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Thursday, March 14: In an early summer surprise, positive word-of-mouth has carried the <keyword id="19901335" type="General" weightage="20" keywordseo="ajay-devgn" source="keywords">Ajay Devgn</keyword> and R Madhavan-starrer '<keyword id="20253854" type="General" weightage="100" keywordseo="shaitaan" source="keywords">Shaitaan</keyword>' past the coveted ₹100 crore mark at the global box office in just six days. Directed by Vikas Bahl, this thriller hit theatres worldwide on March 8. Also starring <keyword id="120564" type="General" weightage="20" keywordseo="Jyothika" source="Orion">Jyothika</keyword>, <keyword id="3155518" type="General" weightage="20" keywordseo="Janki-Bodiwala" source="Orion">Janki Bodiwala</keyword> and Anngad Raaj in significant roles, it is a remake of the 2013 Gujarati movie Vash. <cmsannotation type="cmsannotation" annotationid="Indian box office collection" comment="subhead" text="Indian box office collection">Indian box office collection</cmsannotation> As per industry tracker Sacnilk, the horror flick initiated its Indian box office journey with a remarkable debut, amassing ₹17.75 crore on the opening day. Buoyed by positive reviews, its collections surged, with the film earning ₹18.75 crore on the second day and a record-breaking ₹20.5 crore on the third day, marking the highest single-day collection for the film. This week, 'Shaitaan' pocketed ₹6.25 crore on Wednesday, echoing Tuesday’s earnings of ₹6.5 crore but falling behind the ₹7 crore net recorded on Monday. Consequently, the film's cumulative domestic collection has soared to ₹74 crore at the Indian box office alone. On Wednesday, the supernatural film reported an overall Hindi occupancy rate of 13.08%, with night shows witnessing the highest occupancy at 18.91%. Notably, Chennai recorded the highest occupancy, trailed by cities like Jaipur and Pune. <cmsannotation type="cmsannotation" annotationid="100 and not out" comment="subhead" text="100 and not out">100 and not out</cmsannotation> With this stellar performance, 'Shaitaan' has reportedly crossed ₹100 crore mark worldwide. This is Ajay Devgn's third consecutive film to hit the century mark, after Drishyam 2 and Bholaa. 'Shaitaan' has also clinched the third spot among the highest-grossing films of 2024 while continuing to generate box office revenue at an impressive run rate. It now trails behind only 'Fighter' starring Hrithik Roshan and Deepika Padukone, and 'Teri Baaton Mein Aisa Uljha Jiya' featuring Shahid Kapoor and Kriti Sanon. Expectations are rife for further growth in the film's numbers in the days ahead, setting the stage for significant milestones in the international market. However, looming competition awaits as Sidharth Malhotra and Disha Patani’s movie 'Yodha' is slated to hit theatres starting March 15.

Shaitaan slays box office: Ajay Devgn and R Madhavan-starrer crosses ₹100 crore mark globally in less than a week

Ahmedabad: City-based <keyword id="23141571" type="General" weightage="100" keywordseo="DNA-Wellness" source="Orion">DNA Wellness</keyword> on Thursday said it will invest Rs 200 crore to set up over 100 cervical cancer screening labs across India by 2027. The company has acquired exclusive rights to conduct the <keyword id="23141572" type="General" weightage="20" keywordseo="DNA-Ploidy-Test" source="Orion">DNA Ploidy Test</keyword>, a diagnostic tool developed by the <keyword id="23141214" type="General" weightage="20" keywordseo="british-columbia-cancer-research-agency" source="keywords">British Columbia Cancer Research Agency</keyword>, Canada, the company said in a statement. The test, also known as CERViSure, is a quick, accurate, and non-invasive method to detect cervical cancer. DNA Wellness also announced the launch India's first CERViSure laboratory in Ahmedabad, Gujarat, which will provide easy access to cervical cancer screening facility to people. "Going forward, DNA wellness will invest Rs 200 crore to set up some 100 dedicated CERViSure laboratories across India, in a phased manner by 2027, to help the DNA Ploidy reach a maximum number of patients," the company said. "By October 2024, the company will open dedicatedlaboratories in Ahmedabad, Vadodara, Rajkot and Surat," <keyword id="23136756" type="General" weightage="20" keywordseo="pathik-bhandari" source="keywords">Pathik Bhandari</keyword>, Co-founder, DNA Wellness, said. The company will also explore collaboration with hospitals, clinics, and doctors to expand access to the DNA <keyword id="23136760" type="General" weightage="20" keywordseo="ploidy-test" source="keywords">Ploidy Test</keyword>, aiming to make it available nationwide. Cervical cancer is a leading cause of cancer-related deaths among women in India, with some 1.3 lakh new cases and 80,000 deaths reported every year, the company said. DNA Wellness is a leading player in providing advanced DNA profiling technologies in India. It works in the area of detecting genetic instability to improve patient outcomes for screening of diseases.

DNA Wellness to invest Rs 200 crore to set up over 100 cervical cancer screening labs

<keyword id="19897073" type="General" weightage="20" keywordseo="Prabhas" source="keywords" meta.keywordsubtype="org" meta.entityname="Prabhas" meta.hostid="261" meta.entityid="Prabhas">Prabhas</keyword>' sci-fi, mythological extravaganza <keyword id="19982502" type="General" weightage="20" keywordseo="Kalki-2898-AD" source="keywords">Kalki 2898 AD</keyword> continues its dominant run at the <keyword id="19895835" type="General" weightage="20" keywordseo="box-office" source="keywords">box office</keyword>. After just a week in theatres, the film has crossed the coveted Rs 700 crore mark worldwide, solidifying its position as the most successful Indian film of 2024 so far. While the film's collections in India have seen a natural drop since its record-breaking opening day, it's holding steady. Notably, the Telugu version continues to perform exceptionally well, contributing Rs 202.8 crore in its first week. This makes Kalki 2898 AD the second-highest grossing Hindi film of the year, surpassing Madhavan and Ajay Devgn's Shaitaan, and is on track to potentially become the biggest Hindi grosser of 2024. Globally, Kalki 2898 AD is etching its name in history. While it might not quite reach the dizzying heights of the 1000 crore club alongside giants like Dangal and Baahubali 2, it's definitely on track to outshine previous blockbusters like Shankar's 2.0 and Prabhas' own Salaar. By the end of its first week, the film is expected to surpass the worldwide earnings of both those movies. Packed with an A-list cast featuring <keyword id="19898963" type="General" weightage="20" keywordseo="Amitabh-Bachchan" source="keywords" meta.keywordsubtype="org" meta.entityname="Amitabh Bachchan" meta.hostid="261" meta.entityid="Amitabh Bachchan">Amitabh Bachchan</keyword>, <keyword id="19927390" type="General" weightage="20" keywordseo="Deepika-Padukone" source="keywords" meta.keywordsubtype="org" meta.entityname="Deepika Padukone" meta.hostid="261" meta.entityid="Deepika Padukone">Deepika Padukone</keyword>, and <keyword id="19929172" type="General" weightage="20" keywordseo="Kamal-Haasan" source="keywords" meta.keywordsubtype="org" meta.entityname="Kamal Haasan" meta.hostid="261" meta.entityid="Kamal Haasan">Kamal Haasan</keyword>, alongside Prabhas, the film offers a compelling blend of action, sci-fi, and star power. Cameos by Dulquer Salmaan, Vijay Deverakonda, Mrunal Thakur and director SS Rajamouli add further intrigue for fans. With its strong performance across languages and its potential to rewrite box office records, Kalki 2898 AD is a clear crowd-pleaser and a major win for Indian cinema.

Prabhas' Kalki 2898 AD enters 700 crore club in first week; eyes spot of biggest Hindi hit of 2024!

Both mid-cap and small-cap mutual fund schemes have continued to attract significant investor interest, having garnered about Rs 30,350 crore in inflows during the April-September period of the current financial year. Last year, as data from <keyword id="6359050" type="General" weightage="20" keywordseo="AMFI" source="Orion">AMFI</keyword> showed, the total inflows in both these segments during the same period were only marginally higher at Rs 32,924 crore. Data from Value Research suggests that mid-cap funds have generated 46.25% returns over the past year, while small-cap funds have yielded returns worth 44.17% during the same time. This is far better than their 3-year returns, which stand at 20.67% for midcaps and 21.64% for smallcaps. The returns further moderate over 5 years to 32.44% for small caps and 27.94% for midcaps. Inflows in mid- and small-cap funds have only grown from strength to strength during the current year, despite market watchdog <keyword id="35210" type="General" weightage="20" keywordseo="SEBI" source="Orion">SEBI</keyword> repeatedly highlighting the high risks both these categories entail. Between January and March 2024, small-cap funds saw inflows worth Rs 6,085.27 crore, while mid-cap funds were a little behind, garnering inflows worth Rs 4,887.05 crore. Between April and June this year, small-caps saw inflows worth Rs 7,196.8 crore. At the same time, midcaps saw inflows worth Rs 6,926.60 crore. In line with this increase in inflows, the number of investors (folios) in the two schemes shot up by 1.32 crore year-on-year to nearly 4 crore in the six-month period ended September 30, 2024. Since 2020, the small-cap universe (i.e., companies with a market cap of less than Rs 2000 crores) has grown nearly fourfold, offering investors a wide range of investment opportunities. Data from Trust Mutual Fund also shows that small-cap funds have also emerged as great generators of long-term wealth. Between August 2014 and August 2024, the <keyword id="6354813" type="General" weightage="20" keywordseo="Nifty" source="Orion">Nifty</keyword> 100 total return index (TRI) has yielded a CAGR of 14.7%. In contrast, the Nifty smallcap 250 TRI has registered a CAGR of 18.2% "Small caps will continue to grow at a faster rate for years to come. I expect the inflows to continue as Indians want to invest in the high-growth sectors. Small-cap funds should be seen as an integral part of one's portfolio allocation and not a tactical play," Trust Mutual Fund CEO Sandeep Bagla told PTI. Individually, mid-cap funds saw an inflow of Rs 14,756 crore, and small-cap funds attracted Rs 15,586 crore in the first half of FY25. This aggregates the total inflow to Rs 30,342 crore, the data showed. In addition, the stress test in March 2024 has also played a role, reinforcing confidence by ensuring that fund managers are prepared to handle market volatility, Feroze Azeez, Deputy CEO, Anand Rathi Wealth Ltd, said. "With the mid-cap and small-cap segments projected to grow at 20 percent and 25 percent, respectively, in FY25, we expect inflows to remain strong, especially as SIP inflows continue to hit new peaks," he told media.

Investors pour in Rs 30,350 crore in mid and small cap funds in the first half of 2024

Foreign investors have withdrawn nearly Rs 20,000 crore from Indian stock markets in just five trading days (November 4–8), continuing a trend of large-scale selling that began last month. Experts say investors are now moving their money to China, largely due to the high valuations presently prevailing in Indian markets. In early November, FPIs have offloaded as much as Rs 19,994 crore in Indian markets. The month prior, i.e., October, was one of the worst months in terms of foreign outflows, with FPIs making a net withdrawal of Rs 94,017 crore. Before this, Indian markets faced such a situation during the pandemic, when FPIs withdrew Rs 61,973 crore from equities in March 2020. <h2>Why Are Investors Leaving? </h2>According to Himanshu Srivastava of Morningstar Investment Research India, two main factors are driving this exodus. First is China's renewed appeal due to lower stock valuations and new economic stimulus measures. In a bid to nudge the domestic economy and bail state governments, China recently approved a 10-trillion yuan (US $1.4 trillion) package. Per reports, approximately 60% of this stimulus focuses on allowing local governments to refinance the mountain of debt on them. Srivastava explains foreign investors are also flocking to US dollar and Treasury yields, which have appreciated significantly in the recent past, leading FPIs to anticipate a stronger US economy going ahead. Moreover, high valuations in Indian markets are discouraging foreign investors from putting more money in the economy. As a result, over the past week, the selling pressure eroded Rs 74,563 crore in market value for Reliance Industries, while Bharti Airtel and ICICI Bank lost Rs 26,274 crore and Rs 22,254 crore, respectively. The combined market valuation of six of the top 10 most-valued firms dipped by Rs 1,55,721.12 crore last week. <h2> Silver linings</h2>Despite the ongoing outflux of funds since last month, November also saw unprecedented applications of about 40–50 new FPI registrations, which are eyeing to enter the Indian market. This was due to markets SEBIs recent relaxation to NRIs, permitting them to participate up to 100% and announcing measures for ease of entry and operations in India. On the other hand, FPIs invested Rs 599 crore in the debt general limit and Rs 2,896 crore in the debt voluntary retention route (VRR) during the period under review. So far this year, FPIs have invested Rs 1.06 lakh crore in the debt market. <li class="whitespace-normal break-words"></li>Going ahead, investors will be looking for certain macroeconomic cues, which include corporate earnings reports, India's inflation (CPI) and industrial production (IIP) data on November 12, the US inflation report on November 13, and wholesale price index (WPI) data on November 14.

FPIs withdraw nearly Rs 20,000 crore from equities in the last 5 trading sessions, make a beeline for China and US

Indian companies across multiple sectors have reported disappointing results in the second quarter of fiscal year 2025, notes a new JM Financials report. Consequently, their poor performance has triggered stock price corrections for affected companies. The brunt of this weaker than expected earnings was largely borne by consumer centric sectors like FMCG (fast moving consumer goods), retail, and auto, which slacked largely due to dampened urban demand. For instance, India's largest automaker, Maruti Suzuki, reported a 5% YoY decline in its total domestic passenger vehicle wholesales, largely on the back of pent-up inventory. Similarly, Honda reported a staggering 23% YoY dip in its total sales during October 2024. A recent report by Bernstein noted that around 48% of the companies listed on the NSE100 index missed their earnings estimate for Q2FY25, the highest since March 2020. Most companies have mentioned deteriorated domestic demand, urban slowing, macroeconomic risk, and margin pressures as the main reasons behind the dip. "The quarter's earnings have made investors nervous," noted the JM Financials report. The challenging environment stems from multiple factors: softening consumer demand, rising input costs, and companies' limited ability to increase prices. Moreover, this is not limited to just one quarter. Companies have been reporting weak, single-digit earnings growth for the last six consecutive quarters. Data from India Data Hub also suggests that corporate profits of listed companies plunged by as much as 3.4% during the quarter ended September 30, 2024. This is in stark contrast to the year-ago period, where they had shot up by over 40% The oil and gas sector had a difficult quarter, with refiners hit by weak margins and city gas distributors struggling with higher input costs. Financial institutions showed mixed results. While government-owned banks reported strong numbers, microfinance institutions and some private lenders faced massive difficulties with their unsecured loans. Most notable amongst this was the case of IndusInd Bank, which saw its net profits dip by 40% amidst burgeoning provisions, which climbed 87% to Rs 1,820 crore in Q2, as against Rs 974 crore reported in the year-ago period. <h2>Markets head southwards</h2>The selling trend by FPIs has dragged down the major Indian indices, the Nifty 50 and Sensex, both of which have dropped by around 8% since the beginning of this selling spree in October. According to National Securities Depository Ltd. (NSDL) data, FPIs offloaded equities worth a significant Rs 19,994 crore in just the first five trading sessions of November last week. The impact is clearly visible on Indian stock markets. Data suggests that while every sector in October closed the month in red, auto, oil and gas, and consumer durables were the most badly hit, each declining by as much as 10% during the month. Another indicator underlining the inherent weakness of the market was that the month saw only 242 stocks hit their 52-week high, significantly below the usual monthly average of 310.

India Inc. stares at an earnings dearth in Q2, FMCG, auto, and consumer durables falter

New Delhi: After a wave of initial public offerings (IPOs) in recent weeks, the primary market will experience a brief slowdown, with only two new public issues scheduled for the next week, aiming to raise Rs 365 crore. There were 12 IPOs in the mainboard segment and 40 in the SME (small and medium enterprise) segment in September. IPOs scheduled for next week, beginning October 7, are <keyword id="22922418" type="General" weightage="20" keywordseo="Garuda-Construction" source="keywords">Garuda Construction</keyword> and Engineering on the main board and <keyword id="23436926" type="General" weightage="20" keywordseo="Shiv-Texchem" source="keywords" meta.keywordsubtype="org" meta.entityname="Shiv Texchem" meta.hostid="153" meta.entityid="Shiv Texchem">Shiv Texchem</keyword> on the SME segment. Garuda Construction is seeking to raise Rs 264 crore, and Shiv Texchem is aiming for over Rs 101 crore through their respective IPOs available for public subscription during October 8-10. The stock market has seen a significant correction in the <keyword id="19911354" type="General" weightage="20" keywordseo="equity-market" source="keywords">equity market</keyword> since the start of October amid intensifying conflict between Israel and Iran. Despite the temporary slowdown, overall, the outlook for the <keyword id="19926041" type="General" weightage="100" keywordseo="IPO-market" source="keywords">IPO market</keyword> is promising, with 26 firms proposing to raise Rs 72,000 crore presently holding Sebi's approval while another 55 companies looking to garner about Rs 89,000 crore are awaiting the regulator's clearance, according to the Primedatabase. This month will see <keyword id="19908548" type="General" weightage="20" keywordseo="Hyundai-Motor-India" source="keywords">Hyundai Motor India</keyword> Ltd, the Indian arm of South Korean automaker Hyundai, hitting the primary market to raise around Rs 25,000 crore. The company's IPO is likely to be launched on October 14, according to sources. If the offering proceeds as planned, it will surpass Life Insurance Corporation's (LIC) public offering of Rs 21,000 crore, becoming the largest IPO in India's history. Moreover, 63 companies have already mobilised around Rs 64,000 crore via mainboard, marking a 29 per cent increase from Rs 49,436 crore collected by 57 firms through the route in 2023. The strong momentum in IPO markets is being driven by several key macroeconomic, sector-specific factors and the willingness of funds to look at new ideas. In particular, strong inflows into domestic mutual funds and robust capital formation across corporate India are playing key roles, experts said. Garuda Construction and Engineering's IPO is a mix of fresh issue of 1.83 crore equity shares and an offer of sale (OFS) of 95 lakh equity shares by promoter PKH Ventures. The price band has been fixed at Rs 92 to Rs 95 per share. About Rs 100 crore from its fresh issuance proceeds will be utilised for working capital requirements and the balance towards general corporate purposes, including unidentified inorganic acquisitions. Shiv Texchem's IPO is a completely new offering of over 61 lakh shares and is a book-built issue of Rs 101.35 crore. It has set a price band of Rs 158 to Rs 166 per equity share for the IPO. Further, the SME IPO of Khyati Global Ventures, which opened for public subscription on October 4, will close on October 8. Additionally, six companies from the SME segment are set to list in the coming week. HVAX Technologies and Saj Hotels will debut on October 7, followed by Subam Papers and Paramount Dye Tec on October 8. NeoPolitan Pizza and Foods will begin trading on October 9, with Khyati Global Ventures to follow on October 11.

IPO market braces for brief slowdown, 2 new issues targeting Rs 365 crore next week

New Delhi: Online food delivery platform <keyword id="19901323" type="General" weightage="100" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="83" meta.entityid="Zomato">Zomato</keyword> will acquire <keyword id="19898109" type="General" weightage="20" keywordseo="Paytm" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm" meta.hostid="83" meta.entityid="Paytm">Paytm</keyword>'s entertainment <keyword id="20028334" type="General" weightage="20" keywordseo="ticketing" source="keywords">ticketing</keyword> business for Rs 2,048 crore to strengthen its "going-out" segment in a deal that will help the troubled fintech firm to sharpen its focus on core payments and financial services distribution. Paytm's entertainment ticketing business covers movies, sports, and events (live performances). The boards of Zomato and One 97 Communications Ltd (OCL) have approved the all-cash deal. As part of this agreement, OCL's entertainment ticketing business will transfer business to its 100 per cent subsidiaries Orbgen Technologies Pvt Ltd (OTPL) and Wasteland Entertainment Pvt Ltd (WEPL), followed by the sale of 100 per cent stake in these subsidiaries (which operate the TicketNew and Insider platforms) to Zomato. Subsequently, Zomato will spin off the new business into a new app called 'District'. Under the deal, Zomato will fully acquire Orbgen Technologies Pvt Ltd (OTPL), which is into movie ticketing, for Rs 1,264.6 crore and buy Wasteland Entertainment Pvt Ltd, which is into events ticketing for Rs 783.8 crore. The combined entertainment ticketing business has a scale of Rs 297 crore in revenue and Rs 29 crore in adjusted EBITDA in FY24. "The transfer will also include around 280 existing employees from the entertainment ticketing business," OCL said in a statement, adding that the transaction generates significant profits for Paytm and cash proceeds will further strengthen the balance sheet. Announcing the deal, Paytm said it allows the fintech to strengthen its focus on core payments and financial services distribution. Paytm said with its strong focus on long-term value creation, the company remains confident in substituting revenue from its entertainment ticketing business by expanding core business areas of payments and financial service distribution. "This move allows us to continue focusing on long-term growth in our core areas and value creation for all stakeholders," a Paytm spokesperson said. On the other hand, Zomato Managing Director and CEO <keyword id="19901325" type="General" weightage="20" keywordseo="deepinder-goyal" source="keywords">Deepinder Goyal</keyword> in a letter to shareholders said, "The proposed acquisition helps us add more scale and offer newer use-cases (like movie and sports ticketing) to our customers in this segment". Zomato believes the deal makes it more relevant to its customers and gives an opportunity to spin off the business into a new app. "We are going to call it District, which could be a game changer for each of these use cases given the need for a single brand as a destination in this segment," Goyal added. Zomato is keen to position 'District' as the brand that consumers turn to when they are thinking of going out, he added. OTPL was incorporated on November 23, 2007, in India. It is in the business of listing and sale of movie tickets and other services. It had a turnover of Rs 13.14 crore in the fiscal ended March 31, 2024. WEPL was incorporated on December 21, 2015. It is in the business of listing and sale of event tickets and other services. Its turnover in the FY24 was Rs 236.03 crore. Paytm said the move to sell its entertainment ticketing business underscores its core focus on payments and financial services distribution. "In recent quarters, the company has also expanded its offerings in insurance, equity broking, and wealth distribution, with a significant opportunity to cross-sell these services and grow its market presence as a leading financial services distribution player," Paytm said. During a transition period (up to 12 months), the movie and event tickets will continue to be available on the Paytm app, as well as on the TicketNew and Insider platforms, ensuring a smooth and uninterrupted experience for users and merchant partners. Paytm said the deal underscores its success in building businesses and creating value for shareholders. Zomato's Goyal said the District app is expected to be launched anytime in the next few weeks. Post this acquisition, he said Zomato's going-out business would be spread across multiple different platforms. Its existing going-out business (dining-out + event ticketing) would continue to run on the Zomato app, and the acquired business -- movie, sports and event ticketing -- would continue to run on Paytm's main app for a transition period of up to 12 months, along with Insider and TicketNew apps. Both of these would get transferred to Zomato as part of the transaction. District app will duplicate the offerings above and over time, we will gradually nudge our customers to move from the Zomato, Paytm, Insider, and TicketNew apps to the District app. "Once most customers start transacting on the District app, we will remove the duplication and shut down this business on all the other apps. Eventually, there will just be a button to launch the District app on the Zomato app (like it is for Blinkit today) so that we continue to tap into the large customer base of Zomato," he added.

Zomato to acquire Paytm's entertainment ticketing business for Rs 2,048 crore

Travel tech platform <keyword id="19901637" type="General" weightage="20" keywordseo="OYO" source="keywords">OYO</keyword> reported <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> 2023-24 as the maiden profitable fiscal with a net earning of nearly Rs 100 crore, founder <keyword id="20198157" type="General" weightage="20" keywordseo="Ritesh-Agarwal" source="keywords">Ritesh Agarwal</keyword> said on Thursday. In a post on social media platform X, Agarwal said he sees growth ahead "not just in India" but also in OYO's other key markets of Nordics, South East Asia, the US and UK. "While a delighted customer or a hotel partner brings the biggest smile on my face, our first cut financials of FY24 have me humbled as well," Agarwal shared. "We had our maiden net profitable financial year at nearly Rs 100 crore. This was our eighth consecutive quarter of a positive EBITDA and we also have a cash balance of around Rs 1,000 crore," he added. He further highlighted that global credit rating firm Fitch has also taken note of OYO's improved performance and strong cash flows, upgrading its credit rating. "I see growth ahead not just in India with emerging travel trends such as premiumization, spiritual travel, business travel and conferences, destination weddings but also in our other key markets of Nordics, South East Asia, US and UK. FY25 will clearly be even more exciting," the OYO founder stated. He added that these are provisional numbers, but the audited financials will likely be close to these. Earlier this week, Fitch Ratings announced it has upgraded the rating of OYO parent firm Oravel Stays, citing the hospitality company's improved financial profile. Fitch upgraded Oravel Stay's long-term foreign and local currency issuer default ratings to 'B' from 'B-' with a 'Stable' outlook, according to a statement. It also upgraded the rating on the company's USD 660-million senior secured term loan facility due 2026 to 'B' from 'B-'. In FY24, OYO added about 5,000 hotels and 6,000 homes globally. It also reported a PAT (Profit after Tax) of Rs 99.6 crore (USD 12 million) and an adjusted EBITDA of Rs 888 crore (USD 107 million) for the whole fiscal year, up from Rs 274 crore (USD 33 million) in FY23. EBITDA -- Earnings Before Interest, Taxes, Depreciation, and Amortization -- is an alternate way of calculating profitability to net income. SEE ALSO:<a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank">Lok Sabha Exit Poll 2024 – what are they, when will they be announced and all you need to know</a><a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank">Truecaller can now detect if the caller is using AI – How to use it to prevent AI call scams</a><a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank">India’s T20 World Cup team, matches and everything you need to know</a>

At ₹100 crore, OYO posts FY24 as maiden profitable fiscal: Founder

Mumbai (Maharashtra) [India], December 3 (ANI): The craze for actors <keyword id="6357861" type="General" weightage="80" keywordseo="ranbir-kapoor" source="Orion">Ranbir Kapoor</keyword> and Bobby Deol's action thriller film '<keyword id="38741" type="General" weightage="20" keywordseo="animal" source="Orion">Animal</keyword>' doesn't appear to be going away anytime soon. The film has now entered Rs 100 crore club in India in just 2 days. After a massive opening, 'Animal' has minted RS 58.37 crore in Hindi language on its second day which took the film's total Hindi language collection to Rs 113.12 crore Nett in India. In all languages (Tamil, Telugu, Kannada and Malayalam) the film has minted Rs 131.07 crore Nett in India. Taking to Instagram, Trade analyst <keyword id="107593" type="General" weightage="80" keywordseo="taran-adarsh" source="Orion">Taran Adarsh</keyword> shared a post which he captioned, "'ANIMAL' IS A BOXOFFICE MONSTER...#Animal goes WILD on Day 2 [Sat]... Metros, non-metros, mass pockets - the response is OUTSTANDING, takes the 2-day total to over Rs 100 cr... Day 3 [Sun] biz will place it amongst the biggest *opening weekend* scorers of all time... Fri 54.75 cr, Sat 58.37 cr. Total: Rs 113.12 cr. #Hindi version. Nett BOC. #Boxoffice. #Animal [South Indian languages] Fri 9.05 cr, Sat 8.90 cr. Total: Rs 17.95 cr. Nett BOC. #Boxoffice ALL LANGUAGES TOTAL: Rs 131.07 cr Nett BOC." 'Animal' emerged to be Ranbir's career biggest opener. 'Animal' helmed by Sandeep <keyword id="14556308" type="General" weightage="50" keywordseo="reddy-vanga" source="Orion">Reddy Vanga</keyword> also stars Anil Kapoor, <keyword id="6202395" type="General" weightage="50" keywordseo="rashmika-mandana" source="Orion">Rashmika Mandana</keyword>, Shakti Kapoor and Triptii Dimri. It showcases a story about a father-son relationship, played by Anil and Ranbir Kapoor. Ranbir's character is protective and obsessive about his father's love and is seen threatening everybody who comes in the way of his love for his father. The 3 hour-21-minute-long film was released in 5 languages- Hindi, Telugu, Tamil, Kannada and Malayalam. (ANI)

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