Business News Highlights: Sensex, Nifty Closes Higher Amid Volatility
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On Friday, Indian benchmark indices commenced trading in a mixed pattern. The BSE Sensex started trading at 71,410.30, up by 18.14 points or 0.03 per cent, whereas the NSE Nifty opened at 21,727.00, showing a marginal increase of 9.00 points or 0.04 per cent. Meanwhile, the Nifty Bank traded slightly lower, down by 0.06 per cent.
On Thursday, the Sensex and Nifty experienced notable declines following the Reserve Bank of India's (RBI) decision to uphold key interest rates at 6.5 per cent. The Sensex concluded the day 723.57 points or 1 per cent lower, settling at 71,428.43, while the Nifty ended 212.55 points or 0.97 per cent down, closing at 21,717.95.
In another development, Union Finance Minister Nirmala Sitharaman tabled a 'White Paper' on the Indian Economy in the Lok Sabha on Thursday, which states the state of the Indian economy before and after 2014. "The UPA government failed miserably to facilitate economic activities. Instead, the UPA government created hurdles that held back economy. It basked in the after-glory of the lagged effects of the reforms of the Vajpayee-led NDA government and benign global conditions and proceeded to exploit the resultant fast economic growth for narrow political purposes," stated the White Paper presented by FM.
"The UPA government inherited a healthy economy ready for more reforms but made it non-performing in its ten years. In 2004, when the UPA government began its term, the economy was growing at 8 per cent (with industry and services sector growth above 7 per cent each and a resuscitating agriculture sector growth above 9 per cent in FY04) amidst a benign world economic environment,” it added.
The RBI's monetary policy committee (MPC), led by Governor Shaktikanta Das, announced on Friday that the banking regulator has opted to maintain the repo rate unchanged at 6.5 per cent. This marks the sixth consecutive time that the central bank has chosen to keep the rate steady.
Tata Power Q3 Result: Net Profit Rises 2% To Rs 1,076 Crore
Tata Power on Friday reported a marginal increase of 2 per cent in its consolidated net profit at Rs 1,076 crore in the third quarter of the current financial year. The company’s consolidated net profit was Rs 1,052 crore in the quarter ended on December 31, 2022, a company statement reads.
The firm’s total revenues also rose to Rs 14,841 crore in the quarter from Rs 14,339 crore in the same period of FY23.
Bandhan Bank Q3 Result: Profit Rises Over Two-fold To Rs 733 Crore
Bandhan Bank on Friday reported a more than two-fold jump in net profit at Rs 733 crore for the third quarter of the current financial year on account of improvement in core income. The new-generation bank posted a net profit of Rs 291 crore in the same quarter in FY23.
The total income of the bank rose to Rs 5,210 crore in the latest December quarter from Rs 4,840.94 crore a year ago, the bank said in a regulatory filing.
Inox Wind Q3 Result: Net Profit Recorded At Rs 1.81 Crore
Inox Wind on Friday posted a consolidated net profit of Rs 1.81 crore in the third quarter of the fiscal year 2023-24 led by higher revenues. The firm suffered a loss of Rs 287.86 crore in the October-December quarter a year ago, the company said in an exchange filing.
The firm's total income increased to Rs 506.88 crore in the reporting quarter from Rs 237.68 crore in the year-ago period.
Sensex Up 167.06 Points, Nifty Rises 64.55 Points Amid Volatility
The Sensex and the Nifty equity benchmarks on Friday wrapped up with marginal gains amidst a volatile trading session as investors awaited additional triggers. The Sensex concluded the day with an increase of 167.06 points, or 0.23 per cent, closing at 71,595.49, while the Nifty ended 64.55 points, or 0.3 per cent, higher at 21,782.50. Out of the total shares traded, 1,329 advanced, 2,509 declined, and 94 remained unchanged.
Govt Releases Rs 15,948 Crore To Sugar Mills Over Last 5 Yrs
The government has released approximately Rs 15,948 crore across various schemes over the past 5 years until January 31 to several sugar mills to enhance their liquidity for settling farmers' cane price dues, Parliament was informed on Friday.
Minister of State for Commerce and Industry Anupriya Patel stated that intending to enhance the liquidity of sugar mills and facilitate the clearance of cane price dues owed to farmers, the central government has introduced these schemes over the past five years.
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