Latest Business News Highlights on 20 June 2024: GMR Power, Indus Towers, NESFB, BT Group, and More
Shares of GMR Power and Urban Infra surged by 5% on Thursday, June 20, as the company announced a strategic partnership for a smart metering project. This marks the fourth consecutive session of the company’s shares hitting the upper circuit, indicating strong investor interest. GMR Power’s arm, GMR Smart Meter Electricity Distribution, collaborated with Bosch Global Software Technologies to implement a comprehensive smart meter initiative. The company had previously secured a major order for 7.6 million smart meters, leading to the establishment of three Special Purpose Vehicles (SPVs) to oversee the project.
In other news, Indus Towers saw a rise in its shares after SBI Mutual Fund and Bharti Airtel acquired over a 1% stake each in a block deal. The British telecom operator raised Rs 15,300 crore from the sale, which will be used to repay Vodafone’s existing lenders. SBI Mutual Fund acquired 3.6 crore shares, while Bharti Airtel acquired 2.7 crore shares, solidifying their positions as key purchasers.
North East Small Finance Banks (NESFB) also made headlines by raising its fixed deposit rates to 9.75%, the highest in the country. This move aims to provide customers with the best returns on their savings, with rates as high as 9.25% for the general public and 9.75% for senior citizens. NESFB’s revised FD rates offer the highest rates across the banking sector, providing a reliable income stream for customers, especially senior citizens.
Furthermore, BT Group and ServiceNow announced an expanded strategic relationship to enhance customer and employee experiences. The multi-year agreement will extend ServiceNow service management capabilities to all BT Group units, driving savings, efficiency, and improved customer experiences. The partnership aims to pilot ServiceNow’s Now Assist for Telecom Service Management (TSM) to enhance AI capabilities for internal and customer-facing teams.
The Union Cabinet approved a viability gap funding (VGF) scheme for offshore wind energy projects worth Rs 7,453 crore, aiming to harness India’s offshore wind energy potential. Additionally, Hungary’s Golden Visa Program offers investors a chance to obtain a residence permit in the EU nation, providing various avenues for individuals looking to make Hungary their permanent home.
The benchmark equity indices ended the trading session positively, with the NSE Nifty 50 gaining 51 points and the BSE Sensex jumping 141.33 points. Small cap and Midcap stocks led the gains, while Bank Nifty index ended higher by 0.75%. Realty and Metal stocks outperformed, with Hindalco Industries, JSW Steel, Adani Ports and SEZ, Grasim, and Kotak Mahindra Bank emerging as the top gainers on the NSE Nifty 50 index.
