Breaking Business News, Finance Updates, and Stock Market Reports as of 5:30 pm on May 21, 2024

Welspun Enterprises, a leading infrastructure company, reported a significant drop in its fiscal fourth-quarter profit, recording Rs 77.35 crore compared to Rs 155.60 crore in the same period last year. Despite this decline, the company’s EBITDA saw a positive growth of 17% year-on-year, standing at Rs 111 crore. The company’s total income for the quarter ended March 31, 2024, was Rs 866.70 crore, with total expenses amounting to Rs 747.39 crore. Additionally, the company’s board recommended a final dividend of Rs 3 per equity share for the financial year 2023-24.

In other news, Shriram Properties Limited announced a Joint Development Agreement for a prime 4-acre land parcel in Yelahanka, Bengaluru, with plans to develop 270 apartments over the next 3 years. The project is expected to generate revenue of over Rs 250 crore and is part of the company’s pipeline of 47 projects with 51 msf of saleable area.

Meanwhile, the government has taken action against spice-exporting companies Everest and MDH after tests revealed the presence of ethylene oxide in their products exported to Singapore and Hong Kong. The Union Minister Hardeep Singh Puri highlighted the progress in urban metro transport, with India on track to have the world’s second-largest urban metro system in the next two and a half years.

On the stock market front, JSW Steel saw a rise in its share price despite weak Q4 results, while Oil India reported a surge in net profit for the January to March period of 2024. The benchmark equity indices ended the trading session mixed, with the NSE Nifty 50 gaining 27.05 points and the BSE Sensex dropping 52.63 points.