Business News at 05:30 pm on 12th February, 2024

Let’s begin…NHPC Ltd on Monday reported its third quarter profit for the financial year 2023-24 at Rs 491.90 crore, down 26.8 per cent in comparison to Rs 671.67 crore during the corresponding quarter of previous year. It posted revenue from operations at Rs 2,055.50 crore, up 20.4 per cent as against Rs 2,582.76 crore during the quarter ended December 2022. While it posted total income for the quarter at Rs 2,549.69 crore, total expenses incurred by NHPC during Q3FY24 was at Rs 1,727.85 crore. Its board also announced payment of interim dividend at the rate of 14 per cent at Rs 1.40 per equity share on the face value of paid-up equity shares of Rs 10 each for FY 2023-24.

Moving on, after RBI’s Monetary Policy Committee kept the repo rate steady for sixth straight time at its review meeting on February 8, CRISIL economists said the central bank could push the decision to cut rates at least to June 2024, if not later. Dharmakirti Joshi, Chief Economist; Dipti Deshpande, Principal Economist; and Sharvari Rajadhyaksha, Economic Analyst, at CRISIL, said, quote, We believe slowing inflation despite food price hiccups, a smaller fiscal deficit and an imminent turn in the US Federal Reserve policy rates will create the ground for the MPC to start cutting rates. But the RBI is wary of doing so too early, or even changing its stance as inflation is not yet firmly under control’, end quote.

In other news, Prime Minister Narendra Modi handed over 1 lakh appointment letters to newly inducted government recruits via video conferencing today. Addressing the gathering, the Prime Minister underlined that the campaign to provide job opportunities to the youth in the Indian government is continuing in full swing. The PM said, quote, Today, every youth believes that they can cement their job position with hard work and skills, end quote. He highlighted that the government strives to make the youth a partner in the development of the nation. He further informed that the present government in the last 10 years has handed out jobs to the youth 1.5 times more than the previous governments.

Meanwhile, Paytm today confirmed the media reports and announced that Manju Agarwal, independent director of Paytm Payments Bank Limited, has resigned from her position. In a regulatory filing, Paytm said, quote, ‘We hereby submit that our associate entity, Paytm Payments Bank Limited, has informed us that Manju Agarwal, Independent Director resigned from the Board of PPBL on February 01, 2024, due to her personal commitments which was noted by PPBL Board on February 06, 2024’, end quote. Manju Agarwal is a former Deputy Managing Director at SBI, and has been a part of the PPBL board since May 2021. Earlier on Friday, One97 Communications had announced the formation of a Group Advisory Committee regarding the regulatory and compliance concerns.

Moving ahead, Addressing the newly inducted central government employees, Prime Minister Narendra Modi said Indian Railways will be completely revolutionised by the end of this decade. Informing that recruitment in the Railway is also taking place today through the Rozgar Mela, PM Modi highlighted that the Railway is the first choice of the common people when it comes to traveling. Bringing attention to the fact that the Railway in India is undergoing a massive transformation and will see a complete makeover in the next decade, the PM asserted, quote, ‘A campaign to reinvent the entire train travel experience was initiated with a focus on modernisation and upgradation of railways’, end quote

Up next, A meeting involving representatives from the Central Railway and the Maharashtra government, anticipated to address the potential demolition of the British era Sion Railway Overbridge in Mumbai, is likely to be held next week. The demolition proceedings were temporarily suspended following intervention by MP Rahul Shewale, who advocated on behalf of concerned local residents citing traffic-related apprehensions. Last month, Shewale addressed the matter with CR officials, stressing the importance of prioritising community engagement in light of potential traffic disruptions. Despite Central Railway having obtained all necessary traffic clearances and permissions for the demolition, the process was subsequently halted pending a meeting among the authorities. Earlier, IIT Bombay had declared the Sion bridge unsafe.

Lastly, The benchmark equity indices opened Monday’s trading session on a subdued note. The NSE Nifty 50 gained 6.90 points or 0.03% to open at 21,789.40, while the BSE Sensex rose 59.13 points or 0.08% to 71,654.62. The broader indices opened in the green, with gains led by Smallcap and Midcap stocks. Bank Nifty index opened lower by 21.45 points or 0.05% at 45,613.10. During the day, Bharat Forge shares plunged 10% to Rs 1,182.65 hitting a lower circuit on the intra-day trade as company’s chairman and MD B.N. Kalyani said, quote, ‘Looking ahead in the Q4 & further into FY25, we expect the growth momentum to moderate in both Domestic & Export market across industries’, end quote.