Benchmark equity indices, Sensex and Nifty, continued their winning streak for the third consecutive day on Tuesday, boosted by positive global market trends. The 30-share Sensex rallied 411.27 points to reach 74,059.89 in early trade, while the Nifty advanced 111.15 points to 22,447.55.
India is projected to become the world’s second-largest economy by 2075, surpassing the United States. According to a Goldman Sachs report, India’s GDP will reach $52.5 trillion, just behind China’s $57 trillion and above the US’s $51.5 trillion. This growth is primarily driven by India’s labor force, technological advancements, and increasing capital investment. Despite some challenges, India’s economic potential is significant due to its low per capita income and growing innovation and technology sector.
Quanex Building Products (NX) has acquired Tyman plc (TYMN) for $1.1 billion in a cash and stock deal. The transaction is expected to diversify Quanex’s revenue stream and product line, and generate significant cost savings of approximately $30 million annually. Despite some weakness in Quanex’s recent performance, the combined entity is expected to have an attractive valuation and growth prospects in the homebuilding market.
Grill Splendor Services, a premium bakery and patisserie franchise, saw a lukewarm start on the NSE SME platform. The company’s shares opened at 121.30, marginally higher than its issue price of 120, indicating a modest 1.08% gain.
Tejas Networks, backed by the Tata Group, has witnessed a meteoric rise in its share prices, hitting a new all-time high amid impressive financial performance in Q4FY24. The company has achieved profitability and a significant increase in revenue, indicating a strong turnaround. Tejas Networks is involved in designing and manufacturing high-performance networking products for telecommunications service providers, internet service providers, utilities, defense, and government entities worldwide.
Starbucks has appealed to the Supreme Court in a case that could limit the authority of the National Labor Relations Board (NLRB) to intervene in unionization efforts. The dispute stems from Starbucks’ firing of seven employees who were leading a unionization campaign in Memphis, Tennessee. The NLRB found that the firings were an illegal interference and ordered Starbucks to rehire the workers, but Starbucks argues that the NLRB’s request for a temporary injunction was improper. The Supreme Court’s decision will determine the standard that courts must follow when considering NLRB injunction requests, potentially impacting the ability of the NLRB to protect workers’ organizing rights.
Ramdevbaba Solvent’s shares debuted on the NSE SME at a premium of 31.76% on Tuesday, outperforming market expectations. The IPO had a price band of 80 to 85 per share and raised 50.27 crore. The IPO saw a strong subscription, receiving 126.21 times the total offered shares.
Elon Musk and Australian Prime Minister Anthony Albanese clashed following a court order to remove footage of a terrorist attack in Sydney from Twitter. Musk claimed that the ruling allows any country to control the internet, while Albanese labeled Musk an “arrogant billionaire who thinks he’s above the law.”
In the United States, high-quality child care is prohibitively expensive. The best option could cost about $2,000 per month, with a long waitlist. This burden falls most heavily on mothers, who are more likely to leave their jobs to care for children. As a result, the gap in employment rates between mothers with college degrees and those who don’t has widened. For mothers without college degrees, a day without work is often a day without pay. Even for those who can afford child care, the cost is overwhelming. The Department of Health and Human Services defines affordable child care as costing no more than 7% of a household budget, but a Labor Department study found fewer than 50 American counties where a family earning the median household income could obtain child care at an affordable price.
16 companies are scheduled to release their financial results for the fourth quarter of FY24 on April 23rd. These companies include Tata Consumer Products Ltd, ICICI Prudential Life Insurance Comp Ltd, Tata Elxsi Ltd, Mahindra & Mahindra Financial Services Ltd, Multi Commodity Exchange of India Ltd, Cyient DLM Ltd, Huhtamaki India Ltd, Nelco Ltd, Axita Cotton Ltd, Artson Engineering Ltd, Mahindra EPC Irrigation Ltd, LKP Securities Ltd, ARO Granite Industries Ltd, Jindal Hotels Ltd, Netlink Solutions (India) Ltd and Bkm Industries Ltd. Reliance Industries Ltd posted a lower-than-expected quarterly profit as the net income fell 1.8% to 189.5 billion rupees ($2.3 billion) for the quarter ended March 31 from a year-ago period.
