Sunday, October 25
The Madhya Pradesh High Court on Thursday dismissed a public interest litigation (PIL) that had stalled the annual general meeting (AGM) of Religare Enterprises (REL). The division bench, comprising Chief Justice Suresh Kumar Kait and Justice Vivek Jain, ruled that the petitioner was not a shareholder of REL and, therefore, was not an aggrieved party in the case. The court granted the petitioner the liberty to approach an appropriate forum in accordance with the law.This decision effectively lifts the stay on the AGM, which had been imposed on December 18, 2024, following a PIL filed by Vijayant Mishra. The PIL raised concerns over the proposed takeover of REL by the Burman family, alleging potential adverse effects on minority shareholders. The AGM, initially scheduled for December 31, 20
PSU-themed mutual funds have posted negative returns of up to 12% over the last three months. Six PSU mutual funds have made their presence felt in the market during this period.Quant PSU Fund, a recent entrant in the category, lost the most, around 11.58%, over the last three months. The scheme was launched in February 2024. CPSE ETF, a passive fund based on the PSU theme, lost approximately 10.14% during the same period. <iframe title="PSU Mutual Funds: Three month scorecard" aria-label="Bar Chart" id="datawrapper-chart-mQ02P" src="https://et-infographics.indiatimes.com/graphs/mQ02P/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="229" data-external="1"></iframe><script type="text/javascript">!function(){"use strict
Driven by the growth of Zomato’s food delivery business and Blinkit’s GMV, domestic 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 report a decent third quarter.This suggests an upside potential of 22.3% from the stock’s current levels.“We expect food delivery to report a sequential contribution margin improvement, driven by higher platform fees. Rapid store additions in Blinkit (advancing towards the 1,000-store target) and higher customer acquisition costs (CAC) may weigh on EBITDA margins,” said Kotak Equities in its report.The brokerage firm anticipates a 19% YoY growth in food delivery GMV and a solid 114% YoY growth in Blinkit GMV.Additionally, the contribution margin is
