BUSINESS
Swiggy initiates 2nd tranche of ESOP liquidity totalling $50 mn
This event will also see eligible employees from Dineout which Swiggy acquired last year participate.
Swiggy, which announced turning EBITDA positive in its food delivery business as of March successfully integrated Dineout and strengthened its position in Q-commerce with Instamart.
Banks need to deal with poor loan defaulters in sensitive, humane way: Sitharaman
During Question Hour as Minister of State for Finance Bhagwat Karad was replying to a question by a Shiv Sena member on harsh tactics undertaken by banks while dealing with poor loan defaulters, Sitharaman intervened, saying that it is a sensitive matter, which has been brought to the notice of the government quite often.
ITC Board accords in-principle approval to demerge hotels business into a new entity
In the meeting, the Board noted that the Company's Hotels Business has matured over the years and is well poised to chart its own growth path as a separate entity in the fast- growing hospitality industry with sharper focus on the business and an optimal capital structure, whilst continuing to leverage ITC's institutional strengths, brand equity and goodwill.
Near term market trend to be decided by Q1 results, Fed policy decision
Q1 results of RIL, though a tad disappointing on top and bottom line, are good when viewed from the perspective of the growth engines of the company -- Jio Infocom and Reliance Retail -- which are doing well and shows promise of improving, going forward, he said.
'Chinese phone makers, including Vivo, Oppo, Xiaomi evaded Rs 9,000 cr in tax'
The data shared by Minister of State for Electronics and IT Rajeev Chandrasekhar in Rajya Sabha pointed out tax evasion of around Rs 9,000 crore, comprising customs duty and GST -- detected between 2018-19 and 2022-23.
FPIs invested Rs 43, 804 crore in India in July
Till July 21, FPIs have invested Rs 43,804 crore in India. This figure includes investment through stock exchanges, primary market and bulk deals. FPIs continue to invest in financials, automobiles, capital goods, realty and FMCG. FPI buying in these sectors have contributed hugely to the surge in prices of stocks in these sectors and the Sensex and Nifty scaling record highs, he said.
Govt rejects Chinese BYD Motors’ plan to build $1 bn EV plant: Report
BYD's proposal to join hands with Hyderabad-based Megha Engineering and Infrastructures Ltd (MEIL) for electric cars and batteries has apparently hit a roadblock over "security concerns", reports The Economic Times. In its proposal to the Department for Promotion of Industry and Internal Trade (DPIIT), BYD-MEIL reportedly made a pitch to manufacture up to 15,000 electric cars a year in the country.
Paytm scores profit for three straight quarters; posts revenue of Rs 2,342 cr, growth of 39% YoY in Q1FY24
Paytm’s EBITDA before ESOP saw a significant improvement of Rs 359 crore YoY to Rs 84 crore, compared to Rs 52 crore in Q4FY23 (excluding the UPI incentive). In Q1FY24, Paytm further grew its contributing profit, up by 80 per cent YoY to Rs 1,304 crore. Driven by the rise in contribution margin and consistent improvement in profitability, EBITDA before ESOP margin also improved to 4 per cent.`
Reliance Industries Ltd posts Rs 2.31L cr consolidated revenues for Q1
Reliance’s quarterly EBITDA stood at a record high of Rs 41,982 crore ($5.1 billion), up 5.1 per cent Y-o-Y, led by consumer and upstream businesses. Its consolidated profit after tax (PAT) was at Rs 8,258 crore ($2.2 billion), down 5.9 per cent YoY, on account of higher finance cost and increased depreciation.
Nifty falls at fastest pace in 18 weeks
It fell at the fastest pace in about 18 weeks to close at 19,745 levels, down 1.17 per cent or 234.2 points from its previous close. Volumes on the NSE continued to be higher than normal. Broad market indices did better than the Nifty with the small-cap index ending 0.13 per cent in the positive even as the advance-decline ratio came in lower at 0.82:1.
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