Business News Highlights: Stock Market Closes In Red, Sensex Slips Over 450 Points, Nifty Below 22,150
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Bharti Airtel announced on Tuesday that it successfully launched 5G services across Tamil Nadu and clocked 5.9 million customers using its services in the state.
Brigade Enterprises Ltd reported a 46 per cent jump in sale bookings at Rs 6,013 crore in the 2023-24 fiscal year (FY24), against bookings worth Rs 4,109 crore in the preceding 2022-23 fiscal year (FY23). The realty firm said that its sales booking touched record high in FY24.
The IMF announced on Tuesday that the growth projection for the Indian economy stands at 6.8 per cent in 2024 and 6.5 per cent in 2025. The global lender gave an upwards revision in its growth estimates for the Indian economy from 6.5 per cent growth rate predicted earlier in January 2024. The body said bullish domestic demand conditions and an increase in working age population attributed to the revision.
With this projection, the body said India continued to remain the fastest growing economy in the world, while the growth estimate for China stood at 4.6 per cent during the period.
Investors saw their wealth erode by Rs 7.93 lakh crore in the last three market sessions amidst weak global trends and aggravating tensions in the Middle East region. The market capitalisation of the firms listed on the BSE decreased by Rs 7.93 lakh crore, and the BSE Sensex plunged 2.79 per cent in the last three sessions.
The mutual fund investments reached a fresh peak of Rs 53.4 lakh crore in the 2023-24 fiscal year (FY24), surging 54 per cent on a year-on-year (YoY) basis.
India clocked a slight fall in sugar production at 31.09 million tonne (MT), as of April 15 in the ongoing 2023-24 season, against 31.23 MT produced in the same period a year earlier. The data was released by the Indian Sugar Mill Association (ISMA) on Tuesday.
CRISIL reported on Tuesday that its consolidated net profit declined by 5.4 per cent to touch Rs 138 crore for the January to March quarter in the 2024 financial year (Jan-Dec). The rating agency's net profit stood at Rs 146 crore in the same quarter a year earlier. The total income of the firm climbed to Rs 751 crore in the quarter under review, against Rs 732 crore clocked in the first three months of the previous fiscal year.
The rupee depreciated 14 paise to settle at 83.57 (provisional) against the US dollar on Tuesday, feeling the impact of a negative trend in domestic equities and a robust US currency in overseas market. In the last trading session on Monday, the domestic unit closed at 83.44 against the greenback.
Zomato announced on Tuesday that it is launching its first large order fleet meant to cater to deliveries for a group of 50 people. The company said the fleet would be an electric one, however, the vehicles remained in progress.
Tesla recently announced that it will slash workforce globally by more than 10 per cent, media reports said. The move is expected to impact about 14,000 employees in the firm.
Read More | 'Reduce Cost, Increase Productivity': Elon Musk On Tesla's Decision To Lay Off Over 14,000 Employees
Max Healthcare Institute Ltd announced that it will invest more than Rs 5,000 crore to increase its bed capacity by over double to 8,000 beds in the next four to five years in Uttar Pradesh. The healthcare firm plans to invest Rs 2,500 crore in Uttar Pradesh (UP) and generate 10,000 job opportunities in the two facilities in the state.
Sterlite Technologies has garnered Rs 1,000 crore by issuing equity to Qualified Institutional Investors (QIP), the company said on Tuesday. Among the investors participating in the QIP are HDFC Mutual Fund, Nippon Life India, Goldman Sachs, and Bandhan Mutual Fund. Following the allotment, Sterlite Technologies now has a paid-up equity share capital of Rs 97.5 crore, comprised of 48.5 crore equity shares.
BharatPe has appointed Nalin Negi as its Chief Executive Officer (CEO). Nalin, who previously served as interim CEO and CFO, played a pivotal role in driving significant growth and strategic progress across crucial business areas. During his tenure, BharatPe witnessed a remarkable 182 per cent increase in revenue from operations in FY23, achieving its first EBITDA positive month in October 2023.
BharatPe will now look for a new Chief Financial Officer (CFO).
Cipla will acquire the global distribution and marketing business of cosmetics and personal care products from Ivia Beaute Pvt Ltd. The deal, valued at Rs 130 crore, includes the renowned brands Astaberry, Ikin, and Bhimsaini. As per the regulatory filing, Cipla Health Ltd (CHL), a wholly-owned subsidiary specialising in consumer healthcare, has finalised a Business Transfer Agreement (BTA) for this acquisition.
China's Gross domestic product (GDP) surged by 5.3 per cent in the January to March period compared to the previous year, as per the official data released on Tuesday by China’s National Bureau of Statistics. These numbers have outpaced the expected number analysts predicted for the first quarter.
In the pre-opening session, benchmark indices are displaying weakness. The Sensex is down 340 points, or 0.46 per cent, to 73,059.78, while the Nifty is down 119.80 points, or 0.54 per cent, to 22,152.70.
The government on Monday announced an increase in its windfall tax on petroleum crude, raising it to 9,600 rupees ($114.99) per metric ton from 6,800 rupees, effective April 16. The tax, subject to revision every fortnight, will maintain its current rate of zero for diesel and aviation turbine fuel.
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.
It is expected that the benchmark Sensex and Nifty indices will kick off Tuesday’s trading session on a low trajectory, as indications from the GIFT Nifty suggest a downward opening for the broader index.
The stock market saw a dramatic downturn in the previous trading session on Monday, with global equities reeling from the mounting tensions between Iran and Israel. The BSE Sensex concluded the session at 73,399.78, plummeting 845 points, while the NSE Nifty50 settled at 22,277.85, dropping 241.55 points.
Furthermost, on Monday, Byju’s disclosed that the proposed augmentation of authorised share capital garnered approval, with a significant 55 per cent majority of the total votes cast. This resolution stemmed from a postal ballot and an Extraordinary General Meeting (EGM) convened on March 29, 2024. The voting procedures, encompassing both the EGM and postal ballot, concluded on April 6, 2024, under the diligent scrutiny of an independent third party.
Reliance Group's subsidiary, Jio Financial Services, announced its partnership with US-based BlackRock to enhance wealth management and brokerage services in India. According to an exchange filing on Monday, Jio outlined that the collaboration would take shape through a 50:50 joint venture. The venture entails launching a wealth management entity, followed by establishing a brokerage firm in the Indian market.
"BlackRock, Inc., and BlackRock Advisors Singapore Pte have signed an agreement with the company to form a 50:50 JV for the purpose of undertaking wealth business, including the incorporation of a wealth management company and subsequent incorporation of a brokerage company in India,” said Jio Financial Services.
In addition, official government data released on Monday disclosed a slight uptick in India's Wholesale Price Index (WPI)-based inflation, reaching 0.53 per cent in March 2024 compared to the same period last year, on a year-on-year (YoY) basis.
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