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Moneycontrol Selects: Top stories this evening

Our specially curated package of the most interesting articles to help you stay at the top of your game

September 22, 2022 / 07:11 PM IST
Most important news stories at Moneycontrol Selects (Representative Image)

Most important news stories at Moneycontrol Selects (Representative Image)

Here is a collection of the most important stories this evening:

Accenture Q1 forecast shows revenue below estimates due to IT spending cut, inflation, stronger dollar

IT services firm Accenture Plc sees revenue for the first quarter (Septembr-November) of fiscal year 2023 below estimates, due to the adverse effects of IT spending cuts, soaring inflation and a stronger dollar, as per the forecast shared on September 22.

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Bank of England announces another half-point hike, raises benchmark rate to 2.25%

Britain’s central bank raised its key interest rate by another half-percentage point Thursday, avoiding more aggressive steps to tame inflation that the U.S. Federal Reserve and other banks have taken. The Bank of England raised its benchmark rate to 2.25%, matching its half-point increase last month — the biggest hike in 27 years.


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Oyo rejects investor SoftBank’s valuation markdown, dubs speculations ‘patently incorrect'

Hotel booking firm Oyo on September 22 rejected SoftBank’s valuation markdown and dubbed it ‘patently incorrect’. The SoftBank-backed firm released a statement to uphold the increase in its gross booking value this financial year after the Japanese investor cut the IPO-bound Indian start-up's valuation by about 20 percent to $2.7 billion.

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Hero MotoCorp increases prices of two-wheelers by up to Rs 1,000

Two-wheeler major Hero MotoCorp said on September 22 that it has raised prices of its scooters and motorcycles with immediate effect, to partially offset the impact of cost inflation. The price revision will be up to Rs 1,000 and the exact quantum of increase will vary by model and market, the company added.

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PhonePe CEO Sameer Nigam makes renewed pitch for MDR, warns there is no path to recovery otherwise

With charges on Unified Payment Interface (UPI) transactions staying at zero for the foreseeable future, PhonePe co-founder and CEO Sameer Nigam reiterated that the fast-growing Indian payments ecosystem led by UPI has no path for recovery of investments or profitability.

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India's primary dollar bond market dries up as Fed rate hikes send the greenback soaring

Aggressive rate hikes by the US Federal Reserve and a falling rupee have virtually shut India's primary dollar corporate bond market with not a single issuance by banks and companies during this fiscal, experts told Moneycontrol.

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Yet another cooperative bank bites the dust, RBI cancels permit of Laxmi Co-operative Bank

The Reserve Bank of India (RBI) has cancelled the licence of Maharashtra-based The Laxmi Co-operative Bank Limited citing weak financials. Consequently, the bank ceases to carry on banking business, with effect from the close of business on September 22, 2022, the RBI said in a release.

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