Business News Updates | 07-11-2023
Business news headlines for November 7, 2023:
Indian Markets
- Indian stock markets closed marginally lower on November 7, with the Sensex losing 16.29 points (0.03%) to settle at 64,942.40 and the Nifty losing 5.05 points (0.03%) to close at 19,406.70.
- Hero MotoCorp and Bajaj Finance were among the top losers, while Sun Pharmaceutical Industries, Bharat Petroleum Corporation, NTPC, Dr Reddys Laboratories, and Axis Bank were among the top gainers.
International Markets
- U.S. stock markets rose on November 7, with the Dow Jones Industrial Average gaining 56.74 points (0.17%) to close at 34,152.60, the S&P 500 gaining 12.40 points (0.29%) to close at 4,378.38, and the Nasdaq Composite gaining 121.08 points (0.90%) to close at 13,639.86.
- The gains were attributed to optimism about corporate earnings and a slowdown in the pace of interest rate hikes by the Federal Reserve.
Other Business News
- Nykaa’s profit for the second quarter of FY24 rose 50.3% to Rs 7.80 crore, compared to Rs 5.19 crore in the corresponding quarter of last year.
- Devyani International reported a profit of Rs 33.35 crore for the second quarter of FY24, down 43.2% from Rs 59.87 crore in the corresponding quarter of last year.
- Info Edge reported a profit of Rs 1,053.25 crore for the second quarter of FY24, up 14% from Rs 923.21 crore in the corresponding quarter of last year.
Financial news headlines for November 7, 2023:
Indian Markets
- Indian stock markets closed marginally lower on November 7, with the Sensex losing 16.29 points (0.03%) to settle at 64,942.40 and the Nifty losing 5.05 points (0.03%) to close at 19,406.70.
- Hero MotoCorp, Bajaj Finance, and JSW Steel were among the top losers, while Sun Pharmaceutical Industries, Bharat Petroleum Corporation, NTPC, Dr Reddys Laboratories, and Axis Bank were among the top gainers.
International Markets
- U.S. stock markets rose on November 7, with the Dow Jones Industrial Average gaining 56.74 points (0.17%) to close at 34,152.60, the S&P 500 gaining 12.40 points (0.29%) to close at 4,378.38, and the Nasdaq Composite gaining 121.08 points (0.90%) to close at 13,639.86.
- The gains were attributed to optimism about corporate earnings and a potential slowdown in the pace of interest rate hikes by the Federal Reserve.
Other Business News
- Nykaa’s profit for the second quarter of FY24 rose 50.3% to Rs 7.80 crore, compared to Rs 5.19 crore in the corresponding quarter of last year.
- Devyani International reported a profit of Rs 33.35 crore for the second quarter of FY24, down 43.2% from Rs 59.87 crore in the corresponding quarter of last year.
- Info Edge reported a profit of Rs 1,053.25 crore for the second quarter of FY24, up 14% from Rs 923.21 crore in the corresponding quarter of last year.
Additional Financial News Highlights
KKR Lands $20 Billion Deal to Buy Telecom Italia’s Fixed-Line Network: Global investment firm KKR has secured a $20 billion deal to acquire Telecom Italia’s fixed-line network, aiming to reduce the telecom giant’s debt burden.
SBI Expects to Disburse Rs 1.4 Trillion Worth of Corporate Loans in the Next Two-Three Quarters: State Bank of India (SBI) anticipates disbursing Rs 1.4 trillion worth of corporate loans over the next two-to-three quarters, reflecting the economy’s recovery signs.
Boult Audio Expects to End the Current Financial Year with a Top-Line Growth of 60% to Rs 800 Crore: Consumer electronics startup Boult Audio projects a top-line growth of 60% to Rs 800 crore in the current financial year, driven by strong demand for its products.