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.
Alpex Solar Profit Surges To Rs 29 Crore In FY24
Alpex Solar has reported a significant surge in standalone net profit to Rs 29.05 crore in the fiscal year 2023-24, attributing this growth to increased revenues. This marks a substantial increase from the net profit of Rs 3.72 crore recorded in the preceding fiscal year 2022-23, as stated by the company on Tuesday.
Operational revenues soared to Rs 404.43 crore, reflecting a remarkable 121 per cent rise from Rs 182.69 crore in FY23. Additionally, the company's shares were listed on NSE Emerge on February 15, 2024, raising Rs 74.52 crore to support growth capital and working capital requirements.
Indowind Energy Q4 Result: Firm Reports Rs 61 Lakh Profit
Indowind Energy announced a profit of Rs 61.50 lakh for the March quarter, contrasting with a loss of Rs 25 crore in the corresponding period last year, according to a filing with the exchange on Tuesday. The company's total income increased to Rs 4.01 crore from Rs 3.93 crore in the January-March period of the previous year. However, expenses rose to Rs 4.07 crore from Rs 3.81 crore in the same financial year 2022-23 period.
Rupee Settles 5 Paise Lower Against US Dollar
The rupee trimmed its initial gains and ended the day 5 paise lower at 83.18 against the US dollar on Tuesday. This decline was influenced by a negative trend in domestic equities and increased dollar demand from importers at lower levels. Forex traders noted that the rupee traded within a narrow range, as elevated crude oil prices dampened investor sentiment, while the dip in the US dollar supported the rupee.
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