Business News Highlights Stock Market Closes, Sensex Settles Over 71,800, Nifty At 21,840
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The stock markets exhibited volatility on Wednesday morning. After experiencing a roller coaster of losses and gains in the first two trading sessions in the week, the markets again reversed their rally and traded in red on Wednesday morning.
As of 10:04 AM, the markets continued to erase the gains from yesterday’s session. The Sensex stood lower by more than 500 points and dropped closer to the 71,000 mark to trade at 71,030.95, while the Nifty slipped over 100 points to touch 21,618.30.
Banking regulator, the Reserve Bank of India (RBI), is expected to release a detailed set of Frequently Asked Questions (FAQs) in the week, with regard to the concerns surrounding the Paytm Payments Bank Ltd (PPBL) issue. Highlighting the need for addressing customer concerns, RBI Governor Shaktikanta Das, said, “Customer interest and depositors' interest is uppermost for us.”
In the last trading session on Tuesday, the two key equity benchmarks, Sensex and Nifty, settled in green. The S&P BSE Sensex climbed almost 500 points and closed at 71,555. On the other hand, NSE Nifty50 settled the session at 21,743, up 127 points.
Among the domestic macroeconomic indicators expected in the week are inflation, manufacturing, and food index data. Inflation data for the U.S. is also anticipated to be released in the week.
Former RBI Governor C Rangarajan also noted on Tuesday that for India to become a developed nation by 2047, the country needs to grow at the annual rate of 7 to 8 per cent. “I would say that the real growth between 7 per cent and 8 per cent will take it closer to the developed economy, because the developed economy by definition shows per capita income of USD 13,000 or more. India’s per capita income is now at USD 2700. That means per capita income will have to increase by five times,” he said, in conversation with PTI.
Manipur Assembly's Budget Session To Start On Feb 28
The budget session of the Manipur assembly is scheduled to commence on February 28 and will run until March 5, according to an official statement on Wednesday. The Assembly Secretary, K Meghajit Singh, announced that the budget will be presented on the first day of the session, following a meeting of the Business Advisory Committee.
Gland Pharma Q3 Result: Firm Reports Rs 192 Crore PAT
Gland Pharma on Wednesday recorded a consolidated Profit After Tax (PAT) at Rs 192 crore for the December quarter of FY24. The drug firm posted a PAT of Rs 232 crore in the year-ago period. The company's revenue from operations was reported at Rs 1,545 crore for the October-December period compared to Rs 938 a year ago.
KPI Green Energy Q3 Result: Net Profit Up 47% To Rs 50.60 Crore
KPI Green Energy Ltd on Wednesday recorded a 47 per cent jump in consolidated net profit to Rs 50.60 crore in the December quarter of the current fiscal year, led by higher income. The firm posted a net profit of Rs 34.45 crore in the year-ago period, the company said in an exchange filing.
Prestige Estates Q3 Result: Profit Rises To Rs 165 Crore
Real estate company Prestige Estates Projects Ltd on Wednesday announced a slight rise in its net profit to Rs 164.7 crore for the quarter ending December of FY24, compared to Rs 161.7 crore in the corresponding period of the previous year.
However, total income decreased to Rs 1,970.5 crore in the third quarter of the current fiscal year, down from Rs 2,347.5 crore in the corresponding period of the previous year, the firm said in a regulatory filing.
Shriram Properties Q3 Result: PAT Drops 17% To Rs 18.48 Crore
Shriram Properties Ltd on Wednesday recorded a 17 per cent decrease in Profit After Tax (PAT), amounting to Rs 18.48 crore in the December quarter of FY24. The company also disclosed its venture into the Pune market with a real estate project valued at Rs 1,300 crore. Comparatively, the company had achieved a net profit of Rs 22.36 crore in the same period last year.
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