Author: Tanya Mishra

Pushpa fame and actor Allu Arjun has been placed under 14-day judicial custody in connection with the tragic death of a woman during a stampede at Sandhya Theatre, Hyderabad. To be sure, the unfortunate stampede incident occurred on December 4 during a fan gathering for the screening of his blockbuster movie. The stampede led to the death of a 35-year-old woman. Her eight-year-old son was critically injured in the incident. Arjun had filed a petition in the Telangana High Court to quash the criminal case against him, which alleged his involvement in the stampede. Despite his legal team’s efforts, the…

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The Indian stock market witnessed a sharp downturn on Friday, December 13, with both the Sensex and Nifty 50 indices falling over 1%. The selloff extended across segments and hit midcap and smallcap indices even harder, which declined nearly 2% during intraday trading. The Sensex dropped 1,200 points (1.5%) to 80,082.82, while the Nifty 50 tumbled by 370 points (1.5%) to close at 24,180.80, according to Mint. Major stocks like Reliance Industries, HDFC Bank, and SBI were among the biggest losers, each sliding by over 1%. Midcap and smallcap indices recorded steeper losses, further intensifying the market’s rout. 5 Reasons…

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The Goods and Service Tax (GST) Department has directed online food delivery company Zomato to pay Rs 804 crore ($94.8 million) in unpaid taxes and penalties for the period between 2019 and 2022. Shares of Zomato, which also operates the quick commerce platform BlinkIt, declined in early trade on December 13. The share prices, however, recovered quickly and were up 18% at Rs 285.40 apiece as of 1 pm. GST Order “The demand order has been received in respect of non-payment of GST on delivery charges with interest and penalty thereon,” Zomato said in a filing with the exchanges. The…

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The Indian rupee hit a new intraday low of 84.71 per US dollar before recovering slightly to close at 84.69, as the Reserve Bank of India (RBI) was likely active in the market to sell dollars to stop further depreciation of the Indian Rupee. Along with the broader dollar rally, the Chinese yuan also weakened on the back of the pressure on the rupee. Analysts quoted in a report by the Economic Times predict that the downward pressure on the rupee will persist through December and January, with foreign portfolio investments not expected to resume until after January. KN Dey,…

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Bitcoin climbed past $100,000 once again after recent US inflation data supported expectations that the Federal Reserve would cut interest rates in the coming week. On Wednesday, the leading digital asset surged nearly 5%, its largest increase in two weeks, before retreating slightly to $100,665 by Thursday morning in Singapore. Smaller cryptocurrencies, in contrast, showed limited price movement, trading in relatively narrow ranges. The rise in Bitcoin’s price follows a series of regulatory developments, including President-elect Donald Trump’s efforts to roll back stringent cryptocurrency regulations from the Biden administration. His advocacy for a more crypto-friendly regulatory environment has already helped…

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Food delivery platform Swiggy saw its share price fall over 5% in early trading on Wednesday. At 1:20 pm, Swiggy was trading 3.30% lower at Rs 525.80 on the BSE. The fall in the share prices came on the heels of the expiry of the lock-in period for anchor investors. The stock dipped as much as 5.07% to Rs 515.95 on the BSE. The fall also wiped out its previous session’s gains. Swiggy made its market debut on November 13, and the one-month lock-in period for anchor investors ended on Wednesday, December 11. Under the rules, anchor investors are permitted…

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Brick and mortar coaching centre operator FIITJEE chairman DK Goel was caught on video hurling verbal abuse at an employee during an official online meeting in what is seen as shocking display of misconduct. The incident involved Goel passing on derogatory remarks to an employee but also about their family. The video has triggered widespread outrage on social media, with many calling out the chairman for his immoral behaviour. The controversy began when a staff member from the Thane branch questioned FIITJEE’s Rs 142 crore investment in the edtech sector during a virtual meeting with center heads. The question enraged…

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Garam Dharam Dhaba cheating case: A Delhi court has summoned veteran actor Dharmendra and two others in connection with a cheating case related to the Garam Dharam Dhaba franchise, as per the complainant’s lawyer.  The order, passed by Judicial Magistrate Yashdeep Chahal, stems from a complaint filed by Delhi-based businessman Sushil Kumar, according to PTI. Allegations of Fraud In the Garam Dharam Dhaba cheating case, The complainant alleged that he was lured into investing in the franchise. His lawyer, D.D. Pandey stated that Sushil Kumar was misled by the accused, leading him to invest Rs 17.70 lakh in 2018. Kumar…

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Vishal Mega Mart’s initial public offering (IPO) opens for subscription on December 11, with the company targeting to raise Rs 8,000 crore through an Offer for Sale (OFS). The IPO, priced in the range of Rs 74-78 per share, is a 100% OFS comprising 102.56 crore shares. The subscription window will close on December 13. The IPO is being managed by a consortium of top financial institutions, including Kotak Mahindra Capital, ICICI Securities, JP Morgan India, Morgan Stanley India, Jefferies India, and Intensive Fiscal Services. Vishal Mega Mart IPO: Grey Market Premium (GMP) Trends The grey market premium (GMP) for…

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Amid intensified competition in the consumer durables segment, LG Electronics India maintains healthy profit margins of 10.42% in the year ending FY24. This surpasses its counterparts in this industry which includes Samsung India, Voltas, Blue Star, Whirlpool of India, and Haier Appliances. The company believes that this performance is due to high operating efficiency from extensive home appliances and electronics production capacity within the company. A Redseer report captures LG as the market leader in volume for the key home appliances and electronics products (excluding mobile phones) in India for the period ending June 30, 2024. IPO Details & Structure…

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