Business News Highlights: Sensex, Nifty Settle Flat Amid Volatility
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Orient Green Power Company reported a consolidated net loss of Rs 25.25 crore for the March quarter of FY24 on Friday, primarily due to reduced income. According to the company's exchange filing, this is an increase from the Rs 18.97 crore loss reported in the same period last year. Total income decreased to Rs 39.12 crore from Rs 46.45 crore in the January-March quarter of FY23.
Air India revealed that it has appointed Sanjay Sharma as the Chief Financial Officer (CFO), effective June 10. Sharma will take over from Vinod Hejmadi, who will retire after serving Air India for over thirty years. According to an official statement, Sharma brings over thirty years of expertise in corporate finance, investment banking, and real estate sectors.
The benchmark indices in India achieved new record peaks on Friday as the Nifty crossed the 23,000 mark for the inaugural time. Despite this milestone, the market couldn't sustain the heightened levels and concluded with minimal fluctuations. By the closing bell, the Sensex edged down by 7.65 points or 0.01 per cent to reach 75,410.39, while the Nifty dipped by 10.55 points or 0.05 per cent, settling at 22,957.10.
India experienced a season-high peak power demand of 236.59 GW on Thursday, driven by soaring temperatures nationwide, leading to increased usage of cooling appliances such as air conditioners and coolers. According to data from the power ministry, Thursday saw the highest supply meeting the peak power demand, marking the maximum level recorded for this summer season.
In this year's first quarter (Q1), hackers persisted in employing malware. They increasingly turned to tools with legitimate functions, enabling cybercriminal operations to remain undetected for extended periods, as per a new report released on Friday. Arete, a global cyber risk management company, presented its Q1 2024 Crimeware Report, revealing a slight rise in median ransom payments from Q4 to Q1, yet these payments remained consistent with the median payments recorded throughout 2023.
The Food Ministry announced on Friday that the Central government's wheat procurement across several states during the ongoing Rabi marketing season has surpassed last year's total, reaching 262.48 lakh metric tonnes compared to the previous year's 262.02 lakh metric tonnes. Throughout the Rabi marketing season of 2024-25, 22.31 lakh farmers have benefited, resulting in a significant MSP outflow of Rs. 59,715 crores.
The IMF has announced that substantial headway has been made in discussions with Pakistani authorities to secure a staff-level agreement for an extended fund facility to aid the financially challenged nation. Pakistan has formally requested a new bailout package ranging between $6 to $8 billion under the Extended Fund Facility (EFF), with potential augmentation through climate finance.
Zee Entertainment Enterprises Ltd (ZEEL) has asked for a termination fee of $90 million (approximately Rs 748.7 crore) from the Sony Group following the cancellation of their $10 billion merger agreement in January. The demand for termination fees has been directed towards two entities within the Sony Group, namely Sony Pictures Networks India (SPNI), presently identified as Culver Max Entertainment, and Bangla Entertainment (BEPL). This information was disclosed in a regulatory filing by ZEEL on Thursday.
NP Singh, the Managing Director and CEO of Sony Pictures Networks India, has announced his departure after dedicating 25 years to the company. Following this extensive tenure, Singh will transition to an advisory position within the organisation. In an internal email addressed to employees, Singh expressed his decision, stating that after nearly 44 years in my career, including a rewarding 25-year tenure at SPNI, I have decided to move on from my role as MD and CEO.
The rupee strengthened by 12 paise to reach 83.17 against the US dollar on Friday, following a positive trend in domestic equities as benchmark indices achieved new highs. Forex traders credited this surge to the RBI's record dividend of Rs 2.11 lakh crore to the government for the fiscal year ending March 31.
JK Lakshmi Cement Limited (JKLC) announced on Friday its financial results for the fourth quarter (January-March) of the fiscal year 2023-24 and the full financial year 2023-24, demonstrating robust operational performance. The firm recorded a net profit jump of 28 per cent in FY24, standalone net sales increased by 4 per cent, and standalone sales volume increased by 1 per cent.
Indian indices started lower on Friday, with the Nifty below 22,950. The Sensex declined 110.14 points, or 0.15 per cent, to 75,307.90, while the Nifty slipped by 37.70 points, or 0.16 per cent, to 22,930.00. Among the shares traded, 1,321 advanced, 1,006 declined, and 119 remained unchanged.
Benchmark indices are showing slight declines in the pre-opening session on Friday. The Sensex edged lower by 51.64 points or 0.07 per cent, settling at 75,366.40, while the Nifty slipped by 47.20 points or 0.21 per cent, reaching 22,920.50.
The financial services firm Capital Group invested Rs 163 crore in shares of the IT company Coforge via an open market transaction, the firm said on Thursday. Capital Group made this acquisition in a bulk deal on the NSE through its affiliate, New World Fund Inc. According to data from the National Stock Exchange (NSE), New World Fund Inc. acquired 3,22,554 shares, representing a 0.5 per cent stake in Coforge.
Background
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The GIFT Nifty on the NSE IX dipped 64 points, equivalent to 0.28 per cent, to 22,950.50, indicating a potential negative opening for Dalal Street on Friday.
In the previous trading session on Thursday, both of the primary stock market indicators, Sensex and Nifty, staged a robust recovery, reaching record highs as they surged over 1.5 per cent. The S&P BSE Sensex reached an all-time peak of 75,460 during the day before settling at 75,418, marking a gain of 1,197 points. Meanwhile, the NSE Nifty50 concluded the day at 22,968, reflecting an increase of 370 points.
Furthermore, the HSBC Flash India PMI estimates for May unveiled that the private sector achieved its third-highest output level for the month since July 2010. The Flash India Services PMI Business Activity Index reached 61.4 in May, compared to the final services PMI data of 60.8 for April. March's PMI data slightly surpassed these figures at 61.8.
Further, Air India, owned by the Tata Group, revealed a notable salary boost for its pilots, coupled with an annual performance bonus starting from April 1. As outlined in the official announcement, pilots will now witness a raise in their base pay ranging from Rs 5,000 to Rs 15,000 per month, contingent on their position, spanning from First Officer to Senior Commander. However, Junior First Officers will not experience any salary augmentation during this assessment period.
Air India has launched an annual performance bonus program along with a salary increase. The bonuses will vary between Rs 42,000 and Rs 1.8 lakh, contingent upon the pilot's rank. More precisely, First Officers and Captains will obtain an annual bonus of Rs 60,000, Commanders will receive Rs 1.32 lakh, and Senior Commanders will be granted Rs 1.8 lakh.
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