Business News Live: Sensex Soars 500 Points; Nifty Above 22,750. IT, Bank Lead

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Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world


ABP News Bureau
Last Updated:

23 May 2024 12:01 PM


Roadway Solutions India Infra Bags 2 Projects From MSRDC

Roadway Solutions India Infra Ltd announced on Thursday that it has received two infrastructure projects worth Rs 4,900 crore from Maharashtra State Road Development Corporation (MSRDC). 

Go Digit IPO: Shares Debut With Over 5% Premium

Shares of Go Digit General Insurance Ltd, backed by Canada-based Fairfax, got listed on Thursday with a premium of over 5 per cent against the issue price of Rs 272. The stock began the trade at Rs 281.10, up 3.34 per cent from the issue price on the BSE. It later climbed 11.39 per cent to Rs 303. At the NSE, it listed at Rs 286, reflecting a jump of 5.14 per cent. The company’s market valuation stood at Rs 26,869.44 crore. The initial public offering (IPO) of Go Digit General Insurance received 9.6 times subscription on the closing day of the share-sale on Friday.

Grasim Industries Q4: Net Profit Climbs 15.5 Per Cent YoY

Grasim Industries on Wednesday reported a jump of 15.5 per cent in consolidated net profit at Rs 2,721.81 crore in the last quarter of the 2023-24 fiscal year (FY24), against Rs 2,355.67 crore logged in the same period a year earlier. The flagship holding firm of the Aditya Birla Group clocked a 12.7 per cent rise in revenue at Rs 37,727.13 crore in Q4FY24, against Rs 33,462.14 crore registered in the January-March quarter in 2022-23 fiscal year (FY23).

Forex Market Closed Today

The forex market will be closed today to mark the occasion of Buddha Purnima. 

Stock Market Opens: Sensex Slips Over 30 Points, Nifty Under 22,600

The stock market exhibited major volatility on Thursday morning and opened on an almost flat note. As of 9:31 AM, the S&P BSE Sensex traded at 74,189.46, slipping almost 32 points, while the NSE Nifty50 touched 22,585.65, inching down by over 10 points.

SEBI Imposes Fines Worth Rs 11.90 Crore On 19 Entities For Pump And Dump Scheme

The Securities and Exchange Board of India on Wednesday levied penalties worth Rs 11.90 crore on 19 entities and banned them from the securities market for up to five year for being a part of the pump and dump scheme of shares of Superior Finlease Ltd. 

The markets regulators demanded fines ranging from Rs 10 lakh to Rs 5 crore from the parties, including Ashish P Shah, Kirtidan K Gadhavi, and Rajneesh Kumar. The regulator also restricted 17 entities including Shah, Kumar, and Gadhavi from indulging in the securities market for five years. 

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.

Many key Asian equity benchmarks slipped on Thursday as the markets reacted to major economies adapting a patient approach to monetary easing amidst stagnant inflation. 

The US Fed’s latest meeting minutes revealed a hawkish outlook, while inflation in UK remaind on the higher end.

The share market on Wednesday settled on a positive note amidst volatility. Both the key equity benchmark indices, Sensex and Nifty, closed in green. The S&P BSE Sensex ended trading at 74,221, climbing over 250 points, while the NSE Nifty50 closed near 22,600 at 22,598, logging a gain of 69 points.

The Reserve Bank of India (RBI) on Wednesday announced that it has approved a record-high dividend of Rs 2.11 lakh crore transfer to the central government for the 2023-24 fiscal year (FY24). 

The Indian government earlier estimated a dividend of Rs 1.02 lakh crore from the central banks, state-operated lenders, and other financial institutions in its interim budget estimates for the 2024-25 fiscal year. 

The Securities and Exchange Board of India (SEBI) informed on Wednesday that Le Travenues Technology Ltd and Bansal Wire Industries have received the approval from the markets regulator to go ahead with the initial public offerings (IPOs). 

Travel booking platform ixigo’s parent entity, Le Travenues Technology filed the draft IPO papers with SEBI in February this year. Steel wire manufacturer, Bansal Industries, applied for their maiden issue in March. 

The maiden offer of ixigo includes a fresh issue of equity shares worth Rs 120 crore and an offer-for-sale (OFS) of 6.66 crore equity shares by existing shareholders. These shareholders include Micromax Informatics Ltd, Peak XV Partners Investments V, SAIF Partners India IV Ltd, Catalyst Trusteeship Ltd, Placid Holdings, Madison India Capital HC, Rajnish Kumar, and Aloke Bajpai.

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