Live market updates

13th Jul, 2021

NTPC to set up India's single largest solar park at Rann of Kutch

Published on: 5:23 pm

  • NTPC Renewable Energy ltd, a 100% subsidiary of NTPC, has received the go-ahead from Ministry of New and Renewable Energy (MNRE) to set up a 4750 MW renewable energy park at Rann of Kutch in Khavada, Gujarat. This will be India’s largest solar park to be built by the largest power producer in the country.
  • NTPC Renewable Energy Ltd (NTPC REL), has been given the go-ahead by MNRE on July 12, 2021 under Mode 8 (Ultra Mega Renewable Energy Power Park) of the Solar Park Scheme. NTPC REL has plans to generate green hydrogen on a commercial scale from this park. Read more

Focus Business Solution becomes 341st company to get listed on BSE SME Platform

Published on: 5:09 pm

  • Focus Business Solution Limited became the 341st company to get listed on the BSE SME Platform on July 13, 2021. Focus Business Solution Limited  came out with an initial public offering of 6,42,000 Equity Shares of Rs.10 Each (“Equity Shares”) For Cash at a Price of Rs19 Per Equity Share (The “Offer Price”), Aggregating to Rs1.22cr. The company has successfully completed its public issue on July 05, 2021.
  • Focus Business Solution Limited is a Gujarat based company whose registered office is at Surat. The company engaged in the business of debt collection services for Banks, NBFC and financial institutions. The company enter the agreement with India’s leading banks, financial institutions and non-banking financial companies to act as authorised recovery/collection agents on behalf of them. Read more

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TeamLease Services to invest Rs7cr in Avantis Softech

Published on: 5:05 pm

  • TeamLease Services Limited, one of India’s largest staffing companies, and Avantis Softech, India's leading Compliance and Regulatory Technology Company has announced the signing of a definitive agreement under which TeamLease will invest Rs7cr in Avantis.
  • The transaction remains subject to customary closing conditions and regulatory approvals and is expected to close before the end of September 2018. Avantis will be converted into a private limited company and will operate as a separate and independent entity.
  • Avantis has deep expertise in Governance, Risk and Compliance Automation. It has helped hundreds of organisations migrate from manual and people dependent processes to automated, framework based solutions. Read more

NMDC board approves demerger of steel business

Published on: 4:56 pm

  • NMDC Ltd said in the regulatory filing that the board of directors has approved the Scheme of Arrangement for Demerger between NMDC Limited and NMDC Steel Limited.
  • The said Scheme is subject to necessary statutory and regulatory approvals including the approval of the Securities and Exchange Board of India ('SEBI'), Stock Exchanges, Ministry of Corporate Affairs, Government of India and respective shareholders and creditors, if any, of each of the companies involved in the Scheme, NMDC said in the filing.
  • “The Board of Directors of NMDC Limited, at its meeting held today, July 13, 2021, has approved the Scheme of Arrangement for Demerger between NMDC Limited ('Demerged Company') and NMDC Steel Limited ('Resulting Company') and their respective shareholders, pursuant to Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 (hereinafter referred to as the 'Scheme'),” the company said. Read more

Electricity demand growth estimated at 6% and generation capacity addition estimated at 17-18 GW for

Published on: 4:56 pm

  • ICRA Ratings has estimated the all India electricity demand growth at 6.0% for FY2022 on a year-on-year (Y-o-Y) basis, considering the favourable base effect, relatively lesser impact of the second wave on electricity demand and the pick-up in the vaccination programme. The electricity demand slowed down during the first two months of FY2022 compared to March 2021 amid the lockdowns imposed by most state governments to control the second wave of Covid-19 infections.
  • Nonetheless, with the slowdown in fresh Covid-19 infections from the second half of May 2021, the state governments have eased the lockdown restrictions and this, in turn, has improved the electricity demand growth prospects as seen in June 2021, with a month on month growth of 3.9%. Read more

Beekay Steel Industries launches new product

Published on: 4:55 pm

  • Beekay Steel Industries Ltd. has officially launched a new product (in the grading Fe550) “BEEKAY TURBO 550 MAX INTERLOCKING TMT BARS” on Monday manufactured at its Parwada Unit at Visakhapatnam, Andhra Pradesh.
  • The company stock ended at Rs375.00 per piece down Rs5.70 or 1.50% on the BSE. The scrip opened at Rs390 per piece which remained its high on Tuesday, it touched a low of Rs370.60 per piece Read more

Petrol, diesel prices remain unchanged today

Published on: 4:48 pm

  • After touching a fresh high on Monday, the prices of petrol and diesel remained unchanged today.
  • According to the Indian Oil Corporation’s website showed today, the price of petrol in Delhi stands at Rs101.19 per litre while diesel is at Rs89.72. Petrol currently costs in Mumbai at Rs107.20 and diesel is at Rs97.29.
  • Petrol price in Chennai retailing at Rs101.92 per litre, while in Kolkata the price of petrol cost at Rs101.35 and diesel at Rs92.81. Read More

Steel Strips Wheels hit upper band on receiving orders worth Rs113cr from Western Hemisphere

Published on: 4:45 pm

  • Steel Strips Wheels Limited (SSWL) has confirmed export orders valued over $15 million (approx  Rs113cr) from Western Hemisphere.
  • SSWL will complete its execution by August 21 from its Chennai & Dappar plants.
  • According to the filing, the orders of similar capacity are anticipated in coming months from similar customer base as business continue to recover rapidly.
  • On Tuesday, Steel Strips Wheels ended at Rs1,144.40 apiece up by Rs68.1 or 6.33% from its previous closing of Rs1,076.30 on the BSE. Read more

India Ratings affirms HEG at 'IND AA-'/Stable; Stock ends lower

Published on: 4:45 pm

  • India Ratings and Research (Ind-Ra) has affirmed HEG Limited’s Long-Term Issuer Rating at ‘IND AA-’. The Outlook is Stable.
  • The credit rating agency affirmed IND A1+ rating on the company’s commercial paper (CP) Rs1 billion program. The rating on fund-based limits Rs6.5 billion (reduced from Rs9 billion) was affirmed at IND AA-/Stable/A1+. On non-fund-based limits, a Rs3.25 billion (reduced from Rs4.7 billion) rating was affirmed at IND AA-/Stable/A1+. Read more

HFCL consolidated revenue jumps 72.47% yoy in Q1FY22

Published on: 4:33 pm

  • HFCL Limited, India’s leading technology enterprise engaged in the manufacture of high-end transmission and access equipment, optical fibre and optical fibre cables and creating communication network for telecom service providers, Railways, Defence and Smart City & Surveillance, announced its unaudited financial results for the first quarter ended June 30, 2021, of FY22.
  • Net profit of the company rose 316.41% to Rs87.82cr in the quarter ended June 2021 as against Rs21.09cr during the previous quarter ended June 2020.
  • The revenue increased 72.47% to Rs1206.87cr in the quarter ended June 2021 as against Rs699.76cr during the previous quarter ended June 2020. Read more

Lupin ends 1% higher after launching Tavaborole Topical Solution in US market

Published on: 4:15 pm

  • Global pharma major Lupin Limited has announced on Tuesday the U.S. launch of Tavaborole Topical Solution, 5% having received an approval from the United States Food and Drug Administration (FDA).
  • The product will be manufactured at Lupin’s facility in Pithampur, India.
  • Tavaborole Topical Solution, 5%, is generic equivalent of Kerydin Topical Solution, 5%, of Anacor Pharmaceuticals, Inc. and is an oxaborole antifungal indicated for the topical treatment of onychomycosis of the toenails due to Trichophyton rubrum or Trichophyton mentagrophytes. Read More

Delta Corp ends lower after Govt. of Goa extends restrictions till July 19

Published on: 4:10 pm

  • Shares of Delta Corp ended lower on the stock exchanges amid bullish trade on Tuesday. The stock went under pressure the Government of Goa has extended the restrictions in the state till July 19, 2021, and casinos operated by the company remain closed.
  • “Further to our previous disclosures on various dates, please note that due to the surge in COVID-19 cases being witnessed in Goa, the Government of Goa inter-alia has extended the restrictions in the state till July 19, 2021.
  • Accordingly, the casinos operated by the Company and its subsidiaries in Goa will remain closed during this period. We are unable to estimate the quantum of potential losses on account of this temporary closure and the pandemic at this time,” the company said in the regulatory filing. Read More

Shree Ganesh Remedies delivers PAT of Rs2.34cr in Q1FY22; Stock ends lower

Published on: 3:59 pm

  • Shree Ganesh Remedies Limited (SGRL), manufacturer of Bulk Drug Intermediates announced the financial results for the Quarter ended on June 30, 2021, on Tuesday.
  • The company posted total revenue of Rs13.74cr in Q1FY22 compared to Rs9.86cr in Q1FY21. EBDITA rose to Rs4.16cr in Q1FY22 compared to Rs2.61cr in Q1FY21. EBDITA margin at 30.30% in Q1FY22 compared to 26.51% in Q1FY21.
  • The company’s Profit Before Tax (PBT) rose to Rs3.28cr in Q1FY22 compared to Rs2.04cr in Q1FY21. PBT margin at 23.86% compared to 20.68% yoy. Profit After Tax (Before OCI) stood at Rs2.34cr compared to Rs1.65cr in Q1FY21. Read more

Brickwork reaffirms 'BWR B/Stable' rating on BPL's bank loan facilities

Published on: 3:42 pm

  • Brickwork Ratings reaffirms the ratings for the Bank Loan Facilities of Rs28cr of BPL Ltd.
  • The long term rating has been reaffirmed to BWR B with stable outlook and short term rating has been reaffirmed to BWR A4.
  • According to the rationale report, the rating reaffirmation of the bank loan facilities of BPL continues to reflect the promoters’ experience of more than three decades in the consumer durables industry, established track record and brand and the recent modernization of its Printed Circuit Board (PCB) manufacturing facility. Read more

Kitex Garments to invest Rs1000cr to set up apparel manufacturing facilities in Telangana; Stock end

Published on: 3:38 pm

  • Kitex Garments Limited informed the exchanges Tuesday that the Kitex team was invited by the Govt of Telangana for discussions on potential investment opportunities in the state. The team headed by Sabu M Jacob visited the state, attended discussions chaired by the Industries Minister along with the senior executives of the state.
  • The team also visited Kakakatiya Mega Textile Park and Chandanvelli Industrial Parks.
  • Further to the discussions, the company has agreed in principle to invest Rs1,000cr to set up apparel manufacturing facilities in the state which will create 4000 additional employment opportunities over the next 2 years. Read More

CARE revises credit ratings of PNC Infra's two subsidiaries

Published on: 3:29 pm

  • CARE Ratings Limited has revised credit rating on the long-term bank facilities of our two subsidiaries of PNC Infratech Limited.
  • The credit rating agency has revised PNC Chitradurga Highways Private Limited’s rating on Rs606.47cr long-term bank facilities to CARE A; with a Stable outlook from CARE A-; Stable.
  • For PNC Khajuraho Highways Private Limited’s Rs589.93cr long-term bank facilities, CARE revised the rating to CARE A; Stable from CARE A-; Stable.
  • Towards close of trade on Tuesday, PNC Infratech Ltd iwas trading at Rs306.50 per piece up by Rs1.7 or 0.56% from its previous closing of Rs304.80 per piece on the BSE. Read more

Markets closed higher; Banking stocks outperformed

Published on: 3:27 pm

  • Domestic markets witnessed a positive day of trade, with the major indices witnessing a short-covering throughout the day. Bank Nifty outperformed the Nifty index by ~0.6%, with both the indices closing ~1.4%/0.8% higher.
  • Financial stocks like ICICI Bank and HDFC Ltd were among the top gainers, adding fresh long positions as the open interest soared higher.
  • Nifty Midcap 100 index closed ~0.2% higher. Market breadth ended in the favour of the advances with the advance/decline ratio closing at 3:2x. Nifty saw a short covering during the day. Read More

South West Pinnacle receives work order from NMDC worth Rs4.6cr

Published on: 3:16 pm

  • South West Pinnacle Exploration Ltd has announced that it has got a work order for Exploratory Core Drilling of 7280m (+/-20%) in parts of Damoh, Chhatarpur, and Panna districts of Madhya Pradesh awarded by NMDC Limited.
  • The aggregate value of contract is Rs4.68cr (approx) including GST which shall be completed by FY 2021-22.
  • At around 3:15 PM, South West Pinnacle was trading at Rs47 per piece lower by 0.84% on the NSE. Read more

Shilpa Medicare approves transfer of API business to a subsidiary; stock gains ~1%

Published on: 3:14 pm

  • Shilpa Medicare said in the regulatory filing on Monday that the company’s board has approved the transfer of API Business of the Company consisting of Unit-1 and Unit-2 situated at Raichur, Karnataka by way of slump sale to a wholly-owned subsidiary of the Company (to be incorporated) subject to the approval of Shareholders.
  • The Board also authorised the Managing Director and other officials of the Company to finalize and issue a notice to the members seeking their approval for the above-said proposal and also to do all the needful thereto, Shilpa Medicare said in the filing.
  • Subject to regulatory, statutory and other approvals, if any, the sale is expected to be completed on or before 30th September 2021, the company said. Read more

Pennar Industries hits record high after Group companies bag orders worth Rs571cr

Published on: 3:14 pm

  • Pennar Group, a leading value-added engineering products and solutions company, has bagged orders worth Rs571cr across its various business verticals, Pennar Industries Limited said in a regulatory filing on Tuesday.
  • The company stock hit a record high of Rs36.50 per piece during intraday trade on Tuesday. In the last half hour of trade, Pennar Industries Ltd stock was trading at Rs35.55 per piece up by Rs3.6 or 11.27% from its previous closing of Rs31.95 per piece on the BSE. Read More

Promoters release 150000 shares of Steel Strips Wheels from pledge; Stock climbs 2.5%

Published on: 2:54 pm

  • Steel Strips Wheels Ltd has informed that the promoters along with the persons acting in concert holds 97,97,402 equity shares in the company, which is 62.77% of the total paid up capital of the company and out of which 3568347 equity shares were pledged which is 22.86% of total paid up capital of the company and 36.42% of total promoter shareholding.
  • On 12th July 2021, 1,50,000 shares were released from the pledge and accordingly, now the number of shares pledged has been reduced to 3418347, which is 21.90% of total paid up capital of the company and 34.89% of total promoter shareholding.
  • At around 2:54 PM, Steel Strips Wheels was trading at Rs1,104.05 apiece up by Rs27.75 or 2.58% on Sensex. Read More

Hospitals expected to report 20-22% revenue growth and over 200 bps improvement in operating profita

Published on: 2:45 pm

  • The first wave of Covid-19 had hit the hospitals hard, with almost all hospitals reporting losses in Q1 FY2021. Occupancies had plunged significantly, medical tourism came to a standstill, OPD visits were curtailed and electives were postponed. Nonetheless, with the easing of lockdown restrictions and decline in Covid cases, the occupancies recovered subsequently and almost reached pre-Covid levels by Q4 FY2021.
  • Sequentially, the occupancy of companies in ICRA’s sample set improved from a multi-quarter low of 37% in Q1 FY2021, to 53% in Q2 and further to 59% in Q3 and Q4 FY2021. The positive trend is likely to continue and the sector is expected to witness revenue growth of around 20-22% in FY2022 along with strong profitability. Read More

CEAT partners with Tata Power to install a 10MW captive solar power plant at Solapur

Published on: 2:33 pm

  • Leading Indian tyre manufacturer CEAT Tyres Ltd announced its partnership with Tata Power to establish a 10MW captive Solar Plant at TATA Power’s Solapur site for powering CEAT’s Bhandup plant unit. Tata Power has created a special purpose vehicle (SPV)-TP Akkalkot Renewable Limited which will be responsible for undertaking the construction, operation & maintenance of this captive solar power plant.
  • CEAT will own 26% of the captive solar power plant and Tata power will own 74%, as per the captive generation rules. The power generated will be used for captive consumption by CEAT’s Bhandup plant. The Plant is expected to generate about 21 MUs of energy per year and will annually offset approximately 17.43 Million Kg of CO2. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices trading at day’s high with a further surge in banking stocks.
  • BSE Sensex is currently 52,768.38 up 395.69 points or 0.76%.
  • Nifty50 is currently 15,801.90 up 109.30 points or 0.7%. Nifty Bank is trading up 1.33% at 35,665.55 while Mid-cap Index is up by 0.14%.
  • HDFC, ICICI Bank, Sun Pharma, NTPC, and Axis Bank are the top gainers while Adani Ports, HCL Tech, DR Reddy, Tech Mahindra and Maruti are the top losers.
  • Nifty Banking and Financial Services (around 1.5% higher) continue to make gradual gains. Nifty IT, FMCG and Media stocks remain under pressure.
  • Out of 50 stocks traded on the NSE, 34 advanced and 16 declined. Read more

RattanIndia's Revolt Motors reopens booking of its AI enabled electric bikes

Published on: 2:22 pm

  • RattanIndia Enterprises-led Revolt Motors, the market leader in EV bikes in the country, has announced the re-opening of bookings for its state of the art, AI enabled electric bikes.
  • Revolt had last opened bookings in mid June but had to close the bookings with all bikes being sold out within 2 hours. Revolt is reopening bookings after a hiatus of almost a month with all sales completely booked for the period and company being focused on making deliveries to its booked customers.
  • During this time the company has also worked to shore up its production capacities at it world class manufacturing plant at auto hub of Manesar in Haryana. Revolt has a completely contactless online booking system and customers can register for bookings through the “Notify Me” tab on its website. Read More

Tatva Chintan Pharma Chem IPO to open on July 16; Price band fixed at Rs1,073-Rs1,083/ equity share

Published on: 2:18 pm

  • Tatva Chintan Pharma Chem Limited is proposing to open its initial public offering of Equity Shares (“Offer”) on July 16, 2021.
  • The price band of the Offer has been fixed at Rs1,073 to Rs1,083 per Equity Share. Bids can be made for a minimum of 13 Equity Shares and in multiples of 13 Equity Shares thereafter.
  • The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on BSE and NSE. Read more

ACC and Ambuja Cements bring Breakthrough technology in their Logistics operations with AI powered T

Published on: 2:14 pm

  • Holcim in India is deploying its industry-leading Transport Analytics Center (TAC) in 35 plants of ACC and Ambuja to optimize its logistics for road safety, enhanced efficiency and sustainability. TAC is currently tracking more than 20,000 trucks through various data sources like ERP, In Vehicle monitoring system (IVMS), NFC, RFID and others for advanced analytics and artificial intelligence applications.
  • Globally, transportation accounts for around a fifth of the world’s emissions and going farther with less is an essential part of ACC and Ambuja Cement’s Net-Zero pledge.
  • Neeraj Akhoury, CEO India Holcim and Managing Director & CEO of Ambuja Cements Ltd said, “TAC has proven to be a great catalyst in achieving our net zero goal. It is also a testament to our digital expertise in creating cutting edge digital solutions for our drivers and communities. I am happy to see that our Logistics, IT and Digital teams are not only ensuring driver’s safety and logistics efficiency but also pushing the boundaries of innovation to reach zero harm and reduce overall emissions.” Read More

Rupee gains 7 paise against U.S. dollar amid firm domestic markets

Published on: 2:10 pm

  • The Indian rupee gained by 14 paise against the U.S. dollar in early on firm trend in the domestic equity market.
  • At the interbank foreign exchange, the domestic unit opened at 74.49 against the dollar. Currently, the currency inched higher to 74.50, registering a gain of 7 paise over its previous close.
  • On Monday, the local unit pared some of its initial gains to settle 6 paise higher at 74.58 against the US dollar.
  • Besides, foreign institutional investors were net sellers in the capital market on July 12 as they offloaded shares worth Rs745.97cr, as per exchange data. Read More

Nifty FMCG under pressure amid bullish markets; Emami sheds ~3%

Published on: 2:10 pm

  • The Nifty FMCG stocks were under pressure despite bullish markets on Tuesday. Emami shed over ~3% while Godrej Consumer and United Spirits also declined over 1% to drag the sector. Varun Beverages led the gains in the FMCG index. Among four company stocks on the Nifty50 that advanced while 11 stocks declined. 
  • At around 2.10 PM, the Nifty FMCG was trading at 36,080.85 down 95.80 points or 0.26%, touching a high of 36,329.05 and low of 36,066.10 during intraday trade on Tuesday.
  • BSE Sensex was trading at 52,720.16 up 347.47 points or 0.66% and Nifty50 at 15,788.40 up 95.80 points or 0.61%. Read More

Compuage Infocom enters into distributor agreement with SmartCard Marketing Systems for providing Cl

Published on: 1:55 pm

  • Compuage Infocom Ltd has informed that it has entered into Distributor Agreement with SmartCard Marketing Systems Inc. (SMKG) for providing Cloud Service.
  • SMKG, is a specialized industry leader in cloud and mobility applications for the global Paytech and Fintech markets. It is an entrepreneurial boutique providing commercial strategies with a proprietary’ portfolio of applications and wireframes for Banking, Retail E-Wallets, Digital W-EKYC, etc.
  • "Our Company’s extensive reach shall help to increase visibility of SMKG in the channel by aiding partners into banking and Fintech sector, which would thereby benefit both, our Company as well as SMKG, in revenue and margin", the company said in a regulatory filing. Read more

Alok Agarwal steps down as Chairman and Non-Executive Director of Alankit

Published on: 1:45 pm

  • Alankit Limited has informed that Alok Kumar Agarwal, Chairman and Non-Executive Director of the Company has resigned from the Company due to his health problems.
  • Recently, the company has opened a Branch office at Imphal, Manipur and the Company is in the process to open new Branch office at Tripura for deeper Penetration & a better service network in the North East.
  • At around 1:45 PM, Alankit was trading at Rs23.10 per piece down by 0.22% on Sensex.
  • The stock has touched an intraday high and low of Rs23.40 per piece and Rs22.80 per piece respectively. Read more

Mahindra launches the new 'Bolero Neo' at a starting price of Rs8.48 lakh

Published on: 1:45 pm

  • Mahindra & Mahindra Ltd., one of the leading automobile companies in India and the world’s largest tractor company by volume, today launched the new ‘Bolero Neo’. Available at all Mahindra dealerships across India from today, the new Bolero Neo is launched at an introductory price of Rs8.48 Lakh (Ex-Showroom Price, All India) for the N4 variant.
  • The new Bolero Neo will cater to the evolving customers looking for an SUV that is tough and authentic yet modern and trendy. The existing Bolero will continue to sell along with the Bolero Neo in the market.
  • “The Bolero Neo combines the new age customer’s affinity towards a tough, powerful, go-anywhere capable SUVs with their persona and aspirations for a modern and trendy SUV. The design, performance, and engineering enhancements in the new Bolero Neo make it a modern, unmissable and authentic SUV for the bold and fearless Young India. The addition of Bolero Neo to our brand portfolio will help us retain Bolero amongst the top 10 selling SUV’s in the country,” Veejay Nakra, Chief Executive Officer, Automotive Division, M&M Ltd. said. Read More

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is currently 52,717.12 up 344.43 points or 0.66%.
  • Nifty50 is currently 115,791.30 up 98.70 points or 0.63%. Nifty Bank is trading up 1.20% at 35,622.20 while Mid-cap Index is up by 0.01%.
  • Sun Pharma, ICICI Bank, HDFC, Axis Bank, and NTPC are the top gainers while Adani Ports, HCL Tech, Tata Consumer, Tech Mahindra, and Maruti are the top losers.
  • Nifty Banking and Financial Services stocks drive the trade. Nifty IT, FMCG and Media stocks remain under pressure.
  • Out of 50 stocks traded on the NSE, 37 advanced and 13 declined. Read More

Bank Nifty tops 450 pts on broad-based buying; ICICI Bank, Axis Bank, HDFC Bank, SBI led the rally

Published on: 1:25 pm

  • Banking stocks witnessed healthy gains on Tuesday trading session. Heavyweights HDFC Bank, Axis Bank led to drive the index on both benchmarks Sensex and Nifty.  A broad-based buying was recorded on the index with majority stocks were trading in the green.
  • Indian markets performance also comes after the government announced economic data namely CPI inflation and factory output.
  • The Consumer Price Index (CPI) or retail inflation of India stayed over the RBI's target band for the second month in a row. The provisional CPI inflation data comes at 6.26% in June 2021 compared to the final 6.30% in the previous month. Meanwhile, the Consumer Food Price Index (CFPI) rises to 5.15% in June 2021 against 5.01% in May 2021. Read more

HDFC Bank stock gains 1% after RBI approves appointment of joint auditors

Published on: 1:17 pm

  • The Reserve Bank of India (RBI) given approval to HDFC Bank for the appointment of MSKA & Associates, Chartered Accountants for their third year and Nissim & Co. LLP, Chartered Accountants for their first year, as the Joint Statutory Auditors of the Bank for the financial year 2021-22.
  • The Bank is separately seeking relevant approvals from its shareholders at the forthcoming Annual General Meeting of the Bank.
  • Established in 1978, MSKA & Associates is an Indian partnership firm registered with the Institute of Chartered Accountants of India (ICAI) and the PCAOB (US Public Company Accountancy Oversight Board) having offices across 10 key cities in India at Mumbai, Gurugram, Kolkata, Ahmedabad, Pune, Goa, Pune, Bangalore, Kochi and Hyderabad. The firm provides a range of services which include Audit & Assurance, Taxation and Accounting Advisory. Read more

CCEA approves LIC disinvestment via IPO, FM-backed panel to decide on stake dilution quantum

Published on: 1:06 pm

  • The Union Cabinet has given its green signal for an initial public offering of the country's largest insurer LIC as part of the divestment plan. It is now expected that a panel headed by the Finance Minister Nirmala Sitharaman will further take a call on the quantum of stake dilution.
  • "The Cabinet Committee for Economic Affairs last week cleared the proposal of an initial public offering of LIC. The alternative mechanism on disinvestment will now decide on the quantum of stake to be divested by government," the official said in a PTI report.
  • Earlier in January, the Department of Investment and Public Asset Management (DIPAM) appointed the actuarial firm Milliman Advisors LLP India to assess the embedded value of LIC ahead of the IPO. The public issue is touted to be the biggest public offering in Indian corporate history. Read more

Nifty Auto stocks advance with bullish markets; MRF, Tube Investments lead charge

Published on: 1:05 pm

  • The Nifty Auto stocks led the market rally along with banking stocks on Tuesday. A lesser-than-expected rise in June retail inflation is expected to make the central bank keep policy rates at current levels to support the COVID-19 ravaged economy.
  • The Index gained over points with MRF outperforming. Tube Investments of India also stretched the winning streak. Maruti was under pressure.
  • At around 1.05 PM, Nifty Auto was trading at 10,498.00 up 59.80 points or 0.57%, touching a high of 10,531.25 and low of 10,463.60 during intraday trade on Tuesday. Read more

Mphasis granted U.S. Patent for AI driven Application & Infrastructure Management

Published on: 1:01 pm

  • Mphasis has been awarded a U.S. patent for its AI driven application and infrastructure management solution. The newly issued patent provides a solution for enterprises worldwide to optimize their technology investments through in-depth data analysis.
  • The solution predicts errors and failures of applications and infrastructure and enables preventive maintenance measures. The powerful machine learning, complex systems analysis and graph theory-based algorithms identify and predicts stand-alone as well as a chain of events and incidents which lead to failure in technology infrastructure. Read more

Asian markets mostly higher; Hang Seng index outperforms

Published on: 12:57 pm

  • Asian markets were mostly higher in Tuesday trade with Hong Kong’s Hang Seng index led gains regionally as it jumped 1.56%. The Taiwan markets traded near fresh new all-time highs at 18,000 in the early morning trade as ETF flows gather momentum in Asian stocks.
  • In mainland China, the Shanghai Composite rose 0.52% while the Shenzhen Component slightly up 0.18%. The Nikkei 225 in Japan gained 0.52%, South Korea’s Kospi climbed 0.77% and the S&P/ASX 200 edged lower in the afternoon session.
  • US equities recovered from earlier losses and all three key indices ended with record highs as expectations of robust June quarter earnings lifted sentiments. Additionally, investors are keenly awaiting semi-annual testimony from Federal Reserve Chairman Powell beginning tomorrow. Read more

Datamatics appoints Aabhas Zaveri to lead Intelligent Automation Business in North America

Published on: 12:54 pm

  • Datamatics Global Services has announced that  Aabhas Zaveri has been appointed as Senior Vice President – Sales, Intelligent Automation. Aabhas will lead the business for Datamatics Intelligent Automation products, including TruBot, TruCap+, and TruBI. He will be reporting to Rahul Kanodia - Vice Chairman & CEO, Datamatics.
  • Dr Rima Chowdhury, Executive Vice President & Chief Human Resources Officer, Datamatics, said, “Aabhas brings deep domain knowledge and strong networking expertise in the Intelligent Automation space. In his previous role, he has successfully helped enterprises to scale up their business. Datamatics TruBot and TruCap+ are well-established names today, and Aabhas’s leadership will help us expand our client base in the North America region. ” Read More

RIL invests in newly incorporated subsidiary Reliance New Energy Solar; Stock gains

Published on: 12:49 pm

  • Reliance Industries (RIL) has made a fresh investment in the newly incorporated wholly-owned subsidiary “Reliance New Energy Solar Limited” (RNESL).
  • As per the regulatory filing, RIL invested Rs1,00,000 in cash in 10,000 equity shares of Rs10 each of  RNESL.
  • RIL said that the investment in RNESL does not fall within related party transactions and the promoter/ promoter group/ group companies do not have any interest in RNESL. No governmental or regulatory approvals were required for the said investment. Read more

Piramal Enterprises board approves allotment of NCDs worth Rs102cr

Published on: 12:44 pm

  • Piramal Enterprises Limited board on Monday has approved the allotment of 1,020 Secured, Rated, Listed, Redeemable, Principal Protected, Market Linked Non-Convertible Debentures (NCDs) each having a face value of Rs10 lakhs aggregating to Rs102cr on a private placement basis.
  • These Debentures are proposed to be listed on the Debt Market segment of NSE, company said in a filing on Monday.
  • At around 12.47 PM, Piramal Enterprises Ltd was trading at Rs2,317.35 per piece up by Rs9.65 or 0.42% from its previous closing of Rs2,307.70 per piece on the BSE.  Read more

Sunteck Realty stock rises 3% as collections log nearly 3-folds jump in Q1, pre-sales grows to Rs176

Published on: 12:41 pm

  • Sunteck Realty has announced its operational performance for the first quarter ending June 2021 (Q1FY22). The company's pre-sales stood at Rs176cr in Q1FY22 rising from Rs101cr a year ago same period.
  • The company's collections were at Rs172cr in Q1FY22 increasing nearly three-folds from Rs65cr in the corresponding period of the previous year.
  • Kamal Khetan, Chairman and Managing Director, Sunteck Realty said, “In the quarter gone by, we continued our strong momentum in operational performance. Both pre-sales and collections witnessed sturdy growth along with high collections efficiency. The industry consolidation is leading to rise in the share of business for organized developers and Sunteck will be one of the biggest beneficiaries of this trend. Going forward, we expect to leverage our brand franchise and management expertise to evaluate new growth opportunities and thereby continue to increase our overall market share." Read more

Aegis Logistics and Royal Vopak join hands to form JV for LPG and chemical terminals in India

Published on: 12:33 pm

  • Aegis Logistics has joined hands with Royal Vopak of the Netherlands to form a major joint venture for LPG and chemical terminals in India. The partnership is well-positioned for further growth, which targets mainly LPG and also chemicals and industrial terminal opportunities. This investment is another step for Vopak towards its strategy to allocate capital to grow in gas markets.
  • “This joint venture with Vopak will accelerate the growth of Aegis in the terminals business and has the potential to allow Aegis to diversify into new areas of gas storage such as LNG and other energy projects including renewables, in partnership with the world’ leading independent tank storage company. We expect the deal to be significantly earnings enhancing for Aegis shareholders due to the deployment into growth opportunities of the combined financial firepower of the two groups and management in the terminals business,” said Raj Chandaria, Chairman of Aegis Logistics Ltd. Read More

India has tremendous potential for Medical Value Tourism: ITDC

Published on: 12:31 pm

  • In a bid to revive tourism and strengthen the bilateral relationship between India and Saudi Arabia, the Trade Promotion Council of India organised a webinar on Tourism Collaboration between India and Saudi Arabia with the support of embassies of both countries.
  • Eminent panellists included HE Dr Ausaf Sayeed, Ambassador of India to Saudi Arabia; Mr. G. Kamala Vardhana Rao, IAS, C&MD, ITDC; Mr Augustus Simon, Director Indian Subcontinent - Saudi Tourism Authority; Mr Ashok Sethi, Director, Trade Promotion Council of India; various industry stakeholders and partners. Read more

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark market indices consolidate on early gains as banking and financial services stocks outperform. 
  • BSE Sensex is at 52,713.16 up 340.47 points or 0.65%.
  • Nifty50 is at 15,790.85 up 98.25 points or 0.63%. Nifty Bank is trading up 1.18% at 35,615.75 while Mid-cap Index is up by 0.01%.
  • Sun Pharma, ICICI Bank, Axis Bank, NTPC, and HDFC are the top gainers while Adani Ports, Tata Consumer, HCL Tech, Tech Mahindra and Maruti are the top losers.
  • Nifty Banking and Financial Services stocks rise to spur trade along with bullish Pharma stocks. Nifty IT, FMCG and Media stocks are under pressure.
  • Out of 50 stocks traded on the NSE, 40 advanced and 10 declined. Read more

ICRA reaffirms credit ratings on Parag Milk Foods bank facilities

Published on: 12:30 pm

  • Parag Milk Foods has informed that ICRA Limited has reaffirmed the credit rating for Rs413.31cr Bank Facilities availed by the Company.
  • The ratings have been removed from Watch with Developing Implications and Stable outlook has been assigned as [ICRA]A/Stable and A2+.
  • The resolution of the watch on the rating assigned to Parag Milk Foods (PMFL) factors in the completion of the fund-raising plan in May 2021. Read more

FDC launches India's first oral suspension of Favipiravir - Favenza to treat moderate Covid cases; S

Published on: 12:18 pm

  • FDC Limited launched India’s first oral suspension of Favipiravir – Favenza Oral Suspension used to treat mild to moderate cases of COVID-19. This prescription-only solution is currently available at all retail medical outlets and hospital pharmacies across the country.
  • Mayank Tikkha, General Manager – Business Development & Commercial Excellence, FDC Ltd. commented, “With positive cases on the rise again, now is the time to provide healthcare warriors in our country with viable options in this continuous battle against this disease. In order to combat Covid-19, we believe in offering best efficacy along with convenience to our patients and as such we have focused our efforts in making the process of Covid-19 treatment hassle-free.”
  • In its regulatory filing, FDC highlighted that India, with the second-highest number of cases globally, is seeing about 50,000 cases being added every day. Though on a decline, the second wave is far from over and there are fears of an oncoming third wave. Read More

Marine Electricals' FY22 begins with strong inflow, order book crosses Rs500cr

Published on: 12:10 pm

  • Marine Electricals (India) has announced that the company has been receiving good orders in the Marine as well as an industrial segment. Order Book size reaches Rs500cr.
  • Vinay Uchil, Chairman & Executive Director commented, “We are very happy with the improvement in performance. Our quality of product and services and our long build relationship in Marine and industrial segment is gaining us good order inflow. We are sure we will keep this momentum upbeat even in future.”
  • As of March 31, 2021, the company's order book stood at Rs441cr of which the Marine segment contributed Rs288.6cr while the balance Rs152.7cr was from the Industrial segment. The company started FY22 with a strong order inflow. Read more

ISGEC jumps 3% on securing order for two Waste to Energy Boilers for export to UK

Published on: 12:10 pm

  • ISGEC Heavy Engineering's Boiler Manufacturing & Piping division has recently secured a prestigious order for 2 Nos. Waste to Energy boilers (Pressure & Non-Pressure Parts) from Hitachi Zosen Inova, Switzerland for the Slough Multifuel Project in Slough, Berkshire, UK. Each of these boilers will have a capacity of 660 TPD.
  • This is the second order that Isgec has received from Hitachi Zosen Inova. The boilers will be manufactured to EN standards.
  • The broad scope of the order includes detailed engineering, manufacturing, and supply through the Mundra port on FAS basis. Read more

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