Indices at previous closing
Nifty50: 15,030 ▼ -77 (-0.5%)
Sensex: 49,902 ▼ -290 (-0.5%)
Nifty Bank: 33,685 ▼ -237 (-0.7%)
In the news
Indian Oil’s net profit soars
- Shares of the country’s largest oil refiner gained 1.3% yesterday as its Q4 revenue improved nearly 18% to ₹1.6 lakh crore as compared to the year-ago period. It reported net profit of ₹8,781 crore, beating street estimates of ₹4,721 crore. The company had made a loss of nearly ₹5,200 crore last Q4.
- The surge in profit comes on account of strong demand, higher refining margins and lower tax outgo. For FY21, its gross refining margins—the difference between the value of petroleum products sold and the cost of the crude oil purchased—rose to $5.64/barrel from $0.08/barrel in FY20. The stock is up nearly 18% so far this month.
JK Tyre makes strong recovery
- Strong sales, high capacity utilisation, cost controls and premium product offerings helped the tyremaker post a profitable Q4.
- Its net profit for the quarter stood at ₹195 crore as against a net loss of ₹53 crore in Q4FY21. Meanwhile, its consolidated revenue from operations grew 63% to ₹2,927 crore. The stock rose 0.8% yesterday despite a weak market.
Anupam Rasayan bags large order
- The Gujarat-based speciality chemicals maker has signed orders worth ₹540 crore with two MNCs for a period of five years.
- These orders come on the heels of a ₹1,100 crore order received in April. The stock closed 0.5% higher yesterday and has gained nearly 40% in the two months since its listing.
Government hikes subsidy on fertilisers
- Despite the rise in fertiliser prices, Indian farmers will continue to get DAP fertilisers at old prices of ₹1,200 per bag. This will be possible as the government has increased the subsidy on fertilisers by 140%.
- Fertiliser prices have increased by about 40% due to rise in prices of key raw materials such as phosphoric acid and ammonia. Meanwhile, shares of major fertiliser makers such as GSFC and Chambal Fertilisers have gained 25-30% so far this month.
Events/data releases of the week
- Thursday: Initial jobless claims (US)
Sectoral indices (19 May)
| Top gainers | Top losers |
| Nifty Realty ▲ 2.1% |
Nifty Fin Serv ▼ 0.9% |
| Nifty Media ▲ 2.0% |
Nifty Metal ▼ -0.9% |
Global markets (at 8:30 am)
| Indices | Today's movement |
| SGX Nifty | ▲ 0.0% |
| Nikkei 225 (Japan) |
▼ 0.0% |
| Hang Seng (Hong Kong) |
▼ 0.8% |
| SSE Composite (China) | ▼ 0.4% |
| Dow Jones (US) (19 May) |
▼ 0.4% |
Fact of the day
On 20 May 1498, Portuguese explorer Vasco da Gama landed in India at Kozhikode.
Source: History Channel
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