Latest Business, Finance, and Share Market News as of 10:00 am on May 10, 2024

In today’s latest business news, the Association of Mutual Funds in India (AMFI) reported a 16.4% sequential decrease in net inflows into equity mutual funds in April, with large and mid-cap funds experiencing a significant drop. However, small-cap funds continued to see strong inflows, surpassing Rs 20,000 crore in SIP inflows for the first time ever. The small-cap funds, which had seen rare net outflows in March, saw Rs 2,208.7 crores of net inflows in April.

Meanwhile, the Reserve Bank of India (RBI) proposed new norms for under construction projects that could delay loan sanctioning for property developers and lead to an increase in borrowing rates. Top property developers and consultants expressed concerns over the potential 100 to 150 basis points increase in borrowing rates due to the proposed provisions.

State Bank of India (SBI) announced plans to hire over 10,000 engineers, representing around 85% of the new recruits in FY25. Chairman Dinesh Khara highlighted the bank’s focus on hiring employees with technology skills to meet the evolving demands of the industry.

In other news, edtech firm Byju’s is facing sales challenges despite lowering prices for its educational offerings. The company’s sales staff on a revenue-linked payout model have struggled to sell courses or subscriptions, indicating ongoing difficulties in the market.

Additionally, Tata Consultancy Services is making strides in Artificial Intelligence, particularly in generative AI, as it consolidates its AI and cloud teams into the AI.Cloud unit. On the financial front, state-owned Bharat Petroleum reported a decline in net profit for the last quarter of FY24 due to high crude oil prices impacting refining margins.

Lastly, GIFT Nifty indicated a positive opening for Indian equity indices BSE Sensex and NSE Nifty 50 on Friday after four consecutive trading session declines. The US Dollar Index also traded higher at 105.24 against a basket of six foreign currencies.