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

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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.

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.