Latest Business News Highlights on 14 June 2024: Vodafone Idea, Sugar Stocks, Defence Sector, IRDAI Reforms, WPI Inflation, Jindal Stainless Acquisition, Market Update
In today’s latest business news transcript at 5:30 PM on June 14, 2024, several key developments have taken place in the business and economic landscape of India.
Firstly, Vodafone Idea’s share price surged by 2% to an intra-day high of Rs 16.38 after announcing plans to raise up to Rs 2,458 crore through a preferential share issue to Nokia and Ericsson. This move aims to clear pending dues and support the telco’s expansion of 4G services and rollout of 5G technology.
Secondly, sugar companies witnessed a rally of up to 15% over two days following reports that the central government is considering raising the minimum selling price of sugar for the upcoming 2024-25 season. This led to significant gains in prominent sugar stocks like Shree Renuka, Bajaj Hindusthan Sugar, and others.
Additionally, Defence stocks saw a positive trend after Defence Minister Rajnath Singh emphasized the government’s focus on enhancing security, achieving self-reliance in defence manufacturing, and increasing defence exports. The ministry aims to raise defence exports to over Rs 50,000 crore by 2028-2029.
Moreover, the Insurance Regulatory and Development Authority of India announced comprehensive reforms in the life insurance sector to enhance customer experience. These reforms include simplifying the Customer Information Sheet and extending the free look period for policyholders.
In terms of economic indicators, India’s wholesale price index-based inflation accelerated to 2.61% in May, driven by price increases in food articles, manufacturing of food products, and other sectors. Jindal Stainless Limited also approved the acquisition of the remaining 46% stake in Chromeni Steels for Rs 277.90 crore.
Lastly, the benchmark equity indices closed on a positive note, with the BSE Sensex gaining 139 points and the NSE Nifty 50 closing higher. Top gainers in the Nifty 50 included Eicher Motors, Adani Ports & SEZ, and M&M, while major losers were Tech Mahindra, TCS, and Wipro.
Overall, these developments reflect the dynamic nature of the Indian business and economic landscape, with companies making strategic moves to drive growth and investors reacting to market trends.
