Latest news with #SureshSethi
Yahoo
19-05-2025
- Business
- Yahoo
India's Protean eGov sinks on ouster from key government project
(Reuters) -Shares of Protean eGov Technologies tumbled 20% on Monday after the company said it was ruled out of bidding for an Indian government project, creating doubt about a service that accounts for nearly half of its revenue. Protean has been managing applications for Permanent Account Numbers, or PAN cards -- used to maintain every taxpayer's record -- since around 2006. It claims roughly 60% market share for the service, which accounts for about half of its revenue. However, Protean said on Sunday that the income tax department has "not considered favourably" the company's bid as a service provider for PAN 2.0, a $168 million project to consolidate multiple platforms and portals, and quicken processing times. Protean's shares slumped a maximum-allowed 20% on Monday, on course for their worst day since listing on the National Stock Exchange in early February this year. The company said it expects no operational impact on its current PAN business of processing and issuing PAN cards. "We have reached out to the tax department to seek further clarity on their stance. As of now, we see limited impact," Managing Director Suresh Sethi said on an investor call. However, Equirus Securities forecast a much bigger hit. "While the impact (this fiscal year) may be muted, we expect a 75%-100% collapse in this revenue stream over the next 2-3 years," Equirus Securities said, downgrading the stock to "sell". "About one-third of the industry's PAN requests currently originate directly from websites of PAN service providers -- volumes that will almost certainly shift to the PAN 2.0 contract winner once it goes live." It was not immediately clear who else bid for the project. ICICI Securities said Protean was considered the leading contender "by a distance" for PAN 2.0 and losing out "creates uncertainty on PAN business outlook over (the) medium term." ($1 = 85.3330 Indian rupees) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
19-05-2025
- Business
- Reuters
India's Protean eGov sinks on ouster from key government project
May 19 (Reuters) - Shares of Protean eGov Technologies ( opens new tab tumbled 20% on Monday after the company said it was ruled out of bidding for an Indian government project, creating doubt about a service that accounts for nearly half of its revenue. Protean has been managing applications for Permanent Account Numbers, or PAN cards -- used to maintain every taxpayer's record -- since around 2006. It claims roughly 60% market share for the service, which accounts for about half of its revenue. However, Protean said on Sunday that the income tax department has "not considered favourably" the company's bid as a service provider for PAN 2.0, a $168 million project to consolidate multiple platforms and portals, and quicken processing times. Protean's shares slumped a maximum-allowed 20% on Monday, on course for their worst day since listing on the National Stock Exchange in early February this year. The company said it expects no operational impact on its current PAN business of processing and issuing PAN cards. "We have reached out to the tax department to seek further clarity on their stance. As of now, we see limited impact," Managing Director Suresh Sethi said on an investor call. However, Equirus Securities forecast a much bigger hit. "While the impact (this fiscal year) may be muted, we expect a 75%-100% collapse in this revenue stream over the next 2-3 years," Equirus Securities said, downgrading the stock to "sell". "About one-third of the industry's PAN requests currently originate directly from websites of PAN service providers -- volumes that will almost certainly shift to the PAN 2.0 contract winner once it goes live." It was not immediately clear who else bid for the project. ICICI Securities said Protean was considered the leading contender "by a distance" for PAN 2.0 and losing out "creates uncertainty on PAN business outlook over (the) medium term." ($1 = 85.3330 Indian rupees)
Yahoo
19-05-2025
- Business
- Yahoo
India's Protean eGov sinks on ouster from key government project
(Reuters) -Shares of Protean eGov Technologies tumbled 20% on Monday after the company said it was ruled out of bidding for an Indian government project, creating doubt about a service that accounts for nearly half of its revenue. Protean has been managing applications for Permanent Account Numbers, or PAN cards -- used to maintain every taxpayer's record -- since around 2006. It claims roughly 60% market share for the service, which accounts for about half of its revenue. However, Protean said on Sunday that the income tax department has "not considered favourably" the company's bid as a service provider for PAN 2.0, a $168 million project to consolidate multiple platforms and portals, and quicken processing times. Protean's shares slumped a maximum-allowed 20% on Monday, on course for their worst day since listing on the National Stock Exchange in early February this year. The company said it expects no operational impact on its current PAN business of processing and issuing PAN cards. "We have reached out to the tax department to seek further clarity on their stance. As of now, we see limited impact," Managing Director Suresh Sethi said on an investor call. However, Equirus Securities forecast a much bigger hit. "While the impact (this fiscal year) may be muted, we expect a 75%-100% collapse in this revenue stream over the next 2-3 years," Equirus Securities said, downgrading the stock to "sell". "About one-third of the industry's PAN requests currently originate directly from websites of PAN service providers -- volumes that will almost certainly shift to the PAN 2.0 contract winner once it goes live." It was not immediately clear who else bid for the project. ICICI Securities said Protean was considered the leading contender "by a distance" for PAN 2.0 and losing out "creates uncertainty on PAN business outlook over (the) medium term." ($1 = 85.3330 Indian rupees)
Entrepreneur
14-05-2025
- Business
- Entrepreneur
ONDC Strengthens Leadership with Vibhor Jain as Acting CEO
After Thampy Koshy stepped down on April 10 following a three-year tenure, an executive committee—including Vibhor Jain—assumed interim leadership responsibilities, reporting to the ONDC board until June. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. The Open Network for Digital Commerce (ONDC) has named Vibhor Jain as its acting CEO, effective immediately, as the government-backed ecommerce network continues its search for a permanent chief executive. Jain, who was part of ONDC's executive committee following the exit of former MD and CEO Thampy Koshy on April 10, will now lead the organisation during this interim phase. Koshy had served a three-year tenure before stepping down, with responsibilities temporarily managed by a board-appointed executive committee until June. "The Executive Committee has done a commendable job of guiding ONDC during a critical phase of its journey. However, with several key strategic decisions underway, it is imperative to have a single point of leadership to drive cohesive execution. Vibhor has played a pivotal role in shaping ONDC's operational framework, and the Board has full confidence in his ability to lead the organisation during this important transition," said Suresh Sethi, Board Member, ONDC. The leadership reshuffle follows the earlier departure of Shireesh Joshi, the network's former chief business officer. ONDC, designed to democratise digital commerce, connects sellers and buyer apps across sectors like mobility, food delivery, logistics, ecommerce, and fashion. As of March, the platform had facilitated over 200 million transactions since its launch 30 months ago.
