Business News Highlights: Stock Market Close; Sensex Settles 189 Points Lower, Nifty At 22,605
Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world
Asirvad Micro Finance, a subsidiary of the listed NBFC Manappuram Finance, has obtained approval from SEBI to raise funds via an initial public offering, according to an update from the market regulator on Tuesday. The proposed IPO solely consists of a fresh issue of equity shares, with no offer for sale (OFS) component, as stated in the Draft Red Herring Prospectus (DRHP). The offering aims to raise up to Rs 1,500 crore.
In a highly volatile session, Indian benchmark indices relinquished all intraday gains and closed in negative territory. At the closing bell, the Sensex stood at 74,482.78, down by 188.50 points or 0.25 per cent, while the Nifty closed at 22,604.80, down by 38.60 points or 0.17 per cent. Among the traded stocks, 1987 registered gains, 1623 witnessed declines, and 141 remained unchanged.
Global gold demand experienced a slight increase of 3 per cent in the January-March period, reaching 1,238 tonnes, marking the strongest quarter since 2016, despite elevated prices, according to the World Gold Council. The World Gold Council's 'Q1 2024 Gold Demand' trends report underscored that total global gold demand, including over-the-counter purchases, rose by 3 per cent year-on-year to 1,238 tonnes.
Star Health and Allied Insurance on Tuesday recorded 40 per cent rise in net profit, reaching Rs 142 crore for the fourth quarter concluding in March 2024. The standalone health insurer achieved a net profit of Rs 102 crore during the corresponding quarter of the preceding year. According to a regulatory filing by Star Health, the company's gross written premium escalated to Rs 4,968 crore in the quarter, marking an increase from Rs 4,199 crore in the same period last year.
Sterlite Power revealed on Tuesday that it has bagged fresh contracts amounting to Rs 2,500 crore during the quarter concluded on March 31. This latest achievement propels the company's total order acquisitions in FY24 to Rs 7,000 crore, marking a significant 35 per cent year-on-year (YoY) surge compared to FY23, as stated by Sterlite Power.
RHI Magnesita India appoints Azim Syed as both Chief Financial Officer and Chief Investor Relations Officer, effective May 1, 2024, according to a statement released by the company on Tuesday. Syed brings extensive experience from his tenure on the global leadership team at RHI Magnesita NV since 2019, where he played integral roles in overseeing global supply chains and integrated business planning.
Granules India announced on Tuesday that its subsidiary, Granules Pharmaceuticals, has been approved by the US Food & Drug Administration (USFDA) to market Colchicine Capsules (0.6 mg), a medication to prevent or treat gout attacks. The company stated in a regulatory filing that its product is therapeutically equivalent to Mitigare Capsules (0.6 mg) by Hikma International Pharmaceuticals LLC.
Tata Chemicals saw a 4.50 per cent decline in its shares on Tuesday following the announcement of a net loss amounting to Rs 818 crore for the fourth quarter ending March 31, 2024. The stock fell by 4.45 per cent to Rs 1,050 on the BSE, and on the NSE, it experienced a similar drop, down 4.50 per cent to Rs 1,050. This loss was attributed to reduced income and provisions for exceptional items of Rs 963 crore in the UK business.
A group of United States ceramic tile suppliers has called upon the federal government to levy tariffs on ceramic tile imports originating from India. They cite adverse effects on the domestic industry resulting from subsidised imports supported by the Indian government. The Department of Commerce has initiated an inquiry into this issue.
The Executive Centre (TEC), a co-working firm headquartered in Hong Kong, experienced a significant surge in Indian revenue, marking a 31 per cent increase to Rs 475 crore during the previous calendar year. This growth was primarily propelled by the company's expansion efforts, responding to the increasing demand for flexible workspace solutions.
In early trading on Tuesday, the rupee weakened by 3 paise to reach 83.48 against the US dollar. This decline was influenced by the strength of the American currency compared to major Asian counterparts and an uptick in crude oil prices. Nonetheless, forex traders noted that the Indian currency's decline was mitigated by positive sentiment in domestic equity markets and an influx of foreign capital into Indian equities.
The International Monetary Fund has greenlit the prompt allocation of $1.1 billion to Pakistan as a component of its bailout package, emphasising the nation's need to implement stringent measures to revitalise its economy. The IMF Executive Board decided following the conclusion of the second and final review of Pakistan's economic reform program under the IMF's Stand-By Arrangement (SBA).
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 Monday, there was a notable surge in banking stocks, propelling the Sensex and Nifty, India's primary equity indices, to close higher. The BSE Sensex ended the day by 941 points, reaching 74,671, while the NSE Nifty50 settled 223 points higher at 22,643.
Union Finance Minister Nirmala Sitharaman outlined crucial factors necessary for India to sustain its GDP growth on Monday. Speaking at the Viksit Bharat Ambassador Campus Dialogue program on GITAM University's Vizag Campus, she emphasised, "Our PM has set a target that by 2047, we need to reach the destination of a developed India. We have to make efforts, so the GDP grows and the benefits reach to all. GDP growth doesn't happen automatically; efforts are required at micro and macro levels and on the ground."
“All these matters, along with per capita income calculations. Unless the GDP is widened, we are not going to be able to meet the demands of the economy. We need investment, services to grow, educational institutions, and money for people to buy houses, start businesses,” she added.
Discussing India's economic expansion throughout the years, she remarked, "India's own efforts to make people's lives better were happening, but they were not effective. We were all stifled because of the way we ordered our economy. One-size-fits-all solutions were given. Then in 1991, we decided to open the economy. New opportunities arose, more resources came from abroad, which made us change and grow. Despite this, many things that could have happened didn’t happen. We realised that opening up has also not helped India."
Furthermore, India’s monthly average ATM cash withdrawals rose by 5.51 per cent during the fiscal year 2023-24 (FY24), according to a report "CMS Consumption Report 2024: Unfolding India" by CMS Info Systems released on Monday.
Compared with the preceding fiscal year (FY23), where withdrawals amounted to Rs 1.35 crore, FY24 increased to Rs 1.43 crore, as per the study. The report noted that monthly average ATM cash withdrawals in India remained consistently higher throughout FY24, with 10 out of 12 months recording withdrawals surpassing the monthly average of 7.23 per cent in FY23.
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