Business News Highlights: Stock Market Close; Sensex Settles 160 Points Up, Nifty Around 22,650
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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.
Indian stock market was closed on Wednesday due to Maharashtra Day. In the previous trading session on Tuesday, the two key equity benchmarks, Sensex and Nifty, experienced a late-session downturn, primarily attributed to profit booking alongside a decline in metal and IT stocks. The BSE Sensex wrapped up the day at 74,482, registering a drop of 189 points from its intraday peak of 75,111. Meanwhile, the NSE Nifty50, which scaled an intraday high of 22,783, concluded the session 39 points lower at 22,605.
Furthermore, in April 2024, India's Goods and Services Tax (GST) collections surged to an unprecedented high of Rs 2.10 lakh crore in gross terms, as revealed by a statement from the finance ministry on Wednesday. This signifies a noteworthy 12.4 per cent escalation compared to the corresponding period last year, characterised by a 13.4 per cent uptick in domestic transactions and an 8.3 per cent increase in imports.
Upon factoring in refunds, the net GST revenue for April 2024 stands at Rs 1.92 lakh crore, showcasing a substantial growth of 17.1 per cent compared to April 2023. The ministry underscored the positive trajectory observed in GST collections over the years, delineating a progression from monthly collections starting below Rs 1 lakh crore in 2017-18, the tax's inaugural year, to an average of Rs 1.51 lakh crore in 2022-23.
"In the month of April, 2024, the central government settled Rs 50,307 crore to central GST and Rs 41,600 crore to state GST from the integrated GST collected. This translates to a total revenue of Rs 94,153 crore for central GST and Rs 95,138 crore for state GST for April 2024 after regular settlement," the ministry said.
In addition, on Wednesday, oil marketing companies announced revisions in the prices of commercial liquefied petroleum gas (LPG) cylinders, effective Wednesday, May 1. The cost of 19 kg commercial LPG cylinders has been reduced by Rs 19. Consequently, the retail sale price of the 19 kg commercial LPG cylinder in Delhi now stands at Rs 1,745.50, down from the previous price of Rs 1,764.50.
Blue Star Q4 Result: Net Profit Fell 29% To Rs 159.71 Crore
Blue Star Ltd recorded a 29 per cent decrease in its combined net profit of Rs 159.71 crore for the fourth quarter of 2023-24. This is in contrast to the net profit of Rs 225.29 crore reported in the January-March quarter of FY2022-23, states a regulatory filing by the firm on Thursday.
Aadhar Housing Finance Announces IPO Price Band Of Rs 300-315 Per Share
Aadhar Housing Finance Ltd, supported by the private equity giant Blackstone, announced on Thursday a price range of Rs 300 to Rs 315 per share for its Rs 3,000-crore initial public offering (IPO). The IPO will be available for public subscription from May 8 to May 10, bidding for anchor investors commencing on May 7 for a single day, as stated by the company.
Dabur Q4 Result: Profit Surges 16.5% To Rs 341.22 Crore
Dabur India Ltd recorded a 16.55 per cent rise in its combined net earnings, reaching Rs 341.22 crore for the quarter concluding in March 2024. This growth was facilitated by cost-efficiency measures and the extension of its distribution channels. According to a regulatory filing by Dabur India on Thursday, the company had achieved a net profit of Rs 292.76 crore in the corresponding period of the previous year.
Stock Market Close: Sensex Rises160 Points, Nifty Below 22,650
Indian benchmark indices concluded the volatile session on a positive note on Thursday, with Nifty hovering around 22,650. At closing, the Sensex recorded a gain of 128.33 points or 0.17 per cent, reaching 74,611.11, while the Nifty surged by 43.40 points or 0.19 per cent, reaching 22,648.20. Among the traded stocks, 1677 saw an increase, 1673 saw a decline, and 82 remained unchanged.
Federal Bank Q4 Result: Net Profit Recorded At Rs 906 Crore
Federal Bank recorded a steady net profit of Rs 906 crore for the quarter ending March 2024. This figure remained unchanged from the net profit of Rs 903 crore recorded in the fourth quarter of the 2022-23 fiscal year. The bank's total income increased by 23.42 per cent, reaching Rs 6,732 crore during the January-March period, while net interest income increased by 15 per cent to Rs 2,195 crore.
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