Business News Highlights: Stock Markets Close Lower Amidst Volatility
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The stock markets in the last week responded positively to the Budget 2024 announcements after exhibiting volatility on the session day itself. For the week, investors will be keenly awaiting the Reserve Bank of India (RBI)’s monetary policy meeting to start on Tuesday.
The regulator will be holding its bi-monthly Monetary Policy Committee (MPC) meeting for three days and announce its interest rate decision on Thursday.
The meeting will be chaired by the RBI Governor Shaktikanta Das. The committee is made up of a panel of six members, including three external members and three officials from the regulator.
The banking regulator has maintained a pause on the repo rate at 6.5 per cent since February 2023. This meeting will mark the last one for the committee for the current financial year. It is largely expected that the central bank will continue a hold on the rates after the US Federal Reserve kept its key interest rates unchanged for the fourth consecutive meeting, held on January 30-31, 2024.
Further, among global macroeconomic data, the S&P Global Services PMI and Composite PMI numbers for the US for January will be released today. The HSBC Services and Composite PMI data for India for January is also scheduled to be announced today.
Among the major earnings expected on Monday include, Bharti Airtel, Ashok Leyland, Bajaj Consumer Care, Ideaforge Technology, Tata Chemicals, Sun Pharma Advanced Research Company, Taj GVK Hotels & Resorts, and TVS Supply Chain Solutions.
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.
Recyclekaro Signs An MoU With BARC For Copper Oxide Nanoparticles Production From e-Waste
Recyclekaro, one of the leading e-waste and lithium-ion battery recycling firms in India, has entered into a Memorandum of Understanding (MoU) with Bhabha Atomic Research Centre (BARC), India's foremost nuclear research institution. The collaboration aims to utilise/leverage BARC's advanced technology for the extraction of high-purity copper oxide nanoparticles from depopulated printed circuit boards (PCBs). The produced copper oxide nanoparticles hold immense potential as a catalyst for various industrial processes, antibacterial coatings for medical and electronic devices and sensors, as well as conductive inks and water purification. Beyond the evident environmental advantages, this strategic move is poised to create a positive socio-economic impact by generating employment opportunities throughout the PCB recycling process, from collection and transportation to processing and manufacturing of recycled materials.
Stock Market Closes: Sensex Settles 350 Points Lower, Nifty Ends Below 21,800
The stock markets exhibited volatility on Monday in anticipation of the RBI monetary policy meeting, set to begin on Tuesday. After opening in green, the equity benchmark indices traded marginally higher, before slipping in afternoon trade and settling the session in red. The BSE Sensex closed over 350 points lower and stood at 71,731.42 as markets shut down for the day, while the NSE Nifty 50 settled lower by almost 100 points at 21,771.70.
Coal Production In India Increases 10% In Jan
India's coal production increased 10.3 per cent to touch 99.73 million tonne (MT) in January, against the output of 90.42 MT recorded in the same month in the last fiscal year, the coal ministry revealed. The coal output for the April-January period in the 2023-24 fiscal year stood at 784.11 MT, as compared to 698.99 MT on a year-on-year (YoY) basis, reported PTI.
Titagarh Rail Systems Q3: Net Profit Soars 91% To Rs 75 Crore
Titagarh Rail Systems Ltd reported on Monday a 91.3 per cent jump in its profit after tax for the December quarter in the current fiscal year to Rs 75.03 crore, against Rs 39.22 crore logged in the third quarter of the preceding fiscal year. The net revenues of the firm stood at Rs 954.68 crore in Q3FY24, up from Rs 766.4 crore in the corresponding period a year earlier.
Alpex Solar IPO To Debut On Feb 8, Sets Price Band At Rs 109 To Rs 115 Per Share
Alpex Solar Ltd announced the price band of Rs 109-115 per share for its initial public offering (IPO) worth Rs 75 crore. The solar energy solutions provider informed that the issue will be open for subscription from February 8-12, 2024. The maiden offering includes a fresh issue of 64.8 lakh equity shares, reported PTI.
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