GAIL Q4FY23 Results: Profit slumps 81.5% on-year to Rs 642.74 cr on higher expenses, misses estimates
GAIL (India) Limited posted a profit fall of 81.5 per cent at Rs 642.74 crore in the fiscal fourth quarter as against Rs 3473.77 crore in the same quarter last year, missing estimates, hit by higher expenses. It posted revenue from operations at Rs 33,264.06 crore, up 21.7 per cent in comparison to Rs 27,327.71 crore in the fourth quarter of FY22. According to a CNBC TV18 poll,?GAIL?was expected to clock profit at Rs 1,043 crore and revenue at Rs 35,272 crore in Q4FY23. The public sector company posted total expenses for the quarter at Rs 33,446.09 crore as against Rs 23,739.81 crore in the corresponding quarter last year. Meanwhile, total income was at Rs 33,810.67 crore in Q4FY23 as against Rs 27,690.40 crore in the fourth quarter of previous year.?
Where is share market headed after Nifty closes below 18130, Bank Nifty above 43750; check support, resistance
Benchmark indices pared gains and ended Thursday’s session in the red. The NSE Nifty 50 fell 51.8 points or 0.28% to 18,129.95 and BSE Sensex dipped 128 points or 0.21% to 61,431.74. In sectoral indices, Bank Nifty rose 53.6 points or 0.12% to 43,752.3, Nifty Auto fell 0.88%, Nifty FMCG tanked 1.10%, Nifty Pharma plunged 1.27%, Nifty PSU Bank tumbled dropped 1.90%, Nifty Oil & Gas decreased 1.10% and Nifty Realty tumbled 2.37%. The top gainers on Nifty 50 were Bajaj Finance, Bharti Airtel, Kotak Bank, ICICI Bank and HCL Technologies while the losers were Divis Lab, Adani Ports, ITC, SBIN and Power Grid.
El Nino possibility rises: Is India ready with a contingency plan in case of below normal monsoon
The Indian Meteorological Department stated that there is nearly 70 per cent possibility of an El Nino developing this monsoon. Economists highlighted that this might have an impact on Kharif output, and thereby on rural economy which in turn might impact rural demand of manufactured products and can also lead to food inflation.?“In my view based on past experiences, El Nino does have an impact in terms of?a weaker monsoon which affects kharif output. In particular pulses and oilseeds besides cotton become more vulnerable. A weaker monsoon and sub-optimal crop affects not just supply of these products but also incomes of farmers which in turn impacts rural demand of manufactured products,” said Madan Sabnavis, Chief Economist, Bank of Baroda.
5 things to watch out for while choosing a savings account
Choosing the right savings account is a crucial financial decision that can have a significant impact on your financial well-being. With numerous options available from various financial institutions, it’s important to consider several key factors before opening a savings account.
ITC Q4FY23 Results: Profit surges 23.4% on-year to Rs 5,175.48 crore, revenue up 7.3%
ITC Ltd on Thursday posted a profit rise of 23.4 per cent on-year for the fiscal fourth quarter ended March 2023 to Rs 5,175.48 crore, as against Rs 4,195.69 crore during the same quarter last year, beating estimates. It recorded revenue from operations at Rs 19,058.29 crore in the fourth quarter of FY23, up 7.3 per cent from Rs 17,754.02 crore in Q4FY22. The Board also recommended a final dividend of Rs 6.75 and a special dividend of Rs 2.75 per equity share of face value of Re 1 each for the financial year ended March 2023. The dividend will be paid between 14th August, 2023 and 17th August, 2023, it said in a regulatory filing. Together with the interim dividend of Rs 6 per share, the total dividend for the financial year 2022-2023 would be Rs 15.50.
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Highest dividend-yield PSU shares: Coal India, REC, ONGC, NALCO, Power Grid
REC and Coal India shares were among the top dividend paying PSU scrips in the last financial year, with yields of 10% each in 2022-23, according to a list of highest dividend-yielding PSU shares compiled by Axis Securities. Despite having one of the lowest dividend yields on the table, Rites paid out the highest dividend, at Rs 404 per equity share. The other lowest dividend-yielding firm on this list was NHPC, with a yield of 4%.
InterGlobe Aviation, AU Small Finance among 82 NSE stocks to hit 52-week highs; 12 touch 52-week lows
Benchmark indices pared early gains and turned flat. The NSE Nifty 50 was trading at 18,175.55 and BSE Sensex at 61,579.94. In broader markets, the Nifty 100 fell 0.13%, Nifty Midcap 50 was down 0.41% and Nifty Small Cap 100 dipped 0.23%. The volatility index, India VIX fell 1.6%. In sectoral indices, Bank Nifty rose 201.65 points or 0.46% to 3,900.35, Nifty FMCG fell 0.74%, Nifty Pharma tanked 1.16%, Nifty PSU?Bank plunged 1.13% and Nifty Realty tumbled 2.13%. HDFC Bank, SBIN, ICICI Bank, Axis Bank, Reliance, Bharti Airtel, Kotak Bank, Infosys, Bajaj Finance, Tata Motors, ITC,?Bank of Baroda, HDFC, BLS, Eicher Motors, Larsen & Toubro and TCS were the most active stocks on NSE.
Upcoming Honda Elevate SUV: All you need to know
Honda Cars India is gearing up to expand its product line-up with the introduction of a brand new mid-size SUV next month. The 2023 Honda Elevate SUV will make its world premiere in India next month on June 6, 2023. It will be the third car in Honda’s portfolio after the Amaze and the City sedans. Here’s all you need to know about the upcoming Honda Elevate SUV.?
Pharma major Pfizer asks doctors to stop using these life-saving antibiotics; Here’s why
Pfizer, an American pharmaceutical company, has warned doctors in India to stop using some of its life-saving antibiotics, especially for patients in intensive care units (ICUs).
The company took this decision due to some “deviations” at the manufacturing facility of the flagged drugs. Pfizer was warned against the following drugs: Magnex, Zosyn, Magnamycin injections and Magnex Forte.