Business News Highlights: Market Closes In Green, Sensex Over 73,100, Nifty Crosses 22,200
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Background
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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