Latest Business News Highlights on 13 June 2024: Positive Opening Expected for Domestic Indices, Nestle India’s Royalty Decision, PMAY Housing Construction Costs, Hinduja Group Seeks Extension, Go First CIRP Extended, India to Import Desi Chana from Australia
The business world is abuzz with the latest updates from the trading floor and corporate boardrooms. The GIFT Nifty has shown a positive trend, trading up by 82.50 points, indicating a promising start for the NSE Nifty 50 and BSE Sensex. Investors are keeping a close watch on stocks like Nestle India, L&T Finance, and Dr Reddy’s Lab among others.
In a significant development, the Securities and Exchange Board of India has cracked down on stockbrokers misusing client funds, leading to a decrease in compensation claims by defrauded investors. Nestle India has announced that it will continue paying royalty to its parent company at the current rate of 4.5%, after shareholders rejected a proposal to hike the rate.
On the policy front, the construction of 30 million houses under the Pradhan Mantri Awas Yojana is estimated to cost the Central exchequer Rs 4 trillion, with state governments expected to spend an additional Rs 2.5 trillion. The Hinduja Group, the resolution applicant for Reliance Capital, has sought more time to complete the insolvency process.
Meanwhile, the NCLT has extended the corporate insolvency resolution process of Go First by 60 days, marking the fourth extension. India is also set to import 1.1 million tonnes of desi chana from Australia to address domestic supply shortages.
Stay tuned for more updates on the evolving business landscape.
