Market Overview: Nifty and PSU Bank Shares
The key equity indices exhibited substantial gains in morning trade, with the Nifty surpassing the crucial 22,200 level. Additionally, PSU bank shares observed a surge following a decline in the previous five trading sessions. At 10:30 IST, the S&P BSE Sensex recorded a notable increase of 228.03 points or 0.32%, reaching 73,320.54. Similarly, the Nifty 50 index added 91.10 points or 0.41%, reaching 22,238.10.
Direct Tax Collections for FY 2023-24
Provisional figures of Direct Tax collections for FY 2023-24 revealed a substantial increase, amounting to Rs. 19.58 lakh crore, marking a 17.70% rise compared to the previous fiscal year. The collections surpassed both the Budget Estimates (BE) and Revised Estimates (RE), indicating robust revenue performance.
Foreign Exchange Reserves Update
India’s foreign exchange reserves experienced a decline of $5.401 billion to $643.162 billion during the week ended April 12. Despite the decrease, gold reserves continued to rise, contributing to the overall reserve dynamics.
Nifty PSU Bank Index
The Nifty PSU Bank index witnessed a notable gain of 1.64% to reach 7,007.10. This surge followed a 4.89% decline in the past five trading sessions, indicating renewed investor interest in PSU bank stocks. At 10:30 IST, the S&P BSE Sensex recorded a notable increase of 228.03 points or 0.32%, reaching 73,320.54. Similarly, the Nifty 50 index added 91.10 points or 0.41%, reaching 22,238.10.
Stock Highlights and Company Updates
HDFC AMC reported a substantial increase in standalone net profit, rising by 43.83% to Rs 541.09 crore in Q4 FY24 compared to Q4 FY23. The company’s robust financial performance underscores its position as a key player in the asset management industry.
Indian Renewable Energy Development Agency (IREDA)
IREDA witnessed a significant jump in net profit, increasing by 33% to Rs 337.38 crore in Q4 FY24. The company’s strong financial results reflect its commitment to renewable energy initiatives and sustainable growth.
Zydus Lifesciences
Zydus Lifesciences announced the launch of Mirabegron Extended-Release Tablets in the US market, following FDA approval. This strategic move underscores the company’s focus on expanding its product portfolio and strengthening its presence in key markets.
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