Business News at 05:30 pm on 21st May, 2024

Let’s begin…Welspun Enterprises recorded its fiscal fourth quarter profit at Rs 77.35 crore, posting a fall of 50.3 per cent on-year in comparison to Rs 155.60 crore during the corresponding quarter of FY23. It posted revenue from operations at Rs 821.11 crore, down 2.8 per cent as against Rs 845.08 crore during the same period last year. The company EBITDA stood at Rs 111 crore, up 17 per cent on-year. While the total income recorded during the quarter ended March 31, 2024 was at Rs 866.70 crore, total expenses incurred during the period was at Rs 747.39 crore. The company board also recommended a final dividend of Rs 3 per equity share of the face value of Rs 10 each at the rate of 30 per cent on the equity shares for the financial year 2023-24.

Next up, Shriram Properties Limited, a residential real estate developer in South India, has signed a Joint Development Agreement for development of a prime 4- acre land parcel nestled in Yelahanka, Bengaluru. The proposed project will comprise 270 apartments with an aggregate saleable area of approximately 3.8 lakh sqft. The project has aggregate revenue potential of over Rs 250 crore and is expected to be developed over the next 3 years, the company said. Shriram Properties is targeting to launch this project during the first half of the current financial year. The Company has a pipeline of 47 projects with 51 msf of saleable area, including 25 ongoing projects with aggregate saleable area of 23.5 msf as of Mar 31, 2024.

In other news, Government is taking action against spice-exporting companies Everest and MDH, conducting inspections and recommending corrective actions after tests revealed the presence of ethylene oxide in products exported to Singapore and Hong Kong. The government had found that some samples of Everest spices were non-compliant under the strictest standards (0.1 mg per Kg) regarding presence of ethylene oxide. The tests had been conducted after Hong Kong, on April 5, asked its citizens not to consume four products of MDH and Everest Food Products citing the presence of pesticide, ethylene oxide. Later on April 18, Singapore Food Agency (SFA) ordered the recall of Everest’s fish curry masala stating that it had ethylene oxide at a level which is “not fit for human consumption”.

Moving on, Union Minister Hardeep Singh Puri has highlighted the significant progress in urban metro transport over the past decade and expressed confidence that India would soon boast the world’s second-largest urban metro system within the next two and a half years. While speaking at the event in the national capital, Puri emphasised the remarkable increase in metro ridership, with one crore passengers daily, including 73 lakh in the Delhi capital region alone. He underscored the ease of intra-city travel despite rapid urbanisation and announced that the country currently operates 945 kilometers of metro system, with an additional 1,000 kilometers under construction, slated for completion in the near future.

In another development, JSW Steel share price gained over 3% in early trading session on Tuesday, following analysts’ bullish outlook and raised target prices despite the company’s weak Q4 results. The shares soared as much as 3.48%, reaching a record high of Rs 922.95 per share on the NSE. On Friday, JSW Steel reported a 64% year-on-year (YoY) decline in its consolidated net profit, amounting to Rs 1,299 crore for the quarter ended March 2024, compared to Rs 3,664 crore in the same period last year. Revenue from operations for the fourth quarter slightly decreased to Rs 46,269 crore, down from Rs 46,962 crore in the corresponding quarter of the previous year.

Next up, Shares of Oil India rose 3.8% to hit a 52-week high of 671.10 after the company’s net profit surged in the January to March period of 2024. The company’s consolidated net profit came in at Rs 2,332.94 crore in Q4 of FY24 against Rs 1,979.74 crore reported in Q4 of FY23. However, Oil India’s net profit declined sequentially by 11% from Rs 2,607.66 crore reported in Q3 of FY24. Its revenue from operations stood at Rs 10,165.78 crore during the quarter, an increase of 16% on year from Rs 8,764.27 crore in Q4 of FY23. Its total income came in at Rs 10,375.09 crore marking a rise of 16% from Rs 8,936.82 crore in Q4FY23.

Lastly, The benchmark equity indices ended Tuesday’s trading session in the mixed territory. The NSE Nifty 50 gains 27.05 points or 0.12% to settle at 22,529.05, while the BSE Sensex plunged 52.63 points or 0.63% to 73,953.31. The broader indices ended in positive territory, with gain led by Large-cap and Mid-cap stocks. Bank Nifty index ended lower by 151.30 points or 0.31% to settle at 48,048.20. PSU Banks and Metal stocks outperformed among the other sectoral indices while FMCG and Large cap Banks stocks shed.