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We will be known as (the) consumer technology builder of the world,' said Sharma at the Business Standard BFSI Insight Summit in Mumbai on Wednesday
Sharma founded One97 Communications in 2000 and subsequently Paytm a decade later in 2010. In November 2021, Paytm went public, raising $2.5 billion at a valuation of $19 billion
Nykaa and Paytm are among a flurry of hot startups that came to the Indian market with much fanfare
Will the share buyback revive Paytm's fortunes? Will rising fertiliser prices hamper India's inflation battle? Is the worst over for the cement sector? Why is nuclear fusion in the news? Answers here
The board of One 97 Communications Ltd has approved a share buyback proposal. It came less than 13 months after Paytm's disastrous listing. How will the buyback affect Paytm's fortunes and investors?
Actual acquisition cost 20% below max buyback price under open market route
The number of shares bought back will be 10.5 million at the maximum buyback price of Rs 810, representing 1.6 per cent of the paid-up share capital
CLOSING BELL: The broader markets, on the other hand, outperformed the benchmark indices as the BSE MidCap and SmallCap indices advanced 0.59 per cent and 0.68 per cent, respectively
Paytm, Policybazaar, Zomato, and Nykaa have been the worst hit, falling between 50.5 per cent and 60 per cent thus far in 2022
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Stocks to watch today: Private equity majors Carlyle Group and Advent picked 9.99 per cent stake in YES Bank; Paytm approved buyback of shares worth Rs 850 crore
New-age stocks had a nightmarish 2022. Paytm's shares crashed over 70% from their issue price. Nykaa tumbled nearly 85%. Analysts feel 2023 may bring more pain for some of these stocks
Assuming a full buyback of Rs 850 crore and applicable buyback taxes, the total outlay would be in excess of approximately Rs 1,048 crore
Company's directors and key management personnel will not sell any shares during the buyback period
If the Paytm board approves the buyback, it will become the 51st company to announce a stock repurchase agreement in 2022. But what is a share buyback? Why does a company undertake it?
According to the company's liquidity report, Paytm has liquidity of Rs 9,182 crore, and in November, the company stated that it would become cash flow positive in the next 12-18 months
While a buyback could help stem the rout in Paytm shares at least temporarily, investors are questioning the attempt to manage the stock price rather than putting the cash to use for business
Stocks to watch today: ICICI Bank raised Rs 5,000 crore through bonds to fund business growth; Dalmia Bharat acquired cement assets of Jaypee Group's company for Rs 5,666 crore