Reliance Industries (RIL) posted a better-than-expected financial performance for the January-March quarter of 2018, led by strong performance from the petrochemical, refining, retail and telecom businesses.

Net profit for the March quarter increased 17.3% year-on-year to Rs 9,435 crore, while revenue from operations (net of excise) increased by 37.83% to Rs 1,16,915 crore, largely led by increase in volumes with the start-up of new petrochemicals projects,

Wipro continues to under perform our revenue growth and margin expectations due to portfolio-specific issues that we think are likely to play out in Q119 as well. We believe this warrants a P/E multiple below peers; maintain underweight (UW).

Wipro reported revenue of $2,062 million (MSe $2,072 million). Revenue growth in constant-currency terms was 1.1% q-o-q (MSe 1.8% qoq).

The stock of Axis Bank gained 8.97%, on Friday, despite reporting its first-ever quarterly loss as investors were enthused by outgoing CEO Shikha Sharma’s declaration that the recognition of bad loans in this cycle is “nearly complete.”

The stock ended the session at Rs 538.90 on the BSE, and was the best performing Sensex stock on Friday.

Chanda Kochhar, the embattled chief of ICICI Bank, today made her maiden public appearance this evening after late last month reports emerged about allegations of conflict of interest involving her and her husband in extending loans to the Videocon Group.

The committee of creditors (CoC) in the Essar Steel insolvency resolution case has decided to issue notices, in compliance with the National Company Law Tribunal (NCLT) Ahmedabad Bench’s order of April 19, to ArcelorMittal and Numetal to cure their ineligibility.

The notice, which has not yet been officially issued, will ask bidders ArcelorMittal and Numetal to comply with the NCLT Bench order, said a source.

The country’s top carmaker, Maruti Suzuki, on Friday reported 10 per cent growth in profit for the quarter ended March 31, 2018. Net profit for the three months stood at Rs 18.8 billion, lower than analysts’ expectations of over Rs 22 billion. The company said an increase in corporate tax rates affected profitability.

Maruti Suzuki also reported a record annual profit of Rs 77.21 billion for the year ended March 31.

North Korean leader Kim Jong Un and South Korean President Moon Jae-in agreed Friday to finally end a seven-decade war this year, and pursue the “complete denuclearisation” of the Korean Peninsula.

The two leaders embraced after signing the deal during a historic meeting on their shared border, the first time a North Korean leader has set foot on the southern side.

On Friday, Maruti Suzuki will report the financial performance for the January – March 2018 quarter (Q4FY18) and the full financial year 2017-18 (FY18).

The automobile sector, which witnessed a healthy sales growth in FY18 led by higher demand from rural markets and the fast-growing SUV segment, should continue to do well in the new fiscal year (FY19) as well, analysts say.

Hyundai Motor said it will cancel $890 million worth of treasury shares, its first stock cancellation in 14 years - a plan that comes amid heavy shareholder pressure to improve returns, restructure and bounce back from dismal earnings.

US activist hedge fund Elliott Management ramped up pressure on the South Korean automaker this week, calling for a holding company structure, a share cancellation as well as the addition of three independent board members.

Bengaluru: Wipro has ceded ground to HCL Technologies as the third biggest IT services exporter in terms of market capitalization, and the chasm between the two is getting bigger. That’s not good news for a company that was part of the troika – alongside TCS and Infosys – that helped make a name for India in the global outsourcing map.

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