Stock Market Prediction: Normal trading is expected in the Indian stock market on the last trading day of the week. At 7:45 am, Gift Nifty was down 51 points at 21,764. Whereas, amid low trading across Asia on Friday, domestic markets will focus on December quarter results and bond yield movements. Japan’s Nikkei rose 1 percent in early trade on Friday and reached a new 34-year high. Markets in China, South Korea and Taiwan will remain closed, while Singapore and Hong Kong will have half-day trading due to the Lunar New Year holiday. The S&P 500 was 0.06 percent higher on Thursday after passing the 5,000 milestone for the first time on record. The Dow Jones Industrial Average rose 0.13 percent, while the Nasdaq Composite rose 0.24 percent.
Life Insurance Corporation: Indian LIC reported 49.10 per cent year-on-year (YoY) growth in net profit during the October-December period of the financial year 2023-24 (FY-24), which reached Rs 9,444.42 crore. The state-owned life insurance company reported net premium income of Rs 1.17 trillion in Q3FY24, a growth of 4.6 per cent year-on-year.
JSW Steel: The company and Japan-based JFE Steel Corporation have been allotted equal equity shares of JSW Electrical Steel Pvt Ltd after receiving the necessary regulatory approvals for the joint venture. After this allotment, the Company and JFE hold 5 million equity shares in JSWESPL. As a result, JSWESPL has ceased to be a subsidiary of the company and is now a 50:50 joint venture between JSW Steel and JFE.
zomato:The food delivery aggregator reported a consolidated net profit of Rs 138 crore for Q3FY24, beating analysts’ estimates of Rs 90.98 crore, according to LSEG data. A year ago it had recorded a net loss of Rs 347 crore. Total revenue increased by 69 percent to Rs 3,288 crore.
JK Lakshmi Cement: The cement maker’s profit rose 93.9 percent to Rs 150.2 crore in the October-December quarter. The company’s board also declared an interim dividend of Rs 21 per share for FY24. The record date for this has been set as 21 February. Besides this, the board also approved raising funds by issuing long-term debt or debt securities up to an amount of Rs 2,500 crore. Ultimately its chairman Bharat Hari Singhania has resigned.
Zee Entertainment: Market regulator SEBI has asked several guest experts of Zee Business to repay Rs 7.41 crore in alleged illegal profits made by taking positions contrary to their on-air advice.
biocon: It reported a net profit of Rs 660 crore for Q3FY24, with revenue from operations rising 34.4 per cent to Rs 3,953.7 crore. The company’s Chief Financial Officer Indranil Sen has resigned. Separately, it informed the exchanges today that the US Food and Drug Administration (USFDA) has issued a Complete Response Letter (CRL) to the Biologics License Application (BLA) for bBevacizumab. The CRL did not identify any outstanding scientific issues on the dossier and reported the need to complete a pre-approval inspection of the bBevacizumab manufacturing facility.
United Breweries:The liquor seller reported a consolidated net profit of Rs 85.34 crore in the December quarter of FY24, compared to a loss of Rs 1.97 crore in the same quarter of the previous financial year. The company’s total revenue increased by 12.28 percent year-on-year to Rs 4,154.98 crore. Furthermore, the Board of Directors appointed Anand Kripalu as Chairman of the Board of the Company with immediate effect.
Bharti Airtel, Vodafone Idea:The Union Cabinet announced its approval for 10,523 MHz spectrum auction in CFY with a reserve price of Rs 96,317 crore. The auction will be conducted for spectrum in the 800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz, 2,300 MHz, 2,500 MHz, 3,300 MHz and 26 GHz frequency bands with a validity period of 20 years.
Paytm: Paytm Payments Bank board member Manju Aggarwal has resigned from the company on 1 February. Additionally, reports suggest that the company is in talks to acquire e-commerce start-up Bitsila.