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Mumbai, Feb 11 () Concerns over a further deterioration in asset quality have led ratings agency Moody's Investors Service to revise down its outlook on Indusind Bank to 'negative' from 'stable' on Tuesday.The private sector bank's rating has been affirmed at the earlier one of 'Baa-3/P-3', the agency said in a note.Baa3 denotes the lowest rating in investment grade on long-term corporate obligation which carries moderate risks."The outlook has been revised to negative to account for the risk of further asset quality deterioration," it said in the note.The agency noted that the bank has seen a deterioration in asset quality, particularly in the corporate segment over the last few quarters, and attributed the same to tight refinancing conditions faced by borrowers.The refinancing conditions continue to remain tight, especially for the weaker borrowers, the agency said, adding that Indusind Bank has a high exposure of 8 per cent to the troubled realty sector.It also said that the turbulence in the telecom sector can negatively impact the bank.Moody's said it does not have any concern on the governance front for the bank and made it clear that its risk management framework is consistent and commensurate with its risk appetite.An upgrade in the bank's rating is unlikely for the next 12-18 months given the negative outlook, it said, adding that the outlook can be revised back to stable if the non performing asset (NPA) ratios are maintained at the current level over the next 12-18 months.The bank's shares gained 1.31 per cent to close at Rs 1,292.20 apiece on the BSE on Tuesday. AA BALBAL

Moody's downgrades Indusind Bank to 'negative'

<ul><li>The share price of <keyword id="46717" type="CITY" weightage="20" keywordseo="IndusInd-Bank">IndusInd Bank</keyword> is up by 10% during mid-morning trade. </li><li>Even though the private sector bank reported a 16% drop in profit, its customers have been paying off their loans despite the option of a moratorium. </li><li>In the short run, analysts believe IndusInd Bank’s performance will be driven by its credit behaviour given that its retail book has a higher proportion of non-salaried customers. </li></ul><keyword id="6265775" type="COMPANY" weightage="20" keywordseo="IndusInd-Bank-share-price">IndusInd Bank share price</keyword> has skyrocketed by 10% after the private sector bank disclosed its earnings on Monday, April 27 — which missed their mark when it comes to profit. Even though profit took a hit and fell by 16%, the bank reported that its deposits have stabilised during the earnings call. <div type="image" title="indusindbank" msid="75425253" hostid="261" caption="&amp;lt;p&amp;gt;IndusInd Bank&amp;#39;s share price increases by 10% in mid-morning trade on April 28&amp;lt;/p&amp;gt;"></div> IndusInd Bank’s provisioning for bad loans was 56.3% higher in the March quarter than a year ago with mostly corporate loans that facing the risk of default. Its net interest margins (NIMs) have increased and most of its customers aren’t deferring payments despite the option of the moratorium, according to the company. “Stabilisation in liability profile and improvement in asset quality are critical parameters expected to drive performance of IIB’s stock price in the post-COVID scenario,” said a report by research analysts at JM Financial Institutional Securities. Yet, the surge the share price does not match up to the previous increase which happened after <a href="https://www.businessinsider.in/stock-market/markets/news/goldman-sach-bought-indusind-shares-after-the-stock-price-nearly-doubled-in-13-trading-sessions/articleshow/75176481.cms">Goldman Sachs bought up 4.1 million</a> of the bank’s shares worth ₹176 crore on April 15. The disclosure led the share price to zoom up to ₹474.7 on April 17. What made the share price jump? The Reserve Bank of India (RBI) has given people the option to defer payments on their loans, but according to IndusInd Bank — its customers aren’t going down that route. During the conference call, the bank said it received 96% of non-vehicle portfolio repayments and 95% of repayments of its vehicle portfolio in March. Even in the micro-finance portfolio, the lender received 99% of repayments. Going forward, the bank expects retail to account for 60% and corporate to account for 40% of its balance sheet by the end of the next financial year. “Bank’s strategy has shifted towards ‘Retailisation of Balance Sheet’ with focus on improving retail deposit franchisee, increase the contribution of non-vehicle retail loans, and increase the proportion of microfinance business,” according to Philip Capital. However, in the short run, analysts believe IndusInd Bank’s performance will be driven by its credit behaviour given that its retail book has a higher proportion of non-salaried customers. See also: <a href="https://www.businessinsider.in/stock-market/markets/news/goldman-sach-bought-indusind-shares-after-the-stock-price-nearly-doubled-in-13-trading-sessions/articleshow/75176481.cms">Goldman Sachs bought IndusInd shares after the stock price nearly doubled in 13 trading sessions</a> <a href="https://www.businessinsider.in/business/news/indusind-bank-q4-net-profit-down-16-pc-at-rs-301-74-cr/articleshow/75408390.cms">IndusInd Bank Q4 net profit down 16 pc at Rs 301.74 cr</a> <a href="https://www.businessinsider.in/business/news/indusind-bank-shares-zoom-nearly-14-pc-after-q4-earnings/articleshow/75422017.cms">IndusInd Bank shares zoom nearly 14 pc after Q4 earnings</a>

IndusInd Bank shares skyrocket by 10% as its customers choose not to defer paying off loans

<ul><li><keyword id="46717" type="CITY" weightage="20" keywordseo="IndusInd-Bank">IndusInd Bank</keyword> today posted 33% increase in its third quarter net profit to ₹1,309 crore. </li><li>Its net interest income too went up by 34% to ₹3,074 crore from ₹2,288 crore in the comparable quarter. </li><li>The fee income of this bank which has been banking heavily on its retail business, also went up by 22%. </li><li>Its deposits and advances too went up by a robust 22% on an annual comparison.</li></ul>Hindujas owned IndusInd Bank today posted 33% increase in its third quarter net profit to ₹1,309 crore from ₹985 crore in the same quarter last year. Its net interest income or revenues too went up by 34% to ₹3,074 crore from ₹2,288 crore in the comparable quarter. The fee income of this bank which has been banking heavily on its retail business, also went up by 22%. Its deposits and advances too went up by a robust 22% on an annual comparison. “During Q3 FY-20, the Bank witnessed a healthy growth in its topline as well as in operating profits. The Bank also reached a milestone as the Balance Sheet footage crossed ₹ 3 trillion and the advances crossed the ₹2 trillion-mark. PCR (provisioning coverage ratio) has been increased to 53% to strengthen the balance sheet,” said Romesh Sobti, managing director and CEO, IndusInd Bank said. However, the bank’s stock dropped by 2.9% to ₹1,493 as per BSE data at 3 pm. The bank which acquired Bharat Financial in 2017, is banking on its expanded footprint especially in the rural areas to drive growth going ahead. The acquisition turned effective on July last year, allowing the bank to derive full benefits of acquiring the shadow bank. A research note by Nomura says that the acquisition is a moat for the bank. “The asset side franchise has strengthened with BHAFIN, and IIB will undergo a full-fledged extension of the pilots that management believes will enable it to use Bharat Financial’s reach to create a rural touchpoint network that provides significant cross sell opportunity and also improve efficiency in a manpower-intensive MFI business,” said Nomura. The research note also believes that asset side strengths of the bank will be able to offset weaknesses in liabilities. “Bulkiness in liabilities and fees, apart from recent corporate asset quality issues, has been IIB's key weakness. While it is easier said than done, if the bank delivers well on granularizing its liabilities and successfully monetizing rural distribution via BHAFIN, it should drive a sustainable re-rating, in our view,” the note said.

IndusInd Bank stock falls 3.9% as its net profit grows by 33%

<ul><li><keyword id="46717" type="CITY" weightage="20" keywordseo="IndusInd-Bank">IndusInd Bank</keyword>’s share price rose by over 2% after plans of US-based hedge fund <keyword id="9536386" type="COMPANY" weightage="20" keywordseo="route-one-investment-company">Route One Investment Company</keyword> to double its stake in the financial institution were filed.</li><li>It currently holds 4.95% but wants to up the ante to 10% equity capital. </li><li>The Reserve Bank of India (RBI) and the bank’s board of directors have approved the acquisition.</li></ul>IndusInd bank’s share price jumped by over 2% in afternoon trade on July 24 after it announced that it will be selling over 5% stake to the US-based hedge fund Route One Investment Company (ROIC). <div type="image" title="IndusInd shareprice" msid="77144148" hostid="261" caption="&amp;lt;p&amp;gt;IndusInd&amp;#39;s share price over the last one week&amp;lt;/p&amp;gt;"></div> ROIC already holds 4.95% stake in IndusInd Bank but is now looking to double up with a 10% buy-in. As per the bank’s current market capitalisation, a 10% stake in IndusInd bank is valued at ₹ 3631.5 crore ($485 million). <div type="Article" hostid="261" msid="77128780" title="Axis Bank finalises Max Life Insurance investment and is closer to raising more funds" mstype="2" mssubtype="0"></div> After getting the Reserve Bank of India approval, which dictates that any acquisition of shareholding rights of 5% has to go through them first, IndusInd back also got the approval from the bank’s board of directors. Fundraising to protect the balance sheet IndusInd Bank, like most banks in the private sector, is currently shoring up capital to cushion against the slew of bad loans that may follow once the Reserve Bank of India’s (RBI) moratorium comes to an end on August 31. Big wigs like the State Bank of India (SBI) and ICICI Bank are doing this through <a href="https://www.businessinsider.in/finance/banks/news/just-like-sbi-icici-bank-has-created-a-cash-cushion-in-case-bad-loans-rise/articleshow/77140214.cms">selling their stake</a> in their insurance arms, which includes ICICI Lombard, ICICI Life Insurance, SBI Life and SBI Card. Loan growth is also expected to take a hit as businesses slow down in the wake of the economic downturn. IndusInd Bank is yet to announce the date for revealing its first-quarter earnings. The bank’s moratorium books and credit quality will be key metrics to assess the impact of the lockdown and slowdown in business may hold for the bank. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/just-like-sbi-icici-bank-has-created-a-cash-cushion-in-case-bad-loans-rise/articleshow/77140214.cms">Just like SBI, ICICI Bank has created a cash cushion in case bad loans rise</a> <a href="https://www.businessinsider.in/finance/news/yes-bank-is-looking-to-raise-10000-crore-through-fpo-with-kotak-securities-axis-capital-and-sbi-capital-reportedly-to-be-key-players/articleshow/76153458.cms">Yes Bank is looking to raise ₹10,000 crore through FPO – with Kotak Securities, Axis Capital, and SBI Capital reportedly to be key players</a>

IndusInd Bank's share price jumps over 2% after US investor plans to double its stake

New Delhi, Mar 23 () Private sector lender IndusInd Bank on Monday saidSumant Kathpalia, who has been designated as managing director and chief executive, will take over the reins from veteran Romesh Sobti, who has retired after completing his mandated tenure. "The board of directors has today noted that Romesh Sobti's tenure as managing director and CEO of the bank would conclude as at the close of today, and that Sumant Kathpalia would take charge from tomorrow as additional director, designated as managing director and CEO of the bank for a period of three years, with effect from March 24, 2020," Indusind Bank said in a regulatory filing. Kathpalia's appointment as MD &amp; CEO will be placed for approval of the shareholders at the ensuing annual general meeting. "In accordance with SEBI instructions of June 14, 2018 to the stock exchanges, we affirm that Sumant Kathpalia is not debarred from holding office of the Managing Director &amp; CEO by virtue of any order of SEBI or of any other Authority," Indusind Bank said. Bank's long term MD and CEO Sobti retired on Monday as he turned 70. The RBI norm does not allow the position to be held by anyone beyond 70 years. Sobti was at the helm of affairs of the bank since taking over the position of MD and CEO on February 1, 2008. The bank in late February had announced elevation of its consumer banking head Kathpalia as the new managing director and chief executive with effect from March 2020. Notably, Kathpalia takes charge of the bank at a time when there is a deep mistrust among customers in private sector lenders and rumour morgering keeps simmering in markets, which has caused severe beating to various lenders post YES Bank debacle. However, many private sector lenders have time and again issued statements in a bid to quell market sentiments and restore faith among customers. Kathpalia is a career banker with over 33 years of experience in large multinational banks such as Citibank, Bank of America, ABN AMRO and IndusInd Bank. He has successfully held several leadership roles over his career with a focus on driving business growth and innovation. He has diversified experience across various functions including business strategy, sales and distribution, operations, systems, risk and credit management and financial management. Stock of Indusind Bank closed at Rs 336.55 apiece on the BSE, down by over 23 per cent. KPM MKJ

Indusind Bank's long-term MD & CEO Sobti retires; Kathpalia to assume charge

New Delhi, March 16 (IANS) India's key equity indices -- <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="6354813" type="General" weightage="100" keywordseo="nifty" source="Orion">Nifty</keyword> -- traded in the green in the opening session on Wednesday. At 9.54 a.m., Sensex was 1.4 per cent or 777 points up at 56,554 points, whereas Nifty 1.3 per cent or 220 points up at 16,883 points. Among the specific stocks, <keyword id="46717" type="General" weightage="20" keywordseo="indusind-bank" source="Orion">Indusind Bank</keyword>, Axis Bank, Bajaj Finance, Grasim Industries and <keyword id="85462" type="General" weightage="20" keywordseo="bajaj-finserv" source="Orion">Bajaj Finserv</keyword> were the top five gainers among the Nifty 50 companies, rising 3.7 per cent, 3.5 per cent, 3.0 per cent, 2.8 per cent, and 2.7 per cent, respectively. Cipla, <keyword id="44642" type="General" weightage="20" keywordseo="sun-pharma" source="Orion">Sun Pharma</keyword>, and <keyword id="9897896" type="General" weightage="20" keywordseo="tata-consumers" source="Orion">Tata Consumers</keyword>, on the other hand, were the only shares that declined among the Nifty 50 companies in the opening session. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/these-are-the-sectors-hiring-the-most-apprentices-this-quarter-in-india/slidelist/90224334.cms">These are the sectors hiring the most apprentices this quarter in India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/binances-bitcoin-button-game-offers-one-bitcoin-to-a-lucky-winner-guaranteed-nfts-and-other-prizes/articleshow/90254055.cms">Binance’s Bitcoin Button game has one Bitcoin up for grabs, apart from NFTs and $10,000 prize money pool</a>

Sensex, Nifty up over 1% each; IndusInd Bank, Axis Bank, Bajaj Finance, Grasim Industries and Bajaj Finserv top gainers among Nifty 50 stocks

Shares of <keyword id="46717" type="CITY" weightage="20" keywordseo="IndusInd-Bank">IndusInd Bank</keyword> continued to fall for second consecutive day on Wednesday and closed nearly 6 per cent lower following a rise in non-performing assets in December quarter. The stock dropped 5.44 per cent to close at Rs 1,400.60 on the BSE. During the day, it tumbled 6 per cent to Rs 1,391.10. On the NSE, it fell 5.57 per cent to close at Rs 1,399.
 It was the worst hit among the 30-share BSE index and Nifty-50 components.
 In the previous trade also, it had fallen 4 per cent.
 On traded volume terms, 4.23 lakh shares were traded on the BSE and over 1.3 crore shares on the NSE during Wednesday.
 In two days, the company's market valuation has eroded by Rs 9,678.58 crore to Rs 97,071.42 crore on the BSE.
 IndusInd Bank on Tuesday posted a 32 per cent rise in net profit to Rs 1,300.20 crore for the December 2019 quarter.
 The bank had registered a profit of Rs 985.03 crore in the year-ago period.
 Its total income during the period under review increased to Rs 9,073.93 crore from Rs 7,232.32 crore in the third quarter of the previous fiscal, IndusInd Bank said in a regulatory filing.
 Gross non-performing assets (NPAs) rose to 2.18 per cent of the total advances at the end of December quarter of the current financial year as against 1.13 per cent by the end of same period a year ago.
 Net NPAs increased to 1.05 per cent in the quarter from 0.59 per cent of the total assets in the year-ago period.

IndusInd Bank shares continue to drop for second consecutive day

Scientists have unearthed the remains of a modern glacier near <keyword id="47638" type="General" weightage="100" keywordseo="mars" source="Orion">Mars</keyword>' equator, raising the possibility that ice may still exist at shallow depths in the area. The possibility of ice on Mars could have significant implications for future human exploration on the Red Planet, but speaking at the 54th Lunar and Planetary Science Conference held in Texas, the scientists noted that its "a salt deposit" with "features of a glacier" and not ice. The surface feature identified as a "relict glacier" is one of many light-toned deposits (LTDs) found in the region. Typically, LTDs consist mainly of light-coloured sulphate salts, but this deposit also shows many of the features of a glacier, including crevasse fields and moraine bands. The glacier is estimated to be 6 kilometres long and up to 4 kilometres wide, with a surface elevation ranging from 1.3 to 1.7 kilometres. This discovery suggests that Mars' recent history may have been more watery than previously thought, which could have implications for understanding the planet's habitability. "What we've found is not ice, but a salt deposit with the detailed morphologic features of a glacier. What we think happened here is that salt formed on top of a glacier while preserving the shape of the ice below, down to details like crevasse fields and moraine bands," said lead author Dr. <keyword id="10079896" type="General" weightage="50" keywordseo="pascal-lee" source="Orion">Pascal Lee</keyword>, a planetary scientist with the <keyword id="773870" type="General" weightage="50" keywordseo="seti-institute" source="Orion">SETI Institute</keyword> and the Mars Institute. The glacier's fine-scale features, its associated sulphate salts deposit, and the overlying volcanic materials are all very sparsely cratered by impacts and must be geologically young, likely Amazonian in age, the latest geologic period which includes modern Mars. "We've known about glacial activity on Mars at many locations, including near the equator in the more distant past. And we've known about recent glacial activity on Mars, but so far, only at higher latitudes. A relatively young relict glacier in this location tells us that Mars experienced surface ice in recent times, even near the equator, which is new," said <keyword id="3176" type="General" weightage="50" keywordseo="lee" source="Orion">Lee</keyword>. It remains to be seen whether water ice might still be preserved underneath the light-toned deposit or if it has disappeared entirely. "Water ice is, at present, not stable at the very surface of Mars near the equator at these elevations. So, it's not surprising that we're not detecting any water ice at the surface. It is possible that all the glacier's water ice has sublimated away by now. But there's also a chance that some of it might still be protected at shallow depth under the sulphate salts," Lee noted. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/time-to-move-on-from-ceo-extension-debate-for-indusind-bank-and-focus-on-the-fundamentals/articleshow/98693999.cms">Time to move on from CEO extension debate for IndusInd Bank and focus on the fundamentals</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/indian-could-achieve-energy-independence-by-2047-switch-to-near-100-electric-vehicle-sales-by-2035-us-report/articleshow/98697987.cms">India could achieve energy independence by 2047, switch to near-100% electric vehicle sales by 2035: US report</a>

Scientists unearth remains of modern glacier near Mars' equator

Equity benchmarks gave up early gains on Wednesday and were later trading lower in tandem with weak global markets. The 30-share <keyword id="35140" type="General" weightage="80" keywordseo="bse" source="Orion">BSE</keyword> <keyword id="6484188" type="General" weightage="80" keywordseo="sensex" source="Orion">Sensex</keyword>, which climbed 82.36 points to 59,113.66 in early trade, later fell in the negative territory. Similarly, the broader NSE <keyword id="6354813" type="General" weightage="80" keywordseo="nifty" source="Orion">Nifty</keyword> had advanced 27.9 points to 17,605.40 in initial trade but failed to carry forward the momentum. Both the benchmark indices were trading lower later, with the Sensex falling 146.56 points to 58,884.74 and the Nifty declining by 43.95 points to 17,533.55. From the Sensex pack, <keyword id="106317" type="General" weightage="80" keywordseo="asian-paints" source="Orion">Asian Paints</keyword>, Titan, Larsen &amp; Toubro, Maruti, Hindustan Unilever, Nestle, Tata Steel, Bharti Airtel and State Bank of India were among the major laggards. On the other hand, <keyword id="46717" type="General" weightage="50" keywordseo="indusind-bank" source="Orion">IndusInd Bank</keyword>, <keyword id="44642" type="General" weightage="80" keywordseo="sun-pharma" source="Orion">Sun Pharma</keyword>, <keyword id="6355199" type="General" weightage="50" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword>, ITC and Power Grid were the gainers. In Asia, markets in Shanghai, Tokyo and Hong Kong quoted lower, while Seoul traded in the green in mid-session deals. The Wall Street had ended lower on Tuesday. The BSE benchmark climbed 257.43 points or 0.44 per cent to settle at 59,031.30 on Tuesday. The Nifty advanced 86.80 points or 0.50 per cent to 17,577.50. Meanwhile, the international oil benchmark Brent crude declined 0.40 per cent to USD 99.82 per barrel. Foreign Institutional Investors (FIIs) bought shares worth Rs 563 crore on Tuesday, according to exchange data. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rupee-falls-4-paise-to-79-87/us-dollar-in-early-trade/articleshow/93755437.cms">Rupee falls 4 paise to 79.87/US dollar in early trade</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/nearly-80-smes-expect-a-pick-up-in-orderbook-in-the-next-few-months-survey/articleshow/93755536.cms">Nearly 80% SMEs expect a pick up in orderbook in the next few months - survey</a>

Stock markets give up early gains; in tandem with weak global markets

<keyword id="526777" type="General" weightage="100" keywordseo="tiger-global" source="Orion">Tiger Global</keyword> marked down the value of its investments in private companies by about 33 per cent across its venture-capital funds in 2022, according to The <keyword id="6384660" type="General" weightage="80" keywordseo="wall-street-journal" source="Orion">Wall Street Journal</keyword>. The markdowns erased USD 23 billion in value from Tiger's giant holdings of startups around the globe, one of the people familiar with the firm said. Its private portfolio includes big bets on hundreds of companies including TikTok parent ByteDance and payments company <keyword id="944108" type="General" weightage="80" keywordseo="stripe" source="Orion">Stripe</keyword>. In the fourth quarter, Tiger's newest venture funds lost between 9 per cent and 25 per cent. While substantial, the markdowns -- including USD 9 billion in the second half of the year--highlight the lag in private markets compared with similar fast-growing public companies. Tech stocks fell sharply last year, yet large venture-capital investors have so far reported more modest declines, <keyword id="51124" type="General" weightage="80" keywordseo="wsj" source="Orion">WSJ</keyword> said. According to the Wall Street Journal, SoftBank Group reported its USD 48 billion Vision Fund 2 saw a roughly 30 per cent drop in valuations of its private investments between April and December, compared with a more than 50 per cent drop in its publicly traded holdings. The disconnect is partly explained by the tricky process of valuing private companies. WSJ said managers have wide discretion; they typically rely on recent transactions, fundamentals like revenue and the performance of comparable companies. They also often hold preferred stock, which gives investors protections if a company sells at a discount and often decreases in value at a slower rate than common stock. Managers generally say they hew to consistent valuation processes, regardless of market cycles, that involve independent assessments of companies' worth, according to WSJ. Some question if public markets are a valid benchmark, contrasting the volatility of public markets with the longer-term nature of their investments in private companies. Still, the lag in private-market valuations during a rout in technology stocks has drawn the attention of investors including Harvard University's endowment, whose chief suggested in his annual letter last fall that venture managers hadn't written down their private investments sufficiently. That could create a blind spot for investors deciding whether to invest in new funds managers are raising, WSJ said. The recent write-downs at Tiger changed some of its performance stats significantly since it began raising a new USD 5-billion venture fund last fall, according to WSJ. WSJ said when it initially sought investors for the fund, PIP 16, it reported that a USD 5 billion fund it raised in 2020, PIP 12, had generated a 22 per cent internal rate of return for investors--a well above-average figure--through June 30. That figure has fallen to 9 per cent, people familiar with the matter said. Similarly, PIP 11's internal rate of return has fallen to 13 per cent from 23 per cent over the same time frame. PIP 10's decreased to 35 per cent, from 39 per cent. Tiger subsequently shared updated performance metrics with prospective investors after taking additional losses in the third quarter, a person familiar with the matter said. Tiger regularly provides performance and portfolio data to existing and potential investors, the person said, regardless of the market backdrop, according to WSJ. All of Tiger's largest investments have taken a hit, according to people familiar with the firm. When it began fundraising last fall, the firm told investors that its stake in payment processor Stripe was worth USD 1.6 billion as of June 2022, WSJ said. On Wednesday, Stripe said it raised USD 6.5 billion in a deal that valued it at USD 50 billion, nearly half of where it was in its last funding round two years ago. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tcs-is-an-integral-part-of-who-i-am-ill-be-a-part-of-tcs-too-as-it-soars-rajesh-gopinathan/articleshow/98722638.cms">TCS is an integral part of who I am, I’ll be a part of TCS too as it soars: Rajesh Gopinathan</a> <a href="https://www.businessinsider.in/finance/banks/news/time-to-move-on-from-ceo-extension-debate-for-indusind-bank-and-focus-on-the-fundamentals/articleshow/98693999.cms">Time to move on from CEO extension debate for IndusInd Bank and focus on the fundamentals</a> <a href="https://www.businessinsider.in/stock-market/news/analysts-remain-optimistic-about-indias-top-100-stocks-most-popular-5-stocks-deliver-double-digit-returns/articleshow/98648739.cms">Analysts remain optimistic about India’s top 100 stocks: Most popular 5 stocks deliver double digit returns</a>

Tiger Global writes down venture funds' bets by 33% in 2022, says Wall Street Journal

The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) has approved <keyword id="19895995" type="General" weightage="20" keywordseo="hdfc-bank" source="keywords">HDFC Bank</keyword>'s proposal to acquire an up to 9.5% stake in <keyword id="19901053" type="General" weightage="100" keywordseo="indusind-bank" source="keywords">IndusInd Bank</keyword>. "Pursuant to Regulation 30 of the <keyword id="35210" type="General" weightage="20" keywordseo="SEBI" source="Orion">SEBI</keyword> Listing Regulations, we would like to inform you that the Reserve Bank of India vide its letter dated February 5, 2024 has accorded its approval to HDFC Bank Limited ("applicant") for acquiring "aggregate holding" of up to 9.50% of the paid-up share capital or voting rights in IndusInd Bank Limited. The aforesaid RBI approval has been granted with reference to the application made by the applicant to the RBI," IndusInd Bank said in a stock exchange filing. The approval also stipulates that if the "aggregate holding" of HDFC Bank falls below 5%, prior approval of the RBI will be required to increase it to 5% or more of the paid-up share capital or voting rights. The RBI approval is subject to compliance with the <keyword id="19976511" type="General" weightage="20" keywordseo="banking-regulation-act" source="keywords">Banking Regulation Act</keyword>, 1949, RBI's Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023 (as amended), provisions of the Foreign Exchange Management Act, 1999, regulations by the Securities and Exchange Board of India (SEBI), and other applicable statutes, regulations, and guidelines, the filing noted. --IANS sps/dpb

HDFC gets RBI nod to acquire 9.5% stake in IndusInd Bank

Extending its record-setting streak, equity benchmark <keyword id="6484188" type="General" weightage="100" keywordseo="sensex" source="Orion">Sensex</keyword> rallied over 500 points in opening trade on Monday on account of widespread buying despite a weak trend in global markets. After touching an all-time high of 61,894.33 in opening deals, the 30-share Sensex was trading 511.54 points or 0.83 per cent higher at 61,817.49. Similarly, the <keyword id="6354813" type="General" weightage="80" keywordseo="nifty" source="Orion">Nifty</keyword> surged 157.40 points or 0.86 per cent to 18,495.95. It touched a new intra-day record of 18,521.10 in initial deals. <keyword id="6354512" type="General" weightage="20" keywordseo="infosys" source="Orion">Infosys</keyword> was the top gainer in the Sensex pack, rising over 2 per cent, followed by <keyword id="6357147" type="General" weightage="20" keywordseo="tata-steel" source="Orion">Tata Steel</keyword>, <keyword id="6357149" type="General" weightage="20" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword>, ICICI Bank, Titan and <keyword id="46717" type="General" weightage="20" keywordseo="indusind-bank" source="Orion">IndusInd Bank</keyword>. On the other hand, <keyword id="106317" type="General" weightage="20" keywordseo="asian-paints" source="Orion">Asian Paints</keyword>, Bajaj Auto, Dr Reddy's and HCL Tech were trading with losses in early deals. In the previous session on Thursday, the 30-share index settled 568.90 points or 0.94 per cent higher at 61,305.95, and the Nifty surged 176.80 points or 0.97 per cent to a new lifetime closing high of 18,338.55. Foreign institutional investors (FIIs) were net buyers in the capital market, as they purchased shares worth Rs 1,681.60 crore, as per exchange data. Market remained shut on Friday on account of 'Dussehra'. Elsewhere in Asia, bourses in Hong Kong, Shanghai and Tokyo were trading with losses in mid-session deals, while Seoul was positive. Meanwhile, international oil benchmark Brent crude rose 1.07 per cent to USD 85.77 per barrel. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/online-pharmacy-startup-pharmeasy-raises-350-million-as-it-gears-up-for-an-ipo/articleshow/87099588.cms">Online pharmacy startup PharmEasy raises $350 million as it gears up for an IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/apple-unleashed-m1x-macbook-pro-airpods-3-and-more-expected-to-launch-today/articleshow/87099644.cms">Apple Unleashed – M1X MacBook Pro, AirPods 3 and more expected to launch today</a>

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