Author: Ansh Mangla

Zomato Limited announced on August 21 that its board has approved the acquisition of the entertainment ticketing business (Paytm Insider) from One 97 Communications Limited (OCL), the parent company of Paytm, through a series of strategic transactions. The decision was finalized during a board meeting held on August 21, 2024. As per the company’s official statement, Zomato will enter into a Share Purchase and Subscription Agreement (SPSA) with OCL, Wasteland Entertainment Private Limited (WEPL), and Orbgen Technologies Private Limited (OTPL). This acquisition will involve the transfer of Paytm’s movie ticketing business and its sports and events ticketing business to OCL’s…

On Wednesday, the capital market regulator SEBI imposed a ₹11 lakh fine on brokerage firm IIFL Securities for violating stock broker regulations and other related norms. SEBI conducted an inspection of IIFL Securities Ltd, focusing on the period from April to July 2022, to evaluate the firm’s compliance with regulatory standards. Following the inspection, SEBI issued a show-cause notice to IIFL Securities on April 15, 2024. In its 35-page order, SEBI noted that IIFL Securities acknowledged the issues highlighted in the notice, particularly concerning the monthly and quarterly settlement of client funds and securities. The firm attributed these issues to…

Another dam has collapsed at the Teesta power project in Sikkim within a year. The Teesta Stage 5 dam of the National Hydroelectric Power Corporation (NHPC) was damaged by a landslide on Tuesday morning, though no casualties have been reported as the power station had been evacuated recently due to frequent landslides. NHPC’s expert team is currently assessing the damage, evaluating losses, and planning remedial measures. The Stage 5 dam had been out of operation since the glacial lake outburst in October 2023, which had previously damaged the Teesta Stage 3 dam of Sikkim Urja Ltd. This event, caused by…

Two people were killed and 20 others injured when 18 coaches of the Mumbai-Howrah Mail derailed in Jharkhand’s Seraikela-Kharsawan district early Tuesday morning, officials reported. The accident occurred around 3:45 AM near Badabamboo, approximately 80 km from Jamshedpur, within the Chakradhatpur Division of South East Railway. A senior SER official mentioned that rescue operations are ongoing. Both the Mumbai-Howrah Mail and a freight train were involved in the derailment. The assessment of the injured is currently underway. The incident took place in Potobeda, located in the Kharsawan block of Seraikela-Kharsawan district, according to a local administration official. For assistance, Indian…

Today, 92 companies are set to release their Q1 FY25 results. Notable among them are Tata Consumer Products, Indian Oil, GAIL, Capital Small Finance Bank, and Castrol India. Other companies announcing their results include: 360 ONE WAM, Ace Software Exports, Automobile Corporation of Goa, ADF Foods, Allied Digital Services, Aegis Logistics, Ajanta Pharma, Akshar Spintex, Apar Industries, Arvind Smartspaces, Balu Forge Industries, Bansisons Tea Industries, Bombay Oxygen Investments, Capital Small Finance Bank, Carborundum Universal, CarTrade Tech, Castrol India, Chemcrux Enterprises, Continental Petroleums, Cords Cable Industries, Damodar Industries, DB (International Stock Brokers), Dixon Technologies (India), eMudhra, Epuja Spiritech, Exicom Tele-Systems, Exide…

The Income Tax Department has warned taxpayers to avoid making false expense claims, under-reporting income, or exaggerating deductions, as these actions are punishable offenses and can delay refunds, according to a PTI report on July 28. The deadline for filing income tax returns (ITR) for the assessment year 2024-25 is July 31. This applies to all taxpayers whose accounts are not subject to audit. As of July 26, 2024, the department and the Central Board of Direct Taxes (CBDT) have recorded over five crore ITR filings. The IT department stressed that accurate filing leads to faster processing of refunds, as…

The Board of Directors of UltraTech Cement approved the acquisition of a 32.72% equity stake in India Cements from the promoters and their associates during a meeting today (July 28). UltraTech will pay ₹3,954 crore at ₹390 per share for this stake. This transaction will also trigger a mandatory open offer at the same price, subject to regulatory approvals. The offered price represents a 4.1% premium over India Cements’ closing price of ₹374.60 last Friday. India Cements has a total grey cement capacity of 14.45 million tonnes per annum (mtpa), with 12.95 mtpa in the South (mainly Tamil Nadu) and…

Students continue to protest outside Rau’s IAS Study Circle, a coaching center for civil services aspirants in Old Rajendra Nagar, where three IAS aspirants lost their lives due to flooding in the basement caused by heavy rainfall on Saturday. DCP Central M Harshavardhan has urged the students to avoid demonstrations outside the center, as it could disrupt the ongoing rescue operations. A protester criticized the government’s negligence, pointing out that knee-deep water accumulates during rainfall, and called for immediate action against those responsible and a clear account of the injuries and fatalities. “The MCD calls it a disaster, but I…

President Droupadi Murmu has appointed six new governors and reshuffled three others, as per a communique from Rashtrapati Bhavan released on Saturday night. The changes will take effect when the new appointees assume their respective offices. Assam and Manipur:Lakshman Prasad Acharya, the current governor of Sikkim, has been appointed as the governor of Assam and will also handle the additional charge of Manipur. He replaces Anusuiya Uikye, who had been serving as the governor of Manipur since February of last year. Punjab:Banwarilal Purohit, the former governor of Punjab and Chandigarh, has been succeeded by Gulab Chand Kataria, who will also…

Several major companies, including UltraTech Cement, Cipla, DLF Ltd, Maruti Suzuki India, Coforge Ltd, Bata India, and Vedanta, will begin trading ex-dividend starting Monday, July 29. According to BSE data, these companies have also announced additional corporate actions like share buybacks and stock splits. The ex-dividend date marks when a stock’s price adjusts to exclude the upcoming dividend payout. From this date onward, the stock no longer includes the value of the next dividend payment. Dividends are given to shareholders whose names are listed by the end of the record date. Here are the stocks set to trade ex-dividend in…