Business
When a Zomato share is priced lower than a kilo of tomatoes

The joke in the stock markets is tomatoes are more expensive than Zomato. Zomato trades at Rs 62.05 down from a peak of Rs 169.10.
Share prices of tech startups such as Zomato, Nykaa and Paytm have caused huge wealth destruction for investors.
Ravi Singh, Vice President and head of Research Share India said following the market slump due to the geopolitical crisis and interest rate hikes in developed economies, share prices of tech startups such as Zomato, Paytm and Nykaa have failed, erasing a large part of investors wealth.
“Most of these new-age tech IPOs saw healthy oversubscriptions but the unjustifiable high valuations, complicated business models and controversies took the toll further”, Singh added.
The rising interest rate, liquidity tightening by key central banks and rising bond yields hurt the valuations of these stocks. Another factor which makes these stocks more vulnerable are as these new-age tech companies are essentially “classic growth” stocks, the investor preference is shifting to value stocks amid the high probability of gradual rate hikes, persisting inflation worries and geopolitical crises, Singh said.
Ravi Singhal, Vice Chairman, GCL Securities Limited said all IT stocks in the US market have been beaten down, and we believe that as interest rates rise, it will be negative for such companies that do not generate enough cash in the long run. looks good, but there is still some pain.
Shivam Bajaj, Founder & CEO, Avener Capital said alarmingly for the Startup ecosystem, private equity and venture capital investments declined by 25 per cent-30 per cent M-o-M in April 2022.
“Additionally, glorified startups including Nykaa, Zomato and Paytm continue to erode investor wealth by trading at approximately less than 50 per cent of their listing prices”, Bajaj said.
With more than 6000 employees laid off in 2022 YTD by Indian Startups, capital providers might prefer delaying their plans to deploy their dry powder in expectations of future turnarounds in the industry, he said.
According Prime Database, the largest IPO in 2021-22 was from One 97 Communications (Paytm) for Rs 18,300 crore. This was followed by Zomato (Rs 9,375 crore), Star Health (Rs 6,019 crore), PB Fintech (Policybazaar) (Rs 5,710 crore), Sona BLW (Rs 5,550 crore) and FSN E-Commerce (Nykaa) (Rs 5,350 crore). Four out of the top 6 IPOs were from new age technology companies (NATCs) which together raised Rs 38,734 crore.
In a recent development, as per reports, Jack Ma-led Alibaba and Ant Financials have exited Paytm E-commerce Pvt Ltd, the parent entity of Paytm Mall.
Paytm E-commerce bought back the entire stake of Alibaba (28.34 per cent) and Antfin (Netherlands) Holding (14.98 per ent), a total of 43.32 per cent, for Rs 42 crore.
This values the company at Rs 100 crore, plunging from $3 billion, the valuation in its last fundraising in 2020.
National
Hindi ‘imposition’ row: Raj Thackeray to organise morcha on July 6

Mumbai, June 26: Maharashtra Navnirman Sena chief Raj Thackeray on Thursday announced to organise a morcha from Girgaum to Azad Maidan in Mumbai on July 6 to protest against the “imposition” of Hindi as the third language in Marathi and English schools.
He alleged that it was a conspiracy to destroy the Marathi language, which has recently been awarded Classical Status, saying that the party will not allow the “imposition” of the Hindi language in the state.
Raj Thackeray was speaking to the reporters after meeting School Education Minister Dadaji Bhuse.
“There will be no compulsion in the language, be it Hindi or any other. I am appealing to all the parties that on July 6, we have decided to take out a morcha from Girgaum. There will be no flags in this morcha. It will be a morcha of Marathi people; we are inviting everyone. I have chosen Sunday so that everyone can come,” said Raj Thackeray.
He added that all literary figures, Marathi lovers, film personalities and all political parties should participate in the morcha.
“We should come together for Maharashtra without any arguments,” he said.
Speaking about his meeting with Minister Bhuse, Raj Thackeray said that there is a shortage of teachers for the Hindi language. But the government is saying that it will recruit 10,000 teachers.
“Do you have the money to pay the salaries? There are many big issues before the state, so why is it coming to the language? Is there an attempt to hide something big?” he asked.
“Will you get work in films by learning Hindi? Maharashtra is big because of the education system. Then why this argument in favour of Hindi to make Maharashtra great,” Raj Thackeray said.
“If the government is going to promote arts and sports to increase the merits of students instead of a language, then we have no objection,” he said.
Raj Thackeray said that his party does not accept the government’s stand on Hindi at all.
“We will remain opposed to the imposition of Hindi,” he said.
Business
No toll proposed for 2-wheelers, says Nitin Gadkari amid viral reports

New Delhi, June 26: Union Minister for Road Transport and Highways, Nitin Gadkari, on Thursday dismissed media reports suggesting that two-wheelers will be required to pay tolls on National Highways from July 15.
He called the reports misleading and clarified that no such proposal is under consideration.
Taking to social media platform X, the Union Minister said: “Some media houses are spreading misleading news about toll tax being levied on two-wheelers. No such decision has been proposed.”
“Two-wheelers will continue to be exempt from tolls. Spreading such baseless news without verifying the facts is not responsible journalism. I strongly condemn it,” the Union Minister stated.
The clarification comes after a report claimed that toll payment would soon be made mandatory for two-wheelers at all national highway toll plazas, and that riders would need to equip their vehicles with FASTag.
The report also claimed that violators could face penalties of up to Rs 2,000. This comes just days after Gadkari announced a new annual FASTag pass worth Rs 3,000 for private four-wheelers, aimed at simplifying toll payments and reducing congestion.
Set to launch on August 15, the pass will be valid for one year or 200 trips — whichever comes first — and can be activated via the Rajmarg Yatra app or official websites of the NHAI and the MoRTH.
The government has significantly expanded its highway infrastructure in the last decade, with the total length of national highways increasing from 91,287 km in 2014 to 1,46,204 km in 2024 — a rise of over 60 per cent.
The pace of highway construction has also tripled from 11.6 km/day in 2014 to 34 km/day in 2024.
As of now, 1,366 highway projects covering 32,366 km are under construction across the country, many of which are expected to be completed in phases by FY 2028.
With a 570 per cent increase in the road transport and highways budget over the last decade, the Centre continues to prioritise infrastructure development — but for now, two-wheeler riders can rest assured that tolls are not on the horizon.
National
SC agrees to hear plea against Maratha quota law in July

New Delhi, June 26: The Supreme Court on Thursday agreed to hear, in July, a plea challenging the decision of the Bombay High Court, which had directed that the interim order passed last year, allowing the Maratha community to avail 10 per cent reservation in educational institutions and public employment, will continue to remain in force.
After a lawyer mentioned the matter for urgent listing, a Bench of Justices K.V. Viswanathan and N.K. Singh assured of listing the plea on the re-opening of the top court (i.e. after July 14).
In an order passed on June 11 this year, the Bombay High Court allowed the Maratha community to provisionally avail the benefit of 10 per cent reservation, subject to the final outcome of the petitions challenging the validity of the contentious Maharashtra State Reservation for Socially and Educationally Backwards Classes (SEBC) Act, 2024.
The SEBC Act, allowing 10 per cent quota for the Maratha community, was passed by the previous Eknath Shinde-led government in February last year after the Justice (retd) Sunil Shukre-led Maharashtra State Backward Class Commission (MSBCC) opined that “exceptional circumstances and extraordinary situations exist” to grant benefit of quota to Maratha community beyond the 50 per cent threshold.
Notably, the Supreme Court had struck down a similar quota law enacted by the Maharashtra legislature in 2018 for having breached the 50 per cent cap fixed in the 1992 landmark Indra Sawhney case (Mandal Commission case).
A five-judge Constitution Bench, in its judgment passed in May 2021, had opined that it could not find any exceptional circumstances or extraordinary situation for allowing a 12-13 per cent quota for the Maratha community and struck down the Maharashtra Socially and Educationally Backward Classes (SEBC) Act, 2018.
Further, the Supreme Court had declared that states do not have the power to prepare lists for socially and educationally backward classes and ruled that the President had the sole power to identify a community as backward.
It had also declined to entertain the review plea moved by the Maharashtra government seeking a relook at the judgment. Before this, the apex court had dismissed a plea by the Union government seeking reconsideration of the May 5, 2021, judgment.
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