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The decision of ICICI Pru comes in the light of SEBI chairperson pointing out the froth formation in the market. 

ICICI Prudential Mutual Fund stops accepting lump-sum investment in small and mid-cap funds

The decison of ICICI Pru comes in the light of SEBI chairperson pointing out the froth formation in the market.&nbsp;

A day after Sebi chairperson Madhabi Puri Buch pointed out that there is froth formation in the market, ICICI Prudential Mutual Fund has issued a circular stopping lum-sum investment in its small and mid cap funds starting March 14.&nbsp;
The fund house said it will still accept investment in form of Systematic Investment Fund (SIP) and Systematic transfer plans (STP) but, with a limit of ₹2 lakh PAN level per month per scheme.
ICICI is not the first fund house to put a stop on lump-sump investment in small cap, prior to this Nippon, Tata and SBI MFs also stopped taking such investment in small cap funds. But, ICICI is the first to put a pause on lump-sump investment in mid cap funds as well.&nbsp;
The restrictions were implemented one day after Sebi chairperson Madhabi Puri Buch highlighted the risk of potential "froth" or "bubbles" in a market traditionally favored by retail investors.
Also Watch: <a href="https://www.editorji.com/business-news/markets/sebi-chief-raises-concerns-over-excessive-valuations-in-small-and-mid-cap-stocks-1710235592772">SEBI Chief raises concerns over excessive valuations in small and mid-cap stocks</a>

Any kind of a deal could potentially take 6 to 9 months to finalise. As per reports, ICICI Ventures which currently holds around 42% stake, is looking to exit.  

All things cakes: Theobroma gearing up for a change in ownership, reports indicate

Any kind of a deal could potentially take 6 to 9 months to finalise. As per reports, ICICI Ventures which currently holds around 42% stake, is looking to exit.&nbsp;&nbsp;

Theobroma Foods, the popular patisserie chain famed for its pastries, cookies, and cakes, may be gearing up for a change in ownership. Talks about a potential stake sale have been initiated by the promoters and investors, signaling a significant transition for the 20-year-old establishment.
As per reports, insiders familiar with the developments disclosed that discussions have commenced with merchant bankers, aiming to facilitate the stake sale. Among the key revelations, it has been suggested that ICICI Venture, currently holding a 42% stake, is contemplating selling its entire share for an estimated ₹1,200 crore. Additionally, sources hinted at the founding family's intention to exit the company, aligning with an anticipated valuation of roughly ₹2,800 crore, reported Mint.
Founded in 2004 by Kainaz Messman, a former pastry chef at Oberoi Hotels, Theobroma Foods began as a single outlet on Colaba Causeway in Mumbai. However, subsequent investments, particularly by ICICI Ventures in 2017 amounting to $20 million, facilitated the chain's expansion across India. Today, with 194 stores nationwide, Theobroma stands as a well-recognized pan-India brand, marking a considerable journey from its humble beginnings.
While discussions with various merchant bankers are ongoing, no formal sales process has been initiated yet. Sources close to the matter anticipate a potentially prolonged timeline of six to nine months before a deal materializes, awaiting the FY24 financials of the company, reported Mint.
Despite the impacts of the COVID-19 pandemic, Theobroma expanded its footprint beyond Mumbai and Delhi, venturing into cities like Pune, Hyderabad, Bengaluru, and others. The chain's diversified offerings, including brownies, cookies, sandwiches, and more, have resonated well with consumers, contributing to its success.
Notably, the Indian food service market, estimated at $51 billion in FY23, is witnessing substantial growth with evolving consumption patterns and increased demand in smaller markets. Amidst this landscape, Theobroma Foods reported a notable turnaround, shifting from a net loss of ₹11 crore in FY22 to a standalone net profit of ₹19.59 crore in FY23, accompanied by a significant rise in revenue from operations
Also Watch: <a href="https://www.editorji.com/business-news/zomato-breaks-delivery-records-on-new-year-s-eve-2023-customers-give-97-lakh-given-as-tips-1704102649603">Zomato breaks delivery records on New Year's Eve 2023; ₹97 lakh given as tips to delivery partners</a>

At the heart of the matter is the industry-wide worry about GST application on salvage-adjusted cases and ineligible Input Tax Credit linked to motor claims settlements

ICICI Lombard faces ₹273 cr GST notice

At the heart of the matter is the industry-wide worry about GST application on salvage-adjusted cases and ineligible Input Tax Credit linked to motor claims settlements

ICICI Lombard General Insurance has been slapped with a Goods and Services Tax (GST) show-cause notice, demanding a substantial ₹273.4 crore in taxes along with accrued interest.
This development came to light as the insurance giant recently notified the Bombay Stock Exchange (BSE) about the notice it received.
The Show Cause Notice (SCN), dated July 26, was issued by the Directorate General of GST Intelligence located in New Delhi.
The notice, invoking Section 74(1) of the Central Goods and Services Tax (CGST) Act, 2017, claims that ICICI Lombard owes ₹273.4 crore in taxes. Additionally, it demands interest under Section 50(1) of the same Act and a penalty under Section 74(1) in conjunction with Section 122(2)(b) of the Act.
The crux of this issue lies in a broader industry concern relating to the applicability of GST on salvage-adjusted cases and ineligible Input Tax Credits related to motor claims settlements.
In response, ICICI Lombard has taken a cautious stance by making a deposit of ₹104 crore under protest.
This financial move by the company has been duly noted in its Fiscal Year 2022-2023 Financial Statements under the "Notes to Contingent Liability" section.
Despite the deposition, ICICI Lombard remains steadfast in not accepting liability and has declared its intention to submit a comprehensive response to the SCN within the stipulated timeframe.
On a separate front, ICICI Bank &ndash; the parent company of ICICI Lombard &ndash; secured the green light from the Reserve Bank of India (RBI) to enhance its ownership stake in the insurance subsidiary.
The RBI's approval allows ICICI Bank to gradually raise its ownership by a maximum of 4% over multiple phases. This move has been made public through official notifications to Indian stock market exchanges.
It's important to emphasize that the RBI's endorsement is subject to fulfilling specific regulatory prerequisites. This strategic manoeuvre by ICICI Bank signals its confidence in the insurance sector's growth potential and its subsidiary's role therein.
As the situation unfolds, market watchers eagerly await ICICI Lombard's comprehensive response to the GST notice, which is expected to shed more light on the intricacies of the alleged tax demand.

Sensex dives 600 points; Nifty sinks 1.46%

Indian stock markets plunged in the opening session on Friday following a heavy fall in the US markets. The Dow Jones dived over 800 points on Thursday. All Asian bourses&nbsp;were also in the red.
At 9:25 am, the Sensex was almost 600 points down at 38,403 and the Nifty slumped 1.46% to trade at 11,359.
Zee was the top loser in the Nifty pack followed by Hidalco, ICICI&nbsp;Bank, SBI and Kotak&nbsp;Mahindra&nbsp;Bank. All 50 stocks of the Nifty iindex were in the red.

38,403.95 -586.99 -1.51%
11,359.35&nbsp; -168.10 (-1.46%)

Indian stock markets plunged in the opening session on Friday following a heavy fall in the US markets. The Dow Jones dived over 800 points on Thursday. All Asian bourses&nbsp;were also in the red.
At 9:25 am, the Sensex was almost 600 points down at 38,403 and the Nifty slumped 1.46% to trade at 11,359.
Zee was the top loser in the Nifty pack followed by Hidalco, ICICI&nbsp;Bank, SBI and Kotak&nbsp;Mahindra&nbsp;Bank. All 50 stocks of the Nifty index were in the red.

icici

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