Global private equity firm Warburg Pincus sold a significant 8.4% stake in Kalyan Jewellers India through the open market on Thursday for Rs 2,931 crore. Warburg Pincus, through its affiliate Highdell Investment, cumulatively sold 8,67,29,971 shares at an average price of Rs 338 a share, bulk deals data on BSE and NSE showed.

The state cabinet is considering an amendment to the BBMP Act-2020 that would provide relief to property owners who have defaulted on their tax payments. This comes after MLAs and MLCs from Bengaluru raised concerns about the issue at a high-level meeting convened by deputy chief minister DK Shivakumar, and several MLAs criticized the BBMP's decision to penalize and seize properties of defaulters.

The Ramco Cements has reported a growth of 59.48 per cent in its net consolidated profit during the quarter ended December 31, 2023. Its profit after tax stood at Rs 81.67 crore in Q3 FY24 as against Rs 51.21 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.The company's net consolidated total income stood at Rs 2,117.39 crore.

JK Lakshmi Cement reported a 93.94% increase in net consolidated profit in the quarter ending in Dec 2023. Company's total income also saw a growth of 9.10%. The board declared an interim dividend of Rs 21 per share and approved raising funds up to Rs 2,500 crore for expansion and growth opportunities. The company achieved high capacity utilization and a subsidiary commissioned a new clinker line.

Grasim Industries, part of Aditya Birla Group, recorded a 48% growth in net profit for the quarter ended December 31, 2023, driven by strong demand for building materials and heavy infrastructure spending. Consolidated revenue was also up 11.6%, while cement sales are expected to continue rising due to government spending and housing demand. Lower prices affected standalone performance.

Bharat Petroleum Corp (BPCL) is avoiding purchase of Russian Sokol crude oil and is relying mostly on Urals, as payments are not being cleared by intermediate banks, a company source said on Thursday. The official declined to be identified due to the sensitivity nature of the information. Presently there are no offers for Sokol grade crude and the Urals market has also become tight.

The Indian government has recently released a white paper on the state of the economy, highlighting the challenges left behind by the previous administration and showcasing its own successes. The paper discusses key factors such as inflation, external stability, fiscal deficit, capital expenditure and GDP growth, comparing data from before and after 2014.

Oil prices rose over 2% on Thursday due to Israel rejecting a ceasefire offer from Hamas and unexpected drops in U.S. fuel stocks. Brent crude breached $80 a barrel for the first time since Feb. 1, with U.S. WTI also seeing gains. Diplomatic efforts continue, and refinery maintenance in the U.S. and Europe's diesel shortage are helping to maintain positive sentiment.

In the December 2023 quarter, engineering and construction company IRCON International saw a 28.8% increase in consolidated net profit and a 22.9% rise in revenue. The faster growth in bottom line was due to a 70% increase in other income. EBITDA also increased by 63.2%, leading to a higher margin of 12.6%. The company's order book decreased to Rs 29,436 crore.

Power distribution companies' outstanding dues have reduced to Rs 50k cr due to the implementation of Electricity (LPS and Related Matters) Rules in Parliament. This has resulted in timely payment of dues and improved financial discipline. In addition, several coal-based thermal power plants have retired while new capacity has been added to reach a total installed electricity capacity of 428 GW.

LIC's market valuation reached Rs 6.99 lakh crore, making it the fifth most valued company. Its shares jumped over 6%, settling at Rs 1,106.25 on BSE. The company's market valuation increased by Rs 38,740.62 crore, beating ICICI Bank and reaching a record high of Rs 7.23 lakh crore. Prime Minister Modi addressed rumours about LIC but its shares continue to soar.

The Reserve Bank of India has kept the policy rate unchanged for the sixth consecutive time, as it closely monitors inflation. This follows a pause in rate hikes since April 2022. The MPC will continue to monitor food inflation, and this is the first policy after the Interim Budget presented last week. CPI inflation stood at 5.69% in December, with a target of 4% mandated by the government.

Biocon, a pharma company, reported a net profit of Rs 660 crore for the December quarter, significantly higher than the net loss of Rs 42 crore reported in the same period last year. The company's revenue grew by 34.4 percent to Rs 3,953.7 crore and its EBITDA margin increased to 23.4 percent. (Developing story)

Market regulator SEBI in an interim order asked several guest experts appearing on the Zee Business news channel to cough up Rs 7.41 crore “unlawful gain” that they made by taking opposite positions in the market than they advised on air. Action has been taken against 15 experts appearing on the channel between February 01, 2022 and December 31, 2022.

RBI announced that banks must offer loans at a rate that includes all costs, not just interest. This applies to retail and MSME loans, and the total cost will be provided in a Key Fact Statement. This is currently only required for certain loans, but will be mandated for all regulated entities. RBI will issue a circular for this new loan pricing mechanism and banks will be given time to comply.