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BofA Securities buys Rs 267 Cr Eternal shares from Goldman Sachs

EntrackrEntrackr · 3m 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).

Paytm gets relief as Supreme Court stays Rs 5,712 Cr GST notice

EntrackrEntrackr · 7m ago
Paytm gets relief as Supreme Court stays Rs 5,712 Cr GST notice
Medial

Paytm gets relief as Supreme Court stays Rs 5,712 Cr GST notice. In its order, the apex court directed, “Further proceedings of all the impugned show cause notices shall remain stayed till the final disposal of the main matter along with all the matters which are tagged.” The Supreme Court of India has stayed the proceedings of a Rs 5,712 crore GST Show Cause Notice (SCN) issued to First Games Technology Private Limited, a subsidiary of One 97 Communications Ltd (Paytm). Paytm shared the update in a regulatory filing on May 24, after the Supreme Court issued an interim order on May 23. The order came in response to a petition by First Games, which challenged a GST notice from the Directorate General of GST Intelligence (DGGI) for the period from January 2018 to March 2023. In its order, the apex court directed, “Further proceedings of all the impugned show cause notices shall remain stayed till the final disposal of the main matter along with all the matters which are tagged.” The stay gives Paytm’s gaming arm temporary legal relief and more time to defend its case without facing immediate penalties. Earlier, Paytm said the notice is part of an ongoing issue in the online gaming industry. The disagreement is about GST being charged at 28% on the full entry amount, while gaming companies believe it should be 18% only on their actual earnings from platform fees. The SCN is part of a broader industry-wide probe by the GST department, which has issued similar notices to several gaming companies. The matter is being closely monitored by stakeholders across the online gaming sector. Paytm's operating revenue fell by 16% year-on-year to Rs 1,911 crore in the fourth quarter of FY25, down from 2,267 crore in the same quarter of FY24. However, the Noida-based company narrowed its losses to 23 crore in Q4 FY25, a 96% reduction from 536 crore in Q4 FY24.

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