Live market updates

08th Jul, 2021

TTK Prestige geared to launch over 100 new SKUs in FY22

Published on: 5:22 pm

  • TTK Prestige, chairman T. T. Jagannathan in his speech of 65th annual general meeting (AGM) said that the company is closely mapping the various geographies in the domestic market based on the infrastructure spends of the State that can generate consumption in hitherto dormant markets and is putting in place distribution efforts to reach these markets.
  • The chairman said that the company has already added over 2000 touch points in non-south geographies during FY 21 and this effort will continue in the coming years. Read more

Tasty Bite stock price crosses Rs20,000-mark; stock ends higher

Published on: 5:15 pm

  • Shares of Tasty Bite Eatables hit a record high, crossing the Rs20,000 mark in today’s trade. The stock was the biggest gainer in the BSE's 'A' group.
  • The stock of the packaged foods company surpassed its previous high of Rs19,519, touched on July 6, 2021.
  • In the past three weeks, the stock has outperformed the market and rallied 40% as compared to a 1.2% rise in the S&P BSE Sensex Read more

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Transcorp launches digital remittance portal 'Transwire.in' to facilitate outward remittances

Published on: 5:12 pm

  • Transcorp International Limited, a 27 years old Public Limited Company, and pioneer in the forex, & remittances and payments industry has announced the launching of a digital remittance portal – www.transwire.in, to facilitate outward remittances.
  • Gopal Sharma, Managing Director of the Company commented that with nearly 3 decades of dealings in cross border payments, Transcorp International Limited, is best equipped to launch digital remittance platform ‘Transwire.in’ to get transparency & ease to the customer for processing their cross border payments. Read more

Kalyan Jewellers continues robust momentum in both footfalls and revenue during Q1FY22

Published on: 5:05 pm

  • Kalyan Jewellers has announced that its overall revenue achievement in India for the June 2021 quarter was ~55% of Q1 FY 2020. While Q1 FY 2021 is not a strictly comparable period given the nationwide lockdown, revenue achievement in Q1 FY 2022 was ~190% when compared to Q1 FY 2021.
  • For India business, Kalyan said that a significant portion of our revenue for Q1 FY 2022 was booked during April, during which many of the showrooms in non-south markets either remained closed or were operating with restrictions resulting in a higher share of business accruing from south markets, as well as from the gold division. Partly as a result of this phenomenon as well as the continuing impact of the customs duty cut, the gross margin in India remained muted and below our historical levels. Read more

CDSL reaches milestone of opening 4 crore active demat accounts

Published on: 5:02 pm

  • Central Depository Services (India) Limited (CDSL), announced Thursday that it becomes the first depository to open Four crore plus (40 million) active Demat accounts.
  • The company said in a filing on Thursday, CDSL is currently the largest depository in the country in terms of active Demat accounts.
  • “I will firstly congratulate SEBI – the capital market regulator for being the visionary leader that guided us to this digital growth and safe ecosystem. It is their foresight that transited the long demat account opening procedure into an easy digital experience without compromising on the necessary controls. Our milestones are a result of the hard-work and coordination of all the market infrastructure institutions and the market intermediaries. I wish to thank the investors for choosing CDSL to be their depository. Read more

Tech Mahindra and Palo Alto Networks announces MSSP partnership

Published on: 4:55 pm

  • Tech Mahindra, a leading provider of digital transformation, consulting and business re-engineering services announced the Managed Security Services Provider (MSSP) partnership with Palo Alto Networks, a global cybersecurity leader. This agreement leads to the expansion of Tech Mahindra’s global partnership with the company to provide a full suite of Managed Security Services.
  • As a Palo Alto Networks NextWave Partner, Tech Mahindra is working towards the creation of specialized Industry solutions and IP, leveraging the best of breed Palo Alto Networks solutions covering all major security solutions towers. As an MSSP, Tech Mahindra would be able to offer complete visibility and control of the network, endpoint, and cloud security including value added services like risk assessment, posture management, workload protection, orchestration etc. to global customers. Read more

Zensar Tech subsidiary completes acquisition of M3Bi India; Stock ends higher

Published on: 4:52 pm

  • Zensar Technologies Limited’s wholly-owned subsidiary by Zensar Technologies Inc. has completed the acquisition of 100% membership interests in M3Bi India Private Limited.
  • The company further said the closing conditions for the acquisition of 100% membership interests in M3bi LLC, USA, by Zensar Technologies Inc. are underway and completion of the acquisition will be intimated by the Company, separately. Read more

Renewable capacity addition likely to improve to 11 GW in FY2022: ICRA

Published on: 4:51 pm

  • While there is a slowdown in renewable energy (RE) capacity addition to 7.4 GW in FY2021 from 8.7 GW in FY2020 amid the execution headwinds due to Covid-19, ICRA expects the capacity addition to improve to 10.5-11 GW in FY2022 led by a strong project pipeline of ~38 GW. This apart, more than 20 GW RE projects are under the tendering phase from various nodal agencies, providing visibility for capacity addition over the medium-term.
  • Commenting further, Mr. Girishkumar Kadam, Senior Vice President & Co-Group Head - Corporate Ratings, ICRA Limited, said, “The RE sector is expected to witness investments of Rs. 3.5 trillion over the next four years, increasing the share of RE capacity to 34% of the overall installed capacity by March 2025 from 25% as of March 2021 led by the solar power segment. However, the delays in signing of PPAs/PSAs as observed in the past and cancellation of bids owing to expectations of a reduction in tariff rates remains a key challenge. Nonetheless, given the expected rise in solar bid tariffs in the upcoming auctions amid the rise in module prices and imposition of basic customs duty (BCD) on imported solar PV cells & modules from April 2022, progress is expected in signing of PPAs/PSAs for the earlier awarded tenders by the central intermediate procurers.” Read more

NIIT partners with Axis Bank to launch Digital Banking Academy

Published on: 4:45 pm

  • NIIT Institute of Finance Banking and Insurance (NIIT IFBI) - a subsidiary of NIIT Limited, and Axis Bank, third largest private sector bank in India, have launched a FinTech Professional Programme under the Axis Bank - NIIT Digital Banking Academy.
  • The course is designed to build future ready FinTech Professionals for Axis Bank.
  • The FinTech Professional Programme is the first programme being launched under this Academy and offers graduates with 0-3 years of experience an opportunity to join Axis Bank as Deputy Manager (IT). Read more

European markets trade lower; Dow futures drop 500 points

Published on: 4:31 pm

  • European markets were trading lower amid a more cautious turn in global sentiment. The pan-European Stoxx 600 fell with basic resources dropping 2.7% to lead losses as all sectors and major bourses slipped into negative territory.
  • Also, U.S. stock indexes fell on concern about the global economic comeback from Covid-19. Dow futures dropped 506 points or 1.5% with losses increasing throughout the overnight session. S&P 500 futures also lost 1.5% and Nasdaq 100 futures fell 1.4%.
  • Meanwhile, the 10-year U.S. Treasury yield fell to its lowest point since February. Read more

Shriram Transport Finance to allot 17,36,100 equity shares and 17,36,100 warrants

Published on: 4:31 pm

  • Shriram Transport Finance Company Limited informed the exchanges Thursday that the Securities Issuance Committee authorized by the Board of Directors of the Company has at their Meeting on. July 8, 2021, approved allotment of 17,36,100 Equity Shares of the company, fully paid-up, at a price of Rs1,440/- per equity share including a premium of Rs1,430/- per equity share, aggregating up to ~Rs250cr.
  • It also approved allotment 17,36,100 Warrants convertible into 17,36,100 Equity Shares at a price of Rs1,440/- each, aggregating up to Rs250cr to Shriram Capital Limited, Promoter of the Company. Read more

AksharChem (India) starts commercial production of precipitated Silica at Dahej unit

Published on: 4:30 pm

  • AksharChem (India) Ltd has informed that their greenfield manufacturing plant of the Company, to produce Precipitated Silica situated at Dahej, Gujarat has successfully completed and commercial production has commenced from 8th July, 2021.
  • The company is classified as Non-govt company and is registered at Registrar of Companies, Ahmedabad. Read more

FinMin clarifies on reports relating to the freezing of Indian assets in France

Published on: 4:24 pm

  • The Ministry of Finance has clarified on reports claiming that Cairn Energy has seized/ frozen State-owned property of the Government of India in Paris. The Ministry has stated that the Govt. of India has not received any notice, order or communication, in this regard, from any French Court.
  • FinMin added, "Government is trying to ascertain the facts, and whenever such an order is received, appropriate legal remedies will be taken, in consultation with its Counsels, to protect the interests of India."
  • The government has already applied on March 22, 2021, to set aside the December 2020 international arbitral award in The Hague Court of Appeal. The government of India will vigorously defend its case in Set Aside proceedings at The Hague. Read more

HAM road execution largely on track, but projects of weak sponsors a concern: CRISIL Ratings

Published on: 4:23 pm

  • Execution of hybrid annuity model (HAM) projects, which is the preferred mode of awarding by the National Highways Authority of India (NHAI), is largely on schedule. About 60% of the projects covering ~3,200 km of roads are either completed or being executed on time. Rest of the projects are delayed largely due to weak sponsors.
  • Many NHAI HAM projects are set to become operational in the near term. Their credit profiles will improve significantly because of reduced implementation risk and healthy cash-flow visibility, backed by strong counterparties. This will enhance the refinancing ability of the projects.
  • CRISIL Ratings has analysed all the HAM road projects awarded between fiscals 2016 and 2018, spanning 5,400 km, as the bulk of execution should have ideally taken place in these projects. Read more

Rico Auto increases shareholding to 100% in subsidiary Rico Investments

Published on: 4:18 pm

  • Rico Auto has announced that the company purchased 12,00,000 equity shares having a face value of Rs.10/- of its Subsidiary Company namely Rico Investments Limited (RIL) from its existing shareholders at a price of Rs10.00 per share.
  • After this purchase, the Company holds the entire (100%) Equity Share Capital of RIL and consequently, RIL has now become a Wholly owned subsidiary of Rico Auto Industries Limited. Read more

Petrol price cost at Rs106.59 per litre in Mumbai; CNG, PNG prices hiked in NCR

Published on: 4:18 pm

  • The price of petrol and diesel increased for the second consecutive day. In Delhi, petrol price touched to an all-time high of Rs100.56, while diesel retails at Rs89.62.
  • In Mumbai, where the price of petrol was being sold at over the Rs100-a-litre mark since May 29 and today petrol price cost Rs106.59 a litre and diesel to Rs97.18 per litre.
  • Whereas other metro cities, in Kolkata, now have to shell out Rs100.62 for a litre of petrol and Rs92.65 per litre for diesel. Petrol in Chennai increased to Rs101.37 per litre, while diesel reached Rs94.15 per litre. Read more

Kopran expects impact on Q1 results due to delay in expansion of Mahad facility

Published on: 4:12 pm

  • Kopran Research Laboratories Ltd., a wholly-owned subsidiary of Kopran Limited has undertaken expansion and upgradation of various Plants at its Active Pharmaceutical Ingredients facility at Mahad since March 2021.
  • Due to the onset of the second wave of the Pandemic, the expansion work was delayed, especially because of non-availability of Workers and Industrial Oxygen, company mentioned in a regulatory filing. Read more

Ajooni Biotech along with IFFCO KISAN records highest sales turnover of 2600MT in June 2021

Published on: 4:10 pm

  • Ajooni Biotech has announced that it recorded the highest sales of approximately 2600MT in June 2021 in collaboration with IFFCO KISAN.
  • In its regulatory filing today, Ajooni said, "We hereby wish to update that our company in collaboration/ partnership with IFFCO KISAN, joint efforts of both the companies has achieved and recorded the highest sales turnover of approx. 2600 MT in the month of June 2021." Read more

Larsen & Toubro Infotech completes acquisition of 100% stake of Cuelogic Technologies

Published on: 4:03 pm

  • Larsen & Toubro Infotech (LTI) has completed the acquisition of a 100% stake of Cuelogic Technologies Private Limited (‘Cuelogic’).
  • Consequently, Cuelogic is now a wholly-owned subsidiary of the Company and Cuelogic Technologies Inc., US is now a wholly-owned step-down subsidiary of the Company.
  • Last month, LTI signed a  definitive agreement for the acquisition of Cuelogic along with its 100% subsidiary in the US, Cuelogic Technologies, Inc. Read more

CARE reaffirms rating on Shree Cement's Rs400cr commercial paper at 'A+'

Published on: 3:56 pm

  • Care Ratings has reaffirmed its rating on Shree Cement's commercial paper. The rating reaffirmed to "CARE A+".
  • The commercial paper is worth Rs400cr.
  • On Sensex, Shree Cement finished at Rs27523.95 per piece flat compared to the previous closing. Read more

Ashok Leyland appoints Dr Andrew C Palmer as Additional Director

Published on: 3:53 pm

  • Ashok Leyland said in the regulatory filing that it has appointed Dr. Andrew C Palmer as an Additional Director (non-Independent) on the Board of Directors of the Company, subject to the approval of the shareholders at the ensuing Annual General Meeting.
  • “We wish to inform you that based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors of the Company through circular resolution, the Company has appointed Dr. Andrew C Palmer (DIN: 02155231), as an Additional Director (non-Independent) on the Board of Directors of the Company, subject to the approval of the shareholders at the ensuing Annual General Meeting,” Ashok Leyland said in the filing. Read more

Income Tax completes search operations on Ramky Group; Stock ends 5% lower

Published on: 3:51 pm

  • Ramky Infrastructure Limited updated the exchanges Thursday that the Search was conducted by Income. Tax Department on Ramky Group Companies has concluded on July 8, 2021.
  • The company will await the final Investigation report from the authorities.
  • The Income Tax Department reportedly raided Ramky's office in Hyderabad. The raids were being carried out to check whether the losses shown by the group companies of Ramky were genuine or not. Read more

ICICI Lombard receives IRDAI approval to exercise Call Option on Rs485cr worth debentures on July 28

Published on: 3:49 pm

  • ICICI Lombard General Insurance Company has received IRDAI approval for exercising Call Option on the Debentures in full along with the final interest due on July 28, 2021.
  • Earlier, ICICI Lombard had issued 4,850 – 8.25% Unsecured, subordinated, fully paid-up, listed, redeemable and NonConvertible Debentures of the face value of Rs10 lakh each at par, aggregating to Rs485cr on a private placement basis constituting the subordinated debt of the Company on July 28, 2016 (“date of allotment”). Read more

Bank of Maharashtra keeps MCLR rate unchanged

Published on: 3:36 pm

  • Bank of Maharashtra has reviewed its Marginal Cost of Funds Based Lending Rate (MCLR). The lender has decided to keep the rates unchanged.
  • The one-year MCLR is at 7.30%, while the benchmark interest rate for six months is 7.25%.
  • 7.2% is set as MCLR on three month period. Read more

NIIT fixes July 20 as record date for dividend of Rs2.50 per share

Published on: 3:30 pm

  • NIIT Limited informed the exchanges Wednesday that a dividend of Rs2.50/- per equity share by the Board of Directors of the company, is subject to the approval of members at the 38th Annual General Meeting (AGM) to be held on August 5, 2021.
  • The record date for the purpose of Dividend is July 20, 2021.
  • The said dividend once approved at the AGM, will be paid to those members whose names will appear on the Register of Members or in records of the Depositories i.e. National Securities Depository Limited and Central Depository Services (India) Limited as beneficial owners of the shares as on Tuesday, July 20, 2021. Read more

Dr Peter Blauwhoff decides to step down as Independent Director of Tata Steel effective July 13

Published on: 3:26 pm

  • Tata Steel has announced that Dr Peter Blauwhoff has conveyed his intention to step down as Independent Director of the  Company effective July 13, 2021.
  • Blauwhoff's reason for resignation is that since Tata Steel Limited has indicated that after the separation of TSN and TSUK, for which the consultation process with the Central Works Council started last week, it prefers direct Executive representation from Tata Steel in the Supervisory Board of TSN.
  • "I have come to this decision since Tata Steel Limited has indicated that after the separation of TSN and TSUK, for which the consultation process with the Central Works Council started last week, it prefers direct Executive representation from Tata Steel Limited in the Supervisory Board of TSN," Blauwhoff added. Read more

Transformers and Rectifiers (India) receives certificate of Two Star Export house status

Published on: 3:24 pm

  • Transformers and Rectifiers (India) Limited stocks are in fast lane on Thursday as it has received status of Two Star Export house from Directorate General of Foreign Trade upgrading from one Star Export House.
  • Commenting on the occassion company said, "Change of upgraded Export status is our consistent efforts on supply of quality goods & services to various countries in the world." Read more

Markets close lower; Banking stocks underperformed

Published on: 3:18 pm

  • Markets witnessed a volatile day of trade, as across the board selling frenzy was witnessed throughout the day.
  • Bank Nifty underperformed the Nifty index by ~0.3%, with both the indices closing lower by ~1.3%/1%. Banking heavyweights were among the top laggards as stocks like ICICI Bank, Axis Bank, Kotak Bank & SBI witnessed an unwinding of long positions.
  • Nifty Midcap 100 index closed ~0.4% lower. Read more

Securekloud Tech-led Healthcare Triangle attains Google Cloud Affiliate status

Published on: 3:17 pm

  • Securekloud Technologies has announced that subsidiary Healthcare Triangle Inc. (HTI) has attained Google Cloud Affiliate status based on its success in building, testing and deploying cloud applications on Google’s highly scalable and reliable cloud infrastructure.
  • “We’re excited to deepen the relationship between Healthcare Triangle and Google Cloud through our Google Cloud Affiliate status,” says Suresh Venkatachari, CEO of HTI. “This partnership facilitates access to the latest cloud computing, storage and application services available through Google Cloud for our clients. It provides a solid foundation for cloud-based web, mobile and backend solution combined with the demonstrated cloud operations and management expertise for which HTI is well-known.” Read more

Bajaj Healthcare gets license from DRDO for manufacture and sale of 2-Deoxy-D-Glucose; stock soars 7

Published on: 3:09 pm

  • Bajaj Healthcare Limited (BHL) a leading manufacturer of APIs, Intermediates and Formulations, has received a licence from DRDO to Manufacture and Market “2-Deoxy-D-Glucose” (2-DG) as approved medication for the treatment of COVID-19 patients
  • Commenting on the license received from DRDO for “2-Deoxy-D-Glucose”, Mr. Anil Jain, Joint Managing Director, Bajaj Healthcare said “We are pleased to add 2-Deoxy-D-Glucose to our growing product portfolios after receiving a license from DRDO. The second wave of coronavirus is more aggressive and bigger in number than the first. Our country medical infrastructure is really struggling with scarcity of oxygen capacities.” Read more

Dr Reddy's Lab to present Q1 result on July 27

Published on: 2:55 pm

  • Dr Reddy's Laboratories has scheduled July 27 as the date for announcing its financial performance for the quarter ending June 2021.
  • Following the release of the result, the management of the Company will host an earnings call to discuss the Company's financial performance.
  • At around 2.50 PM, Dr Reddy's was trading at Rs5460.80  per piece down by Rs100.20  or 1.80% on Sensex. Read more

Nifty IT trades cautiously ahead of TCS Q1 result; Mindtree, Infosys top laggards; Coforge top gaine

Published on: 2:55 pm

  • The Nifty IT traded on a cautious note with technology giants lining up to announce their financial performance for June 2021 (Q1FY22) quarter. Tata Consultancy Services (TCS) will be the first one in the sector to present the Q1 result later today. The June quarter will continue to move markets sentiment. The Nifty IT index was broadly in the red but the downside was at a slower pace.
  • IT stocks will be in focus this month as apart from TCS its peers Infosys and Wipro have also lined up for announcing their Q1 results later next week.
  • At around 2.55 PM, Nifty IT was performing at 28,690.35 down by 44.30 points or 0.2%. The index has touched an intraday high and low of 28,934.45 and 28,541.95 respectively. Read more

Wipro to announce its June 2021 quarterly result on July 15

Published on: 2:53 pm

  • Wipro has set July 15, 2021, as the date for announcing its financial performance for the quarter ending June 2021 (Q1FY22).
  • In its regulatory filing, Wipro said that it "will announce results for the first quarter ended June 30, 2021, on Thursday, July 15, 2021, after stock market trading hours in India. The results will be available in the Investors section of the company’s website."
  • At around 2.42 PM, Wipro was trading at Rs530 per piece down by 0.4% on Sensex. The stock has touched an intraday high and low of Rs536.95 per piece and Rs528.20 per piece respectively. Read more

Concentrated Solar Thermal testing facility at Hyderabad to give further fillip to India’s growing s

Published on: 2:53 pm

  • Ministry of Science & Technology has  updated that a newly established Concentrated Solar Thermal (CST) based test rig facility at Hyderabad can help the growing solar industry in India to test capability and performance of solar thermal components like solar receiver tubes, heat transfer fluids, concentrating mirrors.
  • The facility set up by the International Advanced Research Centre for Powder Metallurgy and New Materials (ARCI), an autonomous institute of the Department of Science & Technology (DST), will validate solar thermal components such as solar receiver tubes, heat transfer fluids, concentrating mirrors, and AR coated glass tubes, etc. of the CST system in field conditions. Read more

Natco Pharma stock extends loss as Delhi HC upholds interim injunction plea of FMC Corp

Published on: 2:39 pm

  • Natco Pharma continued to witness selling pressure even on Thursday's trading session after the Delhi High Court allowed the interim injunction application of FMC Corporation on Chlorantraniliprole (CTPR).
  • At around 2.34 PM, Natco is trading at Rs1064.75  per piece down by 2.07% on Sensex. The stock has touched an intraday low of Rs1060 per piece in the early deals.
  • Natco has dived by as much as 7% on Wednesday after the Delhi HC orally pronounced judgment in the interim injunction application filed by FMC Corporation on CTPR. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices are at day’s low amid broad-based selloff.  Metal, Pharma, Auto, Banking stocks drag
  • BSE Sensex is currently 52,512.36 down 542.4 points or 1.02%.
  • Nifty50 is currently 15,711.95 down 167.70 points or 1.06%. Nifty Bank is trading down 1.47% at 35,246.65 while Mid-cap Index is down by 0.92%. Read more

Brickwork reaffirms ratings on Natraj Proteins bank loan facilities

Published on: 2:20 pm

  • Brickwork Ratings reaffirms the ratings for the Bank Loan Facilities of Rs45.50cr of Natraj Proteins Ltd.
  • Long term ratings has been reaffirmed to BWR BB with stable outlook and short term rating reaffirmed to BWR A4.
  • According to the rationale, BWR has considered the audited financial statements upto FY2020, published provisional financials till December, 2020, projected financials upto FY23 and publicly available information and clarifications provided by the Company’s  management. Read more

Nifty Auto sheds 1% amid broad-based selloff; Tata Motors extend loss; Bosch, TVS Motor drag too

Published on: 2:10 pm

  • Nifty Auto declined 1% amid broad-based selloff in the broader markets led by over 2% fall in metal stocks. Tata Motors continued to remain under pressure for the third consecutive day. Bosch also tanked over 1.5%. Bajaj Auto gained nearly 1% to buck the trend in the sector.
  • Many auto companies have been updating the provisional quarterly performance and investors are keenly following that. On Thursday, the index opened on a bleak note amid weak global cues and continued to drop during volatile trade.
  • At around 2.10 pm, Nifty Auto was trading at 10,433.75 down 118.75 points or 1.13%, after touching a high of 10,558.25 and low of 10,425.95 during intraday trade. Read more

Matrimony.com stock surges 2% after signing an agreement to buy 100% ShaadiSaga

Published on: 1:56 pm

  • Matrimony.com has signed definitive agreements to acquire a 100% stake in Boatman Tech Private Limited, promoters of ShaadiSaga.com (a Delhi-based fast-growing online wedding services company) as approved by its Board of Directors. The transaction is subject to customary closing conditions and regulatory approvals.
  • Murugavel Janakiraman, Chairman and Managing Director of Matrimony.com Limited said, "Wedding Services has immense potential to create a big impact with our customers. With this strategic acquisition, we will accelerate our growth through supply enhancement and superior product capabilities. We intend to integrate ShaadiSaga's product, technology and social media assets with our offerings i.e., WeddingBazaar.com and Mandap.com. With this approach, we believe that this deal will significantly strengthen the positioning of Wedding Bazaar.com and Mandap.com in the industry and will enable both brands to become the #1 wedding services brands pan India". Read more

IndusInd Bank ties with Tata Power-Odisha Govt led joint venture to launch a fully digital payment n

Published on: 1:47 pm

  • IndusInd Bank has partnered with TP Central Odisha Distribution Limited (TPCODL) - a joint venture between TATA Power and the Government of Odisha to introduce a fully digital network for facilitating electricity bill payments across 300 semi-urban and rural regions in the state.
  • Roopa Satish, Head – Corporate & Investment Banking, CSR & Sustainable Banking, IndusInd Bank said, “IndusInd Bank has over 20 lakh customers based in rural and semi-urban locations of Odisha. Majority of them had to spend a lot of time and effort traversing long distances to make utility bill payments. Keeping this in view, we are delighted to partner with TP Central Odisha Distribution Limited to facilitate electricity bill payments in a fully digital manner, through our vast network of Bharat Money Stores. We believe this will offer immense convenience to our rural customers as they will now be able to simply walk into their nearest Kirana shop and make payments in a seamless manner. We look forward to co-creating more such initiatives in the near future for our customers.” Read more

CARE upgrades long-term rating of Garware Hi-Tech Films bank facilities to A+; Stock up 1%

Published on: 1:46 pm

  • CARE Ratings Limited has upgraded its rating and outlook regarding the bank facilities of Garware Hi-Tech Films Limited. The rating on long-term bank facilities Rs422.08cr (enhanced from Rs369.81cr) has been upgraded to CARE A+ from CARE A while outlook has been revised to Stable from Positive.
  • The credit rating agency also reaffirmed CARE Al rating on company’s short-term bank facilities Rs198.19cr.
  • “The revision in the ratings assigned to the bank facilities of Garware Hi-Tech Films Limited (GHFL; erstwhile known as Garware Polyester Limited) factors in the overall business risk profile driven by healthy topline growth and improved PBILDT margins backed by improved product mix and healthy capacity utilisation. Read more

Ducon Infratechnologies gains 5% on emerging lowest bidder for NTPC's FGD project

Published on: 1:40 pm

  • Ducon Infratechnologies Limited, one of the leading EPC companies has announced that in a reverse auction conducted for Flue Gas Desulphurization System (FGD) packagefor Muzaffarpur Thermal Power Station, Stage – II ( 2 x 195 MW), Kanti, Bihar by NTPC, where Ducon’s proven Wet Limestone FGD technology would be deployed, its partner EPC Organization, has emerged as the lowest bidder (L-1).
  • Ducon opted to bid this project in collaboration with an EPC partner in order to optimize its available resources on the maximum number of FGD packages.
  • Ducon Infratechnologies would be supporting Ducon US and would be extensively involved in the execution of the project from concept to commissioning. The anticipated value of the order for Ducon Infratechnologies is in the range of INR 100 – 150 Crore. Read more

Centre releases revenue deficit grant of Rs9,871cr to 17 states

Published on: 1:37 pm

  • The Department of Expenditure, Ministry of Finance has released the fourth monthly instalment of Post Devolution Revenue Deficit (PDRD) Grant of Rs9,871cr to the States. With the release of this instalment, a total amount of Rs39,484cr has been released to eligible States as Post Devolution Revenue Deficit Grant in the current financial year.
  • According to the ministry data released today, the Post Devolution Revenue Deficit Grant is provided to the States under Article 275 of the Constitution. The grants are released as per the recommendations of the Fifteenth Finance Commission in monthly instalments to meet the gap in Revenue Accounts of the States post-devolution.  The Commission has recommended PDRD grants to 17 States during 2021-22. Read more

Fitch: Indian Banks improved FY21 performance is in contrast to stress evident from extension of Cov

Published on: 1:32 pm

  • Fitch Ratings in its latest report said that  Indian banks' improved performance for the financial year ended March 2021 (FY21) is in contrast to the stress evident from the extension of Covid-19 related relief measures to borrowers.
  • According to the rating agency, private banks' considerably better performance than state banks has positively influenced banking system aggregates in addition to deferred recognition of stressed assets that has masked the stress. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • Equity benchmark indices trading down nearly 1% amid weak global cues. BSE Sensex is at 52,709.54 down 345.22 or 0.65%.
  • The Nifty50 is at 15,765.35 down 114.30 or 0.72%. The Nifty Bank is trading down 0.80% at 35,486.55 while Mid-cap Index is down by 0.30%.
  • Bajaj Auto, Shree Cement, NTPC, Tech Mahindra, and IndusInd Bank are the top gainers while Tata Motors, Hindalco, JSW Steel, HUL, and Tata Steel are the top losers. Read more

Alicon Castalloy board approves issue of 5,32,860 equity shares on preferential basis

Published on: 1:25 pm

Alicon Castalloy Ltd has informed that the Board of Directors of the Company on 7th July, 2021, have inter-alia transacted the following business : -
  • Approved the issue of 5,32,860 Equity Shares of Rs.5/- each on preferential basis at Rs.563/- (Rs.5/- towards face value and Rs.558/- toward security premium) to the Promoters and foreign collaborators as under: Read more

Tata Motors Group global wholesales rise 134% yoy to 2,14,250 in Q1FY22

Published on: 1:16 pm

  • The Tata Motors Group global wholesales in Q1 FY22, including Jaguar Land Rover, were at 2,14,250 nos., higher by 134%, as compared to Q1FY21.
  • Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range in Q1FY22 were at 52,470 nos., higher by 355%, over Q1FY21.
  • Global wholesales of all passenger vehicles in Q1 FY22 were at 1,61,780 nos., higher by 102% as compared to Q1 FY21. Read more

Nifty Pharma sinks 1% amid fragile markets; Sun Pharma, Cipla drag

Published on: 1:05 pm

  • Nifty Pharma sank 1% amid bearish markets on Thursday. The Index after a gap-down in the early trade struggled to recover.  Sun Pharma and Cipla were the big laggards while Alkem Lab was the only company in the pharma sector to trade in the green.
  • At around 1.05 pm, Nifty Pharma was trading at 14,312.40 down 140.80 points or 0.97%, after touching a high of 14,484.30 and low of 14,308.70 during intraday trade.
  • BSE Sensex was trading at 52,649.15 down 405.61 points or 0.76% and Nifty50 at 15,747.75 down 131.90 points or 0.83% Read more

Ind-Ra assigns Hindalco Industries’ commercial paper at 'IND A1+'; Stock tumbles 3%

Published on: 1:04 pm

  • India Ratings and Research (Ind-Ra) has rated Hindalco Industries Limited’s (Hindalco) commercial paper (CP) programme at 'IND A1+'.
  • To arrive at the ratings, Ind-Ra has taken a consolidated view of Hindalco and its subsidiaries, considering the strong strategic and operational interlinkages among them.
  • The rating factors in Hindalco's strong global market competitiveness, its first quartile cost position for Indian operations and resilient profitability, supported by its vertically integrated domestic operations and a large mix of value-added product sales in its 100% step-down subsidiary, Novelis Inc. Read more

Nifty Metal nosedives 1.5% on broad-based selloff; Welspun Corp top gainer; SAIL, Hindalco, JSPL dra

Published on: 12:55 pm

  • Metal stocks in Indian benchmarks were in a sharp selloff on Thursday amid a lacklustre performance witnessed in base metal prices after the US Federal Reserve in its last minutes indicated sooner-than-expected tapering. The minutes strengthened the dollar index against a basket of currencies that threatened liquidity into financial assets. Nifty Metal emerged as the top bear on the benchmark Nifty 50.
  • At around 12.50 pm, Nifty Metal was trading at 5,210 down by 76.45 points or 1.5%. The index has touched an intraday high and low of 5,294.50 and 5,206.65 respectively.
  • On the index, Welspun Corp surged by 1.4% while NMDC soared 0.5%. Ratnamani traded flat. Read more

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