Business
Paytm stock hits all-time low

The Paytm stock hit an all-time low, trading down a further 2.16 per cent on Tuesday at Rs 1,132 after an almost 6 per cent slide the previous day.
Manoj Dalmia, Founder and Director at Proficient Equities Private Limited said Paytm Share plunged by 6 per cent and is further down 1.48 per cent making its all-time low.
Dalmia said Paytm’s payment business accounts for about 70 per cent of revenue, which will be under threat if there are any regulatory changes. Also, its entry into insurance sectors has been rejected by regulators. The stock is trading at about 17 times FY23 sales which seems overvalued considering higher expenses and risk of attrition of senior executives, Dalmia said.
Ravi Singh, Vice President & Head of Research, Share India Securities said Paytm’s try into insurance was recently rejected by IRDAI, this could also impact its prospects of getting a banking licence. We expect Paytm to be more downside to touch the levels of Rs 1050-1000 in near terms. Investors may remain cautious towards taking fresh positions in Paytm for the time being, Singh said.
Foreign brokerage Macquarie said on Monday there are no signs of headwinds abating at Paytm as it slashed the target price to Rs 900.
One 97 Communications or Paytm stock was down almost 5.95 per cent on Monday at Rs 1,158.
Since 18 November, PayTM’s stock price has fallen 40 per cent vs Sensex’s flat performance, Macquarie said.
Post the various business updates and results, Macquarie said, “Revenue projections, particularly on the distribution side, is at risk and hence we pare down our revenue CAGR from 26 per cent to 23 per cent for FY21-26E. We are roughly cutting revenue estimates for FY21-26E on an average by 10 per cent every year due to lower distribution and commerce/cloud revenues offset partially by higher payment revenues. We cut our earnings (increase our loss projections) by 16-27 per cent for FY22-25E owing to lower revenues and higher employee and software expenses. We cut our TP sharply by 25 per cent owing to a lower target multiple of 11.5x (Price to Sales ratio) (from 13.5x earlier) and lower sales numbers.”
Crime
Kerala HC judge files complaint of theft at his residence, police probe on

Kochi, 27 June: The Kochi police have received a theft complaint from Kerala High Court Judge, Justice A. Badharudeen, according to officials on Friday, stating that six sovereigns of gold were missing from his residence.
The complaint, which was filed on Thursday, mentions that the gold has been stolen from the judge’s bedroom. The police have registered an FIR under Section BNS 305.
What has surprised many is that the thief has decamped with gold from a high-security guarded house located in the heart of the commercial capital of the state.
The judge registered the complaint with the Kalamassery police under which his residence falls.
After the preliminary probe, the police are now planning to prepare a list of those who need to be spoken to, as this incident occurred in the bedroom of the senior judge.
More details are awaited.
The incident has raised concerns regarding the security situation in the state. The Congress-led UDF has been accusing the state government of failing to curb the crimes.
It has been found that Kerala is a haven for organised gangs hailing from neighbouring states who specialise in robbing homes, and the cases against non-Keralaite thieves are also on the increase.
According to information prepared by the home department, which was placed before the Assembly last year, it showed 192 cases of theft involving non-Keralites were registered in 2021, and the numbers have been steadily increasing. This rose to 360 in 2022.
In 2023, the number increased further to 519, and by September 2024, a total of 307 such cases were registered. But the image of the Kerala Police got a boost when over 1,350 thieves during this period were put behind bars.
However, with regards to the case being registered in the burglary at the home of a judge, the police appear to have a tough job ahead.
Likewise, with other crimes also on the increase, the Ernakulam Police have come out with a directive to landlords who are seeking to rent out their properties. The police have urged the landlords to get a police clearance certificate from the prospective tenants from their local police station where they stayed.
National
Thackeray brothers will jointly hold one anti-Hindi protest: Sanjay Raut

New Delhi, June 27: Amid plans to hold two protests against imposition of Hindi in schools in Maharashtra, senior Shiv Sena (UBT) leader Sanjay Raut on Friday announced that there would be only one demonstration and the two Thackeray brothers would participate in it together.
Even though there has been no formal announcement on this till now by the Maharashtra Navnirman Sena (MNS) or the Shiv Sena (UBT), but Sanjay Raut’s post on X, in which he has also put up a picture of the two cousins together with a photograph of the late Bal Thackeray in the background, has fuelled speculation of rapprochement between Uddhav and Raj Thackeray and the possibility that they might hold the protest jointly.
Earlier, close to Raj Thackeray’s birthday Uddhav Thackeray had also hinted at a rapprochement between them but nothing concrete had come out of it.
On Thursday MNS chief Raj Thackeray announced the change in morcha date to July 5 instead of July 6 to protest the imposition of Hindi in Marathi and English-medium schools for classes 1 to 5 in Maharashtra.
This was done as the auspicious Ashadhi Ekadashi falls on July 6 when the devotees fast for the day and walk all the way to Pandharpur to pay tribute to the presiding deity Vitthal.
Significantly, Uddhav Thackeray on Thursday extended his party’s support to a morcha organised on July 7 in Mumbai by The Tribhasha Sutra (Three language formula) committee.
Raut’s post is significant because even though both the brothers and their parties had declared that they would not allow the imposition of Hindi, they had announced two different protests.
Insiders from both the parties said that efforts are on to fight as one, in order to avoid a split in the Marathi speaking people opposing the imposition of Hindi.
Now, it remains to be seen whether Sanjay Raut’s post was his own initiative or whether it had the blessings of the leaders of both the parties and the two estranged brothers have finally decided to come together for a cause close to their heart and fight for it jointly.
Business
Make GIFT IFSC more competitive to attract foreign investments: FM Sitharaman

New Delhi, June 27: GIFT International Financial Services Centre (IFSC) should be developed as a prominent gateway for global capital flows into India to feed the needs of high-growth sectors over the next two decades, Finance Minister Nirmala Sitharaman has stressed.
She underscored the importance of developing GIFT City into a dynamic smart city, equipped with integrated, modern, and sustainable living infrastructure, and stated that establishing such world-class amenities is essential to attracting top-tier talent from both domestic and international markets.
During her visit to IFSC at GIFT City in Gandhinagar, the Finance Minister reviewed the progress and interacted with key market participants.
While commending the GIFT IFSC’s role in enhancing India’s global financial standing and acknowledging its impact on reshaping international financial engagement by Indian companies and individuals, she stressed on fast-tracking the reforms in next few years itself, to enable growth to align with the vision of ‘Viksit Bharat’ by 2047
Reiterating GIFT IFSC’s core mandate for focussing on bringing foreign capital into India through structured and well-regulated channels, FM Sitharaman also laid emphasis on the importance of Indian financial sector regulators to take initiatives for identifying aspirational needs of GIFT IFSC in this direction.
The Finance Minister indicated that the twin advantages of India pertaining to technology and availability of a very large domestic market and its financing needs must be leveraged to gain competitive advantage.
Given India’s status as a major gold importer, she stressed on the need to scale up operations at the India International Bullion Exchange (IIBX) by expanding stakeholder participation and strengthening price discovery, thereby positioning GIFT IFSC as a global bullion hub.
She also interacted with MDs and CEOs, chairpersons, founders and CFOs from banking, insurance, capital markets, funds industry, finance companies, payment services providers, aircraft and ship leasing firms, fintech firms, ITFS platform providers and foreign universities.
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