Business News Highlights: Stock Market Closes Almost Flat, Sensex Settles Near 73,900, Nifty Marginally Lower
Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world
ICICI Bank on Monday said that it has now enabled the quick payment facility UPI for its non-resident Indian (RI) customers for conducting e-commerce transactions and paying utility and merchant bills. The bank in a statement said that the NRI customers can now access this facility with their international mobile number linked with their NRE/NRO ICICI bank account in India and make payments to any Indian QR code, mobile number, bank account, etc.
The Bombay High Court on Monday approved Jet Airways' founder, Naresh Goyal,'s interim bail request. The court granted two months of interim bail on medical grounds to Goyal, who was arrested by the ED in a money laundering case. The court's single bench of Justice N J Jamadar said Goyal would pay a surety of Rs 1 lakh and not leave Mumbai without seeking permission. Further, the court also instructed Goyal to surrender his passport.
Zee Media Corporation announced via an official filing on Monday that it terminated its CEO Abhaj Ojha's employment, effective May 4, 2024. "We hereby inform you that the Board of Directors at their meeting held today has approved and confirmed the cessation of employment of Mr. Abhay Ojha from the organization and his consequent cessation as the Chief Executive Officer of the Company with effect from May 4, 2024," the company noted.
The firm didn't specify any reasoning behind the change.
Fast moving consumer goods firm, Marico Limited, reported a 5 per cent jump in its net profit at Rs 318 crore in the fourth quarter earnings for the 2023-24 fiscal year (FY24). The company's net profit stood at Rs 302 crore in the corresponding January-March quarter in the preceding 2022-2023 fiscal year (FY23).
The FMCG firm's revenue grew almost 2 per cent to Rs 2,278 crore in Q4FY24, against Rs 2,240 crore logged in the same quarter a year earlier.
The rupee depreciated 5 paise to close at 83.50 (provisional) against the US dollar on Monday. Forex traders said surging crude oil prices and dampened domestic equities impacted the sentiments in the market. In the last trading session, the domestic unit settled at 83.45 against the greenback.
The stock market reversed the rally attemped in the morning hours on Monday and traded nearly flat amidst volatility. The BSE Sensex closed the session at 73,895.54, up by 17 points, while the NSE Nifty50 settled marginally lower at 22,459.65.
FirstCry parent firm, Brainbees Solutions Ltd, re-filed its draft red herring prospectus with SEBI to raise funds via a maiden public listing. The company's IPO includes a fresh issue of equity shares worth Rs 1,816 crore and an offer-for-sale (OFS) of up to 5.44 crore shares by existing shareholders, an official update from the markets regulator revealed.
Earlier, the regulator instructed the firm to re-file its draft papers stating that the company failed to fulfill Regulations6(1)(a) and 6(1)(b) of the SEBI ICDR Regulations.
Indian Overseas Bank (IOB) announced on Sunday that it will sell 92 non-performing loans with dues worth Rs 13,471.68 crore via an e-auction on May 28. The lender set the participation deadline of May 13 for expressions of interest (EoI) from asset reconstruction companies (ARCs) and other eligible entities.
iPhone maker Apple is all set to host its 'Let Loose' event on May 7, 2024. However, the iPad-special unveiling event is scheduled to be a small affair for about 35 minutes.
Read More: Apple iPad Launch Event Tomorrow Won't Be A Mega Affair. Here's How Long It Is Expected To Last
Agritech start-up Superplum announced on Monday that it raised $15 million from investors in its latest Series A funding round. The firm plans to use the funds to expand its business. The funding was driven by the firm's incoming Chairman, Erik Ragatz.
Embassy Office Parks REIT announced that it will invest Rs 3,800 crore in the next four years to finish its ongoing office complexes in order to expand its rental portfolio. The trust's CEO, Aravind Maiya, in a conversation with PTI, informed that the firm has been growing its business and plans to construct 61 lakh square feet of premium office space in Bengaluru to meet global and domestic demand.
India's services PMI data for April stood at 60.8, against 61.8 in the previous month. However, the index indicated a robust growth rate seen in about 14 years in the sector's business and output activities in the month. The HSBC Composite PMI data at 61.5 missed the flash estimate of 62, but the reading remained among the highest seen in almost a decade and a half.
The Indian rupee appreciated 3 paise to touch 83.42 against the US dollar in early trade on Monday, backed by a strong sentiment in the domestic equities. Forex traders noted a robust American dollar in the global market and foreign fund outflows impacted the movement of the Indian currency.
In the last trading session on Friday, the domestic unit closed at 83.45 against the greenback.
The stock market opened strong on Monday, as the key equity indices attempted to recover from the losses incurred in the last trading session. As of 9:30 AM, the Sensex traded at 74,332.20, climbing more than 450 points, while the NSE Nifty50 stood at 22,586.25, at a gain of over 100 points.
The stock market attempted a rally in the early trading hours on Monday. As of 9:15 AM, the BSE Sensex hit 74,070.45, gaining 192.3 points, while the NSE Nifty50 traded at 22,533.05, inching up 57.20 points.
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 traded in an overall positive sentiment last week. Both the key equity benchmark indices, Sensex and Nifty, gained 0.20 per cent and 0.24 per cent respectively in the previous week.
However, the indices reversed the trend and broke the rally in the last trading session on Friday. The S&P BSE Sensex settled more than 700 points lower at 73,878, while the NSE Nifty50 closed the session below the 22,500 mark at 22,476, declining 173 points. During the day, the indices hit fresh intraday lows.
This week will begin with the release of macroeconomic data such as the HSBC Services and Composite PMI for April. Further, the ongoing fourth-quarter earnings season will also see some major firms reveal their results, such as JSW Steel, BPCL, State Bank of India, Voltas, Canara Bank, BSE Limited, L&T, HT Media, and Asian Paints, among others.
Sharing the outlook for the week, Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd, noted, “On Monday, markets will react to the US employment data and Q4 results of companies like Dmart and Kotak Bank.”
Vinod Nair, Head of Research, Geojit Financial Services, added, “The market will also remain vigilant about the BoE (Bank of England) policy and GDP data from the euro zone. We expect a degree of consolidation in the market due to expensive valuations and any election-led jitters.”
Official data from the depositories revealed that foreign portfolio investors adopted a cautious stance towards Indian equities and infused Rs 1,156 crore in the market in the first two trading sessions of May. The investors withdrew Rs 1,726 crore from the Indian debt market in the period under review.
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