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Amid wide ranging concerns about digital lending, an industry body on Tuesday said its 37 member entities witnessed a 49 per cent surge in disbursements at Rs 1.46 lakh crore in financial year 2023-24. According to Fintech Association for Consumer Empowerment (FACE), the number of loans disbursed grew by 35 per cent to over 10 crore borrowings in FY24. It can be noted that the Reserve Bank has been public with its concerns on some of the practices adopted by such lenders, and has also formulated draft guidelines for their operations. "The digital lending sector is responsibly driving ahead with a sharp focus on customer-centricity, compliance, risk management and sustainable business models," FACE's chief executive Sugandh Saxena said in a statement In the March quarter, companies disbursed 2.69 crore loans worth Rs 40,322 crore at an average ticket size of Rs 13,418. The average ticket size for loans disbursed in FY24 stood at Rs 12,648, as compared to Rs 11,094 in FY23, the data shared by the industry body said. The body said that 70 per cent of the disbursements were by 28 companies, which are registered as non-banking finance companies or have an in-house NBFC and added that the growth rate of such companies is much higher. Companies raised Rs 1,913 crore in equity and Rs 16,259 crore in debt during the fiscal, it said, adding that there was a drop in equity compared to FY23 for the companies who reported data. Nine companies who reported data for FLDG (first loss default guarantee) reported 51 portfolios worth Rs 9,118 crore, with 94 per cent of portfolio value having FLDG arrangements with coverage between 4-5 per cent. The data also said that 83 per cent of the companies reported that they were profitable, as compared to 76 per cent in FY22.

Goldman Sachs Singapore Pte sold 44.20 lakh shares of One 97 Communications on Tuesday via block deal at a price of Rs 183.44 crore. The private equity firm sold Paytm shares at Rs 415.04 apiece, which was at a discount of 2.3% over Friday’s closing price of Rs 424.90.On Tuesday, Paytm shares ended at Rs 417.10 on the BSE, down by Rs 7.80 or 1.84%. The details of the buyers were not available on the BSE at the time of filing the story.As per the shareholding data of One 97 Communications available on the BSE, Goldman Sachs Singapore held 84,01,067 shares or 1.32% stake in the fintech payment platform.Paytm shares on Tuesday settled in the red, breaking their two-sessions winning streak.The stock was in news amidst reports of discussions to divest its movie ticketing business to Zomato. Initially surging by over 4% in early BSE trading, the shares retreated to Rs 411.65 during afternoon trading. Meanwhile, Zomato's shares saw a modest 1% increase, reaching Rs 189.In an exchange filing, Zomato acknowledged, "We are in discussions with Paytm for the aforementioned transaction, but no binding decision has been taken at this stage that would warrant a board approval and subsequent disclosure in accordance with applicable law."Zomato added, "This discussion is intended to further strengthen our 'Going-out' business and aligns with our focus on our four key businesses currently."ET reported on June 16 that Zomato is looking to acquire Paytm’s movie booking and events unit, in a deal that may value Paytm’s vertical at around Rs 1,600-1,750 crore. Post the addition of receivables from cinema exhibitors, the valuation could go up to Rs 2,000 crore, according to sources.Paytm also confirmed discussions regarding the potential transfer of its entertainment business in an exchange filing, stating that all the discussions are preliminary and non-binding at this stage.If the transaction goes through, it will be among the largest buyouts for Zomato after it acquired Uber Eats in 2020 and took over quick commerce platform Blinkit (formerly Grofers) in 2021 in an all-stock deal valued at Rs 4,447 crore.Also Read: Vodafone PLC to sell 9.9% stake in Indus Towers on Wednesday through block deals(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Zee Entertainment Enterprises on Tuesday announced that Chief Financial Officer Rohit Kumar Gupta has decided to step down due to personal reasons. Mukund Galgali, who has been with the Group for more than 17 years, has been appointed as an acting CFO, a key managerial personnel of the company."I am writing to you to let you know that I am resigning as the chief financial officer of Zee Entertainment Enterprises Limited due to personal reasons. I request the board of directors to kindly accept my resignation. I want to thank you and the board for all the support during my tenure at the company. I wish you and the company all the best in the future," said Gupta in his resignation letter.On promoting Galgali as acting CFO, the media company said "The Board of Directors of the Company, pursuant to the recommendation of the Nomination & Remuneration Committee and approval of the Audit Committee, have considered and approved to promote Mr. Mukund Galgali, who has been with the Group for more than 17 years and currently spearheading the Commercial & Strategic Initiatives of the Company, as an acting Chief Financial Officer - Key Managerial Personnel of the Company."Recently in a bid to strengthen its balance sheet which faced a hit after a failed merger with Sony, the media conglomerate approved a proposal to raise up to Rs 2,000 crore by issuing equity shares and/or convertible or non-convertible securities. The development comes as Punit Goenka proposed the implementation of a lean and streamlined management structure to the Board of Zee Entertainment Enterprises, to arrive at a cost-effective operational model with speed and agility as the core areas of focus. Additionally, the company has initiated the process of rationalization of the workforce across the company by 15 per cent in order to prune the staff strength.In the recent quarter ending March 2024, the media giant reported a net profit of Rs 13.35 crore, compared with a loss of Rs 196 crore in the same quarter of last year. Total income in the reporting quarter increased 3% year-on-year to Rs 2,185 core. The same stood at Rs 2,126 crore in the corresponding quarter of previous year.

Nifty ended Tuesday’s trading session 92 points higher to form a Doji candle as the short-term trend of the index continues to be positive with range-bound action.Having sustained above the hurdle of 23,515 levels (1.382% Fibonacci extension), one may expect Nifty to move towards the next resistance of 1.786% Fib extension at 23,950 levels in the near term, while immediate support is placed at 23,450, said Nagaraj Shetti of HDFC Securities.Open Interest (OI) data showed that on the call side, the highest OI was observed at 24,000 and 24,500 strike prices. On the put side, the highest OI was at 23,000 strike price.What should traders do? Here’s what analysts said:Rupak De, LKP SecuritiesFollowing a strong start, Nifty remained within a range as the index formed another day of muted movement on the daily chart. For the last few days, Nifty has been moving sideways on an intraday basis, but eventually it has moved up above 23,500. The trend looks positive from here, with support placed at 23,300. A fall below 23,300 might induce selling pressure. On the higher end, the index might move towards 23,800.Shrikant Chouhan, Kotak SecuritiesFor trend following traders now, 23,500/77,000 would be the key support level. As long as the market is trading above the same, the bullish sentiment is likely to continue. On the higher side, the market could rally up to 23,700-23,750/77,600-77,800. On the other side, below 23,500/77,000 the sentiment could change. Below the same traders may prefer to exit out from the trading long positions.Rajesh Bhosale, Angel OneWith a bullish undertone, traders should focus on trades outside the index, as the real action lies there. Regarding levels, immediate support is around the bullish gap near 23,500, with key support at 23,350. In the uncharted territory, 23,650 to 23,700 appears to be immediate resistance. Traders are advised to monitor these levels and set up their trades accordingly.Tejas Shah, JM Financial & BlinkXNifty is still making a higher high on the daily, weekly and monthly charts, which is a positive sign. Nifty closed above the critical resistance level of 23,350 last week and we believe that it is likely to test the next resistance zone of 23,750-800 in the next few days. Support for the index is now seen at 23,500 and 23,300-350 levels. On the higher side, immediate resistance is at 23,575-600 levels and the next resistance zone is at 23,750-800 levels.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

The power ministry has announced it has directed all utilities to "maintain a high state of alert and minimize forced equipment outages" due to the increased electricity demand driven by the ongoing heatwave, particularly in the northern region where the monsoon has yet to arrive.The ministry's statement highlighted that the northern region has faced high electricity demand since May 17, 2024, due to the heatwave. Despite these tough conditions, the highest-ever peak demand of 89 GW in the northern region was successfully met on June 17, 2024.This was achieved by importing 25-30 percent of the region's power needs from neighboring regions, the ministry noted.The India Meteorological Department (IMD) predicts that heatwave conditions in North-West India will ease starting June 20.To meet the rising electricity demand and ensure an adequate power supply across the country, the Ministry of Power has taken several steps to handle the record peak demand of 250 GW this summer.The ministry projects that peak demand could reach 260 GW during this season.These measures include directives under Section 11 of the Electricity Act, 2003, mandating imported coal-based (ICB) plants to continue providing generation support during periods of high demand.These measures include directives under Section 11 of the Electricity Act, 2003, requiring imported coal-based (ICB) plants to continue providing generation support during the high demand period.The ministry has directed power generating units to minimize planned maintenance during this period.Efforts are being made to minimize partial and forced outages to maximize the availability of generation capacity. Plants on long-term outages have been encouraged to revive their units to ensure maximum power generation.All generating companies (GENCOs) have been advised to keep their plants in good condition to ensure full capacity availability for the optimal operation of various generation sources.Regarding coal stock maintenance, the ministry stated that adequate coal stocks are being maintained at coal-based thermal stations.Hydro stations have received guidance to conserve water during hours of high solar output. They are encouraged to maximize power generation when solar energy is less available to ensure a steady power supply around the clock.Gas-based power plants are being directed to support the grid under Section 11 of the Electricity Act, 2003. About 860 MW of extra gas-based capacity from non-NTPC sources has also been secured through competitive bidding for the summer season.Additionally, approximately 5,000 MW of NTPC gas-based capacity has been placed on standby. This capacity is ready to operate immediately if required.Surplus power from generating stations, when not requisitioned, is to be offered in the market. This is in line with the Electricity (Late Payment Surcharge and Related Matters) Rules, 2022, and any amendments. This allows any buyer to utilize the available power from the market.States also have the option to arrange power exchanges with other states that have surplus capacity through the PUShP portal.