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Indian markets started the week strong, with gains led by financial stocks and optimism in global markets following positive Trump-China talks. However, Zomato and auto stocks lagged.

Sensex rallies 454 pts, Nifty ends above 23,300 on gains in banking shares, firm global trends

Indian markets started the week strong, with gains led by financial stocks and optimism in global markets following positive Trump-China talks. However, Zomato and auto stocks lagged.

Bajaj Finance, Bajaj Finserv, NTPC, State Bank of India, Power Grid, HDFC Bank, Tech Mahindra and Asian Paints were the other gainers.
However, Zomato fell the most by 3.14 per cent after food delivery platform reported weaker-than-expected financial results for the December quarter. Adani Ports, Tata Consultancy Services, Mahindra &amp; Mahindra, Maruti and Tata Motors were also among the laggards.
"A strong positive sentiment from Asian markets bolstered domestic markets, starting the week on a healthy note. Further, a robust initial set of earnings from the banking and financial sectors triggered a broad-based rally, driven by the likelihood of improved earnings in the near future.
"However, uncertainties surrounding Trump's policies continue to linger, with investors eagerly waiting for more clarity," Vinod Nair, Head of Research, Geojit Financial Services, said.
The BSE smallcap gauge jumped 0.82 per cent and midcap index climbed 0.66 per cent.
Among BSE sectoral indices, telecommunication surged the most by 2.18 per cent, followed by bankex (2.03 per cent), power (1.39 per cent), financial services (1.24 per cent), utilities (1.17 per cent) and capital goods (0.96 per cent).
BSE consumer discretionary, auto and FMCG were the laggards.
As many as 2,503 stocks advanced while 1,557 declined and 168 remained unchanged on the BSE.
Global markets also advanced of the inauguration of President-elect Donald Trump.
Trump announced that he had a &lsquo;very good&rsquo; telephone call with Chinese President Xi Jinping and that the outcome was positive. Analysts said that it indicates that initially Trump would go slow on tariffs and would prefer to negotiate.
In Asian markets, Tokyo, Shanghai and Hong Kong settled in the positive territory while Seoul ended lower. Markets in Europe were trading higher. US markets ended in the green on Friday.
Global oil benchmark Brent crude dipped 0.36 per cent to USD 80.50 a barrel.
Foreign institutional investors (FIIs) offloaded equities worth Rs 3,318.06 crore on Friday, according to exchange data.

The demand order was received on 29th June. Despite this, Zomato stated that it remains confident in its legal position and does not anticipate any financial impact on the company

Zomato faces ₹9.45 crore GST demand from Karnataka tax authorities

The demand order was received on 29th June. Despite this, Zomato stated that it remains confident in its legal position and does not anticipate any financial impact on the company

Zomato, led by Deepinder Goyal, has received a Goods and Services Tax or GST demand of over 9.45 crore rupees. The company disclosed this to the stock exchanges, stating that the order pertains to the financial year 2019-20 and was issued by the Assistant Commissioner of Commercial Taxes, Karnataka. Also read/watch - <a title="Over 97% of Rs 2,000 notes returned to banking system: RBI" href="https://www.editorji.com/business-news/economy/over-97-of-rs-2-000-notes-returned-to-banking-system-rbi-1719829331411">Over 97% of Rs 2,000 notes returned to banking system: RBI</a> The demand relates to the alleged excess availment of input tax credit, along with corresponding interest and penalties. Zomato had responded to the show cause notice with clarifications supported by relevant documents and judicial precedents, which the company claims were not adequately considered by the authorities. The demand order was received on 29th June. Despite this, Zomato stated that it remains confident in its legal position and does not anticipate any financial impact on the company.

Seems like Zomato is facing a really tough time, day after Zomato scrip rose 20% to close at ₹55.60 apiece, Ride-hailing app Uber is selling off its entire holding in Indian food delivery company Zomato for at least $373 million (₹2,939 crore) through a block deal of shares. 
According to reports, the offer price range for the deal to be carried out on Wednesday will be between ₹48-54 per share. 
The decision to sell its stake in Zomato comes within a week after the one-year post-IPO lock-in on Zomato shares ended.
It can be noted that Uber picked up the stake in Zomato after the latter acquired its local food business Uber Eats in an all stock deal in 2020. 
Zomato’s shares are down 27 per cent over its IPO price of Rs 76 per share. Following its listing, the stock had more than doubled to touch a record high of Rs 169.

Zomato stake sale: Uber to drive out

Uber likely to sell 7.8% stake in Zomato for ₹2,939 crore

Total 612 million shares of Zomato would be up for sale at a price band of Rs 48- Rs 54 apiece

Shares of food delivery giant, Zomato dropped as much as 10% during the early trade on Wednesday as part of which around nine percent stake changed hands in 32 trades.&nbsp;
Uber is the likely seller of a 7.8 per cent stake in Zomato being disposed of via a $373 million block deal.&nbsp;
The offer size of 612 million shares worth $373 million is based on the lower end of a price range of 48 rupees-54 rupees set for the block deal, according to a term sheet seen by Reuters.
According to reports, the offer price range for the deal to be carried out on Wednesday will be between ₹48-54 per share.&nbsp;
The decision to sell its stake in Zomato comes within a week after the one-year post-IPO lock-in on Zomato shares ended.
It can be noted that Uber picked up the stake in Zomato after the latter acquired its local food business Uber Eats in an all stock deal in 2020.&nbsp;

zomato ipo

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