Business News Highlights: Stock Market Closes In Red; Sensex Slips 384 Points, Nifty Around 22,300
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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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