The Indian rupee weakened to 87.53 against the dollar on Friday, despite likely RBI intervention, capping a turbulent week marked by new US tariffs. Portfolio outflows and higher-than-expected baseline tariffs contributed to the rupee's decline, hitting a record low of 87.59 on Thursday.
PNB Housing Finance shares plummeted over 17% following CEO Girish Kousgi's unexpected resignation, marking its worst fall since 2018. Kousgi, known for revitalizing struggling lenders, leaves a leadership void, being the third top-level exit this fiscal year.
Indian equity indices closed nearly 1% lower on Friday, marking their fifth consecutive week of losses due to concerns over potential US tariffs on Indian exports. The NSE Nifty ended at 24,565.35, while the BSE Sensex closed at 80,599.91. Pharma stocks were among the top losers, with Sun Pharmaceutical Industries tumbling 4.5%. Foreign portfolio investors sold shares worth 3,366.
Delhivery reported a significant 68.5% year-on-year increase in net profit for the first quarter, reaching 91 crore, driven by efficient operations and consistent revenue. The company's express parcel shipments experienced a 14% volume growth, reaching 208 million. The recent acquisition of Ecom Express is expected to further boost Delhivery's market share in the 3PL segment.
Adani Power's board has approved a stock split, dividing each share of 10 into five shares of 2, aiming to broaden retail investor participation. The company reported a 15.5% drop in its Q1 consolidated net profit to 3,305 crore, with revenue declining 5.9% to 14,167 crore. Despite this, EBITDA from continuing operations stood at 5,744 crore.
Figma Inc. witnessed a remarkable 250% surge on its IPO debut, marking the largest first-day increase for a US-traded company exceeding $1 billion in three decades. Despite subsequent volatility, its market value soared to $61.5 billion, surpassing expectations from its abandoned Adobe merger.
