Live market updates

29th Jun, 2021

Cyient earns partner-level status in John Deere's achieving excellence supplier program

Published on: 5:06 pm

  • Cyient, a global engineering and digital technology solutions company, has announced that it has earned Partner-Level status in the John Deere Achieving Excellence (AE) Program for 2020.
  • This is Deere & Company's highest supplier rating, awarded to companies for outstanding performance in product and service quality and commitment to continuous improvement.
  • Cyient is a supplier of multiple services to John Deere's operations in India, including product design, simulation and analysis, technical publications, manufacturing engineering, cost management and cost analysis, and application development and maintenance. Read more

NBCC gets work order for engagement as Project Management Consultant

Published on: 4:50 pm

  • NBCC (India) Limited has been awarded the work order for engagement as Project Management Consultant (PMC) for undertaking various civil works of Odisha Hydro Power Corporation Ltd. (OHPC).
  • NBCC is a project Management Consultant for this Project of the value ~Rs206cr.
  • NBCC (India) Ltd ended at Rs52.90 per piece down by Rs1.5 or 2.76% from its previous closing of Rs54.40 per piece on the BSE. Read more

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Happiest Minds positioned among India’s Top 25 best companies to work for 2021

Published on: 4:45 pm

  • Happiest Minds Technologies Limited onTuesday has announced that it is among India’s Top 25 Best Companies to Work for in 2021.
  • This prestigious award was announced by the Great Place to Work Institute, where Happiest Minds was ranked #21 in the largest workplace culture study in the country.
  • Great Place to Work Institute, is the global authority for creating, sustaining and identifying Best Workplaces on the basis of People Feedback and quality of People Practices in an organization. Read more

Exxaro Tiles receives Sebi approval to float IPO

Published on: 4:43 pm

  • Exxaro Tiles Ltd, manufacturer of vitrified tiles, has got approval from the Securities Exchange Board of India (Sebi) to raise funds via an initial public offering (IPO).
  • According to the Draft Red Herring Prospectus (DRHP), the IPO of up to 1.34 crore equity shares will comprise a fresh issue of up to 1.12 crore equity shares and an offer for sale of up to 22.38 lakh equity shares by Dixitkumar Patel.
  • The company had filed preliminary IPO papers with Sebi in the month of March, has received the observations from Sebi, as per an update from the regulator on Monday. Read more

Cipla, Dr Reddy's, Sun Pharma, Torrent Pharma, Emcure join hands for the clinical trial of Molnupira

Published on: 4:37 pm

  • Pharma giants namely Cipla, Dr Reddy's Lab, Emcure Pharmaceuticals, Sun Pharmaceutical Industries and Torrent Pharmaceuticals announced on Tuesday that the five companies will collaborate for the clinical trial of the investigational oral anti-viral drug Molnupiravir for the treatment of mild COVID-19 in an outpatient setting in India.
  • From March to April this year, these five pharma companies had individually entered into a non-exclusive voluntary licensing agreement with Merck Sharpe Dohme (MSD) to manufacture and supply Molnupiravir to India and over 100 low and middle-income countries (LMICs). Read more

ISGEC bags major order for FGD-FGC Package from Odisha Power Generation

Published on: 4:30 pm

  • Isgec Heavy Engineering Ltd has received a prestigious order for Wet Limestone Flue Gas Desulphurisation System and Flue Gas Conditioning System Package (FGD-FGC Package) from Odisha Power Generation Corporation Ltd. for their 2x660 MW TPPIB Thermal Power Station at Banharpalli, Jharsuguda, Odisha.
  • Isgec has Collaboration and Technology Transfer agreement with Babcock Power Environmental Inc., USA for Wet FGD, and it is this advanced technology that will be utilised for this project.
  • The scope of work includes Design, Engineering, Procurement, Fabrication, Construction, Installation, Commissioning, Startup, and Testing of FGD- FGC Package. Read more

European markets gain with focus on US employment data

Published on: 4:24 pm

  • European markets trading higher ahead of key economic data out of the U.S. The pan-European Stoxx 600 climbed with autos adding 0.9%, while travel and leisure slid 0.4%.
  • According to the European Commission’s monthly sentiment survey, Eurozone economic sentiment rallied to a 21-year high in June as further reopening boosted optimism. Also, eurozone consumer inflation expectations came in at 27.1 in June, up from 22.2 in May, and producer price expectations rose from 29.9 in May to 36.0 in June.
  • Meanwhile, investors’ main focus will likely be the June jobs report, which the Labor Department is set to release on Friday. Read more

Coal India puts special thrust on energy efficiency measures, forges ahead to offset carbon emission

Published on: 4:24 pm

  • To reduce carbon footprint in its operational area, Coal India (CIL) has put special thrust on energy efficiency measures and is forging ahead with a series of measures to offset carbon emission in a mining operation in all its coal-producing companies. Apart from taking immediate action for efficient use of energy, CIL has also drawn an ambitious 5-year plan of carbon offset in different fields of its operation.
  • According to the Ministry of Coal, coal companies have several areas for implementing energy efficiency measures such as colonies, buildings, offices, industrial establishments, etc. apart from efficient Power Supply Management. However, the major reduction in carbon emission comes from various mining activities like Heavy Earth Moving Machines (HEMM), Transport, Ventilation, Pumping etc. With the help of its subsidiaries, CIL had been taking various energy conservation and efficiency measures over the years and is now moving ahead with an emphasis on activities responsible for more environmental pollution. Read more

Madhav Infra's Bhopal project considered under 'India Smart Cities Award 2020'

Published on: 4:20 pm

  • Madhav Infra Projects Limited has informed that the Ministry of Housing and Urban Affairs, Govt. of India on 25th June, 2021, has announced "India Smart Cities Award 2020' in which Bhopal City is the Joint Winner in the "Urban Environment" category for set up the Solar Panels by the Side of 'Bada Talab'.
  • The solar panels have been installed on the retaining wall of the lake with a cantilever frame and for installation the company has used scaffolding structure and even on boats.
  • The Project has been executed by the Company viz. Madhav Infra Projects Limited. Read more

Parag Milk Foods expands Pride of Cows brand portfolio; launches Fat-free Milk

Published on: 4:20 pm

  • Parag Milk Foods Ltd forayed into the Fat-free milk variant under their premium milk brand Pride of Cows.
  • The company plans on expanding their Bhagyalaxmi Dairy Farm, which supplies milk exclusively under the ‘Pride of Cows’ brand, to more than 15,000 cows by 2026 and is therefore expanding the portfolio under this brand to create a market for increased milk being produced.
  • In the regulatory filing, the Pride of cows Fat Free milk would be distributed across Mumbai, Pune, Surat and Delhi from June 28, 2021. With this launch, the company aims to provide alternatives to consumers seeking all the goodness of Pride of Cows without fats. Read more

Bannari Amman and Shiva Mills resume office operations in Tamil Nadu

Published on: 4:20 pm

  • Bannari Amman Spinning Mills Limited and Shiva Mills Limited have resumed the functions at their Registered Offices from June 28, 2021. The operations of both the companies in Tamil Nadu have been disrupted due to the second wave of Covid-19.
  • The companies in separate filings said they are adhering to Standard Operating Procedures with 50% capacity prescribed by the Government of Tamil Nadu on June 26, 2021, to ensure safety and health of all stakeholders including employees from Covid-19 pandemic.
  • Bannari Amman Spinning Mills Limited trade ended at Rs75.20 per piece down Rs0.20 or 0.27% on the BSE. Read more

Centre inaugurates Asia's longest and world’s fifth-longest High Speed Track for automobiles

Published on: 4:11 pm

  • Minister of Heavy Industries and Public Enterprises Prakash Javadekar on Tuesday inaugurated NATRAX- the High-Speed Track(HST) in Indore which is the longest such track in Asia. NATRAX, developed in an area of 1000 acres of land, is a one-stop solution for all sorts of high-speed performance tests for the widest categories of vehicles from 2 wheelers to heavy tractor-trailers.
  • Launching the world-class 11.3 km High-Speed Track, Javadekar stated that India is destined to become a hub of automobiles, manufacturing, and spare parts. The Minister said, we are fast moving towards an ‘AatmaNirbhar Bharat’ and all-around efforts are being made in this direction. Read more

Gokak Textiles appoints Vipan Sharma as Chief Financial Officer

Published on: 4:05 pm

  • Gokak Textiles Ltd has informed that the Board of Directors on 28th June, 2021 has appointed Vipan Kumar Sharma as Chief Financial Officer of the Company with effect from 28th June, 2021 to fill the vacancy caused by sad demise of Avadhut Sarnaik the erstwhile Chief Financial Officer who passed away on 1st May, 2021.
  • Vipan Kumar Sharma has been working with the Company from December 2018 as Sr. Manager Accounts & Finance.
  • Vipan Kumar Sharma has more than 25 years of experience in accounts & finance and is highly adept at dealing with Banks and Financial Institutions, Income Tax, GST. Read more

ICRA upgrades long-term rating of DCM Shriram credit facilities

Published on: 4:02 pm

  • ICRA Limited has upgraded the credit rating on Term Loan, Long Term Fund Based Limits, and Fixed Deposits of DCM Shriram Limited. The credit rating agency has also reaffirmed the ratings company’s Short Term Non-Fund Based Limits and Commercial Papers.
  • The rating on Term Loans has been upgraded from ICRA AA with a Stable outlook to ICRA AA+ (Stable). On Long Term Fund Based Limits, the rating has been upgraded from ICRA AA (Stable) to ICRA AA+ (Stable). Fixed Deposits rating was upgraded from MAA+ (Stable) to MAAA (Stable). Read more

SpiceJet stock ends 3% up as board will consider fundraising plan tomorrow

Published on: 4:00 pm

  • Private airline, SpiceJet has announced that the company's board will consider a fundraising plan on June 30, 2021. The company's stock traded on a  bullish note during Tuesday's session.
  • In its regulatory filing, SpiceJet said that "the Board of Directors of the Company in its meeting scheduled on Wednesday, the 30th day of June 2021 will discuss and consider, interalia, options for raising fresh capital through the issue of equity shares/debt instrument on preferential/qualified institutions placement basis, in accordance with the relevant provisions of applicable law and subject to approval of the shareholders of the Company and receipt of applicable regulatory approvals, as may be required." Read more

Avanti Feeds-led arm recalls several shrimp products in US due to potential containing of Salmonella

Published on: 3:55 pm

  • Avanti Feeds on Tuesday said that USFDA/CDC intimated about certain consignments of Shrimps shipped to the USA by Avanti Frozen Foods (AFFPL), a subsidiary of Avanti Feeds, the potential for contamination for containing Salmonella in those Products-Recall of such products.
  • About a week ago, the company's subsidiary was informed by CDC (Centre for Disease Control, US Government) and USFDA that some of the cooked Shrimp products supplied by AFFPL are identified as potential for contamination for containing Salmonella in those Products.
  • The US health regulatory advised AFFPL to voluntarily recall the identified products processed by AFFPL between 23.10.2020 and 09.11.2020 (about 18 days) which correspond to a range of products imported and distributed from late December 2020 to late February,2021. It does not mean that all recalled products are affected and recall is only as an abundant precaution. Read more

IRCON International gives corporate guarantee to Indian Overseas Bank for term loan of Rs309.68cr to

Published on: 3:40 pm

  • IRCON International on Tuesday said that the company has furnished a Corporate Guarantee to Indian Overseas Bank for providing the term loan of Rs309.68cr to Ircon Gurgaon Rewari Highway Limited (IrconGRHL).
  • Ircon Gurgaon Rewari Highway is a Special Purpose Vehicle (SPV) (a wholly owned subsidiary) of IRCON.
  • On Sensex, IRCON closed at Rs48 per piece down 1.44%. Read more

Piramal Enterprises to raise Rs365cr through NCDs on private placement basis

Published on: 3:39 pm

  • Piramal Enterprises Limited board has approved the allotment of 3,650 secured, rated, listed, redeemable principal protected, market linked Non-Convertible Debentures (NCDs) of the face value of Rs10 lakh each aggregating to Rs365cr on a private placement basis.
  • These Debentures are proposed to be listed on the Debt Market segment of NSE.
  • Earlier on Monday the company’s board had approved the issue of NCDS on a private placement basis, aggregating to Rs1,000cr. Read more

Markets close lower; Apollo Hospitals outperformed

Published on: 3:33 pm

  • Markets witnessed a negative day of trade as marginal hint of profit booking was seen during the second half of the trade.
  • Bank Nifty index underperformed the Nifty index by ~0. 5% with both the indices closing around its intraday lows.
  • Nifty Pharma index was among the top outperformers for the second consecutive trading session, closing ~0.5% higher. Share price of Apollo Hospitals surged ~4% higher with the stock closing on lifetime highs along with a build-up of heavy long positions. Read more

Aster DM Healthcare signs share purchase agreement with Hindustan Drug House

Published on: 3:25 pm

  • Aster DM Healthcare has informed the exchange that the company has entered into a share purchase agreement with Hindustan Drug House, a partnership firm which is in process in converting into a private limited company.
  • The company shall invest in 86% of the  paid-up equity share capital of the converted private limited company.
  • The objective is to expand business into the growing pharmaceutical distribution segment by establishing supply chain and distribution network to sell into channels such as retail pharmacies, online pharmacies, hospitals and clinics. Read more

HFCL incorporates new subsidiary HFCL Technologies; Stock gains 1%

Published on: 3:19 pm

  • HFCL Limited has incorporated a wholly-owned subsidiary company of HFCL Limited, namely, HFCL Technologies Private Limited by subscribing 10 lakhs shares of Rs10/- each on Monday. HFCL Technologies Private Limited proposes to deal in various electronics and telecommunication equipment.
  • Towards close of trade on Tuesday, HFCL Ltd was trading at Rs67.35 per piece up by Rs0.7 or 1.05% from its previous closing of Rs66.65 per piece on the BSE. Read more

Centre allocates Rs2,479cr grant to Jharkhand under Jal Jeevan Mission

Published on: 3:12 pm

  • To translate Prime Minister Narendra Modi’s vision of providing clean tap water to every household, the Union government has increased the central grant to Jharkhand under the Jal Jeevan Mission in the year 2021-22 to Rs2,479.88cr, which was Rs572.24cr in 2020-21. Union Minister, Jal Shakti, Gajendra Singh Shekhawat while approving this four-fold increase in the allocation has assured full assistance to the State for making provision of tap water supply in every rural home by 2024.
  • At the start of the Mission in 2019, out of a total of 19.20 Crore rural households in the country, only 3.23 Crore (17%) had a tap water supply. During the last 22 months, despite Covid-19 pandemic and lockdown disruptions, Jal Jeevan Mission, has been implemented with speed and 4.39 Crore households have been provided with piped connections. With the increase in coverage by 23%, presently 7.62 Crore (nearly 40%) rural households across the country have a tap water supply. Goa, Telangana, Andaman & Nicobar Islands and Puducherry have achieved 100% household connection in rural areas and has become ‘Har Ghar Jal’. Read more

Delta Corp extends closure of casinos till July 05; Stock down 1%

Published on: 3:11 pm

  • Delta Corp Limited has further extended the closure of the casinos operated by the company and its subsidiaries in Goa & Sikkim till July 05, 2021. The company’s operations have been affected in the last couple of months due to the second wave of the Covid-19 pandemic.
  • “Due to the surge in Covid-19 cases being witnessed in Goa and Sikkim, the Government of Goa and Sikkim interalia has extended the restrictions in both these states respectively till July 05, 2021.
  • Accordingly, the casinos operated by the Company and its subsidiaries in Goa & Sikkim will remain closed during this period. We are unable to estimate the quantum of potential losses on account of this temporary closure and the pandemic at this time,” company said in a filing on Monday. Read more

Gadkari calls for creation of Ratings system for MSMEs and Dashboard for effective monitoring of sch

Published on: 3:09 pm

  • Minister for MSME and Road Transport and Highways Nitin Gadkari has called for the creation of ratings system for MSMEs and a Dashboard for effective monitoring of MSME schemes.
  • Addressing a webinar by Chamber of Indian MSME, MSME, he said simple and transparent methodology should be evolved to give ratings to MSMEs having good turnover, GST records to enable them to get finances from the banks and institutions. The Minister said the whole world now wants to invest in Indian industry and with an effective rating system, MSMEs can get good investment from abroad.
  • Shri Gadkari proposed setting up of dashboard for monitoring schemes to prevent delays in decision making. He asked SIDBI to take decisions within three months and provide support. The Minister said MSMEs have an important role to play in achieving Prime Minister’s vision of Atamanirbhar Bharat. Read more

IDBI Intech announces partnership with Lemon Advisors UK

Published on: 3:05 pm

  • India’s leading Digital Banking Technology Transformation company, IDBI Intech Ltd., announced a strategic partnership with one of UK’s most definitive technology advisory firms, Lemon Advisors UK Ltd., to extend their Fintech products and services for the Banking & Financial ServicesSector to new global markets.
  • Some of the standard global technology offerings by IDBI Intech include Combating Financial crime, Payment Transformation,Digital Customer Experience and Digital Technology Integration, among others.
  • IDBI Intech, through its “Compliance-as-as-service” offerings is addressing the progressive changes in the governance,risk management and compliance ecosystems worldwide. Read more

Welspun Corp stock rises ~2% after Q4 PAT rises 58% to Rs218.72cr

Published on: 2:50 pm

  • Welspun Corp Ltd shares gained after the company posted a net profit in the Mar-21 which was higher by 58.18% at Rs.218.72cr. The company reported 34.06% lower consolidated revenues for the Mar-21 quarter at Rs1,819.31cr.
  • On a sequential basis, net sales revenues were up 30.56% compared to total revenues in the Dec-20 quarter at Rs1,393.48cr.
  • Full year revenues for FY21 were -33.7% lower at Rs6,675cr. The company is into the distribution of steel products and the business had taken a hit in the last few quarters. However, it has managed to cut down on its material and other operating costs in tandem with the fall in sales, resulting in improved profits. Read more

Nifty IT stocks trade lower; Tech Mahindra, Infosys among top losers

Published on: 2:45 pm

  • The Nifty IT stocks traded marginally lower amid weak markets on Tuesday. The IT index was nearly 0.5% on the downside after a flat performance on Monday.
  • Overnight, Technology stocks led Nasdaq and S&P 500 to an all-time closing high but the performance didn’t translate into Asian markets including India.
  • Coforge was the biggest laggard while heavyweights Tech Mahindra and Infosys also faced selling pressure. Mphasis led the gains while MindTree was also bullish. Read more

Autoline Industries slumps over 2% post Q4 financial earnings

Published on: 2:40 pm

Autoline Industries, a leading auto components manufacturer has announced its results for the 4th Quarter and year ended 31st March, 2021.

Key Financial Highlights –FY20-21 Vs FY19-20
  • Though the revenues were lower due to Covid pandemic, Q4 performance was better than Q4FY19-20.
  • Due to cost reduction initiatives and customer support, the Company achieved a positive EBITDA signaling a turnaround. Read more

Nifty FMCG gains momentum; Index tops 160 pts as Marico, HUL, Nestle, Godrej Consumer led the rally

Published on: 2:36 pm

  • FMCG stocks picked up pace during the second half of Tuesday's trading session as heavyweight stocks witnessed a sharp rally. The performance comes after Finance Minister Nirmala Sitharaman announced a slew of measures to provide relief to diverse sectors affected by the 2nd wave of the COVID-19 pandemic.
  • The measures announced also aim to prepare the health systems for emergency response and provide the impetus for growth and employment. A total of 17 measures amounting to Rs6,28,993cr were announced.
  • Improved consumer sentiments, a slowdown in the Covid-19 pandemic, hopes for speedy recovery in the rural economy amid normal monsoon and the upcoming June 2021 quarter - has kept FMCG stocks in focus. Read more

Indo Count ties with British Designer Jasper Conran for bed and bath collection; Stock nears record

Published on: 2:32 pm

  • Indo Count Industries on Tuesday announced its new partnership with Jasper Conran O.B.E. for an exclusive bed and bath collection, launching in Spring 2022.
  • Mohit Jain, Executive Vice Chairman said, “This affiliation is a strategic move, that mirrors our growth in the branded business segment. This partnership with Jasper Conran will create a high-quality bed and bath brand incorporating natural fibres in superior thread counts and fabric constructions, using our most advanced technologies. Through this partnership, we aim to further strengthen the Company’s long term vision to be the cornerstone for home textiles across the globe.” Read more

Graphite India stock gains after turnaround in Q4 numbers on the back of lower material costs

Published on: 2:30 pm

  • Shares of Graphite India gained 2% after net profits in the Mar-21 quarter turned around. The company’s net profit at Rs64cr in the quarter ended March 2021 as against a net loss of Rs7cr during the previous quarter ended March 2020.
  • The revenue declined 6.15% to Rs565cr in the quarter ended March 2021 as against Rs602cr during the previous quarter ended March 2020. The yoy fall in revenues was largely on account of its factory operations being negatively impacted by the pandemic impact.
  • Full year revenues for FY21 were 36.7% lower at Rs1,958cr. The graphite and carbon business saw lower sales revenues on a yoy basis in the latest Mar-21 quarter but ironically, during the quarter, the EBITDA on the carbon and graphite turned from an operating loss to operating profit. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices trade lower despite a surge in Pharma and FCMG stocks. Metal, Auto, Banking, and Financial Services fall.
  • BSE Sensex is at 52,585.92 down 149.67 points or 0.28%.
  • Nifty50 is at 15,760.75 down 53.95 points or 0.34%. Nifty Bank is trading down 0.94% at 35,027.65 while Mid-cap Index is down by 0.38%. Read more

St. James’s Place selects Intellect as their strategic AI Transformation Partner for the investment

Published on: 2:24 pm

  • Intellect SEEC, the InsurTech specialist from Intellect Design Arena Ltd, ranked # 1 in InsurTech by IBS Intelligence, is proud to announce that St. James’s Place (SJP) Wealth Management, has selected the company as their Strategic AI Transformation Partner for SJP’s Investment division.
  • Intellect was selected because of their strong capabilities, resources and talent to support SJP on their AI & ML journeys and help them achieve greater efficiencies in Investment operations. This pure AI Transformation win strengthens their existing partnership with SJP and further validates Intellect’s place in the industry, as a preferred digital transformation partner for insurance and financial services companies. Read more

Birlasoft VINCI wins Business Transformation Award 2021

Published on: 2:22 pm

  • Birlasoft Ltd has announced that Value IN Customer’s Interest (VINCI) – one of its transformational business solutions has won the Business Transformation Award organized by the Mint and TechCircle, under the category of 'Revenue Generation for Customer Experience.'
  • The award was presented to Birlasoft’s key representatives of the Global Business Excellence Team by Jaideep Mehta – CEO, Mosaic Digital & Head - Mint and Shalil Gupta - CBO, Mosaic Digital.
  • The assessment committee evaluated Birlasoft's transformational business solution - VINCI, among 400+ entries from national and global enterprises, based on five key pillars of business transformation. Read more

HAL stock slips marginally; Q4 net profit up 31.27%

Published on: 2:18 pm

  • Hindustan Aeronautics Ltd (HAL) reported a net profit at Rs1,622cr, which was up by 31.27% in Mar-21. The company’s profit got a boost from a sharp fall in the interest cost due to leverage being cut to near-zero levels as well as a sharp yoy fall in the employee benefits costs in the quarter. Tax outgo was also lower due to deferred tax credits.
  • The company’s consolidated revenues were also 4.75% higher for the Mar-21 quarter at Rs10,739cr. On a sequential basis, net sales revenues were up 97.93% compared to total revenues in the Dec-20 quarter at Rs5,426cr.
  • For FY21, the company declared a total dividend of Rs.30 per share. Read more

Sundram Fasteners recognised by General Motors as a Supplier of the Year

Published on: 2:16 pm

  • Sundram Fasteners Limited (SFL) has been awarded Supplier of the Year by General Motors (GM) through its 29thAnnual Supplier of the Year awards. This is the eighth time that Sundram Fasteners Limited has received this award. Winners of the Supplier of the Year awards were chosen by a global team of GM purchasing, engineering, quality, manufacturing and logistics executives. Parameters for evaluation were Product Purchasing, Global Purchasing and Manufacturing Services, Customer Care and Aftersales and Logistics.
  • Arathi Krishna, Managing Director, Sundram Fasteners Limited, said, "We are pleased to receive this prestigious award from a highly esteemed customer like General Motors. This recognition is a validation of our commitment to quality, innovation, sustainability and excellence. The fact that we have received this award for the eighth time demonstrates our ability to exceed customer expectations consistently." Read more

Rupee trade lower amid negative sentiments

Published on: 2:12 pm

  • The Indian rupee slipped against the U.S. dollar amid negative domestic equities and firm crude oil prices. Besides, resurfacing worries of a new delta variant of COVID is seen hammering sentiments across the globe weighing down equity markets.
  • At the interbank foreign exchange, the rupee opened lower at 74.27 against the dollar, registering a fall of 7 paise over its previous close.
  • The rupee on Monday had settled at 74.19 against the U.S. dollar. Read more

Nifty Auto index under pressure; Maruti continues to drag the most

Published on: 2:10 pm

  • Nifty Auto stocks were under pressure amid bearish markets on Tuesday. The Index shed 0.75% ahead of the monthly performance announcements. Heavyweight Maruti Suzuki India Limited continued to drag while Mahindra & Mahindra, TVS Motor Company, Bajaj Auto, and Eicher Motors were also under pressure.
  • Motherson Sumi and Bharat Forge rallied after a poor outing on Monday to emerge as the top gainers.
  • At around 2.10 pm, Nifty Auto was trading at 10,629.35 down 80.55 points or 0.75%, after touching a low of 10,622.60 during intraday trade. BSE Sensex was trading at 52,582.33 down 153.26 points or 0.29% and Nifty50 at 15,756.60 down 58.10 points or 0.37%. Read more

Bombay Dyeing stock dips 3% after SEBI puts GoAir IPO on hold for 90 days

Published on: 2:10 pm

  • Bombay Dyeing was trading on a bearish note during Tuesday's session after reports stated that market regulatory has put Go Airlines (India) initial public offering on hold for 90 days due to pending enquiry against the company and Wadias.
  • The Sebi's website showed that GoAir IPO has been kept in abeyance. Go Air has been christened to GoFirst.
  • According to a MoneyControl report, Bombay Dyeing and its promoters received a show-cause notice from the regulator’s Corporation Finance Investigation Department (CFID) in the first week of June for alleged irregularities, said a person familiar with the matter. CFID carries out preliminary and detailed investigations on fraud, diversion or siphoning of funds in listed companies. Read more

Nifty Pharma logs modest gains post FM's Covid relief package; Alkem Lab, Biocon, Aurobindo, Cadila,

Published on: 1:49 pm

  • Pharma stocks were mostly in the green on Tuesday after Finance Minister Nirmala Sitharaman announced a fiscal stimulus package providing relief to business affected from the second wave of the pandemic. The Nifty Pharma recorded modest gains with heavyweight stocks lifting the overall performance despite broader markets tone is bearish.
  • At around 1.49 PM, Nifty Pharma was trading at 14,325.75 up by 78.15 points or 0.55%. The index has touched an intraday high and low of 14,336.05 and 14,205.60 respectively. Read more

NLC India stock bearish despite stellar Q4 earnings, declares dividend

Published on: 1:47 pm

  • NLC India registered a 52% rise in consolidated net profit to Rs756.83cr in the quarter ending March 2021 (Q4FY21) compared to Rs498.12cr a year ago same period.
  • Consolidated total income was at Rs3,550.48cr in Q4FY21 from Rs3,405.14cr in the corresponding period of the previous year.
  • For the full year, NLC India PAT stood at Rs1345.44cr as against the previous year Rs1452.98cr  which is marginally down by 7.4%. However, PAT for Q4 surged by 51.94%. Despite the pandemic situation, the company reported total income for thé year © up by 1.77% to Rs 11798.42 crore. Read more

Tamilnadu Petroproducts profit leaps to Rs63cr in Q4FY21; Stock rises 4%

Published on: 1:42 pm

  • Tamilnadu Petroproducts Limited (TPL), Chennai based Petrochemical manufacturing company and part of AM International - Singapore, announced its annual results for Q4 and FY21 on Monday. The company earned a revenue of Rs352.55cr in Q4FY21 compared to Rs263.40 in Q4FY20. During FY21, TPL earned Rs1155.37cr revenue compared to Rs1233.21cr during FY20.
  • The company said, in spite of the lower sales, Profit Before Tax and Profit After Tax for the year more than doubled vis a vis the previous year. PBT for Q4FY21 stood at Rs89.86cr compared to Rs3.27cr in Q4FY20. For FY21, PBT rose to Rs169.84cr compared to Rs70.53cr in FY20.
  • PAT grew to Rs62.73cr in Q4FY21 compared to Rs1.98cr in Q4FY20. Yearly PAT rose to Rs121.65cr compared to Rs55.08cr in FY20. Read more

L&T Technology partners with Mavenir for 5G automation services

Published on: 1:30 pm

  • L&T Technology Services Limited has announced a strategic partnership to deliver end-to-end 5G automation services with Mavenir, the Network Software Provider building the future of networks with cloud-native software that runs on any cloud.
  • The automation services will include Continuous Integration / Continuous Delivery (CI/CD) automation of the 5G ORAN portfolio of RU/DU/CU products, in conjunction with the Cloud Native 5G NSA and SA core network products, for global frequency bands supporting TDD and FDD technology. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is at 52,643.57 down 92.02 points or 0.17%.
  • Nifty50 is at 15,774.60 down 40.10 points or 0.25%. Nifty Bank is trading down 0.75% at 35,094.00 while Mid-cap Index is down by 0.14%.
  • Nestle India, Bajaj Finance, Divis Lab, DR Reddy, and HUL are the top gainers while ONGC, Hindalco, Maruti, ICICI Bank, and IOC are the top losers. Read more

NALCO stock under pressure despite strong Q4 earnings

Published on: 1:28 pm

  • National Aluminium Co Ltd (Nalco) has witnessed a nine-folds jump in consolidated net profit to Rs935.74cr for the quarter ending March 2021 (Q4FY21) compared to a profit of Rs100.51cr in the corresponding period of the previous year.
  • Consolidated total income rose to Rs2,874.47cr in the quarter under review as against Rs2,042.27cr a year ago same period.
  • NALCO has posted an impressive net turnover and net profit of Rs8869.29cr and Rs1299.56cr respectively in FY20-21 compared to Rs8425.75cr and Rs138.23cr achieved during the previous year. The net profit of the company for the financial year 2020-21 has jumped by 840% over the last financial year. The results were driven by a strong operational performance by units, with effective sales strategy, cost-saving measures, supported by favourable LME price. Read more

Emmbi Industries reports Q4 revenue of Rs109cr; Stock trades higher

Published on: 1:23 pm

Emmbi Industries Ltd has reported its financial results for the period ended 31st March , 2021.

FY21 Performance Highlights:
  • Company delivers largest quarterly revenue in the 24-year history.
  • Q4 Revenue at Rs108.8cr, qoq growth of 28.53% in Value. Read more

Thomas Cook inks multi-year memorandum with Shanghai Disney Resort; Stock spurts 2%

Published on: 1:20 pm

  • Thomas Cook (India), subsidiary DEI (Digiphoto Entertainment Imaging) has signed a multi-year memorandum with Shanghai Disney Resort, establishing DEI as their official imaging service sponsor.
  • DEI has become the exclusive service provider of Shanghai Disney Resort’s iconic Disney PhotoPass experience, capturing guests’ magical moments with their families and friends for a lifetime of unforgettable memories.
  • Madhavan Menon, Managing Director, Thomas Cook (India) Limited said, “Since our acquisition of a 51% stake in Digiphoto (DEI) in 2019, we continue to witness a noteworthy growth trajectory – even more significant given the challenges of the COVID era. With the signing of this new memorandum and alliance with Shanghai Disney Resort, DEI introduces the much loved and powerful Disney brand to its portfolio, reaffirming its commitment to maximising opportunities in a growth-driven agenda and delighting customers with special memories.” Read more

Rites secure additional work of consultancy services worth Rs45cr from Mauritius-based Metro Express

Published on: 1:12 pm

  • Rites announced that Metro Express Limited, Mauritius has awarded additional work of consultancy services (PMC) for extension of the mainline from Rose Hill to Reduit through Ebene for an additional fee of MUR 250 million (Rs45cr).
  • In another development, the company also won two major orders worth Rs749.67cr from Railways Ministry.
  • At around 1.09 pm, RITES is trading at Rs277.65 per piece up by 0.4% on Sensex. Read more

Stove Kraft stock skyrockets 7% on plans to launch new products

Published on: 1:01 pm

  • Stove Kraft has announced its plan to launch or upgrade a new range of Home and Kitchen appliances products for the Onam festival.
  • These new products include Mixer Grinder & Wet Grinder, Pressure cookers, Cast iron Cookware, Sleek Glass Cooktop 2, 3 and 4 Burner, Double Walled Kettle, Hand Blender, Hand Mixer, Induction Stove, Desk Lamp, Turbo Food Processor, Shears and Cutting Board.
  • At around 12.54 pm, Stove Kraft was trading at Rs656.85 per piece skyrocketing by 7.28% on Sensex. Read more

Covid-19 outbreak takes toll on Constronics Infra on business operations

Published on: 12:55 pm

  • Constronics Infra Limited has informed the exchange with regard to disclosure of material impact of COVID-19 pandemic.
  • The lockdowns and restrictions on various activities due to COVID-19 pandemic had a substantial negative impact on company operations. During the financial year 2020-21 the company records a loss of Rs7.78 Lakhs against the profit of Rs9.31 Lakhs of previous year and erodes the Networth to Rs1.72 Lakhs.
  • Further the company is providing services to the Construction and Infrastructure sector, due to various restrictions imposed by government, the performance of these sectors affected to a significant level which reflects on the operations of the Company. Read more

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