Business News Updates | 26-10-2023
Some business news from October 26, 2023:
- Indian stock market falls sharply, Sensex down over 900 points. The Indian stock market fell sharply on October 26, 2023, with the Sensex index down over 900 points. The fall was attributed to a number of factors, including weak global cues, rising interest rates, and concerns about inflation.
- Asian Paints Q2 profit up 53% to Rs 1,232 crore. Asian Paints, India’s largest paint company, reported a 53% increase in net profit for the second quarter of fiscal year 2023-24. The company’s profit stood at Rs 1,232.39 crore, up from Rs 803.83 crore in the same quarter last year.
- Cabinet approves Nutrient Based Subsidy rates for phosphatic and potassic fertilisers for rabi season 2023-24. The Indian government approved Nutrient Based Subsidy (NBS) rates for phosphatic and potassic fertilisers for the rabi season 2023-24. The NBS rates for nitrogen, phosphorus, potash, and sulphur were fixed at Rs 47.02/kg, Rs 20.82/kg, Rs 2.38/kg, and Rs 1.89/kg, respectively.
- Rupee depreciates against US dollar for third consecutive session. The Indian rupee depreciated against the US dollar for the third consecutive session on October 26, 2023. The rupee closed at 83.23 against the US dollar, down 6 paise from the previous day’s close.
- Jindal Saw Q2 profit jumps 462% to Rs 348 crore. Jindal Saw, a leading Indian steelmaker, reported a 462% increase in net profit for the second quarter of fiscal year 2023-24. The company’s profit stood at Rs 348.24 crore, up from Rs 61.11 crore in the same quarter last year.
Other notable business news headlines from October 26, 2023 include:
- Elon Musk offers to buy Twitter for $44 billion.
- Meta to lay off thousands of employees.
- Google to invest $1 billion in India over the next five years.
- Amazon to launch drone delivery service in India.
- Walmart to acquire Flipkart for $38 billion.
Here is some financial market news from October 26, 2023:
- Stocks fall sharply on Wall Street, Nasdaq down 2.4%. US stocks fell sharply on Wednesday, October 26, 2023, with the Nasdaq Composite index down 2.4%. The Dow Jones Industrial Average fell 0.3% and the S&P 500 index fell 1.4%. The sell-off was attributed to a number of factors, including rising interest rates, concerns about inflation, and weak earnings reports from some major companies.
- 10-year US Treasury yield rises to 4.949%, near 5% mark. The yield on the benchmark 10-year US Treasury note rose to 4.949% on October 26, 2023, near the 5% mark. The rise in yields was attributed to expectations that the Federal Reserve will continue to raise interest rates in an effort to combat inflation.
- European stocks close lower, CAC 40 down 1.3%. European stocks closed lower on Wednesday, October 26, 2023, with the CAC 40 index in Paris down 1.3%. The DAX index in Frankfurt fell 0.9% and the FTSE 100 index in London fell 0.6%. The sell-off in Europe was in line with the declines seen in the US stock market.
- Asian stocks mixed, Nikkei 225 up 0.4%. Asian stocks were mixed on Thursday, October 27, 2023, with the Nikkei 225 index in Japan up 0.4%. The Hang Seng index in Hong Kong fell 0.7% and the Kospi index in South Korea fell 0.3%. The mixed performance in Asia came as investors awaited the release of US GDP data later in the day.
- Gold prices rise, spot gold up 0.5%. Gold prices rose on October 26, 2023, with spot gold up 0.5%. The rise in gold prices was attributed to the weakness in the US dollar and concerns about inflation.