Latest Business, Finance, and Share Market News as of 10:00 am on April 23, 2024

Reliance Retail Ventures, the holding company of Reliance Retail, has reported a strong performance in Q4FY24 with a consolidated net profit of Rs 2,698 crore, up 11.7% from the year-ago period. The company’s CFO, Dinesh Taluja, attributed this growth to the success in consumer electronics, grocery, and fashion and lifestyle segments. Three fashion and lifestyle brands under Reliance Retail have crossed Rs 2,000 crore in annual sales, showcasing their popularity among consumers.

In other news, Vodafone Idea’s follow-on public offer (FPO) received overwhelming response from investors, with the FPO being oversubscribed by 6.36 times. The strong interest from foreign institutional investors and high net-worth individuals contributed to the success of the FPO, which aimed to raise Rs 18,000 crore. Around 65% of the total bids came from FIIs, indicating the confidence of international investors in the telecom company’s future prospects.

Additionally, Tata group has started work on producing high-end chip technology of 14 nanometer at its semiconductor fabrication plant in Gujarat. The advanced 14 nm chips are expected to enhance energy efficiency and performance in electronic devices. Jio Platforms, the parent company of Reliance Jio, also reported a growth in net profit for the January-March quarter, driven by subscriber additions and increased data and voice consumption.

Furthermore, the Competition Commission of India has initiated a market study on the impact of artificial intelligence on goods and services markets to foster innovation and fair competition. The study will focus on various aspects of AI ecosystems and gather inputs from stakeholders to shape a strategy for the future.