Business News Highlights: Market Settles Lower, Sensex Closes Over 100 Points Down, Nifty At 22,210
Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world
PhonePe announced on Wednesday that it is entering a partnership with LankaPay to help its users pay using UPI across Sri Lanka. The firm said that its app will allow users visiting Sri Lanka to complete payments using UPI across LankaPay QR merchants.
The unemployment rate in India for individuals aged 15 years and above in the urban areas fell to 6.7 per cent in the January-March period in the year, against 6.8 per cent in the same quarter a year earlier, the 22nd Periodic Labour Force Survey (PLFS) by the National Sample Survey Office (NSSO) said. The unemployment rate stood at 6.6 per cent in April-June and July-September quarter in the 2023-24 fiscal year (FY24).
Keystone Realtors Ltd on Wednesday reported a 60 per cent slump in consolidated net profit at Rs 30.68 crore in the March quarter in the 2023-24 fiscal year (FY24), against a net profit of Rs 76.59 crore in the same period a year earlier. The overall income of the realty firm climbed to Rs 826.15 crore in Q4FY24, against Rs 357.63 crore in the corresponding quarter last year.
Agritech startup Eeki announced on Wednesday that it plans to invest Rs 700 crore in the next two years to expand operations and increase its presence in the domestic and global markets. The firm said it plans to enhance its footprint from Rajasthan and Haryana to Madhya Pradesh, Maharashtra, Tamil Nadu, and Oman.
Start-up COGOS on Wednesday named Katta Prasad as the new Co-Founder and promoted Goutham BV as the CTO of the firm.
The stock market closed in red on Wednesday. The BSE Sensex settled the session under 73K at 72,987.03, declining 118 points, while the NSE Nifty50 ended trading at 22,210.20, inching down by almost 8 points.
India's exports in April 2024 inched higher to $34.99 billion, agaisnt $34.62 billion in the same period a year earlier, official data revealed on Wednesday. The imports also rose from $49.06 billion in April 2023 to $54.09 billion in the month under review.
India Infrastructure Finance Company Ltd (IIFCL) on Wednesday clocked a 44 per cent climb in standalone net profit to Rs 1,552 crore in the January-March quarter in the 2023-24 fiscal year (FY24), against a profit of Rs 1,076 crore in the corresponding quarter a year earlier. This increase was attributed to a surge in lending and a control in bad loans.
Power Finance Corporation (PFC) on Wednesday reported a 23 per cent jump in consolidated profit at Rs 7,556.43 crore in the January-March quarter in the 2023-24 fiscal year (FY24), against a profit of Rs 6,128.63 crore in the last quarter in the preceding 2022-23 fiscal year (FY23). The lender attributed the growth to expansion in loan portfolio.
Sports technology firm Stupa Sports Analytics announced on Wednesday that it has secured Rs 28 crore in a pre-series A funding round. The funds are earmarked for talent acquisition, global expansion, and product enhancement. Megha Gambhir, co-founder and CEO of Stupa Sports Analytics, expressed gratitude for Centre Court Capital and PeerCapital's enthusiastic support and confidence, emphasising how their backing aligns with the company's vision of revolutionising sports through innovative technology.
UST, a digital transformation solution company, has announced an initiative to train more than 25,000 of its employees worldwide in Generative AI (GenAI) while offering avenues for career progression. UST will offer several GenAI training programs specific to employees and their different roles and responsibilities.
India has outpaced prominent nations such as Australia, Hong Kong SAR, Japan, Singapore, and Korea, securing the top spot in data centre capacity within the Asia-Pacific region (excluding China), with a capacity of 950 MW, according to a report by real estate consultancy CBRE released on Wednesday. Additionally, it states that India is poised to witness the largest capacity expansion of 850 MW from 2024 to 2026, surpassing other major APAC countries.
Pharmaceutical giant Cipla announced on Wednesday that its promoters have divested a 2.53 per cent stake in the company to enhance liquidity. According to a regulatory filing by the Mumbai-based drug manufacturer, specific company promoters sold 2,04,50,375 shares on May 15, 2024.
The filing further stated that Shirin Hamied, Rumana Hamied, Samina Hamied, and Okasa Pharma Pvt Ltd have collectively sold a 2.53 per cent stake in Cipla Ltd. to generate liquidity for various purposes, including philanthropic endeavours.
Life Insurance Corporation of India (LIC) announced on Wednesday that the SEBI has granted it a three-year extension to comply with the minimum 10 per cent public shareholding requirements. In accordance with Regulation 30 of the Listing Regulations, LIC disclosed that SEBI conveyed its decision through a letter dated May 14, 2024. This decision provides LIC with an additional three years to achieve the 10 per cent public shareholding mandate as stipulated under Rule 19(2)(b)(iv) of the Securities Contracts (Regulation) Rules, 1957, within 5 years from the date of listing, as stated in a filing with the stock exchanges.
In the first quarter of 2024, coal's portion of India's overall power generation capacity fell below 50 per cent, marking the first occurrence since the 1960s. According to the latest POWERup quarterly report from the Institute for Energy Economics and Financial Analysis (IEEFA), renewable energy contributed to 71.5 per cent of the record 13,669 megawatts (MW) of power generation capacity added by India from January to March this year.
The rupee maintained a tight range and strengthened by 4 paise to Rs 83.47 against the US dollar in early trade on Wednesday, aligning with a positive performance in domestic equities. Nonetheless, continuous outflows of foreign funds exerted pressure on the domestic currency, limiting its upward trajectory.
Shares of two-wheeler giant Hero MotoCorp surged by 3 per cent on Tuesday, propelling its market valuation to over Rs 1 lakh crore for the first time. Extending its winning streak for the fifth consecutive session, Hero MotoCorp's shares soared to a 52-week high of Rs 5,050 per share on the BSE. The stock concluded the day with a 3.15 per cent gain, closing at Rs 5,041.90. Similarly, on the NSE, the stock reached a 52-week high of Rs 5,051.
The Sensex climbed by 132 points, marking a 0.18 per cent increase to 73,237, while the Nifty gained 58 points, rising by 0.26 per cent to 22,276 on Wednesday. Among the listed stocks, 1,942 experienced gains, 463 experienced declines, and 94 remained unchanged.
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.
The GIFT Nifty indications point towards a favourable start for the broader index in India, anticipating a 0.25 per cent increase or 56 points. Nifty futures are hovering around the 22,370 mark.
In the previous trading session on Tuesday, the Sensex and Nifty extended gains for the third consecutive session. The Sensex surged by over 300 points, while the Nifty sustained its position above the 22,200 level. Additionally, the broader markets, BSE MidCap and SmallCap displayed resilience by gaining over 1 per cent following a recent correction. By the session's close, the Sensex surpassed the 73,000 milestone, climbing by 0.45 per cent or 330 points, while the Nifty concluded at 22,218, marking a 0.51 per cent increase or 113.8 points.
In addition, ICRA Chief Economist Aditi Nayar stated on Tuesday that the ongoing uptick in wholesale food inflation, hitting its peak in four months, will remain a significant concern throughout May and June. Nayar emphasised in a recent statement the potential worsening of prices for perishable goods due to heatwaves during these months.
Nayar pointed out that while the impact of the high base from the previous year will be felt in July and August, the trajectory of food prices in the following months will depend largely on the monsoon's influence. Data released on Tuesday indicated that Wholesale Price Index (WPI)- based food inflation surged to 7.74 per cent in April, marking a four-month high.
"As summer sets in, prices of perishable items are on the rise. Over the next two months, we anticipate a further climb in food inflation. Subsequently, with the base effect turning highly supportive, we anticipate a temporary decline in readings during July-August this year," Nayar said.
Furthermore, on Tuesday, Union Finance Minister Nirmala Sitharaman expressed concerns about the growing popularity of speculative futures and options trading among retail investors. She emphasised the potential risks it poses to household finances, cautioning that an unchecked increase in retail trading in F&O markets could lead to future challenges not only in market dynamics but also in investor sentiment and, importantly, household financial stability.
Highlighting a significant finding from a SEBI investigation revealing that 9 out of 10 retail investors suffer losses in futures and options trading, Sitharaman emphasised the necessity of safeguarding household finances, recognising a shift in financial practices across generations.
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