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On August 3, Zomato reported a maiden consolidated net profit of Rs 2 crore for the quarter ended June 2023, as against a loss of Rs 186 crore a year ago. The profitable turn came on the back of higher order frequencies from its loyalty programme, Gold. Its revenue from operations in the quarter saw a nearly 71% on-year jump to Rs 2,416 crore.

Marquee investors including Morgan Stanley, Nomura, Kotak Mahindra MF, among others picked up stake in Zomato in block deal on Wednesday.

The S&P 500 index reached its highest in nearly three weeks after an ADP National Employment report showed private payrolls increased by 177,000 jobs in August, compared with estimates of 195,000, suggesting a softening labor market.

Credit costs for unsecured loans could make up between 60% to 70% of the total provisions for large private sector banks in fiscal 2025 after a strong 26% growth in this segment the last five years. Unsecured loans contribute about 6% of overall system (incl. NBFCs), and contribute 11% for the banking system up from 8% in fiscal 2019.

The Reserve Bank of India (RBI) has urged the directors of Urban Co-operative banks (UCBs) to enhance governance practices to ensure stability. RBI governor Shaktikanta Das highlighted the importance of a professional Board of Management and emphasised the need to strengthen compliance, risk management, and internal audit. He also called for proactive asset liability management and improved liquidity risk management.

Piramal Enterprises plans to double its loan book by FY28, with a focus on retail loans, according to Chairman Ajay Piramal. The company aims to reduce the size of its wholesale book and lend to mid-sized corporates while exiting its legacy wholesale book. The new loan book will be more granular, with smaller loan sizes and a focus on interest and regular repayments.

"Trading turnover on NSE IX has been growing exponentially since commencement of a full-scale operation of Gift Nifty on July 3, 2023," the index manager said.

Ending of the lock-in period does not necessarily mean investors who received shares in the pre-IPO sale will offload their entire holdings. But, whether pre-IPO investors are selling or holding on will be of interest for traders as large blocks of selling tend to weigh down share prices in the near-term.

Having successfully navigated the investment landscape, Spark Capital significantly strengthens and enhances its wealth and asset management business, Spark Private Wealth, by integrating investment banking and asset management expertise. Co-chief executives Arpita Vinay and S Ganashyam lead the venture.

Broader markets continued to outperform their headline peers, with Nifty Midcap 100 ending 0.73% higher