Top headlines: SBI to raise up to $2 bn in FY23; Asian Paints Q4 net slips

Business Standard brings you the top headlines on Tuesday

SBI board approves $2 bn fund raise in FY23 in single or multiple tranches

State Bank of India’s board has approved long term fund raising of $ 2 billion in the current financial year in single or multiple tranches, the lender said in a stock exchange filing on Tuesday.

The funds will be raised through a public offering and/or on private placement basis. Read more

Sun Pharma's Halol unit gets 10 observations under USFDA's Form 483

The USFDA has issued a form 483 with 10 observations after inspection of Sun Pharma's Halol facility, the company said. The unit, however, now has a low contribution to the company’s turnover.

The Halol facility was classified ‘Official Action Indicated (OAI)’ in March 2020, and was awaiting re-inspection from the US regulator. Read more

Asian Paints Q4 results: Net profit declines marginally to Rs 850 cr

Asian Paints' consolidated net profit fell marginally to Rs 850.42 crore in Q4FY22 as compared to year-ago period. Revenue from operations increased 18.66% to Rs 7,892.67 crore.

Consolidated sales increased 20.6% to Rs 7,890 crore in Q4FY22 over Q4FY21, the company said on Tuesday. Profit before exceptional items and tax increased 12.8% to Rs 1,304.88 crore from Rs 1,156.31 crore. Read more

Stablecoin Terra's broken dollar peg hits wider cryptocurrency markets

TerraUSD, the world's fourth-largest stablecoin, lost a third of its value on Tuesday, spooking cryptocurrency investors and partly contributing to bitcoin's tumble below $30,000 for the first time in 10 months.

Stablecoins are digital tokens pegged to the value of traditional assets, such as the U.S. dollar. They are popular as safe-havens in times of turmoil in crypto markets and are a common medium of exchange, often used by traders to move funds around and speculate on other cryptocurrencies. Read more