Live market updates

14th Jun, 2021

Fineotex Group and Sasmira Institute join hands to set up R&D centre

Published on: 5:00 pm

  • Fineotex Chemical Limited, a global emerging player of speciality chemicals headquartered in Mumbai India, has signed the MOU and will be setting up a state of art Research & Development centre in collaboration with Synthetic & Art Silk Mills' Research Association (Sasmira) Institute, one of India’s premier textile institutes.
  • The Synthetic & Art Silk Mills' Research Association (SASMIRA), established in 1950 stands on a plot of land measuring 11,809 sq. meters at the foot of Worli Hill, Mumbai, company said in a filing on Monday.
  • Tens of thousands of the textile technocrats from the field Textile Technology have got their technical education from Sasmira over the period of 70 years and developed all-round techno-com. Read more

NTPC floats expression of interest to set up two pilot projects

Published on: 4:57 pm

  • State-owned NTPC has invited a global Expression of Interest (EOI) to set up two pilot projects, Standalone Fuel-Cell based backup power system and a standalone fuel-cell based microgrid system with hydrogen production using electrolyser at NTPC premises.
  • From this project, the company is looking to further strengthen its footprint in green and clean fuel. NTPC will collaborate for the implementation and further commercialization of the projects.
  • The Power Ministry said that this is in line with NTPC’s initiatives towards adopting Hydrogen technologies. It has already started a pilot for making methanol integrating carbon captured from power plant flue gas and hydrogen from electrolysis. This is a potential solution towards “Aatmanirbhar Bharat” in the field of carbon capture and green hydrocarbon synthesis. Read more

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Intellect launches credit platform iKredit360

Published on: 4:50 pm

  • Intellect Design Arena Ltd, the world’s most comprehensive IP-led solutions provider for leading financial institutions, announced the launch of iKredit360, a revolutionary credit platform exclusively designed for European financial institutions.
  • With a composable and cloud-native platform, it has the ability to converge financial offerings such as credit products, cards, payments, and banking services to create integrated user journeys across the financial ecosystem. Ecommerce players, financial institutions and NBFIs in Europe can leverage this platform to curate credit experiences for their consumer and commercial segments. Read more

RBI allows 'mobile prepaid recharges' as a biller category under Bharat Bill Payment System

Published on: 4:48 pm

  • The Reserve Bank of India (RBI) on Monday announced that it has decided to permit ‘mobile prepaid recharges’ as a biller category in Bharat Bill Payment System, voluntarily.
  • In a statement, RBI pointed out that the system provided a standardised bill payment experience, centralised customer grievance redressal mechanism, prescribed customer convenience fee and ensured availability of a bouquet of any time, anywhere digital payment options.
  • RBI added that with consistent growth in different biller categories and to facilitate mobile prepaid customers with more options to recharge, it has been decided to permit ‘mobile prepaid recharges’ as a biller category in BBPS, voluntarily. This will be implemented on or before August 31, 2021. Read more

Wardwizard Innovations ties with Bajaj Allianz to offer insurance policies to Joy e-Bike customers

Published on: 4:45 pm

  • Wardwizard Innovations & Mobility Limited, manufacturers of innovative electric bikes under the brand name Joy e-Bike, and Bajaj Allianz, India’s leading private general insurance company, have joined hands to offer electric two wheeler insurance policies to Joy e-Bike customers.
  • They can now avail of insurance benefits from Bajaj Allianz on their Joy e-Bike.
  • Policy consists 1+4 years duration, where 1 year coverage for the entire vehicle with 0 depreciation and rest 04 years covers TPT (Third Party Insurance). Hence the end user/customer will get a total 05 years for TPT coverage. Read more

Varun Beverages allots over 14.43cr bonus equity shares to eligible members; Stock ends lower

Published on: 4:36 pm

  • Varun Beverages Limited has allotted 14,43,44,360 Bonus Equity Shares of Rs10/- each as fully-paid up Bonus Equity Shares to the eligible Members whose names appeared in the register of Members/list of beneficial owners as of June 12, 2021, i.e. record date fixed for this purpose.
  • Consequently, the paid-up Equity Share Capital of the company stands increased from Rs288,68,87,200 divided into 28,86,88,720 Equity Shares of Rs10/- each to Rs433,03,30,800 divided into 43,30,33,080 Equity Shares of Rs10/- each. Read more

Intense Technologies records profit of Rs11.94cr in March quarter

Published on: 4:31 pm

  • Intense Technologies Limited posted a net profit of Rs11.94cr in the quarter ended March 2021 as against Rs12.02cr during the previous quarter ended March 2020.
  • Sales declined marginally by 0.72% to Rs30.52cr in the quarter ended March 2021 as against Rs30.74cr during the previous quarter ended March 2020.
  • The Board of Directors recommends 20% dividend per equity share of FV Rs2/-. Read more

Meera Industries ends 20% upper circuit after receiving export order from Turkey

Published on: 4:30 pm

  • Meera Industries Limited has informed that it has received an Export Order of USD $ 159,000/-.
  • ZUGO KİMYA TEKSTİL, a prime manufacturer of carpet yarn in Turkey has ordered CT-260 Twister/Cabler machines for manufacturing Polypropylene BCF Yarn, mentioned by the compaany.
  • MEERA has a strong presence in the carpet yarn manufacturing segment with its range of Cabling/Twisting and Continuous Heat setting machines. Read more

pTron enters in Smart wearables category, launches Pulsefit P261 Smartwatch and F121 Smartband

Published on: 4:29 pm

  • Palred Technologies on Monday announced that pTron, one of India’s fastest growing Digital Lifestyle and Audio Accessories brand, launched its newest edition of smart wearables – the Pulsefit P261 Smartwatch and Pulsefit F121 Smartband. pTron continues to broaden its diverse portfolio, offering 2021’s trendiest smart accessories at eye-popping prices.
  • Ameen Khwaja, Founder & CEO, pTron commented at the launch, “The smart wearables market has witnessed strong growth in the past year as holistic health management took the center stage amidst the COVID-19 scare. For years, pTron has created success by listening to its customers. We believe that good health belongs to all & realized that there was a demand for affordable options in the category that can cater to everyone’s health & wellness needs. With the mantra of #BeMoreDoMore, the Pulsefit series is made to allow everyone the access to devices and features that can help them improve their health without paying a premium. Our Pulsefit series delivers the same market-leading benefits of all of our pTron products at unbelievable price points. It is the result of pTron’s commitment to fostering consistent and cutting-edge innovation.” Read more

Indian Hume Pipes ends higher after Q4 profit up 51.74% on higher sales and lower material costs

Published on: 4:24 pm

  • Indian Hume Pipe Company ended higher after the company’s standalone net profit rose 51.74% to Rs38.45cr in the quarter ended March 2021 as against Rs25.34cr during the previous quarter ended March 2020.
  • Sales rose 15.55% to Rs458.66cr in the quarter ended March 2021 as against Rs396.92cr during the previous quarter ended March 2020.
  • The estimated balance value of the work as of 31st May 2021 is Rs4519.44cr as against Rs5007.79cr as of 20 June 2020. The Company is L1 in two projects having a value of Rs419.8 3cr as of 31s t May 2021. Read more

Ashiana Housing enters into development agreement in Pune; Stock ends lower

Published on: 4:17 pm

  • Ashiana Housing Limited has entered into a development agreement for developing a residential project in Mawal Pune on a revenue sharing basis.
  • The total land area 11.93 acres with a saleable area- 8,95,000 sq. ft. approx. The company is planning to develop a Senior Living Project in the area.
  • Ashiana Housing Ltd ended at Rs133.45 per piece down by Rs3.35 or 2.45% from its previous closing of Rs136.80 per piece on the BSE. Read more

Acrysil commences commercial production of 1 lakh units of Quartz Kitchen Sinks

Published on: 4:16 pm

  • Acrysil Limited has announced on Monday that the commercial production from additional 100,000 units has commenced.
  • The company said that "our capacity expansion of additional 100,000 units at our Bhavnagar plant in Gujarat has been completed. The commercial production from additional 100,000 units has commenced from today, 14th June 2021." Read more

Transformers & Rectifiers receives orders of Rs63cr from GETCO

Published on: 4:11 pm

  • Transformers and Rectifiers (India) Limited has been awarded orders of Transformers for total contract value of Rs63cr from Gujarat Energy Transmission Corporation Limited (GETCO).
  • 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 Rs966cr. Read more

CRISIL assigns BBB rating on ITL Industries bank facilities, outlook Stable

Published on: 3:59 pm

  • CRISIL has assigned ratings on Rs24.35cr total bank facilities of ITL Industries Limited.
  • The credit rating agency assigned the long-term rating of CRISIL BBB with a Stable outlook. It also assigned a short-term rating of CRISIL A3+ on the company's bank facilities.
  • ITL Industries Ltd trade on Monday ended at Rs127.70 per piece down by Rs1.15 or 0.89% from its previous closing of Rs128.85 per piece on the BSE. Read more

HCL Tech appoints Siki Giunta to accelerate HCL CloudSmart industry cloud offerings

Published on: 3:59 pm

  • HCL Technologies, (HCL), a leading global technology company, today announced the appointment of Siki Giunta to further accelerate #HCLCloudSmart industry cloud offerings into client markets.
  • #HCLCloudSmart is a comprehensive suite of industry-aligned Cloud offerings, solutions, services and products which help clients achieve business transformation according to their unique industry needs and market conditions. Read more

Shriram Transport Finance raises nearly Rs2000cr via QIP route

Published on: 3:55 pm

  • Shriram Transport Finance Company Limited has successfully raised Rs1,998.98cr via a qualified institutions placement (QIP) of equity shares.
  • The Company had launched its QIP on 7th June, 2021 and received 6.3x oversubscription. The QIP was priced at Rs1,430 per share, representing a discount of 0.23% to the regulatorily determined floor price was Rs.1,433.32.
  • Several FIIs and DIIs participated in the QIP. Read more

Kirloskar Industries resumes work at all offices with limited staff

Published on: 3:47 pm

  • All the offices of Kirloskar Industries Limited at different locations have resumed with limited staff from June 14, 2021, as per Government guidelines.  The offices of the Pune-based company remained closed since April 6, 2021, considering the gravity of the threat posed by the second wave of Covid-19 and in compliance with the directives issued by the State Government.
  • “The company is adhering to Covid19 guidelines issued by the Local Bodies / State Government Central Government for its operations in the offices. The company is also closely monitoring the situation and will take requisite steps in accordance with the directions issued by the Central and State Government, from time to time,” company said in a filing on Monday. Read more

Lumax Auto Technologies stock slips despite posting strong numbers in Q4

Published on: 3:43 pm

  • Shares of Lumax Auto Technologies ended lower on the stock exchanges. The net profit of Lumax Auto Technologies rose 246.29% to Rs21.02cr in the quarter ended March 2021 as against Rs6.07cr during the previous quarter ended March 2020.
  • Sales rose 42.25% to Rs387.98cr in the quarter ended March 2021 as against Rs272.74cr during the previous quarter ended March 2020.
  • The JV Company Lumax Ituran Telematics Pvt Ltd. has secured a Letter of Intent (LOI) from a global OEM, SOP of which is expected in FY23. Read more

Sun TV ends 3% lower post Q4 numbers

Published on: 3:36 pm

  • Shares of Sun TV Network ended lower on the stock exchanges post Q4 result. The net profit of the company rose 98.77% to Rs487.46cr in the quarter ended March 2021 as against Rs245.24cr during the previous quarter ended March 2020.
  • The quarter saw an expansion of EBITDA margins on the back of a sharp fall in depreciation expenses which more than halved in the quarter on yoy basis.
  • The stock is currently trading at Rs514.90 down by Rs16.05 or 3.02% from its previous closing of Rs530.95 on the BSE. Read more

Markets close higher; Reliance Industries outperformed

Published on: 3:36 pm

  • Markets witnessed a volatile day of trade as the benchmark indices recovered its opening loses during the second half of the trade.
  • Bank Nifty underperformed the Nifty index by ~1% with the former closing in the red while the later closing ~0.5% higher.
  • Reliance Industries was among the top outperformers closing ~3% higher while the Adani Group stocks plummeted during the day. Read more

FPIs infuses Rs13,424cr so far in June with equities emerging as top picks

Published on: 3:33 pm

  • The foreign portfolio investors (FPI) have continued to be net buyers in June 2021, compared to their withdrawals in the previous two months of this fiscal year FY22.
  • As per the data showed on NSDL, FPI inflows stood at Rs13,424cr in Indian markets so far in June 2021.
  • Of the total, FPIs pumped in Rs15,520cr in the equities markets, while the investors removed Rs2328cr in the debt markets. Meanwhile, Rs232cr was invested in the Debt-VRR. Read more

CRISIL reaffirms ratings on Indian Toners & Developers' bank facilities; Stock gains 1%

Published on: 3:27 pm

  • CRISIL Ratings has revised its rating outlook on the long term bank facilities of Indian Toners and Developers Limited to 'Stable' from 'Negative’ and reaffirmed the rating at 'CRISIL BBB+’. The short term rating has been reaffirmed at 'CRISIL A2+'.
  • The outlook revision reflects the improvement in operating performance of ITDL since the second quarter of fiscal 2021, with easing of lockdown restrictions and the provisional anti-dumping duty levied on August 10, 2020.
  • The ratings continue to reflect the established market position and strong business risk profile of ITDL. Read more

Info Edge to acquire 100% shares of Zwayam Digital for Rs61cr

Published on: 3:26 pm

  • Info Edge (India) Limited (Naukri) Board of Directors at its meeting held on June 11, 2021, approved the acquisition of 100% of the Share Capital on a fully diluted basis of Zwayam Digital Pvt. Ltd. for an aggregate cash consideration of about Rs61cr.
  • “The transaction is subject to fulfillment of certain prescribed conditions precedent and other terms and conditions as per Share Purchase Agreement authorised to be signed by the Board,” company said in a filing on Friday.
  • It further said that Zwayam is engaged in the business of providing SaaS based sourcing and screening recruitment solutions and providing end-to-end recruitment solutions with configurable plug and play modules. Read more

Ujaas Energy stock hits 5% lower circuit as 7MW Solar Power Plant in under breakdowns

Published on: 3:21 pm

  • Ujaas Energy was trading on a bearish note during Monday's session. Investors had a selling bias after the company said that one of the 7MW Solar Power Plant was under breakdown again.
  • In its regulatory filing, Ujaas Energy said that the 7MW Solar Power Plant of the company situated at Barad location- Block no - S3 is again under break down by fault identification and root cause analysis. Read more

Adani Group clarifies: Demat account of 3 foreign funds 'not frozen'

Published on: 3:15 pm

  • Adani Group has clarified on a news article published in Economic Times-A/C''s of 3 FPI''s owning Adani shares frozen.
  • In its regulatory filing today, Adani Group said, “We bring to your kind attention, the news headlines published in ET that NSDL has frozen the accounts of 3 foreign funds- Albula Investment Fund, Cresta Fund and APMS Investment Fund holding shares in Adani Group Companies. We regret to mention that these reports are blatantly erroneous and is done to deliberately mislead the investing community. This is causing irreparable loss of economic value to the investors at large and reputation of the group.” Read more

Vaishali Pharma stock jumps 6% after launching Immunity booster products

Published on: 3:13 pm

  • Vaishali Pharma Limited has launched worldwide, its series of Immunity booster products such as Vipravita C (tablets and effervescent), Vipravita CZ (tablets), Vipravita D3, Viprafolic A, Vipravita, Vipramultivita, Ascorzee (tablet), Herbal Cough drops, Viprasure (powder), Vipra C (Gummies), Vipra B (Gummies), Vipra M (Gummies), Multi-Vitamin (effervescent), Women D (effervescent), ), to improve immunity and fight against disease-causing germs like bacteria, COVID -19 viruses, parasites or fungi etc.
  • Currently, the Company has launched its Immunity booster products in different countries. Read more

MaxVIL sheds 2.5% despite posting best ever financial performance in Q4

Published on: 3:11 pm

  • Max Ventures and Industries Limited (MaxVIL) a part of India’s leading multi-business conglomerate, Max Group, announced its financial results on Friday. It posted consolidated revenue up 30% to Rs328.6cr in the fourth quarter ended March 2021. Lease rental income was up 41% to Rs6.1cr. Revenue from packaging films business up 34% to Rs314.2cr. Consolidated EBITDA up 39% to Rs49.8cr. Consolidated PAT in Q4FY21 at Rs33.6cr, grows over 9x.
  • During FY20, the company recorded a one-time revenue of ~Rs.357.1cr on account of sale transactions at Max Towers. Consolidated Revenue up 14% to Rs1,172.3cr. Total leased area owned by Max Estates at 3.07 Lk Sq. Ft. in FY21 vs. 1.42 Lk Sq. Ft. in FY20. Lease rental income up 81% to Rs17.8cr in FY21.  Revenue from packaging films business up 15% to Rs1,113.9cr. Consolidated EBITDA up 65% to Rs198.5cr. Consolidated PAT at Rs57.1cr, grows over 6x. Read more

Lupin donates oxygen plants to Maharashtra, MP, Gujarat

Published on: 3:07 pm

  • Lupin Limited (Lupin) through its CSR arm, the Lupin Foundation, is donating five oxygen generation plants to assist the states of Maharashtra, Madhya Pradesh and Gujarat in their ongoing fight against the COVID-19 pandemic.
  • As per the regulatory filing, in preparation of ensuring India has a solid response for a potential third Covid wave, these five oxygen plants with a total capacity of 3840 cubic meters of oxygen per day have been donated to Madhya Pradesh, Maharashtra and Gujarat.
  • The respective State governments will oversee the distribution of the oxygen produced at these plants to Government hospitals and COVID care centres. Read more

PIL ITALICA plans to increase production by 3,600MT with expansion in Southern India base

Published on: 3:01 pm

  • PIL ITALICA has announced its plans to expand its base in the 5 states of Southern India by setting up or acquiring or leasing additional manufacturing facilities to increase production by 3,600 M.T. per annum.
  • To cater to the Southern India market, the Company is presently having a fulfillment center at Bangalore and is now planning to set up fulfillment center in Hyderabad and Chennai.
  • "These fulfillment centers will provide faster distribution to our current distributors and dealers and will also enable the Company to expand further and faster across Southern India," said company in a filing. Read more

BHEL slumps after Q4 numbers; stock touches lower circuit

Published on: 3:01 pm

  • Shares of Bharat Heavy Electricals Limited (BHEL) slipped 11% and it had touched a lower circuit at Rs64.80 on the BSE in intra-day trade on Monday after the company reported a lower-than-expected set of numbers for the quarter ended March 2021 (Q4FY21).
  • Net loss in the Mar-21 quarter narrowed to Rs1,035cr on the back of higher revenues. However, the net loss despite operating profits was due to higher other expenses reflected by larger provisions for asset impairment. After considering impairment, the EBITDA level losses for power and industrials widened sharply.
  • The company reported a 42.75% yoy rise in consolidated net revenues for the Mar-21 quarter at Rs7,170.47cr. On a sequential basis, net sales revenues were up 61.08% compared to total revenues in the Dec-20 quarter at Rs4,451.36cr. Read more

Heranba Industries appoints Rajkumar Bafna as CFO from July 01; Stock rises 1%

Published on: 3:01 pm

  • Heranba Industries Limited (“Heranba”) has appointed Rajkumar Bafna as Chief Financial Officer (“CFO”) with effect from July 01, 2021. Heranba further announces that the current CFO, Maheshwar V Godbole will retire from the position of CFO w.e.f. June 30, 2021.
  • R K Shetty, MD, Heranba said “ We are delighted to announce that Bafna will join Heranba as our CFO w.e.f. July 01, 2021. We would like to express our deep appreciation to Maheshwar V Godbole for the service, assistance and guidance and for all that he has contributed to the Company."
  • Rajkumar Bafna, 39 years, is a Chartered Accountant from the Institute of Chartered Accountants of India. He is a Bachelor of Commerce from MDS Univ. Read more

Nifty Pharma reverses bearish trend, holds steady; Torrent Pharma, Alkem, Divis Lab led the pack

Published on: 2:43 pm

  • Nifty Pharma bounces back in the green, however, with a marginal upside led by Torrent Pharma, Alkem Lab, Divis Lab and Cipla. The gains in the index were limited due to steep selling pressure in Lupin. The index has touched an intraday high and low of 14,525.35 and 14,217.45 respectively.
  • At around 2.39 pm, Nifty Pharma was trading at 14,474.70 up by 10.65 points or 0.07%.
  • Also, the improved decline in the Coronavirus pandemic has further lifted sentiments. India continues to report a sustained slide in the daily new COVID cases. The country has reported 70,421 Daily New Cases in the last 24 hours - lowest after 74 days. Less than 1 lakh Daily New Cases have been reported for 7 continuous days now. Read more

TCS ranked number one in Customer Satisfaction and Business Understanding by leading UK companies

Published on: 2:42 pm

  • Tata Consultancy Services has been ranked Number One in customer satisfaction in the UK in an independent survey of leading enterprises by Whitelane Research, for the sixth time. TCS’ customer satisfaction scores were 11% higher than other large IT consultancies in the UK.
  • The survey ranked 34 IT and cloud service providers based on responses from 250 CxOs of the largest IT spending organisations in the UK, based on their performance, customer satisfaction levels and delivery quality. It evaluated over 600 unique IT sourcing relationships as well as more than 800 cloud sourcing relationships.
  • TCS was ranked at the top position by customers in the UK with an overall satisfaction score of 83%, significantly ahead of the average score of 72%. Read more

Libas Consumer Products to promote Libas Fashion on Matrimony.com site

Published on: 2:37 pm

  • NSE-listed Libas Consumer Products Limited has entered into an arrangement with matrimony.com for the promotion of Libas Fashion.
  • Following the success of arrangement, matrimony.com will customized visibility for Libas fashion on high impact properties of matchmaking sites, exclusive profile on weddingbazaar.com with the enhanced gallery, exclusive partner story video, branding on social media handles and unique inquiry directing customized for Libas fashion.
  • Matrimony.com provides both matchmaking and marriage related services through websites, mobile sites and mobile apps and is also complemented by 130+ company-owned retail outlets. Its flagship matchmaking services are BharatMatrimony, EliteMatrimony and CommunityMatrimony. Read more

Kolte-Patil Developers appoints Yashvardhan Patil as Group CEO

Published on: 2:30 pm

  • Kolte-Patil Developers has appointed Yashvardhan Patil as Group Chief Executive Officer of Kolte-Patil Developers Limited (KPDL). Patil took charge as CEO from June 12, 2021.
  • Rajesh Patil, Chairman and Managing Director, Kolte-Patil Developers, commented, “Yashvardhan is well-positioned to lead KDPL through its growth journey. KPDL has established itself as a solid self-sustainable company with consistent cash flow generation, moderated debt, strengthened sales pipeline and an efficient S&M engine across Pune, Mumbai and Bengaluru. Yashvardhan’s leadership and strategic mindset will be critical in enabling KPDL to achieve its value creation goals.” Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices trade flat with Pharma and FMCG stocks joining IT stocks in the green trade. 
  • BSE Sensex is at 52,534.24 up 59.48 points or 0.11%.
  • Nifty50 is at 15,799.70 up 0.35 points or 0%. Nifty Bank is trading down 0.51% at 34,868.85 while Mid-cap Index is down by 0.40%. Read more

Vaibhav Global launches a company-owned solar power plant; Stock gains

Published on: 2:22 pm

  • Vaibhav Global has launched a company owned and operated solar power plant. The solar power generated will now power two of the company’s primary manufacturing facilities. Surplus power will also be distributed to local community resources.
  • “This is an amazing achievement by the team. Each of these projects is progress.” Says Sunil Agrawal, Managing Director of VGL Global, “Our teams are continuously looking for innovative ways to reduce our carbon footprint. The World needs to take climate change seriously. Each of us doing our part to provide a sustainable planet for future generations.”
  • As per the regulatory filing, the company takes an aggressive focus on addressing climate change, water and waste. Renewable Energy is a key focus area in VGL’s strategy for mitigating climate change risks. The company uses energy efficiency across all our sites and promotes its energy portfolio to cleaner and greener sources. Read more

WPI inflation hits record high in May at 12.94%; Core inflation stood at 10%

Published on: 2:17 pm

  • India’s WPI inflation spiked further to a fresh-series high of 12.9% in May 2021, led by the double whammy of high global commodity prices and a very low base. All the major sub-indices other than primary food articles, and crude oil and natural gas recorded a rise in their YoY inflation in May 2021 relative to the previous print.
  • According to the Ministry of Commerce & Industry, the annual rate of inflation, based on monthly WPI, was 12.94% (Provisional) for May 2021 (over May 2020) as compared to -3.37% in May 2020. The high rate of inflation in May 2021 is primarily due to the low base effect and rise in prices of crude petroleum, mineral oils viz. petrol, diesel, naphtha, furnace oil etc. and manufactured products as compared to the corresponding month of the previous year. Read more

Lupin to address concerns raised by USFDA in warning letter for New Jersey facility

Published on: 2:16 pm

  • Pharma company, Lupin has received a warning letter from the U.S. FDA for the Company’s Somerset, New Jersey facility. On Monday, Lupin stock witnessed selling pressure.
  • The USFDA had inspected the Lupin Somerset site from September 10, 2020, to November 5, 2020.
  • In its regulatory filing, Lupin said, "The Company does not believe that the warning letter will have an impact on disruption of supplies or the existing revenues from operations of this facility." Read more

BCPL Railway Infra secures new broad gauge line construction order worth Rs20cr

Published on: 2:10 pm

  • BCPL Railway Infrastructure Limited has announced that the Company has received an order from Eastern Railway (HQ), Electrical.
  • This order has been received for the work of “Design, Drawing, Supply, Erection, Testing & Commissioning of 25KV A.C. Single Phase Overhead Equipment, LT Supply Transformer and New Switching Stations at Mohanpur, Balenpur, Kankni in connection with construction of New BG Line from Mohanpur(In) to Hansdiha(Ex) in Asansol Division of Eastern Railway.”
  • The total project cost comprises of Rs20.56cr and it is expected to be executed over a period of 12 months. Read more

RattanIndia stock hits 5% upper circuit

Published on: 2:05 pm

  • RattanIndia Enterprises has announced that its Revolt Intellicorp (Revolt), currently India’s market leader in EV bikes and its customers are set to be big gainers of the major revisions made by the Government of India to the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME II) scheme which has increased the incentive for manufacturers from Rs10,000 per KWh to Rs15,000 per KW, an increase of 50%.
  • “This bold policy measure clearly demonstrates the intent of the government to rapidly transform the adoption of electric vehicles,” said Rajiv Rattan, Chairman of Revolt and RattanIndia Enterprises welcoming the move.  Read more

Nifty Auto trades lower; Bharat Forge, Maruti among top losers

Published on: 2:00 pm

  • The Nifty Auto stocks traded lower after a flat start on Monday. The Index shed around 40 points amid volatile markets but couldn’t breach the border painted with red.
  • Ashok Leyland, TVS Motor Company, Bharat Forge and Maruti were the top laggards while Amara Raja Batteries outperformed. Tata Motors also traded higher.
  • The sector after a subdued two months of this first quarter on FY22 are eyeing recovery in the last month of the quarter as Covid-19 spread slows down and restrictions are eased out in many cities of India. Read more

DLF expects growth cycle in residential markets to continue in the long run

Published on: 1:54 pm

  • Realty-giant, DLF stock was under pressure on Monday despite the company posted a consolidated net profit of Rs480.94cr for the quarter ending March 2021 (Q4FY21) against a loss of Rs1,857.76cr a year ago same period.
  • Consolidated revenue from operations increased by 1.1 per cent year-on-year to Rs1,712.57cr in the quarter under review.
  • DLF said that demand in the residential business exhibited a strong comeback in the fiscal. New Sales bookings for the fiscal stood at Rs 3,084 crore, reflecting a Y-o-Y growth of 24%. Read more

Parag Milk Foods slips after Q4 net loss due to lower sales revenue

Published on: 1:50 pm

  • Shared of Parag Milk Foods slipped 4.5% on the BSE after reporting 18.85% yoy fall in consolidated net revenues for the Mar-21 quarter at Rs434.35cr.
  • On a sequential basis, net sales revenues were down -8.29% compared to total revenues in the Dec-20 quarter at Rs473.59cr.
  • The company posted a net loss in the Mar-21 turned in at Rs9.64cr in the Mar-21 quarter as compared to net profits of Rs10.11cr in the yoy quarter and Rs11.22cr in the sequential Dec-20 quarter. This was largely an outcome of lower absorption of fixed costs due to lower sales. Read more

NCL contributes Rs10cr to MP Govt to set up 5 oxygen plants in medical colleges

Published on: 1:44 pm

  • Northern Coalfields Limited (NCL) has contributed Rs10cr to the state of Madhya Pradesh to set up 5 oxygen plants in different medical colleges of the state under its Corporate Social Responsibility (CSR).
  • This will assist the state to strengthen the fight against COVID-19.
  • Sinha briefed about the CSR activities of the company in the Singrauli Region and the Major Project being undertaken for the inclusive development of the region. CMD also detailed the measures taken by NCL to curb the COVID19 pandemic. Read more

Cupid loses order worth Rs10.50cr due to Tauktae Cyclone disruptions

Published on: 1:40 pm

  • Cupid Limited informed the exchanges that the order received from Uttar Pradesh Medical Supplies Corporation Limited for the supply of "COVID - 19 Antigen Based Rapid Test Kits" has been canceled as the company was not able to deliver it as per the agreed delivery schedule due to disruption in activities in view of Tauktae Cyclone.
  • Cupid on May 6 had received a purchase order from UP Medical Supplies Corporation for supply of “COVID – 19 Antigen Based Rapid Test Kits” worth Rs10.50cr.
  • “We are excited to receive this repeat order to supply Test Kits”, Omprakash Garg, CMD, Cupid Limited, had said in the May 6, 2021, release. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • Indices trim losses and are trading marginally lower in the afternoon trade.
  • BSE Sensex is at 52,424.45 down 50.31 points or 0.10%.
  • Nifty50 is at 15,776.50 down 22.85 points or 0.14%. Nifty Bank is trading down 0.68% at 34,807.85 while Mid-cap Index is down by 0.60%. Read more

Bank Nifty recovers massive early losses; AU Small top bull; SBI, Kotak, ICICI Bank, HDFC Bank weigh

Published on: 1:25 pm

  • Bank Nifty was under pressure on Monday as investors carried a cumulative sell-off across broader markets as Indian markets looked overbought after their historic highs of last week. Key inflation data will set the tone of market sentiments this week. In the sector, bank privatisation has taken focus. Bank Nifty has plunged by nearly 563 points so far today with an intraday low of 34,374.35. The index, however, has recovered some losses but still traded in the red.
  • At around 1.25 PM, Bank Nifty was trading at 34,844.90 down by 202.50 points or 0.58%. The index has also touched an intraday high of 34,937.15.
  • AU Small Finance Bank was the top gainer surging by 2.2% followed by IndusInd Bank with marginal gains. Axis Bank traded flat. Read more

Adani Enterprises clarifies on Adani Wilmar's IPO launch buzz

Published on: 1:12 pm

  • Adani Enterprises has clarified on Monday about the buzz that claimed that the Adani Group-backed Adani Wilmar is preparing for an IPO launch to raise about $1B this year.
  • In its regulatory filing today, Adani Enterprises said, "We refer to the recent news item on the proposed listing of Adani Wilmar Limited, a 50:50 Joint Venture of the Company with Wilmar Group, Singapore."
  • "We would like to submit and clarify that the Company regularly evaluates all opportunities across its various businesses with the objective of enhancing shareholders· value and this may involve discussions with various parties and stakeholders at different points in time," Adani Enterprises added. Read more

AXISCADES Engineering plunges 8% despite delivering 67% stellar growth in Q4 PAT

Published on: 1:11 pm

  • AXISCADES Engineering Technologies has announced its Q4FY21 and full year FY21 financial results.
  • The company posted a robust performance as reflected in 19% growth in income primarily on the back of robust performance in Products & Solutions segment. Despite challenging macro environment, AXISCADES leveraged its established capabilities and continuing thrust on cost rationalisation to maintain its EBITDA margins and cashflow generation on both a corresponding and sequential quarter basis. Read more

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