Business

RRB NTPC Exam Updates: Timetable for 11,558 Posts Expected Shortly

December 4, 2024December 4, 2024 - by thesundayheadlines

Railway Recruitment Boards (RRBs) are set to release the exam dates for NTPC 2024 undergraduate and graduate-level posts. Stay updated on the official announcements.

RRB NTPC 2024 will fill 11,558 posts, including 8,113 graduate-level and 3,445 undergraduate-level vacancies.
Two-stage CBT exams, Typing Skill Test, and Aptitude Test to be conducted based on the posts.
Registration closed in October 2024; official website updates awaited for exam dates.

The Railway Recruitment Boards (RRBs) are preparing to announce the exam dates for the much-awaited NTPC 2024 recruitment. These exams aim to fill 11,558 vacancies, with 8,113 graduate-level and 3,445 undergraduate-level posts. The official schedule will be made available on the respective RRB websites.

The application process for graduate-level posts was open from September 14 to October 13, while undergraduate-level applications were accepted from September 21 to October 20, 2024. Candidates are gearing up for a multi-stage selection process, including two-stage Computer-Based Tests (CBTs), Typing Skill Tests (TST), and Aptitude Tests, depending on the post applied for.

Key graduate-level positions include Station Master, Goods Train Manager, and Senior Clerk cum Typist, while undergraduate roles include Commercial cum Ticket Clerk and Accounts Clerk cum Typist. Candidates should regularly check their respective RRB websites for updates on exam dates, shift timings, and further instructions.

Business / India / Main Slide / Top News

Mukka Proteins IPO Listing Tomorrow: Latest GMP and Subscription Status Hint Ahead of Debut

March 6, 2024March 6, 2024 - by Chirag Goyal

As the Mukka Proteins IPO gears up for its listing tomorrow, market indicators point towards a strong debut. The Grey Market Premium (GMP) stands at an impressive +35, suggesting a robust demand and an estimated listing price of ₹63 per share, marking a substantial 125% increase from the IPO price.

Scheduled for listing on Thursday, March 7th, the Mukka Proteins IPO has finalized its allotment process, with shares set to be credited to demat accounts today, Wednesday, March 6th. Meanwhile, the refund process for those who didn’t receive shares will also be initiated today.

Throughout its subscription period, the Mukka Proteins IPO witnessed overwhelming responses, with the subscription status reaching a remarkable 136.99 times on the third day, as per BSE data.

The IPO, which opened for subscription on Thursday, February 29th, and closed on Monday, March 4th, offered shares in the price band of ₹26 to ₹28 per equity share of face value Re 1, with a lot size of 535 equity shares.

Reserved not more than 50% of shares for Qualified Institutional Buyers (QIBs), at least 15% for Non-Institutional Investors (NIIs), and a minimum of 35% for retail investors.

The Mukka Proteins IPO GMP, currently at +35, reflects a premium of ₹35 in the grey market. Considering this and the upper end of the IPO price band, the estimated listing price stands at ₹63 per share, marking a substantial gain.

The IPO, valued at ₹224 crore, comprises a fresh issue of 8,00,00,000 equity shares with a face value of Re 1, without any offer-for-sale component. The net proceeds from the issue are intended for general corporate purposes, investment in their associate Ento Proteins Private Limited, and working capital requirements, as stated in the red herring prospectus (RHP).

Promoter directors Kalandan Mohammed Haris, Kalandan Mohammed Arif, and Kalandan Mohammed Althaf are actively involved in the business.

Cameo Corporate Services Limited serves as the registrar for the IPO, with Fedex Securities Pvt Ltd as the book running lead manager. Mukka Proteins Limited’s listed peers include Avanti Feeds Ltd, Godrej Agrovet Ltd, Zeal Aqua Ltd, and Waterbase Ltd.

The company’s profit after tax (PAT) surged by 84.07%, while revenue jumped by 52.52% between March 31, 2022, and March 31, 2023, as per its RHP.

Business / India / Main Slide / Top News

Meta, Zuckerberg’s Company, Loses $3 Billion in Value After Instagram, Facebook Global Outage; Share Price Declines

March 6, 2024March 6, 2024 - by Chirag Goyal

Following a widespread global outage that impacted Meta’s social media platforms, including Instagram and Facebook, on March 5th, 2024, the company suffered an estimated loss of $3 billion. According to a report by India Today, the outage affected billions of users worldwide.

On that day, the stocks of Meta experienced a significant decline, closing down 1.6% at $490.22, as reported by NASDAQ.

Despite this setback, Mark Zuckerberg, the founder, chairman, and CEO of Meta, saw his net worth decrease by over USD 2.79 billion in a single day, amounting to USD 176 billion, as per the Bloomberg Billionaires Index. Nevertheless, he retained his position as the fourth-richest person globally.

Reuters reported that Meta’s status dashboard indicated issues with the application programming interface for WhatsApp Business. Additionally, Downdetector recorded approximately 200 outage reports for WhatsApp, suggesting widespread service disruption.

During the outage, Elon Musk took a dig at Meta, humorously remarking, “If you’re reading this post, it’s because our servers are working,” on X, formerly known as Twitter. The outage affected not only Facebook and Instagram but also Threads and Messenger platforms, causing login difficulties for users worldwide.

In February 2024, Zuckerberg’s net worth surged by USD 27.1 billion following Meta’s impressive quarterly results, which surpassed Wall Street’s expectations. This increase elevated his net worth to USD 169.5 billion, surpassing Bill Gates and securing his position as the fourth-richest individual on the Bloomberg Billionaires Index.

Meta also announced a quarterly cash dividend of 50 cents per share for Class A and B common stock, commencing in March. With Zuckerberg holding approximately 350 million shares, he stands to receive about $175 million in each quarterly payment before taxes, according to Bloomberg’s data.

Business / India / Main Slide / News

JM Financial Shares Plummet by 19% After RBI Action, Market Cap Drops by Rs. 1,484 Crore

March 6, 2024March 6, 2024 - by Chirag Goyal

JM Financial Share Price Today: On the Bombay Stock Exchange (BSE), the company’s share dropped by 19.29% to Rs. 77.10, while on the National Stock Exchange (NSE), it was trading at Rs. 77.55, down by 18.75%.

New Delhi: Following the regulatory actions by the Reserve Bank of India (RBI), JM Financial witnessed a decline of more than 19% in its shares on Wednesday. Consequently, its market capitalization dropped by up to Rs. 1,484 crore. The RBI had imposed several restrictions on the company JM Financial Products Limited on Tuesday, after various irregularities were uncovered.

On the BSE, the company’s share fell by 19.29% to Rs. 77.10, while on the NSE, it was trading at Rs. 77.55, marking a decline of 18.75%. Amidst this downturn, the company’s market capitalization reduced to Rs. 7,643.63 crore from Rs. 8,128.16 crore.

The Reserve Bank initiated actions against the company, repeatedly intervening to assist a group of its customers in bidding for various IPOs using borrowed funds.

The central bank has prohibited the non-banking financial company from providing any financial support in the form of shares and debentures, including approval and distribution of loans, along with the initial public offering (IPO) of shares and the approval and distribution of bonds. These restrictions have come into immediate effect.

Business / Main Slide

IIFL Shares Freeze 20% Lower After RBI Bans New Gold Loans

March 5, 2024March 5, 2024 - by Chirag Goyal

The share price of IIFL Finance witnessed a sharp decline of 20%, or Rs 119.6, falling to Rs 478.5 per share as of 9:54 a.m. This drop occurred after the Reserve Bank of India (RBI) imposed a ban on the company from sanctioning or disbursing gold loans, as well as assigning, securitising, or selling any of its gold loans.

Following the RBI’s announcement, IIFL Finance shares were locked in a 20% lower circuit during Tuesday’s trade session on the BSE.

The RBI’s decision stemmed from its inspection of IIFL’s financial position, which revealed significant concerns regarding the company’s gold loan portfolio. These concerns included deviations in assaying and certifying the purity and net weight of gold during loan sanction and auction upon default.

Key concerns highlighted by the RBI’s inspection included breaches in the loan-to-value ratio, excessive cash disbursal and collection beyond statutory limits, non-compliance with standard auction processes, and lack of transparency in customer account charges levied by IIFL.

The ban took immediate effect, although the company is permitted to continue servicing its existing gold loan portfolio through regular collection and recovery procedures.

According to Zee Business Research, IIFL’s gold loan portfolio constitutes 32% of its total portfolio, amounting to Rs 24,700 crore as of December 31. The company collaborates with several banks for gold loans, including DSB Bank, Canara Bank, Union Bank, UCO Bank, South Indian Bank, Karur Vyas Bank, Shivalik Small Finance Bank, and IDBI Bank.

Despite a compound annual growth rate (CAGR) of 30% in gold loans over the past four years, the company’s stance on the ban remains pragmatic. Management clarified during a conference call that while there are no ethical or governance issues with gold loans, the problem lies in procedural and operational matters.

IIFL Finance’s share price performance over the past year has been lackluster, with a modest gain of just over 5% compared to the Nifty50’s rise of over 26%. However, the company has stated that there has been no immediate penalty imposed, and discussions for a special audit with the RBI are underway to address the situation.

Business / India / Main Slide

Tata Motors Demerger: Commercial and Passenger Vehicle Businesses to Form Separate Listed Entities

March 4, 2024March 5, 2024 - by Chirag Goyal

Tata Motors Ltd (TML) announced on March 4 its decision to demerge its businesses into two distinct listed entities: one for commercial vehicles (CV) and the other for passenger vehicles (PV), including electric vehicles (EVs), Jaguar Land Rover (JLR), and related investments.

“The demerger is a natural progression following the earlier subsidiarization of PV and EV businesses in 2022. It will empower each business to pursue its strategies independently, fostering higher growth with increased agility while enhancing accountability,” stated the automaker.

In recent years, Tata Motors’ CV, PV+EV, and JLR divisions have implemented separate growth strategies. Since 2021, these businesses have operated autonomously under their respective CEOs.

On Monday, Tata Motors’ stock on the BSE closed flat at Rs 989.

The demerger will be executed through an NCLT scheme of arrangement, ensuring that all TML shareholders maintain identical shareholding in both listed entities. Tata Motors noted in a stock exchange filing that obtaining necessary shareholder, creditor, and regulatory approvals may take an additional 12-15 months to finalize the demerger.

Business / India / Main Slide / News

Financial Intelligence Unit Imposes Rs 5.49-Crore Fine On Paytm Payments Bank For Violating PMLA Norms

March 1, 2024March 2, 2024 - by Chirag Goyal

In a significant development, the Financial Intelligence Unit-India (FIU-IND) has taken decisive action against Paytm Payments Bank Ltd for violations under the Prevention of Money Laundering Act (PMLA), 2002. FIU-IND has imposed a substantial penalty of Rs 5.49 crore on the institution, citing breaches of obligations outlined in the PMLA and related rules.

The investigation into Paytm Payments Bank Ltd was initiated by FIU-IND based on specific intelligence received from law enforcement agencies regarding illicit activities, including online gambling and money laundering, facilitated through the bank.

Following a compliance show cause notice highlighting violations related to payout services, anti-money laundering (AML), counter-terrorism financing (CFT), and know your customer (KYC) protocols, FIU-IND concluded that the charges against the bank were substantiated. Consequently, a penalty was imposed on February 15, 2024, under Section 13 of the PMLA.

This action underscores regulatory authorities’ commitment to combating financial crimes and ensuring compliance within the banking sector. Paytm Payments Bank Ltd is expected to adhere to prescribed regulations and take corrective measures to prevent future violations.

In related news, Vijay Shekhar Sharma has resigned from his position as part-time non-executive chairman of Paytm Payments Bank’s board amid ongoing regulatory concerns. The Reserve Bank of India (RBI) has prohibited PPBL from accepting deposits and credits from customers beyond March 15 due to persistent non-compliances and supervisory concerns.

On Friday, shares of One 97 Communications Ltd, the parent company of Paytm, concluded trading at Rs 425.45 on the Bombay Stock Exchange (BSE), marking a rise of 5 percent.

Business / India / Main Slide

Patanjali Foods Shares Dip 4% Amid SC Order on Patanjali Ayurved’s Ads

February 28, 2024February 28, 2024 - by Chirag Goyal

The share price of Patanjali Foods witnessed a decline of 3.91% in Wednesday’s trading session, reaching a low of Rs 1,556.80. This drop followed the Supreme Court’s decision to prohibit Patanjali Ayurved from running advertisements promoting its traditional ayurvedic medicines that claim to cure certain diseases. Patanjali Foods, a subsidiary of Patanjali Ayurved, clarified in a BSE filing that the SC order does not pertain to its operations.

The Supreme Court’s ruling was part of an ongoing legal dispute with the Indian Medical Association (IMA), which has accused Patanjali of making derogatory remarks about other forms of conventional medicines. The court noted Patanjali’s breach of its assurance from the previous year, where it pledged not to release advertisements containing statements implying medicinal effectiveness casually.

Patanjali Foods emphasized that the observations made by the Supreme Court do not affect its business operations or financial performance. Despite the dip in stock price, the company assured investors that its FMCG products, including edible oils and food items, remain unaffected.

As the stock traded close to its one-year high of Rs 1,741, analysts advise caution, suggesting that fresh buying may not be advisable at the current market price. However, existing investors are encouraged to maintain a strict stop-loss strategy, with a stop-loss level set at Rs 1,500.

With promoters holding a significant stake of 73.82% in the company as of the December 2023 quarter, Patanjali Foods aims to navigate through this period of market volatility.

(Disclaimer: This article provides stock market updates for informational purposes only and does not constitute investment advice. Readers are advised to seek guidance from a qualified financial advisor before making any investment decisions.)

Business / Main Slide / Top News

“Vietjet Places Order for 20 A330neos at Singapore Airshow”

February 26, 2024February 26, 2024 - by Chirag Goyal

Vietjet has entered into a Memorandum of Understanding (MoU) with Airbus at the Singapore Airshow to acquire 20 A330neo widebody aircraft. These planes are intended to replace Vietjet’s leased A330-300s and support the airline’s network expansion plans. The A330neo aligns with Vietjet’s sustainability objectives and offers enhanced passenger comfort with increased space and in-flight entertainment options.

This deal marks Vietjet’s largest purchase of widebody aircraft to date. According to the airline, these A330neos will serve both long-range routes and high-capacity regional services. They will not only replace the existing leased A330-300 fleet but also facilitate the expansion of Vietjet’s route network.

Christian Scherer, CEO of Airbus’ Commercial Aircraft Business, expressed excitement about collaborating with Vietjet on the carrier’s expansion. He emphasized that the A330neo’s efficiency will enable Vietjet to minimize operating costs per seat while providing passengers with exceptional value. Scherer also noted that the A330neo will complement Vietjet’s existing order of A321XLRs, facilitating access to more distant destinations.

Vietjet’s CEO, Dinh Viet Phuong, highlighted the strategic significance of adding the A330neo to the airline’s fleet. He emphasized that the aircraft’s fuel-efficient design supports Vietjet’s sustainability and environmental goals, aiming for net-zero emissions by 2050. Phuong also emphasized the enhanced passenger experience, including longer-range flights and superior services, offered by the A330neo.

Business / Main Slide / Top News

Dubai Introduces Five-Year Multiple-Entry Visa for Indian Tourists: 8 Key Facts You Need to Know

February 26, 2024February 26, 2024 - by Chirag Goyal

Dubai is now offering a five-year multiple-entry visa to encourage more travel from India. Here are eight key points to know about this new initiative:

Visa Details: The visa is processed within 2-5 working days and allows for a 90-day stay in Dubai. It can be extended once for an additional 90 days, with a maximum total stay of 180 days per year.
Record Visitor Numbers: In 2023, Dubai experienced a significant increase in Indian tourists, with 2.46 million overnight visitors recorded. This marks a substantial rise from previous years and underscores the attractiveness of Dubai as a travel destination.
Long-Standing Relationship: Dubai values its enduring bond with India, with inbound visitation from India playing a crucial role in Dubai’s tourism sector’s success in 2023.
Strategic Initiative: The introduction of the five-year multiple-entry visa reflects Dubai’s strategic move to strengthen ties with India, supporting both leisure and business travel objectives.
Deepening UAE-India Relations: The initiative demonstrates Dubai’s commitment to fostering collaboration with India, leveraging opportunities for economic growth and cultural exchange.
Dubai Introduces Five-Year Multiple-Entry Visa for Indian Tourists 8 Key Facts
Tourism Growth: Dubai witnessed a record influx of tourists in 2023, with significant growth attributed to Indian visitors, aligning with the goals of Dubai’s economic agenda.
Alignment with Goals: The increase in Indian tourists aligns with the objectives of the Dubai Economic Agenda (D33), aimed at solidifying Dubai’s global standing in business and leisure tourism.
Economic Partnerships: The UAE and India share a longstanding economic partnership, benefiting from cultural exchanges, diplomatic ties, and robust trade connections, further enhancing Dubai’s appeal to Indian travelers.