Potential for any re-rating delayed for Paytm, says UBS; still sees 25% upside in the stock – heres why

Shares of One 97 Communications (Paytm) have witnessed an almost 50 percent drop just in February as investor sentiment turned negative amid the RBI and Paytm Payments Bank Ltd (PPBL) saga.In a recent note, brokerage house UBS said it believes that any potential for a re-rating of Paytm based on profitability improvement has been delayed. It has retained a 'neutral' call on the stock and reduced its target price to ₹510 (from ₹650 earlier). The new target indicates an over 25 percent potential upside. "Paytm's share price has derated significantly post RBI regulatory action and the stock is trading at 1.5x EV to one-year forward consensus sales, nearly an 80 percent discount to its Indian internet peers. Our ₹510 price target implies a 2.4x EV to FY25E sales, which is still a 70 percent discount to Indian internet peers. We believe this is justified as Paytm's growth profile is now much weaker at an 8 percent expected revenue CAGR over FY24-26E, versus Indian peers at a much higher 27 percent. Additionally, Paytm's re-rating potential based on its profitability improvement is now also pushed out and the company's margin profile is much weaker than peers. Furthermore, the loss of investor confidence based on the regulatory action is unlikely to change in a hurry. We believe only sustained execution in the coming quarters can re-build investor confidence which would drive a re-rating," explained the brokerage. The RBI on January 31 directed PPBL to stop accepting deposits or top-ups in customer accounts, wallets, FASTags, and other instruments after February 29, citing large-scale non-compliance with regulations and supervisory concerns. In the latest update, the Reserve Bank of India clarified that non-Paytm Payments Bank Limited (PPBL) linked merchants (85 percent of the total) can continue to function as normal and gave a 15-day extension till 15th March for most PPBL-linked activities. RBI also informed that @paytm UPI handles can be migrated to banks after approval from NPCI. This implies key linkages between Paytm and PPBL will be transferred to other banks via Paytm and also clears the way for Paytm to function as third-party app provider (TPAP), similar to its competitors PhonePe and Google Pay, once NPCI provides approval for the same. Following RBI's latest update, the anticipated negative impacts on Paytm have been alleviated to a considerable extent. Paytm is poised to retain a significant portion of its customer and merchant base pending certain approvals from the National Payments Corporation of India (NPCI). However, UBS anticipates a churn of 15-20 percent in merchants, customers, and devices in Q4 compared to Q3 levels, accompanied by a steep decline of around 60 percent quarter-on-quarter in loan origination. Additionally, it foresees a challenging FY25 with a projected 2 percent revenue decline, attributed to the loss in the wallet business and gradual normalisation in payments and loan origination activities. To regain lost customers, Paytm is expected to escalate its marketing expenditure, leading to heightened EBITDA losses in FY25, consequently prompting adjustments in its EPS estimates.  

Stock market selloff: Nifty forms Bearish Engulfing; 21,850 next?

Nifty on Wednesday could not sustain early gains and saw heavy selling, as it closed below the psychological mark of 22,000 for the time since February 15. The index formed a Bearish Engulfing pattern on the daily chart, which has a negative connotation.  The silver lining was the index somehow managed to settle above its 21-day EMA on a closing basis. If the index stays below 22,000 level, chances are it may revisit 19,850-800 level, analysts said.“The index dropped below the 22,000 mark, indicating a growing weakness. Nevertheless, it managed to close just above the 21EMA on the daily timeframe. Observing the daily chart, the index has been navigating within a rising channel. A decline below 21,950 could potentially trigger a correction towards 21,800 in the near term,” said Rupak De, Senior Technical Analyst at LKP Securities. For the day, the 50-pack index closed at 21,951.15, down 247.20 points or 1.11 per cent. A sustained Nifty trade above 21,950 might spur a recovery in the index towards 22,100, De added. With the Bearish Engulfing candle, Nifty has given up all the gains of the previous week, said Chandan Taparia of Motilal Oswal Securities. This analyst believes that were the index say below 22000, weakness could be seen towards 21,850, followed by 21,700 levels. Resistances are seen at 22,150 and 22,222 levels, he said.atin Gedia – Technical Research Analyst at Sharekhan said that the index has reached its 20-day moving average of 21,944. He said the broad range of 21,800-22,300 still has not been breached. "The daily as well as hourly momentum indicators have a negative crossover, which  is a sell signal. But prices are still in a range and, hence, a decisive breach below 21,875 i.e. the previous swing low is required to validate the change of trend. The Index is around the crucial support zone 21,900, which is likely to act as a make-or-break level from short term perspective," Gedia said.  

Axis Bank is Religares pick of the month for March, 10% upside seen at TP of ₹1,185; should you buy?

Domestic brokerage firm Religare Broking has picked Axis Bank as its stock pick of the month for March 2024 with a potential upside seen around 10 per cent. Shares of Axis Bank were on an uptrend and gained around three per cent today as Nifty 50 hit a fresh lifetime high of 22,353.30 on strong macroeconomic indicators.On Friday, March 1, shares of Axis Bank opened at ₹1,074.05 and gained 2.5 per cent to hit an intra day high of ₹1,101.60 against its 52-week high of ₹1,151.50 apiece on the BSE. Shares of Axis Bank settled 2.20 per cent higher at ₹1,099.35 apiece on the BSE. At a current market price (CMP) of ₹1,085, Religare sees a potential upside of 10 per cent on Axis Bank stock at a target price of ₹1,185 from an initiation range of ₹1,080-1,085 and a stop loss of ₹1,030. Religare Broking highlights that in its report that Axis Bank has remained one among the top performer among the private banking majors and we expect the outperformance to continue. ‘’The stock has been in a primary uptrend from last more than eight months, forming series of Higher Highs and lows with gradual rise in volumes. It has formed an elevated base around the 20 weekly EMA which also coincides with rising support trend line,'' said Religare Broking. Following the price action and uptick in volumes indicates the stock to resume its prevailing trend and inch higher to surpass its previous swing high, according to the brokerage. The stock gained marginally (around three per cent) in the previous series with reduction of eight per cent open interest (OI). 98 per cent of the open positions rolled which is same with respect to previously. ‘’OI of 82k contracts as against 89k previously. Decent cash based buying also seen in last three days of February series. With fresh cash accumulation and shorts being trapped, it may witness good short covering,'' said Religare Broking. The bank's net interest income (NII) in the third quarter at ₹12,532, crore, which rose by nine per cent - almost in line with the market estimate of ₹12,555 crore. NII is the difference between interest earned by a bank through loans and interest it pays to depositors. Meanwhile, the net interest margin (NIM) stood at 4.01 percent for the quarter ended on December 31, 2023. Net Interest Margin refers to the difference between the interest income earned and the interest disbursed by a bank in relation to its interest-generating assets such as cash.    

Potential for any re-rating delayed for Paytm, says UBS; still sees 25% upside in the stock – heres why

Shares of One 97 Communications (Paytm) have witnessed an almost 50 percent drop just in February as investor sentiment turned negative amid the RBI and Paytm Payments Bank Ltd (PPBL) saga.In a recent note, brokerage house UBS said it believes that any potential for a re-rating of Paytm based on profitability improvement has been delayed. It has retained a 'neutral' call on the stock and reduced its target price to ₹510 (from ₹650 earlier). The new target indicates an over 25 percent potential upside. "Paytm's share price has derated significantly post RBI regulatory action and the stock is trading at 1.5x EV to one-year forward consensus sales, nearly an 80 percent discount to its Indian internet peers. Our ₹510 price target implies a 2.4x EV to FY25E sales, which is still a 70 percent discount to Indian internet peers. We believe this is justified as Paytm's growth profile is now much weaker at an 8 percent expected revenue CAGR over FY24-26E, versus Indian peers at a much higher 27 percent. Additionally, Paytm's re-rating potential based on its profitability improvement is now also pushed out and the company's margin profile is much weaker than peers. Furthermore, the loss of investor confidence based on the regulatory action is unlikely to change in a hurry. We believe only sustained execution in the coming quarters can re-build investor confidence which would drive a re-rating," explained the brokerage. The RBI on January 31 directed PPBL to stop accepting deposits or top-ups in customer accounts, wallets, FASTags, and other instruments after February 29, citing large-scale non-compliance with regulations and supervisory concerns. In the latest update, the Reserve Bank of India clarified that non-Paytm Payments Bank Limited (PPBL) linked merchants (85 percent of the total) can continue to function as normal and gave a 15-day extension till 15th March for most PPBL-linked activities. RBI also informed that @paytm UPI handles can be migrated to banks after approval from NPCI. This implies key linkages between Paytm and PPBL will be transferred to other banks via Paytm and also clears the way for Paytm to function as third-party app provider (TPAP), similar to its competitors PhonePe and Google Pay, once NPCI provides approval for the same. Following RBI's latest update, the anticipated negative impacts on Paytm have been alleviated to a considerable extent. Paytm is poised to retain a significant portion of its customer and merchant base pending certain approvals from the National Payments Corporation of India (NPCI). However, UBS anticipates a churn of 15-20 percent in merchants, customers, and devices in Q4 compared to Q3 levels, accompanied by a steep decline of around 60 percent quarter-on-quarter in loan origination. Additionally, it foresees a challenging FY25 with a projected 2 percent revenue decline, attributed to the loss in the wallet business and gradual normalisation in payments and loan origination activities. To regain lost customers, Paytm is expected to escalate its marketing expenditure, leading to heightened EBITDA losses in FY25, consequently prompting adjustments in its EPS estimates.    

Stock market selloff: Nifty forms Bearish Engulfing; 21,850 next?

Nifty on Wednesday could not sustain early gains and saw heavy selling, as it closed below the psychological mark of 22,000 for the time since February 15. The index formed a Bearish Engulfing pattern on the daily chart, which has a negative connotation.   The silver lining was the index somehow managed to settle above its 21-day EMA on a closing basis. If the index stays below 22,000 level, chances are it may revisit 19,850-800 level, analysts said.“The index dropped below the 22,000 mark, indicating a growing weakness. Nevertheless, it managed to close just above the 21EMA on the daily timeframe. Observing the daily chart, the index has been navigating within a rising channel. A decline below 21,950 could potentially trigger a correction towards 21,800 in the near term,” said Rupak De, Senior Technical Analyst at LKP Securities. For the day, the 50-pack index closed at 21,951.15, down 247.20 points or 1.11 per cent. A sustained Nifty trade above 21,950 might spur a recovery in the index towards 22,100, De added. With the Bearish Engulfing candle, Nifty has given up all the gains of the previous week, said Chandan Taparia of Motilal Oswal Securities. This analyst believes that were the index say below 22000, weakness could be seen towards 21,850, followed by 21,700 levels. Resistances are seen at 22,150 and 22,222 levels, he said.atin Gedia – Technical Research Analyst at Sharekhan said that the index has reached its 20-day moving average of 21,944. He said the broad range of 21,800-22,300 still has not been breached. "The daily as well as hourly momentum indicators have a negative crossover, which  is a sell signal. But prices are still in a range and, hence, a decisive breach below 21,875 i.e. the previous swing low is required to validate the change of trend. The Index is around the crucial support zone 21,900, which is likely to act as a make-or-break level from short term perspective," Gedia said.  

IIT Kanpur’s 1974 batch pledges Rs 10.11 crore

"The Class of 1974 of the Indian Institute of Technology Kanpur (IIT Kanpur) has committed Rs 10.11 crore to fund a range of institute initiatives. The promise is made as part of the batch's Golden Jubilee Reunion, which will take place from February 23 to February 25, 2024, and will bring together over 80 graduates and their families. ""IIT Kanpur takes great pride in its alumni, and time and time again, our alumni have come together for supporting the growth of their alma mater through various means,"" stated Prof. S Ganesh, Director of IIT Kanpur, in response to the Class of 1974's kind pledge. The Class of 1974's commitment to support greatness at the institute by aiding in its development aligns with a shared goal He continued, ""The 'Batch Legacy Fund' will be used to enhance possibilities for both faculty and students. ""We, the proud alumni of the Class of 1974, are honored to unite and contribute to our cherished alma mater, IIT Kanpur,"" he stated, thanking his classmates for this endeavor and his alma mater, batch coordinator Yogesh Khosla. Our combined support is a testament to our great pride in the organization and our common goal of seeing it succeed moving forward. I would want to sincerely thank everyone of my classmates for their kind cooperation in this project. The Class of 1974's 50th reunion was a happy event full with memories, laughter, and introspection that will live on in the archives of IIT Kanpur, an institution thinkinh said.   IIT Kanpur stated that the ""Class of 1974 Batch Legacy Fund"" will undoubtedly advance learning within its community and expressed its sincere gratitude to the Class of 1974 for their outstanding contribution and steadfast dedication. The researchers from the Indian Institute of Technology Madras (IIT Madras) will present their findings to the students during an open house. The purpose of the event is to give students a forum to interact with professionals and well-known businesspeople. March 2 and March 3 of 2024 will be dedicated to the open house. Shaastra will host IITM for Everyone. A statement on the social media account read, ""IIT Madras is open to all for the first time in 15 years."" "

Foreign funds binge on Indian debt; what does it mean for the rupee?

Foreign money is already pouring into Indian debt ahead of their scheduled inclusion into JPMorgan and Bloomberg's global bond indices in August and September, respectively.Foreign portfolio investors (FPIs) net bought a little over $2 billion of Indian debt in February, after having pumped in $2.5 billion last month. January’s purchases were the highest monthly inflows into the debt market in more than six years. In comparison, FPIs have net sold around $3.5 billion worth of equity shares so far in 2024. FPI investments into Indian debt has been steadily rising since October when the proposed inclusion in the JP Morgan global bond index was announced.The strong foreign flows also provide a support to the rupee, because foreign investors need to convert dollars to rupees when investing in Indian bonds. This boosts demand for the rupee, and helped offset some of the pressure caused by FPI selling of equities. So far in 2024, the rupee has risen 0.4 percent. It was also the top three least volatile emerging market currencies in 2023. However, a stronger rupee also has drawbacks too. India’s exports become less competitive compared to producers in countries with weaker currencies. If demand for exports goes down, it means less dollars coming into the country. So far in 2024, the rupee has risen 0.4 percent. It was also the top three least volatile emerging market currencies in 2023. However, a stronger rupee also has drawbacks too. India’s exports become less competitive compared to producers in countries with weaker currencies. If demand for exports goes down, it means less dollars coming into the country. As for the rupee, looking at USD/INR rate, Mishra expects to see low volatility for the next 12 months. "The RBI also has the ammunition to dampen volatility on both sides, however, if we were modelling USD/INR, I would still anticipate mild depreciation. In case, we do start to get a lot of inflows, the RBI will tap into its reserves and keep the rupee down maybe 1-2 percent," Mishra stated in an interaction with Moneycontrol.    

Juniper Hotels likely to see muted debut, grey market premium absent

Juniper Hotels is likely to see a muted debut on February 28 despite positive market conditions. Tepid IPO subscription numbers and the loss-making status of the company, which is owned by the hotel developer Saraf Group and global premier hospitality brand Hyatt Hotels Corporation, may be among the key reasons for the flat listing, analysts said. The Rs 1,800-crore public issue had seen a subscription of 2.08 times during February 21-23, with qualified institutional investors buying 2.96 times the reserved portion, and retail investors picking 1.28 times the allotted quota. The portion set aside for non-institutional investors was subscribed 0.85 times. The IPO was comprised of only a fresh issue portion. An amount of Rs 1,500 crore of the net fresh issue proceeds will be utilised to repay debts and the remaining funds will be used for general corporate purposes. At the upper band of Rs 360, the company is valued at Rs 8,010 crore. "Based on annualised FY24 earnings and fully diluted post-IPO paid-up capital, the company’s operational metrics remain healthy, but interest costs are weighing on profitability bringing the bottom line to net loss," Tapse said. Juniper Hotels, which competes with listed peers like Indian Hotels Company, EIH, Lemon Tree Hotels, and Chalet Hotels, has been a loss-making company, though the losses reduced considerably in the year ended March FY23 at Rs 1.5 crore from a loss of Rs 188 crore in FY22. But revenue from operations more than doubled to Rs 666.85 crore against Rs 308.7 crore during the same period. Further, the losses in the six months ended September FY24 increased to Rs 26.5 crore from Rs 17.5 crore in the same period previous fiscal, though there has been growth in revenue from operations rising to Rs 336.1 crore from Rs 294.3 crore during the same period. As far as the grey market is concerned, its IPO shares are not getting any premium, the market observers said. The grey market is an unofficial platform for trading in IPO shares till the listing. Being in the luxury hotel development and ownership space, Juniper Hotels has a portfolio of seven hotels and serviced apartments with a total of 1,836 rooms, under three distinct segments namely luxury (the Grand Hyatt Mumbai Hotel and Residences and Andaz Delhi), upper upscale (the Hyatt Delhi Residences, Hyatt Regency Ahmedabad, Hyatt Regency Lucknow and Hyatt Raipur; and upscale (Hyatt Place Hampi).    

Dividend Stocks: NMDC, Natco Pharma to trade ex-dividend next week, Bajaj Auto to declare buyback

The ex-dividend date is the day on which the equity share price adjusts to reflect the next dividend payout. It is the day the stock becomes ex-dividend, which means it does not carry the value of its next dividend payment from that day forward. Dividends are payable to all shareholders whose names appear on the company's list by the end of the record date. A bonus issue is a corporate action which is an offer given to the existing shareholders of the company to subscribe for additional shares. Instead of increasing the dividend payout, the companies offer to distribute additional shares to the shareholders. For example, the company may decide to give out one bonus share for every ten shares held. Buy or sell stocks: After showing an excellent upside recovery from the lows on Thursday, the Indian stock market shifted into a range-bound action for the whole session on Friday and closed in the red territory. The Nifty 50 index went off 4 points and closed at the 22,212 level, the BSE Sensex slipped 15 points and ended at the 73,142 mark while the Bank Nifty index lost 108 points and finished at 46,811 level. After opening on a positive note, the Nifty 50 index was not able to sustain the opening gains and slipped into minor weakness amidst a range movement in the early part and later this sideways movement continued for the whole session. A new all-time high was formed at 22,297 levels and the 50 stock index closed near the lows. Sumeet Bagadia, Executive Director at Choice Broking believes that the Nifty 50 index went past the crucial 22,000 level decisively in the week gone by. The Choice Broking expert went on to add that overall Indian stock market sentiment is positive. Bagadia advised a 'buy on dips' strategy till the 50-stock index is above the 21,800 mark.  

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Suhana Khan purchases land in Alibag for Rs 9.50 crore

Actor Suhana Khan, daughter of Bollywood star Shah Rukh Khan, has bought 78,361 square feet of agricultural land in Alibag, Raigad district, for Rs 9.50 crore, according to documents shared by IndexTap.com.Khan has paid a stamp duty of Rs 57 lakh for the transaction registered on February 13, 2024. The registration fee was Rs 30,000, according to the documents. Suhana was seen as an actor for the first time in Zoya Akhtar’s The Archies. The land parcel is located at Thal village in Alibag in Raigad district, the documents said.Earlier, in June 2023, Khan had bought agricultural land spread across 1.5 acres with three structures on it in Alibag for Rs 12.91 crore.There was no response to an email query sent to Suhana Khan's spokesperson. In the past, Bollywood actress Deepika Padukone and her husband Ranveer Singh had bought a second home in Alibag for Rs 22 crore. Cricket player Virat Kohli and his actress wife Anushka Sharma had purchased an eight-acre land parcel in Alibag for around Rs 20 crore. In the past, notable celebrities and industrialists have purchased land or bungalows in Alibag. These include Navin Agarwal of Vedanta Resources, Gautam Singhania of Raymonds, Prakash Mody of Unichem Labs Ltd, and Salil Parekh of Infosys.    

Grasim stock hits fresh high after Birla Opus launch

Grasim Industries Ltd shares reached an all-time high intraday on February 22 as it announced the launch of its paint business (Birla Opus) and the opening of three new plants. The stock hit a lifetime high of Rs 2,244.95 and closed 0.4 percent higher at Rs 2,201.10 on BSE, while the Sensex rose 0.74 points to 73158.24. The stock ended higher for the seventh straight session. So far this year, the stock is up 3.5 percent, it jumped 24 percent in 2023. Aditya Birla chairman, Kumar Mangalam Birla, inaugurated three Birla Opus paint plants in Haryana, Punjab and Tamil Nadu on February 22 from the Panipat plant. Jefferies noted on February 22 that Grasim Industries' entry into the paint market could impact shares and margins in the industry. The company's push for the second spot is expected to drive increased competition from other industry players. Grasim Industries' entry into the paint sector with 49 percent of its Rs 4,900 crore capex allocated to this business is set to heighten competition. The company plans to focus on larger cities first, leveraging its strong distribution in cement and putty.  

Cabinet approves hike in sugarcane procurement price to Rs 340 per quintal for 2024-25 season

The Cabinet Committee on Economic Affairs, on February 21, approved a hike in the Fair and Remunerative Price (FRP) of sugarcane to Rs 340 per quintal from Rs 315 per quintal for the 2024-25 (October-September) season. The Rs 25-per-quintal increase in the FRP of sugarcane is significantly higher than what was announced last year, when the government had raised it by Rs 10 per quintal to Rs 315. The decision to hike the FRP of sugarcane in February is unusual considering the season begins in October and comes amid the 'Delhi Chalo' protests by farmers, with the government involved in talks with them over their demands. In 2023, the decision on sugarcane FRP was announced in June. Before that, in 2022, it was announced in August. India is paying the highest price for sugarcane in the world. Even this year, the Modi government has announced a hike of 8 percent. This is in the interest of farmers," Union Minister Anurag Thakur said on February 21 after the Cabinet meeting.  

Ether retreats after momentarily touching the $3,000 mark, while Bitcoin drops from the $52,000 mark.

On Wednesday, February 21, there was a tiny 0.31 percent gain for Bitcoin. At the moment, Bitcoin is worth $51,977, or about Rs. 43 lakh. Market analysts claim that the resistance level for Bitcoin is currently at $53,000, or approximately Rs. 43.9 lakh; a breach of this level would signal a significant increase in the value of the asset. The price of Bitcoin has seen a significant increase of $400 (approximately Rs. 33,160) in the last day. Wednesday's market volatility was reflected in the cryptocurrency chart, where altcoins fluctuated between gains and losses. For the first time since April 2022, Ether crossed the $3,000 (about Rs. 2.48 lakh) threshold. But at that point, the asset was unable to maintain a significant advantage. Ether's current value, after a 2.05 percent loss, is $2,870, or approximately Rs. 2.3 lakh. "Bitcoin is indicating overbought conditions in the current market environment, which is causing investor caution regarding possible consolidation. Ethereum, on the other hand, is showing an ascending channel pattern, driven by continuous developments in its ecosystem and flirting with $3,000 (about Rs. 2.48 lakh). Deviating from their customary daily routines, investors are being cautious because of a recent buying frenzy amid bullish momentum suggested by moving averages, according to Rajagopal Menon, Vice President of WazirX, who spoke with Gadgets360. Market observers are currently more interested in watching Ether's trajectory than Bitcoin's. "Ethereum has a huge following. For most Web3 developers, it is the default option when it comes to compute networks. This translates to increased traffic volume and road upkeep. Therefore, an update to make the highway much smoother is being shipped by developers. They are also doing it without causing any traffic hiccups. They port the upgrade to the mainnet highway after testing it on the testnets, or service road. Dencun's planned mainnet launch in March "can be seen as an internal catalyst for a better Web3 future," according to CoinSwitch co-founder Ashish Singhal.

India Accepts All Foreign Investment In The Space Industry

In an effort to facilitate business in the nation, the Indian government approved an amendment on Wednesday that permits 100% foreign direct investment (FDI) in the space sector. The government stated in a statement that the FDI policy reform will encourage growth in investment, income, and employment. The government stated in a statement that the FDI policy reform will encourage growth in investment, income, and employment. 

Numaligarh Refinery planning for IPO in next two years, says MD

Numaligarh Refinery Limited (NRL) is looking at an initial public offer (IPO) in the next two years, primarily to support net-zero emission plans of the company, its Managing Director Bhaskar Jyoti Phukan told Moneycontrol.Phukan said NRL has several projects planned to achieve net-zero targets by 2038 and setting a 2G bio-refinery is one among them. NRL, a subsidiary of state-run Oil India Limited (OIL), is setting up India’s first bio-refinery which would use bamboo as feedstock in Assam. Phukan said NRL has several projects planned to achieve net-zero targets by 2038 and setting a 2G bio-refinery is one among them. NRL, a subsidiary of state-run Oil India Limited (OIL), is setting up India’s first bio-refinery which would use bamboo as feedstock in Assam. The Assam-based refinery’s head said major expansion projects of the company would also have been commissioned in the next two years, working in favour of the IPO plans. Under expansion plans, NRL is ramping up its refining capacity to 9 MMTPA (million metric tonne per annum) from 3 MMTPA, setting up crude oil import terminal at Paradip port in Odisha and laying about 1,640 km of pipelines for transportation of imported crude oil to Numaligarh. our new refinery would be commissioned by then (in the next two years), pipeline will also be in place. So, therefore, it will be very comfortable time to go for IPO. And once we identify the green project, I think market will reward us by subscribing to the IPO that we will float,” said Phukan.  

Zaggle Prepaid scales record high after agreement with EaseMyTrip

Shares of Zaggle Prepaid Ocean Services surged 18 percent to Rs 299, hitting an all-time high, after the company announced it has entered into an agreement with EasyMyTrip Planners Limited for three years. Zaggle and EaseMyTrip will offer integrated travel and expense management solutions to corporate clients," the company said in a regulatory filing on February 20. At 3:20 pm, the stock was trading at Rs 294 apiece, up 16 percent from the previous close on the NSE. The counter has surged nearly 20 percent in the last three months. The stock price of the Hyderabad-based fintech company has nearly doubled from its IPO and listing price of Rs 164 per share. The company made a debut on the exchanges on September 22, 2023. Since listing, the shares have gained around 88 percent. The company's current market capitalisation is around Rs 3,590 crore, Moneycontrol data showed. In the December quarter, Zaggle's profit zoomed 919.5 percent year-on-year to Rs 15.22 crore, on the back of a decrease in finance cost after prepayment of debts. The company clocked its highest quarterly revenue to date at Rs 199.51 crore, driven by revenue contribution from Zoyer–its software platform. Zaggle is a fintech company which follows a B2B2C business model. Within this sector, the company provides software solutions catering to payables, payroll, and tax processing. Additionally, it collaborates with banking partners to issue prepaid cards as part of its comprehensive service offerings. Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.  

AdEx to grow at 12% to reach Rs 1.11 lakh crore in 2024 Madison

Over 700 million people watch the 26 channels that Sony Pictures Network India (SPNI), an indirect wholly-owned subsidiary of Sony Group Corporation, Japan, owns and operates in Hindi and numerous other languages. In addition, it offers live sports, movies, short films, as well as its own original and archived material, on its single OTT platform, Sony LIV. There are about 33 million people who watch it. Madison World Chairman Sam Balsara stated, "Whilst the outlook for AdEx in India is extremely strong in the mid-term and long-term, we are witnessing a slowdown in momentum in the short term because of India Inc's focus on quarterly profits." "This does not augur well for sustained growth in profits for Advertisers who should be focussing on volume growth." Video, social, display, e-commerce, and search will contribute 17% of the growth in digital advertising, which is expected to reach Rs 46,465 crore in 2024, according to the report. It is anticipated that digital would account for 42% of all ad spending, up from 40% now. The Indian Premier League (IPL) has increased its ad market size from Rs 450 crore to about Rs 1000 crore in 2023Connected TV advertising. Traditional media, which include TV, print, radio, outdoor, and cinema, are predicted to account for 58%, or Rs 64,545 crore, of all ad spends in 2024, despite the fact that digital is currently the leading advertising medium. However, it is anticipated that traditional advertising would no longer account for 60% of all advertising by 2023. PMAR predicts that TV Adex will increase by 8% to Rs 35,575 crore. It is anticipated that in 2024, its portion of total AdEx will drop from 33% in 2023 to 32%. Thanks to sports, TV AdEx increased by 7% in 2023 to reach Rs 32,886 crore. It is anticipated that in 2019, the print AdEx will surpass the pre-Covid estimates, rising by 7% to Rs 20,613 crore. Publications in Hindi, English, and Marathi are most common the amount of print advertising space in India.OOH AdEx is expected to expand by 13% in 2023 and by 15% in 2024, primarily as a result of elections, to reach Rs 4761 crore. After surpassing pre-Covid levels to achieve Rs. 2,272 crore, radio advertising revenue growth is predicted to climb at a rate of 12% in 2024 to reach Rs. 2549 crore. Cinema AdEx has increased 36% to Rs 776 crore, although it has yet to return to pre-COVID levels. By 2024, the medium is projected to have grown by 35% to Rs 1047 crore  

Bank account freeze case: Why accounts of Congress were under I-T depts scanner | Explained

The Congress' main bank accounts were frozen on Friday over an income tax demand of ₹210 crore but an I-T appellate tribunal later allowed it to operate them pending a further hearing next week, a huge relief for the party which said the move had impacted all political activity.ITAT (Income Tax Appellate Tribunal) will hear the matter on February 21, sources told ANI, adding that the current due of Congress to the Tax Department totals ₹115 crores.No bank operations have been seized or stopped in the Congress bank account freeze case, the sources informed further. "The Congress' tax due pertains to FY 17-18, AY 18-19. The initial due to the Tax Dept was ₹103 crores and ₹32 crores in interest accrued on late payment. The claims were for not filing the returns on time. The tax due was reassessed at ₹105 crores on 6th July 2021. Post this, the INC appealed before Commissioner Appeals but did not pay the mandatory 20 per cent of the tax as they had filed a plea by then," a source said. "INC paid only ₹78 lakh, prompting CIT (Appeal) to dismiss their plea. Again, on May 2023, the INC went for 2nd appeal at ITAT. The Congress did not apply for any stay on the tax demand at ITAT. In October 2023, the INC paid ₹1.72 crore. No orders were passed by ITAT today. Nowhere in their appeal has the Congress disputed the tax-due amount. No bank account operation has been stopped by the Income Tax department," the source told ANI. “You are hereby required under Section 226(3) of the Income-tax Act, 1961, to pay to me forthwith any amount due from you to or, held by you, for or on account of Bank Account No. 062304xxxxx and any other bank account/fixed deposit with your bank in the name of Indian National Congress upto the amount of arrears shown above" All Our bankers are being sent this...