On the very first day of its listing in the stock market, Paytm witnessed the sharpest ever fall of any stock on its listing day in the last one decade. The stock price of Paytm, formally known as one97 Communications, tanked by 27% on Thursday.

Paytm had put out its Initial Public Offering (IPO) price for each share at over Rs 2,150, but the stock was listed in the stock market with a 9% loss on Thursday morning when the markets opened. The stock, when listed in the morning, could not even cross the Rs 2,000-mark and was listed at a price of Rs 1,955 at the Bombay Stock Exchange (BSE).

As the day progressed the stock prices of Paytm kept on falling only to settle at a loss of 27.25% when the market closed at about 4 pm on Thursday. Paytm’s stock price settled at the end of the day at Rs 1,564.15.

At the end of the day on Thursday, Paytm’s market capitalisation was eroded by one third as compared to its market capitalisation during the time when the company was listed for IPO. Paytm through the IPO was hoping to raise about Rs 1.50 lakh crore, but instead took a major hit at the stock market.

Analysts and market observers say that the high valuations of the stock, tough competition in the digital payments sector, consistent loss in the last financial years and a much less than expected subscription to its IPO are some of the key factors for the below average listing of Paytm stocks in the market.

Paytm’s IPO did not see many takers against the hype it had created with its IPO. Paytm›s Rs 18,300-crore offer was subscribed only 1.89 times. Qualified institutional investors bought shares only 2.79 times the reserved portion and retail investors› portion was booked 1.66 times, while non-institutional investors did not show great interest in the offer as their portion was subscribed only 24%.

Soon after the Paytm stocks were listed with a 9% loss, social media was abuzz with netizens talking about how overvalued the stocks of Paytm were and many even complained of the over enthusiasm the company had been showing ever since it had received one of the largest market capitalisation approvals from SEBI, the stock market regulator.

However, Paytm is the largest payments platform in India with a gross merchandise value (GMV) of Rs 4.03 lakh crore in FY21, having an overall mobile payments transaction volume market share of approximately 40%, and wallet payments transaction market share of 65-70% in India as of FY21.

Noting that India’s digital revolution is rooted in its democracy, Prime Minister Narendra Modi on Thursday listed out “Digital transitions shaping” the country, at the inaugural edition of The Sydney Dialogue. The Sydney Dialogue is being held between 17-19 November. It is an initiative of the Australian Strategic Policy Institute. Prime Minister Modi also urged democracies around the world to ensure that crypto-currencies or bitcoin do not end up in the wrong hands and spoil the youth.

“As a democracy and digital leader, India is ready to work with partners for our shared prosperity and security. India’s digital revolution is rooted in our democracy, our demography and the scale of our economy. It’s powered by enterprise and innovation of our youth,” said PM Modi during his keynote address. Prime Minister said that India is “turning the challenges of the past into an opportunity to take a leap into the future. While speaking on the theme of “India’s technology evolution and revolution”, PM Modi noted that there are five important transitions taking place in India.

“One, we are building the world’s most extensive public information infrastructure. Over 1.3 billion Indians have a unique digital identity. We are on our way to connecting 600,0000 villages with broadband. We have built the world’s most efficient payment infrastructure, the UPI. Over 800 million use the internet, 750 million are on smartphones.”

On the second transition, PM Modi said India is “transforming people’s lives by using digital technology for governance including empowerment, connectivity, delivery of benefits and welfare.”

“Three, India has the world’s third-largest and fastest-growing ecosystem. New unicorns are coming up every few weeks to provide solutions to everything from health to national security,” said PM Modi. The fourth transition is India’s industry and services sectors are undergoing massive digital transformation using technology for conversion of resources and protection of biodiversity, he added.

On the fifth transition, Prime Minister said that there is a large effort to prepare India for the future. “We are investing in developing indigenous capability in telecom technology such as 5G and 6G; India is one of the leading nations in artificial intelligence,” he said. PM Modi’s address was preceded by introductory remarks by the Australian Prime Minister Scott Morrison, the Prime Minister’s Office said in a statement.

PM Modi said that it is essential for democracies to work together to create standards and norms for data governance. “It should also recognise national rights and, at the same time, promote trade, investment and the larger public good,” he said. “Take crypto-currency or bitcoin for example. It is important that all democratic nations work together on this and ensure it does not end up in the wrong hands, which can spoil our youth,” PM Modi added.

Last week, PM Modi had chaired a comprehensive meeting on the way forward for cryptocurrency and related issues. At the meet, discussions were held on the unregulated crypto currencies and how they cannot be allowed for money laundering and terror financing, government sources said.

The meeting was held after a consultative process done by the Reserve Bank of India, the Union Finance Ministry, and the Ministry of Home Affairs (MHA) in which global and Indian experts were consulted and global examples and best practices studied. According to sources, the government strongly feels that attempts to mislead the youth through over-promising and non-transparent advertising have to be stopped.

In what is being seen as an imminent indication of the deportation of one of the multiple economic offenders fleeing India in the last few years, Prime Minister Narendra Modi said on Thursday that Government of India was resorting to all channels to bring back economic offenders.

PM Modi, who was addressing a bankers’ symposium in Delhi, without naming any of the fugitives, said that these offenders should return to India. “In our attempt to bring back fugitives (economic offenders), we relied on policies and law and also used diplomatic channels. The message is very clear—return to your country. We are continuing these efforts,” the PM stated.

“When someone runs away with bank loans, it is discussed a lot. But when a daring government brings them back, nobody discusses it,” the PM said. The topic of the fleeing of economic offenders from India and the subsequent failure of the government to bring them back is often used by the Opposition parties, including Rahul Gandhi, to attack the government politically, which has, since coming to power in May 2014, put in a conscious effort to present itself as a “strong-assertive” government.

From Vijay Mallya, Nirav Modi, Mehul Choksi, Sandesara brothers, members of Iqbal Mirchi family, Zakir Naik, Nitish Thakur to Sanajy Bhandari, the list of economic offenders that the law enforcement agencies in India are trying to bring back from different countries, is long. The nodal agency in such cases is the Enforcement Directorate (ED), whose chief S.K. Mishra got another extension earlier this week by way of an ordinance passed by the government.

Agencies were in fact just hours away from deporting Choksi a few months ago, but last moment developments stalled their efforts. PM Modi added that more than Rs 5 lakh crore had been recovered from the offenders by his government while claiming that a lot of money was stuck with the defaulters during the Congress-led government’s term.

Mallya, who is holed up in London, had in 2019, become the first person to be declared a “fugitive economic offender” under the Fugitive Economic Offenders’ Act, 2018 by a special Prevention of Money Laundering Act (PMLA) Court in Mumbai. He was followed by Nirav Modi, one of the accused in the Rs 13,600 crore Punjab National Bank (PNB) fraud.

As per law, a Fugitive Economic Offender is a person against whom an arrest warrant has been issued in respect of a scheduled offence and who has left India so as to avoid criminal prosecution, or being abroad, refuses to return to India to face criminal prosecution. Once the person is declared a fugitive economic offender, the prosecuting agency has the powers to confiscate his properties.

UWBe, part of United Way Worldwide, is an NGO focused on social issues that seek immediate attention. The chapter catalyses unified efforts from corporates, civic bodies and citizen associations to bring about visible change. The organisation works in four key areas—environment, education, healthcare, and livelihood.

Working towards the development of e-Commerce shipping facilities globally, All Frontier Global is launching its all-in-one website. They are ready to launch globally and would be working B2B and B2C, making shipping easier for people with just one swipe. The firm is working with an innovative approach to creating fast, reliable, and simple ways of shipping diversified product range all across the globe. They cater to categories like food, pharmaceuticals, nutraceuticals, herbal products, beverages, perfumes, cosmetics, clothing, footwear, and Jewelry from all brands to various consumers.’

Talking about their new venture, Founder Amit Jain said, “We have been working in the same field for the past many years. I have inherited the business traits from my forefathers and learning from them, I visioned to launch this venture. Through this, I am hoping to embark on a journey to help all the local businesses to ship their products across the globe in no time. Liaison-induced business is the pioneer in our industry, and we welcome any queries about it, whether domestic or foreign. As equal-opportunity platforms, we prioritise both fronts.” The firm is providing better quality products at an affordable price range as compared to other firms existing in the market. With its well-established structure, the firm is bringing new innovations in the industry and promoting Indian ideas and Indian brands on a global scale. Encountering the changes that are forcing the talented youth to shift to other countries, the company is looking forward to guiding the assets of our country and offering them the business mentorship that helps them to build their own legacy. Other than providing mentorship, the company is also focusing its energy on exporting products. Europe, UAE, Australia, New Zealand are the countries that have been selected for the exporting process. “Having worked in this field for the past many years, it was time to bring some revolution in the industry. So, I thought of bringing a platform that caters to all the needs under one platform without any hassle-free process. Helping people has always been my motto, and doing this makes my effort worth it. Being proud learners of both old and new ways, our deep experience has withstood the winds of change, and we advocate an omnichannel approach based on budgetary limits,” he further added. They are proposing this as one of their numerous services because they have requisitive connections inside the sector. The customers can also contact them to learn more about their pharmaceutical, nutraceutical and food and dietary supplement activities.

With an aim to ensure quality access to STEM education and create India’s next generation of talent, SKF India, on Wednesday announced the launch of WeGyaan—a STEM (science, technology, engineering and mathematics) initiative for deserving students.

To be launched in association with NGO partner, United Way Bengaluru, the WeGyan initiative, plans to reach at least 10,000 students annually, in government schools across Ahmedabad, Gurugram, Haridwar, Mysuru, Bengaluru, and Pune with the aim to encourage students to pursue education and careers in STEM subjects. With the core focus on building STEM learning, including setting-up infrastructure for STEM labs, and providing innovative science-based learning tools to help students strengthen the concepts in Science and Mathematics, the project will focus on other key components including holistic development, career guidance as well as physical and mental well-being.

It will also build the capacities of teachers and include exposure visits, mentoring and soft skills training. To motivate students and address absenteeism, the initiative will focus on building need-based WASH facilities in the school.

Manish Bhatnagar, Managing Director, SKF India Ltd., said, “We strongly believe that supporting STEM learning and inspiring students to pursue STEM education and careers will help build India’s future pipeline of skilled STEM workers, scientists, innovators and engineers. Our aim is to reach over 100,000 students by 2024, across multiple states, through a three-year program thereby inspiring them to consider STEM career options. This initiative will further aid diversity in STEM fields by creating a world with equal opportunities for both girls and boys.”

Through the initiative, 35 government schools in rural and urban areas are provided with STEM infrastructure support as well as WASH training and intervention to reduce dropout rates of girl students. Through experiential science activities, using innovative tools and DIY models and other need-based interventions, WeGyaan aims to build critical-thinking, decision-making, and problem-solving among students. This initiative will also include teachers training sessions for facilitating them to teach the STEM-related topics, as well as on-ground engagement with local communities and families on the importance of STEM education and related careers.

“Stronger and educated women make a stronger nation and we feel gratified to be facilitating this project in collaboration with SKF India. The program helps the advancement of underrepresented students who aspire to pursue careers in technical fields,” said Rajesh Krishnan, Executive Director, United Way Bengaluru.

SKF’s mission is to be the undisputed leader in the bearing business. We do this by offering solutions that reduce friction and CO2 emissions, whilst at the same time increasing machine uptime and performance. Our products and services around the rotating shaft include bearings, seals, lubrication management, artificial intelligence and wireless condition monitoring. SKF is represented in more than 130 countries and has around 17,000 distributor locations worldwide. Annual sales in 2020 were SEK 74 852 million and the number of employees was 40,963. www.skf.com/in.

93.5 RED FM has announced the second season of The Kavi Collective, a poetry festival with a modern twist. The digital event will have the best of poets from across the country. The show will be available for viewers on Bookmyshow.com on Saturday, 4 December, 8 PM onwards. The Kavi Collective is an initiative that brings legendary and contemporary poets together. This season has eminent personalities from the field of poetry like Swanand Kirkire, Dr Sunil Jogi, Nidhi Narwal, Amandeep Singh, Helly Shah and Priya Malik sharing the stage together. RJ Raunac along with Priya Malik will be the hosts for the evening. Furthermore, RED FM is also giving a chance to the upcoming poets in this edition through an on-air contest as well.

Speaking on the initiative, Nisha Narayanan, Director & COO, RED FM and Magic FM, said, “The Kavi Collective is about uniting the community of poets and offering a unique setting that brings poetry to new light. We have kept the essence of a ‘kavi sammelan’ intact while adding a modern twist to it by bringing together eminent and emerging poets. Poetry is not just about a few paragraphs of verses anymore; there is a lot that has happened over the years for us as a nation as well as individuals that is reflected through poetry.”