Business News Highlights: Sensex, Nifty Ends Flat Ahead of RBI MPC Meet Outcome
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On Wednesday, the two primary equity benchmarks, Sensex and Nifty, commenced trading with robust gains in line with global indicators. At 9:45 am, the BSE Sensex surged by 152 points to reach 72,338. Conversely, the NSE Nifty50 saw an increase, trading at 21,984, up by 55 points.
In the last trading session on Tuesday, Sensex and Nifty recovered from the initial declines and ended the session positively, brushing aside worries about potential delays in rate cuts by the US Federal Reserve. The BSE Sensex surged by 455 points, reaching 72,186, while the NSE Nifty50 closed at 21,929, up by 158 points.
On Tuesday, Parliamentary Affairs Minister Pralhad Joshi announced the extension of the ongoing Budget session of Parliament by a day until Saturday, February 10. According to reports, the government is purportedly preparing to present a 'white paper' analysing the state of the Indian economy before and after 2014.
The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) meeting is set to conclude on Thursday, with the regulator revealing its verdict on the interest rates. Maintaining a status quo since February 2023, the central bank has retained the repo rate at 6.5 per cent. Market analysts expect the regulator to uphold this decision, particularly following the US Federal Reserve's decision to leave its key interest rates unchanged for the fourth consecutive meeting, which took place on January 30-31, 2024. This gathering will mark the final one for the fiscal year 2023-24.
In the upcoming week, earnings reports from various companies are anticipated, which include Britannia Industries, Max Financial Services, Lemon Tree Hotels, Procter & Gamble Health, PowerGrid, Nestle India, TATA Consumer Products, 3M India, Grasim Industries, LIC India, and Zomato, among others.
Rashi Peripherals IPO: Issue Fully Subscribed On Day 1
The initial public offer (IPO) of Rashi Peripherals was fully subscribed on the first day of bidding on Wednesday. The IPO attracted bids for 1,54,17,936 shares, exceeding the 1,42,37,289 shares available, achieving a subscription rate of 1.08 times, according to NSE data.
The non-institutional investors' portion was subscribed 1.87 times, whereas the retail individual investors (RIIs) segment received a subscription of 1.36 times.
Redington Q3 Result: Net Profit Stood At Rs 153.58 Crore
IT solutions provider Redington Ltd on Wednesday reported a standalone net profit of Rs 153.58 crore for the December quarter of the fiscal year 2023-24. The company had registered standalone net profits at Rs 141.38 crore during the corresponding quarter of FY23, the company said.
Power Grid Q3 Result: Net Profit Rises 11% To Rs 4,028 Crore
Power Grid Corporation on Wednesday reported a 10.5 per cent rise in consolidated net profit to Rs 4,028.25 crore in the December quarter of the current financial year mainly on the back of higher revenues. Its consolidated net profit stood at Rs 3,645.29 crore in the same quarter in FY23, the firm said in a regulatory filing.
Market Ends Flat Ahead of RBI MPC Meet
The Sensex and the Nifty concluded February 7 with marginal changes following a volatile session, with the Nifty unable to hold above the 22,000 level despite starting above it. Early gains were erased as investors turned their attention to the upcoming monetary policy decision by the Reserve Bank of India, scheduled for February 8. The Sensex ended 34.09 points lower at 72,152, while the Nifty finished 1.1 points higher at 21,930.50.
Trent Q3 Result: Net Profit Jumps Two-fold To Rs 370.64 Crore
Tata Group retail company Trent Ltd on Wednesday reported a two-fold increase in the consolidated net profit to Rs 370.64 crore for the third quarter of the financial year 2023-24, led by solid momentum in sales and improved margins. The firm had posted a consolidated net profit of Rs 154.81 crore a year ago in the same period, the company said in a regulatory filing.
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