Paytm Q2 Results: Net loss widens to Rs 473 crore
One97 Communications Ltd, the parent company of Paytm, reported a net loss of Rs 473 crore for the quarter ended September (Q2 FY22). It had posted a net loss of Rs 437 crore in the corresponding quarter last year (Q2 FY21). Its revenue from operations rose 64% YoY to Rs 1,090 crore in Q2 FY22. The company’s expenses grew 37.75% YoY to nearly Rs 1,600 crore during the same period. The Gross Merchandise Value (GMV) stood at 1,95,600 crore in Q2, up 107% YoY.
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Need to be proactive in light of new Covid variant, says PM Modi
Amid rising concerns about the new Covid-19 variant Omicron, Prime Minister Narendra Modi on Saturday chaired a meeting with top officials on Covid-19. He stated that citizens need to be proactive in light of the new variant while laying emphasis on precautions to contain the virus. PM Modi highlighted the need for monitoring all international arrivals, their testing as per guidelines, with a specific focus on countries identified as ‘at risk’.
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IndusInd Bank’s Hindujas welcome RBI move to allow promoter holding of up to 26%
The Hinduja Group has welcomed the Reserve Bank of India’s (RBI) move to allow promoter holding of up to 26% in private-sector lenders. IIHL Mauritius, the Hindujas’ entity which is the promoter of IndusInd Bank, had applied to RBI to increase its holding to 26% from the previous cap of 15%. IIHL now awaits operational guidelines as it gives the promoters an opportunity to infuse capital to increase the stake up to 26%. The increased promoter holding will lead to the enhanced financial strength of the bank, and its clients will be protected.
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Bharti Airtel withdraws extra data benefit in-app coupons on certain packs to avoid confusion
Bharti Airtel Ltd has withdrawn certain data benefit coupons it was offering through its app on some of the prepaid plans. This move will help avoid any confusion among consumers about the offerings and comparisons between various plans. The telecom operator had announced 20-25% tariff hikes for various prepaid offerings, including tariffed voice plans, unlimited voice bundles, and data top-ups. The new rates came into effect from Friday.
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GHCL signs MoU worth Rs 500 crore with Tamil Nadu govt
GHCL Limited has signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu for investing Rs 500 crore in the state. As per the agreement, GHCL will set up 40,000 ring spindles in Manaparai in Tiruchirappalli district to produce synthetic and synthetic-blended yarn to cater to the knitting and weaving segments. The company will also install another 40,000 ring spindles with 24 knitting machines in Paravai, Madurai district, to produce 100% cotton yarn and knitted fabrics.
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Mahanagar Gas hikes gas prices for third time in six weeks
Mahanagar Gas Ltd has hiked the prices of compressed natural gas (CNG) and piped natural gas (PNG) with effect from Friday. The basic price of CNG was increased by Rs 3.06/kg and domestic PNG by Rs 2.26 per Standard Cubic Meter (SCM) for the Mumbai Metropolitan Region. This is the third price hike in the last six weeks.
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Shriram Properties to launch up to Rs 700 crore IPO in December
According to reports, Shriram Properties Ltd is planning a ₹600-700 crore public listing in the second week of December. The company seeks to capitalize on a rebound in demand for residential properties and heightened investor interest in the segment. Bengaluru-based Shriram Properties focuses on mid-income housing projects in south India.
Star Health and Allied Insurance Company Ltd will launch its Rs 7,250 crore IPO on November 30. Tega Industries Ltd, a leading producer of polymer-based mill liners, will open its Rs 620 crore IPO on December 1.
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SEBI seeks to ease preferential issue norms
The Securities and Exchange Board of India (SEBI) has proposed a revamp of rules on preferential share offers by relaxing pricing norms and lock-in requirements for promoters. This will make it easier for companies to raise funds through this route. SEBI has also proposed that companies must obtain a valuation report whenever there is a change in control following a preferential allotment of shares to investors.
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