Business News Highlights: Stock Market Closes Higher, Sensex Up 253 Points, Nifty Above 22,460
Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world
The private sector lender IDFC FIRST Bank announced that the Reserve Bank of India (RBI) has approved the appointment of Pradeep Natarajan as a Full-Time Director on its Board. According to a regulatory filing by IDFC FIRST Bank on Thursday, Pradeep Natarajan has been designated as the bank's Executive Director for a three-year tenure.
The rupee strengthened by 17 paise to close at 83.33 (provisional) against the US dollar on Friday, buoyed by positive domestic market sentiments and anticipated foreign inflows. Forex traders noted that reports of the Reserve Bank of India (RBI) selling US dollars further bolstered the rupee.
This week, both Indian stock market indices, the Sensex and the Nifty 50, demonstrated a robust recovery, surging nearly 2 per cent each. On Friday, the Sensex concluded 253 points higher, marking a 0.34 per cent increase to 73,917, whereas the Nifty 50 ended the day at 22,466, climbing 62 points or 0.28 per cent.
HDFC Bank announced on Friday that it secured $500 million from IFC to provide lending opportunities to underserved women borrowers. According to an official statement, the leading private sector bank in the country intends to use the funds to support income generation, promote financial inclusion, and drive socio-economic development. Specifically, HDFC Bank plans to offer microloans to self-help groups and joint liability groups of women participating in the Sustainable Livelihoods Initiative (SLI) established by the bank.
GlaxoSmithKline Pharmaceuticals experienced a 46 per cent surge in consolidated net profit in the fourth quarter, which ended March 31, reaching Rs 194.48 crore, attributed to increased sales. This marks a significant rise from the Rs 133.43 crore net profit recorded in the same quarter of the previous fiscal year, according to a regulatory filing by GlaxoSmithKline Pharmaceuticals.
IIFL Securities reported a net profit of Rs 180.4 crore in the three months ending March 2024, more than doubling from Rs 86.4 crore in the same period last year, driven by robust growth across all business segments. Total income for the quarter soared by 74 per cent year-on-year to Rs 704.4 crore compared to Rs 405.2 crore in the January-March quarter of the previous fiscal year, the company announced in a statement.
Union Finance Minister Nirmala Sitharaman emphasised the imperative for India to bolster its manufacturing sector, aiming to elevate its position in the global value chain and attain self-reliance ('Atmanirbhar'). While speaking at the CII Annual Business Summit, she stressed the importance of enhancing sophistication in product manufacturing and advocated for policy support in this regard. Additionally, she countered the advice of certain economists, asserting India's continued focus on manufacturing growth.
The government is actively formulating a policy to facilitate the beneficiation of low-grade iron ore, a strategic measure intended to bolster the utilisation of iron ore containing lower iron content in steel manufacturing. Steel Secretary Nagendra Nath Sinha told PTI that the Ministry of Steel, in collaboration with the Ministry of Mines and the Ministry of Environment, Forest and Climate Change of India, is diligently crafting this policy.
Serum Institute of India (SII) announced on Friday its acquisition of a 20 per cent stake in IntegriMedical, marking a strategic move to advance needle-free injection system technology. IntegriMedical has pioneered a US-patented Needle-Free Injection System (N-FIS), which harnesses a high-velocity jet stream powered by mechanical force to reliably and efficiently administer biologics and medications, as stated by Serum Institute of India (SII).
Approximately one in every five imported vehicles in South Korea was electric during January-April, despite a global decline in electric vehicle (EV) sales, as per industry data released on Friday. Pure EV registrations surged from 5,417 to 13,863 units compared to last year, representing 18.2 per cent of total vehicle imports, according to figures from the Korea Automobile Importers & Distributors Association (KAIDA).
Mahindra & Mahindra (M&M), a leading player in the automotive industry, is reportedly gearing up to introduce a total of nine internal combustion engine (ICE) sport utility vehicles (SUVs), seven Born Electric Vehicles (BEVs), and seven light commercial vehicles by the year 2030. As part of its strategic roadmap, the company has earmarked an investment of Rs 27,000 crore in its automotive business spanning between 2024-25 (FY25) and 2026-27 (FY27).
Union Finance Minister Nirmala Sitharaman held a meeting with industry body representatives in Kolkata on Thursday. During the meeting, delegates from the Indian Chamber of Commerce and Bharat Chamber of Commerce engaged with the finance minister. A Bharat Chamber of Commerce spokesperson stated that its president, NG Khaitan, underscored concerns regarding double taxation, compliance burdens, and business environment facilitation, urging the minister to undertake suitable measures to aid taxpayers and the industry. Additionally, a memorandum addressing taxation issues was submitted to the minister.
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.
In the previous trading session on Thursday, the market was highly volatile, influenced by global cues. The two primary equity indices, Sensex and Nifty, concluded trading nearly 1 per cent higher. The S&P BSE Sensex, experiencing fluctuations of 1,220 points throughout the day, ended at 73,6634, marking a gain of 677 points. Similarly, the NSE Nifty50 closed at 22,404, up by 203 points. Intra-day trading saw the benchmark index fluctuate within a range of 22,055 to 22,432.
Furthermore, according to a report released on Thursday, average housing prices recorded a remarkable 10 per cent annual surge during Q1 2024, led by continued optimism in the residential real estate sector. Across the top eight cities, each witnessed a yearly appreciation of prices, with Bengaluru, Delhi NCR, Ahmedabad, and Pune experiencing double-digit growth in average housing prices. Furthermore, on a quarterly basis, the majority of cities observed a significant 2-7 per cent increase in housing prices.
While the market remained largely favourable for both homebuyers and developers, unsold inventory at the national level experienced a slight 3 per cent year-on-year increase. Pune notably led with a substantial 10 per cent year-on-year decrease in unsold inventory, closely trailed by Delhi NCR and Ahmedabad, each marking an 8 per cent annual reduction.
In addition, on Thursday, reports suggested that India had urged an international committee dedicated to spices to set regulations on the permissible limit of ethylene oxide utilised in spice processing. This move coincides with a sales ban imposed on two prominent Indian brands, MDH and Everest. The Codex Committee on Spices and Culinary Herbs (CCSCH), based in Kerala, functions under the Codex Alimentarius Committee in Rome. This global organisation is responsible for developing international standards, guidelines, and protocols for food to ensure consumer well-being and foster fair trade practices.
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