News digest: RIL Q4 results, Bank stocks rally, Hindi audiences, and more

Q4 results: RIL posts record profit of Rs 94.35 bn; Jio's net at Rs 5.10 bn 

Mukesh Ambani-led Reliance Industries (RIL) reported a consolidated net profit of Rs 94.35 billion for the quarter ending March 31 (Q4) on the back of improved performance of its petrochemical and retail businesses. 

The company’s refining business saw some weakness, which though was compensated by the petrochemical and retail businesses. Jio, its telecom business, posted in-line performance for the quarter.

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Aditya Ghosh decides to move on after almost a decade in IndiGo cockpit 

After almost a decade in the cockpit of IndiGo, President Aditya Ghosh has decided to move on. In a statement on Friday, he said he would step down on July 31.

Gregory Taylor, who had earlier led the revenue management team, will take over as president and chief executive officer (CEO), after regulatory and security clearance. Rahul Bhatia, promoter of IndiGo, will be interim CEO. 

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Bank rally lifts markets to three-month high; Sensex, Nifty climb over 7%

The Indian markets on Friday climbed to their highest level in nearly three months, led by sharp gains in banking stocks on optimism that the worst of the bad loan cycle was over.

A rally in global equities amid softening US bond yields and improvement in ties between North Korea and South Korea boosted investor sentiment.

The Sensex gained 256 points, or 0.74 per cent, to close at 34,969, while the broader Nifty closed 74.5 points, or 0.7 per cent, higher at 10,692.

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PM Narendra Modi, China's Xi Jinping boost ties at Mao's favourite retreat 

Prime Minister Narendra Modi and Chinese President Xi Jinping on Friday held multiple meetings as part of an unprecedented two-day informal summit to “solidify” India-China ties and exchanged views on how the two countries could work together for the benefit of their people and the world.

The summit in Wuhan — the favourite holiday spot of Chinese leader Mao Zedong — is being seen as an effort by India and China to rebuild trust and improve ties, which were hit by a 73-day-long Dokalam stand-off last year. 

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Why are Hindi audiences switching off general entertainment channels? 

Hindi general entertainment channels (GECs) have lost over a fifth of their viewership in three years. 

From 28.5 per cent of total TV viewers watching a Hindi entertainment show on Star Plus, Zee TV, and Colors among other Hindi GECs in 2015, it fell to 22.6 per cent, according to the Broadcast Audience Research Council (BARC) data. 

The number of overall TV viewers, however, increased from an average of 21.2 billion impressions in the last quarter of 2015 to 29.2 billion this year.

Except for Zee TV and Sony, almost every major Hindi GEC has lost share. 

The Rs 110-billion Star India’s flagship, Star Plus, has been the worst hit. Hindi GECs are the bellwether genre for India’s Rs 660-billion TV industry.

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