Business News Live: Stock Market Closes In Red; Sensex Tanks 793 Points, Nifty Below 22,550
Business News Live: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world
One in four women employees experience inconsistencies in areas such as recognition, fair pay, and workplace equity in the banking, financial services, and insurance (BFSI) sector, according to a report released on Friday. Great Place To Work India's report highlighted that gender disparities persist despite generally positive sentiments within the BFSI sector, emphasising the necessity for targeted actions to advance diversity and inclusion.
Tata Consultancy Services (TCS) reported a 9 per cent jump in net profit to Rs 12,434 Crore for the fourth quarter of the current financial year. The firm earned Rs 11,392 crore in the same period in FY23.
The Indian stock market indices concluded the session on a downtrend on Friday, with Nifty hovering around 22,500, driven by selling pressure across various sectors. By the time of closing, the Sensex tanked by 793.25 points or 1.06 per cent to 74,244.90, while the Nifty dropped by 234.40 points or 1.03 per cent to 22,519.40.
The market size of the Indian real estate sector has surged by 73 per cent since 2015, reaching $482 billion, led by robust economic growth and increased demand for residential and commercial properties, according to a report by CII-Knight Frank released on Friday. The report forecasts that the market size is anticipated to soar to $1,487 billion (or $1.48 trillion) by the year 2034.
Passenger vehicle (PV) wholesales in India jumped by 8.4 per cent year-on-year to 42,18,746 units in financial year 2023-24, industry body SIAM said on Friday. The overall passenger vehicle dispatches stood at 38,90,114 units in fiscal year 2022-23.
Two-wheeler sales were up 13.3 per cent last fiscal at 1,79,74,365 units, as compared to 1,58,62,771 units in the financial year 2022-23. Vehicle sales across categories rose by 12.5 per cent to 2,38,53,463 units in the period under review, as against 2,12,04,846 units in fiscal year 2022-23.
The National Company Law Appellate Tribunal (NCLAT) has halted insolvency proceedings against Deccan Charters, owned by Captain GR Gopinath, until April 26, 2024, the date of its next hearing. This decision comes after the Bengaluru bench of the National Company Law Tribunal ordered the initiation of a Corporate Insolvency Resolution Process (CIRP) based on a petition by financial creditor Krone Finstock, alleging a default of approximately Rs 10 crore.
Sun Pharma's shares dipped over 3 per cent on Friday following the US FDA's classification of an official action-indicated inspection for the company's Dadra facility. Sun Pharma reported that the US FDA conducted an inspection at the Dadra facility from December 4, 2023, to December 15, 2023. “We will work with the regulator to achieve fully compliant status. This is for your information and dissemination,” Sun Pharma said.
Elon Musk, CEO of Tesla, criticised Meta, saying that Meta doesn't provide accurate advertisement metrics, whereas his platform, X, offers better returns than the social media giant. Responding to a follower's comment affirming X's superior returns and accusing Meta of lying about their ad metrics, Musk agreed, stating, "True." "Our advertising relevance has greatly improved,” said Musk.
Bharti Airtel's subsidiary, Bharti Hexacom's shares, debuted on the stock market with a premium of over 32 per cent compared to the issue price of Rs 570. The stock started trading session at Rs 755.20 on the BSE, with a gain of 32.49 per cent from the issue price. Later in the session, it surged by 44.68 per cent to Rs 824.70. On the NSE, the stock appeared at Rs 755, showing a 32.45 per cent increase.
The rupee weakened by 7 paise to reach 83.38 against the US dollar in early trade on Friday, influenced by a downward trend in domestic equities and higher crude oil prices. Forex traders attributed this to the strength of the American currency in international markets, which negatively impacted investor sentiment. At the interbank foreign exchange, the rupee started trading at 83.36 against the dollar and dipped to a low of 83.38, marking a decline of 7 paise compared to its previous close.
Metropolis Healthcare recorded a 10 per cent YoY jump in overall revenue for the fourth quarter of fiscal 2023-24. The core business revenue experienced a YoY growth of 15 per cent, primarily fueled by an approximately 8 per cent increase in volume and a 7 per cent rise in RPP (Revenue per Procedure) for the quarter. The growth in RPP was predominantly influenced by expansion in the speciality tests segment, premium wellness segment, and price adjustments.
OpenAI announced on Friday that it has enhanced its AI chatbot, ChatGPT, making it more concise and direct. The company revealed on the social media platform X that its latest GPT-4 Turbo model is accessible to ChatGPT users with paid subscriptions. "We've upgraded functionalities in writing, math, logical reasoning, and coding," the company said.
Background
Business News Live: 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 latest trends on the GIFT Nifty suggest a not so favourable opening for the broader index in India on Friday, with a rise of 112 points or 0.50 per cent. Nifty futures were observed trading near the 22,667.50 level.
As the stock market was closed on Thursday on the occasion of Eid, the last trading session was on Wednesday. At the close of the trading day on Wednesday, both the key equity indices, Sensex and Nifty, remained in the green, as the stock market primarily traded within a limited range. The S&P BSE Sensex rose by 345 points, reaching 75,038. Similarly, the NSE Nifty50 ended the session at 22,754, logging a gain of 111 points.
Furthermore, Uday Kotak, the founder and non-executive director of Kotak Mahindra Bank, raised concerns about the possibility of prolonged elevated interest rates globally, including in India. In a statement posted on the social media platform X, Kotak pointed to the recent uptick in US inflation, rising oil prices, and the US Federal Reserve's decision to defer rate reductions as factors with potential global repercussions. His remarks also reflected apprehensions about China's economic condition, suggesting a potential economic downturn could add to global instability.
“US inflation is higher than expected. Postpones US rate cuts to later, closer to US Presidential elections, if at all. Brent oil now $90. Will keep rates higher for longer worldwide including India. Only wild card: China imploding economically. Get ready for global turbulence,” he said.
In addition, in a communication to employees, Vistara Chief Executive Officer (CEO) Vinod Kannan acknowledged the difficulties faced by the airline and said, "It has been a challenging start to the new financial year. As you are no doubt aware, we faced significant operational disruption from March 31 to April 2. The anxiety and frustration felt by our customers was matched in even measure to the pain that all of us felt in seeing our much-loved brand drawing negative commentary from various quarters."
Kannan showed optimism, stating that the airline has overcome its most challenging period, highlighting an improvement in on-time performance to 89 per cent on April 9.
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