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IndiaTV Business: Google News Feed: Digest for June 13, 2024

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The stock market opened on a robust note Thursday, buoyed by the NDA's unanimous backing of PM Narendra Modi for a third term. The Sensex jumped 696.46 points to 75,078.70, while the Nifty climbed 179.15 points to 22,799.50. Among Nifty companies, 29 advanced while 21 declined. Leading the gainers were NTPC, SBI, ONGC, Coal India, and Power Grid. Conversely, the top losers included Britannia, Hindustan Unilever, Cipla, Hindalco, and Nestle India.
Nisaba Godrej, executive chairperson of Godrej Consumer, has resigned as an independent director from the board of VIP Industries, citing differences over leadership accountability and succession planning. The resignation was effective June 3, 2024, and was disclosed in a stock exchange filing on Tuesday.
The Reserve Bank of India (RBI)'s Monetary Policy Committee (MPC) opted to maintain the policy rate, the repo rate, at 6.5% on Friday, marking the eighth consecutive meeting without a change. This decision implies that interest rates will remain steady, delaying prospects for cheaper loans and lower EMIs. RBI Governor Shaktikanta Das announced the decision, stating, "GDP growth that we are now projecting for the current financial year 2024–25 is 7.2% with Q1 at 7.3%, Q2 at 7.2%, Q3 at 7.3%, and Q4 at 7.2%. The risks are evenly balanced."
The Indian stock market saw positive momentum in early trade on Thursday, with key indices showing significant gains. The BSE Sensex surged 254.53 points, reaching 75,329.04. This rise reflects growing investor confidence and favourable market conditions. Indian benchmark indices saw a slight decline of up to 0.15% on Friday as investors awaited the Reserve Bank of India's Monetary Policy Committee's (MPC's) decision on interest rates. In broader markets, the BSE MidCap dropped by 0.16%, while the BSE SmallCap edged 0.34% higher.

RBI proposes automatic replenishment for UPI Lite wallet

Friday 07 June 2024 09:30 AM UTC+00
The Reserve Bank of India (RBI) on Friday proposed a facility to allow customers to automatically replenish their UPI Lite wallets. This initiative aims to promote small-value digital payments by simplifying the process for users. Currently, the UPI Lite wallet has a daily limit of Rs 2,000, with an upper limit of Rs 500 for a single payment. UPI Lite acts as an on-device wallet designed for small-value transactions, making digital payments quick and seamless. At present, the UPI Lite app can hold a maximum of Rs 2,000 at any given time.
Stock markets: The Indian stock markets experienced a significant surge, with both the Sensex and Nifty indices climbing over 2 per cent, driven by optimism as the formation of a new government approached, according to market experts. The Sensex reached a historic peak, hitting an all-time high of 76,787 points. Meanwhile, the Nifty 50 came tantalizingly close to its record high, missing it by just 25 points as it traded at 23,338 points in the afternoon session.
In a major achievement for the Adani Group, its solar photovoltaic (PV) arm Adani Solar has been recognised as a top performer in the 10th Edition of Kiwa PVEL's PV Module Reliability Scorecard on Friday. This is the seventh time that the group has been ranked as the top performer by Kiwa PVEL.
Businessman, media baron who founded Eenadu & Ramoji Film City, Ramoji Rao, who was battling heart-related issues, died at a hospital in Telangana's Hyderabad in the wee hours on Saturday. The media personality and Ramoji group chairman Ramoji Rao, who revolutionised the news and entertainment industry, breath his last at the age of 88. Rao, who was admitted to a hospital on June 5 following respiratory problems, passed away at 4.50 am, according to Eenadu sources. The mortal remains were shifted to his residence in the famous Ramoji Film city.
India's benchmark indices reached new heights shortly after markets opened on June 10, led by gains in Reliance Industries Ltd and Axis Bank Ltd. This surge followed Narendra Modi's swearing-in as Prime Minister for a third term on Sunday. As of 09:21 a.m., the NSE Nifty 50 rose by 91.90 points (0.39%) to 23,382.05, and the BSE Sensex increased by 233.11 points (0.30%) to 76,926.47. Both indices hit record levels, with the NSE Nifty 50 reaching 23,411.90 and the Sensex climbing to 77,079.04.
In the early hours of trading on Tuesday, benchmark equity indices experienced a downturn as investors engaged in profit taking following a record-breaking rally. Notable bluechips like Reliance Industries and HDFC Bank witnessed selling pressure, contributing to the decline.
Nisaba Godrej, executive chairperson of Godrej Consumer, has resigned as an independent director from the board of VIP Industries, citing differences over leadership accountability and succession planning. The resignation was effective June 3, 2024, and was disclosed in a stock exchange filing on Tuesday.
The Reserve Bank of India (RBI)'s Monetary Policy Committee (MPC) opted to maintain the policy rate, the repo rate, at 6.5% on Friday, marking the eighth consecutive meeting without a change. This decision implies that interest rates will remain steady, delaying prospects for cheaper loans and lower EMIs. RBI Governor Shaktikanta Das announced the decision, stating, "GDP growth that we are now projecting for the current financial year 2024–25 is 7.2% with Q1 at 7.3%, Q2 at 7.2%, Q3 at 7.3%, and Q4 at 7.2%. The risks are evenly balanced."
The Indian stock market saw positive momentum in early trade on Thursday, with key indices showing significant gains. The BSE Sensex surged 254.53 points, reaching 75,329.04. This rise reflects growing investor confidence and favourable market conditions. Indian benchmark indices saw a slight decline of up to 0.15% on Friday as investors awaited the Reserve Bank of India's Monetary Policy Committee's (MPC's) decision on interest rates. In broader markets, the BSE MidCap dropped by 0.16%, while the BSE SmallCap edged 0.34% higher.

RBI proposes automatic replenishment for UPI Lite wallet

Friday 07 June 2024 09:30 AM UTC+00
The Reserve Bank of India (RBI) on Friday proposed a facility to allow customers to automatically replenish their UPI Lite wallets. This initiative aims to promote small-value digital payments by simplifying the process for users. Currently, the UPI Lite wallet has a daily limit of Rs 2,000, with an upper limit of Rs 500 for a single payment. UPI Lite acts as an on-device wallet designed for small-value transactions, making digital payments quick and seamless. At present, the UPI Lite app can hold a maximum of Rs 2,000 at any given time.
Stock markets: The Indian stock markets experienced a significant surge, with both the Sensex and Nifty indices climbing over 2 per cent, driven by optimism as the formation of a new government approached, according to market experts. The Sensex reached a historic peak, hitting an all-time high of 76,787 points. Meanwhile, the Nifty 50 came tantalizingly close to its record high, missing it by just 25 points as it traded at 23,338 points in the afternoon session.
In a major achievement for the Adani Group, its solar photovoltaic (PV) arm Adani Solar has been recognised as a top performer in the 10th Edition of Kiwa PVEL's PV Module Reliability Scorecard on Friday. This is the seventh time that the group has been ranked as the top performer by Kiwa PVEL.
Businessman, media baron who founded Eenadu & Ramoji Film City, Ramoji Rao, who was battling heart-related issues, died at a hospital in Telangana's Hyderabad in the wee hours on Saturday. The media personality and Ramoji group chairman Ramoji Rao, who revolutionised the news and entertainment industry, breath his last at the age of 88. Rao, who was admitted to a hospital on June 5 following respiratory problems, passed away at 4.50 am, according to Eenadu sources. The mortal remains were shifted to his residence in the famous Ramoji Film city.
India's benchmark indices reached new heights shortly after markets opened on June 10, led by gains in Reliance Industries Ltd and Axis Bank Ltd. This surge followed Narendra Modi's swearing-in as Prime Minister for a third term on Sunday. As of 09:21 a.m., the NSE Nifty 50 rose by 91.90 points (0.39%) to 23,382.05, and the BSE Sensex increased by 233.11 points (0.30%) to 76,926.47. Both indices hit record levels, with the NSE Nifty 50 reaching 23,411.90 and the Sensex climbing to 77,079.04.
In the early hours of trading on Tuesday, benchmark equity indices experienced a downturn as investors engaged in profit taking following a record-breaking rally. Notable bluechips like Reliance Industries and HDFC Bank witnessed selling pressure, contributing to the decline.
Benchmark equity indices soared on Wednesday, with the Nifty reaching a new record high and the Sensex climbing nearly 600 points. This surge was driven by strong buying in blue-chip stocks like HDFC Bank and Reliance Industries, alongside gains in IT stocks. The NSE Nifty rose by 177.1 points, or 0.76%, to hit an all-time high of 23,441.95 during late morning trade. Meanwhile, the 30-share BSE Sensex surged by 593.94 points, or 0.77%, to 77,050.53, just 28.51 points shy of its previous lifetime peak of 77,079.04 set on Monday.
The Reserve Bank of India (RBI)'s Monetary Policy Committee (MPC) opted to maintain the policy rate, the repo rate, at 6.5% on Friday, marking the eighth consecutive meeting without a change. This decision implies that interest rates will remain steady, delaying prospects for cheaper loans and lower EMIs. RBI Governor Shaktikanta Das announced the decision, stating, "GDP growth that we are now projecting for the current financial year 2024–25 is 7.2% with Q1 at 7.3%, Q2 at 7.2%, Q3 at 7.3%, and Q4 at 7.2%. The risks are evenly balanced."
The Indian stock market saw positive momentum in early trade on Thursday, with key indices showing significant gains. The BSE Sensex surged 254.53 points, reaching 75,329.04. This rise reflects growing investor confidence and favourable market conditions. Indian benchmark indices saw a slight decline of up to 0.15% on Friday as investors awaited the Reserve Bank of India's Monetary Policy Committee's (MPC's) decision on interest rates. In broader markets, the BSE MidCap dropped by 0.16%, while the BSE SmallCap edged 0.34% higher.

RBI proposes automatic replenishment for UPI Lite wallet

Friday 07 June 2024 09:30 AM UTC+00
The Reserve Bank of India (RBI) on Friday proposed a facility to allow customers to automatically replenish their UPI Lite wallets. This initiative aims to promote small-value digital payments by simplifying the process for users. Currently, the UPI Lite wallet has a daily limit of Rs 2,000, with an upper limit of Rs 500 for a single payment. UPI Lite acts as an on-device wallet designed for small-value transactions, making digital payments quick and seamless. At present, the UPI Lite app can hold a maximum of Rs 2,000 at any given time.
Stock markets: The Indian stock markets experienced a significant surge, with both the Sensex and Nifty indices climbing over 2 per cent, driven by optimism as the formation of a new government approached, according to market experts. The Sensex reached a historic peak, hitting an all-time high of 76,787 points. Meanwhile, the Nifty 50 came tantalizingly close to its record high, missing it by just 25 points as it traded at 23,338 points in the afternoon session.
In a major achievement for the Adani Group, its solar photovoltaic (PV) arm Adani Solar has been recognised as a top performer in the 10th Edition of Kiwa PVEL's PV Module Reliability Scorecard on Friday. This is the seventh time that the group has been ranked as the top performer by Kiwa PVEL.
Businessman, media baron who founded Eenadu & Ramoji Film City, Ramoji Rao, who was battling heart-related issues, died at a hospital in Telangana's Hyderabad in the wee hours on Saturday. The media personality and Ramoji group chairman Ramoji Rao, who revolutionised the news and entertainment industry, breath his last at the age of 88. Rao, who was admitted to a hospital on June 5 following respiratory problems, passed away at 4.50 am, according to Eenadu sources. The mortal remains were shifted to his residence in the famous Ramoji Film city.
India's benchmark indices reached new heights shortly after markets opened on June 10, led by gains in Reliance Industries Ltd and Axis Bank Ltd. This surge followed Narendra Modi's swearing-in as Prime Minister for a third term on Sunday. As of 09:21 a.m., the NSE Nifty 50 rose by 91.90 points (0.39%) to 23,382.05, and the BSE Sensex increased by 233.11 points (0.30%) to 76,926.47. Both indices hit record levels, with the NSE Nifty 50 reaching 23,411.90 and the Sensex climbing to 77,079.04.
In the early hours of trading on Tuesday, benchmark equity indices experienced a downturn as investors engaged in profit taking following a record-breaking rally. Notable bluechips like Reliance Industries and HDFC Bank witnessed selling pressure, contributing to the decline.
Benchmark equity indices soared on Wednesday, with the Nifty reaching a new record high and the Sensex climbing nearly 600 points. This surge was driven by strong buying in blue-chip stocks like HDFC Bank and Reliance Industries, alongside gains in IT stocks. The NSE Nifty rose by 177.1 points, or 0.76%, to hit an all-time high of 23,441.95 during late morning trade. Meanwhile, the 30-share BSE Sensex surged by 593.94 points, or 0.77%, to 77,050.53, just 28.51 points shy of its previous lifetime peak of 77,079.04 set on Monday.
Retail inflation: Retail inflation eased to a 12-month low of 4.75 per cent in May as prices of some kitchen items declined marginally, according to government data released on Wednesday. The Consumer Price Index (CPI) based retail inflation was 4.83 per cent in April 2024 and 4.31 per cent in May 2023 (previous low).
The Reserve Bank of India (RBI)'s Monetary Policy Committee (MPC) opted to maintain the policy rate, the repo rate, at 6.5% on Friday, marking the eighth consecutive meeting without a change. This decision implies that interest rates will remain steady, delaying prospects for cheaper loans and lower EMIs. RBI Governor Shaktikanta Das announced the decision, stating, "GDP growth that we are now projecting for the current financial year 2024–25 is 7.2% with Q1 at 7.3%, Q2 at 7.2%, Q3 at 7.3%, and Q4 at 7.2%. The risks are evenly balanced."
The Indian stock market saw positive momentum in early trade on Thursday, with key indices showing significant gains. The BSE Sensex surged 254.53 points, reaching 75,329.04. This rise reflects growing investor confidence and favourable market conditions. Indian benchmark indices saw a slight decline of up to 0.15% on Friday as investors awaited the Reserve Bank of India's Monetary Policy Committee's (MPC's) decision on interest rates. In broader markets, the BSE MidCap dropped by 0.16%, while the BSE SmallCap edged 0.34% higher.

RBI proposes automatic replenishment for UPI Lite wallet

Friday 07 June 2024 09:30 AM UTC+00
The Reserve Bank of India (RBI) on Friday proposed a facility to allow customers to automatically replenish their UPI Lite wallets. This initiative aims to promote small-value digital payments by simplifying the process for users. Currently, the UPI Lite wallet has a daily limit of Rs 2,000, with an upper limit of Rs 500 for a single payment. UPI Lite acts as an on-device wallet designed for small-value transactions, making digital payments quick and seamless. At present, the UPI Lite app can hold a maximum of Rs 2,000 at any given time.
Stock markets: The Indian stock markets experienced a significant surge, with both the Sensex and Nifty indices climbing over 2 per cent, driven by optimism as the formation of a new government approached, according to market experts. The Sensex reached a historic peak, hitting an all-time high of 76,787 points. Meanwhile, the Nifty 50 came tantalizingly close to its record high, missing it by just 25 points as it traded at 23,338 points in the afternoon session.
In a major achievement for the Adani Group, its solar photovoltaic (PV) arm Adani Solar has been recognised as a top performer in the 10th Edition of Kiwa PVEL's PV Module Reliability Scorecard on Friday. This is the seventh time that the group has been ranked as the top performer by Kiwa PVEL.
Businessman, media baron who founded Eenadu & Ramoji Film City, Ramoji Rao, who was battling heart-related issues, died at a hospital in Telangana's Hyderabad in the wee hours on Saturday. The media personality and Ramoji group chairman Ramoji Rao, who revolutionised the news and entertainment industry, breath his last at the age of 88. Rao, who was admitted to a hospital on June 5 following respiratory problems, passed away at 4.50 am, according to Eenadu sources. The mortal remains were shifted to his residence in the famous Ramoji Film city.
India's benchmark indices reached new heights shortly after markets opened on June 10, led by gains in Reliance Industries Ltd and Axis Bank Ltd. This surge followed Narendra Modi's swearing-in as Prime Minister for a third term on Sunday. As of 09:21 a.m., the NSE Nifty 50 rose by 91.90 points (0.39%) to 23,382.05, and the BSE Sensex increased by 233.11 points (0.30%) to 76,926.47. Both indices hit record levels, with the NSE Nifty 50 reaching 23,411.90 and the Sensex climbing to 77,079.04.
In the early hours of trading on Tuesday, benchmark equity indices experienced a downturn as investors engaged in profit taking following a record-breaking rally. Notable bluechips like Reliance Industries and HDFC Bank witnessed selling pressure, contributing to the decline.
Benchmark equity indices soared on Wednesday, with the Nifty reaching a new record high and the Sensex climbing nearly 600 points. This surge was driven by strong buying in blue-chip stocks like HDFC Bank and Reliance Industries, alongside gains in IT stocks. The NSE Nifty rose by 177.1 points, or 0.76%, to hit an all-time high of 23,441.95 during late morning trade. Meanwhile, the 30-share BSE Sensex surged by 593.94 points, or 0.77%, to 77,050.53, just 28.51 points shy of its previous lifetime peak of 77,079.04 set on Monday.
Retail inflation: Retail inflation eased to a 12-month low of 4.75 per cent in May as prices of some kitchen items declined marginally, according to government data released on Wednesday. The Consumer Price Index (CPI) based retail inflation was 4.83 per cent in April 2024 and 4.31 per cent in May 2023 (previous low).
The Reserve Bank of India (RBI)'s Monetary Policy Committee (MPC) opted to maintain the policy rate, the repo rate, at 6.5% on Friday, marking the eighth consecutive meeting without a change. This decision implies that interest rates will remain steady, delaying prospects for cheaper loans and lower EMIs. RBI Governor Shaktikanta Das announced the decision, stating, "GDP growth that we are now projecting for the current financial year 2024–25 is 7.2% with Q1 at 7.3%, Q2 at 7.2%, Q3 at 7.3%, and Q4 at 7.2%. The risks are evenly balanced."
The Indian stock market saw positive momentum in early trade on Thursday, with key indices showing significant gains. The BSE Sensex surged 254.53 points, reaching 75,329.04. This rise reflects growing investor confidence and favourable market conditions. Indian benchmark indices saw a slight decline of up to 0.15% on Friday as investors awaited the Reserve Bank of India's Monetary Policy Committee's (MPC's) decision on interest rates. In broader markets, the BSE MidCap dropped by 0.16%, while the BSE SmallCap edged 0.34% higher.

RBI proposes automatic replenishment for UPI Lite wallet

Friday 07 June 2024 09:30 AM UTC+00
The Reserve Bank of India (RBI) on Friday proposed a facility to allow customers to automatically replenish their UPI Lite wallets. This initiative aims to promote small-value digital payments by simplifying the process for users. Currently, the UPI Lite wallet has a daily limit of Rs 2,000, with an upper limit of Rs 500 for a single payment. UPI Lite acts as an on-device wallet designed for small-value transactions, making digital payments quick and seamless. At present, the UPI Lite app can hold a maximum of Rs 2,000 at any given time.
Stock markets: The Indian stock markets experienced a significant surge, with both the Sensex and Nifty indices climbing over 2 per cent, driven by optimism as the formation of a new government approached, according to market experts. The Sensex reached a historic peak, hitting an all-time high of 76,787 points. Meanwhile, the Nifty 50 came tantalizingly close to its record high, missing it by just 25 points as it traded at 23,338 points in the afternoon session.
In a major achievement for the Adani Group, its solar photovoltaic (PV) arm Adani Solar has been recognised as a top performer in the 10th Edition of Kiwa PVEL's PV Module Reliability Scorecard on Friday. This is the seventh time that the group has been ranked as the top performer by Kiwa PVEL.
Businessman, media baron who founded Eenadu & Ramoji Film City, Ramoji Rao, who was battling heart-related issues, died at a hospital in Telangana's Hyderabad in the wee hours on Saturday. The media personality and Ramoji group chairman Ramoji Rao, who revolutionised the news and entertainment industry, breath his last at the age of 88. Rao, who was admitted to a hospital on June 5 following respiratory problems, passed away at 4.50 am, according to Eenadu sources. The mortal remains were shifted to his residence in the famous Ramoji Film city.
India's benchmark indices reached new heights shortly after markets opened on June 10, led by gains in Reliance Industries Ltd and Axis Bank Ltd. This surge followed Narendra Modi's swearing-in as Prime Minister for a third term on Sunday. As of 09:21 a.m., the NSE Nifty 50 rose by 91.90 points (0.39%) to 23,382.05, and the BSE Sensex increased by 233.11 points (0.30%) to 76,926.47. Both indices hit record levels, with the NSE Nifty 50 reaching 23,411.90 and the Sensex climbing to 77,079.04.
In the early hours of trading on Tuesday, benchmark equity indices experienced a downturn as investors engaged in profit taking following a record-breaking rally. Notable bluechips like Reliance Industries and HDFC Bank witnessed selling pressure, contributing to the decline.
Benchmark equity indices soared on Wednesday, with the Nifty reaching a new record high and the Sensex climbing nearly 600 points. This surge was driven by strong buying in blue-chip stocks like HDFC Bank and Reliance Industries, alongside gains in IT stocks. The NSE Nifty rose by 177.1 points, or 0.76%, to hit an all-time high of 23,441.95 during late morning trade. Meanwhile, the 30-share BSE Sensex surged by 593.94 points, or 0.77%, to 77,050.53, just 28.51 points shy of its previous lifetime peak of 77,079.04 set on Monday.
Retail inflation: Retail inflation eased to a 12-month low of 4.75 per cent in May as prices of some kitchen items declined marginally, according to government data released on Wednesday. The Consumer Price Index (CPI) based retail inflation was 4.83 per cent in April 2024 and 4.31 per cent in May 2023 (previous low).
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