Live market updates

24th Jun, 2021

Sharda Motor and Kinetic Green form JV company for Lithium‐ion Battery packs manufacturing

Published on: 5:14 pm

  • Sharda Motor Industries Limited (SMIL) and Kinetic Green Energy & Power Solutions Limited, a Kinetic Group company, have entered a joint venture (JV) agreement, to develop Battery Packs with Battery Management Systems (BMS) for electric Vehicles & stationery applications.
  • The JV company will undertake the design, development & assembly of lithium‐ion battery packs along with BMS. The focus of the company will be to develop battery packs for the rapidly growing electric vehicle market in India & other segments of energy storage applications.
  • Aashim Relan, CEO of SMIL said, “We are excited to enter into the Electric 2 W & 3 W Market which is expected to grow very fast in the near future. The JV will mark our entry into EV components which highlights our focus on clean mobility, new product development, innovation and technology supported by Research and Development.” Read more

TCS Optunique wins AI Breakthrough Award for delivering contextualized experiences to shoppers

Published on: 5:10 pm

  • Tata Consultancy Services has announced that its enterprise personalization solution, TCS Optunique, has won the Artificial Intelligence Breakthrough Award in the category Best AI-based Solution – Retail.
  • The AI Breakthrough Awards recognize industry leaders that build innovative AI solutions based on an evaluation of the innovation, performance, ease of use and manageability, functionality, value, and impact of the products.
  • TCS Optunique was recognized for its ability to deliver unified and contextualized experiences across the omnichannel journey by evaluating customer intent in real time. Read more

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Jio and Google Cloud to collab on 5G Technology for enabling a billion Indians access Superior Conne

Published on: 5:01 pm

  • Reliance Industries-led subsidiary, Reliance Jio Infocomm Limited (Jio) and Google Cloud are embarking on a comprehensive, long-term strategic relationship to power 5G in enterprise and consumer segments nationwide.
  • Additionally, Reliance will also take advantage of Google Cloud’s scalable infrastructure thereby enabling its retail business to achieve better operational efficiency, modernize and scale for growth, and deliver better performance and experiences to customers.
  • Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited said, "Cloud solution is a key area where we are collaborating with Google. Jio will use Google Cloud’s cutting-edge technologies to power Jio’s 5G solutions and for powering the internal needs of key Reliance growth businesses like Reliance Retail, JioMart, JioSaavn and JioHealth.” Read more

RIL-led Jio and Google launches made-for-India smartphone JioPhone Next, to be available from Sept 1

Published on: 4:51 pm

  • Reliance Industries (RIL) led Jio and the largest search engine, Google jointly developed a made-for-India smartphone called JioPhone Next coming later this year. Based on an optimized OS that is leveraged from Android and Play Store with features that are built especially for
  • JioPhone Next, the two technology organizations have worked closely to create a smartphone experience aimed at addressing the unique needs of millions of smartphone users across India. Read more

Allcargo Logistics stock ends lower post Q4 profit at Rs53.71cr

Published on: 4:50 pm

  • Allcargo Logistics Ltd net profits in the Mar-21 quarter-turned around 3.2% higher at Rs53.71cr. Despite higher revenues from all the verticals business, the negative EBITDA on the express distribution business pulled the profits down in the quarter to just flat growth.
  • However, EBITDA margins on multimodal transport and container freight stations were robust.
  • Allcargo Logistics Ltd ended at Rs143.40 down by Rs4.8 or 3.24% from its previous closing of Rs148.20 on the BSE. The scrip opened at Rs150.50 and touched a high and low of Rs153 and Rs138.65 respectively. Read more

City Pulse Multiplex to launch 'Wowplex' OTT platform on July 12

Published on: 4:45 pm

  • City Pulse Multiplex Ltd has further update to the exchange with regards to development of an Online OTT Platform (Web and App based) for enabling release of series, Movies and albums etc. on the platform.
  • The Management has named the same as “Wowplex”. The Platform stands ready to launch and is currently under internal trails before launch, confirmed by the company in a regulatory filing.
  • The said platform is proposed to have a soft launching on 12th July, 2021 from the Registered Office of the Company. Read more

Mcleod Russel India reports net loss of Rs114.87cr in Q4FY21; stock slumps 5%

Published on: 4:39 pm

  • Mcleod Russel India reported a net loss of Rs114.87cr in the quarter ended March 2021 as against a net loss of Rs70.64cr during the previous quarter ended March 2020.
  • However, the sales of the company increased 38.88% to Rs298.63cr in the quarter ended March 2021 as against Rs215.02cr during the previous quarter ended March 2020. Read more

CARE reaffirms ratings on bank facilities of Pitti Engineering

Published on: 4:30 pm

  • CARE Ratings Limited has reaffirmed the ratings to Pitti Engineering Limited’s long-term and short-term banking facilities based on the performance for FY21. The total facilities Rs498.38 were rated.
  • The rating on long-term bank facilities Rs350.24cr (Reduced from Rs355.241cr) has been reaffirmed at CARE BBB+ with a Stable outlook. The rating on long and short-term bank facilities Rs10.50cr has been reaffirmed at CARE BBB+; Stable / CARE A2. Read more

CRISIL withdraws ratings on Faze Three Autofab's bank loan facilities; Stock ends 2% down

Published on: 4:22 pm

  • Faze Three Autofab Ltd has informed that as per request of the Company and based on No Objection received from Lender of the Company, CRISIL Ratings has withdrawn the rating assigned to the various Bank loan facilities.
  • The latest outstanding Rating of CRISIL BB+/Stable (Upgraded from 'CRISIL BB/ Stable') for Long Term Rating and rating of CRISIL A4+ (Reaffirmed) for Short Term Rating was assigned on 31st May, 2021 by the CRISIL Limited. Read more

Thomas Cook and SOTC Travel jointly release survey Third Holiday Readiness Report (June 2021)

Published on: 4:09 pm

  • Thomas Cook India and SOTC Travel surveyed over 4000 customers across India’s Tier 1 - 3 cities in a recent survey to identify emerging consumer behaviours and trends that will drive travel preferences in the Covid era.
  • The survey covered consumers of India’s top 8 metros, mini metros like Pune and key Tier 2/3 markets of Jaipur, Indore, Tiruchirappalli, Madurai, Nagpur, Surat, Baroda, Bhubaneswar, Lucknow, Chandigarh, Mysore, Coimbatore, Visakhapatnam, Guwahati, Patna, etc. The companies have released key findings in their Third Holiday Readiness Report (June 2021).
  • The data analysis has revealed valuable insights on travel behavior and customer expectations: Read more

Jagaran Lamps receives Rs12.5cr export order for Automotive Lamps

Published on: 4:00 pm

  • Jagan Lamps Limited has announced that the Company has received Large Orders for Exports and from OLMs to the Tune of Rs22.5cr approx. for Supplying Automotive Lamps.
  • Jagan Lamps manufactures and exports auto bulbs, halogen bulbs, head lights, automotive electrical spares and other related products.
  • The scrip has touched an intraday high and intraday low at Rs54.90 apiece and Rs50.10 apiece respectively during early trading hours.The current market cap of the company is Rs36.19cr. Read more

Asian Hotels (East) stock ends lower post Q4 net loss of Rs5.17cr

Published on: 3:58 pm

  • Asian Hotels (East) reported a net loss of Rs5.17cr in the quarter ended March 2021 as against a net profit of Rs0.50cr during the previous quarter ended March 2020.
  • The sales also fell 41.19% to Rs25.17cr in the quarter ended March 2021 as against Rs42.80cr during the previous quarter ended March 2020.
  • The Covid-19 pandemic and the long lockdown declared by the government has created uncertainty and unpredictability for the Company. Therefore, the Board has decided not to recommend any dividend for the financial year ended 2020-21 due to inadequate profits, the company said in the filing. Read more

IHCL fixes July 9 as record date for payment of redemption of NCDs; Stock hits 52-week high

Published on: 3:51 pm

  • The Indian Hotels Company Limited (IHCL) has fixed July 9, 2021, as the record date for the payment of redemption amount and annual interest in respect of 9.95% secured, redeemable, Non- Convertible Debentures (NCDs) of Rs10 lakhs each, due on July 27, 2021.
  • Indian Hotels Co Ltd trade on Thursday ended at Rs145.80 per piece up by Rs3.1 or 2.17% from its previous closing of Rs142.70 per piece on the BSE. Read more

Omax Autos reappoints Devashish Mehta as Managing Director

Published on: 3:50 pm

  • Omax Autos Board has re-appointed Devashish Mehta as Managing Director of the Company with effect from July 19, 2021.
  • The Board in its meeting held on June 22, 2021, subject to the approval of shareholders, has re-appointed Mrs. Sakshi Kaura as Joint Managing Director of the Company with effect from June 1, 2021.
  • The Board has also appointed Mr. Ravinder Singh Kataria as Company Secretary and Compliance Officer of the Company with effect from June 22, 2021, on terms and condition as mutually agreed between the company and Mr. Kataria. Mr. Kataria graduated in B.Com (Commerce), an associate member of Institute of Company Secretary of India from December, 2012, having total experience of around 9 years in the field of company secretarial activities. Read more

Apollo Hospitals consolidated net profit declines 23.48% in Q4; stock slips 1.5%

Published on: 3:38 pm

  • Shares of Apollo Hospitals Enterprise slipped after net profit declined 23.48% to Rs 167.85 crore in the quarter ended March 2021 as against Rs219.36cr during the previous quarter ended March 2020.
  • The sales declined 1.86% to Rs2867.95cr in the quarter ended March 2021 as against Rs2922.43cr during the previous quarter ended March 2020.
  • Healthcare services grew 6% YoY led by growth both in the mature hospitals and new hospitals which grew 2% and 16% YoY respectively. Read more

Ador Welding shares certificate of merger of Ador Welding Academy; Stock ends lower

Published on: 3:35 pm

  • Ador Welding Limited (AWL) shared the certified copy of the board resolution on May 28, 2021, approving the Scheme of Amalgamation of Ador Welding Academy Private limited (AWAPL)with the company (AWL) and their respective Shareholders subject to the approval of the National Company Law Tribunal (NCLT) and other statutory & regulatory authorities.
  • It also shared certified true copy of Scheme of Amalgamation (Merger by Absorption). Read more

HFCL to set up 2nd model PM-WANI in Baidebettu village of Karnataka

Published on: 3:20 pm

  • Leading Indian Wi-Fi brand and one of the first TIP Open WiFi compliant solutions provider, IO by HFCL, in collaboration with Telecom Infra Project (TIP), has announced setting up their 2nd PM-WANI powered connectivity for Baidebattu village in Karnataka.
  • This PM-WANI network will provide high speed Wi-Fi Internet to over 9,000 residents of the otherwise poorly connected village located in Brahmavara Taluk, Udupi district.
  • The project entails setting up a robust outdoor Wi-Fi network for providing broadband Internet connectivity to the entire village population. The outdoor network will use HFCL IO's TIP Open WiFi based Access Points, Point-to-Point radios, Solar Power over Ethernet (PoE) devices and other network equipment. Read more

Markets closed higher; IT stocks outperformed

Published on: 3:18 pm

  • Markets witnessed a positive day of trade as across the board buying was seen throughout the day Bank Nifty index marginally outperformed the Nifty index by ~0.1% with both the indices closing in the green.
  • Nifty IT index was among the top outperformers closing ~3% higher with stocks like TCS, HCL Tech, Wipro & Infosys adding fresh long positions.
  • Nifty Midcap 100 index closed ~0.2% lower. Read more

Bank of Baroda appoints Elango Balasubramaniam as Chief Group Compliance Officer; Stock down 1.5%

Published on: 3:10 pm

  • Bank of Baroda has appointed Elango Balasubramaniam as Chief Group Compliance Officer (CGCO) with effect from June 23, 2021.
  • While sharing the profile of newly appointed CGCO, the company said in a filing on Wednesday. “He is MBA, ICWA, ACAMS, and B.Sc. He is having over 25 years of experience in Banking with experience in Credit, Finance & Accounts, Audit & Inspection and Overseas Operations in various capacities.” Read more

Piccadily Agro Industries to establish distillery in United Kingdom; Stock trades higher

Published on: 2:45 pm

  • Piccadily Agro Industries Ltd has informed that the company has purchased 1 Ordinary Share i.e entire Shareholding in Portavadie Distillers and Blenders Ltd. at United Kingdom (GBR).
  • The purpose for purchasing is to establish a distillery in United Kingdom for the manufacturing of spirit(s), as  confirmed by the company in a regulatory filing.
  • The scrip has touched a high and low of Rs18.70 apiece and Rs17.65 apiece respectively during early trading hours. Read more

Tanla Platforms set to go global, platform business to propel growth

Published on: 2:37 pm

  • Tanla Platforms Limited, India’s largest CPaaS provider hosted its Investor & Analyst Day virtually on Tuesday. The event, attended by more than 2,200 participants, featured presentations by senior executives, who provided updates on the company's vision and platform innovation, customer experience, and financial performance.
  • With CPaaS being among the leading segments the world over to witness consolidation and capital infusion, Tanla aims to pursue large greenfield opportunities and create a niche for itself in this domain. According to technology research firm Gartner, the global CPaaS target addressable market by 2023 is expected to be $47 billion, which in effect is the market opportunity for Tanla. Read more

European markets higher; Japan and Shanghai markets end flat

Published on: 2:30 pm

  • European stocks higher on Thursday as bond yields recovered. The Stoxx Europe 600 jumped 0.60% with gains for lenders including KBC Group KBC, 1.51% and the Bank of Ireland as the yield on the 10-year U.S. Treasury rose to 1.50%.
  • Asian markets ended on a flat note with the Shanghai Composite finished the trading day largely flat at around 3,566.29. The Hang Seng index advanced about 0.2%, the Nikkei 225 ended the trading day flat at 28,875.23 while the Topix index slipped 0.1% to close at 1,947.10.
  • On the economic front, the Bank of England will announce its latest monetary policy decision. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices remain bullish as IT stocks soar nearly 2.5%.
  • BSE Sensex is currently 52,653.55 up 347.47 points or 0.66%.
  • Nifty50 is currently 15,765.75 up 78.80 points or 0.5%. Nifty Bank is trading up 0.61% at 34,785.85 while Mid-cap Index is down by 0.51%. Read more

Zydus Cadila receives USFDA tentative nod to market Fingolimod Capsules

Published on: 2:15 pm

  • Cadila Healthcare's subsidiary Zydus Cadila has received tentative approval from the USFDA to market Fingolimod Capsules in the strength of 0.25 mg (US RLD: Gilenya Capsules).
  • Earlier, in October 2020, the group was granted approval to market Fingolimod Capsules in the strength of .5mg. Fingolimod is an immunomodulating drug. It is a sphingosine 1-phosphate receptor modulator indicated for the treatment of relapsing forms of multiple sclerosis (MS).
  • The drug will be manufactured at the group’s formulation manufacturing facility at the SEZ, Ahmedabad. Read more

Union Bank extends tenure of BS Venkatesha as Chief Risk Officer; Stock slips over 1%

Published on: 2:15 pm

  • Union Bank of India has extended the tenure of BS Venkatesha, General Manager as Chief Risk Officer of the bank for a further period of six months.
  • “The Board of Directors of the Bank, at its meeting held on June 23, 2021, approved the extension of tenure of B. S. Venkatesha, General Manager as Chief Risk Officer of the Bank for a further period of six months,” company said in a filing on Wednesday.
  • At around 2.19 PM, Union Bank of India was trading at Rs38.75 per piece down by Rs0.5 or 1.27% from its previous closing of Rs39.25 per piece on the BSE. Read more

LIVE: Reliance Industries chief Mukesh Ambani begins 44th annual general meeting

Published on: 2:06 pm

  • All eyes are now set at Reliance Industries (RIL) as the chairman and MD Mukesh Ambani has presented the company's 44th annual general meeting (AGM) at around 2 pm on Thursday through Video Conferencing (“VC”) and  Other Audio-Visual Means (“OAVM”).
  • At around 2.01 pm, RIL was trading at Rs2174.65 per piece down by Rs30.45 or 1.4% on Sensex. The stock has touched an intraday high and low of Rs2215 per piece and Rs2161.35 per piece respectively during early hours.
  • Ambani told shareholders, India facing a humanitarian crisis, unseen in centuries. Read more

Rupee trades higher at 74.22 against US dollar tracking domestic markets

Published on: 2:03 pm

  • The Indian rupee trading higher by 6 paise at 74.22 against the US dollar tracking positive domestic equities. At the interbank foreign exchange, the domestic unit opened at 74.20 against the dollar, then inched higher to 74.18, registering a gain of 9 paise over its previous close.
  • On Wednesday, the local unit snapped its two-day losing streak to settle 10 paise higher at 74.27 against the US dollar.
  • On the domestic equity market front, the barometer index, the S&P BSE Sensex, was up 391 points or 0.71% at 52,678.12 and the Nifty 50 index was up 101 points at 15,788.40. Read more

Nifty Pharma stocks under pressure: Lupin, Cipla among top losers

Published on: 2:00 pm

  • Nifty Pharma stocks remained under pressure amid bullish markets on Thursday. Lupin and Cipla dragged the most, as the index shed over 35 points.
  • At around 2.00 pm, BSE Sensex was trading at 52,718.66 up 412.58 points or 0.79% and Nifty50 at 15,796.20 up 109.25 points or 0.7%.
  • The Nifty Pharma was trading at, 13,963.75 down 54.30 points or 0.39%, touching a high of 14,058.65 and low of 13,935.55 during intraday trade on Thursday. Read more

Archit Organosys allots 35 lakh equity shares on conversion of warrants; Stock sheds 2%

Published on: 1:45 pm

  • Archit Organosys Ltd has informed to the Exchange regarding allotment of 35,00,000 equity shares upon conversion of warrants issued on preferential basis.
  • The Board of Directors on 13th October, 2020 has allotted total 55,00,000 convertible warrants of Rs. 10/- each on preferential basis. Out of total 55,00,000, the Board has converted 20,00,000 warrants into equity shares on 31st May, 2021.
  • Following remaining warrant holders have exercised their right of conversion and have paid the balance consideration amount being 75% of the issue price. Read more

GTL Infra considers allotment of equity shares upon conversion of Series B2 Bonds; Stock up 4.5%

Published on: 1:38 pm

  • GTL Infrastructure Limited on Wednesday has considered allotment of 8,40,287 equity shares consequent to the conversion of 129 Interest Bearing Convertible Bonds (Series B2 Bonds) aggregating to US$ 0.13mn at a conversion price of Rs10 per share.
  • Post this conversion, outstanding Series B2 Bonds are US$ 59.039mn. as of June 23, 2021, the company said in a filing on Wednesday. Read more

RattanIndia Enterprises stock locks at new 52-week high as Revolt benefits from Gujarat Electric Veh

Published on: 1:35 pm

  • RattanIndia Enterprises stock hit a new record high on Thursday after the company's Revolt Motors, India’s next gen-mobility company, welcomed the Gujarat Electric Vehicle Policy 2021 announced by the state.
  • From July 01, the Gujarat state government will pay Rs10,000/- per KWh as Direct Benefit Transfer (DBT) incentive to the EV bike customers for every EV bike sold in Gujarat.
  • In its regulatory filing, RattanIndia said that these incentives are linked to the battery capacity of EVs and with a battery capacity of 3.2 KWh for Revolt’s RV400 EV bikes, Revolt customers will save at least Rs. 20,000 per bike. This is over and above the FAME II incentives of Rs. 15,000 per KWh for EV manufacturers recently announced by the Central Government which amounts to Rs. 48,000 per bike for Revolt. Combining the two incentives would mean incentives of at least Rs. 68,000 per bike sold by Revolt in Gujarat. This policy could mean incentives of more than Rs. 870 crores for 2 lac EVs to be sold in Gujarat. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is at 52,678.62 up 372.54 points or 0.71%.
  • Nifty50 is at 15,781.30 up 94.35 points or 0.6%. Nifty Bank is trading up 0.70% at 34,815.30 while, Mid-cap Index is down by 0.14%.
  • TCS, Infosys, HCL Tech, JSW Steel and Tech Mahindra are the top gainers while, Reliance, Power Grid, IOC, NTPC, Cipla, and Adani Ports are the top losers. Read more

KNR Constructions subsidiary completes road project ahead of time

Published on: 1:21 pm

  • KNR Constructions Limited’s wholly-owned subsidiary (WOS) KNR Tirumala Infra Private Limited has received a provisional Certificate of Completion for "Six Laning of NH-140 from Chittoor to Mallavaram in the State of Andhra Pradesh under Bharatmala Pariyojana on Hybrid Annuity Mode (Package III)" effective from May 10, 2021.
  • “The Project was completed 142 days ahead of the Revised Scheduled completion date with an entitlement of bonus. The Quantum of Bonus based on original Scheduled Completion Date is Rs8.99cr and if Revised Schedule Completion Date is taken into account, it will be Rs24.57cr,” the company said in a filing on Wednesday.
  • The original scheduled date of completion was July 1, 2021and revised scheduled completion date including EOT of 90 days due to Covid-19 was September 29, Read more

Ind-Ra affirms credit ratings of Cholamandalam Investment & Finance

Published on: 1:20 pm

  • India Ratings Assigns Cholamandalam Investment and Finance Company’s Additional Perpetual Debt Limit rating ‘IND AA’ with stable  outlook.
  • Long term issuer rating has been also affirmed to IND AA+/Stable along with its NCDs.
  • CIFCL’s CET1 stood at 13.2% in FY21 and Tier 1 at 15.14%. The capital buffers improved with an equity infusion of Rs12 billion in FY20. Read more

Sensex at day’s high ahead of F&O expiry; All eyes on the 44th Reliance Industries AGM

Published on: 1:19 pm

  • Equity benchmark indices at day’s high in the afternoon session with the Nifty hovered above 15,750 level ahead of June F&O expiry. Further, declining COVID-19 cases, easing of pandemic-led curbs in several states, and a recent record surge in daily vaccinations drove both the indexes to record highs this month.
  • At 1:15 PM, the barometer index, the S&P BSE Sensex, was up 391 points or 0.71% at 52,678.12 and the Nifty 50 index was up 101 points at 15,788.40.
  • Among sectoral indices, Nifty IT, Nifty Metal, Nifty Private Bank and Nifty Financial Services gained, while PSU Banks, pharma and realty sectors are in the red. Read more

Nifty IT at historic high, crosses 29k as all stocks trade bullish; Heavyweights TCS, Infosys log su

Published on: 1:02 pm

  • A super rally in stocks listed on Nifty IT led the index towards its new lifetime high and also making it the top bull on NSE. IT stocks globally have been in the fast lane and Indian tech giants also followed suit. The sector has lifted both benchmarks Sensex and Nifty back at home. All stocks listed on the Nifty IT index are on a bull bandwagon with heavyweights TCS and Infosys leading the winning spree.
  • Positive global cues and expiry of derivative contracts for June coupled with an improved decline in Covid-19 cases and speedy vaccinations drive on daily basis - led Nifty IT to new record highs. Earlier, this week, even Indian stock benchmarks stood at fresh highs due to these factors. Read more

Nifty Metal index in a sharp rally; JSW Steel, APL Apollo lift performance

Published on: 1:00 pm

  • Nifty Metal index was among the top bulls on Thursday's trading session driving benchmarks Sensex and Nifty 50 further higher ahead of June derivative contract expiry. JSW Steel and APL Apollo led the gains while NMDC continued to remain under pressure post Q4 earnings.
  • At around 1.00 pm, BSE Sensex was trading at 52,616.96 up 310.88 points or 0.59% and Nifty50 at 15,767.00 up 80.05 points or 0.51%.
  • Nifty Metal was trading at 5,101.45 up 39.65 points or 0.78%, after touching a high of 5,125.85 and low of 5,059.00 during intraday trade. Read more

12% more wheat procured this year in comparison to last year’s corresponding period

Published on: 1:00 pm

  • Procurement of Wheat in ongoing RMS 2021-22 is continuing smoothly in the procuring States and till now (upto 22.06.2021) a quantity of 432.19 LMT of Wheat has been procured (which is all time high, as it has exceeded previous high 389.92 LMT of RMS 2020-21) against the last year corresponding purchase of 385.60 LMT. Wheat  procurement in Rajasthan has  reached all time high of 22.85LMT.
  • About 48.96 Lakh farmers have already been benefitted from the ongoing RMS procurement operations with MSP value of Rs85,356.90cr.
  • Paddy procurement in the ongoing   season Kharif 2020-21 is continuing smoothly in the procuring States with purchase of 848.08 LMTs of paddy  (includes Kharif Crop 707.67 LMT and Rabi Crop 140.41 LMT) upto 22.06.2021 against the last year corresponding purchase of 750.11 LMT. Read more

Manappuram Finance's subsidiary Asirvad Microfinance raises $15M loan from WorldBusiness Capital

Published on: 12:55 pm

  • Asirvad Microfinance Ltd., India’s 4th largest NBFC MFI and a subsidiary of Manappuram Finance Ltd., has announced the closing of a US$ 15 million (Rs.111.15 crore), 7-year commercial loan from WorldBusiness Capital, Inc. based in Hartford, Connecticut (USA).
  • WBC’s loan is supported by the United States International Development Finance Corporation (DFC), the U.S. Government’s developing finance institution. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world.
  • Proceeds from the loan availed under India’s ECB norms will enable Asirvad to expand its business of providing small loans to low-income women business owners in rural areas to start and expand their income-generating business. Read more

Ducon Infratechnologies stock clocks fresh high after emerging as L‐1 for 2 x 250 MW NTPC FGD order

Published on: 12:52 pm

  • Ducon Infratechnologies has emerged as the lowest bidder (L‐1) in a reverse auction for Flue Gas Desulphurisation  System (FGD) for Barauni Thermal Power Project, Stage II (2 x 250 MW), Barauni by NTPC Limited.
  • This is one of the directly bid projects by Ducon Infratechnologies and the expected value of the order is in the range of Rs500‐600cr.
  • Ducon continues to be actively involved in bidding on both FGD  (Flue Gas Desulphurisation) and  MHS (Material Handling System) projects. In the case of FGD Projects, the Company is bidding directly as well as jointly with other EPC companies and remains hopeful to win some more of these projects as and when they are decided. Read more

No distinction between Domestic and International OSPs to bring in better synergies among businesses

Published on: 12:49 pm

  • Ravi Shankar Prasad, Union Minister for Electronics & Information Technology, Communications and Law & Justice, announced in a press interaction today that the Department of Telecommunication has further liberalized the guidelines for Other Service Providers (OSPs).  These entities are business process outsourcing (BPO) organisations giving Voice-based services, in India and abroad.
  • The Guidelines issued on June 23, further liberalized the special dispensation given to OSPs in addition to the major measures already announced and implemented in November 2020.
  • Prasad informed that India’s BPO industry is one of the largest in the world. Today India’s IT-BPM industry stands at US$ 37.6 billion (2019-20) i.e. Rs2.8 lakh crores approx. giving job opportunities to lakhs of youths in the country. Further it has a potential for double digit growth reaching upto US$ 55.5 billion i.e. Rs3.9 lakh crores by 2025. Read more

Godawari Power bags environmental clearance to expand iron ore production capacity to 2.35 MTPA and

Published on: 12:46 pm

  • The Indian government accorded its environment clearance to Godawari Power & Ispat (GPIL) for enhancement of Iron Ore Production Capacity from 1.405 MTPA to 2.35 MTPA in Ari Dongri Iron Ore Mines.
  • In its regulatory filing on Wednesday, GPIL said, "we wish to inform you that the Government of India, Ministry of Environment & Forests & Climate Change, Impact Assessment Division has accorded its environment clearance vide its letter dated 23.06.2021 for enhancement of Iron Ore Production Capacity from 1.405 MTPA to 2.35 MTPA in Ari Dongri Iron Ore Mines situated at Village Kachche, Dist: Baster, Kanker, Chhattisgarh and for setting up of Beneficiation Plant of 0.6 MTPA capacity."
  • GPIL said, "We expect the production of the enhanced iron ore mining capacity shall be started in the next 2- 3 months." Read More

Vardhman Special Steels bags Environmental Clearance to expand Ludhiana plant's capacity to 2.8 lakh

Published on: 12:38 pm

  • Vardhman Special Steels has been granted the long-awaited Environmental Clearance for expansion of capacity at its existing plant in Ludhiana, up to 2,80,000 tons per annum of rolled production.
  • It needs to be noted that the Company has all the mechanisms in place that will take proper care of the concerns related to the environment. Its commitment to creating a sustainable environment is among the top priority.
  • With this approval, the path for enhancement of capacity is cleared. To begin with, the current rolling capacity of 200,000 tons per annum would be increased to 250,000 tons. Read More

Shivalik Bimetal receives listing approval on NSE; Stock tumbles 7%

Published on: 12:36 pm

  • Shivalik Bimetal Controls Ltd has informed that the Company has received an approval for listing of equity shares of the Company on the NSE.
  • The Equity Shares of the Company shall be listed and admitted to dealings on the NSE with effect from  24th June, 2021. The symbol for the company is SBCL.
  • The current market cap of the company is Rs494.24cr.
  • At around 12:35 PM, Shivalik Bimetals was trading at Rs119.50 per piece down by Rs9.20 or 7.15% on NSE. Read more

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark market indices led by IT and metal stocks maintain their upside, however, the performance is at a slower pace. India's volatlity index dived by 2%. 
  • BSE Sensex is at 52,584.72 up 278.64 points or 0.53%.
  • Nifty50 is at 15,758.80 up 71.85 points or 0.46%. Nifty Bank is trading up 0.41% at 34,714.55 while Mid-cap Index is down by 0.30%.
  • TCS, Infosys, JSW Steel, Larsen & Turbo, and Tata Steel are the top gainers while Reliance, Power Grid, NTPC, IOC and Hero MotoCorp are the top losers.
  • Nifty IT stocks soar ~1.8% and metal stocks rise nearly 1% to drive the trade. Nifty PSU Bank and Pharma stocks remain under pressure. 
  • Out of 50 stocks traded on the NSE, 27 advanced, 22 declined and 1 unchanged. Read more

Guenter Butschek to exit Tata Motors as CEO and MD from June 30; Girish Wagh joins as Executive Dire

Published on: 12:29 pm

  • Tata Group-led automobile flagship, Tata Motors has announced key changes to its Board of Directors. The company's CEO and MD Guenter Butschek who had informed his desire to relocate to Germany at the end of the contract for personal reasons will therefore be stepping down from his role from June 30, 2021.
  • Further, the company appointed Girish Wagh as the Executive Director to the Board of Tata Motors from July 1, 2021.
  • Butschek will continue as a consultant to the company till the end of this fiscal year. Read more

Cyient-led arm celebrates the first anniversary of IC Design and Development Center in Germany

Published on: 12:19 pm

  • Cyient-led company, Ansem announced the first anniversary of the acquisition of an integrated circuit (IC) design center in Duisburg, Germany. By delivering innovation on-chip, Ansem has always supported its global customers across industrial, automotive, medical, and semiconductor industries by revolutionizing their respective markets.
  • The addition of another facility further strengthens Ansem's capability in the digital design flow for large System on Chip (SoCs) and production test development. Read more

Wipros step-down subsidiary announces allotment of $750 million notes

Published on: 12:15 pm

  • Wipro Limited has informed that its Wipro IT Services, a wholly owned step-down subsidiary and incorporated under the laws of Delaware, United States of America has raised U.S.$ 750 million by the issue and allotment of 1.50 per cent notes (“Notes”) to qualified institutional buyers in reliance on Rule 144A under the U.S. Securities Act of 1933.
  • The Notes are guaranteed by the Company pursuant to an indenture dated 23rd June, 2021 (“Indenture”) executed by the Company and the Issuer with the trustee, paying agent, registrar and transfer agent appointed in relation to the issuance of the Notes.
  • The Company’s potential liability under the Guarantee is capped at an amount equal to 105% of the total aggregate principal amount of the Notes outstanding from time to time, being initially U.S.$ 787.5 million (“Guaranteed Amount”). Read more

Ashapura Minechem board approves acquisition of 663690 equity shares in Shantilal Multiport Infrastr

Published on: 12:14 pm

  • Ashapura Minechem Limited board on Wednesday approved the acquisition of equity shares of Shantilal Multiport Infrastructure Private Limited by way of subscription to 663690 Equity Shares of Rs10 each. The company is presently holding 186285 shares of Shantilal Multiport Infrastructure.
  • “Post this acquisition the percentage shareholding of the company shall increase to 50%, thereby making it an Associate Company,” company said.
  • Shantilal Multiport Infrastructure belongs to transport and storage; services incidental to land, water & air transportation. The company wants to strengthen the company's logistics and port activities. Read more

Mastek enters in The Gartner Digital Commerce Vendor Guide, 2021 as a digital commerce service provi

Published on: 12:09 pm

  • Mastek has been included in the Gartner Digital Commerce Vendor Guide as one of the Digital Commerce Service Providers. Mastek through its experience in the Americas and Globally, enables organizations to interact, transact and serve any stakeholder e.g. Consumer, Employee, Citizen, Agent, Broker, Distributor, B2B stakeholder online.
  • Raman Sapra, President Americas says “Mastek through our strong D2X Practice has created D2X Business impacting use cases for multiple industries such as Retail, Manufacturing, B2B Services, Lifesciences, Wealth Management and Industrial Rentals amongst others. These D2X use cases help our clients Go Direct, enhance reach & engagement, maximize user adoption and deliver an unforgettable experience. I believe getting recognized by Gartner for our Digital Commerce capabilities is a testimony to the investments that we have been making in the D2X space.” Read more

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