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

Let’s begin. Tata Chemicals witnessed a decline in its share price by over 4% on Tuesday following the company’s announcement of a net loss of Rs 841 crore in the fourth quarter of FY24, contrasting with a net profit of Rs 692 crore reported in the same period a year ago. During the fourth quarter of FY24, Tata Chemicals disclosed a non-cash write-down of assets amounting to Rs 963 crore concerning its UK operations, particularly the Lostock Plant, categorized as an exceptional loss. The Tata Group company experienced a 21.1% decline in revenue for the quarter ended March 2024, dropping to Rs 3,475 crore from Rs 4,407 crore year-on-year. Consolidated EBITDA witnessed an 18% quarter-on-quarter decrease and a significant 54% year-on-year decline.

Meanwhile, Shares of Trent, the Tata Group company, rallied over 8% to hit an all-time high of Rs 4,670 on NSE, following the company’s stellar performance during the January – March period. Trent’s share price surged after its Q4 result showed a multi-fold jump in consolidated profit while revenue jumped over 50% for the quarter. On Monday, April 29, Trent reported a robust 51 per cent year-on-year jump in revenue from operations for fourth quarter of FY24 to Rs 3,297.70 crore against Rs 2,182.75 crore in the same quarter last financial year. The Tata Group’s speciality retail company, known for brands like Westside and Zudio, reported a remarkable surge in consolidated net profit for Q4FY24, reaching Rs 712.09 crores.

Moving on. UltraTech Cement’s stock price surged over 2% on Tuesday following the release of its Q4 results by the Aditya Birla Group’s flagship cement maker. The shares of UltraTech Cement climbed as high as 2.38% to Rs 10,200 per share on the BSE. The nation’s leading cement manufacturer posted impressive earnings for the January-March quarter, with its consolidated net profit soaring by 36% to Rs 2,258 crore from Rs 1,666 crore year-on-year (YoY), surpassing market expectations. This growth was driven by a reduction in fuel costs and double-digit volume growth. Consolidated revenue from operations in Q4FY24 witnessed a robust 9.4% YoY increase to Rs 20,419 crore. Operating at an impressive level, UltraTech Cement achieved an EBITDA of Rs 4,250 crore, with a margin of 20.81%.

In some more market news, JNk India’s shares got listed at Rs 621 a piece, a premium of almost 50% to the issue price of Rs 415. The IPO was opened on April 23 and closed on April 25 to raise Rs 649.47 crore through a combination of fresh issue and offer for sale. It kept the IPO price band for the issue between the range of Rs 395 to Rs 415 per equity share. JNK India offered 7.6 million shares of the company via fresh issue, while 8.4 million shares by offer for sale. The shares were allotted on April 26. A retail investor had to bid for a minimum of 36 shares aggregating to Rs 14,940.

Over to aviation sector. With the completion of the Airfield Lighting System, night landing and take-off facilities are now operational at the Utkrosh Airfield of Veer Savarkar International Airport in Port Blair, officials confirmed. The aviation infrastructure at INS Utkrosh, supervised by the naval headquarters in New Delhi and Air Marshal Saju Balakrishnan, Commander-in-Chief of the Andaman and Nicobar Command, has seen significant improvements through ‘Project MAFI’, which means modernisation of airfield infrastructure, the official added. According to a senior Command official, the commissioning of Tactical Air Navigation System and Precision Approach Radar represents a significant enhancement in terms of safety and operations for military flights at the Utkrosh Airfield.

Next up, some exciting news from the auto industry. After a lot of teasers and spy shots, Mahindra has finally launched the XUV 3XO in India, priced at Rs 7.49 lakh onwards. Than the 3XO being a mere facelift of the older Mahindra XUV300, the carmaker has completely revamped the sub-4 metre SUV. The new Mahindra XUV 3XO competes in a highly competitive segment that includes the Maruti Suzuki Brezza, Hyundai Venue, Kia Sonet, Renault Kiger, Nissan Magnite, and the segment leader, the Tata Nexon. So here’s everything you need to know about the new Mahindra XUV 3XO. It is available in MX and AX variants, which are further divided into more sub-variants, depending on the features they offer, engine options, and gearbox choices.

Lastly, let’s see how the share market performed at closing today. The benchmark equity indices closed in positive territory on April 30. The NSE Nifty 50 lost 39 points or 0.17% to finish the day’s trading at 22,605, while the BSE Sensex pulled back 189 points or 0.25% to close at 74,482.78. Bucking the trend, Nifty Midcap closed in green up 33.75 points or 0.07% to settle at 50,868.20. The Bank Nifty index gains over 400 points to life time high of 49,953.45 lead by Bank of Baroda, Bandhan Bank, IndusInd Bank, Punjab National Bank, Federal Bank, Axis Bank, IDFC First Bank, State Bank of India, ICICI Bank and HDFC Bank.