Business News Highlights: Sensex Climbs 450 Points; Nifty Above 21,900. IT Stocks Rally
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world
E-commerce platform Nykaa on Tuesday reported a 97.55 per cent rise in its consolidated profit to Rs 16.18 crore for the December quarter of the fiscal year 2023-24. The firm's profit (attributable to equity shareholders of the parent) stood at Rs 8.19 crore in the corresponding quarter of the previous fiscal year.
Birla Corporation on Tuesday reported a consolidated net profit of Rs 109 crore in the December quarter of the financial year 2023-24 as against a loss of Rs 50 crore in the corresponding period a year ago. The firm’s revenue increased 15 per cent to Rs 2,328 crore in the reporting period, the company said in an exchange filing.
Vedanta's Chairman Anil Agarwal announced on Tuesday that the company plans to invest $ 4 billion over the next three years to double oil production. He also emphasised on company's commitment to an ambitious oil and gas expansion program.
At the India Energy Week (IEW) event, Vedanta, which acquired Scottish explorer Cairn Energy's (now Capricorn Energy) India assets over a decade ago, revealed its aim to achieve a daily oil output of 300,000 barrels per day (15 million tonnes per year) within three years through an aggressive exploration campaign.
Welspun Corp on Tuesday recorded a multi-fold increase in its consolidated net profit to Rs 293.70 crore in the December quarter of the financial year 2023-24. The firm posted a consolidated net profit of Rs 23.22 crore during the third quarter of the preceding 2022-23 financial year, the company said in a regulatory filing.
Sensex and Nifty on Tuesday rebounded from early declines and concluded the session on a positive note, with markets disregarding concerns about potential delays in rate cuts by the US Fed. The BSE Sensex surged by 455 points to reach 72,186, while the NSE Nifty50 closed at 21,929, marking an increase of 158 points.
The State Bank of India announced on Tuesday that it has received the approval of the executive committee of its central board to acquire a 100 per cent stake owned by SBI Capital Markets in SBICAP Ventures. The lender said the cost of this acquisition will be Rs 708 crore.
Usha Martin on Tuesday reported a 28 per cent jump in its consolidated net profit of Rs 107.51 crore in the December quarter of the financial year 2023-24 due to reduced expenses. The firm recorded a profit of Rs 84.07 crore in the October-December period of 2022-23, the company said in an exchange filing.
The firm's total income declined to Rs 802.98 crore compared to Rs 838.03 crore in the same period a year ago.
Gold prices rose Rs 11 to reach Rs 62,327 per 10 grams in futures trading on Tuesday, driven by speculators initiating new positions due to robust spot demand. On the Multi Commodity Exchange, gold contracts for April delivery saw an uptick of Rs 11, or 0.02 per cent, reaching Rs 62,327 per 10 grams, with a business turnover of 14,179 lots.
HDFC Bank announced on Tuesday that the Reserve Bank of India (RBI) has granted approval to the group to acquire up to a 9.5 per cent stake in six lenders, including ICICI Bank. The RBI's approval was given on February 5, 2024.
The six lenders in which HDFC Bank will take a stake include Axis Bank, Suryoday Small Finance Bank, ICICI Bank, Bandhan Bank, Yes Bank, and IndusInd Bank.
Flipkart is offering Apple's latest iPhone 15 at a great discount during its ‘Big Bachat Days’ sale ahead of Valentine's Day. The iPhone 15, initially priced at Rs 79,900, is now available for Rs 72,999. During this sale, potential buyers can even acquire the iPhone 15 for just Rs 39,949 by exchanging their old iPhone 14 for the new model.
Read More: iPhone 15 Gets Massive Price Cut On Flipkart. Get The Phone For Under Rs 40,000
TVS Supply Chain Solutions reported a consolidated Profit After Tax (PAT) for the December quarter of the financial year 2023-24 at Rs 10 crore. The Global supply chain solutions provider posted a consolidated PAT at Rs 17.2 crore during the corresponding quarter of the previous year, the company said.
India is reportedly to sign a multi-billion dollar deal on Tuesday to extend LNG imports from Qatar till 2048 at lower rates than current prices. Petronet LNG Ltd will finalise and sign the agreement with QatarEnergy to extend the import of 7.5 million tonnes per year during the India Energy Week event, reported the news agency PTI.
Addressing the India Energy Week in Goa, Union Minister Hardeep Singh Puri said, "Under the leadership of PM Modi, India is becoming the growth centre for the Global Economy and the demand centre for Global Energy. Reflecting this position, in just two years, the Energy India Energy Week has become a prominent date on the global energy calendar."
Shapoorji Pallonji Real Estate is estimating a revenue of more than Rs 250 crore from its new housing project in Mumbai. The firm said that it raised the funds of Rs 55 crore to finance the development, it revealed in a statement.
Prime Minister Narendra Modi inaugurated the India Energy Week 2024 in Goa on Tuesday. The Energy Week is being organised from February 6-9 in the state. The PM unveiled the ONGC Sea Survival Centre at the Betul village in South Goa.
Electric scooter start-up River said on Tuesday that it has collected $40 million in Series B funding, driven by Yamaha Motor Co Ltd. The start-up said that the funds would be used for upscaling the distribution and service network, among others.
The Indian rupee remained flat at 83.03 against the US dollar in early trade on Tuesday, owing to volatile crude oil prices in the global market. Forex traders noted that the positive sentiment in the domestic equity markets and maintained influx of foreign funds helped provide support to the local currency. At the interbank foreign exchange, the rupee opened at 83.03 against the American dollar, slipped to 83.04 and retained the 83.03 level again. In the last trading session on Monday, the domestic unit closed 5 paise lower at 83.03 against the greenback.
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.
The stock markets on Tuesday opened strong as the Reserve Bank of India begins the bi-monthly meet of the Monetary Policy Committee today. As of 10:05 AM, the two key equity benchmarks, Sensex and Nifty, were trading higher. The BSE Sensex stood almost 300 points higher above the 72,000 mark at 72,027.40, while the NSE Nifty 50 jumped nearly 100 points to cross the 21,850 mark at 21,855.85.
In the last trading session on Monday, the equity benchmarks settled sharply lower amid volatility, tracking weak global cues. The S&P BSE Sensex settled 354 points lower to 71,731. The Sensex hit a high of 72,386 and a low of 71,602 during intra-day trade. On the other hand, the NSE Nifty50 closed at 21,772, down 82 points.
Further, the services sector in India logged the fastest pace of growth in six months as the HSBC India Service Purchasing Managers’ Index (PMI) climbed to 61.8 in January. The data reflected that the Indian private sector registered a swift pace of output growth, as goods and services producers, both saw quicker increases.
The RBI MPC meeting will end on Thursday, where the regulator will announce its decision on interest rates. Since February 2023, the central bank has kept a hold on the repo rate at 6.5 per cent. Market experts anticipate the regulator to maintain the same decision, specially after the US Federal Reserve kept its key interest rates unchanged for the fourth consecutive meeting, held on January 30-31, 2024. This meeting will be the last one for the 2023-24 fiscal year.
Other earnings expected throughout the week include Birla Corporation, 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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