Top headlines: RIL posts 22% jump in Q4 net, Mindtree & LTI announce merger

Reliance Industries Ltd , India's most valuable company, reported a fourth-quarter profit on Friday that rose 22.5 per cent following strong performance across its energy, telecom and retail verticals. The Boards of Directors of Mindtree & LTI have approved the merger of these independently listed IT services companies under the Larsen & Toubro Group. 

RIL Q4 net up 22.5% to Rs 16,203 crore, revenue jumps nearly 37%

Oil to telecom conglomerate Reliance Industries on Friday reported a 22.5 per cent year-on-year growth in its consolidated net profit to Rs 16,203 crore for the quarter ended March. In the corresponding quarter in the last fiscal year it had reported net profit of Rs 13,227. Read more

Mindtree and LTI announce merger to create a $3.5 bn IT Services behemoth

The Boards of Directors of Mindtree and LTI approved the merger of both these independently listed IT services companies under the Larsen & Toubro Group. The proposed integration will see Mindtree and LTI join strengths to create a scaled-up IT services provider exceeding $3.5 billion. The transaction is subject to shareholder and regulatory approvals. Read more

Axis MF suspends two fund managers amid allegations of irregularities

Axis Mutual Fund has suspended two fund managers, Viresh Joshi and Deepak Agarwal, amid allegations of irregularities in managing their funds. The fund house has reassigned responsibilities to other fund managers for seven schemes. In a statement, the fund house said it has launched a suo moto investigation two months ago to probe potential irregularities. Read more

"Buyer beware": Wadia issues public notice against Century's realty project
 

Nusli Wadia, chairman of Wadia group of companies, issued a public notice to warn customers of Century Textiles saying the luxury housing project is being built on disputed land. The land parcel is valued at around Rs 1,800 crore to Rs 2,000 crore with development potential of upto Rs 15,000 crore. Read more

Tata Power's net profit rises over 31% to Rs 632 cr in March quarter

Tata Power has reported an over 31 per cent rise in its consolidated net profit to Rs 632.37 crore in the March 2022 quarter, mainly on the back of higher revenues. Its consolidated net profit was Rs 481.21 crore in the year-ago quarter, according to a statement. Read more