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

Let’s begin – Defying expectations of the government announcing some populist schemes or handing out some doles to entice voters, Finance Minister Nirmala Sitharaman’s sixth consecutive Budget speech did none of that. Barring a few cosmetic announcements such as a new housing scheme for the middle class and the extension of the rural housing scheme by an additional 2 crore houses, the Budget has nothing remotely populist. At the outset of the Budget Session on Wednesday, Prime Minister Narendra Modi exuded confidence in the NDA’s government to power when he said that the government would present a full Budget in July where it would unveil the roadmap to a Viksit Bharat.

Up Next – Presenting the interim Budget, Union Finance Minister Nirmala Sitharaman said on Thursday said that India is close to achieving the target of three crore houses under the Pradhan Mantri Awas Yojana. She also said that two crore more houses will be constructed in the next five years under the scheme. “Despite the challenges due to COVID, implementation of PM Awas Yojana continued and we are close to achieving the target of three crore houses. Two crore more houses will be taken up in the next five years to meet the requirement arising from increase in the number of families. On November 15, the PM-JANMAN was launched for the socio-economic welfare of the Particularly Vulnerable Tribal Groups.

Coming to the Railways sector, Finance Minister Niramala Sitharaman discussed the capital expenditure for infrastructure, adding that capex outlay for the next year has been increased by 11.1% to Rs 11,11,111 crore. This will amount to 3.4% of the GDP. Sitharaman announced the implementation of three major economic railway corridor programmes – energy, mineral, and cement corridors; port connectivity corridors; and high traffic density corridors. Emphasising their identification under PM Gati Shakti for facilitating multi-modal connectivity, the minister highlighted their potential to enhance logistics efficiency and decrease overall costs. Additionally she said that the decongestion in high-traffic corridors will allow improvement in the operations of passenger trains

Meanwhile, Jindal Steel and Power Ltd on Thursday announced that the company managing director, Bimlendra Jha has resigned from the services of the firm, with effect from the close of business hours of January 31, 2024, citing personal reasons. He will continue to be associated with the company in the capacity of Advisor, it said in a regulatory filing. “The Company appreciates his valuable contributions during his tenure with the Company as Managing Director,” JSPL said. Meanwhile, Sabyasachi Bandyopadhyay, Wholetime Director, will be assuming the responsibilities of Managing Director, for the time being. He has experience in leading diverse functions including operations, steel technology, digitalization, supply chain, strategic sourcing, and sales & marketing, with keen interest in advanced digital solutions.

Moving ahead, Titan Company Limited on Thursday recorded its third-quarter profit for the financial year 2023-24 at Rs 1053 crore, up 16.5 percent in comparison to Rs 904 crore during the third quarter of FY23. It posted revenue from operations at Rs 14,164 crore, up 22 percent in comparison to Rs 11,609 crore during the corresponding quarter of the previous year.

Next up, Adani Ports and Special Economic Zone Limited on Thursday recorded its third-quarter earnings for the financial year 2023-24 with profit at Rs 2,208.41 crore, up 67.9 percent in comparison to Rs 1,315.54 crore during the corresponding quarter of the previous year. It posted revenue from operations at Rs 6,920.10 crore, up 44.6 percent as against Rs 4,786.17 crore during the third quarter of FY23. The company’s EBITDA stood at Rs 4,292 crore, up 59 per cent on-year. The company recorded volume growth of 44 percent YoY to 108.6 MMT. Mundra, it said, recorded the highest-ever monthly volume at any Indian port in October 2023.

Lastly, the benchmark equity indices closed in negative territory. The NSE Nifty 50 closed 28.25 points or 0.13% lower to settle at 21,697.45, while the BSE Sensex lost 106.81 points or 0.15% to settle at 71,645.30. The broader indices closed in the red, with midcap stocks losing the most. Bucking the trend, the Bank Nifty index gained 191.85 points or 0.42% to settle at 46,188.65. The NSE Nifty 50 closed 0.17% lower at 21,688.85, while the BSE Sensex closed 0.19% lower at 71,616.75. The sectoral-index Nifty Bank trades over 180 points higher at 46.177.80. Maruti Suzuki, SBI Life Insurance, and HDFC Life Insurance were the top gainers in the Nifty 50. While L&T, Ultratech Cement, and LTIMindtree were key losers.