MAM
WPP shares surge on talk of Havas buyout bid
LONDON: WPP’s battered shares sprang to life on Monday as whispers of a takeover bid sent the stock soaring as much as 6.7 per cent in morning trading.
The advertising giant’s shares touched 307.50 pence before settling at 304.20 pence—a gain of 5.5 per cent from Friday’s close of 288.30 pence. The stock opened at 302 pence.
Market chatter suggests Havas, backed by private equity heavyweights KKR and Apollo, is eyeing a move for the London-listed agency network. Neither the suitors nor WPP would comment on the speculation.
The surge offers brief respite for shareholders who have endured months of pain. WPP traded at 879 pence as 2024 drew to a close. Since then, the shares have been in freefall after a string of disappointing results left investors nursing heavy losses.
Whether today’s rally marks a turning point or merely a dead cat bounce depends on whether the rumoured bidders are prepared to put their money where the market’s mouth is.
Updated at 22:10 pm: As the day progressed the WPP scrip had rocketed up to 325.10 pence and then retreated to 319.60 pence – a sharp increase of 10.86 per cent. The stock closed the days trading at 320.10 pence – a jump of 11.03 per cent. Clearly, the share traders believe there is some truth in all the chatter about the WPP takeover.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: 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.
