Business News Highlights: Stock Markets End Lower, Sensex Plunges Near 71K, Nifty Over 21,500
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The stock markets on Tuesday started on a reverse trend. In early trade, the BSE Sensex slipped almost 100 points to touch 71,847.49, while the NSE fell marginally and reached 21,706 in the morning.
After opening, the markets continued to trade in a downward trajectory. As of 9:58 AM, the Sensex was trading lower by over 100 points at 71,822.69, while the Nifty50 remained almost flat and stood at 21,731.70.
In the last trading session on Monday, the two key equity benchmarks, Sensex and Nifty, zoomed higher following a rally in Reliance shares and robust global cues. The S&P BSE Sensex gained almost 1,300 points intra-day before closing 1,241 points higher at 71,942. On the other hand, the NSE Nifty50 shut shop 385 points higher at 21,738.
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.
On the IPO front, BLS E Services will open its IPO worth Rs 311 crore for subscription on Tuesday, and the offer will close on February 1.
Further, investors are also going to await the US Fed’s revisions on the monetary policy, with the Federal Open Market Committee meeting scheduled to begin on January 30. Among the major company earnings to be released today include Adani Total Gas, Bajaj Finserv, Blue Star, Voltas, and VIP Industries, among others.
The Finance Ministry in its January 2024 economy review said on Monday that India is anticipated to become the third-largest economy in the world with a GDP of $5 trillion in the next three years, and touch $7 trillion by the end of the decade, helped by continued reforms. “Ten years ago, India was the 10th largest economy in the world, with a GDP of $1.9 trillion at current market prices. Today, it is the 5th largest with a GDP of $3.7 trillion (estimate FY24), despite the pandemic and despite inheriting an economy with macro imbalances and a broken financial sector,” the ministry noted.
Govt Allows Female Employees To Nominate Children For Family Pension Instead Of Spouse
In a move to empower women in India, the Government announced on Monday that they amended the long-standing established pension rule, thereby allowing female employees to nominate their son or daughter for a family pension instead of their husband. Union Minister of State for Personnel, Dr Jitendra Singh, said, "The Department of Pensions and Pensioners' Welfare (DoP&PW) has introduced an amendment to the CCS (Pension) Rules, 2021, allowing female government employees or pensioners to grant family pension to their eligible child/children after their own demise, instead of their spouse.”
Gillette India Q2 Result: Profit Climbs 40% To Rs 104 crore
FMCG firm, Gillette India Ltd on Tuesday reported a 39.62 per cent rise in profit to Rs 103.95 crore for the second quarter ended December of the financial year 2023-24, led by productivity interventions and moderation of inflation. The firm, which follows the July-June financial year, reported a profit of Rs 74.45 crore in the same period in the previous fiscal year. Its revenue from operations increased 3.36 per cent to Rs 639.46 crore during the quarter under review as against Rs 618.62 crore in FY23, Gillette India said in a regulatory filing.
SRF Q3 Results: Net Profit Falls 50% To Rs 253 Crore
Chemical firm SRF Ltd reported a 50 per cent drop in its consolidated net profit to Rs 253.43 crore for the third quarter in the current fiscal year in its financial results released on Tuesday. The company's net profit stood at Rs 510.9 crore in the quarter ended December 2022 in the preceding fiscal year.
The total income of the firm slipped to Rs 3,053.04 crore, from Rs 3,469.6 crore, on a year-on-year (YoY) basis. The company also announced a second interim dividend at 36 per cent, amounting to Rs 3.60 per share.
Dr Reddy's Lab Q3 Result: Net Profit Rises 11% On Strong Performance In North America And Europe
Dr Reddy's Laboratories reported on Tuesday an 11 per cent increase in consolidated net profit at Rs 1,379 crore for the third quarter ended December in the current financial year 2023-24, driven by higher market share in existing products in North America and growth in Europe. The drug giant logged a net profit of Rs 1,247 crore for the October-December quarter in the preceding fiscal year. Consolidated revenue climbed to Rs 7,215 crore in Q3FY24, compared to Rs 6,770 crore registered in the corresponding period a year earlier, the firm said via a regulatory filing.
JSW Paints Logs Revenue Of Rs 1,500 Crore In First Nine Months Of FY24
JSW Paints announced on Tuesday that its revenue for the first nine months of the 2023-24 fiscal year stood at Rs 1,500 crore. The firm said that it remained confident of becoming profitable in the ongoing fiscal year. JSW Paints is an unlisted entity of the JSW Group conglomerate.
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