BUSINESS
HDFC Bank's Q4FY22 net profit up 22.8% YoY
The bank's net profit increased to Rs 10,055.2 crore during the period under review over the quarter ended March 31, 2021. Besides, the bank's net interest income (income earned less interest expended) for the quarter under review grew by 10.2 per cent to Rs 18,872.7 crore from Rs 17,120.2 crore earned during the corresponding period of FY21.
Byju's-owned WhiteHat Jr logs huge Rs 1,690 cr loss in FY21
The company's balance sheet in its annual financial statements filed with the Registrars of Companies (ROC) shows that operating revenues were Rs 483.9 crore in the financial year 21, compared to Rs 19 crore in FY20.
Egypt approves India as a wheat supplier
"Indian farmers are feeding the world," tweeted the Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles. "Egypt approves India as a wheat supplier. Modi Govt. steps in as world looks for reliable alternate sources for steady food supply. Our farmers have ensured our granaries overflow & we are ready to serve the world," said Goyal.
Bike taxi platform Rapido raises $180 mn led by Swiggy, TVS Motor
The Series D round also saw investment from TVS Motor Company, along with existing investors Westbridge, Shell Ventures and Nexus Ventures. "We look forward to learning from Swiggy's experience to scale up throughout the country and enhance our captains/customers' experience, who are the backbone of our business. TVS Motor will help us in further expansion," said Aravind Sanka, Co-founder, Rapido.
Twitter adopts "poison pill" after Musk's acquisition intent
The Rights Plan, often called the "poison pill", will reduce the likelihood that any entity, person or group gains control of Twitter through open market accumulation without paying all shareholders an appropriate control premium or without providing the board sufficient time to make informed judgments and take actions that are in the best interests of shareholders, according to the announcement made on Friday.
The long road to Sri Lanka's $52 billion debt default
Sri Lanka began its Sinhala and Tamil New Year celebrations on a sombre note. In his new year message on Thursday, President Gotabaya Rajapaksa said: "The current economic and global crises have become the biggest challenge faced by us Sri Lankans in our recent history. We should overcome this challenge with unity and better understanding".
Alliance Air becomes Centre's independent business unit
Alliance Air was an esrtwhile part of Air India prior to the latter's divestment. At present, it is operated as a division under the Air India Asset Holdings Pvt Ltd (AIAHL). It was founded in 1996 as a wholly-owned subsidiary of then Indian Airlines, which later merged with Air India. The airline mainly operates on domestic regional routes as part of the government's Regional Connectivity Scheme.
Twitter considering 'poison pill' strategy to fight back Elon Musk
According to The Information, Twitter's board of directors view Musk's hostile takeover offer as "unwelcome", and are ready to "fight the bid". The "poison pill" strategy is used by a firm to prevent or discourage a potential hostile takeover. It allows existing shareholders the right to purchase additional shares at a discount, effectively diluting the ownership interest of a new and hostile party.
Putin eyes south, east as Russian energy supplies to west wane
Putin ordered to increase supplies of energy to Russian consumers, adding that price reductions are possible in order to stimulate domestic demand, Xinhua news agency reported. He also instructed the government to boost the development of deep processing of oil and gas as quickly as possible.
IMF to downgrade forecast for over 140 economies amid Russia-Ukraine conflict
"To put it simply: we are facing a crisis on top of a crisis," IMF Managing Director Kristalina Georgieva said on Thursday in a curtain raiser speech ahead of the 2022 spring meetings of the IMF and the World Bank scheduled next week. "In the past seven weeks, the world has experienced a second major crisis -- a war on top of a pandemic. This risks eroding much of the progress we have made over the past two years, climbing back from Covid," Georgieva added.
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