Top headlines: Musk puts Twitter deal on hold, SBI Q4 profit rises 41%

Elon Musk says his $44-billion deal for Twitter Inc was temporarily on hold, citing pending details on spam and fake accounts

India's biggest lender State Bank of India reported a 41 per cent rise in its net profit for the fourth quarter ended March 2022. The lender also announced a dividend of Rs 7.10 per share. Elon Musk on Friday put his $44-billion deal for Twitter Inc temporarily on hold, sending the social media company's shares some 20 per cent lower in pre-market trading and on the Frankfurt stock exchange.

SBI Q4 result: Profit rises 41% to Rs 9,113 cr; Rs 7.10-dividend announced
 

Country’s biggest state-owned lender, State Bank of India (SBI), on Friday reported 41.2 per cent year-on-year (YoY) rise in net profit at Rs 9,113.5 crore for the quarter ended March 31, 2022 (Q4FY22). The lender also announced dividend of Rs 7.10 per share.“The Central Board of the Bank, at its Meeting held on 13th May,2022, has declared a Dividend of Rs 7.10 per equity share (710 per cent) for the financial year ended 31 March, 2022.The date of payment of Dividend is fixed on June 10, 2022," it said in a statement. Read more

Musk says $44-bn Twitter deal on hold, seeks details on spam accounts
 

Elon Musk said on Friday his $44-billion deal for Twitter Inc was temporarily on hold, citing pending details on spam and fake accounts. "Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users," Musk said in a tweet. Read more

Tesla puts India entry plan on hold after deadlock on tariffs: Report
 

Tesla Inc has put on hold plans to sell electric cars in India, abandoned a search for showroom space and reassigned some of its domestic team after failing to secure lower import taxes, three people familiar with the matter told Reuters. The decision caps more than a year of deadlocked talks with government representatives as Tesla sought to first test demand by selling electric vehicles (EVs) imported from production hubs in the United States and China, at lower tariffs. Read more

LIC issue price fixed at Rs 949 a share; policyholders get discount
 

The government has fixed the issue price of LIC shares at Rs 949 apiece, the upper end of the IPO price band, ahead of the listing of the country's largest insurer on May 17. However, LIC policyholders and retail investors have got the shares at a price of Rs 889 and Rs 904 a piece, respectively. The Initial Public Offering (IPO) of Life Insurance Corporation (LIC) closed on May 9 and shares were allocated to bidders on May 12. Read more

Exports rise 30.7% to $40.19 bn in Apr; trade deficit widens to $20.11 bn
 

India's merchandise exports surged 30.7 per cent to USD 40.19 billion in April on account of healthy performance by sectors like petroleum products, electronic goods and chemicals, even as trade deficit widened to USD 20.11 billion during the month, the commerce ministry said on Friday. Read more