Live market updates

12th Jul, 2021

Salzer Electronics forays EV biz, forms a JV with Kostad Steuerungsbau GmbH

Published on: 5:14 pm

  • Salzer Electronics has announced its joint venture with Kostad Steuerungsbau GmbH to manufacture DC Fast charging stations for electric vehicles (EV). The JV will engage in the manufacturing of DC Fast charging stations for electrical Cars, Trucks & Buses, and components and systems thereof, in India.
  • Salzer will form a joint venture company named Salzer Kostad EV Chargers Pvt Ltd, with Austria-based company Kostad Steuerungsbau GmbH (Kostad). Read more

TCS recognized as Leader in IT Managed Security Services by Everest Group

Published on: 5:12 pm

  • Tata Consultancy Services (TCS) has been positioned as a Leader in the Everest Group PEAK Matrix for IT Managed Security Services (MSS).
  • According to the report, TCS has been able to garner significant enterprise mindshare due to its extensive focus on leveraging AI/ML and automation underpinned by strategic investments in platformized threat intelligence services, intelligence-driven Security Operations Center and co-innovation network.
  • The report goes on to say that TCS is vendor-agnostic with its Cyber Vigilance Platform capable of integrating with the client’s existing investments in tools and technologies. Read more

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Dhanuka Agritech launches novel herbicide 'TORNADO' for Indian farmers

Published on: 5:02 pm

  • Dhanuka Agritech has launched a novel herbicide for Indian farmers, TORNADO a comprehensive solution for weeds in Oilseeds crops. The much-awaited product, TORNADO took its first digital imprint in a pan-India launch on July 10.
  • As per the regulatory filing, for long farmers have been facing huge challenges in crops due to multiple weed growth. These weeds, infest crops and compete for moisture, sunlight & soil space. Weeds either give shelter to various insects, pests and diseases or serve as alternate hosts, while the crop is unable to get proper nutrients. Dhanuka understood this problem and is launching TORNADO for the farmers to make their life easy and give complete protection to their crops from unwanted weeds. Read more

JSW Energy commences commercial operation of 1,045 MW Karcham Wangtoo Hydro Electric Power Plant

Published on: 4:56 pm

  • JSW Energy has announced that Karcham Wangtoo Hydro Electric Power Plant owned by JSW Hydro Energy has commenced a commercial operation of 1,045 MW.
  • The company said that this capacity uprating is a significant boost to the earnings potential of this key asset of JSW Energy.
  • JSW Energy has a power generation capacity of 4,559 MW with a portfolio of Hydel, Renewables and Thermal. Read More

Petrol touches record high; petrol cost Rs107 a litre in Mumbai

Published on: 4:56 pm

  • The Petrol prices were hiked on Monday whereas diesel prices were reduced after two months, according to a price notification by state-owned fuel retailers. In the national capital, the petrol price rose 28 paise while that of diesel slipped 16 paise.
  • According to the Indian Oil Corporation’s website, petrol price in Mumbai stands at Rs107.20, while diesel costs Rs97.29, whereas petrol in Delhi retailing at Rs101.19 a litre while diesel is selling at Rs89.72.
  • Chennai also saw an increase in petrol prices by 25 paise, but the diesel price decreased by 15 paise. The petrol price reached Rs101.39 per litre with an increase of 34 paise in Kolkata from the previous day price of Rs101.05 per litre. Diesel price decreased by 15 paise to reach Rs92.86 per litre. Read More

Expleo Group to consolidate entire India Business under Expleo Solutions; Stocks hit 52-week high

Published on: 4:55 pm

  • Expleo Solutions Limited has informed that the Board of the company and Expleo India Infosystems has announced a Scheme of Amalgamation involving Merger of EIIPL (including its subsidiaries and stepdown subsidiary) into ESL.
  • Pursuant to the above restructuring, ESL shall issue 459 fully paid-up equity shares of INR 10 (Indian Rupees Ten) each of ESL for every 10 equity shares of INR 10 (Indian Rupees Ten) each held in EIIPL.
  • The contemplated consolidation of the Group Businesses in India in a single listed entity - ESL is expected to enhance business focus, improve synergies and will pave the way for focused growth and sustained value creation for all the stakeholders over a period of time. Read More

Ugar Sugar Works to set up a 200 KLPD distillery with an investment of Rs151cr; Stock ends at 5% upp

Published on: 4:46 pm

  • Ugar Sugar Works has decided to set up a 200 KLPD distillery at its Ugar Plant at Ugar Khurd. The company expects to conduct a trial during this crushing season. On Monday, the company's stock locked on the upper circuit on Sensex.
  • The company plans to make an investment of Rs151cr for the expansion. The total will comprise Rs113.10cr of bank loans and Rs37.90cr of internal accruals.
  • In its regulatory filing, the company said that this project announced is in line with the policy of the Government of India for an increase in the blending of ethanol in fuel. Read more

Quess Corp increases stake in Stellarslog Technovation to 33.33% by investing Rs3.20cr

Published on: 4:41 pm

  • Quess Corp Limited increased its stake in Stellarslog Technovation from 16.12% to 33.33% by investing Rs3.20cr. The company said on Friday that this was the second tranche investment by way of fresh issuance of 61,569 equity shares at a price of ~Rs520 per share.
  • “This Investment will strengthen Quess’ presence in the digital gig economy and enable it to serve the demand for flexible gig workers from existing and new clients,” company said in a filing.
  • Quess Corp Ltd ended at Rs809.85 per piece down by Rs4.4 or 0.54% from its previous closing of Rs814.25 per piece on the BSE. Read more

Compucom Software receives LoI worth Rs58.40 lakh; Stocks ends higher

Published on: 4:38 pm

  • Compucom Software Ltd has informed that the Company has won a tender and received a Letter of Acceptance for IT Enablement of PESA/FRA Acts with other schemes for Tribal Area Development (TAD) Department, Government of Rajasthan and Operations & Maintenance Services for a period of Six Months from RISL worth Rs58.40 Lakh inclusive all incident charges and taxes and excluding GST.
  • Compucom Software is a multi-million dollar IT company that started its Indian operations in 1994.
  • It is a technology managed services provider and product reseller headquartered in Fort Mill, South Carolina, a southern suburb of Charlotte, North Carolina. Read more

Zota Health Care installs new tablet section machine at Surat Special Economic Zone plant

Published on: 4:30 pm

  • Zota Health Care has installed a new tablet section machine at the company's manufacturing plant situated at Surat Special Economic Zone.
  • In its regulatory filing on NSE, Zota said that with an increasing number of product registrations in various foreign countries, the flow of orders shall be increased gradually and the existing capacity for manufacturing of General tablets will be fully utilized. Hence, to cater for the demand of new markets the Company has decided to enhance the existing capacity by installing a new tablet section machine.
  • The company plans to complete the addition of the capacity by end of July 2021. Read more

Equitas SFB hits record high after RBI approves to apply for scheme of amalgamation

Published on: 4:27 pm

  • Equitas Small Finance Bank share hit record high on Monday after the bank received the Reserve Bank of India's permission to apply for a scheme of amalgamation.
  • The Bank stock ended at Rs69.85 per piece up Rs4.75 or 7.30% on the BSE after hitting 52-week of Rs76.75 per piece early on.
  • “A promoter of Small Finance Bank (SFB) can exit or to cease to be a promoter after the mandatory initial lock-in period of five years depending on the RBI’s regulatory and supervisory comfort and SEBI Regulations in this regard at that time. Read more

Steep climb ahead to achieve the target of Housing for All by 2022: ICRA

Published on: 4:25 pm

  • The report was released by ICRA in the context of The Pradhan Mantri Awas Yojna (PMAY). According to the report PMAY was launched in 2015, through which the Government of India had set a target of constructing 50 million new housing units by 2022, of which 30 million units are proposed to be constructed in the rural areas (through PMAY-Rural) and 20 million in the urban areas (through PMAY-Urban).
  • However, the actual implementation has fallen below the scheduled targets and would require a substantial push going forward.
  • Subsequently, the Government has fundset a scaled down near-term target of 21.4 million under PMAY-R and 11.2 million units under PMAY-U by 2022. Read More

Sovereign gold bond opens today; Issue price fixed at Rs4,807/gm

Published on: 4:25 pm

  • According to the RBI statement, the issue price for Sovereign Gold Bond Scheme 2021-22, which will open for subscription for five days from today.
  • The issue price has been fixed at Rs4,807 per gram of gold, the Reserve Bank of India said on Friday.
  • The Sovereign Gold Bond Scheme 2021-22 - Series IV or the fourth tranche will be open for subscription from July 12 - 16, 2021. Read more

Concor records 35.35% yoy rise in volumes handled during Q1FY22; Stock ends 2% up

Published on: 4:17 pm

  • Container Corporation of India (Concor) has announced physical volumes handled for the first quarter ending June 2021 (Q1FY22).
  • The company handled a total volume of 9,91,746  TEUs in Q1FY22 rising by 35.35% compared to the previous year of the same quarter.
  • Of the total, the company handled 8,15,077 TEUs of EXIM increasing by 29.81% yoy. While, it handled DOM of 1,76,669 TEUs skyrocketing by a whopping 68.57% yoy.
  • On Sensex, Concor closed at Rs684.70 per piece up by 1.6%.  Read More

Piyush Goyal urges stakeholders to double exports across the board from all export promotion council

Published on: 4:07 pm

  • After taking over charge of the Ministry of Textiles, Piyush Goyal made a maiden visit to the Office of the Textile Commissioner, Mumbai to review the textile sector schemes and their progress and suggested measures to speed up the implementation.
  • The Minister took a review of the various schemes/activities implemented/undertaken by the Office of the Textile Commissioner, Textiles Committee, Cotton Corporation of India Ltd, Export Promotion Councils and Textile Research Organizations. The Minister of State for Textiles Darshana Jardosh, was also present in the meeting. U.P. Singh, Secretary (Textiles) and V. K. Singh, Additional Secretary joined the meeting from New Delhi through Video Conferencing. Read more

Goa Carbon resumes operations at Paradeep Unit in Odisha

Published on: 4:03 pm

  • Goa Carbon Limited (GCL) has resumed operations at Paradeep Unit located at Village Udayabata, Paradeepgarh, Dist. Jagatsinghpur, Odisha. The company’s unit in Odisha was shut down for maintenance activity from June 1, 2021.
  • “The Kiln has been lit up from today. After preliminary heat up and commencement of feeding of raw material, normal production is likely to resume shortly,” the company said on Monday.
  • Goa Carbon Ltd trade on Monday ended at Rs400 per piece up by Rs0.65 or 0.16% from its previous closing of Rs399.35 per piece on the BSE. Read more
 

Bank of Baroda keeps MCLR unchanged effective today

Published on: 4:00 pm

  • State-owned lender, Bank of Baroda has revised its marginal cost of funds based lending rate (MCLR). The bank kept its interest rates unchanged with effect from July 12, 2021.
  • The bank's one-year MCLR is at 7.35%, while the six-month MCLR is at 7.20%. Meanwhile, three-month MCLR is at 7.10%.
  • For shorter tenure, the benchmark interest rate was 7% and 6.55% for one month and overnight.
  • On Sensex, the bank's stock closed at Rs83.30 per piece down by 0.4%. Read More

Avenue Supermarts Q1 revenue jumps 31% to Rs5,032cr despite Covid-19 second wave

Published on: 4:00 pm

  • Avenue Supermarts Ltd (ASL), one of the largest food & grocery retailers in India, has declared its standalone and consolidated financial results for the quarter ended June 30, 2021.
  • Standalone results
  • Total Revenue for the quarter ended June 30, 2021 stood at Rs5,032cr, as compared to Rs3,833cr in the same period last year.
  • Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in Q1 FY22 stood at Rs221cr, as compared to Rs109cr in the corresponding quarter of last year. Read more

Bajaj Auto Director Dr. Omkar Goswami resigns as Independent Director

Published on: 3:56 pm

  • Bajaj Auto said in the filing on Friday that Dr. Omkar Goswami has tendered his resignation as an Independent Director of the Company with effect from July 9, 2021.
  • The stock fell for a fifth straight session today.
  • “We wish to inform you that Dr. Omkar Goswami (DIN: 00004258) has tendered his resignation as an Independent Director of the Company with effect from 9 July 2021. Consequently, Dr. Omkar Goswami shall also cease to be a member of the Stakeholders'' Relationship Committee of the board of directors of the Company,” the company said in the filing. Read more

NMDC cuts iron ore prices by Rs200 per ton; Stock ends lower

Published on: 3:50 pm

  • NMDC Limited informed the exchanges Monday that it has cut iron ore prices by Rs200. The price cut comes reportedly amid a fall in steel prices and a decline in bids at Odisha Mining Corporation’s recent auction.
  • The Lump Ore (65.5%, 6-40mm) in the revised rates on Monday are Rs7,450/- per ton compared to the price of Rs7,650 released last month. The Fines (64%, -10mm) will cost now Rs6,360/- per ton compared to Rs6,560 last month.
  • “The above FOR prices are excluding Royalty, DMF, NMET, Cess, Forest Permit Fee and other taxes,” company said in a filing. Read more

RBI asks banks to implement 'Mandatory Leave' policy for employees in a sensitive position

Published on: 3:45 pm

  • The Reserve Bank of India (RBI) has advised banks to implement a ‘Mandatory Leave’ policy for the employees posted in sensitive positions or areas of operation.
  • The central bank has been decided to update these instructions and repeal the circular dated April 23, 2015.
  • Under the instructions, as a prudent operational risk management measure, the banks shall put in place a ‘mandatory leave’ policy wherein the employees posted in sensitive positions or areas of operation shall be compulsorily sent on leave for a few days (not less than 10 working days) in a single spell every year, without giving any prior intimation to these employees, thereby maintaining an element of surprise. Read more

Aries Agro's arm commissions manufacturing facility in Gujarat; Stock ends 8% higher

Published on: 3:43 pm

  • Aries Agro Ltd has informed that a Manufacturing Unit of Wholly Owned Subsidiary viz Mirabelle Agro Manufacturing Private Limited at Chattral, Gujarat was inaugurated and started functioning from today i.e. 12th July, 2021 with Manufacturing Capacity for Micronutrients of 9,000 MT per annum.
  • Aries Agro Ltd is engaged in the the business of manufacturing of micronutrients and other nutritional products for plants and animals. The company`s product range includes mineral premixes, milk and other items.
  • Aries Agro ended at Rs147.55 apiece up by Rs11.3. or 8.29% from its previous closing of Rs136.25 apiece on the BSE. Read more

Rupee ends higher by 5 paise at 74.57 against US Dollar

Published on: 3:40 pm

  • The Indian rupee strengthened by 21 paise against the US dollar in early trade tracking a firm trend in the domestic equity market. However, it pared early gains to end marginally higher on Monday’s trade.
  • At the interbank foreign exchange, the domestic unit opened at 74.49 against the dollar, then inched at 74.57/$, registering a gain of 5 paise over its previous close.
  • On the domestic equity market front, BSE Sensex settled 13.50 points or 0.03% down at 52,372.69. The Nifty50 ends at 15,692.60, down 2.80 points or 0.02 per cent Read more

Markets closed on a flat note; Midcap stocks outperformed

Published on: 3:35 pm

  • Markets witnessed a lacklustre day of trade, with the major indices trading in a narrow range throughout the day.
  • Bank Nifty outperformed the Nifty index by ~0.33%, with both the indices closing ~0.35%/0.02% higher.
  • Midcap Stocks from the Real Estate and Textile space were among the top gainers with stocks like IndiaBulls Real Estate, Century Textile & Raymond adding fresh long positions. Nifty Midcap 100 index closed ~0.5% higher. Read more

Brickwork reaffirms ratings for bank loan facilities of Salasar Techno Engineering

Published on: 3:32 pm

  • Brickwork Ratings has reaffirmed the credit ratings for bank loan facilities of Rs453.83cr of Salasar Techno Engineering Limited. The rating has been reaffirmed BWR A- for long-term borrowing and BWR A2+ for short-term borrowing.
  • “The credit rating has considered factors such as the experience of promoters, low leverage levels with comfortable debt protection metrics, well-established long-term relationship with renowned industry players and healthy order book position of the company,” Salasar Techno Engineering said in a filing on Monday.
  • Towards end of trade on Monday, Salasar Techno Engineering Ltd was trading at Rs694.70 per piece up by Rs12.4 or 1.82% from its previous closing of Rs682.30 per piece on the BSE. Read more

Vaishali Pharma board to revise Dewansh Vasani's position to Executive Director

Published on: 3:26 pm

  • Vaishali Pharma has informed that the Board of Directors has provided their consent for the change in designation of Dewansh Ajay Vasani from Non-Executive Director to Executive Director of the company, liable to retire by rotation of Directors.
  • Dewansh Ajay Vasani holds Bachelor degree in accounting and finance and has more than eight years of experience in the field of marketing. 
  • He successfully handled the trading of API's in the domestic market and maintaining customer relations. Read more

Jet Airways stock hits 5% lower circuit after consortium proposes to pay Rs52cr to settle employees

Published on: 3:25 pm

  • Private carrier, Jet Airways who has finally received approval on its resolution plan, froze at the lower circuit on Monday's trading session after the consortium as per reports has decided to pay Rs52cr as settlement claims in employees.
  • At around 3.19 PM, Jet Airways at the lower price band of Rs88.40 per piece down by 5%.
  • As per reports, it is known that the admitted claims of employees are somewhere around Rs1,265cr, while the Karlock-Jalan consortium is said to pay only Rs52cr as settling claims. Read more

Ramky Infra slumps 5% again post income tax seizure of 'incriminating documents'

Published on: 3:16 pm

  • Ramky Infrastructure Limited slumped 5% for the second straight trading day despite the company’s filing on Saturday that there is no material impact of the income tax raids on Ramky group of companies.
  • Towards close of trade on Monday, Ramky Infrastructure Ltd was trading at Rs167.10 per piece down by Rs8.6 or 4.89% from its previous closing of Rs175.70 per piece on the BSE.
  • Income Tax Department carried out a search and seizure operation on July 6, 2021, on a group based in Hyderabad. The group is engaged in real estate, construction, waste management, and infrastructure. The activities of waste management are spread across India while real estate activities are mainly concentrated in Hyderabad, the Ministry of Finance said in a press release on Friday. Read More

Centre allocates Rs3,323cr grant to Odisha under Jal Jeevan Mission

Published on: 3:15 pm

  • Central Government grant to Odisha under the Jal Jeevan Mission in the year 2021-22 has been increased to Rs3,323.42cr, which was Rs812.15cr in 2020-21. Union Minister, Jal Shakti, Gajendra Singh Shekhawat while approving this four-fold increase in allocation has assured full assistance to the State for making provision of tap water supply in every rural home by March, 2024.
  • At the start of the Mission in 2019, out of a total of 18.93cr rural households in the country, only 3.23cr (17%) had tap water connections.
  • During the last 22 months, despite Covid-19 pandemic resulting into lockdowns and repeated disruptions, Jal Jeevan Mission has been implemented with speed and 4.5cr households have been provided with tap water connections. Read More

Securitisation Collections to recover from April-May 2021 Setback: Ind-Ra report

Published on: 3:08 pm

  • India Ratings and Research (Ind-Ra) witnessed a reduction in the average current collection efficiency to 69.2% in May 2021 from 82.8% in March 2021 across 154 rated securitisation transactions.
  • Improving economic sentiments, along with fiscal and credit stimuli are expected to support loan performance in the medium term. As businesses and consumer confidence continue to revitalise and stabilise, credit-fueled consumption demand is expected to recover closer to 2HFY22. Read more

Bank Nifty trades higher as heavyweights ICICI Bank, SBI, IndusInd, Kotak drive the performance

Published on: 3:05 pm

  • Banking stocks were trading on a positive note during Monday's session tracking positive cues despite the spread of the Delta variant of the coronavirus creates hindrance. A broad-based buying was seen in Bank Nifty with heavyweight stocks lifting the performance.
  • At around 3.04 pm, Bank Nifty was trading at 35,214.25 up 142.30 points or 0.41%. The index has touched an intraday high and low of 35,394.30 and 35,060.35 respectively.
  • Federal Bank was the top gainer soaring 4.3%. Heavyweight ICICI Bank surged by 1.3%. Read more

Essar Shipping stock surges after two vessels Tvisha & Tuhina engage in rice export to Banglades

Published on: 2:50 pm

  • Essar Shipping Ltd, part of Essar Global Fund Ltd's services and technology portfolio, on Monday informed that two of its handysize vessels Tvisha and Tuhina weighing 13,000 DWT, have been engaged in exports of rice from India to Bangladesh as per the recent bilateral - trade agreement signed between the two neighbouring countries.
  • As per the agreement, Bangladesh is set to buy 150,000 tonnes of rice from India. It would be first such bilateral deal in the last three years.
  • Speaking on this development Ranjit Singh, CEO, Essar Shipping said, "We are glad to extend our support and services to meet Bangladesh's rising demand for rice. Read More

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices trade marginally lower amid volatile trade in the afternoon session.
  • BSE Sensex is currently 52,342.77 down 43.42 points or 0.08%.
  • The Nifty50 is currently 15,686.65 down 3.15 points or 0.02%. Nifty Bank is trading up 0.26% at 35,163.15 while Mid-cap Index is up by 0.64%.
  • Ultratech Cement, JSW Steel, Grasim, Shree Cement, and Tata Consumer are the top gainers while BPCL, Adani Ports, Bharti Airtel, HDFC Bank and Bajaj Auto are the top losers.
  • The Nifty Realty stocks remain 3.8% higher despite volatile trade while Nifty IT stocks drag. FMCG and Media stocks also are marginally lower.
  • Out of 50 stocks traded on the NSE, 27 advanced, and 23 declined. Read more

Federal Bank reappoints Shyam Srinivasan as MD & CEO till September 2024; stock soars 4%

Published on: 2:23 pm

  • Shares of Federal Bank surged on the BSE in intra-day trade on Monday after the lender said the RBI has approved the re-appointment of Shyam Srinivasan as Managing Director and Chief Executive Officer of the bank for a period of three years, starting from September 23, 2021.
  • “We wish to inform you that the approval from Reserve Bank of India has been received on July 09, 2021, for the re-appointment of Mr. Shyam Srinivasan as the MD & CEO of the Bank for a period of three years with effect from September 23, 2021, till September 22, 2024,” the bank said in the regulatory filing.
  • The stock is currently trading at Rs89.40 up by Rs3.75 or 4.38% from its previous closing of Rs85.65 on the BSE. Read more

CARE upgrades 'A+/Stable' rating on Garware Hi-Tech Films long-term bank facilities

Published on: 2:10 pm

  • CARE Ratings Limited, a leading credit rating agency in India, has upgraded the long-term bank facilities rating of Garware Hi-Tech Films Limited to A+, Stable and reaffirmed the credit rating of short term bank facilities as CARE A1 .
  • The revision in the ratings assigned to the bank facilities of Garware Hi-Tech Films 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 utilization.
  • The ratings also factors successful commissioning of the new product line, Paint Protection Film in April 2021 which is expected to further support revenue and margin growth going ahead. Read More

Nifty Auto stocks trade higher; Tube Investments, Maruti, Tata Motors led the gains

Published on: 2:10 pm

  • Nifty Auto held modest gains amidst volatile markets on Monday. Tube Investments of India led the moderate gains while Tata Motors, Maruti, and TVS Motor Company also outperformed amid quarterly business updates. Investors await the quarterly earnings of auto majors. Bajaj Auto was under pressure.
  • At around 2.10 pm, Nifty Auto was trading at 10,454.15 up 33.85 points or 0.32%, after touching a high of 10,523.00 and low of 10,427.45 during intraday trade on Monday. BSE Sensex traded at 52,391.13 up 4.94 points or 0.01% and Nifty50 at 15,699.45 up 9.65 points or 0.06%. Read more

Nifty IT trade volatile, index dips 75 pts ahead of Infosys, Wipro Q1 results; Oracle Financial, Mph

Published on: 2:10 pm

  • The Nifty IT traded in a volatile session on Monday ahead of major companies like Infosys and Wipro's June 2021 (Q1FY22) quarterly result later this week. The index traded between flat to green in the early session, however, reversed the trend and was on a bearish tone as the majority stocks tumbled or performed at a slower pace.
  • At around 2.08 PM, Nifty IT was trading at 28,587.65 down by 74.55 points or 0.26%. The index had touched an intraday high and low of 28,854.55 and 28,547.05 respectively.
  • Wipro was the top gainer ahead of Q1, however, surged marginally by 0.4%. Tech Mahindra, HCL Tech and Coforge inched up by 0.3% each. Read more

TCS, Tech Mahindra, HFCL, L&;T shortlisted for BSNL's 4G network trial

Published on: 2:07 pm

  • State-owned BSNL is preparing to conduct trials for 4G network technology, and it is being known that major technology companies such as Tata Consultancy Services (TCS), Tech Mahindra, HFCL and L&T are shortlisted for conducting the trial to test the telecom service provider's local equipment.
  • As per a Financial Express report, the trials will be conducted at five locations to test the equipment. TCS, which has partnered with C-DoT for core network and Tejas and Altiostar for radio equipment, will conduct the trials at Chandigarh.
  • Also, the report stated that Tech Mahindra will conduct the trials with core equipment of Pertsol and the radio network of Sterlite and Altiostar at Pune. Similarly, HFCL will conduct trials with Pertsol and Mavenir at Chennai and L&T, too, will do along with Pertsol and Mavenir at Bangalore. State-run ITI will conduct trials at Ambala. Read More

European markets trade in red; Dow Futures down nearly 100 points

Published on: 2:07 pm

  • European stocks opened slightly higher Monday, however, it turned in the red zone. Dow Futures is currently, down nearly 100 points.
  • The pan-European Stoxx 600 index opened 0.2% higher before hovering around the flat zone. On the sectoral front, basic resources, banks and autos are in the negative territory, while utilities, telecoms, media and insurance were among the sectors in positive territory.
  • As there are no major earnings or data releases in Europe today.
  • U.S. Treasury yields fell ahead of the release of inflation data and congressional testimony by Federal Reserve Chairman Jerome Powell later in the week. Read more

Asian markets end higher; Nikkei index surges over 600 points

Published on: 1:55 pm

  • Asian markets ended higher in Monday trade with Japan and China stocks leading gains regionally. Japan’s Nikkei 225 surged 2.25% or 628 points while the Topix index jumped 2.09%, South Korea’s Kospi also advanced 0.89%.
  • Japanese 'Nikkei' which climbed over 650 points in early trade as strong global cues saw buying in auto and banks. Semiconductor stocks in Taiwan and South Korea continued their unchartered run as demand continues to outstrip supply
  • Mainland Chinese stocks rose, with the Shanghai Composite up 0.67% and the Shenzhen component climbing 2.14%. Hong Kong’s Hang Seng index gained 0.5% and the S&P/ASX 200 in Australia edged 0.67% higher. Read More

Amul wins trademark case in Canada

Published on: 1:52 pm

  • India's dairy giant, Amul has won its trademark violation case in Canada as the Intellectual Property Appellate Board of Canada recently approved the company its trademark status. That said, 'Amul-The Taste of India’ has been recognized by Canada.
  • After winning the trademark violation case, Amul will also be awarded damages aggregating to Canadian dollar (CAD) 32,733.
  • In the verdict, the Federal Court stated that the defendants had infringed the copyright of Amul. Read more

Aspira Pathlab & Diagnostics receives extended scope of accreditation from NABL

Published on: 1:50 pm

  • Aspira Pathlab & Diagnostics Limited has received extended scope of Accreditation from National Accreditation Board for Testing and Calibration Laboratories in the field of medical testing, now including permission for conducting Covid-19 RTPCR test al Navi Mumbai, Maharashtra.
  • Aspira Pathlab & Diagnostics Limited provides health care services. The Company offers a wide range of diagnostic services for various type of diseases including typhoid, dengue, malaria, and leptospirosis. 
  • On Monday at around 1:50 PM, Aspira Pathlab was trading at Rs32.90 per piece higher by 4.95% on Sensex. Read More

Kings Infra Ventures allot NCDs worth 24 lakhs on private placement basis; Stock hits 52-week high

Published on: 1:45 pm

  • Kings Infra Ventures Limited has allotted the 15th tranche of Unlisted Secured Redeemable Non-Convertible Debentures (NCDs) on a Private Placement basis. The company allotted 2400 NCDs of the face value of Rs1000 each on Friday aggregating to Rs24 lakh, the company said in a filing on Monday. 
  • At around 1.48 pm, Kings Infra Ventures Ltd was trading at Rs35.20 up by Rs1.5 or 4.45% from its previous closing of Rs33.70 on the BSE. It hit a 52-week high of Rs36.40 per piece on the BSE on Monday. Read More

After Amul, Mother Dairy hikes milk prices by Rs2 per litre

Published on: 1:33 pm

  • Mother Dairy milk has now gotten costlier by Rs2 per litre on the current prevailing MRP. The milk supplier has increased prices in Delhi-NCR and other cities.
  • Mother Dairy stated that the company is compelled to raise its liquid milk prices by Rs2 per litre in Delhi NCR. The prices were hiked in other markets such as east and central Uttar Pradesh, Mumbai, Nagpur and Kolkata.
  • The company stated that the procurement cost of milk from dairy farmers has increased by 8-10% in the last year. Other operational costs have also risen. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is at 52,412.55 up 26.36 points or 0.05%.
  • Nifty50 is at 15,705.45 up 15.65 points or 0.1%. Nifty Bank is trading up 0.32% at 35,185.45 while Mid-cap Index is up by 0.69%.
  • Ultratech Cement, Shree Cement, JSW Steel, Grasim, and Tata Consumer are the top gainers while BPCL, Bharti Airtel, Adani Ports, HDFC Bank, and Power Grid are the top losers.
  • Nifty Realty stocks continue to drive trade while Nifty IT and Media stocks fall into negative zone amid volatile trade. 
  • Out of 50 stocks traded on the NSE, 27 advanced, and 23 declined. Read More

Flipkart raises $3.6B to accelerate growth of consumer internet ecosystem, Group's investment now va

Published on: 1:15 pm

  • The Flipkart Group has raised US $3.6 billion in funding as it continues to grow and advance the digital commerce ecosystem in India and Investment values the Group at US $37.6 billion.
  • The fundraise demonstrated significant interest from global investors, including sovereign funds, private equity and crossovers in addition to Walmart.
  • This round of funding was led by financial investors GIC, Canada Pension Plan Investment Board (CPP Investments), SoftBank Vision Fund 2 and Walmart, along with investments from sovereign funds DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad, and marquee investors Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global.  Read more

Nifty Metal pares early gains, trades flat; Welspun Corp emerges top bull, APL Apollo weigh down

Published on: 1:15 pm

  • Nifty Metal stocks surged in the afternoon to consolidate on sedate gains in the morning. At around 1.15 pm, Nifty Metal was trading at 5,268.75 down 4.85 points or 0.09%, after touching a high of 5,336.85 and low of 5,268.30 during intraday trade.
  • BSE Sensex was trading at 52,297.22 down 88.97 points or 0.17% and Nifty50 at 15,665.15 down 24.65 points or 0.16%. 
  • Welspun Corp advanced 5% at Rs146.40 per piece to emerge the major gainer while JSW Steel also gained over 1.3% at Rs690.70 per piece to lift the performance. MOIL and  Hindustan Zinc were also bullish despite trimming gains, Jindal Steel, and SAIL were also trading higher. Read more

NBCC (India) surges 4% after winning major construction orders up to Rs321cr

Published on: 12:51 pm

  • NBCC (India) Limited stocks were in fast lane as it has announced award of major work orders. NBCC awarded a work, summing up to nearly Rs321.41cr with all these 5 projects.
  • The details of the work orders are:
  • Construction of Faculty Apartment (S+10) (Two Blocks) near Vishwakarma Hostel at IIT BHU, Varanasi (UP) on Design, Engineering, Procurement and Construction (EPC) basis. The order is worth Rs32,52,53, 786 and Contactor is DNC Infrastructure Private Limited. Read more

Evexia Lifecare to incorporate new subsidiary in Dubai; Stock gains over 1.5%

Published on: 12:38 pm

  • Evexia Lifecare Limited is planning to incorporate a Wholly Owned Subsidiary in Dubai, United Arab Emirates. The proposed wholly-owned subsidiary company to be incorporated in Dubai will mainly carry on the business of pharmaceuticals.
  • “As the wholly-owned subsidiary is proposed to be incorporated, the name of the target entity is yet to be decided by the management. The capital structure would be of about 50,000 Dirhams,” company said in a filing on Saturday.
  • Ata round 12.41 pm, Evexia Lifecare Limited was trading at Rs106.25 per piece up Rs1.70 or 1.63% on the BSE. Read more

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark market indices remain bullish as metal stocks rise to join steep rally of realty, auto, and banking stocks.
  • BSE Sensex is at 52,606.41 up 220.22 points or 0.42%.
  • Nifty50 is at 15,758.30 up 68.50 points or 0.44%. Nifty Bank is trading up 0.78% at 35,346.85 while Mid-cap Index is up by 0.98%.
  • Ultratech Cement, Shree Cement, JSW Steel, Tata Consumer, and ICICI Bank are the top gainers while Bharti Airtel, BPCL, Adani Ports, HDFC Bank and HUL are the top losers.
  • Nifty Realty stocks soar 3.8% while Metal stocks rise to join bullish Auto and Banking stocks. Nifty Pharma and FMCG stocks trade marginally higher in an all positive trade on Monday.
  • Out of 50 stocks traded on the NSE, 37 advanced, and 13 declined. Read more

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