Business News Highlights: Stock Market Closes In Red; Sensex Plunges 609 points, Nifty Below 22,450
Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world
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.
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, 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.
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.
Shares of Bajaj Finance declined nearly 8 per cent on Friday as investors were unenthused by the company's March quarter earnings. The stock dropped by 7.64 per cent to Rs 6,736.15 on the BSE, and on the NSE, it fell by 7.60 per cent to Rs 6,740. Bajaj Finance reported a 21 per cent increase in consolidated net profit to Rs 3,825 crore for the March quarter on Thursday.
In early trading on Friday, the rupee weakened by 5 paise to 83.33 against the US dollar, following the greenback's robust performance in international markets and favourable movements in domestic equities. However, forex traders noted that despite these positive factors, elevated crude oil prices in global markets and continuous outflows of foreign capital limited the gains for the domestic currency.
Microsoft reported a revenue of $61.9 billion, marking a 17 per cent increase in its third quarter, alongside a net income of $21.9 billion, which surged by 20 per cent. According to Satya Nadella, Chairman and CEO of Microsoft, Copilot and Copilot stack are spearheading a new era of AI transformation, fostering improved business outcomes across all roles and industries.
The social media platform Snapchat saw its daily active users climb to 422 million in the first quarter of this year, marking a 10 per cent year-on-year increase of 39 million users. During the same period, the revenue of its parent company, Snap, surged by 21 per cent year-on-year to $1.195 billion. This growth was propelled by enhancements to its advertising platform and increased demand for its direct-response (DR) advertising solutions.
The Indian indices kicked off positively on Friday, with the Nifty hovering around 22,600. The Sensex showed a gain of 113.76 points or 0.15 per cent, reaching 74,453.20, while the Nifty experienced an uptick of 33.40 points or 0.15 per cent, landing at 22,603.70. Among the listed stocks, 1617 witnessed advances, 507 saw declines, and 108 remained unchanged.
Union Finance Minister Nirmala Sitharaman and software industry luminary N R Narayana Murthy, along with his wife and Rajya Sabha member Sudha Murty, were among the first voters as polling commenced in 14 Lok Sabha constituencies in Karnataka on Friday.
The Indian benchmark indices are showing gains during the pre-opening session on Friday. The Sensex recorded an increase of 277.66 points or 0.37 per cent, reaching 74,617.10, while the Nifty rose by 60.20 points or 0.27 per cent, reaching 22,630.50.
IndusInd Bank reported a notable 15 per cent year-on-year growth in standalone net profit, reaching Rs 2,347 crore in the quarter ending March FY24. This growth was driven by reduced provisions for non-performing loans and a rise in pre-provision operating profit, the company said on Thursday. In addition, the bank reported a 15.1 per cent year-on-year increase in net interest income, amounting to Rs 5,376.44 crore for the quarter.
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 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.
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