All eyes are set on 224 Assembly seats of Karnataka that went for polls on May 10, as the counting of votes started at 8 am on Saturday amid tight security.

While the majority of exit polls have placed the Congress ahead of the Bharatiya Janata Party (BJP), which is currently in power, they also predict a hung Assembly in the state. As the counting is underway, Congress leaders expressed confidence that the grand old party will get a comfortable majority with more than 120 seats.

The Supreme Court, which heard a few cases on Friday, indicated that it may grant three more months to Sebi for concluding its probe into the allegations of stock price manipulation by the Adani group and lapses in regulatory disclosure, and listed a batch of PILs and plea by the market regulator on May 15.

Maruti Suzuki will invest over $5.5 billion in India and double its production capacity to four million vehicles a year by 2030, a report by The Economic Times (ET) said on Friday. This will be done to increase exports and enhance the company's local market share.

The automaker will invest Rs 45,000 crore to start eight assembly lines with an annual production capacity of 250,000 units each across two new facilities, the report added. The construction of a new unit in Haryana's Kharkhoda has already started.

The Union government's 76,000-crore incentive scheme earmarked for the industry to develop semiconductors and display manufacturing ecosystem in the country will not have a closing date, a report published in Financial Express (FE) said. This marks a change in the government's policy towards the semiconductor industry.

Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar told FE that companies that want to apply for the scheme can do so at any point in time.

Shares of South Indian Bank garnered strong investor interest as it soared 12.5 per cent to Rs 18 per share, after the private sector lender registered a 23 per cent year-on-year (YoY) rise in net profit to Rs 334 crore in the January-March quarter of FY23 (Q4FY23).

In the past one month, shares of South Indian Bank soared 20 per cent, as against a 2 per cent rise in the S&P BSE Sensex. Earlier, the stock had hit a 52-week high of Rs 21 per share on December 15, 2022.

Reliance Jio Infocomm Ltd and Bharti Airtel Ltd are equally splitting the telecom subscribers that are exiting Vodafone Idea (Vi), the latest data from the Telecom Regulatory Authority of India (Trai) showed.

Over 2 million wireless subscribers exited Vodafone Idea in February. Reliance Jio gained 1 million, and Airtel added 982,554 subscribers. The data showed that the total number of wireless subscribers fell by over a million during the month.

With the approval of its board, Zee Media Corporation Limited (ZMCL) is set to go ahead with its bid for Reliance Broadcast Network Limited (RBNL), a report published in The Economic Times (ET) said. It should be noted that RBNL has been put under the corporate insolvency process by the National Company Law Tribunal (NCLT).

In its company filing, Zee Media said that a resolution had been passed on May 5, 2023, that granted approval to the company to submit its expression of interest (EOI) with the Corporate Insolvency Resolution Process (CIRP) of RBNL.

Global index provider MSCI has dropped Adani Transmission and Adani Total Gas from its India index—a move that will result in selling worth Rs 3,200 crore ($390 million) in these two counters by passive sellers. The change will become effective from May 31.

MSCI has said if these two Adani group stocks get locked in their lower trading limit for a cumulative 5 minutes on May 31, the deletion will take place at zero value. If not, the index provider will use the official closing price.

Abhishek Ganguly will step down from his role as the managing director of Puma India and its global director of retail and e-commerce Karthik Balagopalan will take on the post from August 1, the company announced on Thursday.

Ganguly had been the MD of the company since 2014. "Abhishek leaves Puma to pursue a career as an entrepreneur in his own venture," the company said.

Delhi Police’s Economic Offences Wing (EOW) has lodged a first information report (FIR) against Ashneer Grover, former managing director of BharatPe, his wife Madhuri Jain Grover, and other members of the family on BharatPe’s complaint. The New Delhi-based fintech giant has accused Grover and his family of defrauding it to the tune of Rs 81.28 crore. EOW now has the power to arrest all the accused.

If found guilty, Grover and his family can face up to 10 years of imprisonment.

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