Updates from Vodafone, Petra Diamonds and Renishaw

Tax fraud worries rise for Vodafone on Ono takeover meanwhile Shire shares surge

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Friday saw the FTSE 100 drop 30 points to 6,388.7. Pearson took a 2.57% fall to 1139p following new numbers while G4S buckled, down 2.41% to 251p. On the plus side, Shire surged almost 4% to 4050p after a tough week being rebuffed by Abbvie but helped by a 60% jump in operating income and a hiked 2014 earnings outlook. Vodafone also picked up, climbing 1.46% to 200.50p.

Over in the US the Dow Jones ended up 127 points at 16,805 helped by some strong earnings news from Microsoft. The Dow ended the week 425 points higher.

A subdued start to the week on the numbers front. There's some concern on Vodafone's £6bn takeover of Ono - it bought Ono in July - with tax fraud alleged in Ono's wholesale telecoms market. An investigation is being pursued by DLA Piper and Deloitte.

"As soon as Vodafone became aware of the issue we instigated a forensic audit to investigate the facts relating to the alleged fraud," a Vodafone spokesperson told the Telegraph.

It's thought Vodafone was not aware of the investigation before the completion of the takeover and is withholding bonuses for several Ono managers linked to the takoever.

EU Set To Clear Vodafone's $9.8 Billion Bid For Spain's Ono: Sources

Next, a 55% leap in Q1 revenues to $100.8m for Petra Diamonds. Production for Q1 FY 2015 was up 2% to 833,744 carats (Q1 FY 2014: 816,735 carats).

The diamond market is showing customary seasonal softness in the post-summer period says Petra, but expects it to firm up towards the end of the year - but no change to full year 2015 diamond price guidance.

Recently the company said it could pay a dividend as early as 2015 rather than 2016 as previously thought, though more substance on this won't be known until January.

We end with FTSE 250 engineering player Renishaw. Chairman Sir David McMurtry says the trend in revenue growth experienced in the first quarter is expected to continue in the second quarter.

"We now also expect the trend to continue into the second half of our financial year," says McMurtry. Renishaw recently confirmed revenues rising by 28 per cent to £101.4m.

Its metrology business saw revenues of £99m (2013: £75.2m) with robust growth from its machine tool products line.

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