Author: Tanya Mishra

Paytm stock surged 3.14% on the NSE to mark its 52-week high of Rs 1,007 per share in early trade before paring gains to close the day at Rs 969.70, down 0.67%. The stock has climbed 7.38% over the past five sessions. The rally came on the heels of Paytm’s parent, One97 Communications, selling its Acquisition Rights in Japan-based PayPay Corporation to SoftBank Vision Fund 2 in a transaction worth Rs 2,364 crore. To be sure, One97 Communications’ Singapore subsidiary approved the sale of 1,59,012 shares (7.2% stake on a fully diluted basis) in PayPay, acquired in exchange for services.…

The Switz Group, backed by the Khorakiwala family, has teamed up with Singapore’s sovereign wealth fund GIC to pursue a controlling stake in the premium patisserie chain, Theobroma, online news publisher MoneyControl reported on Monday. The binding bids for Theobroma were reportedly recently submitted, with the Switz-GIC combine emerging as a strong contender. “With GIC’s backing, Switz Group gains financial muscle for a deal of this magnitude,” MoneyControl reported citing an unnamed source. A Richly Valued Asset in High Demand Theobroma, which began in Mumbai’s Colaba in 2004, has grown into a pan-India chain with over 190 outlets across 20…

Shares of Godrej Consumer Products fell 10% to Rs 1,112.05 on the BSE during early trade on Monday following a disappointing mid-quarter business update in relation to demand challenges and rising input costs. The surge in palm oil and derivative prices, with year-on-year increases of 20-30%, has weighed heavily on the soaps category, which accounts for one-third of the company’s standalone revenue. The demand conditions in India have been subdued for the past few months which is evident in FMCG market growth. Despite the demand conditions, GCPL has over the past six quarters consistently delivered an average organic UVG of…

Bitcoin, the world’s largest cryptocurrency, crossed the $100,000 mark for the first time on December 5, hitting $103,047.71 by 8:55 AM, according to Coinmarketcap. The token’s market cap also surged 6.84% to $2.03 trillion, marking a milestone 16 years after its creation. The rally comes amid optimism over President-elect Donald Trump’s apparent support for the sector. Trump recently nominated Paul Atkins, a crypto advocate, as the next chair of the US Securities and Exchange Commission (SEC). A Reuters report highlighted expectations that Trump’s second term could create a crypto-friendly regulatory landscape. Trump’s Crypto Ties Drive Investor Confidence Trump’s connection to…

Adani Group’s Ambuja Cement is reportedly exploring the acquisition of Star Cement, a leading player in the North East market, as part of its expansion strategy, according to a report by MoneyControl. The group is in talks with EY to evaluate the deal, sources familiar with the matter told the publication. An Adani Group official told MoneyControl, “The company is always evaluating options for growth opportunities.” The North East has become a hotspot for cement industry expansions, with UltraTech and JK Lakshmi Cement also entering the market. UltraTech is building a 1.2-MTPA greenfield grinding unit in Assam, expected to be…

A consortium of investors led by Carlyle Group Inc. is exploring a renewed sale of Trans Maldivian Airways Pvt. (TMA), as tourism in the Maldives continues its post-pandemic recovery, Bloomberg reported on Wednesday. The investor group, which includes King Street Capital Management and Davidson Kempner Capital Management, is working with a financial adviser to gauge interest from potential buyers. These include other industry players and investment funds, the sources said, requesting anonymity due to the private nature of the discussions. The resurgence of international travel has significantly boosted TMA’s profitability, potentially elevating its valuation compared to a prior sale attempt…

Shares of NTPC Green Energy Ltd, which is a subsidiary of power generation company NTPC, rose more than 9% on Wednesday, December 4. The company on Wednesday extended gains after hitting the 10% upper circuit in the previous session on Thursday. The stock reached a record high of Rs 155.35 on the National Stock Exchange. With the rise on Wednesday, the stock has made a nearly 44% increase from its initial public offering (IPO) price of Rs 108 per share. To be sure, NTPC Green Energy made its debut on 27 November at Rs 111.5 apiece, a modest 3.2% premium…

A US district judge has once again rejected Elon Musk’s $56 billion pay package, the largest ever proposed for a corporate executive, according to a Bloomberg report. This marks the second time that Delaware Chancery Court Judge Kathaleen St. J. McCormick has ruled against the compensation plan. The decision follows a previous ruling in January, where the judge also deemed the pay package improper. Despite shareholder backing for the payout, Judge McCormick found that Tesla’s board of directors had been “improperly influenced” by Musk when agreeing to the terms of the package. The ruling casts a shadow over the wealth…

The much-awaited sequel to Pushpa: The Rise, titled Pushpa 2: The Rule, is making waves in the Indian film industry even before its official release. Scheduled to hit theaters on December 5, the Allu Arjun-starrer has already sold over 1 million tickets on BookMyShow. The milestone places it ahead of pre-release records previously held by blockbusters such as Kalki 2898 AD, Baahubali 2: The Conclusion, and K.G.F.: Chapter 2. The film, directed by Sukumar, has secured Rs 50 crore in advance bookings for its opening day. Early estimates indicate a net collection of Rs 35.58 crore across Telugu, Hindi, and…

Tobacco stocks came under significant selling pressure on Monday, with shares dropping as much as 6%, following a GST panel’s recommendation for a 40% tax rate on demerit goods such as tobacco and pan masala. ITC shares fell 5.67% to Rs 316.55 on the BSE. The fall made the company the worst performer among Sensex-listed blue-chip stocks. On the other hand, Godfrey Phillips’s shares declined 5.7%. Last but not least, VST Industries declined 4.21%. The recommendation was made by a Finance Ministry panel, chaired by Chief Economic Advisor Arvind Subramanian, which proposed a standard GST rate of 17-18% on most…