Live market updates

16th Jul, 2021

Tata Power ties with HPCL to set up EV charging stations at its petrol pumps across India

Published on: 5:05 pm

  • Tata Power, India’s largest integrated power company, has signed an agreement with Hindustan Petroleum Corporation Limited (HPCL), a Maharatna Oil & Gas Public Sector undertaking, to provide end-to-end EV charging stations at HPCL’s retail outlets (petrol pumps) in multiple cities and major highways across the country.
  • Tata Power is a pioneer in the EV Charging space and owns an expansive network of over 500 public chargers in 100+ cities covering petrol pumps, metro stations, shopping malls, theatres and highways. The company is present across all segments of the EV eco-system – public charging, captive charging, home, workplace charging and ultra-rapid chargers for buses Read more

Northern Arc Capital Limited files DRHP with SEBI

Published on: 5:04 pm

  • Northern Arc Capital Limited (Northern Arc) filed it's Draft Red Herring Prospectus (DRHP) with the market regulator SEBI for its Initial Public Offering (IPO).
  • The IPO comprises of issue of equity shares of Northern Arc Capital Limited (the “Company” or the comprising a fresh issue aggregating up to Rs3,000 million and an offer for sale of up to 36,520,585 equity shares of which up to 8,987,093 equity shares by Leapfrog Financial Inclusion India (II) Ltd, up to 2,310,191 equity shares by Accion Africa-Asia Investment Company, up to 7,076,499 equity shares by Augusta Investments II PTE. Ltd., up to 4,083,812 equity shares by Eight Roads Investments Mauritius II Limited, up to 3,864,160 equity shares by Dvara Trust, up to 5,041,455 equity shares by IIFL Special Opportunities Fund, up to 1,231,710 equity shares by IIFL Special Opportunities Fund – Series 2, up to 541,805 equity shares by IIFL Special Opportunities Fund – Series 3, up to 1,862,128 equity shares by IIFL Special Opportunities Fund – Series 4 and up to 1,521,732 equity shares by IIFL Special Opportunities Fund – Series 5. The offer includes a reservation for subscription by eligible employees not exceeding 5% of the Company’s post-offer paid-up equity share capital. Read more

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GNA Axles board meeting cancelled on demise of Chairman

Published on: 4:57 pm

  • GNA Axles said in a stock exchange filing that the company has announced the sad demise of S Rachhpall Singh, Chairman and Executive Director of the Company on July 15, 2021.
  • The Board meeting scheduled to be held on July 16, 2021 to consider and approve the Unaudited Financial Results, both standalone and consolidated, for the First quarter ended June 30, 2021, has been cancelled and the new date of the meeting shall be intimated in due course, the company said. Read more

Sintex Industries achieves 50% capacity utilization after Cyclone Tauktae

Published on: 4:50 pm

  • Sintex Industries Limited updated the exchanges Friday on damage due to Cyclone Tauktae at the Company’s Plant at Lunsapur, Gujarat. The company said that the expected quantum of damage caused due to Cyclone is yet to be ascertained, considering the electricity was restored at the Plant recently.
  • “Restoration work is in progress. Due to the cyclone, capacity utilization was affected. However, presently 50% of capacity utilization is achieved. Amount of Insurance coverage is 100% except the loss of profit,” the company said in a filing.
  • Sintex Industries Ltd trade on Friday ended at Rs4.78 per piece up by Rs0.07 or 1.49% from its previous closing of Rs4.71 per piece on the BSE. Read more

Zomato IPO subscribed over 38.24 times on the last day

Published on: 4:48 pm

  • The food delivery online service provider, Zomato was subscribed to nearly 38.24 times on the last day of issue. The subscription period for Zomato IPO will be available till 5 pm today.
  • The retail portion of the public offering was subscribed 7.43 times. The qualified Institutional Buyers (QIBs) portion was subscribed 51.79 times while the portion reserved for non-institutional investors subscribed 32.97 times.
  • The price band of Zomato IPO is fixed at Rs72-76 per share of the face value of Rs1 each and the company aims to raise Rs9,375cr through the offer. Read more

European markets flat; U.S. stock futures inches higher

Published on: 4:38 pm

  • European stocks were trading in the flat territory on Friday as investors monitored economic data, corporate earnings and the spread of the delta Covid-19 variant.
  • The pan-European Stoxx 600 hovering in the flat zone, with travel and leisure stocks climbed, while basic resources slipped in today’s session. CAC dipped 0.52%, DAX is slightly down and FTSE was up by 0.20% at this hour.
  • Meanwhile, U.S. stock futures were inched fractionally higher in early premarket trade as Wall Street pored over its first major week of second-quarter corporate earnings. Read More

India's engineering goods exports logs 52.4% growth in June 2021

Published on: 4:37 pm

  • The Ministry of Commerce & Industry has announced that India's merchandise exports in June 2021 were $32.50B, as compared to $21.91B in June 2020, exhibiting a positive growth of 48.34 per cent. Indian engineering exports were on their upward journey in June 2021 following the trend of the last two months.
  • India’s engineering goods exports registered a growth of 52.4% during June 2021 as compared to the same period last year. Regarding June 2019, the growth witnessed (in June 2021) was 41.9%.
  • As per the ministry data, the Engineering exports which stood at $6274.9M in June 2019 and $5841.6 in June 2020 rose to $8903.5M in June 2021. Read more

Sharda Ispat re-starts production facilities after modification of reheating furnace

Published on: 4:36 pm

  • Sharda Ispat Limited has restarted production operations from today after completing the modification works of reheating furnace. The company had intimated on June 12, 2021, about shut down all its production facilities temporarily.
  • “The company has completed its modification work of reheating furnace and re-started its production operations from July 16, 2021,” the company said in a filing.
  • Sharda Ispat Ltd stock trade on Friday ended at Rs76.70 up by Rs0.5 or 0.66% from its previous closing of Rs76.20 on the BSE. Read More

Q1FY22: TCS vs Infosys vs Wipro - A healthy quarter with double-digit growths on yearly basis

Published on: 4:31 pm

  • IT-giants namely Tata Consultancy Services, Infosys and Wipro have announced their financial performance for the quarter ending June 2021 (Q1FY22) period. The three companies have posted double-digit growth on both bottom-line and top-line front on yearly basis. Also, the constant currency revenue growth has risen robustly on a year-on-year basis.
  • On Friday, TCS stock closed at Rs3194.65 per piece down by 0.2%, while Infosys settled at Rs1555 per piece lower by 1.6%. However, Wipro rose by 0.3% at Rs577.65 per piece.
  • TCS:
  • TCS registered a 28.5% yoy growth in consolidated net profit to Rs9,008cr in Q1FY22. In the quarter under review, consolidated revenue was at Rs45,411cr rising by 18.5% yoy. The company's constant currency revenue growth was 16.4% yoy. Read More

Balu Forge incorporates 'Balu Advanced Technologies' as wholly-owned subsidiary

Published on: 4:25 pm

  • Balu Forge Industries Limited has informed that the Company has formed a new wholly owned subsidiary company namely Balu Advanced Technologies & Systems Private Limited.
  • The Authorised share capital of the Company is Rs. 5,00,000/- divided into 50,000 Equity Shares of Rs.10 each.
  • The objective of incorporation is manufacting, Metal Forming, Precision Engineering with emphasis in the field of Defence. Read More

Balu Forge incorporates 'Balu Advanced Technologies' as wholly-owned subsidiary

Published on: 4:25 pm

  • Balu Forge Industries Limited has informed that the Company has formed a new wholly owned subsidiary company namely Balu Advanced Technologies & Systems Private Limited.
  • The Authorised share capital of the Company is Rs. 5,00,000/- divided into 50,000 Equity Shares of Rs.10 each.
  • The objective of incorporation is manufacting, Metal Forming, Precision Engineering with emphasis in the field of Defence. Read More

Tata Elxsi registers PAT growth of 64.6% yoy in Q1

Published on: 4:24 pm

  • Tata Elxsi’s net profit for the quarter stood at Rs113.4cr, reporting a growth of 64.6% yoy in Q1FY22.
  • The Company reported ₨558.3cr of revenue from operations for Q1 FY22, registering a growth of 39.4% yoy. During the period reported, company generated PBT of Rs 153.9cr, registering a growth of 63.9% YoY.
  • Highlights of the Quarter Ended June 30, 2021
  • Revenues from operations at Rs. 558.3 Cr, +7.7% QoQ, +39.4% YoY Read more

Canara Bank: Redemption amount including interests worth Rs1,034.63cr on AT1 bonds paid

Published on: 4:14 pm

  • Canara Bank on Friday said that the Redemption Amount and Annual Interest on our Unsecured, Perpetual, Redeemable, Non-Convertible, Basel III Compliant Additional Tier I Bonds are paid.
  • The payment was done on July 15, 2021.
  • The AT1 bonds redemption amount including annual interests were at Rs1,034.625cr.
  • The Lower Tier II / Perpetual / Tier I / II Bonds issued by Canara Bank on various dates are listed with the National Stock Exchange of India Limited for trading under the Debt Market segment. Read more

CARE revises long-term rating on BGR Energy Systems bank facilities to CARE BB+; Stable

Published on: 4:12 pm

  • CARE Ratings has revised the ratings on Rs8043cr total bank loan facilities of BGR Energy Systems Limited. The company has received a rating of CARE BBB; Negative revised from CARE BB+; Stable on the long-term bank facilities Rs2824cr.
  • The credit rating agency has also revised rating on long-term / short-term bank facilities Rs5219cr from CARE BBB; Negative / CARE A3 to CARE BB+; Stable / CARE A4+
  • BGR Energy Systems Ltd stock trade on Friday ended at Rs67.65 per piece down by Rs2.15 or 3.08% from its previous closing of Rs69.80 per piece on the BSE. Read more

Seema Modi steps down as Non-Executive and Independent Woman Director of SEAMEC

Published on: 4:11 pm

  • SEAMEC Ltd has informed that Seema Modi has resigned from the position of “Non-Executive and Independent Woman Director” of the Company with effect from 6th July 2021. The Board took note of the resignation by a resolution passed by circulation on 16th July, 2021.
  • Further, the Company has received confirmation from Seema Modi that there are no material reasons for her resignation.
  • Commenting on the resignation, Seema Modi said, "the business of the Company has become more complex and increasingly technical in the last 1-2 years; hence, the company would benefit a lot more from someone with industry relevant experience. Read More

TCS wins two Microsoft Partner of the Year Awards

Published on: 3:59 pm

  • Tata Consultancy Services (TCS) on Friday won two 2021 Microsoft Partner of the Year Awards – Azure Intelligent Cloud in France and Dynamics 365 Field Service in the US, for demonstrating excellence in innovation and providing outstanding solutions and services based on Microsoft technology.
  • TCS received a total of six Microsoft accolades – up from two in 2020. In addition to winning the two awards, TCS was a finalist in the categories of Global Services Integrator Partner of the Year, Global Services Integrator Digital Transformation Partner of the Year, US Retail and Consumer Goods Partner of the Year and Canada Tech Intensity Impact Award.
  • “We are thrilled to be recognized by Microsoft, underscoring TCS’ ongoing commitment to helping our clients become more resilient and agile as they pursue transformation-led growth with Microsoft technology,” said Siva Ganesan, Global Head, Microsoft Business Unit, TCS. “The combined forces of TCS’ industry-aligned consulting experience, and Microsoft’s leading technology enable us to accelerate time to value for our joint clients.” Read More

RBI announces Second Open Market Purchase of Govt. of India Securities under G-SAP 2.0

Published on: 3:57 pm

  • The Reserve Bank on Thursday said that the second purchase of government securities for an aggregate amount of Rs20,000cr under the G-sec Acquisition Programme (G-SAP 2.0) will be conducted on July 22.
  • The RBI Governor Shaktikanta Das on June 4, had announced that the central bank will conduct an open market purchase of government securities of Rs1.2 lakh crore under the G-SAP 2.0 in the second quarter of 2021-22 to support the market.
  • The Reserve Bank reserves the right to: Read more

Antony Waste Handling Cell recordsa 33% yoy rise in core operating revenue for Q1; Stock ends 2% up

Published on: 3:55 pm

  • Antony Waste Handling Cell on Friday said that the company's total operating revenue (tipping revenue from C&T and Waste Processing) has shown a growth of around 3% for Q1 FY22 as compared to Q4 FY21 (sequentially).
  • On a year-on-year basis (i.e., Q1 FY22 compared to Q1 FY21), core operating revenues have risen by around 33%.
  • In its regulatory filing, the company said that since the beginning of the fiscal year 2022, we have seen some revival in economic activities across various geographies, with the pace of growth differing significantly from region to region. The benefit from the escalation in our tipping fees has been reflected in the growth in revenues being reported on a sequential basis. Read more

Magna Electro Castings resumes normal operations at company's plant

Published on: 3:50 pm

  • Magna Electro Castings Ltd has informed to the exchange regarding resumption of operations ct.
  • Earlier on 5th June, the company had resumed partial operations at the plant with minimal workforce after getting due approval from local authorities.
  • Now, Subsequently after the Government removed the lock down restrictions in the first week of July, the company has resumed their normal operations with effect from 12th July 2021. Read more

Karma Energy hits 5% upper circuit after NCLT Mumbai approves Scheme of Amalgamation

Published on: 3:50 pm

  • Karma Energy Limited informed the exchanges Thursday that the Scheme of Amalgamation of its Wholly Owned Subsidiary with the Company has been approved by the National Company Law Tribunal (NCLT), Mumbai Bench.
  • The company on October 18, 2019, has informed about the scheme of amalgamation for the merger of wholly-owned subsidiary, Greenweiz Projects Limited (Transferor Company) with Karma Energy Limited (Transferee Company).
  • The company's stock trade on Friday ended at upper brand price of Rs19.40  per piece up 5%. Read More

CRISIL assigns 'AAA/Stable' rating on Mindspace REIT's proposed Rs175cr NCD

Published on: 3:49 pm

  • CRISIL Ratings has assigned its 'CRISIL AAA/Stable' rating to proposed non-convertible debentures (NCDs) worth Rs 175cr of Mindspace Business Parks REIT (Mindspace REIT). CRISIL Ratings has also reaffirmed its rating on market-linked debentures (MLDs), NCDs (including proposed NCDs of Rs 225 crore) and commercial paper at 'CRISIL PP-MLD AAAr/CRISIL AM/Stable/CRISIL A1+'.
  • The corporate credit rating has also been reaffirmed at 'CCR AAA/Stable'.
  • CRISIL Ratings has received a draft term sheet for NCDs of Rs400cr, and the proposed terms and conditions largely are in line with those of the real estate investment trust's (REIT's) existing debentures. Read More

Markets close on a flat note; Midcap stocks outperformed

Published on: 3:41 pm

  • Markets witnessed a lacklustre day of trade, with the major indices trading in a narrow band throughout the day.
  • Bank Nifty underperformed the Nifty index by ~0.4%, closing 0.4% lower.
  • Midcap stocks continued to outperform with stocks like FSL, Nippon Life & Cyient posted a more than ~10% intraday rally. Nifty Midcap 100 index closed ~0.35% higher. Read more

Sona Comstar stock ends 2% up on tie-up with Israel's IRP to create a revolutionary magnet-less e-mo

Published on: 3:38 pm

  • Sona BLW Precision Forgings listed as Sona Comstar, and Israel's IRP Nexus Group Ltd (IRP)  have come together with iCreate (International Centre for Entrepreneurship and Technology) in a unique joint development project that will invent a new powertrain, manufacture it and market it globally.
  • Under the agreement, IRP will license its technology to Sona Comstar for manufacturing the system exclusively in India, expecting to start mass production in 2023. Read more

Bandhan Bank posts loan and advances of Rs87,128cr, deposits rise by 28% yoy in Q1

Published on: 3:30 pm

  • Bandhan Bank has posted loans and advances of Rs87,128cr for the quarter ending June 2021 (Q1FY22) rising by 8% yoy but down by 8% qoq.
  • The bank's total deposits were at Rs77,336cr in the quarter under review increasing 28% yoy however lower by 1% qoq.
  • CASA deposits at Rs33,197cr rising by 48% yoy. However, the CASA deposits tumble by 2% qoq. Read More

Sandhu Pharmaceuticals fully recovers from Goa plant fire accident, operational now

Published on: 3:20 pm

  • Sandu Phamaceuticals Ltd has informed that the Company has resumed manufacturing operation to the extent of 100% at the Pilerne Industrial Estate, Goa after the Fire Incident that took place at the Plant due to Cyclone Tauktae.
  • Ealier, last month, the company has resumed manufacturing operation to the extent of 75% at the Pilerne Industrial Estate, Goa.
  • The fire incident happened on 20th May 2021 and it took 2 months to fully operate the plant after the accident. Fortunately, there has been no loss or injury to human Life. Read More

CARE revises credit rating on bank facilities of Super Spinning Mills; Stock trades at new 52-week h

Published on: 3:15 pm

  • CARE Ratings has assigned credit rating to Super Spinning Mills Limited bank facilities.
  • The credit rating agency revised the rating on long-term bank facilities of the company aggregating to Rs24.97cr to CARE BB / Stable from CARE BB- / Stable.
  • The rating on long-term / short-term bank facilities worth Rs12cr was revised to CARE BB; Stable/ CARE A4+ from CARE BB-; Stable/ CARE A4. For short-term bank facilities, the company’s rating was revised to CARE A4+ from CARE A4. Read more

India's leading digital ecosystem, Paytm files for Rs16,600cr IPO

Published on: 3:08 pm

  • One97 Communications, the parent Co. of Paytm, India’s leading Digital Ecosystem for consumers and merchants, has filed its DRHP with the regulator for an aggregate offer size of Rs16,600cr via an Initial Public Offering, as per market sources.
  • The Issue comprises a Fresh Issue of equity shares of Face Value of Rs1 each aggregating to Rs8,300cr and Offer for Sale by the existing shareholders, aggregating to Rs8,300cr.
  • The Company also retains the option, in discussion with BRLMs, to undertake a pre-IPO placement of Rs2,000cr, subject to relevant approvals. If the pre-IPO placement is completed, the Fresh Issue size will be reduced to that extent. Read More

Nifty Auto stocks trade flat; Eicher Motors sinks 2%; Balkrishna Industries, MRF lead gains

Published on: 2:50 pm

  • Nifty Auto stocks were trading flat amid volatile trade on Friday afternoon. The Index after a marginally higher start couldn’t inch higher amid markets flip flop. The auto sector has been in the red for last two days as investors keenly await the quarterly financial earnings of the companies after following their quarterly business updates.
  • Eicher Motors sank 2% to drag the most while tyre company Balkrishna Industries led the gains. MRF rallied over 1% to trade in the green while Tata Motors also made gains.
  • Sensex and Nifty fell from record-high levels to trade flat as losses in IT and banks offset gains in pharma and metals stocks. Realty stocks soared to trim markets losses in the afternoon. Read More

Microfinance Institutions' credit cost seen rising to 5-10% in FY22: Ind-Ra report

Published on: 2:48 pm

  • India Ratings & Research (Ind-Ra) has revised the Microfinance Institutions (MFI) sector’s credit cost estimate range for FY22 to 5%-10% from 3%-6%, depending on the geographies of operations/concentration.
  • 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). Read more

Investors book profits in IT stocks amid Q1 earnings season; Nifty IT sheds over 325 pts, HCL Tech,

Published on: 2:34 pm

  • Stocks listed on the Nifty IT index corrected after their record high gains earlier this week that was the outcome of June 2021 quarterly earnings. Nifty IT index has been in a sharp rally since the start of this month as technology giants like TCS, Infosys and Wipro along with others announced their Q1 results.
  • On Friday, the Nifty IT pulled back from its record levels as investors carried massive profit booking as stocks looked overbought.
  • Wipro and L&T Infotech are the latest to announce their Q1 results. While Infosys and Mindtree earnings earlier this week had also swayed the index's performance. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices continue flip flop on Friday with realty stocks rallying to assist bullish pharma and metal stocks. IT and banking stocks drag.
  • BSE Sensex is currently 53,136.64 down 22.21 points or 0.04%.
  • Nifty50 is currently flat at 15,924.15. Nifty Bank is trading down 0.41% at 35,762.20 while Mid-cap Index is up by 0.52%.
  • Divis Lab, Bharti Airtel, Ultratech Cement, Tata Steel, and ITC are the top gainers while HCL Tech, Eicher Motors, Infosys, Shree Cement, and Adani Ports are the top losers.
  • Nifty Realty stocks rally over 2% to provide support to bullish Pharma and Metal stocks. Nifty IT stocks sink over 1% while Banking stocks are also bearish.
  • Out of 50 stocks traded on the NSE, 26 advanced and 24 declined. Read more

Reliance Industries, Just Dial clarify on acquisition deal worth Rs6,600cr

Published on: 2:12 pm

  • Both Reliance Industries (RIL) and Just Dial have neither denied nor accepted a potential acquisition deal where the former is claimed by reports to buy the Indian Internet technology company for Rs6,600cr. Both the companies have said that they are unable to comment on media speculations.
  • Stock exchanges had sought clarification from RIL and Just Dial over an article in TimesNow titled, "Reliance in advanced talks to buy Justdial for Rs 6,600 crore to accelerate local commerce, payments play.” Read more

Reliance Industries stock rises 1% ahead of June 2021 quarterly result next week

Published on: 2:12 pm

  • Reliance Industries (RIL) which is the benchmarks heavyweight, has gained by more than 1% on exchanges on Friday ahead of its June 2021 (Q1FY21) quarterly result that is scheduled for next week.
  • At around 2.09 PM, RIL was trading at Rs2102.75 per piece up by Rs19.50 or 0.9% on Sensex. The stock was near the day's high of Rs2110.95 per piece.
  • RIL in its regulatory filing today said that "a meeting of the Board of Directors of the Company is scheduled to be held on Friday, July 23, 2021, inter alia to consider and approve the standalone and consolidated unaudited financial results of the Company for the quarter ended June 30, 2021." Read More

Ipca Laboratories to incorporate non-profit company 'Ipca Foundation'; Stock gains

Published on: 2:10 pm

  • Ipca Laboratories has informed to the exchange that it has incorporated a non-profit Section 8 Company limited by guarantee of not exceeding the sum of Rs10 lakhs by the name "IPCA Foundation".
  • The main objective of incorporation is to carry out corporate social responsibility related and other charitable and support activities.
  • At around 2:10 PM, Ipca Laboratories was trading at Rs2,102.50 apiece up by Rs6.3 or 0.3% from its previous closing of Rs2,096.20 apiece on the BSE. Read more

Wipro hits new 52-week high after robust Q1 numbers, estimates IT Services biz revenue in range of $

Published on: 2:09 pm

  • Shares of Wipro hit a 52-week high in the early morning trade after reporting a good set of Q1 numbers. The stock has surged 12% in three days.
  • The IT company reported a 9.20% rise in consolidated net profit to Rs3,248cr in Q1 FY22 as against Rs2,974.30cr in Q4 FY21. Consolidated revenues grew 12.35% to Rs18,252.40cr in Q1.
  • IT services revenues increased by 12.2% qoq in constant currency (CC) terms. In US dollar terms, the company reported  revenue of $2.4 billion, a growth of 12% sequentially in constant currency (CC) terms. Read more

Oriental Rail Infra arm secures orders worth Rs219.59 mn; Stock gains over 2.5%

Published on: 2:09 pm

  • Oriental Foundry Private Limited, Wholly-Owned Subsidiary (WOS) Company of Oriental Rail Infrastructure Limited has secured orders worth Rs219.59 Million.
  • The order has been received worth Rs185.16 Million from ‘Jindal Rail Infrastructure Limited’ for manufacturing and supplying “Bogie” and Rs34.44 Million from ‘Northern Railway, Amritsar” for manufacturing and supplying ‘Coupler’, the company said in a filing on Friday.
  • At around 2.11 PM, Oriental Rail Infrastructure Limited was trading at Rs57.50 per piece up Rs1.45 or 2.59% on the BSE. The stock touched a day's high of Rs58.50 per piece on Friday. Read more

LTI's Q1 PAT rises to Rs497cr, constant currency revenue growth 17.8% yoy; Declares special dividend

Published on: 1:52 pm

  • Larsen & Toubro Infotech (LTI) recorded a 19.3% yoy growth in net profit to Rs496.8cr for the quarter ending June 2021 (Q1FY22). However, the PAT was down by 9% sequentially. Revenue stood at Rs3,462.5cr in the latest quarter rising by 17.4% yoy and 5.9% qoq.
  • In terms of the dollar, constant currency revenue growth was at 17.8% yoy and 4.8% qoq. Revenue stood at $470.2M with a growth of 20.4% yoy and 5.1% qoq.
  • Sanjay Jalona, Chief Executive Officer & Managing Director at LTI said, "We are pleased to report our best ever Q1 sequential growth of 5.1% driven by holistic growth across our verticals, service lines, client pyramid and geographies. Our healthy pipeline and continued strong demand makes us confident of our future growth." Read More

Cyient stock hits 52-week high after Q1 earnings; PAT rises by a whopping 41% yoy

Published on: 1:42 pm

  • IT company, Cyient recorded a new lifetime high on stock exchanges during Friday's session after the company announced its financial performance for the quarter ending June 2021 (Q1FY22).
  • The company posted a consolidated net profit of Rs115cr in Q1FY22 rising by 41.3% from Rs81.4cr in the corresponding period of the previous year.
  • The bottom line rose on the back of higher other income, partially offset by higher taxes. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is currently 53,102.15 down 56.7 points or 0.11%.
  • Nifty50 is currently 15,914.30 down 9.90 down 0.06%. Nifty Bank is trading down 0.44% at 35,747.90 while Mid-cap Index is up by 0.43%.
  • Divis Lab, Bharti Airtel, Tata Steel, Reliance, and Ultratech Cement are the top gainers while HCL Tech, Eicher Motors, Tech Mahindra, Shree Cement, and Adani Ports are the top losers.
  • Nifty Pharma stocks (1.25% higher) drive trade while Nifty Metal stocks are also bullish. Nifty IT stocks sink over 1.1% while Banking stocks are also bearish.
  • Out of 50 stocks traded on the NSE, 25 advanced, 24 declined and 1 unchanged. Read more

Reliance Power allots 59.50cr equity shares, 73cr warrants to Reliance Infra; Stock dives

Published on: 1:26 pm

  • Reliance Power has allotted 59.50 Crore equity shares and 73 Crore warrants convertible into an equivalent number of equity shares of the Company by conversion of debt, to Reliance Infrastructure consequent to approval from shareholders through postal ballot.
  • After allotment, the shareholding of Reliance Infra and another promoter group in Reliance Power increased to 24.98% and may further increase to 38.24% on the conversion of warrants, which shall be subject to compliance with the applicable provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and other provisions of law, as and when applicable. Read more

JMC secures Rs1,624cr worth new orders; Stock surges 3%

Published on: 1:20 pm

  • JMC Projects (India) Limited, a leading Civil Engineering and EPC Company has secured new orders of Rs1,624cr.
  • The details are as follows:
  • Road Project in Ghana of Rs1,128cr
  • Building Projects in India of Rs496cr
  • Commenting on securing new orders, S. K. Tripathi (CEO & Managing Director) commented, “We are pleased with the new order wins across our Buildings and Infra businesses. The international order marks our foray into Ghana. This also helps us bolster our international order book reinforcing our thrust to diversify internationally in the EPC market. Read more

BEML incorporates wholly-owned subsidiary BEML Land Assets; Stock trades flat

Published on: 1:16 pm

  • BEML has incorporated a wholly-owned subsidiary in the name and style of “BEML Land Assets Limited”.
  • In its regulatory filing, BEML said "we wish to inform that the Company has incorporated a WOS in the name and style of “BEML Land Assets Limited”... on 15.07.2021 pursuant to the approval of the Board of Directors based on the concurrence given by the Ministry ‘of Defence, Department of Investment and Public Asset Management (DIPAM) and NITI Aayog for demerger of surplus land and assets of the Company as part of strategic disinvestment process undertaken by GoI."
  • At around 1.13 pm, BEML is trading at Rs1323.60  per piece flat compared to the previous closing on Sensex. Read more

Rupee slips 8 paise against US Dollar

Published on: 1:12 pm

  • The Indian rupee opened on a flat note and inched higher against the US dollar in the late morning trade on Friday.
  • At the interbank foreign exchange, the domestic unit opened at 74.53 against the dollar, then inched higher to 74.51/$. However, it fell by 8 paise at 74.62 against US Dollar.
  • On Thursday, the local unit pared some of its initial gains to settle 5 paise higher at 74.54 against the US dollar. Read more

NMDCs OFS for employees open today, Centre offers 89,08,907 equity shares; Stock at day's high

Published on: 1:09 pm

  • State-owned NMDC launched an offer for sale (OFS) on Friday for employees where the government is offering 89,08,907 equity shares for a subscription.
  • A floor price of Rs 165.50 per equity share has been fixed.
  • In its regulatory filing, NMDC said that the President of India, acting through the Ministry of Steel, Government of India is proposing to offer up to 89,08,907 equity shares of the face value of Rs1 each to the eligible employees of the Company at a price of Rs165.50 per equity share. Read More

CL Educate board to consider sub-division of shares; Stock climbs 5%

Published on: 1:05 pm

  • CL Educate Limited has informed that a meeting of the Board of Directors of the Company is scheduled to be held on Tuesday, August 03, 2021, through Video Conferencing mode to consider and approve the proposal for sub-division (split) of the equity shares of Rs.10/- each of the Company in such manner as may be determined by the Board of Directors, subject to the approval of the Members of the Company.
  • CL Educate Limited is an India-based holding company. The Company provides educational products, services, content and infrastructure.  Read More

Nifty FMCG trades flat; United Breweries, ITC in lead; Varun Beverages, Tata Consumer weigh

Published on: 1:04 pm

  • Nifty FMCG was trading on a flat note amid volatile trade on Friday. After a gap-up start, the index witnessed lacklustre demand in the performance and remained content with subdued gains.
  • United Breweries led the gains followed by ITC. However, Varun Beverages sank nearly 2% to drag while United Spirits, Tata Consumer, Emami and Marico also weighed in.
  • Sensex and Nifty fell from record-high levels to trade in the red as losses in IT and banks offset gains in pharma and metals stocks. Weak global cues also weighed on sentiment. Read More

Nifty Pharma outshines broader markets, index hits fresh lifetime high as Q1 earnings take focus; Al

Published on: 12:55 pm

  • The Nifty Pharma index outperformed broader markets on the last day of this week's trading session as June 2021 (Q1FY22) quarterly season takes focus. Except for Torrent Pharma, all stocks listed on the index were trading on a bullish note with Alkem Lab and Divis Lab hitting a fresh all-time high. The Nifty Pharma index has earmarked a fresh lifetime high.
  • At around 12.50 PM, the Nifty Pharma was trading at 14,652.35 up by 184.90 points or 1.3%. The index has touched a new all-time high of 14,715.15.
  • Alkem Lab and Divis Lab were top gainers soaring by nearly 4% and 3.4% respectively after hitting a new 52-week high of Rs3,558.90 per piece and Rs4,767.70 per piece in the early deals. Read More

Xelpmoc Design board approves fundraise of Rs27cr; Stock trades flat

Published on: 12:46 pm

  • Xelpmoc Design and Tech Limited board on Thursday has approved raising of funds by issuing up to 7.2 lakhs equity shares of the company of face value of Rs10 each at an issue price of Rs375 per share aggregating up to Rs27cr on a preferential allotment basis.
  • The company’s board has also approved an increase of authorized share capital of the Company from the existing Rs15cr divided into 1.50cr equity shares of Rs10 each to Rs25cr divided into 2.50cr equity shares of Rs10 each, by creation of 1cr additional equity shares of Rs10 each. Read More

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark market indices trade lower as IT and banking stocks drag.
  • BSE Sensex is currently 53,053.29 down 105.56 points or 0.20%.
  • Nifty50 is currently 15,898.75 down 25.45 points or 0.16%. Nifty Bank is trading down 0.53% at 35,718.40 while Mid-cap Index is up by 0.25%.
  • Divis Lab, Bharti Airtel, Tata Steel, Sun Pharma, and Ultratech Cement are the top gainers while HCL Tech, Tech Mahindra, Infosys, Adani Ports, and Eicher Motors are the top losers.
  • Nifty Pharma stocks (1.25% higher) drive trade while Nifty Metal stocks are also bullish. Nifty IT stocks sink over 1.3% while Banking stocks are also bearish.
  • Out of 50 stocks traded on the NSE, 26 advanced and 24 declined. Read more

Asian markets trade mostly lower; European markets to open on a muted note

Published on: 12:28 pm

  • Asian markets are trading mostly lower in the afternoon session in Friday trade with the Nikkei 225 in Japan fell 0.98% while the Topix index slipped 0.26%. South Korea’s Kospi declined 0.68%, the Shanghai Composite dipped 0.14% while the Shenzhen component shed 0.39%.
  • Also, the Hang Seng index in Hong Kong fell 0.14% and Australia’s S&P/ASX 200 edged 0.13% lower.
  • Meanwhile, European markets are heading for a muted open. Read more

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