Maruti Suzuki India posts 4.6% fall in Q4 net profit. Yes Bank CEO Ravneet Gill plans major shake-up, 14 top executives listed for a potential replacement. Jio overtakes Airtel to become India's second-biggest telecom company, behind Vodafone-Idea. Microsoft reports Q3 earnings, beating expectations with $30.6bn in revenue. Tesla reports net loss of $702m in Q1. Facebook stories cross 500 million daily users. Carlos Ghosn granted bail.
Moving on to the top Business stories of the day.
Maruti Suzuki India posts 4.6% fall in Q4 net profit.
Fall From Grace: Maruti Suzuki India has posted a 4.6% fall in Q4 net profit at INR1,795.6cr, on back of weak demand.
The automaker reported to have sold 458,479 vehicles in the three months ended March 31, down 0.7% from the same quarter last year. Total revenue for the period under review stood at INR21,459cr against INR21,166cr, up 1.4% YoY.
Something For All: Maruti also announced a dividend of INR80 per share for 2018-19, same as last year.
Yes Bank CEO Ravneet Gill plans major shake-up, 14 top executives listed for a potential replacement.
In A First: In a move unprecedented in India’s banking industry, Yes Bank CEO Ravneet Gill is looking to replace the entire top management, including some of ousted founder Rana Kapoor's trusted aides.
The bank has listed at least 14 top executives for a potential replacement in a span of two weeks.
You Ask Why?: The development is likely to be an attempt to remedy corporate governance lapses, lax risk management and credit disbursal policies, pointed out by RBI last year.
Details on the potential shake-up here.
Yes Bank gained c. 4.5% on back of the news, before closing at INR237.25.
Jio overtakes Airtel to become India's second-biggest telecom company, behind Vodafone-Idea.
Wining Hearts: As per data released recently, Jio has overtaken Airtel to become India's second-biggest telecom company, capturing 12% of active mobile users in the country, with over 30.6 crore subscribers. Vodafone-Idea still holds the top position with 38.7 crore users, while Airtel has slipped to the third place with 28.4 crore customers.
Read more on Jio’s swashbuckling growth here.
Unlike Any Other: Reliance Jio captured 12% of active mobile users in the country within a year of launching its commercial operations — the fastest market share gain among other telecom entrants globally, according to a report by international brokerage firm Sanford C Bernstein & Co. However, a closer analysis of Jio’s finances suggests that the profits are largely a function of its unique depreciation policy and its low interest cost, rather than high greater revenues or operating profit.
A deep dive into Jio's accounting method which has boosted its operating margins here.
Microsoft reports Q3 earnings, beating expectations with $30.6bn in revenue. Tesla reports net loss of $702m in Q1. Facebook stories cross 500 million daily users. Carlos Ghosn granted bail.
Microsoft Q3 Earnings: Microsoft posted its Q3 earnings, beating expectation with revenues of $30.6bn, up 14% Y-o-Y. Net income stood at $8.8bn.
The rise in revenue is credited to growth in "More Personal Computing," which includes Windows, Xbox/gaming, search advertising and Surface.
Tesla Q1: Tesla reported a wider-than-expected loss and less revenue in its Q1 earnings. The car-makers reported $4.5bn in revenue and a loss of $4.10 per share.
On an unadjusted basis, Tesla lost $702.1m, or $4.10 a share during the quarter ended March 31, vs a loss of $709.6m, or $4.19 a share during the same period last year.
Facebook Stories All The Way: During the Q1 2019 earnings call with investors, Facebook CEO Mark Zuckerberg has revealed that its Stories feature currently has over 500 million daily active users, a substantial jump from the 300 million number which it had revealed in September last year.
Ghosn Granted Bail: Former Nissan Motor Co. Chairman Carlos Ghosn was granted bail by a court in Tokyo.
This is the second time the court has approved bail for Mr. Ghosn since his arrest on Nov. 19 on financial-misconduct allegations. Mr. Ghosn was previously released on March 6 on bail of ¥1 billion ($8.9m) after spending more than three months in detention.
Scientists find a way to transform brain signals into spoken words and sentences.
Pathbreaking Experiments: As per a report in journal Nature, scientists have found a way to transform brain signals into spoken words and sentences, an approach which could potentially help people who have lost the ability to speak or gesture.
The technology tries to decode the brain signals produced when a person actually tries to speak.
Embrace Your Imperfect Self: After an emergency brain surgery to stop a massive stroke, Dina Pestonji had to relearn how to walk and speak. Read her stirring storywhere she talks about the strength she found in vulnerability.
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