MAM
Media stocks hold the mic as markets crash in Trump tariff meltdown
MUMBAI: Even as the Bombay stock exchange tanked five plus per cent in the morning on Trump tariff meltdown Monday, Indian media and entertainment stocks shed just one to three per cent of their values at the time of trading at 3:30 pm. Sun TV was trading at Rs 638 a gain 0.83 per cent over its previous weekend closing of Rs 632.75. TV Today network was up 1.65 per cent toto trade at Rs 160.40. On the flip side, a few media players were caught in the downward spiral. Entertainment Network India – the operator of Radio Mirchi – cut 2.06 per cent to stand at Rs 132.80. GTPL Hathway declined 3.69 per cent to Rs 105.75 even as Hathway dropped 3.16 per cent to Rs 12.58. Dish TV fell by 2.61 per cent to Rs 5.60.
The advertising sector, however, bore the brunt of the market tremors. Advertising agency RK Swamy lopped off 10 per cent to trade at Rs 199.15 from its previous days closing of 223.50. Bright Outdoor clipped 4.36 per cent at Rs 449.50 as against Signpost which went negative to the tune of 7.36 per cent to trade at Rs 235.40. Innokaiz India dropped to Rs 13.56 with a 4.98 per cent fall. Maxposure saw a 5.76 per cent decline settling at Rs 57.30. Meanwhile, DAPS Advertising India saw a dip of 2.86 per cent to Rs 17.00. (At around 4 pm, may vary according to the market)
Despite the broader bloodbath on Dalal Street, the relatively cushioned fall of media and entertainment stocks could indicate investor confidence in the sector’s long-term fundamentals, or perhaps just temporary insulation from global trade frictions. Either way, for now, the M&E sector is holding its script, even as the markets slip into drama mode.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI:Â Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
