Top news this week: Interim Budget announcements, Paytm crisis, Byju's troubles and more

RBI bars Paytm from accepting deposits in any customer account after February 29

PPBL is barred from accepting deposits or top-ups in any customer account, wallets or FASTags after February 29 under section 35A of the Banking Regulation Act, 1949. Read more

Budget 2024: Sitharaman turns focus on health of girls aged 9-14

Finance minister Nirmala Sitharaman made only a slight increase in fund allocations for the ministries of health and family welfare, as well as women and child development in her interim budget for FY25. But a key highlight of her budget speech in parliament was the government’s fresh focus on the health of young girls. Read more

FM’s gift: Startups get a tax breather

The interim budget has proposed a one-year extension of the timeline for startups, sovereign funds and certain businesses in Gujarat International Finance Tec-City (GIFT-City) to claim tax breaks. However, a similar extension has not been given to new manufacturing companies. Read more

SBI Q3 result: Net profit declines 35% to ₹9,164 crore

State Bank of India (SBI) on February 3 reported its Q3 standalone net profit at ₹9,164 crore, a decline of 35% in the December quarter, the company said in a stock exchange filing. Read more

Delhivery Q3 results: Logistics firm turns profitable, revenue jumps 20% YoY

Logistics company Delhivery reported a net profit of ₹11.7 crore in the October- December 2023 quarter. The company’s consolidated net revenue increased by 13% QoQ to ₹2,194 crore against ₹1,941 crore in the previous quarter. Read more

Byju’s postpones January salaries of employees, cites liquidity woes

Despite the edtech company’s assurance in December that salaries would be credited on the first day of each month, there has been a delay in the disbursement. Read more

Stellar Debut: Addictive Learning lists at ₹310, premium of 120% to IPO price

Addictive Learning Technology’s share price made a strong debut on the bourses today, January 30, 2024, as the stock got listed at ₹310 apiece on NSE SME, a premium of 121.42% to the issue price of ₹140. The stock surged further to hit an intraday high of ₹320 apiece. Read more

Meta Q4 results beat estimates, declares first dividend; shares spikes over 14%

Meta Platforms’ revenue rose 25% to $40.1 billion for the quarter ended December 31 as against analysts’ expectations of $39.2 billion, according to LSEG data. Read more

Byju’s US arm files for bankruptcy in latest blow to troubled tutor

he American arm of Byju’s has filed for bankruptcy after defaulting on debt of $1.2 billion, a day after the edtech company’s key investors initiated moves to oust co-founder and chief executive Byju Raveendran. Read more

Govt to raise subsidy for rooftop solar installation to 60%

The government is set to increase the subsidy for rooftop solar installations to about 60% under the new Pradhan Mantri Suryoday Yojana, union minister for new and renewable energy R.K. Singh said on Friday. Read more

Temasek Holdings sells entire 5.42% stake in Policybazaar parent firm PB Fintech

The sovereign wealth fund exit Policybazaar’s parent firm by selling its 5.42 per cent stake in three tranches on the BSE. Read more

Nykaa investment committee approves $2.5 million investment in UAE arm, Nysaa

FSN E-Commerce Ventures, the parent company of fashion and beauty products platform Nykaa, announced on February 1 that its Fundraise & Investment Committee of the Board of Directors had approved an investment proposal by Nessa International Holdings Limited into its recently formed United Arab Emirates-based multi-branded beauty retail operation business Nysaa, according to an exchange filing. Read more

Shareholders ask Byju Raveendran to step down

Several large shareholders of Think and Learn Pvt. Ltd., the parent entity of edtech startup Byju’s, have called for a change in the company’s management, including the removal of co-founder and chief executive Byju Raveendran, people aware of the development told Mint. Read more

Zee’s largest shareholder, ICICI Prudential Mutual Fund, sells 42% of holding

mbattled Zee Entertainment Enterprises Ltd’s largest shareholder, ICICI Prudential Mutual Fund, has sold 42% of its holding in the company after Japan’s Sony Corp. called off the merger of its Indian entity with Zee, the country’s largest media and entertainment company. Read more

Adani Ports Q3FY24 Results: Net profit jumps 65% YoY to ₹2,208 crore

The company’s consolidated revenue from operations surged to ₹6,920.10 crore in Q3 from ₹4,786.17 crore in the year-ago quarter, which is an increase of 44.58% YoY. The EBITDA improved by 59% YoY to ₹4,293 crore, while the 9MFY24 EBITDA jumped to ₹11,722 crore from ₹7,676 crore in 9MFY23, which is an increase of 53%. Read more

Budget 2024: No major change in prices; Check list of what’s cheaper & dearer

The government lowered the duties for inputs used in making battery covers, main lens, back cover, antennae, SIM sockets and other mechanical items of plastic and metal, it said in a notification. Read more

Zuckerberg apologises to families during US Senate’s child online safety hearing

Meta Chief Executive Mark Zuckerberg on Wednesday testified before the Senate Judiciary Committee’s hearing on online child safety on Capitol Hill. At the US Senate on impact that social media has on children hearing Zuckerberg apologised to families. Read more

Morgan Stanley buys Paytm shares worth ₹244 crore

Morgan Stanley through its affiliate Morgan Stanley Asia (Singapore) Pte – ODI picked up shares of Noida-based Paytm’s parent firm One97 Communications on the National Stock Exchange (NSE). Read more

Rashi Peripherals IPO to open on February 7; price band fixed at ₹295-311

The initial public offering (IPO) of Rashi Peripherals will open for subscription on Wednesday, February 7. The company has fixed the IPO price band at ₹295 to ₹311 per equity share. Read more

Fonebox Retail shares list with 185% premium at ₹200 apiece on NSE SME

Fonebox Retail made a blockbuster debut on stock market today, doubling investors money upon listing. Fonebox Retail shares were listed at ₹200.00 apiece on NSE SME, a hefty premium of 185% to the issue price of ₹70 per share. Read more

delaPlex share price lists at ₹309 on NSE SME, a 60.94% premium to IPO price

delaPlex share price made a strong debut on NSE SME today. delaPlex share price was listed at ₹309, a premium of 60.94 percent or ₹117 to its issue price of ₹192. Read more

PB Fintech stock crosses its IPO price after 2 years, gains 12.5%

PB Fintech, the parent company of Policy Bazaar and Paisa Bazaar, witnessed its shares surpass the IPO price apiece after two years as investors responded positively to the company’s robust performance in Q3FY24. Read more

Here’s your comprehensive 3-minute summary of all the things Finance Minister Nirmala Sitharaman said in her Budget speech: Click to download!