New Delhi: Welcome to today’s business roundup, where we bring you the biggest stories from different sectors. From stock market updates to major headlines, the business world was buzzing with activity. Both BSE and NSE hit record highs today.
Here are the top 5 business news stories of the day.
At the close, the BSE Sensex fell by 264 points, or 0.31 per cent, to 85,571.85. Earlier in the day, it had reached an all-time high of 85,978.25. Reliance Industries, a heavyweight stock on the index, gained 1.71 per cent. The NSE Nifty50 touched a new high of 26,277.35 before closing 37.13 points, or 0.14 per cent, lower at 26,178.95.
Shares of sugar companies saw a significant rise today. The hike in stock price is followed by comments from India’s Food Minister Pralhad Joshi, which helps in boosting investor sentiment. The minister revealed that the government is considering increasing ethanol prices for the 2024-25 season, along with reviewing the minimum selling price (MSP) of sugar and sugar exports for the same period.
Continuing its upward momentum, Reliance Power’s shares hit a new 52-week high of Rs 46.36. This marks a 5 per cent rise from the previous day. As a result, the stock hit the upper circuit cap today. This rally, which has continued for eight consecutive trading sessions, has seen the stock price climb nearly 47 per cent in this short period.
The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, introduced several changes in income tax. Some of which will come into effect on October 1, 2024. These changes include revisions to the Aadhaar card policy, Securities Transaction Tax (STT), Tax Deducted at Source (TDS), and a modified version of the Vivad Se Vishwas Scheme. As per the official announcement, the changes aim to simplify tax procedures and address issues like PAN misuse.
Swiggy, one of India’s leading food delivery platforms, is set to enter the stock market soon. The food tech platform filed its updated UDRHP with SEBI yesterday. Swiggy’s public offering has grabbed the attention of investors as it may be one of the biggest offerings in 2024. As the food delivery services industries are growing in India, it is expected to blockbuster in the festival season.
