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Business News, Finance Updates, and Share Market News as of 10:00 am on April 25, 2024

Reading Time: 2 minutes

The latest business news transcript at 10:00 AM on 25 April 2024 reveals a mixed bag of updates from various sectors. While most companies and banks have reported results in line with expectations, there have been some notable exceptions. Bajaj Auto has exceeded estimates, while Hindustan Unilever has disappointed with only a 3% y-o-y sales growth and a 5.5% y-o-y drop in net profits.

In the SME-IPO segment, the index has hit a fresh lifetime high, rising nearly 26% in April. This surge comes after a lean period in March, following regulatory concerns. Among the top gainers in this segment are Shri Balaji Valve Components, Gconnect Logitech and Supply Chain, Retina Paints, Sunita Tools, and Sonalis Consumer Products.

On the international front, Tesla’s plans to build an assembly line in India may be delayed as the company focuses on producing more affordable vehicles in existing factories. The much-anticipated ‘Model 2’ is expected to launch in early 2025, catering to emerging markets like India.

In the IT services sector, a Crisil Ratings report predicts subdued growth for FY25, with modest revenue increases of 5-7%. This follows a 12% compound annual growth rate over the past decade, indicating ongoing global economic challenges.

Additionally, the government’s plea in the Supreme Court regarding spectrum allocation will not affect the regulatory process for satellite service launch in the country. Companies like Bharti-backed Eutelsat OneWeb and Jio Satellite can proceed with their plans without additional challenges.

Lastly, Macrotech Developers, known for the ‘Lodha’ brand, posted a 21% jump in profit after tax in Q4FY24, surpassing analyst estimates. The company reported its best-ever annual and quarterly pre-sales, indicating a strong performance in the real estate sector. GIFT Nifty traded down by 0.22%, hinting at a negative opening for domestic indices on Thursday. Shares in the Asia-Pacific region are trading mixed, with the Asia Dow up by 1.63% and Japan’s Nikkei 225 down by 1.33%.

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