Stock Market Live Updates: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world
ABP News Bureau
Last Updated:
19 Apr 2024 10:09 AM
Wind energy solutions provider Inox Wind announced on Friday the acquisition of a repeat order for 210 MW of its 3 MW wind turbine generators from Hero Future Energies (HFE). The statement also mentioned that Inox Wind would offer post-commissioning multi-year Operations & Maintenance (O&M) services. The order pertains to Inox Wind Ltd’s state-of-the-art 3 MW Wind Turbine Generators (WTGs), including equipment supply with additional services as specified in the statement.
India’s economy has demonstrated strong growth despite global challenges, said a senior Indian official while addressing members of a World Bank committee. The Economic Affairs Secretary, Ajay Seth, highlighted sustained consumption and investment demand as key drivers behind this resilience. He noted that the GDP growth estimate for the fiscal year was revised upwards from 7.3 per cent to 7.6 per cent in the second advance estimates, underscoring the enduring strength of India’s economy.
Indian indices started trading on Friday with a gap-down opening, with the Nifty hovering around 21,900. The Sensex saw a decline of 627.18 points or 0.87 per cent, settling at 71,861.81, while the Nifty dropped by 186.10 points or 0.85 per cent, reaching 21,809.70. Among the listed stocks, 541 shares advanced, 1,643 shares declined, and 103 shares remained unchanged.
In the pre-opening session, benchmark indices are trading lower on Friday. The Sensex tanked 775 points, while the Nifty is trading below the 22,000 mark.
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GIFT Nifty is trading lower on Friday, giving an indication of a negative start to the Indian stock market.
In the previous trading session on Thursday, the Indian Stock Market extended its downward trajectory for the fourth consecutive session. The BSE Sensex ended the session at 72,488.99, showing a decline of over 454.69 points or 0.62 per cent. Similarly, the NSE Nifty50 concluded at 21,995.85, registering a decrease of 150.05 points or 0.69 per cent.
Further, on Thursday, Indian IT services firm Infosys announced that its consolidated profit surged by 30 per cent to Rs 7,969 crore in the fourth quarter (Q4) ended in March 2024. According to a regulatory filing, the company recorded a profit of Rs 6,128 crore in the corresponding period a year ago. Infosys’ consolidated revenue for the reported quarter rose 1.3 per cent to Rs 37,923 crore from Rs 37,441 crore in the same quarter a year ago.
Salil Parekh, CEO and MD, said, “Our capabilities in Generative AI continue to expand. We are working on client programs, leveraging large language models with impact across software engineering, process optimisation, and customer support.”
“I would like to thank our 317,000 employees across the world that are working to create value for our clients. Hiring models has changed significantly over the years. Doing more than half of the hiring off campus,” he added.
In addition, on Thursday, Nestlé India experienced a significant setback in the stock market, with its shares plunging up to 5.4 per cent. This decline came in response to allegations of adding sugar to baby food products sold in India and several other countries.
A company spokesperson said, “Compliance is an essential characteristic of Nestlé India and we will never compromise on that. We also ensure that our products manufactured in India are in full and strict compliance with CODEX standards (a commission established by WHO and FAO) and local specifications (as required) pertaining to the requirements all nutrients including added sugars. Reduction of added sugars is a priority for Nestlé India. Over the past 5 years, we have already reduced added sugars by up to 30%, depending on the variant. We regularly review our portfolio and continue to innovate and reformulate our products to further reduce the level of added sugars, without compromising on nutrition, quality, safety, and taste. Nestlé India is committed to delivering the best nutrition to our consumers, which we have been doing for over 100 years and would always maintain highest standards of Nutrition, Quality and Safety in our products.”
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