Business News Highlights: Stock Market Ends Higher Amid Volatility: Sensex Rises 228 Points; Nifty Above 21,900
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world
The credit growth in India will likely ease to 14 per cent in FY25 from the current 16 per cent due to deposit growth lagging behind loans, according to an S&P Global Ratings report. The tightness in deposits is expected to persist as a systemic challenge.
CEO of Tesla, Elon Musk, earns approximately $ 6,887 per minute, $ 413,220 per hour, $ 9,917,280 per day, and $ 69,420,960 per week, according to the data gathered by Finbold. It further indicates that as of mid-February 2024, Musk's net worth was estimated at $198.9 billion.
The Reserve Bank of India (RBI) and Nepal Rastra Bank (NRB) signed and exchanged terms of reference for integrating India's Unified Payments Interface (UPI) and Nepal's National Payments Interface (NPI) on Thursday. This integration of fast payment systems aims to streamline cross-border remittances between India and Nepal, allowing users of both systems to conduct instant and cost-effective fund transfers, as per an RBI statement.
Gold prices in the national capital dipped by Rs 80 to reach Rs 62,270 per 10 grams on Thursday, influenced by a decline in global market rates for the precious metal, as reported by HDFC Securities. In the earlier session, the yellow metal had concluded at Rs 62,350 per 10 grams. On the other hand, silver surged by Rs 600 to touch Rs 74,600 per kilogram, compared to its previous closing at Rs 74,000 per kg.
State-owned NMDC reported a 15 per cent increase in iron ore production to 12.22 million tonnes (MT) in October-December 2023. This marks a significant rise from the 10.66 MT of iron ore produced in the third quarter of the previous financial year, according to a company’s statement on Wednesday.
Rama Steel Tubes Ltd posted a 14 per cent increase in its consolidated net profit to Rs 9 crore during the December quarter of the current fiscal year, supported by the drop in expenses. The firm recorded a net profit of Rs 7.80 crore during the same quarter of the preceding 2022-23 financial year, the company said in an exchange filing on Wednesday.
Shares of Mahindra & Mahindra surged by 7 per cent on Thursday following the announcement of a 34 per cent increase in its profit for the third quarter of FY24. The company's stock rallied by 6.98 per cent to reach Rs 1,772.75 apiece on the NSE, while on the BSE, it zoomed by 6.84 per cent to Rs 1,771 per share. Additionally, the stock reached a 52-week high of Rs 1,777.75 and Rs 1,777 apiece on the NSE and BSE, respectively.
Aditya Birla Fashion and Retail Ltd (ABFRL) on Thursday reported a consolidated net loss of Rs 107.60 crore for the third quarter of the current financial year. The firm posted a net profit of Rs 11.21 crore during the October-December quarter a year ago, according to a regulatory filing from the company.
International Financial Services Centres Authority (IFSCA) Chairperson K Rajaraman advocated for the establishment of gold refining facilities in India on Thursday, highlighting the nation's significant role as a major purchaser of the precious metal globally.
He mentioned that there is potential to ascend the value chain within the sector, in addition to serving as a trading hub for gold.
The Enforcement Directorate has reportedly questioned senior executives at Paytm and collected document submissions from them concerning the recent actions by the Reserve Bank of India (RBI), which prohibits Paytm Payments Bank Ltd from receiving deposits or top-ups in any customer account, reported PTI.
Shares of NMDC rose over 5 per cent on Thursday, a day after the company recorded a jump in its net profit in the December quarter. The company's stock was up by 5.31 per cent to Rs 248 per share on the BSE, while its shares increased by 5.29 per cent to Rs 248 per share on the NSE. During intra-day trading, NMDC's shares reached a 52-week high of Rs 252.65 on the BSE and Rs 252.40 on the NSE.
The government is reportedly nearing approval of a policy to extend concessions on import duty for electric cars priced above Rs 30 lakh for 2-3 years. This move may pave the way for Tesla to enter the Indian market, reported The Economic Times on Thursday.
Sensex and Nifty, which opened on a positive note on Thursday, are trading flat amid volatility, tracking selling pressure in some bank stocks. The BSE Sensex was trading at 71,818, marginally down by 0.01 per cent, while the NSE Nifty50 was up 12 points to 21,852.
Glenmark Pharmaceuticals (Glenmark) on Thursday released its financial results for the third quarter of FY24. The consolidated figures, including both Glenmark and Glenmark Life Sciences Ltd. (GLS), show that for the third quarter of FY24, Glenmark's consolidated revenue amounted to Rs 29,096 million, marking a 16 per cent year-on-year decline from Rs 34,639 million.
Japan's economy grew by 1.9 per cent last year, but it slipped to the world's fourth-largest economy, overtaken by Germany, reveals official data released on Thursday, AFP reported. The decline was primarily attributed to a significant fall in the value of the yen.
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.
At 10 am on Thursday, the Sensex experienced a decline of 150.94 points or 0.21 per cent, closing at 71,671.89, while the Nifty fell by 30.10 points or 0.14 per cent, settling at 21,809.90. Among the shares traded, 2,131 advanced, 881 declined, and 79 remained unchanged.
In early trade on Thursday, the rupee strengthened by 3 paise to 82.99 against the US dollar, supported by a positive trend in domestic equities. Forex traders noted that the rupee is trading within a narrow range due to the influence of a strong American currency and high crude oil prices, which have limited the upward movement of the domestic unit.
On Wednesday, the stock markets showed volatility, initially trading in the negative before ending in the green. The BSE Sensex concluded over 250 points higher at 71,822.83, while the NSE Nifty50 settled nearly 100 points higher at 21,840.05.
"The domestic market staged a recovery from day’s low, buoyed by renewed buying interest in banking stocks. Improving asset quality and the government's continued focus on fiscal prudence attracted PSU banks, yet concerns lingered regarding their elevated valuations," Vinod Nair, Head of Research, Geojit Financial Services, said.
Furthermost, according to the statement released by the Ministry of Commerce and Industry on Wednesday, in January 2024, Wholesale Price Index (WPI)-based inflation witnessed a significant decline, reaching 0.27 per cent. This decrease is mainly attributed to the moderation in prices of food items. It marks a notable drop from the 0.73 per cent recorded in December 2023. WPI inflation had been in negative territory from April to October but turned positive in November, registering at 0.39 per cent. Wholesale food inflation eased to 3.79 per cent in January from 5.39 per cent in December last year.
In addition, the annual inflation rate based on the All India Wholesale Price Index for January 2024 is 0.27 per cent compared to the corresponding period in January 2023.
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