Top headlines: TCS Q4 net profit rises 7%; Shehbaz Sharif new Pak PM

The Pakistan Muslim League Nawaz's (PML-N) president Shehbaz Sharif was elected as the new Prime Minister of Pakistan by the Parliament on Monday, unopposed. While the crude oil prices dropeed by $4 a barrel on plans to release record volumes of crude and oil products from strategic stocks and China lockdowns. Read the top headlines for the day and other information below.

TCS Q4 net profit rises 7% to Rs 9,926 cr, revenue surges 16%

The country's largest software services firm, Tata Consultancy Services (TCS), on Monday reported a 7% rise in consolidated net profit to Rs 9,926 crore for the March 2022 quarter. This is against a net profit of Rs 9,246 crore in the year-ago period, TCS said in a regulatory filing.

The consolidated revenue of the IT major grew 16% to Rs 50,591 crore in the quarter under review from Rs 43,705 crore a year ago, it added. Read more

Shehbaz Sharif elected as new Prime Minister of Pakistan

Shehbaz Sharif, the Pakistan Muslim League-Nawaz (PML-N) president, was elected unopposed as the new Prime Minister of Pakistan by Parliament on Monday after rival candidate Shah Mahmood Qureshi announced that his Pakistan Tehreek-e-Insaf party will boycott the voting and staged a walkout.

Shehbaz, 70, was the only candidate left in the race after Qureshi's boycott of the election in the National Assembly. Read more

Oil drops below $100 on reserves release and China lockdowns

Oil prices dropped by $4 a barrel on Monday, with Brent crude tumbling below $100 on plans to release record volumes of crude and oil products from strategic stocks and on continuing coronavirus lockdowns in China.

Brent crude for June delivery was down $3.93, or 3.8%, at $98.85 a barrel by 1130 GMT. U.S. West Texas Intermediate crude lost $4.19, or 4.3%, to $94.07. Read more

KKR signs deal to buy 10% stake in Shriram Gen Insurance for Rs 1,800 cr

Global investment major KKR & Co has entered an agreement to acquire 9.99 per cent stake in Shriram General Insurance (SGI) for about Rs 1,800 crore. KKR will acquire the stake owned by Shriram Capital in Shriram General Insurance.

“KKR’s investment will position Shriram General Insurance for continued growth in India’s fast-growing general insurance industry,” the company said in a statement. Read more