Business News at 09:30 am on 19th July 2023: ICICI Lombard’s Strong Q1 Results, Foxconn’s Apple Purchase, Adani Group’s Hybrid Power Park, and More
In the latest business news at 09:30 am on 19th July 2023, several significant developments have taken place across various sectors.
ICICI Lombard reported robust Q1 results, with its net profit reaching impressive figures. Foxconn made headlines with its latest purchase from Apple, amounting to USD 33 million. Meanwhile, the Adani Group is building the world’s largest hybrid power park, emphasizing its commitment to sustainable energy.
In the market updates, LTIMindtree’s share price fell by 3.3% following its first quarterly earnings announcement. Despite macroeconomic challenges, the company managed to achieve a marginal increase in Q1 revenue and was recently included in the Nifty 50 index, signifying its market prominence.
The National Stock Exchange imposed trading bans on futures and options of several stocks, including Manappuram Finance, Indiabulls Housing Finance, Delta Corp, and RBL Bank, due to exceeding the market-wide position limit.
In government news, the Union Government launched the CRCS-Sahara Refund Portal, aimed at facilitating more than 10 crore depositors of Sahara Group to claim their money back. The initial phase will disburse up to Rs 5000 crore to depositors, with each depositor being eligible for up to Rs 10,000.
Infosys, India’s second-largest software services exporter, signed a significant deal to provide artificial intelligence and automation services to an undisclosed client, with an estimated target spend of $2 billion over five years. This move comes amidst growing investment in AI technologies globally.
At the Adani Group’s Annual General Meeting, chairman Gautam Adani dismissed allegations of fraud made by Hindenburg Research, terming them as misinformation. He addressed the company’s commitment to its shareholders and explained their decision to withdraw the fully subscribed FPO to protect investors’ interests.
In the technology sector, Instagram’s Threads gained significant traction, surpassing one-fifth of Twitter’s global weekly active user base and 86 times that of Truth Social, the largest Twitter rival in the United States.
Lastly, in the share market, BSE Sensex and NSE Nifty 50 closed at new all-time highs, with Nifty 50 settling just below 19,750 and Sensex at 66,795.14. However, the broader markets witnessed mixed results, with Nifty Next 50 and Nifty Smallcap experiencing declines, while Nifty Midcap remained marginally lower. Bank Nifty closed below 45,500, and specific sectors like Nifty Media, Nifty PSU Bank, and Nifty Metal closed lower.
These updates provide valuable insights into the current business landscape, showcasing both the successes and challenges faced by various companies and sectors in the economy.
