Latest Business News Highlights on 29 May 2024: Indian Indices Close in Red, Delhi Imposes Water Wastage Fine, Alkem Laboratories Records Profit, S&P Upgrades India’s Rating, IRCTC Shares Fall, Nikki Haley Controversy, Hindalco’s Subsidiary Novelis IPO Announcement
The Indian benchmark indices closed in the red for the fourth consecutive session on May 29, with the Nifty hovering around 22,700. The Sensex was down by 667.55 points or 0.89% at 74,502.90, while the Nifty was down by 183.50 points or 0.80% at 22,704.70. The market saw 1473 shares advancing, 1871 shares declining, and 90 shares remaining unchanged.
Among the biggest losers on the Nifty were HDFC Life, SBI Life Insurance, ICICI Bank, Tata Consumer Products, and Tech Mahindra. On the other hand, gainers included Hindalco, Power Grid Corp, Divis Labs, Nestle, and Sun Pharma. The sectoral performance was mixed, with capital goods, telecom, healthcare, metal, and power ending in the green, while auto, bank, FMCG, IT, oil and gas, and realty sectors were down by 0.3-1%.
In other news, the Delhi government has announced a fine of Rs 2,000 for those found wasting water amid the ongoing heatwave in the national capital. Teams will be deployed to monitor and penalize water wastage starting tomorrow. Pharmaceutical company Alkem Laboratories reported a significant increase in profit for the fiscal fourth quarter, with a recommendation of a final dividend of Rs 5 per equity share.
S&P Global Ratings upgraded India’s sovereign rating outlook to positive from stable, citing robust growth and improved quality of government expenditure. Meanwhile, IRCTC shares fell after the company reported its net profit for Q4 of FY24. Former US presidential hopeful Nikki Haley faced criticism for writing “Finish Them” on an Israeli shell during a visit near the northern border with Lebanon.
On a positive note, shares of Hindalco surged 2% following the announcement that its subsidiary, Novelis, filed for an IPO in the US. Novelis aims to raise up to $945 million in its public offering. Stay tuned for more updates on the latest business news.
