Latest Business News Highlights on 7 June 2024 at 5:30 PM
The business world saw some significant movements and developments today, as the benchmark equity indices closed in the positive territory. The NSE Nifty 50 and BSE Sensex both recorded gains, with Large-cap and Mid-cap stocks leading the way. The Bank Nifty index also ended higher, with IT and Auto stocks outperforming other sectoral indices.
In a major announcement, the National Company Law Tribunal approved the merger of Air India and Vistara, creating one of the world’s largest airline conglomerates. Singapore Airlines will own a 25.1% stake in Air India as part of the merger deal. The merger is expected to be finalized by the end of the year, bringing Air India, Vistara, and Talace under the Tata Group umbrella.
Adani Ports and Special Economic Zone Limited secured a five-year contract for the operation and maintenance of the container facility at the Netaji Subhas Dock in Kolkata. This move is expected to further strengthen the company’s presence in the region and enhance its cargo handling capabilities.
On the stock market front, ITC saw a slight dip in its share price, with analysts attributing the decline to the fact that the benefits of its demerger plan are already priced in. However, the company’s demerger of the hotel business into a separate listed entity has been approved by shareholders.
In a rebranding move, Adani Capital and Adani Housing Finance have renamed themselves as Tyger Capital and Tyger Home Finance, respectively. The new brand identity aims to empower entrepreneurs, borrowers, and homeowners with easier access to financing.
Apple is reportedly gearing up to launch a dedicated “Passwords” app at WWDC 2024, offering users a home-grown alternative to popular password managers. The app is expected to categorize logins into different sections and support Windows, with potential availability on Android in the future.
Lastly, rate-sensitive sectors like banking, finance, automobiles, and real estate saw marginal gains after the Reserve Bank of India’s Monetary Policy Committee decided to keep the repo rate unchanged at 6.5%. The decision reflects the committee’s focus on the “withdrawal of accommodation” and its impact on big-ticket loans like home loans.
