Business News Highlights: Stock Market Close; Sensex Tanks 733 Points, Nifty Below 22,500
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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.
In the previous trading session on Thursday, both the primary stock indices, Sensex and Nifty, ended positively following the decision by the US Federal Reserve to maintain the key interest rates at 5.5 per cent. The BSE Sensex climbed by 128 points to 74,611, while the NSE Nifty50 edged up by 43 points, closing at 22,648.
Furthermost, in April, India's manufacturing sector saw a marginal decline in activity, as per a monthly survey unveiled on Thursday. Despite this moderation, the industry recorded its second-highest improvement in operational conditions over the past three-and-a-half years, driven by strong demand. According to the seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) dipped from 59.1 in March to 58.8 in April, marking a slight slowdown. However, this decline still signifies the sector's second-best performance in terms of overall growth in the last three-and-a-half years.
Pranjul Bhandari, HSBC's Chief Economist for India, highlighted the ongoing strong demand conditions, which sustained the expansion in output, albeit with a slight deceleration compared to March. Indian manufacturers noted substantial demand for their products from domestic and international markets during April.
In addition, on Thursday, Adani Enterprises Ltd (AEL), a subsidiary of the Adani Group, announced its financial results for the quarter and fiscal year ending March 31, 2024. The core infrastructure segments, including the ANIL Ecosystem, Airports, and Roads, demonstrate notable operational efficiency advancements. These segments have shown a consistent rise in their contribution to the overall EBIDTA, reaching 45 per cent for FY24, compared to 40 per cent in FY23.
On Thursday, ICICI Bank denied speculations about CEO and Managing Director Sandeep Bakhshi's departure. The bank issued a statement refuting a report from The Morning Context that suggested Bakhshi intended to step down due to a personal emergency.
ICICI Bank dismissed the report as "baseless" and "purely fictitious." The bank's official filing countered the assertion, suggesting that it might have been propagated maliciously to undermine the bank and its stakeholders. The contested report purportedly claimed that the Reserve Bank of India (RBI) opposed Bakhshi's departure.
SEBI Grants Approves CARE Ratings' Subsidiary To Give ESG Ratings
The Securities and Exchange Board of India (SEBI) has permitted CARE Ratings Ltd's subsidiary, CARE ESG Ratings, to furnish environmental, social, and governance (ESG) ratings. These ratings will assist issuers in identifying measures to enhance their sustainability performance. Following registration under the SEBI (Credit Rating Agencies) Regulations on May 2, 2024, CARE ESG Ratings Ltd will initiate its ESG rating operations, said CareEdge Group in a statement on Friday.
Adani Green Energy Q4 Result: Net Profit Tanks 39% To Rs 310 Crore
Adani Green Energy Ltd (AGEL) reported a 38.85 per cent decrease in consolidated net profit to Rs 310 crore for the March quarter on Friday, primarily due to escalated expenses. The company disclosed in an exchange filing that its net profit stood at Rs 507 crore in the January-March period of the preceding fiscal year.
MRF Q4 Result: Net Profit Up 16% To Rs 396 Crore
Tyre manufacturer MRF reported a 16 per cent rise in its consolidated net profit on Friday to Rs 396 crore for the fourth quarter ending March 2024. This marks a notable increase from the net profit of Rs 341 crore reported during the same quarter in the previous fiscal year. Additionally, revenue from operations increased to Rs 6,349 crore in the last fiscal year compared to Rs 5,842 crore in 2022-23.
Stock Market Close: Sensex Plunges 733 Points, Nifty Below 22,480
The Indian benchmark indices concluded lower on Friday after a volatile session, with the Nifty falling below 22,500 due to selling across various sectors except metals. At the close, the Sensex recorded a decline of 732.96 points or 0.98 per cent, settling at 73,878.15, while the Nifty dropped 172.40 points or 0.76 per cent to 22,475.80.
Air India Announces Direct Delhi-Zurich Flights Starting June 16
Air India is set to start direct flights from the national capital to Zurich on June 16, marking the airline's seventh European destination with non-stop services. Operating four times a week, the flights will be serviced by a Boeing 787 aircraft featuring a two-class configuration: Economy and Business.
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