Gaming
Madras HC refuses to stay Tamil Nadu’s ordinance banning online gambling
NEW DELHI: The Madras high court has declined to grant an interim stay on the Tamil Nadu government’s ordinance banning online gambling and games, including online rummy.
Appearing for the state, advocate general Vijay Narayan today sought more time and urged the court to adjourn the matter till after Pongal. He also mentioned that there is a possibility that an act against online gambling may be presented in the legislative assembly in January, which may or may not be in the same form as the ordinance. However, the court clarified that no further extension would be given in the matter to file the counter.
He argued that children are playing online rummy using their parents' credit card and the ordinance would nearly have any effect on the operations of the petitioners given that only two states – Tamil Nadu and Andhra Pradesh – have banned online rummy.
Previously, the court had refused to stay the ordinance on a petition moved by online gaming platform Junglee.
Appearing for Junglee, senior advocate Mukul Rohatgi argued that the petitioners wanted an early resolution of the matter, adding that they can establish that online rummy is safer than rummy played in other places. He claimed that the business is getting impacted as it wrongly stopped.
Meanwhile, Gameskraft Technologies also joined in the challenge mounted against the ordinance, in so far as it relates to online rummy. Advocate Mohan Parasaran, the counsel appearing for Gameskraft, urged the court to at least pass orders that no coercive action be taken against the petitioners in the interim.
However, the bench refused to grant any interim relief save for the filing of a counter-affidavit by the state, and fixed the matter for further hearing on 18 January.
Last month, Tamil Nadu became the third state in India to enforce a ban on online games and gambling after governor Banwarilal Purohit promulgated an ordinance on the same. The move came in the wake of a spate of suicides in the state by gamblers who lost money playing these online betting games.
Gaming
Bluestone FY26 revenue rises to Rs 2,436 crore, turns profitable
Q4 profit at Rs 31 crore, full-year profit at Rs 13 crore vs loss last year.
MUMBAI: From sparkle to numbers, Bluestone seems to be polishing more than just jewellery this year. Bluestone Jewellery and Lifestyle Limited reported a sharp turnaround in FY26, with revenue from operations rising to Rs 2,436 crore (Rs 24,364 million), up from Rs 1,770 crore (Rs 17,700 million) in FY25. The company posted a full-year profit of Rs 13 crore (Rs 131.79 million), a significant recovery from a loss of Rs 222 crore (Rs 2,218 million) a year ago.
Total income for the year stood at Rs 2,486 crore (Rs 24,860 million), compared to Rs 1,830 crore (Rs 18,300 million) in the previous year, reflecting both topline growth and improved operational momentum.
The March quarter, however, told a more nuanced story. Revenue from operations came in at Rs 681 crore (Rs 6,814 million), down from Rs 748 crore (Rs 7,486 million) in the year-ago period, though higher than Rs 461 crore (Rs 4,613 million) in the preceding December quarter. Net profit for Q4 stood at Rs 31 crore (Rs 311.81 million), compared to Rs 68 crore (Rs 688 million) a year earlier, but a clear reversal from a loss of Rs 51 crore (Rs 512 million) in Q3.
Margins were shaped by higher input costs, with raw material consumption rising to Rs 2,204 crore (Rs 22,043 million) for the full year, alongside employee benefit expenses of Rs 282 crore (Rs 2,824 million) and finance costs of Rs 210 crore (Rs 2,104 million). Other expenses came in at Rs 371 crore (Rs 3,715 million), slightly lower than Rs 393 crore (Rs 3,938 million) in FY25.
On the balance sheet front, total assets expanded to Rs 4,961 crore (Rs 49,610 million) as of March 31, 2026, from Rs 3,532 crore (Rs 35,322 million) a year earlier, driven largely by a surge in inventories to Rs 2,672 crore (Rs 26,718 million). Equity also strengthened to Rs 1,803 crore (Rs 18,030 million), nearly doubling from Rs 911 crore (Rs 9,107 million).
Cash flows reflected the cost of growth. Net cash used in operating activities stood at Rs 199 crore (Rs 1,990 million), while investing activities saw an outflow of Rs 239 crore (Rs 2,392 million). Financing activities, however, generated Rs 497 crore (Rs 4,971 million), helping the company end the year with cash and cash equivalents of Rs 108 crore (Rs 1,075 million), up from Rs 49 crore (Rs 487 million).
Earnings per share for FY26 came in at Rs 1.10, a sharp improvement from a negative Rs 79.74 in FY25, underlining the shift from losses to profitability.
With revenue scaling up, costs still glittering on the higher side, and profitability finally back in the black, BlueStone’s FY26 performance suggests a business mid-transition less about shine alone, and more about sustaining it.
