Category: BUSINESS

The share price of fintech firm MobiKwik, which reported a net loss in the first quarter of the current financial year (FY) 2024-25, surged after getting listed today following its IPO, giving investors massive returns after an impressive listing gain of 58.5 percent.

The company, which reported a net loss of Rs 6.6 crore in the first quarter of the current financial year (FY) 2024-25, compared to a Rs 3 crore profit in the same quarter in the previous financial year (FY24), was listed at Rs 442.25 on BSE and at Rs 440 on NSE.

MobiKwik had fixed the price band of Rs 265-Rs 279 per equity share of face value Rs 2 each for its maiden IPO.

MobiKwik share price crossed Rs 500 mark after IPO listing gain

Even after the listing gain, the share price of the fintech firm surged and reached Rs 503.40, giving a single-day return of over 80 percent.

So far today, the share price reached a maximum of Rs 525.

Company’s operating income decline

Earlier, the company reported that the operating income stood at Rs 342.2 crore during the April-June period of the current financial year. If the other income of Rs 3.5 crore is included, then the total income of MobiKwik during the review period was Rs 345.8 crore.

The company’s operating income was Rs 875 crore in FY24 and Rs 539.5 crore in FY23.

Though the share price of MobiKwik surged after an impressive listing gain following its IPO, in the first quarter of FY25, Rs 343.6 crore was spent by the company. During this period, MobiKwik spent Rs 127.6 crore on the payment gateway, Rs 39.2 crore for employee benefits, and Rs 33.7 crore for business promotion.

Apart from this, the lending operational cost of the company stood at Rs 93.4 crore in the April-June period.

The company’s expenditure in FY24 was Rs 853 crore, and in FY23, it was Rs 617 crore.

MobiKwik was founded by Bipin Preet Singh and Upasana Taku in 2019. It is a digital banking platform that provides services to customers and merchants.

New Delhi: As many as 73 lakh smart prepaid meters have been installed in various states till the end of November this year under the Centre’s Revamped Distribution Sector Scheme (RDSS), the Parliament was informed.

While 19.79 crore smart meters have been sanctioned, 72.97 lakh devices have been installed in various states as on November 29 as several state governments are lagging behind in meeting the financial targets fixed for Discoms under the scheme, Minister of State for Power Shripad Naik informed the Rajya Sabha on Monday.

As per the data shared by the minister, smart meter installations were ‘nil’ in states like Tamil Nadu, Tripura, Rajasthan and Punjab against the sanctioned number of devices in these states at 3 crore, 5.47 lakh, 1.42 crore and 87.84 lakh, respectively.

According to the figures, 83,573 smart meters have been sanctioned for the Andaman & Nicobar Islands and 4.03 lakh for Puducherry.

The Union Government launched the RDSS with an outlay of Rs 3,03,758 crore and estimated Government Budgetary Support (GBS) from the Central Government of Rs 97,631 crore for five years i.e. from (FY 2021-22 to FY 2025-26).

The scheme aims to reduce the Aggregate Technical & Commercial (AT&C) losses to pan-India levels of 12-15 per cent and the Average Cost of Supply (ACS)-Average Revenue Realised (ARR) gap to zero by 2024-25.

The scheme has two major components: Part ‘A’ – Financial support for Prepaid Smart Metering & System Metering and upgradation of the Distribution Infrastructure and Part ‘B’ – Training & Capacity Building and other Enabling & Supporting Activities. Financial assistance to DISCOMs is provided for the upgradation of the Distribution Infrastructure and Prepaid Smart Consumer Metering & System Metering based on meeting pre-qualifying criteria and achieving the basic minimum benchmark in reforms.

Schemes of Integrated Power Development Scheme (IPDS), Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY) along with Prime Minister’s Development Package (PMDP)-2015 for Jammu & Kashmir are being subsumed in this scheme to be implemented as per their extant guidelines and under their existing terms & conditions.

Mumbai: Equity benchmark indices Sensex and Nifty bounced back in early trade on Tuesday after two straight days of downtrend on value-buying at lower levels, along with a rally in blue-chip stocks Infosys and HDFC Bank.

Fresh foreign fund inflows and a rally in the Asian markets also added to markets’ rebound.

The BSE benchmark Sensex climbed 193.17 points, or 0.24 per cent, to 81,701.63 in early trade. The broader NSE Nifty rose 47.40 points, or 0.19 per cent, to 24,666.40.

From the 30-share Sensex pack, Bajaj Finserv, Tata Motors, Infosys, Bajaj Finance, HCL Technologies, Titan, and Kotak Mahindra Bank were among the gainers.

Mahindra & Mahindra, Bharti Airtel, Tech Mahindra, UltraTech Cement, Reliance Industries, and Maruti were the laggards.

In Asian markets, Seoul, Tokyo, Hong Kong, and Shanghai were trading higher.

“Asian equities advanced after China’s top leaders signalled bolder stimulus next year as they seek to revive the world’s second-largest economy,” Deepak Jasani, Head of Retail Research at HDFC Securities, said.

The US markets ended lower in overnight deals on Monday.

Global oil benchmark Brent crude fell 0.29 per cent to USD 71.93 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 724.27 crore on Monday, while Domestic Institutional Investors (DIIs) offloaded shares worth Rs 1,648.07 crore, according to exchange data.

On Monday, the 30-share BSE Sensex declined 200.66 points to settle at 81,508.46 while NSE Nifty dropped 58.80 points to close at 24,619.

Mumbai: The Reserve Bank of India and the Finance Ministry have been on “best terms with excellent coordination and cooperation” over the last six years, outgoing RBI Governor, Shaktikanta Das, said in his farewell address on Tuesday.

He said, “The perspectives of the central bank and the Finance Ministry may differ at certain times but I believe in my tenure we have been able to settle such things.”

Das said restoring a balance between inflation and growth in the economy remains an important task for the Reserve Bank.

Governors keep in mind the needs of the broader economy when deciding on things and eventually, it is a judgment call every time, he added.

Das also highlighted the wide-ranging ‘consultative approach’ and the emphasis on the need for financial inclusion during his 6-year tenure.

During his tenure, Shaktikanta Das launched several innovative products involving the UPI, which he said has emerged as a ‘pioneer’ in the global payments system. He added that he will be closely watching the pan-India rollout of the Unified Lending Interface, a digital platform to streamline and speed up the loan approval process. The ULI is expected to help borrowers avail credit while ensuring that lenders process customer information with ease.

He said that the supervisory methods of the central bank have ‘significantly improved’ and are ‘much sharper’ now.

“We have given a lot of attention to cyber security. That is a continuing task. It will be a continuing challenge for every central bank including RBI,” Shaktikanta Das said during the interaction with journalists in RBI headquarters in Mumbai on his final day at office.

In a string of posts on X, he expressed gratitude for support from the Prime Minister, Finance Minister, and stakeholders in the financial sector.

“Will demit office as Governor RBI later today. Thank you, everyone, for your support and good wishes,” Das wrote on the social media site.

The government has appointed senior bureaucrat Sanjay Malhotra as the next governor of the RBI who took charge of the central bank on Tuesday. Malhotra is an Indian Administrative Service officer of the 1990 batch from the Rajasthan cadre. His latest posting was as Revenue Secretary in the Ministry of Finance.

New Delhi: In fresh trouble for beleaguered low-cost airline SpiceJet, the Delhi High Court has directed the chief operating officer (COO) and chief executive officer (CEO) of the carrier to appear before it, in a plea seeking compliance of over $6 million in payment to the aircraft engines lessors.

The bench “specifically denied” the request of the counsel for judgment debtor, SpiceJet, for the appearance of the two senior officers before the court through video conferencing.

“The chief operating officer (COO) and chief executive officer (CEO) of the judgement debtor are directed to remain present in court on the next date of hearing, that is, January 16, 2025,” the court said in its order on December 10.

Engine lessors, Team France 01 SAS and Sunbird France 02 SAS had initiated legal action against SpiceJet demanding the return of aircraft engines due to non-payment of contractual obligations following the termination of their agreements.

As per reports, Team France is claiming a total of $24.7 million in unpaid dues on account of three engines that were leased to the airline. As per the HC orders, the three engines have been released by the airline and returned to the lessor. Team France is now seeking recovery of unpaid dues.

“It is made clear that the request of the counsel for judgement debtor (SpiceJet) for the appearance of the aforesaid officers through video conferencing has been specifically denied,” the court’s order said.

Ajay Singh, SpiceJet’s Chairman and Managing Director, was earlier summoned by the Delhi High Court last year over non-payment of dues by SpiceJet to Kalanithi Maran, stating that SpiceJet owes him Rs 440 crore.

In January this year, a Court order compelled SpiceJet to pay an immediate $4 million to avoid the engines from being grounded.

New Delhi: Nearly 73,151 startups in India now have at least one woman Director — nearly half of the 1,52,139 startups supported by the government, thus showcasing the crucial role women play in driving innovation and economic growth, a government statement said on Tuesday.

Women entrepreneurs are emerging as radiant beacons of innovation and resilience, transforming industries and breaking barriers with their visionary leadership, according to the Ministry of Commerce and Industry statement.

The government has implemented several flagship schemes to promote women-led startups, it said, adding that Rs 3,107 crore has been invested in 149 women-led startups through Alternative Investment Funds (AIFs).

Since its inception in April 2021, the Startup India Seed Fund Scheme (SISFS) has approved Rs 227.12 crore in funding for 1,278 women-led startups.

Operational since April 2023, the Credit Guarantee Scheme for Startups (CGSS) has guaranteed Rs 24.6 crore in loans for women-led ventures, said the ministry.

Since its launch in 2016, the Startup India Initiative, driven by the Department for Promotion of Industry and Internal Trade (DPIIT), has been a game-changer in fostering entrepreneurship in the country.

The Centre has also implemented comprehensive measures to empower women entrepreneurs and strengthen the ecosystem for women-led startups, like a 10 per cent allocation for women-led startups reserved under the Fund of Funds for Startups (FFS), managed by SIDBI.

Alternative Investment Funds (AIFs) led by women are eligible to be considered for a higher level of management fee (0.1 per cent per annum).

“The women capacity development programme (WING) workshops create a conducive environment to share best practices and experiences in overcoming challenges and to gain insights learned from the business models adopted in the Indian context,” the ministry informed.

Startups led by women are thriving across more than 600 districts in India’s tech ecosystem. More than half of the startups in these districts are being led by women.

Hyderabad: BJP Kamareddy MLA Katipalli Venkata Ramana Reddy has lodged multiple complaints against five realtors for allegedly encroaching upon lakes to construct high-rise buildings, gated villas and other commercial buildings around Hyderabad.

He met Hyderabad Disaster Response, Assets Monitoring and Protection Agency (HYDRAA) commissioner AV Ranganath at the latter’s office in Buddha Bhavan on Tuesday, December 10, and demanded action against what he termed “gross violations” of Praneeth Pranav Grove Park, Phoenix 285FD, Candeur Skyline, Prestige City, and Vajram Ixora.

Praneeth Pranav Grove Park- Pranav Grove Private Lake

The MLA has alleged that Praneeth Pranav Grove Park building G+2 villas in Gagilapur village of Dundigal Gandimaisamma mandal of Medchal-Malkajgiri district in an area measuring 70 acres and 20 guntas, has not only encroached 20 acres and 9 guntas of lake land of Usman Kunta in survey number 203 but has consumed the lake into the residential villa project as a private lake called “Pranav Grove Private Lake.”

He alleged that it was a violation of the Telangana Water, Land and Trees Act, (Act no 10 of 2002) and Telangana lake protection norms which prohibit construction activities in and around water bodies.

He also pointed out that as per the Hyderabad Metropolitan Development Authority (HMDA) lake maps have been kept in the public domain, Usman Kunta’s preliminary notification was given on September 24, 2020, but no final notification was issued.

He questioned the approvals by HMDA and Real Estate Regulation Authority (RERA), and alleged collusion of the irrigation department, revenue department and HMDA with the builders.

‘Phoenix 285FD’ and ‘Candeur Skyline’

In another complaint addressed to Telangana Industrial Infrastructure Corporation (TGIIC), HYDRAA and RERA, he alleged that both Phoenix 286FD and Candeur Skyline projects being built on land measuring 77,338.48 sq mts in Puppalaguda and Narginghi villages of Gandipet Mandal, have encroached upon 17 acres and 30 guntas of Mukkasani Kunta water body and buffer-zone.

He stated that the TOPO sheet issued by the Survey of India and HMDA Master Plans also proved the same.

Questioning how TSIIC (now TGIIC) approved the projects for the commercial project “Phoenix 285FD” and residential project “Candwue Skyline” in February 2023, and also RERA approving it, he alleged that HMDA, RERA, GHMC, TGIIC and irrigation departments were complicit in colluding with the developers and facilitating blatant violations.

‘Sri Prestige Vaishnavi Projects’

Venkata Ramana Reddy also alleged violations by Sri Prestige Vaishnavi Projects (formerly Prestige Projects Pvt Ltd) represented by R Suresh Kumar for “The Prestige City Hyderabad- Apartments and Villas,” where residential apartments with 13 towers with G+41 floors were being constructed in an extent of 31 acres and 14 guntas land, and “The Prestige City, Hyderabad-Villas” in an extent of 24 acres and 04 guntas.

The project is coming up in a total area of 55 acres and 18 guntas, in Premavathipet village of Rajendra Nagar of Rangareddy district.

The MLA alleged that 9 acres of the lake area and 5 acres of buffer zone in and adjoining land in survey number 86 of Premavathipet village has been occupied by the project.

He also stated in his complaint that forged maps were used by the builder to obtain fraudulent no-objection certificates from the irrigation department and the revenue department, with approvals given by GHMC in July 2023, and October 2023 for the two constructions.

He alleged collusion of GHMC, irrigation and revenue departments with the builders in facilitating these violations.

‘VAJRAM IXORA’ project by Vajram Constructions Pvt Ltd

Venkata Ramana Reddy also alleged that Vajram Constructions Pvt Ltd has encroached upon 1.5 acres of Medla Kunta (Devuni Kunta) in 4-acre land where the Vajram IXORA project was being constructed, in survey number 29 of Gopanpally village of Serilingampally mandal in Rangareddy district.

He alleged that forged village maps were used to fraudulently obtain the no-objection certificates from the irrigation and revenue departments.

He stated that HMDA maps including the cadastral maps showed that a preliminary notification was issued for the lake on February 14, 2014, but there was no trace of a final notification issued.

He alleged that GHMC, revenue and irrigation departments have colluded with the builder in getting the approvals and NOCs for the project.

Criticising HYDRAA’s double standards

“The HYDRAA tasked with protecting water resources, has shockingly assured the violators that permissions granted to the projects will not be touched. This is particularly disheartening when compared to the recent demolitions of small, unauthorised structures belonging to economically weaker sections. However, when it comes to corporations, even large-scale encroachments and violations are overlooked or condoned,” he criticised.

BJP MLA demands probe

He demanded a comprehensive and independent inquiry into all his allegations against these constructions, including the role of officials in facilitating these violations.

He also demanded immediate suspension and cancellation of all permissions granted by the authorities/agencies concerned, demolition of illegal structures built on encroached land, and the restoration of the area to its original state.

He has appealed for transparent mechanisms to ensure no such violations could occur in future projects.

Puma has come up with a remarkably funny campaign after the launch of their latest football boots became a marketing disaster.

“Puma Future 8 Launch Edition” boots, the latest edition of football boots were first introduced in a football game when the Chelsea player Marc Cucurella Chelsea wore it during the game against Tottenham FC in the Premier League on Sunday, December 8.

Puma claimed the Future 8 series would offer the players improved grip and agility, owing to the new stud shape and a redesigned cleats positioning.

But Cucurella’s outing with the pairs, with him being the first player to wear it in a football game, turned out to be a marketing disaster for the sportswear manufacturer when Cucurella slipped twice mid-game.

Future 8 slips; Cucurella bins inaugural pairs

The first half of the game that was played at the Tottenham Hotspur stadium proved disastrous for both Cucurella and Puma when the player slipped twice on the pitch, which led Chelsea to go behind.

The player, marking his disapproval of the new boots, changed to a pair of older versions of the boots mid-game.

For Cucurella and Chelsea, the game got better after he changed the boots, and Chelsea made a remarkable comeback and won the game with a final score of four goals against three from Tottenham.

Marc Cucurella even posted a picture of the boots after throwing the brand-new boots in a bin, which made things even worse for Puma.

Memes and tweets stormed over the Puma slip, which put the sports manufacturer in a spot. The events of Cucurella slipping into the new boots and him binning it went viral.

🚨⚠️ Breaking News: PUMA faces a marketing DISASTER on their new £220 boots as big-money ambassador Marc Cucurella is forced to delete his photo of them in the bin after the Chelsea star slipped twice and had to change footwear

Check comments to read the full details👇👇👇…… pic.twitter.com/RaRJildAEO

— Sport Trends247 (@SportTrends247) December 10, 2024

Puma’s ‘Wet Floor’ Campaign

With the launch of the new pair of boots literally ‘slipped’ out of Puma’s hands, the company came back with a rather creative move, as they acknowledged the slip, and made it funny with a set of pictures featuring a “Caution: Wet Floor” board, with Marc Cucurella himself featuring in them.

The pictures posted on Instagram captioned “It’s not how you slip, it’s how you bounce back,” riding on Marc Cucurella’s better performance and Chelsea’s comeback against Tottenham to win the game from behind.

In a video posted as Puma’s continuation of the new damage control campaign, Marc Cucurella ‘mops’ a football turf wearing the new Future 8 boots. The wet floor sign is featured in this video as well.

Puma’s witty marketing campaign is receiving applause from the footballing community, with high-profile football transfer guru Fabrizio Romano, and football players including Thiago Silva and Marc Guiu, joining the comments section.

Meanwhile, Marc Cucurella, who slipped and led to Chelsea conceding against Tottenham, scored his first Premier goal in Chelsea colours, in the game against Brentford on Monday. He also received a red card and was sent off in the dying minutes of the game.

Mumbai: The Indian stock market continued its flattish opening trajectory this week, as selling was seen in Nifty’s financial service and private bank sector in early trade on Wednesday.

At around 9:27 am, Sensex was trading at 81,515.06 after gaining 5.01 points or 0.01 per cent, while the Nifty was trading at 24,623.8 after rising 13.75 points or 0.06 per cent.

The market trend remained positive. On the National Stock Exchange (NSE), 1,634 stocks were trading in green, while 565 stocks were in red.

According to market experts, “Nifty is in a consolidation range and is likely to remain in this consolidation phase with a mild upward bias in the near-term.”

“The biggest positive for the market is the return of the FIIs and the consequent strength in the large caps, particularly in banking and IT,” they added.

Nifty Bank was down 122.45 points or 0.23 per cent at 53,455.25. Nifty Midcap 100 index was trading at 59,129.95 after failing 5.45 points or 0.01 per cent. Nifty Smallcap 100 index was at 19,636.65 after gaining 53.45 points or 0.27 per cent.

Akshay Chinchalkar of Axis Securities said that Nifty ended down a third day, but the late-session rebound has traced a candlestick with a long lower shadow, showing demand near 24500.

“Note that this level represents a so-called ‘polarity’ zone which was formerly resistance,” he informed.

In the Sensex pack, UltraTech Cement, Nestle, Infosys, Maruti, Adani Ports, Tata Motors, Asian Paints, Sun Pharma and L&T were the top gainers. ICICI Bank, HCL Tech, Tech Mahindra, Hindustan Unilever, HDFC Bank and Kotak Mahindra Bank were the top losers.

In Asian markets, the markets of Hong Kong and Japan were trading in red. while Jakarta, Bangkok, China, and Seoul were trading in green. The US stock markets closed in red on the previous trading day.

Foreign institutional investors (FIIs) bought equities worth Rs 1,285.96 crore on December 10, while domestic institutional investors bought equities worth Rs 605.79 crore on the same day.

Mumbai: The rupee fell 2 paise to all-time low of 84.87 against the US dollar in early trade on Wednesday, amid rising expectations of a shift in the Reserve Bank’s monetary policy stance post the appointment of Sanjay Malhotra as the new RBI governor.

Forex traders said markets now expect a rate cut in the upcoming monetary policy in February. While a muted tone in the domestic market and the overall strength of the US dollar index further pressurised the rupee.

At the interbank foreign exchange, the rupee opened at 84.87, its all-time low against the greenback, registering a fall of 2 paise over its previous close.

On Tuesday, the rupee settled for the day on a flat note higher by just 1 paisa at 84.85 against the US dollar.

The Indian rupee opened at its lowest after the market expected the new RBI Governor to be dovish in his stance coming from the Finance Ministry and may cut rates as early as in February 2025, said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.

The government on Monday appointed Revenue Secretary Sanjay Malhotra as the 26th Governor of the Reserve Bank of India.

Malhotra takes guard at a time when the Indian economy is faced with the dual challenge of slowing growth rate and high inflation.

While Shaktikanta Das kept benchmark interest rates unchanged for almost two years in a bid to control inflation, the incoming governor is said to be a team player who believes prices cannot be managed by the Reserve Bank of India (RBI) alone and the task needs government help as well.

The rupee was protected by RBI at 84.86 but opened lower and is expected to be in a range of 84.77 to 84.97 during the day, Bhansali said.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading lower by 0.07 per cent at 106.32.

Brent crude, the global oil benchmark, rose by 0.57 per cent to USD 72.61 per barrel in futures trade.

On the domestic equity market front, the 30-share benchmark index Sensex was trading 39.22 points, or 0.05 per cent lower, at 81,470.83 points. The Nifty fell 5.15 points, or 0.02 per cent, to 24,604.90 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Tuesday, as they purchased shares worth Rs 1,285.96 crore, according to exchange data.