The Indian equity market ended on a high note for the eighth straight session, with the BSE Sensex and Nifty50 registering gains. However, some companies reported mixed financial results in Q4FY24. Meanwhile, many other companies engaged in various activities such as divestments and capacity expansions.
Infosys Records A 16% decline in Q4FY24 Total Profit After Tax
Technology giant Infosys reported a 16% YoY decline in net profit for Q4FY24. The company’s total profit after tax dropped from INR 5,078 crore to INR 4,247 crore. Additionally, the company experienced a 2.2% drop in revenue on a quarterly basis.
Reliance Industries’ Joint Venture Reduces Planned Investment In Viacom18
Reliance Industries’ joint venture with Bodhi Tree reduced its planned investment in Viacom18 by 70%. The decision came as a result of the pandemic’s impact on the media industry. However, Reliance Industries remains committed to supporting India’s media and entertainment sector.
HDFC Bank Reports A 19.8% YoY Increase In Net Profit
HDFC Bank reported a healthy growth in deposits and credit, which led to a 19.8% YoY increase in net profit for Q4FY23. The bank also maintained its stable asset quality despite challenging market conditions.
Tata Motors Increases Prices Of Its Passenger Vehicles
Tata Motors increased the prices of its passenger vehicles due to rising input costs and regulatory changes. The price hike varied from INR 5,000 to INR 36,000 depending on the model.
Vodafone Idea Places Order Worth Approximately INR 200 Crore With ZTE
Vodafone Idea placed an order worth approximately INR 200 crore with ZTE for network gear in some telecom circles. The move is aimed at improving the quality of the company’s mobile network.
Invesco Developing Markets Fund To Sell Its Entire Stake In Zee Entertainment
Invesco Developing Markets Fund is set to sell its entire 5.65% stake in Zee Entertainment for as much as INR 1,130 crore. The move comes amid a controversy involving allegations of financial misconduct by the company’s promoters.
Tata Steel Continues To Pursue Financial Package From UK Government
Tata Steel continues to pursue a financial package from the UK government. However, there has been no conclusion to the request made thus far. The company aims to boost its operations in the country and invest in a sustainable future.
HCL Technologies’ Head Of Digital Business Services Resigns
HCL Technologies’ head of Digital Business Services, Rahul Singh, resigned to pursue another opportunity. Singh played a key role in driving digital transformation for the company.
Adani Green Expands Operational Capacity By 49%
Adani Green expanded its operational capacity by 49%, reaching 8,086 MW by the end of FY23. This marks the most substantial capacity expansion by any domestic renewable energy company to date.
Vedanta Authorizes The Issuing Of Non-Convertible Debentures
Vedanta’s board authorized the issuing of non-convertible debentures worth up to INR 2,100 crore on a private placement basis. The move is aimed at strengthening the company’s balance sheet and financing its growth plans.
Stocks And Financial News In India
Nifty futures contract on Singapore Exchange indicated a negative start to domestic equities. Infosys reported strong growth in consolidated net profit and revenue rise for Q4FY24. Ace investors Porinju V Veliyath and Mukul Agarwal purchased stakes in Edvenswa Enterprises and De Nora, respectively. Meanwhile, Anand Rathi Wealth recorded an increase in consolidated net profit and total revenue.
Container Corporation Of India’s Total Provisional Throughput Up 4.71% YoY
Container Corporation of India’s total provisional throughput rose by 4.71% YoY for the quarter ended March. The company expects to maintain this growth momentum in the coming quarters.
In conclusion, Indian companies continue to navigate challenging market conditions and engage in various business activities. Some have reported mixed financial results while others are pursuing growth opportunities. Nonetheless, most remain optimistic about India’s economic prospects and the long-term potential of their respective industries.
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