Name: Goldman Sachs backs Paytm; expects it to be profitable in March quarter
Uploaded: 2023-01-17T18:11:38.000+05:30
Duration: T00M47S
Channel: Editorji News Desk
Description: Goldman expects Paytm to achieve an adjusted EBITDA of $150 million by financial year 2025, one of the highest compared to other listed Indian internet companies, ahead of Zomato and Nykaa

Notably, the fee will not be applicable to person-to-person transactions or person-to-merchant transactions between a bank and the prepaid wallet

UPI transactions: No extra fee for customers, specific transaction fee applicable only to merchants

Notably, the fee will not be applicable to person-to-person transactions or person-to-merchant transactions between a bank and the prepaid wallet

UPI customers will not have to pay any extra charge or fee for any UPI transaction. The National Payment Corporation of India (NPCI) has clarified. However, as per a new rule, only certain UPI transactions which are made via prepaid instruments will carry an interchange fee of 1.1%. But this fee is applicable only to the merchants and not to customers. This 1.1% interchange fee will be levied on transactions above Rs 2000 made to online merchants, large merchants, and small offline merchants as per the circular by NPCI, which governs UPI. The interchange fee will range from 0.5% to 1.1% depending of the category of merchants. And this will be applicable from the first of April. In its clarification, NPCI said, &ldquo;Bank account to account transactions continue to remain free for merchants and customer. NPCI has now permitted PPI wallets (Prepaid payments instruments) to be part of interoperable UPI ecosystem. The interchange charges are only applicable for PPI merchant transactions and there is no charge to customers.&rdquo; Experts say, with this, customers will be able to use any bank account, RuPay Credit card and prepaid wallets on UPI enabled apps and merchants will be able to accept payments irrespective of the wallet being used by the customer. &ldquo;It will eliminate the need for specific integrations with a particular wallet to accept payments on a website since customers can also pay via UPI or card infrastructure. This will increase the payment alternatives for customers.&rdquo; Akash Sinha, Co-founder &amp; CEO at Cashfree Payments, told CNBC-TV18.&nbsp;

Gold prices fell as demand for the metal decreased and appetite for riskier assets increased due to decreasing concerns about a possible worsening of the global banking crisis.

As fading financial jitters reduce demand, gold prices decline.

As fading financial jitters reduce demand, gold prices decline

Gold prices fell as demand for the metal decreased and appetite for riskier assets increased due to decreasing concerns about a possible worsening of the global banking crisis.

On Wednesday, gold prices fell as demand for the YELLOW metal decreased and investors moved towards riskier asset. This is due to decreasing concerns about a possible worsening of the global banking crisis.
"We've seen a natural retracement. Gold is pulling back after a failed 'bid' to break above $1,975". Reuters quoted Matt Simpson, a senior market analyst at City Index.
But according to him, some buyers "still seem to be holding onto gold 'just in case' there is another skeleton or two lurking in the closet," and gold may receive another bid going into the European session.
Although the uncertainty in the financial system would "ultimately" support gold, Simpson warned that if inflation remained high and U.S. economic statistics remained strong, prices could become more volatile and difficult to predict over the coming weeks.
Macquarie said that they expect the Fed to "prioritise bringing inflation back to target &ndash; with one more rate hike and then no cuts in the early stages of economic contraction," resulting in cyclically weaker gold prices through the second half of 2023.
Meanwhile, as per Reuters, markets are pricing in a nearly 42% chance of a 25-basis-point Fed hike in May.

Existing stakeholder Temasek contributed Rs 81 crore and upGrad chairperson Ronnie Screwvala contributes Rs 212 crore with other minority stakeholders completing the balance

In an internal rights issue, upGrad raises ₹ 300 crore

Existing stakeholder Temasek contributed Rs 81 crore and upGrad chairperson Ronnie Screwvala contributes Rs 212 crore with other minority stakeholders completing the balance

Edtech Unicorn upGrad has raised Rs 300 crore, in an internal rights issue. A statement by the company has said that existing shareholder Temasek contributed Rs 81 crore, while upGrad co-founder and chairperson Ronnie Screwvala contributed Rs 212 crore, with other minority stakeholders completing the balance.&nbsp;
upGrad currently operates out of 31 cities across India, the United States, the United Kingdom, the Middle East, Singapore, and Vietnam.&nbsp;
Earlier in August 2022, the unicorn raised $210 million in a funding round at a valuation of $2.25 billion. This funding was led by ETS Global, one of the world's largest providers of global entrance tests like GRE and TOEFL, and Bodhi Tree, an investment vehicle set up by media veterans Uday Shankar and James Murdoch, among others.

Officials further confirmed that the toll would remain the same till 2030 as there would not be any revision after three years in 2026, PTI reported 

Mumbai-Pune expressway toll to be hiked by 18%  from this date

Officials further confirmed that the toll would remain the same till 2030 as there would not be any revision after three years in 2026, PTI reported&nbsp;

Are you planning for a weekend getaway from Mumbai? If yes, then you have to spend more if you're travelling by road as toll for vehicles on the Mumbai-Pune Expressway will increase by 18 per cent from April 1.&nbsp;
A senior official said that though the toll increases by six per cent annually, it is implemented cumulatively at 18 per cent after every three years, as laid down in a government notification of August 9, 2004.
The new toll will be ₹320 for four-wheelers like cars and jeeps instead of the current ₹270, and ₹495 for vehicles like mini-bus and tempos instead of the current ₹420, another official said.&nbsp;
The toll for two-axle trucks will increase to ₹685 from the current ₹585. For buses, it will increase to ₹940 from ₹797. Three-axle trucks will be charged ₹1,630 instead of ₹1,380 and multi-axle trucks and machinery vehicles will have to pay ₹2,165 instead of the current ₹1,835.&nbsp;

The startup came into the spotlight for all wrong reasons lately after it reported false numbers to its shareholders despite being audited by big names such as KPMG and PwC

Troubled automobile startup GoMechanic acquired by Lifelong Group Led Consortium

The startup came into the spotlight for all wrong reasons lately after it reported false numbers to its shareholders despite being audited by big names such as KPMG and PwC

Two months after car service and repair firm, GoMechanic publicly admitted to financial misreporting, the troubled startup has found a buyer in a consortium led by Lifelong Group. According to a report by Yourstory, Delhi-based Lifelong India Pvt Ltd is acquiring GoMechanic as the majority shareholder under its Servizzy entity. Lifelong Group, incorporated in 1985, is a renowned manufacturer of automotive components, medical devices, and a player in the ecommerce space. The development comes barely two months after the startup&rsquo;s co-founder Amit Bhasin admitted to errors in the company&rsquo;s financial reporting. The company also said it will lay off 70% of its workforce and conduct a third-party audit of its business. Founded in 2016, the Sequoia India-backed startup has serviced and repaired more than two million cars in the country through its service centers, and says its services cost 40% less than the offerings of automakers.

Bankman-Fried has been charged with wire fraud, conspiracy to commit money laundering as well as election finance violations

US charges Sam Bankman-Fried for bribing Chinese officials

Bankman-Fried has been charged with wire fraud, conspiracy to commit money laundering as well as election finance violations

US officials alleged that former FTX chief Sam Bankman-Fried authorized bribes of at least $40 million to Chinese officials, according to an updated indictment filed Tuesday.
The payments came after Chinese officials in early 2021 froze some $1 billion in cryptocurrency trading accounts controlled by FTX affiliate Alameda, according to an amended criminal indictment signed by US Attorney Damian Williams.
The move amounts to a 13th criminal charge against the former cryptocurrency highflyer, for 'conspiracy to violate the anti-bribery provisions of the Foreign Corrupt Practices Act.'
Bankman-Fried has also been charged with wire fraud, conspiracy to commit money laundering as well as election finance violations.

Adani Transmission and Adani ports and Special Economic Zone are at a high contagion risk due to weak governance at the conglomerate's sponsor level, as per Fitch

Fitch warns of contagion risk to Adani subsidiaries

Adani Transmission and Adani ports and Special Economic Zone are at a high contagion risk due to weak governance at the conglomerate's sponsor level, as per Fitch

Ratings agency Fitch has said that two Adani Subsidiaries, Adani Transmission and Adani Ports face a contagion risk. The report added that this could affect their financial flexibility. The subsidiaries are exposed to the risk as a result of governance weakness at the conglomerate's sponsor level.
However, Fitch has affirmed BBB ratings to the group entities. The ratings of restricted groups would not be constrained at 'BBB', at this stage if other factors driving their credit quality improve.
Fitch also metioned that the debt of Adani group's rated Indian entities as of December 2022 end is secured with US dollar bonds that will mature only from mid-2024. Hence, the liquidity position at all restricted group will benefit from the cash flow generation from January 2023 to March 2024.

The move comes in the wake of a recent order passed by the High Court in a case involving Delhi Airport Metro Express Private Limited (DAMEPL) and the Delhi Metro Rail Corporation (DMRC).

To prevent the attachment of Delhi Metro assets, the centre amends the law.

The move comes in the wake of a recent order passed by the High Court in a case involving Delhi Airport Metro Express Private Limited (DAMEPL) and the Delhi Metro Rail Corporation (DMRC).

The Ministry of Housing and Urban Affairs has proposed to amend a section of the Metro Railways (Operation &amp; Maintenance) Act 2002 to ensure that no attachment of properties or bank accounts or any assets of any metro rail can ever be carried out, sources said.
The move comes in the wake of a recent order passed by the High Court in a case involving Delhi Airport Metro Express Private Limited (DAMEPL) and the Delhi Metro Rail Corporation (DMRC).
The Delhi High Court on February 27 had asked the Centre to decide on the issue of granting sanction for attaching moveable and immovable assets of the DMRC for paying the unpaid amount of arbitral award to Reliance Infrastructure-promoted DAMEPL.
An office memorandum has been issued by a senior official in the ministry on March 17, which reads: "The undersigned is directed to say that this Ministry proposes to amend Section 89 of the Metro Railways (Operation &amp; Maintenance) Act 2002 (60 of 2002). A background note is enclosed at Annexure-I".
The memorandum also says that "it is requested to provide the comments in respect of the draft bill at the earliest within two weeks time from the date of issue of this OM".
The background note attached with it said as per the Allocation of Business Rules 1961, Ministry of Housing and Urban Affairs (MoHUA) is the nodal agency for planning and coordination of urban transport system.
"At present, 845 km of metro lines are operational in 20 different cities and about 991 km of metro rail projects (including Delhi Meerut RRTS) are under construction in various cities of the country," it says.
The operation and maintenance of railway line in the country is governed by the Metro Railways (Operation &amp; Maintenance) Act 2002 (60 of 2002). Section 89 of the Metro Railways (Operation &amp; Maintenance) Act 2002 deals with restriction on execution against metro railway property, it adds.
The need to amend Section 89 of the Metro Railways (Operation &amp; Maintenance) Act 2002 has been felt in view of the recent order passed by the High Court of Delhi in the matter of DAMEPL vs DMRC, cites the background note.
Sanction of attachment of properties of DMRC was denied by the central government as that would "entail closure of DMRC and bringing the entire city to a halt", it says.
In view of the above background, the Ministry is of the opinion to amend the Section 89 "to make it absolute so that no attachment of properties or bank accounts or any assets of any metro railways properties can ever be carried out," the background note says.
Asserting that Delhi Metro is the lifeline of the national capital and adjoining regions, Union Housing and Urban Affairs Minister Hardeep Singh Puri recently had directed officials to revisit a Metro Railways Act provision to ensure no properties or bank accounts of the metro can be attached ever.

Rating agency CRISIL has revised the outlook on Vedanta's loans from stable to negative. This, due to an increased cash flow from Vedanta towards large maturing debt obligations at it parent company Vedanta Resources Ltd.

Vedanta's loan outlook now negative: CRISIL

Rating agency CRISIL has revised the outlook on Vedanta's loans from stable to negative. This, due to an increased cash flow from Vedanta towards large maturing debt obligations at it parent company Vedanta Resources Ltd.

Rating agency CRISIL has revised the outlook on Vedanta Ltd's term loans and debantures from stable to negative.
As per the report, this change reflects the possibility of higher-than-expected financial leverage and lower financial flexibility with reducing ratio of cash surplus to one-year maturities for FY23 and FY24. This is due to increased cash flow from Vedanta towards large maturing debt obligations at its parent company Vedanta Resources Ltd. The cash flowed to the parent company in the form of dividents.&nbsp;
However, CRISIL reaffirmed 'AA' rating for long term loans and debantures, 'A1+' rating for commercial paper and short-term bank facilities.&nbsp;
As per CRISIL ratings, Vedanta Ltd's parent company is in discussion with the lenders to refinance the upcoming debt maturities of Q1FY24. Currently, Vedanta Resources Ltd, has annual debt maturities of around $3 billion each in FY24 and FY25 with high near-term maturities of about $1.7 billion in the Q1FY24.
CRISIL also mentioned that the divident payout by Anil Agarwal led Vedanta for FY23 will be more than Rs 40,000 crore, including dividend payout by Hindustan Zinc Ltd (HZL) to its minority shareholders. Vedanta currently has cash balances only to cover for VRL&rsquo;s maturities for the H1 FY24.

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Avalanche in Sonamarg

Goldman expects Paytm to achieve an adjusted EBITDA of $150 million by financial year 2025, one of the highest compared to other listed Indian internet companies, ahead of Zomato and Nykaa

Goldman Sachs backs Paytm; expects it to double in March quarter

Goldman Sachs backs Paytm; expects it to be profitable in March quarter

Paytm stock: buy or sell?

Goldman expects Paytm to achieve an adjusted EBITDA of $150 million by financial year 2025, one of the highest compared to other listed Indian internet companies, ahead of Zomato and Nykaa

One 97 Communications, popularly knows as Paytm, has been under pressure from investors to achieve profitability.&nbsp;
Goldman Sachs expects Paytm to report a strong third quarter, which will put it on track to achieve EBITDA profitability (before accounting for employee stock ownership plans costs) by the fourth quarter.&nbsp;&nbsp;
The global investment bank has reiterated a "Buy" rating on Paytm with a revised target price of Rs 1,120 against an earlier estimate of Rs 1,100.
The foreign brokerage sees risk-reward skewed to the upside for Paytm shares. Paytm&rsquo;s valuation multiples are at a discount to global peer group, for a growth outlook that is better or in-line with peer group, Goldman Sachs said. The stock of One 97 Communications, since its initial public offering in November 2021, has plunged by more than 65% to around Rs 537.&nbsp;

As many as 95 non-coking coal mines, 10 lignite mines and one coking coal mine are being offered in the latest round of auction.

Govt launches 7th round of coal mine auctions; offers 106 mines for commercial sale

As many as 95 non-coking coal mines, 10 lignite mines and one coking coal mine are being offered in the latest round of auction.

Defense Minister Rajnath Singh on Wednesday launched the seventh round of auctions for commercial mining of coal blocks, putting 106 mines under the hammer. Of the total mines offered under the seventh round, 61 blocks are partially explored and 45 mines are fully explored.
As many as 95 non-coking coal mines, 10 lignite mines and one coking coal mine are being offered in the latest round of auction.
In his address, Singh said coal is considered black gold which plays an important role in strengthening the economy of the country.
&ldquo;Our energy consumption has grown in the last few years and will continue to grow. And to meet this need we will have to start taking efforts from today,&rdquo; he said.
The ongoing auctions of coal blocks are a step towards energy security, Singh said.
Details of the mines, auction terms, timelines etc. can be accessed on the MSTC auction platform. The auction shall be held online through a transparent two-stage process, on the basis of percentage revenue share, as per the coal ministry.
Coal and Mines Minister Pralhad Joshi said the government will provide incentives to players who will start early production from the mines while inviting the players to participate in the latest round.
He also noted that coal will be in use for the next 40-50 years.
Meanwhile, the Ministry of Coal signed agreements for 28 coal mines auctioned under the sixth round of auction.
The cumulative PRC (peak rated capacity) of the 28 coal mines auctioned under the previous round is 74 million tonnes per annum (MTPA) and these mines are expected to generate annual revenue of Rs 14,497 crore calculated at PRC of these coal mines.
Upon operationalization, these mines are expected to generate employment for 1 lakh people.
Companies like JSW Cements, Ultratech Cements, Ambuja Cements, and Jindal Power Ltd among others were the successful bidders in the sixth round of auctions.

Prices for non-scheduled medications are expected to increase by up to 10% in accordance with government regulations.

From April, commonly used medications will cost 12% more

Prices for non-scheduled medications are expected to increase by up to 10% in accordance with government regulations.

The cost of essential medications is set to increase by 12% which would be the largest yearly price increase ever. The government anticipates raising the costs of 384 drugs and more than 1,000 necessary medication formulations starting on April 1.
Due to a sharp increase in the Wholesale Price Index, the prices of 384 medications and more than 1,000 formulations designated as necessary medicines by the government are expected to experience the highest-ever annual rise of over 12%.&nbsp;
The price of necessary medications will increase by more than 10% for the second year in succession. The price increase for these medications was about 11% last year.
According to representatives of the National Pharmaceutical Pricing Authority, who cited the office of the economic adviser in the minister of commerce and industry, the WPI was 12.12% between January of last year and January of this year. This number has not yet received formal notification, though.

Adani enterprises, Adani ports, JSW steel, Eicher Motors and HCL Technologies were among the biggest gainers on the Nifty, while losers were UPL, Bharti Airtel, Reliance Industries, ICICI Bank and Asian Paints

Sensex climbs 346 pts, Nifty ends at 17,080

Adani enterprises, Adani ports, JSW steel, Eicher Motors and HCL Technologies were among the biggest gainers on the Nifty, while losers were UPL, Bharti Airtel, Reliance Industries, ICICI Bank and Asian Paints

Amid mixed global cues and ahead of monthly derivatives expiry, BSE benchmark sensex jumped &nbsp;346.37 points or 0.60 per cent to close the session at 57,960.09. Meanwhile, NSE&rsquo;s Nifty50 opened 129 points, or 0.76 per cent at 17,080.70.&nbsp;
Market started on a positive note and extended the gains as the day progressed. However, mid-session selling erased all the gains but final hour buying across the sectors help to end near the day's high.
After opening lower today, PSU Banks jumped, as the sector closed 3.08 per cent higher. It was followed by realty stocks at 2.59 per cent, and media and metal stocks at 2.56 per cent each. Meanwhile, auto stocks jumped 1.67 per cent today
Adani Enterprises, Adani Ports, JSW Steel, Eicher Motors, and HCL Technologies were among the biggest gainers on the Nifty, while losers were UPL, Bharti Airtel, Reliance Industries, ICICI Bank, and Asian Paints.&nbsp;

Average increments are likely to drop to 9.1% this year in almost all sectors following inflation, higher interest rates and a slowdown in the economy, according to a study

Average Increments To Drop To 9.1% In 2023 Across Sectors: Study  

Average increments are likely to drop to 9.1% this year in almost all sectors following inflation, higher interest rates and a slowdown in the economy, according to a study

Average increments are likely to drop to 9.1% this year in almost all sectors. This due to inflation, higher interest rates and a slowdown in the economy, as per the Deloitte India Talent Outlook 2023. The average increment in 2022 was 9.4%.
The study found that in 2023 increments are expected to be lower across almost all sectors, compared to 2022 actual increments. While the Life Sciences sector is expected to witness the highest increments in 2023, the IT sector will likely witness a major drop in increments as compared to last year, the study said. Additionally, attrition in India reached 19.7% in 2022, up from 19.4% in 2021, it stated. &nbsp; The significant attrition levels across industries in late 2021 continued until early 2022. We saw Indian organizations budgeting the highest increment in 2022 over the last four years. What they also did was hire aggressively. This led to employee costs rising faster than revenue growth over the last 34 years in almost every other company.
The Deloitte India Talent Outlook 2023 study is based on a survey in January 2023, done among 300 organizations across seven sectors and 25 sub-sectors.
&nbsp;Meanwhile, the study further observed that while almost three in every four organizations recognized the value of a common skills framework primarily for learning and development and career progression, around 42% did not revise their framework regularly to contextualize it to changing business requirements.
Additionally, the study found only 19% of organizations - mostly in the IT, ITeS, and Consumer sectors - confirmed that their employees have visibility of skills beyond their current role. This indicates a major gap in the awareness of skill requirements and associated learning, Ghose said.
&nbsp;This aspect is further pronounced by the fact that more than 80% of organizations reported that leadership teams have no structured data or reporting mechanisms to understand the current skill capital, it noted.
The study found that 27% of organizations have gone beyond their permanent workforce and invested in skills-based training for gig workers while 13% reported planning to do so.
&nbsp;Meanwhile, the study stated that as technology has come to the forefront for businesses in a post-Covid-19 operational context the Manufacturing and IT sectors have emerged as the biggest investors in HR Tech in 2022.
&nbsp;

NCLAT uphelds CCI's Rs 1,337 crore penalty on Google in 30 days for abuse of dominant position in Android market
 

NCLAT upholds CCI's penalty on Google

NCLAT uphelds CCI's Rs 1,337 crore penalty on Google in 30 days for abuse of dominant position in Android market




NCLAT uphelds CCI's Rs <bdi>1,337 crore penalty on Google in 30 days for <bdi>abuse of dominant position in Android market</bdi></bdi>
&nbsp;

A two member bench of NCLAT (National Company Law Appellate Tribunal) has upheld CCI's ₹1,337 crore penalty on Google for abuse of its dominant position in Android market. The bench has directed google to implement the direction and deposit the penalty in 30 days.&nbsp; &nbsp; The Appellete tribunal has found that the order passed by the Competition Commission of India is not in violation of principles of natural justice. However, the NCLAT bench comprising Chairperson Justice Ashok Bhushan and Member Alok Shrivastava, has modified certain directives of the CCI order. The tribunal has given partial relief to the tech giant by setting aside the directives in the case related to abuse of its dominant position in Android. By this, Google is not obliged to allow third party app stores in Play Store as directed by CCI. &nbsp; The Competition Commission of India had imposed a fine of Rs 1,337.76 crore on Google for anti-competitive practices in relation to Android mobile devices. CCI also ordered the internet major to stop indulging in various unfair business practices

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