Live market updates

20th Jul, 2021

Expansion and Increase in Capacity of MSMEs: Centre

Published on: 5:19 pm

  • The Government of India has announced Fund of Funds with the nomenclature Self Reliant India (SRI) Fund to infuse Rs50,000cr as equity funding in those MSMEs which have the potential and viability to grow and become large units.
  • Under this scheme total size of the fund of Rs50,000cr has a provision of Rs10,000cr from the Government of India and Rs40,000cr leverage through Private Equity / Venture Capital funds.
  • The guidelines of the fund have been issued. This initiative is aimed at providing growth capital to the deserving and eligible units of the MSME sector. Read More

Expansion and Increase in Capacity of MSMEs: Centre

Published on: 5:19 pm

  • The Government of India has announced Fund of Funds with the nomenclature Self Reliant India (SRI) Fund to infuse Rs50,000cr as equity funding in those MSMEs which have the potential and viability to grow and become large units.
  • Under this scheme total size of the fund of Rs50,000cr has a provision of Rs10,000cr from the Government of India and Rs40,000cr leverage through Private Equity / Venture Capital funds.
  • The guidelines of the fund have been issued. This initiative is aimed at providing growth capital to the deserving and eligible units of the MSME sector. Read More

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ISGEC bags significant order for Soda Ash Project from Russia

Published on: 5:16 pm

  • Isgec Heavy Engineering has recently secured a prestigious order for two sets of Carbonation Columns, one set of Gas Scrubber Columns, and one set of Distillation Columns.
  • This order has been received from one of the world's most prominent soda ash manufacturing companies based in Russia.
  • Isgec has already supplied Carbonation Columns to this company earlier and has now received a repeat order for this product which is a testament to the quality of Isgec Castings. Read More

Centre records 88% yoy rise in excise collection to Rs3.35 lakh cr from petrol and diesel

Published on: 5:14 pm

  • The government collected tax to the tune of Rs3.35 lakh cr from petrol and diesel in the year ending March 31. The performance comes after when excise duty was hiked on petrol at Rs 32.9 per litre and diesel at Rs31.8 per litre.
  • Earlier, excise was at Rs19.98 per litre on petrol and Rs15.83 per litre on diesel.
  • The Minister of State for Petroleum and Natural Gas Rameswar Teli gave the information in Lok Sabha. Read more

Navneet education redeems commercial paper worth Rs50cr

Published on: 5:13 pm

  • Navneet Education Limited informed the exchanges Monday that Commercial Paper (CP) of Rs25cr issued on April 20, 2021, and Rs25cr issued on May 4, 2021, in favour of ICICI Bank which was listed on National Stock Exchange of India Ltd. have been fully redeemed on their redemption date July 19, 2021. 
  • Navneet Education Ltd ended at Rs96.90 per piece down by Rs0.65 or 0.67% from its previous closing of Rs97.55 per piece on the BSE.
  • The scrip opened at Rs94.05 and has touched a high and low of Rs98.55 and Rs94.05 respectively, during intraday trade on Tuesday. Read more

Domestic air passenger traffic up 47.18% in June: DGCA

Published on: 5:13 pm

  • According to the Directorate General of Civil Aviation (DGCA) released on Monday showed that India's domestic air passenger traffic was up 47.18% in June as compared to May.
  • The DGCA has allowed airlines to sell seats up to 65% of an airline’s pre-covid capacity on domestic flights earlier in July paving way for airlines to deploy more capacity on domestic routes.
  • About 3.11 million passengers travelled by air in June, compared with 2.12 million passengers recorded in May, as per DGCA data. Read more

NTPC wins auction of 450 MW of solar projects in MP, aims to build 60 GW Renewable Energy Capacity b

Published on: 5:04 pm

  • State-owned NTPC, 100% wholly-owned subsidiary, NTPC Renewable Energy Ltd. (NTPC REL) on Tuesday emerged winner at the Rewa Ultra Mega Solar Limited (RUMSL) auction for a 450 MW of solar projects at the Shajapur Solar Park in Madhya Pradesh (M.P).
  • As per the Ministry of Micro, Small & Medium Enterprises, NTPC Renewables won a capacity of 105 MW & 220 MW quoting the lowest tariff of ₹2.35 per kWh, and Rs2.33 per kWh respectively. The tender received an overwhelming response from the bidders with a total of 15 bidders being shortlisted.
  • NTPC REL was recently given the go-ahead by MNRE on July 12,  2021, under Mode 8 (Ultra Mega Renewable Energy Power Park) of the Solar Park Scheme. Read more

Zen Technologies secures export order of ~Rs120cr; stock ends 6% higher

Published on: 5:04 pm

  • Zen Technologies Limited has been awarded a ~Rs120cr export contract. The simulators are the main focus of the order. The order will be carried out in roughly a year. In the face of stiff worldwide competition from multinational corporations, Zen Technologies emerged as the lead runner.
  • Owing to a confidentiality agreement, the customer's identity cannot be published due to the nature of the deal, the company said.
  • The stock ended at Rs100.30 up by Rs5.5 or 5.8% from its previous closing of Rs94.80 on the BSE. The scrip opened at Rs102.50 and touched a high and low of Rs104 and Rs98.65 respectively. Read more

Delta Corp's casinos to remain closed in Goa, Sikkim

Published on: 4:57 pm

  • Delta Corp said in the regulatory filing that the company's casinos in Goa will remain closed as the state government has extended the covid-induced restrictions till July 26.
  • 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, Delta Corp said in the filing.
  • Further, the casinos operated by the Company and its subsidiaries in Sikkim will remain closed during this period. Read more

ICICI Prudential Mutual Fund trims shareholding by over 2% in LIC Housing Finance

Published on: 4:52 pm

  • LIC Housing Finance has announced about reduction of ICICI Prudential Mutual Fund's shareholding in the company. The Fund under its various schemes holds equity shares of the Company.
  • ICICI Prudential Asset Management Company in a letter dated July 12, 2021, said that one of the schemes of ICICI Prudential Mutual Fund (ICICI Prudential Banking & Financial Services Fund) has carried out the sale of 194,291 shares of LIC Housing Finance on July 08, 2021.
  • Thereby, the shareholding of the Fund has decreased by more than 2% as compared to the previous disclosure made on April 05, 2021, for 5.03%. Read more

DCM Shriram stock closes 8.5% lower despite Q1FY22 PAT jumps two-fold at Rs158cr

Published on: 4:51 pm

  • DCM Shriram Ltd has announced its Q1 FY22 financial results on Tuesday.
  • Performance at a glance:
  • Net Revenue up 2% YoY:
  • Chemical revenues up 76% and Fenesta up 168% led by volumes
  • Vinyl revenues up 128% driven by prices
  • Sugar Business revenues down 36% due to lower volumes of Sugar
  • PBDIT up 56% YoY: Read more

SE Power installs Solar Power Plant at factory premises in Vadodara; Stock ends at 52-week high

Published on: 4:47 pm

  • SE Power Limited has signed a memorandum for installation of a Solar Power Plant of 800 KW at the Factory premises in Vadodara Gujarat with Solex Energy Limited.
  • “The said Power Plant reduces the cost of electricity for the production of the company and it will also helpful for the generation of Green Energy,” the company said in a filing on Tuesday.
  • SE Power Limited trade on Tuesday ended at 52-week high of Rs9.62 per piece up Rs0.45 or 4.91% on the BSE.Read more

Ircon Vadodara Kim Expressway repays loan of Rs589.50cr to IRCON International

Published on: 4:45 pm

  • Ircon Vadodara Kim Expressway Limited has repaid the total outstanding loan of Rs589.50cr to Ircon International Limited. The company had earlier announced about Corporate Guarantee furnished to Bank of Baroda for a loan to Ircon Vadodara Kim Expressway Limited (IrconVKEL) (a wholly-owned subsidiary of IRCON).
  • “Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 and in continuation to our letter even no. dated 30th June 2021, regarding intimation about Corporate Guarantee furnished to Bank of Baroda for a loan to Ircon Vadodara Kim Expressway Limited (IrconVKEL) (a wholly-owned subsidiary of IRCON), it is to inform that IrconVKEL has repaid the total outstanding loan of RS.589.50 Crore to Ircon International Limited,” IRCON International said in the regulatory filing. Read more

C. Vijayakumar joins HCL Technologies as MD effective today

Published on: 4:44 pm

  • HCL Technologies has said that C. Vijayakumar has been appointed as the Managing Director of the Company with effect from July 20, 2021, for a period of five years, subject to the approval of the shareholders and other regulatory approvals, as may be applicable.
  • Vijaykumar succeeds Shiv Nadar who has ceased to be Director as well as the Managing Director of the Company from July 19, 2021.
  • Vijayakumar joined the HCL group in 1994 as a member of the core team that designed and implemented India’s first-ever fully automated trading network at the National Stock Exchange. With a strategic vision and global outlook, he relentlessly reinvented himself to emerge as a leader who could span the breadth of technologies and deftly navigate the shifting industry landscape. Read more

Balaxi Pharmaceuticals reports 23% yoy increase in PAT for Q1FY22

Published on: 4:39 pm

  • Balaxi Pharmaceuticals recorded a net profit of Rs10.71cr, up 23.10% yoy in the quarter ended June 2021 as against Rs8.70cr during the previous quarter ended June 2020.
  • The revenue was up 12.06% to Rs58.34cr in the quarter ended June 2021 led by Pharma and Branded consumer goods segments.
  • Higher contribution from newer geographies such as Guatemala also led the Pharma segment to grow by 11% you.
  • With new launches and increasing customer acceptance, Branded consumer segment Revenue increased by 128% yoy. Read More

Infosys to establish Digital Technology and Innovation Center in Germany for Automotive Sector

Published on: 4:30 pm

  • Infosys has announced the launch of its Automotive Digital Technology and Innovation Center in Stuttgart, Germany, building on its strategic commitment to drive innovation and IT infrastructure transformation in the sector.
  • The new center brings together automotive and IT experts from across Germany into a space for shared knowledge, skills and innovation. As a part of Infosys’ partnership with Daimler, automotive IT infrastructure experts based in Germany will transition from Daimler AG to the new Digital Technology and Innovation Center. Read more

Asian Paints consolidated Q1 PAT rises 160% yoy to Rs568.50cr; Stock hits fresh record high

Published on: 4:26 pm

  • Asian Paints Ltd. today announced their financial results for the quarter ended June 30, 2021. The company’s revenue from operations on a consolidated basis increased by 91.1 % to Rs5,585.36cr from Rs2,922.66cr in June ended quarter of June 2020. 
  • Profit before depreciation, interest, tax, and other income (PBDIT) for the group (before sharing in profit of associates) increased by 88.7% yoy to Rs913.56cr from Rs484.25cr. Profit Before Tax (PBT) increased by 154.6% yoy to Rs778.58cr from Rs305.76cr.
  • Consolidate Net Profit after Minority Interest increased by 160.2% yoy to Rs568.50cr as compared to Rs218.45cr in the previous corresponding period. Read More

IRCON completes 100 km track linking between Vaitarna‐Sachin section

Published on: 4:20 pm

  • IRCON has informed that it has completed 100 km track linking out of 372 km stretch entrusted to IRCON by Dedicated Freight Corridor Corporation of India Ltd (DFCCIL) between Vaitarna-Sachin sections by using imported New Track Construction machine by IRCON.
  • It has been possible by the dedicated team of IRCON despite the lockdown due to Covid-19 and insufficient resources. IRCON’s entire dedicated team is struggling hard to complete the project despite prevailing situation of Covid-19.
  • IRCON is the first PSU, which owns NTC machine, that was imported by IRCON from USA for the purpose of this project. Read more

ACC Ltd ends higher 7% after Q2 PAT up 110.2% at Rs569.42cr yoy

Published on: 4:11 pm

  • Shares of ACC Ltd ended higher on the BSE in an otherwise weak market after posting strong operational performance in Q2.
  • The net profits for the Jun-21 quarter were up 110.18% on a yoy basis at Rs569.42cr even as sequential profits grew by 1.21%. The net margins at 14.66% in the Jun-21 quarter was higher yoy compared to 10.41% in the Jun-20 quarter and NPM was also better than 13.11% recorded in the sequential Mar-21 quarter. The big story on the demand front clearly appears to stem from ACC from enhanced government spending on infrastructure.
  • The cement company has reported 49.29% growth yoy in total sales revenues for the Jun-21 quarter on consolidated basis at Rs3,884.94cr. Read More

Wipro to invest $1B to expand Cloud Transformation Capability, launches Wipro FullStride cloud servi

Published on: 4:07 pm

  • Wipro Limited has announced the launch of Wipro FullStride Cloud Services and its commitment to invest $1 billion in cloud technologies, capabilities, acquisitions and partnerships over the next three years.
  • As the cloud opportunity accelerates, Wipro FullStride Cloud Services brings together the full portfolio of Wipro’s cloud-related capabilities, offerings and talent to better orchestrate the cloud journey for clients.
  • This commitment builds on Wipro’s existing and extensive cloud business with clients and significantly expands the investment with its partners and hyperscalers, creating industry solutions that accelerate results for mutual clients. Read More

Rane (Madras) consolidated net profit turns around to Rs15.2cr in Q1FY22

Published on: 4:06 pm

  • Rane (Madras) Limited, a leading manufacturer of steering and suspension products and light metal casting components today announced its standalone and consolidated financial performance for the first quarter (Q1FY22) June 30, 2021.
  • The company’s consolidated total revenue increased 203.7% to Rs347.1cr for Q1FY22 compared to Rs114.3cr in Q1FY21. EBITDA stood Rs11.3cr compared to Rs27.9cr during Q1FY21, an increase of 140.5%. EBITDA Margin at 3.3% for Q1FY22 against -24.4% in Q1FY21. Read more

Goldman Sachs opens new office in Hyderabad, to hire 2,500 employees by 2023

Published on: 3:55 pm

  • Goldman Sachs has opened a new office in Hyderabad as part of its commitment to expand its global center for engineering and business innovation in India. The new office is located at Salarpuria Sattva Knowledge City and includes functions across engineering, finance, human capital management, and support for consumer banking.
  • On the opening of the new office, K. T. Rama Rao, the Hon’ble Minister for IT said, "I am pleased to inaugurate Goldman Sachs’ office in Hyderabad. Hyderabad is emerging as a key investment destination for the banking and financial services industry in India, on account of Telangana state’s success in establishing a vibrant ecosystem of global capability centers that attracts the very best talent. Read More

Sangam Renewables renames as 'Waaree Renewable Technologies'

Published on: 3:45 pm

  • Sangam Renewables Ltd has inform that Ministry of Corporate Affairs through Registrar of Companies, Mumbai, Maharashtra has confirmed the change of name from ‘Sangam Renewables Limited’ to ‘Waaree Renewable Technologies Limited’, vide fresh certificate of incorporation on July 19, 2021.
  • Company was originally incorporated with the name of SANGAM ADVISORS PRIVATE LIMITED.
  • Sangam Renewables engages in the generation of power in India. The company generates electricity from solar power plants. It also provides solar business management consultancy services. Read More

Bharti Airtel, Vodafone Idea, Tata Teleservices stocks dip after SC reserves order in AGR case

Published on: 3:45 pm

  • Major telecom stocks were on a bearish note during Tuesday's trading session after the Supreme Court reserved its order in the adjusted gross revenues (AGR) case. The apex court maintained its stand that AGR dues cannot be recomputed, whereas the telecom service provider namely Vodafone Idea, Bharti Airtel and Tata Teleservices had moved to the SC seeking for rectification in errors and commissions by the Telecom Department vis-a-vis dues demands.
  • In the verdict, Solicitor General Tushar Mehta stated that he has not received any instructions from the Department of Telecommunications on allowing corrections of errors. He said that it would be a little hazardous for him to make a statement without taking instructions from the telecom department. Mehta will get concrete instructions within a day or two. Read more

Gujarat Natural Resources subsidiary buys additional 70% in oil fields

Published on: 3:42 pm

  • GNRL Oil & Gas Limited (GOGL), a Subsidiary of Gujarat Natural Resources Limited, had acquired an additional 70% participating interest in fields which put together made the total participating interest to 100%.
  • “We hereby state that signed amended Production Sharing Agreement (PSC) has been received by us. The PSC for Allora, Dholasan, North Kathana oil fields was between the President of India acting through the Additional Secretary, Ministry of Petroleum & Natural Gas, Government of India, Gujarat State Petroleum Corporation, and GNRL Oil & Gas limited,” company said in a filing.
  • Considering the above the consolidated revenue/profitability of the Company is expected to increase, it added. Read more

Markets end lower led by banks; Sensex slips 355 points, Nifty settles below 15,650

Published on: 3:41 pm

  • As it’s another day bears continued to assert control on Dalal Street and has extended losses on weak global cues and continued selling pressure in financial stocks. Barring FMCG and IT, most key sectoral indices contracted today with financials, metals and realty witnessing steep correction.
  • Also, another reason for the downfall in the market is the rising Covid cases in the US and UK due to the Delta variant, inflation concerns, and concerns about growth coming below consensus expectations.
  • The market extended losses for the third consecutive session, the BSE Sensex dropped 355 points or 0.68% to 52,199. The Nifty 50 index had earlier recouped some losses and settled at 15,632, down 120 points or 0.76% down. Read more

MCMA welcomes Ram Chandra Prasad Singh as Union Minister for Steel

Published on: 3:25 pm

  • Metal Container Manufacturer Association (MCMA), the umbrella body representing the interest of companies involved in the production of metal containers, packaging and allied components has welcomed Ram Chandra Prasad Singh taking over as Union Minister for steel and is pining positive hopes that urgency will be shown to the pandemic-hit and cash-starved metal packaging sector.
  • A delegation led by President of MCMA, Sanjay Bhatia met steel union minister on July 15, 2021 & briefed him about the importance of metal packaging industry and the issues currently faced by the industry in terms of acute shortage of its main inputs i.e. Tinplate/Tin free steel and various steel products like Easy open ends, peel offs, aerosol can components, closures etc. Further highlighted that the three months extension of QCO is not helping the industry at all. Keeping in mind current Covid conditions in India and overseas, they should extend it till March 2022. Read more

Parsvnath Developers subsidiary PEDPL develops modern commercial complex Parsvnath Capital Tower; St

Published on: 3:25 pm

  • Parsvnath Estate Developers Private Limited (PEDPL), a wholly-owned subsidiary company of Parsvnath Developers Limited, has developed a modern state-of-the-art office cum commercial complex of international standards — Parsvnath Capital Tower.
  • The company said in a filing on Tuesday that the project is situated on a land admeasuring 5 acres located in the heart of Delhi adjacent to Connaught Place on Bhai Veer Singh Marg, New Delhi. It has been constructed on land allotted on lease from Delhi Metro Rail Corporation (DMRC) on a BOT basis.
  • “The said project comprises of two independent buildings with Phase — I, having approx. 2,28,000 sq. ft. and Phase — II with approx. 1,13,000 sq. ft. Built-up area, cumulatively admeasuring approximately 3,40,000 sq. ft. (approx.). Read more

GTPL Hathway stock declines post June 2021 quarter results

Published on: 3:13 pm

  • Shares of GTPL Hathway declined 1.3% on the BSE during the last hour of the trading session despite net profit rose in the June 2021 quarter. The net profit of the company increased by 16.12% to Rs47.46cr in the quarter ended June 2021 as against Rs40.87cr during the previous quarter ended June 2020.
  • The sales also rose 21.46% to Rs601.77cr in the quarter ended June 2021 as against Rs495.46cr during the previous quarter ended June 2020.
  • GTPL Hathway Ltd is currently trading at Rs181.90 down by Rs2.4 or 1.3% from its previous closing of Rs184.30 on the BSE. Read more

Voltas appoints Jitender P Verma as Chief Financial Officer and KMP

Published on: 3:10 pm

  • Voltas Ltd has informed that the Board of Directors of the Company have approved the appointment of Jitender P. Verma, as the Chief Financial Officer and Key Managerial Personnel of the Company in place of Anil George with effect from July 19,  2021. Jitender P. Venna had joined the Company on June 22, 2021.
  • Jitender P. Verma is a Commerce Graduate, a qualified Chartered Accountant and MBA. He has over three decades of experience in organizations ranging from Asian conglomerates to US/EU MNCs in the field of diversified manufacturing sectors, FMCG - food, agro, retail, electronics, infrastructure, etc.Read More

Bank Nifty sheds over 650 pts amid broad-based selloff; All stocks in red; AU Small, IndusInd, SBI,

Published on: 3:07 pm

  • Banking stocks are in focus amid June 2021 quarterly results, bad bank and privatisation plans. On Tuesday, the Bank Nifty emerged as the top bear of benchmark Nifty 50 as investors traded cautiously with heavyweights taking a steep dig. The index scrapped over 35,000-level and has nosedived by nearly 722 points so far today. All stocks listed on the index were in red.
  • Many reports have stated that the privatisation plan of two state-owned banks and one general insurer is unlikely to take place this fiscal year FY22. The two PSBs that are shortlisted for privatisation are namely Central Bank of India and the Indian Overseas Bank. While, the speculations are that among National Insurance, United India Insurance and Oriental Insurance - could be up for privatisations. Read more

Mastek posts a whopping 72% yoy growth in Q1 PAT to Rs80cr; constant currency revenue grows 29.4% yo

Published on: 3:05 pm

  • IT-company, Mastek posted a consolidated net profit of Rs80.2cr for the quarter ending June 2021 (Q1FY22) rising by 72.2% yoy and 6% qoq. The company's total income was at Rs521.2cr in Q1FY22 increasing by 29.4% yoy and 7.1% qoq.
  • In dollar terms, Mastek's revenue from operations was at $70.2M in the quarter under review. The constant currency revenue growth was 27.2% yoy and 4.3% qoq.
  • Arun Agarwal, Global Chief Financial Officer, Mastek Limited, said: “Q1FY22 has been another quarter of consistent financial performance. We reported Rs 516.5 crore revenue, reflecting a growth of 6.9% sequentially, demonstrating the strong fundamentals of our business in these challenging times. Despite increase in costs due to onshoring, promotions and investments in talents during the quarter, we have been able to maintain healthy operating EBITDA margin of 21.8%." Read more

HDFC Life Insurance stock slips after Q1 net profit falls to Rs270cr

Published on: 3:01 pm

  • HDFC Life Insurance stock is trading lower after posting Q1 numbers. The company posted a sharp 40.17% fall in net profits on a yoy basis and a 15.52% fall in net profits on a sequential basis.
  • HDFC Life recorded a 17.8% market share among private insurers and now ranks second only to SBI Life among private insurers. Value of new business grew by 40%, while new business margins stood at 26.2%. Renewal collections with 13th-month persistency also improved significantly from 87% to 90% on a yoy basis.
  • In the first quarter ended Jun-21, the AUM was up 30% while the value of the India Embedded Value was up 21% yoy. The solvency ratio improved yoy from 190% to 203% even as operating expenses as a share of total premium was up 100 bps at 12.5%. Overall, it looks like a one-off bad quarter, with basic business metrics still robust. Read more

Allsec Technologies stock nosedives over 12% after June quarterly earnings

Published on: 2:53 pm

  • Allsec Technologies reported a net loss of Rs7.97cr for the quarter ending June 2021 (Q1FY22). The company posted revenue of Rs71.49cr in the quarter under review increasing by 12% yoy but lower by 3% qoq.
  • EBITDA of the company before Covid-related expenses was at Rs17.23cr in Q1FY22 up by 11% yoy but down by 20% qoq. However, EBITDA after Covid expenses was at Rs15.81cr up by 22% yoy but lower by 24% qoq.
  • The company recorded Covid expenses of Rs1.42cr. Read more

Yash Management & Satellites further invests in Sudarshan Polyfab subsidiary

Published on: 2:50 pm

  • Yash Management & Satellite Ltd has informed that the company has made further investment of 24,39,024 Equity Shares of Rs. 10- each (fully paid up) payable at par through Right issue in its subsidiary (Sudarshan Polyfab Pvt Ltd.).
  • After this subscription total holding in its subsidiary is 55,97,760 Equity shares which is 56% of the total subscribed and paid up share capital of Sudarshan Polyfab Private Limited. Read more

City Union Bank approves QIP issue of Rs500cr; stock dips 3%

Published on: 2:49 pm

  • City Union Bank said in the regulatory filing that the board has approved raising further capital through the QIP route to the tune of Rs500cr. AGM date fixed as August 19, 2021, and approved the Notice of the AGM of the bank, the bank said on Monday in the filing.
  • Further, the board recommended a Final Dividend @ 20%, i.e. Rs0.20 paise per equity share of the face value of Re 1/- subject to shareholder approval.
  • Raising Further Capital through QIP Route to the tune of Rs500cr (including premium) subject to shareholder approval, it added. Read more

Nifty IT trades marginally higher; MindTree leads modest gains

Published on: 2:45 pm

  • The Nifty IT stocks were marginally higher on a bearish markets on Tuesday's trade. The Index after a marginally higher start fell into negative zone in the morning amid broad-based sell-off. However, in the afternoon the sector gained momentum and was on the upward stretch. But it trimmed gains again in the last hour of trading session on Tuesday.
  • MindTree surged to emerge the top gainers while, MphasisTCSInfosys, and Coforge also advanced to lend support to the sector.
  • HCL Tech dragged the most post quarterly earnings. Oracle and Wipro were also under heavy pressure. Read more

SVP Global Ventures records Q1 net profit of Rs39cr, net sales rise too on yoy basis

Published on: 2:44 pm

  • SVP Global Ventures registered a consolidated net profit of Rs39.19 cr for the quarter ending June 2021 (Q1FY22) against a net loss of Rs57.45cr a year ago same period. The PAT was also higher from Rs38.26cr of the preceding quarter.
  • Consolidated net sales were at Rs384.80cr in the quarter under review increasing from Rs91.83cr in the corresponding period of the previous year. However, the top line declined from Rs436.09cr in the previous quarter.
  • At around 2.42 PM, SVP Global was trading at Rs107.85 per piece lower by 1.06% on Sensex. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices remain bearish despite trimming few early losses. Metal and banking stocks drag, FMCG, IT stocks lead.
  • BSE Sensex is currently 52,292.81 down 260.59 points or 0.50%.
  • Nifty50 is currently 115,659.15 down 93.25 points or 0.59%. Nifty Bank is trading down 1.79% at 34,451.60 while Mid-cap Index is down by 1.30%.
  • Asian Paints, Ultratech Cement, HUL, Grasim, and Maruti are the top gainers while Hindalco, IndusInd Bank, HCL Tech, ICICI Bank, and NTPC are the top losers.
  • Nifty Metal stocks sink 2%. Banking and Financial Services stocks remain under pressure while Auto, Pharma, Media, IT and Realty stocks are also bearish. FMCG and IT stocks trade higher.
  • Out of 50 stocks traded on the NSE, 12 advanced, and 38 declined. Read More

Dabur's Non-Executive Chairman Amit Burman undergoes surgery in London

Published on: 2:27 pm

  • Dabur India Ltd has announced on Monday that Non-Executive Chairman Amit Burman has been hospitalised in London and is undergoing treatment for a case of Aneurysm.
  • Burman is recuperating after undergoing surgery. The surgery was successful, and his health is improving. Doctors are constantly monitoring his condition and have advised him to take rest.
  • At around 2:27 PM, Dabur India was trading at Rs588.95 apiece up by Rs0.05 or 0.01% from its previous closing of Rs588.90 apiece on the BSE. Read More

Indian Bank net profit triples to Rs1182cr yoy in Q1FY22; NIM improves by 51 bps qoq

Published on: 2:19 pm

  • Indian Bank on Monday posted a Net Profit for the quarter grew by 220% YoY to Rs1182Cr from Rs369Cr in Q1FY21. On a qoq sequential basis Net Profit declined by31%.
  • On a yoy basis, while the provisions were sharply higher in Jun-21 quarter at Rs2,615cr, the gains came from lower interest costs and also from the tax credit that the bank got in the quarter.
  • GNPA was at 9.69% of Gross advances as on Jun’21 brought down by 121bps yoy and 16 bps qoq. Read more

Nifty FMCG shrugs off bearish markets tone as heavyweight Hindustan Unilever shines; Marico, Varun B

Published on: 2:05 pm

  • The FMCG index outperformed broader markets by trading on the upside front. On Tuesday, Sensex and Nifty were on a nosedive led by broad-based sell-off with banking stocks underperforming the most.
  • However, the FMCG company stocks were in the fast lane and lifted the Nifty FMCG index with heavyweight Hindustan Unilever (HUL) lead the pack. Investors were upbeat on the sector ahead of the major June 2021 quarterly results scheduled for the remainder of this month.
  • At around 2.01 PM, Nifty FMCG was trading at 36,299.95 up by 119.55 points or 0.33%. The index has touched an intraday high and low of  36,403.15 and 36,110.65 respectively. Read more

Wonderla Holidays to start reopening water parks in Hyderabad from next month

Published on: 2:00 pm

  • Wonderla Holidays Ltd., India’s largest amusement park chain, is all set to reopen Wonderla Hyderabad from 5th August 2021. As part of the reopening initiative, Wonderla is giving a limited offer where the visitors can enjoy a fun-filled day at the park for just Rs799 (inclusive of GST), with access to all land and water rides.
  • The theme park will be open only on Thursday to Sunday from 11 am onwards.
  • Wonderla Hyderabad follows all the necessary guidelines issued by the Government and the Ministry of Health. The park will function with 50 % capacity and Wonderla is the first amusement park secured COV - safe certification by Bureau Veritas India. Read more

Nifty Pharma joins bear markets; Cadila, Cipla emerge top losers

Published on: 2:00 pm

  • The Nifty Pharma advanced on Monday amid weak market but on Tuesday the sector was caught among the market bears. The Index shed 1% despite making a minor recovery in the afternoon to go with the market rally to overcome major losses.
  • Auro Pharma was the only company in the sector to trade higher, as out of 10 stocks, 9 declined. Cadila dragged the most while CiplaAlkem LabDr. Reddy’s and Sun Pharma were also struggling.
  • At around 2 PM, Nifty Pharma was trading at 14,527.05 down 142.85 points or 0.97%, touching a high of 14,689.40 and low of 14,484.75 during intraday trade on Tuesday. Read more

PNB, IDBI Bank, Union Bank, BOI among others to exit ARCs for setting up Bad Bank; Stocks broadly di

Published on: 1:57 pm

  • A host of public sector banks (PSBs) have decided to exit asset reconstruction companies (ARCs) to free up capital for launching the National Asset Reconstruction Co. Ltd (NARCL) aka 'Bad Bank'. These PSBs are - Punjab National Bank, Union Bank, Bank of India and Indian Bank. Also, IDBI Bank plans to do the same.
  • PNB has put its entire stake in Arcil for sale. The lender holds a 10.01% stake in India’s oldest ARCs with assets amounting to Rs12,000cr under management.
  • Further, as per reports, IDBI Bank has also started to look for buyers for selling its 19.18% stake in Arcil. Read more

Adani Group stocks dip for the second day in a row as Sebi, DRI probes; 4 firms hit 5% lower circuit

Published on: 1:36 pm

  • Adani Group stocks were in a nosedive on Tuesday after reports stated that market watchdog Sebi and the Directorate of Revenue Intelligence (DRI) are investigating the Group companies over some violations of the regulations. This would be the second consecutive day slip.
  • The information was given by the junior minister for finance Pankaj Chaudhary in the Lok Sabha on Monday.
  • At around 1.25 PM, Adani Enterprises, the flagship company of the Group, was trading at Rs1357.80 per piece down by 1.66% on Sensex. Adani Ports slipped by 0.9% at Rs667.55 per piece. Read more

Zuari Agro Chemicals slumps 5% despite resuming operations at NPKB Plant in Goa

Published on: 1:35 pm

  • Zuari Agro Chemicals Limited informed the exchanges that NPK B Plant of the Company at Zuarinagar, Goa, has resumed its operations effective from July 19, 2021.
  • The company had shut down NPK B Plant since April 24, 2021, due to the unavailability of raw materials.
  • At around 1.38 am, Zuari Agro Chemicals Ltd was trading at Rs141.50 per piece down by Rs7.2 or 4.84% from its previous closing of Rs148.70 per piece on the BSE.
  • The scrip opened at Rs150.70 and has touched a high and low of Rs154.50 and Rs141.30 respectively during intraday trade on Tuesday. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • Indices trim losses in the afternoon trade. Metal and banking stocks drag, FMCG stocks lead.
  • BSE Sensex is currently 52,314.45 down 238.95 points or 0.45%.
  • Nifty50 is currently 15,662.10 down 90.30 points or 0.57%. Nifty Bank is trading down 1.58% at 34,525.75 while Mid-cap Index is down by 1.29%.
  • Asian Paints, Ultratech Cement, HUL, Shree Cement, and Bajaj Auto are the top gainers while Hindalco, IndusInd Bank, Bharti Airtel, M&M, and HCL Tech, are the top losers.
  • Nifty Metal stocks sink 2.3%. Banking and Financial Services stocks remain under pressure while Auto, Pharma, Media, IT and Realty stocks are also bearish. FMCG stocks trade marginally higher.
  • Out of 50 stocks traded on the NSE, 13 advanced, and 37 declined. Read More

Add-Shop E-Retail hits 52-week high on strong Q1FY22 earnings

Published on: 1:25 pm

  • Add-Shop E-Retail Limited, one of the country's first companies to promote organic farming and produce organic farm goods has released results for Q1FY22 on Tuesday.
  • Financial Performance:
  • Q1FY22 recorded the best-ever quarterly performance to date in terms of Revenue from Operations and Profit after Tax.
  • Revenue from Operations stood at Rs31.1cr in Q1FY22, up 201% yoy and 8% qoq. Read more

Wipro sells entire stake in IntSights Cyber Intelligence for $19.17M

Published on: 1:19 pm

  • IT-giant, Wipro on Tuesday announced that the company has its entire stake in IntSights Cyber Intelligence Ltd (IntSights) for a consideration of $19.17M. The stake sale comes as part of the recently announced acquisition of IntSights by Rapid7, Inc.
  • With that, Wipro  does not hold any stake in IntSights
  • In the period 2016-19, Wipro acquired a minority stake of less than 20% in IntSights, a cyber threat intelligence service provider, for an aggregate investment of US$ 4.21 Mn. This investment was made through Wipro Ventures, the strategic investment arm of Wipro. Read more

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