Stock Market Update: Sensex, Nifty Rise as Fed Confuses with Hold on Rates; India's GDP Growth Slows in March
The BSE Sensex rose 128.33 points or 0.17% to 74,611.11, and the NSE Nifty gained 49.70 points or 0.22% to 22,654.55. Federal Reserve Chair Jerome Powell's decision to hold rates has perplexed market watchers. Despite three months of faster-than-expected price increases, policymakers are still determining whether inflation will decline toward the 2% target. Meanwhile, India's GDP collection hit an all-time high in April, with core group output growth slowing in March. This indicates that while specific sectors like steel, coal, cement, and power drive economic growth, others like oil and gas lag. Gunjan Prabhakaran, Partner & Leader, Indirect Tax, BDO India, noted that the high GST collection in April reflects strong economic activity in March, the last month of the fiscal year.
Here is the latest stock market news:
Fresh From Farm, a B2B2C platform for consolidating fresh fruit demand, has raised $2 million in a pre-series A round, with participation from Inflection Point Ventures. Spearheading this investment is Ashish Kacholia, an investor in the public markets.
Dabur India posted a consolidated net profit of $350 crore for the fourth quarter ended March 31, up 16.2% from $301 crore a year earlier. Consolidated revenue stood at $2,815 crore, up 5.1% in the quarter under review.
Larsen & Toubro Limited made payment of interest for its 7.58% non-convertible debt securities, amounting to $1,500 crore. Shares increased by 0.14% to Rs 3599.25 on the BSE.
Blue Star Limited's reported FY24's operating profit up by 34.9% to $664.94 crore. The company's consolidated financial performance for Q4FY24 showed revenue from operations increasing by 26.8% to $3,327.77 crore, and net profit for the quarter excluding exceptional items was $159.71 crore. Blue Star's board has recommended a dividend of $7 per equity share for FY24. Shares decreased by 1.52% to Rs 1472.85 on the BSE.
Oil and Natural Gas Corporation Ltd extended support of $5,615 crore for Compulsorily Convertible Debentures (CCDs) issued by ONGC Petro-additions Limited (OPaL), a joint venture. Shares were up by 0.05% to Rs 283 on the NSE.
Skipper Limited reported its FY'24 results with profit after tax at $817 million, up by 130%. In Q4, the company achieved quarterly revenue of $11,535 million, showing a year-on-year growth of 76%. The company also secured new orders worth $11,410 million in Q4. The shares were down by 0.14% to Rs 356 on the BSE.
Dalmia Bharat Limited's subsidiary, Dalmia Cement Limited, received two orders imposing a total penalty of $40,000 for delayed payment of admitted tax liability for FY 2018-19 under the Central Goods and Services Tax Act, 2017.