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

Vodafone Idea narrows losses in Q4FY23, records first annual revenue growth since merger in 2018

Vodafone Idea narrowed losses to ₹6418 crore for the quarter ended March 2023, versus ₹6563 crore in the same quarter last year and compared to ₹7990 crore in the previous quarter. The loss-making carrier said that it was in talks with lenders for additional debt funding and with external investors for equity or equity-linked fundraising.

The No 3 carrier improved quarterly revenues and recorded growth in annual revenues for the first time since the merger of Vodafone and Idea Cellular in 2018, it said in a statement. Annual revenue was up 9.5% to ₹42180 crore from ₹38520 crore in FY22, on the back of tariff hikes, improving subscriber mix and 4G subscriber additions of 4.6 million during the year. (Read More)

AI frenzy pulls Wall Street higher on Thursday despite Washington DC debt woes; Nvidia’s rallies 24%

Wall Street’s building frenzy around artificial intelligence helped yank the stock market higher Thursday, even as worries worsen about political rancor in Washington.

The S&P 500 rallied 0.9% after chipmaker Nvidia gave a monster forecast for upcoming sales as it benefits from the tech world’s rush into AI. It helped the Nasdaq composite leap 1.7%, while the Dow Jones Industrial Average slipped 35 points, or 0.1%.

Because it’s one of Wall Street’s most valuable stocks, Nvidia’s 24.4% surge was the strongest force pushing upward on the S&P 500. Its forecast of roughly $11 billion in revenue for the current quarter blew past analysts’ expectations for less than $7.2 billion. Nvidia’s stock has already more than doubled this year, and its total value is approaching $1 trillion.

Stocks of other chip makers also charged higher after Nvidia described a race by its customers to put AI “into every product, service and business process.” Advanced Micro Devices gained 11.2%.

Some Big Tech stocks rallied, adding to recent gains fueled by excitement about AI. The field has become so hot that critics warn of a possible bubble, while supporters say it could be the latest revolution to reshape the global economy. Microsoft gained 3.8%, and Google’s parent company, Alphabet, rose 2.1%.

They helped lift indexes even as the majority of stocks fell on worries about the U.S. government edging closer to a possible default on its debt. Washington could run out of cash to pay its bills as soon as June 1, unless Congress allows it to borrow more. (AP)