In top developments today, Larsen & Toubro Infotech and Mindtree announced a merger into the Larsen & Toubro Group. Meanwhile, the government received initial findings from the probe committee on electric vehicle fires which shows there was a failure of battery cells in all of the electric two-wheeler fire cases, Also, Reliance Jio reported a net profit of Rs 4,173 crore for the fourth quarter of the 2021-22 financial year that ended on March 31, 2022.

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BUSINESS/ECONOMY

EV fires took place due to defect in cells, battery designs and thermal management

The government has received initial findings from the probe committee on electric vehicle fires. Experts from the Indian Institute of Technology (IIT) Madras and the Defence Research and Development Organisation (DRPO) were roped in for an investigation, and the initial findings show that there was a failure of battery cells in all of the electric two-wheeler fire cases. Dig deeper

Reliance Jio posts net profit of Rs 4,173 crore, largely in line with estimates

Reliance Jio, the telecom arm of Reliance Industries Ltd (RIL), on Friday reported a net profit of Rs 4,173 crore for the fourth quarter of the 2021-22 financial year that ended on March 31, 2022. A CNBC-TV18 poll had predicted a net profit of Rs 4,400 crore for the quarter under review. Read more

CBIC praised for record Rs 1,67,540-cr GST revenue in April, high pandemic collections

Revenue Secretary Tarun Bajaj, after inaugurating SANKALP — an annual conference of principal chief commissioners, principal director generals of goods and services tax (GST) and customs on Thursday praised CBIC for doing exemplary work during the COVID-19 pandemic period. Read more

MARKET

You'll get 73 shares of L&T Infotech for every 100 shares of Mindtree after merger

Larsen & Toubro Infotech and Mindtree announced the amalgamation of both these independently listed IT services companies under the Larsen & Toubro Group. Upon the scheme becoming effective, all shareholders of Mindtree will be issued shares of LTI at the ratio of 73 shares of LTI for every 100 shares of Mindtree. Check details

Zomato founder pledges Rs 700 crore ESOPs for education of delivery partners' children

Online food delivery platform Zomato's founder and CEO Deepinder Goyal on Friday said he will be donating his ESOPs worth $90 million (nearly Rs 700 crore) to Zomato Future Foundation (ZFF) to help fund the education of children of its delivery partners. Read more

Home AC sales are booming but Voltas profits still took a hit and the street's dumping its shares

Shares of Voltas tanked about 10 percent intraday on Friday after the company reported lower-than-expected numbers for the quarter ended March. The global air conditioning and engineering services provider of the Tata Group reported a 24 percent year-on-year (YoY) decline in consolidated net profit at Rs 183 crore. Check details

INDIA

India orders all imported coal plants to operate at full capacity as emergency circumstances push power demand

The government has ordered all imported coal power plants ordered to operate at full capacity as power demand has surged almost 20 percent in energy terms, the Ministry of Power said in a statement on Thursday. Read more

India expects to seal FTA with European Union by next year: Piyush Goyal

Saying that India would be able to conclude an FTA with the EU by next year, Commerce and Industry Minister Piyush Goyal said already three rounds of negotiations have been held with the UK and there is a possibility of a fourth-round soon. Goyal added that he will be meeting the representatives on May 26-27. Read more

No COVID death in Delhi has gone uncounted, says Health minister Jain

A day after the World Health Organisation estimated that there were 4.7 million (47 lakh) deaths from the virus in India, Delhi Health Minister Satyendar Jain said no COVID death in the national capital has gone uncounted. Read more

WORLD

Food prices ease slightly in April after record surge, U.N. agency says

World food prices eased slightly in April after hitting a record high in March, but global food security remained a concern because of the difficult market conditions, the UN food agency said on Friday. Check details

United Nation rushes to evacuate civilians as battle rages at Ukrainian plant

Scores of Ukrainians remained trapped on Thursday in a Mariupol steelworks that has been rocked by heavy explosions as Russian forces fought for control of Ukraine's last stronghold in the ruined city and the United Nations rushed to evacuate civilians. Read more

US gave intel before Ukraine sank Russian warship Moskva, says official

The US says it shared intelligence with Ukraine about the location of the Russian missile cruiser Moskva prior to the strike that sank the warship, an incident that was a high-profile failure for Russia's military. Read more

YOU & I

Here's how much your home or car EMI will increase after RBI repo rate hike

The Reserve Bank of India (RBI) hiked the repo rate by 40 basis points in a surprise move to combat rising inflation. This may be worrisome for existing, and potential borrowers of home and car loans as their interest rate and subsequent EMIs will increase. Check details

This bank is offering 7% interest on FDs for senior citizens

The Mumbai-based IndusInd Bank is offering amazing benefits to depositors. A senior citizen here can earn 7 percent interest on their FDs up to five-year tenure, while the general category will be able to earn a 6.50% rate. These are higher FD rates compared to major banks. Check details

Will Android 13 come to your smartphone?

The public beta of Android 13 (codename Tiramisu) has been out for just about a week and slowly but steadily, updates on the latest iteration of the world's most popular mobile operating system (OS) are filtering in. Here's the timeline of Android 13 and how it is rolled out to different devices. Check details

Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

(Edited by : Priyanka Deshpande)

First Published:May 6, 2022 8:02 PM IST