Paytm parent, One97 Communications, issued a clarification on Sunday stating that the firm or its related entities are not facing any probe from the Enforcement Directorate (ED). The statement came after media reports said that the government agency could potentially launch an investigation against Paytm Payments Bank, the banking business of Paytm, if they find any charges related to money laundering.
Issuing the clarification in a regulatory filing, the firm said that it, “categorically denies any investigation by the Enforcement Directorate on OCL (One97 Communications Ltd), our associates and/or its Founder and CEO for anti-money laundering activities,” reported Moneycontrol.
Background
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The stock markets in the last week responded positively to the Budget 2024 announcements after exhibiting volatility on the session day itself. For the week, investors will be keenly awaiting the Reserve Bank of India (RBI)’s monetary policy meeting to start on Tuesday.
The regulator will be holding its bi-monthly Monetary Policy Committee (MPC) meeting for three days and announce its interest rate decision on Thursday.
The meeting will be chaired by the RBI Governor Shaktikanta Das. The committee is made up of a panel of six members, including three external members and three officials from the regulator.
The banking regulator has maintained a pause on the repo rate at 6.5 per cent since February 2023. This meeting will mark the last one for the committee for the current financial year. It is largely expected that the central bank will continue a hold on the rates after the US Federal Reserve kept its key interest rates unchanged for the fourth consecutive meeting, held on January 30-31, 2024.
Further, among global macroeconomic data, the S&P Global Services PMI and Composite PMI numbers for the US for January will be released today. The HSBC Services and Composite PMI data for India for January is also scheduled to be announced today.
Among the major earnings expected on Monday include, Bharti Airtel, Ashok Leyland, Bajaj Consumer Care, Ideaforge Technology, Tata Chemicals, Sun Pharma Advanced Research Company, Taj GVK Hotels & Resorts, and TVS Supply Chain Solutions.
Other earnings expected throughout the week include Birla Corporation, Britannia Industries, Max Financial Services, Lemon Tree Hotels, Procter & Gamble Health, PowerGrid, Nestle India, TATA Consumer Products, 3M India, Grasim Industries, LIC India, and Zomato, among others.