Business News Highlights: Sensex Settles 130 Points Up, Nifty At 22,550 Amid Volatility

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

31/05/2024 16:42:18

Adani Group Profit Up 55% In FY24

The Adani Group experienced a remarkable 55 per cent surge in profits during the fiscal year ending in March 2024. This uptick comes as the conglomerate, spanning from apples to airports, resumes its expansion efforts, with plans to invest $90 billion in capital expenditure over the next decade. 

31/05/2024 16:06:04

Stock Market Close: Sensex Up 130 Points, Nifty At 22,550

The Sensex concluded the session with a gain of 76 points, representing a 0.10 per cent increase, reaching 73,961.31, as 15 stocks trended upwards. Meanwhile, the Nifty 50 ended the day up by 42 points, marking a 0.19 per cent rise, to settle at 22,530.70, with 26 stocks showing positive movement.

31/05/2024 15:14:41

Digitalisation Boosts Agriculture, But Cybersecurity Risks Surge: Report

Integrating robotics, artificial intelligence (AI), and the Internet of Things (IoT) into agriculture addresses labour shortages and climate change and heightens the vulnerability to cyberattacks, as indicated in a recent report by GlobalData, a data and analytics firm. The report highlights that food suppliers and distributors are increasingly targeted by ransomware attacks, leading to disruptions in the timely delivery of produce.

31/05/2024 14:08:20

Arohan Financial Services Q4 Result: Net Profit Up 377%

Microfinance provider Arohan Financial Services announced a remarkable surge in its net profit, skyrocketing by 377 per cent to Rs 103.16 crore in the fourth quarter of the 2023-24 fiscal year. This marks a substantial increase from the net profit of Rs 21.62 crore recorded in the same period of the previous year. According to a statement by the company, the gross loan portfolio of the microfinance institution (MFI) has exceeded Rs 7,112 crore, with a net NPA (Non-Performing Assets) ratio of zero.

31/05/2024 13:29:44

Domestic PV Sales Likely To Surpass 5 Mn, Tata Motors Ready To Leverage The Opportunity

Tata Group Chairman N Chandrasekaran predicts that the domestic passenger vehicle segment will surpass the 50 lakh annual sales mark in the coming years, and Tata Motors is prepared to leverage this growth opportunity. In his message to the company's shareholders in the Annual Report for 2023-24, he emphasised Tata Motors' commitment to prioritise revenue growth and generate strong free cash flows across its various businesses in the future.

31/05/2024 12:54:50

Sky Gold Q4 Result: Firm Posts Two-Fold Surge In Profit

Sky Gold Ltd announced a surge in net profit, more than doubling to Rs 13.6 crore for the fourth quarter of the 2023-24 fiscal year, propelled by robust sales. Specialising in lightweight jewellery crafted from 18—and 22-carat gold, the company reported a net profit of Rs 6.1 crore in the corresponding period of the previous year. 

31/05/2024 12:06:44

Innoterra Names Avinash Kasinathan As Head of Indian Operations

Innoterra said that the firm has appointed Avinash Kasinathan as the Head of India business at Innoterra, with immediate effect. Avinash brings a wealth of experience in strategy, technology, and the agriculture sector to his new role. Beginning his career as a consultant at McKinsey, Avinash most recently served as the Chief Technology Officer at WayCool and CEO of CENSA (Waycool’s technology wing)

31/05/2024 11:11:31

Air India Flight Delayed Over 20 Hours, Passengers Faints Without AC

A passenger aboard an Air India flight destined for San Francisco reported that multiple individuals suffered fainting spells onboard due to inadequate air conditioning following a delay exceeding eight hours. Initially slated for departure on Thursday afternoon, the flight is now rescheduled to depart on Friday at 11 am after a delay extending beyond 20 hours.

31/05/2024 10:25:18

Orient Electric Welcomes R S Negi As MD & CEO Amid Leadership Transition

Orient Electric, a subsidiary of the CK Birla Group, announced the appointment of R S Negi as its new Managing Director and CEO on Thursday. Concurrently, Desh Deepak Khetrapal, the Vice Chairman and Managing Director has resigned, as per the company's regulatory filing. Negi's appointment is slated to come into effect on May 31, 2024.

31/05/2024 09:56:41

Rupee Jumps 5 Paise Against US Dollar In Early Trade

In early trade on Friday, the rupee strengthened by 5 paise to reach 83.24 against the US dollar, buoyed by positive sentiment in domestic equity markets and declining crude oil prices internationally. Forex traders noted, however, that the robust US dollar and continuous outflow of foreign capital exerted pressure on the local unit.

31/05/2024 09:22:52

Stock Market Open: Sensex Up 255 Points, Nifty At 22,564

Indian indices started the day on a positive note on Friday despite varied global cues. The Sensex gained 255.25 points, or 0.35 per cent, to 74,140.85, while the Nifty climbed by 75.70 points, or 0.34 per cent, to 22,564.40. Among the stocks, 1656 showed advances, 606 witnessed declines, and 113 remained unchanged.

31/05/2024 09:09:06

Stock Market Pre-Open: Sensex, Nifty Trade Higher

In the pre-opening session, benchmark indices are trading higher on Friday. The Sensex surged by 406.81 points or 0.55 per cent to reach 74,292.41, while the Nifty rose by 139.60 points or 0.62 percent to stand at 22,628.30.

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 trends suggest a steady to slightly bullish opening for India's broader index, with a modest increase of 18.5 points or 0.08 per cent. Nifty futures were hovering around the 22,681.50 mark.

In the previous trading session on Thursday, at the end of the trading day, the Nifty 50 dropped by almost 1 per cent, shedding 216 points to reach 22,488, while the Sensex dipped by 0.8 per cent, losing 617 points to stand at 73,885. This marked the fifth consecutive day of decline for both key indices.

In its annual report released on Thursday, the Reserve Bank of India (RBI) forecasted a 7 per cent growth rate for the Indian economy in the ongoing fiscal year starting from April. The report underscored the robust growth momentum of the Indian economy in the financial year 2023-24 (April 2023 to March 2024), with real GDP expanding by 7.6 per cent, an increase from 7.0 per cent in the previous year, marking the third consecutive year of growth at 7 per cent or above.

"The real GDP growth for 2024-25 is projected at 7.0 per cent with risks evenly balanced," stated the report. Despite enduring challenges, the economy demonstrated resilience throughout the fiscal year 2023-24.

In addition, the report said that the unclaimed deposits held by banks saw a year-on-year surge of 26 per cent, reaching Rs 78,213 crore by the end of March 2024. In contrast, the Depositor Education and Awareness Fund contained Rs 62,225 crore as of March 2023. Banks, including cooperative banks, transfer unclaimed deposits from accounts inactive for 10 years or longer to the RBI's Depositor Education and Awareness (DEA) Fund.

The Reserve Bank issued comprehensive guidelines earlier this year to assist account holders and streamline existing instructions regarding inactive accounts. These guidelines delineate measures for banks to implement, covering the classification of accounts and deposits as either inactive or unclaimed, as appropriate.