Business News Highlights: Sensex Settles 670 Points Up, Nifty At 22,400
Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world
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.
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.
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.
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 & 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.
There has been significant growth in India's global capability centre (GCC) market, with the overall contribution of GCCs to total IT exports rising from 18 per cent in 2015 to 23 per cent last year, according to a report released on Thursday. India currently hosts between 1,500 and 1,600 global GCCs, offshore units set up by multinational corporations to handle various strategic functions.
As per HSBC Global Research findings, the revenue of GCCs has demonstrated a compound annual growth rate (CAGR) of 11 per cent since 2015, surpassing the 8 per cent CAGR observed for the top five Indian IT companies.
Oberoi Realty shares surged almost 9 per cent on Thursday following the company's announcement of a 64 per cent rise in consolidated net profit for the March quarter of 2024. Additionally, the company revealed plans to raise up to Rs 4,000 crore through the issuance of equity shares and non-convertible debentures.
The stock reached Rs 1,712.30, marking its 52-week high on the BSE with an 8.70 per cent increase. Similarly, at the NSE, it rallied by 8.81 per cent to reach a one-year high of Rs 1,712.85 per share.
Knowledge workers in India are leading the way globally in adopting artificial intelligence (AI) in their workplaces, as per a report released on Thursday. Knowledge workers, defined as professionals whose roles involve managing or utilising information, are using AI at 92 per cent in India, compared to the global average of 75 per cent.
This data, sourced from the '2024 Work Trend Index' study conducted by Microsoft and LinkedIn, underscores the widespread use of AI technology among knowledge workers in India, which is aimed at enhancing efficiency and productivity.
The Indian Energy Exchange (IEX) reported a 9.5 per cent increase in consolidated profit after tax, reaching Rs 96.7 crore for the quarter ending March 2024, attributed to elevated income levels. In a filing with the exchange on Wednesday, the company disclosed that it had recorded a profit after tax (PAT) of Rs 88.34 crore during the corresponding quarter of the previous fiscal year.
In Thursday's early trading, the rupee began on a neutral stance against the US dollar. Although supported by positive domestic equities, this momentum was offset by continuous foreign fund outflows and high crude oil prices. Forex traders noted that the rupee continues to face pressure amid ongoing elections and foreign fund outflows. However, they anticipate a potential relief post-election results. It started trading at 83.45 against the US dollar, reaching a peak of 83.46.
Anita Goyal, the spouse of Jet Airways founder Naresh Goyal, has reportedly passed away in Mumbai after a battle with cancer. Naresh Goyal, who was recently granted interim bail by the Bombay High Court, was by her side during her final moments. According to media reports, Anita Goyal's funeral is scheduled to take place later today in Mumbai.
Brookfield India Real Estate Trust (BIRET) is set to acquire 50 per cent of four prominent assets from Bharti Enterprises, according to a statement released on Thursday. The enterprise value of these commercial properties is estimated at around Rs 6,000 crore. Additionally, Bharti will be the second-largest unit holder in BIRET, holding an ownership stake of 8.53 per cent. Binding agreements have been signed by Brookfield India Real Estate Trust to acquire half ownership in these four Grade A assets from Bharti Enterprises.
Indian stock market started the trading session on Thursday on a positive note. The Sensex surged by 300 points, marking a 0.41 per cent increase, reaching 73,287.46, while the Nifty climbed by 91 points, also registering a 0.41 per cent rise, reaching 22,292. Among the stocks, 1,835 advanced, 457 declined, and 93 remained unchanged.
The government has revised the windfall tax on petroleum crude, reducing it to Rs 5,700 ($68.34) per metric tonne from the previous Rs 8,400, effective May 16, as per a notification issued on Wednesday. The tax, reviewed bi-weekly, continues to stand at zero for diesel and aviation turbine fuel.
In the fourth quarter ending March 2024, mortgage financier LIC Housing Finance announced a 7.5 per cent decrease in profit to Rs 1,091 crore, compared to Rs 1,180 crore in the corresponding period last year. According to a regulatory filing on Wednesday, the company noted a rise in total income to Rs 6,937 crore for the quarter, up from Rs 6,415 crore in the same period last year.
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 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.
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