Live market updates

25th Jun, 2021

Prestige Estates Projects acquires Ariisto Developers

Published on: 4:52 pm

  • Prestige Estates Projects said in the regulatory filing that it has infused an amount of Rs2 lakh to acquire 100% stake in Ariisto Developers for undertaking a realty project in Mulund, Mumbai.
  • The acquisition has been through a resolution plan submitted by the Company in the corporate insolvency resolution process of Ariisto, which was approved by the Committee of Creditors and subsequently by the National Company Law Tribunal (NCLT), Mumbai Bench on March 23, 2021, and shall be completed in terms thereof.
  • On June 23, 2021, the Company has also paid an amount of Rs370cr, as the upfront cash as per the terms of the approved resolution plan. Read more

Take Solutions reports consolidated net loss of Rs68cr in Q4; stock ends 8% lower

Published on: 4:49 pm

  • Shares of Take Solutions ended lower after the company posted poor Q4 numbers. The company recorded a net loss of Rs68.09cr in the quarter ended March 2021 as against a net loss of Rs157.93crore during the previous quarter ended March 2020.
  • The sales declined 40.38% to Rs220.99cr in the quarter ended March 2021 as against Rs370.67cr during the previous quarter ended March 2020
  • The stock ended at Rs64.55 down by Rs5.8 or 8.24% from its previous closing of Rs70.35 on the BSE. Read more

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Markets witness fresh upward momentum, closed at record highs

Published on: 4:38 pm

  • Markets witnessed a fresh upward momentum with the benchmark index closing on the record highs. Index Option gamma writers took the centre stage as the benchmark index traded in a narrow band throughout the week.
  • Bank Nifty index outperformed, the Nifty index by ~1% with both the indices adding fresh long positions on the opening day of the July series. Both the indices continued to trade in a strong higher top higher bottom chart structure on the daily timeframe, indicating a positive bias.
  • IT stocks were among the top outperformers witnessing an addition of fresh long positions during the week with the Nifty IT index closing on lifetime highs. Read more

KIOCL bags approval for diversion of 401.5761 hectares of forest land in Devadari Hill Range for min

Published on: 4:37 pm

  • KIOCL on Friday announced that the central government approved the diversion of 401.5761 hectares of forest land for Iron Ore and Manganese Ore Mining in the Devadari Hill Range.
  • In its regulatory filing, KIOCL said, "the Ministry of Environment, Forest and Climate Change (Forest Conservation Division), Government of India vide its communication dated 24th June 2021 intimated that the Central Government has accorded Stage-I / In-principle approval under the Forest (Conservation) Act, 1980 for diversion of 401.5761 hectares (388.00 ha for mining + 13.5761 ha. for approach road=401.5761 ha.) of forest land for Iron Ore and Manganese Ore Mining in Devadari Hill Range in favour of KIOCL Ltd, subject to the conditions mentioned in aforesaid communication." Read more

Indian Bank stock ends higher on raising Rs1,650cr from QIP issue

Published on: 4:35 pm

  • Indian Bank shares ended higher after the bank's committee of directors on capital raising on Thursday approved the closure of qualified institutions placement (QIP) issue.
  • The bank said in a regulatory filing that it has raised Rs1,650cr by selling shares to institutional investors at Rs142.15 apiece, the bank.
  • The bank has board approval to raise up to Rs4,000cr in equity. Read more

MOIL signs MoU with MP govt; MPSMCL to explore possibilities of manganese ore mining in four distric

Published on: 4:28 pm

  • State-owned MOIL has signed a tripartite MoU with the government of Madhya Pradesh and Madhya Pradesh State Mining Corporation Limited (MPSMCL) to explore the possibilities of manganese ore mining in four districts of the State, i.e., Balaghat, Jabalpur, Jhabua and Chhindwara.
  • To identify the manganese bearing areas, MOIL has carried out detailed remote sensing studies with the help of the National Remote Sensing Centre (NRSC) ISRO, Hyderabad.
  • Based on a study carried out by NRSC, MOIL has further carried out extensive fieldwork followed by geological mapping, sampling, their petrological and chemical analysis for delineation of manganese ore-bearing areas in the site specified by NRSC and requested to Govt. of Madhya Pradesh for reservation of the area. Read more

Datamatics Group Chairman, Lalit Kanodia bestowed with Lifetime Achievement Award

Published on: 4:25 pm

  • Datamatics Global Services Limited today announced that its Founder and Chairman, Dr. Lalit Kanodia, has been bestowed with the IMC Hinditron Late Hemant Sonawala, Digital Technology Awards 2020 – Lifetime Achievement Award.
  • The award recognizes individuals who have made a considerable and lasting contribution to Digital Technologies in India over the last 25 plus years.
  • “Dr. Kanodia is one of the pioneers in the Indian software and offshore services industry. He founded Datamatics in 1975, before which he was a founding member / CEO at Tata Consultancy Services in 1967,” company said in a filing on Friday. Read more

Shankara Building Products closes retail store in Uttarahalli, Bengaluru; Stock ends lower

Published on: 4:06 pm

  • Shankara Building Products Limited informed the exchanges Friday that as part of the operations rationalization program, the company has identified some retail stores where it does not find substantial scale-up opportunities in the medium term.
  • In this context, the company has decided to close a retail store in Uttarahalli (Bengaluru). “The net store count after these measures will stand at 90 stores,” it said. Read more

Bodal Chemicals stock ends lower despite Q4 net profit up 12% at Rs30.39cr

Published on: 3:50 pm

  • Bodal Chemicals shares ended lower on the stock exchanges despite a 12% rise in profit. The company reported 22.46% higher consolidated revenues for the Mar-21 quarter at Rs406.04cr.
  • On a sequential basis, net sales revenues were up 22.71% compared to total revenues in the Dec-20 quarter at Rs330.90cr.
  • Net profits in the Mar-21 quarter was up by 12.02% at Rs30.39cr on the back of higher revenues rubbing off on EBITDA growth. However, the company took a one-time write-off to the tune of Rs13.1cr on account of irrecoverable assets. The inventory also was tweaked to reduce the capital locked in the working capital cycle. Read more

Suumaya Industries clarifies on money laundering case filed against its promoters; Stock ends 5% hig

Published on: 3:50 pm

  • Suumaya Industries Limited has reacted to the rumours that “Economic Offences Wing (EOW) has filed a case against promoters of Suumaya Industries Limited in Money Laundering case.”
  • “These are completely baseless rumours which are spread through various social media platforms to defame the company and its promoters. These rumours seem to have been spread with malafide intentions to malign the company and its promoters and thereby cause damage to their reputation,” company said in a filing on Thursday.
  • It clarified that neither any of the promoters or the company or any related party of the company have received any such notice or any action from EOW or any other investigative agency. Read more

Markets end higher on sharp rebound in Financial, metal stocks

Published on: 3:36 pm

  • Benchmark indices rose for a second straight session amid buying interest was witnessed in banking and metal shares on the other way selling pressure was seen in select FMCG shares. An improved prospect of loan recovery along with a better outlook of credit growth led banking stocks to rebound.
  • The S&P BSE Sensex index added 226 points, or 0.43% to settle the session at 52,925 levels while the Nifty50 index ended at 15,863-mark, up 73 points or 0.46%.
  • Further, buying was seen in midcap and smallcap stocks also, while the volatility index corrected over 10% and fell below 14 marks. Read more

ICRA downgrades credit ratings for Varroc Engineering; outlook revised to Stable

Published on: 3:36 pm

  • ICRA Limited has revised the credit ratings on bank facilities of Varroc Engineering Ltd. The credit rating agency has downgraded the Term Loan (Long Term) from ICRA AA- (Negative) to ICRA A+ (Stable). The rating on fund-based limit (Long- term/Short-term) has been revised from ICRA AA- (Negative) / ICRA A1+ to ICRA A+ (Stable) / ICRA A1.
  • On non-fund based limit (Long- term/Short-term), the rating has been downgraded from ICRA AA- (Negative) / ICRA A1+ to ICRA A+ (Stable) / ICRA A1. On Commercial Paper (Short-term), the rating has been revised from ICRA A1+ to ICRA A1. Read more

Ashok Leyland forms a New Committee of the Board to drive ESG; Stock jumps 4%

Published on: 3:18 pm

  • Hinduja Group flagship, Ashok Leyland on Friday announced the formation of an Environmental, Social & Governance (ESG) Committee headed by an Independent Director at the recently concluded Board meeting.
  • The role of this new ESG Committee will be to provide appropriate oversight and guidance in the Company’s journey on organization-wide ESG initiatives, priorities, and leading ESG practices.
  • ESG initiatives in Ashok Leyland will be led by N V Balachander. As the President of ESG, he will lead the Sustainability agenda within the Company and work with the newly formed Board Committee to create new benchmarks in Sustainability for the Auto industry. Read more

Cadila receives USFDA approval to market Pemetrexed for Injection; Stock surges 1%

Published on: 3:13 pm

  • Zydus Cadila, listed as Cadila Healthcare, on Friday received tentative approval from the USFDA to market Pemetrexed for Injection in the strengths of 100mg/vial, 500 mg/vial, and 1000 mg/vial, single-dose vials (US RLD: Alimta).
  • As per the regulatory filing, pemetrexed is used to treat certain types of cancers such as lung cancer, mesothelioma. It is a chemotherapy drug that works by slowing or stopping the growth of cancer cells.
  • The drug will be manufactured at the formulation manufacturing facility at Zydus Hospira, Ahmedabad. Read more

Nifty Bank index rallies 1.6%; Axis Bank, SBI, ICICI Bank top performers

Published on: 3:00 pm

  • Nifty Bank stocks rallied to inspire market rally on Friday. Axis Bank, State Bank of India and ICICI Bank were among the top five gainers on the NSE while HDFC Bank also contributed significantly to Sensex's market gains on Friday.
  • The markets started on a positive note led by positive global cues after US President Joe Biden declared a bipartisan deal on infrastructure spending. However, they fell soon before rally in banking stocks help them to trade in the green. The performance also comes after the derivatives contract expiry of June.
  • At around 3.00 PM, BSE Sensex was trading at 52,928.62 up 229.62 points or 0.44% and Nifty50 at 15,858.20 up 67.75 points or 0.43%. Read more

Mishra Dhatu Nigam PAT at Rs166.29cr in Q4FY21; stock trades lower

Published on: 2:59 pm

  • Mini-Ratna Defence PSU Mishra Dhatu Nigam Limited (MIDHANI) has achieved Best Ever Turnover of Rs813.23cr for the year FY 2020-21 registering a growth of 14.08% over the Turnover of Rs712.88cr achieved during the previous FY 2019-20.
  • Operating Profit of Rs206.26cr for the FY 2020-21 registering a growth of 24.52% over the Operating Profit of Rs165.65cr achieved during the previous FY 2019-20.
  • Best ever Profit Before Tax (PBT) of Rs226.09cr for the FY 2020-21 registering a growth of 11.88% over the PBT of Rs202.09cr achieved during the previous FY 2019-20. Read more

Imagicaaworld Entertainment reports Q4 revenue at Rs0.8cr; stock cracks ~4%

Published on: 2:55 pm

  • Imagicaaworld Entertainment Limited, which operates Imagicaa announced its unaudited Financial Results for the Quarter ending March 31, 2021.
  • During Q4FY21, the Theme park was operated 3 days a week i.e. weekends and public holidays during the quarter to optimize operations and overall generated Rs8.8cr revenue during the quarter.
  • Water Park operations were resumed on March 11, 2021, however closed again due to second wave lockdown, thereby generating Rs0.8cr revenue during Q4 FY21, the company said in the filing. Read more

Emergence of covered bonds as an alternate fund-raising avenue; volumes expected to pick up with bet

Published on: 2:41 pm

  • Domestic covered bond issuances have witnessed a sharp increase to about Rs2,220cr in FY2021 from the issuances of Rs400cr seen in the preceding fiscal. These bonds have been issued so far by non-banking financial corporations (NBFCs) – nine in FY2021 compared to two in FY2020. The domestic market for covered bonds is still in the nascent stages with the first issuance seen in FY2019.
  • This structured product, however, has been a well-accepted financing tool in the western markets, especially in Europe, for many decades and has also seen a growing popularity in some Asian countries such as Singapore and Japan. Read more

Precision Wires operations significantly impacted due to second wave of Covid-19; Stock down 1.5%

Published on: 2:32 pm

  • Precision Wires India Limited updated the exchanges Thursday about the impact of the COVID–19 pandemic on the company. Due to the severe second wave of Covid-19 during March end 2021, there is a very significant impact on its operations for the month of Apr-May-Jun’21 (till date).
  • The company said, both production/sales quantities are significantly lower during the current quarter by about one third of the average of the preceding Jan-Mar 2021 quarter. While during second half of June 2021 onwards, lockdown has been lifted partially in several parts of the Country, our sales/production during Q1 of the Current Fiscal will still not be lower. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices extend gains led by bullish banking and metal stocks.
  • BSE Sensex is currently 52,932.32 up 233.32 points or 0.44%.
  • Nifty50 is currently 15,859.85 up 69.40 points or 0.44%. Nifty Bank is trading up 1.84% at 35,468 while Mid-cap Index is up by 1.69%. Read more

Nifty Metal on a bull run as focus shifts to monthly production data, index tops 2.5%; NALCO, Vedant

Published on: 2:28 pm

  • Metal company stocks are in focus on Friday after base metals rose globally after US President Joe Biden declared a bipartisan deal on infrastructure spending.
  • Back at home, the Nifty Metal index outperformed benchmark and other sectoral indices as focus shifts on monthly production data. The beginning of the July series has emerged fruitful for metal stocks.
  • At around 2.18 PM, Nifty Metal was trading at 5,218.45 up by 127.55 points or 2.51%. The index has touched an intraday high and low of 5,250.30 and 5,140.90 respectively. Read more

Satia Industries gets supply order of 7000 MT paper for Rs70cr from Maharashtra State textbook board

Published on: 2:16 pm

  • Satia Industries Limited (SIL) on Friday received an order from the Maharashtra State textbook board for the supply of 7000 MT paper. The order aggregates to Rs70cr and at a very good realization
  • The order execution has commenced and is expected to be completed in Q2FY22. Read more

Asian Granito stock jumps 5% after subsidiary completes capacity expansion at Meshana plant

Published on: 2:08 pm

  • Asian Granito-led subsidiary Crystal Ceramics Industries has completed 12000 SQMTS/days of Glazed Vitrified Tiles brownfield capacity expansion at its Meshana Plant. Asian Granito holds 70% equity in the subsidiary.
  • Asian Granito highlighted that this capacity addition will increase the total capacity of Crystal Ceramics to 36000 SQMTS/day. Crystal Ceramics is planning to manufacture large format 600X1200 mm GVT tiles for the domestic and export market with this expansion.
  • Crystal Ceramics Industries has invested Rs. 25 Crores for this expansion. Read more

Laurus Labs hits fresh high after CARE upgrades its long term banking facilities to 'AA' with stable

Published on: 2:05 pm

  • CARE Ratings Ltd. has upgraded the credit rating of Laurus Labs Limited to ‘CARE AA with Stable outlook’ from ‘CARE AA-; Positive’ for its long term banking facilities (Rs2,403.84cr).
  • The rating on long-term bank facilities Rs1,930.64cr (Enhanced from Rs1,291.81cr) has been upgraded to CARE AA; Stable from CARE AA-; Positive. The rating on short-term bank facilities Rs473.20cr (Enhanced from 373.20) has been reaffirmed at CARE A1+.
  • The credit rating agency also assigned CARE A1+ rating on Commercial Paper Rs200cr. For Commercial Paper (Carved out) Rs100cr (Reduced from Rs200cr) CARE A1+ rating was reaffirmed. Total short-term Instruments rated were Rs300cr. Read more

MAS Financial Services raises Rs100cr through market-linked NCDs; Stock gains 1%

Published on: 2:00 pm

  • MAS Financial Services board of directors have approved and allotted, on a private placement basis, 10,000 Rated, Senior, Secured, Listed, Transferable, Redeemable, Principal Protected Market-linked Non-convertible debentures (Marketlinked NCDs) of the face value of Rs1 lakh, aggregating up to Rs100cr.
  • In its regulatory filing, the company highlighted that the allotment of 10,000 Market-linked NCDs, was inclusive of a greenshoe option comprising 5000 Market-linked NCDs which was activated to retain over-subscription. Read more

Thermax Group bags Rs250cr order for greenfield refinery in Latin America; Stock surges 3.5%

Published on: 1:55 pm

  • Thermax Babcock and Wilcox Energy Solutions (TBWES), a wholly owned subsidiary of Thermax Limited, has concluded a Rs250cr order for a claus package and an oxidiser package in the sulphur recovery unit for a greenfield refinery in Latin America.
  • The customer, a globally renowned refining company, is setting up a new 340 MBPD (Million Barrels Per Day) crude oil refining capacity to increase the production of high value distillates.
  • The export order includes two trains each of a claus package and an oxidiser package consisting of burner, furnace, waste heat boiler in completely modular construction. The modularisation solution from TBWES will benefit the customer de-risk their construction work and accelerate the commissioning time. Read more

SBI Card and Fabindia join hands to launch Fabindia SBI Card

Published on: 1:53 pm

  • SBI Card has partnered with Fabindia, India’s largest retail platform for a wide range of handcrafted products by the artisans of the country, to launch an exclusive co-branded contactless credit card - Fabindia SBI Card. The card is designed with thoughtfully curated benefits and privileges to offer a rewarding shopping experience to its premium customers and comes in two variants - Fabindia SBI Card SELECT and Fabindia SBI Card.
  • Rama Mohan Rao Amara, Managing Director & Chief Executive Officer, SBI Card, said, “It has always been our endeavour at SBI Card to bring best-in-class products, services and an unmatched experience to our customers. We are delighted to have Fabindia as our partners to bring yet another powerful and unique value proposition to our affluent and premium consumer segment. Introduction of the new Fabindia SBI Card further bolsters our premium portfolio, reinforces our commitment to enable our customers to embrace digital payments and contribute to the country’s digital economy.” Read more

Happiest Minds wins 2021 IBM Geography Excellence Award for APAC Best in Class

Published on: 1:47 pm

  • Happiest Minds Technologies Limited has been honored as 2021 IBM Geography Excellence Award winner for APAC Best in Class - Build on IBM Cloud Partner.
  • The award recognizes Business Partners in each geography who strive for excellence and have demonstrated their ability to exceed expectations through business growth and innovation while enabling client success using IBM technology, like hybrid cloud and AI.
  • Happiest Minds’ Digital Content Monetization (DCM) solution is a software as a service (SaaS) platform that helps organizations to digitalize their traditional content and deliver digital products and services to their customers, partners, and users in new, engaging ways that drive digital business revenue. Read more

Vardhman Special Steels stock hits new high after price negotiations for Q1 with OEMs completes

Published on: 1:45 pm

  • Vardhman Special Steels was trading on a bullish note on Friday after the company's price negotiation completed for the first quarter. The company has now hiked the prices of its products.
  • In its regulatory filing, the company stated that the price negotiations for the first quarter with our OEMs have been completed. The price increase is between Rs. 5,000 — Rs. 6,000 per ton.
  • Earlier, this week, the company was 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. Read more

Polyspin Exports to temporarily halt production of paper bags; stock dives 13%

Published on: 1:40 pm

  • Polyspin Exports Limited has informed that the company has decided to temporarily stop the production of paper bags business due to prevailing unremunerative sale price for paper bags and increase in raw material prices in international market for the past few months.
  • The resumption of production will depends upon the profit realization for the paper bags.
  • The current market cap of the company is Rs76cr. Read more

Mindspace Business Parks REIT becomes India's first REIT to join Climate Group’s RE100, commits for

Published on: 1:36 pm

  • Mindspace Business Parks REIT has joined the global RE100 initiative led by Climate Group in partnership with CDP. RE100 brings together the world's most influential businesses, driving the transition to 100% renewable electricity.
  • With this, it has committed to transform to 100% renewable electricity use across all areas serviced and maintained within the Mindspace Business Parks REIT portfolio, by the year 2050.
  • Mindspace REIT will also make renewable energy accessible to tenants who choose to avail of the green power. The announcement further strengthens the entity’s commitment towards mitigating environmental impact across project lifecycles, in sync with the mission of RE100, which is to accelerate change towards zero-carbon grids at scale. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is at 52,853.92 up 154.92 points or 0.29%.
  • Nifty50 is at 15,842.40 up 51.95 points or 0.33%. Nifty Bank is trading up 1.32% at 35,288.30 while Mid-cap Index is up by 1.61%.
  • Tata Steel, Axis Bank, State Bank of India, Hindalco, and JSW Steel are the top gainers while Reliance, Asian Paints, HUL, Titan, and NTPC are the top losers. Read more

Ind-Ra affirms GTPL Hathway's long-term issuer rating to 'A+'/Stable'

Published on: 1:30 pm

  • India Ratings and Research has affirmed GTPL Hathway Limited’s (GHL) Long-Term Issuer Rating at ‘IND A+’. Th­e Outlook is Stable.
  • To arrive at the ratings, Ind-Ra has taken a consolidated view of GHL and its subsidiaries and joint ventures, collectively referred to as GTPL.
  • All the entities have strong legal, operational and strategic linkages among them. Read more

Cyient wins top honours at NASSCOM Engineering and Innovation Excellence Awards 2021

Published on: 1:20 pm

  • Cyient, a global engineering and technology solutions company, won four awards at the inaugural edition of the NASSCOM Engineering and Innovation Excellence Awards 2021. The event celebrated stories of innovation and service excellence across the Indian ER&D ecosystem.
  • Innovation is implicit in Cyient's DNA, and the company has introduced and adopted multiple initiatives to nurture a culture that focuses on developing innovative solutions for its customers.
  • The company also launched its innovation platform, CyientifIQ, this month to develop future-ready IP-driven solutions between the company's innovation evangelists and its collaborative ecosystem. Read more

Bhavesh Agarwal: Electric Vehicle revolution is coming, Ola committed to accelerating with Future Fa

Published on: 1:18 pm

  • Ola Cabs, founder, Bhavesh Agarwal said that the electric revolution is coming after when Gujarat became the latest state to join the bandwagon of incentivising EVs to make them affordable.
  • Through his Twitter account, Agrawal said, "The EV revolution is coming! From Karnataka in 2017 to Gujarat just this week, 21 states and UTs are now incentivising EVs to make them affordable."
  • He added, "We're committed to accelerating this with #OlaFuturefactory and our scooter that's coming soon! #FutureIsElectric  @OlaElectric." Read more

Narendra Investments (Delhi) renames as Eiko Lifesciences; Stock trades flat

Published on: 1:15 pm

  • Narendra Investments (Delhi) Limited has informed that pursuant to change in the business activities of the company, the company has received a fresh Certificate of Incorporation intimating the change of name of the company from Narendra Investments (Delhi) Limited to EIKO LIFESCIENCES LIMITED effective from 24th July 2021.
  • Company has successfully ventured in the business of manufacturing, processing, formulating, producing, and exporting Speciality and Fine Chemicals. In a short span of time, company has established itself in the race of becoming India's leading Speciality and Fine Chemicals Manufacturer, Supplier & Exporting company. Read more

S&P Global trims India's growth forecast to 9.5% in FY22 as further Covid waves are a risk

Published on: 1:05 pm

  • S&P Global Ratings has trimmed its forecast for India's economic growth to 9.5% for fiscal year FY22 compared to an earlier estimate of 11%. The rating agency states that permanent damage to private and public sector balance sheets will constrain growth over the next couple of years. For fiscal 2023, S&P Global expects India's growth at 7.8%.
  • In its report Economic Research: Asia-Pacific's Recovery Regains Its Footing, S&P said a gradual revival is underway after a severe second COVID-19 outbreak in April and May led to lockdowns across much of the country and to a sharp contraction in economic activity. The lockdowns were more targeted compared with the blanket national lockdown seen last year but were still enough to lower discretionary mobility to more than 60% below normal. Read more

ARCI develops cost-effective electro catalysts for metal-air battery

Published on: 1:03 pm

  • International Advanced Research Centre for Powder Metallurgy and New Materials (ARCI), an autonomous R&D Centre of Department of Science and Technology (DST), Govt. of India, has developed the cost-effective electrocatalyst by anchoring transition metal ions into the sulfur-doped carbon framework via carbonization of a polymer called sPEEK (sulphonated polyether ether ketone).
  • This catalyst synthesis method can also be used to recycle used ionomers (polymer composed of both neutral repeating units and ionized units).
  • The scientists have used an ion-exchange strategy that positions the metal ions in the carbon framework homogeneously, limits the particle size and offers control on composition and size at a very low loading of transition metal. Read more

9 road corridors covering 222-kilometres with total outlay of Rs6,155cr: Nitin Gadkari

Published on: 1:01 pm

  • Minister for Road Transport & Highways and Micro, Small & Medium Enterprises, Nitin Gadkari on Thursday laid the Foundation stone and inaugurated various National Highway Projects in Himachal Pradesh. The total outlay of the 222-kilometre long nine road corridors is Rs6,155cr.
  • Addressing the event, Gadkari said that these road projects will ensure prosperity for the people of Himachal Pradesh. The Minister promised that road travel time from Delhi to Kullu will be reduced to just seven hours within two years or even before. Read more

Nifty Pharma index rallies nearly 1%; Sun Pharma, Alkem Lab led the charge

Published on: 1:00 pm

  • Nifty Pharma stocks advanced with the markets bulls after a rather flat start on Friday. Sun Pharma and Alkem Lab led the rally while Auro Pharma and Cadila also gained over 1%.
  • Equity market indices opened on a positive note on Friday amid positive global cues, as investors globally cheered reports of US policymakers reaching an agreement over infrastructure spending plans. The gains, however, were capped as investors awaited US PCE inflation data for May scheduled for later in the day.
  • The markets rose again with BSE Sensex trading at 15,852.00 up 61.55 points or 0.39% and Nifty50 at 52,889.23 up 190.23 points or 0.36%. Read more

Nifty FMCG struggles to hold 36k as heavyweight HUL, Nestle, Dabur, Emami drag; ITC emerges top gain

Published on: 12:46 pm

  • FMCG stocks halted their winning spree and also pulled back from their record levels earlier this week. The index was trading in red with heavyweight stocks emerging as major movers.
  • The start of the July series has been volatile for Indian markets and FMCG stocks emerged as top bears on Friday despite the normal onset of monsoon, the slowdown in Covid-19 second wave, improvement in consumer sentiments and speedy vaccination drive. The Nifty FMCG index was struggling to hold 36,000-level.
  • However, FMCG stocks remain among top picks during monsoon as rural economy revival prospects in the pandemic is expected. Read More

Yes Bank acquires 47.83 lakh shares of Business India Publications

Published on: 12:40 pm

  • Yes, Bank Limited has acquired 47.83 lakh equity shares, constituting 18.10% of the paid-up share capital, of Business India Publications Ltd through the invocation of pledge, upon extinguishment of loan.
  • “Yes Bank Limited has transferred back on June 23, 2021, 47,83,295 equity shares having a nominal value of Rs.10/- each, constituting 18.10 % of the paid-up share capital of an unlisted company, namely, Business India Publications Limited (‘BIPL’) which were acquired through invocation of pledge, upon extinguishment of loan."
  • "Earlier, the pledge of shares was invoked on default/breach of terms of credit facilities sanctioned by YES Bank Limited to BIPL and the said shares are now been transferred back on extinguishment of loan,” company said in a filing on Thursday. Read More

Shilpa Medicare gets in-principle approval from DRDO for anti-Covid drug 2-DG; stock jumps 4%

Published on: 12:31 pm

  • Shilpa Medicare Limited, a research-led global integrated pharmaceutical company, has received in-principle approval from the Defence Research & Development Organisation (DRDO) to manufacture and sale of 2-Deoxy-D-Glucose (2DG).
  • The stock jumped over 4% after receiving in-principle approval from DRDO for anti-Covid drug 2-DG. Currently, the stock trading at Rs572.40 up by Rs21.6 or 3.92% from its previous closing of Rs550.80 on the BSE. The scrip opened at Rs554 and has touched a high and low of Rs580 and Rs545.90 respectively.
  • In the regulatory filing, the company said that the 2DG has been given emergency approval by the Drug Controller General of India (DCGI) for COVID-19 patients in the country. Read More

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark market indices trade higher as rally was led by metal, banking and pharma stocks.
  • BSE Sensex is currently 52,816.18, up 117.18 points or 0.22%.
  • Nifty50 is currently 15,832.60, up 42.15 points or 0.27%. Nifty Bank is trading up 1.10% at 35,211.65 while Mid-cap Index is up by 1.61%.
  • Tata Steel, JSW Steel, Hindalco, Axis Bank and State Bank of India are the top gainers, while Reliance, Asian Paints, NTPC, HUL, and UPL are the top losers.
  • Nifty Metal stocks rise over 2.8%, while Banking and Pharma stocks rally to push indices up. Nifty FMCG stocks remain under pressure. 
  • Out of 50 stocks traded on the NSE, 36 advanced and 14 declined. Read More

CRISIL upgrades rating on Synergy Green's bank facilities and fixed deposits

Published on: 12:30 pm

  • CRISIL Ratings has upgraded its ratings on the bank facilities and fixed deposits of Synergy Green Industries Limited to 'CRISIL BBB-/FA-/Stable/CRISIL A3' from ‘CRISIL BB+/FB+/Positive/CRISIL A4+’.
  • According to the rationale, the rating upgrade reflects expected improvement in business risk profile with revenue likely to grow at around 35% over the medium term.
  • The ratings continue to reflect the promoters’ extensive experience in manufacturing iron castings and their funding support, company’s established clientele and moderate financial risk profile. Read More

CARE downgrades rating on long-term credit facilities of BHEL

Published on: 12:16 pm

  • CARE Ratings Limited has downgraded the rating on the long-term bank facilities of Bharat Heavy Electricals Limited (BHEL) from ‘CARE AA’ to ‘CARE AA-’ while reaffirming the outlook to ‘Stable’.
  • “The revision in the long-term ratings of BHEL takes into account a lower-than-expected execution of orders in FY21 primarily due to the lockdown due to Covid-19 pandemic, resulting in significant decline in total operating income and operating loss for the company, and a consequent deterioration in the company’s debt protection metrics. Notwithstanding persistent initiatives of the company to rationalize its overheads, the margins are likely to remain under pressure in FY22 also,” company shared rating rationale of CARE. Read More

Infosys emerges leader in Gartner Magic Quadrant for Data and Analytics Services 2021

Published on: 12:09 pm

  • IT-major Infosys has been positioned as a Leader in Gartner Magic Quadrant for Data and Analytics (D&A) Services for 2021. The company believes it was recognized for its steady growth, maturity with D&A capabilities, and expansion of its global footprint and local resources.
  • For the report, 19 D&A service providers were evaluated based on their “ability to enable enterprises to shift gears and become more data-driven as part of their digital ambitions” says Gartner.
  • Satish HC, Executive Vice President – Data & Analytics and Digital at Infosys, said, “We feel, this recognition as a Leader in Gartner Magic Quadrant for Data and Analytics Services 2021 is an acknowledgement of our strategic offerings, business transformation, and focus on outcomes. The recognition reflects how we help clients achieve data-led business transformation with our full stack of Data and Analytics offerings. We will continue to create and deliver innovative solutions to enable global  clients to accelerate their digital journey.” Read more

LIC Housing Finance calls EGM to approve issuance of equity shares on preferential basis; Stocks gai

Published on: 12:08 pm

  • LIC Housing Finance Limited has given notice of the Extraordinary General Meeting (EGM) of its members on July 19 to approve the issuance of equity shares on a preferential basis.
  • The company plans to create, offer, issue and allot 4,54,00,000 equity shares of Rs2 at an issue price of Rs514.25 for a consideration not exceeding an aggregate amount of over Rs2,334cr by way of preferential allotment on a private placement basis, to Life Insurance Corporation of India, whose shareholding in the company subsequent to the proposed preferential allotment of shares, would be 45.24% as against the pre-issue shareholding of 40.313%.
  • At around 12.05 PM, LIC Housing Finance Ltd. was trading at Rs467.65 per piece up Rs9.90 or 2.16% on the BSE. The company stock hit a day’s high of Rs475.45 per piece on Friday. Read more

BSE informs voluntary liquidation of wholly owned subsidiary 'BSE Sammaan'

Published on: 12:05 pm

  • BSE Limited has informed that BSE Sammaan CSR Limited, a wholly owned subsidiary of BSE Limited, is under the process of voluntary liquidation.
  • BSE Sammaan had built a business that was predicated on its platform Sammaan 2.0 and its source of revenue was through subscription and consulting fees. Now, BSE Sammaan has handed over this platform to the Ministry of Corporate Affairs and is to be relaunched as the National CSR Exchange.
  • Hence, there will be no further business operations and therefore management of BSE Sammaan has initiated the process of voluntary liquidation. Read more

TCS launches Quartz for markets to help infrastructure institutions with Tokenized assets

Published on: 12:02 pm

  • Tata Consultancy Services (TCS) has launched Quartz for Markets, designed to help Market Infrastructure Institutions (MIIs) such as exchanges, depositories, central banks, payment infrastructures, private banks, custodians and issuers, offer end-to-end next-generation services around tokenized securities, and drive their future growth.
  • “Tokenization democratizes access to assets by turning material as well as digital assets into tokens that can be traded at a fraction of the current cost. This represents an opportunity for MIIs to launch innovative new services around tokenized assets, attract new classes of investors and drive growth,” said R Vivekanand, Global Head, Quartz, TCS. Read More

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