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Moneycontrol Selects: Top stories this afternoon

Our specially curated package of the most interesting articles of the day will help you stay at the top of your game.

March 22, 2023 / 01:45 PM IST
A round-up of the big stories

A round-up of the big stories

Here are our top stories this afternoon:

Zomato eating into Swiggy's market pie with Gold loyalty scheme: HSBC

Zomato’s new version of its ‘Gold’ loyalty programme is helping it win market share from rival Swiggy, according to a report by HSBC. It said that the market shares of Zomato and Swiggy are expected to diverge to 57 percent and 43 percent, respectively, in FY24. From March quarter onwards, the Gold programme will cause a negative impact to Zomato's unit economics in the range of Rs 10-12 per order which could concern investors, according to the HSBC analysts. Read more

Bandhan Bank gains on bids for stressed assets, new executive director appointment

The Board of Directors of Bandhan Bank has appointed Ratan Kumar Kesh as Executive Director (ED) of the bank, it informed the exchanges on March 22. The Reserve Bank of India (RBI) has also approved the appointment, it added. On March 21, the bank informed exchanges that it has received binding bids of Rs 369.20 crore for a written-off portfolio worth Rs 2,614.03 crore; and Rs 370.62 crore for non-performing assets (NPA) originating from banking units worth Rs 2,316.32 crore, on security receipt consideration basis for transferring loans to asset reconstruction company. At 10:15 am, the stock was quoting at Rs 210 on the NSE, higher by 3.5 percent from previous close. The stock is down over 12 percent in 2023 so far. Read full

And, Infosys is turning out to be the new CEO factory for India Inc.

Ravi Kumar and Mohit Joshi, Cognizant CEO and Tech Mahindra's incoming chief, respectively, were both considered candidates to lead Infosys in the future. A note by Kotak Institutional Equities said that the roles handled by both were wide-ranging, but Infosys has a strong leadership bench to compensate for it. The portfolios of leaders who left Infosys to join competitors in the past have largely been handled well by their successors, it said. Read more

Crop damage from unseasonal rains not expected to cause major inflationary impact: JM Financial

The recent crop damage resulting from unseasonal rains across the country will have a slight adverse effect on the headline inflation, JM Financial said in its recent note. With unseasonal rains hitting the country, rural India is facing a challenge to protect its crops. The rainfall has been widespread across major agricultural states, causing some damage to the wheat crop, according to preliminary reports. Despite this setback, ample supply should help ease inflationary pressures. Read full

M&M looking to raise $1.3 billion for new EV Company

Auto major Mahindra & Mahindra (M&M) is in “advanced talks with global investors” to sell its electric vehicle (EV) unit and raise $1-1.3 billion, Mint reported citing sources. Mahindra will raise funds through multiple rounds of sale of stake in its new EV arm, the sources added. Money raised from these activities will be used for M&M’s new EV Company with British International Investment (BII) over the next three to five years, the report added. The company estimates Rs 10,000 crore investment in the EV business over the next two to three years. Read details

Hindustan Zinc's fourth dividend pay-out in FY23 a worry for analysts

After the latest dividend pay-out amounting to Rs 10,985.83 crore, Hindustan Zinc will turn net debt to net cash, as per the calculations done by analysts at CLSA. As on December 31, 2022, the company’s consolidated gross investments and cash and cash equivalents were Rs 16,482 crore as compared to Rs 17,807 crore at the end of September 2022. CLSA has a 'sell' rating on the stock with a target price of Rs 260. The stock is trading at 6.7x one-year forward EV/EBITDA versus average of 6.5x since FY16. Read full

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first published: Mar 22, 2023 01:45 pm