Nifty50: 18,286 ▼112 (-0.61%)
Sensex: 61,932 ▼413 (-0.66%)
Namaste, friends!
You're going to love this one – an IBM employee, who had been on a 15-year-long leave, sued the company for not giving him a raise. This senior IT worker had taken sick leave back in 2008 and was put on a disability plan that guaranteed him 75% of his salary or £54,000 (₹55,30,000) per year until his retirement.
Here's where it gets even more hilarious. The employee had the audacity to claim that his salary wasn't "generous enough" because its value would decrease over time with inflation. Thankfully, the judge saw through this wild claim and swiftly tossed the case out.
Let's shift gears now and focus on something a tad less bizarre, like the thrilling world of the markets.
- Markets opened strong but continued a steady decline to end below 18,300.
- In all, 33 of the Nifty50 stocks closed in the red.
- U.S. Treasury has warned of default if debt ceiling stalemate is not resolved.
Among the Nifty sectoral indices, PSU Bank (+0.7%) and IT (+0.1%) were the top gainers, while Media (-1.3%) and Auto (-0.9%) were the top losers.
| Top gainers | Today's change |
| BPCL | 363 ▲ 6 (+1.6%) |
| Coal India | 241 ▲ 3 (+1.3%) |
| ONGC | 167 ▲ 2 (+1.2%) |
| Top losers | Today's change |
| Kotak Bank | 1,940 ▼ 33 (-1.6%) |
| Tata Motors | 522 ▼ 8 (-1.6%) |
| M&M | 1,265 ▼ 20 (-1.6%) |
What’s trending
⭐ Bharti Airtel posts strong results
Telecom giant Bharti Airtel (-1.4%) reported a nearly 50% YoY rise in its consolidated net profit for Q4FY23 to ₹3005 crore. The profit for the corresponding quarter last year was ₹2007 crore. Its consolidated revenue grew 14.3% YoY to ₹36,009 crore from ₹31,500 crore last year. Revenue from mobile services for the quarter stood at ₹19,549 crore, up by 11.5% YoY. The company's board has recommended a final dividend payout of ₹4 per share.
⭐ Indian Oil reports robust profit growth
Indian Oil (+3.3%) reported a robust growth of 54.8% YoY in its consolidated net profit for Q4FY23 to ₹10,289 crore. The profit in the comparable quarter last year stood at ₹6,645 crore. Meanwhile, its consolidated revenue from operations rose by 10.3% to ₹2,30,711 crore compared to ₹2,09,045 crore in Q4FY22. The company’s board has recommended a final dividend of ₹3 per share.
⭐ Bank of Baroda Q4 profit zooms
Bank of Baroda (+1.8%) reported its highest-ever quarterly net profit at ₹4,775 crore, a whopping 168% growth over the corresponding quarter last year. The figure stood at ₹1,779 crore in Q4FY22. The growth in profitability was supported by healthy net interest income (NII) growth of 33.8% to ₹11,525 crore for Q4FY23. The bank's net non-performing assets (NPAs) for Q4FY23 were at 0.89% compared to 1.72% in Q4FY22. Its board has recommended a dividend of ₹5.50 per share.
⭐ Max Healthcare posts healthy Q4 results
Delhi-based hospital chain, Max Healthcare (-2.6%), reported a net profit of ₹320 crore in Q4FY23 versus ₹172 crore in Q4FY22. This 86% YoY growth was attributed to an improvement in hospital operating metrics and reduction in finance costs, by the company. Its network revenue stood at ₹1,637 crore, up 26% YoY. The company has announced a dividend of ₹1 per share.
In Focus
Windfall tax cut fuels oil & gas rally
The oil and gas sector witnessed a surge today, with IOC up 3.3%, ONGC rising by 1.5%, and BPCL gaining by 1.3%. Let’s explore the reasons.
Windfall tax at zero
The key factor driving the rise in oil stocks is the government's decision to slash the windfall tax on petroleum crude to zero. This tax was initially imposed on oil producers when international oil prices were extremely high and oil companies were making extraordinarily high profits.
Government's strategic move
The government has been progressively reducing the windfall tax in response to fluctuating oil prices. This latest move is an attempt to provide some relief to oil producers amidst falling oil prices.
Global oil prices and economic outlook
As for the broader economic context, fears of a global recession and China's economic slowdown continue to loom. These factors could potentially keep oil prices low in the near future, adding another layer of complexity to the outlook for oil companies and investors alike.
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Phrase of the day
Going Long
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