Reliance Jio’s net profit jumped 22.9 per cent to Rs 4,313 crore year-on-year (YoY) in the fourth quarter of FY22, thanks to an increase in revenue and data volume.

Jio, however, continued to lose subscribers for the third consecutive quarter. Its customer base shrunk 10.9 million to 410.2 million at the end of fourth quarter. The company blamed SIM consolidation for the drop in customer base. It said consolidation was now slowing as the tariff hike impact had been absorbed.

Reliance Retail’s net profit for the January-March quarter declined 4.8 per cent to Rs 2,139 crore, while its EBIDTA increased 2.4 per cent to Rs 3,705 crore in the same period. The country’s largest retailer cash profit for the quarter rose 3.8 per cent to Rs 2,878 crore.

For the 12 months ended March 2022, net revenue jumped 26 per cent to Rs 1.75 trillion, EBITDA was up 26 per cent at Rs 12,381 crore (up 29 per cent at Rs 10,932 crore, excluding investment income), and net profit was higher by 29 per cent at Rs 7,055 crore, over the previous year.

India's antitrust body conducted raids at several small mining services companies on Friday for allegedly colluding on prices while offering services to the world's biggest coal miner, Coal India, four sources told Reuters.

Officers of the Competition Commission of India (CCI) raided companies in Kolkata in West Bengal state and Ranchi and Dhanbad in eastern state of Jharkhand, said two of the sources, all of whom declined to be named due to sensitivity of the operation.

Shares of IT companies were leading the list of losers on the bourses on Friday after tech-heavy Nasdaq Composite index in the US witnessed its worst single-day sell-off in 2022 overnight on Thursday.

The Nifty IT index plunged 3.2 per cent on the National Stock Exchange (NSE), and was the worst hit index amid a broad-based sell-off. Individually, all 10 index constituents were down in the dumps led by Coforge (down 9 per cent), Mindtree (5 per cent), LTI (4.8 per cent), and LTTS (4.4 per cent).

Shares of ITC traded 2 per cent higher at Rs 267.25 on the BSE in Friday’s intra-day trade in an otherwise weak market. The surge comes on the back of healthy earnings expectation due to improved cigarette volumes and announcement of dividend. In comparison, at 10:22 am, the S&P BSE Sensex was down 1.8 per cent at 54,695 points.

"A meeting of the board of directors of the company has been convened for May 18, 2022, to consider audited financial results for the quarter ended March 31, 2022.

BJP MP Nishikant Dubey on Friday claimed that the Enforcement Directorate (ED) are raiding multiple locations linked to Jharkhand Mining Department Secretary Pooja Singhal.

Taking to Twitter, the BJP MP said that as many as 20 locations linked with Singhal in Ranchi, Delhi, Rajasthan, and Mumbai are being raided.

The rupee depreciated 38 paise to 76.73 against the US dollar in the opening trade on Friday, weighed down by unabated foreign fund outflows and firm crude oil prices.

At the interbank foreign exchange, the rupee opened at 76.61 against the American dollar, then lost ground to quote at 76.73, registering a fall of 29 paise from the last close.

On Thursday, the rupee had closed at 76.35 against the US dollar.

Elon Musk has secured about $7.1 billion of new financing commitments for his proposed $44 billion takeover of Twitter, winning the backing of some of the world’s largest investors.

He was also expected to serve as temporary chief executive officer of Twitter for a few months after he completes the deal, CNBC reported on Thursday.

Russian President Vladimir Putin held a telephone conversation with Israeli Prime Minister Naftali Bennett to discuss the Ukrainian situation.

The leaders on Thursday paid special attention to humanitarian issues, including the evacuation of civilians held by militants of nationalist battalions from the Azovstal steel plant, Xinhua news agency reported, citing a statement by the Kremlin.

Shares of Wipro hit a fresh 52-week low of Rs 484, down 3 per cent on the BSE in Friday's intra-day trade, extending their fall of the past five days. The stock has dropped 7 per cent during the period after the company reported a disappointing margin for March quarter (Q4FY22).

Going forward, the company has given a tepid guidance of 1 per cent to 3 per cent quarter on quarter (QoQ) in constant currency (CC) terms growth in Q1FY23, which translates into revenues of $2,748 million to $2803 million.

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