Easy Trip Planners' shares tank over Nishant Pitti's potential exit; Unimech Aerospace's bumper D-Street Debut; India Inc's Budget Wishlist & more
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EaseMyTrip parent shares fall 10% on Nishant Pitti's plan to exit by selling his remaining stake
Shares of Easy Trip Planners, parent company of online travel aggregator EaseMyTrip fell as much as 10% after the company's co-founder Nishant Pitti, who is also classified as one among the three promoters, announced plans to sell his remaining 14% stake in the company via block deals. The deal has yet to take full place on Tuesday, December 31.
As many as 3.4 crore shares or 0.9% equity worth ₹53 crore changed hands in block deals on Tuesday, December 31, at ₹15.5 apiece. The large trade is still underway.
On Monday, December 30, CNBC-TV18 reported, citing sources that EaseMyTrip co-founder Nishant Pitti was set to sell his remaining 14.21% stake in the company for ₹780 crore via a block deal the next day.
Unimech Aerospace shares, the final listing of 2024, list at 86% premium to their issue price
Shares of Unimech Aerospace and Manufacturing made a robust start to its journey as a public company on Tuesday, December 31, after it garnered a very strong response during its three-day bidding period from December 23 to December 26.
The stock shares opened at ₹1,460 on the NSE at a premium of 86% over its IPO price of ₹785.
Considering the company's strong financial performance, industry tailwinds and attractive valuation, Abhishek Pandya of StoxBox recommended that investors who have been allotted shares consider holding their positions from a medium to long-term perspective.
Vodafone Idea shares may jump 68% after major debt relief, Citi says
Global brokerage firm Citi has assigned a 'Buy' rating on Vodafone Idea Ltd., the debt-ridden telecom services provider, with a price target of ₹13 per share. This target for the stock implies a potential upside of 68% from Monday's closing levels.
In a clear signal of its continued supportive stance towards the telecom sector, the government has finally approved a waiver for the requirement of bank guarantees for spectrum acquired in previous auctions.
According to Citi, this is a major relief for Vodafone Idea, which was unable to furnish the required bank guarantees. This inability had been a major hurdle in the company’s efforts to secure debt funding from banks.
ISRO PSLV-C60 SpaDeX mission Highlights: Both satellites Chaser and Target deployed successfully!
ISRO successfully launched the PSLV-C60 mission on Monday (December 30) night, marking a pivotal step in India's space exploration journey. The mission, carrying two spacecraft critical for demonstrating space docking—a key technology for future interplanetary missions and India’s ambitions for a space station—achieved its objectives with precision.
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GST annual return filing deadline today: Here's what happens if you miss it
The deadline for filing the GST annual return (GSTR-9) for FY 2023-24 ends on December 31, 2024. GST-registered taxpayers must file this return to consolidate their yearly transactions and maintain compliance.
Filing is mandatory for those with an annual turnover exceeding ₹2 crore. For taxpayers with turnover below ₹2 crore, filing is optional for FY 2017-18 through FY 2023-24. Businesses with multiple GST registrations under one PAN must file separate GSTR-9 returns for each GSTIN.
Bank of India increases loan rates by 5 bps across three tenures: Check details
Bank of India announced on Monday that it has revised its Marginal Cost of Fund-based Lending Rate (MCLR), effective from January 1, 2025. The decision was made during the bank’s Asset-Liability Committee (ALCO) meeting.
Under the new rates, the Overnight MCLR will increase to 8.25%, up by 5 basis points (bps) from the previous rate of 8.20%. The 1 Year MCLR will rise to 9.05%, compared to 9.00% previously, and the 3 Year MCLR will also increase to 9.20%, up from 9.10%.
Banking sector's year-end review and outlook for 2025: A challenging road ahead
The year 2024 will likely be remembered as the best time for India's banking sector. After experiencing a favourable phase, the road ahead in 2025 looks challenging, with liquidity pressures and asset quality concerns.
The sector now faces the test of leadership, as tight liquidity and deteriorating asset quality threaten the sustainability of the current growth trajectory.
What is TDS and why is a PIL asking for it to be axed
A Public Interest Litigation (PIL) has been filed in the Supreme Court seeking the quashing of the Tax Deducted at Source (TDS) system. The petition, filed by advocate Ashwini Kumar Upadhyay, argues that the TDS mechanism is arbitrary, irrational, and violates fundamental rights.
The TDS system requires tax deductions at the point of income generation—such as salaries, interest, dividends, and rental income.
The PIL, however, claims that the government is unfairly shifting its responsibility of tax collection onto private citizens.
According to the petition, the government has the resources to handle tax collection through its own department, and it should not burden individuals with this task.
#BudgetCountdown
Union Budget 2025: FICCI urges government to focus on higher capex, simplified taxes, and reforms to boost consumption
With less than five weeks for the finance minister to table the Union Budget for the upcoming fiscal year, consultations are on in full swing.
From seeking a higher capex to hiking the healthcare budget to an independent dispute resolution body, industry body FICCI has submitted a slew of recommendations.
Budget 2025: CII lists six suggestions to boost consumption
The Confederation of Indian Industry's (CII) Director General Chandrajit Banerjee said the upcoming Union Budget should focus on boosting consumption.
Domestic consumption has been critical to India's growth story. However, inflationary pressures have eroded consumers' purchasing power. "Government interventions should focus on enhancing disposable incomes and stimulating spending to sustain economic momentum," he said.
The Reserve Bank of India, in its recent Monetary Policy Committee (MPC) meet, revised India's consumer price inflation (CPI) forecast for FY25 to 4.8% from 4.5% earlier. This comes after the retail inflation in October stood at 6.21%, above RBI's targeted band of 4% to 6%.
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We'll see you tomorrow with another edition of 11:11. Wishing you all a very Happy New Year!