Short Stories: Your Monthly Business Wrap for May

Q4 Results a Mixed Bag

Rocked by allegations of accounting lapses, a forensic probe and top-level resignations, IndusInd Bank reported a net loss of ₹2,328.9 crore for Q4 FY25, a sharp reversal from a net profit of ₹2,349.1 crore in Q4 FY24. Meanwhile, amid global headwinds and a volatile geopolitical landscape, Reliance Industries’s consolidated profit for Q4 stood at ₹19,407 crore, compared to ₹18,951 crore in the corresponding quarter of FY24. India’s largest private-sector lender, HDFC Bank, reported a net profit of ₹17,616 crore in Q4, registering a growth of 6.7% yoy.

IMF Board Shuffle

India has temporarily appointed executive director at the World Bank, Parameswaran Iyer, as its nominee director on the IMF board, following the termination of former Chief Economic Adviser KV Subramanian’s tenure. The move preceded a crucial IMF meeting where a $1.3bn credit line to Pakistan was reviewed. Krishnamurthy’s dismissal, six months ahead of term, follows allegation of impropriety and clashes with IMF data interpretations.

Evera Bets on BluSmart EVs

Delhi-based electric cab start-up Evera has acquired 220 cabs earlier operated by the embattled electric cab-hailing company BluSmart. Evera eventually plans to add 1,000 BlueSmart taxis to its fleet and increase its capacity at airport terminals in Delhi. The company has operated in the business-to-business segment so far, but BluSmart’s abrupt exit has left the electric-mobility market open for new players.

Trade Win

After nearly three years of on-off negotiations, India and the UK signed a free trade agreement. Products from the UK, such as whisky, gin, automotive items, soft drinks, lamb, salmon, chocolate and biscuits will face reduced tariffs in India, while 99% of Indian product categories will now enjoy zero duty, opening up huge export opportunities in sectors such as textiles and marine products.

Fliers, Pay More

Passengers flying through Mumbai and Delhi now face higher travel expenses, both in the air and on the ground. Since May 16, Mumbai’s domestic departure User Development Fee has increased to ₹175, while international flyers pay up to ₹695, depending on the class of travel. The fee will fund airport infrastructure upgrade. Meanwhile, all three terminals at Delhi airport have hiked app-based cab pickup fees by 40%. The new levy now stands at ₹289, including GST.