Q4 Earnings Expected to Impact Market Volatility and Investor Sentiment

In the latest business news, state-owned iron ore miner NMDC reported a 38% decline in its consolidated net profit for the January-March quarter in the fiscal year 2023-24. The company’s net profit fell to Rs 1,415.62 crore from Rs 2,276.94 crore in the same quarter a year earlier. This decline was attributed to an increase in expenses by the firm.

Asian markets traded higher on Tuesday, with the Gift Nifty also trading above the 23K mark, indicating a positive start to the trading session. Investors are keenly observing equity trends and Q4 earnings, including companies like IRCTC and Aditya Birla Fashion & Retail.

In the previous trading session, both Sensex and Nifty hit fresh intraday peaks, with Sensex breaching the 76k mark and Nifty climbing well beyond 23k. However, the indices ended slightly lower amidst volatility, with Sensex closing at 75,390.50 and Nifty settling at 22,932.45.

Adani Energy Solutions announced approval from its board to raise up to Rs 12,500 crore via Qualified Institutional Placement (QIP) or other permissible methods. The fundraising will be conducted in multiple tranches, subject to shareholder approvals at the next annual general meeting.

Additionally, KAL Airways and Kalanithi Maran revealed plans to challenge a court order and seek damages worth Rs 1,323 crore from SpiceJet and its founder, Ajay Singh. Stay tuned for more updates on the stock market, economy, and corporate world.