Live market updates

30th Sep, 2020

Jindal Steel produced rails approved by Indian Railways for main track usage

Published on: 4:50 pm

  • Jindal Steel & Power Limited (JSPL) becomes India’s first private company to get approval from Indian Railways for regular rail supplier status for its upcoming and ongoing projects. Research Designs & Standards Organisation (RDSO), which works under the ambit of the Railway Board, has approved field performance of UIC 60 kg, 880 Grade prime (Class- A) rails made by JSPL at its Raigarh Plant.
  • Railway Board has accepted the field performance test report of RDSO and considered UIC 60 kg, 880 Grade prime (Class- A) rails are suitable for use in Indian Railways. The approval by RDSO itself is an illustrious qualification for JSPL’s Rail Mill, as their evaluation quality and safety parameters are very stringent, and not many rail producers in the world can meet quality norms laid by RDSO, JSPL said.
  • “It’s a landmark development towards India’s quest for AtmaNirbhar Bharat and it is a momentous occasion for our rail business. We are thankful to the Ministry of Railways and the Ministry of Steel for encouraging domestic manufacturing of Rails. We are thankful to the RDSO for field performance approval of UIC 60 kg, 880 Grade prime (Class-A) rails of JSPL,” V R Sharma, Managing Director, JSPL said. Read More

Sobha sells entire contribution of 43.13% in CVS Techzone LLP

Published on: 4:47 pm

  • Sobha Limited has sold of entire contribution of 43.13% (Rs35.88 lakh) in the LLP, M/s CVS Techzone LLP on September 30, 2020.
  • The company had contributed Rs35.88 lakh (43.13%) in the LLP, M/s. CVS Techzone LLP, incorporated on September 8, 2020, for development of a Tech park on a joint venture basis.
  • Sobha shares ended at Rs222.85, down by Rs5.8 or 2.54% from its previous closing of Rs228.65 on the BSE. The scrip opened at Rs228.55 and touched a high and low of Rs228.90 and Rs222 respectively. Read More

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Ircon International approves final dividend of Rs2.06/equity share of Rs2 each

Published on: 4:43 pm

  • Ircon International Limited is a Miniratna (Category - I) Schedule A Public Sector Enterprise and a leading turnkey Construction Company in the public sector known for quality, commitment and consistency in terms of performance has conducted its 44th Annual General Meeting on 29th September 2020 through Video Conferencing, in accordance SEBI guidelines.
  • Highlights of 44th Annual General Meeting
  • Final dividend approved and declared of Rs.2.06 per equity share on the face value of Rs.2/- per equity share for the FY20 (in addition to interim dividend of Rs.13.45 per share on a face value of Rs10 per share).
  • Adopted the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended on 31 March, 2020. Read More

Lupin launches Lapatinib tablet after alliance partner Natco Pharma bags USFDA approval

Published on: 4:37 pm

  • Pharma-major Lupin on Wednesday launched Lapatinib Tablets in the strength of 250 mg. The launch comes after the Lupin's alliance partner Natco Pharma received final approval for its ANDA from the United States Food and Drug Administration (USFDA).
  • Lupin said, the tablets  are the generic equivalent of Tykerb Tablets, 250 mg, of Novartis Pharmaceutical Corporation, and are indicated in combination with: 
  • Capecitabine for the treatment of patients with advanced or metastatic breast cancer whose tumors overexpress human epidermal growth factor receptor 2 (HER2), and who have received prior therapy including an anthracycline, a taxane and trastuzumab
  • Letrozole for the treatment of postmenopausal women with hormone-receptor-positive metastatic breast cancer that overexpresses the HER2 receptor, for whom hormonal therapy is indicated. Read More

Ramco signs agreement with top 5 global logistics major; stock ends higher

Published on: 4:33 pm

  • Ramco Systems said in its exchange filing that it has signed up an agreement with a Global Top 5 logistics major for modernizing and transforming its multi-country Payroll operations on Ramco’s Global Payroll platform.
  • The logistics major will be unifying its payroll operations for 15 countries across the Middle East & Africa.
  • Ramco Systems Ltd ended at Rs426, up by Rs20.25 or 4.99% from its previous closing of Rs405.75 on the BSE.
  • The scrip opened at Rs414 and touched a high and low of Rs426 and Rs409.05 respectively. Read More

Nelco partners with Telesat to bring advanced LEO satellite network

Published on: 4:27 pm

  • Satellite communication service provider, Nelco on Wednesday joined hands with Telesat to offer the latter's LEO satellite connectivity in India. On Sensex, Nelco stock finished at Rs197.30 per piece up 1.34%.
  • Nelco in its regulatory filing said the Telesat LEO satellites incorporate next-generation technologies, including:
  • Data Processing in Space: Full digital modulation, demodulation, and data routing occurs in space, resulting in higher capacity and flexibility
  • Phased Array Antennas: Sophisticated antennas on each satellite with hopping and reconfigurable beams scan the earth to provide full coverage and can dynamically focus capacity precisely where required. Read More

NHPC shuts down 120 MW power station in Jammu & Kashmir

Published on: 4:21 pm

  • NHPC Limited informed the exchanges Wednesday that Sewa-11 Power Station (120 MW) in Jammu & Kashmir has been under complete shutdown from September 25, 2020 to March 31, 2021 for ‘Damage of HRT’.
  • It further said that the above shutdown will cause tentative loss of 157.4 MUs in generation (design energy) and 35.61 % in NAPAF.
  • NHPC Ltd ended at Rs20.20, down by Rs0.2 or 0.98% from its previous closing of Rs20.40 on the BSE. The scrip opened at Rs20.60 and touched a high and low of Rs20.75 and Rs20.05 respectively. Read More

SJVN secures 100 MW solar project costing Rs490cr in Raghanesda Solar Park

Published on: 4:17 pm

  • SJVN on Wednesday secured 100 MW solar project in Raghanesda Solar Park, Gujarat at Rs2.73 per unit on build own and operate basis. The tentative cost of the project is Rs490cr.
  • SJVN in the exchange filing today said, "SJVN has participated in Open Bidding process for allotment of Raghanesda Solar Park, Gujarat and bagged the quoted capacity of 100 MW at Rs2.73 per unit on Build Own and Operate (BOO) basis."
  • "The project is expected to generate 252 MU in the 1st year and the project cumulative energy generation over a period of 25 years would be about 6300 MU. The PPA shall be signed between GUVNL and SJVN for 25 years." Read More

RITES secures consultancy orders for Rs46cr; stock ends higher

Published on: 4:07 pm

  • RITES Limited has secured consultancy orders worth Rs46cr. The company informed the exchanges Wednesday that it has got Project Management Consultancy for construction of 296 Km Bundelkhand Expressway in Uttar Pradesh for consultancy fee of Rs24.84cr.
  • The company also secured Project Management Consultancy for construction of 90 Km Gorakhpur Link Expressway in Uttar Pradesh for consultancy fee of Rs10.34cr.
  • RITES will also do Project Management Consultancy of a Road over Bridge at Nigahi near Singrauli (UP) from Northern Coalfeilds Ltd. for an
  • approx. fee of Rs3.75cr. Read More

Swan Energy subsidiary TOPL takes delivery of FSRU

Published on: 3:49 pm

  • Swan Energy Limited subsidiary Triumph Offshore Pvt Ltd (TOPL) has remitted US$ 139.3 million, being fifth and final instalment to M/s Hyundai Heavy Industries Company Limited, South Korea and taken delivery of the FSRU which is the first Indian Flag FSRU.
  • The company had informed earlier that the LNG Terminal / FSRU Project of the company is under advanced stage of construction through two subsidiary companies i.e. Swan LNG Pvt. Ltd. (SLPL) and TOPL.
  • It further informed on August 6, 2020 that all concerned that with SBI being the lead banker, both the above companies have successfully achieved Financial tie up and have also executed all requisite financial / security documents. The total sanctioned amount under consortium was Rs3152.00cr and Rs1802.87cr for SLPL and TOPL respectively.  Read More

Sensex, Nifty end higher; FMCG stocks outperform

Published on: 3:41 pm

  • Benchmark indices ended on a flat note on Wednesday’s trade amid selling pressure witnessed in PSU bank, metal, auto and realty indices. The S&P BSE Sensex gained 95 points or 0.25% to 38,068 levels while NSE's Nifty ended at 11,226.50, up 4 points or 0.04%.
  • The FMCG index outperformed, ended with gains of 1.3% as the rally was led by Hindustan Unilever, Britannia and Nestle India.
  • Shares of BPCL declined after the government extended the deadline for selling a stake in the company the fourth time.
  • India Volatility Index (VIX) ended 0.4% lower at 19.69.
  • Grasim Industries, Titan Company, Tech Mahindra, Nestle and Dr Reddy’s Labs were among major gainers on the Nifty, while losers included BPCL, Bharti Airtel, Tata Steel, JSW Steel and IndusInd Bank. Read More

HCL Tech's Roshni Nadar: Digital transformation will continue to drive biz resilence

Published on: 3:27 pm

  • Roshni Nadar in her first annual general meeting (AGM) at HCL Technologies as Chairperson, said,  HCL's strategy will continue to evolve with the ever-changing business environment while remaining true to the soul of the company.
  • Talking to the shareholders, Nadar said, HCL's consistent industry-leading performance is testimony to our commitment to maximizing value for our shareholders.
  • "With the global business environment still impacted by the pandemic, we will continue meeting the challenge by embracing our core values while adapting to meet our business and social responsibility goals," she added. Read More

CCI approves demerger of textiles business of GHCL Ltd

Published on: 3:26 pm

  • The Competition Commission of India (CCI)approved demerger of the Textiles Business of GHCL Ltd. (“GHCL”)into its wholly-owned subsidiary GHCL Textiles Limited (“GHCL Textiles”)under Section 31(1) of the Competition Act, 2002.
  • GHCL is a public limited company incorporated in India and is stated to be engaged in the business of (i) manufacture and sale of inorganic chemicals including but not limited to Soda Ash (Dense grade and Light grade), Sodium Bicarbonate, Industrial Salt and Consumer Products ('Chemical Business') and (ii) manufacture and sale of textiles including but not limited to yarn manufacturing along with weaving, processing, cutting and sewing of home textiles products ('Textiles Business').
  • GHCL Textiles is a Public Limited Company incorporated in India. Presently, GHCL Textiles Ltd. is a wholly owned subsidiary of GHCL.  It is a newly incorporated company and has not initiated any business activity. Read More

Syngene leads the way in organisational safety with proactive COVID-19 testing for all employees

Published on: 3:01 pm

  • Syngene, an integrated research, development and manufacturing services company, has taken the lead in proactively conducting free COVID-19 tests for its 5,000 employees in Karnataka.
  • As the number of new cases worldwide continues to escalate, the case for increasing the level of testing strengthens and these tests will ensure the highest safety standards for employees. Read More

Nifty Realty index trades lower; Indiabulls Real Estate, Godrej Properties stocks drag

Published on: 3:00 pm

  • The Nifty Realty is trading slightly lower by 0.42% at 212.25 levels. The Realty index opened at 213.50 and touched a high of 213.90 and low of 210.85 on Wednesday. Phoenix Limited, Prestige and Sunteck Realty stocks are in more demand.
  • Phoenix Limited leads the stocks in realty sector at 585.05 up 2.43%. Its stock opened at 567 and touched a high of 596.55 and low of 560.25. Read More

Bank Nifty turns green; HDFC Bank, Kotak Bank stocks gain

Published on: 2:58 pm

  • The Bank Nifty index has erased its morning losses to trade higher at 21,509.50 level, up by 98 points in the last hour of the trading session on Wednesday.
  • Shares of HDFC Bank gained 2%, followed by RBL Bank, Kotak Bank, Bandhan Bank and SBI. Read More

Wipro will give promotions to high-performing employees in December; stock trades higher

Published on: 2:57 pm

  • IT-major Wipro is set to announce promotions to high-performance employees in the coming December.
  • It is being known as per reports that the promotions will be given as a token of reward for ensuring business continuity during Covid-19 pandemic.
  • On Wednesday's trading session, Wipro stock broadly traded on a higher note. Read More

Investors bullish on Indiabulls Housing; Sells stake in OakNorth Holding to TEMF for Rs630cr

Published on: 2:45 pm

  • NBFC-major Indiabulls Housing Finance on Wednesday recorded huge buying sentiment after the company sold a portion of the stake held in  OakNorth Holding to TEMF Limited a fund managed by Toscafund Asset Management, for approximately Rs630cr.
  • OakNorth Holding is a wholly-owned subsidiary of OakNorth Bank. Read More

Sumitomo Chemical slumps 3% as promoter starts OFS to off-load 3.3% stake

Published on: 2:43 pm

  • The Promoter of Sumitomo Chemical India Limited will sell up to 1.65cr shares (3.3% stake) via offer for sale (OFS) at a floor price of Rs270 per share aggregating to Rs 445 crore.
  • Floor price is at a discount of 9.2% to the closing price as on September 29. Read More

FMCG stocks in the fast lane; Godrej Consumer, HUL, Dabur witness huge buying

Published on: 2:22 pm

  • FMCG stocks were among top performers and contributed largely in the upside of benchmarks Sensex and Nifty.
  • At around 2.13 PM, the Nifty FMCG was trading at 30,013.15 surging by 578.35 points or 1.96%. The index has clocked the day's high of 30,015.95. Read More

Nifty Metal index slips over 1.5%; Welspun Corp hits 5% upper circuit

Published on: 2:22 pm

The Nifty Metal index slipped in the negative zone, down over 1.5% in the afternoon session. The index opened at 2,284.75 and hit a low at 2,228.20 on Wednesday’s trade.
Shares of SAIL dropped over 4.9%, Jindal Steel, Tata Steel, JSW Steel, Coal India and NALCO were down 2% each, MOIL, NMDC and Hindalco slipped 1% each. Read More

Market pulse at 2:15 PM today

Published on: 2:15 pm

  • BSE Sensex is trading at 38,196.26 up 223.04 or 0.59%.
  • Nifty50 is trading at 11,442.70 up 56.90 or 0.51%. The Nifty Bank is trading up 0.15% at 21,384.15 while Mid-cap Index is down by 0.07%.
  • Dr Reddy, Shree Cement, Hindustan Unilever, Tech Mahindra and Titan are the top gainers while BPCL, Tata Steel, JSW Steel, Coal India and IOC remain the top losers. Read More

ICRA reaffirms Indraprashtha rating as AAA

Published on: 1:33 pm

  • IGL Chairman P K Gupta while addressing the shareholders at the 21st annual general meeting (AGM) of the company said that the gas retailer in the national capital and cities around it, on Monday said it gave out record 2.72 lakh new connections for piped cooking gas to household kitchens during the financial year 2019-20. Read More

HDFC in focus! NCLT Mumbai sanctions scheme of amalgamation of HDFC ERGO Health Insurance with HDFC

Published on: 1:27 pm

  • Housing Development Finance Corp (HDFC) was in focus on Wednesday's trading session after the company informed that the NCLT has sanctioned the scheme of amalgamation for the merger of HDFC ERGO Health Insurance with and into HDFC ERGO.
  • With the NCLT approval, now the companies involved in the scheme of amalgamation will apply to the Insurance Regulatory and Development Authority of India (IRDAI) shortly, seeking its final approval for the merger. Read More

Market pulse at 1:15 PM today

Published on: 1:15 pm

  • Indices are bullish in the afternoon trade with Pharma and FMCG leading the charge.
  • BSE Sensex is trading at 38,080.61 up 107.39or 0.28%.
  • Nifty50 is trading at 11,251.10 up 28.70 or 0.26%. The Nifty Bank is trading down 0.32% at 21,342.05 while Mid-cap Index is up by 0.23%. Read More

ICRA reaffirms Dixon Tech rating to A+ and changes outlook to positive

Published on: 1:00 pm

  • ICRA Limited has reaffirmed Dixon Technologies India Limited long-term ratings ICRA A+, with outlook changing from stable to positive.
  • “ICRA has vide its letter dated September 29, 2020 reaffirmed its ratings and changed the outlook on the long-term rating from stable to positive,” company informed the exchanges on Tuesday. Read More

Virtual Residential Demand in ’Shadow Cities’ show an increasing trend: Housing.com

Published on: 12:54 pm

  • Housing demand, which hitherto has remained dominant in the top 8 cities of India, is gaining momentum in Tier II & Tier III or 'shadow cities’ with the trend becoming more prominent post the nationwide lockdown according to Housing.com.
  • As per the Think Piece titled 'Time for Internal Globalisation - Small Cities Setting the Tone for Revival', the online platform observed a surge in virtual residential demand from 'shadow cities' (Tier II & III cities). Read More

Vedanta's delisting inches closer to reality as BSE and NSE give in-principle approval; stock dives

Published on: 12:53 pm

  • Vedanta's promoters proposal to acquire public shareholdings has inched one step closer as the stock exchanges BSE and NSE are the latest to give in-principle approval for delisting.
  • On Sensex, Vedanta stock has tumbled by nearly 3% with an intraday low of Rs136 per piece.
  • However, the stock has corrected and was trading at Rs137 per piece down 2.21% on Sensex at around 12.51 PM. Read More

Rupee gains 13 paise against US Dollar

Published on: 12:49 pm

  • The Indian rupee opened on a flat note on Wednesday as investors were cautious after the first US Presidential debate.
  • At the interbank forex market, the domestic unit opened at 73.82 against the US dollar, then gained some ground and touched 73.71, registering a rise of 13 paise over its previous close.
  • The currency opened at 73.81 per US dollar on the interbank forex market, then gained ground to touched 73.71 as against Tuesday's close of 73.86 per US dollar. Read More

Asian markets mixed ahead of Trump-Biden's presidential debate

Published on: 12:33 pm

  • Asian stock markets were flat in Wednesday’s session with the Shanghai Composite trading in the green and Japan markets were lower, with the Nikkei 225 shedding 1.50% while the Topix index declined 1.64%.
  • Hong Kong’s Hang Seng index advanced 0.84% and Australia’s S&P/ASX 200 dropped 1.93%. Markets in South Korea are closed Wednesday for a holiday.
  • On the economic data front, China’s official manufacturing Purchasing Managers’ Index (PMI) for September came in at 51.5 on Wednesday as compared to 51.0 in August, according to the country’s National Bureau of Statistics. Read More

Nifty Media index gains; PVR, Inox, Zeel stocks climb

Published on: 12:31 pm

  • The Nifty Media Index is trading higher 0.60% in the noon trade amid buying witnessed in PVR, Inox Leisure and ZEEL stocks. After a slow start, the index surged over 1% before falling a bit again.
  • Shares of PVR is trading higher by 2%, followed by Inox Leisure is trading 1.37% higher while ZEEL is also 1.2% higher at 210.30. Also, Sun TV, DB Corp and Jagran were trading higher.
  • PVR said that its Board meeting on October 5 is set to consider raising of funds through issue of Non-Convertible Debentures.
  • Cinema halls are set to open from tomorrow in West Bengal giving PVR and Inox Leisure stocks a boost. Read More

Market pulse at 12:15 PM today

Published on: 12:15 pm

  • BSE Sensex is trading at 38,027.61, up 54.39 or 0.14%.
  • Nifty50 is trading at 11,241, up 18.60 or 0.17%. The Nifty Bank is trading down 0.44% at 21,317.15 while Mid-cap Index is up by 0.07%.
  • Dr Reddy, Cipla, Hindustan Unilever, UPL and Nestle India are the top gainers while BPCL, Tata Steel, JSW Steel, Coal India and IOC are the top losers. 
  • Nifty Pharma and FMCG lead the trade while  Metal is trading below 2%.
  • Out of 50 stocks traded on the NSE, 25 advanced and 25 declined. Read More

CARE reaffirms D.B. Corp rating to CARE AA+ with stable outlook

Published on: 12:04 pm

  • D. B. Corp Limited intimated the exchanges that credit rating agency CARE Ratings has reaffirmed the long-term and short-term ratings of its bank facilities.
  • The ratings of Fund Based long-term bank facilities long-term Rs148.25cr (enhanced from Rs135cr) remain CARE AA+ with Stable outlook.
  • Non Fund Based long-term rating Rs151cr (reduced from Rs185cr) remains CARE AA+ with Stable outlook and short-term rating is also reaffirmed as CARE A1+.
  • D B Corp Ltd is currently trading at Rs77.70, down by Rs0.15 or 0.19% from its previous closing of Rs77.85 on the BSE. Read More

Atmanirbhar Bharat will drive our efforts in evolving a comprehensive energy security architecture i

Published on: 11:55 am

  • Union Minister Petroleum & Natural Gas and Steel Dharmendra Pradhan said that the clarion call given by Hon’ble Prime Minister Narendra Modi for an ‘Atmanirbhar Bharat’ will drive our efforts in evolving a comprehensive energy security architecture in the country. In his keynote address to ‘GCTC Energy Security Conference 2020’ organized by Global Counter Terrorism Council, he said that it will be marked by a continuity of robust energy policies put in place over the last six years, and a change to address the Covid-19 unleashed challenges.
  • He said “We are determined to build back better after COVID-19 to ensure that the energy system is secure, clean, resilient and responsive to our citizens’ needs. I am confident that, energy companies in India have powered through COVID-19 relatively intact, and look forward to a revival by embracing Atmanirbhar Bharat through innovation.” Read More

Nifty Pharma index outperforms; Torrent Pharma, Dr Reddy's, Cipla top gainers

Published on: 11:41 am

  • On a broader term, the indices on Wednesday witnessed a cautious stance from investors with both Nifty and Sensex trading on a muted note. However, this was not the case for pharma stocks, as it was among the top pick.
  • At around 11.34 AM, Nifty Pharma was trading at 11,933.20 surging by 223.70 points or 1.91%. The index has also touched the day's high of 12,015.70.
  • On the index, gainers list was led by Torrent Pharma at Rs2,813.95 per piece up 3.79%, followed by Dr Reddy's Laboratories at Rs5,271 per piece above 3.67%, Cipla at Rs786.25 per piece higher by 3.14% and Cadila Healthcare at Rs397.40 per piece up 2.48%. Read More

Gold, silver price down tracking international spot ahead of Trump-Biden's presidential debate

Published on: 11:25 am

  • On Wednesday's trading session resulted in a downside for gold and silver price as investors maintain cautious ahead of the key takeaways from the first US presidential debate. However, hopes of a US recovery from the Covid-19 pandemic limited the losses in these commodities.
  • At around 11.17 AM, on MCX, the October Gold futures was trading at Rs50,472 down by 0.42%, while the December Gold futures were performing at Rs50,473 below 0.35%.
  • Meanwhile, the December silver futures have earmarked over Rs61,000 mark. On MCX, the futures were performing at Rs61,100 plunging by 2.19%. Read More

Market pulse at 11:15 AM today

Published on: 11:15 am

  • Equity market indices are trading higher after getting a push from pharma, FMCG and media stocks.
  • BSE Sensex is trading at 38,074.58 up 101.36 points or 0.27%
  • Nifty50 is trading at 11,253.45 up 31.05 points or 0.28%. The Nifty Bank is trading down 0.13% at 21,384.15 while Mid-cap Index is up by 0.23%.
  • Dr Reddy, Cipla, UPL, Hindustan Unilever and Nestle India are the top gainers while BPCL, IOC, Coal India, Power Grid and Tata Steel are the top losers. 
  • Nifty Pharma (over 2%) leads the morning trade while  Metal is trading below 1%.
  • Out of 50 stocks traded on the NSE, 31 advanced and 19 declined. Read More

KNR Constructions transfers 100% stake of SPV to Cube Highways at an enterprise value of Rs512cr

Published on: 11:01 am

  • KNR Constructions has transferred 100% stake held in subsidiary KNR Walayar Tollways to  Cube Highways and Infrastructure III Pte. The enterprise value of the assets for this transaction is Rs511.78cr comprising of Rs127.10cr debt and Rs384.68cr equities.
  • KNR Walayar Tollways is a Special Purpose Vehicle ("SPV") promoted by KNR Constructions.
  • Notably, the enterprise value is excluding claims receivable from National Highway Authority of India ("NHAI") and other governmental instrumentalities, which would be passed through to the Company as and when realised.
  • KNR in its regulatory filing revealed that the SPV has received Arbitration Award of Rs170.60cr from NHAI. Read More

Arvind Fashions subsidiary and Gap terminate business relationship in India

Published on: 10:56 am

  • Arvind Lifestyle Brands Limited, a wholly-owned subsidiary of Arvind Fashions Limited (AFL) and Gap Inc., have decided to mutually terminate their franchise business relationship in India.
  • “Due to circumstances post the corona pandemic, both companies agreed that a mutual termination was in both companies best interest. As next steps, both companies will work out modalities regarding transition of the Gap business,” the company informed the exchanges on Tuesday.
  • Arvind Lifestyle Brands Limited, has appointed an Investment Bank to find a buyer for the Gap business. The Gap business delivered revenues of Rs182cr (4.7% of AFL's consolidated turnover) with a PBT loss of Rs34cr in FY2020. Read More

NHPC signs MoU with Power Ministry detailing targets for the 2020-21

Published on: 10:49 am

  • NHPC Limited, India’s premier hydropower utility and a Scheduled ‘A’ Mini Ratna Enterprise of the Government of India has signed Memorandum of Understanding (MOU) on September 29, 2020, with Ministry of Power, Government of India for the year 2020-21.
  • The MOU was signed by Sanjiv Nandan Sahai, Secretary, Ministry of Power, Government of India and A.K.Singh, CMD, NHPC in the presence of senior officers from MOP and NHPC.
  • In the signed MOU for NHPC, generation target under Excellent rating has been set as 27500 MUs as against last year target of 26000MUs. Excellent Targets for Revenue from Operations (Net) has been kept as Rs8900cr, Operating Profit as a percentage of Revenue from Operations (Net) has been kept as 38.00% and PAT/ Average Net Worth has been kept as 10.50 %. Read More

Puravankara allots NCDs worth Rs50cr

Published on: 10:45 am

  • Puravankara Limited has allotted Non- Convertible Debentures (NCDs) on Private Placement Basis worth Rs50cr.
  • The company on September 16, 2020 had informed about approval of the issue of fully secured, unlisted, redeemable, cumulative, non-convertible Series I Debentures aggregating to Rs70cr in five tranches.
  • “Ten, Series I, 14.9% fully secured, unlisted, redeemable, cumulative, non-convertible Debentures of face value of Rs5cr each, fully paid-up aggregating to Rs50cr, are credited today in demat form to the allottee,” company informed the exchanges on Tuesday.
  • Puravankara Ltd is currently trading at Rs43, up by Rs0.05 or 0.12% from its previous closing of Rs42.95 on the BSE. Read More

PFC signs MoU with Govt. of India detailing targets for FY20-21

Published on: 10:32 am

  • Power Finance Corporation Ltd (PFC) has signed a performance-based ‘Memorandum of Understanding’ (MoU) with the Ministry of Power, Govt. of India detailing various targets to be achieved by PFC during FY20-21.
  • The MoU has been signed by Sanjiv Nandan Sahai, Secretary (Power), Govt. of India and R.S. Dhillon, CMD, PFC in presence of senior officials of MOP and PFC.
  • Govt. of India has set an ambitious revenue target of Rs36,000cr along with various performance-related parameters such as Operating Profit as a percentage of Revenue from Operation, PAT as a percentage of Average Networth and Non-financial parameters viz., IPDS-related parameters. Read More

Godrej Properties bags a new residential project in Mumbai

Published on: 10:28 am

  • Real estate developer, Godrej Properties on Wednesday announced entering into an agreement to acquire a well-located land parcel in Kalyan, Mumbai.
  • According to the regulatory filing, spread across 20 acres, this project will offer approximately 1,39,000 square meters (1.5 million square feet) of the saleable area comprising primarily of residential apartments of varied configurations with a small amount of retail/commercial space.
  • Pirojsha Godrej, Executive Chairman, Godrej Properties said, “We are happy to add this new project in Kalyan to our portfolio. This fits well with our strategy of deepening our presence in key markets across India's leading cities.” Read More

Market pulse at 10:20 AM today

Published on: 10:15 am

  • Indices are trading flat amid mixed global cues.
  • BSE Sensex is trading at 37,964.74, down 8.48 or 0.02%.
  • Nifty50 is trading at 11,220.75, down 1.65 or 0.01%. The Nifty Bank is trading down 1% at 21,196.70 while Mid-cap index is up by 0.10%. Read More

NHAI accepts suggestions from CEAI to improve ease of doing business in National Highways sector

Published on: 10:07 am

  • In order to further improve the ease of doing business, NHAI has agreed to most of the suggestions made by the industry body, the Consulting Engineers Association of India (CEAI).
  • NHAI on Tuesday reports that CEAI had submitted suggestions pertaining to areas that include Omnibus Bank Guarantee, Performance Parameters of Consultants, Approval of DPR, Value Engineering, Technical Capacity Provisions, Evaluation of Bids etc. Read More

After Jio Platforms, General Atlantic will now invest Rs3,675cr in Reliance Industries' retail arm

Published on: 9:59 am

  • Reliance Industries (RIL) on Wednesday announced a new partnership with General Atlantic where the latter will invest about Rs3,675cr in the subsidiary Reliance Retail Ventures. The global equity firm has already acquired a portion of Jio Platforms earlier this year.
  • General Atlantic's investment will translate into a 0.84% equity stake in Reliance Retail on a fully diluted basis. This marks the second investment by General Atlantic in RIL, following an Rs6,598.38cr investment in Jio Platforms announced earlier. Read More

Oil India hopes to control Bhagjan Well blowout in 2 months

Published on: 9:43 am

  • Oil India Limited’s chairman Sushil Mishra hopes to control Assam well blowout in two months. Mishra was speaking with media persons after its 61st Annual General Meeting on Tuesday.
  • Mishra also said it has started taking action against employees which are responsible for the blowout since May 27, 2020, killing three persons and triggering protests and blockades around gas well in Bhagjan, Assam. Loss estimated from Bhagjan blowout is estimated to be Rs179cr. Read More

Nifty hovers around 11,200-mark; banks, financial, metal stocks slip

Published on: 9:31 am

  • Indian equity markets opened on a flat note tracking mixed global cues. The Sensex opened 41 points lower to 37,932 and the Nifty50 index opened at 11,208, down 14 points. Banking, metal, financial and realty indices are in the red, while pharma, media and FMCG index are in the positive territory.
  • Broader markets gained with Nifty Smallcap100 and Nifty Midcap100 trading 0.2% and 0.3% higher, respectively. Read More

Welspun Corp surges 5% after receiving orders of ~147 KMT worth Rs1,400cr

Published on: 9:27 am

  • Welspun Corp Limited has received multiple orders of approximately 147 KMT valuing close to Rs1,400cr. With these orders, the company’s order book stands at 755 KMT valued at approximately Rs6,300cr, after considering execution up to August 2020. Read More

UTI AMC IPO witnesses lacklustre demand on Day 1; Issue gets subscribed by 27%

Published on: 9:04 am

  • Demand for UTI Asset Management Company (AMC) was dim during the first day of the company's initial public offering (IPO). The company bagged just 27% subscription of the total issue size.
  • Biddings from qualified institutional buyers (QIB) was nearly nil. A somewhat similar trend was seen from high net-worth individuals (HNIs). It was bidding from retail investors that tapped the UTI AMC IPO to the current subscription. Read More

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