Ant Group sells 3.6% stake in Paytm for Rs 2,037 crore

A subsidiary of Chinese fintech giant Ant Group on Friday sold a 3.6 per cent stake in Paytm for Rs 2,037 crore through open market transactions.

The shares of Paytm’s parent One97 Communications was sold by Antfin (Netherlands) Holding BV.

Antfin offloaded a total of 2,27,54,823 shares in 14 tranches, amounting to a 3.58 per cent stake in One97 Communications, according to the block deal data available with the BSE.

The shares were sold at an average price of Rs 895.2 apiece, taking the combined transaction value to Rs 2,037 crore.

Post the transactions, Antfin shareholding has declined to 20.21 per cent from 23.79 per cent stake in the company at the end of June quarter, as per shareholding data available with the exchange.

Shares of One97 Communications fell 0.54 per cent to close at Rs 899.30 per piece on the BSE.

Ant Group is part of Jack Ma’s Alibaba Group.

Last week, Antfin transferred its 10.3 per cent stake in One97 Communications to the fintech firm’s founder and CEO Vijay Shekhar Sharma.

The deal turned One97 Communications, which operates under Paytm brand name, into a majorly indian-owned company from being majorly owned by Chinese entities.

However, Antfin will continue to hold the economic rights of the stake that is being transferred to Sharma.

In January this year, Alibaba’s affiliate Alibaba Singapore E-commerce divested a nearly 3 per cent stake in mobile payments and financial services company for Rs 1,031 crore

Closing Bell: Nifty off weekly high, closes below 19300; Sensex closes at 64831; FMCG, Financials under pressure

The benchmark equity indices ended Thursday’s trading session in negative territory. NSE Nifty 50 closed at 19,253.80, while the Sensex closed the trading session at 64,831.41. Bank Nifty shed as many as 243.45 points or 0.55% to settle at 43,989.15. Smallcaps continued to gain, with Nifty Smallcap 250 and Nifty Smallcap 50 adding 1.04% and 0.36%, respectively. Nifty PSU Bank, FMCG, and Financial Services were among the top losers in the sectoral indices, while the gains were led by Nifty Realty and IT.

The top losers included Adani Enterprise, BPCL, Adani Ports, Britannia Industries, and Eicher Motors, while the gainers for the day included JRF, Maruti Suzuki, HDFC Life Insurance, Cipla, and Tata Steel.

“We are seeing a gradual fall in the index amid mixed global cues however buoyancy on the broader front combined with selective buying across sectors is compensating in the interim. Participants should continue with the stock-specific approach until we see a decisive sign of reversal in the index. Besides, keep a close watch on the global front for further cues,” Ajit Mishra added.

Nifty 50 technical view

“The Nifty faced persistent resistance at the 21-day Exponential Moving Average (21EMA), which resulted in a market correction. Two consecutive unsuccessful attempts to surpass the critical 21EMA level led to an increase in selling pressure. The overall sentiment remains pessimistic, with the likelihood of any upward rallies being met with selling activity. On the downside, the initial support level is placed at 19,200. If the index falls below the 19,200 level, it could potentially move towards the 19,000 mark. The sell on rise strategy is expected to favour the traders until the Nifty convincingly surpasses the 19,500 level,” said Rupak De, Senior Technical analyst at LKP Securities.

Bank Nifty to consolidate at 43600–44700

“Bank Nifty has also witnessed follow-through selling pressure and has closed in the negative for the second consecutive day. The daily and the hourly momentum indicators are providing a divergent signal and hence a consolidation is likely. Daily Bollinger bands are also contracting indicating that there could be some consolidation in the near term. The range of consolidation is likely to be 43,600 – 44,700,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.

Uttar Pradesh: Heatwave turns fatal, death toll in Ballia rises to 68 – SEE PHOTOS

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A scorching heat wave in the country’s most populous state, Uttar Pradesh, has overloaded hospitals, filled a morgue and disrupted power.In the state, reportedly, 68 people have died from heat-related illnesses over the last several days. In Ballia district in Uttar Pradesh, the largest hospital is unable to accommodate more patients.A two-member team will look into what caused a large number of deaths and investigate how many of them are directly related to heat, said state health minister, Brajesh Pathak, on Sunday, reported AP. Here are some shocking photos.

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An elderly person suffering from heat related ailment lies on a stretcher waiting to get admitted outside the overcrowded government district hospital in Ballia, Uttar Pradesh state, India. (AP Photo)

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Shiela Mishra wipes the hand of her ailing brother to keep him cool from the heat wave using a wet cloth at the district hospital in Ballia, Uttar Pradesh state, India. (AP Photo)

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A man splashes water on his face to cool himself on a hot summer afternoon in Lalitpur district in northern Uttar Pradesh state, India. (AP Photo)

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People suffering from heat related ailments crowd the district hospital in Ballia, Uttar Pradesh state, India. (AP Photo)

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Elderly men wait in queue for patient registration at the district hospital in Ballia, Uttar Pradesh state, India. (AP Photo)

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A nomadic woman walks eating a fruit on a hot summer afternoon in Lalitpur district in northern Uttar Pradesh state, India. (AP Photo)