Business News Highlights: Stock Market Closes In Red; Sensex Tanks 454 Points; Nifty Below 22,000
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Trends from GIFT Nifty suggest a muted beginning for the broader Indian index, showing a modest gain of 11 points. Nifty futures were observed trading near the 22,164.50 mark.
The last trading session was on Tuesday, as the Indian stock market was closed on the occasion of Ram Navami on Wednesday. The markets remained trading with a bearish sentiment on Tuesday as well, extending the trend from the previous three trading sessions. The BSE Sensex concluded the session at 72,944, marking a decrease of over 450 points, while the NSE Nifty50 settled at 22,148, experiencing a decline of nearly 125 points.
On Wednesday, Media reports suggested that India's pulses imports could see a further rise in the fiscal year 2024-25 (FY25), following a nearly twofold increase in the previous fiscal year. ANI reported, citing sources, that the government is currently engaged in discussions with new markets like Brazil and Argentina to establish long-term contracts for pulse imports. Despite various incentives provided to farmers, India continues to rely on imports to meet domestic demand for pulses.
Furthermore, on Wednesday, Ambuja Cements Ltd (Ambuja), the cement and building materials company under the Adani portfolio, unveiled a significant step in its growth journey. The company's promoters, the Adani family, have fully subscribed to the warrants program in Ambuja Cements, injecting an additional Rs 8,339 crore. This brings the total infusion in the company to Rs 20,000 crore to date.
"We are thrilled to announce completion of Adani family's primary infusion of Rs 20,000 crore in Ambuja. This infusion of funds provides Ambuja, capital flexibility for fast-tracked growth, capital management initiatives and best-in-class balance sheet strength. It is not only testament to steadfast belief in our vision and business model but also reinforces our commitment to delivering long-term sustainable value creation to our stakeholders, and this shall propel us towards setting new benchmarks accelerating our growth and continue to deliver on operational excellence, business synergies and cost leadership,” said Ajay Kapur, Whole Time Director and CEO, Ambuja Cements Ltd.
Infosys Q4 Result: Firm Records Net Profit Of Rs 7,969 Crore
Infosys reported a net profit of Rs 7,969 crore for the fourth quarter of the fiscal year 2023-24. As per an exchange filing on Thursday, the company disclosed a revenue of Rs 37,923 crore for the three months ended March 31. Previously, analysts, based on an average of 13 brokerage estimates, projected a profit of Rs 6,128 crore on revenue of Rs 38,413 crore.
HDFC Life Reports Rs 1,569 Crore PAT, Declares Rs 2 Final Dividend
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