Good morning, people!
Sad to see the weekend getting over so soon? No worries. The markets gave us a reason to smile before the weekend by closing in on a high. So, there's enough reason to start this week with a smile! So grab a cup of the morning chai, and get on with the day.
For more updates on F&O, click here.
⭐ ONGC’s profit soars 😎
State-owned Oil and Natural Gas Corporation (ONGC) reported a 10% year-on-year (YoY) growth in its consolidated net profit at ₹12,061 crore. The profit was driven by the company getting the best-ever price for the crude oil it produces. Meanwhile, revenue saw an increase of 37% to ₹1.5 lakh crore.
⭐ Tata Motors to take over Ford’s plant 🚗
Tata Motors has received an approval to take over Ford’s passenger car manufacturing plant in Sanand, Gujarat. The two companies will reportedly sign an MoU on Monday. Ford had announced its exit from India last year. The plant had stopped its manufacturing operations in April.
⭐ Ruchi Soya’s profit slips 👎
Edible oil major Ruchi Soya reported a 25% YoY fall in its standalone net profit to ₹234 crore. The drop in profit was due to higher tax expenses. However, revenue rose 37% YoY to ₹6,676 crore. The company’s food segment witnessed a 209% YoY increase in sales.
Global markets (at 7:30 AM today)
| Indices | Today's movement |
| SGX Nifty | ▲ 0.8% |
| Nikkei 225 (Japan) | ▲ 1.9% |
| Hang Seng (Hong Kong) | ▲ 1.1% |
| SSE Composite (China) | ▲ 0.2% |
| Dow Jones (US) (May 27) | ▲ 1.7% |
| NYSE (US) (May 27) | ▲ 1.7% |
| Nasdaq (US) (May 27) | ▲ 3.3% |
| S&P 500 (US) (May 27) | ▲ 2.4% |
Fact of the day
The US was India’s top trading partner in FY22 as the total trade between the two countries rose to $119 billion from $80 billion in FY21.
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Disclosures and Disclaimer
Investment in securities markets is subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.