Stock Market Today: The GIFT Nifty on the NSE IX fell by 147 points, or 0.65%, to 22,461, indicating that Dalal Street was likely to have a poor start to the day. On the daily chart, the Nifty finished Tuesday 9 points lower, forming back-to-back Doji patterns, which usually signal a halt before the next move. Following losses on Wall Street, Tokyo equities opened lower on Wednesday. Early trading saw a 1.10 percent decline in the benchmark Nikkei 225 index, or 439.43 points, to 39,399.48, while the larger Topix index slid 0.85 percent, or 23.00 points, to 2,691.45. The yen was almost at its lowest point in decades on Wednesday as the dollar gained ground, but further losses in the Japanese currency were restrained by Tokyo’s increased threat of intervening in the market.
Stock Market Today: Stocks in focus
Mahindra Finance
The corporation reported higher business assets and disbursements for the fiscal year that ended on March 31, 2024, indicating a solid performance. The company’s total expected payments as of March 2024 were approximately Rs 6,100 crore, indicating a 9% increase from the same month the previous year. About Rs 15,300 crore was disbursed in the fourth quarter of FY24, an 11% increase over the previous year. The fiscal year’s total payments came to over Rs 56,200 crore, an increase of 13% from the previous year. The favourable disbursement patterns observed in FY24 resulted in a rise in business assets, which, as of March 31, 2024, were valued at approximately Rs 1,02,400 crore.
Hindustan Zinc
Hindustan Zinc reported a 1% year-over-year (YoY) decline in mined metal production for the quarter ending in March FY24, bringing it down to 299 kt. Nonetheless, there was a sequential increase of 11%, which was explained by a mix of higher ore output from different mines and improved mined metal grades. Because of increased plant availability, refined metal production increased, with 273 kt representing a 6% quarter-over-quarter (QoQ) increase. Production of refined metal increased by 1% year over year.
Zomato
The business has revealed that it was served with a demand for service tax and a penalty order of more than Rs 184 crore for the months of October 2014 through June 2017. The business declared that it would challenge the directive in front of the appropriate body. According to a late-night regulatory filing by Zomato, the demand order relates to the non-payment of service tax on certain sales made by the company’s international subsidiaries and branches to its clients who are located outside of India.
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