Business News at 05:30 pm on 16th February, 2024

Let’s begin. State Bank of India chairman Dinesh Khara on Friday said the nation’s largest lender is in talks with the Reserve Bank to reduce the cash reserve ratio requirement on green deposits. State Bank of India last month announced a green deposit scheme, a first in the domestic banking, to attract long-term retail deposits to be used only to fund green transition projects or climate-friendly projects. The bank said such deposits will be priced 10 basis points lower than normal deposit rates. Cash reserve ratio is the minimum amount of cash that a bank needs to keep reserved with the central bank against its total deposit. At present, the CRR is pegged at 4.5 per cent.
Meanwhile, Vibhor Steel Tubes’ IPO bidding ended on February 15. The shares of the company changed hands at a premium of 86% to Rs 281 in the grey market a day after the issue was closed for bidding. The grey market is an unofficial market where shares trade illegally before they get listed on the bourses. The company opened its IPO bidding on February 13 to collect 72.17 crore by offering 4.8 million shares. The company set the issue’s price band at Rs 141-151. The shares of the company will be listed on both the exchanges, NSE and BSE. A retail investor had to bid for a of minimum 99 shares summing to Rs 14,949 at the upper band of the IPO i.e. Rs 151.
Over to economy. India has initiated an anti-dumping probe into imports of certain solar glass from China and Vietnam, following a complaint by domestic players. The commerce ministry‘s investigation arm Directorate General of Trade Remedies is probing the alleged dumping of ‘Textured Tempered Coated and Uncoated Glass’ made or from China and Vietnam. The product is also known by various names such as solar glass or solar photovoltaic glass in the market parlance. An application has been filed by Borosil Renewables Ltd on behalf of the domestic industry for the probe and the imposition of appropriate anti-dumping duty on imports.
Next up, industry. Oberoi Realty on Friday announced that it has entered into an agreement with Marriott International for the development of two Marriott properties: JW Marriott Hotel Thane Garden City and Mumbai Marriott Hotel Sky City in Borivali, both set for completion in 2027-2028. These developments are positioned to redefine the landscape of urban living and hospitality in Mumbai, promising unparalleled experiences for both residents and visitors alike, it said. Vikas Oberoi, Chairman & Managing Director, Oberoi Realty Limited, said, quote, “The JW Marriott Hotel Thane Garden City will be set in Oberoi Garden City, Thane, our integrated development spread across 75 acres which will also consist of luxury residences and world-class amenities,” unquote.
In the tech sector, Microsoft’s Xbox will release four video-game titles on external platforms, gaming CEO Phil Spencer said on a podcast on Thursday, as it looks to tap into a wider base of gamers following its $69 billion acquisition of Activision Blizzard. Although Spencer did not give more details on the titles the company intends to release, he said they have been available to Xbox players for at least a year. He also made it clear that the games coming to other platforms does not include “Starfield” or the upcoming “Indiana Jones” title. Spencer said games exclusive to one piece of hardware were going to become a smaller part of the industry over the next five to 10 years.
Over to auto sector. Maruti Suzuki India’s Chief Technology Officer, C V Raman, has been shortlisted as a finalist for the prestigious World Car Person of the Year Award 2024. The eligibility for the World Car Person of the Year Award depends on the contribution of potential candidates in the global automotive industry. The contribution could include a significant impact on their brand or company or a significant safety, engineering, design technical advancement, or other significant benefit for the consumer. The World Car Awards, is amongst the most coveted recognition globally which sees over 100 jurors share their views and recognitions.
Lastly, let’s see how the share market performed today. Indian benchmark indices ended higher for the fourth consecutive session on February 16 with Nifty above 22,000. At close, the Sensex was up 376.26 points or 0.52 percent at 72,426.64, and the Nifty was up 129.90 points or 0.59 per cent at 22,040.70. About 1950 shares advanced, 1367 shares declined, and 56 shares unchanged. Biggest gainers on the Nifty included Wipro, M&M, SBI Life Insurance, Adani Ports and Maruti Suzuki, while top losers were Power Grid Corporation, ONGC, SBI, Britannia Industries and Reliance Industries. Among sectors, except PSU Bank, oil & gas and power, all other indices are trading in the green with auto, capital goods, pharma, IT and realty up 1-2 percent.