Moneycontrol Selects: Top stories this evening

A round-up of the big stories this evening

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

India, UAE to set up framework to settle transactions in local currencies

India and the United Arab Emirates (UAE) have signed a Memorandum of Understanding (MoU) to set up a framework to use their respective local currencies to settle bilateral transactions. Read more

Uday Kotak in letter to shareholders: Going forward, I see my role as non-executive board member, strategic shareholder

Kotak Mahindra Bank Managing Director and Chief Executive Officer (MD & CEO) Uday Kotak will continue as a non-executive board member and strategic shareholder after he steps down from the whole-time role, the veteran banker wrote in a letter to shareholders. Read more

Chandrayaan-3 to undergo crucial phase of its journey towards Moon

The historic Chandrayaan-3 mission launched on July 14 will undergo a crucial 40-day phase as the "onboard thrusters would be fired and taken further away from Earth for an eventful landing on Moon's surface," Director of Vikram Sarabhai Space Centre S Unnikrishnan Nair said. Read more

Moneycotrol Selects

DMart Q1 result: Net profit rises 2% to Rs 659 crore; revenue up 18%, misses estimates

Avenue Supermarts, which operates the retail chain DMart, on July 15 reported a consolidated net profit of Rs 6,58.71 crore for the first quarter of the financial year 2023-24, up 2 percent from Rs 642.89 crore in the year-ago period. Read more

SBI hikes lending rate by 5 bps across tenures from today

The State Bank of India (SBI), the country's largest public sector lender, on July 14 hiked the marginal cost of funds-based lending rate (MCLR) by 5 basis points (bps) with effect from July 15. Read more

Gameskraft, Nazara, MPL, AIGF and others request govt to reconsider 28% GST on real-money gaming

A group of around 130 real-money gaming startup founders, CEOs and industry associations have signed an open letter to the government, requesting them to reconsider the recent decision to levy 28 percent on the full value of pool deposit. Read more