Top headlines: Zomato investors expect IPO bonanza; bonds rally on RBI word

Zomato's major shareholders are set to make gains in the range of 50 per cent to 6,450 per cent with the company's IPO. More news in our morning wrap.

Zomato's IPO is expected to be a winning bet for the company's private equity investors and early backers. Bonds rally after the Reserve Bank of India indicates that its accommodative policies would continue. Here are the top headlines at this hour. 

Zomato's Rs 9,375-crore IPO to bring bonanza for Info Edge, Sequoia, Goyal

Zomato’s much-awaited initial public offering (IPO) has turned out to be a major winning bet for several private equity (PE) investors and early backers of the online food delivery company.

The existing shareholders of the company are set to make gains in the range of 50 per cent to 6,450 per cent on their investments as India’s first major e-commerce company launches its Rs 9,375-crore maiden offering next week. Read more. 

Bonds rally after RBI guv indicates accommodative policies will continue

Bonds rallied on Thursday after the Reserve Bank of India (RBI) governor indicated that its accommodative policies would continue for long, especially as the central bank saw inflation as a “temporary hump” and growth fragile.

“Any hasty withdrawal of monetary policy support will negate the nascent or incipient recovery that is taking place,” RBI Governor Shaktikanta Das told Business Standard in an interview. Read more. 

TCS Q1 PAT up 28.5% YoY; India business down 14.1% due to second wave

Tata Consultancy Services (TCS) missed the Street expectation as its India business pulled down revenue growth during the first quarter of FY22. India business for the country’s largest IT services player was down 14 per cent as the second wave of Covid19 impacted business sentiments.

For the first quarter, net profit of the company at Rs 9,008 crore grew by 28.5 per cent year-on-year basis, but was down 2.5 per cent sequentially. Revenue for the quarter grew 18.5 per cent year-on-year at Rs 45,411 crore, and was up 3.9 per cent sequentially. According to Bloomberg poll, analysts were estimating revenue of Rs 45,767.5 crore and net profit of Rs 9,391.9 crore for the quarter gone by. Read more. 

French court allows Cairn to seize 20 Indian govt properties in Paris

Armed with a judicial order upholding its case, London-listed Cairn Energy PLC has identified high-value assets of the Indian government in the US, the UK, Canada, Singapore, Mauritius, France, and the Netherlands for enforcing an arbitration award that went against India.

Cairn has got a favourable order from a French tribunal for seizing 20 properties -- valued at more than 20 million euros -- of the Indian government in that country. Read more. 

Twitter's India business is trending despite face-off with the government

The last few months have been stressful for Twitter in India given the way things have panned out between the microblogging platform and the Indian government. On the business front though, the controversy has probably helped Twitter more than harming it, at least if one looks at the numbers.

According to data intelligence platform Similarweb, the Twitter app’s daily active users on Android increased to 10.03 million in May from 7.85 million in January 2021, a 27 per cent rise. Similarweb data shows that Twitter downloads on Android saw a dip to 3.4 million in February, but have been on the rise ever since. Read more.