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
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 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 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.
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.
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
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 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.
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.
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.
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, 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.
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, 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.
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.
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.
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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