Stock Market LIVE Updates: GIFT Nifty indicates a firm start; US markets gain, Asia trades mixed

The Reserve Bank of India (RBI) on April 5 said it has imposed Rs 49.70 lakh monetary penalty on LIC Housing Finance for rule violations.

The company has not-complied with certain provisions of the ‘Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021’, the RBI press release said.

LIC Housing Finance did not comply with certain provisions of Fair Practices Code contained in the said directions, when it did not disclose rate of interest and approach for gradation of risk and rationale for charging different rate of interest to different categories of borrowers in loan application forms and sanction letters, the RBI said in the release. Read More

Titan posted a revenue growth of 17 percent year-on-year (YoY) in the fourth quarter of FY24, the company said in a preliminary update on April 5.

It also added 86 stores during the quarter, taking the total strength across the country to 3,035 outlets, the update said.

Jewellery segment contributed significantly to the growth as its domestic operations surged 19 percent YoY led by “both buyers and same store sales clocking healthy double-digit growths”, the company said. The company further said that Tanishq added a new store in Dubai and Chicago and 27 in India in its jewellery division. Out of the 27 new stores added in India, 11 were under its Tanishq brand, while 16 were added in Mia. Read More

Greaves Retail on Friday said it has entered into a strategic technology transfer pact with EV parts maker Tsuyo Manufacturing to manufacture components for low-speed three-wheelers. The collaboration with Tsuyo would include the transfer of technology and know-how related to electric motors, wound motors, and controllers specifically designed for these vehicles.

The agreement marks a significant milestone in Greaves Cotton’s commitment to advancing its presence in the low-speed electric 3-wheeler (L3) vehicle segment, the company said. Greaves Retail CEO Narasimha Jayakumar said, “Together, we are poised to revolutionise the L3 segment, delivering unparalleled solutions that empower individuals and businesses.”

Bajaj Finance informed the stock exchanges on April 6 that its subsidiary, Bajaj Housing Finance, notified the BSE on April 5 regarding the company’s actions to fulfill mandatory regulatory requirements after being classified as a Non-Banking Financial Company (NBFC) – Upper Layer by the Reserve Bank of India (RBI).

In its communication to the BSE, Bajaj Housing Finance stated that its Board of Directors will convene on April 24 to consider strategies for complying with the mandatory listing requirement. The company noted that it will discuss various options, taking into consideration the prevailing market conditions. Read More

Cipla, a leading pharmaceutical company, has disclosed in a stock exchange filing on April 5 that its Board of Directors will convene on May 10, to discuss and approve standalone and consolidated audited financial results for Quarter 4 and the year ended March 31, 2024. Additionally, the drugmaker said the Board will deliberate on recommending a final dividend for the financial year 2023-24, if any.

Cipla also stated that it would release Q4FY24 audited financial results on May 10. Read More

On the back of record exports last fiscal, Maruti Suzuki India is confident of its overseas shipments crossing 3 lakh units in FY25 as part of a gradual scaling up to meet the target of up to 8 lakh units by 2030, according to a senior company official. The company plans to launch more models in its various export markets spanning over 100 countries while also enhancing its distribution network, taking best practices from India such as making bank finance available at dealerships and strengthening service facilities and parts availability to the export markets. Read More

The NSE has added Bandhan Bank to the F&O ban list for April 8, while retaining Hindustan Copper, SAIL and Zee Entertainment Enterprises to the said list.

Foreign institutional investors (FIIs) net bought shares worth Rs 1,659.27 crore, while domestic institutional investors (DIIs) sold Rs 3,370.42 crore worth of stocks on April 5, provisional data from the NSE showed.

US employers hired far more workers than expected March while raising wages, suggesting the economy ended the first quarter on solid ground and potentially delaying anticipated interest rate cuts from the Federal Reserve this year.

Nonfarm payrolls increased by 303,000 jobs last month, the Labor Department’s Bureau of Labor Statistics said in its closely watched employment report on Friday. Data for February was revised slightly lower to show 270,000 jobs added instead of 275,000 as previously reported.

Aurobindo Pharma has informed that on April 6, 2024 at around 11:30 PM (IST), an accident occurred near Vacuum Tray Dryer (VTD) area at Unit 6 of Apitoria Pharma Private Limited, situated at Parawada, Anakapalli District, Andhra Pradesh. Unfortunately, there was one casualty due to the accident.

The board of directors of the company has appointed Mr. T. Vijaya Kumar as President – R&D (Specialty Drug Delivery) effective April 5, 2024.