Business News Updates | 25-10-2023
Here are some top business news stories from today, October 25, 2023:
- Sensex, Nifty in a downward spiral. Are the markets in an oversold zone? The Indian stock markets have been on a downward spiral in recent weeks, with the Sensex and Nifty indices falling by over 10% each. This has raised concerns among investors about whether the markets are in an oversold zone.
- Tech Mahindra Q2FY24 result: Net profit falls 61% YoY to Rs 505 crore. IT major Tech Mahindra has reported a net profit of Rs 505 crore for the second quarter of FY24, down 61% from the same period last year. The company’s revenue also fell by 4% to Rs 12,864 crore.
- Cabinet approves MoC between India, Japan for semiconductor development. The Indian government has approved a Memorandum of Cooperation (MoC) with Japan for cooperation in semiconductor development. The MoC aims to promote joint research and development, technology transfer, and investment in the semiconductor sector.
- SR Batliboi, an Adani Group auditor and EY member firm, faces NFRA inquiry. The National Financial Reporting Authority (NFRA) has initiated an inquiry into SR Batliboi, an Adani Group auditor and EY member firm. The inquiry is related to the alleged irregularities in the auditing of the Adani Group’s financial statements.
- Team Ambani bought 6.1 crore shares of Jio Financial after listing. Reliance Industries Chairman Mukesh Ambani and his family bought 6.1 crore shares of Jio Financial after the company’s listing on the stock exchanges. The purchase was made through Reliance Industries’ investment arm, Reliance Strategic Investments.
Other notable business news stories from today include:
- Axis Bank Q2 results: Net profit rises 10% YoY to Rs 5,864 cr, asset quality improves.
- Primary markets pick up pace in 2023; IPOs worth Rs 80,000 crore in pipeline.
- Dalal Street crash: Investors lose Rs 7.3 lakh crore amid selloff; key reasons behind the slide.
- Honasa Consumer IPO: Mamaearth’s parent firm loses steam in grey market amid market selloff.
- Paytm in fast lane in Q2 with strong numbers, records revenue of Rs 2,519 cr, EBITDA before ESOP nearly doubles.
- Daewoo re-enters Indian market, looks to launch e-bikes, e-cycles in 3 years.
Some top financial market news stories from today, October 25, 2023:
Stocks
- Global stocks mixed as investors weigh earnings and recession risks. Global stock markets were mixed on Wednesday, as investors weighed strong earnings reports from some companies against the risk of a recession. The S&P 500 index in the US fell 0.3%, while the Nasdaq Composite index rose 0.4%. The Stoxx Europe 600 index in Europe fell 0.2%, while the MSCI Asia ex-Japan index rose 0.5%.
- Indian stocks rebound after three-day slide. Indian stock markets rebounded on Wednesday, after a three-day slide. The Sensex index rose 1.5%, while the Nifty index rose 1.6%. The rebound was led by gains in IT, auto, and banking stocks.
- China stocks rise on positive economic data. Chinese stocks rose on Wednesday, on positive economic data. The Shanghai Composite index rose 1.2%, while the CSI 300 index rose 1.5%. The rebound was led by gains in consumer staples, healthcare, and technology stocks.
Currencies
- US dollar falls against major currencies. The US dollar fell against major currencies on Wednesday, as investors became more risk-tolerant. The dollar index, which measures the greenback against a basket of six other major currencies, fell 0.2%. The euro rose 0.3% against the dollar, while the Japanese yen rose 0.4%.
- Indian rupee rises against US dollar. The Indian rupee rose against the US dollar on Wednesday, tracking the weakness in the greenback. The rupee rose 0.2% against the dollar to close at 83.16.
Commodities
- Oil prices fall on recession fears. Oil prices fell on Wednesday, on concerns about a global recession. Brent crude oil futures fell 1% to settle at $83.50 per barrel. US West Texas Intermediate (WTI) crude oil futures fell 1.2% to settle at $78.50 per barrel.
- Gold prices rise on safe-haven demand. Gold prices rose on Wednesday, as investors sought refuge in safe-haven assets. Spot gold prices rose 0.5% to $1,665 per ounce. US gold futures rose 0.6% to settle at $1,668 per ounce.