A Hero Photon Electric scooter in Odisha reportedly caught fire while it was being charged and the incident has left the scooter partially damaged.

According to media reports, the incident was first reported on Wednesday, and the cause is thought to be a short circuit at the power socket from where the electric scooter was being charged overnight.

Shares of Piramal Enterprises hit a 52-week low of Rs 1,679, down 10 per cent on the BSE in Friday's intra-day trade, after the company's financial services business reported loss of Rs 321 crore in March quarter (Q4FY22) due to additional provisioning and interest reversals totaling Rs 1,037 crore. The company had posted profit after tax (PAT) of Rs 243 crore in Q4FY21.

The company said additional provisioning and interest reversal totaling Rs 1,037 crore corresponded to select wholesale non-RE accounts that moved to Stage-2.

On Friday, the Singapore-based telecom company, Singtel made its intent about strategic investments in associate telcos (which include Bharti Airtel) clear. In a press statement, the company dubbed as "market speculation" reports about its intention to sell 1-2 per cent of its stake in the Indian telecom major for around $1-2 billion. The company reiterated that, "we have been a strategic investor in Airtel for decades and it remains a core investment in our international portfolio."

Nifty Next 50 index hit a 52-week low of 36,533 points on the National Stock Exchange (NSE) after a sharp sell-off in stocks like Steel Authority of India (SAIL), Vedanta, Mindtree, Info Edge (India), Zomato, NMDC, Berger Paints, Lupin, L&T Infotech and FSN e-Commerce Ventures (the parent company of beauty e-tailer Nykaa).

In the past one month, these stocks were down in the range of 20 per cent to 28 per cent, as compared to 14 per cent decline in the Nifty Next 50 index. In comparison, the benchmark Nifty 50 index was down 7 per cent during the same period.

Shares of InterGlobe Aviation – the parent company of IndiGo – soared 10 per cent to Rs 1,808.5 apiece on the BSE on Thursday after the company’s chief executive officer (CEO) Ronojoy Dutta said that profitability was the top-of-the-mind priority for the company.

"You almost have to hit the point - the sweet spot just right - because you can keep pushing up fares and then at a certain point demand actually falls off… So, you have a tug-of-war, but the key to profitability is to keep managing our business on the revenue side," he said.

IT services major Infosys has recommended to revise the compensation package of its CEO Salil Parekh to Rs 79.75 crore up 88 per cent from his previous salary of Rs 42.50 crore, said the company’s annual report for fiscal 2022.

These changes are part of the recent announcement of reappointment of Parekh as the CEO and MD of the company for five years.

As edtech platforms start bleeding in India, Unacademy, which recently laid off over 600 employees, has predicted a funding winter that can last as long as 18 months, saying it will cut costs wherever required to weather the dry spell and become profitable.

In a letter to employees, Unacademy's co-founder and CEO Gaurav Munjal said that "we must learn to work under constraints and focus on profitability at all costs".

Japanese lender MUFG Bank will establish a branch at the Gujarat International Financial Tec City (GIFT City) in Ahmedabad for foreign currency-denominated lending business. This will be its sixth branch in India.

MUFG can support its domestic as well as global clients with an expanded suite of financial services. At present it has presence in Mumbai, Delhi, Bengaluru, Chennai and Neemrana.

Grasim Industries Ltd, an Aditya Birla group company, is planning to raise upto Rs 2,000 crore through debentures to fund its capital expenditure programme.

The company has lined up investment for foray into decorative paints with project cost estimated at Rs 10,000 crore by FY25.

Pune-based energy distribution startup Repos Energy on Wednesday said it has raised Rs 56 crore from Tata Sons Chairman Emeritus Ratan Tata and other investors.

The fresh capital as part of pre-series A funding round is in combination of equity and debt, the company said.

Repos Energy, however, did not disclose the identity of the other investors.

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