Business News Updates | 31-10-2023

Some of the top business news headlines from October 31, 2023:

• Indian stock market ends lower, Nifty below 19,100
• TVS Motor Company’s net profit rises 32% to Rs 537 crore in Q2
• Stellantis raises 2.6 billion Rand from IPO on Johannesburg Stock Exchange
• Germany’s economy falls back into negative territory in Q3
• Stellantis takes smallest hit among major rivals from strikes in North America
• ICMR investigates claims of fake COVID-19 test kits being sold in India

Here are some more details on each of these stories:

• Indian stock market ends lower, Nifty below 19,100

The Indian stock market ended lower on October 31, with the Nifty benchmark index closing below 19,100. The Sensex index also fell by over 0.3%. The decline was attributed to a number of factors, including weak global cues, rising inflation, and concerns about a potential recession.

• TVS Motor Company’s net profit rises 32% to Rs 537 crore in Q2

TVS Motor Company reported a 32% year-on-year increase in net profit to Rs 537 crore in the second quarter of FY24. The company’s revenue also increased by 13% to Rs 8,145 crore during the quarter. The strong performance was attributed to growth in both domestic and exports sales.

• Stellantis raises 2.6 billion Rand from IPO on Johannesburg Stock Exchange

Stellantis raised 2.6 billion Rand from its initial public offering (IPO) on the Johannesburg Stock Exchange. The IPO was the largest on the JSE in over a decade. Stellantis is the world’s fourth-largest automaker, formed by the merger of Fiat Chrysler Automobiles and Groupe PSA in 2021.

• Germany’s economy falls back into negative territory in Q3

Germany’s economy fell back into negative territory in the third quarter of 2023, with GDP contracting by 0.2%. The decline was attributed to a number of factors, including the war in Ukraine, rising energy prices, and supply chain disruptions.

• Stellantis takes smallest hit among major rivals from strikes in North America

Stellantis took the smallest hit among major automakers from strikes in North America over pay increases. The company’s industrial action over pay increases had a minimal impact on its profitability and cash flow.

• ICMR investigates claims of fake COVID-19 test kits being sold in India

The Indian Council of Medical Research (ICMR) is investigating claims of fake COVID-19 test kits being sold in the country. The ICMR has issued a warning to the public to be cautious about purchasing COVID-19 test kits from unauthorized sources.