Tag Archives: Shares

Business

Shares of Protean eGov Technologies, under the ownership of Ramesh Damani, have dropped 20% after the weekend’s developments

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The steep decline in the company’s share price followed the Income Tax Department’s decision not to select them for its PAN systems overhaul project. Despite this obstacle, the company asserts that it will have a negligible impact on its current PAN processing services. The stock’s downfall has erased all gains recorded over the past year, even with prominent investors like Ramesh Damani holding shares.

Protean eGov Technologies’ shares fell sharply by 20%, hitting the lower circuit limit of Rs 1,143 on BSE due to its exclusion by the Income Tax Department (ITD) from the technology revamp project. This initiative involves the design, development, execution, operation, and maintenance of the PAN systems.

“We received a communication from the Income Tax Department (ITD) indicating that we were not favorably considered for the next stage of the RFP selection process,” Protean mentioned in a regulatory announcement on Sunday.

The company indicated that the project relates to a technology overhaul of the PAN systems at the Income Tax Department. “It seems that this might have limited or minimal impact on our existing PAN processing and issuance services under the current mandate with the ITD,” it further explained.

Protean had entered the bidding for the role of a Managed Service Provider (MSP) for the PAN 2.0 Project.

Protean eGov Technologies’ performance

In the wake of this drop, the stock has wiped away all gains from the previous year and has seen a decrease of over 4% in the last 12 months. Renowned investor Ramesh Damani possessed a 1.05% stake in the company as of the March quarter.

The firm’s institutional shareholders encompass Canara Bank (1.23%), Bank of Baroda (1.54%), Punjab National Bank (2.25%), Axis Bank (3.18%), and State Bank of India (4.93%).

As per Trendlyne data, the stock has received four ‘buy’ recommendations, with an average target price of Rs 2,104, suggesting a potential upside of 47%.

Business

Kohl’s stock has risen nearly 10% following the dismissal of CEO Ashley Buchanan due to unethical conduct

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The company stated that Buchanan’s firing was ‘not connected to the performance of the business,’ which has suffered from reduced sales.

Kohl’s stock performance

Shares of Kohl’s Corporation (NYSE: KSS) increased by almost 10% on Thursday after the board terminated CEO Ashley Buchanan just four months into his tenure. Michael Bender, the board chair, has been appointed as the interim chief executive officer, effective immediately.

Buchanan’s dismissal followed an investigation by the Kohl’s board, which discovered that he breached the company’s code of conduct twice and was involved in undisclosed conflicts of interest due to a personal relationship with a vendor, as reported by The Wall Street Journal.

“Kohl’s stated that Buchanan’s termination is not related to the company’s performance, financial reporting, or operational results and did not involve any other company personnel.”

According to USA Today, the former CEO had a total compensation package exceeding $20 million.

On Thursday, Bender and other executives held a company-wide meeting to communicate the leadership changes and to reassure employees, as reported by the WSJ. Bender now becomes the fourth CEO to lead the struggling retailer in just three years, which continues to experience a downturn in sales.

Along with the leadership announcement on Thursday, Kohl’s also shared preliminary predictions for its first-quarter financial results, estimating that sales would likely decline by approximately 4%. The company will disclose these earnings at the end of this month on May 29 at 9 a.m.

Similar to many retailers, Kohl’s has been facing challenges with falling sales and reduced foot traffic due to consumers cutting back on spending in light of rising living costs and preferring online shopping over in-store visits.

Business

Ulta Beauty’s fourth-quarter performance exceeded expectations, leading to a surge in its shares

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Following the report, shares of Ulta Beauty Inc (NASDAQ: ULTA) rose 7% during after-hours trading. The company revealed earnings per share of $8.46 with a revenue of $3.5 billion. Analysts surveyed by Investing.com had predicted an EPS of $7.11 and revenue of $3.46 billion.

Comparable sales grew by 1.5%.

For the entire fiscal year 2025, the company projected EPS in the range of $22.50 to $22.90 with revenue expected between $11.5 billion and $11.6 billion, contrasting with estimates of $24.04 EPS and $11.26 billion in revenue. Comparable sales are anticipated to fall between 0% to 1%.

The company stated, “Fiscal 2025 will be a pivotal year as we make purposeful investments to fuel our future growth and move quickly to optimize our business.”

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