Oil and Natural Gas Corporation Ltd announced a 13.7 per cent decline in net profit to Rs 9,535.67 crore for the third quarter in the current fiscal year, from Rs 11,044.73 crore logged in the same quarter in the 2022-23 fiscal year. The revenue for the public sector company also reduced to Rs 34,788.07 crore in the October-December quarter in the 2023-24 fiscal year, from Rs 38,583.29 crore registered in the corresponding quarter a year earlier.
Amazon founder Jeff Bezos offloaded about 12 million shares of the e-commerce and cloud services firm for about $2 billion on Wednesday and Thursday, the company revealed via an official filing on Friday. As per the annual report, the sale plan was adopted on November 8, 2023, and would be concluded by January 31, 2025, subject to certain conditions, reported Reuters. Notably, the firm said last week that Bezos will sell about 50 million shares in Amazon.
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The retirement fund body, Employees’ Provident Fund Organisation (EPFO), revealed on Saturday that the interest rate on employees’ PF was decided at 8.5 per cent for the FY24, indicating the highest rates in three years. Now, the body’s recommendation will be forwarded to the Finance Ministry for approval, the labour ministry said.
The interest rate marked the highest seen in three years, reported PTI. Earlier in March 2023, the retirement fund body increased the interest rate on EPF marginally to 8.15 per cent for 2022-23, while the same stood at 8.10 per cent in the preceding 2021-22 period.
In 2022, the official body reduced the interest rate on EPF for the 2021-22 period to 8.1 per cent. This marked the lowest rates since 1977-78, when the EPF interest rate stood at 8 per cent.
In the last trading session on Friday, the two key equity benchmarks, Sensex and Nifty, closed in the positive territory after trading without much gains amid volatility. The S&P BSE Sensex climbed 167 points to close at 71,595, while, the NSE Nifty50 settled marginally higher at 21,783, up by 65 points.
Earlier in the week, the RBI held its Monetary Policy Committee (MPC) meeting, with Governor Shaktikanta Das as the chair. The Governor informed that the central bank has kept the interest rates unchanged at 6.5 per cent. The decision was in line with the analysts’ expectations and also marked the sixth consecutive time that the repo rate was untouched.
Further, the banking regulator kept the standing deposit facility (SDF) at 6.25 per cent and projected the Gross Domestic Product (GDP) to grow at 7 per cent in the forthcoming fiscal year 2024-25, against the growth of 7.3 per cent logged in the current financial year. The projection for average retail inflation was 5.4 per cent in the current fiscal, while the same for FY25 stood at 4.5 per cent. The MPC is scheduled to meet next on April 3, 2024, for a period of 2 days.
Coal India, GE Power India, NHPC, Steel Authority of India, Zee Media Corporation, Bosch, Coffee Day Enterprises, Hindalco Industries, IRCTC, Siemens, VIP Clothing, Muthoot Finance, and Senco Gold are scheduled to release their earnings in their week.
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