Live market updates

07th Jul, 2021

NSE: Derivative contracts in NMDC crosses 95% of the market-wide position limit

Published on: 5:22 pm

  • The National Stock Exchange (NSE) has announced that the derivative contracts in the underlying NMDC have crossed 95% of the market-wide position limit on Jul 06, 2021.
  • Thereby, NSE said that "all clients/ members shall trade in derivative contracts of NMDC by offsetting their existing positions till the open interest comes down to 80% of the market-wide position limit."
  • On NSE, NMDC finished at Rs168.55 per piece down by 0.5%.
  • The stock has touched an intraday high and low of Rs168.60 per piece and Rs166 per piece respectively. Read More

SBI to auction two NPA accounts next month to recover dues of Rs313cr; Stock ends near the day's hig

Published on: 5:14 pm

  • SBI stock closed in the green on Wednesday. The bank was in the news that it will be auctioning two non-performing accounts next month. With these auctions, SBI is said to recover dues to the tune of Rs313cr.
  • According to a PTI report, the two accounts to be put up for e-auction on August 6 are Bhadreshwar Vidyut Pvt Ltd (BVPL) with a loan outstanding of Rs 262.73 crore and GOL Offshore Ltd with Rs 50.75 crore dues.
  • Further, in the report, SBI said that "in terms of the bank's policy on sale on financial assets, in line with the regulatory guidelines, we place these accounts for sale to ARCs/banks/NBFCs/FIs, on the terms and conditions indicated there against" Read more

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Sterling and Wilson delivers its first prefabricated data center project in Egypt

Published on: 5:11 pm

  • Sterling and Wilson Pvt Ltd (SWPL), a Shapoorji Pallonji Group company and one of India’s leading engineering, procurement, and construction (EPC) company, today announced that it has successfully delivered its first prefabricated data center project in Egypt. The project was executed for Faisal Islamic Bank of Egypt, Cairo, in partnership with RZ-Products, the products business unit of DCG (Data Center Group), a Germany-based company specialising in developing modular data center solutions. Total value of the project is USD two million (INR 14 crore* approximately).
  • The project was completed on time while adhering to national and international standards. The mandate also includes the operation and maintenance (O&M) service of the project. The room-in-room data center solutions are fully ECB-S compliant and are protected against explosion, fire, water, corrosive gases, vandalism, intrusion, eavesdropping/radiation, noise, dust, and debris. The project is a benchmark for the Egyptian market. Read more

Stylam Industries incorporates 'Stylam Panels' as wholly-owned subsidiary

Published on: 5:10 pm

  • Stylam Industries Ltd has informed that company has incorporated its wholly owned Subsidiary in the name of “STYLAM PANELS LIMITED”.
  • The Company wants to expand its business through its wholly-owned subsidiary in India.
  • Further, the Company has subscribed 10,00,000 (Ten lacs) Equity shares at the Face value of Rs.10/- each aggregating to Rs. 1,00,00,000/- (Rupees One crores). Read more

NCL Industries stock ends near-record level after Q1 monthly business updates

Published on: 5:08 pm

  • NCL Industries has announced production and dispatch details of cement, cement particle board, RMC, doors and energy for the quarter ending June 2021 (q1FY22) quarter.
  • Cement production stood at 7,06,370 MT in Q1FY22 rising by 52% yoy. While dispatches were at 6,98,498MT up 44% yoy.
  • Cement board productions and dispatches were at 17,196MT and 10,634MT increasing by 37% yoy and 32% yoy respectively. Read more

Ujjivan Small Finance Bank deposits rise 24% yoy in Q1; CASA jumps 77% to Rs2,773cr

Published on: 5:03 pm

  • Ujjivan Small Finance Bank’s total deposits increased 24% to Rs13,673cr in Q1FY22 from Rs11,057cr in Q1 FY21. The bank said in the regulatory filing that the deposits rose 4% last quarter compared with Rs13,136cr in Q4 FY21.
  • CASA jumped 77% to Rs2,773cr in Q1 FY22 from Rs1,568cr in Q1 FY21. It is higher by 3% compared with Rs2,699cr in Q4 FY21, the bank said.
  • CASA ratio was at 20% as of 30 June 2021 against 14% as of 30 June 2020 and 21% as of 31 March 2021. Read more

Saboo Sodium Chloro completes Rs36cr supply order from Rajasthan Medical Services

Published on: 4:47 pm

  • Saboo Sodium Chloro Ltd has informed the exchange regarding completion of its work order.
  • The Company has fully completed its order from Rajasthan Medical Services Corporation for supply of medical devices.
  • Payment worth Rs36.09cr has been received for the same, company informed in a regulatory filing.
  • Saboo Sodium Chloro ended at Rs8.82 apiece up by Rs0.42 or 5% from its previous closing of Rs8.40 apiece on the BSE. Read more

M&M to subscribe nearly 1.61cr equity shares in ReNew Sunlight Energy for Rs16.07cr in tranches

Published on: 4:43 pm

  • Mahindra & Mahindra (M&M) has signed a Power Delivery Agreement with ReNew Sunlight Energy Private Limited (“RSEPL”) where under RSEPL as a Captive Generator shall be supplying solar power to the Company as a Captive User.
  • Also, M&M signed a Share Subscription and Shareholders’ Agreement (“SSSHA”) with RSEPL and ReNew Green Energy Solutions Private Limited for subscribing to 1,60,74,000 Equity Shares, in one or more tranches, which would result in the Company holding up to 31.2% of the Equity Share Capital of RSEPL.
  • As per the regulatory filing, subscription of Equity Shares in RSEPL will enable the Company to become Captive User and consume solar power generated by RSEPL. Read more

Sobha achieves sales volume worth Rs683cr in Q1FY22; Stock ends 6% up

Published on: 4:32 pm

  • Sobha has achieved a total sales volume of 895,539 square feet of super built-up area valued at Rs682.9cr for the quarter ending June 2021 (Q1FY22). Total sales volume, sale value, Sobha share of the sale value and total average price realization are up by 38%, 40%,45% and 2% respectively as compared to Q1-21.
  • During the quarter, Gurugram, Kochi, Thrissur, Pune and GIFT CITY have done quite well as compared to Ql-21 despite the impact of the COVID second wave. Bengaluru sales volume has grown by 37% as compared to Ql-21 despite the stringent impact of a covid second wave during the quarter.
  • Sobha's average cost of borrowing has further come down during the quarter. Read more

RCF settles dispute with GAIL under AMRCD mechanism for Rs87.17cr; Stock ends ~6% higher

Published on: 4:30 pm

  • Rashtriya Chemicals and Fertilizers Limited (RCF) informed the exchanges Wednesday that that dispute between Rashtriya Chemicals and Fertilizers Limited and GAIL India Limited for recovery of differential gas pricing for an amount of Rs1439.57cr filed by GAIL India Limited before IMC/ Administrative Mechanism for Resolution of CPSEs Disputes (AMRCD) for the period 2006 to 2016 has been settled under AMRCD mechanism for Rs87.17cr.
  • Accordingly, with the settlement of above said dispute, no further liability on this account exist against the company for this period.
  • Rashtriya Chemicals & Fertilizers Ltd ended at Rs86.95 per piece up by Rs4.65 or 5.65% from its previous closing of Rs82.30 per piece on the BSE. Read more

REC issues $400M worth Notes

Published on: 4:25 pm

  • REC Ltd has informed that the company has priced US$ 400,000,000, 2.75 per cent Reg. S Notes due 2027 on 6th July, 2021 under its USD 7 Billion Global Medium Term Note Programme (the “Notes”).
  • The Notes will mature on 13th January, 2027 and all principal and interest payments will be made in U.S. Dollars.
  • The settlement date for the Notes is expected to be 13th July, 2021. The Notes represent direct, unconditional and unsecured obligations of the Issuer and will rank pari passu among themselves and all other unsecured obligations of the Issuer. Read More

Govt of India meets Bangladesh Govt on the issues related to 1320MW Maitree Power project

Published on: 4:23 pm

  • Secretary (Power) Govt of India met Secretary (Power) Govt of Bangladesh today through video conferencing for the issues related to the 1320MW Maitree Power project. This meeting was convened shortly after the 8th High-Level Monitoring Committee meeting held on 17.06.2021 during which certain critical issues were identified that required to be addressed for timely commissioning of unit#1 in December 2021.
  • The meeting was attended by senior officials including the officials from the Ministry of Power (MoP), the Ministry of External Affairs (MEA), the High Commissioner of India in Bangladesh, the Department of Heavy Industries (DHI), Central Electricity Authority (CEA), NTPC Ltd. BHEL and BIFPCL. Read more

CARE upgrades credit ratings of Jindal Steel & Power; Stock ends over 2% higher

Published on: 4:21 pm

  • CARE Ratings Limited, has upgraded Jindal Steel & Power Limited's credit rating from CARE A- with a ‘Stable’ outlook to CARE A+ with a ‘Stable’ outlook on the long-term bank facilities and from ‘CARE A2+’ to ‘CARE A1+’ for short-term bank facilities of the company.
  • “The ratings are upgraded to CARE A+ with Stable outlook for long-term bank facilities and CARE A1+ for short-term bank facilities,” company said in a filing on Wednesday.
  • Jindal Steel & Power Ltd ended at Rs400.10 per piece up by Rs9.1 or 2.33% from its previous closing of Rs391 per piece on the BSE. Read more

Titan enters Q1 with a good sales momentum, logs a whopping 117% growth in revenue

Published on: 4:18 pm

  • Titan said that it entered the first quarter of FY22 with a good sales momentum. In Q1FY21, Titan recorded revenue growth of ~117% (excluding bullion sales) with a revenue contribution of approx. 50%, 10% and 40% coming from April, May and June months respectively.
  • In its regulatory filing, Titan said that the sales were hit only to a small extent until the third week of April, from the rapidly rising second wave of the pandemic, primarily due to the temporary store closures in some important states. Thereafter, most stores were shut within a short period and could re-open gradually in June only, with several restrictions on operating hours and days of the week. The sale from stores that stayed open in May was muted. Read more

Piramal Capital & Housing Finance secured NCD Public Tranche I issue opens on July 12

Published on: 4:13 pm

  • Piramal Capital & Housing Finance Limited (PCHFL), wholly-owned subsidiary of Piramal Enterprises Ltd, has announced the issue of secured, rated, listed, redeemable, non-convertible debentures of the face value of Rs1,000 each (“Secured NCDs”). The Tranche 1 Issue opens on July 12, 2021, and closes on July 23, 2021 (with an option of early closure or extension).
  • The Tranche I Issue has a base issue size of Rs200cr with an option to retain oversubscription up to Rs800cr, aggregating up to Rs1,000cr (“Tranche 1 Issue”). The NCDs are proposed to be listed on BSE and NSE (collectively, “Stock Exchanges”) with BSE as the Designated Stock Exchange for the Issue. Read More

Redington fixes August 4 as record date for bonus issue of one equity share of Rs2 each; Stock ends

Published on: 4:06 pm

  • Redington (India) Limited informed the exchanges Wednesday that the company’s Board of Directors have considered, approved, and recommended a bonus issue of one equity share of Rs2 each fully paid up for every one equity share of Rs2 each held as on the Record date decided for this purpose.
  • The record date for reckoning the eligible shareholders entitled to be allotted bonus shares has been fixed as August 20, 2021.
  • “The Bonus shares once allotted shall rank pari-passu in all respects and carry the same rights as the existing equity Shares and shall be entitled to participate in full in any dividend and other corporate action, recommended and declared after the issue and allotment of such Bonus Shares,” the company said. Read more

AksharChem (India) plans shutdown of H-Acid Plant in Mehsana district

Published on: 4:06 pm

  • AksharChem (India) Ltd has informed that the Company has planned a shutdown of H-Acid Plant at Village Indrad, Dist: Mehsana.
  • The shutdown is effective from 8th July, 2021 to carry out major repairs and maintenance.
  • The shutdown is expected to last up to 19th July, 2021.
  • On Wednesday, AksharChem (India) ended at Rs363.25 per piece down by Rs4.6 or 1.25% from its previous closing of Rs367.85 per piece on the BSE. Read more

NABARD sanctions Rs2891.15 lakh under RIDF scheme to Govt. of Goa

Published on: 4:05 pm

  • NABARD has sanctioned a loan worth Rs2891.15 lakh under the Rural Infrastructure Development Fund (RIDF) to the Government of Goa for ‘Construction of Phase II Building of Goa Dental College and Hospital, Bambolim, Goa’; said Usha Ramesh, General Manager/OiC, NABARD.
  • Usha Ramesh further stated that RIDF was instituted in NABARD with the sole objective of giving low-cost support to State Governments and State-owned Corporations for developing critical infrastructure in the agriculture & the allied sector, the social sector and rural connectivity.
  • The social infrastructure created out of the project sanctioned will be the State of the Art ‘Dental Hospital’ for major dental treatment and for overall improvement in the health standards of the people. Read more

Mastek appoints former Wipro senior exec Hiral Chandrana as Global Chief Executive Officer

Published on: 4:01 pm

  • Mastek has appointed former Wipro senior executive Hiral Chandrana as its Global Chief Executive Officer who comes with a proven track record of leading and growing Digital Transformation business. Hiral will be based out of the US.
  • “Hiral has demonstrated leadership in scaling global businesses and proven track record with the various facets of the IT Services industry. His successful global leadership experience will help us continue to deliver industry-leading growth, strengthen our global positioning around Digital Transformation and expand our capabilities in Digital & Cloud,” Mastek’s Vice Chairman & Managing Director, Ashank Desai said. Read more

ICRA continues to maintain stable outlook on banks as they are better placed in handling stress from

Published on: 3:57 pm

  • The asset quality of banks has surprised positively with decline in reported Gross NPAs and Net NPAs to 7.6% and 2.5% respectively as on March 31, 2021 compared to 8.60% and 3.0% respectively as on March 31, 2020[1]. This was despite a much lower estimates of loan restructuring at ~1.3% of advances as against 5-6% estimated earlier by us. The fresh NPA generation has also declined to Rs. 2.6 trillion (2.7% of advances) in FY2021 compared to Rs. 3.7 trillion (4.2%) in FY2020.
  • As per an ICRA, the headline asset quality numbers of banks do not reflect the underlying stress on the income and cash-flows of the borrowers impacted because of Covid-19. Various regulatory and policy measures such as moratorium on loan repayment, standstill on asset classification and liquidity extended to borrowers under Emergency Credit Line Guarantee Scheme (ECLGS) had a positive impact on reported asset quality of lenders. However, as the overdue loan book continuing to remain at elevated levels, the second wave could push some of these borrowers into NPAs in H1 FY2022. Read more

ICRA expects uptick in capital spending in the domestic cotton spinning sector from H2 FY2022 onward

Published on: 3:51 pm

  • ICRA Ratings expects an uptick in capital spending in the domestic cotton spinning sector from H2 FY2022 onwards, as improved performance in the recent quarters and limited debt-funded capital outlay over the past few years have enhanced companies’ financial flexibility in the sector.
  • Following a strong performance in Q4 FY2021 with revenues and profitability at multi-year highs, cotton spinners are expected to have sustained healthy profitability levels in Q1 FY2022 as well, even though revenues are estimated to have moderated sequentially, due to the reinstatement of lockdown restrictions which affected volumes. Read more

European markets trade higher ahead of Fed meeting minutes

Published on: 3:45 pm

  • European markets trading higher on Wednesday ahead of the release of the Federal Reserve’s minutes from its latest meeting. The pan-European Stoxx 600 climbed with basic resources gained 1.7% to lead gains as almost all sectors and major bourses entered positive territory.
  • Elsewhere in Asia, shares in Asia-Pacific were mixed in Wednesday trade.
  • U.S. stock futures retreated slightly in early premarket trade on Wednesday. Read more

Birla Tyres Chief Executive Officer Herve Richert resigns; Stock ends flat

Published on: 3:43 pm

  • Birla Tyres Limited announced Wednesday that Herve Frederic Richert has resigned from the role of Chief Executive Officer, effective from July 10, 2021.
  • “Herve Frederic Richert has vide his letter dated July 7, 2021, tendered his resignation from the position of Chief Executive Officer (CEO) of the company effective closure of business hours on July 10, 2021,” company said in a filing on Wednesday.
  • Birla Tyres Limited stock trade ended at Rs29.05 per piece up Rs0.15 or 0.52% on the BSE. It touched a high of Rs29.70 per piece after opening at Rs29 per piece on Wednesday. Read more

ISGEC Heavy Engineering's JV firm receives supply order for renewable energy project in US

Published on: 3:42 pm

  • ISGEC Heavy Engineering  Ltd JV firm Isgec Hitachi Zosen has received a prestigious order for the supply of 4 nos. Reactors of Vanadium Modified Low Alloy Steel, for a Renewable Energy project in USA.
  • The scope of work includes mechanical design, material procurement, fabrication, testing, and supply of equipment.
  • According to the filing, this is the first order for Isgec Hitachi Zosen India for supplying such Reactors to USA. The renewable energy project, which is under execution, will convert vegetable oils to synthetic transport fuels. Read More

Infosys to announce Q1 result on July 14

Published on: 3:38 pm

  • IT-major Infosys has announced that it will announce results for the first quarter ended June 30, 2021, on Wednesday, July 14, 2021, around 3:45 p.m. Indian Standard Time (IST).
  • As per the regulatory filing, following the release, the leadership team will be part of a common press conference at 4:30 p.m. IST. The participating executives will address questions from the media during this interaction, which will be streamed live on the Investor Relations section of Infosys website.
  • Also, the company will conduct a single 60-minute conference call at 6:00 p.m. IST (8:30 a.m. US ET; 5:30 a.m. PST; 1:30 p.m. London time; 8:30 p.m. Singapore/Hong Kong time) on July 14, 2021 (open to investors/analysts in all regions), where the senior management will discuss company's performance and answer questions from participants. Read more

Markets end higher led by sharp surge in metal stocks; Nifty 50 settles above 15,850

Published on: 3:37 pm

  • Domestic markets remained resilient and shrugged off weak global cues as persistent traction in financials continued to lend support to markets. Notably baring auto, most key sectoral indices traded in the green in today’s trade.
  • The S&P BSE Sensex index jumped 193.5 points or 0.37% to end the volatile session at a new closing peak of 53,055 levels while the Nifty50 settled at 15,880, up 61 points or 0.39%. Midcap and Smallcap stocks once again saw strong interest and outperformed broader indices.
  • On the sectoral front, the metal index witnessed a sharp rebound today as a strong demand environment and expectations of sustained earnings recovery attracted investors.  JSW Steel, Jindal Steel and Power (JSPL), Tata Steel Long Products, Tata Steel BSL and Jindal Stainless (Hisar) were up in the range of 2-4%. Read more

RBL Bank stock jumps 5% after Q1 deposits rise by 21% yoy to Rs74,480cr

Published on: 3:29 pm

  • RBL Bank has recorded total deposits of Rs74,480cr for the quarter ending June 2021 (Q1FY22) rising 2% qoq and 21% yoy.
  • Meanwhile, gross advances were at Rs58,755cr in the quarter under review down by 2% qoq but higher by 2% yoy.
  • CASA was at Rs25,071cr in Q1FY22 up by 8% qoq and 35% yoy.
  • CASA ratio stood at 33.7% in Q1FY22 versus 31.8% in Q4FY21 and 30.1% in Q1FY21. Read more

M&M subsidiary Erkunt to acquire Agriculture Machinery business from Turkish arm Hisarlar

Published on: 3:23 pm

  • Mahindra & Mahindra Limited informed the exchanges Wednesday that Erkunt Traktor Sanayi A.S (Erkunt)., a subsidiary of the company plans to acquire the agriculture machinery business from Hisarlar Makina Sanayi ve Ticaret Anonim Şirketi, (Hisarlar), a subsidiary of the company.
  • The company also updated that Mahindra Overseas Investment Company (Mauritius) Limited (“MOICML”), a wholly-owned subsidiary of the Company, and Erkunt has entered into an agreement for the Sale of Stake in Hisarlar.
  • “Hisarlar with its wide range of Agriculture Machinery products ranging from soil tillage to post-harvest segments is a well-known brand in Turkey. In addition, Hisarlar also serves marque customers in Europe as a supplier of fabricated metal components for Construction Equipment, Automotive, etc.” Read more

Tata Motors stock takes a breather from sharp selloff due to chip supply shortages uncertainties in

Published on: 3:06 pm

  • Tata Motors stock has finally taken a breather from its bearish tone in the second half of Wednesday's trading session. The stock trades at Rs316.80 per piece flat compared to the previous closing on Sensex at around 2.56 pm.
  • The Tata Group-led automobile flagship slipped by at least 10% on Tuesday after it announced sales figures for its luxury car brand Jaguar Land Rover (JLR) for the three months to 30 June 2021.
  • Although, Tata Motors extended its losses in the early deals of Wednesday as well as much as to touch an intraday low of Rs306.30 per piece. Read More

CARE reaffirms credit ratings of Orient Electric's bank facilities

Published on: 3:06 pm

  • Orient Electric Ltd has informed that CARE ratings reaffirmed the ratings of its bank facilities.
  • Long term bank facilities has been reaffirmed to CARE AA- with stable outlook and short term ratings has been reaffirmed to CARE A1+.
  • According to the rationale, the ratings assigned to the bank facilities of Orient continue to draw support from OEL being part of established C.K. Birla group, comfortable capital structure, and healthy debt protection metrics. Read more

Paper stocks in focus; Pudumjee Paper, Emami Paper hits 20% upper circuit

Published on: 2:58 pm

  • Shares of Paper and paper product companies in focus today as many of them up 20% and also hit a new 52-week high.
  • Shares of Pudumjee Paper Products and Emami Paper soared 20% each, with Malu Paper Mills also gained 19%. Also, stocks such as Star Paper, Orient Paper, Seshasayee Paper and Shree Rama Newsprints surged between 11-19%.
  • Among other stocks which also rose in today’s trade, includes Andhra Paper and JK Paper. Read more

Nifty Metal skyrockets over 2% on broad-based buying; NALCO surges 7%; SAIL, Tata Steel, JSPL add to

Published on: 2:47 pm

  • Metal stocks neared the record levels led by broad-based buying as June 2021 quarterly result takes centre stage. The companies have reported stable production data for June 2021 and the first quarter ending FY21 (Q1FY21) as well indicating that demand has improved and healthy earnings can be expected bolstering investors sentiments.
  • At around 2.37 pm, Nifty Metal was trading at 5,291.45 up by 118.75 points or 2.30%. The index has touched an intraday high and low of 5,297.05 and 5,124.50 respectively.
  • NALCO was the top gainer soaring by 7% followed by SAIL surging 4.6% and Tata Steel climbing 4.08%. Read More

Nifty Auto index trades flat; TVS Motor, Bajaj Auto, Maruti stocks in red

Published on: 2:36 pm

  • The Nifty Auto index is trading marginally lower in the afternoon session on Wednesday’s trade. Selling pressure seen in TVS Motor, Amara Raja, Maruti, Balkrishna, Hero MotoCorp and Bajaj Auto.
  • On the slip side, Bharat Forge stock gained over 4%, Ashok Leyland and Bosch were up nearly 1%, MRF, Eicher and Tata Motors are slightly higher.
  • On Tuesday’s trade, Tata Motors shares hit lower circuit after the company said that the ongoing global shortage in semi-conductor chips will lead to a 50% decline in production for Jaguar Land Rover (JLR) in the September quarter. Read more

Axis Bank board allots 51,627 equity shares under ESOP Scheme

Published on: 2:30 pm

  • Axis Bank has informed that the Bank has allotted 51,627 equity shares of Rs. 2/- each of the Bank on 5th July 2021, pursuant to exercise of stock options under its ESOP Scheme.
  • The paid up share capital of the Bank will accordingly increase from Rs. 613,05,37,034 (306,52,68,517 equity shares of Rs. 2/- each) to Rs. 613,06,40,288 (306,53,20,144 equity shares of Rs. 2/- each).
  • At around 2:30 PM, Axis Bank was trading at Rs760.75 per piece up by Rs2.1 or 0.28% from its previous closing of Rs758.65 per piece on the BSE. Read more

AMFI reclassify SAIL, Adani Total Gas, Chola Finance, Bank of Baroda, NMDC among others as large cap

Published on: 2:27 pm

  • The Association of Mutual Fund in India (Amfi) has reclassified a list of stocks including state-owned and private companies as large caps due to continuous record level rally in Indian markets. These companies are - NMDC, Apollo Hospitals, Cholamandalam Investment and Finance, SAIL, Bank of Baroda, Honeywell Automation and Adani Total Gas.
  • These mentioned companies have moved from midcaps space to large caps. They have replaced stocks such as PI Industries, HPCL, Indraprastha Gas, Petronet LNG, Hindustan Aeronautics and Abbott India.
  • AMFI stated that the cutoff market cap for becoming a large-cap is Rs37,746.26cr against the cap of Rs28,900.31cr as of January. Meanwhile, the cutoff in market cap to become a midcap company is Rs11,820.07cr as compared with Rs8,389.68cr. Read more

Market pulse at 2:30 PM today

Published on: 2:24 pm

  • Indices remain higher as metal stocks rally over 2% in the afternoon.
  • BSE Sensex is currently 52,967.43 up 106.25 points or 0.20%.
  • The Nifty50 is currently 15,852.25 up 34 points or 0.21%. Nifty Bank is trading up 0.42% at 35,729.25 while Mid-cap Index is up by 0.73%.
  • Tata Steel, JSW Steel, Bajaj Finserv, Hindalco, and UPL are the top gainers while Titan, ONGC, Reliance, Mahindra & Mahindra and Grasim are the top losers.
  • Nifty Metal stocks rally 2.1% while Realty, FMCG and Banking stocks are also bullish. Nifty Auto, and Media stocks remain under pressure.
  • Out of 50 stocks traded on the NSE, 30 advanced and 20 declined. Read more

Nifty Bank rallies 150 points; RBL Bank, IndusInd Bank lift performance

Published on: 2:00 pm

  • Nifty Bank stocks rose 150 points to find footing amid volatile markets after a slightly gap down start on Wednesday. On Tuesday, Bank Nifty closed higher by 387 points after being up nearly 600 points in intraday trades.
  • IndusInd Bank was the major gainer on Wednesday while Axis Bank, ICICI Bank, State Bank of India and Kotak Bank also advanced to lift performance. RBL Bank led the gains percentage-wise in the sector by surging ~4%.HDFC Bank and Kotak Bank also traded higher. 
  • The banks are announcing provisional data of the quarter ended June 30, 2021, for advances and deposits. Read more

Tanla Platforms successfully incorporates Tanla Foundation as wholly-owned subsidiary

Published on: 1:50 pm

  • Tanla Platforms Limited has incorporated a wholly-owned subsidiary “Tanla Foundation” to promote and support CSR activities of Tanla & its subsidiaries.
  • Tanla Foundation is incorporated as a not for profit Company.
  • The initial subscription by the Company does not fall within related party transactions and the Promoters and Promoter Group are not interested in the transaction, according to the regulatory filing. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is currently 52,891.99 up 30.81 points or 0.06%.
  • Nifty50 is currently 15 15,819.20 up 0.95 points or 0.01%. Nifty Bank is trading up 0.29% at 35,680.75 while Mid-cap Index is up by 0.33%.
  • Bajaj Finserv, IndusInd Bank, JSW Steel, UPL, and Tata Steel are the top gainers while ONGC, Titan, Grasim, Mahindra & Mahindra, and Maruti are the top losers. Read more

Ind-Ra affirms KEC International's commercial paper at 'IND A1+'; stock sheds 1%

Published on: 1:27 pm

  • India Ratings and Research (Ind-Ra) has affirmed KEC International Limited’s commercial paper (CP) programme at IND A1+.
  • According to the report, the CP has been carved out of KEC’s working capital limits. KEC will use the CP proceeds to meet its working capital requirements.
  • To arrive at the ratings, Ind-Ra continues to take a consolidated view of KEC and its subsidiaries in view of the strong operational and financial linkages among the entities. Read more

Nifty Realty index rises 2% in rangebound session; Sobha spikes 5%

Published on: 1:21 pm

  • The Nifty Realty stocks were in demand in an otherwise rangebound session on Wednesday’s trade. The Nifty Realty index gained nearly 2% as heavy buying witnessed in Sobha, Godrej Properties, Brigade and Oberoi Realty.
  • Sobha achieved a total sales volume of 8,95,539 square feet of super built-up area valued at Rs682.9cr in Q1FY22 against 6,50,400 square feet of super built-up area valued at Rs487.7cr sold in Q1FY21.
  • The Nifty Realty index gained 1.96% to 359.70 with the index has added 4.85% in the past four sessions. All the constituents on the realty index are in the green zone in the afternoon session. Read more

Equitas SFB deposits grow 45% yoy in Q1FY22, CASA rises 189% yoy; Stock jumps 3%

Published on: 1:18 pm

  • Equitas Small Finance Bank provisional gross advances reported 15% increase yoy to Rs17,839cr in the quarter ended June 30, 2021, compared to Rs15,1573cr in the quarter ended June 30, 2020. However, gross advances declined 0.5% qoq from Rs 17,925cr on March 31 ended in 2021.
  • Total deposits grew 45% yoy to Rs17,095cr in Q1FY22 compared to Rs11,787cr in Q1FY21 and 4% increase qoq from Rs16,392cr in Q4FY21.
  • CASA grew 189% to Rs6,794cr in Q1FY22 compared to Rs2,354cr in Q1FY21 and 21% increase qoq from Rs5,614cr in Q4FY21. CASA Ratio increased 40% in Q1FY22 compared to 20% in Q1FY21 and 34% in Q4FY21. Read more

Clean Science Tech subscribed 64% of the total issue so far on Day 1

Published on: 1:10 pm

  • Clean Science and Technology IPO was subscribed 64% on Day 1 in the early morning trade. Out of the total 1,23,02,672 shares on offer, investors bid for 80,01,872 shares.
  • The offer will be available for subscription till Friday, July 9, 2021. The price band set at Rs880-900 per share.
  • Most applications for shares came from retail investors. Read more

Zota Health Care receives product registration licenses from Cambodia Health Ministry

Published on: 12:57 pm

Zota Health Care Limited has announced that the company has received product registration licenses for below mentioned nine products from the Ministry of Health, Cambodia.
  • Folic Splash Oral Spray
  • B12 Splash Oral Spray Read more

CARE revises NACL Industries long-term bank facilities to CARE A with Stable outlook

Published on: 12:50 pm

  • CARE has revised the existing rating for long-term & short-term bank facilities Rs373.56cr of NACL Industries Limited.
  • The rating on long-term bank facilities Rs288.56cr has been revised to CARE A with a Stable outlook from CARE A- with a Positive outlook.
  • The credit rating agency has also revised short-term bank facilities Rs85cr of the company to CARE Al from CARE A2+. Read more

Nifty IT trades flat as investors bet cautiously; Coforge, LTI, Mphasis offset bears; Wipro, Infosys

Published on: 12:48 pm

  • On Wednesday, IT stocks globally are in focus. Although, in the US, the technology stocks witnessed favourable buying sentiments with Nasdaq even hitting a new record level, however, this was not the case with Asian technology stocks. The Chinese technology stocks were on a sharp free fall as authorities scrutiny in the nation’s biggest companies.
  • Back at home, Indian IT stocks are treading cautiously as June 2021 quarterly results emerge right around the corner.
  • At around 12.39 PM, Nifty IT was trading at 28,653.60 flat compared to the previous closing. The index has touched an intraday high and low of 28,790.30 and 28,381.30. Read more

Crude Oil prices pick steam; Goldman expects uncertainty in prospects of output due to collapse of O

Published on: 12:35 pm

  • Crude oil price picked up slightly on Wednesday after going through a sharp fall in the previous session as this commodity market copes with the failed cooperative agreement between the OPEC+ members over output deal. Despite nearly a week's negotiations and discussions, the OPEC+ could not have a clear deal on their production estimates for the remaining months of this year.
  • At present, Brent Crude was trading near $74.80 per barrel. While the US West Texas Intermediate (WTI) crude was near $73.70 per barrel. Both the benchmark crude rose by 0.4% each.
  • Earlier this week, due to no firm decision on the OPEC+ output deal, Brent Crude inched near $78 per barrel and WTI near $77 per barrel. Read More

Nifty FMCG index trades higher amid volatile markets; Colgate Palmolive, Emami lead gains

Published on: 12:35 pm

  • The Nifty FMCG stocks rallied to gain over 175 points amid volatile trade witnessed on Wednesday. On Tuesday the index was under pressure despite broader bullish sentiments of markets as index heavyweights HUL and Nestle weighed down the most.
  • However, on Wednesday despite a gap-down start, the index gained momentum to progress in the day. FMCG stocks are in focus ahead of June 2021 quarterly result. The sector is expected to witness a healthy Q1FY22 as demand continued to improve despite the shocks arising from the second wave of the pandemic.
  • At around 12.35 PM, the Nifty FMCG was trading at 36,413.65 up 175.15 points or 0.48%, touching a high of 36,462.55 and low of 36,105.40 during intraday trade on Wednesday. Read more

KRBL to file appeal before SC on receiving directions from Punjab PCB to restrain operations at Dhur

Published on: 12:25 pm

  • KRBL Ltd on 5th July 2021 has received the directions from Punjab Pollution Control Board wherein Punjab PCB has given directions for restraining the operations of its unit situated at Dhuri, Distt. Sangrur, Punjab in compliance to the orders dated 2nd July 2021 passed by the Hon'ble National Green Tribunal (NGT).
  • According to the regualtory filing, this order was passed ex-parte without even issuing notice to the Company.
  • In compliance with the said order Punjab PCB has constituted a committee of 6 members to review its compliance and to submit report within 10 days from the date of issuance of the directions. Read more

Market pulse at 12:30 PM today

Published on: 12:24 pm

  • Benchmark market indices in green led by realty, fmcg stocks. 
  • BSE Sensex is currently 52,951.72 up 90.54 points or 0.17%.
  • Nifty50 is currently 15,839.60 up 21.35 points or 0.13%. Nifty Bank is trading up 0.34% at 35,701.80 while Mid-cap Index is up by 0.38%.
  • Bajaj Finserv, Shree Cement, IndusInd Bank, UPL, and Divis Lab are the top gainers while ONGC, Titan, Grasim, Tata Consumer and Mahindra & Mahindra are the top losers.
  • Nifty Realty stocks are nearly 2% higher, while FMCG stocks are also bullish. Nifty Auto stocks remain under pressure.
  • Out of 50 stocks traded on the NSE, 31 advanced and 19 declined. Read more

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