These are the five must read business stories of the day:
1) HDFC Bank Q4 net profit up 20% to Rs 3,374 crore
HDFC Bank reported a 20% rise in its net profit at Rs 3,374 crore for the fourth quarter ended March 2016. The country's second-largest private lender had registered a net profit of Rs 2,807 crore in same quarter of 2014-15. Total income during the quarter rose to Rs 18,862.61 crore, from Rs 15,570.1 crore a year earlier. On the asset quality front, gross non-performing assets (NPAs) were flat at 0.94% of gross advances.HDFC Bank Q4 net profit up 20% to Rs 3,374 crore. Read the full story here.
2) Vijay Mallya ups bank settlement offer to Rs 6,868 crore: Reports
Business tycoon Vijay Mallya told the Supreme Court on Thursday that he was not obliged to reveal the details of his overseas assets to the 17-bank consortium of lenders since him and his entire family were non-resident Indians, and because none of his overseas assets were taken into stock while approving the loans that have now turned sour.
However, Mallya, as a bona file of his intention of resolving the bank loan default case along with several other cases against him, upped the settlement amount he would pay the banks to Rs 6,868 crore, according to reports. This includes the Rs 1,591 crore that he offered to deposit with the Supreme Court as a bona fide on Thursday. Read the full story here
3) India overtakes China as top FDI destination in 2015
India has replaced China as top destination for foreign direct investment by attracting $63 billion (nearly Rs 4.19 lakh crore) worth FDI projects in 2015, says a report. "India was the highest ranked country by capital investment in 2015, with $63 billion-worth of FDI projects announced," according to fDi Intelligence, a division of The Financial Times Ltd. Also there was an 8% increase in project numbers to 697. Read the full story here.
4) 65,000 rail coaches to be upgraded to European standards: Suresh Prabhu
Railway Minister Suresh Prabhu has emphasised on upgrading coaches in trains and bring them on par with those available in European countries. "Existing 65,000 coaches in Indian Railways will be upgraded or retrofitted to higher standards so as to make them more passenger-friendly and bring them on par with European standards," he said. Prabhu was addressing a function organised to mark centenary year of the Carriage Workshop in Matunga. Read the full story here.
5) Piyush Goyal says India is $1 trillion investment opportunity
Eyeing an investment of $1 trillion in the energy sector, India will set up help desks across the country as well as in the US, the UK, Australia and Japan to handhold investors through laws and regulations. Minister for Power, Coal and New and Renewable Energy Piyush Goyal, currently in the US, said investors have mainly expressed concerns on two issues -- health of power distribution companies and different regulations and regimes in states.
"I see in the next 5-6 years a $250 billion opportunity in the energy sector and by 2030, when we are planning to expand renewable energy also very significantly, I see a trillion dollar investment opportunity in India," he said. Read the full story here
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "Representational image")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}