Business News Highlights: Sensex Settles 670 Points Up, Nifty At 22,400
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The GIFT Nifty on the NSE IX surged by 124 points, equivalent to 0.56 per cent, reaching 22,383.50. This indicated that Dalal Street was poised for a positive start on Thursday.
In the previous trading session on Wednesday, the Sensex and Nifty experienced a downward trend, reflecting the early trading sentiment. Despite initial stability, the indices experienced volatility and decreased as the day unfolded. At the close of the trading session, both indices ended in negative territory. The S&P BSE Sensex concluded the day below the 73K mark at 72,987.03, dropping nearly 120 points, while the NSE Nifty50 wrapped up trading at 22,210.20, slipping by almost 8 points.
Further, Commerce Secretary Sunil Barthwal revealed on Wednesday that India's merchandise trade deficit grew to $19.1 billion in April, marking a notable increase from the preceding month. This expansion contrasts with March's deficit, which narrowed to $15.6 billion, representing an 11-month low. According to the most recent government data, India's exports saw a slight increase of 1.06 per cent, reaching $34.99 billion in April 2024, compared to $34.62 billion in the same period last year. Conversely, imports surged to $54.09 billion, marking a 10 per cent rise from $49.06 billion in April 2023.
In addition, according to the latest survey conducted by the National Sample Survey Office (NSSO), the unemployment rate among individuals aged 15 years and above in urban areas dropped to 6.7 per cent in the January-March quarter of the fiscal year 2023-24 (FY24). This is a slight decrease from the 6.8 per cent recorded in the same quarter of the previous fiscal year 2022-23 (FY23).
The 22nd Periodic Labour Force Survey (PLFS) conducted by the NSSO indicated that the unemployment rate for the first two quarters of FY24, namely April-June and July-September, remained at 6.6 per cent, while it decreased slightly to 6.5 per cent in October-December 2023. As reported by PTI, the unemployment rate reflects the proportion of individuals unemployed within the labour force.
Pricol Q4 Result: Firm Posted Net Profit Of Rs 41.50 Crore
Pricol Ltd announced a consolidated profit after tax of Rs 41.50 crore for the January-March 2024 quarter, the company stated on Thursday. This marks a notable increase from the net profit of Rs 29.80 crore recorded during the same period last year. For the financial year ending March 31, 2024, the company reported a net profit of Rs 140.61 crore, compared to Rs 124.68 crore registered in the previous fiscal year.
GP Eco Solutions Targets Rs 35 Crore In IPO Funding
Deepak Pandey, CEO of GP Eco Solutions India Limited (GPES), announced on Thursday that the company is gearing up to raise up to Rs 35 crore through an Initial Public Offering (IPO), slated to be launched by the end of the month. Pandey stated during a media interaction that the raised funds would be channelled towards fueling the company's expansion initiatives and catering to its working capital needs.
Stock Market Close: Sensex Up 676 Points, Nifty Above 22,400
In yet another session of volatile swings, the stock market eventually concluded the day with gains on Thursday. At the close of the trading session, the Sensex surged by 676 points or 0.9 per cent to reach 73,663, while the Nifty 50 climbed by 203 points or 0.92 per cent to reach 22,403.
Exports Likely To Increase 12-15% To Surpass $500 Billion In FY25: FIEO
The Federation of Indian Export Organisations (FIEO) predicted that India's merchandise exports are poised to rise by approximately $60-70 billion to $500 billion by the conclusion of FY25. In the preceding fiscal year 2023-24, exports experienced a decline of over 3 per cent, settling at $437 billion. FIEO President Ashwini Kumar also indicated that the country's services exports are anticipated to reach $390-400 billion in the current fiscal year.
Mahindra Q4 Result: Net Profit Up 4% To Rs 2,754 Crore
Mahindra & Mahindra announced in its regulatory filing on Thursday that it recorded a 4 per cent rise in consolidated profit after tax (PAT) to Rs 2,754 crore for the March quarter. This growth was propelled by the robust performance of its automotive and farm sector segments. The company reported a consolidated PAT of Rs 2,637 crore in the corresponding quarter of the fiscal year 2022-23.
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