Business News Highlights: Stock Market Close; Sensex Settles 160 Points Up, Nifty Around 22,650
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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 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 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.
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 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.
The airline has started flights on the Delhi-Dubai route utilising its newly acquired Airbus A350-900 aircraft, according to a statement released by Air India on Thursday. This inaugural flight signifies the international premiere of Air India's recently added fleet, establishing it as the exclusive carrier operating the A350 between India and Dubai.
Adani Ports and Special Economic Zone Limited (APSEZ) recorded a surge of 76.87 per cent in its consolidated net profit, reaching Rs 2,014.77 crore for the fourth quarter ending March 2024. The company, recognised as the country's largest integrated logistics player, disclosed a profit of Rs 1,139.07 crore during the same period in the previous fiscal year, according to a BSE filing on Thursday.
India's manufacturing sector saw a modest decrease in activity in April, as per a monthly survey unveiled on Thursday. Despite this slight moderation, the industry attained its second-highest level of operational enhancement in three-and-a-half years, supported by strong demand. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) dropped from 59.1 in March to 58.8 in April.
The shares of companies within the Godrej group displayed mixed performance on Thursday, following news of the founding family's agreement to split the conglomerate after 127 years. While Godrej Industries saw a significant decline of nearly 9 per cent, sliding to Rs 877.95 on the BSE despite a strong start, Godrej Agrovet experienced a notable surge of over 5 per cent, reaching Rs 575.05. Godrej Properties saw a drop of 6.25 per cent to Rs 2,482.90, and Astec Lifesciences also dipped 2.15 per cent to Rs 1,259.85, despite an initial surge of almost 9 per cent. Conversely, Godrej Consumer Products saw a rise of 2.82 per cent to Rs 1,253.95 amidst the mixed market activity.
Ashok Leyland announced a 10 per cent surge in total wholesales, reaching 14,271 units in April compared to 12,974 units in the corresponding period last year. The company disclosed on Thursday that domestic sales rose 9 per cent, climbing to 13,446 units last month from 12,366 units in April 2023. Notably, within the domestic market, medium and heavy commercial vehicle sales witnessed a significant uptick, increasing by 16 per cent to 8,611 units compared to 7,422 units in the same month last year.
Kotak Mahindra Bank shares fell more than 4 per cent on Thursday following the announcement of the immediate resignation of K V S Manian, the veteran Joint Managing Director of the company. The stock of the private sector lender plummeted by 4.38 per cent, reaching its 52-week low of Rs 1,552.55 on the BSE.
Girish Mathrubootham, currently the CEO of Freshworks, has announced his decision to resign and assume the position of Executive Chairman. Making the announcement on the social media platform X (formerly Twitter), Mathrubootham expressed his anticipation for a new chapter in the company's journey and his career.
“I have decided to step down as CEO of Freshworks and transition into the role of Executive Chairman. This decision was not made lightly and comes with a deep belief in our collective vision and the future of our company,” he wrote.
The Indian rupee maintained a stable position, trading at 83.43 against the US dollar during early trade on Thursday. This stability occurred despite the strength of the US dollar following the decision by the American central bank to keep interest rates unchanged. Forex traders noted that the Indian currency faced additional pressure due to an upward trend in crude oil prices.
Indian indices started trading with a slight uptick on Thursday, with the Nifty hovering around 22,650. The Sensex saw a rise of 145.67 points or 0.20 per cent, reaching 74,628.45, while the Nifty experienced an increase of 47.60 points, or 0.21 per cent, reaching 22,652.40. Among the stocks, 1722 recorded gains, 642 witnessed declines, and 157 remained unchanged.
In the pre-opening session on Thursday, benchmark indices are showing a mixed trend. The Sensex has gained 305.45 points, or 0.41 per cent, reaching 74,788.23, while the Nifty experienced a slight decline of 10.00 points, or 0.04 per cent, settling at 22,594.80.
Adani Wilmar Ltd reported a 67 per cent surge in its consolidated net profit to Rs 156.75 crore for the quarter ending March, despite a decline in revenue. This compares to a net profit of Rs 93.61 crore reported in the corresponding period last year. According to regulatory filings on Wednesday, the company's total income decreased to Rs 13,342.26 crore in the January-March period of the previous fiscal year, down from Rs 14,185.68 crore in the same period the year before.
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.
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.
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