BUSINESS
Tata Steel Announces Closure of Blast Furnaces at UK Plant, Potentially Impacting 2,800 Jobs
Tata Steel plans to replace the blast furnaces with electric arc furnaces to reduce emissions and costs. The move is expected to decrease CO2 emissions by 5 million tonnes annually while securing most of Tata Steel UK's existing product capability.
Sensex Surges by 250 Points, Nifty Approaches the 21,700 Mark in Early Trading Session
In the early trade, the 30-share BSE Sensex rose by 250.08 points, or 0.35 per cent, reaching 71,933.31 points, while the Nifty witnessed an increase of 75.80 points, or 0.35 per cent, to 21,698.20 points.
RBI Announces Closure of Money Markets on January 22
As a result of the public holiday, there will be no transactions and settlements in various financial instruments, including government securities (primary and secondary), foreign exchange, money markets, and Rupee Interest Rate Derivatives on January 22.
NSE Trading Closure: Official Announcement Confirms Shutdown on January 22
In compliance with the state government's decision, the NSE issued a circular stating that the currency derivative segment will also remain closed on January 22. Additionally, the Reserve Bank of India (RBI) has declared that money markets will be closed on the same day.
Normal Trading Session for Equity Markets on Saturday, Followed by Monday Holiday
However, January 22 has been declared a trading holiday by both NSE and BSE. This aligns with the public holiday announced by the Maharashtra government, which is observing a holiday in connection with the consecration of the Ram Temple in Ayodhya.
Indian Rupee Strengthens by 6 Paise Against the US Dollar in Recent Forex Movement
However, the sharp gain in the domestic currency was curbed by rising crude oil prices and foreign capital outflows, according to observations from forex traders. In the interbank foreign exchange, the rupee opened at 83.15, fluctuating between the day's peak of 83.05 and the lowest level of 83.16 against the greenback. Ultimately, it closed at 83.07, marking a 6-paise gain from the previous close.
Reliance Records 9% Rise in Net Profit Despite Earnings Impact from Planned Oil Refinery Shutdown
The oil-to-chemicals (O2C) business, the primary revenue driver, experienced subdued earnings due to a planned maintenance shutdown in the refining complex in Jamnagar.
Nifty Snaps Three-Day Losing Streak, Closes in Positive Territory
Investors are eagerly awaiting the weekend release of results from key index heavyweights such as Reliance, HUL, ICICI Bank, and Kotak Bank. The outcome of these releases will likely influence market sentiments, Khemka added.
RBI Announces Money Markets Opening at 2:30 PM on January 22
According to a circular issued by the RBI, the money markets will commence trading at 2.30 p.m. instead of the usual 9 a.m. on January 22.
Forex Reserves Soar by USD 1.63 Billion, Reaching a Total of USD 618.9 Billion
In the preceding week, the overall reserves experienced a significant decline, contracting by USD 5.89 billion to USD 617.3 billion. It's worth noting that India's forex reserves had achieved an unprecedented pinnacle of USD 645 billion in October 2021.
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