Latest News and Updates

16th Jun, 2021

Securekloud Technologies: Healthcare Triangle launches CloudEz Platform

Published on: 4:59 pm

Securekloud Technologies on Wednesday announced that Healthcare Triangle Inc., (HTI) has launched its CloudEz platform, as a SaaS offering, a secure turnkey framework that empowers life sciences and healthcare organizations to build a self-serve cloud platform. This cloud-as-a service solution enables organizations to quickly set up agile, fully managed cloud work environments at scale—reducing compliance risk, lowering costs, and freeing up IT resources for strategic initiatives.
“The demand for agility and scalability in life sciences and healthcare continues to grow as more organizations invest in digital transformation,” said Suresh Venkatachari, CEO of HTI. “CloudEz offers organizations a continuous, secure platform for their IT infrastructure that complies with HIPAA and GxP regulatory requirements. This framework allows organizations to unleash the power of the cloud to deploy critical workloads and enhance business performance. It also enables organizations that rely on more than one cloud platform to streamline their multi-cloud infrastructure, so their business operations run in synergy.” Read more

Rs21.66cr incentives from Maharashtra Govt to increase profitability for Pitti Engineering

Published on: 4:54 pm

  • Pitti Engineering Ltd., leading engineering company, had invested Rs160cr at Aurangabad for setting up state of the art fully automated facility, under Package Scheme of Incentives (PSI), 2013 by Government of Maharashtra for industrial incentives and benefits.  Consequent to setting up of the facility at Aurangabad, Government of Maharashtra had declared the project as Mega Project.
  • Company has received approval for Rs21.66cr incentives, out of which Rs16.25cr has been sanctioned for the period from 1st April 2018 to 31st March 2020. The remaining amount of Rs138.34cr would be received in due course as per agreed terms and conditions between the government and the company. Read more

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Thomas Cook India & SOTC Travel announces TravShield & Holiday First and Pay When You Return

Published on: 4:50 pm

  • Thomas Cook India & SOTC Travel Ltd. have announced a two-pronged strategy: TravShield and Holiday First and Pay When You Return to cover every aspect of physical and financial safety.
  • TravShield, a comprehensive safe travel commitment is designed with meticulous health and safety protocols to safe guard customers across Holidays, MICE and Business Travel and encompasses and enhances the companies’ existing Assured Insured Secured Travel Program.
  • To better understand consumer behaviours and travel needs, Thomas Cook India and SOTC surveyed over 4000 customers in June 2021. The data analysis has revealed strong pent up demand/travel desire along with key pain points/needs while travelling in the COVID era: Read more

Wipro named a Worldwide SAP Supply Chain Ecosystem Leader by IDC MarketScape

Published on: 4:42 pm

  • Wipro Limited on Tuesday has announced that it has been named as a Leader in the IDC MarketScape: Worldwide Supply Chain SAP Ecosystems Services 2021 Vendor Assessment report.
  • The recognition comes after a year of unprecedented disruption and unanticipated challenges that placed significant pressure on supply chains across the globe. As more vulnerabilities came to light, companies turned to adopt sophisticated supply chain management tools, Cloud and Artificial Intelligence to improve resilience and operational efficiencies.
  • The IDC MarketScape research evaluated 11 firms that support the assessment, selection, and implementation of SAP’s supply chain management suite of products. The report named Wipro as a Leader in both quantitative and qualitative characteristics and capabilities that affect a vendor's success in delivering supply chain management transformation for manufacturers and retailers. Wipro was recognized for its consulting and process mining capabilities, analytics, and outcome-based approach. Read more

HCL positioned as a Leader in Software Product Engineering Services PEAK Matrix Assessment 2021 by E

Published on: 4:36 pm

  • HCL Technologies (HCL), a leading global technology company, continues to be recognized for its global leadership in software product engineering services. In a recent evaluation by Everest Group, HCL was positioned as a Leader in the Software Product Engineering space for the third consecutive year. The organization recognized HCL for its diverse client portfolio and investments in next-generation technologies, Centres of Excellence (CoEs), lab infrastructure, solution accelerators and multiple strategic acquisitions.
  • The “Software Product Engineering Services PEAK Matrix Assessment 2021” report highlights HCL’s ability to adapt to changing business environments with a dedicated focus on driving innovation and cost-saving initiatives for clients. The report also lauds HCL’s fast turnaround capabilities, strong technical expertise and unmatched engagement flexibility, which help HCL transform into a strategic partner. Read more

LIC Housing stock slips after consolidated net profit declines in the March quarter

Published on: 4:31 pm

  • LIC Housing Finance consolidated net profit declined by 9.30% to Rs384.79cr in the quarter ended March 2021 as against Rs424.25cr during the previous quarter ended March 2020.
  • The sales rose 0.95% to Rs4981.84cr in the quarter ended March 2021 as against Rs4935.20cr during the previous quarter ended March 2020.
  • The Board has approved preferential allotment of 4.54 crore equity shares of Rs2 each to the promoter, Life Insurance Corporation of India through private placement. Read more

Creative Peripherals witness fire accident in Bangalore's warehouse; Stocks end 5% down

Published on: 4:31 pm

  • Creative Peripherals and Distribution Limited has informed that there was a fire incident at company's warehouse in Bangalore, India on Tuesday, 8h June 2021.
  • "A fire broke out at the Company’s Bangalore warehouse at 7:30 AM on 08th June 2021, and the incident has been reported to the relevant authorities, including the local Police and Fire Department.
  • The cause of the fire is under investigation. Only partial inventory was damaged and in case the brand does not provide boxes, the material may be offered for salvage", company said. Read more

Mindtree among the UK's top companies in Customer Satisfaction by 2021 IT Sourcing Study

Published on: 4:15 pm

  • Mindtree, a global technology services and digital transformation company, on Wednesday has announced that it has ranked second for client satisfaction in the 2021 UK IT Sourcing Study, conducted by Whitelane Research in collaboration with PA Consulting.
  • The company’s overall satisfaction score of 80% was well above the industry average of 72%.
  • This year’s ranking of 34 of the UK’s top IT/cloud service providers was based on an evaluation of more than 600 unique IT sourcing relationships and 800 cloud relationships by more than 250 participants of the top IT spending organizations in the UK. Read more

Whirlpool delivers strong income growth of 31.5% for Q4; stock ends higher

Published on: 4:15 pm

  • Whirlpool of India has announced strong operating results for the fourth quarter of 2020‐21.  Total revenue from operations of Rs1,779cr up 31.5% vs. LY. EBITDA of Rs189.7cr up by 38.5% vs LY, Standalone PBT at Rs166.3cr up by 39.9% vs. LY and PAT at Rs123.8cr up by 41.7% vs LY.
  • The board of directors of the company have recommended a Final Dividend of Rs5 per equity share of the face value of Rs10 each (50%) for the financial year 2020‐21.
  • The stock ended at Rs2,272.95 down by Rs78.9 or 3.35% from its previous closing of Rs2,351.85 on the BSE. Read more

Godrej Agrovet to acquire final 25.10% stake of Godrej Maxximilk

Published on: 3:51 pm

  • Godrej Agrovet Limited has executed a Share Purchase Agreement on 15th June, 2021 with Dr. Saar Yavin and Adaya Aroyo (“the Sellers”), Maxximilk Limited (Israel) and Godrej Maxximilk Private Limited (“GMPL”) for acquisition of 2,95,840 Equity Shares of GMPL, i.e., 25.10% of the Equity Share Capital of GMPL from the Sellers and other incidental matters, thereby making GMPL a wholly-owned subsidiary of the Company.
  • GMPL is a related party viz-à-vis the Company. The Promoters, being Godrej Agrovet Limited, have an interest in the entity acquired, being its Subsidiary Company, stated by the company. Read more

RattanIndia’s Revolt Motors to re-open bookings of e-motorcycles from June 18

Published on: 3:40 pm

  • RattanIndia-Revolt, India’s next gen-mobility company on Thursday has announced re-opening of bookings for its electric motorcycles across the 6 operational cities from June 18th, 12PM onwards.
  • The company had earlier stopped taking fresh bookings after witnessing an unprecedented number of bookings last month. The brand, currently operational in Delhi, Mumbai, Pune, Chennai, Ahmedabad and Hyderabad, will be re-opening for fresh bookings after confirming delivery dates for all existing orders in hand.
  • In addition, Company is also bringing forward the delivery dates for the bookings made by customers which were earlier slated to be delivered in latter part of the current year. Read more

Markets close lower; Adani Group stocks underperformed

Published on: 3:35 pm

  • Markets witnessed a negative day of trade as across the board long unwinding weighed in.
  • Both Bank Nifty and the Nifty index closed ~0.7% lower around its intraday lows.
  • Adani Group stocks were among the top underperformers as the stocks like Adani Ent & Adani Ports closed around its intraday lows, adding short positions. Read more

PNB Housing Finance allocates Rs5cr for targeted solutions against the Covid-19 pandemic

Published on: 3:28 pm

  • To fight against the Covid-19 pandemic, PNB Housing Finance has allocated a sum of Rs5cr for targeted solutions which will extend crucial support to access appropriate medical treatments and well equipped medical facilities for affected patients.
  • PNB Housing Finance Managing Director and CEO Hardayal Prasad said, “In the past 15 months, India has been confronting an unprecedented medical emergency due to Covid-19. The existing medical infrastructure has been overwhelmed, resulting in a shortage of medical facilities. Given the severity of the second wave of coronavirus, we at PNB Housing Finance have committed ourselves to provide help and support to assist the local communities and our frontline health workers who are working round the clock to keep people safe. Our current Covid-19 initiatives are meant to aid relief efforts and offer healthcare to those who need it the most, and mitigate the suffering of the people as best as we can.” Read more

Surya Roshni appoints Ogilvy and Mather as a creative agency to build 'Surya' brand; Stock jumps 2.5

Published on: 3:21 pm

  • Surya Roshni has appointed Ogilvy and Mather Private Limited (O&M), a renowned global advertising and marketing communications agency, as its creative agency.
  • O&M will work with Surya on its advertising and communication strategy, and overall brand building.
  • Ogilvy and Mather (O&M) is an award-winning integrated creative network that makes brands matter for Fortune Global 500 companies as well as local businesses across 131 offices in 83 countries. The company creates experiences, design and communications that shape every aspect of a brand's needs through six core capabilities: Brand Strategy, Advertising, Customer Engagement and Commerce, PR and Influence, Digital Transformation, and Partnerships. Read more

Salzer Electronics slumps 3% on lower Q4 earnings, recommends 16% dividend

Published on: 3:15 pm

Salzer Electronics Limited has announced its audited financial results for the fourth quarter and year ended 31st March 2021.

Performance at a glance:
  • Strong quarterly growth in top line, reflecting Company’s resilience despite a sluggish domestic market
  • Revenue mainly driven by exports & New business Read more

Jubilant Foodworks stock spurts after strong Q4 net numbers

Published on: 3:14 pm

  • Jubilant Foodworks Ltd recorded 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 the Mar-20 quarter.
  • The stock is currently trading at Rs3,236.05, up by Rs60.65 or 1.91% from its previous closing of Rs3,175.40 on the BSE. The scrip opened at Rs3,225 and has touched a high and low of Rs3,331.85 and Rs3,212.10 respectively.
  • The company posted a 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. Read more

FinMin to meet with Infosys on June 22 for discussing issues in the new Income Tax Portal

Published on: 3:12 pm

  • The Finance Ministry senior officials will hold an interactive meeting on the 22nd of June, 2021, between 11:00 AM to 01:00 PM with Infosys (the vendor and its team) on issues/glitches in the recently launched e-filing portal of the Income Tax Department.
  • According to the PIB statement, other stakeholders including members from ICAI, auditors, consultants and taxpayers will also be a part of the interaction.
  • FinMin stated on Tuesday that the new portal has been fraught with several technical glitches/issues leading to taxpayer inconvenience. Read more

Capacit'e Infraprojects secures repeat contracts worth Rs384.66cr

Published on: 3:04 pm

  • Capacit’e Infraprojects Ltd said in the filing on Tuesday that it has received a repeat order of Rs384.66cr from Marquee Private Sector Clients.
  • The company received Rs149.66cr order for the construction of super high rise residential buildings.
  • The company also bagged an Rs136.30cr order for the construction of high rise residential buildings. It bagged an Rs98.70cr order for enhancement for the existing project, the company said in the filing. Read more

KEC International bags new orders worth Rs937cr across various businesses; Stock jumps 2%

Published on: 3:03 pm

  • KEC International Ltd., a global infrastructure EPC major, an RPG Group Company, has secured new orders of Rs937cr across its various businesses.
  • Vimal Kejriwal, MD & CEO, KEC International Ltd. commented, “We are pleased with the new order wins amidst global upheavals. The substation order in the Middle East along with the transmission line orders secured last year have significantly enhanced our order book in that region. The orders in Railways, further strengthen our leadership in the conventional Railway segment. The order in the Civil business reaffirms our confidence in the strong growth of this business going forward.” Read more

ICRA revises credit ratings of Deepak Fertilizers funds; Stock zooms 5%

Published on: 2:57 pm

  • Deepak Fertilizers & Petrochemicals Corporations has informed that the ICRA has reaffirmed the credit ratings of the company.
  • Long term funds has been reaffirmed to [ICRA]A+ with stable outlook and short term has been upgraded to [ICRA]A1+.
  • According to the Rationale report, the upgrade in the short-term rating notes the improvement of company's liquidity profile on a consolidated basis. Read more

Newgen Software hits new 52-week high after promoters divest 10.57% stake

Published on: 2:55 pm

  • Newgen Software Technologies has announced that Diwakar Nigam, Chairman & Managing Director and T S Varadarajan, Whole Time Director, as joint promoters announced a sale of an aggregate 10.57% equity stake in the Company by the Promoters/ Promoter Group to a group of reputed institutional investors, according to trades on the stock exchange.
  • On the divestment, the Promoters said, “The book-building saw strong demand and interest from marquee institutional investors, both domestic and international, thus reposing their confidence and faith in Newgen’s business, its promoters and senior management team. We remain steadfast in working towards furthering the best interests of all our stakeholders.” Read more

Cyient stock hits new all-time high after launching Mobius, a software-as-a-service (SaaS)-based sol

Published on: 2:46 pm

  • Cyient has launched Mobius, a software-as-a-service (SaaS)-based solution and decision support platform. Mobius—hosted on Microsoft Azure—consolidates the outage planning and approval process within a central location to provide improved information flow for optimizing schedule plans.
  • Kimberley Reed, the Product Owner at Cyient, said, “We’re excited about the launch of Mobius. Planned network outages are a routine requirement for most utilities. With the growing need for decarbonization initiatives and an increasing number of distributed energy resource (DER) customers connecting to existing networks, utilities are faced with the challenge of improved communication and transparency of planned outages with DER customers.” Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Benchmark indices were trading lower dragged by metals, financials, auto while IT and FMCG stocks were on upside note.
  • Sensex was down by 137.26 points at 52,635.79 while the Nifty was below 15,814 levels by 54.85 points.
  • Broader markets were trading bearish while the midcap index in the red. Read more

Easy Trip Planners profits jump by 86% in FY21 despite lower bookings in pandemic

Published on: 2:30 pm

  • Easy Trip PlanneRsLimited, India’s second largest online travel portal almost doubled its profit for FY20-21 at Rs61.4cr in fiscal 2020-21, increases 86% as against a net profit of Rs33cr in FY19-20.
  • This was despite halving of Gross Booking Revenue in a pandemic struck year. The company recorded a net profit of Rs30.5cr in the fourth quarter of the fiscal as opposed to a profit of Rs3.6cr in the previous fiscal.
  • Gross Booking Revenue, however, fell from Rs4,204cr in FY2019-20 to Rs2,128cr in FY2020-21 as a result of a national lockdown and pandemic dictated travel domestic and international travel. Read more

BSE Power index underperforms; Adani Group stocks witness selling pressure

Published on: 2:27 pm

  • The BSE Power index unperformed in the dull market as heavy selling pressure witnessed in Adani Group stocks. The top index losers at this hour are Adani Transmission, Power Grid, Adani Green, Adani Power, and BHEL.
  • The BSE Power index was trading at 2,903.45 lower by 1.56%. The index has touched an intraday high and low of 2,925.98 and 2,889.61, respectively.
  • Adani Group's listed companies further extended their slide despite the Group has given clarification on three foreign funds account that was reportedly said to have been frozen by NSDL, however, the accounts were later clarified as 'active'. Read more

Nifty Metal index dips 2% as copper price hits 7-week low; All stocks in red; SAIL, JSPL, Hindalco t

Published on: 2:25 pm

  • Metal company stocks were under pressure on Wednesday's bearish bandwagon of markets. Investors booked profits after copper prices clocked a 7-week low as concerns about China to further prices triggered a cautious tone in the sector. At the Nifty Metal index, all stocks were in the red.
  • At around 2.19 PM, Nifty Metal was trading at 5,266.65 lower by 102.30 points or 1.91%. The index has touched an intraday high and low of 5,382.25 and 5,229.60 respectively.
  • SAIL was the top underperformer plummeting 4% followed by JSPL and Hindalco diving by 2.8% and 2.6% respectively. Stocks like Tata Steel, NALCO and JSW Steel dipped more than 2% each. Read more

HDFC shifts dividend payment date to July 22 due to bank holiday on July 21

Published on: 1:40 pm

  • NBFC-major Housing Development Finance Corporation (HDFC) has changed the dividend payment date to July 22 from its earlier decided date of July 21 due to bank holiday on that day.
  • HDFC said that the Board of Directors had recommended a dividend of Rs23 per equity share of the face value of Rs2 each for the financial year 2020-21 for approval of the shareholders at the ensuing Annual General Meeting and the date of payment of the said dividend was July 21, 2021, onwards.
  • However, HDFC said, "we would like to inform you that July 21, 2021, being a bank holiday, the Corporation would make the dividend payment from Thursday, July 22, 2021." Read more

Sinclairs Hotels five properties to resume operations effective from June 16

Published on: 1:40 pm

  • Sinclairs Hotels Limited has announced that the company’s hotels at Siliguri, Dooars, Darjeeling, Kalimpong and Burdwan will resume limited operations effective 16th June 2021.
  • This follows the relaxation in restrictions announced by the Government of West Bengal on 14th June 2021.
  • The other three hotels at Gangtok, Port Blair and Ooty shall remain closed till 21st June 2021. The Company is awaiting announcement of relaxation of restrictions by the respective State Governments/Union Territory. Read more

Fitch affirms Adani Ports issuer default rating 'BBB-', outlook negative

Published on: 1:30 pm

  • Fitch Ratings has affirmed Adani Ports and Special Economic Zone Limited's (APSEZ) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB-'. The Outlook is Negative. On Wednesday, Adani Ports stock was under pressure.
  • In its rating rationale, Fitch said, "We believe APSEZ has adequate liquidity to weather near-term challenges. The company had a readily available cash balance of about INR53 billion at FYE21, against operating expenses of INR33 billion and interest cost of about INR21 billion. APSEZ has INR14 billion due in FY22 to be repaid or refinanced. The company, as a member of one the largest conglomerates in India spanning different sectors, has strong banking relationships and established access to the capital markets." Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • Benchmark indices trades bearish due to selling pressure as banking and metal sector drag the most.
  • BSE Sensex is at 52,556.26 down 216.79 points or 0.49%.
  • Nifty50 is at 15,789.90 down 79.35 points or 0.50%. Nifty Bank is trading down 0.70% at 35,000.55 while Mid-cap Index is also down by 0.72%. Read more

Adani Group stocks extend slide despite clarification on 3 foreign funds account

Published on: 1:23 pm

  • Adani Group's listed companies further extended their slide on Wednesday despite the Group has given clarification on three foreign funds account that was reportedly said to have been frozen by NSDL, however, the accounts were later clarified as 'active'. In another development, Adani Ports was in the news after Fitch Ratings affirmed its IDR rating and gave a negative outlook.
  • At around 1.19 PM, Adani Enterprises was trading at Rs1531.80 per piece down by 0.4%, while Adani Green was trading at Rs1199 per piece down by 0.8%. Three stocks namely Adani Transmission, Adani Total Gas and Adani Power were frozen to a 5% lower circuit for the third consecutive days. Read more

Asian markets in red; European markets trade flat ahead of Fed outcome

Published on: 1:21 pm

  • Asian markets were in the red zone with European stocks are almost flat, as markets await the outcome of the U.S. Federal Reserve’s policy meeting on Wednesday.
  • London’s FTSE was up 30.61 points higher at 7,203, Germany’s DAX down 21 points at 15,708.36, France’s CAC 40 is marginally up 8 points 6,647.49 and Italy’s FTSE MIB up 57 points.
  • The U.K. will release inflation data for May on Wednesday, but there are no other major earnings releases expected. Read more

Nifty FMCG witness stellar buying as monsoon begins well, index tops 215 pts; Jubilant Foodworks, Em

Published on: 12:58 pm

  • FMCG stocks are bounced higher with a bang despite the broader readings of Indian markets that stood bearish on Wednesday. The good start of the monsoon has increased hopes for speedy rural recovery as also the second wave of Covid-19 pandemic eases with business activities getting back on track.
  • At around 12.51 pm, Nifty FMCG was trading at 36,138.35 higher by 216.85 points or 0.60%. The index has touched an intraday high and low of 36,207.65 and 35,937.95 respectively.
  • Jubilant Foodworks was the top gainer soaring by 3%. The stock has also clocked a new 52-week high of Rs3,332.70 per piece earlier today. Read more

Ethanol distillation capacities to double by 2025 and achieve 20% blending target: Centre

Published on: 12:39 pm

  • Secretary, Department of Food and Public Distribution, Sudhanshu Pandey briefed the media persons about ethanol blending with petrol (EBP) program.
  • The roadmap for ethanol blending in India 2020-25 has been released by the Prime Minister Narendra Modi on 5th June, 2021 i.e. on World Environment day. Notification regarding making E 20 fuel available by April, 2023 has been issued.
  • It may be noted that BIS specifications for E12 & E15 blending have also been notified on 2nd June, 2021. Pilot project of E 100 dispensing from 3 locations at Pune was also launched by the Prime Minister. Read More

Dish TV board to consider fundraising for up to Rs1000cr next week

Published on: 12:38 pm

  • Dish TV India has informed on Tuesday to the exchange regarding fundraising plan as considered by the Board of Directors.
  • Its board meeting is scheduled to be held on Monday, 21st June to consider the proposal for fundraising by issue of permissible securities, including through rights issue, preferential issue or through any other permissible mode or a combination thereof, company confirmed.
  • The fundraise is for an amount up to Rs1,000cr, in one or more tranches ('Issue'), in accordance with applicable laws. Read more

NAFED launches Fortified Rice Bran Oil to boost healthy living

Published on: 12:36 pm

  • Sudhanshu Pandey, Secretary, Department of Food and Public Distribution today E-launched “Nafed Fortified Rice Bran Oil”. On the occasion, Shri Sudhanshu Pandey said that this initiative by Nafed will significantly reduce the country's consumption dependence on imported edible oil in future. He also said that this will provide opportunities for Indian edible oil manufacturers further, and also will give an impetus to the Prime Minister's Aatmnirbhar Bharat initiative. This Rice bran oil will be marketed by Nafed (National Agricultural Cooperative Marketing Federation of India Ltd).
  • Arun Singhal, Chief Executive Officer, Food Safety and Standards Authority of India (FSSAI), Sanjeev Kumar Chaddha, Managing Director, Nafed and Atish Chandra, Chairman & Managing Director, Food Corporation of India (FCI) also present on the E-launch.
  • On this occasion, CMD, FCI informed that recently an MoU has been signed between Nafed and FCI for the production and marketing of fortified rice kernel. Read More

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark indices were trading in the red zone amid selling pressure in banking and financial services.
  • The Sensex was down 229 points at 52,543 while the Nifty fell 77 points to 15,792.
  • Among blue-chip stocks, Adani Ports was the worst hit, followed by Dr Reddy's, Power Grid, IndusInd Bank, Hindalco, Asian Paints, HDFC Bank, Axis Bank and SBI were among the 24 laggards in the 50-scrip index.
  • On the other hand, ONGC was the top gainer. Tata Consumer, M&M, Wipro, Bajaj Finserv, HDFC Life, Sun Pharma and Eicher Motors were among other top performers.
  • NSE's India VIX index was up 0.47% at 14.68 at noon.
  • Gold prices were marginally up taking cues from global markets, where investors awaited the outcome of the US Federal Reserve meeting. Read More

Time to revise norms to incentivise farming and distribution of coarse grains: Piyush Goyal

Published on: 12:30 pm

  • "Time has come to revise norms to incentivise the farming and distribution of Coarse grains in India "- said Piyush Goyal, Union Minister for Consumer Affairs, Food & Public, Railways and Commerce & Industry, while reviewing the policy framework for procurement, distribution and disposal of coarse food grains.
  • Piyush Goyal said that farming and procurement of coarse grains need to be increased in a planned manner.
  • The meeting was attended by senior officials of the Department of Food & Public distribution and several departments under the Agriculture Ministry. It may be noted that Makka, Jwar, Bajra, Ragi etc are not only good for health but good for the agricultural economy as well. Read more

LTI to acquire Digital Engineering Firm Cuelogic; Stock surges 2%

Published on: 12:20 pm

  • Larsen & Toubro Infotech Ltd. has signed a definitive agreement to acquire Cuelogic Technologies Private Limited, a Digital Engineering and Outsourced Product Development company, headquartered in Pune, India.
  • Founded in 2010, Cuelogic has built capabilities in digital engineering, and primarily focuses on developing cloud native web and mobile applications, modernization, and runs Innovation Lab as a service for its clients in the USA and India. Read more

Salona Cotspin to continue resuming operations in Tamil Nadu factory with allowed limit as State ext

Published on: 12:06 pm

  • Salona Cotspin on NSE has informed that the company will continue to resume its operations at Tamil Nadu units with an allowed limit as the state extends lockdown further till June 21, 2021.
  • In its regulatory filing, Salona said that the Government of Tamil Nadu to curb the spread of Coronavirus (COVID-19) Pandemic, has extended the lockdown for a further period effective from Monday, 14th June 2021 till Monday, 21st June 2021.
  • That said, Salona said that "in continuation to our earlier intimations in this regard, we would like to inform you that in lieu of the latest Standard Operating Procedures prescribed by the Government of Tamilnadu, the factory of the Company will continue to resume its operations with allowed limit with effect from 15.06.2021." Read More

Jubilant Pharmova in manufacturing tie-up with Ocugen for vaccine candidate COVAXIN in US and Canada

Published on: 11:58 am

  • Jubilant Pharmova-led step-down subsidiary Jubilant HollisterStier LLC has entered into a manufacturing partnership with Ocugen, Inc., a biopharmaceutical company, for manufacturing of vaccine candidate COVAXIN for the US and Canadian markets.
  • "We are pleased to partner with Ocugen and support the ongoing fight against COVID-19. With two facilities in North America working to manufacture multiple COVID-19 vaccines and therapies, we remain committed to supporting efforts to eradicate this global pandemic.” stated Pramod Yadav, CEO Jubilant Pharma Limited. Read More

Nesco appoints Krishna Patel as Executive Chairman; Stock gains

Published on: 11:50 am

  • Nesco's board of directors unanimously supported the proposal by the current Chairman Sumant Patel to elevate Krishna Patel to the position of Chairman & Managing Director.
  • The company's board felt that Krishna Patel is a professional in his own right and has had a consistently successful track record of high performance in his role as Vice Chairman & Managing Director. He is eminently qualified to run NESCO Limited as Executive Chairman.
  • The Board placed on record the significant contribution made by outgoing Chairman  Sumant Patel in the last 55 years in transforming the Company into a multi-division conglomerate, which is in great financial health. Board also felt that the continued advice and guidance by Sumant Patel to the incoming Chairman Krishna Patel, will be of great value and therefore, Sumant Patel should continue as Executive Director & Chief Mentor. Read more

Power Finance Corporation logs highest ever net profit of Rs8,444cr, up 49% yoy; Stock rallies over

Published on: 11:45 am

  • Power Finance Corporation, non-banking financial firm under Ministry of Power records highest ever net profit of Rs8,444cr for FY 21, up 49% on yoy basis.
  • Key Highlights:
  • Highest Annual Profit after tax ( PAT ) of Rs8,444cr.
  • 49% jump in Standalone Profit After Tax from FY ’20 . PAT at Rs8,444cr. for FY’21. Vs Rs5,655cr. in FY ’20
  • 28% increase in Net Interest Income from FY’20 – Net Interest Income at Rs 12,951cr. for FY’21 vs.Rs10,097cr. in FY ’20
  • Dividend of Rs2 declared per share. Thus, in FY 21, PFC has given a total dividend of Rs 10 per share i.e. 100%.
  • Aided by profit growth, PFC’s net worth for FY 21 is up by 16% to Rs52,393cr. and hascrossed the fifty thousand mark. Read more

RITES emerge as L-1 bidder for a tender worth Rs1,741cr by Railway Ministry; Stock nears record high

Published on: 11:42 am

  • RITES Limited has emerged as the lowest bidder for a tender called by Railway Board, Ministry of Railways for railway electrification work on a turnkey basis.
  • The tender is of two packages - for 779 RKM on Southern Western Railway and package - 2 for 762 RKM on Northeast Frontier railways.
  • The transaction aggregated to Rs1741cr.
  • At around 11.11 AM, Rites was trading at Rs285.85 per piece up by 1.3% on Sensex. The stock has clocked an intraday high of Rs290.10 per piece near the 52-week high of Rs292.90 per piece. Read more

Market pulse at 11:30 AM today

Published on: 11:30 am

  • Benchmark indices were trading lower dragged by metals, financials, auto and heavyweight RIL ahead of the US Federal Reserve’s interest rate decision.
  • The Sensex was down 212 points at 52,560 while the Nifty fell 74 points to 15,794.95.
  • Broader markets were mixed at opening with the midcap index in the red and smallcap index up 0.4%.
  • On the Nifty50 index, ONGC, Tata Consumer, UPL, Wipro, And HDFC Life were the top gainers while Adani Ports, Power Grid, Titan, Dr Reddy's and Hindalco led the losses.
  • Out of 50 stocks traded on the NSE, 15 advanced and 35 declined.
  • Oil prices rose on Wednesday, with Brent gaining for a fifth consecutive session, as falling stockpiles and a recovery in demand encouraged investors. Read more

Nifty Auto trades lower; Ashok Leyland emerges top bear; Heavyweights Bharat Forge, Maruti, Tata Mot

Published on: 11:30 am

  • Nifty Auto stocks were trading on a bearish note as selling pressure seen on the markets. Equity benchmarks witness a disturbing trend going on which offset the gains of the sector.
  • At around 11:30 AM, Nifty Auto was trading at 10,695.75 down by 58.65 points or 0.55%. The index has touched an intraday high and low of 10,772.25 and 10,679.40 respectively during early trading hours on Wednesday.
  • BSE Sensex was trading at 52,525.26 down 247.79 points or 0.47% and Nifty50 at 15,803 down 66.25 points or 0.42%.
  • On the trading window, Ashok Leyland was the top laggard tumbling by 2.21% at Rs126.10 per piece followed by Bharat Forge diving by 1.44% at Rs730.80 per piece. Read More

Coal blocks to offer livelihood to backward regions in the country; biggest offer of coal blocks til

Published on: 11:22 am

  • Mr M Nagaraju, Additional Secretary & Nominated Authority, Ministry of Coal, Govt of India, today said that this time the government is offering 67 coal blocks and it will be the biggest offer in the country till now. “Out of the 67 coal blocks, 6 are coking coal blocks, 61 are non-coking coal blocks, 30 are partially explored and 37 are fully explored coal blocks. We are auctioning 36 billion tonnes of reserves by the end of this month and expecting very good response from the industry both on coking and non-coking coal blocks. This will also reduce India’s dependence on imports,” he added.
  • Addressing the virtual ‘2nd Stakeholders’ Consultation on 2nd Tranche of Auction of Coal Mines for Commercial Mining,’ organized by the Ministry of Coal, Govt of India jointly with FICCI as the Industry Partner, Mr Nagaraju said, “Despite the pandemic, the response from the industry so far has been very good. It is important for the country and us to ensure that the natural resources available in the country are fully utilised and extracted. Most of the reserves are located in the backward regions of India and the development of these coal blocks will provide these people with good livelihood.” Read more

Newgen cited as a "Strong Performer" for content platforms by an Independent Research Firm

Published on: 11:14 am

  • Newgen Software, a global provider of digital transformation platform, has announce that it has been positioned as a “Strong Performer” in The Forrester Wave: Content Platforms, Q2 2021, authored by Cheryl McKinnon et al.
  • The Forrester Wave evaluated Newgen’s OmniDocs Contextual Content Services Platform and 13 other top content platform providers based on 25 criteria grouped into three categories: current offering, strategy, and market presence. In the evaluation, Newgen scored 4.06 in the “Current Offering” category and received the highest possible scores in the criteria of metadata, search, intelligent content services, app design / development tools, lifecycle management, and execution roadmap. Read More

KPI Global Infra signs PPA for sale of 5.70MW solar power; Stocks hit 10% upper circuit

Published on: 10:45 am

  • KPI Global Infrastructure Ltd has informed that KPI Global has signed new long term Power Purchase Agreement (PPA) with Polycab India Limited, Vadodara.
  • The agreement is for sale of 5.70 MW solar power for their different units for a period of 20 years under Independent Power Producer (IPP) business vertical.
  • At around 10:45 AM, KPI Global was trading at Rs61.50 per piece higher by Rs7.05 or 12.95% on Sensex.
  • Previously, the scrip was closed at Rs54.45 per piece on Dalal Street. Read more

Important results today: RITES, CESC, Welspun Enterprises

Published on: 10:45 am

  • Quarterly results that are expected today include RITES, Asahi India Glass, CESC, Commercial Syn Bags, DIC India, Kakatiya Cement Sugar, Manaksia Steels, Nureca, Pritika Auto Industries, Somany Ceramics and Welspun Enterprises.
  • Stock view:
  • Rites Ltd is currently trading at Rs286.65 up by Rs4.55 or 1.61% from its previous closing of Rs282.10 on the BSE.
  • Welspun Enterprises Ltd is currently trading at Rs119.05 down by Rs0.7 or 0.58% from its previous closing of Rs119.75 on the BSE. Read more

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