Following extradition requests by India, liquor baron and former Kingfisher Airlines Ltd owner, Vijay Mallya, was arrested by London Police on Tuesday following India’s extradition request on fraud charges. He was let out on a bail of £650,000 ($830,000) and will have to return for another hearing on 17 May. Mallya is accused of wilfully defaulting on Kingfisher Airlines debt amounting to the tune of Rs9,000 crore.

2. IndusInd results suffer from one-time provision

IndusInd Bank Ltd’s net profit rose 21.2% year-on-year to Rs751.61 crore in the March quarter, a figure that is lower than Bloomberg analysts’ estimates of Rs791 crore. Profits rose on the back of higher net interest income and other income, according to results declared on Wednesday. They still fell short of analyst estimates as the bank had to make a one-time provision of Rs122 crore against a large corporate account, following the Reserve Bank of India’s advice to all banks on Tuesday.

3. WPI inflation falls in March

The wholesale price index (WPI)-based inflation fell to 5.7% in March from 6.5% in February owing to a fall in mineral and fuel prices. Mineral prices fell to 24% in March while fuel prices fell by 18% as diesel prices were revised lower, showed government data released on Monday. Food prices rose 3% in March, up from 2.7 % in February. Food prices rose due to higher prices of fruits, vegetables and rice.

4. Last phase of campaigning for MCD elections

Campaigning for the elections to the Municipal Corporation of Delhi intensified this week as the BJP announced that it would field top leaders such as Amit Shah and Rajnath Singh for the same. On 23 April, Delhi residents will vote for 272 wards of the city’s three municipal corporations, and votes will be counted on 26 April. The BJP has won each MCD election over the last decade.

5. Big Basket and Grofers exploring merger

Two online grocery firms, BigBasket and Grofers, have started talks for a merger. BigBasket, the larger of the two, has so far not been able to raise new funds. Grofers, on the other hand, is sitting on $50-60 million in cash. BigBasket is hoping for a $700-800 million valuation, according to a Mint report on Wednesday. The valuation for Grofers could be $150-200 million, it said.

6. TCS misses analyst expectations

Tata Consultancy Services Ltd (TCS) reported revenue of $4.45 billion in the March quarter, a 1.5% quarter on quarter increase and a 5.8% year on year increase. Net profit was $992 million, a 0.8% fall on a sequential basis and a year on year rise of 5.8%, according to Tuesday’s result declaration. The company missed both analyst estimates for both revenue and profit. A Bloomberg survey of 30 analysts had expected quarterly revenue at $4.62 billion and net profit at $1.03 billion.

7. Rail freight traffic rises

The Indian Railways’ freight traffic saw the fastest growth in at least five years, rising by 7.7% in March. The average distance a unit of goods travelled on the rail network decreased. It fell to 540km in March, from 610km three years ago. The sustainability of the current growth in volumes is also under a cloud, according to a Mint analysis published on Monday. Most of the rise was on account of the transport of raw materials. It is not clear if this will persist, given weak domestic investment trends.

8. Hedge funds bet on oil price rise

Oil futures rose to $53 a barrel for the first time in a month, according to a Bloomberg report on Monday citing US Commodity Futures Trading Commission data. Hedge funds have increased their bets on higher West Texas Intermediate (WTI) crude oil prices for a second week, it said. The prices are driven by two developments: more members of the Organization of the Petroleum Exporting Countries (Opec) have become willing to extend crude output cuts. At the same time, US crude oil stocks have fallen.

9. Rupee appreciation may hurt exports

As of Friday, the rupee has strengthened 5.2% on a year-to-date basis on the back of strong foreign fund inflows, a weaker US dollar and domestic developments. The appreciating rupee will help to keep inflation in check as importing crude oil will become cheaper. However, Indian exports will suffer, especially those sectors who earn the most in dollars, such as software, automobile and ancillaries, pharmaceutical companies and textiles.

10. IMD forecasts normal monsoons

The India Meteorological Department (IMD) announced on Tuesday that India will receive normal rains during the June-to-September south-west monsoon. It expects rainfall to be 96% of the long-period average (LPA), and the rains are also expected to be evenly distributed across the country. A normal monsoon will reduce drought-related rural distress and boost rural consumption.

Graphics by Prajakta Patil/Mint.

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