Moneycontrol Selects: Top stories this evening

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Here are the top stories this evening:

Govt weighs selling part of BPCL instead of full stake: Report

Govt officials are considering inviting bids for a 20-25 percent stake in BPCL, instead of an outright sale of its entire 52.98 percent holding, the two government officials, who declined to be named, told Reuters.

Read the full story here.

RBI says six applicants found not suitable for bank permits

The Reserve Bank of India (RBI) on May 17 said it has found six applicants not suitable for permits of small finance bank licences and universal bank licences after an examination. The RBI had received 11 applications to set up banks under the guidelines for ‘on tap’ licensing of universal banks and small finance banks.

See here which banks couldn't make the cut.

IOC posts highest revenue by any Indian company, record profit in FY22

Indian Oil Corporation (IOC), the nation's biggest oil firm, on May 17 reported a 31.4 per cent drop in the fourth quarter net profit as record refining margins were wiped away by a margin squeeze in petrochemicals and losses on auto fuel sales.

Here's the full report card on how the company performed in the fourth quarter.

Bharti Airtel Q4 Result | Net profit jumps more than 2x to Rs 2,008 crore; revenue grows 22% YoY

The strong growth in the bottomline of the company came from the resilient topline performance as the growth in consolidated net sales was aided by the tariff hikes undertaken by the sector in the past two quarters.

Read more.

LIC IPO market debut: Investors lose over Rs 50,000 crore

Investors of Life Insurance Corporation of India (LIC) lost over Rs 50,000 crore on the stock’s debut on May 17. It listed at Rs 867.20 per share, an over 8.5 percent discount to its issue price, after the firm's initial public offering was oversubscribed nearly three times last week.

Here's the full story

BofA revises Nifty target to 16,000 from 17,000, cites faster rate-hike risks

BofA has revised to 16,000 from 17,000 the Nifty target for the end of the calendar year 2022, citing a faster than expected interest rate hiking cycle by the US Federal Reserve.

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Challenge for India is to sustain 8-9 percent growth for three decades: Niti Aayog CEO

India has done extremely well on the vaccination front and the challenge for the country is to grow 8-9 per cent over the next three decades, Niti Aayog CEO Amitabh Kant said on Tuesday.

Here's everything Kant said at the event organised by Public Affairs Forum of India.

Sachin Bansal says not the end of the road after RBI rejects banking licence application

The announcement from the RBI came when Bansal was addressing a press conference to announce the company's maiden issue of Non-Convertible Debentures (NCDs). Bansal said it was not the end of the road and the company would also consider appealing RBI's decision.

Read more.