Budget 2024-25, EaseMyTrip and Yatra’s Shares Soar, Paytm Allies With Axis Bank and more

EaseMyTrip and Yatra saw their shares soar as FM unveiled new tourism initiatives, while MapmyIndia's stock jumped 10% following the proposal for GIS-based urban land records. Foreign companies got a big break with a corporate tax cut to 35%, and the abolition of the angel tax brought cheers from startup founders. Meanwhile, Paytm joined forces with Axis Bank to enhance merchant payment solutions.

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What Matters

“Sabka Saath, Sabka Vikaas”: FM Nirmala Sitharaman Abolishes Angel Tax

Budget 2024-25 brings great news for startups as FM Nirmala Sitharaman abolishes the dreaded angel tax to fuel innovation and entrepreneurship. Long a thorn in the side of founders and investors, its removal has been widely praised.

Mohandas Pai, former Infosys CFO, hailed the move as a major relief and urged the government to drop all pending cases under the angel tax.

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“Hum Bhi Hai Josh Mein”: EaseMyTrip, Yatra’s Shares Jump After FM Unveils Initiatives To Boost Tourism

EaseMyTrip’s shares soared to an intraday high of INR 43.6, marking an 8.86% uptick, while Yatra’s shares climbed to INR 127.35, up 4.9%.

This surge follows Finance Minister Sitharaman’s announcement of a hefty INR 2,479.62 Cr allocation for tourism in FY25, a whopping 46% increase from last year’s budget. Looks like the travel sector is getting a major boost.

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“Dum Laga Ke Haisha”: MapmyIndia Shares Jump 10% After FM Proposes GIS-Based Urban Land Records

MapmyIndia’s shares rocketed by 10% to INR 2,488 after FM Sitharaman proposed GIS-based digitization of urban land records. By 1:29 PM, the stock was trading at INR 2,411.95, up 6.6% from the previous close.

Just a week ago, MapmyIndia was already eyeing global expansion, and now they're mapping out even greater success.

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“Sweet As The Smell Of Success”: Corporate Tax Rate For Foreign Companies Cut To 35%

In Budget 2024, FM Sitharaman delivered a pleasant surprise for foreign companies, slashing the corporate tax rate from 40% to 35%.

This tax cut aims to attract more international investments and boost economic growth. With this move, India is rolling out the red carpet for global businesses.

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“Dubte Ko Tinke Ka Sahara”: Paytm Teams Up With Axis Bank To Fuel Merchant Payment Solutions

In a power move, Paytm teams up with Axis Bank to revolutionize merchant payment solutions! Together, they're rolling out point-of-sale systems and card payment machines, making transactions smoother for banks and merchants.

Paytm’s EDC devices come loaded with features like inventory management and CRM, turning every shop into a smart store.

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1. Nykaa is set to raise INR 125 Cr through debt funding from Foreign Portfolio Investors by issuing 12,500 NCDs at INR 1 Lakh each. The board of Nykaa E-Retail, a subsidiary of FSN ECommerce Ventures, approved this move in their recent exchange filing.

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2. Education finance firm Auxilo has raised $12 million in debt, issuing NCDs at Rs 1,00,000 each to secure Rs 100 crore. Dezerv Securities, MAS Financial Services, and CredAvenue Securities were key participants in this funding round.

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3. MakeMyTrip's Q1 profit soared 13% to $21 million, driven by robust travel demand and a 31% revenue increase to $254 million. This growth is fueled by government investments in travel infrastructure and rising disposable incomes.

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