Today’s Latest Business News Transcript at 5:30 PM on 25 April 2024

Let’s begin with the major update, Hindustan Unilever’s share price experienced a decline of over a percent on Thursday following the release of its earnings report for the quarter ended March 2024. HUL shares dropped by as much as 1.2% to Rs 2,218.00 apiece on the BSE, reflecting subdued Q4 results. FMCG major Hindustan Unilever reported a standalone net profit of Rs 2,406 crore in Q4FY24, marking a decline of 6% from Rs 2,552 crore in the corresponding period last year. Within HUL’s segments, the Home Care (HC) segment grew by 1% YoY, while the Beauty & Personal Care (BPC) segment contracted by 2% YoY, and the Foods & Refreshment (F&R) segment delivered pricing-led growth of 4% YoY.

 

Moving on, Nestle India has reported a jump of almost 27% in its profit for the quarter ending March FY24 standing at Rs 934.17 crore, against Rs 736.64 crore it reported in Q4 FY23. The company’s revenue came in at Rs 5,267.59 crore for the aforementioned period, an increase of 9% in comparison to Rs 4,830.53 crore it reported in the January – March period of FY23. The company follows a financial year of fifteen months. Sequentially, the company’s net profit grew 42.4% for January-March in FY24, compared to the Rs 655.61 crore it reported in the previous quarter. Its revenue from operations was up 14.5% on quarter for the January – March period of FY24, against Rs 4,600.42 crore it reported in the previous quarter.

 

In other news, In early trading on Thursday, April 25, Axis Bank’s share price surged over 5%, following the private lender’s announcement of a profit of Rs 7,130 crore for Q4FY24, a stark contrast to the loss of Rs 5,728.4 crore reported in the corresponding quarter of the previous financial year. Opening at Rs 1,098.30 on the BSE, Axis Bank’s share price quickly climbed by 5.2% to reach Rs 1,119. By around 9:40 am, the share price had risen by 4.90% to Rs 1,115.85 per share, compared to the previous day’s close of Rs 1,063.70. After the market closed on April 24, Axis Bank disclosed a net profit of Rs 7,130 crore for Q4FY24, a significant improvement from the loss incurred in the same quarter the previous year.

 

Meanwhile, Vedanta’s consolidated net profit came down 27.3% to Rs 2,275 crore in the fourth quarter of FY24, compared to Rs 3,132 crore it posted in the same quarter a year ago. Profit is of jointly controlled entities and associates. The company’s consolidated revenue stands at Rs 5,408.72 crore, which rose 13% on year in comparison to Rs 4,790.91 crore it posted in Q4 of FY23. Also, ACC Ltd clocked a consolidated net profit of Rs 944.84 crore, an increase of 4 times year-on-year compared to the Rs 235.66 crore it reported in the same quarter a year ago. The company’s consolidated revenue stands at Rs 5,408.72 crore, which rose 13% on year in comparison to Rs 4,790.91 crore it posted in Q4 of FY23.

 

Up next, Meta Platforms Inc., formerly known as Facebook, maintains its supremacy in social platforms under CEO Mark Zuckerberg’s leadership. In the first quarter of 2024, the firm outperformed financial analysts’ predictions, with revenues slightly higher than expected and Earnings Per Share rising to $4.71 from $4.32. Despite these excellent findings, the company’s shares fell by double digits in the stock market following the closing. Meta’s stock price is trending downwards on Thursday even though the company reported first-quarter earnings that were stronger than anticipated on Wednesday. With predictions of increased costs and lower-than-expected income, Meta’s shares are quoting 13% lower in the pre-market session on Thursday.

 

Moving ahead, Shares of Kotak Mahindra Bank share plunged as much as 10% during early trading on Thursday following the Reserve Bank of India’s directive to halt the issuance of fresh credit cards and onboarding new clients through digital channels. This decline marks the sharpest single-day drop for the stock since March 23, 2020. On Wednesday, the RBI instructed Kotak Mahindra Bank to immediately cease onboarding new customers via online and mobile banking channels and issuing fresh credit cards. This action comes as a result of identified deficiencies in the bank’s IT system during the years 2022 and 2023. Although the bank’s branches will continue to onboard new customers and provide all services except for the issuance of new credit cards, analysts express concerns about potential repercussions.

 

Lastly, NK India IPO, an issue of Rs 650 crore, will close on April 25. As of April 24, the company’s issue has been subscribed 1.05 times its offering. JNK India opened its IPO for bidding on April 23, with a price band of Rs 395 to Rs 415 per equity share. It offers 7.6 million fresh shares of the company, while it has an offer for sale of 8.4 million shares. Expectations are that the allotment of shares will be finalised on April 26, with listing to take place on April 30. Also, in the grey market, JNK India’s shares were fetching a premium of 6% to its issue price of Rs 415.

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