Live market updates

15th Jul, 2021

Andhra Pradesh HC extends suspension orders of APPCB by 4 weeks on Amara Raja Batteries plants

Published on: 5:07 pm

  • Amara Raja Batteries has announced that the Andhra Pradesh High Court extended suspension orders of the Andhra Pradesh Pollution Control Board (APPCB) by four weeks on the company's plants situated at Karakambadi, Tirupati and Nunegundlapalli Village, Chittoor District, Andhra Pradesh.
  • Earlier, May this year, APPCB announced closure orders for the Company’s Plants situated at Karakambadi, Tirupati and Nunegundlapalli Village, Chittoor District, Andhra Pradesh.
  • Later on July 12, the Andhra Pradesh HC has extended the interim suspension of said orders of APPCB by four weeks or until further orders, whichever is earlier and the next date of hearing is scheduled on July 26, 2021. Read more

European markets trade lower; Treasury yields slip

Published on: 5:04 pm

  • European stock markets were lower with the pan-European Stoxx 600 dropped on Thursday.
  • On the economy front, Europe, U.K. unemployment figures for May are released and Italian inflation data for June. Also, OPEC releases its latest monthly oil market report.
  • On the sectoral front, oil and gas stocks tumbled after OPEC+ reportedly reached an agreement on future oil production levels. On the flip side, food and beverages gained. Read more

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Lagnam Spintex PAT shoot up by 182% yoy in Q1

Published on: 4:52 pm

  • Lagnam Spintex Ltd, one of the leading manufacturers of high-quality cotton yarns, has announced its Q1FY22 results today. The company was able to achieve a turnover of Rs74.72cr during the quarter as against Rs19.64cr during Q1 of FY 21, an increase of 280% and Profit after Tax of Rs6.11cr against loss of Rs7.41cr during the same period of last year, resulting in an increase of 182%.
  • The exports turnover has jumped from Rs15.29cr to Rs40.78cr yoy for the reported quarter. The export turnover comprises approx. 55% of the total turnover. Read more

Import clearance time for edible oil comes down significantly to approx. 3-4 days: Centre

Published on: 4:44 pm

  • The Indian Customs is continuously monitoring the import clearances of edible oils in co-ordination with Food Safety and Standards Authority of India (FSSAI). It is seen that the import clearance time for edible oil has come down significantly to approx. 3-4 days at present which is the usual time taken for sampling, duty payment and logistics. It is being ensured that there is no clogging at the ports.
  • To facilitate the trade and expedite the clearances, nodal officers have been nominated in all the Customs Zones and a Standard Operating Procedure has also been put in place for smooth clearance. Customs is also engaging with the Industry Associations regularly. Read More

Centre caps trade margin up to 70% on price to distributor level on five medical devices

Published on: 4:40 pm

  • Keeping in view the evolving COVID pandemic, and the continuing demand for medical devices, the Government has decided to regulate their prices for affordable healthcare and COVID management.
  • By invoking extraordinary powers under Para 19 of the DPCO, 2013 in larger public interest National Pharmaceutical Pricing Agency (NPPA) has vided its notification dated 13.07.2021, capped the Trade Margin up to 70% on Price to Distributor (PTD) level on (i) Pulse Oximeter, (ii) Blood Pressure Monitoring Machine, (iii) Nebulizer, (iv) Digital Thermometer, and (v) Glucometer. Earlier, in February 2019 NPPA had previously capped the Trade Margin on Anti-Cancer Drugs and on 3rd June 2021 for Oxygen Concentrators. Read More

Sudhanshu Vats to join Pidilite as Deputy Managing Director

Published on: 4:30 pm

  • Pidilite Industries Limited today announced that Sudhanshu Vats will join the Company as Deputy Managing Director, effective September 1, 2021.
  • The company said in a filing that Sudhanshu Vats, an alumnus of IIM-Ahmedabad and NIT Kurukshetra, has a rich career of 30 years spanning diverse organizations like Unilever, Castrol, Viacom18, and more recently, EPL (formerly known as Essel Propack). Sudhanshu is a Member CII National Manufacturing Council.
  • He was the Chairman of - National Media and Entertainment Committee of CII from April 2014 to March 2020 and Director & Vice President of Indian Broadcasting Foundation from September 2012 to April 2020. Read more

Axis Bank denies rumours about the resignation of Senior Executive Directors on Twitter

Published on: 4:25 pm

  • Axis Bank has clarified over some tweets appearing on social media platform Twitter stated that two senior executive directors of the bank have resigned.
  • These tweets claimed that these two executives are - Rajesh Dahiya and Charanjit Singh.
  • In its regulatory filing on Wednesday, Axis Bank said that this has reference to the tweet posted by one Madanlal Dhariya, on Twitter, which states “Two Senior Executive Directors resigned. Rajesh Dahiya and Charanjit Singh. Massive attrition at all levels. Whats up." Read More

Megasoft extends the period for 'Rights Issue' to July 22 - August 05; Stock ends 4% up

Published on: 4:18 pm

  • Megasoft has revised its rights issue dates. On Thursday, the company's stock had hit the 5% upper circuit before closing slightly lower.
  • In its regulatory filing on Wednesday, Megasoft said that the Rights Issue committee revised the issue's period.
  • Now, the committee has approved the opening date of the Rights Issue on July 22 and the closing on August 05, 2021. Read More

CCI approves Synergy Metal's stake acquisition in JSW Cement under green channel

Published on: 4:18 pm

  • The Competition Commission of India (“CCI”) received a notice relating to acquisition of equity stake in JSW Cement (“Target”) by Synergy Metals Investments Holding Limited (“Acquirer”), under Green Channel and is deemed approved.
  • The Acquirer is the investment fund of its ultimate controlling entity, Synergy Metals and Mining Fund I LP (“Synergy Fund”). Synergy Fund invests in the industrials, metals and power sectors globally.
  • The Target is an unlisted public company based in India and belongs to the JSW group of companies. Read More

Inflame Appliances allots equity shares aggregating to Rs5.40cr ; Stock ends higher

Published on: 4:15 pm

  • Inflame Appliances Limited board on Thursday has allotted 3,00,000 equity shares of the face value of Rs10/- each, for cash, at a price of Rs180/- per equity share (including a share premium of Rs170 per Equity Share) aggregating to Rs5.40cr on a preferential basis to Non-Promoters/Public.
  • Consequently, the issued, subscribed, and paid-up equity share capital of the company stands increased to Rs6.3cr/- (divided into 63,00,000 equity shares of the face value of Rs10 each) from Rs6cr/- divided into 60 lakh equity shares of the face value of Rs10/- each). Equity shares allotted on the preferential allotment basis shall rank paripassu with the existing equity shares of the Company in all respects. Read More

Zomato IPO subscribed 2.25x times; QIB portion booked 2.33 times on Day-2

Published on: 4:12 pm

  • The food delivery online service provider, Zomato was subscribed to nearly 2.25 times on the second day of issue. The retail portion of the public offering was subscribed 4.49 times.
  • The qualified Institutional Buyers (QIBs) portion was subscribed 2.48 times while the portion reserved for non-institutional investors subscribed 0.37 times.
  • The IPO will be available for subscription till Friday, July 16, 2021. Read more

Timex Group unveils 'Helix Smartwatch 2.0' on Amazon Fashion India

Published on: 4:11 pm

  • One of the world’s largest watch manufacturers, Timex Group India Ltd has announced the launch of the second generation of smartwatches - under the brand Helix Smart 2.0 on Amazon India on Thursday.
  • The Helix Smartwatch 2.0 comes with a temperature sensor, heart rate monitor, activity tracker and telemedicine feature amongst its many other features. With its big 1.55-inch stunning display in a sleek wrist band and attractive 5 color variants, this smartwatch is guaranteed to give a stylish makeover to your everyday look.
  • The entire collection is made and assembled in India and carefully designed for the present-day fitness and health enthusiasts, keeping their requirements at just a hands distance. Read More

RBL Bank expects potential impact of 1 lakh new credit card issuances per month till clarity on RBI'

Published on: 4:07 pm

  • RBL Bank has highlighted the impact on its credit card issuance from the RBI's restrictions on Mastercard Asia / Pacific Pte. Ltd. (Mastercard) from onboarding new domestic customers. RBL Bank said it awaits further information from Mastercard on RBI’s supervisory action.
  • It needs to be noted that RBL Bank currently issues credit cards on the Mastercard network only.
  • RBL Bank said. "We await further information from Mastercard on RBI’s supervisory action. RBL Bank currently issues credit cards on the Mastercard network only." Read More

Release of 75% of claim as cash compensation provides liquidity breather to BOT Toll projects affect

Published on: 3:58 pm

  • The National Highways Authority of India (NHAI) vide circular dated July 2, 2021 has considered the impact of farmers’ agitation as indirect political force majeure event (the inability to collect toll for a continuous period of 24 hours and exceeding an aggregate period of seven days in an accounting year due to agitations/ strikes).
  • As per Concession agreement clause, NHAI would be reimbursing one half of excess amount of force majeure costs (includes interest payments on debt and O&M expenses) beyond the insurance cover. This will act as a liquidity breather for BOT Toll projects. Read more

Quess Corp stock extends loss after IT-dept conducts survey, refutes any allegations over concealmen

Published on: 3:54 pm

  • Quess Corp stock has been under pressure and Thursday was no different. The dive in the stock comes after the company informed exchanges that the Income Tax Department surveyed its Registered Office and its subsidiary Terrier Security Services between July 08-10 over alleged “concealment” of Rs880cr income. Quess Corp has refuted any allegations over concealment of income.
  • In its regulatory filing, on Wednesday, Quess Corp said that the Income Tax Department conducted a survey under Sec 133A of the Income Tax Act, 1961 at our Registered Office, and at that of our subsidiary Terrier Security Services, on 8th to 10th July 2021. Read more

Ind-Ra rates long-term issuer of ONGC's overseas arm at 'AAA' with stable outlook

Published on: 3:53 pm

  • India Ratings and Research (Ind-Ra) has assigned ONGC Videsh Limited (OVL) a Long-Term Issuer Rating of ‘IND AAA’. The Outlook is Stable.
  • It is a wholly owned subsidiary and overseas arm of ONGC (Oil & Natural Gas Corpn Ltd).
  • Ind-Ra has applied a top-down approach using its Parent and Subsidiary Rating Linkage Criteria to arrive at the ratings due to OVL’s strong legal, operational and strategic linkages with its 100% parent ONGC (‘IND AAA’/Stable). Read more

Venus Remedies enters consumer healthcare biz with R3SET launch; Stock ends 5% up

Published on: 3:45 pm

  • Foraying into the Rs30,000cr Indian consumer healthcare market with its innovative and highly efficacious natural solutions covering an array of segments, Venus Remedies Ltd, a leading research-driven pharmaceutical company, launched its full-fledged Consumer Healthcare Division today.
  • Employing the latest state-of-the-art technologies backed by cutting-edge research spearheaded by the Venus Medicine Research Centre (VMRC), the R&D wing of Venus Remedies, the company's Consumer Healthcare Division will come up with a wide range of products covering the crucial pain management, gastroenterology, hygiene, stress management and vitamins and supplements segments. Read more

Markets close higher; Realty stocks outperformed

Published on: 3:36 pm

  • Markets witnessed a positive day of trade, with the major indices witnessing a buildup of fresh long positions throughout the day.
  • Bank Nifty outperformed the Nifty index by ~0.3%, with both the indices closing ~0.7%/0.4% higher.
  • Nifty Realty index closed ~4% higher as stocks like Sobha Developers, Prestige Estate, Dlf & Oberoi Realty Ltd were among the top gainers, adding fresh long positions along with an uptick in the volumes.
  • Nifty Midcap 100 index closed ~0.5% higher. Read more

LT Foods expands its portfolio, rolls out a TVC for its Fortified Rice Brand, ‘Daawat Sehat

Published on: 3:27 pm

  • LT Foods has expanded its product portfolio in the health segment with “Daawat Sehat” – a fortified everyday Basmati rice, fortified with iron and vitamin which has been very well accepted by the consumers.
  • In its regulatory filing, the Company is leveraging the brand equity and distribution network of its flagship brand “Daawat” to market this product in India. A Television Campaign (TVC) has been launched for Daawat Sehat, which highlights the nutritional benefits and how it builds immunity to keep the family healthy.
  • The brand is popularly termed as ‘Poshan Waala Chawal’. Read more

Marico acquires majority stake in Apcos Naturals; stock gains

Published on: 3:26 pm

  • Marico Limited on Wednesday has announced a strategic investment in Apcos Naturals Private Limited with an acquisition of a 60% equity stake for an undisclosed consideration.
  • This equity stake will be acquired over a period of two years, through primary infusion and secondary buy-outs.
  • Co-founded by CEO, Arush Chopra, and Brand Director, Megha Sabhlok, Apcos Naturals Private Limited owns “Just Herbs” made from certified organic and wildcrafted ingredients collected from across India. Read More

Kirloskar Oil Engines hit new record high on incorporation of Arka Financial Holdings

Published on: 3:23 pm

  • Kirloskar Oil Engines Ltd on Thursday has informed that, the Company has incorporated ‘Arka Financial Holdings Private Limited’, as a Wholly Owned Subsidiary Company.
  • This will be Holding Company for all financial service businesses of the Company.
  • The certificate of incorporation of Arka Financial Holdings Private Limited is dated on 14th July 2021. Read More

RattanIndia's Revolt electric bikes sales closed within minutes of opening online sales; Stock surge

Published on: 3:15 pm

  • RattanIndia Enterprises Limited’s Revolt Motors, India’s market leader in EV bikes witnessed another round of massive electrifying sales with its electric bikes sold out within minutes of opening online sales, company said in a filing on Thursday.
  • Previously Revolt had opened sales on June 18 with the company having to close the booking in 2 hours. This time the bookings were closed out within minutes of launching sales on Revolt website. These sales come in backdrop of petrol prices reaching more than Rs100 in the country.
  • With the running cost of Revolt electric bikes being Rs9 per 100 km compared to petrol bikes which cost Rs250 per 100 km, the cost-saving for Revolt customers is hard to miss, the company said. Read more

GHCL allots over 3.37 lakh equity shares under ESOS; Stock trades higher

Published on: 3:05 pm

  • GHCL Ltd has informed the exchange regarding allotment of 3,37,500 Equity Shares of the Company of Rs. 10 each to forty one employees (including three KMPs) of the Company against exercise of Stock Options pursuant to GHCL ESOS 2015 on Thursday.
  • Further, consequent to above allotment of 3,37,500 Equity Shares, the Issued & Paid-up Capital of the Company stands increased from Rs. 95,01 ,32,860/- consisting of 9,50, 13,286 equity shares of Rs. 10/- each to Rs. 95,35,07,860/- consisting of 9,53,50,786 equity shares of Rs. 10/- each.
  • At around 3:05 PM, GHCL was trading at Rs310.10 apiece up by Rs2.15 or 0.7% from its previous closing of Rs307.95 apiece on the BSE. Read More

NTPC Group achieves over 100 BUs of cumulative generation in the current financial year

Published on: 2:56 pm

  • NTPC Group has achieved over 100 Billion Units (BU) of cumulative generation in the current financial year, reinforcing the group’s commitment towards excellence in operation. Last year the group generation had crossed 100 BU on 7th August 2020, indicating improved performance and an increase in demand for power in the current year.
  • NTPC group companies recorded a generation of 85.8 BU in the first quarter from April to June 2021, registering an increase of 26.3% from 67.9 BU generated in the corresponding quarter last year. Read More

Teamlease to acquire stake in Avantis; stock dips 1%

Published on: 2:48 pm

  • TeamLease Services and Avantis Softech LLP (Avantis) 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, Teamlease said in the filing.
  • Avantis will be converted into a private limited company and will operate as a separate and independent entity, Teamlease said. Read more

TCS to invest $300 mn by 2026 for expansion in Arizona

Published on: 2:32 pm

  • Tata Consultancy Services (TCS) on Wednesday has announced plans to expand its operations in Arizona, investing more than $300 million by 2026 and hiring more than 220 employees by 2023, to meet the digital transformation needs of its customers.
  • TCS will also continue to expand the reach of its STEM and Computer Science education programs in Arizona by increasing teacher training and online content for students over the next two years.
  • TCS’ flagship Phoenix Business Center, one of 30 TCS facilities in the US, serves more than 50 customers across Arizona. Read more

USFDA places Jubilant Pharmova's Roorkee facility under import alert; Stock tumbles 5%

Published on: 2:30 pm

  • Jubilant Pharmova Limited (JPM), an integrated global pharmaceuticals company, has announced that in response to the USFDA inspection conducted at its dosage formulations facility at Roorkee during March 2021, the agency has placed the facility under import alert.
  • Earlier, the Roorkee facility received an OAI in December 2018 and then a Warning Letter in March 2019.
  • The Company will engage with the agency to resolve the import alert at the earliest and ensure cGMP compliance. The agency has exempted Meclizine tablets, Olanzapine orally disintegrating tablets, Risperidone orally disintegrating tablets, Spironolactone tablets, and Valsartan tablets from the import alert subject to the Company meeting a few conditions. Read More

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices were near day’s high with a surge in metal, banking, and financial services aiding bullish IT stocks to rise further.
  • BSE Sensex is currently 53,254.73 up 350.68 points or 0.66%.
  • Nifty50 is currently 15,947.15 up 93.20 points or 0.59%. Nifty Bank is trading up 0.72% at 35,924.30 while Mid-cap Index is up by 0.31%.
  • HCL Tech, L&T, Tech Mahindra, Wipro, and Hindalco are the top gainers while ONGC, Eicher Motors, Coal India, Grasim, and IOC are the top losers.
  • Nifty IT stocks (1.6% higher) continue to lead the trade while Nifty Metal, banking, and Financial Services stocks rise further. Nifty Auto, Pharma, Media, and PSU Bank stocks remain in the negative zone. 
  • Out of 50 stocks traded on the NSE, 27 advanced and 23 declined. Read More

Nifty IT extends historic highs amid Q1 earnings; Except HCL Tech and TCS, all other stocks hit new

Published on: 2:16 pm

  • IT company stocks are on a sharp bull run as major technology companies present healthy June 2021 quarterly (Q1FY22) results. Wipro and L&T Infotech are the latest to announce the result, while index heavyweights TCS, Mindtree, LTI and Infosys have already presented their financial performance. HCL Tech and Tech Mahindra have also lined up to announce their Q1 result later this month.
  • Except for HCL Tech and TCS, all other stocks have clocked a new 52-week high.
  • Nifty IT is among the outperformers on NSE. The index has hit a new lifetime high of 29,835.90. Read more

Nifty Metal stocks surge 1%; Hindalco, APL Apollo, Hindustan Zinc in fast lane

Published on: 2:10 pm

  • The Nifty Metal stocks continued to rise for the third straight session, tracking broad-based bullish markets on Thursday. The Index found some momentum in the afternoon trade to rise 1%..
  • Heavyweight Hindalco led the gains while APL Apollo Tubes followed closely to lift performance. SAIL, Hindustan Zinc, and Tata Steel also advanced to lift the performance of the sector in the afternoon.
  • Welspun Corp emerged as the top laggard  after leading the gains on Wednesday while Coal India was also under pressure.. Read More

Govt approves realigning of dept of animal husbandry and dairying schemes to leverage an investment

Published on: 2:01 pm

  • The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi has approved the implementation of a special livestock sector package consisting of several activities by revising and realigning various components of the Government of India's schemes for the next 5 years starting from 2021-22 to further boost growth in the livestock sector and thereby making animal husbandry more remunerative to 10 crore farmers engaged in Animal Husbandry Sector.
  • This package envisages the Central Government's support amounting to Rs.9800 crore over 5 years for leveraging a total investment of Rs.54,618 crore for 5 years. Read more

Cabinet nods scheme to provide Rs1,624cr as subsidy to Indian shipping companies over 5 years

Published on: 1:54 pm

  • In line with Atmanirbhar Bharat objective, the Union Cabinet approved a scheme to provide Rs.1624 crore over five years as a subsidy to Indian Shipping companies in global tenders floated by Ministries and CPSEs for the import of government cargo.
  • The scheme will be carried in the following manner:
  • 1. For a ship that is flagged in India after 1st February 2021 and is less than 10 years at the time of flagging in India, the subsidy support would be extended @15% of the quote offered by the L1 foreign shipping company OR the actual difference between the quote offered by the Indian flag vessel exercising ROFR and the quote offered by the L1 foreign shipping company, whichever is less. For a ship that is flagged in India after 1st February 2021 and which is between 10 to 20 years old at the time of flagging in India, the subsidy support would be extended @10% of the quote offered by the L1 foreign shipping company OR the actual difference between the quote offered by the Indian flag vessel exercising ROFR and the quote offered by the L1 foreign shipping company, whichever is less. Read more

Cabinet nods India - Russian Federation MoU on cooperation for Coking Coal, steel sector to benefit

Published on: 1:47 pm

  • The Union Cabinet has approved the Memorandum of Understanding (MoU) between the Ministry of Steel of the Republic of India and the Ministry of Energy of the Russian Federation on cooperation regarding Coking Coal, which is used for Steelmaking.
  • According to the PIB statement, these are benefits of the MoU:
  • The MoU shall benefit the entire steel sector by reducing its input cost.  This may lead to a reduction in the cost of steel in the country and promote equity and inclusiveness. Read more

Mindtree achieves Data Analytics Partner Specialization in Google Cloud Partner Advantage Program

Published on: 1:45 pm

  • Mindtree Limited, a leading digital transformation and technology services company, today announced that it has achieved the Data Analytics Services Partner Specialization in the Google Cloud Partner Specialization Program. This specialization highlights Mindtree’s expertise and success in leveraging analytics for business insights using Google Cloud Platform technology, the company said in a filing.
  • Specializations in the Google Cloud Partner Specialization Program are designed to provide Google Cloud customers with qualified partners that have demonstrated technical proficiency and proven success in specialized solutions and service areas. This recognition highlights Mindtree’s ability to drive the data analytics process from ingestion to preparation, storage, and analysis, which has become increasingly important as companies look to analytics for data-backed business insights. Read more

Cabinet extends tax rebate scheme on the export of textiles till March 2024 end

Published on: 1:42 pm

  • The Union Cabinet has approved the continuation of Rebate of State and Central taxes and Levies (RoSCTL) with the same rates as notified by Ministry of Textiles vide Notification dated March 08, 2019, on exports of Apparel/Garments (Chapters-61 & 62) and Made-ups (Chapter-63) in exclusion from Remission of Duties and Taxes on Exported Products (RoDTEP) scheme for these chapters. The scheme will continue till 31st March 2024.
  • According to Cabinet, the other Textiles products (excluding Chapters-61, 62 & 63) which are not covered under the RoSCTL shall be eligible to avail the benefits, under RoDTEP along with other products as finalised by the Department of Commerce from the dates which shall be notified in this regard. Read More

MFI Sector: Credit cost expectations double for FY22: Ind-Ra

Published on: 1:39 pm

  • Post the imposition of stricter measures on mobility across states in the wake of the second wave of COVID-19, India Ratings and Research (Ind-Ra) had opined in May 2021 that the overall microfinance sector’s collections could drop by a cumulative 10%-15% during the month compared to March 2021.
  • However, the collection lag in the second half of May 2021 was more severe than the agency’s initial estimates, and hence, collections during the month were down by 60%-70% for many microfinance institutions (MFIs).
  • Accordingly, Ind-Ra has revised the MFI sector’s credit cost estimate range for FY22 to 5%-10% from 3%-6%, depending on the geographies of operations/concentration. Read More

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is currently 53,177.84 up 273.79 points or 0.52%.
  • Nifty50 is currently 15,924.75 up 70.80 points or 0.45%. Nifty Bank is trading up 0.54% at 35,859.45 while Mid-cap Index is up by 0.09%.
  • HCL Tech, L&T, Tech Mahindra, Wipro, and Hindalco are the top gainers while ONGC, Eicher Motors, Coal India, IOC, and Grasim are the top losers.
  • Nifty IT stocks continue to lead the trade while Nifty Auto, Pharma, Media, and PSU Bank stocks remain in the negative zone. 
  • Out of 50 stocks traded on the NSE, 22 advanced and 28 declined. Read more

Chembond Chemicals' arm gets foreign business license to commence operations in Thailand; Stock hits

Published on: 1:30 pm

  • Chembond Chemicals Ltd has informed to the exchange regarding incorporation of Chembond Water Technologies (Thailand) Company Limited, a wholly-owned subsidiary of Chembond Water Technologies Limited and step-down Subsidiary of Chembond Chemicals Limited.
  • The company said that its step down subsidiary Company has received a Foreign Business License enabling it to commence business operations in Thailand.
  • Chembond is a leading manufacturer and supplier of specialty performance chemicals to a cross section of industries across India. Read More

RBI cancels license of Dr. Shivajirao Patil Nilangekar Urban Co-operative Bank

Published on: 1:28 pm

  • The Reserve Bank of India (RBI) has, vide order dated July 08, 2021, cancelled the license of Dr. Shivajirao Patil Nilangekar Urban Co-operative Bank Limited, Nilanga, Dist. Latur, Maharashtra. Consequently, the bank ceases to carry on banking business, with effect from the close of business on July 14, 2021.
  • The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.
  • The Reserve Bank cancelled the license of the bank as: Read more

Brooks Laboratories to make new investments in JV to build integrated global carbapenem biz

Published on: 1:27 pm

  • Brooks Laboratories has entered into a new agreement with SteriScience Specialities Private Limited (SteriScience) to make fresh investments in its subsidiary Brooks SteriScience Limited (BSL) to expand manufacturing infrastructure and integrated capabilities for their carbapenem business.
  • Atul Ranchal, Chairman of Brooks, commented, "Globally, Carbapenems are a $2 billion-plus opportunity with limited players having dedicated capabilities to manufacture these products for the regulated markets. These fresh investments will bolster our global positioning and fast-track our ability to penetrate new markets with a significant competitive advantage driven by manufacturing, quality and supply assurance.” Read More

ITC's CMD Sanjiv Puri witness a 47% jump in pay package for FY21, takes home Rs11.95cr

Published on: 1:17 pm

  • ITC chairman and managing director Sanjiv Puri witnessed a whopping 47% jump in his pay package for the fiscal year FY21 compared to the previous financial year.
  • Puri took home a package of Rs11.95cr in FY21 compared to Rs7.83cr recorded in FY20.
  • The company paid a consolidated salary to the tune of Rs2.64cr to Puri, while his performance bonus and long-term incentives or commission and other perquisites were at Rs6.98cr in FY21. Read More

Aditya Vision zooms 5% after opening its 69th showroom

Published on: 1:15 pm

  • Aditya Vision Limited has informed to the exchange regarding opening of a new showroom.
  • The Company has opened its 69th Showroom at Main Road, Near SBI Bank, Bihta- 801103. 
  • Aditya Vision Limited is engaged into retail business of consumer electronics, home appliances, camera and mobile phones. Read more

Nifty Auto stocks under selling bias; MRF, Eicher Motors, Maruti among top losers

Published on: 1:15 pm

  • Nifty Auto stocks dragged the most on Thursday despite the broader markets being bullish. MRF and Eicher Motors were under selling pressure while heavyweights Maruti, TVS Motor Company, Tata Motors, Bajaj Auto, and Hero MotoCorp also struggled.
  • Ashok Leyland and Mahindra & Mahindra United led the modest gains.
  • Domestic equity market indices BSE Sensex and Nifty 50 were trading at their record high levels on Thursday, a day ahead of weekly F&O expiry. BSE Sensex hit 53253. while the broader Nifty 50 index touched 15,946. Read more

RBI bars Mastercard from adding new customers from July 22

Published on: 1:06 pm

  • The Reserve Bank of India (RBI) has imposed restrictions on Mastercard Asia / Pacific Pte. Ltd. (Mastercard) from onboarding new domestic customers (debit, credit or prepaid) onto its card network from July 22, 2021.
  • Notwithstanding the lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on Storage of Payment System Data, the central bank said.
  • This order will not impact existing customers of Mastercard. Read More

Dodla Dairy records a whopping 153% yoy rise in net profit for FY21, to expand offerings in South In

Published on: 1:01 pm

  • Dodla Dairy has announced its financial performance for the fourth quarter ending March 2021 (Q4FY21). The company posted a net profit of Rs9.6cr in Q4 from a net loss of Rs1.9cr compared to a year ago same period. Operating revenues stood at Rs530.5cr in Q4FY21 against Rs527.4cr in Q4FY20.
  • For the full year FY21, the company's profit is at Rs126cr rising by a whopping 152.6% from Rs49.9cr of FY20. Operating revenue was at Rs1,944cr against Rs2,139.4cr in FY20 - declining by 9.1% yoy. Read More

Rupee trades higher at 74.53 against US Dollar

Published on: 12:56 pm

  • The Indian rupee strengthened by 12 paise against the U.S. dollar in early trade. At the interbank foreign exchange, the domestic unit opened at 74.48 against the dollar, then inched higher to 74.47. Currently, it is trading higher by 4 paise at 74.53 against US Dollar.
  • On Wednesday, the local unit depreciated 12 paise to 74.61 against the US dollar.
  • Besides, foreign institutional investors were net sellers in the capital market on Wednesday as they offloaded shares worth Rs1,303.95cr, as per exchange data. Read More

Kolte Patil creates platform with Planet Smart City to develop 15,000 housing units; Stock up ~2%

Published on: 12:50 pm

  • Kolte-Patil Developers Limited (KDPL), a leading Pune based real estate developer, with growing presence in Mumbai and Bengaluru, today announced creation of a residential development platform with Planet Smart City, the global leader in smart affordable housing, to develop 15,000 housing units.
  • This residential platform follows the success of Universe, at Sector R10, Life Republic, which was the first co-development between KPDL and Planet Smart City. It will focus primarily on the development of smart aspirational housing projects in Pune, Mumbai, and Bengaluru. The partners will endeavor to grow the platform over a period of time-based on suitable structures as mutually agreed upon as the right opportunities continue to emerge. Read more

Avantel hits record high after winning order from Lockheed Martin Corporation

Published on: 12:50 pm

  • Avantel Ltd has informed that the Company has received an order for an amount $19,80,000 (USD. Nineteen Lakh Eighty Thousand only).
  • The work order is received from Lockheed Martin Corporation for supply of Satcom Equipment.
  • Avantel Ltd. was established to offer telecom products and software solutions. Avantel is actively involved in design and development of products based on High Power Broad band Wireless, Satellite services. Read more

ICRA assigns AA- rating with Stable outlook on Rossari Biotech credit facilities

Published on: 12:45 pm

  • ICRA Limited has assigned ratings to total Rs180cr credit facilities of Rossari Biotech Limited. The long-term rating on fund-based Working Capital Facilities Rs82cr has been assigned ICRA AA- with Stable outlook.
  • On long-term Unallocated Limit Rs74.39cr, the credit rating agency assigned ICRA AA- (Stable) rating. For short-term non-fund Based Limit Rs23.61cr ICRA A1+ rating was assigned.
  • “The assigned ratings consider the extensive experience of the management and the established track record of Rossari Biotech Ltd. (Rossari) in the speciality chemical manufacturing business, spanning around two decades. The ratings consider the company’s healthy financial risk profile, characterised by healthy profit margins and return indicators,” the company shared ICRA’s rating rationale on Wednesday. Read more

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark market indices trading higher led by IT stocks rose further, with Banking and Financial services stocks join th erally.
  • BSE Sensex is currently 53,236.95 up 332.9 points or 0.63%.
  • Nifty50 is currently 15,941.75 up 87.80 points or 0.55%. Nifty Bank is trading up 0.80% at 35,952.95 while Mid-cap Index is up by 0.38%.
  • HCL Tech, L&T, Tech Mahindra, Wipro, and HDFC Bank are the top gainers while ONGC, Eicher Motors, Coal India, Asian Paints, and Britannia are the top losers.
  • Nifty IT stocks soar 1.2% while Metal, Banking, and Financial Services also remain bullish. Nifty Auto, Pharma, Media, and PSU Bank stocks are in the negative zone. 
  • Out of 50 stocks traded on the NSE, 27 advanced, 22 declined and 1 unchanged. Read More

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