In a major setback to the Enforcement Directorate (ED), the Bombay High Court on Wednesday quashed a magisterial court order and an FIR lodged against Indiabulls Housing Finance Limited (IHFL) and its promoters on the basis of which ED was probing a case under the Prevention of Money Laundering Act (PMLA).

Earlier in February, the ED had conducted raids in Delhi and Mumbai at the premises of Indiabulls and its promoters. The ED had also written to the National Stock Exchange (NSE) in this connection.

ABB India on Wednesday posted over two-fold jump in its net profit to Rs 370 crore in the March quarter compared to the year-ago period mainly on the back of higher revenues.

The net profit of the company was Rs 151 crore in the quarter ended on March 31, 2021, a company statement said.

The company follows January to December financial year.

Pfizer has set up a global drug development centre at the IIT Madras Research Park in Chennai.

The company has invested $20 million in the 61,000 square feet research and technology centre at the IIT Madras Research Park. While this centre will be part of a network of 12 global centres set up worldwide, it is the first and only one at present being set up by Pfizer in Asia.

Adani Green Energy Ltd (AGEL) on Wednesday posted over 16 per cent rise in its consolidated net profit to Rs 121 crore in the March quarter compared to year ago, mainly on the back of higher revenues.

The consolidated net profit of the company was Rs 104 crore in the quarter ended on March 31, 2021, a statement showed.

India reported 3,205 new coronavirus infections in a day, pushing the number of active cases to 19,509 and the overall tally to 4,30,88,118, according to the Union Health Ministry data updated Wednesday.

The data released at 8 am also showed that 31 fatalities were reported in a 24-hour span, taking the overall death toll to 5,23,920.

The rupee appreciated 8 paise to 76.40 against the US dollar in opening trade on Wednesday in anticipation of foreign fund inflows through LIC IPO.

At the interbank foreign exchange, the rupee opened at 76.46 against the American dollar, then gained further ground to quote at 76.40, registering a rise of 8 paise from the last close.

On Monday, the rupee had settled at 76.48 against the US dollar.

Paramount+, the global streaming service from Paramount Global, will launch in India in 2023 in partnership with Viacom18, as part of a recently announced agreement.

Bob Bakish, President & CEO, Paramount, outlined the company's global plans for the streaming service during its first quarter Earnings Report announcement on Tuesday.

India’s coal output soared by 28 per cent to 66.1 million tonnes (mt) in April amid high demand from thermal power plants as several parts of the country grappled with power shortage.

The overall coal production was at 51.6 mt in April 2021. “During the month of April, 2022 India's total coal production stood at 66.1 mt," the coal ministry said in a statement.

Ukrainian Prime Minister Denys Shmyhal has said Ukraine has received 4.5 billion euros (about $4.73 billion) in financial international aid since the start of the conflict with Russia, the government press service said.

Over the past week, Ukraine received $500 million in grant funds from the World Bank, Shmyhal added on Tuesday.

Shares of Titan Company hit an over three-month low of Rs 2,309, down 3 per cent on the BSE in Wednesday’s intra-day trade after the company reported a 7.21 per cent year on year (YoY) decline in its consolidated net profit at Rs 527 crore in the fourth quarter ended March 2022 (Q4FY22).

The stock of the Tata group firm was trading at its lowest level since January 27, 2022. In the past one week, it has underperformed the market by falling 9 per cent as compared to a 0.87 per cent decline in the S&P BSE Sensex.

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