Stock Market Today: Dalal Street was expected to have a successful start on Friday as the GIFT Nifty on the NSE IX trading 16 points, or 0.08 percent, higher at 19,556. On Thursday, the Nifty ended 89 points down, close to the 19,550 level, forming a modest negative candle with faint upper and lower shadows.
Stock Market Today: Rupees and Wall Street
The Reserve Bank announced measures to remove excess liquidity from the banking sector and left its benchmark interest rates constant, which helped the rupee increase 19 paise to settle at 82.66 against the US dollar on Thursday. The major Wall Street indexes ended the day flat, giving up the majority of their early gains as investors fretted about the longer-term prospects for the American economy and whether stocks still had room to rise. This was due to inflation data that was milder than anticipated.
Hero MotoCorp Q1 FY24 PAT up 32%
Hero MotoCorp Ltd. on Thursday reported a 32 percent year-over-year (YoY) increase in its first quarter standalone net profit at Rs 825 crore as opposed to Rs 624.52 crore a year earlier. This increase was driven by higher prices, improved operating performance, and benefits from the reversal of inventorisation. In Q1FY24, the company’s revenue climbed 4.5 percent to Rs 8,767.27 crore from Rs 8,392.54 crore in the same quarter last year. A richer product mix, higher prices, positive operating leverage, and lower commodity costs all contributed to the company’s increased profitability.
LIC Q1 Results: Net profit rises
Based on increasing income from investments, Life Insurance Corporation of India on August 10 reported a 1,299 percent increase in net profit at Rs 9,543 crore for the quarter ended June 30, 2023. The insurance goliath previously declared a net profit of Rs. 682 crore.
In contrast to 5.84 percent the previous year, the gross non-performing asset (GNPA) as of June 30 was 2.48 percent. It has the same zero net NPA as last year. In the April-June quarter of FY24, investment income increased to Rs 90,309 crores from Rs 69,570 crores the previous quarter.
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