Business News Highlights: Stock Markets Close, Sensex Ends Over 71,500, Nifty Climbs 21,700
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world
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 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 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 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.
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.
Siemens Ltd on Tuesday recorded a 9.2 per cent increase in net profit at Rs 505.7 crore in the first quarter that ended on December 31 led by higher revenues. The firm follows the October to September fiscal year. Siemens posted a net profit of Rs 462.7 crore in the October-December period of the preceding financial year, the company said in an exchange filing.
The Bihar government on Tuesday presented a budget of Rs 2.79 lakh crore in the assembly for the financial year 2024-25. Bihar's Deputy Chief Minister, Samrat Choudhary, who presented the budget, highlighted that in the current 2023-24 financial year, 2.5 crore people rose above the poverty line in the state.
Choudhary, who also holds the finance portfolio, mentioned that the state recorded a growth rate of 10.64 per cent in the current fiscal year.
Coal India Ltd (CIL) announced on Tuesday that central trade unions have called for a one-day strike on February 16 at the company and its subsidiaries. The state-owned firm, which contributes over 80 per cent of domestic coal output, stated in a regulatory filing that the trade unions have called for the strike without disclosing the reason. The filing mentioned that CIL received a strike notice regarding a one-day All India Strike across the entire CIL and its subsidiaries on February 16, 2024, from CTUs (Central Trade Unions) - HMS / AITUC / INMF (INTUC) / CITU.
The stock markets traded in the green on Tuesday and closed the session with gains. The BSE Sensex closed almost 500 points higher at 71,555.19, while the NSE Nifty50 climbed more than 100 points to settle at 21,743.25.
Ashiana Housing reported a jump of over three-fold in the consolidated profit after tax to Rs 27.8 crore for the October-December quarter in the current fiscal year, helped by improving income amidst an increase in demand for residential properties. The realty firm's profit stood at Rs 9.05 crore in the same quarter a year earlier. The total income of the company climbed to Rs 189.25 crore in Q3FY24, up from Rs 135.31 crore in the third quarter of the last fiscal year.
Hindalco Industries reported a 71 per cent jump in consolidated net profit to Rs 2,331 crore in the October-December quarter in the current fiscal year, against Rs 1,362 crore in the same period a year earlier. The Aditya Birla Group's metal flagship firm said that its total income during the period under review fell to Rs 52,808 crore, from Rs 53,151 crore logged in the third quarter in the 2022-23 fiscal year.
State-owned KIOCL reported on Tuesday a standalone net profit of Rs 39.03 crore for the October-December quarter in the current fiscal year, against a net loss of Rs 33.88 crore for the third quarter in the preceding fiscal year. The firm credited the return to profit on increased revenues. The total revenue for the company stood at Rs 561.16 crore in Q3FY24, up from Rs 307.11 crore in the corresponding period a year earlier.
Japan's Mizuho Bank acquired 15 per cent stake in Credit Saison (CS) India for Rs 1,200 crore, the digital NBFC announced on Tuesday. CS India CEO, Presha Paragash, said that this represents the first investment from an external investor for the firm.
Sterlite Power received funding of Rs 2,400 crore from REC Power Development and Consultancy Ltd (RECPDCL) for the firm’s Beawar transmission project in Rajasthan. As part of the project, the company will build a 350 km, 765 kV transmission corridor to connect the renewable energy area at Fategarh III to a suggested substation at Beawar, reported PTI.
Shares of One97 Communications, the parent company of Paytm, plummeted nearly 8 per cent on Tuesday following RBI Governor Das's announcement that the central bank would not reconsider its action against Paytm Payments Bank, stating that its decisions are thoroughly considered. The company's stock fell by 7.50 per cent to Rs 390.90 per share on the BSE, while on the NSE, it dropped by 7.28 per cent to Rs 391.45 per share. In intra-day trading, the company's shares hit a 52-week low of Rs 385.60 on the NSE and Rs 385.75 on the BSE.
State-owned Coal India's shares surged by 5 per cent on Tuesday following the company's announcement of an increase in its net profit for the December quarter of the current fiscal year. On the NSE, Coal India shares rose by 4.81 per cent to Rs 453.60 each, while on the BSE, the company's stock climbed by 4.72 per cent to Rs 453.50 per share. In an exchange filing on Monday, the company reported a jump of almost 17 per cent in consolidated net profit to Rs 9,069.19 crore for Q3FY24, on a year-on-year (YoY) basis.
India's coal imports surged by 27.2 per cent to 23.35 million tonnes (MT) In December compared to the same month in the previous fiscal year. The coal ministry is targeting to eliminate thermal coal imports by FY26. According to data compiled by Mjunction Services, the country's coal imports stood at 18.35 MT during the corresponding month of the previous fiscal year.
PhysicsWallah, an edtech unicorn, experienced a massive drop of 91 per cent in its profit for the fiscal year ending March 31, 2023. Led by Alakh Pandey, the company's net profit plummeted to Rs 8.9 crore in the financial year 2022-23 (FY23), down from Rs 98.2 crore in FY22, due to an increase in expenses, according to a report by the startup news portal Inc42.
Vedanta Aluminium announced that it launched its e-commerce platform for selling primary aluminium products. The platform will help customers with real time AI-based price discovery, end-to-end visibility of purchase, and just-in-time delivery, the firm's CEO, John Slaven, said in a conversation with PTI. The portal, 'Vedanta Metal Bazaar', has over 750 aluminium products available.
The rupee slipped marginally to 83.01 against the American dollar in early trade on Tuesday after domestic equities exhibited a muted trend. At the interbank foreign exchange, the Indian currency opened at 83 against the US dollar and hit an early high of 82.98 and a low of 83.01 in the morning. In the last trading session on Monday, the domestic unit appreciated 7 paise to settle at 83 against the greenback.
The stock markets reversed the trend on Tuesday morning and traded in green, in an effort to recover the losses from Monday's trading session. As of 10:38 AM, the BSE Sensex stood at 71,427.43, climbing more than 350 points, while the NSE Nifty50 gained nearly 100 points to trade at 21,708.30.
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 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.
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