Reports Financial News

A drug approved to treat obesity in adults and teens is safe and effective for use in kids as young as 6, when combined with diet and exercise

Tech professional Samir (name changed) was shocked to receive a tax demand of about ₹1.98 lakh related to his income tax return (ITR) filed for the assessment year 2024-25. 

Nazara Technologies has acquired a 15.86% stake in esports community platform Stan for Rs 18.4 crore ($2.2 million) in an all-cash secondary transaction. The investment was made through Nazara's wholly-owned subsidiary, Nazara Dubai FZ. Founded by Parth Chadha, Nauman Mulla and Rahul Singh, Stan is an esports fan engagement startup that offers a mobile-first platform, enabling gamers to connect and support content creators with various tools.

Piyush Goyal on Wednesday slammed Congress leader Rahul Gandhi for his remarks in the US, saying it is «absolutely» shameful that the Leader of Opposition is defaming India on foreign soil and he should apologise for that. Goyal said that the remarks are a well-thought agenda and deliberate attempt of the Congress party. «Can anybody in his right mind justify or endorse the deplorable statements (of Mr Gandhi). The absolutely shameful manner in which India and every Indian is being defamed on foreign soil by a senior leader of the Congress Mr Rahul Gandhi,» Goyal told reporters here. He was replying to a question about Gandhi's remarks in the US.

bank borrowings to non-bank financing companies for nearly six years, the trend has now reversed. Latest RBI data for the period of July 2024 shows that the growth of outstanding credit exposure of banks to non-banking financing companies grew nearly half of the growth recorded in July 2023. According to RBI data, the bank's outstanding credit exposure to non-banks stood at Rs 15.3 lakh crore as of July 2024, indicating an 12.7% on year growth that is approximately half of the growth rate reported in July 2023. On a sequential basis, the amount fell by 1.7%. «The credit extended by banks to NBFCs which had earlier exhibited a consistent upward trend for close to six years and continued its acceleration along with the phased reopening of economies after the Covid-19 pandemic has now reversed,» said Sanjay Agarwal, Senior Director – BFSI Ratings, CARE Ratings. «Advances to NBFCs have experienced a slowdown in growth at 0.5% in July 2024 from December 2023. The reported growth rate of advances to NBFCs has been below the overall bank credit growth since December 2023. This can be attributed to regulatory actions (risk weights), base effect, and capital market borrowings.»

US government faces a potential shutdown on October 1, many essential services are at risk of disruption. Federal employees, particularly those not deemed essential, may be told not to work, and their paychecks could be delayed. However, certain services and workers would continue to operate, even under a shutdown.

₹223 crores, while NTC Industries’ standalone net profit fell almost 78% to ₹44 crores in Q1 FY25. Even ITC, the most diversified player in the tobacco business, reported a mere 0.3% on-year rise in its standalone net profit to ₹4,920 crore in the same period. Also Read: ITC shares hit a new high post budget.

ONGC and Oil India (OIL) dropped by 3% to Rs 287.30 and 6.4% to Rs 570, respectively, on BSE following a sharp decline in crude oil prices, which usually negatively impacts their profit margins. Crude oil prices have plummeted to nearly three-year lows following a downward revision of demand forecasts by OPEC, primarily driven by reduced Chinese demand. In its monthly report released yesterday, OPEC lowered the global oil demand forecast for 2024 to 2.03 million barrels per day, down from the previous estimate of 2.11 million barrels per day.

Max Healthcare Institute Ltd. gained 1.42 per cent to Rs 892.35 in Wednesday's session as of 10:45AM (IST) even as the equity benchmark Sensex traded 142.87 points higher at 82064.16. Earlier in the day, the stock witnessed a gap down start to the session. The stock quoted a 52-week high price of Rs 979.8 and a 52-week low of Rs 531.05 on NSE. Around 8986 shares changed hands on the counter till 10:45AM (IST).

GAIL (India) Ltd. fell 1.15 per cent to Rs 217.35 in Wednesday's session as of 01:03PM (IST) even as the equity benchmark Sensex traded 44.11 points higher at 81965.4. Earlier in the day, the stock witnessed a gap up start to the session. The stock quoted a 52-week high price of Rs 246.35 and a 52-week low of Rs 116.2 on NSE. Around 144083 shares changed hands on the counter till 01:03PM (IST).

Au Small Finance Bank Ltd.(up 0.5 per cent), Kotak Mahindra Bank Ltd.(up 0.43 per cent), State Bank of India(up 0.27 per cent), Bank of Baroda(up 0.17 per cent) and Axis Bank Ltd.(up 0.16 per cent) were among the top gainers.

Crompton Greaves Consumer Electricals Ltd. dropped 0.1 per cent to Rs 466.3 at 12:07PM (IST) in Wednesday's trade. The stock has hit a high of Rs 469.2 and low of Rs 464.3 so far during the session. The stock had closed at Rs 466.8 in the previous session. The counter has had a total traded volume of 12848 shares so far with a value of Rs 0.6 crore on the NSE. It traded at a price-to-earnings multiple of 63.29 and a price-to-book ratio of 5.73.

Balaji Telefilms has made a cumulative investment of Rs 795 crore in its over-the-top (OTT) subsidiary ALT Digital Media Entertainment, the content production company said in its annual report for 2023-24. The subsidiary owns and operates entertainment streaming platform ALTT, which was earlier known as ALT Balaji. The platform was launched in April 2017 as part of Balaji Telefilms’ expansion into the business-to-consumer segment. Apart from the investments, Balaji Telefilms also provided loans, including interest accrued thereon, aggregating to Rs 103 crore. The company's trade receivables outstanding stood at Rs 18 crore as of March 31.

The NSE Nifty index was trading 38.0 points up at 25079.1, while BSE Sensex was up 123.94 points at 82045.23 at the time of writing this report.

Uber on Wednesday announced the launch of its flagship product Uber Black, starting with Mumbai next week. ET had exclusively reported on August 26 about the cab aggregator's plan to bring back its top-of-the-line product Uber Black as Indian consumers spend more for premium experiences. Under Uber Black, the company will offer a range of features, including higher-end cars and top-rated drivers.

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

Swiggy may increase the fresh issue component of its upcoming IPO to ₹5,000 crore, and will seek the approval of its shareholders for the same at an extraordinary general meeting (EGM) on October 3, it said in a notice to shareholders. The food and grocery delivery company had initially planned to raise ₹3,750 crore in fresh capital in addition to a ₹6,664 crore offer for sale by existing investors. The final size of Swiggy's IPO could be different from the approval it is seeking from its shareholders. Swiggy has made a confidential filing of its draft prospectus for its IPO with the Securities and Exchange Board of India. The company's board of directors had first accorded its approval to the public offering back in April. Tuesday's development was first reported by online news portal Entrackr. Last week, Swiggy reported its financials for the year ended March 31, 2024. It recorded a 36% year-on-year growth in its operating revenue to ₹11,247 crore, while managing to reduce its net loss to ₹2,350 crore, 44% lower than a year ago.

Kaynes Technology India with a target price of Rs 5550. The current market price of Kaynes Technology India is Rs 4648.5. Kaynes Technology India Ltd., incorporated in the year 2008, is a Small Cap company (having a market cap of Rs 29640.09 Crore) operating in General sector.

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

Data Patterns (India) Ltd., incorporated in the year 1998, is a Large Cap company (having a market cap of Rs 15316.09 Crore) operating in Defence sector.

Aditya Birla Fashion and Retail (ABFRL) Balrampur Chini, Bandhan Bank, Biocon, Chambal Fertilizers & Chemicals, Hindustan Copper and RBL Bank. The Future & Options contracts of any stock enter the ban period when the open interest (OI) on it crosses 95% of the market-wide positions limits or MWPL. The ban on it is reversed only if the open interest falls below 80%.