Business News Live: Sensex, Nifty Trade Flat Amid Volatility

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ABP News Bureau
Last Updated:

24 May 2024 12:34 PM


Zee Demands $90 Million Termination Fee From Sony Amid Merger Fallout

Zee Entertainment Enterprises Ltd (ZEEL) has asked for a termination fee of $90 million (approximately Rs 748.7 crore) from the Sony Group following the cancellation of their $10 billion merger agreement in January. The demand for termination fees has been directed towards two entities within the Sony Group, namely Sony Pictures Networks India (SPNI), presently identified as Culver Max Entertainment, and Bangla Entertainment (BEPL). This information was disclosed in a regulatory filing by ZEEL on Thursday.

NP Singh Resigns From Sony Pictures Networks India

NP Singh, the Managing Director and CEO of Sony Pictures Networks India, has announced his departure after dedicating 25 years to the company. Following this extensive tenure, Singh will transition to an advisory position within the organisation. In an internal email addressed to employees, Singh expressed his decision, stating that after nearly 44 years in my career, including a rewarding 25-year tenure at SPNI, I have decided to move on from my role as MD and CEO.

Shriram Life FY24 Result: Profit Recorded At Rs 158 Crore

Rupee Up 12 Paise Against US Dollar In Early Trade

The rupee strengthened by 12 paise to reach 83.17 against the US dollar on Friday, following a positive trend in domestic equities as benchmark indices achieved new highs. Forex traders credited this surge to the RBI’s record dividend of Rs 2.11 lakh crore to the government for the fiscal year ending March 31. 

JK Lakshmi Cement Result: Net Profit Jumps 28% To Rs 424.32 Crores

JK Lakshmi Cement Limited (JKLC) announced on Friday its financial results for the fourth quarter (January-March) of the fiscal year 2023-24 and the full financial year 2023-24, demonstrating robust operational performance. The firm recorded a net profit jump of 28 per cent in FY24, standalone net sales increased by 4 per cent, and standalone sales volume increased by 1 per cent.

Stock Market Open: Sensex Down 110.14 Points, Nifty At 22,930

Indian indices started lower on Friday, with the Nifty below 22,950. The Sensex declined 110.14 points, or 0.15 per cent, to 75,307.90, while the Nifty slipped by 37.70 points, or 0.16 per cent, to 22,930.00. Among the shares traded, 1,321 advanced, 1,006 declined, and 119 remained unchanged.

Stock Market Pre-Open: Sensex, Nifty Trade Marginally Lower

Benchmark indices are showing slight declines in the pre-opening session on Friday. The Sensex edged lower by 51.64 points or 0.07 per cent, settling at 75,366.40, while the Nifty slipped by 47.20 points or 0.21 per cent, reaching 22,920.50.

Capital Group Invests Rs 163 Crore In Coforge, Acquiring 3.22 Lakh Shares

The financial services firm Capital Group invested Rs 163 crore in shares of the IT company Coforge via an open market transaction, the firm said on Thursday. Capital Group made this acquisition in a bulk deal on the NSE through its affiliate, New World Fund Inc. According to data from the National Stock Exchange (NSE), New World Fund Inc. acquired 3,22,554 shares, representing a 0.5 per cent stake in Coforge.

Background

Business News Live: Hello and welcome to ABP Live’s Business LIVE blog. Please follow this space for all the breaking news and latest updates from the stock market, economy, and the corporate world.

The GIFT Nifty on the NSE IX dipped 64 points, equivalent to 0.28 per cent, to 22,950.50, indicating a potential negative opening for Dalal Street on Friday.

In the previous trading session on Thursday, both of the primary stock market indicators, Sensex and Nifty, staged a robust recovery, reaching record highs as they surged over 1.5 per cent. The S&P BSE Sensex reached an all-time peak of 75,460 during the day before settling at 75,418, marking a gain of 1,197 points. Meanwhile, the NSE Nifty50 concluded the day at 22,968, reflecting an increase of 370 points.

Furthermore, the HSBC Flash India PMI estimates for May unveiled that the private sector achieved its third-highest output level for the month since July 2010. The Flash India Services PMI Business Activity Index reached 61.4 in May, compared to the final services PMI data of 60.8 for April. March’s PMI data slightly surpassed these figures at 61.8.

Further, Air India, owned by the Tata Group, revealed a notable salary boost for its pilots, coupled with an annual performance bonus starting from April 1. As outlined in the official announcement, pilots will now witness a raise in their base pay ranging from Rs 5,000 to Rs 15,000 per month, contingent on their position, spanning from First Officer to Senior Commander. However, Junior First Officers will not experience any salary augmentation during this assessment period.

Air India has launched an annual performance bonus program along with a salary increase. The bonuses will vary between Rs 42,000 and Rs 1.8 lakh, contingent upon the pilot’s rank. More precisely, First Officers and Captains will obtain an annual bonus of Rs 60,000, Commanders will receive Rs 1.32 lakh, and Senior Commanders will be granted Rs 1.8 lakh.

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