Updates Financial News

NEW DELHI : Marico’s consolidated revenue in the December quarter declined in low single digits on a year-on-year basis, although operating profit saw a low double-digit growth, the company said in a quarterly update. The maker of Parachute oil also said it expects a low single-digit jump in domestic volumes for the December quarter, driven by improved demand for its flagship products, mainly in the cities.

Marico, one of India’s leading consumer products companies in the global beauty and wellness space, released its Q3 FY24 (third-quarter) business update today. The company's domestic volumes in Q3FY24 grew in low single digits on a year-on-year basis, with low single-digit volume growth in Parachute Coconut Oil and Saffola Edible Oils, along with low single-digit value growth in Value Added Hair Oils.

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Shares of Swan Energy Ltd.(up 6.83 per cent), Phoenix Mills Ltd.(up 5.25 per cent), Brigade Enterprises Ltd.(up 2.04 per cent), Godrej Properties Ltd.(up 1.27 per cent) and Mahindra Lifespace Developers Ltd.(up 0.68 per cent) ended the day as top gainers in the pack. On the other hand, Sobha Ltd.(down 2.01 per cent), Prestige Estates Projects Ltd.(down 1.89 per cent), DLF Ltd.(down 1.1 per cent), Oberoi Realty Ltd.(down 0.95 per cent) and Macrotech Developers Ltd.(down 0.59 per cent) finished as the top losers of the day.

Marico in its quarterly update said that while urban markets were steady, rural offered little to cheer, exhibiting similar demand trends on a sequential basis. In a stock exchange filing, the company said that constraints on liquidity and profitability in general trade channel remained an overhang for the sector. Yet, the company remains optimistic of a gradual uptick in consumption trends of the course of 2024 owing to improving macroeconomic indicators, continued government spending and conducive consumer pricing across categories. Parachute oil registered low single digits in volume growth whereas Saffola Oils witnessed optically weak quarter.

stood among the top gainers. Gujarat Narmada Valley Fertilizers & Chemicals Ltd.(down 4.81%), Chambal Fertilisers & Chemicals Ltd.(down 3.58%), Khaitan Chemicals & Fertilizers Ltd.(down 3.00%), Agro Phos India Ltd.(down 2.97%), Paradeep Phosphates Ltd.(down 2.96%), Madras Fertilizers Ltd.(down 2.63%), Gujarat State Fertilizer & Chemicals Ltd.(down 2.46%), Southern Petrochemicals Industries Corporation Ltd.(down 2.30%), National Fertilizers Ltd.(down 2.15%) and Rashtriya Chemicals & Fertilizers Ltd.(down 2.12%) were among the top losers of the day.

GE Power India Ltd.(up 11.70%), Transformers & Rectifiers(India)Ltd.(up 6.37%), Indo Tech Transformers Ltd.(up 4.99%), Power and Instrumentation(Gujarat)Ltd.(up 4.94%), Suzlon Energy Ltd.(up 4.90%), RattanIndia Power Ltd.(up 4.52%), NHPC Ltd.(up 4.19%), Reliance Power Ltd.(up 3.28%), CESC Ltd.(up 2.78%) and Torrent Power Ltd.(up 2.32%) stood among the top gainers. KKV Agro Powers Ltd.(down 10.00%), GE T&D India Ltd.(down 3.51%), NLC India Ltd.(down 2.49%), Inox Wind Ltd.(down 1.53%), JSW Energy Ltd.(down 1.48%), Voltamp Transformers Ltd.(down 1.36%), Adani Energy Solutions Ltd.(down 1.33%), Adani Power Ltd.(down 1.33%), Inox Wind Energy Ltd.(down 1.18%) and Adani Green Energy Ltd.(down 1.09%) were among the top losers of the day.

Shares of GlaxoSmithKline Pharmaceuticals Ltd.(up 2.84 per cent), Biocon Ltd.(up 2.71 per cent), Abbott India Ltd.(up 1.33 per cent), Natco Pharma Ltd.(up 1.28 per cent) and Gland Pharma Ltd.(up 0.73 per cent) ended the day as top gainers in the pack. On the other hand, Sun Pharmaceutical Industries Ltd.(down 0.97 per cent), Torrent Pharmaceuticals Ltd.(down 0.91 per cent), Granules India Ltd.(down 0.91 per cent), Laurus Labs Ltd.(down 0.75 per cent) and Cipla Ltd.(down 0.75 per cent) finished as the top losers of the day.

Apple (NASDAQ:AAPL) shares are facing their fifth consecutive session of declines, marking a challenging start to 2024.

Also Read: Morgan Stanley downgrades outlook on US dollar to neutral amid falling Treasury yields after Fed’s dovish pivot Investors are looking for the US non-farm payrolls data due Friday to gauge how many times the US Fed is likely to cut rates this year. “The rupee has appreciated this week despite gains in the US dollar index overseas. The foreign capital inflows and RBI intervention have been supporting the local currency for quite long and hence, USDINR has been trading in a range." said Ajay Kedia, Director, Kedia Commodities.

BEIJING (Reuters) -Tesla is doing an effective recall on 1.62 million vehicles, including its models S, X, 3 and Y in China, the market regulator said on Friday.

Also Read: Markets Moving in Lockstep Threaten to Make for a Trying 2024 Earlier, Morgan Stanley forecasted that the Dollar Spot Index would strengthen about 8% from current levels in the second quarter. However, analysts turned bearish on the greenback in December after Fed’s dovish pivot with the Chair Jerome Powell signaling a shift to cutting rates this year.

Cost of Living LIVE Updates January 05: The cost of living is the amount of money one needs to survive in a given place – and one's most essential needs such as food, water, housing, taxes, cost of commute, healthcare, etc. The high rate of inflation has pushed up the cost of living across the globe, burning a hole in the common man's pocket.

Students who have appeared for CA exam 2023 will soon be getting their results as the Institute of Chartered Accountants of India (ICAI) has announced to declare results on Tuesday, January 9 for Chartered Accountant (CA) intermediate and final exams on the official website, icaiexam.icai.org. The exams took place in November 2023.

Pankaj Pandey, Head Research, ICICIdirect.com, says: “We like U GRO Capital. It is a MSME lender. The overall expectation is that the AUM will grow at 50% odd and ROAs will inch up from 1% last year to 3%. We have a target price of Rs 350. We also like Green Ply with a target price of 295. Their MDF plant is operational, the capacity utilization for that should go up going forward and that should fetch better margins. We also like cement as a space, so Birla Corporation is another stock which we are liking with a target price of 1755.” What did you make of the move that we saw within the entire real estate basket, given that it was a stellar up move across the board? Pankaj Pandey: Real estate as a sector has a five, six year cycle, probably we are in the second year of that cycle but unlike 2003 to 2007, our sense is that you will see more of a measured growth both in volumes as well as in pricing, unlike the time earlier when the pricing had sort of gone up.

Q3 result preview: IT firms expected to post muted revenue, subdued profit amid weak demand "We think the industry is close to the trough of this cycle. Signs of improvement in the global economy and strong deal wins in recent quarters give us confidence about the revenue growth acceleration that we forecast for FY25," said BNP Paribas. The financial firm prefers large-cap firms with strong client relationships, scale to invest in GenAI (Generative AI) and reasonable valuations.

CBSE Board Exam datesheet 2024: The Central Board of Secondary Education released the revised CBSE Board Exam 2024 datesheet on January 4. Earlier, the Board released a datesheet on December 12, 2023. Students can check the revised timetable for classes 10 and 12 on the official website of CBSE at cbse.gov.in.

Kaveri Seed buyback: The board of directors of Kaveri Seed Company Limited is going to consider and approve the proposal for the buyback of shares. The company board will consider and approve the buyback of shares in its meeting scheduled today.

₹379.75 apiece during Friday's early trade. This sharp surge came in response to the company's Q3FY24 business update. In an exchange filing today, the company reported strong performance in terms of both foot traffic and revenue across all its markets in India and the Middle East for the December-ending quarter.

Covid-19 updates LIVE 1. As reported by ANI, the cases of the JN.1 sub-variant were identified in Sundargarh and Bhubaneswar in Odisha. Notably, one of the patients has fully recovered, while the other is currently undergoing treatment.

Tube Investments of India Ltd.(up 3.2 per cent), Samvardhana Motherson International Ltd.(up 2.85 per cent), Sona BLW Precision Forgings Ltd.(up 1.75 per cent), Hero MotoCorp Ltd.(up 1.67 per cent) and Balkrishna Industries Ltd.(up 1.13 per cent) were among the top gainers. Maruti Suzuki India Ltd.(down 0.29 per cent) were the top losers on the index.