Paytm share price tumbled to all time low

The Markets Today in a nutshell

• Domestic benchmark indices ended on a positive note.
• Market snap 3 day losing streak in response to a bullish trend in global markets. However, due to rising Covid cases in China overall sentiments were bearish as global growth prospects could get impacted. Foreign investors slowed down their buying spree.

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News you could use

? L&T share price rallies on acquisition of stake held by Chiyoda Corporation
Larsen & Toubro (L&T) announced that it has purchased the entire stake held by Chiyoda Corporation in L&T-Chiyoda (LTC) for Rs 75 crore. L&T-Chiyoda (LTC) is a joint venture between Larsen & Toubro (L&T) and Chiyoda Corporation. The aggregate cost of acquisition is Rs 75 crore for acquiring 45,00,000 equity shares or 50% stake in LTC.

? Paytm share price tumbled to all time low
Analysts termed the upstart Jio Financial Services (JFS) to be a potential threat to the payments services provider. While it is too early to understand the exact customer segments and target markets that Jio Financial plans to cater to, it seems clear that it will be focused on consumer and merchant lending, which is the mainstay of NBFCs like Bajaj Finance and fintechs like Paytm as per experts.

? Nazara Technologies declined on possibility of GST levy on online gaming
The panel of state finance ministers is likely to recommend a uniform GST levy of 28 percent on online gaming irrespective of whether it is a game of skill or game of chance, sources said. However, it is likely to suggest a revised formula for calculating the amount on which the Goods and Services Tax (GST) would be levied. Currently, online gaming attracts 18 percent GST

News from the IPO world?

• Shares of Kaynes Technology India closed with a premium of 17.56% on debut on dalal street.
• Nykaa share price falls after another block deal hits the stock after pre IPO lock-in ends
• Five Star Finance eyes Rs. 7,000 crore in AUM by FY23 end.

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