NDTV Profit Pulse On May 20: Top 8 Stories At 8 P.M. Under 8 Minutes

The day's top stories include the rise in slowdown in industrial activity, Elon Musk's pivot from politics back to Tesla, the government's investigation into Gensol Engineering, and Hindalco Industries' fourth quarter results.

The index of eight core industries grew 0.5% in April, compared to 4.6% in March, according to data released by the Ministry of Commerce & Industry on Tuesday.

The slump came amid the unprecedented tariffs announced by US President Donald Trump on April 2 on all trading partners. The tariffs, which triggered a wave of uncertainty in exporting countries, were paused for 90 days a week later.

Five of India's eight core sectors witnessed expansions in April. The production of crude oil, refinery products and fertilisers recorded a contraction.

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IDFC First Bank is in talks with domestic institutional investors to allay any concerns over the appointment of a "non-retiring" director from Warburg Pincus on their board. According to people in the know, conversations with domestic institutional investors have already begun.

On Monday institutional investors voted against a proposal to appoint a non-retiring, non-executive representative from Currant Sea Investments on IDFC First Bank's board. Currant Sea Investments is an affiliate of Warburg Pincus. The resolution also sought to amend the articles of association of the bank.

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The Enforcement Directorate is investigating EaseMyTrip Chief Executive Officer Nishant Pitti for his alleged involvement in the Mahadev betting app scam, but he denied any wrongdoing while speaking to NDTV Profit.

As per several news reports that came out today, it is ED's case that Pitti was aware of the Mahadev app's illegal links and facilitated financial transactions through two shell companies. The agency has further alleged that these entities used proceeds from unlawful betting operations to manipulate the stock prices of several listed firms.

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Elon Musk said he’s committed to leading Tesla Inc. as chief executive officer in five years’ time, easing the concerns of some investors wary about his level of commitment to the carmaker.

Tesla shares jumped after Musk’s comments, trading up more than 3.6% in intraday trading before paring gains. The stock has declined 15% this year.

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The Ministry of Corporate Affairs (MCA) is targeting to complete its investigation into Gensol Engineering and 18 affiliated entities connected to Blusmart within the next three to five months, senior government sources told NDTV Profit.

The probe, which is focused on financial and corporate governance issues, could proceed without involving the Serious Fraud Investigation Office (SFIO) if sufficient evidence is found during the MCA’s own inquiry.

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Hindalco Industries Ltd. reported a 41% year-on-year rise in net profit for the fourth quarter of financial year 2025, beating analysts' estimates.

The company recorded a consolidated net profit of Rs 5,283 crore for the quarter ended March, compared to Rs 3,735 crore in the previous quarter of the last fiscal, according to its stock exchange notification. This was above Bloomberg's estimates of Rs 4,355 crore.

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The monsoon season this year is likely to hit Kerala earlier than the expected date of May 27, with favourable conditions developing over the next few days, the India Meteorological Department (IMD) said on Tuesday.

According to the IMD, the conditions are likely to become favourable for the onset of the southwest monsoon over Kerala within the next four to five days. This indicates that the monsoon could arrive before the IMD’s earlier forecast of May 27. If this happens, it will mark a further deviation from the usual onset date of June 1.

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A new wave of Covid-19 has been reported throughout Southeast Asia, with densely populated regions such as Hong Kong, Singapore, China, and Thailand witnessing a sharp rise in cases. Health authorities in major cities like Hong Kong and Singapore are on alert, while China and Thailand have urged citizens to take booster vaccinations to curb the spread.

India is closely monitoring the situation in the region, particularly the surge in cases in Singapore and Hong Kong, news agency PTI reported, citing official sources. However, the current Covid-19 situation in India remains under control, they reportedly added.

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