Skip to content
Research Periodic Report Bank of Baroda expects healthy credit growth, IRCTC reports 30 percent growth in profits

Bank of Baroda expects healthy credit growth, IRCTC reports 30 percent growth in profits

Written by - Fisdom Research

May 30, 2023 3 minutes

Opening Bell:

SGX Nifty is up by 20.0 points in the early morning trade, indicating a positive opening for Indian stock market.

Asia-Pacific markets are mixed on Tuesday with a vote looming ahead on the tentative US debt ceiling deal reached between President Joe Biden and House Majority Leader Kevin McCarthy over the weekend, avoiding a default for the US economy. The Hang Seng is higher by 0.41%, while the Nikkei 225 and Shanghai Composite are down by 0.39% and 0.16% respectively. U.S. stocks finished sharply higher on Friday as talks on raising the U.S. debt ceiling progressed, while chip stocks surged for a second straight day on optimism about artificial intelligence. US President Joe Biden and House Speaker Kevin McCarthy reached a final agreement on a deal to raise the US national debt ceiling. The S&P 500 up by 1.30%. while the Nasdaq Composite is up by 2.19%. The Dow Jones Industrial Average up by 1.00%.

Stocks News:

👉IRCTC on May 29 reported 30.4 percent year-on-year (YoY) rise in standalone net profit at Rs 279 crore for the quarter ended March 31, 2023. The tourism and ticketing arm of the Indian Railways had posted a net profit of Rs 214 crore in the year-ago period.

👉Reliance Capital, a part of debt-ridden Anil Ambani-promoted Reliance Group on Saturday said its consolidated net loss narrowed to Rs 1,488 crore in the fourth quarter ended March 2023. The company posted a net loss of Rs 4,249 crore in the January-March quarter of the last fiscal.

👉Torrent Power on Monday reported Rs 483.93 crore consolidated net profit in the March 2023 quarter, mainly on the back of higher revenues. The company had reported a consolidated net loss of Rs 487.37 crore in the quarter ended March 2022, a BSE filing showed.

👉State-owned Bank of Baroda (BoB) on Monday said it expects 12-15 per cent credit growth during the current financial year. During the last financial the bank recorded a credit growth of 16 percent.

👉Foreign portfolio investors (FPIs) have net purchase shares worth Rs 1,758 crore on Monday. DIIs, on the other hand, stock purchase worth Rs 853 crore.

Domestic and International Events

  • UK India Business Council sees big opportunity in defence, manufacturing tie-ups with India Inc; says FTA on track, With India’s economic prospects looking bright, businesses from the United Kingdom are looking closely at the Asian giant for talent, supply chain integration and as a market, the Chief Executive Officer of the UK India Business Council said.
  • Foreign direct equity investments into India in fiscal 2023 shrank 21.67% from the previous year to $46.03 billion, data released by the Department for Promotion of Industry and Internal Trade (DPIIT) showed Monday. Total FDI inflows, including additional equity investments, reinvested earnings and other capital, contracted 29.6% to $15.49 billion in the fiscal fourth quarter.
  • Oil prices edged higher in choppy trading on Monday, as markets weighed a tentative U.S. debt ceiling deal that would avert a default by the world’s top oil consumer against further Federal Reserve interest rate hikes that could curb energy demand.
  • Gold prices rose on Monday due to a fall in the US dollar index, but analysts warn there could be a downturn soon. The US dollar is likely to strengthen because of fears of economic downturns, while the price of gold is inversely proportional.

Key Equity Indices

EMERGINGLATEST% 1D
Hang Seng18,551(1.0) %
Shanghai Composite3,2210.3 %
DEVELOPEDLATEST% 1D
Dow Jones33,0931.0 %
DAX15,953(0.2) %
FTSE 1007,6270.7 %
Nikkei31,2341.0 %
Straits Times3,195(0.4) %

Download one of India's best wealth management apps

Join more than one million investors and take control of your wealth

Download app