Biocon’s net profit rises

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⭐GQG raises stake in Adani by 10%

Investment firm GQG Partners has raised its stake in Adani Group by about 10% and will take part in the conglomerate’s future fund raising. Currently, the value of GQG’s Adani holdings is close to $3.5 billion. The firm’s Chief Investment Officer, Rajiv Jain said that within five years, GOG would like to be one of the largest investors in Adani Group depending on the valuation.


⭐Biocon’s profit jumps

The biotechnology company’s net profit rose 31% YoY to ₹313 crore, against ₹239 crore in the same period last year. Its revenue from operations jumped by 56.7% to ₹3,773.9 crore during the quarter, from ₹2,409 crore last fiscal. Biocon's board also recommended a final dividend of Rs 1.50 per equity share


⭐  NMDC’s profit rises

The mining major reported 22% YoY jump in net profit to ₹2,277 crore for Q4FY23. Meanwhile, the company’s revenue fell 14% to ₹5,851 crore for the quarter, from ₹6,785 crore in the same quarter of last year. The board has also recommended the payment of a final dividend of ₹2.85 per share on the face value of ₹1 each for the financial year 2022-23.


Global markets (at 7:00 AM today)

Indices Today's movement
SGX Nifty 0.4%
Nikkei 225 (Japan) 1.0%
Hang Seng (Hong Kong) 0.9%
SSE Composite (China) 0.6%
Dow Jones (US) (May 23) 0.6%
NYSE (US) (May 23) 0.9%
Nasdaq (US) May 23) 1.2%
S&P 500 (US) (May 23) 1.1%

Fact of the day

CEO Deepinder Goyal's ESOPs cost Zomato ₹143 crore in second half of FY23.

Source: Business Today

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