BS Reporter
BS Reporter
Page 242 - Bs Reporter/workspace/business Standard Web/video
ZincSearch raises $3.6 mn in seed funding led by Nexus Venture Partners
ZincSearch has amassed more than 7,900 GitHub stars in just five months, making it one of the fastest-growing open source enterprise projects of the last 12-months.
 "ZincSearch raises $3.6 mn in seed funding led by Nexus Venture Partners")
Equitas SFB MD & CEO P N Vasudevan announces decision to leave bank
The executive who founded the lender will continue in his post till a successor is found.
 "Equitas SFB MD & CEO P N Vasudevan announces decision to leave bank")
Uber to show drivers destination before they decide on trip request
Firm says it has raised rates to cushion impact of rising fuel prices on drivers' earnings
 "Uber to show drivers destination before they decide on trip request")
RBI asks for option of interoperable card-less cash withdrawal at ATMs
NPCI advised to facilitate Unified Payments Interface (UPI) integration with all banks and ATM networks.
 "RBI asks for option of interoperable card-less cash withdrawal at ATMs")
RBI approves India, Sri Lanka trade settlement in rupee outside ACU
Regulatory nod only for State Bank of India's term loan of $1 billion for island nation battling economic crisis.
 "RBI approves India, Sri Lanka trade settlement in rupee outside ACU")
TCS CEO Gopinathan's salary up 26.6% in FY22, firm rejigs business groups
Average annual salary increase for TCS employees was in the range of 5-8 percent in India, says annual report.
 "TCS CEO Gopinathan's salary up 26.6% in FY22, firm rejigs business groups")
Paradeep Phosphates IPO scrapes through on Day 3; issue subscribed 1.75x
The retail investor portion of the issue was subscribed 1.37 times, HNI portion was covered 82% and institutional investor category saw three times subscription
 "Paradeep Phosphates IPO scrapes through on Day 3; issue subscribed 1.75x")
Paradeep Phosphates IPO subscribed 51% day before close on retail interest
Retail investor portion subscribed 91%, HNI 20%; institutional investor category received negligible bids
Centre looks to ensure easy credit from banks to cooperatives sugar mills
With cooperative sugar mills complaining of difficulty in accessing loans from banks due to a plethora of conditions, FM Sitharaman held a high-level meeting with senior officials to iron out glitches
 "Centre looks to ensure easy credit from banks to cooperatives sugar mills")
Rupee slips to fresh all-time low in 3rd straight session, closes 77.58/$
Dealers said major gains for the dollar were capped as the Reserve Bank of India is believed to have protected the 77.50 levels
 "Rupee slips to fresh all-time low in 3rd straight session, closes 77.58/$")
Remain watchful of recent geo-political developments: RBI Governor to banks
Urges lenders to take appropriate measures, including raising of capital, to shield their balance sheet against any potential impact these events might have
 "Remain watchful of recent geo-political developments: RBI Governor to banks")
LIC Housing Finance Q4 profit up 180% to Rs 1,118 cr, credit costs drop
The company's board recommends a dividend of Rs 8.5 per share of Rs 2 each.
 "LIC Housing Finance Q4 profit up 180% to Rs 1,118 cr, credit costs drop")
Tamilnad Mercantile Bank's Q4 net rises 36%, total income increases 9%
Tamilnad Mercantile Bank's Q4 result: The total interest earned increased 6.23 per cent to Rs 3,833.86 crore for FY22 as compared to Rs 3,609.05 crore for the previous year
 "Tamilnad Mercantile Bank's Q4 net rises 36%, total income increases 9%")
Indian banks to benefit from strong domestic economic growth: Moody's
Ukraine conflict will not derail the country's recovery
 "Indian banks to benefit from strong domestic economic growth: Moody's")
PE/VC investment for April 2022 declines 27% YoY to $5.5 bn: IVCA-EY report
Fundraises, however, continued to show a healthy trend, with April 2022 recording a total fundraise of $1.5 billion across 16 funds compared to $569 million raised in April 2021 by 8 funds.
 "PE/VC investment for April 2022 declines 27% YoY to $5.5 bn: IVCA-EY report")
Axis Bank hikes MCLR by 35 bps across tenors with effect from May 18
Recently, country's largest lender, State Bank of India (SBI), also increased its MCLR by 10 bps. SBI has hiked its MCLR by 20 bps in two months
 "Axis Bank hikes MCLR by 35 bps across tenors with effect from May 18")
On-tap licence: Sachin Bansal, five other applicants rejected by RBI
11 entities had applied for on-tap bank licences since the guidelines were released by the Reserve Bank of India
Bofa cuts Nifty target by 1,000 pts to 16,000, sees flat market this year
Says any easing in global crude, FPI outflow reversal and bottoming of rupee will be positive for market. Key downside risks include higher global inflation and faster rate hikes
 "Bofa cuts Nifty target by 1,000 pts to 16,000, sees flat market this year")
Moody's affirms Indiabulls HFC's B3 rating; upgrades outlook to 'stable'
The Moody's affirmation is driven by Indiabulls' strong capital, comfortable liquidity, declining profitability and weak asset quality
 "Moody's affirms Indiabulls HFC's B3 rating; upgrades outlook to 'stable'")
Abu Dhabi's IHC completes Rs 15,400 cr investment in three Adani companies
Abu Dhabi's IHC has made the Investment via the preferential allotment route
 "Abu Dhabi's IHC completes Rs 15,400 cr investment in three Adani companies")