Live market updates

22nd Jun, 2021

Shilpa Medicare launches Paracetamol Oral Thin Films under brand 'Molshil' in India

Published on: 4:58 pm

  • Shilpa Medicare on Tuesday announced another first time in the world Oral Thin Film formulation, a pediatric dose Paracetamol Oral Thin Film, under the brand name Molshil. The company received approval for Molshil Oral Thin Films after sufficiently complying with bioequivalence requirements.
  • In its regulatory filing today, Shilpa said, "The new presentation of Paracetamol from Shilpa will have benefits of easy administration, excellent palatability and overcome disadvantages of presently available pediatric formulations like dose variation, sedimentation or poor suspendability, presence of alcohol, messy and crystallized bottles in usage, fragile glass bottles etc."
  • The company's Paracetamol Oral Thin Films are patent protected and are the first of this kind in the world. Read more

India Pesticides IPO to open tomorrow; check out issue size, price band

Published on: 4:58 pm

  • India Pesticides Limited is proposing to open its initial public offering of Equity Shares on June 23, 2021, and the offer will close on Friday, June 25, 2021. The issue will open for anchor investors for a day on June 22.
  • The price band for the Offer has been determined at Rs290 - Rs296 per Equity Share.
  • The IPO comprises a fresh issue of equity shares amounting to Rs100cr and an offer of sale for equity shares aggregating up to Rs281.4cr by promoter Anand Swarup Agarwal and up to Rs418.6cr by other selling shareholders. Read more

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Century Ply subsidiary plans to set up new unit in Andhra Pradesh

Published on: 4:55 pm

  • Century Ply Limited wholly-owned Subsidiary, Century Panels Limited, at its Board Meeting on Tuesday, has considered a proposal for setting up a new unit in the state of Andhra Pradesh for manufacturing of Medium Density Fiberboards (MDF). The investment required to set up the MDF unit is ~Rs500cr, The financing will be through debt and equity mode.
  • The existing consolidated capacity of the company for MDF production 198000 CBM per year (excluding proposed expansion of 132000 CBM per year at Hoshiarpur). The existing capacity utilization 72% for year ended March, 2021 (Q4FY21- 92%), company said in a filing.
  • The proposed capacity addition is 231000 CBM per year. Period within which the proposed capacity will be added Q1FY24. Read more

Hexa Tradex stock ends 5% up after update on subsidiary Hexa Securities & Finance

Published on: 4:49 pm

  • Hexa Tradex stock witnessed a bullish trend on Tuesday after the company's board approved key development in 100% material subsidiary, Hexa Securities & Finance Company.
  • The company's board approved the pledge of 25% equity shares of Hexa Securities & Finance Company.
  • Further, the board approved a non-disposable undertaking (NDU) in connection with the remaining 75% shareholding, each for securing the loan of up to Rs425cr sanctioned by Tata Capital Financial Services Limited to Hexa Securities & Finance Company Limited. Read more

CCI approves Heineken's additional equity stake acquisition in United Breweries

Published on: 4:46 pm

  • The Competition Commission of India (CCI) approves the acquisition of additional equity shareholding by Heineken International B.V. (HIBV) of United Breweries Limited (UBL) under Section 31(1) of the Competition Act, 2002, on Monday.
  • The proposed transaction relates to HIBV’s potential acquisition of additional equity stake up to a maximum of approximately 16.40% shareholding in UBL, as per Ministry of Corporate Affairs data.
  • HIBV is an investment holding company and is itself not engaged in any business activity. It is a direct/ indirect shareholder for all non-Dutch companies that form part of the Heineken Group. Heineken Group is an international group of companies engaged in the production, manufacture, packaging, distribution, marketing and sale of beer, non-alcoholic beer, cider and cider-based beverages, and a range of other beverages. Read more

Vaishali Pharma bags supply orders over $100,000 from Russia

Published on: 4:41 pm

  • Vaishali Pharma has received an order of over 100,000 US Dollars from Russia for the Supply of our registered veterinary product. The company said. "We are glad that the quality is well accepted & has started receiving good response."
  • In its regulatory filing, Vaishali Pharma said, "Adapting quickly to the ever-lasting demands, we have emerged as one of the fastest-growing organisation in the export of Pharmaceutical products across the globe, and currently the company has undertaken to export pharmaceutical, surgical and veterinary products to various countries."
  • Vaishali Pharma has predominantly built a portfolio into Veterinary products apart from the range of other products in every segment. The company is striving hard to double the product range in coming years and working in that direction with the registration of products in various countries after receiving such a good response. Read more

MM Forging stock hits 52-week high after robust Q4FY21 earnings

Published on: 4:41 pm

  • Shares of MM Forging hit a 52-week high of Rs720 on the BSE in intra-day trade on Tuesday after the company reported a good set of numbers for the quarter ended March 2021. The stock was trading close to its all-time high level of Rs743, touched on June 18, 2018.
  • The net profit was spiked by 1015.03% to Rs34.12cr in the quarter ended March 2021 as against Rs3.06cr during the previous quarter ended March 2020.
  • Sales also rose 76.83% to Rs292.52cr in the quarter ended March 2021 as against Rs165.42cr during the previous quarter ended March 2020. Read more

Acuite withdraws ratings of Camlin Fine Sciences' bank facilities; Stock ends lower

Published on: 4:40 pm

  • Acuité has withdrawn the long-term rating of ‘ACUITE A-’ and the short term rating of 'ACUITE A2+' on the Rs392.30cr bank facilities of Camlin Fine Sciences Limited (CFSL).
  • The outlook is 'Stable'. The rating is in accordance with Acuité’s policy on withdrawal of rating and on account of request received from the company and no objection certificate received from banker, according to the rationale report.
  • Camlin Fine Chemical was incorporated in year 1993. Camlin Fine Chemical was one of the division in the Kokuyo Camlin Limited erstwhile Camlin Ltd. to manufacture antioxidants for the global market. Read more

Thangamayil Jewellery extends closure of showrooms till June 28

Published on: 4:34 pm

  • Thangamayil Jewellery Limited informed the exchanges Tuesday that the Tamil Nadu Government has extended the total lockdown till June 28, 2021. Hence all our showrooms are closed till such date.
  • Whereas they have relaxed certain conditions to certain districts thereby allowing all offices of private organizations to function with 33% staff from June 21, 2021, the company said.
  • The company’s office and showroom operations have affected since May10, 2021, when Tamil Nadu government imposed lockdown to curtail the spread of Covid-19 in the state, it added. Read more

S P Apparels stock slumps despite 251.50% increase in Q4 net profit; board recommends final dividend

Published on: 4:32 pm

  • Shares of S P Apparels slumped 4% on the stock exchange despite performing a good set of Q4 results.
  • The net profit of S P Apparels rose 251.50% to Rs10.58cr in the quarter ended March 2021 as against Rs3.01cr during the previous quarter ended March 2020.
  • Sales increased by 13.81% to Rs191.62crin the quarter ended March 2021 as against Rs168.37cr during the previous quarter ended March 2020. Read more

Vikas Lifecare allots 26.53 cr equity shares under rights issue

Published on: 4:25 pm

  • Vikas Lifecare Ltd has informed to the exchange regarding allotment of equity shares.
  • "In terms of the Letter of Offer dated 17th May, 2021 and in accordance with the Basis of Allotment finalized in consultation with BSE, the Lead Manager to the Issue and the Registrar to the issue, the Rights Issue Committee of the Company has on 22nd June 2021 approved the allotment of 26,53,98,198 rights equity shares of face value of Re1 each at a price of Rs1.85 per Rights Equity Share including a share premium of Rs0.85 per Rights Equity Share", the company said in a regulatory filing.
  • Consequent to the said allotment, the paid up equity shares capital of the company shall be 92,88,93,693 after rights issue at Re1 each fully paid up.  Read more

GPT Infraprojects hits 20% upper circuit after strong Q4 numbers

Published on: 4:23 pm

  • Shares of GPT Infraprojects touched upper circuit Rs80.45 on the BSE in today’s trade after posting strong Q4 numbers.
  • The net profit of the company jumped 783.16% to Rs8.39cr in the quarter ended March 2021 as against Rs0.95cr during the previous quarter ended March 2020.
  • The sales also rose 13.35% to Rs212.26cr in the quarter ended March 2021 as against Rs187.26cr during the previous quarter ended March 2020. Read more

Minda Industries wins bid for acquisition of 51% stake in UzChasys

Published on: 4:20 pm

  • Minda Industries Limited has won the bid for acquisition of a 51% stake from existing shareholder UzautoComponents LLC in its JV UzChasys LLC (UzChasys) through its wholly-owned subsidiary. The cost of acquisition is 83.l billion Soums (Equivalent to Rs58.13cr)
  • UzChasys is the company, established and operating in the Republic of Uzbekistan. It is a joint venture of AMS Co. Ltd. and UzautoComponents LLC, in which 30% stake is held by AMS Co. Ltd and 70% stake is held by the UzautoComponents LLC.
  • UzChasys is engaged in the manufacture of automobile headlights and lamps and is a leading OEM Supplier in Uzbekistan. Read more

Nila Infrastructures Q4 profit at Rs4.34cr; stock ends 10% higher

Published on: 4:04 pm

  • The Board of Directors of Nila Infrastructures Ltd at its meeting held at Ahmedabad on June 19, 2021, approved the Audited Financial Results for the quarter and year ended on March 31, 2021.
  • During Q4-FY2021, the total revenue of the Company was Rs38.42cr i.e. higher by Rs6.4cr to Q3-FY2021’s revenue of Rs37.77cr. Profitability at the EBIDTA level has also improved to a large extent to ` 8.92cr i.e. higher by Rs4.99cr compared to Q3-FY2021’s EBITDA of Rs3.93cr. The Company reported a profit of Rs4.34cr i.e. higher by Rs2.41cr compared to Q3-FY2021’s profit of Rs1.93cr.
  • As of March 31, 2021, the Standalone Networth of the Company was Rs143.91cr and Standalone Gross Debt was Rs145.45cr, while the Cash and Bank Balances on the standalone basis was Rs18.94cr. The Net debt to Networth computes to 0.88x. Read more

Kesoram Industries subsidiary temporarily suspends work at Kuntighat; Stock ends 4% higher

Published on: 4:02 pm

  • Kesoram Industries Limited’s Wholly-owned Subsidiary (WOS) “Cygnet Industries Limited” has declared a temporary suspension of work at its Rayon Plant, Chemical Division, T.P. Plant situated at Kuntighat (District Hooghly, West Bengal).
  • The suspension of work is effective from the commencement of “A” Shift, i.e. 6:30 A.M. of June 22, 2021, until further notice due to continuing restriction in logistic activities of non-essential goods on the onset of the second wave of Covid-19 pandemic, company said in a filing on Tuesday. Read more

KPIT acquires controlling stake in PathPartner Technology to boost software integration expertise

Published on: 3:56 pm

  • KPIT Technologies announced the signing of a definitive agreement to acquire a controlling stake in PathPartner Technology. PathPartner is a specialist design service and solution provider of operating system software and low-level software for Automotive, Camera, Radar and Multimedia devices.
  • Kishor Patil, CEO, KPIT Technologies, said, “We welcome PathPartner Technology to the KPIT family. PathPartner’s competence in the operating system software and low-level software and existing semiconductor partnerships for early access to platforms is key to delivering complex production programs. Together, we can offer differentiated offerings for new-age vehicle architectures and strengthen our software integration expertise." Read more

Engineers India receives Rs111cr order from Numaligarh Refinery; Stock ends 1% up

Published on: 3:52 pm

  • Engineers India Ltd has announced that it has received order from Numaligarh Refinery Limited.
  • "Numaligarh Refinery Limited (NRL) has entrusted the project for execution of Revamp of Delayed Coker Unit (DCU) to Engineers India.
  • ElL shall execute this project as Licensor cum Engineering, Procurement & Construction Management (EPCM) Consultant. The Project involves enhancing the capacity of current DCU from 0.306 MMTPA to 0.560 MMTPA as well as enabling it to process tougher feed  Read more

Dhanuka Agritech incorporates new subsidiary Dhanuka Chemicals

Published on: 3:49 pm

  • Dhanuka Agritech Limited has filed an application for incorporation of Wholly Owned Subsidiary in the name & style of “M/s Dhanuka Chemicals Private Limited” to Central Registration Centre, Ministry of Corporate Affairs (MCA) as per the provisions of the Companies Act, 2013.
  • Further, MCA has approved the aforesaid application and issued a Certificate of Incorporation to Dhanuka Chemicals on June 21, 2021. Read more

Markets close marginally higher; Banking, Auto stocks underperformed

Published on: 3:47 pm

  • Markets witnessed a volatile day of trade as across the board profit booking weighed in during the closing part of the trade.
  • Nifty index outperformed the Bank Nifty index by ~0.5% with the former closing marginally higher while the later closed in the red.
  • Nifty Auto index was among the top outperformers closing ~1.25% higher with Maruti Suzuki leading the gainers list, closing ~5% higher along with an addition of fresh long positions. Read more

Baring Private Equity, Ananta Capital and others to invest Rs76.6cr in PG Electroplast; Stock ends a

Published on: 3:44 pm

  • PG Electroplast Limited approved an incoming investment of Rs76.6cr in the Extra-Ordinary General Meeting (EGM) of the company. The members approved the issue of Equity Shares and Compulsorily Convertible Debentures to Baring Private Equity India AIF, the Taparia family backed Ananta Capital, members of the Patni Family Office and some individual investors.
  • The meeting of the shareholders of PG Electroplast was held on 19th June 2021 through audio-video conferencing. The voting results of EGM were declared and the shareholders overwhelmingly voted to approve the resolution for the issuance of equity shares and compulsorily convertible debentures as proposed by the Board, with over 99.99% voting in favour of the proposals Read more

Crisil assigns ratings on India Cements facilities; Stock ends 2% up

Published on: 3:34 pm

  • CRISIL Ratings has assigned ‘CRISIL A/Stable/CRISIL A1’ ratings to the bank facilities of The India Cements Ltd (ICL). CRISIL's ratings reflect ICL’s established market position along with backward integration and improving operating performance. These strengths are partially offset by average operating efficiency in the past, leveraged-though-improving capital structure and significant exposure to related parties.
  • The ratings also factor in the company’s inherent susceptibility to volatility in input costs and realisations, as well as cyclicality in the cement industry. Read more

ZF Steering Gear informs that its 79 workers at Vadu – Budruk facility withdraw strike; Stock gains

Published on: 3:30 pm

  • ZF Steering Gear (India) Ltd. informed the exchanges Tuesday that its 79 workers at the company’s manufacturing facility situated at Vadu - Budruk, have unconditionally withdrawn the strike.
  • A group of 79 workers, working in one section of the plant, had gone on a strike with effect from February 12, 2021, after giving prior notice.
  • “The total number of employees in the plant is over 1000 and the company has made necessary arrangements to continue normal business operations in the plant, which will not disrupt/ hamper supplies to any of our Customers/ Channel-Partners thereof. Read more

Jaiprakash Associates stock slips after Q4 PAT declines

Published on: 3:26 pm

  • Shares of Jaiprakash Associates slipped in the last hour of the trading session as Q4 PAT declined. The net profit of the company has declined 86.18% to Rs425.90cr in the quarter ended March 2021 as against Rs3081.67cr during the previous quarter ended March 2020.
  • However, the sales of the company rose 34.18% to Rs2517.20cr in the quarter ended March 2021 as against Rs1876.03cr during the previous quarter ended March 2020. Read more

PNB Housing Finance stock locked at 5% upper circuit after SAT allows holding EGM regards to Carlyle

Published on: 3:26 pm

  • PNB Housing Finance freezes at the upper circuit on Dalal Street during Tuesday's trading session after the Securities Appellate Tribunal (SAT) allowed the NBFC to conduct its extraordinary general meeting (EGM) today for seeking shareholder nods on the Rs4,000cr capital deal with Carlyle and other investors.
  • In the verdict on Monday, the tribunal allowed PNB Housing to hold EGM on June 22, however, the results are asked not to be declared and would be kept in a sealed cover.
  • That said, the tribunal asked PNB Housing to issue specific directions to NSDL who is in charge of the electronic voting for not revealing the result till further orders of the SAT. Read more

Ind-Ra assigns KEI Industries' debt at ‘IND AA-’ with stable outlook

Published on: 3:23 pm

  • India Ratings and Research (Ind-Ra) has assigned ratings to KEI Industries Limited’s (KEI) debt instruments.
  • IND AA-/Stable and IND A1+ has been assigned to fund and non fund based working capital facilities.
  • KEI started as a partnership firm under the name Krishna Electrical Industries in 1968 and later was converted into a public limited company in 1992. It is engaged in the business of manufacturing and marketing a large variety of cables and wires. Read more

Subex Secure and Spire Solutions announce strategic partnership to address cyberattacks; Stock soars

Published on: 3:11 pm

  • Subex, a leading provider of Digital Trust, Internet of Things (IoT) and Operational Technology (OT) cybersecurity solutions, and Spire Solutions, Middle East & Africa’s leading value-added distributor (VAD), have announced a strategic tie-up to address the steep rise in cyberattacks and associated cyber risks in the region.
  • As per the findings of Subex’s latest threat landscape report, segments such as oil and gas, manufacturing, and healthcare have been at the receiving end of complex and persistent cyberattacks in the Middle East. The volume of inbound cyberattacks grew by 67% in the first 4 months of 2021 and continues to increase with each passing month. Read more

HPL Electric and Power to install 4G and 5G compatible NB-IoT technology smart meters in parts of De

Published on: 3:10 pm

  • HPL Electric & Power Ltd has received approval and production clearance from a leading Private Distribution Company for the implementation of NB-IoT based Smart Meters in the part of National Capital, Delhi.
  • The stock is currently trading at Rs61.60 up by Rs3.75 or 6.48% from its previous closing of Rs57.85 on the BSE. The scrip opened at Rs58.90 and has touched a high and low of Rs62.70 and Rs57.50 respectively.
  • HPL’s new range of smart meters with Narrow Band-Internet of Things (NB-IoT) communications technology smart meters are both 4G and 5G compatible offering a dedicated channel for the smart metering and avoiding any reduction in performance from interference or obstruction due to congestion on the public network, the company said in the regulatory filing. Read more

European markets muted ahead of Fed Chair Powell's Congress testimony

Published on: 3:06 pm

  • European stocks were mixed on Tuesday morning as investors awaited Federal Reserve Chairman Jerome Powell's testimony to Congress on the central bank’s response to the coronavirus pandemic.
  • The pan-European Stoxx 600 trading at a flatline, with tech stocks, slid 0.7% while, oil and gas stocks climbed on rising commodity prices while.
  • European Central Bank President Christine Lagarde gave markets a boost on Monday by offering an optimistic outlook for the euro zone economy and noting that the bloc is “clearly in a different situation” to the U.S. with regard to inflation. Read more

Federal Bank recognized as one among India's 50 Best Companies to work for in 2021

Published on: 3:00 pm

  • Federal Bank has announced that Great Place to Work Institute has recognized it as one among India's 50 Best Companies to work for in 2021. It also recognized Federal Bank under Best in Banks category.
  • Federal Bank received this certification for excelling on the 5 dimensions of a High-Trust, High-Performance Culture - Credibility, Respect, Fairness, Pride and Camaraderie.
  • The awarding organization, Great Place to Work Institute, is the 'Global Authority' for creating, sustaining and identifying High-Trust, High-Performance Culture. Considered the 'Gold Standard' in Workplace Culture Assessment, Great Place to Work identifies Best Workplaces solely on the basis of Employee Feedback and quality of People Practices in an organization. Read more

Fuel prices reach at historic high; Petrol nears Rs100 per litre mark in Patna, Thiruvananthapuram

Published on: 2:50 pm

  • As per price notification by state-owned fuel retailers, petrol and diesel prices across the country to a historic high and it has increased again by 25 to 28 paise.
  • Petrol price hit an all-time high with an increase of 27 paise at Rs103.63 a litre from the previous day price of Rs103.36 per litre in Mumbai. Diesel prices also increased by 28 paise at Rs95.72 per litre in the financial capital.
  • Now, Patna and Thiruvananthapuram are inching towards this psychological landmark with petrol retailing at Rs99.55 and Rs99.48 respectively. Read more

Bank Nifty scraps early gains, trades flat; AU Small, Kotak Bank weigh down; Axis Bank top gainer

Published on: 2:50 pm

  • Bank Nifty scrapped its over 35,000-mark during the second half of Tuesday's trading session as a steep rally in broader markets cools off. A lacklustre performance was recorded in the index as private banking stocks traded on a muted level and PSU Bank stocks pared their early gains.
  • After rising by nearly 411 points with an intraday high of 35,281.90 in the early deals, the Bank Nifty has tumbled to the day's low of 34,792.05.
  • At around 2.46 pm, Bank Nifty was trading at 34,866.20 down by 5.10 points or 0.01%. Read more

Seamec in agreement with Jawandamal Dhannamal to scrap 'SEAMEC 1' vessel at Rs10.85cr

Published on: 2:45 pm

  • Seamec Limited has entered into an Agreement with Jawandamal Dhannamal for Scrap of Vessel “SEAMEC I”.
  • The scrap of the vessel will be over Rs10.85cr.
  • The delivery will be by 15th July 2021 upon receipt of approval from appropriate government authorities. Read more

SBI receives board approval for capital raising up to Rs14,000cr via bonds; Stock climbs

Published on: 2:38 pm

  • State Bank of India has received Central Board approval for raising capital by way of issuance of Basel III compliant debt instrument in USD and/or INR during the fiscal FY22.
  • The fundraising will aggregate to Rs14,000cr and is subject to government concurrence.
  • The raising will be done via issuance of fresh Additional Tier 1 (AT1) Capital. Read more

Cyient launches future-ready innovation platform 'CyientifIQ'

Published on: 2:31 pm

  • To create disruptive value for enterprises, Cyient, a global engineering and digital technology solutions company, launched CyientifIQ, its future-ready innovation platform to identify, build, and deploy IP-driven solutions, products, and platforms.
  • Commenting on the launch of CyientifIQ, Krishna Bodanapu, Managing Director and Chief Executive Officer, Cyient, said, “At Cyient, we believe that creating meaningful value in business requires continuous innovation. Today, we’re doubling down on our 30+ years of experience in delivering on innovative projects.
  • Through CyientifIQ, we’re investing in creating technology-led solutions that deliver sustainable market advantage to our customers. Our platform will simultaneously provide passionate engineers and innovators the opportunity to push the boundaries of conventional thinking and work on game -changing ideas that define the future.” Read more

Dish TV board nods Rs1,000cr fundraising via 'Rights Issue'

Published on: 2:31 pm

  • Dish Tv has received board of directors approval for raising funds to the tune of Rs1,000cr through Rights Issue by the issuance of fully paid-up equity shares of the Company.
  • A floor price of Rs10 for each fully paid-up equity share (including a premium of Rs9 per fully paid-up equity share) has been fixed to eligible equity shareholders of the Company as of the record date.
  • Further, the company's board has the 'Fund Raising Committee' to proceed with Rights Issue forthwith, and inter-alia decide the other terms and conditions of the Rights Issue including setting the record date, the appointment of intermediaries as may be required, finalization of the Letter of Offer and other related matters. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices continue to trade higher despite trimming early gains in the afternoon session. Today's rally seen in Auto, metal stocks.
  • BSE Sensex is at 52,810.47 up 236.01 points or 0.45%.
  • Nifty50 is at 15,833.20 up 86.70 points 0.55%. Nifty Bank is trading up 0.29% at 34,971.95 while Mid-cap Index is up by 0.46%. Read more

VST Tillers Tractors stock drops 3% despite posting profit in Q4

Published on: 2:20 pm

  • Shares of VST Tillers Tractors dropped despite reporting Q4 net profit of Rs12.93cr on higher revenue boost.
  • It reported 67.65% higher consolidated gross revenues for the Mar-21 quarter at Rs208.99cr. On a sequential basis, net sales revenues were down 3.93% compared to total revenues in the Dec-20 quarter at Rs217.55cr.
  • Net profits in the Mar-21 turned around to a profit of Rs12.93cr as against a net loss of Rs3.38cr in the Mar-20 quarter. The turnaround in profits came about due to sharply higher sales revenues resulting in much better absorption of fixed costs during the quarter. Read more

Jet Airways stock freezes at 5% upper circuit as NCLT nods Karlock-Jalan consortium's resolution pla

Published on: 2:19 pm

  • Private carrier, Jet Airways which hasn't flown in the skies for more than 2 years, is now finally expected to cruise in the air again and likely this year. The National Company Law Tribunal (NCLT) on Tuesday approved the Kalrock-Jalan consortium resolution plan for the airline, however, the final decision of landing slots has given to the Director-General of Civil Aviation (DGCA) and Aviation Ministry.
  • A bench led by Janab Mohhamed Ajmal and V Nallasenapathy accepted the resolution plan but also stated that slots allocation will be considered and historic slots will not be available.
  • The NCLT has given DGCA 90 days to decide on slots for Jet Airways. Read more

Nifty Pharma stocks make subdued gains; Divis Lab, Alkem Lab lift performance

Published on: 2:05 pm

  • The Nifty Pharma stocks managed subdued gains despite the bullish markets on Tuesday. The pharma index was trading marginally higher amid continuous fall in daily Covid cases in India and an accelerated pace of vaccinations.
  • Divis Lab outperformed, while Alkem Lab was also bullish to lift the sectorial performance. Heavyweights Biocon, Cipla, and Sun Pharma were under pressure.
  • At around 2.05 PM, Nifty Pharma was trading at 14,096.75 up 13.80 points or 0.10%, touching a high of 14,146.10 and low of 14,028.15 during intraday trade on Tuesday. Read more

Pearl Global Industries reports profit of Rs15.13cr in Q4; stock gains 1.5%

Published on: 2:03 pm

  • Shares of Pearl Global Industries gained after reporting Q4 numbers on Monday. The company reported a consolidated net profit of Rs15.13cr in the quarter ended March 2021 as against a net loss of Rs0.17crore during the previous quarter ended March 2020. Sales also rose 1.22% to Rs524.79cr in the quarter ended March 2021 as against Rs518.47cr during the previous quarter ended March 2020.
  • The Board of Directors of the Company at its Meeting held today, June 21, 2021, have Appointed Mr. Mayank Jain as Company Secretary & Compliance Officer and Nodal Officer of the Company with effect from June 21, 2021. Read more

Rakesh Jhunjhunwala does not expect a third wave to impact markets, bullish on banking stocks

Published on: 1:56 pm

  • Rakesh Jhunjhunwala, referred to with nicknames such as "Warren Buffett of India" and the "King of Bull Market" by many investors, expects the bull run in Indian markets to continue for decades. He is highly optimistic about Indian economic growth either "covid or no covid". He also believes there will be no third wave of Covid-19 pandemic to impact markets. Among sector-wise stock investments, Jhunjhunwala is bullish on banking stocks.
  • In an exclusive interview with CNBC TV18, the market bull said, "Wave or no wave Indian economy is much better prepared to face this kind of crisis. I, for sure, can bet my money there will be no third wave."
  • Jhunjhunwala does not see any third-wave impact coming to markets. However, he also guided investors to have a cautious stance and also stated that even if there is a third wave, Indian markets are already discounting it. Read more

CARE revises credit ratings on Investment & Precision Castings' bank facilities

Published on: 1:46 pm

  • Investment & Precision Castings Limited has informed that based on rating assessment undertaken by CARE Rating Limited, the credit rating of the Company has been revised.
  • Long term bank ratings has been revised to CARE BBB- with Stable outlook from CARE BB+/Positive.
  • And similarly, short term bank ratings has been revised to CARE A3 from CARE A4+. Read more

Delta Corp extends closure of casinos in Goa and Sikkim till June 28

Published on: 1:36 pm

  • Delta Corp Limited has further extended the closure of casinos in Goa and Sikkim due to a surge in Covid-19 cases.
  • “Due to the surge in COVID‐19 cases being witnessed in Goa and Sikkim, the Government of Goa and Sikkim inter‐alia has extended the restrictions in both these states respectively till June 28, 2021. 
  • "Accordingly, the casinos operated by the Company and its subsidiaries in Goa & Sikkim will remain closed during this period. We are unable to estimate the quantum of potential losses on account of this temporary closure and the pandemic at this time,” the company said in a filing on Monday. Read more

Nifty IT witness rally, index tops 185 pts as heavyweights TCS, Infosys, LTI, Wipro led the pack

Published on: 1:34 pm

  • IT stocks tracked broader markets gain on Tuesday amid positive cues and ahead of highly-anticipated testimony from U.S. Federal Reserve Chairman Jerome Powell. The performance comes when the dollar has pulled back from its record level rises and inflation worries cool down with focus shifting towards economic growth. The end of the June 2021 quarter is nearing and expectations of stable financial performance ahead further added to the lift in sentiments.
  • At around 1.27 pm, Nifty IT was trading at 28,555.05 up by 188.05 points or 0.66%. The index neared its record high of 28,934.05, by touching an intraday high of 28,656.40 in the early deals. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is currently 52,794.05 up 219.59 points or 0.42%.
  • Nifty50 is currently 15,828.60 up 82.10 points or 0.52%. Nifty Bank is trading up 0.31% at 34,978.10 while, Mid-cap index is up by 0.49%.
  • Maruti, UPL, Shree Cement, Adani Ports and Tata Motors are the top gainers while Nestle India, Bajaj Finance, Asian Paints, HUL, and Cipla are the top losers. Read more

Indian Bank stock spurts 5% after launching QIP issue

Published on: 1:24 pm

  • Shares of Indian Bank gained 5% after the lender launched its qualified institutional placement (QIP).
  • Indian Bank in a regulatory filing announced that a meeting of the committee of directors on capital raising will be held on June 24, 2021, to consider and approve the issue price, including a discount for the equity shares to be allotted to eligible qualified institutional buyers, pursuant to the QIP issue.
  • “We wish to inform you further that a meeting of the Committee of Directors on Capital Raising is scheduled to be held on June 24, 2021, too, inter alia, consider and approve the issue price, including a discount, if any, thereto as permitted under the ICDR Regulations, for the Equity Shares to be allotted to eligible Qualified Institutional Buyers, pursuant to the QIP Issue,” the bank said in the filing. Read more

Panache Innovations informs termination of trademark license agreement for brand HYUNDAI

Published on: 1:15 pm

  • Panache Innovations Ltd has informed that, pursuant to the intimation filed by the Company on 16th September, 2020, in relation to the Trademark License Agreement for brand HYUNDAI and launching various products thereunder, it has informed that considering the challenging situation faced by the company and as a consequence of the COVID-19 led restrictions, the company had expressed its inability to pay the royalty amount as per the agreement to Hyundai Corporation Holdings Co. Ltd.
  • The Company had requested for waiver of royalty amount to be paid as per the agreement terms.
  • "After due consideration and extensive deliberation, Hyundai Corporation Holdings has intimated their inability to grant this waiver and considering the situation the Trademark license agreement stands cancelled as communicated to us by Hyundai Corporation Holdings", said company in a regulatory filing. Read more

Nifty Media index trades higher; Jagran, Inox Leisure lead the gains

Published on: 1:15 pm

  • Nifty Media stocks advanced again to go with the bullish markets on Tuesday. The media index gained over 1% with Jagran Prakashan surging 6%. Inox Leisure advanced 3.5%, while PVR, and DB Corp were also bullish as continuous fall in daily Covid cases in India and an accelerated pace of vaccinations increase the investors buying sentiment.
  • At around 1.15 pm, Nifty Media was trading at 1,885.60, up 22.20 points or 1.19%,after touching a high of 1,899.00 and low of 1,876.35 during intraday trade on Tuesday.
  • Picking positive global cues, Indian stock market made a new record high on Tuesday with the BSE Sensex crossing the 53,000-mark for the first time. BSE Sensex was trading at 52,855.25 up 280.79 points or 0.53% and Nifty50 at 15,850.05 up 103.55 points or 0.66%. Read more

Rupee slips 6 paise at 74.17 against the US dollar

Published on: 1:02 pm

  • The Indian rupee fell for another day and trading lower by 6 paise at 74.17 against the US dollar amid rising crude oil prices.
  • At the interbank foreign exchange, the rupee opened lower at 74.18 against the dollar, then fell further to 74.20, registering a fall of 10 paise over its previous close.
  • The local unit on Monday had settled at 74.10 against the US dollar. Read more

Shri Bajrang Alliance wins export order from international clients; Stock soars 2%

Published on: 1:00 pm

  • Shri Bajrang Alliance Limited (GOELD) has informed the exchange regarding export orders received by the company.
  • The Company confirmed that it has received confirmed Export Orders from its lnternational clients for manufacturing of Goeld Frozen Food Products from Bajaria Global pty. Ltd. trading as The Spice Merchants.
  • The Spice Merchants will purchase.and resell the Products in the Australia. The Spice Merchants are the most trusted importers of fine authentic lndian food products & major lndian FMCG brands. Read more

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