Oil India posts record profits

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⭐ Oil India posts record profits

The state-owned oil company reported its highest ever quarterly net profit of ₹1,746 crore, up 40% YoY. This strong profit growth was due to better pricing and higher output of crude oil and natural gas. The company also declared an interim dividend of ₹10 per share, which amounts to a dividend yield of 4.4%. 

⭐ PSBs clock robust profits 

The public sector banks’ (PSBs) net profit soared 65% YoY to ₹29,175 crore. The fall in bad loans and strong credit growth have provided a boost to the profits in the December quarter. Meanwhile, the Nifty PSU Bank Index has declined 2.1% this month. 

⭐ Industrial output growth moderates 

India’s industrial output growth declined to 4.3% in December 2022 compared to 7.3% in November 2022. The manufacturing sector grew 2.6% in December 2022, while the consumer durable segment contracted 10.4%. The contraction in consumer durable production highlights that the pent up demand witnessed during the festive season has waned off, according to experts.

Global markets (at 9:15 AM today)

Fact of the day

Infosys was the first Indian company to be listed on the Nasdaq in 1999. 

Source: Infosys