Here are the top stories to start your day.
⭐ IDBI Bank’s profit jumps in Q3
In the December quarter, the lender’s net profit surged 60% YoY to ₹927 crore. In the same period, the net interest income rose 23% to ₹2,925 crore. The asset quality also significantly improved with the gross non-performing assets declining. The bad loans fell to 13.8% of the loan book, down 786 (7.86%) basis points.
⭐ Gland Pharma’s profit declines
The injectable manufacturer posted net profit of ₹231 crore in Q3FY23, falling by 15% YoY. The revenue also shrunk by 12% to ₹938 crore. The management said that ongoing supply chain disruptions led to production delays, which impacted the company’s performance.
⭐ Oil rises on China outlook
The prices of Brent crude oil rose to $88 per barrel on Monday. This was on the back of the possibility of strong revival in economic activities in China. It’s important to note that China is the world’s largest importer of oil.
Global markets (at 9:00 AM today)
|SGX Nifty||▲ 0.28%|
|Nikkei 225 (Japan)||▲ 1.71%|
|Hang Seng (Hong Kong)||▲ 1.79%|
|SSE Composite (China)||▲ 0.75%|
|Dow Jones (US) (January 23)||▲ 0.76%|
|NYSE (US) (January 23)||▲ 0.44%|
|Nasdaq (US) (January 23)||▲ 2.01%|
|S&P 500 (US) (January 23)||▲ 1.19%|
Fact of the day
The net assets under management in passive funds (index and exchange-traded funds) in India stood at ₹6.6 lakh crore, as of December 2022.
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