Business News Highlights: Stock Markets End Higher, Sensex Over 71,900, Nifty At 21,737
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world.
Telecom operator Vodafone Idea (VIL) reported a narrowing in losses to Rs 6,986 crore in the third quarter financial results for the ongoing fiscal year on Monday. Comparatively, the losses remained at Rs 7,990 crore a year earlier, the firm revealed in a regulatory filing. Revenue from operations for the ailing telecom company stood at Rs 10,673.1 crore, almost flat against the corresponding peroid a year earlier.
India's gold imports climbed 26.7 per cent to touch $35.95 billion during the April-December period in the ongoing fiscal year, on healthy demand, government data revealed. Comparatively, the imports stood at $28.4 billion during the corresponding period a year earlier. Data released by the commerce ministry revealed that the imports of precious metals jumped 156.5 per cent to $3 billion in December 2023.
The Trust Board of Tirumala Tirupati Devasthanams (TTD) approved a budget estimate of Rs 5,142 crore for the upcoming fiscal year on Monday. The board is the official custodian of Sri Venkateswara Temple in Tirupati. The budget remained slightly higher than Rs 5,123 crore authorised for the 2023-24 fiscal year, and it was approved in a board meeting chaired by TTD Chairman B Karunakara Reddy, reported PTI.
State-owned gas utility company, GAIL India Ltd, reported a 10-fold climb in the net profit in its third quarter financial results released on Monday. The public entity attributed the growth in the business to strong performance across all segments from gas transportation to marketing and petrochemicals. The standalone profit of the company stood at Rs 2,842.62 crore in the October to December quarter in the ongoing 2023-24 fiscal year, against Rs 245.73 crore logged in the corresponding period a year earlier, the firm said in a statement. The net profit also stood higher against Rs 2,404.89 crore seen in the preceding quarter, reported PTI. The firm also announced an interim dividend of 55 per cent for the current fiscal year of Rs 5.50 per equity share.
The Indian rupee depreciated 3 paise to close at 83.14 (provisional) against the US dollar on Monday, owing to increasing crude oil prices in international markets, while the dollar demand from importers impacted investor sentiments. Forex traders noted that the domestic unit traded in a narrow range after the support from positive domestic equities was negated by consistent foreign fund outflows. At the interbank foreign exchange market, the rupee opened at 83.14 against the US dollar, touched an intraday high of 83.13 and a low of 83.15, before settling at 83.14 (provisional) against the greenback. In the previous trading session on Thursday, the domestic unit closed at 83.11 against the American currency, appreciating 1 paisa.
The stock markets closed the trading session on Monday on a high, after rallying the whole day to recover the losses of the last week. This rally comes ahead of the Interim Budget scheduled to be released on February 1, 2024. The two key equity benchmarks settled on a high note as markets closed. The BSE Sensex soared over 1200 points and settled at 71,941.57, closer to the 72,000 mark, while the NSE Nifty50 gained almost 400 points and ended trading above the 21,700 mark at 21,737.60.
Electronics major Samsung plans to begin manufacturing laptops in India at its Noida factory this year, a senior official with the firm said on Monday. Addressing the media in Gurugram, Samsung Electronics President and Head of Mobile eXperience (MX) Business, T M Roh, said, "We will start manufacturing laptops this year at the Noida factory. Preparations are already underway."
Reliance Industries saw its share rally strong in the stock market today. As of 2:26 PM, the company's stock gained over 7 per cent and was trading at Rs 2,900.95 apiece. The market capitalisation of the firm stood at Rs 19,64,044.70 crore.
The global corporate funding in the solar sector increased 42 per cent to touch $34.3 billion in 2023, helped by favourable policies globally and a focus on energy security, a study by Mercom Capital revealed. The funding figure stood the highest in a decade, the 'Mercom Annual and Q4 2023 Solar Funding' report revealed on Monday. The total corporate funding included venture capital funding (VC), public market, and debt financing.
The government called for a meeting of floor leaders of different parties in the Parliament on Tuesday, ahead of the Budget session in the week. The session will be a short one this time between January 31 and February 9, with the Finance Minister Nirmala Sitharaman scheduled to present the Interim Budget ahead of the Lok Sabha elections, reported PTI. The session will start with President Droupadi Murmu's address. The session is a typical customary practice, conducted ahead of every session, where leaders from different parties highlight the issues they want to raise in Parliament and the government provides a look into the agenda and seeks their cooperation.
SpiceJet informed its senior staff in an internal note on Monday that the airline has a substantial bank balance of over Rs 900 crore, including Rs 160 crore that it received as an installment under the government's Emergency Credit Line Guarantee Scheme (ECLGS). The airline intends to focus on upgrading its fleet and engage in cost-cutting measures, reported PTI.
The stock markets are attempting a strong rally to recover from the shocks of the previous week. As of 10:40 AM, the S&P BSE Sensex climbed more than 800 points to stand at 71,516.55, while the NSE Nifty50 was trading at 21,610.45, after gaining over 250 points.
The Indian rupee depreciated 4 paise to touch 83.15 against the US dollar in the morning session on Monday, as crude oil prices surged and dollar demand from importers remained elevated. Forex traders noted that the domestic unit is trading in a narrow range owing to the support from domestic equities, however, it was negated by foreign fund outflows.
At the interbank foreign exchange, the Indian currency opened at 83.14 against the American dollar, and then fell to 83.15, marking a fall of 4 paise from the previous close. In the last trading session on Thursday, the domestic unit appreciated 1 paisa to settle at 83.11 against the greenback.
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 jumps 503.47 points to 71,204.14 points in early trade; Nifty climbs 178.55 points to 21,531.15 points
The stock markets opened Monday with a strong rally. In early trade, the BSE Sensex climbed over 500 points to cross the 71,000 mark and touched 71,204.14, while the NSE jumped nearly 200 points to cross 21,500 and reached 21,531.15 in the morning.
After opening, the markets continued to trade in an upward trajectory. As of 10:08 AM, the Sensex was trading higher by over 600 points at 71,366.99, while the Nifty50 gained over 200 points and stood at 21,563.45.
In the last trading session on Thursday, the markets attempted a recovery and closed in the red amid profit booking in large and mid-cap stocks and monthly F&O expiry. The S&P BSE Sensex lost 360 points to close at 70,701. On the other hand, the NSE Nifty50 settled at 21,353, down 101 points. The two indices hit intra-day lows of 70,319 and 21,247, respectively.
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.
Additionally, the US Fed is going to review the interest rate policy in the Federal Open Market Committee meeting, scheduled for January 30 and 31. Markets would be looking out for the quarterly earnings set to be released in the week by companies like Bajaj Finserv, Bajaj Finance, Maruti Suzuki India, Titan, and InterGlobe Aviation.
Vinod Nair, Head of Research, Geojit Financial Services, stated that market factors such as policy rate decisions of major nations are expected to impact the markets, and ‘markets are likely to witness stock-specific actions during the ongoing earnings season’.
Santosh Meena, Head of Research, Swastika Investmart Ltd, said, “Budget, earnings, and the US Fed policy will keep the market on its toes. This week is poised to be pivotal, marked by a series of significant events, with the budget taking the centre stage.”
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