Business News Highlights: Stock Market Closes In Red; Sensex Down 220 Points, Nifty Below 22,900
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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 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 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 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.
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.
Indian benchmark indices closed lower in a volatile session on Tuesday, with the Nifty falling below 22,900. The Sensex dropped 220.05 points, or 0.29 per cent, to 75,170.45, while the Nifty declined 44.30 points, or 0.19 per cent, to 22,888.20. During the session, approximately 1,079 shares advanced, 2,272 shares declined, and 83 shares remained unchanged.
Consumer tech brand Nothing, headquartered in London, announced the selection of Vishal Bhola as President for Nothing India. Boasting a career spanning over 28 years in global business leadership, Bhola brings a wealth of experience gleaned from renowned multinational corporations such as Unilever and Whirlpool.
NMDC, a government-owned entity, announced on Tuesday an increase in the prices of lump ore by Rs 250 per tonne and fines by Rs 350 per tonne. According to a regulatory disclosure, the company adjusted the rates for lump ore to Rs 6,450 per tonne and fines to Rs 5,610 per tonne. Lump ore, characterized by its high-grade iron content of 65.5 per cent Fe, contrasts with penalties, which exhibit inferior quality with Fe content of 64 per cent and lower.
A significant number of employers in India are actively promoting diversity and gender parity through progressive policies, upskilling initiatives, and flexible work options. They have also realigned their hiring strategies to mandate the recruitment of women at all levels across various sectors, according to a report by ManpowerGroup India.
The research indicates that 54 per cent of Indian employers are optimistic about their company's Diversity, Equity, Inclusion, and Belonging (DEIB) initiatives, believing they are on track to increasing women's participation at different levels—significantly higher than the global average of 46 per cent.
Motilal Oswal has recently launched a restructured website designed to provide investors with a robust platform for comprehensive share market analysis. The website has various advanced features designed to furnish investors with critical information. In addition to providing real-time market data, the website also features expert strategies and recommendations for derivatives, currency, and commodity trading.
The Indian government on Monday issued revisions to norms regarding the amount of wastage and standard input output related to the export of gold and silver jewellery. The Directorate General of Foreign Trade in an official notice said that the export products's net content will not include the weight of mountings and parts of gold or silver, if any imported and used in the products.
The rupee appreciated 3 paise to touch 83.10 against the US dollar on Tuesday, amidst a positive sentiment in domestic markets and a weakness in the American dollar in the global market. In the last trading session on Monday, the domestic currency closed at 83.13 against the greenback.
The stock market opened with a strong sentiment on Tuesday as the S&P BSE Sensex crossed 75,500 in the morning and touched 75,541.05, climbing over 150 points, as of 9:30 AM. The NSE Nifty50 inched closer to 23K as market opened and stood at 22,975.90, gaining close to 50 points, during the same time.
State-owned iron ore miner NMDC reported a 38 per cent decline in its consolidated net profit at Rs 1,415.62 crore for the January-March quarter in the 2023-24 fiscal year (FY24). The firm said that its profit stood at Rs 2,276.94 crore in the corresponding quarter a year earlier. The company attributed this slump to an increase in expenses.
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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.
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.
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