Sensex Today Live | Share Market Updates: India’s GDP growth accelerates to one-year high at 7.8% in June quarter; Q1 GDP print in line with Street estimates

India’s gross domestic product (GDP) grew by 7.8 per cent in the April-June quarter of current fiscal (2023-2024), compared to a growth of 6.1 per cent in the previous January-March quarter of fiscal 2022-23, according to official data shared by the National Statistical Office.

On a year-on-year basis, the GDP print recorded in the correpsonding period last year was 13.1 per cent. The Q1FY24 economic growth is the highest in four quarters, largely driven by a robust services sector, and strong capital expenditure. (Read More)

Sensex Today Live | Share Market Updates: Vedanta lobbied to weaken environmental regulations during COVID-19 pandemic: OCCRP report

The Organised Crime and Corruption Reporting Project (OCCRP) has revealed that Vedanta engaged in a discreet lobbying effort aimed at undermining critical environmental regulations during the COVID-19 pandemic. In an article published on Thursday, the OCCRP detailed how Vedanta Group pursued this strategy.

According to the OCCRP’s report, Anil Agarwal, the Chairman of Vedanta Group, communicated with former environment minister Prakash Javadekar in January 2021. During this exchange, Agarwal suggested that the Indian government could enhance the momentum of the country’s swift economic recovery by permitting mining companies to escalate their production by up to 50%. This proposal came with a stipulation that these companies wouldn’t be obligated to secure fresh environmental clearances.

Additionally, the OCCRP article revealed that Vedanta’s subsidiary, Cairn India, successfully orchestrated efforts to eliminate public hearings for exploratory drilling in oil blocks that it had secured through government auctions. This discreet lobbying campaign, as outlined in the report, had the aim of bypassing these hearings in relation to the oil business’s operations. (Read More)

Sensex Today Live | Share Market Updates: Mukesh Ambani’s Viacom 18 bags TV and digital rights for Indian cricket team’s home matches for five years

Viacom 18 has secured the television and digital broadcasting rights for the Indian cricket team’s home matches over a span of five years. The media rights for all matches conducted by the Board of Control for Cricket in India (BCCI) have been acquired by Viacom18 at a total cost of ₹5963 crore. The breakdown of this amount includes ₹3101 crore for digital rights, translating to ₹35.23 per match, and ₹2862 crore or 32.52 crore per match for television rights.

In a tweet, Jay Shah, the Secretary of BCCI, conveyed his congratulations to Viacom18 for emerging as the victor in obtaining the media rights for both traditional television broadcasting and digital platforms. He expressed optimism about the continued growth of Indian cricket in these spheres, highlighting the extension of the partnership beyond events like the Indian Premier League (IPL) and the World Test Championship. Shah emphasized the collective effort to captivate the passion and interest of cricket enthusiasts. (Read More)

Sensex Today Live | Share Market Updates: Wall Street ends lower, closes out first losing month since February

A late-afternoon fade left stocks modestly lower Thursday as Wall Street closed out its first losing month since February.

The S&P 500 gave up an early gain to close 0.2% lower. The benchmark index ended August down 1.8%, though a four-day winning streak going back to last week helped chip away at the severity of the monthly decline.

The Dow Jones Industrial Average fell 0.5%, while the Nasdaq composite eked out a 0.1% gain.

Market jitters over the possibility that the Federal Reserve might have to keep interest rates higher for longer following reports showing the U.S. economy remains remarkably resilient led to the market’s pullback in August after what had been a banner year. This week, reports on job openings, consumer confidence and inflation stoked hopes on Wall Street that the Fed may hold rates steady at its next policy meeting in September.

That helped limit the market’s losses for August. The S&P 500, which soared 19.5% through July, remains 17.4% higher for the year, while the tech-heavy Nasdaq is up 34.1%. The Dow is up 4.8%. (AP)