Live market updates

02nd Jul, 2021

Datamatics wins multiple Stevie Awards for its Intelligent Automation Suite of Products

Published on: 5:02 pm

  • Datamatics, a global Digital Solutions, Technology and BPM Company, has announced that it won several honors at the Stevie Awards 2021.
  • The Stevie Awards are the world's premier business awards. Datamatics won the awards for its Intelligent Automation (IA) suite of products, which includes TruCap+ (Intelligent Document Processing), and TruBot (Robotic Process Automation). Read more

Piyush Goyal reviews critical infrastructure projects under PMG facilitation

Published on: 5:01 pm

  • Minister of Commerce & Industry, Railways and Consumer Affairs, Food & Public Distribution, Shri Piyush Goyal chaired a meeting for the review of 20 large-scale infrastructure projects with issues enlisted for resolution, with the Project Monitoring Group on the 29th of June, 2021.
  • Som Prakash, Minister of State for Commerce and Industry, Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), Chief Secretaries of Governments of Bihar, Haryana and Tamil Nadu, and Additional Chief Secretary, Industries of Government of Maharashtra participated through Video Conference. Senior officials of key Central Ministries including Railways, Petroleum and Natural Gas, Road Transport and Highways, Environment, Forest and Climate Change were also present to discuss issues affecting the progress of work and timely completion of these critical projects. Read more

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India joins OECD G20's inclusive framework tax deal

Published on: 4:58 pm

  • According to the Ministry of Finance, the majority of the members of OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (including India) adopted yesterday a high-level statement containing an outline of a consensus solution to address the tax challenges arising from the digitalisation of the economy.
  • The proposed solution consists of two components- Pillar One which is about reallocation of an additional share of profit to the market jurisdictions and Pillar Two consisting of minimum tax and subject to tax rules.
  • Some significant issues including share of profit allocation and scope of subject to tax rules, remain open and need to be addressed. Read more

Dixon Technologies receives nod under PLI scheme for IT Hardware manufacturing

Published on: 4:51 pm

  • Dixon Technologies (India) on Friday has received approval from the Government of India under the Production Linked Incentive Scheme for IT hardware manufacturing under the 'Domestic Companies' category.
  • Atul B. Lall, Vice Chairman & Managing Director, Dixon Technologies (India) Ltd. said, "Dixon has established itself as one of the leading and trustworthy electronic manufacturing service provider in India. Due to pandemic situation, last few months had been extremely challenging for everyone. However, we sustained during these challenging times due to our commitment towards quality products, strong associations with leading brands and continuous efforts towards foraying into new and emerging segments with the likes of IT hardware manufacturing." Read more

Marico: India business delivers over 30% revenue growth backed by a robust double-digit volume growt

Published on: 4:47 pm

  • Marico Ltd released its Q1FY22 business update in the stock exchanges today. The India business delivered 30% plus revenue growth, backed by robust double-digit volume growth. A marginal correction of the historical revenue skew from Q1 towards the previous quarter (Q4FY21) is imputed into this quarter’s performance. Parachute Coconut Oil delivered ahead of medium-term expectations.
  • Saffola Edible Oils posted low double-digit volume growth, despite a high base. Value-Added Hair Oils recovered smartly across the entire franchise, albeit on a low base, which was due to billing constraints during most of April last year, the company said in the filing. Read more

Bharti Airtel launches India's first all-in-one solution for homes, Airtel Black

Published on: 4:44 pm

  • Bharti Airtel (“Airtel”) on Friday launched its latest innovation Airtel Black – India’s first all-in one solution for homes. Airtel Black is the new program for discerning, quality-seeking customers.
  • As per the regulatory filing, a customer can bundle 2 or more of Airtel services (Fiber, DTH, Mobile) together to become Airtel Black – which entitles the customer for one single bill, one Customer Care number with a dedicated team of relationship managers, and priority resolution of faults and issues. All of this also comes with the amazing value of zero-switching and installation costs coupled with free service visits for life. Read more

STL to globalize its System Integration solutions across UK and Europe

Published on: 4:43 pm

  • Sterlite Technologies Ltd has conducted its second Annual Investor meet, STLescope 2021 on 1st July, that brought global analysts and investors together. The event saw STL showcasing its plans for reaching the annual revenue run rate of Rs10,000cr by Q4 of FY’23.
  • STL announced a 3-pronged strategy to enhance its market share to capture an addressable market across Optical and Wireless solutions and System Integration. Read more

CARE revises credit ratings of Max Healthcare Institute and its subsidiaries; Stock hits year high

Published on: 4:40 pm

  • CARE Ratings Limited has revised credit ratings to the bank facilities of Max Healthcare Institute Limited and its material subsidiaries namely Hometrail Buildtech Private Limited and Crosslay Remedies Limited.
  • The credit rating agency revised long-term bank facilities Rs369.23cr (Reduced from Rs428.03cr) to CARE AA-; Stable from CARE A and removed from Credit watch with developing implications; Stable outlook assigned
  • The rating on short-term bank facilities Rs0.76cr has been revised to CARE A1+ from CARE A1 and removed from Credit watch with Developing Implications. Read more

Laurus Lab receives license from DRDO to manufacture 2-Deoxy-D-Glucose in India

Published on: 4:32 pm

  • Laurus Labs Limited has received a licence from Defence Research & Development Organisation (DRDO) to manufacture and market 2- Deoxy-D-Glucose (2DG).
  • 2DG has been given emergency approval by the Drug Controller General of India (DCGI) for use on COVID-19 patients in the country. Read more

Bank's non-food credit growth stood at 5.9% in May 2021, personal loan logs accelerated growth of 12

Published on: 4:26 pm

  • The Reserve Bank of India (RBI) has announced scheduled commercial banks (SCBs) non-food credit growth for May 2021. Data on sectoral deployment of bank credit collected from select 33 scheduled commercial banks, accounting for about 90% of the total non-food credit deployed by all scheduled commercial banks for May 2021.
  • Data given by RBI showed that on a year-on-year (y-o-y) basis, non-food bank credit growth stood at 5.9% in May 2021 as compared to 6.1% in May 2020. Read more

Minimal impact of Covid 2.0 on the Indian pharma industry; ICRA estimates FY22 growth at 7-9%

Published on: 4:20 pm

  • The impact of Covid-19 on the Indian pharmaceutical companies was relatively limited in FY2021 owing to the inelastic demand for pharmaceutical products and resumption of imports of key input materials from China from March 2020 onwards. However, some impact on volume growth was felt owing to the lockdowns (lesser OPDs/elective surgeries). The revenue growth for ICRA sample of 21 companies remained muted at ~5.8% in FY2021, though the same witnessed a growth on a Y-o-Y basis, despite Covid-19 related disruptions. The growth was also supported by the depreciation of the INR vis-a-vis other foreign currencies, especially the US dollar.
  • The revenues of  sample set from the domestic formulation market witnessed a revenue growth of ~7.8% against a  ~3% Y-o-Y growth for the Indian pharma market (IPM). The higher growth for ICRA sample set was due to the relatively higher share of Covid-19 drugs in their portfolio and higher mix of chronic therapies. The revenue growth for the sample set for the US market in FY2021 was ~1.2%, partly supported by ~4.7% Y-o-Y depreciation of the INR against the USD, which in turn partly compensated the impact of the regulatory overhang in the form of warning letters, lack of limited competition product launches and mid-single digit pricing pressure in the base generics business. Read more

Solara announces restoration of CEP for Ranitidine Hydrochloride; Stock ends 3% higher

Published on: 4:18 pm

  • Solara Active Pharma Sciences Limited announced on Friday that the CEP for Ranitidine Hydrochloride drug substance (CEP 2001-228) has been restored by European Directorate for the Quality of Medicines (EDQM). A revised CEP has been granted as of July 1, 2021.
  • Ranitidine Hydrochloride was an important product for Solara and was manufactured at its Cuddalore site. Solara had put in place robust manufacturing and quality processes to mitigate the risks of N-Nitroso. Dimethylamine (NDMA) formation in the Ranitidine HCL API. Subsequent submission of the pertinent data has fast-tracked the restoration of CEP by EDQM. Solara is currently the only company among Ranitidine API manufacturers to have its CEP restored. Read more

Ind-Ra revises Motherson Sumi Systems' outlook to stable, affirms rating

Published on: 4:17 pm

  • India Ratings and Research (Ind-Ra) has revised Motherson Sumi Systems Limited’s (MSSL) Outlook to Stable from Negative, while affirming its Long-Term Issuer Rating at ‘IND AAA’.
  • Ind-Ra continues to take a consolidated view of MSSL and its subsidiaries as they have a similar business profile, cater largely to the same set of customers across geographies, and have a strong management presence. Read more

Garden Reach Shipbuilders wins supply order of patrol boats from Bangladesh

Published on: 4:05 pm

  • Garden Reach Shipbuilders & Engineers Limited has informed the exchange regarding export order received by the company.
  • The company has awarded an export order on 1st July 2021, for construction and supply of six Patrol Boats, through competitive bidding at the cost of US $1,821,798.00.
  • The project is received from the Department of Fisheries, Government of the People's Republic of Bangladesh. Read more

HCL Tech appoints Adolfo as country head for Spain and Portugal

Published on: 4:04 pm

  • HCL Technologies Limited (HCL), a leading global technology company, has appointed Adolfo Calviño Asensio as country head of Spain and Portugal to accelerate business growth in the region across all key industry verticals.
  • This key appointment is the first of a number of strategic investments HCL plans to make in Iberia, as the company expands its geographic footprint, the company said in a filing on Friday.
  • Adolfo has more than 25 years of industry experience, during which he has held a number of senior management positions and grown new businesses in major accounts spanning IT and business services. He joins HCL from Accenture, where he was part of the team responsible for growing its business in Spain. Read more

Srei Infra plans significant capital infusion; passed resolution to raise up to Rs2,500cr

Published on: 4:02 pm

  • Srei Infrastructure Finance said in the regulatory filing that it has announced its plan to raise capital by way of issue of one or more instruments through the public offer/qualified institutional placement ("QIP")/private placements/preferential issue/rights issue. The board of directors in their meeting has passed a resolution to raise up to Rs2,500cr.
  • Srei Equipment Finance has received a term sheet from Singapore's Makara Capital Partners for the investment of Rs2,200cr by way of capital. It has also received a term sheet from USA-based Arena Investors LP for an investment of Rs2,000cr.
  • The company's Strategic Coordination Committee ("SCC"), consisting of Independent Directors, is evaluating the proposals and taking necessary steps, the company said in the filing. Read more

Nifty, Bank Nifty witnesses unwinding of long positions

Published on: 3:49 pm

  • Domestic markets witnessed a profit booking throughout the major part of the week as across the board long unwinding weighed in.
  • The Nifty Index Option gamma writers took the centre stage as the benchmark index traded in a narrow band throughout the week. Bank Nifty index underperformed the Nifty index by ~0.7% with both the indices witnessing an unwinding of long positions.
  • On the weekly charts, both the indices have formed a bearish dark cloud cover candlestick pattern, indicating a possibility of a marginal reversal. Read more

India Ratings affirms and withdraws Snowman Logistics’ ratings; Stock ends 4% higher

Published on: 3:42 pm

  • India Ratings and Research (Ind-Ra) has affirmed Snowman Logistics Ltd’s (SLL) long-term issuer rating at ‘IND A’ with a Stable outlook and has simultaneously withdrawn the rating.
  • The credit rating agency has affirmed IND A/Stable rating on the company’s term loan before being withdrawn. It also affirmed IND A/ Stable /IND A1 rating on the company’s fund-based limits before being withdrawn
  • “Ind-Ra is no longer required to maintain the ratings, as it has received a no-objection certificate from the rated facilities’ lender. This is consistent with the Securities and Exchange Board of India’s circular dated March 31, 2017 for credit rating agencies,” company said in a filing on Thursday. Read more

Zydus Cadila receives USFDA nod to market HIV drug

Published on: 3:40 pm

  • Zydus Cadila has received final approval from the USFDA to market Emtricitabine and Tenofovir Disoproxil Fumarate Tablets, 100 mg/150 mg, 133 mg/200 mg and 167 mg/250 mg.
  • The drug is used with other HIV medications to help control HIV infection. It helps to decrease the amount of HIV in one’s body so that the immune system can work better. Read more

Markets close higher; Midcap stocks outperformed

Published on: 3:35 pm

  • Markets witnessed a positive day of trade, ending its losing streak of four consecutive trading sessions.
  • Nifty index witnessed a closing hour rally, to close at intraday high. 
  • Both Nifty and Bank Nifty index closed ~0.3% higher. Midcap stocks were among the top outperformers with stocks like JB Chemicals, Care Rating & CCL Products closing with strong gains around its intraday highs. Read more

CARE upgrades rating of Jindal Stainless (Hisar) led by robust operational and financial performance

Published on: 3:32 pm

  • CARE Ratings has upgraded the long-term bank facilities of Jindal Stainless (Hisar) Limited (JSHL) to ‘CARE A+'. The rating for short-term bank facilities of the Company has also been upgraded to ‘CARE A1+’.
  • Previously, in January this year, CARE had assigned CARE A- and CARE A2+ ratings on the company respectively.
  • Managing Director, JSHL, Mr Abhyuday Jindal said, “Despite initial and recurrent challenges posed by the pandemic, JSHL has adapted with agility and efficiency. This rating upgrade is a testimony to our operational excellence and internationally acclaimed product mix. We’re already strengthening our Specialty Products Division (SPD) at Hisar which will further give us a competitive edge in domestic and exports markets. JSHL has also been at the forefront of supplying Liquid Medical Oxygen to hospitals and oxygen filling centres in North India.” Read more

Steel Strips Wheels stock surges 3% after releasing pledged shares of the promoter group

Published on: 3:27 pm

  • Steel Strips Wheels on Friday said that the promoters along with the persons acting in concert hold 9797402 equity shares in the company which is 62.77% of the total paid-up capital of the company and out of which 3634994 equity shares were pledged which is 23.29% of the total paid-up capital of the company and 37.10% 0f total promoter shareholding.
  • That said, as of June 01, 2021, 66,647 shares were released from the pledge and accordingly, now the number of shares pledged has been reduced to 356,347 which is 22.86% of the total paid-up capital of the company and 36.42% of the total promoter shareholding. Read more

JK Paper incorporates a wholly-owned subsidiary JKPL Packaging Products: Stock gains over 2%

Published on: 3:26 pm

  • JK Paper Limited has incorporated a wholly-owned subsidiary company with the name ‘JKPL Packaging Products Limited’ on July 1, 2021. The cost of acquisition was Rs5 lakh - (50,000 Equity Shares of face value Rs.10/ - each).
  • JKPL Packaging Products was incorporated by the company for the manufacturing/trading of packaging products and other allied activities. The WOS is yet to commence its operations.
  • Towards close of trade on Friday, JK Paper Ltd was trading at Rs219.60 per piece up Rs4.90 or 2.28% from its previous closing of Rs214.70 per piece on the BSE. Read more

CRISIL upgrades rating on Intellect Design's bank facilities to 'A/Stable'

Published on: 3:23 pm

  • CRISIL Ratings has upgraded the ratings on the bank facilities of Intellect Design Arena Limited to ‘CRISIL A/Stable and CRISIL A1’ from ‘CRISIL A-/Stable and CRISIL A2+’           
  • The upgrade in rating reflects CRISIL Ratings’ expectation that Intellect’s business risk profile will continue to benefit from higher market acceptance and maturity of its product suites.
  • The rating upgrade also considers that Intellect will sustain the improvement in its financial risk profile, over the medium term. Read more

Yes Bank bags RBI nod for Joint Statutory Auditors for fiscal FY22

Published on: 3:19 pm

  • Yes Bank has announced that the Reserve Bank of India (RBI) approved the appointment of M P Chitale & Co., Chartered Accountants for their second year and Chokshi & Chokshi LLP, Chartered Accountants for their first year, as the Joint Statutory Auditors of the Bank for the financial year 2021-22.
  • The Bank will separately seek relevant approvals from its shareholders at the forthcoming Annual General Meeting of the Bank.
  • Chitale & Co., Chartered Accountants is a well-reputed firm of Chartered Accountants with a presence of over 70 years. The firm has significant experience and expertise in rendering assurance and consulting services to various industry sectors in India and overseas and in particular to the BFSI sector. Read more

Aurobindo board nods transfer of Unit-4 biz to Eugia Pharma, to receive Rs1,315cr from APL Healthcar

Published on: 3:13 pm

  • Aurobindo Pharma has announced that the company's board approved the transfer of business undertaking comprised in Unit-4, on a going concern basis, to Eugia Pharma Specialities Limited, a wholly-owned subsidiary of the Aurobindo.
  • Also, the company's board on Thursday fixed a consideration price of Rs1,315cr that will be received from APL Healthcare Limited against slump sale of Unit 10 on a going concern basis.
  • Earlier in February this year, the Aurobindo board approved the transfer of business undertaking comprised in Unit-10, on a going concern basis, to APL Healthcare Limited, a wholly-owned subsidiary of the Company, by way of slump sale through a Business Transfer Agreement ('BTA'). Read more

Clean Science and Technology IPO to open for subscription from July 7

Published on: 3:12 pm

  • Clean Science and Technology Limited, a manufacturer of functionally critical specialty chemicals such as Performance Chemicals, Pharmaceutical Intermediates and FMCG Chemicals will open the Bid/Offer period in relation to its initial public offering of equity shares on 07th July 2021.
  • The Price Band of the Offer has been fixed at Rs. 880 to Rs. 900 per Equity Share. Bids can be made for a minimum of 16 equity Shares and in multiples of 16 Equity Shares thereafter. Read more

Dr Reddy's Lab stock hits new 52-week high after clarification on the final trial of Sputnik Light

Published on: 3:04 pm

  • Dr Reddy's Laboratories has clarified on a news article claiming that the company has denied approval for the final trial of Russian-made Sputnik Light.
  • In its regulatory filing today, Dr Reddy's said that "we would like to state that on Wednesday, June 30, 2021, the subject expert committee (SEC) deliberated on the submission for Marketing Authorisation of Sputnik Light in India from Dr Reddy’s Laboratories Limited (the Company). The Company presented to the SEC, interim safety and efficacy data from the Phase I/II clinical trial of Sputnik Light in Russia, along with a clinical trial protocol for a Phase III trial of Sputnik Light in India." Read more

Nifty holds over 15,700; Realty stocks in demand; Route Mobile, Indoco Remedies outperform

Published on: 2:57 pm

  • Domestic markets inches higher in the afternoon session on Friday as gains were seen in Reliance Industries, ICICI Bank, Bharti Airtel, State Bank of India and Bajaj Finance were offset with losses in Tata Consultancy Services, Infosys, HDFC Bank and Tata Steel.
  • The Nifty 50 index has regained 15,700 levels in the afternoon trade with 24 points up. Similarly, the BSE Sensex also rose 108 points at 52,428.97. The overall market breadth was positive as 1,147 shares were advancing while 750 were declining on the NSE.
  • On the BSE500 universe index, Route Mobile, Indoco Remedies, JM Chemicals, Vinati Organics, HFCL, IOC Chemicals and CCL Products were among the top gainers. On the other hand, Adani Green, Adani Transmission, Adani Total, JSW Energy and KEI were among the top laggards. Read more

Nifty Pharma near fresh record level; Divis, Dr Reddy's, Torrent Pharma hit new 52-week high; Lupin,

Published on: 2:45 pm

  • Pharma stocks continued their rally throughout Friday's trading session despite benchmarks witnessing a volatile tone. Buying in few heavyweights lifted Nifty Pharma as it outperformed benchmark Nifty 50. The slowdown in Covid-19 cases and rapid vaccination drive looks good for pharma stocks. Also, June 2021 quarterly result is expected to be healthy amid huge demand in the sector for tackling the pandemic.
  • At around 2.45 PM, the Nifty Pharma was trading at 14,517.40 up by 74.95 points or 0.52%. The index has touched a new record high of 14,575.30.
  • Divis Lab and Torrent Pharma hit a new 52-week high of Rs4,530.10 per piece and Rs3,035 per piece during early trade. Divis has jumped by 2%, while Torrent Pharma climbed nearly 1%. Read more

Ind-Ra upgrades Indo Rama Synthetics to ‘IND BBB+’ with stable outlook

Published on: 2:45 pm

  • India Ratings and Research (Ind-Ra) has upgraded Indo Rama Synthetics (India) Limited’s (IRSL) Long-Term Issuer Rating to ‘IND BBB+’ from ‘IND BBB-’. The Outlook is Stable.
  • The rating upgrade reflects IRSL demonstrating a swifter turnaround than that expected by Ind-Ra over 2HFY21-FY22. Read more

Sanjay Miranka joins Poonawalla group acquired Magma Fincorp as Group CFO

Published on: 2:32 pm

  • Poonawalla group acquired Magma Fincorp Ltd is pleased to announce the joining of Sanjay Miranka as its Group Chief Financial Officer (Group CFO) effective today. Sanjay will lead the group’s resource raising, regulatory compliance & governance, investor interactions, corporate legal, and work with the MD and Group CEO on the strategic transformation.
  • Sanjay is a qualified CA and CS and comes with over 26 years of rich experience across a diverse set of industries like Financial Services, Edible Commodities and Telecom. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices recover in the afternoon to trade higher; Pharma stocks gain while metal stocks fall ~1.5%.
  • BSE Sensex is currently 52,421.79 up 103.19 points or 0.20%.
  • Nifty50 is currently 15,704.10 up 24.10 points or 0.15%. Nifty Bank is trading up 0.36% at 34,809.95 while Mid-cap Index is down by 0.05%. Read more

Petrol price jumps 35 paise per litre, hits Rs100/litre in Chennai

Published on: 2:16 pm

  • After a gap of two days, petrol prices up by 35 paise per, however, diesel rates remained unchanged on Friday. For the first time, petrol has crossed the Rs100 mark in Chennai and currently being sold at Rs100.13 a litre in the southern city.
  • Petrol is priced at Rs105.24 per litre in Mumbai and Rs102.48 in Bengaluru. Petrol rates in Delhi and Kolkata have come close to the Rs100 mark, as in Delhi it is priced at Rs99.16 per litre and Rs99.04 in Kolkata, data available on Indian Oil Corporation’s website showed.
  • The highest fuel rates have been recorded in Rajasthan’s Ganganagar, where the new rate of petrol is Rs110.40 per litre, while diesel is sold at Rs102.42 a litre. Read more

Edelweiss Financial surges 3% on divesting its stake in Edelweiss Gallagher Insurance Brokers

Published on: 2:15 pm

  • Edelweiss Group, India's leading diversified financial services firm on Friday has announced the divestment of its stake in Edelweiss Gallagher Insurance Brokers Ltd (EGIBL).
  • Gallagher, who previously held 30% in the business, will now be acquiring all the remaining shares, taking its stake to 100%. The transaction is subject to approvals by the Insurance Regulatory and Development Authority of India.
  • Headquartered in Mumbai, with branches in Dehli, Kolkata and Bangalore, EGIBL offers general insurance solutions to clients across India. The business operates across four areas; corporate, affinity & association, reinsurance & global and digital solutions. Read more

Nifty FMCG stocks trade lower; Heavyweights Marico, Britannia drag

Published on: 2:12 pm

  • The Nifty FMCG traded lower despite a minor recovery in the market after a volatile morning on Friday. Marico dragged the most on quarterly business updated for Q1FY22 while Britannia continued to be under pressure. Varun Beverages and Colgate Palmolive also advanced over 1%.
  • Jubilant Foodworks, Tata Consumer and United Breweries outperformed (08% -0.7%) and buck the trend in the sector. Procter & Gamble Hygience was also marginally higher.
  • At around 2.12 PM, the Nifty FMCG was trading at 36,095.35 down 139.55 points or 0.39%, touching a low of 36,053.35 and high of 36,328.25 during intraday trade on Friday. Read more

Eicher's subsidiary VECV logs 79.5% yoy rise in June 2021 to 2,438 units

Published on: 2:04 pm

  • Eicher Motors has announced the sales volume of subsidiary VE Commercial Vehicles Limited (VECV) for June 2021.
  • VECV sales stood at 2438 units in June 2021 rising by 79.5% from 1358 units in June 2021.
  • Exports stood at 610 units in the month under review rising by a whopping 100% yoy. Domestic sales, meanwhile, stood at 1760 units in June 2021 increasing by 73.2% yoy. Read more

Nifty IT recovers some loss, but still in red; Heavyweights TCS, Wipro, Mphasis in a steep dive

Published on: 2:00 pm

  • IT company stocks are in focus on exchanges as June 2021 quarterly announcements take centerstage. Indian technology stocks were in a nosedive despite global tech stocks witnessing a fresh all-time high. Also, the performance comes amid the US dollar holding investors interest and rise against a basket of currencies as participants gauge for US job data.
  • At around 1.57 PM, the Nifty IT was trading at 28,905.40 down by 97.70 points or 0.34%. The index has touched an intraday high and low of 29,005 and 28,704.00 respectively.
  • Mphasis and index heavyweight TCS stock plunged around 1% each. Wipro also tumbled by 0.6%. While Mindtree and Coforge dipped 0.5% each. Read more

Eicher Motors registers robust Royal Enfield sales to 43,048 units in June 2021, sales rise by 116%

Published on: 1:57 pm

  • Eicher Motors has announced sales numbers of two-wheeler giant Royal Enfield for June 2021. Eicher traded broadly in the red on Friday.
  • The company sold a total of 43,048 units of Royal Enfield in June 2021, rising by 13% from 38,065 units in June 2020. Exports from the total was at 7,233 units skyrocketing by 365% yoy.
  • Royal Enfield models with engine capacity up to 350cc recorded sales of 37,258 units in June 2021, up by 7% yoy. While models with engine capacity exceeding 350cc witnessed an 82% yoy rise in sales to 5,790 units in the month under review. Read more

Hero MotoCorp records sales of over a million in Q1FY22, cautiously optimistic in the upcoming festi

Published on: 1:49 pm

  • Hero MotoCorp has announced sales of over a million units during the first quarter (April-June).
  • The company stated that during this quarter, the auto industry witnessed significant disruptions triggered by the second wave of the Coronavirus pandemic, restricting the movement of logistics and dampening customer sentiments.
  • Despite the unprecedented challenges, Hero MotoCorp sold 10,24,507 units of motorcycles and scooters in the first quarter of the fiscal – reflecting the strong resilience of the Indian economy and the inherent market demand for personal mobility. Read more

Sadbhav Engineering allots NCDs worth Rs30cr; Stock dives 3%

Published on: 1:44 pm

  • Sadbhav Engineering Limited Board has passed a resolution through circulation on July 01, 2021, towards approval of the allotment of 3,000 Senior, Secured, Unrated, Unlisted, Redeemable, Nonconvertible Debentures (NCDs) to the Applicants, totally aggregating to Rs30cr, having to Face Value of Rs1 lakh each on Private Placement basis.
  • The coupon rate is 11.50% p.a. payable quarterly, starting from September 15, 2021. Date of maturity of issued NCDs is July 1, 2024.
  • At around 1.45 pm, Sadbhav Engineering Ltd was trading at Rs86.60 per piece down by Rs2.4 or 2.7% from its previous closing of Rs89 per piece on the BSE. Read more

RBI: Banks must prepare contingency strategies to deal with segment-specific asset quality pressures

Published on: 1:42 pm

  • The Reserve Bank of India (RBI) has guided Indian Banks to prepare contingency strategies to deal with segment-specific asset quality pressures, especially when regulatory reliefs are eventually rolled back. RBI said that in its financial stability report for July 2021.
  • RBI said that unprecedented policy support has contained the impairment of balance sheets of banks in India despite the dent in economic activity brought on by waves of the pandemic. Banks’ performance and balance sheet quality have turned out to be better than anticipated at the beginning of the pandemic in terms of deposit growth, the decline in GNPAs, capital adequacy and improved profitability. Stress tests indicate a limited impact of macroeconomic and other shocks on the Indian banking sector. Read more

Brightcom Group allots 3.42 lakh equity shares under preferential issue to non-promoter allottees

Published on: 1:38 pm

  • Bightcom Group has informed that, the Warrants and Share Allotment Committee on Thursday has approved the allotment of 3,42,00,000 equity shares of Rs.2/- each of the Company, fully paid-up, pursuant to conversion of preferential warrants into equity, to the non-Promoters allottees.
  • Pursuant to special resolution passed by the members of the company under section 62 of Companies Act, 2013 on December 28, 2020 and in-principle approvals received from BSE and NSE on April 01, 2021, the Company has allotted 33,18,45,000 warrants to 54 Non-Promoters on April 15, 2021
  • Further, the allotment price has been paid by the allottees into the Bank account of the Company at the time of subscription. And by July 01, 2021, 20 of the non-Promoter allottees have paid balance of 75% of the allotment price for 3,42,00,000 warrants. Read more

RBI Financial Stability Report: Safeguarding and boosting financial sector resilience to remain a po

Published on: 1:33 pm

  • The Reserve Bank of India (RBI) in its financial stability report for July 2021, said that safeguarding and boosting financial sector resilience will remain a policy priority. RBI said that central banks and regulatory authorities are at the forefront of the war effort mounted to cushion the damage wrought by the COVID-19 pandemic.
  • The RBI said in the report, " As recovery remains hesitant and divergent, they have extended existing regulatory relaxations further and are also addressing emerging sectoral concerns on an ongoing basis. Various initiatives to strengthen the operational resilience of the financial sector entities have been taken up." Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is currently 52,387.80 up 69.2 points or 0.13%.
  • Nifty50 is currently 15,698.95 up 18.95 points or 0.12%. Nifty Bank is trading up 0.43% at 34,833.70 while Mid-cap Index is up by 0.01%.
  • Divis Lab, UPL, Tata Consumer, Titan, and ICICI Bank are the top gainers while Tata Steel, JSW Steel, Britannia, Power Grid, and TCS are the top losers. Read more

JSW Neosteel (TMT Rebars) receives GreenPro ecolabel Certification

Published on: 1:29 pm

  • JSW Steel is one of the first steel companies in India to get the GreenPro ecolabel certification for JSW Neosteel, its brand of TMT rebars.
  • GreenPro is a Type – 1 Ecolabel by Confederation of Indian Industry (CII) which enables the end users in the building sector and manufacturing sector to make informed decisions by choosing sustainable products, materials and technologies for the construction, operation and maintenance of their buildings and factories. Read more

RBI Gov: Financial system can take lead in creating conditions for the economy to recover and thrive

Published on: 1:25 pm

  • The RBI Governor Shaktikanta Das expects the financial system to create a condition for the economy to recover and thrive from the pandemic. Das pointed out that even though recovery is underway from the virus, however, new risks have emerged on the horizon. Das said in the RBI's financial stability report for July 2021.
  • RBI Das said, in India, the second wave of the pandemic has taken a grievous toll. The recovery that had commenced in the second half of 202 -21 was dented in April-May 2021, but with the wave of infections abating as rapidly as it had set in, economic activity has started to look up in late May and early June. The stepped-up pace and scale of vaccination are catalysing the insulation of our communities from infections and gradually releasing the economy from regional and localised containment measures. Nonetheless, scarred as we are, there is no letting down of the guard against the rapidly mutating and transmissible virus. Read more

Motilal Oswal surges over 3% after winning arbitration against Dhanera Diamonds

Published on: 1:23 pm

  • Motilal Oswal Financial Services Limited has announceed that it wins the award for Rs89cr against Dhanera Diamonds, as High Court of Bombay has by interim order directed Dhanera not to sell / dispose of their assets.
  • Dhanera who is one of the Clients of MOFSL had defaulted in payment of outstanding debit balance of Rs80.74cr approximately, which has arisen on account of Crude Oil Contracts of April 2020 expiry.
  • When despite of repeated requests of MOFSL, Dhanera failed to pay, MOFSL has filed petition u/s 9 of Arbitration Act before Hon’ble High Court of Bombay requesting for security for repayment of outstanding debit balance, pending arbitration before Arbitral Tribunal of Multi Commodity Exchange of India Limited (“MCX”). Read more

Nifty Metal stocks under pressure; Tata Steel emerges top laggard

Published on: 1:15 pm

  • The Nifty Metal was under consistent pressure as domestic benchmark indices were moving between gains and losses on Friday. The metal index shed 0.8% amid reports that India has initiated a probe into alleged dumping of electro galvanized steel, used in auto and electronics industries, from Korea, Japan, Singapore following a complaint by a domestic company.
  • The government on Tuesday had extended anti-dumping duty on certain variety of steel products till December 15 this year with a view to guarding domestic manufacturers from cheap imports from countries, including China, Japan and Korea. Investors also keenly follow the monthly updates of steel and mining companies. Read more

Markets pick up paces; Sensex near 52,400, Nifty 50 tests 15,700; SmallCaps outperform; RIL, ICICI B

Published on: 1:05 pm

  • Indian markets were moving between gains and losses on Friday as a sharp sell-off in IT and metal stocks leave little room for harmonized upside. Although, the benchmarks have reversed their bearish trend and were in the green, yet the Sensex still traded between 52,300-52,400-level and Nifty 50 stayed struggles to hold the 15,700-mark.
  • The broader markets outperformed benchmarks with SmallCaps witnessing a huge buying pattern. Sensex and Nifty traded between flat to a slight upside. India's volatility index extended its nosedive by over 2.3%.
  • At around 1.02 PM, Sensex was trading at 52,414.03  up by 95.43 points or 0.18%. Nifty 50 was performing at 15,705.25 up 25.25 points or 25.25%. Read more

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