Today’s Latest Business News Transcript at 10:00 AM on 6 June 2024

The latest business news transcript at 10:00 AM on 6 June 2024 brings a mix of updates from various sectors.

To start off, the food ministry is making efforts to boost sales of highly subsidised Bharat rice in the southern states. Agencies like Nafed, NCCF of India, and Kendriya Bhandars have been asked to sell par-boiled rice to curb the rise in prices. The government has supplied over one million tonnes of common rice under the Bharat rice initiative, but the sales are lower than expected. The Food Corporation of India will now sell around 0.13 MT of par-boiled rice under this initiative.

In the education sector, Indian universities are climbing up the global rankings faster than their G20 peers. While no Indian university is in the top 100 list, 61% of universities in the country have improved their rankings. Delhi University has seen a significant jump in its ranking, climbing 79 notches to reach the 328th position. India has experienced the highest growth in university representation among G20 nations over the past decade.

Airlines are offering discounts on fares for travel during the upcoming monsoon season to attract more passengers. Vistara, Air India Express, and IndiGo have announced sales with discounted fares on domestic and international routes. This move aims to beat the lull of the lean season and increase passenger traffic.

Wipro, an IT services major, has achieved significant milestones in artificial intelligence with over 2,000 client proofs of concept completed. The company’s COO, Sanjeev Jain, highlighted the progress made in various sectors, including healthcare, contact center efficiency, and financial services. Wipro continues to identify potential applications across all sectors it engages with.

On the financial front, domestic airlines are expected to widen their losses in FY25 despite a likely rise in traffic. CAPA India CEO, Kapil Kaul, estimates losses of $400-600 million for the airlines. IndiGo remains profitable, but other airlines are facing challenges due to capacity shortages caused by the grounding of aircraft.

Clix Capital, a micro, small, and medium-sized-focused company, is planning to borrow around Rs 5,000 crore in FY25 from various sources. The company’s CEO, Rakesh Kaul, mentioned active relationships with 43 lenders in India and a focus on raising debt as part of the overall strategy.

Lastly, GIFT Nifty indicates a positive opening for Indian equity indices BSE Sensex and NSE Nifty 50 on Thursday. The market is expected to see a positive start following the previous day’s gains. The US market also closed on a high note, with tech stocks rallying and hopes of an interest rate cut later in the year.

Stay tuned for more updates on the business front.