Latest Business News Highlights on 5 June 2024: Prime Minister Modi Resigns, Kotak Mahindra Bank Acquisition, UltraTech Water Conservation, Air Canada’s New Flight Services, Maruti Suzuki’s Biogas Plant, ixigo IPO, Stock Market Update
In a historic turn of events, Prime Minister Narendra Modi has tendered his resignation along with the Council of Ministers, paving the way for a new government to assume office. President Droupadi Murmu has accepted his resignation, but has requested Modi to continue until the new government is in place. Modi is expected to take oath for a third consecutive term on June 8, a feat not achieved since Jawaharlal Nehru.
In the business world, Kotak Mahindra Bank has received approval from the RBI for Zurich Insurance Company’s proposed acquisition of a 70% stake in Kotak Mahindra General Insurance Company for approximately Rs 5,560 crore. This move marks a significant development in the insurance sector.
Meanwhile, UltraTech Cement Limited has made strides in water conservation, conserving 105 million cubic meters of water in FY24. This achievement aligns with the company’s commitment to sustainability and community-driven initiatives.
Air Canada has announced new flight services to enhance connectivity between Canada and India, with additional flights to and from major cities in both countries. This expansion is set to provide more travel options for passengers.
Maruti Suzuki India Limited has launched a pilot Biogas plant at its Manesar facility, showcasing its dedication to sustainable practices and innovative waste management solutions. The company’s investment in renewable energy initiatives reflects its commitment to environmental sustainability.
In the financial sector, online travel agency ixigo is set to open its IPO on June 10, aiming to raise Rs 740.10 crore from investors. This move is expected to generate significant interest in the market.
Lastly, the benchmark equity indices ended Monday’s trading session on a positive note, with the NSE Nifty 50 and BSE Sensex posting gains. The market saw positive movements in various sectors, with Angel One Ltd shares jumping 7% after the company reported its business updates for May 2024.
Overall, these developments highlight the dynamic nature of the business world and the ongoing efforts towards sustainability and growth. Stay tuned for more updates on the latest business news.
