Stock Market Updates: Sensex, Nifty Gains; Fed Rate Decision Confuses Investors
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's decision to hold rates has concerned market watchers. Despite three months of faster-than-expected price increases, Fed Chair Jerome Powell stated that policymakers are still determining whether inflation will decline toward the 2% target. India's GDP collection hit an all-time high in April, but core group output growth slowed in March, indicating that while some sectors drive economic growth, others lag. Gunjan Prabhakar, Partner & Leader, Indirect Tax, BDO India, noted that the high GST collection reflects strong economic activity in March, the last month of the fiscal year.
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 million for the fourth quarter ended March 31, up 16.2% from $301 million a year earlier. Consolidated revenue stood at $2,815 million, up 5.1% in the quarter under review. Larsen & Toubro Limited made a payment of interest for its 7.58% non-convertible debt securities, amounting to $1,500 million. Shares increased by 0.14% to Rs 3599.25 on the BSE.
Blue Star Limited's reported FY24' operating profit up by 34.9% to $664.94 million. The company's consolidated financial performance for Q4FY24 showed revenue from operations increasing by 26.8% to $3,327.77 million, and net profit for the quarter excluding exceptional items was $159.71 million. Its board has recommended a dividend of $7 per equity share for FY24. Shares were down by 1.52% to Rs 1472.85 on the BSE.
Oil and Natural Gas Corporation Ltd extended support of $5,615 million for Compulsorily Convertible Debentures (CCDs) issued by ONGC Petro-additions Limited (OPaL), a joint venture. Shares were up by 0.05% to $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. The shares were down by 2.02% to Rs 1798 on the BSE.
Datamatics Global Services Ltd.'s TruCap+ Intelligent Document Processing Solution earned "Major Contender" status in Everest