Business News Updates | 06-11-2023
Business news headlines for November 6, 2023:
Indian Markets
- Indian stock markets closed higher for the third consecutive session on November 6, with the Sensex gaining 594.91 points (0.92%) to settle at 64,958.69 and the Nifty gaining 181.15 points (0.94%) to close at 19,411.75.
- IT, private banks, and capital goods shares were the biggest gainers, while State Bank of India (SBI), Hindustan Unilever (HUL), Tata Motors, Cipla, and Titan Company were the biggest losers.
International Markets
- Global stock markets were also higher on November 6, with the Dow Jones Industrial Average gaining 229.92 points (0.67%) to close at 33,949.92 and the S&P 500 gaining 23.48 points (0.57%) to close at 4,062.88.
- The gains were attributed to optimism about a potential easing of interest rates by the U.S. Federal Reserve.
Other Business News
- Pharmaceutical company Divi’s Laboratories Limited reported a profit of Rs 348 crore for the quarter ended September 2023, down 29.4% from Rs 493 crore in the corresponding quarter of FY23.
- State Bank of India (SBI) expects to disburse Rs 1.4 trillion worth of corporate loans in the next two-three quarters.
- Consumer electronics startup Boult Audio expects to end the current financial year with a top-line growth of 60% to Rs 800 crore.
U.S. Stocks End Higher, Kicking Off Week on a Positive Note
U.S. stocks edged higher on Monday, kicking off the week on a positive note after a strong run-up last week. The S&P 500 gained 0.2%, the Dow Jones Industrial Average rose 0.1%, and the Nasdaq Composite climbed 0.3%.
Treasury Yields Climb
Treasury yields rose on Monday, as investors braced for a potential slowdown in the pace of interest rate hikes from the Federal Reserve. The benchmark 10-year Treasury yield rose to 4.65%, up from 4.58% on Friday.
Oil Prices Edge Higher
Oil prices edged higher on Monday, as traders weighed the prospect of supply cuts from OPEC+ against concerns about slowing economic growth. Brent crude rose 0.6% to $84.77 per barrel, while West Texas Intermediate crude rose 0.3% to $80.85 per barrel.
KKR Lands $20 Billion Deal to Buy Telecom Italia’s Fixed-Line Network
KKR has landed a $20 billion deal to buy Telecom Italia’s fixed-line network, in a deal that could help the Italian telecoms giant reduce its debt burden.
Divi’s Lab Jumps Over 5%
Shares of Divi’s Laboratories Limited jumped over 5% on Monday after the pharmaceutical company reported a better-than-expected profit for the quarter ended September 2023.
SBI Expects to Disburse Rs 1.4 Trillion Worth of Corporate Loans in the Next Two-Three Quarters
State Bank of India (SBI) expects to disburse Rs 1.4 trillion worth of corporate loans in the next two-three quarters, as the economy is showing signs of recovery.
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 expects to end the current financial year with a top-line growth of 60% to Rs 800 crore, driven by strong demand for its products.