Good morning!
Here are the top stories to start your day.
⭐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