Stocks to Watch: Paytm, Godrej Properties, RattanIndia, Protean eGov, Finolex
Paytm: One97 Communications, parent company of Paytm, saw its UPI market share fall to 9 percent in March, as per NPCI data. This is the lowest it has been in the last four years. This downturn is linked to the regulatory constraints placed on its associate, Paytm Payments Bank Limited (PPBL), by the Reserve Bank of India (RBI).
In February, before the payments bank issue arose, Paytm's UPI market share had already fallen to 11%, from 11.8% in January. In other news, domestic retail investors have increased their stakes in Paytm by 1.68 percent. According to the most recent shareholding pattern for the quarter ending March 2024, retail investors now hold a 14.53 percent stake in Paytm, up from 12.85 percent previously, while utual funds held a 6.15 percent stake in Paytm for the quarter ending March 31, up from 4.99 percent in the previous quarter, as per the filings.
Godrej Properties: The Real Estate Regulatory Authority in Gurugram has denied the extension application for the Godrej Air Phase 4 project, a group housing project being developed by Godrej Properties in Sector 85, Gurugram. The rejection was due to persistent non-compliance with the Real Estate (Regulations & Development) Act 2016. Despite numerous reminders, the project's promoter failed to correct the application's deficiencies, including license renewal and discrepancies between the bank balance details provided in the Quarterly Progress Report (QPR) and the CA certificate.
RattanIndia Power: Ankur Mitra has stepped down from his role as the Chief Financial Officer (CFO) and key managerial personnel of the company, effective from April 9. On the same date, the board has named Manish Ratnakar Chitnis as the new CFO. Additionally, Gaurav Toshkhani has
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