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Research Periodic Report India’s GDP crosses $3.5 trn mark in 2022, Ashok Leyland Q4 profit declines

India’s GDP crosses $3.5 trn mark in 2022, Ashok Leyland Q4 profit declines

Written by - Fisdom Research

May 24, 2023 3 minutes

Opening Bell:

SGX Nifty is down by 72.0 points in the early morning trade, indicating a negative opening for Indian stock market.

Asian markets are lower today with shares in Hong Kong off the most. The Hang Seng is down 0.87% while Japan’s Nikkei 225 is off 0.82% and China’s Shanghai Composite is lower by 0.79%. Wall Street finished lower on Tuesday, Hawkish comments from Federal Reserve officials about the possibility of further rate hikes sent the U.S. dollar to a two-month high. Oil futures extended their rally. Global shares drop, benchmark US yields ease amid debt ceiling deadlock. The S&P 500 down by 0.12%. while the Nasdaq Composite is down by 1.26%. The Dow Jones Industrial Average down by 0.69%.

Stocks News:

👉Ashok Leyland: The commercial vehicle maker has recorded a 16.6% year-on-year decline in standalone profit at Rs 751.4 crore for quarter ended March FY23 due to high base, but topline and operating numbers remained healthy. It reported exceptional gain of Rs 56.43 crore in Q4FY23 against Rs 470.26 crore in Q4FY22. Revenue from operations for the quarter increased significantly by 33% to Rs 11,626 crore compared to same period last year. The board recommended dividend of Rs 2.6 per share for FY23.

👉State-owned NMDC Ltd on May 23 reported a 22 percent rise in standalone net profit at Rs 2,277 crore in the quarter ended March 31, 2023. The country’s largest iron ore company had posted a profit of Rs 1,862 crore in the year-ago period.

👉Bikaji Food’s net profit rises 51% to Rs 37.7 crore in the March quarter. Revenue for the quarter rose 16% to Rs 462 crore.

👉JSW Energy posted a net profit of Rs 272 crore for the January-March period. Revenue from operations during the quarter stood at Rs 2,670 crore.

👉Foreign portfolio investors (FPIs) have net purchase shares worth Rs 182 crore on Friday. DIIs, on the other hand, stock purchase worth Rs 397 crore.

Domestic and International Events

  • Foreign direct investment (FDI) inflows into the country fell 16% to $71 billion (on a gross basis) during 2022-23 on the back of a weak global economic situation, marking the first decline in a decade. But high inflation and weak demand in the US and Europe has dried up flows into startups, which were large recipients of surplus money floating globally. The drop in flows has, however, failed to dampen sentiments, with officials and economists maintaining that it would be reversed, and investors are likely to step up investments once the global uncertainty ends.
  • India’s GDP has crossed USD 3.5 trillion in 2022 and will be the fastest-growing G-20 economy over the next few years, but reform and policy barriers could hamper investment, Moody’s said on Tuesday.
  • Oil prices gained on Wednesday after U.S. oil and fuel supplies tightened and as a warning from the Saudi energy minister to speculators raised the prospect of further OPEC+ output cuts.
  • Gold prices on MCX dipped for the second consecutive day as lower demand and uncertainty regarding the US debt ceiling crisis impacted the precious metal’s prospects. The June gold futures traded at Rs 59,893 per 10 grams on the MCX and was down by 0.58% from Monday’s closing price.

Key Equity Indices

Hang Seng19,431(1.3) %
Shanghai Composite3,246(1.5) %
Dow Jones33,056(0.7) %
DAX16,153(0.4) %
FTSE 1007,763(0.1) %
Nikkei30,958(0.4) %
Straits Times3,2180.2 %

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