Business News Highlights: Investors Keenly Observe Quarterly Results, Await RBI MPC Meet
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world
Money laundering concerns and questionable transactions involving hundreds of crores of rupees between the well-known Paytm wallet and its less prominent banking arm have prompted the Reserve Bank of India to take action against entities overseen by tech entrepreneur Vijay Shekhar Sharma, according to a news agency PTI report.
Online cab servicing platform Uber announced on Saturday that its eco-friendly, global electric vehicle (EV) service ‘Uber Green’ is now available in the national capital. Riders using the service will now see an ‘Uber Green’ option when they open the Uber app to book any rides.
The Department for Promotion of Industry and Internal Trade introduced ticketing services for Chennai Metro on the Open Network for Digital Commerce (ONDC) platform on Friday. Chennai Metro Rail has become the first-ever metro service accessible through the ONDC network.
Reliance Power on Saturday reported an increase in its consolidated net loss of Rs 1,136.75 crore during the quarter ended December in the fiscal year 2023-24 because of increased expenses. The firm posted a net loss of Rs 291.54 crore during the same period of the financial year 2022-23, the company said in an exchange filing.
The government has issued an alert to the users of Apple products in the country concerning potential data breaches and cyber threats. The Computer Emergency Response Team (CERT), a cybersecurity agency, highlighted that users of iPhones and MacBooks are at the highest risk of exploitation by hackers due to specific vulnerabilities. This poses a potential threat as hackers can readily access sensitive information and circumvent security restrictions.
The State Bank of India (SBI) reported a 35 per cent decrease in standalone net profit, amounting to Rs 9,164 crore for the December quarter of the financial year 2023-24. In the corresponding period of the previous fiscal year, the country's largest lender had registered a net profit of Rs 14,205 crore, the company said on Saturday.
The iPhone maker has reportedly disclosed that the firm has no plans to obtain a license for Masimo's blood oxygen monitoring technology, thereby resisting the ban on the import of Apple watches. This update came from the company amid news of being involved in a patent dispute with the medical technology firm Masimo.
Business services provider firm Quess Corp reported a 27.23 per cent decline in consolidated net profit at Rs 63.88 crore during the third quarter of the financial year 2023-24. The company's net profit stood at Rs 87.79 crore during the same period of the last fiscal year, the firm said in a regulatory filing on Friday.
Sundram Fasteners announced a standalone net profit of Rs 116.19 crore for the October-December quarter of the fiscal year 2023-24. This marks an increase from the standalone net profit of Rs 106.13 crore reported in the corresponding quarter of the previous year. For the nine-month period ending December 31, 2023, the company’s standalone net profits amounted to Rs 346.65 crore, slightly lower than the Rs 347.99 crore recorded a year ago.
Elon Musk’s Tesla is recalling over two million vehicles, comprising nearly all cars sold in the US. This recall is due to an incorrect font size on warning lights. As outlined in a recall notice submitted to the US National Highway Traffic Safety Administration, the recall encompasses almost 2.2 million vehicles, spanning various Tesla EV models such as Model S, Model X, 2017-2023 Model 3, Model Y, and 2024 Cybertruck vehicles.
Sundaram Home Finance, the subsidiary of Sundaram Finance, has reported an 18 per cent jump in net profit at Rs 62.28 crore for the October-December quarter for the financial year 2023-24. The company registered a net profit of Rs 52.57 crore during the same period in FY23.
Realty firm Signature Global reported a consolidated net profit of Rs 2.17 crore in the December quarter of financial year 2023-24 on higher income. The firm posted a net loss of Rs 44.89 crore in the same period of the previous year.
The company’s total income increased to Rs 301.75 crore in Q3FY24 from Rs 191.78 crore in the corresponding period of the previous year, according to a company’s regulatory filing on Friday.
The Brihanmumbai Municipal Corporation (BMC) on Friday updated its property tax collection target for the financial year 2023-24, reducing it from Rs 6,000 crore to Rs 4,500 crore. Additionally, the municipal body unveiled a budget of Rs 59,954.75 crore for the fiscal year 2024-25.
LIC Housing Finance on Friday announced a profit surge of over two-fold reaching Rs 1,163 crore in the December quarter of the financial year 2023-24. This marked a substantial increase from the net profit of Rs 480 crore recorded in the corresponding quarter of the previous year.
The company's total income rose to Rs 6,792 crore during the quarter under review, compared to Rs 5,876 crore in the same period last year, the mortgage lender said in a regulatory filing.
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 Sensex and Nifty, the benchmark equity indices, closed in positive territory on Friday, influenced by favourable global signals following the interim Budget presented on February 1. The S&P BSE Sensex concluded the day with a gain of 440 points, reaching 72,086. Meanwhile, the NSE Nifty50 achieved a new peak at 22,127 and ultimately settled at 21,854, marking a rise of 156 points.
"The bull market at Dalal Street is thriving, fuelled by positive developments such as Wall Street's surge, a 3 per cent drop in WTI oil prices, and the promising interim Union Budget," said Prashanth Tapse, senior VP (Research), Mehta Equities Ltd.
On Friday, Revenue Secretary Sanjay Malhotra stated that the government expects the average monthly GST collections for the upcoming fiscal year to rise to nearly Rs 1.85 lakh crore, compared to this year's collection of approximately Rs 1.66 lakh crore.
Nitin Gupta, the Chief of the Central Board of Direct Taxes (CBDT), revealed on Friday that the Income Tax department has collected close to Rs 4,600 crore in taxes through 56 lakh updated Income Tax returns submitted by taxpayers in the last two years.
“We are continuously improving the services and creating litigation free environment. We have come out with a facility for updation of return. 56 lakh updated returns updated and garnered around Rs 4,600 crore taxes from that,” said Gupta in a post-Budget media interaction.
Reliance Power, State Bank of India, IBL Finance and more companies are expected to announce results for their third quarter for the financial year 2023-24 over the weekend. In addition, the Reserve Bank of India (RBI) is scheduled to have its Monetary Policy Committee (MPC) meeting in the upcoming week.
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