Business News Highlights: Stock Markets Close, Sensex Settles Over 71,000, Nifty Above 21,450
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The stock markets exhibited volatility on Wednesday. In early trade, the BSE Sensex fell 316.75 points to inch closer to the 70,000 mark and touched 70,053.80, while the NSE Nifty50 dipped over 50 points to fall below the 21,200 mark and reached 21,187.65 in the morning. However, after markets opened, they attempted a recovery and the two key equity benchmarks moved in an upward trend to manage the losses.
As of 9:50 AM, the Sensex was trading higher by over 200 points at 70,575.04, while the Nifty50 inched up nearly 70 points to stand at 21,309.60.
In the last trading session on Tuesday, the stock markets plunged to a one-month low after reversing their rally in the morning. The markets failed to recover and engaged in a free fall owing to drops in financial and FMCG stocks. As such, the S&P BSE Sensex crashed by over 1,000 points to settle at 70,371, while the NSE Nifty50 declined by 333 points to close at 21,239.
"Global sentiments turned cautious after Fitch Group statement that South Asian economies would be most affected, amid rising hostilities in the Red Sea due to Houthi attacks and India’s economic forecast faces a significant risk on account of a prolonged spell of disruptions," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Official data from the Reserve Bank of India revealed on Tuesday that the net foreign direct investment (FDI) in India registered a decline in the April-November 2023 period, owing to the fall in global inflows and a rise in the repatriation of equity capital.
The data showed that the net FDI during the period under review dipped to $13.54 billion, against $19.76 billion on a year-on-year (YoY) basis. Further, during the first eight months of the ongoing fiscal year, FDI in India remained at $21.39 billion, however, FDI by India touched $7.85 billion. Comparatively, FDI in India stood at $29.11 billion, while FDI by the nation touched $9.35 billion in the corresponding period a year earlier.
IOC Q3 Results: Net Profits Soars To Rs 8,063 Crore
Indian Oil Corporation (IOC) on Wednesday logged a sharp rise in its third quarter (Q3) net profit at Rs 8,063.39 crore in October-December 2023-24, against Rs 448.01 crore profit reported in the same period a year ago. However, this figure remained lower than Rs 12,967.32 crore earnings in the preceding three months ended September 30, 2023. The state-run oil marketing company credited the growth in profit to a boost in marketing margins as a freeze on petrol and diesel price revision despite a fall in input crude oil prices helped recover losses incurred when rates were high in 2022-23. The pre-tax earnings from the sale of petroleum products climbed to Rs 11,428.88 crore in Q3FY24, against Rs 1,541.95 crore in the same period last year.
Zee Approaches NCLT Against Sony's Decision To Call Off Merger
Zee Entertainment informed on Wednesday that it has sought the National Company Law Tribunal against Sony's decision to call off the proposed merger deal. The company informed that it has also started appropriate legal action to fight Sony's claims of a termination fee worth $90 million. Meanwhile, Sony has approached the Singapore International Arbitration Centre (SIAC) for the termination fee, reported PTI.
GST Network Notifies Cos To Submit Bank Details Within 30 Days Of Registration To Avoid Suspension
Businesses will need to submit valid bank account details to the GST authorities within 30 days of GST registration to avoid suspension, the GST Network informed. The authority shared an advisory to the GST-registered businesses, stating that all registered taxpayers under the tax regime would need to provide bank account details within 30 days of the grant of registration or before the due date of filing GSTR-1/IFF, whichever is earlier, reported PTI.
TVS Motor Q3 Results: Net Profit Rises 59% YoY On Robust Sales
TVS Motor Company on Wednesday reported a 59 per cent jump in its consolidated net profit in the financial results released for the third quarter of the current fiscal year. The firm logged a consolidated net profit of Rs 479 crore in the quarter ended December 2023, against Rs 301 crore in the corresponding period a year earlier. It credited the growth to strong sales across markets. The revenue from operations also increased to Rs 10,114 crore in Q3FY24, against Rs 8,066 crore reported in the same quarter in the preceding fiscal year.
Govt Allows Indian Cos To List Securities Directly On International Exchanges Of GIFT IFSC
The Indian government on Wednesday allowed securities by domestic companies to be directly listed on international exchanges of GIFT IFSC to enhance foreign investments. The Department of Economic Affairs (DEA) in the finance ministry amended the Foreign Exchange Management (Non-debt Instruments) Rules and notified the 'Direct Listing of Equity Shares of Companies Incorporated in India on International Exchanges Scheme'. The Ministry of Corporate Affairs (MCA) also issued Companies (Listing of Equity Shares in Permissible Jurisdictions) Rules, 2024, reported PTI.
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