Following a technical glitch on UPI causing payment disruptions on various platforms including Google Pay and Paytm, the issue has now been resolved. The National Payments Corporation of India (NPCI) confirmed that there were intermittent technical issues, and users took to social media to react with hilarious memes. One meme features actor Pankaj Tripathi with a disappointed expression, while another shows friends washing dishes at a restaurant because they couldn't pay via UPI.
In a major technological advancement, India's leading digital payments platform, Paytm, has joined forces with Perplexity, an AI-powered answer engine. This integration aims to provide Indian users with instant financial help and reliable information within the Paytm app. This partnership highlights the transformative power of AI in promoting financial inclusion and empowering individuals to make informed decisions effortlessly.
The popular Indian digital payments company, Paytm, has received various positive mentions in the news lately. Their stocks have surged 5% due to approval from the Indian government for investment, as well as the successful sale of their ticketing business to Zomato. However, the company also faced challenges as their shares declined after a Sebi warning and plunged 4% amid a show-cause notice. The company also received government approval for investments and reapplied for a license, while capping their board member remuneration at Rs 48 lakh. In other related news, the shares of TV18 and Network18 saw a soar in value after their merger was approved.
The founder and CEO of Paytm, Vijay Shekhar Sharma, along with former board members of One97 Communications Ltd, have been served show-cause notices by SEBI for allegedly misrepresenting information during the company's IPO in November 2021. This comes after the markets regulator received inputs from the Reserve Bank of India and probed Paytm Payments Bank for non-compliance with promoter classification norms. As a result, Paytm's stock saw a decline and analysts predict a potential downside of 16%.
The Securities and Exchange Board of India (SEBI) has sent show-cause notices to Paytm Founder and CEO, Vijay Shekhar Sharma, and former board members of the company for alleged misrepresentation of facts during the company's initial public offering in November 2021. This move comes after Paytm shares declined during intra-day trading following reports of SEBI's probe into non-compliance with promoter classification norms. The average analyst price targets suggest a potential downside of 16%.
Markets regulator Securities and Exchange Board of India (SEBI) has issued a show cause notice to Paytm founder Vijay Shekhar Sharma and other board members for alleged misrepresentation of facts during the company's initial public offering (IPO) in November 2021. The notice, based on inputs from the Reserve Bank of India, questions Sharma's classification as a promoter and his eligibility for employee stock options post-IPO. Paytm's stock has plummeted since its IPO and the company has faced regulatory action from RBI over non-compliance issues.
Zomato's attempt to deliver iconic dishes from 10 cities to other parts of the country has come to an end. The restaurant aggregator platform has shut down its intercity food delivery service, Legends. After two years of trying, the service was found not to be "product fit" and was not able to solve customers' hunger pangs. This decision comes after Zomato's recent acquisition of the movie and events ticketing businesses of digital payments firm Paytm for $244.2 million.
Alkem Laboratories Ltd, a major Indian pharmaceutical company, has come under scrutiny from both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) for discrepancies in their published data. Despite being listed on both exchanges, the company's auditor data, management team information and other corporate data do not match up, causing concern for investors and prompting a closer examination. This news serves as a reminder for investors to exercise caution and seek professional advice before making any investment decisions.
Paytm's parent company, One97 Communications Ltd, saw a surge in its share prices after selling its movie and events ticketing business to Zomato for a whopping ₹2,048 crore. However, Paytm's overall financials have been impacted, with a significant loss in the last quarter. Despite this, brokerage firms are optimistic about the company's future prospects and have even raised their price target for the stock. The acquisition will allow Zomato to expand its presence in the 'going-out' segment, while Paytm focuses on its core financial services.
In a major business move, online food delivery platform Zomato has acquired Paytm's entertainment ticketing business for a whopping Rs 2,048 crore. The deal will strengthen Zomato's "going-out" segment and allow Paytm to focus on its core payments and financial services. As part of the agreement, Paytm's entertainment ticketing business will be transferred to Zomato's subsidiaries, followed by the sale of these subsidiaries to Zomato. This will pave the way for Zomato to launch a new app called 'District', dedicated to entertainment ticketing. The combined business is estimated to have a revenue of Rs 297 crore in FY24.