-share BSE Sensex plummeted by 746.62 points to 71,405.38, while the Nifty dropped 220.95 points to 21,709.55.
Action against Paytm was for "persisted non-compliance," and adequate time was given for corrective actions, says RBI Deputy Governor Swaminathan J.
Provision of Rs 1,000 crore to establish and upgrade schools, colleges, hospitals, and administrative buildings in assembly constituencies and recruitment to fill 70,000 posts were among the key announcements by Rajasthan Finance Minister Diya Kumari, who announced the state's interim budget on Thursday.
Shares of YES Bank rallied 9.70 per cent to a 52-week high of Rs 32.70  on reports of the State Bank of India (SBI) offloading its entire stake.
Union Finance Minister Nirmala Sitharaman on Thursday presented the National Democratic Alliance (NDA) white paper on the economic mismanagement of the economy during the tenure of the Congress-led United Progressive Alliance (UPA) government from 2004-2014. The Centre in its white paper said that the economy was in crisis in 2014. The NDA government armed with political and policy stability, took tough decisions for greater economic good, unlike its predecessor UPA. The Modi government in the document said that a white paper then would have set negative narrative, shaken confidence of investors.

LIC profit rises 49 per cent to Rs 9,444 crore in third quarter

Thursday 08 February 2024 01:00 PM UTC+00
LIC profit rises: State-owned insurer LIC today (February 8) reported a 49 per cent jump in net profit at Rs 9,444 crore for the third quarter ended December 2023. The country's biggest insurer had a net profit of Rs 6,334 crore in the year-ago period, according to a regulatory filing.
The Modi government on Thursday tabled the white paper on the economic mismanagement done during the 10-year rule of the Congress-led United Progressive Alliance government saying that it when the National Democratic Alliance (NDA) took over from the UPA in 2014, the economy was on a road to nowhere. The BJP government said that there was policy paralysis during the UPA's era, no decision making, no focus on infrastrucutre building as it should have been, worse management of 2008 Global Financial Crisis, scams, the banking sector was in crisis and overall the then government failed to take forward a healthy economy.

Parliament approves interim Budget 2024-25

Thursday 08 February 2024 04:26 PM UTC+00
Parliament today (February 8) completed the exercise of passing the interim Budget for 2024-25, with Rajya Sabha returning the Finance Bill 2024 and the relevant appropriation bills. The Upper House also returned the appropriation bills related to the Union Territory of Jammu and Kashmir.
New Delhi: Paytm Payments Bank independent director Manju Agarwal has reportedly resigned from the board following an RBI order that imposed restrictions on the bank's operations. According to a source, Agarwal resigned with effect from February 1.
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