Business News at 05:30 pm on 9th May, 2024

Lets begin, Shares of Hero MotoCorp surged by over 6% in early trading on Monday, propelled by the release of the leading two-wheeler manufacturer’s Q4 results, which exceeded expectations. The stock rallied by 6.25% to reach an intra-day high of Rs 4,922 per share on the NSE. Motilal Oswal has reiterated its ‘BUY’ rating for Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters. They have set a target price of Rs 5,320, reflecting an 18x FY26E EPS along with Rs 137 for Hero FinCorp and Rs 132 for Ather after applying a 20% holding company discount. Hero MotoCorp’s performance in the fourth quarter of FY24 has been described as meeting expectations. Noteworthy highlights include gross margins standing at 33.6%, slightly surpassing the estimated figure of 32.7%.

Moving on, Real estate major DLF has announced the success of its latest luxury residential venture — DLF Privana West — achieving a remarkable sellout valued at approximately Rs 5590 crore, within 3 days of its launch. Nestled within the picturesque expanse of Sector 76 and 77, this high-rise development spans over ~12.572 acres (~5.087 hectares), forming an integral part of DLF Privana, an integrated ecosystem sprawling across 116.296 acres (47.063 hectares). This follows the earlier triumph of DLF Privana South’s sellout in January 2024. Comprising 795 residences across 5 majestic towers, DLF Privana West presents an exquisite collection of 4BHK apartments and penthouses, with no two residences overlooking each other.

Meanwhile, In a landmark ruling, the Supreme Court has termed interest-free or concessional loans extended by banks to their employees as “fringe benefits”, thus liable to be taxed as per income tax laws, according to a report. An apex court bench comprising Justices Sanjiv Khanna and Dipankar Dutta said that these loans are unique in nature and “perquisite” unlike “profit in lieu salary”, so they are taxable, the report said. The bench, in a ruling on May 7, said that the benefit is “incidental to employment and in excess of or in addition to the salary. This ruling has come in the wake of staff unions and officers’ associations of many banks challenging Section 17(2) (viii) of the Income Tax Act, 1962, on the grounds of constitutionality.

Next up, Geetanjali Homestate, a real estate consulting and solutions supplier, has announced the launch of its brand leasing service. These solutions are aimed at revolutionizing the real estate landscape, offering unparalleled opportunities for businesses and investors alike. According to the company, its brand leasing represents a paradigm shift in property transactions. Instead of opting for traditional one-time sales, clients can now enter into long-term contracts with established brands, transforming their properties into reliable sources of income. This approach offers numerous advantages, including a steady rental income stream without the hassle of tenant management. Additionally, brands often assume responsibility for property maintenance and upgrades, potentially increasing the property’s overall value over time.

Moving forward, To boost output, the Indian Agricultural Research Institute, a premier institute credited for developing most of the rice and wheat varieties in the country, has introduced a new high yielding variety of wheat seed variety. The new seed variant – HD 3386, recently approved by the central seed committee of the agriculture ministry, is resistant to yellow, and leaf rust diseases mostly reported in the key wheat growing region of northwest region – Punjab, Haryana, Uttar Pradesh and Rajasthan. “We have signed MoU with 100 odd private and farmers owned companies for seed multiplication so that it reaches the farmers at the earliest,” AK Singh, director, IARI. Because of the its inherent disease resistance capability, the wheat yield and quality of grain has been found to robust, Singh said

Meanwhile, Bharat Forge chairman Baba Kalyani’s brother, Gaurishankar Kalyani, has entered the legal fray against their sister’s children, advocating for the court to dismiss their petition for the division of family assets. Gaurishankar filed an application in the Pune Civil Court, contending that his sister’s children lack the entitlement to pursue partition. Gaurishankar Kalyani, brother of Baba Kalyani and Sugandha Hiremath, said the Suit filed by Sugandha Hiremath’s children is liable to be rejected, as their mother had clear knowledge that she was excluded from the Hindu Undivided Family (HUF) and had no locus standi. The lawsuit, filed by his nephew and niece, Sameer Jai Hiremath and Pallavi Swadi, seeks division of assets within the Kalyani Hindu Undivided Family (HUF).

Lastly, The benchmark equity indices crashed on May 09. The BSE Sensex tanked 1,017.10 points or 1.38% to finish the day’s trading at 72,449.29, while the NSE Nifty 50 closed 335.40 points or 1.50% lower at 21,967.10. Nifty Midcap 100 closed in red down 965 points or 1.93% at 49,071.30. Hero MotoCorp, Tata Motors, M&M, Bajaj Auto, and SBI were the top gainers in the Nifty 50. While L&T, Asian Paints, BPCL, Coal India, and ONGC were the key laggards in the Nifty 50 on May 09 during later hours.