The Indian equity market is reacting sharply to the latest political developments, swinging from optimism to pessimism. Indices are in a free fall downward spiral in todays trade, as trends reveal that INDIA block has put up a better fight than anticipated and that Prime Minister Narendra Modi-led NDA is unlikely to win with a huge margin. BSE Sensex and Nifty50 have plummeted nearly 5%, a stark reversal from Monday’s 3% gains driven by exit poll projections of a decisive NDA victory.
Posts in category Business Standard
97.82% of Rs 2000 denomination banknotes returned; Rs 7,755 cr worth notes still with public, Says RBI (04-06-2024)
The Reserve Bank of India (RBI) on Monday said 97.82 per cent of the Rs 2000 denomination banknotes have returned to the banking system, and only Rs 7,755 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2000 denomination banknotes from circulation. The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, has declined to Rs 7,755 crore at the close of business on May 31, 2024.
India VIX up 51%, posts biggest 1-day rally in 9 yrs amid LS polls jitters (04-06-2024)
India VIX, which measures the likely volatility in the Indian markets over the next 30 days, had slumped over 22 per cent on June 3
Redington board OKs dividend of Rs 6.20/share for FY24 (04-06-2024)
Redington said that its board has recommended a dividend of Rs 6.20 per share for the financial year ended 31 March 2024, subject to the approval of shareholders.
Government of India announces the sale of two dated securities for a notified amount of Rs 29,000 crore (04-06-2024)
The Government of India (GoI) has announced the sale (issue/ re-issue) of (i) 7.10% GS 2034 for a notified amount of ₹20,000 crore and (ii) 7.30% GS 2053 for a notified amount of ₹9,000 crore. The auction will be conducted using multiple price method for 7.10% GS 2034 and 7.30% GS 2053. Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on June 07, 2024 (Friday). GoI will have the option to retain additional subscription up to ₹2,000 crore against each security mentioned above.
Biocon gets US FDA nod for fungal infection drug (04-06-2024)
Biocon announced that it has received approval from the U.S. Food and Drug Administration (US FDA), for its vertically integrated, complex injectable drug product, Micafungin.
FMCG shares gain in weak market; Dabur, Colgate, Marico, HUL surge up to 5% (04-06-2024)
With improved macroeconomic indicators, enhanced government spending and a favorable monsoon forecast, the upcoming year holds promise for a gradual uptick in consumption sentiment, analysts believe.
Volumes jump at Sapphire Foods India Ltd counter (04-06-2024)
Sapphire Foods India Ltd witnessed volume of 16296 shares by 10:46 IST on BSE, a 4.62 times surge over two-week average daily volume of 3526 shares
Hung Parliament, NDA win or loss: Stock strategy for poll outcome scenarios (04-06-2024)
Ambitious targets were tactfully set by BJP to ward off complacency among the BJP and NDA cadre; it had become a talking point in the absence of the strong wave, as seen in 2014 and 2019: JM Financial
Mphasis announces strategic partnership with Classiq (04-06-2024)
Mphasis announced its strategic partnership with Classiq, a leading quantum software company to demonstrate and commercialize industry solutions powered by Quantum. The strategic partnership aims to accelerate the adoption of quantum solutions for enterprises by integrating them into its operations. The collaboration is committed to fostering innovation and redefining technological boundaries and paving the way for a quantum-powered future.