Top headlines: Johnson quits as UK PM; startup funding down 33% in June qtr

After scandals, Boris Johnson quits as UK Prime Minister

Scandal-ridden Boris Johnson announced on Thursday he would quit as British prime minister after he was abandoned by ministers and most of his Conservative lawmakers. Bowing to the inevitable as more than 50 ministers quit and lawmakers said he must go, an isolated and powerless Johnson spoke outside his Downing Street to confirm he would resign. Read more...

Indian startups raised $6.9bn in the June quarter, down 33% sequentially

Indian startups raised $6.9 billion in Q2 CY22 (April-June) across 409 funding rounds. This quarter's total funding declined by 33 per cent from $10.3 billion raised in Q1 CY22 (Jan-Mar), according to Tracxn Geo Quarterly Report: India Tech Q2 2022. Startup fundraising also declined on a year-on-year (YoY) basis from $10.1 billion. Read more...

HDFC Bank hikes MCLR by 0.2% in third consecutive increase in rates

The country's largest private sector lender HDFC Bank on Thursday announced a 0.20 per cent hike in its marginal cost of funding based lending rate across all tenors. This is the third such move by the lender in as many months since May, and takes the overall quantum of the rate hikes to 0.80 per cent. Read more...

India's coal-based power generation rises 27% in June: Govt data

Coal-based power generation increased by 26.58 per cent to 95,880 million units in June, as per official data. This comes in the wake of several parts of the country witnessing power outrages in the peak summer months of April and May due to shortage of coal supplies at various thermal plants. Read more...