Wednesday, February 28, 2024
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HomeBusinessSensex sinks 850pts, Nifty near 21800; HDFC Bank down 6%

Sensex sinks 850pts, Nifty near 21800; HDFC Bank down 6%

10:25 AM

ALERT :: L&T Construction wins significant orders for its Buildings & Factories biz

>> The Buildings & Factories (B&F) Business of Larsen & Toubro (L&T) has secured orders in India & Oman.


 


>> The Residential Business of B&F has secured a significant repeat order from Government Planning & Development Authority, Maharashtra to construct EWS Housing, 14 towers and related infrastructure works in Navi Mumbai.

>> Further the business through the L&T Oman entity has been awarded the contract for a Mixed-Use Development project in Muscat by a reputed private client.

Alert: Significant order falls under ‘Rs 1,000 to 2,500 crore’ category

 

10:12 AM

Opinion | Davos 2024: Is India’s economic growth showing Chinese characteristics?

For one thing, the most-populous nation no longer needs qualifiers like “the world’s fastest-growing free-market democracy” to highlight its exceptionalism — at 7.3%, it’s expanding quicker than any other major economy. Nor does New Delhi need to apologize for frequent political change. Narendra Modi has been prime minister for the past decade, and will most likely win a third five-year term. For a West that has fallen out of love with China under President Xi Jinping, India is quite naturally the next big thing. READ MORE

9:43 AM

PNC Infratech gains 2% on order win worth Rs 1,174 crore

>> It has received Letter of Award from M.P. Road Development Corporation for projects worth Rs 1,174 crore.
9:37 AM

ICICI Securities slips 1% despite 67% Y-o-Y rise in Q3 net

>> ICICI Securities reported a standalone net profit of Rs 465 crore in Q3FY24, up 67 per cent Y-o-Y, while its standalone revenue from operations was Rs 1,322 crore, up 50 per cent on year.

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9:35 AM

DCB Bank gains over 1% in trade as RBI okays appointment of Praveen Kutty as MD and CEO

>> he Reserve Bank of India has approved the appointment of Praveen Achuthan Kutty as the Managing Director & CEO of the bank for a period of three years with effect from April 29, 2024.

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9:31 AM

TV18 Broadcast dips 2% as firm reports loss in Q3 vs PAT last year

>> It reported a consolidated net loss of Rs 55.83 crore for Q3FY24 as against net profit of Rs 37.81 crore Y-o-Y, due to investments made on the sports and digital segment.

>> Its consolidated revenue from operations was also down 5.17 per cent Y-o-Y to Rs 1,676.19 crore.

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9:30 AM

ICICI Lombard zooms 5% on healthy Q3 show

>>  The insurance firm reported a 22.4 per cent Y-o-Y rise in third-quarter profit at Rs 431 crore, helped by a growth in premiums and investment income.

>> Net premium earned during the quarter rose 13.5 per cent to Rs 4,305 crore.

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9:27 AM

LTTS rises 2% in weak market as mgt maintains revenue guidance for FY24

>> L&T Technology Services, on Tuesday, retained its revenue growth forecast for the current financial year at 17.5 per cent – 18.5 per cent as all its five business verticals posted year-on-year growth for Q3FY24.

>> L&T Technology’s consolidated net profit rose to Rs 336 crore from Rs 297 crore a year earlier, marginally above analysts’ estimate of Rs 331 crore. Revenue from operations rose 12 per cent Y-o-Y to Rs 2,422 crore.

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9:24 AM

HDFC Bank crashes 7% on mixed Q3

>> India’s largest private sector lender reported a 34 per cent jump in its standalone net profit to Rs 16,373 crore for Q3FY24, topping estimates by over 1 percentage point.

>> Net interest income (NII) increased 24 per cent Y-o-Y to Rs 28,471.34 crore, missing estimates.

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9:04 AM

Currency Alert: Rupee weakens 7 paise to open at 83.15/$

Rupee extends weakness at Wednesday’s open. 

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8:55 AM

L&T wins Rs 10,000 crore electrification order for high-speed rail project

Valued in the range of Rs 10,000 crore to Rs 15,000 crore, the project, according to company executives, is the largest single rail-electrification order in India. The company said this would be the first of its kind railway project in India involving the implementation of Japanese Shinkansen. Read
Larsen & Toubro

8:49 AM

We’re optimistic about demand environment: LTTS CEO & MD Amit Chadha

Amit Chadha, the chief executive officer and managing director of  L&T Technology Services (LTTS), spoke to BS in a virtual interview, where he elaborated on the company’s pricing environment. Read

Amit Chadha, the CEO and MD of LTTS

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