Zomato Ltd, restaurant aggregator and food delivery company, has decided to foray into the financial services business and has decided to create a non-banking finance company (NBFC) as a wholly-owned subsidiary for the purpose.
The proposed paid-up capital of NBFC will be Rs 3 crore, while the authorised capital is pegged at Rs 10 crore. The name of the company is being finalised subject to approval by the Ministry of Corporate Affairs, Zomato said in a filing with the BSE.
Shares of TVS Motor Company slipped 7 per cent to Rs 585.20 on the BSE in Friday’s intra-day trade in an otherwise firm market after the company announced it acquired 75 per cent stake in Swiss E-Mobility Group (SMEG) for $100 million (about Rs 752 crore).
The acquisition reaffirms TVS Motor Company’s commitment to expansion in Europe through a portfolio of premium and technology leading brands, including Norton Motorcycles and EGO Movement, which were recently acquired, the company said in a press release. TVS Motor had bought 80 per cent stake in EGO Movement for $17.9 million in September 2021.
The Aam Aadmi Party on Thursday released its manifesto for the Uttar Pradesh assembly elections promising free bus service for women, 300 units of free electricity and round-the-clock power supply in the state.
The manifesto, named Kejriwal Guarantee Card', was released by Sanjay Singh, AAP's Uttar Pradesh in-charge at a press conference.
Shares of Oil and Natural Gas Corporation (ONGC) rallied 5.5 per cent, and registered a 32-month high at Rs 174.65 on the BSE in Friday’s intra-day trade on improved outlook due to rising oil prices. Higher oil realisations and modest production would spur up ONGC’s earnings before interest tax and depreciation and amortization (EBITDA) by 1.8x year-on-year (YoY) in October-December quarter (Q3FY22).
The stock of state-owned exploration & production company surpassed its previous high of Rs 172.80 touched on October 6, 2021. It traded at its highest level since May 2019.
The Piramal group is planning to move the Supreme Court to appeal against an NCLAT order which asked lenders to reconsider Piramal ascribing a value of Re 1 to Rs 45,000 crore of bad loans.
In a statement, Piramal said that in the case of one of the appeals, which was limited to the extent of challenging the distribution of proceeds (if any) from fraudulent transactions to its benefit, the NCLAT has ordered it to be re-considered by the Committee of Creditors (CoC).
Shares of C E Info Systems (MapmyIndia) hit a record low of Rs 1,271.65, on slipping 11 per cent on the BSE in Friday’s intra-day trade after the company reported 14 per cent year-on-year (YoY) decline in its consolidated profit at Rs 18.52 crore in December quarter (Q3FY22).
In Q3FY22, revenue from opreations was down 10.7 per cent YoY at Rs 43.37 crore. Earnings before interest tax and depreciation and amortization (EBITDA) margins declined 700 bps YoY to 35.9 per cent.
Shares of Bharti Airtel rallied 6 per cent to Rs 752.80 on the BSE in Friday’s intra-day trade, after the company said its board has approved raising funds to the tune of Rs 5,224 crore by issuing shares to Google on preferential issue basis. The telecom services provider will issue 71.18 million equity shares at price of Rs 734 per share.
Profit booking at higher levels saw the counter erase these gains. At 09:26 am, Bharti Airtel's stock traded flat at Rs 707.05, as compared to 0.81 per cent rise in the S&P BSE Sensex.
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