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Today’s Latest Business News Transcript at 5:30 pm on 11th July 2022
“You are listening to the Expresso Business Update. Here is the latest news from the world of Indian and International business brought to you by The Indian Express and The Financial Express.
Let’s begin with some market updates. TCS share price tumbled on Monday morning as investors reacted to the IT major’s April-June quarterly performance. TCS stock price dived 4.7% to hit Rs 3,111 per share amid weak market sentiment. The company reported a constant currency revenue growth of 3.5% in the June quarter, which is seen to be weak compared to the 14.3% in the previous quarter. Attrition continues to weigh down on TCS, clocking in at 19.7% – a rise of 230 basis points sequentially. In the April-June period, the IT firm added 14,136 employees to its rolls. Analysts are mixed in their assessment of the quarterly performance of TCS.
In some legal drama, The Securities Appellate Tribunal has set aside a Sebi order in a matter related to the non-payment of dividends by Cairn India Ltd to Cairn UK Holdings Ltd and directed the regulator to hold an enquiry and find a “logical conclusion” in the case within six months. Cairn India merged with Vedanta Ltd in 2017. The appellate tribunal’s order, dated July 5, came after an appeal was filed by Cairn UK Holdings Ltd against the Sebi order. The Securities Appellate Tribunal said that they are of the opinion that a prima-facie, case is made out by the appellant in its complaint. They consequently directed Sebi to initiate an enquiry under… the Sebi Act and hold an enquiry in the prescribed manner, investigate the violations of the Companies Act, LODR Regulations, etc. and take it to its logical conclusion within six months.
On to the world of digital assets. Crypto trading platform CrossTower on Monday announced a partnership to add non-fungible tokens minted on the XRP Ledger to the CrossTower NFT marketplace. Ripple is one of the leaders in enterprise blockchain and crypto solutions. In a statement, CrossTower said the marketplace enables developers to quickly onboard NFT projects by giving them access to wallets, payments, liquidity support, and more. CrossTower’s NFT marketplace has been built for developers and creators seeking a holistic service to take their projects from idea to fruition.
Moving on. Council for Leather Exports on Monday said that India’s exports of leather and leather products would cross USD 6 billion in 2022-23 on account of growing demand for these products in global markets. CLE Chairman Sanjay Leekha said that the changes in global market dynamics caused by the pandemic have created huge export opportunities for the sector. He said that the emerging business opportunities coupled with the slew of trade agreements signed and in pipeline and the active support of the government will help in sustaining the export growth in the remaining months of this year. Considering these factors, the industry is confident of crossing the export value of USD 6 billion this year, Leekha said, adding the sector is aiming at USD 10 billion by 2025-26.
Next up, the banking sector. The Bank of Maharashtra has slashed the marginal cost of fund-based lending rate by up to 0.35 per cent for various tenors. The bank has reviewed the marginal cost of funds-based lending rate with effect from July 11, 2022, Bank of Maharashtra said in a regulatory filing. The one-year tenor MCLR — which is a benchmark for most of the consumer loans such as auto, home and personal — has been revised down to 7.50 per cent from the existing 7.70 per cent, the bank said. Likewise, the six-month tenor loan will have MCLR at 7.40 per cent, down by 0.20 per cent.
Speaking of loans, Paytm’s loan disbursement jumped nearly nine-fold to Rs 5,554 crore through 84.78 lakh transactions in the April-June quarter, reaching an annualised run rate of Rs 24,000 crore, the company said in a BSE filing. The company had disbursed 14.33 lakh loans worth Rs 632 crore in the year-ago period. The company said that it is seeing increases in average ticket size due to the scale-up of the personal loans business in particular. Paytm said that the rapid growth of their lending products brings them an attractive profit pool. The total merchant payment volume or the gross merchandise value of the company more than doubled to Rs 2.96 lakh crore from Rs 1.47 lakh crore a year ago.
On to the last news segment, the stock market. Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 ended flat with a negative bias on Monday. S&P BSE Sensex fell 87 points or 0.16 per cent down at 54,395, while NSE Nifty 50 settled at 16216, down 4 points. Stocks of Bharti Airtel, Tata Consultancy Services, HCL Tech, Infosys, Wipro, HUL, State Bank of India ended up to 5 per cent down. On the flip side, Tata Steel was the top BSE Sensex gainer.
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