Business News Highlights: Stock Market Close; Sensex Tanks 733 Points, Nifty Below 22,500
Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world
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 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.
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.
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 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.
The global smartphone market grew 6 per cent year-on-year at 296.9 million unit shipments in the first quarter of this year, according to a report released on Friday. Samsung claimed the top position globally, surpassing Apple, with a 20 per cent shipment share. Counterpoint Research attributes this growth mainly to the strong performance observed in key regions like Europe, the Middle East, and Africa (MEA), as well as the Caribbean and Latin America (CALA).
Real estate company Godrej Properties posted a 14 per cent surge in its consolidated net profit to Rs 471.26 crore for the quarter concluding in March, attributed to increased income amidst robust housing demand. This marks a significant rise from its net profit of Rs 412.14 crore during the same period last year.
According to the company's regulatory filing on Friday, total income climbed to Rs 1,914.82 crore in the fourth quarter of the preceding fiscal year, up from Rs 1,838.82 crore recorded in the corresponding period of the previous year.
The Supreme Court has asked the Centre to provide information regarding issuing notices and arrests carried out under the Goods and Services Tax regulations. It indicated that it might interpret the law and establish suitable guidelines to prevent any potential harassment of citizens, safeguarding their liberty.
LinkedIn has launched three new puzzle games in an effort to increase user engagement on the platform. LinkedIn users worldwide can now play Pinpoint, Queens and Crossclimb on its mobile application or website. Read Here
Coal India Ltd (CIL) saw its shares surge by over 4 per cent on Friday following its announcement of a 26.2 per cent increase in consolidated net profit for the March quarter. The stock climbed 4.15 per cent to Rs 472.10 on the BSE and 3.97 per cent to Rs 471.95 on the NSE. The coal giant reported a consolidated net profit of Rs 8,682.20 crore for the March quarter, driven by increased supplies of dry fuel.
Bajaj Finance shares surged more than 7.50 per cent on Friday following the Reserve Bank of India's (RBI) decision to lift restrictions on the company regarding the sanctioning and disbursal of loans through eCOM and Insta EMI Card. The stock rallied by 7.54 per cent to Rs 7,400 on the BSE; on the NSE, it climbed by 7.51 per cent to Rs 7,400.
In early trading on Friday, the rupee strengthened by 9 paise to reach 83.37 against the US dollar. This rise was attributed to positive sentiment in domestic equity markets and the depreciation of the US dollar against major currencies abroad. However, forex traders noted that the outflow of foreign funds and the high crude oil prices exerted downward pressure on the Indian currency.
Apple saw double-digit growth in India during the March quarter of this year, as stated by the company's CEO, Tim Cook, on Friday. Cook emphasised the company's commitment to further expanding its operations, citing the necessity to enhance manufacturing in India to maintain competitiveness.
The Indian stock market started trading on Friday, with the Nifty surpassing 22,750, benefiting from favourable global signals. The Sensex surged by 424.12 points, or 0.57 per cent, to 75,035.23, while the Nifty climbed 119.80 points, or 0.53 per cent, to 22,768. Among the stocks, 1677 registered gains, 505 witnessed declines, and 113 remained unchanged.
In the pre-opening session on Friday, benchmark indices are showing strength. The Sensex is trading higher by 341.37 points or 0.46 per cent at 74,952.48, while the Nifty is up by 172.80 points or 0.76 per cent at 22,821.
HDFC Mutual Fund on Thursday acquired shares of Cyient Ltd, a global digital engineering and technology firm, through an open market transaction, investing Rs 204 crore. As per data from bulk deals on the BSE, HDFC Mutual Fund bought 11.33 lakh shares, representing a 1.02 per cent stake in Cyient.
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 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.
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