SpiceJet plans to expand its business by connecting tourist and religious destinations, including Lakshadweep. They also have plans to operate seaplanes and aim to connect Ayodhya with more locations. The company sees growth in air cargo services and aims to complete the listing process on NSE soon. SpiceJet believes Ayodhya will become a leading tourism destination in the world.
Open FlipStock exchanges have revised circuit limits for Paytm owner One97 Communications after a steep price crash caused by RBI's crackdown on Paytm Payments Bank. The upper limit is now at Rs 535.75 and lower limit at Rs 438.35. The company is expected to face a worst case impact of Rs 300-500 cr on its annual EBITDA, but aims to continue improving profitability as it reassures users and holds events.
Open FlipAmidst RBI's crackdown on Paytm, CAIT advises brick-and-mortar businesses in India to switch to other payment apps for financial transactions. RBI's restrictions have prompted concerns among traders and vendors who heavily rely on app. CAIT urges users to take proactive measures to protect their funds and proposes direct UPI transactions or payment apps offered by individual banks as alternatives.
Open FlipApeejay Surrendra Park Hotels will open an IPO for subscription on February 5, with a price band of Rs 147-155 per share. The issue closes on February 7 and final allotment will be done on February 8. The company will debut on both the exchanges on February 12. This IPO includes fresh equity issue of Rs 600 crore and offer for sale of Rs 320 crore. The company has shown a revenue growth of 14%.
Open FlipKIMS Hospitals reported a 6.4% decrease in net profit for the quarter ended December 31, 2023, with revenue increasing by 7.1%. Consolidated EBITDA declined by 4.6% on a YoY basis and 16.5% QoQ. Patient footfalls were lower due to festivals, a cyclone, and elections, but clinical outcomes remained excellent. A new unit is expected to open in Q1FY25.
Open FlipAccording to an ICICI Direct report, the Nifty may reach 23400 levels by June 2024 due to the general election rally. The market has consistently given positive returns in the past 8 years and is expected to continue this trend due to strong macroeconomic indicators and increased demand in India. The report also highlights that historical data shows Nifty tends to rise before election results.
Open FlipReliance Industries Ltd has won the prestigious 'Issuer of the Year' Award from IFR Asia for their successful fundraising efforts amid challenging market conditions in 2023. This is the fourth time that Reliance has received this award, showcasing their strength in balancing onshore and offshore funding to achieve optimal pricing results.
Open FlipGujarat-based Kronox Lab Sciences has filed draft papers with the capital markets regulator SEBI for fund raising via initial public offering for second time in around two months after the first filing. As per the latest draft prospectus dated January 25, 2024, the public issue comprises only an offer-for-sale (OFS) of 96 lakh equity shares by promoters.
Open FlipDIPAM will prioritize concluding ongoing privatization transactions, such as IDBI Bank and BEML, and will not focus on new strategic sales for CPSEs next fiscal year. DIPAM Secretary Tuhin Kanta Pandey reported that there has been a significant increase in the market capitalization and government equity holding in public sector enterprises due to strong performance and disinvestment strategies.
Open FlipIn January, FPIs made record-high investments of over Rs 19,800 cr in India's debt markets due to the inclusion of government bonds in a benchmark index. However, they withdrew Rs 25,743 cr from equities due to rising US bond yields. This inflow is expected to benefit the economy and strengthen the rupee. The government's aim to reduce fiscal deficit has also positively impacted the debt market.
Open FlipIndian exchanges have reduced trading limits for Paytm by 10% due to a decline in market value after regulatory actions on its banking unit. The new limits will be effective from Monday and deny Paytm access to fresh deposits, threatening the company's operations as India's top digital payments app. The stock experienced a $2 bn loss on Mumbai's bourses this week, with a total decline of 20%.
Open FlipLast week, the combined market valuation of eight of the top-10 most valued firms rose by Rs 2.90 lakh crore, led by Reliance Industries. BSE benchmark Sensex saw a jump of 1,384.96 points or 1.95%. Among the gainers were Reliance Industries, TCS, HDFC Bank, ICICI Bank, Infosys, LIC, SBI, and HUL while Bharti Airtel and ITC saw a decline.
Open FlipMeta CEO and co-founder Mark Zuckerberg has become the 4th richest person in the world with a net worth of $165 bn, surpassing Bill Gates. He will also receive $174 mn in cash from Meta's first-ever dividend and stands to earn over $690 million annually. Zuckerberg has also joined the criticism against Apple's App Store policies, stating that they are too strict and at odds with EU regulations.
Open FlipThe Nifty50 remained volatile during the budget week, closing at 21854 with a weekly gain of 501 points. The weekly chart shows a bullish candle with an upper shadow, indicating profit booking near the all-time high. Here are 4 trading ideas for 10-20% returns in the next 3-4 weeks: Can Fin Homes, Engineers India Ltd, Hindustan Copper Ltd, and Oriental Hotels.
Open FlipTelecom major Bharti Airtel is expected to report a 6.3% year-on-year jump in consolidated net profit for the October-December quarter, driven by strong subscriber additions and higher average revenue per user (ARPU). The company's consolidated revenue is expected to rise by 2.7% sequentially, aided by an increase in ARPU and growth in its India and Africa wireless segments.
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