Business

News, The Morning Context

Supreme Court temporarily halts Bhushan Power’s liquidation

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A two-judge bench of the Supreme Court on Monday temporarily stopped the liquidation of Bhushan Power and Steel Ltd (BPSL). This halts proceedings at the National Company Law Tribunal (NCLT) until at least June 2, which is JSW Steel’s deadline to file a review petition on the apex court’s May 2 verdict. The apex court had scrapped JSW Steel’s 2021 acquisition of the then-insolvent steelmaker under the Insolvency and Bankruptcy Code (IBC) and ordered BPSL’s liquidation. JSW argued that liquidation would jeopardize its intended review petition.

News, The Morning Context

MobiKwik can see light at the end of the tunnel

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The worst may be over for MobiKwik. The Gurugram-based fintech company ended the 2024–25 fiscal year with a loss of ₹121 crore, down from a profit of ₹14 crore in the previous year. Higher losses are a result of its risky lending business, which ran into trouble after the Reserve Bank of India’s nudge last year to slow down unsecured lending. The company has pivoted its focus to higher-ticket, longer-term loans. Its payments business remains strong, with non-UPI payments making up 68% of processed payments, up from 37%.

News, The Morning Context

PB Fintech’s excellent results need to be read with caution

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PB Fintech’s quarterly results were impressive, showing remarkable growth in revenue and a zoom in profits. However, the market’s reaction was subdued, and analysts are divided between buy and sell recommendations. Caution is needed because two of the leading products—Policybazaar and PaisaBazaar—yielded low margins. Furthermore, the credit business, especially unsecured lending, is slowing down following mandates from the Reserve Bank of India (RBI). Another risk is the potential for policy lapses leading to clawbacks on commissions already booked as revenue.

News, The Morning Context

CRED is facing a catch-22 situation

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CRED is facing a catch-22 situation. The platform, founded by Kunal Shah, spent heavily on growth and acquiring affluent users. Despite substantial revenue growth in FY25 (₹1,473 crore), the company is yet to turn a profit. Its main revenue driver is the loans business (about 85% of FY25 revenue), but the growth rate of loan distribution has suffered a downturn. Analysts suggest CRED may not have enough cash left to build another vertical or sustain its current high valuation without significant fundraising.

News, The Morning Context

Is the worst over for Paytm?

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The year after the Reserve Bank of India’s (RBI) action against Paytm Payments Bank started hard for the company, threatening its operational existence. However, Paytm is showing signs of recovery. In the December quarter, its revenue came in at ₹1,901 crore. The company bagged the National Payments Corporation of India’s approval for a Third-Party Application Provider (TPAP) license, marking a key regulatory milestone. CEO Vijay Shekhar Sharma has emphasized compliance.

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