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The company also incurred expenses of Rs 120 crore during the quarter for changes in inventories of finished goods, work-in-progress and stock-in-trade.

Revenue from operations grew 150 per cent to Rs 161 crore in the quarter under review from Rs 64.5 crore in the corresponding period of the previous year

The Dow Jones Industrial Average rose 173.81 points, or 0.56%, at the open to 31,426.94.

LIC stock has fallen 13 per cent from its issue price of Rs 949 to Rs 826. In that process, shareholders of the company have lost over Rs 77,000 crore of their wealth. The company also lost its place as the fifth largest company as well as its market cap fell below HUL.

The steep decline of May 19 was arrested near the swing low of 15,735, said Gaurav Ratnaparkhi of Sharekhan, who added that the March low of 15,671 offered additional support on the downside.

Silver also rallied Rs 585 to Rs 61,657 per kg from Rs 61,072 per kg in the previous trade.In the international market, gold was trading higher at USD 1,845

Buying the dip is the mantra most BTC traders live by, thanks to the inherently volatile nature of the crypto market.

Total expenses were higher at Rs 3,280.78 crore as compared to Rs 2,673.58 crore in the corresponding period a year ago, with cost of materials consumed rising to Rs 2,219.63 crore from Rs 1,839.4 crore in the same quarter previous year.

“From worries of deflation two years ago, we are now in the midst of heightened worries about inflation. It remains to be seen how this actually plays out just as two years ago, the demand collapse situation did not play out, we will have to see whether the supply constraints continue or improve.”

The sales revenue jumped 24% from a year earlier to Rs 104,942 crore in the Jan-March period on higher prices. The gross refinery margin (GRM) was $12.44 per barrel for the quarter compared to $8.11 for the same period in the previous year.