Business News Highlights: Sensex, Nifty Closes Higher Amid Volatility
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world
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 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 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.
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.
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.
FMCG giant Emami on Friday reported an 11.88 per cent jump in consolidated profit after tax at Rs 260.65 crore for the December quarter of the fiscal year 2023-24, led by improved margins due to reduced input costs.
The firm posted a net profit of Rs 232.97 crore in October-December FY23, according to a regulatory filing from Emami.
The online hospitality firm OYO anticipates a steady increase in its Profit After Tax (PAT) after achieving a sequential doubling in Q3 FY24 to Rs 30 crore, as stated by the company's Founder and CEO, Ritesh Agarwal. Agarwal revealed this update regarding the company's profit surge during an employee town hall on Friday.
Tyre major MRF Ltd on Friday recorded a consolidated Profit After Tax (PAT) for the October-December 2023 quarter at Rs 509.71 crore, the company said. The firm posted a consolidated PAT of Rs 174.83 crore during the corresponding period of the last fiscal year.
Petrochemical manufacturing company Tamilnadu Petroproducts recorded a standalone Profit After tax (PAT) for the third quarter of the current fiscal year at Rs 2.44 crore, following the impact of cyclone Michaung, which disrupted manufacturing facilities.
The firm posted a standalone net profit of Rs 25.23 crore during the corresponding quarter of last year.
Shares of One97 Communications Ltd, the parent company of Paytm, fell nearly 9 per cent as investors continued to offload the stock. The downward trend from the previous day persisted, with the stock plunging by 8.67 per cent to Rs 408.30 on the BSE and by 8.20 per cent to Rs 410 on the NSE. Notably, shares of One97 Communications had fallen by 10 per cent to hit the lower circuit limit on Thursday, following a two-day rally in the stock that lost momentum.
Zomato, the online food delivery platform, experienced a notable surge in its stock value, rising by over 5 per cent after the announcement of Q3 results. Zomato reported a consolidated net profit of Rs 138 crore, indicating a substantial turnaround from the previous fiscal year's Rs 347 crore loss recorded in the corresponding quarter.
The Pakistan Stock Exchange on Friday witnessed a decline in its benchmark KSE-100 index, dropping by 1,700 points. The market reacted amidst uncertainty surrounding the results of the general elections in Pakistan. Authorities in Pakistan are proceeding slowly in announcing the election results, which has led to confusion.
Maruti Suzuki India announced on Friday that its Multi-purpose Vehicle Ertiga has surpassed the 1 million sales mark. Shashank Srivastava, Senior Executive Officer of Marketing and Sales at Maruti Suzuki India, stated that the Ertiga has widespread popularity across urban and rural markets, boasting an impressive 37.5 per cent segment market share nationwide. Besides its popularity in the domestic market, Maruti Suzuki also exports the model to over 80 countries.
In early Friday trading, the rupee weakened by 5 paise to 83.01 against the US dollar, influenced by a robust American currency and heightened crude oil rates in the global market. Forex experts noted that a downturn in domestic equities and increased foreign fund inflows dampened investor confidence. At the interbank foreign exchange, the rupee commenced at 82.96 against the dollar, reaching an early low of 83.01 and a high of 82.95 in initial trading.
Smartphone brand realme has solidified its position among India's top five smartphone brands for 2023, recording 17.4 million sales. The brand secured the fourth position overall for Q4, marking a triumphant conclusion to a prosperous year. This achievement is further accentuated by Realme's significant milestones in 2023, including celebrating its fifth anniversary and surpassing 200 million global shipments.
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.
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.
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