Business News Highlights Stock Market Closes, Sensex Settles Over 71,800, Nifty At 21,840
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world
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 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 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.
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 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.
The stock markets exhibited volatility on Wednesday and ended in green after trading in negative till early afternoon. The BSE Sensex closed over 250 points higher at 71,822.83, while the NSE Nifty50 settled almost 100 points higher at 21,840.05.
Natco Pharma reported a three-fold jump in consolidated net profit to Rs 212.7 crore in the October-December quarter in the current fiscal year, against Rs 62.3 crore clocked in the corresponding quarter in the preceding 2022-23 fiscal year. The consolidated revenue from operations increased to Rs 758.6 crore in Q3FY24, from Rs 492.5 crore, on a year-on-year (YoY) basis.
The Enforcement Directorate initiated an investigation into Paytm's banking business, Paytm Payments Bank, reported PTI citing sources. The development follows the Reserve Bank of India's disciplinary action against the fintech major's banking unit for compliance and transparency failures.
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Eureka Forbes on Wednesday announced a three-fold increase in consolidated net profit, reaching Rs 22.97 crore for the December quarter of FY24. This surge was attributed to volume gains and margin improvement. The firm recorded a profit of Rs 6.85 crore in the October-December period of FY23, according to a regulatory filing by the company.
Senco Gold on Wednesday reported a 5.8 per cent growth in consolidated Profit After Tax (PAT) at Rs 109.32 crore for the third quarter of the current financial year. The company's PAT stood at Rs 103.35 crore during the corresponding quarter of the previous fiscal, the jewellery retailer said in a regulatory filing.
The wholesale price index (WPI)-based inflation rate relaxed to 0.27 per cent in January, owing to moderation in food prices. The inflation rate stood at 0.73 per cent in December 2023, the commerce and industry ministry revealed in an official statement.
Domestic passenger vehicle wholesales jumped 14 per cent to 3,93,074 units in January 2024, against 3,46,080 units in the same month a year earlier. The sales number marked the best ever for January, industry body, the Society of Indian Automobile Manufacturers (SIAM) said on Wednesday. The association credited the strong demand for utility vehicles behind the growth.
The Small Industries Development Bank of India (SIDBI) signed an agreement with the Nagaland government for over Rs 100 crore, committing the funds towards entrepreneurship projects in the state.
InterGlobe Aviation Ltd (IndiGo) signed a finance lease deal with BOC Aviation Ltd for four Airbus A320NEO aircraft on Wednesday. The aircraft are set to be delivered in 2024, BOC Aviation CEO and MD, Steven Townend, said.
The stock markets traded in negative territory on Wednesday, going back on the gains made in the previous trading session. As of 10:35 AM, the BSE Sensex stood almost 500 points lower and tested the 71K mark at 71,068.82, while the NSE Nifty50 traded at a loss of 131.10 points at 21,612.15.
The rupee fell 4 paise to hit 83.12 against the US dollar in early trade on Wednesday, after domestic equities traded in negative territory. Forex traders noted that the strength of the American dollar and surged crude oil prices impacted investors' sentiments. At the interbank foreign exchange, the domestic unit opened at 83.11 against the American currency and hit a low of 83.12 and a high of 83.09 in initial trade. In the last trading day on Tuesday, the rupee depreciated 8 paise to settle at 83.08 against the US dollar.
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.
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.
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