Business News Highlights: Stock Markets Close, Sensex Climbs Over 600 Points, Nifty Settles At 21,725
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world
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The stock markets on Wednesday took cues from the upcoming Budget and attempted a recovery rally. After opening, the markets continued to trade in a positive trajectory, ahead of the President’s address in the Budget session. As of 10:09 AM, the Sensex was trading higher by over 200 points at 71,404.58, while the Nifty50 gained more than 50 points and stood at 21,590.85.
In the last trading session on Tuesday, the two key equity benchmarks, Sensex and Nifty, fell again amid profit booking in some stocks. The S&P BSE Sensex tumbled 802 points to close at 71,139. On the other hand, NSE Nifty50 declined 216 points to end at 21,522.
Among major macroeconomic announcements lined up for the week is the Interim Budget set to be released on February 1 by Finance Minister Nirmala Sitharaman. While the budget being an interim one is not expected to bring in big changes, analysts anticipate some policy revisions keeping in mind the populist view. President Droupadi Murmu will begin the Budget session and address the Parliament in a joint sitting of Lok Sabha and Rajya Sabha.
Among the major company earnings to be released today include Adani Wilmar, Bank of Baroda, Dabur India, Ambuja Cements, Godrej Consumer Products, Mankind Pharma, IDFC, Maruti Suzuki India, Punjab & Sind Bank, and PVR Inox, among others.
The Government of India on Monday announced a revision to the pension rules. The govt amended the long-standing established pension rule, thereby, allowing female employees to nominate their son or daughter for a family pension instead of opting for their spouse. This decision was taken in an attempt to empower women in India.
Union Minister of State for Personnel, Dr Jitendra Singh, said, “The Department of Pensions and Pensioners' Welfare (DoP&PW) has introduced an amendment to the CCS (Pension) Rules, 2021, allowing female government employees or pensioners to grant family pension to their eligible child/children after their own demise, instead of their spouse.”
Mankind Pharma Q3: Net Profit Jumps 55% To Rs 460 Crore
Mankind Pharma on Wednesday reported a 55 per cent jump in its consolidated net profit to Rs 460 crore for the third quarter ended December 2023. in the current fiscal year. The company logged a net profit of Rs 296 crore in the corresponding quarter in the preceding fiscal. The revenue from operations climbed to Rs 2,607 crore in the period under review from Rs 2,091 crore in the year-ago period, the firm revealed in a regulatory filing.
Key Infra Sectors' Growth Hits 14-Month Low At 3.8% In Dec 2023
Eight major infrastructure sectors logged a dampening in growth to a 14-month low of 3.8 per cent in December 2023, owing to poor performance of sectors such as crude oil, electricity, steel, and cement, official data released on Wednesday stated. The core sectors, like coal, crude oil, natural gas, refinery products, fertiliser, steel, cement, and electricity, registered growth in November at 7.9 per cent, while the growth in December 2022 stood at 8.3 per cent.
I-T Department Says E-Filing Portal To Stay Closed Over Weekend
The Income Tax Department announced on Wednesday that services for taxpayers on the e-filing portal will remain suspended between February 3 and early February 5 owing to scheduled maintenance. “Taxpayer services on the e-filing portal will be restricted from 2 pm on Saturday to 6 am on Monday due to scheduled maintenance activity, involving technical upgradation of the system,," the I-T department said in a post on X (formerly known as Twitter).
The department also requested taxpayers to plan their activities accordingly.
Fiscal Deficit Reaches 55% Of Annual Budget Target By Dec 2023
The Union government's fiscal deficit touched Rs 9.82 lakh crore or 55 per cent of the annual budget target at the end of December of 2023, according to data released by the Controller General of Accounts (CGA) on Wednesday. In the corresponding period last year, the deficit was recorded at 59.8 per cent of the budget estimates for the fiscal 2022-23. The government estimated the fiscal deficit for the 2023-24 fiscal year to be at Rs 17.86 lakh crore or 5.9 per cent of the GDP.
PVR INOX Q3 Result: Net Profit Rises To Rs 12.8 Crore
Cinema exhibitor PVR INOX on Wednesday reported a consolidated net profit of Rs 12.8 crore in the third quarter of the fiscal year 2023-24, against Rs 165 crore logged in the same period a year ago, according to the company’s regulatory filing.
Its revenue from operations stood at Rs 1,545.9 crore in the reviewing quarter, against Rs 940 crore recorded in the corresponding period in the preceding fiscal year.
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