New Delhi: Gold prices eased by Rs 60 to Rs 52,811 per 10 grams in the national capital on Wednesday in line with losses in the precious metal in the global markets, according to HDFC Securities. The precious metal had closed at Rs 52,871 per 10 grams in the previous trade. Silver declined by Rs 575 to Rs 58,985 per kg from Rs 59,560 per kg in the previous trade. The rupee appreciated by 11 paise to 79.52 against the US dollar in afternoon trade on Wednesday on easing crude oil prices and foreign fund inflows. In the international market, gold was quoting lower at USD 1,789 per ounce while silver was flat at USD 20.35 per ounce. "Gold prices traded weak with spot gold prices at COMEX trading at USD 1,789 per ounce on Wednesday," said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities. —PTI

Gold prices eased by Rs 60 to Rs 52,811 per 10 grams in the national capital on Wednesday in line with losses in the precious metal in the global markets, according to HDFC Securities

Gold prices fall by Rs 60, silver declines Rs 575

Market

Mumbai:&nbsp;The rupee fell 40 paise to close at 79.64 (provisional) against the US dollar on Monday amid waning risk appetite among investors.Lower global crude prices and a rally in domestic equities restricted the losses to some extent, forex dealers said.At the interbank foreign exchange market, the domestic currency opened weak at 79.50 per dollar. It oscillated between a high of 79.45 and a low of 79.65 during the session.It finally settled at 79.64, down 40 paise over its previous close of 79.24.The dollar index, which measures the greenback's strength against a basket of six currencies, slipped 0.25 per cent to 106.57.Brent crude futures, the global oil benchmark, declined 0.54 per cent to USD 94.38 per barrel.On the domestic equity market front, the BSE Sensex ended 465.14 points or 0.80 per cent higher at 58,853.07, while the broader NSE Nifty advanced 127.60 points or 0.73 per cent to 17,525.10.Foreign institutional investors remained net buyers in the capital market on Friday as they purchased shares worth Rs 1,605.81 crore, as per exchange data.After turning net buyers last month, foreign investors continued their positive stance on Indian equities and invested over Rs 14,000 crore in the first week of August amid softening of the dollar index.This was way higher than the net investment of nearly Rs 5,000 crore by Foreign Portfolio Investors (FPIs) in the entire July, data with depositories showed.—PTI

The rupee fell 40 paise to close at 79.64 (provisional) against the US dollar on Monday amid waning risk appetite among investors

Rupee falls 40 paise to close at 79.64 against US dollar

New Delhi: Leading digital payments and financial services company&nbsp;<a href="https://www.business-standard.com/topic/paytm" rel="noopener noreferrer" target="_blank" style="color: rgb(37, 145, 220);">Paytm</a>&nbsp;has received positive feedback from top&nbsp;<a href="https://www.business-standard.com/topic/brokerages" rel="noopener noreferrer" target="_blank" style="color: rgb(37, 145, 220);">brokerages</a>&nbsp;such as Goldman Sachs, JP Morgan, Morgan Stanley, ICICI Securities, Yes Securities and CLSA after reporting its Q1FY23 financial results.In their brokerage notes, they highlighted Paytm's strong growth in revenue and contribution margins during the quarter in addition to sharp improvement in net payment margins.In its note,&nbsp;<a href="https://www.business-standard.com/topic/goldman-sachs" rel="noopener noreferrer" target="_blank" style="color: rgb(37, 145, 220);">Goldman Sachs</a>&nbsp;said that the company "remains firmly on the path to profitability" following its Q1FY23 results.The brokerage also raised its EBITDA estimates for&nbsp;<a href="https://www.business-standard.com/topic/paytm" rel="noopener noreferrer" target="_blank" style="color: rgb(37, 145, 220);">Paytm</a>&nbsp;and believes that Patytm's Q1FY23 results should "help provide more visibility to investors" on the company's profitability target."We believe Paytm's 1QFY23 results should help provide more visibility to investors on the company's path to profitability (adjusted EBITDA improved 25 per cent q-o-q and was 14 per cent better vs GSe), and we view this as a key catalyst for the stock. Revenue growth at 89 per cent YoY in 1QFY23 remains elevated, and while we expect a deceleration in growth in subsequent quarters, we forecast a robust 37 per cent FY22-25E revenue CAGR for Paytm, at the higher end of global fintech peers," the brokerage firm elabolated.<a href="https://www.business-standard.com/topic/goldman-sachs" rel="noopener noreferrer" target="_blank" style="color: rgb(37, 145, 220);">Goldman Sachs</a>&nbsp;maintains its 'Buy' rating for the stock with a revised target price of Rs 1,100.JP Morgan also welcomed Paytm's Q1FY23 financial results, citing sharp revenue growth (over 89 per cent y-o-y and 9 per cent q-o-q) and contribution margin (43 per cent +830bps q/q).It said the sharp margin improvement was driven by a reduction in payment processing charges resulting in expansion of payments business profitability (35 per cent gross margin, 10bps net MDR)."The contribution margin print in 1Q is what we had assumed to happen in late F24/25. Incremental contribution margin in the business is running at 60 per cent (on YY basis) suggesting further improvement ahead," the brokerage added.Analysts at JP Morgan also highlighted lower processing costs for the quarter, which have driven payment margin improvement.The brokerage said that Paytm's financial services business remains strong andA revenue growth in this segment at 60 per cent (q-o-q) "is tracking ahead of expectations and seen in continued traction for the company's loan syndication business".The brokerage maintains its aOverweight' rating for the stock with a target price of Rs 1,000.ICICI Securities said that&nbsp;<a href="https://www.business-standard.com/topic/paytm" rel="noopener noreferrer" target="_blank" style="color: rgb(37, 145, 220);">Paytm</a>&nbsp;continues to improve its margins, with losses coming down sequentially.The brokerage said that the company's Q1FY23 results was characterised by: A) reduction in payment processing charges leading to improvement in net payment rates; B) continued acceleration in lending business with disbursements of Rs 56 billion; C) enhanced contribution/adjusted-EBITDA (before ESOP cost) margins due to increased net payment rates and rising contribution of financial services revenue; D) sustained growth in monthly transacting users (MTUs) and deployment of offline devices and strong QoQ growth in gross merchandise value (GMV).The brokerage continued to maintain its 'Buy' rating for the stock with a target price of Rs 1,285.Yes Securities said in its brokerage report that it acknowledges improvement in Paytm's trajectory after the company's Q1FY23 financial results. Some of the factors that led to this improvement include strong growth in revenue from operations and significant improvement in contribution profit.While the brokerage said it "awaits delivery and sustenance of profitability", it highlighted that the company continues to show improvement with strong growth in payments services revenue, net payments margin and contribution margin.With this, the brokerage has now upgraded its rating for the Paytm stock to 'Neutral' with a target price of Rs 850.Morgan Stanley said that Paytm registered another strong quarter with revenue growth in Q1FY23 at almost 90 per cent y-o-y, led by better than expected take rates in both payments and financial services.The brokerage noted that the key highlight during the quarter was sharp improvement in contribution margin, which increased to 43 per cent of revenues in comparison to 35 per cent in Q4FY2022.The brokerage has increased its target price for the Paytm stock to Rs 785 with an equal-weight rating.CLSA summed up Paytm's results by saying that the company put up a "good show" during the quarter.In its note, the brokerage said Paytm's Q1FY23 was a "continuation of prior quarter trends" with healthy GMV growth, while cross-selling of merchant devices and loan distribution "remains the key focus and incremental driver of EBITDA breakeven"."Most P&amp;L numbers were largely in line with our expectations, while payment processing costs were significantly lower. This led to 13 bp net take-rate in 2QFY23 itself, while we were expecting it to happen in FY24," it added.The brokerage has increased the target price of the Paytm stock to Rs 650.Paytm started the new fiscal year with 89 per cent (year-on-year) revenue growth in Q1FY23 at Rs 1,680 crore, while EBITDA (before ESOP) loss reduced to Rs 275 crore, marking an improvement of Rs 93 crore (on-quarter).The company's contribution profit grew 197 per cent Y-o-Y to Rs 726 crore, leading to an increase in contribution margin to 43 per cent of revenues in comparison to 35 per cent in Q4FY22.Its user engagement, measured by monthly transacting users (MTU), grew 49 per cent (on-year) to 74.8 million during the quarter, while the total devices deployed increased to 3.8 million (2.8 million added in the past 12 months).Paytm's payments services revenue grew by 69 per cent y-o-y, while revenue from financial services grew 393 per cent y-o-y during the quarter, led by massive growth in Paytma¿s loan distribution business.During the quarter, Paytm disbursed 8.5 million loans, representing a growth of 492 per cent Y-o-Y and 30 per cent Q-o-Q.The value of the loans disbursed stood at Rs 5,554 crore, marking a growth of 779 per cent Y-o-Y or 56 per cent Q-o-Q.Moreover, the company has now reached an annualized run rate of approximately Rs 24,000 crore of loan disbursements through its platform, with significant upside potential from increasing penetration.—IANS

Leading digital payments and financial services company Paytm has received positive feedback from top brokerages such as Goldman Sachs, JP Morgan, Morgan Stanley, ICICI Securities, Yes Securities and CLSA after reporting its Q1FY23 financial results.

 Top brokerages welcome Paytm's strong Q1 results, reiterate 'buy' rating for stock

Mumbai:&nbsp;Equity benchmark Sensex jumped over 465 points on Monday, tracking gains in index majors HDFC twins and Reliance Industries amid positive global market trends.The 30-share BSE gauge climbed 465.14 points or 0.80 per cent to finish at 58,853.07. During the day, it jumped 546.97 points or 0.93 per cent to 58,934.90.The broader NSE Nifty gained 127.60 points or 0.73 per cent to end at 17,525.10.Mahindra &amp; Mahindra was the biggest gainer from the Sensex pack, climbing 3.13 per cent, followed by Bajaj Finserv, NTPC, Axis Bank, HDFC Bank, Larsen &amp; Toubro, HDFC, Dr Reddy's, IndusInd Bank and Reliance Industries.State Bank of India, UltraTech Cement, Nestle, Wipro and Power Grid were among the major laggards.In Asia, markets in Seoul, Shanghai and Tokyo ended higher, while Hong Kong settled with losses.European bourses were trading in the green during mid-session deals. The US markets had ended mostly lower on Friday.Meanwhile, international oil benchmark Brent crude declined 0.68 per cent to USD 94.32 per barrel.Foreign institutional investors remained net buyers in the capital markets as they bought shares worth Rs 1,605.81 crore on Friday, as per exchange data."Sustained FII buying and falling oil prices are the major drivers for the ongoing market rally. Heavyweights played a significant role in today's rise, while PSU banks remained under pressure following weak results of the PSB major," said Vinod Nair, Head of Research at Geojit Financial Services.—PTI

Equity benchmark Sensex jumped over 465 points on Monday, tracking gains in index majors HDFC twins and Reliance Industries amid positive global market trends

Sensex climbs 465 points; Nifty above 17,500

New Delhi:&nbsp;Gold in the national capital on Monday rose by Rs 97 to Rs 52,490 per 10 gram amid rise in international precious metal prices along with depreciation in rupee, according to HDFC Securities. The yellow metal had closed at Rs 52,393 per 10 gram in the previous trade. Silver also jumped by Rs 527 to Rs 58,465 per kg from Rs 57,938 per kg in the previous trade. The rupee depreciated 22 paise to 79.46 against the US dollar in early trade on Monday, tracking subdued sentiment in the domestic equities. In the international market, gold was trading higher at USD 1,777 per ounce while silver was flat at USD 20.07 per ounce. "Gold prices traded firm with spot gold prices at COMEX trading at USD 1,777 per ounce," said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities.—PTI

Gold in the national capital on Monday rose by Rs 97 to Rs 52,490 per 10 gram amid rise in international precious metal prices along with depreciation in rupee, according to HDFC Securities