Moneycontrol Selects: Top stories this evening

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Here are the top stories this evening:

Reliance Industries Limited (RIL) reported a 22.5 percent year-on-year growth in its consolidated net profit to Rs 16,203 crore for the quarter ended March, which was below analysts' expectations of Rs 17,167 crore. The oil-to-telecom conglomerate's consolidated revenue from operations surged 36.8 percent year-on-year to Rs 2.1 lakh crore for the reported quarter, which met Street's estimate of Rs 2.1 lakh crore.

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Reliance Industries' subsidiary Reliance Jio Infocomm reported a 13.6 percent quarter-on-quarter increase in net profit at Rs 4,313 crore for the quarter ended March, which was below the CNBC-TV18 poll of Rs 4,400 crore. The year-on-year growth in bottomline was 22.9 percent.

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AM Naik, group chairman of conglomerate Larsen & Toubro, said the merger between its two software units L&T Infotech and Mindtree is an excellent proposition and value accretive for shareholders, as the combined entity will create economies of scale and help it go after larger outsourcing contracts. Naik expects IT services to contribute at least 40 percent to the engineering behemoth's market capitalisation over the next 2-3 years.

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The Indian market fell 1.5 percent on May 6 amid weak global cues as investors remained worried on concerns over rising interest rates by global central banks which could hurt the global economic growth. More than 100 stocks, including Wipro, Zomato, Welspun India, Vivimed Labs, Spicejet PNB Housing Finance, Glenmark Pharmaceuticals, touched their 52-week low on the BSE.

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In a historic moment for the world’s third-largest startup ecosystem, India got its 100th unicorn earlier this week when Open, a neobanking platform for small and medium enterprises, raised $50 million at a valuation of $1 billion. These 100 unicorns have been aggressive in raising funds at high valuations as they sought to expand rapidly across sectors, verticals and geographies. Yet, when it comes to profitability, very few have managed to crack the code.

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Private power generation company Tata Power Company on May 6 reported a 31.4 percent year-on-year growth in consolidated profit at Rs 632 crore for the quarter ended March 2022, hit by impairment loss. The growth in topline, other income, and operating performance supported bottomline.

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The chairman of the Wadia group of companies, Nusli Wadia issued a public notice on May 6, claiming that Century Textiles, part of the Aditya Birla Group, does not own all of a 30-acre plot in Worli, Mumbai, and prospective buyers of the upcoming real estate project in that land parcel that it is being constructed on the disputed property.

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