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

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.

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