Here are the top stories this evening:
Entered into another phase of coordinated action between fiscal, monetary authorities to check inflation: Das
RBI Governor Shaktikanta Das in an exclusive interview with CNBC-TV18 said the central bank has been taking a number of steps to control inflation over the last few months, and that with the reduction in excise duty on petrol and diesel, it has entered a new phase of coordinated action between the fiscal and monetary authorities.
Read the full interview here
'We do not have any exchange rate target in mind'
The RBI will continue to take measures to prevent a runaway depreciation of the rupee against the dollar, the Governor Shaktikanta Das. The RBI aims to prevent excessive volatility in rupee, the governor said.
Follow the interview here
Zomato Q4 Results | Net loss widens to Rs 359 crore, revenue up by 75%
Food aggregator Zomato on May 23 reported a net loss of Rs 359 crore in the fourth quarter of fiscal year 2021-22. The company's revenue, during the same period, climbed to Rs 1,211.8 crore. The net loss has nearly tripled as compared to the year-ago period, when it stood at Rs 134.2 crore.
Read the full story here
Higher cost impact on infra said to have led to moves to rein in steel prices
The latest move to reduce steel prices in India came after the Prime Minister’s Office had signalled that consistently high prices may hamper the government's ongoing infrastructure push, people aware of the matter told Moneycontrol.
Read the full story here
Market erases gains to end flat amid volatility; auto shines, metal worst hit
The Indian benchmark indices ended marginally lower in a highly volatile session on May 23, dragged by metal stocks as the government imposed export duties on iron ore and some steel intermediaries.
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Startup layoffs to continue as exuberance takes a break; will curb attrition across sectors
From healthtech company MFine to edtech firm Vedantu, and from Unacademy to Lido Learning and Cars24, startups have been laying off staff in recent weeks. Experts and talent managers say the trend is indicative of a shift to profitability over customer acquisition and unmanageable expansion, a subdued investment environment, and a fear of possible recession.
Read the full story here
When crypto prices fall, Ayushmann Khurrana, Disha Patani, Ranveer Singh are of little help
In 2021, many celebrities, including Bollywood stars, advertised cryptocurrencies, on the back of a bull-run in virtual currencies. But since November 2021, crypto prices have seen a massive crash leaving retail investors high and dry, especially, those taken in by the celebrity advertisements.
Read the full story here
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