While BharatPe founder Ashneer Grover took home a salary of Rs 1.69 crore in FY22, his wife and the company’s former head of controls Madhuri Jain Grover was paid Rs 63 lakh While BharatPe founder Ashneer Grover took home a salary of Rs 1.69 crore in FY22, his wife and the company’s former head of controls Madhuri Jain Grover was paid Rs 63 lakh during the period, according to regulatory filings by the company. The couple were ousted from the fintech unicorn early last year over allegations of financial misconduct. BharatPe’s financials also showed that former Chief Executive Officer Suhail Sameer was paid Rs 2.1 crore in FY22, while Chairman and former State Bank of India chief Rajnish Kumar fetched a remuneration of Rs 21.4 lakh. Sameer stepped down as the CEO earlier this month. Of the other key managerial personnel of the company during the period, founder and board member Shashvat Nakrani earned a compensation of Rs 29.8 lakh and board member Kewal Handa got Rs … [Read more...] about BharatPe filings reveal salaries of Ashneer, Suhail and Rajnish
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April-December 2022 fiscal deficit rises to Rs 9.93 lakh crore, 59.8% of FY23 target
The Finance Ministry building situated in North Block, New Delhi The government's fiscal deficit widened to Rs 9.93 lakh crore in the April-December period, accounting for 59.8 percent of the full-year target for 2022-23, data released on January 31 by the Controller General of Accounts showed. The fiscal deficit in the first nine months of the last financial year was 50.4 percent of last year's target. The total revenue receipts for the April-December period stood at Rs 22.83 lakh crore, which is 79.9 percent of the budget estimate for FY23. In the comparable year-ago period, total receipts had hit 89.1 percent of the budget estimate. The net tax revenue, for the nine-month period ending December 2022, stood at Rs 15.55 lakh crore, which is 80.4 percent of the entire fiscal year's target. Through disinvestments, the government has raised Rs 31,123 crore till December, which is 48 percent of the fiscal year's target of Rs 65,000 crore. Read More Also … [Read more...] about April-December 2022 fiscal deficit rises to Rs 9.93 lakh crore, 59.8% of FY23 target
Man downloads AnyDesk on phone, loses Rs 5 lakh in seconds
The man filed a complaint with the Thane police. (Representative image: Wikimedia Commons) A man from Maharashtra's Thane city was allegedly duped of Rs 5 lakh by online fraudsters when he was checking a fault in his TV channel service, police said on Tuesday. The incident took place on January 14 when the man called up his TV channel service provider as its details were not displayed on his television screen, an official from Chitalsar police station said quoting the victim's complaint. While he was speaking on the phone, he got a call from another number where the caller asked him to download the AnyDesk app. After the man downloaded the app, he found that an amount of Rs 5 lakh was debited from his bank account through net banking even when he had not initiated the transaction, the official said. The man subsequently complained to the police who registered a case against unidentified persons under Indian Penal Code Section 420 (cheating) and provisions of the … [Read more...] about Man downloads AnyDesk on phone, loses Rs 5 lakh in seconds
Has Pathaan actually collected over Rs 500 crore? Here’s a breakup of its business
'Pathaan': Shah Rukh Khan in one of the film posters (Image credit: @taran_adarsh/Twitter) First, Shah Rukh Khan's comeback on the big screen, then Salman Khan's cameo and now box office collections, the new release Pathaan continues to make headlines. But when it comes to the film's business, there are too many numbers floating around. So, how much has Pathaan actually made? Rs 400 or Rs 500 crore or more? Moneycontrol takes a look at the break-up of the film's collection and revenue earned so far. Before that a few details about the film. Pathaan released in around 8,000 screens (5,500 in India and 2,500 in overseas) globally on January 25. It released in Hindi, Tamil and Telugu formats. Its budget is estimated to be Rs 250 crore. Now, about how much the film has collected in its five-day run. Pathaan has done a net business of Rs 280 crore in India, said Nitin Menon of NV Capital. "Around Rs 270 crore has come from Hindi version of the film. And the rest Rs … [Read more...] about Has Pathaan actually collected over Rs 500 crore? Here’s a breakup of its business
Economic Survey 2023: DBT has helped transfer more than Rs. 26.5 lakh crore till date for central schemes
Launched in 2013, the Direct Benefit Transfer (DBT) scheme replaced the then existing delivery process. Through the use of IT, the scheme transferred subsidies directly into the Aadhar-linked bank accounts of targeted beneficiaries. Since its advent, Rs 26.5 lakh crore has been transferred for central programmes. Thanks to such direct transfers, the union government had managed to save about Rs 2.2 lakh crore as of March 2021 by removing the names of 9.4 crore beneficiaries across databases — names that were either duplicate, or fake, or non-existent. Within the span of the past decade, the DBT has already expanded from 24 schemes in 43 districts, to 200 central schemes and over 2,000 state government schemes pan India. The number of central schemes rose to 426 in the year 2019-2020, when more than Rs 3,81,000 crore was transferred to 144.7 crore beneficiaries, helping provide relief to those whose livelihoods were impacted. The number of schemes fell to 316 in 2020-21, … [Read more...] about Economic Survey 2023: DBT has helped transfer more than Rs. 26.5 lakh crore till date for central schemes
Buy Bajaj Finance; target of Rs 7500: Sharekhan
Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Sharekhan's research report on Bajaj Finance BAF’s reported solid earnings growth of 40% y-o-y in Q3FY2023, driven by 24% y-o-y growth in operating profit and a 20% y-o-y decline in provisions. Customer franchise expanded to 66 mn (up 19% y-o-y) with cross-sell franchise at 38.6 mn (up 23% y-o-y). NIM (calculated as a percentage of average AUM) was stable q-o-q at 10.5% despite cost of funds increasing by 23 bps q-o-q. Opex growth has started to moderate, which is expected to aid operating leverage going forward. Opex to average AUM stands at 4.6% vs. 4.8% q-o-q. Asset quality was remarkable, as GS3 ratio sequentially declined to 1.14% (vs. 1.17% in Q2FY2023) and GS2 ratio (including OTR) dipped to 1.2% (vs. 1.4% in Q2FY2023). AUM growth is moderating to 25-30% vs. earlier at 35-40% owing to a … [Read more...] about Buy Bajaj Finance; target of Rs 7500: Sharekhan
Buy Sterlite Technologies; target of Rs 217: YES Securities
Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × YES Securities' research report on Sterlite Technologies Sterlite Technologies (SOTL) reported inline operating performance for the quarter. Both, the sequential revenue growth and EBITDA margin were as per expectation. It reported revenue growth of 11.8% QoQ, led by 12% QoQ increase in Global networking segment; the Global Services segment declined by 8% QoQ as it continues to realign its Services segment with higher focus on profitability. There was sequential decline in EBITDA margin(down 81 bps QoQ) on higher cost. Order book grew 4.5% QoQ to Rs 121bn. SOTL is expected to benefit from multi‐year digital creation cycle led by 5G, FTTx and fibre demand from hyperscalars. Also, optical fibre cable prices are on the rise globally and should benefit Sterlite Technologies. It has been gaining … [Read more...] about Buy Sterlite Technologies; target of Rs 217: YES Securities
Buy Indraprastha Gas; target of Rs 535: YES Securities
Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × YES Securities' research report on Indraprastha Gas The 3QFY23 reported Ebitda at Rs 4.3bn (-9% YoY; -19% QoQ), stood marginally lower than our estimates, primarily on above estimated gas costs at Rs 38.3/scm (+95% YoY; +9% QoQ) and lower than estimated CNG sales. The gas sales stood at 8.12mmscmd (+6% YoY; 0.4% QoQ) driven by 7% YoY higher but 0.3% QoQ lower CNG sales at 6.07mmscmd, and 13.5% YoY and 10.8% QoQ higher PNGD-D sales at 0.5mmscmd. The operating margins at Rs 5.74/scm, declined 14%YoY & 19% QoQ, as increase in domestic gas price to USD 8.57/mmbt (from USD 6.1/mmbtu) was not fully passed on. With LNG prices on a decline and impending implementation of Dr. Kirit Parikh committee recommendations, the gas costs for IGL are likely to get tamed, enabling company to command either … [Read more...] about Buy Indraprastha Gas; target of Rs 535: YES Securities
Buy Emudhra; target of Rs 399: YES Securities
Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × YES Securities' research report on Emudhra Emudhra (EMUDHRA) reported mixed financial performance for the quarter. The sequential revenue growth for the quarter was slightly below estimates; while EBITDA margin was slightly below expectation. It reported sequential revenue growth of 4.7% QoQ, led by Trust Services( up 0.7% QoQ) and Enterprise solutions(up 7.1% QoQ). EBITDA margin declined by 252 bps QoQ to 34.7% for the quarter on account of higher operational expenses. It has expanded its sales team in North America, Middle East and Africa to drive its Enterprise business. The demand environment remains strong led by rising digitalization across sectors. We expect Enterprise segment to grow faster than Trust Services, driving the overall growth of the company. Its strong portfolio of … [Read more...] about Buy Emudhra; target of Rs 399: YES Securities
Buy DLF; target of Rs 568: YES Securities
Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × YES Securities' research report on DLF DLF achieved strong presales of 1.55msf translating in sales value of Rs25.1bn in Q3FY23 backed by the strong presales for ‘The Grove’ DLF5, Gurugram (Rs15.7bn), DLF Valley Garden, Panchkula (Rs5.4bn) and steady sales for ’The Camellias’ (Rs1.8bn) hence management remain confident to achieve/surpass Rs80bn guidance for FY23E (Rs66bn clocked in 9MFY23). Company collected Rs14bn for Q3FY23. ‘The Grove’ luxury offering in DLF5, Gurugram with total area of ~0.85msf sold out in just 2 quarters of its launch. Operating margins for DLF came in at 32% and expected to trend north of 35% in coming years as new projects added in the last few years are margin accretive with gross margins +55%. Office assets are recovering with physical occupancies increasing MoM and … [Read more...] about Buy DLF; target of Rs 568: YES Securities