Expresso Business and Finance News Highlights of the Week on 15 June 2024
Expresso Business and Finance News Highlights of the Week on 15 June 2024 Transcript
In a week filled with significant developments in the business and finance world, the Securities and Exchange Board of India’s crackdown on stockbrokers’ misuse of client funds and securities has led to a notable decrease in compensation claims filed by defrauded investors. The National Stock Exchange saw a drop in compensation claims from 758 in FY23 to 164 in FY24, marking a positive trend in investor protection.
Meanwhile, the new National Democratic Alliance government has outlined its top priorities in the hydrocarbon sector, focusing on boosting domestic production of crude oil, refining capacity, and increasing the consumption of natural gas. The government aims to achieve these objectives while also considering potential cuts in retail prices of auto fuels if the Indian basket of crude oil remains stable.
In another development, the NCLT has extended the corporate insolvency resolution process of the grounded airline Go First by 60 days, making it clear that this is the final extension granted. The decision comes in light of the extraordinary situation faced by the airline post the Delhi High Court judgment, which has impacted potential buyers and lenders.
The stock market has shown signs of recovery following a dip on poll result day, but IPO aspirants may hold off on listing plans to assess the implications of a coalition government. Despite this cautious approach, several IPOs with significant issue sizes are awaiting listing approval from SEBI, indicating a potential surge in market activity once uncertainties are resolved.
In the automobile sector, positive rural demand and improved finance availability have contributed to a 2.61% year-on-year growth in vehicle retail sales for May 2024. The microfinance industry has also witnessed a 25% increase in its gross loan portfolio, highlighting the sector’s resilience and continued support for borrowers.
Lastly, JSW Energy has announced its foray into energy storage services with the commencement of construction activities for a battery storage project. The company is also leading the development of a large-scale green hydrogen project in India, signaling its commitment to sustainable energy solutions and green steel production.
Overall, the business and finance landscape in India is evolving rapidly, with key players and regulators taking proactive steps to drive growth and innovation in various sectors. Stay tuned for more updates on Expresso Business and Finance News.
