Data recap: Market slump, Zee-Sony deal, Ram temple
Mint reported. If it turns out to be true, it will be higher than the expected growth of 8.9% in the current financial year, as per the first advance estimates. While the Budget had assumed 10.5% growth rate for 2023-24, new estimates suggest a slower growth, particularly on account of low wholesale price inflation.
However, with wholesale inflation rising again, nominal GDP is expected to pick up pace in the next financial year. ₹10,000 crore: That’s the amount the government is expected to get in the telecom spectrum auctions this financial year, which will be meagre compared to the record ₹1.5 trillion raised in 2022, Mint reported. The reason for the subdued amount may be that telcos have already stocked up airwaves and would only seek to renew their licences.
Older telcos are likely to have some licences that are expiring next month in the 1,800-MHz and 900-MHz bands. Sony Pictures Entertainment on Monday formally terminated its merger agreement with Subhash Chandra-led Zee Entertainment, bringing to an end what could have been India’s largest-ever entertainment deal so far. The merger, which collapsed after months of debate over the appointment of a chief executive officer for the merged entity, led to about a 30% decline in Zee Entertainment’s share price on Tuesday.
With the collapse, Zee could need a cash infusion given its mounting debt and reducing margins. The combined revenue of 227 BSE-listed companies that had declared their December-quarter financial results by last week has increased 18.1% year-on-year, a Mint analysis showed. Aggregate net profit for these companies rose 16.2% during the same period.
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