New Delhi, July 27: Maharashtra has become the first state to qualify for the second instalment of the government’s Rashtriya Krishi Vikas Yojana funding after utilising about Rs 260 crore of the Rs 335 crore first instalment, exceeding the 75 per cent utilisation benchmark, an official statement said on Monday.

Union Minister for Agriculture and Farmers’ Welfare Shivraj Singh Chouhan chaired the virtual review meeting to assess the utilisation of funds released under the scheme and to consider the issuance of the second instalment to Maharashtra, the statement said, adding that the process for release is being taken up.

The minister acknowledged satisfactory progress under the Mission for Integrated Development of Horticulture and urged the state to accelerate expenditure on digital agriculture, agriculture extension, the National Horticulture Mission, seeds, oilseeds and agroforestry components.

He also suggested that pending liabilities under the Seeds component be booked expeditiously to improve fund utilisation.

Chouhan said Maharashtra’s overall utilisation exceeding the required threshold reflected effective implementation of agricultural development programmes.

The minister emphasised that timely expenditure should always be accompanied by continuous monitoring to ensure that public funds are utilised strictly for the objectives for which they have been sanctioned.

He also appreciated Maharashtra’s performance in generating Farmer IDs and recalled the state’s prompt financial assistance to farmers affected by floods, wherein compensation amounting to around Rs 14,000 crore was transferred directly to farmers’ bank accounts within five days.

During the meeting, a separate discussion was also held on the implementation of the Pradhan Mantri Fasal Bima Yojana (PMFBY). The minister stressed the need for accurate disclosure of information by farmers while applying for crop insurance.

He clarified that both Kisan Credit Card (KCC) and non-KCC farmers are eligible to avail crop insurance benefits, but concealment of KCC status by applying through another account should be avoided.

The proposed declaration on the portal is intended solely to ensure transparency and correctness of information, and not to restrict benefits to any eligible farmer.

Mumbai, July 27: Shares of Zen Technologies Ltd. fell more than 10 per cent in early trade on Monday after the technology company reported a weak set of earnings for the first quarter of FY27, hurt by lower revenue and a sharp contraction in operating margins.

At around 10:50 am, the stock had plunged as much as 10.39 per cent to an intraday low of Rs 1,585.55 on the BSE. It later pared some losses to trade at Rs 1,688.95, down 4.55 per cent.

The disappointing quarterly performance has shifted investor attention to the company’s order book and management’s outlook for the rest of the financial year.

Revenue from operations declined 10.5 per cent year-on-year to Rs 142 crore in the April-June quarter, compared with Rs 158 crore in the same period last year.

The company’s operating performance also weakened, with EBITDA falling 38.8 per cent to Rs 38.7 crore from Rs 63.3 crore a year earlier.

Its EBITDA margin narrowed sharply to 27.3 per cent from 40 per cent in the corresponding quarter last fiscal, indicating increased pressure on profitability despite a relatively modest decline in revenue.

Net profit dropped 27.8 per cent to Rs 34.5 crore from Rs 47.8 crore in the year-ago period. The company said the quarterly performance was also affected by a one-time loss of Rs 3.4 crore.

Meanwhile, the board approved a two-year extension for the utilisation of proceeds raised through its qualified institutional placement (QIP). Zen Technologies had raised the funds in August 2024 and has been regularly updating stock exchanges on their utilisation through monitoring and deviation reports.

On Monday, the stock touched an intraday low of Rs 1,585.55. Over the past 52 weeks, it has traded between a low of Rs 1,224 and a high of Rs 2,023.40 on the BSE.

Mumbai, July 26: The benchmark equity indices are likely to remain under pressure in the coming week, with the Sensex facing immediate resistance around the 76,300 level and the Nifty expected to find crucial support near 23,600 after both indices extended losses in a volatile trading week marked by rising crude oil prices, geopolitical tensions and weak banking stocks, analysts said on Sunday.

According to experts, the Sensex surrendered the gains made in the previous week and slipped below the psychologically important 77,000 mark as geopolitical concerns and earnings-related pressures weighed on investor confidence.

“From a technical perspective, the 76,300 zone now acts as immediate resistance. On the downside, the 75,800–75,700 zone is likely to offer immediate support; a break below could open the door towards 75,500–75,400,” a market expert mentioned.

For the Nifty, analysts said the index slipped below the lower end of its month-long consolidation band of 23,800-24,400 and tested support near the rising trendline around the 23,600 level before ending the week at 23,767.45.

“A decisive breach below the 23,600 support zone could accelerate the correction towards the previous swing low of 23,100. On the upside, the 24,000–24,100 region is expected to act as the first resistance, followed by a stronger hurdle around the 24,400 mark,” a market expert mentioned.

Meanwhile, in the previous week, the Indian stock market witnessed heightened volatility as investors turned cautious amid a spike in global crude oil prices and renewed geopolitical uncertainties.

Mixed first-quarter earnings from banking companies further weighed on sentiment, while a weakening rupee and a broader risk-off mood restricted buying despite resilient domestic macroeconomic indicators and stock-specific opportunities emerging during the ongoing earnings season.

The Sensex fell 2.68 per cent over the week to settle at 76,059.77, while the Nifty declined 2.33 per cent to close at 23,767.45.