Paytm shares have seen significant declines in recent days, with consecutive 10% lower circuits triggering concerns. The stock's current market value stands at an all-time low due to regulatory hurdles faced by Paytm Payments Bank, which is set to cease its operations from March 1. Despite this, crucial services like UPI payments, Paytm Wallet, Fastag, and bookings will remain operational.
Open FlipLaw enforcement agencies will investigate Paytm if necessary, but currently there are no actions being taken against the company. The Reserve Bank of India has directed Paytm's payments bank to stop accepting fresh deposits and make credit transactions after February 29 due to non-compliance and supervisory concerns. There are also reports that the RBI may cancel the bank's license.
Open FlipOn Monday, energy stocks saw significant gains of up to 8% due to a drop in crude oil prices, budget announcements, and strong earnings. Indian Oil Corporation, Hindustan Petroleum Corporation, and Bharat Petroleum Corporation all hit new 52-week highs. The Nifty Oil & Gas index also reached a new high due to positive performances from 9 out of 15 stocks. Certain renewable energy stocks.
Open FlipBank of India's stock fell 7% despite strong Q3 results, likely due to profit taking and margin compression in the banking sector. Analysts have a "buy" call on the stock with a target price of Rs 165. Recovery from stressed loans and improvement in CASA could drive future earnings. Bank of India's MD said their annualized NIM is at 2.95% and they are working to maintain it.
Open FlipIndian fintech giant Paytm is facing regulatory troubles and may have to sell its wallet business amidst reports of possible license cancellation. This has led to a significant decline in Paytm's stock price, while its competitors Fino Payments Bank and Jio Financial have seen a rise in their stock prices. Fino Payments Bank, backed by marquee investors, has also reported strong financials.
Open FlipThe recent interim budget presented by Finance Minister Nirmala Sitharaman delivered a message of political confidence and firm governance, avoiding populist measures and prioritizing fiscal discipline. This strategic move signals a commitment to India's future growth rather than short-term gains. It is expected to benefit sectors such as financials, housing, real estate, capital expenditure.
Open FlipStocks in China dropped as the Shanghai Composite fell over 2%. Japan's Nikkei and Asia Dow bucked the trend with slight gains, while other Asian indices also traded down. The Chinese securities regulator announced new measures to prevent financial crimes and a growth slowdown in China's services sector was reported. Australia and South Korea's stocks also declined, while US futures.
Open FlipEuropean shares edged higher at open on Monday as more upbeat earnings reports rolled in, although broader sentiment remained subdued as investors reassessed their interest rate cut expectations. The pan-European STOXX 600 index was up 0.2%, as of 0835 GMT. Delivery Hero gained 2.8% after the German online takeaway food company posted an above-guidance core profit for 2023.
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Open FlipIn its standalone quarterly report, Prakash Woollen & Synthetic Mills saw a 5.42% increase in net sales in December 2023 compared to the same period in 2022. Its net profit also increased by 219.38%. The company's EBITDA saw a significant rise of 2052.38% and its EPS increased from Rs. 1.41 to Rs. 1.68. The company's shares closed at Rs. 36.50.
Open FlipFebruary kicked off on a positive note for Indian equities, thanks to a pro-growth budget and indications of no immediate rate hike from the US Federal Reserve. However, there are key events like RBI's monetary policy meet, corporate earnings, FPI inflows, and geopolitical risks that will determine market momentum. Historical trends show February could be challenging.
Open FlipIn April 2021, as the world faced the third wave of Covid and fears of the Omicron variant, radio and print stocks were being priced to bankruptcy due to localized lockdowns and decreased ad spending. However, there are signs that the sector may be undervalued and offer potential for alpha creation. Unique factors in the Indian context, such as low-cost delivery and high illiteracy rates.
Open FlipParamone Concepts recorded a significant increase in net sales by 58.14% from the previous quarter but also saw a net loss of Rs. 8.63 crore, down 687.79%. EBITDA also decreased by 369.46% compared to the previous year. The company's shares have seen negative returns over the last 6 and 12 months. Promoters and promoter group shareholding information is not available.
Open FlipAkasa Air, India's youngest airline, plans to raise $300 million in structured credit through Swiss bank UBS to fund its expansion. It previously ordered 150 Boeing 737 Max aircraft and plans to purchase 226 in total. The airline reported operating revenue of Rs 777.85 crore and continues to attract investors despite losses due to the growth in domestic air traffic.
Open FlipMegatherm Induction had a successful IPO listing on February 5, with a premium of 83.3% over the issue price. The stock opened at Rs 198 and was trading at a 100% premium in the grey market before listing. The offer saw strong subscription, with non-institutional investors buying 307 times their allotted shares. The company plans to use the proceeds to fund capital expenditure.
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