Business News Highlights: Stock Market Ends Lower, Sensex Settles Above 71K, Nifty Closes Over 21,600
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world
GlaxoSmithKline Pharmaceuticals reported a 72 per cent plunge in net profit in the third quarter of the current fiscal year on Monday. The pharma company's net profit stood at Rs 46 crore in the October-December quarter in the 2023-24 fiscal year, dropping from Rs 165 crore logged in the same quarter a year earlier.
Industrial production in India increased 3.8 per cent in December 2023, official data from the National Statistical Office revealed on Monday. Comparatively, the factory output saw a growth of 5.1 per cent in the same month a year earlier. Industrial production is measured by factory output in terms of the Index of Industrial Production (IIP). The manufacturing sector in the country saw output climb by 3.9 per cent in December 2023, higher than 3.6 per cent in December 2022.
India's retail inflation improved to 5.10 per cent in January, against 5.69 per cent in December, official data from the National Statistical Office revealed on Monday. The inflation numbers marked the lowest level seen in three months. The food and beverage inflation stood at 8.3 per cent in January, against 8.70 per cent in the preceding month.
To Read More, click HERE
Bharat Forge reported a 31 per cent jump in its profit after tax in the October-December quarter in the current fiscal year. The auto components major logged a profit of Rs 378 crore in Q3FY24, against Rs 289 crore in the third quarter of the preceding fiscal year. The total revenue of the firm increased to Rs 2,263 crore in the quarter under review, from Rs 1,952 crore logged in the same period a year earlier.
Elon Musk revealed his ambitious plan to settle humans on Mars in the near future via a social media post on Sunday. The billionaire said that he plans to ferry 1 million people to Mars.
To Read More about this, click HERE
India's vegetable oil imports slipped by 28 per cent to touch 12 lakh tonne in January, against 16.61 lakh tonne imported in the same month a year earlier, the Solvent Extractors Association of India (SEA) revealed on Monday. Notably, India is one of the leading vegetable oil importers globally. During the first quarter, from November to January, of the current oil year, total imports declined 23 per cent to 36.73 lakh tonne, against 47.73 lakh tonne imported during the first quarter of the preceding oil year.
The rupee appreciated 7 paise to settle at 83 (provisional) against the US dollar on Monday, due to a soft American dollar and easing crude oil prices. Forex traders noted that weak domestic equities and foreign fund outflows restricted the gains. At the interbank foreign exchange market, the domestic currency opened at 83.01 against the American unit, hit an intra-day high of 82.98 and a low of 83.02, before settling at 83. In the last trading session on Friday, the Indian rupee closed at 83.07 against the greenback.
NHPC reported a 19 per cent decline in the consolidated net profit in the third quarter financial results in the current fiscal year. The state-owned energy producer logged a net profit of Rs 628.44 crore in Q3FY24, against Rs 775.99 crore in the same quarter a year earlier. The firm’s total income slipped to Rs 2,549.69 crore in the October-December quarter in FY24, against Rs 2,691.34 crore in the corresponding quarter in the 2022-23 fiscal year.
The stock markets traded in positive territory early on Monday morning, however, erased all gains throughout the day and ended trading in negative territory. The BSE Sensex ended over 500 points lower and managed to close above the 71,000 level at 71,072.49, while the NSE Nifty50 settled more than 150 points down at 21,616.05.
Trust Fintech said on Monday that it submitted the draft papers with the NSE Emerge to garner funds via an initial public offering (IPO), including a fresh issue of 62.82 lakh equity shares for a face value of Rs 10 per share.
Navi Finserv said on Monday that it aims to raise about Rs 600 crore via the issuance of Non-Convertible Debentures (NCDs) to help facilitate business growth. The firm informed via a statement that the total issue size would include a green shoe option of up to Rs 300 crore and will be open for subscription from February 26, 2024, reported PTI.
India’s Unified Payment Interface (UPI) services were launched in Sri Lanka and Mauritius on Monday in a virtual ceremony, attended by PM Narendra Modi along with the leaders from the two countries.
SpiceJet is planning to let go of at least 1,000 employees to cut operational costs and manage the financial issues plaguing the carrier better, media agencies reported on Monday citing sources. The airline is looking to slash its workforce by 10 to 15 per cent.
To Read More, Click HERE
Vedanta is regularly working towards completing the demerger of its key businesses, like aluminium into individual listed entities, and the whole process is expected to be completed in the next 9 to 12 months, John Slaven, Vedanta’s aluminium business’ CEO told PTI in an interview.
Notably, the establishment of separate, listed companies via the demerger of the metal, power, aluminium, and oil and gas verticals of the firm was announced by the group owner, Anil Agarwal, last year.
Yatharth Hospital and Trauma Care Services said on Monday that it has bought Faridabad-based Asian Fidelis Hospital for Rs 116 crore, in order to expand its presence in the North Indian region, the healthcare provider informed via a statement.
Signature Global plans to develop a housing project on a 20-acre land in Gurugram and has entered into a Joint Development Agreement (JDA) for the same. The project will generate a potential revenue of Rs 4,500 crore.
The Indian rupee appreciated 8 paise to touch 82.99 against the US dollar in early trade on Monday, owing to a weak American currency in the global market. At the interbank foreign exchange market, the domestic unit opened at 83.01, and then hit 82.99 against the American dollar, marking an improvement of 8 paise over the previous close. In the last trading session on Friday, the rupee closed at 83.07 against the greenback.
The stock market erased the gains from early trade and inched downwards as the session progressed. As of 10:38 AM, the BSE Sensex stood over 300 points lower and inched closer to the 71,000 mark at 71,271.60. On the other hand, the NSE Nifty50 was trading more than 100 points lower at 21,677.65.
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.
Sensex climbs 52.48 points to 71,647.97 in early trade; Nifty up 30.70 points to 21,813.20
The stock markets opened the week in positive territory. The two key equity benchmarks, Sensex and Nifty, climbed marginally in morning trade. The BSE Sensex climbed 52.48 points to touch 71,647.97 in early trade, while the NSE Nifty50 traded higher by 30 points at 21,813.20.
As of 10:18 AM, however, the markets traded in red. The Sensex stood lower by over 200 points, and fell below the 71,500 mark to 71,382.67, while the Nifty slipped almost 100 points to touch 21,698.60.
Official data from the depositories showed that Foreign Portfolio Investors (FPIs) continued to stay bullish on the debt markets in India and infused Rs 15,093 crore in February, till Friday. The equities, however, saw an outflow of more than Rs 3,000 crore during the first nine days of the month. Before this, January saw an inflow of Rs 19,836 crore in the debt markets, reflecting the highest monthly influx of funds seen since June 2017. The investors withdrew Rs 25,743 crore from Indian equities in January.
In the last trading session on Friday, the two key equity benchmarks, Sensex and Nifty, closed in the positive territory after trading without much gains amid volatility. The S&P BSE Sensex climbed 167 points to close at 71,595, while, the NSE Nifty50 settled marginally higher at 21,783, up by 65 points.
ONGC reported its third-quarter financial results on Saturday and logged a fall of 13.6 per cent in net profit on a year-on-year (YoY) basis. The net profit of the firm stood at Rs 9,535.67 crore in the October-December quarter in the current fiscal year, against Rs 11,044.73 crore reported in the corresponding quarter a year earlier.
The revenue of the gas distribution company also fell by 10 per cent to Rs 34,788.07 crore in Q3FY24, against Rs 38,583.29 crore in the third quarter of the 2022-23 fiscal year. The public company also announced a second interim dividend of 80 per cent for the shareholders.
The last leg of Q3 earnings is expected to be released in the week. Coal India, GE Power India, NHPC, Steel Authority of India, Zee Media Corporation, Bosch, Coffee Day Enterprises, Hindalco Industries, IRCTC, Siemens, and Senco Gold are some of the big names set to announce their financial results.
- - - - - - - - - Advertisement - - - - - - - - -