The broader NSE Nifty gained 17.35 points or 0.16 per cent to end at 10,997.35.
The headline for corporate profit growth has been very encouraging in the July-September quarter (Q2) of 2023-24 (FY24), with the combined net profit of listed companies up by 38 per cent year-on-year. However, the earnings distribution has been very lopsided, with most of the growth coming from public-sector oil-marketing companies (OMCs), banks, non-bank lenders, automobile (auto) companies, and cement producers. By comparison, companies from information technology services, fast-moving consumer goods (FMCG), retail, and consumer durables were disappointed, experiencing a sharp slowdown in net sales growth and a relatively muted increase in reported net profit.
English Premier League leaders Manchester City and Chelsea slugged out a magnificent 4-4 draw at Stamford Bridge.
Companies, which missed out on listing earlier, are giving it another shot but with significantly-reduced issue sizes. In the recent past, companies such as TVS Supply Chain Solutions, Suraj Estate Developers, and ESAF Small Finance Bank have re-filed their draft red herring prospectuses (DRHPs) with the Securities and Exchange Board of India (Sebi). This came after they slashed their issue sizes by 20-60 per cent.
Captain Sunil Chhetri rose to the occasion with his 87th international goal as India won the Intercontinental Cup after beating Lebanon 2-0 in the final.
Corporate India's net profit as a percentage of gross domestic product (GDP) dipped in the 2022-23 financial year (FY23) -- after rebounding sharply in FY22 -- amid a decline in global commodity prices. Top 500 companies' combined net profit stood at 4.1 per cent of the GDP for FY23, down from 4.3 per cent in the previous financial year when it had gone up from just 3.5 per cent in FY21. "The year-on-year (YoY) decline was led by global commodities, which contributed adversely to the ratio, while the financial sector contributed positively.
Paris St Germain rebounded after their Champions League exit to ManchesterCity with a 6-0 victory over Caen in Ligue 1 on Saturday.
Novak Djokovic was not the only Serb making sporting headlines this week. Nikola Jovic led the Detroit Nuggets to their first NBA Championship. Meet the Most Valuable Player of the NBA Finals.
Jae'Sean Tate finished with 21 points and 10 rebounds for the Rockets, who fell for the second time in two days and have lost eight straight games.
A summary of Saturday's action in the English Premier League.
Life Insurance Corporation of India (LIC) declared disappointing results in Q1FY24. While it reported a net profit of Rs 9,540 crore in Q1FY24, this was attributable to the transfer of Rs 7,490 crore from non-participating (non-par) products to shareholders' accounts due to the accretion on available solvency margin. In operational terms, annualised premium equivalent (APE) declined and value of new business (VNB) margin was flat. But the medium-term prospects may be better.
The second-half strike gave Belgium a 1-0 win that saw them move into the second round as Group G winners over England, though victory means they face much the tougher half of the draw.
According to leaders of these economies who were speaking at a session at the 44th World Economic Forum Annual Meeting in Davos, the BRICS economies would rebound over the next few years, despite having been hit to varying degrees by fallout from the global financial crisis.
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