Today’s Latest Business News Transcript at 5:30 PM on 6 May 2024
Let’s begin. In early trading session on Monday, Titan Company’s stock plunged by over 7%, following the company reported weaker-than-expected March quarter results. Shares of Titan Company dropped by 7.57% to reach intra day low of Rs 3,285 apiece on the NSE. After market hours on Friday, May 3, Titan reported a 5% year-on-year (YoY) increase in consolidated net profit, reaching Rs 771 crore for the quarter ending on March 31, 2024. Total income for the quarter also surged by 22% YoY to Rs 11,472 crore. In the Jewellery segment, total quarterly income grew by 19% YoY, amounting to nearly Rs 8,998 crore, while the ‘Watches & Wearables’ segment saw its total income for the quarter stand at Rs 940 crore, marking an 8% YoY increase.
Meanwhile, Kotak Mahindra Bank’s stock surged by over 4%, following the private sector lender’s release of Q4 results that exceeded expectations. Shares of Kotak Mahindra Bank rallied by 4.76% to reach Rs 1,622.50 apiece on the NSE. In the quarter ending March 2024, Kotak Mahindra Bank recorded a standalone profit of Rs 4,133.30 crore, marking a year-on-year (YoY) growth of 18.22%. Meanwhile, its net interest income (witnessed a 13% YoY increase, reaching Rs 6,909 crore. Whereas in Q4FY24, Kotak Mahindra Bank’s net interest margin (NIM) increased to 5.28% from 5.22% in Q3FY24. According to a report by Motilal Oswal on Kotak Mahindra Bank, the bank has delivered a steady quarter, surpassing expectations on earnings and showing sequential improvement in margins.
Elsewhere, Taking India’s UPI success story one step further, ICICI Bank has enabled NRI customers to use their international mobile number to make UPI payments instantly in India, the private sector lender said in a release. Taking India’s UPI success story one step further, ICICI Bank has enabled NRI customers to use their international mobile number to make UPI payments instantly in India, the private sector lender said in a release. “With this facility, the NRI customers of the bank can make payments for their utility bills, merchant and e-commerce transactions with their international mobile number registered with their NRE / NRO bank account held with ICICI Bank in India. The bank has made this service available through its mobile banking app, iMobile Pay, it said.
Moving on, India’s services activity growth remained the fastest in the last 14 years though month-on-month there has been in between favourable economic conditions and strong demand. However, India’s service growth toned down a bit in April. The seasonally adjusted HSBC India Services Business Activity Index fell from 61.2 in March to 60.8 in April, highlighting one of the strongest growth rates seen in just under 14 years. A favourable economic environment, rising demand strength and the addition of new work are the main reasons behind the latest upsurge in the output as mentioned by the members of the survey. Pranjul Bhandari, Chief India Economist at HSBC said, ‘’India’s service activity increased at a little slower speed in April, a further rise in new orders, strengthened domestic demand’’.
“Next up, The board of directors of Marico declared a second interim dividend of Rs 6.50 per equity share of Re. 1 each at its meeting held on February 27, 2024. Together with the first interim dividend of Rs 3.00 per equity share declared on October 30, 2023, the total dividend for the year ended March 31, 2024, amounts to Rs 9.50 per equity share of Re 1 each. The company’s total expenses in the last quarter of the financial year 2023-24 declined by 0.68% on year from Rs 1,907 crore it reported in Q4 FY23. The company reported a revenue of Rs 2,278 crore in Q4 FY24, up 1.6% on year, compared with Rs 2,240 crore it posted in the same period a year ago.”
Moving on, The deadline to file income tax returns for the financial year 2023-24 is July 31. This time of the year, taxpayers grapple with many questions regarding their eligibility for income tax deductions and exemptions with regard to certain expenses and investments. One such query many home loan borrowers are facing is whether or not they can claim tax deduction on the interest portion of their housing loan before they take possession of their home. You can avail of tax benefits on home loans under various Sections of the Income Tax Act. Under Section 80C, you can take a maximum deduction benefit of Rs 1,50,000 on the repayment of home loan principal amount. This deduction benefit is available even for the under-construction property.
Lastly, The benchmark equity indices closed rangebound on May 06. The NSE Nifty 50 lost 33.15 points or 0.15% to finish the day’s trading at 22,442.70, while the BSE Sensex closed 17.39 points or 0.02% higher at 73,895.54. However, seeing deep cuts Nifty Midcap 100 closed in red down 272.95 points or 0.54% to settle at 50,662.20. Britannia, Kotak Bank, TCS, Hindustan Unilever, and M&M were the top gainers in the Nifty 50. While Titan, Adani Enterprises, BPCL, Coal India, and SBI were the key laggards in the Nifty 50 on May 06.