Business News Highlights: Market Closes In Green, Sensex Above 74,200, Nifty Up Nearly 100 Points
Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world
APM Terminals Pipavav (Gujarat Pipavav Port Ltd) on Wednesday reported a 32.35 per cent fall in consolidated net profit to Rs 65.83 crore in the January-March quarter in the 2023-24 fiscal year (FY24), against the profit of Rs 97.32 crore in the same quarter a year earlier. The revenue of the company stood at Rs 270.76 crore in Q4FY24, up from Rs 250.07 crore in Q4FY23.
Private lender, Karur Vysya Bank, aims to open 100 new branches in the current fiscal year all over the country, B Ramesh Babu, MD and CEO said on Wednesday. The official informed that the lender opened 39 branches in the current fiscal so far.
The Indian rupee appreciated by 3 paise to close at 83.28 (provisional) against the American dollar on Wednesday. In the last trading session on Tuesday, the domestic currency settled at 83.31 against the greenback.
The stock market ended trading on Wednesday on a positive note after oscillating a bit during the day. The S&P BSE Sensex closed trading at 74,221.06, climbing more than 250 points, while the NSE Nifty50 settled the day above the 22,600 mark at 22,622.25, logging gains of almost 100 points.
Wildcraft India on Wednesday announced that it has partnered up with Apparel Group to expand in the Gulf Cooperation Council (GCC) region. Gaurav Dublish, Co-Founder, Wildcraft India, said, "The tie-up will endeavour to establish an exclusive store network across all the six countries in the Middle East -- Saudi Arabia, UAE, Oman, Qatar, Bahrain, and Kuwait. This partnership signifies a pivotal move to position Wildcraft at the forefront of outdoor & adventure gear retail in the GCC region."
Le Travenues Technology Ltd, parent firm of travel platform ixigo, received approval from the Securities and Exchang Board of India to float its maiden initial public offering (IPO) and raise funds from it. An update with the regulator showed that the firm submitted the preliminary IPO papers in February. The maiden offering comprises a fresh issue of equity shares worth Rs 120 crore and an offer-for-sale (OFS) of 6.66 crore equity shares by the existing shareholders.
Le Travenues Technology Ltd, parent firm of travel platform ixigo, received approval from the Securities and Exchang Board of India to float its maiden initial public offering (IPO) and raise funds from it. An update with the regulator showed that the firm submitted the preliminary IPO papers in February. The maiden offering comprises a fresh issue of equity shares worth Rs 120 crore and an offer-for-sale (OFS) of 6.66 crore equity shares by the existing shareholders.
Le Travenues Technology Ltd, parent firm of travel platform ixigo, received approval from the Securities and Exchang Board of India to float its maiden initial public offering (IPO) and raise funds from it. An update with the regulator showed that the firm submitted the preliminary IPO papers in February. The maiden offering comprises a fresh issue of equity shares worth Rs 120 crore and an offer-for-sale (OFS) of 6.66 crore equity shares by the existing shareholders.
Save Group on Wednesday said that it raised $13 million from global asset managers, Incofin and Maj Invest. The firm issued a statement and said it plans to expand its lending services such as micro loans, affordable housing, etc via the subsidiaries.
Suzlon Group announced on Wednesday that it has received new orders from Juniper Green Energy for developing 402 MW wind energy projects at Fatehgarh in Rajasthan. The installations will include 134 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower.
Shares of Bharat Heavy Electrical Ltd (BHEL) on Wednesday reacted strongly to its fourth-quarter earnings announced a day earlier. The company's stock tumbled about 8 per cent after it reported a 25 per cent slump in consolidated net profit in the January-March quarter in the 2023-24 fiscal year (FY24). During the early trading hours, the stock of the state-owned firm touched Rs 295 apiece on BSE and NSE, marking a fall of 7.58 per cent.
As of 11:58 AM, the shares of the firm traded at Rs 305.30 on the BSE and Rs 305.25 on the NSE apiece, logging a fall of nearly 4.3 per cent.
Jana Small Finance Bank announced on Tuesday that it will sell SBI General Insurance's policies via its network. Both the parties have entered a bancassurance partnership agreement to help distribute non-life insurance products, an official statement revealed.
The rupee rose by 7 paise to 83.24 against the US dollar on Wednesday as crude oil prices in the global market eased. In the last trading session on Tuesday, the domestic unit settled at 83.31 against the greenback.
Official exchange data revealed that foreign institutional investors (FIIs) turned net sellers on Tuesday and dumped Indian equities worth Rs 1,874.54 crore.
The stock market opened in a positive sentiment on Wednesday. As of 9:30 AM, the BSE Sensex rallied more than 150 points to touch 74,105.13, while the NSE Nifty50 climbed 33 points to trade at 22,561.75.
HDFC Bank said on Tuesday that it sold its whole 3.20 per cent share in Protean eGov Technologies for Rs 150 crore via an open market transaction. The shares were sold at an average price of Rs 1,160.15 apiece.
Background
Business News Highlights: Hello and welcome to ABP Live's Business LIVE blog. Please follow this space for all the breaking news and latest updates from the stock market, economy, and the corporate world.
The stock market on Tuesday closed nearly flat amidst great volatility. The S&P BSE Sensex ended the session below the 74K mark at 73,953, slipping 53 points, while the NSE Nifty50 settled the day about 27 points higher above the 22,500 mark at 22,529.
The Reserve Bank of India released its latest bulletin on Tuesday and said that the country remained on the precipice of a long-awaited economic boom. The ‘State of the Economy’ article released by the banking regulator found that this economic surge will be driven by rising aggregate demand and an increase in non-food spending in the rural regions in India.
The report also cautioned of a delicate global economic outlook as inflation remains stagnant, in turn, threatening the global fiscal stability.
The article, put together by a team led by RBI Deputy Governor, Michael Debabrata Patra, noted that retained earnings remained the major funding source for private manufacturing firms in the latter half of the 2023-24 fiscal year (FY24). “A modest easing of headline inflation in April 2024 confirmed our expectation that the alignment with the target is progressing unevenly,” the study said.
The central bank pointed out that the article expressed the authors’ opinions and not that of the bank.
The European Union also hiked the Schengen visa fees for applicants, effective June 11, 2024. The European Commission confirmed the raise and the Slovenian government said that the revised visa fee for adult applicants is now €90, while the fees for children aged 6-12 years now stand at €45.
“For countries not cooperating with the EU on the readmission of their irregularly staying citizens, visa fees could surge to €135 or even €180,” the Ministry of Foreign And European Affairs in Slovenia cautioned.
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