Sunday, June 16, 2024

economic news

* Nifty and Sensex indices registered a total increase of 410.90 points and 1252.56 points respectively in the last week and both indices reached the level of 22466.1 points and 73917.03 points. Nifty gained 1.86 percent and Sensex gained 1.72 percent. The top gainers were Mahindra & Mahindra (14.4 per cent), Adani Enterprises (9.7 per cent), Adani Ports (5.8 per cent), Hindalco (5.7 per cent), Larsen & Toubro (5.6 per cent), while the top decliners were Tata Motors. (-9.3 percent), Nestle India (-2.4 percent), Bajaj Auto (-1.9 percent), Dr. Companies like Reddy's (-1.5 percent), HUL (-1.3 percent) were included.

*Sebi, the capital market regulatory body, has taken the stand that private crypto currency (virtual currency) transactions should be opened to the general public in the country. This role is said to be somewhat in conflict with the role of the Reserve Bank. The Union Finance Ministry had constituted an expert committee of various regulators to draft a policy at the national level regarding cryptocurrency transactions. In this report, while the Reserve Bank has opposed the introduction of virtual currency transactions, SEBI has opined that the organization favors the introduction of these transactions on a controlled scale and with regulations.

* According to a report by the credit rating agency 'Ifra', banks have to waive up to 73 percent of the defaulted amount in bankruptcy cases. Of the total bad loans of Rs 100, the banks are getting back only Rs 23. This information has been obtained from the fact that in the financial year 2024, a total of 269 bad loan cases were settled. A period of 330 days was fixed for disposal of bankruptcy cases. Now this average period has reached 843 days.

* The United Nations has raised India's economic growth forecast to 6.9 percent from 6.2 percent. The United Nations Organization indicated that India's economy will grow the fastest in the world in 2024. The economy growth forecast for 2025 was maintained at 6.6 percent.

* Vodafone Idea posted a loss of Rs 7,674 crore in the March 2024 quarter. The average revenue per subscriber of the company stood at Rs.146. The company's revenue declined by 0.6 percent to Rs 10,607 crore.

* India's wholesale inflation rate (wholesale price index) in April will reach a 13-month high of 1.26 percent. In the month of March, this inflation index was 0.53 percent. Similarly, retail inflation fell to the lowest level of last 11 months i.e. 4.83 percent. In the month of March, the retail inflation rate was 4.85 percent. In this mainly the inflation rate of foodgrains increased. Food inflation rate reached 807 percent in April. In March, the same inflation rate was 8.52 percent.

* The private home loan provider 'Shriram Housing Finance' was bought by America's Warburg Pincus for 4,630 crores. Shreeram Housing Finance has assets of 1,924 crores and has 155 branches. 'Shriram Housing Finance' is a subsidiary of 'Shriram Finance'. 3,909 crores to Shriram Finance through this transaction. The transaction is expected to be completed by February 7, 2025.

* Colgate Palmolive, an important FMCG sector company in the country, announced the financial results for the quarter of March 2024. The company's net profit increased by 20.11 percent to Rs 379.82 crore compared to the previous year. The company's revenue increased by 10.35 percent to Rs 1480.66 crore. The company's EBITA margin also increased by 18 percent to Rs 532 crore compared to the previous year.

* US e-commerce giant Amazon has invested Rs 1,660 crore in its Indian subsidiary Amazon Seller Services. Earlier in February, an investment of Rs 830 crore was made for business expansion. Amazon plans to invest around 15 billion dollars (around 1 lakh 30 thousand crores) in India by 2030. Recently, Amazon's US rival Walmart invested 600 million dollars (about 5 thousand crores) in Flipkart, an Indian company.

* India's urban unemployment rate drops to 6.6 percent in FY 2024. Last year this ratio was 7.2 percent. The figures were released by the National Statistics Department.

* Jindal Group flagship 'Jindal Stainless' reported a 30 per cent drop in net profit to Rs 501 crore for the March 2024 quarter. The company's total revenue fell 3 percent to Rs 9,454 crore. The company's EBITDA margin fell by 10 percent to Rs 1,035 crore. The company plans to spend Rs 4,700 crore (Capex) for FY 2025 with a view to business expansion. Analysts are of the opinion that the company's profit has been eroded by the increased price of nickel ore.

* Mining powerhouse 'Vedanta' gets approval to raise Rs 8,500 crore fund. London based 'Vedanta Resources' is the flagship company of Indian company 'Vedanta'. This Vedanta Resources company has reduced its debt by 3.7 billion dollars (about 31 thousand crores) in the last two years. The company aims to reduce its debt by another 3 billion dollars (around Rs. 25 thousand crores) in the next three years. This raised fund will also be used to reduce the debt. The company's board of directors also approved a proposal to set up a copper rod manufacturing plant in Saudi Arabia.

* Bharti Airtel, the country's leading telecom company, reported a 15 percent decline in profit to Rs 2,072 crore for the quarter of March 2024. Airtel also has business in Nigeria. Airtel has suffered a loss of Rs 2,455 crore due to the collapse of the Nigerian currency against the dollar. This resulted in a 15 percent decline in overall net profit. The company's revenue in India rose 2.5 percent to Rs 28,513 crore in the previous quarter. Average Revenue Per User (ARPU), which is important from the point of view of telecom companies, reached Rs 209. It was at Rs 208 in the previous quarter.

* Mahindra & Mahindra Company will soon increase the production capacity of electric cars. 12 thousand crores will be invested for this till the financial year 2027. The company's revenue rose 12.5 percent to Rs 25,436 crore from Rs 22,614 crore in March 2024. The company's net profit grew by a whopping 31.6 percent, from Rs 1,549 crore to Rs 2,038 crore.

* India's foreign exchange reserves rose by $2.561 billion to $644.151 billion in the week ended May 10.

Related Articles

Stay Connected

- Advertisement -spot_img

Latest Articles