Sensex up by 127 points to close at over 57,650, Nifty at 16,986

The Sensex rose 127 points to close at over 57,650 and the Nifty rose to 16,986, in line with positive global cues. It was the highest closing level since February 2020. Banking and financial stocks led the gains.

JNK India's ₹650-cr IPO to open on Apr 23; sets price band at ₹395-415/share

Heating equipment maker JNK India Ltd sets IPO price band at Rs 395-415 per share for Rs 650 crore offering. The IPO, open for subscription April 23-25, includes fresh equity issue and Offer-for-Sale by promoters and shareholder. Proceeds for working capital and general purposes. Company's revenue and profit show growth. IIFL Securities and ICICI Securities are the lead managers. Listing on BSE and NSE.

X working with Pakistan government to 'understand concerns' over ban

Social media platform X is working with Pakistan's government to address security concerns during an ongoing two-month ban. The platform, formerly known as Twitter, has been mostly inaccessible since February 17, following political unrest. The Sindh High Court has ordered the government to restore access within a week, with further actions expected if not complied with.

Businessabc.net Rebrands from Openbusinesscouncil.org And Unveils The Top 10,000 Public Companies Market Cap integrating AI Blockchain Technologies

Businessabc.net, part of the ztudium Group, is a digital marketplace empowering SMEs with tools for digital transformation, offering services like B2B, B2C, and multi-store e-commerce. With partnerships with global organizations, the platform aims to bridge the digital gap for businesses worldwide. Through smart contract verified certifications and a Top 10,000 Public Companies Market Cap Index, Businessabc.net provides valuable insights and opportunities for growth.

IMF ready to support Sri Lanka's discussions with bondholders

The IMF is ready to support Sri Lanka's discussions with bondholders after failing to reach a debt restructuring agreement earlier. Concerns arise over the delay in receiving the third tranche of its IMF program. Sri Lanka will consult with the IMF to assess if the latest proposals align with bailout program parameters. The country's financial crisis worsened with record low reserves in 2022.

Oil Holds Sharp Drop After US Stockpiles Expand to 10-Month High

Oil prices remained under pressure due to conflicting signals, including rising stockpiles and geopolitical tensions. Brent traded above $87 a barrel, while WTI was near $83. US crude inventories rose, overshadowing Middle East tensions. US sanctions on Venezuelan oil were reinstated, with new sanctions on Iranian oil also in focus. Despite OPEC cuts and geopolitical risks, prices have faltered, with speculation of hitting $100 a barrel diminishing.

UBS layoffs: Next round of job cuts planned in Credit Suisse integration

UBS Group is reportedly planning job cuts post its Credit Suisse takeover, affecting over a hundred positions in its global investment bank. The layoffs are expected in wealth management and markets units in the upcoming weeks. The merger was arranged by Swiss authorities in March 2023 to prevent Credit Suisse's collapse. UBS had earlier cut over 3,000 jobs in Switzerland and 70% of staff in Hong Kong-based securities research unit.

Micron set to get $6 billion in chip grants from US: Report

The U.S. Commerce Department is reportedly set to grant over $6 billion to Micron Technology for domestic chip factory projects, marking the largest private investment in American history according to New York Governor Kathy Hochul. The funding, part of President Joe Biden's CHIPS Act, aims to secure 50,000 jobs and a $100 billion investment in the U.S. semiconductor industry.

Elon Musk now wants Tesla investors to approve his $56 billion 2018 salary

Tesla Inc. will hold a new vote on Elon Musk's compensation after a court voided a $56 billion award from 2018. The company will also vote on moving its state of incorporation to Texas. Chair Robyn Denholm criticized the court's decision, while a shareholder sued over Musk's pay being excessive. Musk, who owns about 13% of Tesla, expressed interest in AI and robotics unless he has a 25% stake. Tesla shares rose 1.1% before regular trading, dropping 37% this year.

Asos Sees Higher Profit Next Year as Turnaround Gains Ground

Asos Plc expects profit to rise in the next fiscal year due to cost-cutting efforts and reducing unsold stock. Shares rose over 11% in early trading, signaling investor optimism. Revenue fell 18% in the first half, but the company is confident in hitting guidance for 2024 by clearing old stock. Asos, previously a market favorite, has faced challenges but is making progress.

GCCs, 3rd-party IT service providers driving demand for workspace in India: Report

Outsourcing jobs to India is boosting office demand, with global capability centers and IT providers leasing 46% of workspace in 2023, says Knight Frank. India's offshoring industry accounts for 57% of the global market, driving significant leasing growth. The industry, including GCCs and GBS, contributes 60% to service exports. India's GCC landscape has expanded, with IT leading growth. Desai predicts GCCs will continue driving office market demand into 2024 and beyond, making India a global hub by 2030.

India's power consumption rises nearly 10 pc to 70.66 bn units in first half of Apr

India's power consumption rose by nearly 10% to 70.66 billion units in the first half of April, indicating improved economic activity and consumption patterns. Peak power demand reached 218 GW, up from 206 GW last year. Experts believe the increase in double digits reflects changing consumption habits and increased energy usage on appliances and gadgets. The rise in electric vehicles has also impacted consumption patterns.

MG Motor India looks to expand network in tier III, IV to drive next phase of growth

MG Motor India is expanding to tier III and IV cities with plans to establish 100 new touchpoints by the end of the fiscal year. With JSW Group as a joint venture partner, the company aims to invest Rs 5,000 crore and sell one million electric vehicles by 2030. The company plans to have 520 sales and service touchpoints in 270 cities by 2024-25 as part of its growth strategy called MG 2.0.

Ashmore Counters Consensus With Big Bet on China Over India

Ashmore Group PLC is reducing exposure to Indian equities, favoring China in its emerging-markets fund due to overhyped Indian market and favorable valuations in China. Despite India's economic growth, high valuations led to profit booking. China's potential recovery, cost management, and consumer strength make it an attractive investment. Ashmore's EM equity fund has outperformed peers, with a 5% annual gain over five years.

Louis Vuitton and Dior Are Still Wardrobe Staples

LVMH's fashion and leather goods division saw only a 2% increase in organic sales, the lowest growth since 2016. While sales in China were strong, the US and Europe faced challenges. LVMH remains in a better position than its competitors, but the luxury market's future remains uncertain. Investors are hopeful for a soft landing, but the outcome is still uncertain.

Indian economy projected to grow 6.5 per cent in 2024: UNCTAD

The UN projects India's economy to grow by 6.5% in 2024, with multinationals expanding manufacturing processes in India to boost exports. Strong public investment and services sector drove 6.7% growth in 2023. Global growth to be 2.6% in 2024, slower than pre-pandemic levels. China faces economic challenges. IMF projects India's growth at 6.8% in 2024.