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

Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world

ABP News Bureau Last Updated: 14 May 2024 07:42 PM
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


The Indian rupee settled against the US Dollar on a flat note at 83.51 (provisional) on Tuesday. The currency opened the day at 83.51 and hit an intraday low of 83.52 before closing flat against the greenback.


Google Receives Legal Notice From Video Platform

Toronto-based video-sharing platform, Rumble, has sued tech giant Google alleging anticompetitive behaviour within the digital advertising products. The firm has sought damages over $1 billion.


Read More : Google Gets Sued By Rumble Video Platform Over Anticompetitive Digital Ads: Here's What Went Down

Stock Market: Sensex Settles Over 100 Points Higher, Nifty Closes Above 22,200

The stock market on Tuesday closed the session in green. The BSE Sensex ended trading more than 300 points higher at 73,104.61, while the NSE Nifty50 settled the day at 22,222.60, up by 118.55 points.

India's Palm Oil Imports Fall 34 Per Cent In April

India's palm oil imports climbed 34.11 per cent in April 2024 on a year-on-year basis to 6,84,000 tonne, backed by a decline in global prices, the Solvent Extractors' Association of India (SEA) revealed on Tuesday. 

RBI Allows Quant Mutual Fund To Raise Stake In RBL Bank

Quant Mutual Fund received approval from the RBI to increase its stake in the RBL Bank to 9.98 per cent. Notably, the fund owns a 4.68 per cent equity stake in the lender via various schemes, as of May 10, 2024. Issuing an official filing, the fund said, "RBI...has accorded its approval to quant Money Managers Ltd to acquire “aggregate holding” of up to 9.98 per cent of the paid-up share capital or voting rights in RBL Bank through various schemes of Quant Mutual Fund."


The fund has to increase its stake in the bank by May 12, 2025, and the approval remains subject to certain terms and conditions.

AI Investment In India Set To Triple By 2027, Reaching $5 Billion: Report

Spending on Artificial Intelligence (AI) in India is projected to triple to $5 billion by 2027, according to a report jointly released by Intel and IDC on Tuesday. In 2023, entities within the country invested $1,703.8 million in AI. It is anticipated that AI expenditure in India will witness a substantial rise to $5 billion, growing at a compound annual growth rate (CAGR) of 31.5 per cent between 2023 and 2027.

Wholesale Inflation Jumps 1.26% In April

The wholesale inflation experienced a second consecutive rise in April, reaching 1.26 per cent, driven by the increase in the prices of food items, particularly vegetables, as well as fuel and power. This contrasts with a wholesale price index (WPI) inflation of 0.79 per cent in April of the previous year and 0.53 per cent in March 2024.


According to a statement from the Ministry of Commerce & Industry on Tuesday, the positive inflation rate observed in April 2024 is primarily attributed to hikes in the prices of food items, electricity, crude petroleum, natural gas, food product manufacturing, and other manufacturing sectors.

TVS Motor Widens iQube Lineup, Offering Range Starting At Rs 94,999 Ex-Showroom

TVS Motor, a prominent manufacturer of two- and three-wheelers, has announced the introduction of a fresh lineup of its well-received electric scooter, the TVS iQube, thereby expanding its diverse product range. According to the company's statement, the launch of these new variants marks the commencement of the TVS iQube portfolio at an attractive introductory price point of Rs 94,999 ex-showroom.

Delhi HC Reserves Order On Extension Of Interim Bail To Lava's MD













The Delhi High Court is currently deliberating and has not yet decided whether to extend interim bail for Hariom Rai, the Managing Director of Lava, in connection with the Vivo PMLA case. This potential extension is being considered on the grounds of his health. Initially, on February 16, he was granted a period of three months for interim bail.














DLF Reports 2% Decline In FY24 Sales Bookings To Rs 14,778 Crore



Real estate firm DLF saw sales bookings decline by 2 per cent annually to Rs 14,778 crore during the last fiscal year, primarily due to a subdued March quarter with no major project launches despite solid housing demand. In the previous fiscal year, DLF had achieved record sales bookings of Rs 15,058 crore.


According to an investors' presentation, DLF's sales bookings in the fourth quarter of the 2023-24 fiscal year dropped to Rs 1,462 crore from Rs 8,458 crore in the same period the previous year, as the company did not launch any significant projects for sale.




Rupee Opens Flat Against US dollar In Early Trade

The rupee opened flat against the US dollar in early trade on Tuesday, pressured by the strength of the American currency in the overseas market and elevated crude oil prices. Forex traders noted that the rupee remains under pressure due to ongoing elections and foreign fund outflows, which are expected to subside once the election results are announced.

Kia Introduces Updated EV6 With Enhanced Features

Kia, South Korea's second-largest automaker, announced on Tuesday the release of a redesigned and upgraded version of its EV6 electric vehicle, initially introduced in 2021. The revamped crossover SUV boasts a fresh design, a fourth-generation 84 kWh battery, and an advanced infotainment system based on Hyundai Motor Group's software-defined vehicle (SDV) technology.

Stock Market Open: Sensex Jumps Over 200 Points, Nifty Above 22,150

The Sensex rose by 218 points, or 0.30 per cent, to 72,994, while the Nifty increased by 76 points, or 0.35 per cent, to 22,180 at the start of Tuesday's trading session. Around 1,624 shares advanced, 509 shares declined, and 104 shares remained unchanged on Tuesday.

Market Pre-Open: Sensex, Nifty Trade Mixed

In the market pre-open, the Sensex fell by 121 points, or 0.17 per cent, to 72,654.29, while the Nifty declined by 12 points, or 0.06 per cent, to 22,091. Approximately 271 shares advanced, 195 shares declined, and 3,461 shares remained unchanged.

Dharmesh Shah Resigns As CEO Of Hero Realty

Hero Realty's Chief Executive Officer (CEO), Dharmesh Shah, has resigned to start his own venture. Shah announced his decision on LinkedIn on Monday. He became the CEO of Hero Realty, promoted by Sunil Kant Munjal's Hero Enterprise, in March 2022. After over 25 years as a corporate professional, I have decided to leap into the world of entrepreneurship, he said.

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.


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.

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