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Business News Updates | 24-10-2023

Business News Updates | 24-10-2023


Here are some of the top business news updates from October 24, 2023:

  • Paytm’s Vijay Shekhar Sharma launches VSS Investments’ to invest in India’s AI and EV sectors. Sharma’s new investment firm will focus on early-stage and growth-stage startups in the artificial intelligence and electric vehicle sectors.
  • Ajay Goel quits Byju’s, re-joins Anil Agarwal’s Vedanta as CFO. Goel, who had joined Byju’s as CFO in March 2023, has returned to Vedanta, where he had previously served as CFO for over 10 years.
  • Rossari Biotech retains FY24 revenue growth guidance at 10-12% Oct 24, 2023 1:38 PM IST. Rossari Biotech, a specialty chemicals company, has retained its revenue growth guidance for FY24 at 10-12%.
  • Lindsay Group plans to expand presence in Goa. Lindsay Group, a diversified conglomerate with interests in textiles, chemicals, and infrastructure, plans to expand its presence in Goa by setting up a new manufacturing plant.
  • Tap Invest to utilise $2 million seed fund for market expansion, product development and diversification. Tap Invest, a digital investment platform, plans to use its $2 million seed fund to expand its market reach, develop new products, and diversify its offerings.
  • Nagad, Kori get licence for digital banking. Nagad, a mobile financial services provider, and Kori, a fintech company, have received licenses from the Bangladesh Bank to operate digital banks.
  • Square Pharma declares record dividend, Tk400cr expansion plan. Square Pharma, one of the leading pharmaceutical companies in Bangladesh, has declared a record dividend of Tk20 per share for FY23. The company has also announced a Tk400 crore expansion plan.
  • Heavy rainfall, gusty winds hit Cox’s Bazar as Hamoon starts making landfall. Heavy rainfall and gusty winds hit Cox’s Bazar, Bangladesh, as Cyclone Hamoon began to make landfall.
  • How pricier gas squeezed HeidelbergCement Bangladesh’s quarterly business. HeidelbergCement Bangladesh, a cement manufacturer, reported a 30% decline in net profit in Q3 FY23 due to higher gas prices.
  • Southern districts on alert to tackle Cyclone Hamoon. The southern districts of Bangladesh are on alert to tackle Cyclone Hamoon, which is expected to make landfall on October 25.

Here are some of the top financial market news updates from October 24, 2023:

  • Stocks rise amid earnings deluge, with Big Tech to come. The Dow Jones Industrial Average rose 0.5%, the S&P 500 gained 0.5%, and the Nasdaq Composite added 0.3%. Investors were awaiting a busy slate of earnings reports, with Alphabet and Microsoft scheduled to report after the closing bell.
  • 10-year Treasury yield stabilizes after topping 5%. The 10-year Treasury yield rose to a high of 5.02% on Monday, its highest level since July 2007. However, the yield stabilized on Tuesday, closing at 4.840%.
  • Bitcoin briefly surpasses $35,000. Bitcoin climbed above $35,000 on Tuesday, before retreating. The cryptocurrency has been on a tear in recent weeks, gaining over 50% since the end of September.
  • Brent crude falls for a third straight session. Brent crude, the global oil benchmark, fell 2% on Tuesday, settling around $88 a barrel. The decline was attributed to concerns about a global economic slowdown.
  • European stocks close mixed. European stocks closed mixed on Tuesday, with the Stoxx Europe 600 index gaining 0.1%. However, the German DAX index fell 0.3% and the French CAC 40 index lost 0.2%.
  • Asian stocks close mostly lower. Asian stocks closed mostly lower on Tuesday, with the MSCI Asia ex-Japan index falling 0.3%. However, the Hong Kong Hang Seng index gained 0.6% and the Chinese Shanghai Composite index added 0.2%.

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