Top headlines: Zomato’s IPO impact; early bird firms’ net profit up 71%

Business Standard brings to you the top headlines on Monday

Zomato’s market capitalisation breached the Rs 1-trillion mark, overtaking some of India’s biggest companies. The blockbuster listing that led to this milestone will pave the way for other food tech firms, such as Swiggy, to go on a similar road. Read more on this and other top headlines for the day.

‘Zomato’s stellar IPO to have positive impact on foodtech firms’ valuation’ The blockbuster listing of online food delivery company Zomato is expected to set the stage for many food technology (foodtech) firms, including Swiggy, to follow suit. The stellar listing is expected to have a positive impact on their valuations if they plan to list or raise funds, said analysts and experts Zomato, the Gurugram-based company, is operating in a nascent industry. However, its Rs 9,375-crore maiden offering is now considered a test case for other foodtech start-ups planning to go public. Zomato’s initial public offering (IPO) drew bids worth Rs 2.1 trillion – it was subscribed 40x. On Friday, the stock ended with a gain of 66 per cent. Read more Q1 results: 230 early bird companies report 71% jump in net profit

The companies in cyclical sectors are likely to drive corporate earnings in the June 2021 quarter, too. The combined net profit of 230 early bird companies in Q1FY22 is up 70.6 per cent year-on-year (YoY), because of a favourable base and strong showing by firms in cyclical sectors, such as banking, metals & mining, cement, and oil & gas.

Comments

Best Unconventional Workout and Sporting Activities for Summer

In summers, depending upon conditions and circumstances one can incorporate both outdoor and indoor activities in their training schedule. Summer is the season of holidays, picnics, outings and beaches. With travel and binge eating proper workout becomes that much more essential in summers. But with heat and the sun outdoors, an individual has to balance his indoor and outdoor activities to get a fulfilling workout. In summers, depending upon conditions and circumstances one can incorporate both outdoor and indoor activities in their training schedule. Mentioned below are some of the best physical and sporting activities that one can use as a workout to stay fit in the summer season. Beach Sports - If in summers one is going to spend much time on beaches or at a beach destination then one may use beach sporting activities such as beach rugby, beach soccer, beach tennis and beach volleyball to stay fit. All of these sporting activities on sand provide a ...

Crypto exchange Binance temporarily suspends payments from EU's key network

Cryptocurrency exchange Binance will temporarily suspend euro bank deposits from one of Europe’s key payments networks, it said in an email sent to users (Reuters) -Cryptocurrency exchange Binance will temporarily suspend euro bank deposits from one of Europe’s key payments networks, it said in an email sent to users on Tuesday. The email said that from 8 a.m. universal coordinated time on Wednesday, customers would no longer be able to deposit funds through the Single Euro Payments Area, or SEPA, schemes. The move was due to “events beyond our control”, the exchange said in the email. “Any deposits attempted via SEPA in the meantime will be returned within 7 working days. SEPA withdrawals are unaffected by this suspension”, Binance said. The development was reported earlier by the Financial Times. The network, which is a European Union project that aims to harmonise euro payments across the region, allows consumers to send euros across three dozen countries. Binance typically ac...

38 killed in lightning strikes in 11 districts of UP, Yogi orders relief

At least 38 people were killed in eleven districts of Uttar Pradesh, after being struck by lightning, thunder and rain At least 38 people were killed in eleven districts of Uttar Pradesh, after being struck by lightning, thunder and rain According to reports, the deaths occured on Sunday evening. Fourteen people died in Prayagraj, five in Kanpur Dehat, three each in Firozabad and Kaushambhi and two each in Unnao and Chitrakoot after lightning struck them. Taking cognizance of the incidents, Chief Minister Yogi Adityanath expressed his grief and directed the district administrations to provide adequate compensation to the tragedy struck families. According to the government spokesman, deaths were also reported from Kanpur, Pratapgarh, Agra, Varanasi and Rae Bareli. In Kaushambhi, the deceased have been identified as Rukma,12, Moorat Dhwaj, 50, Ramchandra, 32, and Mayank Singh,15. In Firozabad, Hemraj, 50, and Ram Sevak, 40, were standing under a Neem tree, when they we...

Budget 2018-19

Search This Blog