Daily Research Report || May. 17, 2023

With the exception of 2020, when a pandemic-induced lockdown stopped the majority of the country's development, unseasonably rainy conditions caused national-highway building in April to stand at 523 km, or 17.4 km per day. This made it the slowest start to a fiscal year in the previous six years. The busiest time for building is often from March to June due of the favourable weather and economic climate. However, there were several rainy periods throughout April around the nation. According to predictions, this pattern will become less frequent in the upcoming months. This would indicate that before the monsoon arrives, roadway development may increase in May and June.

On the eve of the first ministerial meeting of the Brussels India-European Union Trade and Technology Council meeting, India and the European Union (EU) emphasised the necessity of advancing the current trade agreement discussions by reaching agreement on all points. Both parties tried to take into account each other's sensibilities, especially those on market access, in order to achieve fair and significant results that would benefit both sides' economies, jobs, and commerce and industry ministries.

In order to encourage private sector investment in the construction of small modular reactors (SMR) to decarbonize India's energy industry, NITI Aayog has advocated for the establishment of appealing financing frameworks, such as combining funding and green bonds. The Aayog also proposed that the availability of low-cost financing, green financing, and the inclusion of nuclear within green taxonomy might enhance the economics of SMR projects in a paper titled The Role of Small Modular Reactors in Energy Transition. 

The strong rise in demand across the board contrasts with the weakening observed outside of Asia, with the Indian economy playing a significant role in the superior performance of Asian economic development. According to Morgan Stanley, India would contribute 16% of the increase in the global gross domestic product (GDP) between 2023 and 2024 as a result of a mix of structural and cyclical tailwinds. Numerous recent signs point to a solid and broad-based recovery in India that is well-positioned to support growth rates over 6%.

Bharti Airtel said that its income for the three months that ended on March 31 increased by 14.3% to Rs 36,009 crore from Rs 31,500 crore in the same quarter in 2021–2022. Its India division reported a quarter-over-quarter increase in revenue of 12.2%, to Rs 25,250 crore. For the fourth quarter that concluded on March 31, 2023, Bharti Airtel's consolidated net profit increased by 49.2% to Rs 3,005.6 crore. In the same time a year prior, the firm reported a net profit of Rs 2,007.8 crore.  The company's average revenue per user (ARPU), a crucial performance metric for telecom companies, was at Rs 193, unchanged from the previous quarter but up 8.4% yearly.

 Jindal Steel & Power Ltd (JSPL) reported a profit after tax (PAT) of Rs 466 crore for the three months ending in March. This is a decrease of 69.4% from Rs 1,527 crore one year earlier. In comparison to the same period last year, the company's consolidated total sales decreased by 1.9% to Rs 15,781 crore during the March quarter. Out of the earnings of the company for the financial Year 2022–2023, the board of directors examined and proposed the final Dividend for the financial year, which is Rs. 2 per equity share with a face value of Rs.

For the three months ending in March, JK Paper Ltd. reported a combined net profit after tax of Rs 280 crore, boosted by better pricing for its papers and packaging boards as well as lower input costs in some areas. From Rs 170 crore a year earlier, this is an increase of 64.7%. Comparing the March quarter to the same period last year, the company's consolidated total income increased by 29.22% to Rs 1,760 crore.

For the quarter that ended in March 2023 (Q4 FY23), Bank of Baroda's (BoB) net profit increased by 168% year over year (YoY) to Rs 4,775 crore on strong growth in advances and net interest income. In comparison to FY22, when it had a net profit of Rs 7,272 crore, it had a net profit of Rs 14,110 crore in FY23. A dividend of Rs 5.5 per share (with a face value of Rs 10 apiece) was suggested by the board of directors.