Business News Highlights: Indices Reverse Trend, Sensex Settles 20 Points Lower, Nifty Under 23K
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DCM Shriram Industries reported a 23 per cent jump in consolidated net profit to Rs 38.64 crore in the fourth quarter of the 2023-24 fiscal year (FY24) on Monday, against Rs 31.53 crore logged in the same quarter a year earlier.
REnergy Dynamics (RED) announced on Monday that it has entered into the renewable energy sector and is aiming for an order book worth Rs 5,000 crore by 2029. The firm said that its business is expected to majorly come from large-scale bioenergy projects, engineering, procurement, and construction (EPC) services to renewable energy developers.
The Indian rupee closed at 83.14 (provisional), depreciating 4 paise against the US dollar on Monday. In the last trading session on Friday, the domestic currency settled at 83.10 against the greenback.
The stock market witnessed major volatility on Monday. The key equity benchmark indices ended the trading session in red after reaching fresh peaks during the day. The BSE Sensex closed the day at 75,390.50, declining nearly 20 points, while the NSE Nifty50 settled almost 25 points lower at 22,932.55.
Best Agrolife Ltd on Monday clocked a widening in net loss to Rs 72.49 crore in the January-March quarter in the 2023-24 fiscal year (FY24), against a loss of Rs 8.41 crore logged in the same quarter a year earlier. Vimal Kumar, MD of the agrochemicals company said, "Despite the high competition from imports, particularly pricing pressure from China and the challenges posed by the global economic climate, we have maintained good profit margins."
Axiscades on Monday said that its subsidiary, Mistral, received an order worth Rs 90 crore from Bharat Electronics Ltd for supplying radar processing systems.
NTPC on Monday announced that it has named Akhilesh Singh as the Business Unit Head for its Bongaigaon plant in Assam. The state-run power company shared a release and informed that Singh succeeded K C Muraleedharan, who has relocated to NTPC Dadri as Head of Project.
High Street Essentials, operator of fashion brand Indya, announced on Monday that it raised Rs 50 crore from Sangita Jindal, wife of JSW Group Chairman, Sajjan Jindal, along with other investors.
State-owned GAIL (India) Ltd commissioned its first green hydrogen plant at Vijaipur in Madhya Pradesh on Sunday. The firm informed that the project will produce 4.3 tonne of green hydrogen daily.
The Indian rupee appreciated by 4 paise to touch 83.06 against the US dollar on Monday, backed by a strong rally in domestic equities. In the last trading session on Friday, the domestic unit closed at 83.10 against the greenback.
The stock markets opened trading this week on a positive note. As of 9:37 AM, the BSE Sensex gained almost 150 points to trade at 75,557.14, while the NSE Nifty50 inched closer to 23K and stood at 22,993.15, up by 36 points.
The Department of Telecom instructed telecom operators to restrict all the incoming international spam calls that show Indian mobile numbers, the authorities informed via an official statement on Sunday. "Such calls appear to be originating within India but are being made by cyber-criminals from abroad by manipulating the calling line identity (CLI) and have been misused in recent cases of fake digital arrests, FedEx scams, drugs or narcotics in courier, impersonation as government and police officials, disconnections of mobile numbers by DoT or TRAI officials, etc. DoT and Telecom Service Providers (TSPs) have devised a system to identify and block such international spoofed calls from reaching any Indian telecom subscriber. Now directions have been issued to the TSPs for blocking such incoming international spoofed calls," the statement read.
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.
Japan’s Nikkei rallied ahead on Monday morning, while the MSCI’s broadest index of Asia-Pacific shares outside Japan also logged gains in the day.
In the last trading session on Friday, both equity benchmarks, Sensex and Nifty, closed the day on a flat note amidst volatility. The S&P BSE Sensex hit a fresh peak of 75,636.5 in intraday and settled at 75,410, inching down by 8 points. The NSE Nifty50 ended trading at 22,957, slipping 11 points after breaching the 23,000 mark in the day.
Vinod Nair, Head of Research, Geojit Financial Services, commented on the market outlook and said, “The domestic market is reaching new highs, with largecaps playing second fiddle to the broader market rally, indicating sustained momentum in the short-term.”
Markets will also keenly observe macroeconomic data set to be released this week. Domestically, investors will clock the GDP growth rate figures for June to be revealed on Friday.
The fourth quarter earnings season nears its end and the major results expected in the week include Life Insurance Corporation of India, NMDC, Parle Industries, Aditya Birla Fashion & Retail, General Insurance Corporation of India, IRCTC - Indian Railway Catering & Tourism Corp, and MMTC, among others.
Globally, the US and Japan will also see the release of some macroeconomic indicators in the week.
Sharing an outlook, Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd, said, “The monthly derivatives expiry on Thursday may also fuel volatility in markets. We have reached the final curtain for the Q4 earnings season. Many companies, including names like Tata Steel, will release their financial results this week. Positive earnings from the final quarter could provide strength to the market to continue its bullish momentum. We are very close to the Lok Sabha election results, and the election verdict will give a boost to FII flows.”
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