Shares of Gland Pharma were locked in the 20 per cent upper circuit at Rs 1,612.60 on the BSE in Tuesday’s intra-day trade after the company reported improved financial performance for the June quarter (Q1).

The firm's gross profit margin was up 700 bp year-on-year (YoY) to 63 per cent for Q1 due to lower raw material costs. On a sequential basis, gross profit margin improved by 900 bp from 54 per cent.

E-commerce platform Meesho on Monday announced that it achieved profitability in July at the consolidated profit after tax (PAT) level, on the back of an uptick in order volumes and revenue, and cost cuts.

“As the first horizontal e-commerce platform in India to achieve profitability, we remain committed to sustainable growth, democratising e-commerce for all, and unlocking the true potential of India’s heartland,” said Vidit Aatrey, chief executive officer and founder of Meesho.

Price Waterhouse Chartered Accountants (PwC India) has resigned as the auditor of Paytm Payments Services, the fintech major said in a regulatory filing on Monday.

“...we wish to inform you that M/s. Price Waterhouse Chartered Accountants LLP … statutory auditors of material subsidiary i.e. Paytm Payments Services Limited (PPSL) have resigned with effect from August 7, 2023,” the company added.

In a meeting held last month, the Indian Banking Association (IBA) gave its nod to the industry's demand for five days of banking, The Hindu BusinessLine (BL) reported on Monday, citing sources. The proposal has now been sent to the finance ministry for its final approval.

"The matter has now been escalated to the finance ministry for final sign off," multiple senior executives of banks aware of the development were quoted as saying by BL.

The Lok Sabha on Monday restored the membership of Congress leader Rahul Gandhi. The Lok Sabha Secretariat issued a notification announcing that his disqualification has been revoked and his membership restored.

Gandhi was disqualified as a Lok Sabha member on March 23 after a Gujarat court convicted him in a defamation case and sentenced him to two years in jail.

Mumbai-headquartered diagnostic services provider Metropolis Healthcare is eyeing 60 per cent of its revenues from the business-to-consumer (B2C) segment in the next two-three years. The company’s current share in the segment is 52 per cent.

As Metropolis focuses on aggressive network expansion, it has been growing its B2C segment. This includes both the prescription-led business and direct customer bookings for tests — over the years.

Reliance Industries (RIL’s) annual report released on Sunday highlighted the company’s focus on new energy solutions, with Chairman and Managing Director (MD) Mukesh Ambani stating that the age of fossil fuels will not conti­nue much longer.

RIL has sought shareholders’ approval to give Ambani another five-year term as MD till 2029 at nil salary. The recently demerged Jio Financial Services, which “will leverage the prowess of digital and retail businesses”, was expected to be listed soon.

Vijay Shekhar Sharma, founder and chief executive officer (CEO) of Paytm's parent One97 Communications, has agreed to purchase a 10.3 per cent stake in the fintech firm from Antfin (Netherlands) Holding BV, the company said in a filing on Monday.

The purchase will be made off-market via Sharma's 100 per cent owned Netherlands-based entity Resilient Asset Management BV. After the transaction, Sharma's stake in the company will rise to 19.42 per cent, and Antfin will cease to be the largest shareholder of Paytm.

After five months of sustained buying, foreign investors have turned net sellers and pulled out over Rs 2,000 crore from the Indian equities in the first week of August, mainly due to Fitch downgrading the credit rating for the US.

In addition, the rich and stretched valuations and minor profit booking could be the reasons for this outflow, Yes Securities Chief Investment Advisor Nitasha Shankar said.

Telugu Desam Party national president N. Chandrababu Naidu on Friday, August 5, 2023, vowed to make Andhra Pradesh the number one State in India and to uphold the pride of Telugu people worldwide.

Addressing a public meeting at Puthalapattu near Chittoor, Mr. Naidu said that Prime Minister Narendra Modi was asking the people to give a “third chance” to the NDA government so as to make India the third biggest economy in the world.

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