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.
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