Mahindra & Mahindra (M&M) on Friday reported an 18% jump in consolidated profit at Rs 2,637 crore for the March quarter and highest-ever annual profit of Rs 10,282 crore in FY23. Revenue increased to Rs 32,366 crore for the fourth quarter of FY23, as compared to Rs 25,934 crore in the year-ago period. PTI
Forex reserves drop by $6 bn to $593.48 bn
India’s foreign exchange reserves dropped by $6.052 billion to $593.477 billion during the week ended May 19, RBI said on Friday. The drop in the kitty has snapped two consecutive weeks of increases. In the previous reporting week, the overall reserves had increased by $3.5 billion to take the overall quantum just shy of $600 billion. PTI
Reliance Consumer forays into snacks category
Reliance Retail has partnered with General Mills, a leading US-based maker of branded processed consumer foods, entering into the snacks segment. Under the brand Alan’s Bugles, it will offer a top-notch snacking experience, which will be available at pocket-friendly price starting from Rs 10. PTI
Indian-origin billionaire Mukesh Jagtiani dead
Indian-origin billionaire Mukesh Wadhumal Jagtiani, who founded the Landmark business group and expanded it across the Gulf region, died here on Friday at the age of 70, according to media reports. Jagtiani, who was also known as “Micky Jagtiani” ranked 511 on the Forbes’ 37th annual world’s billionaires list.
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