BUSINESS
Meesho shutters Superstore grocery biz in India, 300 'lose' jobs
According to an Inc42 report, nearly 300 employees have lost jobs after the shuttering of Meesho Superstore. When reached, the company did not comment on the development. In April, Meesho rebranded Farmiso to Superstore, with an aim to highlight its continued focus to fulfill consumer demand for daily essentials in Tier 2 markets and beyond.
Inflation, rate hike won't knock out Indian Inc: Report
However, renewables are relatively more exposed to rising rates due to large capital expenditure. The report do not expect any default in the rated portfolio, which benefits from access to domestic banks and capital markets. "Banks will not be immune, but we expect that in the stress scenario NPLs could rise modestly," the report added.
Personal retail loans record impressive year-over-year growth: Report
The number of active loans increased to 6 crore by March 2022, from 4 and 3.5 crore in the March 2021, and 2020, respectively. While, personal loans book size rose to Rs 8 lakh crore in March 2022, from Rs 6 lakh crore in March 2021. According to report, the highest number of personal loans were disbursed by NBFCs (Non-Banking Financial Company) followed by private banks.
Majority of Indian states plan to meet fiscal deficit target for FY23: Bank of Baroda
In FY23BE, the 21 states analysed have budgeted to meet the fiscal deficit target of 3.61 per cent, down from 3.71 per cent in FY22RE. Revenue deficit is expected to come down to 0.6 per cent from 1 per cent in FY22RE, and primary deficit is expected to remain broadly steady at 1.38 per cent versus 1.44 per cent in FY22RE, the report notes.
Rupee ends almost flat at 79.86 against US dollar
At the interbank foreign exchange market, rupee ended at 79.86, as against 79.88 closed on the previous trading session against US dollar. Dollar index, which gauges the the strength of greenback against the basket of six major currencies were at 108.323 Brent crude oil prices were at $100.69 a barrel by the closing of Indian market hours.
Sequoia Capital India sells 17.2 cr Zomato shares, brings down stake to 4.4%
In a fresh filing with the Bombay Stock Exchange (BSE), Zomato said Sequoia Capital India sold some 6.7 crore shares in the September 6-October 14, 2021 period and 10.5 crore shares between June 27-August 25, 2022. The stock sales were performed by Sequoia Capital India Growth Investment Holdings I and SCI Growth Investments II, according to Zomato.
Adani says NDTV's contentions 'baseless and devoid of merit'
RRPR is therefore bound to immediately perform its obligation and allot the equity shares as specified in the Warrant Exercise Notice, Adani Enterprises said in a filing with exchanges. VCPL therefore does not agree with RRPR that prior written approval from SEBI is required for allotment of shares to VCPL on exercise of warrants.
Indices end higher; Sensex closes over 58,800
At close, Sensex ended up 59.15 points or 0.10 per cent at 58,833.87, and Nifty ended 36.45 points or 0.21 per cent up at 17,558.90. About 1,991 shares have advanced, 1,428 shares have declined and 146 shares remained unchanged. NTPC, Titan, Power Grid Corporation of India, Kotak Mahindra Bank, Larsen and Toubro, Tech Mahindra were among the major gainers on the BSE.
JM Financial Institutional Securities gives 'buy' call to Poonawalla Fincorp, shares up 5%
"Poonawalla Fincorp (erstwhile Magma Fincorp) has undergone a metamorphosis of sorts after significant capital infusion by the Poonawalla group (62% stake) in early-CY21. The backing of a respected, longstanding, non-levered promoter group has enabled the company to reduce its cost of borrowings significantly and thus focus on the credit-tested, high quality customer base while also making strong long-term investments in technology, presence and talent. All this, with clear visibility of a strong RaRoC," said JM Financial Institutional Securities Ltd. in a report.
BharatPe hits $20 bn in annualised TPV, leaves Ashneer saga behind
The company aims to surpass its target of $30 billion in payments by March 2023. Last year, BharatPe had announced plans to scale its presence to 300 cities by the same time-frame. "We have been able to achieve this milestone much ahead of time. BharatPe has been expanding its reach and taking UPI QR to tier 2, 3 and 4 towns and cities since 2020," said Nishant Jain, Chief Business Officer, BharatPe.
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