Business News at 05:30 pm on 29th April, 2024

Let’s begin. Shares of the BSE experienced a significant decline of up to 18% on Monday, marking the biggest single-day drop since its listing in 2017. The stock came under scrutiny following a directive to pay regulatory fees to market regulator SEBI based on the annual turnover calculated from the ‘notional value’ of its options contracts. BSE computed the annual turnover using the premium value for options contracts, leading to an obligation to pay the differential regulatory fee for previous periods along with accrued interest. As per the directive, BSE is required to pay a differential fee amounting to Rs 165 crore. This includes Rs 69 crore for the financial years 2007 to 2023 and Rs 96 crore for the financial year 2024.

Meanwhile, Yes Bank shares opened higher at Rs 27.50 apiece on the NSE and subsequently reached an intraday peak of Rs 28.55 per share after the market’s opening on April 29. This surge followed the bank’s announcement of robust Q4 2024 results on Saturday. Market analysts attribute the current uptrend in Yes Bank’s stock to the impressive quarterly performance reported by the bank. They anticipated further upward movement in Yes Bank shares and advised shareholders to maintain holdings, setting a stop loss at Rs 24, while aiming for near-term targets of Rs 30 and Rs 32 per share. During its climb to an intraday high, Yes Bank’s stock price approached its existing 52-week high of Rs 32.85 per share.

On to IPOs. JNK India IPO shares are expected to list on April 30. The issue opened on April 23 to raise a total of Rs 649.47 crore. JNK India set the price band at Rs 395 to Rs 415 per share. The company closed its issue on April 25. JNK India’s shares were trading with a premium of over 28% in the grey market before listing on the bourses. The grey market is an unofficial market where stocks of the company exchange hands illegally before listing on the bourses. The allotment of JNK India’s shares was finalised on April 26, with the expectation of listing on April 30. A retail bidder had to subscribe for a minimum of 36 shares amounting to Rs 14,940.

Moving on to some more market news. UltraTech Cement Q4 Earnings reported a net profit of Rs 2,258.58 crore in the fourth quarter of FY24, a jump of 35.2% on year, against Rs 1,670.10 crore posted in Q4 of FY23. It reported an increase of 9.4% on year in the revenue from operations in Q4 of FY24. Also, Ultratech Cement has declared a dividend of Rs 70 per equity share. The company in an exchange filing said, quote, “A dividend of 700% at the rate of Rs. 70/- per equity share of Rs. 10/- each for the year ended 31st March, 2024, subject to the approval of shareholders at the ensuing Annual General Meeting of the company,” unquote.

Over to technology. Nothing has launched a “new edition” of the Phone 2a in blue colour that it says is “designed for India.” The new variant will join the incumbent black and white edition and go on sale from May 2, 2024, though only a limited quantity will be available for grabs. Nothing says it will host a “live sale” for the Phone 2a blue colour on Flipkart at noon. The launch of the Phone 2a blue variant is coinciding with Flipkart’s Big Saving Days promotional sale event. As part of the collaboration, Nothing will sell the new model at an early access price of Rs 19,999 on May 2, down from the original price of Rs 23,999.

Next up, the auto sector. With the transition from combustion engines to battery-operated vehicles, hybrid vehicles have gained quite a lot of prominence in the last few years. Different forms of electrification have emerged in recent times, depending on the degree of electric power assist. The most common form of hybrid powertrain is the strong hybrid powertrain comprising a combustion engine, a battery and an electric motor working in tandem to run a vehicle. Such vehicles are self-charging and don’t require the support of an external power source to charge the vehicle.

Lastly, let’s see how the share market performed at closing today. Indian benchmark indices erased previous session losses and ended higher with Nifty above 22,600. At close, the Sensex was up 941.12 points or 1.28 percent at 74,671.28, and the Nifty was up 223.40 points or 1percent at 22,643.40. About 1777 shares advanced, 1578 shares declined, and 133 shares unchanged. Top gainers on the Nifty were ICICI Bank, IndusInd Bank, SBI, UltraTech Cement and Axis Bank, while losers were HCL Technologies, Apollo Hospitals, Bajaj Auto, HDFC Life and LTIMindtree. Except realty, all other sectoral indices ended in the green with healthcare, metal, power, bank and oil & gas up 0.4-2 percent.