Business News Highlights: Markets Close Flat, Sensex Ends Over 50 Points Down, Nifty Over 22500

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


ABP News Bureau
Last Updated:

21 May 2024 05:03 PM


City Union Bank Q4: Net Profit Rises 17 Per Cent YoY

Private lender City Union Bank on Tuesday reported a 17 per cent increase in its net profit to Rs 254.81 crore in the January-March quarter in 2023-24 fiscal year (FY24) against Rs 218.04 crore clocked in the same quarter in the 2022-23 fiscal year (FY23). The lender attributed the growth to an improvement in recovery from slippages. 

India’s Digital Economy To Reach $1 Trillion By 2027-28: Rajeev Chandrasekhar

India’s digital economy is anticipated to touch $1 trillion by 2027-28, Minister of State for Electronics and IT, Rajeev Chandrasekhar said on Monday evening. The minister pointed out that the digital economy is growing at the rate of 2.8 per cent per annum. 

Stock Market Closing Bell: Sensex Under 74K, Nifty Inches Up By 27 Points

The stock market closed on a nearly flat note amidst volatility on Tuesday. The S&P BSE Sensex ended the session under the 74K mark at 73,953.31, slipping more than 50 points, while the NSE Nifty50 settled for the day above 22,500 at 22,529.05, registering a gain of 27 points.

FSIB Postpones Interview For Selecting Next SBI Chairman

The Financial Services Institution Bureau (FSIB) has postponed the scheduled interview to select the SBI Chairman. The postponement from the headhunter for directors of publically owned banks and financial entities comes mere hours before the scheduled interview, reported PTI citing sources. The report noted that the interview is expected to be held after the new government is formed post elections. 

ICRA Projects A Growth Rate Of 6.7 Per Cent For March Quarter

Rating agency ICRA on Tuesday projected that India will clock a GDP growth rate of 6.7 per cent in the January-March quarter in the 2023-24 fiscal year (FY24). Meanwhile, the estimates for the full FY24 stood at 7.8 per cent. 

Aditi Nayar, Chief Economist, Head – Research & Outreach, ICRA, noted, “The lower volume growth coupled with diminishing gains from commodity prices dampening the profitability of some of the industrial sectors is expected to dampen India’s GVA growth in Q4 FY2024.”

Glenmark Unit Partners With BeiGene To Market Cancer Medicines In India

Glenmark Pharmaceuticals on Tuesday said that its unit, Glenmark Specialty SA entered a marketing and distribution agreement with BeiGene to sell the latter’s oncology medicines in India. Alok Malik, President and Business Head – India Formulations, Glenmark Pharmaceuticals said, “The addition of Tislelizumab and Zanubrutinib to our oncology portfolio underscores our dedication to the cancer patients’ community and our commitment to provide access to novel therapies across India.”

Ajooni Biotech To Raise Rs 43.81 Crore Via Rights Issue

Ajooni Biotech on Tuesday launched its rights issue aimed to raise Rs 43.81 crore from existing shareholders. The issue will close on May 31 and offers 8,76,13,721 fully paid-up equity shares at the face value of Rs 2 each. The price of the equity shares is set at Rs 5 apiece, the firm said via a statement.

Wheels India Q4: Net Profit Soars 64 Per Cent YoY

Wheels India Ltd on Tuesday reported a 64.3 per cent jump in its net profit for the January-March quarter in the 2023-24 fiscal year (FY24) to Rs 36.8 crore, against a profit of Rs 22.4 crore logged in the same period a year earlier. This growth was attributed to a robust performance in exports. The firm’s revenue during the fourth quarter remained flat at Rs 1,167 crore, against Rs 1,172 crore in the last quarter of the preceding 2022-23 fiscal year (FY23).

SAIL Q4: Net Profit Falls 2 Per Cent To Rs 1,126.68 Crore

Steel Authority of India Ltd (SAIL) on Monday reported a 2 per cent decline in consolidated net profit to Rs 1,126.68 crore in the January-March quarter in the 2023-24 fiscal year (FY24), against a net profit of Rs 1,159.21 crore in the corresponding quarter a year earlier. The firm revealed that its revenue from operations stood at Rs 27,958.52 crore in Q4FY24, against Rs 29,130.66 crore in Q4FY23, marking a fall of 4 per cent on a year-on-year (YoY) basis.

Rupee Appreciates 6 Paise To 83.31 Against US Dollar

The rupee climbed 6 paise to 83.31 against the US dollar on Tuesday, as crude oil prices eased in the global market. At the interbank foreign exchange unit, the domestic currency opened at 83.32 and appreciated further to 83.31 against the American dollar. In the last trading session on Friday, the Indian unit closed at 83.37 against the greenback, marking an appreciation of 13 paise.

Stock Market Opens: Sensex Under 73,900, Nifty Slips 22 Points

The stock market opened Tuesday morning in red. As of 9:30 AM, the BSE Sensex fell almost 130 points to trade at 73,878.10, while the NSE Nifty50 slipped 22.30 points to touch 22,479.70 in the morning. 

Stock Market Pre-Open: Sensex Slips About 200 Points, Nifty Trades Below 22,500

The stock market reversed the trend from the previous trading sessions and traded in a negative trajectory in the pre-opening hour on Tuesday. As of 9:15 AM, the S&P BSE Sensex declined 183.60 points to touch 73,822.34, while the NSE Nifty50 slipped about 30 points to trade at 22,474.35.

Airbus Helicopters, SIDBI Sign MoU To Finance Helicopter Purchases In India

Airbus Helicopters announced on Monday that it has signed a memorandum of understanding (MoU) with Small Industries Development Bank of India (SIDBI) to finance the purchase of the firm’s helicopters in India. Issuing an official release, the firm said, “Under the MoU, Airbus Helicopters and SIDBI will identify potential civil helicopter operators in India who are interested in financing solutions for purchasing Airbus helicopters. Airbus will provide the technical and helicopter industry knowledge to SIDBI, which will evaluate these prospects and finance them exclusively for Airbus.”

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.

The stock market remained closed on Monday as the Lok Sabha elections were underway in Mumbai. In the last trading session on Saturday, the indices settled the day on a slightly higher note. The S&P BSE Sensex ended trading above the 74K mark at 74.005.94, gaining nearly 100 points, while the NSE Nifty50 closed the day just above 22,500 at 22,502, marginally up by 36 points. 

The markets this week will maintain a close watch on the Flash PMI manufacturing and service data expected to be released by India. On the global level, inflation data from the UK, along with jobless numbers from the US will also be revealed in the week. The US will also see the release of S&P global services data and global manufacturing PMI in the latter half of the week. 

Major Q4 earnings expected in the week include ONGC, SAIL, One97 Communications, PowerGrid, JK Tyre, InterGlobe Aviation, ITC, and NTPC, among others. 

The market will keenly clock any movements in the global oil benchmark, Brent crude, along with fluctuations in the rupee-dollar trends. 

Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, noted, “While volatility could increase over the next couple of weeks, selective buying in key frontline, mid and smallcap stocks will persist.”

Foreign portfolio investors continued to exhibit their worries about Indian equities and withdrew Rs 28,242 crore from the segment in the month so far, as of May 17, 2024, official data from the depositories revealed. During the same period, the investors remained bullish over the Indian debt market and invested Rs 178 crore in it.

Sharing an outlook, Karthick Jonagadla, Smallcase Manager and Founder, Quantace Research, explained, “Following the Lok Sabha elections, FPI inflows into India could strengthen due to three key factors — potential easing of interest rates by the US Federal Reserve, positive resolutions in global geopolitical tensions and India’s increasing weight in the MSCI Emerging Markets Index projected to exceed 20 per cent by mid-2024.”

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