Business News Highlights: Sensex Rises 599 Points; Nifty Settles Near 22,150

Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world

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.

GIFT Nifty is trading lower on Friday, giving an indication of a negative start to the Indian stock market.

In the previous trading session on Thursday, the Indian Stock Market extended its downward trajectory for the fourth consecutive session. The BSE Sensex ended the session at 72,488.99, showing a decline of over 454.69 points or 0.62 per cent. Similarly, the NSE Nifty50 concluded at 21,995.85, registering a decrease of 150.05 points or 0.69 per cent.

Further, on Thursday, Indian IT services firm Infosys announced that its consolidated profit surged by 30 per cent to Rs 7,969 crore in the fourth quarter (Q4) ended in March 2024. According to a regulatory filing, the company recorded a profit of Rs 6,128 crore in the corresponding period a year ago. Infosys' consolidated revenue for the reported quarter rose 1.3 per cent to Rs 37,923 crore from Rs 37,441 crore in the same quarter a year ago.

Salil Parekh, CEO and MD, said, "Our capabilities in Generative AI continue to expand. We are working on client programs, leveraging large language models with impact across software engineering, process optimisation, and customer support."

"I would like to thank our 317,000 employees across the world that are working to create value for our clients. Hiring models has changed significantly over the years. Doing more than half of the hiring off campus,” he added.

In addition, on Thursday, Nestlé India experienced a significant setback in the stock market, with its shares plunging up to 5.4 per cent. This decline came in response to allegations of adding sugar to baby food products sold in India and several other countries.

A company spokesperson said, “Compliance is an essential characteristic of Nestlé India and we will never compromise on that. We also ensure that our products manufactured in India are in full and strict compliance with CODEX standards (a commission established by WHO and FAO) and local specifications (as required) pertaining to the requirements all nutrients including added sugars. Reduction of added sugars is a priority for Nestlé India. Over the past 5 years, we have already reduced added sugars by up to 30%, depending on the variant. We regularly review our portfolio and continue to innovate and reformulate our products to further reduce the level of added sugars, without compromising on nutrition, quality, safety, and taste. Nestlé India is committed to delivering the best nutrition to our consumers, which we have been doing for  over 100 years and would always maintain highest standards of Nutrition, Quality and Safety in our products.”

16:47 PM (IST)  •  19 Apr 2024

Hindustan Zinc Q4 Result: Firms Recorded Net Profit Dip Of 21%

Hindustan Zinc Ltd. reported a 21 per cent decrease in its consolidated net profit to Rs 2,038 crore for the quarter ended March 31, 2024. This decline was primarily attributed to lower zinc prices. In the same quarter of the previous fiscal year, the company posted a consolidated net profit of Rs 2,583 crore, the firm said on Friday.

16:20 PM (IST)  •  19 Apr 2024

Wipro Q4 Result: Net Profit Declines 8% To Rs 2,835 Crore

Wipro recorded a net profit of Rs 2,835 crore for the fourth quarter of the fiscal year 2023-24, down from Rs 3,074.5 crore reported in the same period last year. The software services company's revenue for the quarter stood at Rs 22,208.3 crore, compared to Rs 23,190.30 crore in the corresponding quarter of the previous year, as per an exchange filing on Friday.

16:11 PM (IST)  •  19 Apr 2024

Stock Market: Sensex Jumps 599 Points, Nifty Closes At 22,147

The Indian equity market broke a four-day losing streak and closed higher on Friday, with the Nifty hovering around 22,150. By the end of the session, the Sensex had surged by 599.34 points or 0.83 per cent to reach 73,088.33, while the Nifty rose by 151.20 points or 0.69 per cent to settle at 22,147. Among the stocks, 1576 recorded gains, 1770 faced declines, and 95 remained unchanged.

15:37 PM (IST)  •  19 Apr 2024

Manappuram Finance Plans To Raise Up To $500 Million Through ECB

Gold loan provider Manappuram Finance announced on Friday that its board has approved the potential raising of up to $500 million (approximately Rs 4,100 crore) through external commercial borrowings (ECBs). The funds will be procured in one or more instalments, as stated in a regulatory filing by Manappuram Finance. The company further mentioned that its Financial Resources and Management Committee, during a meeting on April 19, 2024, has endorsed the fundraising plan.

15:20 PM (IST)  •  19 Apr 2024

Dhanlaxmi Bank Names Ajith Kumar K K As MD

Dhanlaxmi Bank, a private sector bank, announced the appointment of Ajith Kumar KK as its managing director and CEO for a three-year tenure on Friday. The appointment is subject to shareholder approval as per regulatory requirements, as stated in a regulatory filing by Dhanlaxmi Bank. Currently serving as the Chief Human Resources Officer at Federal Bank with the rank of president, Ajith Kumar KK also holds the position of director at Federal Operations & Services Ltd, a wholly-owned subsidiary of Federal Bank, due to his employment.