Bharti Airtel reports impressive results, Indian Oil share price up on robust Q4 performance

Indian Markets:

• Tuesday marked a temporary halt in the upward movement of key equity barometers, bringing an end to their two-day winning streak.
• The benchmark Nifty index experienced a decline, falling below the critical 18,300 mark. This downturn was primarily attributed to the underperformance of sectors such as auto, pharma, and banks.
• Despite the correction observed in the market, broader indices managed to defy the prevailing negative sentiment and ended the day on a positive note.
• The recent market rally, fueled by strong foreign institutional investor (FII) buying and encouraging domestic economic indicators, is facing headwinds due to global uncertainties.

Global Markets:

• A mixed performance was witnessed across Asian stocks, while European stocks exhibited resilience and advanced. Investors grappled with global growth concerns, political uncertainty, and corporate earnings reports.
• The European Commission on Monday lifted its gross domestic product estimate higher for this year, now forecasting 1% growth, up from a previous 0.8% estimate. 
• Meanwhile, Chinas industrial output grew 5.6% in April from a year earlier, official data showed on Tuesday, accelerating from a 3.9% gain seen in March. Retail sales jumped 18.4%, significantly faster than the 10.6% increase in March and marked the quickest growth since March 2021. Fixed asset investment expanded 4.7% in the first four months of 2023 from the same period a year earlier. It grew 5.1% in the January-March period.
• US stocks rose on Monday amid ongoing debt ceiling negotiations between the White House and Republicans. In focus for investors were debt ceiling talks, which were postponed to this week from Friday. 

Stocks in Spotlight:

• Bharti Airtel, has delivered impressive financial results for the quarter ended March 2023. The company reported a remarkable 50 percent surge in consolidated net profit, reaching Rs 3,006 crore compared to Rs 2,008 crore in the previous year. While the company surpassed profit expectations, it fell short of the projected revenue growth, disappointing analysts who anticipated a 15 percent year-on-year (YoY) and 46 percent quarter-on-quarter (QoQ) growth in net profit, along with a 16 percent YoY and 2 percent QoQ increase in revenue.
• Indian Oil Corp Ltd has announced an impressive 67 percent year-on-year increase in standalone net profit for the quarter ended March 2023. Indian Oil has been grappling with under-recoveries from the sale of domestic LPG since the fiscal year 2022. To address this issue, the Union government stepped in and granted a one-time allocation of Rs 10,801 crore. Indian Oil recorded this grant as part of its revenue from operations for the fiscal year 2023.
• Polycab gained over one percent following the announcement of its quarterly financial results. The company reported a substantial 31 percent increase in its consolidated net profit for the quarter ending in March 2023. The net profit stood at Rs 425 crore, compared to Rs 322 crore in the corresponding period of the previous year. 

News from the IPO world🌐

• Krishca Strapping Solutions, strapping tools manufacturer, will launch its IPO on May 16, 2023
• Remus Pharmaceuticals Ltd IPO will open for subscription on May 17
• Crayons Advertising, an Integrated marketing and communications agency, will launch its IPO on May 22

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