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Closing bell: Sensex, Nifty break 7-day losing streak, closes higher

Auto components major Bharat Forge today reported a 77.39 per cent jump in net profit at Rs 228.17 crore for the quarter ended on December 31.

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Key indices on Thursday end slightly higher and broke the seven day losing streak. The 30-share BSE Sensex was up 330.45 points or 0.97 percent at 34,413.16, and the 50-share NSE Nifty gained 100.20 points or 0.96 percent at 10,576.90.

About 2,158 shares advanced against 639 declining shares on the BSE.

Among the sectorial indices, Banking & financials, technology and mainly Reliance Industries set the positive tone while cement and pharma stocks were quite strong in trade.

Auto components major Bharat Forge today reported a 77.39 per cent jump in net profit at Rs 228.17 crore for the quarter ended on December 31.

The company had posted a net profit of Rs 128.62 crore for the same period in the previous fiscal.

Its revenue from operations stood at Rs 1,390.55 crore.

It was at Rs 990.01 crore in the same period of previous fiscal, Bharat Forge said in a regulatory filing.

Revenue from operations is not comparable due to introduction of GST from July 1, which replaced excise duty and other input taxes, the company said.

Powered by strong demand from bulk consumers and retailers, sugar prices recorded a steep rise of up to Rs 230 per quintal at the wholesale market in the national capital today.

Marketmen said a spurt in demand from stockists and bulk consumers such as soft-drink and ice-cream makers amid tight supply from mills, lifted sweetener prices notably.

Besides, the government had taken a decision to double import duty to 100 per cent from 50 per cent to curb falling sweetener prices.

 A European recovery rally dissipated on Thursday with benchmarks across the region weighed down by commodities and technology stocks, while acquisition approaches sent Danish telecoms group TDC and Swiss insurer Swiss Re flying.

Europe's STOXX 600 share index fell 0.5 per cent by mid-morning, pulled lower by a 1.5 per cent decline in basic resources, and weaker industrials stocks.

The index was still down 2.8 per cent year-to-date after equities worldwide took a battering this week. The previous two sessions saw the heaviest volumes traded on the STOXX 600 in more than seven months.

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