Business News Highlights: Market Closes On Muted Note, Sensex About 50 Points Down, Nifty Settles Nearly Flat
Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world
LIVE
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 stock markets on Tuesday reversed the trading trend after opening in green in the morning hours. As the session closed, the key equity benchmarks, Sensex and Nifty, settled in a negative sentiment.
The S&P BSE Sensex settled the trading session at 73,511.85, crashing nearly 400 points, while the NSE Nifty50 closed the day at 22,302.50, losing almost 150 points.
The markets in the week so far have displayed a mixed sentiment owing to the volatility in the light of the ongoing general elections in the country.
The National Stock Exchange informed on Tuesday that it will be holding a special trading session for the equity and equity derivatives segment on May 18, 2024. The session will see the market open in two segments, one from 9:15 AM to 10 AM at the Primary Site (PR), followed by the second from 11:30 AM to 12:30 PM at the Disaster Recovery (DR) site.
The exercise is being conducted to evaluate the exchange’s emergency response ability and capacity to manage major disruptions in the primary site.
Issuing an official circular, the exchange noted, “Exchange shall be conducting a special live trading session with intra-day switch over from Primary site to Disaster Recovery site on Saturday, May 18, 2024, in equity and equity derivatives segments.”
Official data released by the Petroleum Planning and Analysis Cell (PPAC) of the Oil Ministry stated that fuel consumption in India gained by 6.1 per cent in April 2024 to 19.858 million metric tonne, against 18.71 million metric tonne consumed in the corresponding period a year earlier.
Prashant Vashist, VP and co-head of corporate ratings, ICRA, commented on the data and said, “The rise in total fuel consumption in April can be attributed to the increased activity in the run up to elections across the country. We expect Indian fuel demand to grow by 3 per cent-4 per cent, with the GDP set to grow. The bulk of the rise will be led by petrol and diesel demand. Air travel in India also has shown good growth.”
Ban Lifted: RBI Permits New Customer Registrations On Bob World App
The Reserve Bank of India (RBI) permitted Bank of Baroda to resume onboarding new customers through its 'Bob World' application on Wednesday, over six months after imposing restrictions due to significant supervisory concerns. The RBI had imposed restrictions on the state-owned Bank of Baroda (BoB) on October 10, 2023, preventing it from onboarding new customers on its mobile app 'Bob World'.
L&T Q4 Result: Net Profit Increases 10% To Rs 4,396 Crore
Larsen & Toubro (L&T) reported a 10.2 per cent rise in consolidated net profit to Rs 4,396.12 crore for the March quarter. This compares to a consolidated net profit of Rs 3,986.78 crore reported in the corresponding period of the previous year. L&T disclosed in a filing to the BSE on Wednesday that the company's consolidated income increased to Rs 68,120.42 crore from Rs 59,076.06 crore in the year-ago period.
Canara Bank Q4 Result: Profit Surges 18% To Rs 3,757 Crore
Canara Bank announced an 18 per cent increase in net profit to Rs 3,757 crore during the fourth quarter ending March 2024, attributed to enhancements in core income and a decrease in non-performing assets. The Bengaluru-based lender had recorded a net profit of Rs 3,175 crore in the corresponding period of the previous year. In a regulatory filing on Wednesday, Canara Bank stated that during the quarter, its total income surged to Rs 34,025 crore from Rs 28,685 crore a year ago.
Tata Power Q4: Net Profit Jump 11% To Rs 1,046 Crore
Tata Power reported an 11 per cent increase in its consolidated net profit to Rs 1,046 crore in the March quarter compared to last year, primarily driven by higher revenues. According to a BSE filing on Wednesday, the consolidated profit for the quarter ending on March 31, 2023, was Rs 939 crore. The company's total income rose to Rs 16,463.94 crore in the quarter from Rs 13,325.30 crore in the corresponding period a year ago.
Red Hat CEO Emphasises Open Source's Influence In AI Landscape
Red Hat CEO Matt Hicks emphasised the increasingly apparent influence of the open-source ecosystem in the AI domain, predicting a forthcoming acceleration in momentum. Speaking at the Red Hat Summit, the IBM-owned enterprise open-source solutions provider unveiled its strategy and commitment to AI advancement.
Hicks stated during his keynote address that a single vendor would not develop Artificial Intelligence (AI); instead, it would be characterised by the flexibility of choices available.
Trending News
Top Headlines
