Results for: Business

Reliance Industries Limited (RIL) announced its Q4FY24 earnings, reporting a consolidated net profit of 18,951 crore. This represents a decline of nearly 2% compared to 19,299 crore in the same quarter last year. Analysts had predicted it to be 19,726 crore. The drop in net profit has been primarily attributed to reduced margins in the petrochemicals sector and higher tax payments. Despite these challenges, RIL’s retail and telecom sectors saw consistent growth and contributed to their overall revenue. The company also declared a dividend of 10 per share for FY24, in addition to 9 per share already declared earlier in the fiscal year.

Asian stocks rose on Tuesday, tracking Wall Street’s gains as investors awaited earnings reports from US tech giants. The MSCI Asia-Pacific ex-Japan index rose 0.5%, led by a jump in Taiwanese and Hong Kong shares. However, Chinese shares fell, with blue chips losing 0.6%. On Wall Street, big tech stocks performed well ahead of their quarterly results, with Nvidia, Amazon, and Alphabet gaining. Meanwhile, the Japanese yen fell to fresh 34-year lows against the US dollar, pressured by the widening interest rate gap between the US and Japan.

Asian shares advanced on Tuesday, tracking gains on Wall Street as investors turned their attention to upcoming earnings reports from US tech giants. The MSCI index of Asia-Pacific shares outside Japan rose 0.5%, buoyed by a surge in Taiwanese and Hong Kong stocks. Tech shares in the region performed well, while Chinese shares fell. The Japanese yen continued its decline, hitting fresh 34-year lows against the US dollar amid a diverging monetary policy outlook between the US and Europe. Oil prices recovered slightly, while gold prices declined.

On April 23, shareholders of Fortis Malar Hospitals, Aster DM Healthcare, Vuenow Infratech, IIFL Finance, Sobhagya Merchantile, and The Anup Engineering will see changes in their shareholdings. These companies have declared interim dividends, special dividends, rights issues, and a bonus issue.

Due to exceeding 95% of the market-wide position limit (MWPL), six stocks have been banned from trading under the futures and options (F&O) segment on the National Stock Exchange (NSE) on Tuesday, April 23, 2024. The stocks include SAIL and ZEEL, among others. The impacted stocks will still be available for trade in the cash market.

The recent halving of Bitcoin rewards has spurred a surge in transaction fees, casting doubt on the cryptocurrency’s long-term viability. While the halving aimed to gradually reduce new Bitcoin supply, it has exacerbated the reliance on transaction fees for miners, who verify transactions on the blockchain. Increasing energy costs and competition from artificial intelligence add pressure on miners’ revenue, raising concerns about the network’s ability to maintain its security and trust.

Andromeda Metals has completed the sale of its 25% stake in the Wudinna Gold Project to Lady Alice Mines and Cobra Resources for A$500,000 in cash and A$1 million in Cobra shares. The company’s subsidiary, Peninsula Resources, has received the cash payment and 52,010,000 Cobra shares, subject to escrow. The consideration shares will become freely tradable after 12 months, and the call option in favor of Cobra has expired.

A total of 16 companies will release their financial results for the fourth quarter of FY24 (Q4 FY24) today, April 23 (Tuesday). 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. Shares of these 16 companies are likely to react to their Q4 results on Tuesday.

The Indian stock market is poised to open higher on Tuesday following favorable global cues. The benchmark Nifty 50 index is projected to start flat, according to trends on the Gift Nifty. On Monday, the domestic equity indices ended significantly higher for the second consecutive session, with the Nifty closing above the 22,300 level. Nifty 50 formed a doji pattern on the daily chart, indicating a pause in the uptrend. Key levels to watch for Nifty 50 and Bank Nifty include support at 22,000 and resistance at 22,500. Analysts expect continued bullish sentiment in the market, with potential upside targets of 22,600-22,700 for Nifty 50 and 48,000 for Bank Nifty.

Calix, Inc. (CALX) reported Q1/2024 results in line with guidance, but below analyst expectations. Revenue and profitability declined, despite solid free cash flow. The appliance business faced challenges due to customer indecision on government funding, shorter lead times, and spending plan adjustments. The company’s guidance for Q2 also fell short of consensus estimates. Analysts are expected to reduce estimates, and the stock’s valuation is seen as rich. Stimulus funding delays and ongoing headwinds pose risks to future expectations.