Business News Highlights: Stock Market Closes In Red; Sensex Plunges 609 points, Nifty Below 22,450
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In the previous trading session on Thursday, the Indian stock market showed resilience; the primary equity indices, Sensex and Nifty, exhibited a notable rebound amidst fluctuating conditions. The S&P BSE Sensex, fluctuating between positive and negative territory since the opening bell, concluded the day with a robust uptick of 486 points, reaching 74,339. The BSE index has surged by 1,849 points throughout the last five consecutive trading sessions. Conversely, the NSE Nifty50 achieved a peak of 22,626 before ultimately finishing the day with a gain of 168 points, settling at 22,570.
In addition, on Friday, the food and grocery delivery platform Swiggy announced that it has received its shareholders' consent for a $1.2 billion initial public offering (IPO), as per a regulatory filing. The company aims to raise approximately Rs 3,750 crore (around $450 million) through a fresh issue and Rs 6,664 crore (around $800 million) through an offer-for-sale (OFS) segment. Additionally, Swiggy plans to secure about Rs 750 crore from anchor investors ahead of its IPO, initially slated for earlier this year, as per filings accessed through Tofler and TheKredible sources.
Following an Extraordinary General Meeting (EGM) on April 23, Swiggy disclosed in a regulatory filing that it received shareholder endorsement to create, issue, offer, and allot equity shares worth up to Rs 37,501 million through a fresh issue and up to Rs 66,640 million through an offer-for-sale facilitated by certain existing shareholders.
Further, on Thursday, IndiGo said that it has ordered 30 wide-body A350-900 planes, signalling its intent to broaden its international operations. With a commanding 60 per cent share of the Indian aviation market, IndiGo has ambitious plans to double its capacity by 2030 and is actively seeking to expand its international network.
"IndiGo agreed to place an order for 30 Firm A350-900 aircraft, which will enable IndiGo to spread its wings further and expand its network. From the various Indian metros, IndiGo will be able to connect to the world. The aircraft will be powered by Rolls Royce's Trent XWB engine," the airline said in a statement.
"The mission capability of this aircraft coupled with the efficiency of the Trent XWB engine will offer IndiGo unprecedented optionality as it embarks on the next stage of its wonderful journey of addressing the rapidly evolving needs of the Indian customer and our nation," it added.
Bajaj Finserv Q4 Result: Profit Rises 20% To Rs 2,119 Crore
Maruti Suzuki Q4 Result: Net Profit Surges 48% To Rs 3,878 Crore
Maruti Suzuki India Ltd on Friday recorded a standalone net profit of Rs 3,878 crore for the fiscal fourth quarter, a 48 per cent increase from the corresponding period last year. During the three months ended March 31, the company reported revenue of Rs 38,235 crore. On Friday, Maruti Suzuki's shares on the BSE concluded trading 1.26 per cent lower at Rs 12,760 per share.
Stock Market: Sensex Fell 609 Points, Nifty Below 22,450
Indian markets halted a five-day winning streak on Friday, witnessing volatility as the Nifty fell below 22,450. At the close, the Sensex dropped by 609.28 points or 0.82 per cent to reach 73,730.16, while the Nifty declined by 150.30 points or 0.67 per cent to 22,420. Among the stocks traded, 1710 advanced, 1521 declined, and 106 remained unchanged.
Kia's Q1 Net Profit Surges 32.5%, India Sales Affected By Aging Models
Kia, the automaker, announced on Friday a 32.5 per cent year-on-year increase in its first-quarter net profit, propelled by heightened sales of SUVs, minivans, and hybrid models. The company disclosed in a regulatory filing that the consolidated net profit for the January-March period amounted to 2.8 trillion won ($2 million), compared to 2.1 trillion won profit recorded a year earlier.
Indian Startups Drive Patent Filing Spree With 83,000 Applications In FY23
Deep-tech startups in India led by artificial intelligence (AI), Internet of Things (IoT), and neuro-technology filed a total of 83,000 patents in FY2023, according to a report by Nasscom released on Friday. This marked a remarkable annual growth rate of 24.6 per cent, the highest in the past two decades. The number of patents granted also saw substantial growth, more than doubling between FY2019 and FY2023.
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