Business News Highlights: Stock Market Closes In Red; Sensex Slips 384 Points, Nifty Around 22,300
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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 market opened trading this week on a muted note. After rallying ahead in the pre-open hours, the key equity benchmark indices, Sensex and Nifty, traded nearly flat in the session on Monday amidst volatility. The Sensex settled the session at 73,895.54, clocking a gain of just 17 points, while the Nifty50 ended trading at 22,442.70, falling 33 points.
The Asian stock markets were seen hitting fresh 15-month highs on Tuesday amidst expectations of a rate cut from the US Federal Reserve.
India’s services PMI data was released on Monday. The figure for April stood at 60.8, against a reading of 61.8 in March. However, the HSBC Services PMI showed that overall sales clocked the fastest-seen growth in nearly 14 years. The new export business expanded at the second-fastest rate seen in almost a decade.
The HSBC India Composite PMI Output Index for April stood at 61.5, missing the Flash estimate of 62. The figure, however, stood as one of the highest seen in almost 14 years. The Composite PMI data for March was 61.8.
Pranjul Bhandari, Chief India Economist, HSBC, commented on the findings of the survey and said, “India’s service activity rose at a slightly softer pace in April, backed by a further rise in new orders, with a notable strength in domestic demand. Although new export orders remained robust, they showed a slight moderation from March figures. In response to increased new orders, firms expanded their staffing levels, though the pace of hiring growth decelerated. Input costs continued to rise sharply, albeit slower than in March, but resulted in squeezed margins for service firms, as only part of the price rise was passed on to clients through output charges.”
Tuesday will see the release of some major Q4 earnings from firms such as IDFC, JSW Energy, Max Financial Services, Delta Corp, Voltas, and United Breweries, among others.
Household Saving Declines Over Rs 9 Lakh Crore In Three Years
Net household savings experienced a significant decline, plummeting by Rs 9 lakh crore to Rs 14.16 lakh crore over the span of three years leading up to 2022-23, according to the latest National Account Statistics 2024 released by the Ministry of Statistics and Programme Implementation. The data indicates that net household savings reached their peak at Rs 23.29 lakh crore in 2020-21, with a subsequent downward trend observed thereafter.
IRB Infrastructure Q4 Result: Net Profit Jumps 45% To Rs 189 Crore
IRB Infrastructure Developers announced a 45 per cent increase in consolidated net profit on Tuesday, reaching Rs 188.87 crore for the quarter ending in March 2024, primarily attributed to elevated income levels.
According to a regulatory filing by the company, its net profit stood at Rs 130.15 crore in the corresponding quarter of March 2023. Furthermore, total income experienced a notable surge, rising from Rs 1,698.91 crore to Rs 2,504.49 crore compared to the same period in the previous year
Dr Reddy's Q4 Result: Firm Records PAT Rise Of 36%
Dr Reddy's Laboratories posted a 36 per cent surge in its consolidated profit after tax, reaching Rs 1,307 crore for the quarter concluding in March 2024, driven by strong sales performance in the US market. The Hyderabad-based pharmaceutical giant recorded a profit after tax of Rs 959 crore in the corresponding quarter of the fiscal year 2022-23.
Revenue also increased, climbing to Rs 7,083 crore in the reviewed period from Rs 6,297 crore in the fourth quarter of FY23, the company said on Tuesday.
SEBI Denies NSE's Request For Extended Trading Hours
Capital markets regulator Securities and Exchange Board of India (SEBI) rejected the National Stock Exchange (NSE) 's proposal to extend trading hours in the equity derivatives segment. The SEBI refused the request, stating that there was a lack of feedback from the stock brokers community.
Rane Engine Valve Q4 Result: Profit Recorded At Rs 4.7 Crore
Rane Engine Valve Ltd posted a profit after tax of Rs 4.7 crore in its report for the January-March 2024 quarter. This represents a slight decrease from the Rs 4.9 crore PAT recorded during the same quarter of the previous year. Additionally, for the fiscal year ending March 31, 2024, the company reported a profit after tax of Rs 11.5 crore, as Rane Engine Valve Ltd stated in a statement.
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