Live market updates

15th Mar, 2021

Alkem Laboratories launches anti-epileptic drug Brivasure in India

Published on: 4:45 pm

  • Alkem Laboratories Ltd., one of the India’s leading pharmaceutical formulation development, manufacturing, and marketing companies has announced the launch of Brivasure, an affordable anti-epileptic drug for the treatment of Epilepsy in India.
  • Brivasure, Alkem’s anti-epileptic drug (AED) is a generic version of the parent molecule. Alkem has launched the drug in the market at price, Brivasure 25mg - Rs79.50/strip, Brivasure 50mg - Rs148.50/strip, Brivasure 75mg - Rs230/strip, Brivasure 100mg - Rs295/strip, post patent expiry of innovator product, of Brivaracetam as on 21st February, 2021.
  • The drug has been approved by the Drugs Controller General of India (DCGI) in the adjunctive management of partial onset seizure with or without secondary generalization. The drug has exhibited faster onset of action, efficacy with favorable safety profile. Read more

Ahluwalia Contracts receives new order worth Rs128cr; Stock ends 3% higher

Published on: 4:45 pm

  • Ahluwalia Contracts (India) on Monday received a new order amounting to Rs128cr for Construction of State Guest House Bodh Gaya on Engineering Procurement Basis (EPC).
  • The order was given by the Construction Division-1, Building Construction Department, Patna (Bihar). Read more

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Ratan Tata acquires a stake in Pritish Nandy Communications; Stock ends at 10% upper circuit

Published on: 4:40 pm

  • Pritish Nandy Communications on Monday announced that Ratan Tata has acquired a stake in the company.
  • The company said that Ratan Tata, Chairman Emeritus of Tata Sons and Chairman of Tata Trusts, has, in his personal capacity, acquired a stake in Pritish Nandy Communications Ltd through market purchases last week.
  • Tata invests in start-ups and technology companies, Pritish Nandy pointed out. Read more

Action Construction Equipment to launch a new range of 'Forma Tractors' on March 18

Published on: 4:33 pm

Action Construction Equipment has decided to launch its new futuristic range of “Forma Tractors” later this week.
In its regulatory filing today, the company said, "we wish to inform that Action Construction Equipment Limited (“the Company”) will formally launch its new futuristic range of “Forma Tractors” on 18th March 2021."
Further, the company stated that equipped with the latest technology, the „Forma Tractor‟ has been developed in-house with proven aggregates and is designed specifically for the international markets. Read more

Natco Pharma forays into Pheromone based technology for Integrated Pest Management

Published on: 4:30 pm

  • Natco Pharma Limited has announced its foray into Pheromone based mating disruption technology for Integrated Pest Management (IPM) solution to farmers in India. NATCO through its Crop Health Science (CHS) division is working with ATGC Biotech Ltd (ATGC) for the technology.
  • ATGC is a science based innovative technology company concentrating on developing new biosafe molecules and tools to protect diverse crops from insect pests, in collaboration with US based agricultural biotech company ISCA Inc.
  • During Kharif 2021, NATCO plans to launch its first Green Label Pheromone product for Effective Management of Pink Bollworm (PBW) in cotton crop, under its brand NATMATE PBW. This is the first pheromone-based indigenously manufactured product for mating disruption that received approval from Central Insecticide Board (CIB). With this launch, cotton farmers will have a new and powerful tool to manage PBW. Read more

Brickwork revises rating outlook to 'Stable' for XPRO India’s existing bank loan facilities; stock e

Published on: 4:30 pm

  • Brickwork Ratings India Pvt. Ltd. has revised rating outlook from 'Credit Watch with Developing Implications' to 'Stable' for XPRO India Limited’s existing bank loan facilities.
  • The rating action follows the voluntary withdrawal by the company of application for availing onetime restructuring of existing bank loans under the Resolution Framework for Covid-19 Related Stress per policy announced by Reserve Bank of India, Read more

Tech Mahindra buys 70% stake in Perigord to expand position in Healthcare and Lifesciences sector

Published on: 4:27 pm

  • Tech Mahindra announced on Monday that the company has acquired a 70% stake in Perigord Asset Holdings Limited (“Perigord”), a digital workflow and artwork, labelling and BPO services firm.
  • Vivek Agarwal, President — BFSI, HLS and Corporate Development, Tech Mahindra, said, “Healthcare and Lifesciences (HLS) is a key vertical for Tech Mahindra and this acquisition will expand our footprint globally in these domains. Perigord’s disruptive proprietary platform and expertise in the artwork space and life sciences industry will add significant value to our offerings and capabilities. We welcome Perigord employees into the Tech Mahindra family and look forward to achieving great success together.”
  • Tech Mahindra expects the acquisition to help the company to augment expertise in the global pharmaceutical, healthcare and life science (HLS) sectors. Read more

Ind-Ra downgrades Asian Hotels (West) rating due to continued losses in 9MFY21

Published on: 4:17 pm

  • India Ratings and Research (Ind-Ra) has downgraded Asian Hotels (West) Limited's (AHWL) long-term issuer rating to 'IND BB+' from 'IND BBB-', while resolving the rating watch negative (RWN). The Outlook is Negative.
  • The rating on term loan Rs2207.65mn was downgraded to IND BB+/Negative from IND BBB- / RWN. The rating on fund-based working capital limits Rs270mn IND BB+/Negative/lND A4+was downgraded to IND BBB/ RWN/INDA3/ RWN
  • “The downgrade and resolution of RWN reflect AHWL's continued losses in 9MFY21 and the potential adverse impact of the Covid-19 pandemic on the company's FY22 financials, leading to weaker-than-expected credit metrics and a poor liquidity position. Read more

Datamatics Global Services to host Global Intelligent Automation Summit 2021

Published on: 4:12 pm

  • Datamatics, a global Digital Solutions, Technology and BPM company, has announced that it will host its Global Intelligent Automation Summit 2021 on 17th March for India, Europe and Middles East, and on March 18th for the Americas region.
  • As an exclusive global virtual summit for business and technology leaders, the event will explore key industry trends, use cases, and best practices in Intelligent Automation.
  • The summit kicks off with opening remarks from Datamatics CEO, Rahul Kanodia talking about Datamatics Intelligent Automation vision and how Digital Transformation is fundamentally redefining business models across the world. This is followed by an interesting keynote from the CEO & Chief Analyst, HFS Research, Phil Fersht on industry trends in Intelligent Automation. Read more

Rossell India signs agreement to sell Bokakhat Tea Estate; stock ends lower

Published on: 4:01 pm

  • Rossell India Limited Board at its meeting held on March 11, 2021, decided to sell and dispose of its smallest property of the Tea business, Bokakhat Tea Estates (the said Tea Estate), situated at P.O. Golaghat, Dist. Jorhat, Assam, having a production base of about 4.80 lakh kgs of Black Tea.
  • An agreement was signed and executed by the company on March 12, 2021, to sell the said Tea Estate as a going concern on and from April 5, 2021.
  • “The sale of the said Tea Estate shall not have any significant impact on the profitability of the company,” company said in a regulatory filing on Friday. Read more

Firstsource Solutions selects IntelliH as Technology Partner to deliver turn-key telehealth solution

Published on: 3:51 pm

  • Firstsource Solutions, a leading provider of Business Process Management (BPM) services and an RP-Sanjiv Goenka Group company; and IntelliH, a multi-disease, patient engagement and remote monitoring company, has announced that Firstsource has selected IntelliH as its technology partner to deliver turn-key remote patient monitoring solutions to health plans and provider organizations in the U.S.
  • The combined offering will focus initially on areas of critical need, including proactively managing Congestive Heart Failure (CHF), diabetic and post-acute care patients.
  • Firstsource has deep expertise in helping healthcare organizations reduce costs and deliver unmatched patient/member experience. The IntelliH platform has been recognized as one of the most innovative remote care solutions in healthcare, empowering healthcare organizations to deliver exceptional care to patients, when and where they need it. Read more

Titan Company exits from Montblanc India Retail; Stock ends 1% higher

Published on: 3:34 pm

  • Titan Company has completed its exit from Montblanc India Retail Private Limited (MB India). Consequently, MB India ceases to be an associate/ JV Company.
  • The transaction was closed based on the put option exercised by the Company in terms of the joint venture agreement between the Company and MB Services in respect of the shares held by the Company in MB India.
  • Last year, in October, Titan announced the ending of its Joint Venture with MB Services in respect of its shareholding in MB India, which was mainly driven by the Company's consolidation strategy to focus on its primary business and proprietary brands. Read more

Rupee ends at 72.48 per dollar amid weak equities markets

Published on: 3:31 pm

  • Indian rupee extended the early gains to end 30 paise higher at 72.48 per dollar, amid selling seen in the domestic equity market.
  • The local opened higher at 72.72 per dollar against Friday's close of 72.78 and traded in the day’s range of 72.39 – 72.77 on Monday. Read more

Markets close lower; Banking stocks underperformed

Published on: 3:29 pm

  • Markets witnessed a negative day of trade with large cap stocks from the Banking sector witnessing a selloff during the opening trade, however the stocks posted a strong recovery in the closing part of the trade.
  • Bank Nifty underperformed the Nifty index by ~0.2%, with both the indices closing in the red. Banking stocks like ICICI Bank & HDFC Bank were among the top underperformers closing ~1.5% lower.
  • Nifty Midcap index closed, ~0.7% lower. Read more

Govt to divest entire stake in Tata Communications; To sell 16.12% via OFS, rest 10% to Tata Sons ar

Published on: 3:28 pm

  • Tata Communications has announced that promoters President of India, Panatone Finvest Limited, Tata Sons and the company has signed an agreement for the sale of the entire shareholding held by the government in the company.
  • In the initial stage, the government will sell up to 4,59,46,885 equity shares forming 16.12% equity shareholding of the Company through an Offer for Sale on stock exchanges.
  • Currently, the government holds about 7,44,46,885 equity shares of the Company representing 26.12% of the total paid-up equity share capital. Read more

Thomas Cook India sets sights on the re-start of MICE travel

Published on: 3:23 pm

  • With the roll-out of the vaccine ushering in positive corporate sentiment, Thomas Cook (India) Limited has set its sights on the re-start of MICE travel. In a focussed initiative aimed at building corporate confidence in MICE, the company conducted a unique physical corporate outreach at JW Marriott Aerocity - tapping into the strong market potential of NCR & North India.
  • The event themed The Art of Travel, in partnership with Marriott International and New Zealand Tourism, showcased the Thomas Cook India Assured-Insured-Secured program, together with Marriott International’s Commitment to Clean to ensure reassurance from a health and safety perspective.
  • The event witnessed strong participation from over 48 leading multinational corporations and Indian corporate houses across sectors that included BFSI, automobiles, electronics, manufacturing, export, etc. Read more

RITES declares second interim dividend of Rs4 per share; Begins export shipments to Sri Lanka and Mo

Published on: 3:14 pm

  • RITES board of directors have declared the second interim dividend for the financial year FY21. Also, the company commenced the export shipments to Sri Lanka and Mozambique.
  • In its regulatory filing, RITES announced that the board of directors declared a second interim dividend of Rs4 per share on the share with a face value of Rs10 each (at the rate of 40% of paid-up capital).
  • RITES highlighted that the second interim dividend brings the company’s total dividend for FY21 so far, to Rs9 per share amounting to Rs216.27cr. The record date for payment of the dividend is 20th March 2021. Read more

Ultratech's subsidiary UltraTech Nathdwara Cement takes over 3B Binani Glassfibre SARL

Published on: 3:05 pm

  • Ultratech Cement has announced that subsidiary UltraTech Nathdwara Cement (UNCL) has enforced its pledge of 3B Binani Glassfibre SARL, (“3B”) shares. Consequently, UNCL has become the owner of 100% of the equity of 3B and the board of 3B has also been re-constituted.
  • In November 2018, NCLAT approved Ultratech's resolution plan for acquisition of Binani Cement Limited, subsequently renamed UltraTech Nathdwara and loan amounting to $230.4 million in 3B Binani Glassfibre SARL, (“3B”).
  • 3B a company registered in Luxembourg was assigned to UNCL from IDBI Bank Limited. Read more

Axis Bank to buy 9.9% in Max Bupa Health's parent company Fettle Tone LLP for Rs90.8cr

Published on: 2:49 pm

  • Axis Bank has entered into definitive agreements with Fettle Tone LLP and other partners of the latter. As per the agreement, Axis Bank proposes to acquire 9.90% of the aggregate partnership interest of Fettle Tone LLP according to a contribution by the Bank in Fettle Tone LLP’s partnership capital.
  • Axis Bank's plan for acquiring a portion of the stake in Fettle Tone to strengthen its position in the insurance sector.
  • The bank will invest Rs90.8cr in the partnership capital of Fettle Tone LLP for acquiring 9.90% of the aggregate partnership interest of Fettle Tone LLP. Read more

Asian markets end on mixed note ahead of US Fed Reserve's policy meet

Published on: 2:45 pm

  • Asian markets ended mixed amid subdued trading on Monday, ahead of a meeting by the US Federal Reserve later in the week. Markets in Japan and Hong Kong ended higher while in Chinese stocks slipped again.
  • Overnight, Dow Jones hit fresh new all-time highs as US industrial stocks saw best week of the year with banks & metals led the gainers. Nasdaq closed in the red with money seeing rotation from high priced technology stocks into cyclicals. Bond yields hit fresh new highs at 1.62% even as US$ sees fresh bout of weakness.
  • Asian markets opened in the green led by the Japanese Nikkei, which traded higher by nearly 150 points as markets adjusted to higher US yields. Nikkei dropped later but still ended 49.14 points or 0.17% higher. Hang Seng gained 94.04 points or 0.33%. Australian markets ended marginally higher while in New Zealand it surged 1.33%. Markets in Thailand and Malaysia also ended higher. Read more

Transformers and Rectifiers hits upper circuit after receiving Rs108cr worth order from Power Grid

Published on: 2:37 pm

  • Transformers and Rectifiers (India) Limited has announced that the company has been awarded the order of Transformers amounting to Rs108cr from Power Grid Corporation of India Limited (PGCIL)
  • The said orders fall under the normal course of business. The Company neither has any interest in these entities that awarded the orders nor fall within related party transactions.
  • With this order, the Company's Order book as on date stands around Rs1123cr. Read more

Nifty Metal escapes markets bear, index trades higher; JSW Steel, SAIL, JSPL, Tata Steel offsets los

Published on: 2:33 pm

  • Nifty Metal stocks rallied amid bearish markets on Monday to trade flat. The Index shed over 2% in morning trade but showed recovery in the afternoon led by steel companies SAIL, Jindal Steel, JSW Steel and Tata Steel.
  • APL Apollo Tubes slumped 9% to drag the sector.
  • At around 2.33 pm, Nifty Metal was trading at 3,856.95 up 16.75 points or 0.44% near day's high of 3,857.80. It had fallen down to 3,785.05 early on after a gap-up start. Read more

Nifty Pharma dips 2% as heavyweights Sun Pharma, Dr Reddy's, Aurobindo skid on products recall; Lupi

Published on: 2:32 pm

  • Tracking the weak broader markets, pharma stocks were also on a hotbed during Monday's trading session. Nifty Pharma index has 1 scrip advancing and the remaining nine scrips on the decline side.
  • At around 2.25 pm, Nifty Pharma was trading at 11,933.35 down by 250.90 points or 2.06%. The index has hovered between an intraday high of 12,215.15 and an intraday low of 11,848.30.
  • Lupin was the only gainer, however, with a marginal upside. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices remain bearish despite a rally from metal stocks. Banking and Financial stocks continue to fall.
  • BSE Sensex is currently trading at 50,048.57 down 743.51 points or 1.46%.
  • Nifty50 is currently trading 14,823.55 down 207.40 points or 1.38%. Nifty Bank is trading down 2.12% at 34,742.85 while Mid-cap Index is down by 1. 00%. Read more

Nifty Auto sheds over 1%; Heavyweights Bajaj Auto, M&M and Hero MotoCorp drag

Published on: 1:55 pm

  • Nifty Auto stocks followed the markets bearish nature during Monday’s trade. The Index shed over 1% after a gap upstart. Heavyweights Bajaj Auto, Mahindra & Mahindra, Ashok Leyland and Hero MotoCorp dragged the sector while Motherson Sumi provided some consolation with 2.5% gains.
  • Nifty IT index opened higher at 10,446.75 compared to previous close of 10,383.90 and a day’s high of 10,450.20 on Monday. The sector kept falling after that and touched a low of 10,178.25. At around 1.50 pm, Nifty Auto was trading at 10,276.70 -down 107.20 points or 1.03% at around 1.55 pm.
  • The auto index came into week after weak showing last week and the sector continued to underperform. Read more

Shri Bajrang Alliance to establish Oils and Oleoresin Essential Oils PIant in Raipur; Stock zooms 5%

Published on: 1:32 pm

  • Shri Bajrang Alliance Limited has informed that the Chhattisgarh Environment Conservation Board has granted its consent to the Company, to establish Oils and Oleoresin Essential Oils Plant.
  • The capacity of oil plant is 500 Kilo Liters Per Year within existing Agro plant premises at Khasra No. 150, 151/1, 151/4 & 151/5 Urla Guma Road, Village - Borjhara, District - Raipur (C.G.)
  • These facilities are presently under commissioning and the Company expects to start Commercial operations in these facilities as quickly as possible after grant of permission to operate. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is currently trading at 49,921.97 down 870.11 points or 1.71%.
  • Nifty50 is currently trading 14,777.80 down 253.15 points or 1.68%. Nifty Bank is trading down 2.66% at 34,551.40 while Mid-cap Index is down by 1. 88%.
  • Power Grid, Tech Mahindra, HCL Tech, Nestle India and Britannia are the top gainers while Axis Bank, Divis Lab, Mahindra & Mahindra, Bajaj Finance and ICICI Bank are the top losers. Read more

Nifty IT trades flat amid weak markets; Mindtree, Tech Mahindra, L&T Infotech limits losses

Published on: 1:13 pm

  • IT stocks have also entered in red amid weaker broader markets on Monday, however, the sector witnessed limited downside and traded broadly on subdued levels as heavyweight stocks kept bears at bay. At around 1.08 pm, Nifty IT was trading at 25,849.30 down by 38.95 points or 0.15%.
  • Nifty IT has hovered between an intraday high of 26,088.75 and an intraday low of 25,651.80. The index opened on a lower note at 25,859.15 from the previous closing of 25,888.25.
  • On the index, Mindtree was the top gainer soaring by nearly 2%. Coforge also gained 2%. Read more

SBI Cards board approves Rs2,000cr fundraising plan via debt securities; Stock trades higher

Published on: 1:05 pm

  • SBI Cards & Payment Services has received the board of directors approval for fundraising up to Rs2,000cr in one or more tranches. Following the development, SBI Cards was trading in the green on exchanges despite bearish broader markets on Monday.
  • At around 1.01 pm, SBI Cards was trading at Rs1019.40 per piece up by Rs3.85 or 0.38% on Sensex.
  • The stock has also advanced to an intraday high of Rs1037.90 per piece in early trading hours. So far today, the stock has climbed more than 2% on Sensex. Read more

Bajaj Finance allots secured redeemable non-convertible debentures aggregating to Rs30cr

Published on: 12:55 pm

  • NBFC-major, Bajaj Finance has allotted 300 Secured Redeemable Non-Convertible Debentures aggregating to Rs30cr on a private placement basis.
  • The company's Debenture Allotment Committee, at its meeting held on 12 March 2021, allotted 300 Secured redeemable non-convertibles debentures.
  • The NCDs has two option for maturity - December 24, 2025, and December 24, 2030, respectively. Read More

Kotak Bank board nods dividend payment on non-convertible perpetual non-cumulative preference shares

Published on: 12:45 pm

  • Private lender, Kotak Mahindra Bank's board of directors have approved dividend on 8.10% non-convertible perpetual non-cumulative preference shares for financial year FY21.
  • The bank's board meeting held on March 12, approved the payment of dividend on 1,00,00,00,000 Nos. 8.10% Non-Convertible Perpetual Non-Cumulative Preference Shares having a face value of Rs5 each for the period commencing from April 1, 2020, till March 31, 2021, as per their terms of issue. Read More

Shree Cement commences commercial production at new Odisha Unit; Stock sheds 2%

Published on: 12:36 pm

  • Shree Cement Ltd has informed the exchange that on Monday, the Company has commenced commercial production at its new Cement Grinding Unit.
  • The new production has the capacity of 3.0 MTPA set-up at Athagarh Tehsil in Cuttack District of Odisha.
  • At around 12:40 PM, Shree Cement was trading at Rs27,250 per piece down by Rs476.75 or 1.72% from its previous closing of Rs27,726.75 per piece on the BSE. Read More

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark market indices maintains bearish trend as banking and financial services record sharp selloff. 
  • BSE Sensex is currently trading at 50,004.41 down 787.67 points or 1.55%.
  • Nifty50 is currently trading 14,805.20 down 225.75 points or 1.5%. Nifty Bank is trading down 2.68% at 34,544.45 while Mid-cap Index is down by 1.65%.
  • Tech Mahindra, Power Grid, HCL Tech, TCS and Nestle India are the top gainers while Axis Bank, Bajaj Finserv, Bajaj Finance, ICICI Bank and GAIL are the top losers.
  • Nifty Banking and Financial Services struggle the most while Pharma and Auto stocks are also bearish. Nifty IT stocks are alone in the positive territory.
  • Out of 50 stocks traded on the NSE, 13 advanced and 37 declined. Read More

Ind-Ra reaffirms JSW Steel’s rating at AA; Outlook revised to stable from negative

Published on: 12:15 pm

  • India Ratings and Research (Ind-Ra) has reaffirmed JSW Steel Limited’s rating at AA with Outlook revised to Stable from Negative.
  • The company’s long-term issuer rating has been reaffirmed at IND AA with Outlook revised to Stable from Negative. The rating on Non-Convertible Debenture (NCDs) has also been reaffirmed at IND AA with an outlook revised to Stable from Negative.
  • Ata round 12. 22 pm, JSW Steel Ltd was trading at Rs4421.15 per piece up Rs2.00 or 0.48%) from its previous closing of Rs419.15 per piece on the BSE. Read more

Adani Group-Welspun JV discovers gas in Mumbai Offshore's Tapti-Daman Sector

Published on: 12:06 pm

  • Adani Welspun Exploration Ltd. (AWEL), a joint venture between the Adani Group and Welspun Enterprises Ltd., announced its first ever gas discovery in the NELP-VII block MB-OSN-2005/2. AWEL holds 100% participative interest (PI) and is the Operator of this Block. Spread across 714.6 sq.km., the block is located in the prolific gas-prone Tapti-Daman Sector of Mumbai Offshore basin where production is already underway.
  • The pay zones and flow rates encountered have exceeded the company’s initial estimates. With the information gleaned from adjoining fields/areas, this discovery is of substantial significance for both the Company and the Nation. Read more

Kirloskar Electric’s Tumkur unit lays off 36 workmen for 3 months; stock dips 1%

Published on: 12:02 pm

  • Kirloskar Electric Company Limited unit situated at Hirehalli, Tumkur (unit-7) has laid off 36 out of 84 workmen for a period of 90 days.
  • “Accordingly, the said 36 workmen will continue to be in a lay off from March 11, 2021, to June 10, 2021,” the company said in a regulatory filing on Friday.
  • The company had laid off its workmen at the Hirehalli, Tumkur and Budihyal plants from June 12, 2020, as a temporary arrangement due to Covid-19 impact and has sought many extensions thereafter from the concerned labour department. Read More

Nifty Bank nosedives over 975 pts amid unions strike, credit growth data; Axis Bank, ICICI Bank, SB

Published on: 11:50 am

  • Banking stocks were in a bloodbath during Monday's trading bell tracking overall broader markets sentiments. However, the sector was major laggards of benchmark Sensex and Nifty. Currently, bank unions strike and slower credit growth has played a role in cautious betting from investors.
  • At around 11.46 am, Nifty Bank was trading at 34,519.45 down by 977.20 points or 977.20%. The index has tumbled to an intraday low of 34,445.50. Read More

Atul forms new subsidiary ALSL for manufacturing of Lifescience Chemicals and APIs

Published on: 11:41 am

  • Atul Limited has formed Atul Lifescience Ltd (ALSL) as a Wholly-owned subsidiary of the company. ALSL has authorised Rs50,000 paid-up capital and the amount is yet to be invested. The company will also deal in the manufacturing of Lifescience Chemicals and APIs after this acquisition.
  • “Subject to required approvals, ALSL will undertake new project of around Rs104cr by a combination of debt and capital for API intermediates,” company said in a regulatory filing on Saturday. Read more

Centre proposes 392 routes under UDAN 4.1 bidding

Published on: 11:36 am

  • The Ministry of Civil Aviation (MoCA) has proposed about 392 routes under UDAN 4.1 bidding process. UDAN 4.1 round is focused on connecting smaller airports, along with a special helicopter and seaplane routes.
  • Under UDAN 4.1, some new routes have been proposed under the Sagaramala Seaplane Services in consultation with the Ministry of Ports, Shipping, and Waterways. Read More

Angel Broking becomes 3rd largest retail broking business in India

Published on: 11:36 am

  • Angel Broking Limited has informed that the company with 14.5 lac active clients on NSE, has now become the 3rd largest retail broking business in the country in terms of NSE active clients in February 2021.
  • The Company registered a growth of ~1.3 lac NSE active clients over January 2021.
  • Further, Company's NSE active client base has so far grown by 2.5x in the current financial year, compared to a 2.1x growth in our overall client base during the same period. Read More

Market pulse at 11:30 AM today

Published on: 11:30 am

  • Indices fall further with banking and financial services stocks weighing down the most.
  • BSE Sensex is trading at 50,016.12 down 775.96 points or 1.53%.
  • Nifty50 is trading 14,814.10 down 216.85 points or 1.44%. Nifty Bank is trading down 2.67% at 34,550.50 while Mid-cap Index is down by 1.45%.
  • Tech Mahindra, Powe, HCL Tech, TCS, Power Grid and JSW Steel are the top gainers while Axis Bank, Bajaj Finserv, GAIL, ICICI Bank and Bajaj Finance are the top losers.
  • Nifty Banking and Financial Services struggle the most while Pharma, Auto and Metal stocks are also bearish. Nifty IT stocks are alone in the positive zone.
  • Out of 50 stocks traded on the NSE, 10 advanced and 40 declined. Read More

Yes Bank tumbles 2% after reports said RBI rejects its asset reconstruction company plan

Published on: 11:28 am

  • Private lender, Yes Bank witnessed huge selling pressure on Monday after a report stated that the Reserve Bank of India (RBI) has rejected the lender's plan for setting up an asset reconstruction company (ARC).
  • According to Mint,  two people aware of the matter said that the RBI has rejected Yes Bank Ltd’s application to set up an asset reconstruction company (ARC) to warehouse bad loans citing a conflict of interest.
  • Notably, last month, Yes Bank's CEO Prashant Kumar in n interview with Reuters told that there has been a lot of interest from foreign investors for our ARC business. Adding he said, "We are likely to put in the initial capital of 10 billion rupees while the foreign investor will put in nearly 25 billion rupees." Read more

Advani Hotels files FIR against Sachin Jain on suspected frauds after resignation from CFO post; Sto

Published on: 11:19 am

  • Advani Hotels & Resorts (India) Limited has informed the exchange that Sachin Jain, Chief Financial Officer and Key Managerial Personnel of the Company has resigned and ceased to be the Chief Financial Officer of the company with immediate effect.
  • The Company has filed a police complaint against Sachin Jain, the ex-Chief Financial Officer of the Company for suspected fraudulent, unlawful and illegal acts with a request that a FIR be registered in the matter. The case is presently under investigation and the company will update in due course of time once the investigation is completed. Read more

Avanti Feeds subsidiary Svimsan Exports & Imports gets dissolved; stock drops 2%

Published on: 11:17 am

  • Avanti Feeds Limited informed the exchanges that the name of Svimsan Exports & Imports Private Limited, wholly-owned subsidiary of the company has been struck off by the Register of companies and the said company is dissolved with effect from March 12, 2021.
  • The company had earlier informed about equity investment of Rs1cr and irrecoverable loan and expenses aggregating to Rs92.14 lakhs in respect of Svimsan Exports & Imports Private Limited (Non-functional and nonmaterial subsidiary of the company).
  • The Board of Svimsan Exports & Imports at its meeting held on March 23, 2020, decided to apply for Strike-off of the Company to the Registrar of Companies (ROC), since there were no operations in the company for the past 11 years and it is found no longer feasible to continue the business. Avanti Feeds Limited had also given consent for applying to ROC for Strike-off of Svimsan Exports & Imports Private Limited. Read More

Sun Pharma, Dr Reddy's, Aurobindo dips nearly 2-3% on recalling products in US market; Jubilant Phar

Published on: 11:04 am

  • Major drugmakers such as Sun Pharmaceutical Industries, Dr Reddy's LaboratoriesAurobindo Pharma and Jubilant Pharma were trading on a bearish note on Monday after the US healthcare regulator report revealed that these companies are recalling products in the US markets due to various reasons.
  • At around 11.00 am, Sun Pharma is trading at Rs603.70 per piece down by 1.56% on Sensex. The stock has dipped to an intraday low of Rs602.75 per piece.
  • Meanwhile, Dr Reddy's plunged by 1.86% or Rs82.55 and was trading at Rs4345.20 per piece. The stock has tumbled to an intraday low of Rs4319.35 per piece. Read more

Strides Pharma grants 15,150 equity shares under ESOP; Stock dips 1%

Published on: 11:01 am

  • The Board of Directors of Strides Pharma Science Ltd have allotted 15,150 equity shares of face value of Rs10/- each to the eligible employees who have exercised their stock options under Strides ESOP 2016 Plan. These shares shall rank in pari passu with the existing equity shares of the Company in all respects.
  • Consequent to above, the paid-up share capital of the Company has increased from Rs89,64,58,140/- consisting of 8,96,45,814 equity share of Rs. 10/- each to Rs89,66,09,640/- consisting of 8,96,60,964 equity shares of Rs10/- each. Read more

Brickwork revalidates BWR AA/Stable rating on Jindal Saw bonds; stock dips 2.5%

Published on: 10:52 am

  • Brickwork Ratings on Saturday revalidated its rating of BWR AA/Stable for the proposed issue of bonds amounting to Rs500cr of Jindal Saw Limited.
  • “The said rating is valid up to August 19, 2021. Instruments with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk. We note that the company has not raised out of the said issue till now and the company can now raise NCDs amounting to a maximum of Rs500cr against this rating,” company shared Brickwork’s rationale in a regulatory filing on Saturday.  Read more

Sunflag Iron and Steel workers of Bhandara unit in Maharashtra hold a strike; stock trades lower

Published on: 10:35 am

  • Sunflag Iron and Steel Company Limited informed the exchanges that the workers engaged at the facility of the company located at Warthi, Bhandara Road, Bhandara in the State of Maharashtra through their Union namely Sunflag Iron & Steel Mazdoor Sabha, have resorted to strike with shorter notice of fewer than 12 hours.
  • The company said the matter had been referred for "Conciliation" which is before the Deputy Labour Commissioner. Notwithstanding this, the union has chosen to go on "Illegal Strike" to press their demands w.e.f. the 'A' shift of March 13, 2021. Read more

Market pulse at 10:30 AM today

Published on: 10:30 am

  • Benchmark market indices are bearish amid rising inflation and a decline in factory output.
  • BSE Sensex is trading at 50,270.21 down 521.87 points or 1.03%.
  • Nifty50 is trading 14,881.10 down 149.85 points or 1%. Nifty Bank is trading down 1.86% at 34,838.10 while Mid-cap Index is down by 0.93%.
  • Tech Mahindra, Power Grid, HCL Tech, TCS and Tata Steel are the top gainers while Axis Bank, Bajaj Finserv, Adani Ports, GAIL and Bajaj Finance are the top losers.
  • Nifty Banking and Financial Services stocks drag the most while IT stocks are bullish.
  • Out of 50 stocks traded on the NSE, 12 advanced, 37 declined and 1 unchanged. Read More

MTAR Technologies makes a premium debut amid bearish markets; Rises by 96% so far against IPO issue

Published on: 10:15 am

  • The Indian markets were covered by bears but that was not the case with MTAR Technologies on Monday. After witnessing breathtaking demand in its public offering, MTAR makes its way to the stock exchanges at a premium listing. On its debut, the company's stock has jumped by nearly 96% so far against the IPO issue price.
  • MTAR has touched a new all-time high of Rs1,125 per piece on its debut - witnessing as much as a 95.60% rise in the stock level against the IPO's upper price band of Rs575 per piece.
  • At around 10.10 am, MTAR was trading at Rs1102.25 per piece higher by Rs527.25 or 91.70% against the IPO issue price. Read more

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