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Latest business, finance and stock market news today at 5:30 pm on June 7, 2024
Transcript of today’s latest business news at 5:30pm on June 7 2024
Let’s get started – Benchmark stock indices ended Friday’s trading session in positive territory. The NSE Nifty 50 gained 468.75 points or 2.05% to close at 23,290.15, while the BSE Sensex jumped 1,618.85 points or 2.16% to 76,693.36. Broader indices ended in positive territory, with the gain led by large- and mid-cap stocks. The Bank Nifty index ended higher by 511.30 points or 1.04% at 49,803.20. IT and auto stocks outperformed other sectoral indices, while consumer goods and banking stocks shone.
Next – The National Company Law Tribunal approved the merger of Air India and Vistara on Thursday. The merger resulted in the creation of one of the largest airline conglomerates in the world. Under the merger agreement, Singapore Airlines will hold 25.1% stake in Air India. Vistara is a joint venture between the Tata Group and Singapore Airlines. Air India plans to finalize the merger by the end of this year. The merger was announced in November 2022. In a detailed order, the Chandigarh branch of the NCLT approved a composite scheme of arrangement that will bring Air India, Vistara and Talace all under the umbrella of the Tata Group.
Moving forward – Adani Ports and Special Economic Zone Limited announced on Friday that it has received the letter of intent for operation and maintenance of container facility at Netaji Subhas dock at Syama Prasad Mookerjee Port in Kolkata. In a regulatory document, APSEZ said it won the five-year O&M contract through a competitive bidding process, which obliges the winning bidder to deploy cargo handling equipment within seven months from the date of the acceptance letter. Netaji Subhas Dock is the largest container terminal on the east coast of India. It handled around 0.63 million TEUs in the financial year 2023-24, serving a vast hinterland encompassing West Bengal, Bihar, Uttar Pradesh, Jharkhand, Assam, the northeastern hilly states and the landlocked neighboring countries of Nepal and the Bhutan.
In another development – ITC shares fell 1% to an intraday low of Rs 431.10. The stock is among the top five laggards of the Nifty 50. Most analysts believe that at the current valuation, the benefits and upsides of the demerger are already known and priced in. separate listed entity, there is not much hustle and bustle on the streets. However, Sandeep Abhange, Principal Midcap Research Analyst at LKP Securities, said the company had already announced the demerger and markets had already priced in it.
Meanwhile – Adani Capital and Adani Housing Finance on Friday announced that they have renamed themselves as Tyger Capital and Tyger Home Finance respectively. The new brand name and visual identity were revealed today by Gaurav Gupta, founder, MD and CEO. The Tyger brand will advance the companies’ core mission of empowering entrepreneurs, borrowers and homeowners with convenient and immediate access to the financing they need to achieve their goals and ambitions. Founded in 2017, Tyger Capital has built a consolidated AUM of over Rs 5,000 crore, a network spanning over 175 branches across 9 states and a team of over 2,750 professionals. Tyger Home Finance, a wholly owned subsidiary of Tyger Capital, was launched in 2018.
In other news – Apple is reportedly readying a dedicated “Passwords” app due for release at WWDC 2024 on June 10th. The app could be a “homegrown” alternative to popular password managers like LastPass and 1Password, helping users manage their login information. Currently, Apple allows users to save passwords on their iPhone, iPad, Mac, and even Vision Pro headset using iCloud Keychain. The new Passwords app will sync in a similar way, but will categorize logins into different sections, such as accounts, Wi-Fi networks, and passkeys, according to a Bloomberg report. The application will also support Windows. Availability on Android is still unclear at the time of writing. The Passwords app is expected to launch on iOS 18, iPadOS 18 and macOS 15, the report adds.
Lastly – Shares of rate-sensitive sectors including banks, finance, automobiles and real estate are trading slightly higher after the Monetary Policy Committee of the Reserve Bank of India decided to keep the repo rate unchanged at 6.5 % for the seventh consecutive time. Governor Shaktikanta Das announced this decision on June 7, stating that the majority vote was 4:2. Furthermore, the RBI’s MPC decided, by a majority of 4:2, to maintain focus on “withdrawal of accommodation”. The repo rate has remained at 6.5% for over a year, with the last increase to this level occurring in February 2023. The repo rate, which is the interest rate at which the RBI lends money to commercial banks, directly impacts high-value loans such as home loans.