India witnessed a fresh increase in retail fuel prices on Friday after oil marketing companies raised petrol and diesel rates by Rs 3 per litre each, reflecting rising pressure from elevated global energy prices. The move marks another significant adjustment in domestic fuel costs as international crude oil markets remain volatile amid geopolitical tensions and supply-side uncertainties. Analysts believe the price revision could have broader implications for inflation, transportation costs, and household spending patterns.

Patel Engineering reported a sharp rise in profitability for the March quarter, with consolidated net profit more than doubling to Rs 71.49 crore compared with Rs 32.80 crore a year earlier. The improvement was primarily driven by a substantial reduction in operating expenses, despite a decline in overall income during the period. The company lowered quarterly expenses to Rs 1,311.3 crore from Rs 1,498.3 crore in the corresponding quarter last year.

Rapido has raised USD 240 million in a fresh funding round led by Dutch investment firm Prosus, strengthening the company’s position in India’s rapidly evolving mobility market. Existing investors including WestBridge Capital and Accel also participated in the financing round. The investment values Rapido at USD 3 billion on a post-money basis and takes its cumulative funding to approximately USD 730 million.

Alembic Pharmaceuticals Ltd reported a robust 29 percent increase in consolidated net profit for the fourth quarter ended March 31, reflecting sustained revenue growth across its business segments. The company posted quarterly net profit of Rs 202.7 crore compared with Rs 156.89 crore in the corresponding period last year. Revenue from operations also rose to Rs 1,847.72 crore, highlighting resilient demand and steady operational performance despite rising expenses.

India’s public sector banking industry recorded a significant improvement in asset quality during fiscal year 2025-26, with loan write-offs falling to multi-year lows across several major lenders. The decline reflects stronger recovery mechanisms, reduced bad loan inflows, and improved credit discipline across the banking system. Major institutions including Bank of Baroda, Punjab National Bank and Union Bank of India reported some of their lowest write-off levels in years.

India’s benchmark equity indices ended lower on Friday after surrendering strong early gains amid renewed investor concerns over surging crude oil prices and sector-specific selling pressure. The BSE Sensex declined 160.73 points to close at 75,237.99, while the NSE Nifty slipped 46.10 points to settle at 23,643.50, breaking a two-session winning streak. Weakness in metal, oil and gas, and PSU banking stocks weighed heavily on sentiment despite a positive start to the trading session.

ITC Hotels reported a robust financial performance for the March quarter, posting a 23.1 percent rise in consolidated net profit to Rs 317.43 crore amid sustained growth in India’s hospitality sector. Revenue from operations also climbed significantly to Rs 1,253.70 crore, reflecting rising travel demand, stronger occupancy trends, and improving premium hospitality consumption. Alongside its earnings announcement, the company revealed plans to acquire Zuri Hotels and Resorts for an enterprise value of Rs 205 crore, signaling a strategic expansion of its hospitality footprint.

Ola Electric Mobility Ltd has approved a major capital infusion of Rs 2,000 crore into its technology and battery subsidiaries as the company accelerates efforts to strengthen its position in India’s rapidly evolving electric vehicle market. The investment, cleared during a board meeting on May 15, includes Rs 500 crore allocated to Ola Cell Technologies Pvt Ltd through compulsory convertible preference shares. The move reflects Ola Electric’s long-term strategy to deepen vertical integration, enhance battery manufacturing capabilities, and expand proprietary technology infrastructure.

Flipkart has further consolidated its leadership position in India’s highly competitive e-commerce sector by maintaining an estimated 50-60 percent share of gross merchandise value (GMV) while recording the strongest weekly active user growth among major platforms. Recent market assessments indicate that the company added approximately 8.5 million weekly active users week-on-week, underscoring growing consumer engagement and repeat purchasing behavior.

India’s electric mobility sector is entering a transformative growth phase, with EV battery demand projected to surge from 20 GWh in 2025 to 200 GWh by 2032, according to projections released by India Energy Storage Alliance. The findings highlight the rapid acceleration of the country’s electric vehicle ecosystem and underscore the strategic importance of localized manufacturing and supply chain development. Industry experts believe India’s biggest long-term opportunity may extend beyond vehicle assembly into batteries, components, and advanced energy technologies.