Business News Highlights: Stock Market Closes, Sensex Settles 350 Points Higher, Nifty At 22,515
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Having maintained its monthly subscription rate at $9.99 for an extended duration, the music streaming firm Spotify initiated a transition last July, augmenting its Spotify Premium service to $10.99. Presently, indications suggest that the music platform is poised for another pricing adjustment, albeit within a notably condensed timeframe. As per reports from news agency Bloomberg, Spotify intends to raise its subscription fee by $1 to $2 in the UK, Australia, Pakistan, and two other markets by the conclusion of April, with intentions to implement a subsequent increase for US customers "later this year."
Read Here: Spotify Is Increasing Prices In These Regions By The End Of This Month
The rupee showed improvement on Thursday, gaining 9 paise to close at 83.44 (provisional) against the US dollar. This was influenced by positive movements in domestic markets and encouraging macroeconomic data. Additionally, the weak US dollar against other major currencies internationally provided further support to the domestic unit. However, the surge in crude oil prices and continuous outflows of foreign funds limited the extent of the rupee's gains, according to forex traders.
In March, the price of a vegetarian thali surged by 7 per cent, mainly due to increased onion, tomato, and potato prices, according to Crisil Market Intelligence and Analysis, an arm of the domestic rating agency. Conversely, a 7 per cent drop in poultry prices resulted in a decrease in the cost of non-vegetarian thali, as stated in Crisil's monthly Roti Rice Rate report.
In a volatile trading session on Thursday, Indian benchmark indices concluded the day with a high. The Sensex ended the day with a gain of 350.81 points or 0.47 per cent, closing at 74,227.63, while the Nifty rose by 80.00 points or 0.36 per cent to settle at 22,514.70. Among the traded stocks, 2342 registered gains, 1361 recorded losses, and 101 remained unchanged.
X, previously known as Twitter, has reportedly made a significant decision by appointing a new head of safety. This appointment arrives during a pivotal moment as the platform experiences significant transformations under the leadership of tech mogul Elon Musk, raising apprehensions among advertisers.
The newly appointed head of safety will supervise content policies and regulations to address these concerns and foster a secure and favourable environment for users and advertisers, as per a Bloomberg report.
Private sector lender HDFC Bank announced on Thursday that its loan portfolio surpassed Rs 25 lakh crore in the fourth quarter ending March 2024. According to a regulatory filing, the bank's gross advances stood at Rs 25.08 lakh crore as of March 31, 2024, marking a significant increase of 55.4 per cent from Rs 16.14 lakh crore recorded as of March 31, 2023.
Avenue Supermarts Ltd, the parent company of retail giant D-Mart, has disclosed a substantial 19.89 per cent surge in its standalone revenue from operations, amounting to Rs 12,393.46 crore for the fourth quarter concluded on March 31, 2024. This notably surpasses its previous revenue from operations of Rs 10,337.12 crore in the corresponding quarter of the last fiscal year, as per the regulatory filing by Avenue Supermarts on Wednesday.
The securitisation volume growth in FY24 decelerated to 4 per cent, reaching Rs 1.88 lakh crore, primarily influenced by the merger of HDFC twins, according to domestic rating agency Icra. This contrasts with the previous fiscal year, FY23, when securitisation volume surged by 33 per cent to Rs 1.80 lakh crore, with mortgage giant HDFC leading the way as the largest originator. Icra's report suggests anticipation of securitisation volumes surpassing Rs 2 lakh crore in FY25, reflecting the resilience and potential of this financial practice.
Vedanta Ltd, a diversified natural resources company, reported a 4 per cent rise in total aluminium production to 598,000 tonnes in the fourth quarter of the financial year 2023-24 compared to the same period last year. According to a BSE filing, Vedanta's aluminium output stood at 574,000 tonnes in the corresponding quarter of FY23.
The market capitalization of Avenue Supermarts, the operator of the DMart supermarket chain, surpassed the Rs 3 lakh crore mark as its shares reached a 52-week high on the stock exchanges during Thursday's mid-session trade. The surge in the company's shares followed the DMart owner's announcement of a significant increase, up to 20 per cent, in its standalone revenue from operations to Rs 12,393.46 crore for the March quarter.
Elara Securities reported that in the fourth quarter of FY24, the demand for FMCG products encountered persistent obstacles, leading to subdued volume growth. Factors like diminished farm income and the emergence of small regional competitors are negatively impacting larger firms. Moreover, a delayed winter is expected to affect seasonal segments like beverages, as the brokerage indicates.
KEC International's shares surged by 14 per cent in Thursday's morning session following the announcement of securing orders worth Rs 816 crore across its diverse business segments. The infrastructure of the EPC major witnessed a substantial rise, with its stock soaring by 13.85 per cent to Rs 829.65 per share on the NSE and by 13.51 per cent to Rs 827 per share on the BSE. During intraday trading, KEC International's stock reached its 52-week high of Rs 838.85 and Rs 838.25 per share on the NSE and BSE, respectively.
Apple users in India received a crucial notification from the government's main security agency, CERT-In. Dated April 2, 2024, the alert is classified as high severity, signifying its significant impact. The security flaw identified affects essential features of Apple devices, encompassing iPhones and Macs. In this article, we will examine the specifics of this vulnerability, outline the impacted devices, and offer advice on safeguarding your iPhone to minimise potential risks.
Scrut Automation, an RC platform, said on Thursday that it has secured a $10 million growth capital infusion from its current backers, Lightspeed, MassMutual Ventures, and Endiya Partners. The funding will be allocated towards bolstering platform capabilities, integrating generative AI applications to streamline risk and compliance procedures, and extending operations into North American and European territories.
In early trading on Thursday, the rupee showed a recovery, gaining 11 paise to reach 83.42 against the US dollar. Positive movements in domestic stock markets buoyed this uptick. However, according to forex traders, sentiments were weighed down by high crude oil prices and continuous outflows of foreign funds. Additionally, traders noted cautiousness among market participants ahead of the Reserve Bank's rate-setting panel decision expected on Friday.
Mercedes-Benz Korea, Stellantis Korea, along with Honda Motor and Jaguar Land-Rover Korea, will be recalling over 50,000 vehicles due to defective components, as announced by the Transport Ministry on Thursday. The recall encompasses a total of 62 different models, involving 50,760 units, according to statements from the Ministry of Land, Infrastructure, and Transport reported by Yonhap news agency.
Indian stock indices commenced trading on Thursday at a record high, with the Nifty hovering around the 22,600 mark. At 9.25 am, Sensex was up 376 points, or 0.51 per cent, at 74,252.81. Meanwhile, Nifty was up 104.10 points, or 0.46 per cent, at 22,538.75.
Jindal Stainless announced its decision on Wednesday to sell off its entire 26 per cent stake in Jindal Coke by September 2024. In the initial phase, the company has sold 4.87 per cent of its shares in Jindal Coke for a sum exceeding Rs 36.49 crore. These shares were acquired by JSL Overseas at the same price, as stated in a regulatory filing.
The initial public offering (IPO) of Bharti Hexacom saw a slow response from investors, with only 34 per cent subscription on the first day of bidding. This marks the first public issue of the fiscal year 2024-25. As per NSE data, the IPO of Bharti Hexacom garnered bids for 1,41,08,328 shares against the 4,12,50,000 shares on offer.
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The benchmark Sensex and Nifty indices are anticipated to commence trading on a positive trajectory on Thursday, according to experts, as indications from the GIFT Nifty suggest a higher opening for the broader index.
In the previous trading session on Wednesday, the Indian market experienced a flat closure amidst heightened volatility and profit booking in some auto and banking stocks. The Sensex concluded with a marginal decline of 27.09 points, equivalent to 0.04 per cent, settling at 73,876.82. Similarly, the Nifty registered a slight downturn of 18.6 points, or 0.08 per cent, ending at 22,434.70.
Furthermost, on Wednesday, Forbes released its highly awaited annual compilation of the world's billionaires, revealing a remarkable surge with the addition of 141 new billionaires compared to the previous year. The global tally now boasts an astonishing 2,781 individuals who hold billionaire status.
The collective wealth of these affluent individuals has skyrocketed to unprecedented levels, reaching $14.2 trillion. This represents a substantial increase of $2 trillion from the figures reported in 2023. Additionally, the induction of 26 new members into the billionaire cohort has contributed to a noteworthy surge in the combined net worth, which now stands at $1.1 trillion.
India intends to establish its inaugural commercial crude oil strategic storage to bolster reserves as a safeguard against potential supply disruptions. The Indian Strategic Petroleum Reserves Ltd (ISPRL), a dedicated entity established by the government to construct and manage strategic petroleum reserves nationwide, has issued a call for bids for the development of a 2.5 million tonne underground storage facility in Padur, Karnataka, as outlined in the tender document.
In the initial stage, ISPRL constructed underground storage spaces in rocky caverns to store crude oil. These storage areas, totalling 5.33 million tonnes, are located at three sites: Visakhapatnam in Andhra Pradesh (1.33 million tonnes), Mangalore in Karnataka (1.5 million tonnes), and Padur in Karnataka (2.5 million tonnes).
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