MAM
Media scrips soar as Sensex recovers
MUMBAI: Bucking the trend of a sustained dip over the last few days, the Bombay Stock Exchange (BSE) benchmark Sensex gained over 345 points today, recording the biggest single day gain for the month. The bounce back was fuelled by massive buying by foreign and domestic funds even as global markets firmed up.
The Sensex closed at 10,352.94, after touching an intra-day high of 10,409.58 points. The National Stock Exchange (NSE) index Nifty registered a gain of 90.30 points and closed at 3,023.05.
Among the media stocks, Sun TV recorded the maximum gain on the back of healthy FY06 results. Inspired by an almost 70 per cent jump in net profits, the Sun TV scrip closed at 1,083.60 in the BSE, higher by Rs 38.10. At the National Stock Exchange (NSE), it ended the day’s trade at 1,085.50 with a gain of Rs 35.30. The rally was significant as the scrip had tumbled yesterday from Rs 1099 to Rs 1045, a fall of Rs 54.
In the media block, TV18 scored the next best gain for the day, going up by Rs 35.70 to close at Rs 578 on the BSE. At the NSE, it gained Rs 36.7 to reach 577.35 points. TV18 has been maintaining a steady run since a long time. Since the last one month, the scrip has gone up by Rs 92 at the BSE.
UTV Software Communications, riding on the market expectations of an equity deal with an international major, gained Rs 14.35 at the BSE today, to close at 165.65 points. At the NSE, it gained Rs 13.00 to touch Rs 164.45. Gemini Communications rose Rs 14.7 at the BSE, to reach 396. Navneet Publications gained Rs 10.45 at the BSE and Rs 11.45 at the NSE to close at 278.55 and 279.30 respectively. Hinduja TMT recorded a gain of Rs 9.8 to close at 479.75 at the BSE.
Other prominent media scrips which also recorded gains for the day included NDTV, Zee Telefilms, Entertainment Network India, Adlabs Films and Balaji Telefilms. However, Saregama India was the only major loser as the scrip dipped by Rs 7.3, to close at 142.45 at the BSE.
Brands
Reserve Bank of India cancels Paytm Payments Bank licence
Central bank cites compliance failures; curbs tighten as wind-up looms
MUMBAI: India’s banking watchdog delivered its sharpest blow yet to Paytm Payments Bank, cancelling its licence and effectively ending its ability to operate as a bank under the law.
The Reserve Bank of India said the entity can no longer conduct banking business under the Banking Regulation Act, citing concerns that its affairs were not being run in the interest of depositors or the public and that it had failed to meet licence conditions.
The move escalates a crackdown that has been building for months. The bank had already been barred from onboarding new customers since March 11, 2022, and later faced restrictions on deposits, credit and wallet top-ups. In January 2024, the central bank ordered it to stop accepting fresh deposits, pointing to persistent non-compliance, including lapses in customer due diligence, use of funds and technology systems.
Operationally, the bank is now on a tight leash. It may process withdrawals of existing deposits and facilitate loan referrals through banking correspondents, but it cannot take fresh deposits.
The central bank said it would apply to the high court to wind up the bank.
Paytm sought to ringfence the fallout. In a regulatory filing, it said the licence cancellation applies to Paytm Payments Bank Limited, a separate entity, and should not be attributed to One 97 Communications. It added that there is no exposure or material business arrangement with the bank and that it operates independently, without Paytm’s board or management involvement.
“As informed earlier, Paytm (One 97 Communications Limited) and its services, which have been operating without interruption, will continue to operate uninterrupted. These include the Paytm app, Paytm UPI, Paytm Gold and all other services offered by its subsidiaries and associated companies,” the company said.
The distinction may reassure users of the app ecosystem, but the regulator’s verdict is unequivocal. After years of warnings, caps and curbs, the payments bank experiment at Paytm is being shut down—decisively, and with little room left to manoeuvre.
