Business News Highlights: Stock Market Closes In Red; Sensex Tanks 454 Points; Nifty Below 22,000
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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.
The Indian Stock Market continued the downward trend on Thursday for the fourth consecutive session. The BSE Sensex concluded the session at 72,488.99, marking a decrease of over 454.69 points or 0.62 per cent. Similarly, the NSE Nifty50 closed at 21,995.85, recording a decline of 150.05 points or 0.69 per cent.
India's G-20 sherpa, Amitabh Kant, emphasised on Thursday that the global future won't be shaped by major technology firms but rather by locally developed digital public infrastructure platforms. Kant highlighted India's intention to share its digital public infrastructure (DPI) with the world, noting the growing interest from other countries in adopting similar models. He was speaking at the 'We Made in India' event.
Ashok Leyland announced on Thursday its partnership with South Indian Bank to finance dealers. The commercial vehicle maker signed a Memorandum of Understanding (MoU) to facilitate dealer financing under the bank's dealer finance programme, the firm said in a statement.
MG Motor India announced on Thursday its collaboration with the Epsilon Group to address EV charging solutions and battery recycling. Under this partnership, the automaker has entered into a Memorandum of Understanding (MoU) with two Epsilon Group - Power EV subsidiaries, specialising in charging solutions, and LICO, focusing on battery recycling and second-life expertise. According to the agreement, Power EV will leverage Custom Charging technology to develop AC and DC charging solutions tailored for MG's EVs.
Altum Credo, a provider of affordable housing financing, said on Thursday that it has successfully raised $40 million (approximately Rs 332 crore) in funding. The funding round was spearheaded by Z3Partners and impact investor Oikocredit. According to a statement, the Series C round consists of a $27 million infusion in fresh equity and $13 million allocated for partial exits to Series A investors.
The Indian rupee bounced back from its record low levels in early trading on Thursday, strengthening by 12 paise to Rs 83.49 against the US dollar. This upward movement was supported by a positive trend in domestic equities and mirrored gains seen in Asian currencies. Forex traders noted that the local currency advanced as the US dollar retreated from its previous highs.
VerSe Innovation, a language technology platform, announced its acquisition of Magzter, a cross-platform global digital newsstand having a library of over 8,500 premium magazines and newspapers on Thursday. Under the branding "Dailyhunt Premium," this subscription-based service will grant users access to premium content from worldwide publishers across over 60 languages, encompassing English, French, Italian, Japanese, Russian, Spanish, and more.
Indian Stock Market Started trading on a positive note on Thursday, with the Nifty surpassing the 22,200 mark. The Sensex surged by 271.72 points or 0.37 per cent to reach 73,215.40, while the Nifty climbed by 104.60 points or 0.47 per cent, standing at 22,252.50. During the trading session, 1843 shares advanced, 432 declined, and 118 remained unchanged.
In the pre-opening session, benchmark indices are trading positive on Thursday. The Sensex rose by 98.71 points, or 0.14 per cent, to reach 73,042.39, while the Nifty climbed by 31.90 points, or 0.14 per cent, to 22,179.80.
The global economy could suffer a loss of approximately 19 per cent of income over the next 25 years due to climate change, suggests a new study published on Wednesday. The study, conducted by scientists at Germany's Potsdam Institute for Climate Impact Research, highlights that countries least responsible for climate change and with limited resources to adapt to its impacts are expected to be the hardest hit.
Background
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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.
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