Live market updates

15th Jun, 2021

Wipro expands partnership with Levi Strauss & Co. to support Digital Commerce

Published on: 5:00 pm

  • Wipro Limited today announced it has extended its partnership with Levi Strauss & Co., one of the world’s largest brand-name apparel companies and a global leader in jeanswear.
  • As a part of this multi-year engagement, Wipro will help optimize the customer and user experience across all channels. With more than 20 years of experience in retail, Wipro will provide Global IT support services across Levi Strauss & Co.’s consumer digital technology space, including eCommerce, B2B Commerce, Consumer Data Hub, Omni Order Management, Retail Store Infrastructure, Retail Store applications, Point of Sale, and Global Retail Concierge. Read more

Glenmark becomes one of the first firms in the UK to launch a bioequivalent version of Tiogiva

Published on: 4:54 pm

  • Glenmark Pharmaceuticals becomes one of the first companies to launch a bioequivalent version of Tiotropium Bromide dry powder inhaler (DPI) under the brand name - Tiogiva, in UK for the treatment of chronic obstructive pulmonary disease (COPD).
  • Tiotropium Bromide DPI is a bioequivalent version of Boehringer Ingelheim’s Spiriva Handihaler and is used in the treatment of COPD.
  • Meanwhile, the COPD is a long-term condition that causes inflammation in the lungs, damaged lung tissue and a narrowing of the airways, making breathing difficult. There are many different types of the condition, although little is known about what causes this variation and the best way to manage the different versions of the disease. Read more

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Centre allocates Rs3,183cr to Andhra Pradesh under Jal Jeevan Mission in 2021-22

Published on: 4:47 pm

  • Union Government has increased the Central grant to Andhra Pradesh under the Jal Jeevan Mission in the year 2021-22 to Rs3,182.88cr, which was Rs790.48cr in 2020-21. Union Minister, Jal Shakti, Gajendra Singh Shekhawat while approving this four-fold increase in the allocation has assured full assistance to the State for making provision of tap water supply in every rural home by 2024.
  • At the start of the Mission in 2019, out of a total of 19.20 Crore rural households in the country, only 3.23 Crore (17%) had a tap water supply. During the last 21 months, despite Covid-19 pandemic and lockdown disruptions, Jal Jeevan Mission, has been implemented with speed and 4.29 Crore households have been provided with piped connections. With the increase in coverage by 22%, presently 7.52 Crore (39.22%) rural households across the country have a tap water supply. Goa, Telangana, Andaman &Nicobar Islands and Puducherry have achieved 100% household connection in rural areas and has become ‘Har Ghar Jal’. Read more

Route Mobile gets Top Tier 1 ranking in ROCCO SMS Messaging Vendor Benchmarking Report 2021

Published on: 4:45 pm

  • Route Mobile Limited (“Route Mobile”), among the leading cloud communication platform service providers to enterprises, over-the-top (“OTT”) players, and mobile network operators, announced today that it has been recognized as the Top Tier One provider in the Annual ROCCO A2P SMS Messaging Vendor Benchmarking Report 2021 in MNO Edition as well as in the Enterprise Edition.
  • This recognition marks Route Mobile’s fifth appearance as a globally recognized Top Tier Vendor in ROCCO’s SMS Messaging Vendor Benchmarking Report 2021, resonating Route Mobile’s capability in providing monetization strategies for MNOs and simplified communication solutions to Enterprises/Brands. Read more

Quick Heal Technologies subsidiary launches next-gen cybersecurity solution, ‘Seqrite Hawkk’

Published on: 4:44 pm

  • Quick Heal Technologies, enterprise arm, Seqrite on Tuesday introduced ‘Seqrite Hawkk’, a premium suite of next-generation cybersecurity solutions aimed at empowering enterprises to secure their digital transformation journey.
  • In the first phase, Seqrite Hawkk will offer – ‘Seqrite HawkkEye’ – a cloud-based centralized security management platform that will empower enterprises to manage multiple security products from a single console. Seqrite will continue to invest and add more products under the Hawkk umbrella that will also mark the brand’s foray into endpoint detection and response (EDR), zero trust, data privacy and cloud-based network security products. Read more

12.50% more wheat procured so far in 2021 in comparison to last year

Published on: 4:39 pm

  • Procurement of Wheat in ongoing RMS 2021-22 is continuing smoothly in the procuring States and till now (upto June 13, 2021) a quantity of over 425.77 LMT of wheat has been procured (which is an all-time high, as it has exceeded the previous high of 389.92 LMT of RMS 2020-21) against the last year corresponding purchase of 378.44 LMT.
  • The procurement of wheat in Himachal Pradesh has also reached the highest level with procurement of 13,040 Metric Tons while its procurement period has just concluded on June 10, 2021.
  • About 47.53 Lakh farmers have already been benefitted from the ongoing RMS procurement operations with an MSP value of Rs84,089.77cr. Read more

Centre moves exports of Remdesivir injection and APIs to 'restricted' category

Published on: 4:38 pm

  • The Indian government has amended the export policy for injection Remdesivir and Remdesivir Active Pharmaceutical Ingredients (API).
  • The Centre has now modified the Remdesivir injections and APIs exports from 'prohibited' to 'restricted' category with immediate effect.
  • In April this year when the second wave of the Covid-19 took a massive toll, the government had prohibited the exports of Remdesivir injection and API till "the situation improves." Read more

ICRA revises Royal Orchid Hotels long-term rating outlook to Negative

Published on: 4:26 pm

  • ICRA Limited has reaffirmed ICRA BBB rating on credit facilities of Royal Orchid Hotels Limited and revised outlook on the long-term rating to Negative from Stable.
  • “The revision in the outlook on the long-term rating from stable to negative considers Royal Orchid Hotels Limited’s (ROHL) subdued performance in H1FY21, wherein the revenues declined to Rs17.9cr as against Rs95.5cr in H1FY20.
  • Further, ROHL reported operating losses of Rs16.3cr in H1FY21 as against operating profit of Rs11.3cr in H1FY20. The operating losses in H1FY21 led to a net loss of Rs4.8cr in H1FY21 (PY net profit Rs2.1cr in H1FY20). The sharp decline in performance followed the pandemic outbreak which lead to curbs on people mobility and corporate events,” company shared ICRA’s rationale in a filing on Monday. Read more

European markets trade higher as investors eye Fed meeting

Published on: 4:23 pm

  • European markets traded in positive territory as investors await the Federal Reserve’s two-day policy meeting which starts on Tuesday. The pan-European Stoxx 600 gained on Tuesday’s trade, with chemicals stocks rose, while oil and gas stocks dropped 0.5%.
  • Further, U.S. stock index futures made modest gains in premarket trade.
  • Meanwhile, Asian markets ended almost flat with Japan's Nikkei rose 1% and the Australian benchmark traded up 0.93%, but Chinese blue chips fell 1.1%. Read more

RBI announces key proposals on regulation for Microfinance

Published on: 4:16 pm

  • The Reserve Bank of India (RBI) has released Consultative Document on Regulation of Microfinance.
  • RBI said that the suggested framework in the Consultative Document is intended to be made applicable to the microfinance loans provided by all entities regulated by the Reserve Bank and is aimed at protecting the microfinance borrowers from over-indebtedness as well as enabling competitive forces to bring down the interest rates by empowering the borrowers to make an informed decision. Read more

Jubilant Foodworks Q4 net profit more than triples to Rs105.42cr on 47% growth in EBITDA

Published on: 3:51 pm

  • Jubilant Foodworks Ltd reported 14.21% yoy rise in consolidated net revenues for the Mar-21 quarter at Rs1,037.86cr. On a sequential basis, net sales revenues were down -2.94% compared to total revenues in the Dec-20 quarter at Rs1,069.28cr.
  • Full year revenues for FY21 were -15.7% lower at Rs3,312cr. During the quarter, Jubilant opened 53 new stores including 50 new Domino’s stores. Jubilant also announced 32.81% equity stake purchase in DP Eurasia, the master franchise for Turkey, Russia, Azerbaijan and Georgia.
  • Net profits in the Mar-21 were up 218.2% to Rs105.42cr on the back of a 47% growth in EBITDA to Rs249cr and the 542 bps expansion in EBITDA margins to 24.3% during the quarter. In the Mar-21 quarter, same store growth (SSG) came in at 1.8% compared to -3.4% in Mar-20 quarter. Read more

JSW Ispat promoter starts offer of sale today to offload 21.18% stake; Stock ends lower

Published on: 3:45 pm

  • JSW Ispat Special Products Limited promoter AION Investments Private II Ltd proposes to sell up to 9.94cr shares, representing 21.18% of the total equity share capital through an offer for sale.
  • The floor price of Rs27 per share is at a discount of 52.92% to Monday’s closing price. The OFS opened for non-retail investors on Tuesday and for retail investors on Wednesday. Read more

Markets close higher; Banking Stocks outperformed

Published on: 3:33 pm

  • Markets witnessed a positive day of trade as the benchmark index closed on record highs.
  • Bank Nifty outperformed the Nifty index by ~0.5% with both the indices closing ~0.9%/.0.4% higher.
  • Banking stocks were among the top outperformers as the stocks like ICICI Bank & Axis Bank closed around its intraday highs, adding fresh long positions.
  • Nifty Midcap 100 index closed ~0.6% higher.
  • Market breadth ended in the favour of the advances with the advance/decline ratio closing at 3:2x. Nifty saw an addition of long positions during the day. Read more

TTK Prestige commences production at Coimbatore facilities

Published on: 3:31 pm

  • TTK Prestige has commenced production with limited labour strength at Coimbatore, Tamil Nadu facilities to fulfil export orders.
  • In its regulatory filing today, TTK said, that following relaxations announced by the Government of Tamilnadu, the manufacturing facilities at Coimbatore (Tamilnadu) has commenced production with limited labour strength to fulfil export orders.
  • Hosur Unit in Tamilnadu is also operational with permitted workers strength to fulfil export orders.
  • On Sensex, TTK closed at Rs8650 per piece down by Rs209.05  or 2.4%.  Read more

Ashok Leyland's UK-based arm acquires the entire shareholding of Switch Mobility Automotive

Published on: 3:26 pm

  • Ashok Leyland has announced that its UK-based subsidiary, Switch Mobility Limited, has acquired the entire shareholding in Switch Mobility Automotive Limited.
  • With that, Switch Mobility Automotive has become a step-down subsidiary of Ashok Leyland.
  • Switch Mobility Automotive is incorporated to carry on the business of manufacture and selling electric vehicles.
  • At around 3.25 PM, Ashok Leyland was trading at Rs128.65  per piece down by 0.85% on Sensex.  Read more

Accenture to acquire Germany's umlaut to deepen data engineering capabilities

Published on: 3:20 pm

  • Accenture has decided to acquire umlaut, an engineering consulting and services firm headquartered in Aachen, Germany. The move will significantly scale Accenture’s deep engineering capabilities to help companies use digital technologies like cloud, artificial intelligence, and 5G to transform how they design, engineer and manufacture their products as well as embed sustainability.
  • “We predicted that digital would ultimately be applied at scale to the core of a company’s business – the design, engineering and manufacturing of their products. And, for nearly a decade Accenture has been building the unique capabilities and ecosystem partnerships to combine the power of digital with traditional engineering services,” said Julie Sweet, chief executive officer, Accenture. “COVID-19 has accelerated the need for companies to transform these core operations, and umlaut’s leading and highly-specia lized engineering services will enhance our ability to meet the accelerating demand and also continue innovating for our clients.” Read more

Libas Consumer Products to invest Rs5cr in Golden Bricks Infrastructure

Published on: 3:18 pm

  • Libas Consumer Products Limited board has approved an investment of not exceeding Rs5cr (not exceeding 30%) in Golden Bricks Infrastructure Private Limited
  • “Golden Brick is a specialized company in import of rock salt and cement export of agri products and other related items. This is an extension of Libas business and strengthens our focus on becoming a partner of consumer product, Libas will be able to offer additional value of its customer, whiles Golden Bricks will be able to expand in new areas,” company said in a filing on Monday.
  • “The indicative time period for completion of transaction is 6 -8 months,” it added. Read more

Nifty Pharma extend losses with all stocks in red; Divis Lab, Torrent Pharma, Cadila, Dr Reddy's, Su

Published on: 3:06 pm

  • Pharma stocks were the only laggards of Tuesday's session shrugging off the trend of the bullish market. The bears hovered in the sector after the government revised the Remdesivir injection export policy. All stocks listed on Nifty Pharma were in the red with heavyweights taking a huge toll.
  • At around 2.56 pm, Nifty Pharma was trading at 14,319.60 lower by 130 points or 0.90%. The index has touched an intraday high and low of 14,505 and 14,316.30 respectively.
  • Divis Lab was the top underperformer plunging 1.7%, while Torrent Pharma dived 1.6%. Alkem Lab and Cadila Healthcare dipped more than 1% each. Read more

Kajaria Ceramics slips ~2% despite strong Q4 numbers

Published on: 3:00 pm

  • Shares of Kajaria Ceramics slipped nearly 2% on the BSE despite the company’s net profit rose 156.28% to Rs127.09cr in the quarter ended March 2021 as against Rs49.59cr during the previous quarter ended March 2020.
  • The sales have increased by 46.08% to Rs952.51cr in the quarter ended March 2021 as against Rs652.04cr during the previous quarter ended March 2020.
  • The stock is currently trading at Rs998.80 down by Rs17.55 or 1.73% from its previous closing of Rs1,016.35 on the BSE. Read more

NHB imposes penalty of Rs29.13 lakh on Can Fin Homes; stock trades flat

Published on: 2:48 pm

  • National Housing Bank (NHB) on Monday has imposed a penalty of Rs29.13 lakh on Can Fin Homes.
  • In the regulatory filing, NHB had observed that the Company had accepted individual deposits aggregating to Rs14,56,617/- from five small depositors for a period of less than 12 months, in contravention with provisions of Para 4 of the HFCs (NHB) Directions, 2010.
  • The Company had replied to NHB that five deposits aggregating to Rs.14,56,617/- (out of about 4000 deposits), were accepted in the year 2018-19 for a tenure of less than 12 months by three of its branches inadvertently. NHB has imposed a penalty of twice the amount of deposits collected, i.e., Rs.29,13,234/- Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices maintain early gains as Media stocks soar over 2.5%.
  • BSE Sensex is currently 52,824.84 up 273.31 points or 0.52%.
  • Nifty50 is currently 15,888.00 up 76.15 points or 0.48%. Nifty Bank is trading up 0.83% at 35,278.95 while Mid-cap Index is up by 0.80%.
  • Asian Paints, Axis Bank, SBI Life, HDFC Life, and Eicher Motors are the top gainers while Divis Lab, Coal India, Bajaj Finserv,  Cipla,and Wipro are the top losers.
  • Nifty Media stocks soar 2.6% while Banking stocks are also bullish. Nifty Pharma stocks remain under pressure.
  • Out of 50 stocks traded on the NSE, 30 advanced and 20 declined. Read more

Bank Nifty tops 295 points on broad-based buying; Axis Bank, HDFC Bank, ICICI Bank, IndusInd in a sh

Published on: 2:14 pm

  • Banking stocks were on a bullish trend joining the broader positive markets on Tuesday despite the country's inflation reaching a six-month high led by a rise in food and fuel prices. The sector was among top performers in today's super record-high performance even though global cues were mixed as investors hold on to a much-anticipated Federal Reserve policy meeting scheduled for tomorrow.
  • At around 2.10 PM, Bank Nifty was trading at 35,245.70 up by 295.10 points or 0.84%. The index has touched an intraday high of 35,317.40 and a low of 34,917.90 respectively.
  • Axis Bank was the top gainer soaring by 1.7%, while RBL Bank followed with a 1.6% upside. Bandhan Bank and Federal Bank jumped by 1.3% and 1.2% respectively. Read more

NHPC signs MoU with BSHPC; Power Minister says, hydropower very important in shift to non-fossil fue

Published on: 2:06 pm

  • State-owned NHPC has signed a Memorandum of Understanding (MoU) with Bihar State Hydroelectric Power Corporation Limited (BSHPC) for the Implementation of the 130.1 MW Dagmara HE Project, Dist. Supaul, Bihar.
  • R.K. Singh, Minister of State (Independent Charge) Power and New & Renewable Energy & Minister of State Skill Development & Entrepreneurship, Government of India thanked NHPC for their speedy response and cooperation in taking up the project which reflects their keen spirit towards their aim of development of hydropower.
  • He further said that hydropower is very important in the background of climate change and the shift from fossil to non-fossil fuel for the future generation. Read More

Nifty FMCG stocks advance over 200 points; Marico hits new 52-week high

Published on: 2:05 pm

  • Nifty FMCG stocks outperformed by over 200 points amid bullish markets on Tuesday. Marico led the gains by hitting record high on Tuesday, while Varun BeveragesColgate Palmolive and United Spirits advanced over 1% to lift the sectorial performance.
  • Jubilant FoodWorks was also trading higher ahead of the quarterly earnings announcement on Tuesday. Emami was the biggest laggard in the sector.
  • At around 2.05 PM, Nifty FMCG was trading at 35,877.55 up 217.60 points or 0.61%, touching a high of 35,905.45 during intraday trade on Tuesday. BSE Sensex was trading 306.95 higher or 0.58% at 52,858.48 and Nifty50 was up 84.45 points or 0.53% at 15,896.30. Read more

JB Chemicals PAT jumps by a whopping 101% to Rs101cr in Q4; stock dips 2%

Published on: 2:02 pm

  • J. B. Chemicals & Pharmaceuticals Limited (JBCPL), one of the fastest-growing pharmaceutical companies in India, announced its financial results for the fourth quarter and fiscal year ended 31st March 2021.
  • For the fourth quarter ended 31st March 2021, Profit after Tax was higher by 101% at Rs101cr as compared to Rs50cr.
  • The Company recorded revenue of Rs528cr as compared to Rs444cr, registering a growth of 19% over the corresponding quarter ended 31st March 2020.
  • The stock is currently trading at Rs1,513.10, down by Rs32.9 or 2.13% from its previous closing of Rs1,546 on the BSE. Read more

Sobha stock jumps 2.5% after introduction of SOBHA Town Park in Bengaluru

Published on: 1:54 pm

  • SOBHA has introduced SOBHA Town Park at Yadavanahalli, Bengaluru. SOBHA Townpark is an integrated township located in Yadavanahalli, a promising location in South Bengaluru that offers serene yet connected living. Sprawling across lush open spaces, SOBHA Townpark is a first-of-its-kind luxury residential township in Bengaluru, themed in the architectural footsteps of New York.
  • Ravi Menon, Chairman, SOBHA Ltd. said, “With SOBHA Townpark, we have re-imagined the architectural brilliance of New York through iconic residential towers, a glitzy shopping mall and top-of-the-line amenities.” Read more

Datamatics named in 2021 Gartner Market Guide for Finance and Accounting Business Process Outsourcin

Published on: 1:48 pm

  • Datamatics has been recognized in the Gartner annual “Market Guide for F&A BPO Service Providers.” The report is authored by Sanjay Champaneri, Katie Gove, Cathy Tornbohm, and Alan Stanley. The Market Guide reviews key service providers in the Finance and Accounting Business Process Outsourcing space.
  • The reviews act as a market guide “For finance leaders to navigate the various F&A BPO contracting objectives when planning to automate and digitize finance processes.” The report includes how “F&A BPO providers are evolving to help finance mature its operations beyond cost arbitrage opportunities by using Hyperautomation.”
  • “Pandemic has accelerated digital transformation in finance and CFO mid-office & back-office. CFO’s are taking advantage of Hyperautomation, IDP, AI to increase productivity, reduce cost and increase accuracy.” Said Mitul Mehta, SVP & Head, Marketing & Communications, Datamatics. Read More

Reliance Power, Reliance Infra stock gains after Rs1,325cr fundraising plan

Published on: 1:43 pm

  • Reliance Power said it will raise Rs1,325cr by issuing preferential shares and warrants to its parent Reliance Infrastructure.
  • According to the regulatory filing, the Company is an existing promoter of Reliance Power. Subscription to preferential Issue shall be by way conversion of existing debt into 59.50 crore equity shares and 73 crore warrants convertible into an equivalent number of equity shares of Reliance Power. Pursuant to the Preferential Issue, aggregate holding of Reliance Infra will increase to 22.90% and may further increase upto 36.11% as and when all the warrants are converted into equity shares of Reliance Power.
  • "Further, pursuant to the Preferential Issue, aggregate promoter group shareholding will increase to 24.98% and may further increase upto 38.24% as and when all the warrants are converted into equity shares of Reliance Power. Read More

SAT reduces quantum of penalty on CARE Ratings to Rs10 lakhs; Stock soars 4%

Published on: 1:42 pm

  • Securities Appellate Tribunal (SAT) vide its order dated June 09, 2021, received by CARE Ratings Limited on June 14, 2021, has reduced the quantum of penalty to Rs10 lakhs.
  • .Securities and Exchange Board of India (SEBI), had conducted adjudication proceedings in relation to credit ratings assigned to one of the company's customers; And vide its adjudication order dated July 24, 2020, SEBI had imposed a penalty of Rs100 lakh on the company, under secon 15HB of SEBI Act, 1992.
  • The company had appealed against the order before SAT.
  • At around 1.45 pm, CARE Ratings Ltd was trading at Rs655.70 per piece up by Rs24.9 or 3.95% from its previous closing of Rs630.80 per piece on the BSE. Read more

Ajooni Biotech bags orders of 10k bags of cattle feed from Patanjali Kisan Sewa; Stock hits 5% upper

Published on: 1:40 pm

  • Ajooni Biotech on Tuesday announced that the company has added another feather to its cap as it procured an order of 10,000 bags of cattle feeds from Patanjali Kisan Sewa Kendra, Punjab.
  • The company said, Ajooni has also established a successful track record in nurturing stable and long term relationships with highly reputed corporate clients and Milk processing companies.
  • Ajooni has entered into contract manufacturing agreements and annual rate contracts with reputed companies & corporate houses of the country and has been supplying them with its unique Animal Health care products for the last many years. Read More

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is at 52,811.18 up 259.65 points or 0.49%.
  • The Nifty50 is at 15,889.10 up 77.25 points or 0.49%. Nifty Bank is trading up 0.84% at 35,244.70 while Mid-cap Index is up by 1.10%.
  • Asian Paints, Axis Bank, IndusInd Bank, Tata Steel, and ONGC are the top gainers while Divis Lab, Coal India, Bajaj Finserv, Cipla, and Sun Pharma are the top losers.
  • Nifty Banking, Media and Realty stocks are bullish while Nifty Pharma stocks remain under pressure.
  • Out of 50 stocks traded on the NSE, 35 advanced, 14 declined and 1 changed. Read more

Nifty IT hits fresh record high as heavyweight stocks rally; Infosys, Mindtree, Mphasis, LTI shine;

Published on: 1:13 pm

  • Technology stocks were in the fast lane shunning away inflation fears. Positive global tech stocks also added to the sentiments ahead of the US Federal Reserve policy outcome scheduled for tomorrow. Back at home, heavyweight stocks further boosted the Nifty IT index.
  • At around 1.06 PM, the Nifty IT was trading at 28,419.05 up by 104.95 points or 0.37%. The index has touched a new all-time high of 28,544.60.
  • Oracle Financial Services was the top gainer surging by nearly 3% followed by Mphasis more than 2.3%. Coforge jumped by 1.5%. Read More

Nifty Media index in fast lane; Dish TV, ZEEL stocks outperform

Published on: 1:10 pm

  • Nifty Media stocks continued the upward movement on Tuesday. The Index gained 1.65% to go with the markets bullish tone. Dish TV and ZEEL advanced in the fast lane while Inox Leisure weighed down.
  • Nifty Media was one of the underperformers between February-April but have done well since last month. The Index outperformed last week.
  • At around 1.10 PM, Nifty Media was trading at 1,900.65 up 30.80 points or 1.65%, touching a high of 1,907.90 and low of 1,875.70 during intraday trade on Tuesday. Read more

Strides Pharma ties with Ennaid Therapeutics to manufacture live-saving oral Covid tablet

Published on: 1:05 pm

  • Strides Pharma Science announced that it's a step‐down wholly-owned subsidiary, Strides Pharma Global Pte. Limited, Singapore has entered into an exclusive partnership with Ennaid Therapeutics, a global pharmaceutical company to produce an oral, repurposed medication to treat mild, moderate and asymptomatic cases of COVID‐19.
  • Dr R Ananthanarayanan, Managing Director and Group CEO, Strides, stated: “We are pleased to partner with Ennaid as an exclusive manufacturer of its oral repurposed medication to treat mild, moderate and asymptomatic cases of COVID‐19. At Strides, we are committed to our fight against COVID‐19 and are working on creating a portfolio of products to aid COVID treatment and supportive care. Partnership with Ennaid is part of our initiative to provide quality and affordable treatment to the global patient pool impacted by COVID‐19.” Read More

HDFC Bank stock rallies as the board will consider dividend on June 18

Published on: 12:44 pm

  • Private lender, HDFC Bank stock was in the fast lane on Tuesday as the Bank will consider dividend on June 18.
  • In its regulatory filing, HDFC Bank said that the Board of Directors at its meeting scheduled to be held on June 18, 2021, shall inter alia consider a proposal for a recommendation of dividend on the equity shares of the Bank for the financial year ended March 31, 2021, in view of the notification of the Reserve Bank of India pertaining to the declaration of dividend by banks released on April 22, 2021.
  • At around 12.43 PM, HDFC Bank was trading at Rs1494.10 per piece higher by Rs14.70  or 0.99% on Sensex. Read more

Delta Corp extends closure of casinos in Goa and Sikkim to June 21; Stock surges over 2%

Published on: 12:43 pm

  • Delta Corp Limited has further extended the closure of its casinos in Goa and Sikkim due to a surge in Covid-19 cases in these states.
  • “Due to the surge in Covid-19 cases being witnessed in Goa and Sikkim, the Government of Goa and Sikkim interalia has extended the restrictions in both these states respectively till June 21, 2021."
  • Accordingly, the casinos operated by the Company and its subsidiaries in Goa and Sikkim will remain closed during this period,” the company said in a filing on Monday. Read more

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark market indices capitalise on early gains with banking stocks leading the charge.   
  • BSE Sensex is at 52,836.92 up 285.39 points or 0.54%.
  • The Nifty50 is at 15,884.70 up 72.85 points or 0.46%. Nifty Bank is trading up 0.94% at 35,278.95 while Mid-cap Index is up by 0.76%.
  • Asian Paints, ONGC, IndusInd Bank, Axis Bank and ICICI Bank, are the top gainers, while Divis Lab, Coal India, Adani Ports, Cipla and Bajaj Finserv are the top losers.
  • Nifty Banking and Media stocks continue to drive trade while Nifty Pharma falls further.
  • Out of 50 stocks traded on the NSE, 34 advanced and 16 declined. Read more

Zuari Agrochemicals resumes production at Ammonia and Urea Plants in Goa

Published on: 12:16 pm

  • Zuari Agrochemicals Limited has resumed production at its Ammonia and Urea Plants in Zuarinagar, Goa from June 13, 2021. The company’s Ammonia and Urea Plants had been under shutdown for annual maintenance from May 3, 2021. 
  • Ata round 12.19 PM, Zuari Agro Chemicals Ltd was trading at Rs130 per piece down by Rs0.3 or 0.23% from its previous closing of Rs130.30 per piece on the BSE.
  • The scrip opened at Rs135 and has touched a high and low of Rs135 and Rs129.35 respectively during intraday trade on Tuesday. Read more

Asian markets trade mixed; Crude oil prices higher

Published on: 12:11 pm

  • Asian markets were trading on a mixed note in Tuesday afternoon trade, with Australian S&P/ASX 200 jumped 0.92%. According to the media reports, the Reserve Bank of Australia’s board agreed it would be “premature” to consider ceasing the bond purchase program, minutes from the central bank’s monetary policy meeting for June showed.
  • Elsewhere in Asia, the Nikkei 225 in Japan gained 0.96% while the Topix index advanced 0.68% and South Korea’s Kospi edged 0.15% higher.
  • On the flip side, the Shanghai Composite lower by 0.83% while the Shenzhen Component dipped 0.79%. Hong Kong’s Hang Seng index declined 0.72%. Read more

ICRA assigns A1+ rating to M&M Commercial Paper programme; Stock trades flat

Published on: 12:08 pm

  • Credit rating agency ICRA Limited has assigned ICRA A1+ rating to Mahindra and Mahindra Limited Commercial Paper programme and reaffirmed credit ratings for bank loans and Non-convertible Debentures (NCDs).
  • The rating on NCD Programme Rs1500cr has been reaffirmed at ICRA AAA with a Stable outlook. The rating on long-term loans Rs1800cr has also been reaffirmed at ICRA AAA (Stable).
  • On Long-term, fund-based facilities Rs15.25cr the rating has been reaffirmed at ICRA AAA (Stable). Read More

Creative Peripherals ties with Colorful Technology for distribution of SSDs and DRAM business

Published on: 12:01 pm

  • Creative Peripherals and Distribution Limited, market specialists for experiential products in IT, Imaging, Lifestyle, and Security domains with a pan-India presence, has announced its distribution agreement with Colorful Technology Co. Ltd.
  • Creative Peripherals would be the distributor for a range of Colorful’s solid state drives (SSDs) and DRAM business across India.
  • Colorful is a well-established brand in graphics cards and SSDs across the world and sees the India as a high potential growth market. The company’s other products include graphics cards, cooling systems and similar components. Read more

IFGL Refractories to start commercial production at Industrial Park in Andhra Pradesh; Stock soars 2

Published on: 11:55 am

  • IFGL Refractories Ltd has informed to the exchange regarding commencement of operations.
  • The 1st phase of Company's greenfield manufacturing facility under construction at Industrial Park, APIIC - Denotified Area Atchutapuram APSEZ, Visakhapatnam District, Andhra Pradesh, for manufacture of new products including Monolithics will get completed later this month.
  • Further, the trial/commercial production will be started soon thereafter. Read more

Vaibhav Global renames Hongkong and Japan subsidiaries

Published on: 11:45 am

  • Vaibhav Global Ltd has informed to the exchange regarding rename of its subsidiaries.
  • The name of STS Gems Limited, a wholly owned subsidiary of the Company based in Hongkong has been changed to STS Global Supply Limited.
  • Similarly, name of STS Gems Japan Limited, a wholly owned subsidiary of the Company based in Japan, has been changed to STS Global Limited pursuant to requisite approvals, as mentioned by the company in a regulatory filing. Read more

Hardening in PV module price to moderate the returns for the projects awarded over the last 6 to 9-m

Published on: 11:45 am

  • The increase in imported photovoltaic (PV) solar module price level by about 15-20% over the last 4-5 months, to around 22-23 cents/watt as on date, is likely to impact returns of solar power project developers. This price rise has been mainly driven by a sharp increase in the price of polysilicon, a key input for cell & module manufacturers.
  • As per an ICRA note, given the import dependency for PV modules for a majority of the solar power installations in India, such hardening in the price of PV modules, if sustained, remains a near-term headwind. This risk is especially significant for the capacity won by developers through the bidding route over the last six to nine months (amounting to 4-GW[1]) at tariffs ranging largely between Rs2.00 per unit and 2.25 per unit; and scheduled to be commissioned over the next 12-15-month period. This apart, the recent surge in metal prices is also leading to upward pressure on the overall capital cost for solar power projects. Read More

IRB Infra hits new 52-week high after subsidiaries execute concession agreement with NHAI

Published on: 11:44 am

  • IRB Infrastructure Developers Ltd. informed the exchanges Monday that Palsit Dankuni Tollway Private Limited and Pathankot Mandi Highway Private Limited, Wholly-owned Subsidiaries of the Company have now executed a concession agreement with the National Highways Authority of India (NHAI).
  • The company stock hit Rs150.60 per piece during early trade on Tuesday. At around 11.48 AM, IRB Infrastructure Developers Ltd stock was trading at Rs148.45 up Rs6.85 or 4.84% from its previous closing of Rs141.60 on the BSE. Read more

Everest Organics Q4FY21 PAT declines to Rs2cr

Published on: 11:35 am

  • Everest Organics Limited has announced its audited financial results for the fourth quarter and financial year ended 31st March,2021.
  • Highlights for the FY 2020-21(yoy):
  • Revenue was Rs181.56cr as compared to Rs167.21cr in the previous year, registering 8.58% growth in revenue.
  • PAT was Rs13.71cr as compared to Rs10.89cr in the previous year, registering 25.89% growth in PAT.
  • EPS was Rs17.14/- as compared to Rs13.62/-, registering 25.84% growth in earning per share. Read more

CPI hits six-month high of 6.3% in May; Fuel, commodities prices to add inflationary pressures ahead

Published on: 11:33 am

  • India's Consumer Price Index (CPI) or retail inflation has clocked a six-month high to 6.30% in May led by higher food, fuel and energy prices. The inflation stood at 4.23% in the previous month. The latest inflation reading is higher than anticipated.
  • Further, the Consumer Food Price Index (CFPI) witnessed a sharp rise to 5.01% in May 2021 against 1.96% in April 2021.
  • In its research note, ICRA said, "The CPI displayed a month-on-month (MoM) uptick of 1.6% in May 2021, amid the widening state-level restrictions. This is nearly as high as the 1.9% MoM hardening that was seen in April 2020 during the nationwide lockdown, testing the assumption that supply disruptions have been limited in the second wave." Read More

Market pulse at 11:30 AM today

Published on: 11:30 am

  • Indices led by banking stocks remain firm while, media stocks surged nearly ~2%.   
  • BSE Sensex is at 52,794.16 up 242.63 points or 0.46%. The Nifty50 is at 15,881.95 up 70.10 points or 0.44%.
  • Nifty Bank is trading up 0.69% at 35,193.05 while Mid-cap Index is up by 0.76%.
  • Asian Paints, ONGC, IndusInd Bank, Axis Bank, and Tata Steel are the top gainers, while Coal India, Divis Lab, Adani Ports, Cipla and Bajaj Finance are the top losers.
  • Nifty Banking and Media stocks remain bullish while, Nifty Pharma is under pressure.
  • Out of 50 stocks traded on the NSE, 39 advanced and 11 declined. Read more

Rupee gains 13 paise against US Dollar tracking domestic markets

Published on: 11:25 am

  • The Indian rupee opened higher against the US dollar on Tuesday tracking positive domestic equities.
  • At the interbank foreign exchange, the domestic unit opened at 73.20 against the dollar, then inched higher to 73.16/$, registering a gain of 13 paise over its previous close.
  • The local unit on Monday had settled at 73.29 against the US dollar.
  • On the domestic equity market front, the Nifty 50 was trading at 15,879.90 up 68.05 points or 0.43%. Sensex performed at 52,786.74 up by 235.21 points or 0.45%. Read more

Piramal Enterprises allots equity shares worth Rs1750cr on conversion of CCDs

Published on: 11:15 am

  • Piramal Enterprises Limited on Monday has approved allotment of 1,15,89,400 equity shares of the face value of Rs2 each at a premium of Rs1,508 per share pursuant to the compulsory conversion of 1,15,894 CCDs of the face value of Rs1,15,000 each aggregating ~Rs1,750cr.  These equity shares are proposed to be listed on BSE Limited and the National Stock Exchange of India Limited.
  • After the said allotment, the paid up share capital of the company stands increased from 22,55,38,356 equity shares of Rs2 each amounting to Rs45,10,76,712 to 23,71,27,756 equity shares of Rs.2 each amounting to Rs47,42,55,512. Read more

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