Business News Highlights: Sensex, Nifty Ends Flat Ahead of RBI MPC Meet Outcome
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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.
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 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.
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.
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.
FMCG giant Nestle India on Wednesday reported a jump of 4.38 per cent in its net profit at Rs 655.61 crore for the December quarter of the financial year 2023-24. The company had posted a profit of Rs 628.06 crore in the same period of the previous fiscal year, the firm said in a regulatory filing.
Tata Steel's CEO and Managing Director, T V Narendran, asserted that India is currently the world's fastest-growing economy, emphasising the significance of the next three decades for the nation's development. Reflecting on China's rapid emergence over the past 30-40 years, Narendran highlighted India's pivotal position in the global landscape, underscoring its potential for growth and development.
He made these remarks while addressing members of the Singhbhum Chamber of Commerce and Industry (SCCI) on Tuesday evening.
Microsoft's CEO Satya Nadella emphasised on Wednesday the need for increased collaboration between India and the US regarding artificial intelligence regulations and other norms. The India-born chairman and chief executive officer of the global tech giant highlighted that such a partnership could facilitate the equitable distribution of economic growth.
Tata Steel announced On Wednesday that its board has opted not to proceed with the amalgamation of TRF Ltd, as the associate company is experiencing an improvement in its business performance. Previously, Tata Steel had unveiled plans to merge nine of its strategic businesses, including Tata Steel Long Products, Tinplate Company of India, Tata Metaliks, TRF, The Indian Steel and Wire Products, Tata Steel Mining Ltd, and S & T Mining Company.
Sensex and Nifty pared early gains and turned red because of profit-booking in IT and select financial shares on Wednesday. At 12.20 pm, the BSE Sensex was down 143 points to 72,043. On the other hand, the NSE Nifty50 was trading at 21,898, down 31 points.
On the 30-share Sensex platform, SBI, JSW Steel, Axis Bank, UltraCemco, Sun Pharma, Bajaj Finace were trading in positive zone. On the down side, PowerGrid, Infosys, ICICI Bank, NTPC, TCS, TechM emerged losers.
Satya Nadella, Chairman and CEO of Microsoft, revealed plans to train over two million individuals in India in generative AI skills. This initiative aims to tackle the talent scarcity in the AI era. Speaking at an event, Nadella emphasised the significance of equipping the youth with essential skills to thrive in the emerging AI era, highlighting it as a top priority.
Canara Bank announced on Wednesday that it is planning to split the equity shares of the state-owned bank to enhance the stock's liquidity. The bank's Board of Directors will deliberate upon the decision regarding this matter during a meeting scheduled for February 26, Canara Bank said in a regulatory filing.
Vijay Shekhar Sharma, the founder and chief executive officer of Paytm, reportedly met Union Finance Minister Nirmala Sitharaman amidst the ongoing crisis involving the company's banking arm, Paytm Payment Bank, on February 6, according to a news agency ANI report. Sharma also met RBI officials on Tuesday to discuss regulatory concerns.
The rupee gained 2 paise against the US dollar, opening at 83.03 at the interbank foreign exchange market on Wednesday, supported by positive domestic equities. Additionally, the weakness of the American currency in the global market contributed to the positive sentiment. In the previous session, the rupee had closed marginally lower at 83.05 against the US dollar after a decline of 2 paise.
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 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.
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