Top headlines: Paytm stock sinks 27% on debut; govt accepts Cairn's offer

Business Standard brings you the top stories on Thursday

Govt accepts Cairn's offer on retro tax; company to withdraw cases: Report

Moving quickly towards ending a retrospective tax dispute with a firm that gave India its largest oilfield, the government has accepted Cairn Energy PLC's undertakings which would allow for the refund of taxes, sources said.

Meeting the requirements of the new legislation that scraps levy of retrospective taxation, the company had earlier this month given required undertakings indemnifying the Indian government against future claims as well as agreeing to drop any legal proceedings anywhere in the world. Read more

Paytm wipes out Rs 38,000 crore in investor wealth on market debut

One 97 communications, the parent company of digital payments major Paytm, made a dismal debut on the bourses, listing at a 9 per cent discount to the issue price of Rs 2,150, as concerns over lofty valuations and scepticism over the company's business model weighed on the stock.

The stock plummeted as the day progressed, hitting a 20 per cent lower circuit, causing a halt in trading. The shares fell further after trading resumed to end the day at Rs 1,564, down 27 per cent, on the BSE. At the closing price, Paytm was valued at Rs 1.01 trillion—nearly Rs 38,000 crore below the Rs 1.39 trillion value assigned in the Rs 18,300-crore IPO. Read more

Escorts stock zooms 8% as Japan's Kubota to raise stake, make open offer

Escorts was trading at a fresh all-time high on Thursday after Japan-based Kubota Corporation acquired stake in the company.

According to a release issued by Escorts to the BSE, the company has raised Rs 1,872.74 crore by way of preferential issue of 96.64 lakh equity shares to Kubota at Rs 2,000 per share. "Kubota will also make an open offer to the public shareholders of Escorts to acquire up to 26 per cent of the share capital in accordance with SEBI Regulations," Escorts said. Read more

Apple investing significantly in India, supports around 1 mn jobs: Official

Apple is investing significantly in India to expand its presence in the country, and supports around one million jobs in the country across its workforce, apps and supplier partners, the company's Vice-President (Product Operations) Priya Balasubramaniam said on Thursday.

Speaking at the Bengaluru Tech Summit 2021, Balasubramaniam said Apple has been operating in India for over two decades, and in 2017, it began manufacturing iPhones at a facility in Bengaluru. Read more