Latest Business, Finance, and Share Market News as of 10:00 am on May 17, 2024

In today’s latest business news transcript at 10:00 AM on May 17, 2024, several key developments have been highlighted across various sectors.

The government is set to auction spectrum worth Rs 96,000 crore in June, with telecom operators submitting earnest money deposits totaling Rs 4,350 crore. Reliance Jio leads the pack with a deposit of Rs 3,000 crore, indicating strong bidding intensity. Meanwhile, Kris Gopalakrishnan of Infosys expressed concerns about predicting the recovery of discretionary spending in IT services amidst the global economic slowdown.

In the market, the Centre has reduced the windfall tax on domestically produced crude to Rs 5,700 per tonne, impacting companies like Oil and Natural Gas Corp and Oil India. The Reserve Bank of India will conduct a 14-day Variable Rate Repo auction to inject liquidity into the banking system.

In the auto industry, Ola Mobility’s CFO Karthik Gupta has resigned as part of a restructuring exercise, while the government plans to block unsolicited messages on social media platforms. Stocks in focus today include Vedanta, Biocon, and Vodafone Idea, with Vedanta announcing its first interim dividend and Vodafone Idea reporting a net loss for the fourth quarter.

Overall, these developments reflect the dynamic nature of the business landscape and the challenges and opportunities faced by various industries in the current economic environment. Stay tuned for more updates on these evolving stories.