Live market updates

17th Jun, 2021

Lupin receives USFDA nod to market Sevelamer Hydrochloride Tablets

Published on: 5:10 pm

  • Global pharma major Lupin Limited on Thursday has announced that it has received approval for its Sevelamer Hydrochloride Tablets, 400 mg and 800 mg from the United States Food and Drug Administration to market a generic equivalent of Renagel Tablets, 400 mg and 800 mg, of Genzyme Corporation.
  • The product will be manufactured at Lupin’s facility in Nagpur, India.
  • Sevelamer Hydrochloride Tablets are indicated for the control of serum phosphorus in patients with chronic kidney disease (CKD) on dialysis. Read more

IndusInd Bank launches a comprehensive digital lending platform ‘IndusEasyCredit’

Published on: 5:07 pm

  • IndusInd Bank on Thursday launched ‘IndusEasyCredit’, a comprehensive digital lending platform that enables customers to meet their financial requirements from the comfort of their homes. With this, both existing, as well as non-IndusInd Bank customers, can instantly avail of personal loans or credit cards on a single platform in a completely paperless and digital manner.
  • Charu Mathur, Chief Digital Officer & Head-Business Strategy, IndusInd Bank said, “Over the past few months, we have been constantly working towards creating a comprehensive solution that enables customers with easy access to credit from the comfort and safety of their homes. ‘IndusEasyCredit’ is a testament to that effort which provides customers with the flexibility to avail a personal loan or a credit card on a single platform, in a completely seamless, paperless, and digital manner. Backed by IndusInd Bank’s strong technological prowess, we believe, that this proposition will offer customers a differentiated banking experience." Read more

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Angel Broking hits 5M clients milestone as stock markets witness strong participation

Published on: 4:59 pm

  • Angel Broking, continues its client addition stride in June 2021, following record monthly gross client acquisition in the previous month. As the stock market receives overwhelming participation in India, Angel Broking has also resonated with the market’s vigour. It has successfully crossed the ‘5 Million Clients’ milestone with an accelerated monthly client addition rate.
  • In its regulatory filing, Angel Broking clocked its highest‐ever monthly gross client acquisition in May 2021 as it‐ boarded ~0.43 million clients, which was over twice the monthly average recorded in the last fiscal. Its client addition rate has consistently increased quarter after quarter, growing more than 14 times to 0.96 million in Q4 FY 2021 from less than 0.10 million in Q1 FY 2020. Angel Broking has further reached a record Average Daily Turnover (ADTO) of approximately Rs. 4.8 trillion, which is nearly 19 times as compared to Rs. 253 billion in Q1 2020. Read more

Infosys arm unveils Digital Banking SaaS offering for Urban Cooperative Banks; Stock ends 1% up

Published on: 4:52 pm

  • Infosys, wholly-owned subsidiary, Infosys Finacle announced its Digital Banking SaaS (Software-as-a-Service) offering designed as an accessible solution to help Indian Urban Cooperative Banks (UCBs) to modernize their business and operations.
  • Designed specifically for the UCB segment, the platform has already seen adoption by three leading UCBs in India - Vidya Sahakari Bank, Urban Co-operative Bank, Bareilly and Zoroastrian Cooperative Bank. The cost-effective SaaS offering combines the comprehensive functional spread of the industry-leading Finacle solution suite, with complementary solutions and capabilities from Finacle business partners, Saraswat Infotech Pvt Ltd (SIPL) and Best of Breed Software Solutions (BBSSL), to help UCBs reduce cost, drive operational efficiencies, and deliver world-class customer experiences. Read more

TTK Prestige launches a new e-commerce website for second brand 'JUDGE' in India

Published on: 4:43 pm

  • TTK Prestige on Thursday extended its e-commerce network to include its leading UK cookware brand Judge, which was launched in India in 2017. The brand is part of the TTK Prestige owned Horwood Homeware company and is targeted at value-seeking customers, who are in the market for quality kitchen solutions at competitive price points.
  • Chandru Kalro, Managing Director, TTK Prestige said, "We are pleased to launch the e-commerce platform for Judge Kitchenware and Appliances. This is an opportune moment for us to accelerate the company footprint by catering to a new segment of value-seeking consumers, who might be seeking lower price points. Now consumers across the country can avail of high quality and affordable products that can transform their kitchens and their cooking experience." Read more

Optiemus Infracom appoints A Gururaj as Managing Director of Optiemus Electronics

Published on: 4:40 pm

  • Optiemus Infracom Limited, a leading telecommunications enterprise on Thursday has announced the appointment of leading industry professional, A. Gururaj as the Managing Director of Optiemus Electronics Limited (OEL), a wholly-owned subsidiary of Optiemus Infracom Limited engaged in the business of manufacturing telecom products in India.
  • A Gururaj has previously spearheaded some of the finest organizations and is also been Advisor to the various state governments to promote the ESDM Industry in India.
  • On his appointment, Ashok Kumar Gupta, Chairman, Optiemus Infracom said; “The appointment of A. Gururaj is a defining moment for the Optiemus group. As we envision participating aggressively in India’s electronics manufacturing growth story, we believe that Gururaj is the right leader to guide the group to new heights of success. Read more

Himadri Speciality Chemical denies tie-up rumours with Tesla for batteries; Stock ends 8% up

Published on: 4:28 pm

  • Himadri Speciality Chemical (HSCL) on Thursday denied rumours circulating that the company plans to tie-up with electric vehicle-giant Tesla for batteries.
  • HSCL said, "This is with reference to the rumour being circulated today on social media platforms regarding “HSCL likely to announce a strategic tie-up with Tesla for batteries.”
  • "We would like to clarify that the Company is in no such discussions for any tie-up with Tesla," HSCL added. Read more

Agarwal Industrial Corporation stock gains after strong Q4 numbers

Published on: 4:27 pm

  • Shares of Agarwal Industrial Corporation net profit rose 128.20% to Rs23.71cr in the quarter ended March 2021 as against Rs10.39cr during the previous quarter ended March 2020.
  • The sales also increased by 46.05% to Rs453.33cr in the quarter ended March 2021 as against Rs310.40cr during the previous quarter ended March 2020.
  • The company has recommended a dividend of Rs1.80/- per Equity Share of the face value of Rs10/- each fully paid up for the financial year 2020-21, subject to the approval/declaration by the members of the Company, in accordance with all related regulatory provisions in this regard. Read more

Oriental Rail Infrastructure-led subsidiary secures order worth Rs33cr

Published on: 4:21 pm

  • Oriental Rail Infrastructure Ltd has informed to the exchange regarding securing orders worth Rs32.92cr by the company.
  • The company said that its wholly-owned subsidiary company Oriental Foundry Private Limited have secured order worth Rs32.92cr from 'Braithwaite & Co. Limited' for manufacturing and supplying 'Bogie'.
  • The current market cap of the company is Rs290.81cr. Read more

Page Industries resume operations in Karnataka's manufacturing unit with 30% employees

Published on: 4:19 pm

  • Page Industries on Thursday informed that the company's manufacturing operations in Karnataka have been resumed with 30% employees with health and safety guidelines in place as per Government order.
  • PAGE said, "We are adhering to the health and safety guidelines prescribed, at the workplace, to prevent the spread of the Covid-19 pandemic."
  • In April this year, the company had suspended its manufacturing activities in Karnataka due to the Covid-19 outbreak. Read more

Natco Pharma Q4 PAT declines to Rs53cr, revenue down to Rs359.7cr

Published on: 4:15 pm

  • Hyderabad-based Natco Pharma Limited has recorded consolidated total revenue of Rs2155.7cr for the year ended on March 31, 2021, as against Rs2022.4cr for the last year, reflecting revenue growth of 6.6%, year-over-year. The net profit for the period, on a consolidated basis, was Rs442.4cr, as against Rs458.1cr last year, showing a slight decline of 3.4%.
  • For the fourth quarter (Q4) ended March 31, 2021, the company recorded a net revenue of Rs359.7cr, on a consolidated basis, as against Rs477.2cr during Q4FY20. The profit after tax (PAT), on a consolidated basis, was recorded as Rs53cr for the quarter, as against Rs93.2cr same quarter last year. Read more

Somany Ceramics ends higher after turnaround in Q4 numbers

Published on: 4:14 pm

  • Shares of Somany Ceramics ended higher after net profit stood at Rs30.97cr in the quarter ended March 2021 as against a net loss of Rs9.32cr during the previous quarter ended March 2020.
  • The sales increased by 58.81% to Rs561.74cr in the quarter ended March 2021 as against Rs353.72cr during the previous quarter ended March 2020.
  • The stock ended at Rs532.95 up by Rs43.35 or 8.85% from its previous closing of Rs489.60 on the BSE. Read more

Selloff in Adani Group stocks stretches to 4th straight day; 3 firms hit 5% lower circuit; Adani Por

Published on: 4:12 pm

  • Adani Group stocks are in a free fall since the start of this week's trading session and also Thursday was another similar tale. Some Adani stocks still continued to freeze on the lower circuit, while the flagship company Adani Enterprises along with Adani Ports and Adani Green Energy were in a sharp slide.
  • The selling spree in Adani stocks began after a media report claimed that three foreign funds account with an investment of Rs43,500cr in Adani Group companies have been declared frozen by NSDL.
  • Even though, Adani Group, later on, called these reports "blatantly erroneous and is done to deliberately mislead the investing community." Read more

Khadi Village Industries records highest ever turnover at Rs95,742cr in FY21

Published on: 3:56 pm

  • In a year completely marred by Covid-19 pandemic, Khadi and Village Industries Commission (KVIC) has recorded its highest-ever turnover. In the year 2020-21, KVIC registered a gross annual turnover of Rs95,741.74cr, as compared to Rs88,887cr turnover in 2019-20, thus, registering an increase of 7.71%.
  • KVIC’s record performance in 2020-21 assumes great significance as production activities remained suspended for more than three months during the nationwide lockdown announced on 25th March last year.
  • During this period, all Khadi production units and sales outlets too remained closed that severely affected the production and sales. However, KVIC swiftly rose to the Hon’ble Prime Minister’s clarion calls for “Aatmanirbhar Bharat” and “Vocal for Local”. Read more

CESC Ltd stock ends higher after Q4 profit up 15.57% on lower cost of energy purchase

Published on: 3:55 pm

  • Shares of CESC Ltd ended higher after net profits in the Mar-21 were up 15.57% to Rs423cr on the back of sharp cuts. In the Mar-21 quarter, the company aggressively on its energy purchase cost, employee benefit expenses and finance costs. These cost cuts compensated for the spike in the cost of fuel and other expenses.
  • The stock ended at Rs783 up by Rs12.65 or 1.64% from its previous closing of Rs770.35 on the BSE.
  • The scrip opened at Rs797 and has touched a high and low of Rs819.15 and Rs774 respectively. Read more

Hemendrakumar Shah resigns as Asian Granito India Director; Stock ends lower

Published on: 3:49 pm

  • Asian Granito India Limited informed the exchanges Wednesday that Hemendrakumar Shah, Independent Director of the Company has resigned from the post of Chairman and member of Audit Committee of the Company with effect from June 16, 2021, due to his personal reasons. However, he continues to serve as an Independent Director on the Board of the Company.
  • Hemendrakumar Shah, Independent Director of the Company has also resigned as an Independent Director and Audit Committee Chairman from Crystal Ceramic Industries Private Limited, Material Unlisted Subsidiary Company of the Company with effect from June 16, 2021 due to his personal reasons. Read more

Markets close lower; Banking Stocks underperformed

Published on: 3:41 pm

  • Markets witnessed a negative day of trade as across the board long unwinding weighed in.
  • Bank Nifty underperformed the Nifty index by ~0.8% with both the indices closing ~1.4%/0.6% lower.
  • Adani Group stocks & Financial stocks were among the top underperformers as the stocks like Adani Ent, Adani Ports, SBI & ICICI Bank closed around its intraday lows, adding short positions. Read more

DB Corp Q4 PAT rises 158% to Rs61.9cr, revenue down to Rs460.1cr

Published on: 3:35 pm

  • DB Corp Limited (DBCL), Print media company and home to flagship newspapers – Dainik Bhaskar, Divya Bhaskar, Divya Marathi and Saurashtra Samachar, today announced its financial results for the quarter ended March 31, 2021.
  • The consolidated Profit After Tax (PAT) for Q4FY21 grew by 158% yoy at Rs61.9cr as against Rs24.1cr. Total Revenue came in at Rs460.1cr as against Rs489.8cr. EBIDTA grew by 52% yoy at Rs104.7cr (23% margin) as against Rs69cr (margin of 14%).
  • The company said advertising revenue stood at Rs308.4cr as against Rs330.3cr. Circulation revenue stood at Rs110.4cr as against Rs120cr. Read more

CARE revises 'BBB/Stable' rating on Bhagiradha Chemicals & Industries bank facilities

Published on: 3:30 pm

  • Bhagiradha Chemicals & Industries Ltd has revised its ratings of bank loan facilities.
  • Long term facilities has been revised to CARE BBB with stable outlook and short term ratings has been revised to CARE A3+.
  • According to the rationale report, the revision in the ratings assigned to the bank facilities of the company is on account of improvement in financial and operational performance along with improved profitability margins during FY21. Read more

Hallmarking of Gold in 256 districts becomes mandatory, jewellers with turnover of Rs40 lakh exempte

Published on: 3:27 pm

  • Pramod Kumar Tiwari, Director General, Bureau of Indian Standards (BIS) has announced that mandatory hallmarking has initially started with 256 districts of the country, which have Assaying and hallmarking centres.
  • He further added that Jewellers with annual turnover up to Rs40 lakh will be exempted from mandatory Hallmarking. Export and re-import of jewellery as per Trade Policy of Government of India - Jewellery for international exhibitions, jewellery for government-approved B2B domestic exhibitions will also be exempted from mandatory Hallmarking. Watches, fountain pens and special types of jewellery viz. Kundan, Polki and Jadau will be exempted from Hall Marking. Read more

RITES slips ~3% after marginal decline in Q4 net profit

Published on: 3:17 pm

  • Shares of RITES Ltd were trading lower after net profit declined marginally 0.92% to Rs137.73cr in the quarter ended March 2021 as against Rs139.01cr during the previous quarter ended March 2020.
  • Commenting on the results, Mr. Rajeev Mehrotra, Chairman and Managing Director, RITES Limited, said, “Given the testing scenario, our focus remained on project delivery & execution which helped us to register Q-o-Q operational revenue growth in every quarter of FY21. Our Q4FY21 results surpassed the Q4FY20, but were not enough to make up for the shortfalls in the first three quarters.”
  • The sales rose 11.42% to Rs635.87cr in the quarter ended March 2021 as against Rs570.70cr during the previous quarter ended March 2020. Read more

Ind-Ra upgrades credit ratings of Sequent Scientific; Stock gains

Published on: 3:17 pm

  • India Ratings and Research (Ind-Ra) has upgraded Sequent Scientific Limited’s long-term issuer rating to “IND A+” from “IND A” with the outlook being “Positive”.
  • The long-term rating on fund-based working capital limits Rs20cr was upgraded to IND A+/Positive from IND A/Positive. The short-term rating on non-fund-based working capital limits Rs15cr was upgraded to IND A1+ from IND A1.
  • Towards close of trade on Thursday, Sequent Scientific Ltd was trading at Rs272.50 per piece up Rs2.20 or 0.81% from its previous closing of Rs270.30 per piece on the BSE. Read more

GE Power stock gains over 2%; To announce Q4 numbers on June 22

Published on: 3:08 pm

  • Shares of GE Power trading higher in an otherwise weak market. The company will announce its Q4 numbers on June 22.
  • “The Board of Directors of the Company is scheduled to be held on Tuesday, 22 June 2021, inter alia, to consider and approve the Audited Financial Results of the Company for the quarter and year ended 31 March 2021 and to consider the recommendation of dividend, if any, for the financial year ended 31 March 2021,” the company said in the filing.
  • As per media reports, the company on Tuesday has won three orders worth Rs125cr to service projects of Vedanta Ltd, Tata Power Ltd and JSW Steel Ltd. Read more

RBI: Speed and scale of Covid vaccination to shape the path of recovery

Published on: 2:59 pm

  • The Indian economy continues to wrestle with the second wave of the pandemic, though cautious optimism is returning, says the Reserve Bank of India (RBI) in the June 2021 bulletin.
  • In the bulletin, RBI stated that by current assessment, the second wave’s toll is mainly in terms of the hit to domestic demand.
  • However, on the brighter side, RBI also pointed out that several aspects of aggregate supply conditions - agriculture and contactless services are holding up, while industrial production and exports have surged compared to last year amidst pandemic protocols. Read more

Centre allocates Rs1,804cr grant to Kerala under Jal Jeevan Mission in 2021-2022

Published on: 2:45 pm

  • Union government has increased the Central grant to Kerala under the Jal Jeevan Mission in the year 2021-22 to Rs1,804.59cr, which was Rs404.24cr in 2020-21.
  • Union Minister, Jal Shakti, Gajendra Singh Shekhawat while approving this more than four-fold increase in allocation has assured full assistance to the State for making provision of tap water supply in every rural home by 2023.
  • In Kerala, on 15th August 2019, at the time of launch of Jal Jeevan Mission, out 67.14 lakh households, only 16.64 lakh (24.78%) households had tap water supply. In the last 22 months, 6.36 lakh households in the State have been provided tap water connections. Read more

Nifty Bank sheds 530 pts as bears hover on all stocks; IndusInd, SBI, Axis Bank, ICICI Bank, HDFC Ba

Published on: 2:40 pm

  • Banking stocks witnessed huge selling pressure as broader markets logged a choppy session on Thursday on the back of weak global cues and weekly derivative contracts expiry. Market sentiments were driven by the US Federal Reserves inflation outlook.
  • In Indian markets, benchmark Sensex and Nifty 50 extended their slide for two straight day's after a blockbuster record high rally earlier this week. The equities looked overbought and hence markets have moved towards correction with banking stocks included too.
  • At Bank Nifty, all stocks listed are trading on a bearish note with heavyweights in a steep fall. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices are at day’s low as metal, auto, pharma, and banking stocks tank amid broad-based sell-off.
  • BSE Sensex is currently 15,648.40 down 119.15 points or 0.76%.
  • Nifty50 is currently 15,648.40 down 119.15 points or 0.76%. Nifty Bank is trading down 1.32% at 34,540.25 while Mid-cap Index is up by 1.57%. Read more

Rupee extends losses at 73.90 against the US dollar

Published on: 2:28 pm

  • The Indian rupee slipped 57 paise to 73.90 against the US dollar on Thursday, amid the strengthening of the greenback in the overseas market.
  • At the interbank foreign exchange, the domestic unit opened at 73.65 against the dollar, registering a decline of 33 paise over its previous close.
  • The local unit on Wednesday had settled at 73.32 against the American currency. Read more

Larsen & Toubro Infotech awarded Snowflake Global Innovation Partner of the Year

Published on: 2:11 pm

  • Larsen & Toubro Infotech (LTI) has been recognized as the Global Innovation Partner of the Year by Snowflake, the Data Cloud Company.
  • LTI received this prestigious recognition during Snowflake Virtual Partner Summit held on June 16, 2021
  • The award represents a key milestone for the strategic partnership between LTI and Snowflake and will strengthen collaboration between the companies to empower enterprises with innovative solutions and services. Read more

Nifty IT steady amid fragile markets; Tech Mahindra leads modest gains

Published on: 2:10 pm

  • The Nifty IT Index was trading higher, resisting the selling pressure in overall markets on Thursday. The IT index maintained subdued gains throughout the day with Tech Mahindra, TCS, Infosys, HCL Tech, and Wipro trading in the green.
  • Oracle Financial Services Software Limited sank over 3% while Mphasis was 2.5% down. Larsen & Turbo Infotech was also under pressure.
  • The sector along with FMCG stocks continued to buck the market trend like Wednesday. Read more

Nifty Metal extends selloff as metal prices dive on stronger dollar; Adani Enterprises, Coal India,

Published on: 1:55 pm

  • Metal company stocks extended their downside even on Thursday as base metal prices globally plunged on the back of stronger dollar after the US Federal Reserve hinted at two interest rate hikes by 2023. Nifty Metal emerged as the top bear led by a broad-based selloff with heavyweight stocks dragging the most.
  • At around 1.49 pm, Nifty Metal was trading at 5,141.60 down by 74.60 points or 1.43%. The index has plunged to an intraday high and low of 5,216.35 and 5,101.45 respectively.
  • Adani Enterprises was the top underperformer diving 5% followed by Coal India plummeting 1.6%. Stocks like Hindalco, Welspun Corp, NALCO and JSPL dipped between 1-1.5%. Read more

MEP Infra to execute NHAI road project in Maharashtra with MSRDC Infrastructure as Longjian decides

Published on: 1:43 pm

  • MEP Infrastructure Developers has informed that the lenders and SPV have entered into an Endorsement Agreement for a Harmonious Substitution for the road project in Thane, Maharashtra with MSRDC Infrastructure Projects as earlier consortium Longjian Road & Bridge Company Limited ('Longjian') expressed inability in the contribution.
  • MEP Infra under the Joint Bidding Agreement with Longjian was awarded the Project of Construction of 8 (Eight) Laning of existing 4 (Four) Lane VADAPE to THANE from km. 539.202 to km. 563.000 Section of NH-3 (new NH-848) in the State of Maharashtra to be executed on Hybrid Annuity Mode by National Highways Authority of India ("NHAI"). Read more

Asian markets mixed after Fed signals rate hikes in 2023; U.S. stock futures dip

Published on: 1:40 pm

  • Asian markets were mixed on Thursday after the U.S. Federal Reserve moved up its timeline for rate hikes. In Japan, the Nikkei 225 fell 0.93% in afternoon trade while the Topix index dipped 0.75%, the S&P/ASX 200 in Australia fell 0.37% and South Korea’s Kospi declined 0.42%.
  • Mainland Chinese stocks were higher, as the Shanghai Composite gained 0.21%, while the Shenzhen Component advanced over 1% and Hong Kong’s Hang Seng index rose 0.19%.
  • Further, US Stock futures dipped with Futures on the Dow Jones Industrial Average fell 59 points or 0.17%. S&P 500 futures edged 0.27% lower and Nasdaq 100 futures shed 0.43%. Read more

Aditya Birla Capital board approves to strike-off subsidiary ABCAP Trustee from ROC

Published on: 1:38 pm

  • Aditya Birla Capital Limited board at its meeting on June 16, 2021, accorded its in-principle approval for the striking-off of the name of ABCAP Trustee Company Private Limited (ABCAP), a wholly-owned subsidiary of the Company (non-material subsidiary and inoperative) from the Registrar of Companies (ROC), subject to necessary approvals as applicable.
  • Net Worth of ABCAP Trustee Company Private Limited as on March 31, 2021 was Rs1,33,401 and its revenue for FY2020-21 was nil. Read more

Tata Motors board approves allotment of Rs500cr securities on private placement

Published on: 1:33 pm

  • Tata Motors Ltd has informed that the Board has approved allotment of 5000 Rated, Listed, Unsecured, Redeemable, Non-Convertible Debentures E30-A Series of face value Rs10,00,000/- each at par aggregating Rs500cr on private placement basis.
  • The NCDs are proposed to be listed on the Wholesale Debt Market (WDM) Segment of BSE Limited and National Stock Exchange of India Limited.
  • Tata Motors reports domestic sales of 24,552 units during May 2021 and recently the company rolls out 2,00,000th unit of SUV Nexon. Read more

Wipro ties with Exaware to accelerate innovation in Communication Networks and 5g upgrades

Published on: 1:32 pm

  • IT-giant Wipro has partnered with Exaware, a leading provider of Open Network routing solutions. The partnership will jointly develop advanced engineering solutions that foster innovation in the networking industry, streamline 5G technology upgrades, and open the door to future 6G compatibility.
  • “Leveraging the combined engineering expertise of Wipro and Exaware, operators will be able to build flexible, self-optimizing networks, and introduce services that equip them for future growth while reducing their total cost of ownership,” said Thomas Muller, CTO – Engineering and R&D Services, Wipro Limited. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is at 52,342.99 down 158.99 points or 0.30%.
  • The Nifty50 is at 15,716.45 down 51.10 points or 0.32%. Nifty Bank is trading down 0.76% at 34,736.40 while Mid-cap Index is down by 0.64%.
  • UltraTech Cement, Asian Paints, HDFC Life, Tata Consumer, and Shree Cement are the top gainers while Adani Ports, Coal India, Maruti, Hero MotoCorp, and NTPC are the top losers. Read more

Isgec receives piping spools order from Tata Projects; Stock jumps 2%

Published on: 1:19 pm

  • Isgec Heavy Engineering has received an order for the fabrication of Above Ground Piping Spools from Tata Projects Limited, India for one of the projects of national importance.
  • The broad scope includes manufacturing of more than 115,000 inch-dia shop fabricated Piping Spools of high-end metallurgies viz. Alloy Steel, Stainless Steel, and Incoloy for a major project in the Hydrocarbon sector. Read more

Ashiana Housing acquires land admeasuring 22.1 acres in Haryana; Stock gains

Published on: 1:14 pm

  • Ashiana Housing has acquired (executed a registered sale deed today) certain land admeasuring approximately 22.1 acres situated in the revenue estate of village Wazirpur, in Sector- 93, Gurgaon Manesar Urban Complex, Gurgaon, Haryana (“Project Land”).
  • As per the regulatory filing, the Group housing project is planned on this land with a potential saleable area of approximately 21,00,000 square feet, with a floor space index of approximately 17,00,000  square feet.
  • At around 1.12 PM, Ashiana Housing was trading at Rs138.65 per piece up by 0.3% on Sensex. Read more

Om Infra upgrades on associate SPV Bhilwara Jaipur Toll Road; Stock trades higher

Published on: 1:10 pm

  • Bhilwara Jaipur Toll Road Ltd., an associate SPV of the Om Infra Limited with 49% shareholding, is in the business of Toll Road Operation and Maintenance in the State of Rajasthan.
  • The company provides update regarding the SPV to the stock exchanges.
  • According to the company, "The Government of Rajasthan wef 1st April 2018, had exempted the private vehicles to pay toll in 0-212 km state highway from Jaipur to Bhilwaraand on account of this daily toll collection was badly affected and subsequently Bhilwara Jaipur Toll Road had terminated the concession agreement for breach of contract on the part of Govt of Rajasthan and submitted a claim of Rs.578cr to Arbitrator." Read more

Nifty Auto under pressure; Maruti, Hero MotoCorp among top bears

Published on: 1:05 pm

  • The Nifty Auto index was under pressure tracking markets bears on Thursday amid broad-based selloff. Ashok Leyland sank 2% while heavyweights Motherson Sumi, Hero Motocorp and Maruti also weighed down. Balkrishna Industries gained over 1% to provide some solace to the sector.
  • At around 1.05 PM, Nifty Auto was trading at 10,608.90 down 60.55 points or 0.57%, after touching a low of 10,559.20 and high of 10,664.95 during intraday trade.
  • After a bearish start due to weak global cues, BSE Sensex was trading at 52,417.20 down 84.78 points or 0.16% and Nifty50 at 15,738.55 down 29.00 points or 0.18%. Read more

Shri Bajrang Alliance wins export orders for manufacturing Goeld Frozen Food products; Stock jumps 2

Published on: 12:58 pm

  • Shri Bajrang Alliance Ltd has announced that it has received confirmed Export Orders from its lnternational clients for manufacturing of GOELD FROZEN FOOD PRODUCTS and the order will be delivered within coming 100 days.
  • Unidez B.V. Netherlands will purchase and resell the Products in the Mainland Whole Europe. Unidex specializes in the distribution of exotic foods and supplies to pop-and-mom stores, wholesalers and supermarkets.
  • Unidex is a family business, founded in 1989 out of love and passion for authentic food. Food from all over the world. ln addition to their headquarter in the Netherlands (De Zilk), they have sales offices in Belgium, Great Britain, Portugal and Spain. Read more

Bajaj Finance allots 20900 NCDs on Private Placement basis; Stock trades flat

Published on: 12:40 pm

  • The Debenture Allotment Committee of Bajaj Finance Limited has, at its meeting held on June 16, 2021, allotted 20900 Secured redeemable non-convertibles debentures on a Private Placement basis.
  • The NCDs have two options for maturity – May 10, 2024, and April 18, 2031, respectively.
  • On the NCDs maturing on May 10, 2024, a coupon rate of 5.65% per annum is set. While on NCDs maturing on April 18, 2031, the coupon rate stands at 7.02% per annum. Read More

BSE Oil & Gas index gives up early gains as crude oil prices dip; ONGC, Indian Oil weigh; HPCL top g

Published on: 12:35 pm

  • BSE Oil & Gas index made a bullish opening on Thursday's session despite the overall markets reading was in the red. The index was in a volatile session as international crude oil prices dipped due to a stronger dollar, however, the downside was limited on account of a steep drop in inventories in the US.
  • At around 12.27 pm, BSE Oil & Gas index was performing at 17,194.25  lower by 33.03 points or 0.19%. The index has touched an intraday high and low of 17,322.40 and 17,095.51 respectively.
  • HPCL was the top gainer surging by 1.9% followed by GSPL soaring 1.7%. Indraprastha Gas traded flat. Read more

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark market indices continue to trade lower as metal stocks slump over 2%. 
  • BSE Sensex is currently 52,328.79 down 173.19 points or 0.33%.
  • Nifty50 is currently 15,700.00 down 67.55 points or 0.43%. Nifty Bank is trading down 0.87% at 34,700.35 while Mid-cap Index is down by 0.84%.
  • UltraTech Cement, Asian Paints, Shree Cement, Nestle India, and HDFC Life are the top gainers while Adani Ports, Coal India, NTPC, Hero MotoCorp, and Hindalco are the top losers.
  • Nifty Metal stocks slump 2%, while Auto, Banking and Financial Services stocks are also bearish. On the other hand, Nifty FMCG and IT stocks trade in the green.
  • Out of 50 stocks traded on the NSE, 19 advanced and 31 declined. Read more

Insolvency Petition filed against K P Energy before NCLT, Ahmedabad Bench; Stock slips 1%

Published on: 12:22 pm

  • K P Energy Ltd has informed that an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 has been filed by Shree Arihant Crane Hiring Co., before the National Company Law Tribunal- Ahmedabad Bench.
  • "The amount claimed by Shree Arihant Crane Hiring Co. is Rs58,53,509/-. and this claim is inter alia related to 50.4MW Mahuva Project", said company in a regulatory filing.
  • The demand raised in the impugned application is disputed and premature. The Company is seeking appropriate legal advice and shall take all necessary steps to protect its interest in the aforesaid matter, it added. Read More

ICRA reaffirms AA-/Stable rating on fund and non-fund based limits of KEC International; Stock up 1%

Published on: 12:13 pm

  • ICRA Limited on Wednesday has reaffirmed/ assigned credit ratings to the following Bank facilities of KEC International Limited.
  • The rating on Fund Based Limits (rated on long term scale) Rs2,400cr has been reaffirmed at ICRA AA- with a Stable outlook. On Fund/Non-Fund Based Limits (rated on long term & short term scale) Rs14,600cr, the rating was reaffirmed at ICRA AA- (Stable).
  • The credit rating agency also reaffirmed ICRA AA- (Stable) rating on Fund Based Limits - External Commercial Borrowing (Foreign Currency Term Loan) USD 20 million. The rating on Fund Based term loan (rated on long term scale) Rs150 Crore was assigned ICRA AA- (Stable). On Fund/Non- Fund Based Limits (rated on short term scale) Rs850cr ICRA A1+ rating was reaffirmed. Read more

PAYTM ropes in Goldman Sachs and JP Morgan as merchant bankers for mega IPO; Morgan Stanley, Citigro

Published on: 12:11 pm

  • A new development has emerged in the much anticipated mega initial public offering (IPO) of digital payments giant, Paytm. It is being known that Paytm has roped in major bankers and advisors for its public offering.
  • A source aware of the development told Business Insider that Paytm has appointed Goldman Sachs and JP Morgan as merchant bankers for its upcoming IPO.
  • Another report stated that the company has also hired in Morgan Stanley and ICICI Securities for the IPO. While CitiGroup Inc is also on the list of merchant bankers and advisors. Read more

Cabinet approves nutrient-based subsidy rates for Phosphatic & Potassic Fertilisers for FY21-22

Published on: 12:11 pm

  • The Cabinet Committee on Economic Affairs (CCEA) has approved the proposal of the Department of Fertilizers for fixation of nutrient-based subsidy rates for P&K Fertilizers for the year 2021-22(till the present season).
  • The government of India is making available fertilizers, namely Urea and 22 grades of P&K fertilizers (including DAP) to farmers at subsidized prices through fertilizer manufacturers/ importers. The subsidy on P&K fertilizers is being governed by NBS Scheme w.e.f. April 01, 2010.
  • In accordance to its farmer friendly approach, the Government is committed to ensure the availability of P&K fertilizers to the farmers at affordable prices. The subsidy is released to fertilizer companies as per NBS rates so that they can make available fertilizers to farmers at affordable price, as per Cabinet Committee on Economic Affairs (CCEA). Read more

CRISIL reaffirms 'AA-/Stable' rating on TCI Express' long term bank facilities

Published on: 12:10 pm

  • CRISIL ratings has re-affirmed the credit rating of TCI Express Ltd  in respect of Bank Loan facilities worth Rs100cr as “AA-” with stable outlook.
  • CRISIL Ratings on the long-term bank facilities of the company continues to reflect the company’s healthy operating efficiency, strong market position and healthy financial risk profile.
  • These strengths are partially offset by its modest scale of operations, low cash flow diversity and exposure to intense competition. Read more

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