Here is a collection of the most important stories this evening:
GQG Partners' Rajiv Jain raises Adani stake by about 10% for $3.5 billion bet
Veteran investor Rajiv Jain’s GQG Partners LLC has raised its stake in billionaire Gautam Adani’s conglomerate by about 10% and will take part in the conglomerate’s future fund-raising, doubling down on what he calls “the best infrastructure assets available in India.” Read more here.
Ashok Leyland Q4 results: Net profit drops 17% YoY to Rs 751 crore; dividend declared
Commercial vehicles maker Ashok Leyland on May 23 reported nearly 17 percent drop in standalone net profit at rs 751 crore for the quarter ended March 31, 2023. The automaker had reported a profit of Rs 901 crore in the year-ago period. Read more here.
Top 10 trading ideas for next 3–4 weeks as bulls take charge of Nifty, 8 weeks on
The 18,050-18,000 level was safeguarded firmly, showcasing the importance of pivotal support and is expected to act as a sheet anchor in the comparable period. On the higher end, 18,400-18,450 is likely to act as the sturdy wall and a decisive breach would only trigger fresh longs in the system in future. Read more here.
OMCs likely to benefit from improving marketing environment in FY24: Analysts
State-run Oil Marketing Companies (OMCs) booked large profits in the fourth quarter of the financial year, helped by a decline in crude oil prices. Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) reported a better-than-expected gross refining margin (GRM) in Q4. Read more here.
Indian carriers not even carrying half the international traffic from India
Directorate General of Civil Aviation (DGCA) data on international traffic in the January-March quarter of 2023 threw up some interesting numbers. Indian carriers had a share of 43.86 percent of International traffic to and from India during the quarter. This definitely is better than Q4-CY19, the last full quarter before the onset of COVID, when Indian carriers had a 39.2 percent share. Read more here.
Infosys unveils AI-first offering Topaz, sees huge interest from clients
Infosys, one of the early donors to OpenAI, said it has used its own applied artificial intelligence (AI) framework to develop an AI-first core that potentially has over 12,000 use cases, more than 150 pre-trained models, and over ten platforms. Read more here.
PM Modi, Albanese laid foundation stone of 'Little India' during special community event in Sydney
Prime Minister Narendra Modi and his Australian counterpart on May 23 jointly laid the foundation stone of ‘Little India’ gateway to be built in Harris Park here as a symbol of the friendship between the two nations and to recognise the diaspora’s immense contribution. Harris Park is a hub in Western Sydney where the Indian community celebrates festivals and events such as Diwali and Australia Day. Read more here.
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