Top headlines: Das says cryptos have no underlying value; M&M Q3 net surges

Here are the top headlines on Thursday

Cryptos don't have any underlying value, not even a tulip: RBI Governor

RBI Governor Shaktikanta Das on Thursday made it clear that private cryptocurrencies are a threat to macroeconomic and financial stability, and undermine its ability to deal with challenges on the two fronts.

Cautioning investors, the governor said such assets have no underlying whatsoever, “not even a tulip”.

The comments are a reiteration of institutional concerns on such assets expressed earlier but assume significance because they come days after the Union Budget put a 30 per cent tax on gains made on such assets. Read more here

M&M reports over two-fold increase in Q3 PAT at Rs 1,353 cr

Homegrown auto major Mahindra & Mahindra (M&M) on Thursday reported over two-fold increase in its standalone profit after tax (PAT) at Rs 1,353 crore, for the quarter ended December 31, 2021.

The Mumbai-based company had posted a standalone PAT of Rs 531 crore in the October-December period of previous fiscal, hit by an impairment provision of Rs 1,210 crore for its bankrupt South Korean subsidiary Ssangyong Motor. Read more here

No more 7-day home quarantine for foreign travellers as govt eases rules

International travellers would not have to mandatorily home quarantine for seven days or get an RT-PCR test done on the eight day, as per the revised guidelines for international travel introduced by the health ministry.

The government has also removed the demarcation of countries ‘at-risk’ and other countries. With this the requirement of giving samples on port of arrival and waiting till the result is obtained from countries ‘at-risk’ has been dispensed with. Read more here

ShareChat to acquire MX's short-video app in deal valued at $700 mn: Report

The parent company of India's ShareChat will acquire local rival MX's short-video platform in an around $700 million deal, two sources told Reuters, as competition heats up in the sector where foreign investors have placed major bets.

Indian short-video apps have become popular since New Delhi banned ByteDance's TikTok and some other Chinese apps in 2020 following an India-China border clash. Read more here