Business News Highlights: Market Ends Higher, Sensex Closes 941 Points Higher, Nifty At 22,643
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PNB Housing Finance reported a 57 per cent gain in net profit to Rs 444 crore in the last quarter of the 2023-24 fiscal year (FY24), against a profit of Rs 283 crore in the same quarter a year earlier. The firm's income increased to Rs 1,806 crore from Rs 1,628 crore on a YoY basis.
UltraTech Cement Ltd reported a 35 per cent jump in consolidated net profit at Rs 2,258.58 crore in the January-March quarter in the 2023-24 fiscal year (FY24), against Rs 1,670.10 crore clocked in the corresponding quarter a year earlier.
The stock market ended trading on Monday on a strong note. The BSE Sensex closed almost 950 points higher at 74,671.28, while the NSE Nifty50 settled at 22,643.40, at a gain of 223.45 points.
Tata Motors on Monday said that it has entered a Memorandum of Understanding (MoU) with South Indian Bank to provide financing solutions to commercial vehicle customers and dealerships. Commenting on the deal, Rajesh Kaul, VP & Business Head Trucks, Tata Motors Commercial Vehicles, said, "For our customers, easy access to financing solutions for their commercial vehicles is one of the key priorities for their operations. Our alliance aims to empower fleet owners and dealerships to achieve their business goals."
Kundan Green Energy announced on Monday that it has bagged approval for building a 42 MW hydropower project at Okhali in Uttarakhand. The project is part of a pact inked with the Uttarakhand government last year to build 80 MW greenfield hydropower capacity in the state with an investment of Rs 1,000 crore, the firm informed.
Waaree Energies announced on Monday that it has bagged an order from Gujarat Industries Power Company for supplying of 400 MW modules. "We are honoured to collaborate with GIPCL on this project. This initiative underscores our commitment to promote domestic manufacturing, generate employment, and support the nation's ambitious renewable energy targets while aiming to uphold the standards of excellence," the firm said.
The deal includes the supply of solar PV modules including advanced bifacial technology for the 2.375 MW renewable energy parl near Khavda, Great Rann of Kutch, Gujarat.
Transindia Real Estate Ltd announced on Monday that it has names Ram Walase as the CEO of the Allcargo group company. Before joining the firm, Walase worked as MD and CEO at VBHC Value Homes Pvt Ltd.
Transindia Real Estate Ltd announced on Monday that it has names Ram Walase as the CEO of the Allcargo group company. Before joining the firm, Walase worked as MD and CEO at VBHC Value Homes Pvt Ltd.
Oistel Global annonunced on Monday that it plans to develop emerging technology-driven innovations and multiple sunrise sectors with a Rs 440 crore fund.
HCL Tech CEO C Vijayakumar said that the firm expects a growth of 3 to 5 per cent in the 2024-25 fiscal year (FY25). In the guidance for the fiscal, the executive said that it expects to capitalise on generative AI opportunities and train 50,000 people completely. The firm clocked an almost flat net profit at Rs 3,986 crore in the January to March quarter in 2023-24 fiscal year.
The rupee depreciated 5 paise to touch 83.43 against the US dollar in early trade on Monday.
Former Tech M India Business Head, Jagdish Mitra, said on Sunday that he will be launching an AI start-up with a proposed initial investment of Rs 65 to 80 crore. The firm will begin operations in the next three months and focus on the manufacturing, retail, and sportstech sectors in both US and India.
"We will start going to customers in 8-12 months. Initially, we will invest $8-10 million. Cost arbitrage factor, driven by manpower, is going to be seriously impacted. It will be driven by values. We need to move from a cost-driven proposition to a value-driven proposition. We are going to focus on value proposition. Our firm will start operations within a quarter," Mitra told PTI in a conversation.
Background
Business News Live: 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 last week traded on a strong note before reversing the trend on Friday. In the last trading session, the Sensex plunged more than 600 points to close at 73,730, while the NSE Nifty50 slipped about 150 points to settle at 22,420.
The markets this week will take their cues from the upcoming Federal Open Market Committee (FOMC) scheduled for May 1, 2024. Vinod Nair, Head of Research, Geojit Financial Services, noted, “The upcoming US Fed policy, US non-farm payroll data will dictate the global market, while the ongoing Q4 earnings reports are poised to influence the domestic market dynamics.”
The markets will also remain closed for trading on Wednesday due to Maharashtra Day. With the ongoing earnings season, the major Q4 results expected in the week include UltraTech Cement, Adani Total Gas, Adani Power, Adani Green Energy, MRF, Titan, IOC, and Coal India, among others.
Further, on the global front, the US is scheduled to release manufacturing PMI data, unemployment rate, along with other economic indicators in the week. China is also expected to release macroeconomic data in the week.
Official depository data revealed on Sunday that foreign portfolio investors remained cautious towards Indian equities and debt market in the month so far. As of April 26, the investors pulled out Rs 10,640 crore from the Indian debt market and dumped equities worth Rs 6,304 crore, the data showed. This sentiment was attributed to the worries surrounding the changes in the India-Mauritius tax treaty and consistent surge in the US bond yields.
Himanshu Srivastava, Associate Director - Manager Research, Morningstar Investment Research India, stated, “While the tweak in India's tax treaty with Mauritius on investments made in India via the island nation continues to bother foreign investors, weak cues from the global markets with uncertain macro and interest rate outlook didn't augur well for emerging market equities.”
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