Here are the top stories this evening:
US GDP dropped 1.4% annualised in Q1 2022, worse than expected
US economic growth fell 1.4 percent annualised in the first quarter of 2022 as the Omicron variant of COVID-19 and tapering of government spending hit consumers and business, government data said Thursday. The data was far worse than the mild increase analysts had expected, and came after the economy had grown 6.9 percent in the final quarter of 2021.
Read full story here
India's most valued firm Reliance crosses $250 billion m-cap for first time, widening gap with TCS
India's most valued firm Reliance Industries passed market capitalisation milestone of $250 billion for the first time with shares hitting a record high on April 28. The current gulf between Reliance and TCS stretches more than Rs 6 lakh crore. Such a widen gap was last seen on September 11, 2020.
Read full story here
Axis Bank Q4 profit jumps 54% on sharp fall in provisions, NII gains 17%
Axis Bank, one of the largest private sector lenders in India, reported on April 28 a massive 54 percent year-on-year growth in standalone profit for the quarter ended March 2022, largely driven by significant fall in provisions and improved asset quality performance.
Read full story here
Sensex surges 700 points, Nifty tops 17,200 | Five factors that aided bulls today
The market recouped all its previous day's losses and gained more than one percent on April 28, as all the sectors participated in the rally despite consistent selling by FIIs. However, overall, the market has been rangebound for a couple of weeks.
Read full story here
LIC grey market premium hints at listing gain for IPO investors
The premium on shares of Life Insurance Corporation of India in the grey market climbed 80 percent on April 28, with the company’s initial public offering – the largest in the country – set to open next week.
Read full story here
Twitter Q1 revenues miss estimates, but active users rise
Twitter released mixed first-quarter results Thursday, with revenues missing estimates but active users rising, three days after agreeing to be acquired by Elon Musk for $44 billion.
Read full story here
SBI Life Insurance net profit jumps 26% YoY in March quarter
SBI Life Insurance Co Ltd on April 28 reported a 26 percent rise in net profit at Rs 672.15 crore for the fourth quarter ended March. Net premium income rose 12 percent year on year to Rs 17,433.77 crore compared with Rs 15,555.74 crore in the same quarter last year.
Read full story here
Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Download your money calendar for 2022-23 here and keep your dates with your moneybox, investments, taxes