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⭐ Jindal Steel & Power net profit declines
Steel company Jindal Steel (-2.2%) reported a decline in its consolidated net profit of 69.5% YoY to ₹465.6 crore in Q4FY23 compared to ₹1,527 crore last year. Gross revenue also reduced 2% from ₹16,089 in 4QFY22 to ₹15,781 in 4QFY23. The company’s board has recommended a final dividend of ₹2 per share.
⭐ Jupiter Wagons raises capital
Rail mobility solutions provider, Jupiter Wagons (+2.6%) announced that it has successfully concluded a fundraising exercise to raise ₹125 crore through qualified institutional placement. The company said it aims to use the funds for the acquisition of Stone India, working capital optimisation, and other corporate purposes.
⭐ Chemplast Sanmar Q4 net profit plummets
Speciality chemicals manufacturer, Chemplast Sanmar (1.2%) reported a net profit decline of 80% YoY in Q4FY23 to ₹46 crore from ₹232 crore in Q4FY22. In the same period, its revenue from operations declined 37% YoY to ₹1,147 crore. The company attributes the subpar performance to the challenging environment caused by the run-up in energy prices, severe impact on Chinese demand and rising interest rates across the globe.
Global markets (at 9:00 AM today)
| Indices | Today's movement |
| SGX Nifty | ▼ 0.12% |
| Nikkei 225 (Japan) | ▲ 0.81% |
| Hang Seng (Hong Kong) | ▼ 0.43% |
| SSE Composite (China) | ▼ 0.23% |
| Dow Jones (US) (May 16) | ▼ 1.01% |
| NYSE (US) (May 16) | ▼ 1.15% |
| Nasdaq (US) May 16) | ▼ 0.18% |
| S&P 500 (US) (May 16) | ▼ 0.64% |
Fact of the day
India's tourism industry is expected to reach $1 trillion by 2047
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