Stock Market LIVE: Sensex, Nifty to begin on muted note; SGX Nifty in red

Adani Flagship’s 138% Profit Jump to Aid Growth Post Hindenburg

Adani Enterprises Ltd.’s latest quarterly profit more than doubled, helping billionaire Gautam Adani’s flagship firm refocus attention on the conglomerate’s growth potential after a scathing short seller attack earlier this year wiped out more than $100 billion of market value.

The Ahmedabad, Gujarat-based company posted a net income of 7.22 billion rupees ($88.2 million) for the quarter ended March 31, compared to 3.04 billion rupees in the same period last year, it said in an exchange filing Thursday. There weren’t enough brokerages tracking the firm to derive an average profit forecast.

Revenue surged 26% to 313.5 billion rupees, boosted partly by the mining and airport business while total costs climbed 22% to 301.8 billion rupees, the filing said. The company’s shares closed 3.9% higher after the earnings were announced, which showed gross debt shrank by 6.5% to 383.2 billion rupees as of March 31 compared to the year-ago period. (Bloomberg)

‘India at tipping point.. vibrancy unbelievable’: Apple CEO Tim Cook

Apple Inc. chief Tim Cook singled out India as pivotal for the iPhone maker. He added that how the world’s most populous country is on the cusp of becoming both a major market and production base.

Cook, who presided over the opening of Apple’s first two Indian retail outlets last month, joined his lieutenants in mentioning India roughly 20 times on an conference call after unveiling earnings, a report by Bloomberg stated. The tech giant’s sales in India reached a new record of nearly $6 billion for the year ending in March which showed the growing significance of the Indian market for Apple, and highlighted its efforts to expand its presence and offerings in the region. (Read More)

Wall Street stocks sink on Thursday as bank woes flare; fears of banks pulling back on investments run high

Stocks sank on Wall Street Thursday as worries cranked higher about a cracking U.S. banking system.

The S&P 500 fell 0.7% to add to its loss for the week so far. The Dow Jones Industrial Average dropped 286 points, or 0.9%, and is now down for the year, while the Nasdaq composite fell 0.5%.

At the start of this week, regulators seized First Republic Bank and sold most of it to JPMorgan Chase, with hopes that could bolster confidence in the industry. Officials have stressed they see the banking system is sound and secure, but the worries aren’t leaving the market.

Banks are dealing with drastically different business conditions now that interest rates are no longer at record lows. The Federal Reserve on Wednesday announced its latest increase, which took its key overnight rate up to a range of 5% to 5.25% from virtually zero early last year.

The Fed has jacked up rates at the fastest pace in decades to knock down high inflation. But it does that by slowing the economy, raising the risk of a recession and hurting prices for investments. Many of the loans made and bonds bought by banks when rates were low are suddenly worth much less in today’s market.

The worry now is that even if no more banks topple, the industry’s turmoil could cause smaller and mid-sized banks to pull back on their lending. That in itself could act like rate hikes, which would further smother the economy. Many investors already believe a recession will hit later this year. (AP)