Posts tagged Rediff
Sensex, Nifty end lower; FMCG, IT stocks top drags (20-01-2024)
Among the Sensex firms, Kotak Bank, PowerGrid, ICICI Bank, HDFC Bank, PowerGrid were the major gainers. HUL, TCS, M and M, IndusInd Bank, HCL Tech were among the losers.
Forex reserves jump $1.63 bn to $618.9 bn (19-01-2024)
India's forex reserves jumped $1.63 billion to $618.94 billion for the week ended January 12, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the overall reserves had declined sharply by $5.89 billion to $617.3 billion. The country's forex kitty had reached an all-time high of $645 billion in October 2021.
Reliance Q3 net profit rises 9% (19-01-2024)
Reliance Industries Ltd on Friday reported a 9 per cent rise in its December quarter net profit as a planned maintenance-induced weakness in oil business earnings was offset by stability in retail and telecom verticals. The oil-to-retail-to-telecom conglomerate's consolidated net profit of Rs 17,265 crore, or Rs 25.52 per share, in October-December - the third quarter of the current 2023-24 fiscal - was 9.3 per cent higher than Rs 15,792 crore, or Rs 23.19 a share, earning a year back, according to a company statement. Quarter-on-quarter, the profit was lower when compared to Rs 17,394 crore earnings in the preceding three months ended September 30.
Tata Steel Wales’ plant: Over 2,800 jobs to be axed (19-01-2024)
More than 2,800 jobs will be axed as Tata Steel plans to close its blast furnaces at the Port Talbot plant in South Wales in the UK. Of the total job cuts, 2,500 will be in the next 18 months, said Indian conglomerate Tata. A further 300 jobs are to go in three years.
HUL Q3 net profit rises 1%, sales down marginally (19-01-2024)
Hindustan Unilever Ltd on Friday reported a 1.08 per cent increase in consolidated net profit at Rs 2,508 crore in the third quarter ended December 2023. The company had posted a consolidated net profit of Rs 2,481 crore in the same quarter last fiscal, Hindustan Unilever Ltd (HUL) said in a regulatory filing. Its revenue from sales of products was marginally down to Rs 15,259 crore during the quarter.
Sensex jumps 496 points; ICICI, Airtel major movers (19-01-2024)
Among the Sensex firms, Bharti Airtel, NTPC, Tech Mahindra, Mahindra and Mahindra, Tata Steel, UltraTech Cement, Titan, Axis Bank, JSW Steel and Larsen and Toubro were the major gainers. IndusInd Bank, Kotak Mahindra Bank, HDFC Bank and State Bank of India were the laggards.
HDFC Bank’s ADR premium shrinks to nearly zero (19-01-2024)
After the latest rout, the American depositary receipt (ADR) premium of HDFC Bank to its local shares has shrunk to nearly zero. Shares of HDFC Bank on Thursday fell 3.1 per cent to Rs 1,490, extending its two-day decline to 11 per cent. Meanwhile, the ADR has slumped over 15 per cent in the past two trading sessions.
Lack of domestic capital a hurdle for startups: Murthy (19-01-2024)
The availability of domestic capital to fund startups and an ability to attract talent in the early days are among the biggest challenges faced by entrepreneurs, Infosys co-founder N R Narayana Murthy said on Thursday. "It is desirable to create a policy that makes it attractive for domestic institutions like family offices of HNIs (high net-worth individuals), insurance companies or large corporations to invest in venture capital funding," he said at the T N Chaturvedi Memorial Lecture 2024 in New Delhi's Prime Ministers' Museum and Library.
Corporate India all geared up for tryst with Lord Ram (19-01-2024)
As Ayodhya readies itself for the glittering, much-awaited consecration ceremony of the Ram Mandir on January 22, and as millions of pilgrims and devotees pour into the holy city for the momentous event, companies are rushing to do their bit and be a part of the mega celebrations. Some are offering a part of their profits as donations, telcos are beefing up the number of cellular towers to ensure better connectivity, and there are those distributing jalebis and food platters.
Budget likely to assume peak crude price at $85/barrel (19-01-2024)
The ministry of finance is likely to assume crude oil price to remain within $85 per barrel while estimating subsidies for the Interim Budget 2024-25 (FY25), to be presented on February 1. Brent crude prices moved up on Thursday, ending at $78.9 per barrel. Crude oil and cooking gas prices, which move in tandem, impact fertiliser and cooking gas subsidies, constituting 53 per cent of the government's total subsidies.