Among the top stories today, the National Stock Exchange has responded to SEBI's concerns regarding its IPO clearance, while banks are rushing to replace AGS Transact as an ATM service provider amid financial troubles.
India's fiscal deficit nearing its annual target was also a key development, along with Nifty and Sensex closing March with their first monthly gains of 2025.
Here's a quick roundup of today's key headlines:
NSE Replies To SEBI On IPO Approval
The stock exchange has responded to the market regulator's queries regarding a no-objection certificate for its IPO, sources told NDTV Profit. NSE assured that it would divest its clearing corporation operations once regulatory clarity is provided. It also defended its technology infrastructure, stating that it has not faced any major outages in recent years.
What's next for NSE's IPO?
ATM Crisis: Banks Rush To Replace AGS Transact
State Bank of India and Union Bank of India are shifting thousands of ATMs to new service providers before the month-end, as AGS Transact struggles with financial instability, sources said. The company, which manages a large portion of India's ATMs, is dealing with Rs 726 crore in defaults, unpaid GST dues, and employee salary delays.
How are banks tackling this crisis?
Fiscal Deficit Nears Annual Target, CAD Eases
India's fiscal deficit hit 85.8% of the full-year target by February, reaching Rs 13.46 lakh crore.
Meanwhile, the current account deficit eased to 1.1% of GDP in the October-December quarter, down from 1.8% in the previous quarter, RBI data showed.
The eight core sectors grew 4.6% in January, marking the fifth straight month of expansion.
Markets End Monthly Losing Streak
The Nifty and Sensex snapped months-long losing streaks despite closing lower on Friday. The Nifty 50 fell 72.60 points to 23,519.35, while the Sensex slipped 191.51 points to 77,414.92. However, both indices posted over 6% gains for March and ended fiscal 2025 in positive territory.
Check out the full market wrap here.
Cabinet Clears 2% DA Hike
The Union Cabinet has approved a 2% hike in dearness allowance for central government employees and pensioners, effective January 1. The move comes ahead of the formal setup of the 8th Pay Commission. With this revision, DA now stands at 55% of the basic pay under the 7th Pay Commission.
How does this impact salaries?
US Consumer Spending Stalls, Inflation Picks Up
Consumer spending in the US remained weak in February, rising just 0.1% after a sharp drop in January, according to data from the Bureau of Economic Analysis. The decline was partly attributed to bad weather.
Meanwhile, the core personal consumption expenditures price index— the Federal Reserve's preferred inflation gauge— rose 0.4% from January, the biggest monthly increase in a year. On an annual basis, core PCE inflation stood at 2.8%, slightly above economists' expectations.
Read the full report here.
NCLAT Reduces Google's Antitrust Fine To Rs 220 Crore
The NCLAT has lowered Google parent Alphabet's antitrust fine from Rs 936 crore to Rs 220 crore in a case linked to Play Store billing practices. The Competition Commission of India had penalised Google in 2022 for allegedly abusing its market dominance in the Android ecosystem.
What does this ruling mean for Google?
Delhi HC: Restaurant Service Charge Can't Be Mandatory
The Delhi High Court has ruled that restaurants cannot mandatorily levy service charges on food bills, citing violations of consumer protection laws. The court upheld guidelines from the Central Consumer Protection Authority that prevent automatic service charge additions to bills.
What does this mean for diners?
Here are other top stories that you cannot miss
Fiscal Deficit, SEBI's Key Reforms, Trump's Auto Tariff —The Week That Was
RBI Hikes ATM Charges By Rs 2 To Rs 23 Per Transaction
Last-Minute Travel Rush Fuels IndiGo's Expansion Plans
How To Build Rs 50 Lakh Corpus In 5 Years: Investment Strategies to Maximise Returns
Infosys To LTIMindtree: Goldman Sachs Sees Bleak Indian IT Growth
Jefferies' Chris Wood Replaces Axis Bank, Godrej Properties With These Stocks In Portfolio Rejig
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