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The stock markets opened in green on Tuesday, attempting to recover the losses from the last trading session. The BSE Sensex climbed more than 100 points to touch 71,188.91 in early trade, while the NSE Nifty50 inched up marginally and stood at 21,630.85.
As of 10:06 AM, the markets continued on their recovery rally. The Sensex stood higher by almost 350 points and inched closer to the 71,500 mark to trade at 71,413.64, while the Nifty gained almost 100 points to touch 21,690.55.
Official data from the National Statistical Office (NSO) revealed that India’s retail inflation relaxed to 5.10 per cent in January, representing the lowest in three months, against 5.69 per cent in December. The food and beverage inflation hit 8.3 per cent in January, easing from 8.70 per cent in the preceding month. According to the RBI’s latest projections, the retail inflation rate for the current fiscal year is expected to touch 5.4 per cent. The estimate for the 2024-25 fiscal year stands at 4.5 per cent, the regulator informed in the MPC meet last week.
In the last trading session on Monday, the two key equity benchmarks, Sensex and Nifty, closed lower amid volatility. The S&P BSE Sensex slipped over 500 points to close at 71,072, while, the NSE Nifty50 settled in red and declined over 150 points to settle at 21,616.
Latest data from the Ministry of Statistics and Programme Implementation (MoSPI) revealed on Monday that the unemployment rate in urban areas for individuals aged 15 years and above eased to 6.5 per cent in the October-December quarter in the current fiscal year, from 7.2 per cent logged in the corresponding quarter in the 2022-23 fiscal year. The unemployment rate among females also improved to 8.6 per cent in Q3FY24, from 9.6 per cent in the same quarter a year earlier.
Hindustan Copper announced on Tuesday a 21.44 per cent decrease in consolidated net profit, amounting to Rs 63 crore for the third quarter of the current financial year, primarily attributed to reduced revenue from operations. In a BSE filing, the company stated that it had recorded a net profit of Rs 80.20 crore for the corresponding period in the previous year.
Arvind Fashions on Tuesday reported a multifold jump in consolidated net profit at Rs 51.08 crore for the December quarter of the current financial year, led by gains from sales of Sephora business. The company logged a profit of Rs 8.09 crore in the same quarter in FY23, according to a regulatory filing by the firm.
Eicher Motors on Tuesday posted a 34 per cent increase in consolidated net profit at Rs 996 crore for the third quarter of the financial year 2023-24 led by extensive sales across domestic and overseas markets.
In the corresponding period of the previous fiscal year, the company recorded a net profit of Rs 741 crore.
Bosch on Tuesday reported a significant 62 per cent surge in its consolidated net profit to Rs 518 crore for the third quarter of the current financial year, driven by strong sales performance. In the corresponding period of the previous fiscal year, the company had reported a net profit of Rs 319 crore.
Bosch revealed in a regulatory filing that revenue from operations climbed to Rs 4,205 crore during the period under review, up from Rs 3,660 crore in the same period last year.
Bharat Heavy Electricals Ltd (BHEL) on Tuesday reported a consolidated net loss of Rs 148.77 crore for the third quarter of the current fiscal year caused by higher expenses. The firm posted a net profit of Rs 42.28 crore in the October-December period of the preceding 2022-23 financial year, the company stated in an exchange filing.
Siemens Ltd on Tuesday recorded a 9.2 per cent increase in net profit at Rs 505.7 crore in the first quarter that ended on December 31 led by higher revenues. The firm follows the October to September fiscal year. Siemens posted a net profit of Rs 462.7 crore in the October-December period of the preceding financial year, the company said in an exchange filing.
The Bihar government on Tuesday presented a budget of Rs 2.79 lakh crore in the assembly for the financial year 2024-25. Bihar’s Deputy Chief Minister, Samrat Choudhary, who presented the budget, highlighted that in the current 2023-24 financial year, 2.5 crore people rose above the poverty line in the state.
Choudhary, who also holds the finance portfolio, mentioned that the state recorded a growth rate of 10.64 per cent in the current fiscal year.
Coal India Ltd (CIL) announced on Tuesday that central trade unions have called for a one-day strike on February 16 at the company and its subsidiaries. The state-owned firm, which contributes over 80 per cent of domestic coal output, stated in a regulatory filing that the trade unions have called for the strike without disclosing the reason. The filing mentioned that CIL received a strike notice regarding a one-day All India Strike across the entire CIL and its subsidiaries on February 16, 2024, from CTUs (Central Trade Unions) – HMS / AITUC / INMF (INTUC) / CITU.
The stock markets traded in the green on Tuesday and closed the session with gains. The BSE Sensex closed almost 500 points higher at 71,555.19, while the NSE Nifty50 climbed more than 100 points to settle at 21,743.25.
Ashiana Housing reported a jump of over three-fold in the consolidated profit after tax to Rs 27.8 crore for the October-December quarter in the current fiscal year, helped by improving income amidst an increase in demand for residential properties. The realty firm’s profit stood at Rs 9.05 crore in the same quarter a year earlier. The total income of the company climbed to Rs 189.25 crore in Q3FY24, up from Rs 135.31 crore in the third quarter of the last fiscal year.
Business News Highlights: Stock Markets Close, Sensex Ends Over 71,500, Nifty Climbs 21,700 – ABP Live
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