(Source: ECI | ABP NEWS)
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.
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