Stocks in news: Tata Steel, Swiggy, Dr Reddy's, Cyient DLM, Thermax, Adani Power
Live Events
(You can now subscribe to our
(You can now subscribe to our ETMarkets WhatsApp channel
Following a period of consolidation, Indian equity benchmarks experienced a sharp correction last week. In today's trade, shares of Tata Steel Dr Reddy's Cyient DLM, Thermax Adani Power among others will be in focus due to various news developments and fourth quarter results today.Shares of Tata Steel , UPL and SRF will be in focus as the companies will announce their fourth quarter results today. Dr Reddy's Laboratories reported a consolidated net profit growth of 22% to Rs 1,594 crore in Q4FY25 versus Rs 1,307 crore reported in the year ago period.Food delivery company Swiggy has reported nearly doubling of its losses in the fourth quarter to Rs 1081 crore, compared with Rs 554 crore in the same quarter of last year.Faced with challenges on deposit growth, state-owned Canara Bank asked each of its 82,000-strong staff to go out to garner funds, and mobilised Rs 16,700 crore in ten weeks.The domestic two-wheeler industry is expected to sustain growth momentum this fiscal, aided by income tax relief, enhanced spending on infrastructure and expectations of a normal monsoon, TVS Motor Company CEO KN Radhakrishnan has said.Adani Power said it has secured a contract to supply 1,500 MW of thermal power to Uttar Pradesh at a levelised tariff of Rs 5.383 per unit, emerging as the lowest bidder in a competitive tender process.Raymond Lifestyle said Sameer Shah resigned as the Chief Financial Officer of the company due to personal reasons with effect from July 31.Energy and environment solutions provider Thermax reported an 8.1% YoY increase in its fourth quarter net profit at Rs 206 crore, up from Rs 190.33 crore in Q4FY24.Cyient DLM said Anthony Montalbano has resigned as Chief Executive Officer (CEO) of the company with effect from May 8.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
30 minutes ago
- Time of India
END OF THE RACE? Overtaxed and outraced by illegal betting, horse racing in Hyderabad gasps for survival
1 2 3 4 5 6 Hyderabad: Once the sport of kings and a thriving weekend affair, horse racing is now limping along — crippled by steep taxes and outpaced by a booming underground betting scene. At Hyderabad Race Club, official collections have nosedived from Rs 1,217 crore in 2016–17 to just Rs 141 crore in 2024–25 — a near 90% drop. The sport slump began after a steep 28% GST was imposed on every rupee wagered, not just on winnings. Industry insiders say most of this money hasn't disappeared. It has simply changed lanes, flowing into illegal betting networks where punters can avoid the tax hit and pocket more. Hyderabad's illegal betting network is now estimated to be worth around Rs 2,000 crore annually. In cities like Bengaluru, it's believed to be at least two-and-a-half times higher. "No punter has stopped betting. Even now, thousands turn up at racecourses. But they're placing bets elsewhere, creating a flourishing underground market worth thousands of crores in less than a decade, leaving both race clubs and the government poorer," said V Narender Reddy of the Telangana Race Horse Owners Association and a punter with over three decades of experience. How does illegal betting work? Punters are increasingly turning to 'trusted' circles on messaging apps like WhatsApp, placing bets via phone calls or using small third-party apps. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Keep Your Home Efficient with This Plug-In elecTrick - Save upto 80% on Power Bill Learn More Undo To ensure payment, most illegal operators require the bet amount to be deposited in advance, a system they built on mutual trust and reputation. On a recent race day in June, one of the owners at Hyderabad Race Club wasn't watching the horses on the local track. Instead, he was glued to a screen showing a live race from Mysore — part of Inter Venue Betting (IVB), where punters bet on races held in other cities. Tote counters and bookmakers were just a few hundred metres away, yet he remained fixed to his phone. He was on a call with dozens of others placing bets in real time. Snippets of conversations could be overheard — "10 lakh", "15 lakh", "10,000" … all being wagered on a race hundreds of kilometres away. "Here, I just have to pay 5% cut to the bookie. But if I use the legal channel, half my money goes into taxes," he said, while simultaneously placing bets via a WhatsApp group where odds and stakes are shared before each race, just like at official counters. A few hundred metres away, a 52-year-old man stared blankly at the big screen after losing his third bet of the day. "I'm done for the day. Lost Rs 3,000," he said. "I do place bets at the counter too but prefer doing it over the phone. It's simply more profitable," he said, adding that he has been visiting the race club for over 30 years. 'A dying ecosystem' Be it the number of owners, horses, trainers, or stud farms — the entire ecosystem has shrunk significantly in the past decade. "Many owners, especially locals, have exited in recent years as they're not even earning enough to maintain their horses. Today, around 60% of owners at Hyderabad Race Club are from outside the state," said LVR Deshmukh, a veteran trainer who has held a licence since 1995 and has trained several champion horses. He currently manages 47 horses; the maximum a trainer can handle is 60. According to the club and owners, the number of horses has dropped from around 1,000 to just 650. The number of registered trainers stands at 23. Meanwhile, the cost of owning and maintaining a horse has at least doubled, while stake money has remained largely stagnant. "We used to get a horse for Rs 5 lakh: now it's Rs 20 lakh. Monthly maintenance has shot up to Rs 35,000. Earlier, the club offered loans to help buy horses, but that's stopped due to losses. Owners are spending Rs 40 crore per year from their own pockets just to keep the sport alive," said PSN Reddy, general secretary of the state owners' association, which has about 500 members. They also are planning to put forth a proposal before the club to make it mandatory for every voting member to own a horse as a step to strengthen the sport. Measures to revive the sport While club officials and punters admit that the situation has improved slightly after the removal of Tax Deducted at Source (TDS) in the recent budget, they believe the only way to revive the sport is by reducing GST to 12% or 16%. "From auto drivers to the mafia, everyone is encouraging illegal betting. The only way to stop this is by reducing GST. This will bring at least Rs 1,300 crore back into legal channels — even if we go by 2016–17 figures — and revive race clubs, which provide direct employment to around 15,000 and indirect jobs to over a lakh," said R Surender Reddy, chairman, Hyderabad Race Club. He added that all race clubs in the country have made several representations to the government over the years, seeking a reduction in GST, but have received no positive response. Seconding Reddy, Ananta Vatsalya, a cricketer-turned-trainer, said slashing GST is the only way to save the sport. "Right now, 90% of betting happens illegally, and it's not benefitting anyone in the ecosystem. Small owners are completely wiped out, and many have reduced the number of horses they buy as they are paying more and earning less. To revive the sport, GST must be reduced," he added. They also say that doing away with tax on total amount collected and imposing it only on commissions earned can also help clubs trot back to some semblance of normalcy. LOSING PACE: How Hyderabad Race Club Collections Fared Year Total collection (in Rs crore) 2014-15 Rs 975.18 2015-16 Rs 1, 166.35 2016-17 Rs 1, 271.83 2017-18 Rs 761.16 2018-19 Rs 632.11 2019-20 Rs 521.44 2020-21 Rs 105.17 2021-22 Rs 277.96 2022-23 Rs 353.26 2023-24 Rs 210.83 2024-25 141.68
Time of India
30 minutes ago
- Time of India
British era school, which shut down in 2021, to reopen its gates on June 12
Tirupati: On the auspicious Telugu Ugadi day on March 30 this year, chief minister Nara Chandrababu Naidu launched his ambitious 'Zero Poverty P-4' initiative under the 'Swarna Andhra 2047' vision. The aim behind the P-4 initiative, which stands for public-private-people-partnership, is to achieve a poverty-free Andhra Pradesh within the next two decades. It seeks to bridge the socio-economic divide by encouraging the 10% wealthiest of the population to support the bottom 20% of the poorest families, fostering inclusive growth. While the noble concept is being gradually embraced across the state, in Nellore it is breathing new life into the 150-year-old VR school, which was established during the British era in 1875 but was shut down during the YSRCP regime a few years ago. During the British era, Nellore had only one school — the Free Church Mission high school — which was managed by Christian missionaries. The then headmaster of the school, Sunku Narayana Swamy Chetty, who is acknowledged as the first graduate in Nellore, resigned from the missionary school following differences with the management, and established the Hindu Anglo vernacular school on May 3, 1875. In the first year of its establishment, the school had 152 students. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Dad-Approved Ways to Celebrate Father's Day in Costa Mesa - Travel Costa Mesa Travel Costa Mesa Read More Undo Financial problems After running the school for three years, Swamy Chetty found it difficult to run the institution due to paucity of funds, and stepped down in 1878. But the financial problems continued for the fledgling school, till it finally found a permanent campus in 1879, when Haji Mohammed Rahimtullah, the former Diwan of Venkatagiri Estates, purchased a big land parcel with constructed structures in a court auction for Rs 2,400 and donated the entire property to Hindu Anglo vernacular school. While the school flourished for close to a decade after moving to its permanent campus, it started facing financial problems again after Rahimtullah stepped down from the management committee in 1886. The worried members of the school management then approached V Rajagopala Krishna Yachendra Bahadur, the 28th Raja of Venkatagiri dynasty, who created a permanent fund of Rs 50,000 to administer the school and further its expansion plans. One of the six conditions the Venkatagiri Raja put forth while creating the permanent fund for the school was to rename the school in his name. Hindu Anglo Vernacular school was renamed as Venkatagiri Raja (VR) school and carried on the legacy. In 1901, VR school was registered under the 1860 Societies Act. The school today stands on 15.81acres in the heart of Nellore city, which includes a big playground spanning 5.06 acres. It 1921, VR college with intermediate education was established by the Venkatagiri Raja. Till 2018, VR school and college flourished under the administration of AC Subba Reddy family. Six different branches of education, including VR degree college, VR law college, VR institute for post graduate studies, VR institute for advanced studies, VR children's academy, and VR college of education were established over the last eight decades. Illustrious Alumni Several stalwarts including chief ministers, judges, state and Union ministers pursued their education at VR school and college in Nellore. Some of the notable names include Bezawada Gopal Reddy (1955-56), the second chief minister of Andhra state, former chief justice and governor Palagani Chandra Reddy, former chief justice CVL Narasimham, and present municipal administration minister Ponguru Narayana. Troubled times VR group of institutions found itself in the middle of a series of legal tangles between 1986 and 2018 following internal clashes for supremacy over the management of affairs. The warring groups, which first approached a local court in Nellore, subsequently knocked on the dorrs of the Supreme Court, with one group demanding the dismissal of the management committee headed by former MLA Anam Vivekananda Reddy, while the other appealed for the continuance of the committee headed by Vivekananda Reddy. Though the apex court passed orders for the conduct of elections in March 2018, the elections are yet to held. Though the then TDP govt in the state appointed a special officer to manage the administration of VR school and colleges in 2018, it was shut down in 2021 during the YSRCP regime, even as people from all walks of life staged protests demanding the govt to revive the school. New dawn for school State municipal administration minister Ponguru Narayana, who studied in VR high school and its inter and degree colleges, initiated steps for his alma mater's revival under CM Naidu's P-4 concept. "The school has a rich legacy and there are many like me who reached the pinnacles of success after studying at this great institution. After completing my education, I started my teaching career at VR college as a part-time lecturer. I was paid Rs 4 per hour of teaching," Narayana told STOI. He said it was extremely painful for him and for other alumni of the school when it was shut down indefinitely. "The previous govt ignored the sentiments of people and did not pay heed to the protests carried out by locals. During the elections, we promised to people of Nellore that VR school would be revived after TDP comes to power in the state. Nagarjuna Construction Company (NCC) is donating Rs 15 crore under its CSR activities to revive the school. HRD minister Nara Lokesh has accorded all necessary approvals to restart the school from this academic year itself after completing all infrastructure works. The school will have world-class infrastructure including smart boards in the classrooms, science labs, arts rooms, besides world class sports infrastructure," Narayana added. He said the municipal administration and Swachh Andhra depts have identified about 1,000 underprivileged children from the poorest sections of the society who would be admitted to the school from this year. "To sustain and establish VR school into a model school in the country, the state govt will initiate measures to reach out to people from all walks of life and motivate them to adopt these 1,000 under privileged children so that they can pursue their dreams by getting access to world class education free of cost," the minister said. As the children belong to families living below the poverty line, breakfast, lunch, and evening snacks will be provided free of cost to them everyday. In addition, free bicycles will be distributed to the students to reach the school from their homes. Free bus rides would also be provided for students living at a distance from the school. After four years of uncertainty, the 150-year-old school is all set to reopen its gates on June 12.
The Print
an hour ago
- The Print
UP CM directs officials to take action against fake, shell companies
'Tax evasion is a national crime that negatively impacts development plans and welfare schemes,' he said. While conducting a high-level review of the State Tax Department, the CM directed officials to ensure transparency in tax collection and adopt a policy of technological efficiency and strict enforcement. Lucknow, Jun 7 (PTI) Uttar Pradesh Chief Minister Yogi Adityanath on Saturday directed officials to take action against shell companies to stop the attempts to misuse the facilities meant for genuine traders. Stressing that the Goods and Services Tax (GST) is a consumer-based tax system, he noted that areas with higher population density are naturally expected to generate more tax revenue. He instructed officials to develop special strategies for zones where tax collection is below average. Adityanath directed that information on suspicious firms registered under Central GST (CGST) be shared with the Centre for cancellation of their registration. For firms under State GST (SGST), he ordered in-depth departmental investigations, and if irregularities are found, their registration should be canceled and FIRs lodged. The CM emphasised the need for on-site inspection of all newly registered firms, stating 'fake companies should not be allowed to obstruct the rights of honest taxpayers'. CM Adityanath said that such acts are an attempt to misuse the facilities meant for genuine traders, which is unforgivable. 'Such inspections are essential to ensure that genuine businesses can operate fairly and without interference,' he said. During the meeting, officials informed the CM that Rs 18,161.59 crore in GST and VAT had been collected during April and May against the financial year 2025-26 target of Rs 1,75,725 crore. PTI CDN NB NB This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
