Business News at 05:30 pm on 20th June, 2024

Let’s begin… Shares of GMR Power and Urban Infra hits 5% upper circuit on Thursday, June 20, following the company’s announcement of a strategic partnership for a smart metering project. This marks the fourth consecutive session where the company’s shares have hit the upper circuit, highlighting strong investor interest. GMR Power’s arm, GMR Smart Meter Electricity Distribution, has teamed up with Bosch Global Software Technologies to implement a comprehensive smart meter initiative. In September 2023, GMR Smart secured a major order for 7.6 million smart meters from Purvanchal Vidyut Vitran Nigam Ltd and Dakshinanchal Vidyut Vitran Nigam Ltd. Subsequently, GMR Smart established three Special Purpose Vehicles (SPVs) to oversee the implementation of these smart metering projects.

Elsewhere, The shares of Indus Towers gained higher after SBI Mutual Fund and Bharti Airtel each acquired over a 1% stake via a block deal that happened on Tuesday. The stock gained 1.30%, reaching an intra-day high of Rs 339 on the NSE. The British telecom operator raised Rs 15,300 crore from the sale, which will be utilized to substantially repay Vodafone’s existing lenders regarding the outstanding bank borrowings of €1.8 billion secured against Vodafone’s Indian assets. Among the buyers, SBI Mutual Fund and Bharti Airtel emerged as key purchasers. SBI Mutual Fund acquired 3.6 crore shares, representing a 1.3% stake, at Rs 311.40 per share. Totaling Rs 1,121 crore. Bharti Airtel acquired 2.7 crore shares, representing a 1% stake, at Rs 320 per share, amounting to Rs 864 crore.

Moving forward, North East Small Finance Banks (NESFB) has raised its fixed deposit (FD) rates to 9.75%, the country’s highest interest rate on FDs. According to the bank, this 50 basis-point increase demonstrates its commitment to providing the most valued return to its customers. NESFB is altering the landscape of savings growth by offering rates as high as 9.25% for the general public and 9.75% for senior citizens. NESFB’s revised FD rates offer the highest rates across the banking sector. Given the high liquidity and easy encashability of FDs, along with the better returns compared to money market instruments, the interest generated from these deposits can provide a regular income stream, supporting senior citizens in their retirement years.

Furthermore, BT Group and ServiceNow on Thursday announced an expanded strategic relationship to improve customer and employee experiences. The multi-year agreement, it added, will extend ServiceNow service management capabilities to all BT Group units to drive savings, efficiency, and improved customer experiences. BT Group will also use ServiceNow Service Bridge for a seamless, automated connection between BT and their customers, and plans to pilot ServiceNow’s Now Assist for Telecom Service Management (TSM) to power generative AI capabilities for internal and customer-facing teams. A key application within the service management platform is ServiceNow Service Bridge, which seamlessly connects BT Group and their enterprise customers, making it easy to automate and complete tasks like orders, support, and service.

Additionally, The Union Cabinet on Wednesday approved a viability gap funding (VGF) scheme for offshore wind energy projects worth Rs 7,453 crore. This includes an outlay of Rs 6,853 crore for installation and commissioning of 1 gigawatt (GW) of offshore wind energy projects — 500 MW each off the coast of Gujarat and Tamil Nadu — and the grant of Rs 600 crore for upgradation of two ports to meet logistics requirements for offshore wind energy projects. “The VGF scheme is a major step towards implementation of the National Offshore Wind Energy Policy, notified in 2015, with an aim to exploit the vast offshore wind energy potential that exists within the exclusive economic zone of India,” the government said.

Elsewhere, Hungary, a country tucked away in the heart of Europe, beckons with a special blend of modern possibility and historical elegance. The country provides various appealing avenues, each designed to suit a variety of contributions and aspirations, for individuals looking to make Hungary their permanent home. The Hungary Golden Visa Program offers investors an opportunity to obtain a residence permit in the EU nation. A foreigner may stay in Hungary only for a purpose, legal title, period and if the conditions are met, accepted by the Hungarian state. Therefore, the Hungary Parliament has established procedural rules and sanctions system for the entry and stay of third-country nationals in Hungary.

Lastly, The benchmark equity indices ended Thursday’s trading session in the positive territory. The NSE Nifty 50 gained 51 points or 0.22% to settle at 23,567, while the BSE Sensex jumped 141.33 points or 0.18% to 77,478.93. The broader indices ended in mixed territory, with gain led by Small cap and Midcap stocks. Bank Nifty index ended higher by 385.20 points or 0.75% to settle at 51,783.25. Realty and Metal stocks outperformed among the other sectoral indices while Pharma and Auto stocks shed. Hindalco Industries, JSW Steel, Adani Ports and SEZ, Grasim, and Kotak Mahindra Bank are the top gainers on NSE Nifty 50 index.