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BofA Securities buys Rs 267 Cr Eternal shares from Goldman Sachs

EntrackrEntrackr · 5m ago
BofA Securities buys Rs 267 Cr Eternal shares from Goldman Sachs
Medial

BofA Securities buys Rs 267 Cr Eternal shares from Goldman Sachs BoFA Securities Europe SA has picked up 82 lakh shares of Eternal in a bulk deal on Wednesday. The shares were acquired from Goldman Sachs Bank Europe SE at a price of Rs 325.5 per share, taking the total transaction size to nearly Rs 267 crore. In the first quarter of the ongoing fiscal year, Eternal’s revenue from operations grew 70% to Rs 7,167 crore in contrast to Rs 4,206 crore in Q1 FY25. However, the company's profit fell by 90% to Rs 25 crore in Q1 FY26 from Rs 253 crore in Q1 FY25. Eternal’s stock closed at Rs 329.45 on the NSE, compared to the bulk deal price of Rs 325.5, giving it a total market capitalization of Rs 3,17,930 crore.

Zomato receives Rs 803 Cr demand notice from GST

EntrackrEntrackr · 1y ago
Zomato receives Rs 803 Cr demand notice from GST
Medial

Foodtech major Zomato has received a demand notice of Rs 803 crore (nearly $100 million) from the Joint Commissioner of CGST & Central Excise, Thane Commissionerate, Maharashtra. On Thursday, the company received a demand order passed by the Joint Commissioner of CGST & Central Excise, Thane, of Rs 803 crore for the period from 29 October 2019 to 31 March 2022, the company’s filing accessed from the National Stock Exchange shows. The demand order has been received in respect of the non-payment of GST on delivery charges, including interest and penalties. The total amount of Rs 803 crore comprises Rs 401.7 crore each as GST demand and interest/penalties. “We believe that we have a strong case on merits, which is backed by opinions from our external legal and tax advisors. The company will be filing an appeal against the order before the appropriate authority,” the filing further added. Zomato closed at Rs 285.6 (as on 12th December), with the market capitalization standing at Rs 2,75,614 crore (approximately $32.8 billion). The GST demand notice might affect the company’s shares tomorrow. The company recently raised over $1 billion through a Qualified Institutions Placement (QIP) of equity shares. For the fiscal year ending in, Zomato achieved a remarkable 68.5% quarter-on-quarter growth in operating revenue, reaching Rs 4,799 crore in Q2 FY25 from Rs 2,848 crore in Q2 FY24. The company also recorded a 4.8x increase in net profit to Rs 176 crore in the September quarter. Its arch-rival Swiggy posted Rs 3,601 crore of revenue, with a net loss standing at Rs 625 crore during the second quarter of the ongoing fiscal year. The recently listed firm closed at Rs 507.6 per share, with a total market capitalization of Rs 1,13,623 crore (approximately $13.5 billion).

Meesho receives Rs 1,500 Cr tax demand for 2023-24

EntrackrEntrackr · 6d ago
Meesho receives Rs 1,500 Cr tax demand for 2023-24
Medial

Meesho receives Rs 1,500 Cr tax demand for 2023-24 E-commerce marketplace Meesho has received a tax demand of nearly Rs 1,500 crore from the Income Tax Department for the assessment year 2023-24, according to its regulatory filing with the stock exchanges. The Bengaluru-based company said the tax authority issued an assessment order under Section 143(3) of the Income-tax Act along with a demand notice under Section 156, which raised a total demand of Rs 1,499.7 crore, including applicable interest. The demand follows certain additions and adjustments made by the tax department to the income reported by the company for the assessment year. Meesho stated that it does not agree with the observations and adjustments made in the assessment order and is currently evaluating the matter. The company added that it believes it has adequate legal and factual grounds to contest the demand and is taking necessary steps to protect its interests. The company also said that the tax department issued a similar demand for the previous assessment year (2022–23). In that case, the Karnataka High Court granted an interim stay on the demand notice through an order dated April 17, 2025, and the case remains pending. According to the company, the latest assessment order and demand notice are not expected to have any major adverse impact on its financial position, operations, or other activities. Meesho reported a 31% year-on-year growth in operating revenue to Rs 3,517.5 crore in Q3 FY26, while its losses surged over 13X to Rs 490 crore during the same period. At the end of Friday’s trading session, Meesho shares closed at Rs 158.6, which gave the company a total market capitalization of Rs 71,578 crore (around $7.9 billion).

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