Business

Driven by Zomato's food delivery business and Blinkit's GMV growth, homegrown brokerage firm Kotak Institutional Equities has retained its 'buy' rating on the stock with a target price of Rs 305, as it expects the company to perform well in the third quarter.This implies an upside potential of 22.3% for the stock from current levels."We expect food delivery to report sequential contribution margin improvement driven by higher platform fees. Rapid store additions at Blinkit (moving towards 1,000-store target) and higher customer acquisition costs (CAC) may weigh on EBITDA margins," Kotak Equities said in its report.The brokerage firm expects 19% YoY growth in food delivery GMV and 114% YoY growth in Blinkit GMV.Additionally, contribution margin is estimated to reach 7.8% of GMV, indicating...

Gold prices rose ₹61 to ₹77,592 per 10 grams in futures trade on Wednesday (January 8), supported by fresh positions by speculators and persistent demand in the spot market.Gold prices also rose marginally globally.In New York, gold futures rose 0.10% to $2,651.27 an ounce.Buying by central banks is supporting gold prices. Global central banks added 53 tonnes to their reserves in November 2024.The Reserve Bank of India (RBI) added 8 tonnes to its gold reserves last month, taking its total purchases for this year to 73 tonnes.This strengthened India's position as the second-largest buyer of gold in 2024 after Poland.China also expanded its reserves by 5 tonnes in November, indicating rising demand amid global economic uncertainty."Central bank purchases continue to be a key driver for gold...

Suzlon Energy share price today: Shares of renewable energy provider Suzlon Energy Ltd fell over 4% on Monday after it received an income tax demand of Rs 1.01 crore for FY17 from the Ahmedabad Income Tax Department. The multibagger stock fell 4.43% to Rs 59.21 on the BSE against its previous close of Rs 61.96. The company's market cap stood at Rs 80,915 crore. The company said in an exchange filing that the demand relates to penalty imposed for not allowing late payments relating to employee contributions to PF/ESI during FY17. The company plans to appeal against the penalty and is confident of a favourable outcome. Suzlon Energy stock has gained 46% in one year and 481% in two years. The multibagger stock clocked a turnover of Rs 34.89 crore on BSE in today's session with a tur...

Yes Bank, South Indian Bank, Bank of Maharashtra shares rose up to 5% on January 3 as these banks reported strong business performance in the third quarter. Yes Bank reported a nearly 15% growth in deposits to Rs 2.77 lakh crore in the December quarter. The Mumbai-based bank's loans and advances grew 13% to Rs 2.45 lakh crore. Yes Bank shares were trading 2.3% higher at Rs 20.04 per share at 12:30 pm on January 3. Meanwhile, Bank of Maharashtra said its gross advances grew 21% year-on-year to Rs 2.29 lakh crore in the October-December quarter. In the December quarter, the bank said its total business grew 17% year-on-year to Rs 5.07 lakh crore and its total deposits grew 13.5% year-on-year to Rs 2.79 crore. At 12:35 pm on January 3, Bank of Maharashtra shares were trading 5...

Hero MotoCorp shares fell over 3 per cent to Rs 4,159 on January 3 after the automaker reported weak sales data for December. In the last 3 months, the two-wheeler maker's stock has declined over 25 per cent, compared to a 4 per cent decline in the benchmark Nifty 50 index. In December 2024, the company's sales declined 18 per cent year-on-year to 3.24 lakh units as against 3.93 units in the same month a year ago. Domestic sales also declined 22 per cent year-on-year to 2.94 units from 3.77 units, while exports grew 91 per cent year-on-year to 30,754 units. Meanwhile, motorcycle sales declined 15.8 per cent year-on-year to 2.9 lakh units, while scooter sales declined 32.8 per cent year-on-year to 26,390 units. Going forward, Hero MotoCorp plans to launch premium motorcycles an...

Punjab National Bank (PNB) reported its business update for Q3 FY25. The bank's domestic business grew to ₹25.37 lakh crore, registering a growth of 4.5% quarter-on-quarter (QoQ) and 14.3% year-on-year (YoY). Domestic deposits grew to ₹14.75 lakh crore, registering a growth of 4.2% quarter-on-quarter and 14.4% year-on-year. Global deposits stood at ₹15.30 lakh crore, registering a growth of 4.9% quarter-on-quarter and 15.6 percent year-on-year. Global business reached ₹26.42 lakh crore, witnessing a growth of 4.8% quarter-on-quarter and 15.3% year-on-year. The bank's global advances reached ₹11.11 lakh crore, witnessing a growth of 4.7% quarter-on-quarter and 15.0% year-on-year, while domestic advances grew to ₹10.61 lakh crore. This shows a growth of 5% quarter-on-quarter ...