On Monday, Indian share markets traded on a negative note throughout the trading session and ended marginally lower.Benchmark indices slipped, driven by concerns over slowing earnings growth and foreign outflows.Additionally, comments from the Federal Reserve Chair suggesting a more gradual pace of interest rate cuts further dampened market sentiment.IT stocks were the worst hit while steel stocks gained.At the closing bell, the BSE Sensex stood lower by 241 points (down 0.3%).Meanwhile, the NSE Nifty closed lower by 79 points (down 0.3%).Tata Steel, HUL, and M&M were among the top gainers today.TCS, Infosys, and NTPC, on the other hand, were among the top losers today.The BSE MidCap index and the BSE SmallCap index ended lower by 0.2% and 0.7%, respectively.Shares of Sasken Tech, Banco Products, and Knowledge Marine hit their respective 52-week highs today.Shares of defense PSU major Hindustan Aeronautics (HAL) zoomed 4% today after the company reported a consolidated net profit of Rs 15.1 bn for the quarter ended September 2024.
Hindalco to Benefit from Tax RebateIn news from the metal sector, Hindalco Industries is hoping to benefit from China’s move to cancel tax rebates on exports of aluminum and copper, the company’s Managing Director Satish Pai has said.The company expects cheap imports from China to fall, easing pressure on domestic producers.According to reports, aluminium makers in the South Asian nation have been hit by increased purchases of foil from China, pushing India’s trade ministry to propose anti-dumping duties on imports that have captured 30% of the local market.Amid this development, Hindalco shares surged over 5% on Monday, 18 Nov. 24.The company’s MD also said that Hindalco was in the process of investing US$4 billion to US$5 billion to boost capacity in aluminum and copper, riding on India’s robust demand for metals from industries like packaging, construction and electricity.That apart, the new Trump administration will also be beneficial for Hindalco’s US unit Novelis Inc., the world’s largest recycler of aluminum, as it produces metal in the US.Going ahead, Hindalco is focused on downstream expansions in India, with an emphasis on increasing contributions from value-added products.This strategy aims to enhance profitability and protect the company from fluctuations in aluminium prices.Further, it expects to sustain its positive momentum in the copper business, driven by increasing volumes, robust demand, and improved TC/RC (Treatment Charge/Refining Charge) margins.
SBI to Open 500 New BranchesIn latest developments from the banking sector, state owned banking PSU, State Bank of India (SBI) will open 500 new branches in the financial year 2025, Union Finance Minister Nirmala Sitharaman said on Monday.Speaking at the centenary celebration of SBI Mumbai main branch building, Finance Minister Sitharaman applauded the impressive growth of the banking PSU, and its contribution to the banking ecosystem.Highlighting the role of SBI over the last ten years, Sitharaman said that the bank has played a significant role in reaching and serving people even in the remote areas of the country.Despite the bank’s troubled background, the bank’s financial situation has improved over the years.Its net profit has doubled over the last five years. This has propelled the lender’s RoE to 20.3% in the financial year 2024. The bank’s asset quality has also kept up with that of the other PSU banks.Going forward, the management remains optimistic about maintaining NIMs and overall profitability despite macroeconomic pressures.It is confident of growth going forward led by the government’s capital outlay plans and an uptick in the credit demand across the country.The bank is also focussing on enhancing liability franchise and deposit mobilisation through various initiatives.It is opening approximately 60,000 savings bank accounts daily, with significant contributions from digital channels and enhancing deposit interest rates selectively to maintain franchise value and attract deposits.
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Sensex Today Falls 241 Points; Nifty Ends Near 23,450
