Live market updates

23rd Jun, 2021

BLS International ties with Singapore-based Knowledge Catalyst to issue digital health certificates

Published on: 5:10 pm

  • BLS International Service Limited has announced on Wednesday that it has entered into a agreement with a Singapore-based company, Knowledge Catalyst to provide Digital Health Certificates also known as HealthCerts, for passengers travelling to and from Singapore.
  • Effective immediately, BLS will start issuing HealthCerts in Singapore. HealthCerts is a set of digital standards and schema for issuing digital COVID-19 Pre-Departure Test (PDT) results certificates that are in line with international standards and the Singapore Government’s requirements.
  • The HealthCerts schema was developed in collaboration with the Government Technology Agency (GovTech) and Ministry of Health (MOH) of Singapore. Further, these HealthCerts are tamper-proof and traceable. Currently, they are issued directly to travellers in the form of a QR code, and can be downloaded onto their mobile devices. Read more

HDFC Bank MD: Will focus on offering loans for green products at lower interest rates

Published on: 5:03 pm

  • HDFC Bank Managing Director & Chief Executive Officer, Sashidhar Jagdishan said that the Bank's growth engines will be fully supported by our renewed focus and vigour on Technology/Digital investments that would act as the core backbone to both Runs and Build the Bank.
  • In its annual report for FY21, Jagdishan said, "The Bank will continue to incorporate and scale up the use of renewable energy in its operations. As a part of the roadmap, we will focus on offering loans for green products like electric vehicles at lower interest rates and incorporate ESG scores while making credit decisions."
  • Jagdishan added, "the Bank is also working on a framework for issuing green bonds. All this while we continue to transform lives through our CSR initiatives under Parivartan through which we have already impacted over 8.5 Crore lives." Read more

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Jaypee Infratech reports consolidated net loss of Rs491.60cr in Q4FY21

Published on: 4:58 pm

  • Jaypee Infratech posted a net Loss of Rs491.60cr in the quarter ended March 2021 as against a net loss of Rs940.53cr during the previous quarter ended March 2020.
  • The sales also declined 36.17% to Rs244.59cr in the quarter ended March 2021 as against Rs383.18cr during the previous quarter ended March 2020.
  • The stock ended at Rs3.14 down by Rs0.16 or 4.85% from its previous closing of Rs3.30 on the BSE. Read more

ITI stock surges after robust Q4 numbers

Published on: 4:53 pm

  • ITI Ltd shares in today’s session ended higher after the company posted robust Q4 numbers. The company reported a consolidated of Rs200cr in the March 2021 quarter, compared to Rs32.18crore in the same quarter the previous year.
  • The telecom equipment company’s revenue from the operation almost doubled to Rs1,266.32cr in the quarter ended March 2021 from Rs650.48cr during the previous quarter ended March 2020.
  • ITI Ltd ended at Rs133.10 up by Rs5.55 or 4.35% from its previous closing of Rs127.55 on the BSE. The scrip opened at Rs137.40 and touched a high and low of Rs140 and Rs132.10 respectively. Read more

FM asks Infosys to address new tax portal issues without further loss of time

Published on: 4:51 pm

  • Finance Ministry and Infosys have held discussion with tax professionals, other stakeholders and Infosys on issues in the new Income Tax Portal. The new e-filing portal 2.0 of the Income Tax Department (incometax.gov.in) went live on June 07, 2021.
  • Since the launch of the new tax portal, there were numerous glitches in the functioning of the new portal. Taking note of the grievances voiced on social media by taxpayers, tax professionals and other stakeholders, the Finance Minister had also flagged the issues to the vendor Infosys, calling upon them to address these concerns. Read more

Dabur begins construction of Rs550cr manufacturing facility in Madhya Pradesh

Published on: 4:47 pm

  • Dabur India Ltd has commenced construction of its largest, most-modern and environment-friendly manufacturing facility in Madhya Pradesh on Wednesday. Being set up with a phased investment of around Rs550cr, this new unit would manufacture a range of Dabur's Food Products, Ayurvedic Medicines and Health Supplements.
  • A ground-breaking ceremony was organised at the site today, which was attended by Dabur India Ltd. Executive Director-Operations Shahrukh A Khan and senior officials from the state government.
  • The first phase of construction of this new facility – which has been planned under the Mega Projects Scheme of the Madhya Pradesh Government as well as the Central Government's Production-Linked Incentive (PLI) scheme – is scheduled for completion by the end of 2021-22 financial year. Read more

Reliance Industries to take centre stage as chief Mukesh Ambani will present 44th AGM tomorrow

Published on: 4:43 pm

  • Reliance Industries (RIL) stock has been on a roller coaster ride this week ahead of its 44th annual general meeting (AGM). The company will take centre stage on stock exchanges as investors await key announcements from RIL chairman and MD, Mukesh Ambani tomorrow.
  • On Wednesday, RIL stock finished at Rs2205.10 per piece down by Rs20.90 or 0.9% on Sensex.
  • RIL is holding its 44th Annual General Meeting (Post-IPO) on Thursday, 24th June 2021 through Video Conferencing (“VC”) / Other Audio-Visual Means (“OAVM”) from 2:00 PM onwards. Read more

MAS Financial Services allots NCDs worth Rs100cr

Published on: 4:40 pm

  • MAS Financial Services Limited Finance Committee allotted 10,000 rated, senior, secured, listed, transferable, redeemable, principal-protected market-linked non-convertible debentures (NCDs), each having a face value of Rs1 lakh and aggregating up to Rs100cr on a private placement basis.
  • These NCDs have been rated “CARE PP-MLD A+; Stable {Principal Protected-Market Linked Debentures Single A Plus; Outlook: Stable)” by CARE Ratings Limited. Read more

Gandhi Special Tubes stock ends higher post Q4 numbers; Board approves buyback of shares upto Rs42.1

Published on: 4:39 pm

  • Shares of Gandhi Special Tubes ended higher after posting a good set of Q4 numbers. The net profit rose 197.91% to Rs12.81cr in the quarter ended March 2021 as against Rs4.30cr during the previous quarter ended March 2020.
  • Sales rose 95.40% to Rs40.35cr in the quarter ended March 2021 as against Rs20.65cr during the previous quarter ended March 2020.
  • The board has approved a buyback of up to 7,66,616 equity shares of the company for an aggregate amount not exceeding Rs42.16cr at a maximum buyback price of Rs550 per share. Read more

Nippon Life India Asset re-appoints Ajay Patel as the Manager from July 01

Published on: 4:32 pm

  • Nippon Life India Asset Management Ltd said in the filing that it has re-appointed Mr. Ajay Patel as the Manager of the Company effective from July 01, 2021, to Jan 02, 2024, has been approved by the Members at their Annual General Meeting held on Tuesday.
  • Mr. Ajay Patel, aged 55 years has been associated with our Company since April 05, 2001, & in his capacity as Manager since July 01, 2012. He holds a bachelor's degree in commerce from the University of Bombay & is an associate member of ICAI.
  • Mr. Patel has handled various roles in his current tenure in the Company which includes, Operations, Information Technology, PMS & AIF Operations & now Banking Operations. Read more

Adani Ports clarifies on Nordic fund KLP divestment from Myanmar project over military links

Published on: 4:25 pm

  • Adani Ports on Wednesday clarified over media reports that claimed that Nordic fund KLP divested from the company over links to Myanmar military.
  • In its regulatory filing, Adani Ports said, in the context, we would like to inform you that we have communicated in Q4 FY21 results presentation and also in the Integrated Annual Report FY21 that the Company has a zero-tolerance policy which ensures that there is no contravention of the US and other sanctions. The Company is in discussion with its US-based counsels to ensure that the Company is in compliance with the OFAC sanctions programs." Read more

Syngene International appoints Kush Parmar as an Additional Director

Published on: 4:19 pm

  • Syngene International said in the regulatory filing on Tuesday that it has appointed Dr. Kush Parmar as an Additional Director (Independent, Non-Executive), for a tenure commencing from today (i.e. the date of allotment of DIN) till the conclusion of the 31st Annual General Meeting of the Company proposed to be held in 2024.
  • “We wish to inform you that, the Board of Directors of the Company (“Board”), vide resolution passed on Tuesday, June 22, 2021, has considered and approved the appointment of Dr. Kush Parmar (DIN: 09212020) as an Additional Director (Independent, Non-Executive), for a tenure commencing from today (i.e. the date of allotment of DIN) till the conclusion of the 31st Annual General Meeting of the Company proposed to be held in 2024,” the company said in the filing. Read more

Bharat Forge subsidiary BF Industrial Solutions becomes Public Limited company

Published on: 4:19 pm

  • Bharat Forge Limited informed the exchanges Wednesday that BF Industrial Solutions Private Limited (formerly known as Nouveau Power and Infrastructure Private Limited), a wholly-owned subsidiary of the company has been converted into a Public Limited Company with the name ‘BF Industrial Solutions Limited’ with effect from June 22, 2021.
  • BF Industrial Solutions Limited was acquired as a Special Purpose Vehicle (SPV) for the purpose of implementation of Resolution Plan approved by National Company Law Tribunal, Ahmedabad Bench (NCLT) for Sanghvi Forging & Engineering Limited (SFEL) in terms of the provision of Insolvency and Bankruptcy Code, 2016. Read more

Indrayani Biotech enters the final list of eligible resolution applicants for Spring Field Shelters

Published on: 4:13 pm

  • Indrayani Biotech Ltd has informed that the company has been selected in the final list of Eligible Resolution Applicants in the matter of Spring Field Shelters Private Limited, Coimbatore which is under CIRP.
  • The Company would be submitting a Resolution Plan on or before 6th July 2021, as confirmed by Indrayani Biotech.
  • The current market cap of the company is Rs34.57cr. Read more

Trident Texofab expands manufacturing operations at Hojiwala Industrial Estate in Surat

Published on: 4:10 pm

  • Trident Texofab Ltd has informed that the Company has expanded its operations for manufacturing facility of Fabrics at its manufacturing unit located at Plot No. B-i 5111, Hojiwala Industrial Estate, Sachin Palsana Road, Surat, Gujarat, leading to a capacity augmentation from 8-9 lakh meters per month to 20-22 lakh meter per month.
  • Trident Texofab Limited distributes textile products. The Company offers bed sheets, scarfs, ladies dress materials, and suiting and shirting fabrics. Trident Texofab markets its products in India. Read more

Sobha stock ends ~4% lower after Q4 profit declines 65% to Rs17.90cr

Published on: 4:06 pm

  • Shares of Sobha Ltd ended lower after net profit declined 64.69% to Rs17.90cr in the quarter ended March 2021. The company recorded a net profit of Rs50.70cr during the previous quarter ended March 2020.
  • The sales were down 39.19% to Rs553.40cr in the quarter ended March 2021 as against Rs910.10cr during the previous quarter ended March 2020.
  • The stock ended at Rs482.85 down by Rs19.65 or 3.91% from its previous closing of Rs502.50 on the BSE. The scrip opened at Rs488.15 and has touched a high and low of Rs493.40 and Rs480.90 respectively. Read more

Nippon Life Asset Management becomes signatory to UN-PRI

Published on: 4:01 pm

  • Nippon Life India Asset Management Limited (NAM India), asset manager of Nippon India Mutual Fund (NIMF), announced today it has become a signatory to the United Nations-supported Principles for Responsible Investment (“PRI”) as part of its ongoing commitment to foster environmental, social and corporate governance (ESG) principles.
  • UN-PRI is a leading proponent of responsible investment, assessing investment implication of ESG factors and supporting in incorporating into investment and ownership decisions. They have attracted a global signatory base representing several of the world’s professionally managed investments.
  • In line with its ’Investor First’ philosophy, NAM India believes in the importance of responsible investing in creating positive business growth. The company is aggressively working towards building sharper focus on environment, societal and governance (ESG) factors to consistently create a better future for investors. Read more

Man Infraconstruction acquires 98% partnership interest in MICL Builders; Stock ends lower

Published on: 3:43 pm

  • Man Infraconstruction Limited has acquired 98% partnership interest in MICL Builders LLP on Tuesday and accordingly MICL Builders LLP has become a subsidiary of the company.
  • The cost of acquisition at Rs98,000/- being 98% of the partnership interest in MICL Builders LLP having a capital contribution of Rs1 lakh.
  • MICL Builders LLP was incorporated on March 23, 2016 for carrying out business of real estate and other related activities and is yet to commence business operations. Read more

Panache Digilife launches new product in 4G/5G compatible Classroom Education Learning Solution

Published on: 3:42 pm

  • Panache DigiLife Limited has informed about the launch of 4G /5G compatible Classroom Education Learning Solution using IFPD (Interactive Flat Panel Display) and OPS (Open Pluggable System). This device can also be used for a Digital Signage solution.
  • "This solution is based on IoT and in sync with our Governments Digital India campaign. This enables IT managers to discover, repair, and help protect the digital signage network with remote maintenance and wireless manageability. You save time and simplify the lifecycle transitions of your OPS media players", as said by company in a regulatory filing. Read more

Markets close lower; IT stocks underperformed

Published on: 3:37 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 underperformed the
  • Bank Nifty index by ~0.5% with both the indices closing in the red.
  • Nifty IT index was among the top underperformers closing ~1% lower with stocks like Wipro & Infosys leading the laggards. Read more

ZF Friedrichshafen AG completes divestment of full stakes in Brakes India

Published on: 3:33 pm

  • ZF Friedrichshafen AG has completed the divestment of full shareholding in Brakes India. ZF will continue its technology license and supply agreements with Brakes India.
  • Brakes India was founded in 1962 as a joint venture entity with T V Sundram Iyengar and Sons Private Limited (TVS) as the majority partner. Recently, joint venture partner ZF Friedrichshafen AG (ZF) acquired WABCO Holdings, Inc and due to the resultant competitive situation, ZF agreed to divest its entire shareholding in Brakes India to T V Sundram Iyengar and Sons Private Limited, Sundaram Finance Holdings Limited, India Motor Parts and Accessories Limited and Flometallic India Private Limited. Read more

Compuage Infocom to be Value Added Distributor of Alcatel-Lucent Enterprise; Stock slumps 5%

Published on: 3:23 pm

  • Compuage Infocom Limited will be Value Added Distributor of Alcatel-Lucent Enterprise to help to build Partners on Voice, Data, and Cloud Solutions for India & SAARC Market.
  • The company in a filing on Wednesday said, that Alcatel-Lucent Enterprise is a European company with an established heritage of innovation and entrepreneurial spirit with over 2200 employees worldwide and headquartered in Paris, France, with direct business operations present in 50 countries and for the remaining countries, a sizeable presence through distributors. It has been active in India through the distribution channel and does well in verticals like Healthcare, Government, Education, Hospitality, Transportation and Smart Cities. Read more

GE Power stock slumps over 4% despite 8% increase in Q4 PAT to Rs16.02cr

Published on: 3:21 pm

  • GE Power India shares slumped over 4% despite a Q4 net profit increase of nearly 8% at Rs16.02cr on the back of higher revenues. The consolidated net profit of the company stood at Rs14.87cr in the same quarter of the previous fiscal.
  • Total income in the quarter under review rose to Rs938.15cr from Rs773.65cr earlier, the company said in a BSE filing.
  • The Board of Directors of the Company has recommended a dividend of 10% i.e. Rs1/- per equity share for the year ended March 31, 2021. Read more

Tata Consultancy Services win 5 Eventex Awards for Innovative Marketing Campaigns

Published on: 3:18 pm

  • Tata Consultancy Services (TCS) on Wednesday announced that the company won three gold Eventex Awards for its #ThisRun campaign and the Virgin Money London Marathon Event App, as well as two bronze awards for excellence across marketing and customer engagement.
  • “During a year that saw physical marathons cancelled, all activities under #ThisRun and our support of virtual marathons across the globe have contributed to the health and wellbeing of the community,” said Sapthagiri Chapalapalli, Head, TCS Europe. “We are delighted to win these awards that recognize TCS’ endeavour to develop digital solutions that motivate, unite and connect runners.” Read more

Garden Reach Shipbuilders commissions new 250 Ton Goliath Crane; Stock surges 3%

Published on: 3:12 pm

  • Garden Reach Shipbuilders & Engineers Ltd has informed that the new 250 Ton Goliath Crane has commissioned on 22nd June 2021 at Main Works Unit of the company at an approximate cost of Rs155cr, which enhanced the capacity of the modernized infrastructure facility of the shipyard.
  • The 250 Ton Goliath Crane is a vital asset for construction and repair of wide range of modern and strategic warships. Read more

Oriental Rail Infra bags orders of Rs15.5cr for the supply of 'Seat and Berths' to Railways; Stock s

Published on: 3:07 pm

  • Oriental Rail Infrastructure on Wednesday secured orders worth Rs15.5cr for manufacturing and supplying ‘Seat and Berths’ to ‘Indian Railways’.
  • The orders have been secured from ‘Modern Coach Factory, Raibareli’ worth Rs9.854cr and ‘Rail Coach Factory (Hussainpur), Kapurthala’ worth Rs5.61cr.
  • Further, the company's subsidiary Oriental Foundry Private Limited has secured an order worth Rs14.41cr from ‘Northern Railways’ for manufacturing and supplying ‘Bogie’. Read more

European markets down after PMI shows business activity surging; U.S. futures inches up

Published on: 2:58 pm

  • European stocks slipped on Wednesday despite Purchasing Managers’ Indexes showing booming business growth in the eurozone.
  • The pan-European Stoxx 600 slipped with retail stocks dropping 0.9% while oil and gas added 0.9%. The German DAX DAX was down 0.59% and French CAC 40 also dipped 0.50% and the FTSE 100 was flat.
  • On the economy front, Powell sought to reassure investors on Tuesday, saying that the central bank will watch a broad set of job market data to assess the economic recovery from COVID-19, rather than rush to raise rates on the basis of fear of inflation. Read more

Jet Airways gain 16% in 3 days as the airline gets nearer to resume operations

Published on: 2:57 pm

  • Jet Airways stock has been in focus since the start of this week due to the National Company Law Tribunal (NCLT) verdict on the Kalrock-Jalan consortium resolution plan for the airline. The airline has finally received approval from NCLT over the consortium's revival plan. On Wednesday, Jet Airways froze at the upper circuit.
  • In its regulatory filing, Jet Airways said "this is further to our disclosure dated June 22, 2021, whereby it was intimated by the Company that, by the order pronounced orally on June 22, 2021, the Mumbai bench of the National Company Law Tribunal (“NCLT”) approved the resolution plan submitted by the resolution applicant for the corporate insolvency resolution of the Company under Section 31 of the Code." Read more

Rupee gains 8 paise against US Dollar

Published on: 2:45 pm

  • The Indian rupee gained by 8 paise against the US dollar in early trade even as the domestic equity market was trading with significant losses. Federal Reserve Chair Jerome Powell's comments that the US central bank will not raise interest rates too quickly supported investor sentiments.
  • At the interbank foreign exchange, the domestic unit opened at 74.26 against the dollar, then inched higher to 74.28, registering a gain of 8 paise over its previous close.
  • The rupee on Monday had settled at 74.37 against the US dollar. Read more

Infomerics and Brickwork withdraws commercial ratings of Dhani Services; Stock sheds over 3%

Published on: 2:35 pm

  • Dhani Services Limited has informed that, on the request of the Company, the rating committee of rating agency Infomerics has withdrawn the outstanding rating of IVR A1+ assigned to the commercial paper of Rs750cr of the Company, as the current outstanding of CP is Nil.
  • The Company has not raised any CP in the last one year utilising Infomerics rating.
  • Similarly on the request of the company, Brickwork has also withdrawn the rating of BWR A1+ assigned to CP of Rs500cr and Bank Loan facility of Rs17cr of the Company. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices trade lower with IT stocks under pressure.
  • BSE Sensex is currently 52,433.19 down 155.52 points or 0.30%.
  • Nifty50 is currently 15,726.75 down 46.00 points or 0.29%. Nifty Bank is trading down 0.05% at 34,729.25 while Mid-cap Index is up by 0.15%. Read more

Bears hover on Nifty Metal as Adani Enterprises, NMDC and Welspun Corp dive steeply; Hindalco top ga

Published on: 2:30 pm

  • Metal company stocks were under pressure on Wednesday as markets shifted towards a volatile session. The performance comes despite metal prices rebounding after the US Federal Reserve Chairman Jereme Powell's testimony on monetary policy and China's metal reserves sales. The downside in the Nifty Metal index was at a slower pace.
  • The US Fed chair reiterates inflation is transitory and reassures the market no change in policy till growth numbers stabilize. Powell restated that inflation pressures will be transitory despite a notable increase in consumer prices in recent months. Also, he said that Fed will be patient in waiting to lift borrowing costs.
  • Furthermore, China's National Food & Strategic Reserves Administration has signalled about the sale of 20,000 tonnes of copper in an initial batch of sales of state metal reserves. Read more

Steel Minister Dharmendra Pradhan unveils a host of projects of KIOCL

Published on: 2:19 pm

Minister for Petroleum & Natural Gas and Steel, Govt. of India, Dharmendra Pradhan has inaugurated new projects of KIOCL.

These projects as per the regulatory filing are:

1. Solar Captive Power Plant:

To develop Renewable Energy Projects in support of Gol’s National Solar Mission and to meet the power requirement partly for KIOCL units at Mangalore, KIOCL commissioned 8.0 MWac (6.5 MWp) Solar Power Plant at Kathrikehal Village, Chikkanayakanahalli, Tumkur District in Karnataka. The plant was completed with the project cost of Rs 24.44 Crores (Excluding GST) in March 2021. Read more

Nifty FMCG stocks trade lower; Varun Beverages, United Breweries top losers

Published on: 2:15 pm

  • Nifty FMCG stocks were trading marginally lower amid volatile trade on Wednesday. Varun Beverages and United Breweries dragged the most while, Emami surged 4% to outperform. The FMCG index after a bullish start slipped into the negative zone before resisting further losses as the day progressed.
  • Domestic barometers were fragile as buying in auto shares was offset with selling in Information Technology and FMCG stocks a day ahead of the monthly expiry of June future and option contracts.
  • At around 2.15 PM, Nifty FMCG was trading at 36,238.75 down 60.90 points or 0.17%, touching a high of 36,437.35 and low of 36,111.15 during intraday trade on Wednesday. Read more

Microsoft becomes second US firm to hit $2 trillion market value

Published on: 2:05 pm

  • Tech giant Microsoft has reached USD 2 trillion market capitalisation in trading, joining a small group of global companies that have crossed that threshold -- including Apple. Apple reached its own USD 2 trillion market cap back in August 2020.
  • Despite hitting USD 2 trillion in intraday trading on Tuesday, Microsoft's valuation was about USD 300 million shy of the high-water mark by the time markets closed, AppleInsider reported.
  • According to the figures, Since March 2020, when lockdowns began, Microsoft's stock has surged 64%. Read more

ISGEC Heavy Engineering receives orders for the 100th unit of CFBC Boiler

Published on: 2:02 pm

  • ISGEC Heavy Engineering has crossed the impressive milestone of 100 CFBC Boilers. These Boilers cut across a wide spectrum of industries and sectors. The company achieved this milestone based on its long history of providing appropriate and technologically advanced solutions to customers across a diverse portfolio of engineering sectors.
  • The company said that the credit, in this particular case, also goes to our ongoing technical collaboration with Sumitomo SHI FW (formerly Foster Wheeler).
  • Sumitomo SHI FW has supplied Ultra-supercritical CFBC boilers for the 2200 MWe project at KOSPO in Samcheok, Korea. This plant has 4 x 1570 TPH ultra-supercritical CFBC Boilers, that has now been in operation for over3 years. Read more

SML ISUZU suspends production in Punjab manufacturing plant due to ongoing supply issues

Published on: 1:47 pm

  • SML ISUZU has announced its decision to temporarily suspend production at its Manufacturing Plant, located at Village Asron, Distt. Shahid Bhagat Singh Nagar (Punjab) from tomorrow. The suspension of production will in effect till June 26, 2021.
  • The suspension was due to ongoing supply issues being faced by the Company from some of its vendors/suppliers, and for optimizing the production of vehicles in line with the demand, which is yet to pick up post lockdowns imposed by most of the States.
  • SML ISUZU said that the Company is closely monitoring the situation and taking appropriate actions as required. Read more

Century Plyboards plans to set up veneer cum plywood manufacturing unit in Punjab; Stock up ~1%

Published on: 1:42 pm

  • Century Plyboards (India) Limited board on Tuesday has considered a proposal for setting up a new unit in the state of Punjab for manufacturing of veneer and plywood.
  • The existing capacity of the company for Plywood production 300000 CBM per year and existing capacity utilization 54% for the year ended March 2021 (Q4-FY21- 77%). The proposed capacity addition will be 60000 CBM per year and is expected to be added by Q1FY23. Investment required to set up the unit ~Rs75cr.
  • “Increasing demand; proximity to principal source of raw material; availability of man-power,” company shared the rationale on Wednesday behind adding the capacity. Read more

Delta Manufacturing executes land sales agreement for Rs30cr

Published on: 1:38 pm

  • Delta Manufacturing Limited has informed to the exchange regarding execution of sales agreement by the company.
  • The Company has executed a Sale Deed on 22nd June, 2021 for the completion of the sale of the Company’s land located in Chennai for a consideration of Rs. 30,00,00,334/-.
  • The current market cap of the company is Rs53.44cr. Read more

BEL records PAT at Rs1352.38cr in Q4FY21; stock hits 52-week high

Published on: 1:37 pm

  • Bharat Electronics Ltd (BEL) recorded Profit after tax (PAT) at Rs1352.38cr in Q4FY21 as against Rs1034.52cr for the corresponding quarter of the previous year.
  • The company has achieved a turnover of Rs6757.05cr for the quarter ended 31st March 2021, as against Rs5725.49cr for the corresponding quarter of the previous year.
  • Reacting to the result, the stock has touched a new 52-week high at 169.65 in today’s trade. The stock is currently trading at Rs165.10 up by Rs13.75 or 9.08% from its previous closing of Rs151.35 on the BSE. The scrip opened at Rs155 and has touched a 52-week high of Rs169.65 and low of Rs152.50 respectively. Read more

ICRA reaffirms and withdraws Indus Towers issuer rating; Stock dips 3%

Published on: 1:32 pm

  • ICRA Limited has reaffirmed and withdrawn the issuer rating of [ICRA]AA+ (Stable) assigned to the Indus Towers. The Issuer Rating has been withdrawn at the request of the company and following ICRA’s withdrawal policy. Further, the ratings assigned to other instruments, as intimated earlier on April 10, 2021, have been reaffirmed at [ICRA]AA+ (Stable)/ [ICRA]A1+, as applicable.
  • In its rationale report, ICRA stated that the rating action factors in the anticipation of sustenance of the financial risk profile of the company through the implementation of the security package for the receivables of one of the key tenants and also considers the receipt of a sizeable proportion of the outstanding dues from the same tenant. While the receivable position continues to be high, the security package implemented as part of the merger exercise should act as a barrier against further increase in the same. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • Markets continue to maintain downside as FMCG, IT, Metal and Pharma stocks take a toll on the benchmarks.
  • BSE Sensex is at 52,485.64 down 103.07 points or 0.20%.
  • Nifty50 is at 15,732.60 down 40.15 points or 0.25%. Nifty Bank is trading down 0.04% at 34,730.05 while Mid-cap Index is up by 0.52%. Read more

V-Guard Industries' promoter K Chittilappilly transfers 2.13 cr equity shares to Anekha Chittilappil

Published on: 1:23 pm

  • V-Guard Industries has informed that Mithun Kochouseph Chittilappilly, Member of the promoter group and Chairman Emeritus transferred 2,13,00,000 equity shares of the Company constituting 4.95% of the total paid up share capital, through off-market by way of gift to Anekha Chittilappilly Trust.
  • Anekha Chittilappilly Trust was formed for the benefit of Anekha Mithun Chittilappilly, daughter of the former.
  • With the acquisition of shares, Anekha Chittilappilly Trust is classified under the Promoter Group category. Read more

Moody’s slashes India's growth forecast to 9.6% for 2021

Published on: 1:21 pm

  • Moody's Investors Service has cut India's growth projection to 9.6% for 2021 from its earlier estimate of 13.9%. The agency said faster vaccination progress will be paramount in restricting economic losses to the June quarter.
  • In its report titled 'Macroeconomics – India: Economic shocks from second COVID wave will not be as severe as last year's, Moody's said high-frequency economic indicators show that the second wave of COVID-19 infections hit India's economy in April and May.
  • Moody's said in the report that, "the virus resurgence adds uncertainty to India's growth forecast for 2021; however, it is likely that the economic damage will remain restricted to the April-June quarter. We currently expect India's real GDP to grow at 9.6% in 2021 and 7% in 2022." Read more

HDFC Bank, subsidiary HDFC Securities to subscribe stakes in Borderless Softtech

Published on: 1:17 pm

  • HDFC Bank has executed an agreement for subscribing to 8,108 Compulsory Convertible Cumulative Preference Shares (CCCPS) of the face value of Rs10/- each fully paid up at a premium of Rs. 606.60 directly of Borderless Softtech Private Limited.
  • Also, HDFC Bank will subscribe 1,03,989 Optionally Redeemable Compulsory Convertible Cumulative Preference Shares (ORCCCPS) of the face value of Rs. 10/- each fully paid up a premium of Rs. 606.60 indirectly through its subsidiary company, HDFC Securities - in Borderless.
  • The cost of acquisition will be Rs616.60 per CCCPS/ORCCCPS of Borderless. Read more

Brickwork reaffirms ratings on bank facilities of Tourism Finance, withdraws ratings of its bonds

Published on: 1:15 pm

  • Brickwork Ratings has reaffirmed the ratings of the Bank Loan facilities and Bond Issues of Rs1941.24cr of Tourism Finance Corporation of India Ltd (TFCI), at ‘BWR A+/Negative’ and withdraws the ratings of Bonds of Rs50.00cr.
  • “Brickwork Ratings (BWR) reaffirmed the long-term ratings for bank loan facilities of Rs1150cr and bonds of Rs791.24cr of TFCI at BWR A+ while maintaining the rating outlook as Negative. BWR has withdrawn the ratings of the bond issues of Rs50cr of TFCI on account of complete redemption. The rating is withdrawn based on the request of the company and confirmation from the Debenture Trustee towards redemption, and the same is in line with BWR’s withdrawal policy,” the company shared Brickwork Ratings rationale on Tuesday. Read more

Nifty IT sheds over 200 points amid fragile markets; Heavyweights Wipro, TCS, Infosys drag

Published on: 1:00 pm

  • Nifty IT index was under selling pressure during volatile trade on Wednesday. The IT Index shed over 200 points with heavyweights Wipro, Tata Consultancy Services, Infosys, HCL Technologies, and Tech Mahindra logging steep fall.
  • On the positive side, Larsen & Turbo Infotech gained over 1% to give some solace to the sector on Wednesday.
  • Indian equity benchmarks were flip-flopping between gains and losses as buying in auto shares was offset with selling in Information Technology and FMCG stocks during the day ahead of the monthly expiry of June future and option contracts. Read more

Rico Auto Industries reports consolidated Q4 PAT at Rs10.5cr; Stock advances 3%

Published on: 12:57 pm

Rico Auto Industries Ltd, a world-class engineering Company supplying a wide range of high precision fully machined Aluminium and Ferrous components has  released its unaudited financial results for the quarter and financial year ending on 31st March 2021.

Financial Highlights:
  • The company has reported total revenue of Rs491cr during the period ended 31st March, 2021 as compared to Rs449cr in Q3FY21, increase of 9.23%.
  • The company has posted net profit / (loss) of Rs10.60cr for the period ended 31st March, 2021 as against net profit / (loss) of Rs4.49cr for the period ended 31st December, 2020. Read more

Nifty Auto witness stellar buying as major automakers hike prices, index tops 1%; Maruti, Hero MotoC

Published on: 12:51 pm

  • Auto company stocks are in focus as major giants such as Maruti Suzuki and Hero MotoCorp have announced price increase in their vehicles starting next month. These two company stocks are also in the fast lane on Wednesday driving Nifty Auto to emerge as top bulls. A broad-based buying was witnessed across Nifty Auto. Investors expect other automakers to follow suit in price hikes.
  • At around 12.43 pm, Nifty Auto was trading at 10,641.55 up by 101.10 points or 0.96%. The index has touched an intraday high and low of 10,684.95 and 10,551.15 respectively during early hours. Read more

NMDC stock slips 2% despite strong Q4 earnings

Published on: 12:39 pm

  • State-owned NMDC Ltd recorded a net profit of Rs2,838cr, up 708% for the fourth quarter as against Rs351cr for the corresponding quarter.
  • The company’s turnover for FY2020-21 is Rs15,370cr as against Rs11,699cr during FY2019-20, registering a growth of 31%.
  • The company achieved a production of 12.31 million tonnes (MT) of iron ore during the Q4 quarter as against 9.47 MT, up 30% growth, while realising a 29% growth in sales of iron ore 11.09 MT (8.62 MT). Read more

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