Business News Highlights: Stock Market Close; Sensex, Nifty Settles Higher Amid Volatility
Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world
The Indian rupee is projected to strengthen to approximately Rs 82–82.50 in FY25, according to a CARE Ratings report. However, in the short term, it is anticipated to fluctuate within the range of Rs 83–83.50 against the US dollar. Chief Economist Rajini Sinha emphasised that while geopolitical tensions could pose risks, the rupee is expected to remain within this trading range in the near term.
ACC, a cement manufacturer, announced on Thursday a significant surge in its profit after tax (PAT), which increased four-fold to Rs 945 crore in the March quarter of the preceding fiscal year, attributed to strong sales performance. This marks a considerable rise from the PAT of Rs 236 crore reported in the corresponding period of the previous year.
Indian benchmark indices extended their gains for the fifth consecutive session on Thursday, driven by buying activity across various sectors except realty. At the time of closing, the Sensex surged by 486.50 points or 0.66 per cent, reaching 74,339.44, while the Nifty climbed by 167.90 points or 0.75 per cent to 22,570.30. The market activity saw 1980 shares advance, 1664 shares declined, and 138 shares remained unchanged.
Luxury car manufacturer BMW announced on Thursday another addition to its electric vehicle lineup: the BMW i5 M60 xDrive, priced at Rs 1,19,50,000 (ex-showroom) in India. The new car is offered in Alpine White as a non-metallic paint option and a range of metallic paint options, including M Brooklyn Grey, M Carbon Black, Cape York Green, Phytonic Blue, Black Sapphire, Sophisto Grey, Oxide Grey, and Mineral White.
Nestle India announced on Thursday a notable 27 per cent surge in net profit at Rs 934 crore for the fourth quarter, concluding on March 31, 2024. This growth was propelled by robust momentum across its product range. In comparison, during the corresponding period of the previous fiscal year 2022-23, the company had reported a net profit of Rs 737 crore.
Axis Bank announced on Thursday that its board has sanctioned the reappointment of Amitabh Chaudhry as MD & CEO for a duration of three years, starting from January 1, 2025. This marks his second consecutive extension for a three-year term. Previously, his tenure was extended from January 1, 2022.
South Korean automotive giant Hyundai Motor Group announced on Thursday that it will increase the combined annual production capacity of the Hyundai and Kia brands in India to 1.5 million units annually. This expansion aligns with the company's mid-to-long-term strategy for the Indian market. Euisun Chung, Executive Chair of Hyundai Motor Group (HMG), outlined the company's plans to introduce more electric vehicles (EVs) and utilize India as an export hub for neighbouring countries.
Godrej Electricals & Electronics announced on Thursday that it has successfully obtained orders of over Rs 1,000 crore in the financial year 2023-24, primarily within the power and infrastructure sectors. According to a statement from the company, these orders mainly involve the establishment of Air Insulated Switchgear (AIS) and Gas Insulated Switchgear (GIS) substations throughout India, with some projects boasting capacities of up to 765kV.
Axis Bank's shares surged by over 5 per cent on Thursday following the company's announcement of a consolidated net profit of Rs 7,599 crore for the March 2024 quarter. The stock rose by 5.19 per cent to Rs 1,119 on the BSE and by 5.29 per cent to Rs 1,119.50 apiece on the NSE. It emerged as the top gainer among BSE Sensex and NSE Nifty firms.
In early trade on Thursday, the rupee fell 6 paise to 83.39 against the US dollar, following a downward trend in domestic equities and higher crude oil prices. Forex traders anticipate the rupee to maintain a slight negative bias due to ongoing foreign fund outflows.
IBM has purchased HashiCorp, a multi-cloud infrastructure automation firm, for $35 per share in cash, amounting to an enterprise value of $6.4 billion. According to a statement from the company, HashiCorp's capabilities will generate substantial synergies across various strategic growth sectors for IBM, such as Red Hat, WatsonX, data security, IT automation, and consulting.
Indian indices started trading on a downward trajectory on Thursday, with the Nifty opening at 22,350. The Sensex experienced a decline of 190.70 points or 0.26 per cent, settling at 73,662.24, while the Nifty dropped by 59.90 points or 0.27 per cent to 22,342.50. Market activity saw 1272 shares advancing, 865 shares declining, and 144 shares remaining unchanged.
In the pre-opening session on Thursday, benchmark indices showed weakness. The Sensex saw a decline of 387.85 points or 0.53 per cent, reaching 73,465.09, while the Nifty dropped by 339.70 points or 1.52 per cent to 22,062.70.
Boeing announced on Wednesday its first quarterly revenue decline in seven quarters. Despite this, the US aircraft manufacturer surpassed analyst forecasts, which had been adjusted downward following a mid-air incident involving a door plug in January. As a result, Boeing reduced production of its top-selling aircraft.
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.
In the previous trading session on Wednesday, despite selling pressure in information technology (IT) stocks, both Sensex and Nifty, the two primary equity benchmarks, concluded the day in positive territory. The S&P BSE Sensex surged over 350 points during the day, surpassing the 74,000 milestone before settling at 73,853, marking a gain of 114 points. Conversely, the NSE Nifty50 closed at 22,402, climbing 34 points.
Further, on Wednesday, the Reserve Bank of India (RBI), utilising its authority under Section 35A of the Banking Regulation Act, imposed limitations on Kotak Mahindra Bank (KMB). These restrictions bar the bank from enlisting new customers via its online and mobile banking channels and from issuing fresh credit cards. The RBI's decision stemmed from supervisory apprehensions about the bank's technology infrastructure, unearthed during an examination conducted over the past two years.
“These actions are necessitated based on significant concerns arising out of Reserve Bank’s IT Examination of the bank for the years 2022 and 2023 and the continued failure on part of the bank to address these concerns in a comprehensive and timely manner,” said the central bank.
The RBI highlighted significant shortcomings in the bank's IT infrastructure, which include IT inventory management, patch and change management, user access management, vendor risk management, data security, and business continuity and disaster recovery protocols. Additionally, the central bank underscored KMB's deficiencies in IT risk and information security governance for two consecutive years, indicating a failure to meet regulatory standards.
“For two consecutive years, the bank was assessed to be deficient in its IT Risk and Information Security Governance, contrary to requirements under Regulatory guidelines,” RBI said.
Additionally, on Wednesday, Bharti Airtel stated that it is not in talks to acquire the 21.05 per cent stake in Indus Towers. This clarification comes in response to a newspaper report which hinted at Airtel's potential interest in the purchase. The report suggested that if such a deal materialise, Vodafone Group might consider allocating some of the proceeds to Vodafone Idea, its financially struggling joint venture in India with Aditya Birla Group.
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