Business News Highlights: Stock Markets Close, Sensex Ends Over 71,500, Nifty Climbs 21,700
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The stock markets opened in green on Tuesday, attempting to recover the losses from the last trading session. The BSE Sensex climbed more than 100 points to touch 71,188.91 in early trade, while the NSE Nifty50 inched up marginally and stood at 21,630.85.
As of 10:06 AM, the markets continued on their recovery rally. The Sensex stood higher by almost 350 points and inched closer to the 71,500 mark to trade at 71,413.64, while the Nifty gained almost 100 points to touch 21,690.55.
Official data from the National Statistical Office (NSO) revealed that India’s retail inflation relaxed to 5.10 per cent in January, representing the lowest in three months, against 5.69 per cent in December. The food and beverage inflation hit 8.3 per cent in January, easing from 8.70 per cent in the preceding month. According to the RBI’s latest projections, the retail inflation rate for the current fiscal year is expected to touch 5.4 per cent. The estimate for the 2024-25 fiscal year stands at 4.5 per cent, the regulator informed in the MPC meet last week.
In the last trading session on Monday, the two key equity benchmarks, Sensex and Nifty, closed lower amid volatility. The S&P BSE Sensex slipped over 500 points to close at 71,072, while, the NSE Nifty50 settled in red and declined over 150 points to settle at 21,616.
Latest data from the Ministry of Statistics and Programme Implementation (MoSPI) revealed on Monday that the unemployment rate in urban areas for individuals aged 15 years and above eased to 6.5 per cent in the October-December quarter in the current fiscal year, from 7.2 per cent logged in the corresponding quarter in the 2022-23 fiscal year. The unemployment rate among females also improved to 8.6 per cent in Q3FY24, from 9.6 per cent in the same quarter a year earlier.
Hindustan Copper Q3 Result: Profit Slips 21% To Rs 63 Crore
Hindustan Copper announced on Tuesday a 21.44 per cent decrease in consolidated net profit, amounting to Rs 63 crore for the third quarter of the current financial year, primarily attributed to reduced revenue from operations. In a BSE filing, the company stated that it had recorded a net profit of Rs 80.20 crore for the corresponding period in the previous year.
Arvind Fashions Q3 Result: Net Profit Stood At Rs 51.08 Crore
Arvind Fashions on Tuesday reported a multifold jump in consolidated net profit at Rs 51.08 crore for the December quarter of the current financial year, led by gains from sales of Sephora business. The company logged a profit of Rs 8.09 crore in the same quarter in FY23, according to a regulatory filing by the firm.
Eicher Motors Q3 Result: Firm Recorded 34% Jump In Net Profit
Eicher Motors on Tuesday posted a 34 per cent increase in consolidated net profit at Rs 996 crore for the third quarter of the financial year 2023-24 led by extensive sales across domestic and overseas markets.
In the corresponding period of the previous fiscal year, the company recorded a net profit of Rs 741 crore.
Bosch Q3 Result: Profit Jumps 62% at Rs 518 Crore
Bosch on Tuesday reported a significant 62 per cent surge in its consolidated net profit to Rs 518 crore for the third quarter of the current financial year, driven by strong sales performance. In the corresponding period of the previous fiscal year, the company had reported a net profit of Rs 319 crore.
Bosch revealed in a regulatory filing that revenue from operations climbed to Rs 4,205 crore during the period under review, up from Rs 3,660 crore in the same period last year.
BHEL Q3 Result: Firm Recorded Net Loss Of Rs 149 Crore
Bharat Heavy Electricals Ltd (BHEL) on Tuesday reported a consolidated net loss of Rs 148.77 crore for the third quarter of the current fiscal year caused by higher expenses. The firm posted a net profit of Rs 42.28 crore in the October-December period of the preceding 2022-23 financial year, the company stated in an exchange filing.
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