ONGC reports loss in Q4, PFC reported a 44 percent jump in profits over last year

Opening Bell:

SGX Nifty is up by 174.0 points in the early morning trade, indicating a positive opening for Indian stock market.

Asia-Pacific markets are largely higher after U.S President Joe Biden and congressional leaders reached a tentative deal to raise the debt ceiling over the weekend. The bill is expected to be voted on later this week. The Nikkei 225 is up 1.56% while Hong Kong’s Hang Seng is up 0.57% and China’s Shanghai Composite is up 0.28%. 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. 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:

👉ONGC’s consolidated net profit fell 53% to Rs 5,701 crore for the quarter ended March. The profit stood at Rs 12,061 crore in the March quarter of last year. On a standalone level, the company reported a net loss of Rs 248 crore during the March quarter.

👉Aurobindo Pharma on May 27 posted a decline of 12 percent in its net profit for the fourth quarter of fiscal year 2022-23, whereas, the company’s revenue during the same period climbed by 11 percent. The net profit during the March quarter came in at Rs 506 crore as against Rs 576.5 crore reported in the year-ago period.

👉State-owned Power Finance Corporation (PFC) on Saturday posted an over 44 per cent jump in its consolidated net profit to Rs 6,128.63 crore in March quarter, mainly on the back of higher revenues. The consolidated net profit of the company was Rs 4,295.90 crore in the quarter ended on March 31, 2022, according to a BSE filing.

👉BHEL has reported a 33% decline in its consolidated net profit at Rs 611 crore for the quarter ended March. The same stood at Rs 912 crore in the corresponding quarter of last year.

👉Foreign portfolio investors (FPIs) have net purchase shares worth Rs 350 crore on Friday. DIIs, on the other hand, stock purchase worth Rs 1,840 crore.

Domestic and International Events

• Growing at a steady pace, UPI transactions are likely to reach 1 billion per day by 2026-27, accounting for 90 per cent of the retail digital payments in the country, said a PwC India report. Unified Payments Interface (UPI), which is driving the digital payments revolution, accounted for about 75 per cent of the total transaction volume in the retail segment during 2022-23, said the PwC report titled “The Indian Payments Handbook – 2022-27.
• Indian Prime Minister Narendra Modi has urged state government leaders to make financially sensible decisions to achieve fiscal strength and deliver programs that meet citizens’ aspirations. Speaking at the 8th governing council meeting of NITI Aayog, Modi emphasized the need for a shared vision to achieve a Vikasit Bharat by 2047.
• Oil prices rose in early Asian trade on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world’s largest economy and oil consumer.
• The outlook for gold is weak due to the US debt ceiling crisis nearing resolution and the strong Dollar Index. Physical gold and silver buyers can take advantage of the expected correction in prices

Key Equity Indices

EMERGING	LATEST	% 1D
Hang Seng	18,747	(1.9) %
Shanghai Composite	3,213	0.4 %

DEVELOPED	LATEST	% 1D
Dow Jones	33,093	1.0 %
DAX	15,984	1.2 %
FTSE 100	7,627	0.7 %
Nikkei	30,916	0.4 %
Straits Times	3,207	(0.0) %