Business News Highlights: Stock Market Closes In Red; Sensex Slips 384 Points, Nifty Around 22,300
Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world
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 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 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.
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 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.
Indian stock market ended the day in red on Friday. The Sensex registered a decline of 383.69 points or 0.52 per cent, closing at 73,511.85, while the Nifty fell by 140.20 points or 0.62 per cent, ending at 22,302.50. Among the listed shares, 1096 recorded gains, 2727 witnessed declines, and 109 remained unchanged.
Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) issued filings to the stock exchanges and said that the firms will consider issuing bonus shares to their shareholders in the week when their boards hold a meeting on May 9.
The FMCG industry in India experienced a 6.5 per cent increase in volume nationally during the January-March 2024 period, according to consumer intelligence firm NielsenIQ. Notably, rural consumption exceeded urban consumption for the first time in five quarters. Both the food and non-food sectors contributed to this growth in consumption, with non-food experiencing nearly double the growth compared to food, as indicated in NielsenIQ's quarterly snapshot for Q1 2024.
Hindustan Zinc Ltd (HZL) announced on Tuesday that its board has sanctioned an interim dividend of Rs 10 per share, accounting for a total of Rs 4,225.32 crore for the current fiscal year. The record date for dividend distribution has been set as May 15.
In a regulatory filing, Hindustan Zinc stated that the board of directors, via a resolution passed through circulation on Tuesday, May 7, 2024, and consented to by the majority of directors, has approved the interim dividend of Rs 10 per equity share, representing 500% on the face value of Rs 2 per equity share, for the financial year 2024-25, amounting to Rs 4,225.32 crore.
Gland Pharma Ltd announced on Tuesday that it has secured approval from the US health regulatory authority for its generic Edaravone injection, intended for the treatment of amyotrophic lateral sclerosis. The approval, granted by the US Food and Drug Administration (USFDA), covers Edaravone injections with strengths of 30 mg/100 ml and 60 mg/100 ml in single-dose bags, as stated in a regulatory filing by Gland Pharma.
The company will likely launch the product in collaboration with its marketing partner within the fiscal year 2025.
Tata Electronics Ltd has reportedly started exporting a restricted volume of semiconductor chips, which are packaged at a pilot line located within its research and development centre in Bengaluru. According to a report by The Economic Times, these packaged chips are being dispatched to Tata Electronics' collaborators in Japan, the US, and Europe. Concurrently, the company is gearing up to establish a new chip packaging facility in Morigaon, Assam, along with a $10 billion chip foundry in Dholera, Gujarat.
Shares of Marico Ltd climbed 10 per cent jump in the market on Tuesday, after the FMCG firm reported a 5 per cent increase in its consolidated net profit in its Q4FY24 results a day earlier. As of 11:50 AM, the firm's shares were trading at Rs 584.50 apiece on the BSE and Rs 584.85 per share on the NSE, both clocking a rise of over 10 per cent.
Happiest Minds Technologies clocked an almost 25 per cent jump in the consolidated net profit at Rs 71.98 crore in its fourth quarter results for the 2023-24 fiscal year (FY24). The IT company reported a profit of Rs 57.66 crore in the January-March quarter in the preceding 2022-23 fiscal year (FY23).
The firm in its regulatory filing on Monday logged a revenue of Rs 417.29 crore in Q4FY24, against Rs 377.98 crore in Q4FY23.
The rupee appreciated 4 paise to touch 83.48 against the US dollar in early trade on Tuesday. In the last trading session on Monday, the domestic currency settled 7 paise lower at 83.52 against the American dollar.
The stock market clocked a positive sentiment as the key equity benchmarks traded in green in the pre-open session. As of 9:15 AM, the BSE Sensex traded at 73,965.31, climbing almost 70 points, while the NSE Nifty50 touched 22,469.70, gaining 27 points.
Airbus revealed on Monday that IndiGo put in a firm order for 30 A350-900 aircraft. This will mark the budget airline's entry into the wide-body segment. The financial details of the deal weren't disclosed. The statement added, "The A350 is the world's most modern and efficient wide-body aircraft in the 300-410 seater category. India, the world's fastest growing major aviation market, is on the verge of an international travel boom as the economy grows and household incomes rise."
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 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.
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