GE Power India Ltd (GPIL) announced the resignation of Managing Director Prashant Jain. Puneet Bhatla appointed as Additional Director and new Managing Director from Sept 1, 2024, to June 30, 2027, subject to members' approval. The board accepted Jain's resignation effective August 31, 2024. GPIL is involved in power plant and equipment services.
Pakistani authorities detained Farhan Asif for his role in spreading misinformation that sparked riots in the U.K. The false claims involved a British stabbing suspect and led to mob attacks on a mosque. This misinformation caused widespread unrest and resulted in more than 1,000 arrests. Investigations are ongoing.
A new report by Pahle India Foundation highlighted that e-commerce in India has created 15.8 million jobs, including 3.5 million for women. Online vendors have shown improved business metrics and higher sales. The study also revealed increased consumer spending in smaller cities, urging offline vendors to adopt e-commerce strategies for better growth.
The Nifty Auto index closed 0.34 per cent up at 25586.75.
Hero MotoCorp revealed intentions to enhance its scooter lineup and strengthen its 125 cc bike segment. Plans include launching new petrol and electric scooter models and increasing Xtreme 125R production capacity. Notable market share gains in the 125 cc segment were reported, with upcoming Destini and Xoom model launches expected shortly, aiming for further growth.
Titan Capital, founded by Kunal Bahl and Rohit Bansal, has raised Rs 200 crore for its new fund. The company aims to focus on its existing portfolio companies with the new capital. Major family offices and chief executives are a part of the new fund.
Hyundai Motor invested Rs 180 crore to establish the Hydrogen Innovation Centre at IIT Madras' Thaiyur campus. The centre aimed to advance hydrogen technology research, promoting hydrogen mobility adoption. The foundation stone was laid by Chief Minister M K Stalin, with the facility expected to become operational by 2026.
I think real estate sector has also done well and we are seeing more and more green shoots there as well. So, building material is one space, industrial is another space, construction is another space where we are seeing some of the opportunities.
The Nifty Pharma index closed 0.91 per cent up at 22577.9.
As the crypto market prepares for another bull run, investors are focusing on promising meme coins. Crypto All-Stars, PlayDoge, and Pepe Unchained stand out due to their innovative features, presale success, and growth potential. These coins are expected to see notable increases in 2024, making them worth watching.
On Wednesday, domestic benchmark indices closed higher amid volatility, driven by Consumer Durables. The BSE Sensex gained 102 points to 80,905, and the NSE Nifty rose 71 points to 24,770.
A recent report by the Association for Democratic Reforms indicated that 151 sitting MPs and MLAs have cases related to crimes against women, with West Bengal leading. The Bharatiya Janata Party has the most representatives with such cases. The report urged political parties to avoid fielding such candidates and called for fast-tracking their court cases.
Skoda announced the name of its new subcompact SUV for India, named 'Kylaq,' slated for a 2025 launch. Selected through a public campaign, Kylaq follows the brand's naming convention. Built on the MQB-A0-IN platform, it features split headlamps and LED DRLs. The powertrain is expected to be similar to the Skoda Kushaq's 1.0-litre TSI turbo-petrol engine.
The 30-share BSE Sensex closed up 102.44 points at 80905.3
India's manufacturing sector, contributing 17% to GDP, has been positioned as the sixth-largest manufacturing economy. Recent reforms have created investment opportunities across various sectors. Key initiatives in the defence sector, such as the Make in India campaign and Defence Procurement Procedure, aim to modernize armed forces, reduce imports, and boost exports.
The domestic equity markets concluded a volatile trading session on Wednesday with gains. The BSE Sensex closed up by 102 points at 80,905, and the NSE Nifty advanced 71 points to 24,770. Consumer Durables stocks led the surge while financials and banks dipped slightly.
Shares of FSN E-Commerce Ventures, the parent of Nykaa, surged 19% to an all-time high, recovering from a two-day slump. This rise comes before their AGM on September 18. Nykaa’s quarterly net profit saw a 152% increase. The board approved further acquisitions and investments, reflecting strong investor confidence.
Nippon India Mutual Fund has launched the Nippon India Nifty 500 Equal Weight Index Fund, an open-ended scheme tracking the Nifty 500 Equal Weight Index. The scheme is aimed for returns aligning with the Nifty 500 Equal Weight Index, with 95-100% invested in index securities and 0-5% in cash or market instruments
New cryptocurrency presales are offering unique growth opportunities. Crypto All-Stars leads with its MemeVault staking protocol, followed by Pepe Unchained focusing on layer-2 solutions for meme coins. Base Dawgz is quickly gaining traction, while PlayDoge combines nostalgia and Doge for viral success. Each presents significant investment potential.
The Modi government swiftly cancelled an advertisement for lateral recruitment of mid-tier bureaucrats after facing opposition criticism regarding caste quotas. Initially defending the policy, the BJP reconsidered due to potential electoral impacts. The decision reflects a strategic move aimed at managing political capital amid forthcoming state elections and concerns over reservation rights.
Cryptocurrency investors saw rewarding gains with Bitcoin, Ethereum, and Solana in 2024. Top-performing cryptos with growth potential include The Meme Games ($MGMES), PlayDoge ($PLAY), Solana (SOL), and Cardano (ADA). $MGMES brings Olympics excitement to memecoins. PlayDoge taps into play-to-earn and meme trends, while Solana and Cardano continued to expand and show promise.
An Indian Air Force fighter jet accidentally released an air store near the Pokhran firing range due to a technical malfunction, with no reported damage. The IAF has ordered an inquiry to investigate the cause.
