OYO, the IPO-bound travel tech unicorn, has reported its first-ever net profit of ₹229 crore for the financial year ending March 2024, according to its latest annual report.
Ritesh Agarwal, the founder of OYO, took to X (formerly Twitter) on Wednesday to celebrate the milestone. He acknowledged that the results surpassed his earlier projection of ₹100 crore for the fiscal year 2023-24. “One…
Shares of Piramal Enterprises plummeted 10 percent to Rs 882.85 on the Bombay Stock Exchange (BSE) during Wednesday’s intra-day trading, following the company’s announcement of its financial results for the June 2024 quarter (Q1FY25). The sharp decline in stock price reflects investor concerns over the company’s substantial year-on-year (YoY) profit drop and the challenges it faces in its…
The Mirae Asset Midcap Fund, launched on July 29, 2019, has delivered impressive returns for its investors. A monthly Systematic Investment Plan (SIP) of ₹10,000 has grown to ₹12.75 lakh over the past five years, reflecting an annualized return of 30.72%, according to Value Research.
Investors who made a lumpsum investment of ₹1 lakh at the fund’s inception have seen their investment rise…
In a notable development, Vedanta Ltd, under the leadership of Anil Agarwal, has received approval from its board to proceed with an Offer For Sale (OFS) of its 2.6% stake in Hindustan Zinc (HZL). The board’s decision authorizes the sale of up to 110 million equity shares of Hindustan Zinc, a move that is set to raise approximately ₹6,450 crore at the current share price of ₹586.00 on the…
The Financial Services Commission (FSC) of Mauritius has strongly rebutted recent allegations made by Hindenburg Research concerning offshore funds linked to Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India (SEBI). The report by the American research firm sparked significant controversy by alleging that Buch and her husband had undisclosed investments in offshore…
FirstCry’s Parent Company Brainbee Solutions Soars 40% on Debut; Sachin Tendulkar and Ratan Tata Profit Significantly
Shares of Brainbee Solutions, the parent company of FirstCry, made a spectacular debut on the National Stock Exchange (NSE) on Tuesday, listing at ₹651 per share. This represents a 40% premium over the issue price of ₹465 per share, defying earlier expectations based on the…
An application has been filed in the Supreme Court urging the completion of the Securities and Exchange Board of India’s (SEBI) investigation into the Adani Group. This comes as SEBI approaches the end of its 24th and final case concerning the Adani-Hindenburg saga.
The petition, submitted by advocate Vishal Tiwari on August 13, 2024, highlights recent allegations by Hindenburg Research against…
The 54th GST Council meeting is set to take place on September 9, 2024, as announced by the government on Tuesday. This upcoming session follows the 53rd GST Council meeting held on June 22, 2024, chaired by Union Minister for Finance & Corporate Affairs Nirmala Sitharaman.
Key Recommendations:
Amendment to Section 112 of the CGST Act, 2017: The GST Council has proposed changes to extend the…
On Tuesday, Zee Entertainment Enterprises Limited (ZEEL) announced that its Securities Issue and Allotment Committee has approved the allotment of foreign currency convertible bonds (FCCBs) worth $239 million. This move aims to raise significant capital through private placement.
In a regulatory filing, ZEEL revealed that the FCCBs, totaling approximately ₹2,000 crore, will mature in 10 years.
Global index provider MSCI has announced significant changes to its India Index for August, adding seven stocks while removing one. The additions include Rail Vikas Nigam Limited (RVNL), Vodafone Idea, Dixon Technologies, Oil India, Prestige Estates, Oracle Financial Services, and Zydus Lifesciences. Bandhan Bank will be the sole stock removed from the index. Additionally, MSCI will be increasing…
