Moneycontrol Selects: Top stories this afternoon

Representative image.

Here are the top stories this afternoon:

PhysicsWallah raises $100 million from Westbridge and GSV Ventures, joins unicorn club

Bootstrapped edtech startup PhysicsWallah has raised $100 million as a part of its Series A funding round from WestBridge Capital and GSV Ventures, at a unicorn valuation, the company said in a statement on June 7.

PhysicsWallah raised the money at $1.1 billion valuation, becoming India's 101st unicorn, the company said. PhysicsWallah said it plans to use the funds for business expansion, branding, opening more offline learning centres, and introducing more course offerings, the company added.

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We will deliver Noida airport on time: CEO Christoph Schnellmann

While accepting that costs have gone up, Christoph Schnellmann, Chief Executive Officer, Yamuna International Airport Private, (YIAPL), the entity set up to manage and run Noida Airport, says, “We're not expecting a cost overrun now.” YIAPL is a 100 percent subsidiary of Zurich Airport International, in close partnership with the Government of Uttar Pradesh and the Government of India.

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In Pics | Apple unveils redesigned MacBook Air at WWDC 2022

Apple Worldwide Developers Conference 2022: Apple opened its first in-person developers' conference since the pandemic on Monday, unveiling a brand-new MacBook Air and making some huge announcements.

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Retail investors acting like shock absorbers in stock market: FM Nirmala Sitharaman

Amid continuing volatility in the stock market, Finance Minister Nirmala Sitharaman on June 7 said retail investors seem to act as shock absorbers even when foreign portfolio investors went away.

Speaking at an event of the corporate affairs ministry as part of the 'Azadi ka Amrit Mahotsav', Sitharaman said that during the pandemic, there has been a very significant increase in retail investor numbers.

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RBI may go for 40 bps rate hike, huge upward revision in inflation forecast likely on June 8

The Reserve Bank of India (RBI) is likely to raise the repo rate by 40 basis points for the second time in five weeks at the conclusion of the monetary policy committee's three-day meeting on June 8, according to a Moneycontrol poll of 15 economists.

The committee held an unscheduled meeting in early May and voted unanimously for a 40 basis point repo rate hike in anticipation of a huge increase in April inflation. The repo is the rate at which the RBI lends short-term funds to banks.

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