Moneycontrol Selects: Top stories this evening

A collection of the most important stories this evening.

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

Axis Bank reported a net profit of Rs 5,853 crore for the December quarter (Q3FY23), a growth of 62 percent year-on-year, beating street estimates comfortably.

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Sequoia Capital’s regional arm in South and Southeast Asia is weighing special audits of several investments in the region following allegations of financial irregularities at firms such as Zilingo Pte and GoMechanic.

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The Securities Appellate Tribunal (SAT) on January 23 delivered major relief to the National Stock Exchange when it set aside SEBI's April 2019 order directing it to disgorge Rs 1,000 crore for committing violations of stock exchanges and clearing corporation regulations. Additionally, the orders passed against former MD and CEO of NSE, Ravi Narain and Chitra Ramkrishna, to disgorge 25 percent of their salaries to the Investor Protection Fund have also been set aside.

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An employee union has written to the labour department for an inquiry on Wipro, days after the company confirmed that it let go of 452 freshers for performing poorly on internal assessments after delaying onboarding. In its letter to the labour department, the Nascent Information Technology Employees Senate (NITES), a union of IT employees, said it was 'seeking prompt intervention’ in the matter against Wipro.

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The Reserve Bank of India (RBI) on January 23 extended the deadline for banks to complete the process of renewal of agreements for the existing safe deposit lockers. The deadline will be extended in a phased manner by December 31, 2023, with intermediate milestones of 50 percent by June 30, 2023, and 75 percent by September 30, 2023, the RBI said in a release.

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Car repair and servicing startup GoMechanic has approached car-selling marketplaces Cars24 and Spinny among others for a potential sale, multiple sources aware of the developments said. This comes a week after GoMechanic’s co-founder Amit Bhasin admitted to having laid off about 70 percent of its staff and misreporting financial performance during an ongoing funding deal.

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IDBI Bank on January 23 reported its highest-ever quarterly profit after tax (PAT) in the October-December quarter aided by strong growth in loans and deposits. Rise in profit, deposit growth, and improvement in asset quality are among the key highlights from the bank’s earnings report card for the quarter ending December 2022.

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Scores of farmers sat down for an indefinite protest outside the headquarters of the Securities and Exchange Board of India (SEBI) in Mumbai on January 23, voicing their opposition to the regulator’s decision to ban trading in seven agro commodities on the exchanges. In December last year, SEBI extended the ban on the trading of derivatives of paddy, channa, crude palm oil, mustard seeds and its variants as well as soya bean and its variants.

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