Weekly News Roundup at 10:00 am on 9th March 2024

Let’s begin – 2024 has emerged as a historic chapter for India’s stock exchanges, with both the Nifty and Sensex scaling record highs and setting new records on Thursday. The Nifty 50, the primary index of the National Stock Exchange, hit a brand new record high of 22,500. This marks a remarkable ascent in the Nifty’s trajectory as it sets its sights on surpassing the psychological barrier of 23,000 by the end of the year. The relentless upward movement of the Nifty has sparked considerable enthusiasm, with investors closely monitoring its journey towards new heights. Simultaneously, the Bombay Stock Exchange’s Sensex, representing the top 30 companies listed on the exchange, has not lagged behind.
Moving on – With the achievement of around 900 million tonne of domestic coal production so far, India is confident of achieving the 1 billion tonne target of coal output by the end of financial year 2023-24, Union Minister for Coal and Mines, Pralhad Joshi said on Thursday. The coal ministry further expects the country’s coal stock with the coal-based thermal power plants to go up to 45 million tonne by the end of March, coal secretary Amrit Lal Meena said while addressing the media. As of March 7, the domestic coal based power plants maintain coal stocks of 43.5 million tonne, he said. The coal stock available with the country’s coal companies presently stands at around 85 million tonne
In international front – the conclusion of the India-UK free trade agreement could be pushed beyond the general elections in both countries, despite last-mile dash by top officials from both sides, because differences still remain on issues of market access in key areas of goods and services. The formal announcement of commencement of the election process in India is expected by middle of March and the new government will be taking office latest by June. In July, it will be presenting the full budget for FY25 and priorities for the next five years. A high-level delegation from the UK is currently in India this week to ensure that there is no let-up in the intensity of negotiations

Moving on – Prime Minister Narendra Modi on Thursday visited Srinagar, Jammu & Kashmir. This was his first visit after the abrogation of Article 370. PM Modi last visited Jammu and Kashmir in February 2019 before Lok Sabha elections. PM Modi returned to Srinagar after 5 years ahead of the Lok Sabha Elections 2024. He addressed an event after interacting with the locals and beneficiaries of various central schemes, including women achievers, farmers, and entrepreneurs. Prime Minister Narendra Modi also launched development projects exceeding Rs 6,400 crore on March 7. Speaking to a large audience at Srinagar’s Bakshi Stadium, he emphasized that Jammu and Kashmir is witnessing significant development strides post the Article 370 abrogation.

Meanwhile on Monday – Amazon Founder Jeff Bezos reclaimed the spot of the world’s richest person, dethroning Tesla CEO Elon Musk, the Bloomberg Billionaires Index mentioned on Monday. The development has come against the backdrop of Tesla share shakeup of a 7.2 percent on March 4. At present, Musk’s net worth is pegged at $197.7 billion, while Jeff Bezos reclaims the top spot with a fortune of $200.3 billion. Notably, Musk has relinquished his title as world’s richest person for the first time in over nine months, according to the Bloomberg Billionaires Index. This is Bezos’s first return to the top spot of Bloomberg’s ranking since 2021, signifying a significant shift in the wealth dynamics between two tech giants.

In other news – Online food ordering and delivery platform, Swiggy will soon offer food delivery services to passengers at four Indian railway stations. The delivery service will start at Bengaluru, Bhubaneswar, Visakhapatnam, and Vijayawada railway stations beginning March 12. With this, the food delivery services will be extended to 59 more railway stations in the coming weeks, Swiggy said in a statement. “This partnership with Swiggy will bring more convenience and food options to our passengers, making their journeys more memorable,” Chairman and Managing Director (CMD) of IRCTC Sanjay Kumar Jain mentioned. The passengers can avail of pre-ordered food services via Swiggy once they input the PNR on the IRCTC app and select the preferred station for food delivery.
“Lastly – Rising for the second straight session, the rupee climbed 10 paise to settle at 82.73 against the US dollar on Thursday, tracking a weak American currency against major crosses overseas and a positive trend in equity markets. Besides, foreign fund inflows and falling crude oil prices boosted the local currency, forex traders said. At the interbank foreign exchange market, the domestic unit opened slightly up at 82.82 and gained further ground to touch the intra-day peak of 82.72 against the greenback. The currency finally settled at 82.73 (provisional), up 10 paise from its previous close. On Wednesday, the rupee settled 7 paise higher at 82.83 against the US dollar.