Breaking Business News, Financial Updates, and Stock Market Reports as of 5:30 pm on May 7th, 2024

The business world was abuzz with activity on Tuesday, May 07, as the India VIX, a key indicator of market volatility, surged above the crucial level of 17. This spike, driven by investor concerns surrounding the upcoming general elections, marked a significant increase of over 70% from its recent low of 10. Anand James, Chief Market Strategist at Geojit Financial Services, highlighted the various factors contributing to this volatility, including record peaks, election results, and liquidity impacts.

In other news, the Indegene IPO witnessed strong subscription rates, with the retail portion oversubscribed by 1.56 times and the non-institutional segment by 4.2 times. The pharmaceutical giant Lupin, however, faced a decline in its share price following the release of its Q4 earnings report, which showed a sequential drop in net profit despite a year-on-year increase.

Meanwhile, India’s sugar production reached 314 lakh tonnes by the end of April, with expectations of a final output close to 320 lakh tonnes. MSME lender Lendingkart secured $10 million in external commercial borrowing to support onward lending activities to MSMEs, while India’s households saw a dip in net financial savings to a five-year low in FY23.

The day ended on a somber note for the benchmark equity indices, with the NSE Nifty 50 and BSE Sensex closing lower, along with Nifty Midcap 100 witnessing significant losses. Hindustan Unilever, Tech Mahindra, and Britannia emerged as the top gainers, while Bajaj Auto and Power Grid faced losses. Stay tuned for more updates on the dynamic world of business.