Good morning!
Here are the top stories to start your day.
⭐ LIC's net profit skyrockets
Life Insurance Corporation of India (+0.6%) reported a whopping 466% YoY jump in its standalone net profit at ₹13,427 crore for Q4FY23. The insurer's net commission for the quarter was ₹8,428 crore, up 5.4% compared to ₹7,995 crore in the comparable quarter last year. Its board has recommended a final dividend of ₹3 per equity share.
⭐ Nykaa’s net profit sinks
FSN E-Commerce Ventures (-2.6%), which owns the popular fashion e-commerce platform Nykaa, reported a consolidated net profit of ₹2.4 crore for Q4FY23, down 71.7% from ₹8.5 crore recorded in the same quarter last year. However, its Q4 consolidated revenue grew 33.7% YoY to ₹1,301.7 crore from ₹9,73.3 crore last year.
⭐ Oil India reports profit growth
State-owned oil company Oil India (+0.05%) reported a standalone net profit of ₹1,788 crore for Q4FY23, up 9.6% from ₹1,630 crore in the comparable quarter last year. Its revenue from operations also witnessed a growth of 26% YoY to ₹5,649 crore. The company’s board has recommended a final dividend of ₹5.50 per share.
Global markets (at 7:00 AM today)
| Indices | Today's movement |
| SGX Nifty | ▼ 0.1% |
| Nikkei 225 (Japan) | ▲ 0.5% |
| Hang Seng (Hong Kong) | ▼ 2.0% |
| SSE Composite (China) | ▼ 0.6% |
| Dow Jones (US) (May 23) | ▼ -0.7% |
| NYSE (US) (May 23) | ▼ 0.9% |
| Nasdaq (US) May 23) | ▼ 0.6% |
| S&P 500 (US) (May 23) | ▼ -0.7% |
Fact of the day
As per ETIG data, automakers in India are expected to pump close to ₹80,000 crore in building EV capacity by 2030.
Source: Economic Times