Paytm crisis: Paytm founder and CEO Vijay Shekhar Sharma has assured employees that there would be no layoffs in the company and that they are engaging with the Reserve Bank of India (RBI) and working with other banks for partnership, reported Moneycontrol.

According to the report, Sharma said in a virtual town hall with employees of Paytm Payments Bank (PPBL) that many banks are helping them. "You are a part of the Paytm family, and there is nothing to worry about," he said on Saturday.

Larsen and Tourbo (L&T) on Monday said its Hydrocarbon Business (L&T Energy Hydrocarbon – LTEH) has bagged a large onshore project from IndianOil Adani Ventures Limited.

L&T defines large contracts between the range of Rs 2,500 crore and Rs 5,000 crore.

The scope of work includes engineering, procurement, construction, and commissioning of offsite tankages, bullets and other associated facilities on a lump sum turnkey basis, the company said in a filing to BSE.

The Singapore International Arbitration Centre on Sunday rejected the emergency arbitration petition filed by Japanese major Sony against Zee Entertainment Enterprises over their failed merger, citing lack of jurisdiction, said a source privy to the development.

Sony Pictures Networks India had filed the petition against Zee Entertainment after terminating their merger that would have created a $10 billion entertainment giant with 25 per cent of the market share among the general entertainment channels.

One97 Communications Ltd (OCL), the parent firm of fintech major Paytm, has denied reports about any investigation by the Enfo­rcement Directorate (ED) into the company, its associates, and its Fou­nder and Chief Executive Officer (CEO), Vijay Shekhar Sharma.

The company, in an exchange filing on Sunday, said it had cooperated with the authorities when users or merchants on its platform were subject to enquiries in the past.

Shares of Tata Motors hit a new high of Rs 942, as they surged 7 per cent on the BSE in Monday’s intra-day trade after the company’s third quarter net profit beat analyst estimates, growing by 137 per cent year on year (Y-o-Y) to Rs 7,025 crore on favourable volumes, reduced costs on component sourcing with easing semiconductor chip supplies. The auto major’s revenue from operations went up 25 per cent Y-o-Y.

Shares of Tata Motors DVR too hit a new high of Rs 636.50, and rallied 9 per cent on the BSE. In comparison, the S&P BSE Sensex was down 0.08 per cent at 72,028 at 09:20 am.

Hyundai Motor India Ltd (HMIL), the local arm of South Korea's Hyundai Motor Co, is planning to launch its initial public offering (IPO), which could be the country's largest ever, The Economic Times (ET) reported on Monday. It is likely to be launched around Diwali, between September and November this year.

The report said that the bankers have valued HMIL at $22-28 billion, and the automaker is likely to dilute 15-20 per cent to raise $3.3-5.6 billion (Rs 27,390 to Rs 46,480 crore).

Interim Budget 2024: The Centre will launch a housing scheme for the "deserving" middle class, Finance Minister Nirmala Sitharaman said in her Budget speech on Thursday.

She said, "Our government will launch a scheme to help deserving sections of the middle class 'living in rented houses or slums or chawls and unauthorised colonies' to buy or build their own houses."

The Indian Railways has received a significant push on Union Finance Minister Nirmala Sitharaman's Interim Budget for 2024-25, as the government plans to set up three major economic railway corridors to reduce congestion and logistics costs in India.

She also proposed that around 40,000 trains running as part of the Indian Railways will be upgraded to Vande Bharat trains.

Finance Minister Nirmala Sitharaman on Thursday announced the government will enhance its ‘Lakhpati Didi’ scheme to target 3 crore women in India from the current two crore.

Last year, Prime Minister Narendra Modi announced the scheme, which aims to encourage women to start micro-enterprises, during his Independence Day speech on August 15, 2023.

India saw a single-day rise of 160 Covid cases, while the number of active cases stood at 1,338, the Union health ministry said on Thursday.

One death from Maharashtra was reported in 24 hours, according to the ministry's data updated at 8 am.

The number of daily cases had dropped to double-digits till December 5, but cases had begun to increase after the emergence of a new variant and cold weather conditions.

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