Top headlines: IPO-bound Ola to see top-level exits; CRED valued at $4 bn

Moody's upgrades outlook on Indian banking from 'negative' to 'stable'

Global rating agency Moody's has upgraded the outlook on the Indian banking system from “Negative” to “Stable” on the back of stabilising asset quality and improved capital.

The deterioration of asset quality since the onset of the Coronavirus (Covid-19) pandemic has been moderate, and an improving operating environment will support asset quality. The level of problem loans for rated banks has moved down from 8.5 per cent in FY19 to 7.1 per cent in FY21. Read more

HUL Q2 results: Profit rises 9% YoY; declares Rs 15 interim dividend

Fast-moving consumer goods (FMCG) maker Hindustan Unilever on Tuesday reported an 8.86 per cent year-on-year rise in standalone net profit at Rs 2,187 crore for the second quarter of the financial year 2021 (Q2FY22). The company's net profit in the corresponding quarter last year came in at Rs 2,009 crore. Meanwhile, on a quarter-on-quarter (QoQ) basis, the figure grew by 6.11 per cent over Rs 2,061 crore. Read more

Fintech firm CRED valued at $4 bn after $250-mn funding round

India's CRED said on Tuesday it had raised $251 million in a new funding round led by existing investors and private equity firms Tiger Global and Falconedge, valuing the fintech company at $4.01 billion.

"Two new investors - Marshall Wace and Steadfast - joined the cap table. DST Global, Insight Partners, Coatue, Sofina, RTP and Dragoneer increased their investments in CRED with this round," a CRED spokesperson said in an emailed statement. Read more

SoftBank-backed Ola's COO and CFO to exit firm amid its plans to go public

Mobility company Ola's chief financial officer Swayam Saurabh and chief operating officer Gaurav Porwal are leaving the company, according to industry sources. These developments come at a time when the SoftBank-backed company’s core ride-hailing unit is planning to go public and for which it raised $500 million from Warburg Pincus and Temasek in July this year. These investment firms had partnered with the company founder Bhavish Aggarwal for this round. Read more