Business News Highlights: Stock Market Closes In Red; Sensex Down 220 Points, Nifty Below 22,900
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Asian markets traded on a higher note on Tuesday. The Gift Nifty was also trading above the 23K mark in the morning, giving indication of a positive start to the trading session on Tuesday.
Markets will keenly observe the equity trends, along with the Q4 earnings scheduled for the day, including IRCTC, Aditya Birla Fashion & Retail, among others.
In the last trading session on Monday, both equity benchmarks, Sensex and Nifty, hit fresh intraday peaks during the day. The Sensex breached the 76k mark and touched 76,009.68 during the session, while the Nifty climbed well beyond 23k and traded at 23,110.80 in the day.
However, tables turned and the indices ended the session slightly lower amidst volatility. The S&P BSE Sensex ended trading at 75,390.50, slipping nearly 20 points, while the NSE Nifty50 settled at 22,932.45, falling about 25 points.
Adani Energy Solutions announced on Monday that it received approval from its board to raise up to Rs 12,500 crore via Qualified Institutional Placement (QIP) or other permissible methods. The firm will conduct the fundraising in multiple tranches, however, the plan remained subject to approvals from shareholders at the next annual general meeting (AGM) scheduled for June 25, 2024.
The firm issued a regulatory statement and said, “We wish to inform you that the Board of Directors of the Company… has approved raising of funds… for an aggregate amount not exceeding Rs 12,500 crore or an equivalent amount thereof by way of Qualified Institutional Placement (QIP) or other permissible mode in accordance with the applicable laws, in one or more tranches.”
KAL Airways and Kalanithi Maran also informed on Monday that they will be challenging the court order and seeking damages worth Rs 1,323 crore from SpiceJet and its founder, Ajay Singh.
NBCC Q4 Result: Profit Jumps 26% To Rs 136 Crore
State-owned construction company NBCC Ltd announced a 26 per cent surge in its consolidated net profit, reaching Rs 136.08 crore for the quarter concluding in March 2024. This figure marks a significant increase from Rs 108.4 crore recorded in the same quarter of the previous fiscal year. According to a regulatory filing on Tuesday, the company's income from operations also witnessed a considerable rise, soaring to Rs 4,024.5 crore during the fourth quarter of the last fiscal year, compared to Rs 2,813.35 crore reported in the corresponding period of the preceding year.
Brigade Enterprises Q4 Result: Profit Surges Nearly 3-Fold To 206 Crore
Brigade Enterprises Ltd, a real estate company, announced a substantial surge in its consolidated net profit for the March quarter, reaching Rs 206.09 crore, marking nearly a threefold increase from Rs 69.25 crore reported in the same period last year. Escalated income levels primarily drove this boost. Total income for the fourth quarter of the preceding fiscal soared to Rs 1,762.62 crore from Rs 872.11 crore, reflecting robust growth compared to the corresponding period in the previous year.
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