Weekend Wrap: From Zomato to Suzlon Energy, top market movers and news of week

Top News

Goods and Services Tax

In July 2024, Goods and Services Tax (GST) collections surged to ₹182,075 crore, reflecting a notable 10.3% increase from the ₹165,105 crore collected in July 2023. This uptick was seen across all categories, including Central GST (CGST), State GST (SGST), Integrated GST (IGST), and cess, as reported by ANI. For the year-to-date, GST collections have risen by 10.2%, reaching ₹7.38 lakh crore compared to ₹6.70 lakh crore in the same period last year. April 2024 set a new high with collections peaking at ₹2.10 lakh crore, followed by ₹1.73 lakh crore in May and ₹1.74 lakh crore in June. In budget presentation, the finance ministry projected that central GST revenue, including cess, will reach ₹10.62 trillion for FY25. This forecast exceeds the revised estimate of ₹9.56 trillion for FY24.

Sanstar share price

Shares of Sanstar got listed at a premium of 14.7% over the issue price of ₹95. On fundamentals of Sanstar shares, Amit Goel, Co-Founder & Chief Global Strategist at Pace 360, said, “Sanstar Limited is engaged in manufacturing speciality plant-based products and ingredient solutions for food, pet food and other industrial applications in India. It includes liquid glucose, dried glucose solids, maltodextrin powder, dextrose monohydrate, native maize starches, modified maize starches, and by-products such as germ, gluten, fibre and fortified proteins. It marked inconsistency in its top lines; the bottom line steadily grew for the reported period. The issue appears to be priced aggressively when considering the FY24 earnings.”

Also, IPO of Akums Drugs and Pharmaceuticals and Ceigall India got oversubscribed by 63.44 times and 1.26 times respectively.

Meanwhile, Bajaj AMC and SBI AMC have launched the NFO for Bajaj Finserv Large Cap fund and SBI Innovative Opportunities fund The NFO closes on 12 August 2024. 

Kuvera is a free direct mutual fund investing platform. Unless otherwise stated data sourced from BSE, NSE and kuvera