Business News at 05:30 pm on 1st August, 2024

Let’s begin with the major update, Adani Enterprises on Thursday recorded its fiscal first quarter profit at Rs 1454.50 crore, posting a growth of 115.8 per cent in comparison to Rs 673.93 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 25,472.40 crore, up 12.5 per cent as against Rs 22,644.47 crore reported during the same period of previous fiscal year, driven by strong operational performance by ANIL Ecosystem and Airports. The company EBITDA stood at Rs 3,705 crore, up 47 per cent on-year. Gautam Adani, Chairman, Adani Group, said that Adani Enterprises Ltd (AEL) is further expanding its position as India‘s leading business incubator and a global model in infrastructure development.

Moving on, Brainbees Solutions which operates the omnichannel kidswear brand FirstCry, has announced a price band of Rs 440-465 per share for its initial public offering (IPO). The issue will open on August 6, with anchor bidding commencing on August 5. The IPO will close on August 8. The IPO opens on August 6, with anchor bidding starting on August 5, and will close on August 8. The allotment basis will be determined on August 9, with refunds and shares credited to accounts on August 12. The firm is set to list on August 13. The IPO consists of a fresh issue worth Rs 1,666 crore. At the upper price band, the offer for sale (OFS) is valued at Rs 2,527.72 crore.

In other news, Income Tax Return Revision after ITR Filing: What happens when you notice a wrong entry or any other discrepancies in your filed income tax return? How can you revise your ITR after receiving a notice from the Income Tax Department. ITR filing deadline was not extended beyond July 31 despite calls from taxpayers and tax professionals who cited technical glitches on the e-filing portal as the main reason behind their demand to stretch the due date to submit income tax returns. According to the Income Tax Department website, about 7.29 crore income tax returns (ITRs) have been filed for the Assessment Year 2024-25, of which 6.16 crore returns are verified. The I-T Department has so far processed 2.69 crore ITRs, official data showed.

Meanwhile, Emami Ltd on Thursday released its quarter earnings for the first quarter of FY25. It posted profit during the period at Rs 152.64 crore, up 10.8 per cent in comparison to Rs 137.72 crore during the same period of last year. It recorded revenue from operations at Rs 906.07 crore, up 9.7 per cent as against Rs 825.66 crore recorded during the June quarter of FY24. The company EBITDA stood at Rs 216.5 crore, up 14 per cent YoY. Modern trade, e-commerce, and institutional channels continued to post strong growth, while general trade also rebounded to positive territory, it said in a regulatory filing. While the domestic business of the company grew by 10 per cent with a volume growth of 8.7 per cent.

Meanwhile, Emami Ltd on Thursday released its quarter earnings for the first quarter of FY25. It posted profit during the period at Rs 152.64 crore, up 10.8 per cent in comparison to Rs 137.72 crore during the same period of last year. It recorded revenue from operations at Rs 906.07 crore, up 9.7 per cent as against Rs 825.66 crore recorded during the June quarter of FY24. The company EBITDA stood at Rs 216.5 crore, up 14 per cent YoY. Modern trade, e-commerce, and institutional channels continued to post strong growth, while general trade also rebounded to positive territory, it said in a regulatory filing. While the domestic business of the company grew by 10 per cent with a volume growth of 8.7 per cent.

Moving ahead, Civil Aviation Minister K Rammohan Naidu has said that 12 more airports in India are ready to implement the Digi Yatra facility. As of now, there are 15 airports in the country have the facility for seamless and contactless movement for passengers. The minister told the Lok Sabha that 12 more airports are ready for the implementation with 11 preparing to have the facility. Based on Facial Recognition Technology (FRT), Digi Yatra enables contactless and seamless movement of passengers at various airport checkpoints in India. According to Naidu, the Digi Yatra app has been downloaded by over 4.3 million users, and the expansion of this facility will be carried out in phases.

Lastly, let’s take a look how the stocks performed today. The benchmark equity indices ended Tuesday’s trading session in the positive territory. The NSE Nifty 50 gained 59.75 points or 0.24% to settle at 25,010.90, while the BSE Sensex jumped 126.20 points or 0.15% to 81,867.55. The broader indices ended in mixed territory, with gain led by Large-cap and Midcap stocks. Bank Nifty index ended higher by just 10.60 points or 0.02% to settle at 51,564. Energy and FMCG stocks outperformed among the other sectoral indices while Media and Realty stocks shed. Power Grid Corp, Coal India, ONGC, Dr Reddy’s Lab, and Shriram Finance are the top gainers on NSE Nifty 5o index whereas the top laggards include Mahindra & Mahindra, Tata Steel, and Bajaj Finserv.