Business News Highlights: Market Closes In Green, Sensex Over 73,100, Nifty Crosses 22,200
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GIFT Nifty trends indicate a positive opening for the broader index in India, showing a 0.30 per cent gain or 70 points. Nifty futures are trading around the 22,235 level.
In the previous trading session on Monday, the two key equity benchmarks, Sensex and Nifty, managed a notable recovery after rebounding from significant intraday losses. The S&P BSE Sensex, which had dropped 798 points to a low of 71,866, finished at 72,776, marking a gain of 112 points. Similarly, the NSE Nifty50 closed at 22,104, up 49 points, after hitting an intraday low of 21,821.
In addition, retail inflation in India eased slightly to 4.83 per cent in April from 4.85 per cent in March, as per data released by the Ministry of Statistics and Programme Implementation on Monday. However, food inflation, a major component of the overall consumer price index, rose to 8.70 per cent in April, up from 8.52 per cent in March. Since November 2023, food inflation has consistently exceeded 8 per cent year-on-year, maintaining an upward trend.
According to data released by the National Statistical Office (NSO), year-on-year inflation for the 'Clothing and Footwear', 'Housing', and 'Fuel and Light' groups has decreased since last month. In particular, fuel and power prices fell by 4.24 per cent in April, compared to a 3.24 per cent decline in the previous month.
Furthermore, India is likely to remain the leading player in the global rice market, according to the latest forecast by the United States Department of Agriculture (USDA) released on Monday. Despite export restrictions, India is expected to export nearly 18 million tonnes of rice in 2024-25, an increase of about 2 million tonnes from the previous year, reported Business Standard. The USDA noted that while India will play a significant role in global rice exports, the anticipated figure is still lower than the record 22 million tonnes exported in 2021-22.
The department stated that the global market is expected to see increasing supplies, trade, and consumption, along with decreasing stock levels.
Apollo Tyres Q4: Net Profit Falls 14 Per Cent YoY
Apollo Tyres on Tuesday reported a 14 per cent slump in the consolidated net profit at Rs 354 crore in the January-March quarter in the 2023-24 fiscal year (FY24), against a profit of Rs 410 crore in the corresponding quarter a year earlier. This decline was attributed to an increase in expenses. The revenue of the company stood at Rs 6,258 crore in Q4FY24, against Rs 6,247 crore in Q4FY23.
Hindalco Subsidiary, Novelis Inc, Files IPO Papers In US
Hindalco Industries announced on Tuesday that it's wholly-owned subsidiary, Novelis Inc, has submitted papers with the Securities and Exchange Commission, the securities regulator in the US, for the entity's proposed intial public offering (IPO). The shares of the firm will be listed on the New York Stock Exchange and are expected to be offered by sole shareholder, A V Minerals NV. Hindalco owns Novelis via AV Minerals.
PVR INOX Q4: Loss Narrows To Rs 129.7 Crore
PVR INOX Ltd reported on Tuesday a consolidated loss after tax of Rs 129.7 crore in the January-March quarter in the 2023-24 fiscal year (FY24), against a consolidated loss of Rs 334 crore in Q4FY23. The revenue for the firm stoodat Rs 1,256.4 crore in the quarter under review, against Rs 1,143.2 crore in the year-ago period.
Food Prices Are Expected To Remain High Due To Heatwave: ICRA
Wholesale food inflation is expected to remain a worry for the public in May and June due to a surge in prices of perishable commodities because of the weather, Aditi Nayar, Chief Economist, ICRA, said on Tuesday.
According to official data, the wholesale price index (WPI)-based food inflation touched a four-month peak at 7.74 per cent in April and retail food inflation stood at 8.70 per cent in the month. "Weather is an important factor in determining the food inflation trajectory. Monsoon was not very favourable last year and this year there are heatwaves in parts of the country, she said. With the onset of summer, prices of perishable items are charting upwards. For the next two months, we expect the food inflation to climb further and then as the base effect turns very supportive, we will end up with temporarily plunging readings in July-August this year," the economist explained in a conversation with PTI.
Rupee Closes Flat At 83.51 (Provisional) Against US Dollar
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