Live market updates

22nd Jul, 2021

Firstsource partners with Upfront to improve Digital Engagement; Stock ends 4% up

Published on: 5:30 pm

  • Firstsource Solutions and Upfront Healthcare, a leading omnichannel communication and patient engagement platform, have joined forces to provide personalized navigation for each patient. The companies will offer data‐backed personalization and health communications to engage patients before and after care – ultimately transforming the care experience and reducing friction.
  • The partnership was formed to improve medication and visit adherence, reduce gaps in care, and lessen patient communication fatigue which comprise some of the most pressing challenges in healthcare today, creating a vicious cycle of worsening health outcomes and spiraling healthcare costs. Read more

Cadila receives USFDA approval for Ibrutinib tablets

Published on: 5:21 pm

  • Zydus Cadila, listed as Cadila Healthcare, has received tentative approval from the USFDA to market Ibrutinib Tablets, in the strengths of 140 mg, 280 mg, 420 mg and 560 mg (US RLD: Imbruvica Tablets).
  • Ibrutinib belongs to a class of drugs are known as kinase inhibitors and is used to treat certain cancers, such as mantle cell lymphoma or marginal zone lymphoma, chronic lymphocytic leukemia/small lymphocytic lymphoma, and Waldenstrom's macroglobulinemia.
  • The drug will be manufactured at the group’s formulation manufacturing facility at the SEZ, Ahmedabad. Read more

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Bharti Airtel ties with Intel for 5G network; Stock ends 4% up

Published on: 5:16 pm

  • Bharti Airtel announced a collaboration with Intel for 5G network development by leveraging vRAN / O-RAN technologies. The partnership is part of Airtel’s 5G roadmap for India as it transforms its networks to allow its customers to reap the full possibilities of the hyperconnected world where Industry 4.0 to cloud gaming and virtual / augmented reality become an everyday experience.
  • Airtel is the first telecom operator in India to demonstrate 5G over a LIVE network and is conducting 5G trials in major cities. Read More

Wipro launches digital service lifecycle automation solution 'FieldX' on ServiceNow platform

Published on: 5:15 pm

  • Wipro Limited has launched FieldX, a cloud-based end-to-end digital service lifecycle automation solution built on ServiceNow’s Now Platform. Using FieldX, manufacturing organizations can enhance and scale-up their after-sales customer service operations while reducing costs.
  • Built as part of the ServiceNow Partner Industry Solution Program, FieldX integrates the customer service and field-service management capabilities of the Now Platform with Wipro’s Internet of Things (IoT) and Augmented Reality (AR) platforms.
  • By digitizing and automating departmental and cross-enterprise workflows, FieldX allows manufacturers to scale-up operations with reduced costs. Read More

SAIL lauds the historic PLI Scheme for specialty steel

Published on: 5:14 pm

  • Under the leadership of the Hon’ble Prime Minister, Narendra Modi, the Union Cabinet has taken a historic decision to introduce Production-linked Incentive (PLI) Scheme for Specialty Steel. Lauding the decision, Soma Mondal, Chairman, SAIL has commented, “I thank our Hon’ble Prime Minister, Narendra Modi ji for this path-breaking scheme for the steel industry. The steel industry has climbed higher on the charts of the world steel production in the recent years and this scheme shall provide additional impetus to the sector to reach greater heights in the future. This significant decision to introduce PLI for the specialty steel will have far reaching positive impacts on the domestic steel industry in general and SAIL in specific. We shall consider the scheme while deciding our next CAPEX cycle and product-mix in the coming times.”
  • She also thanked the Steel Ministry for this scheme, which is aimed at encouraging the production of high value special steels including import substitutes in the country by incentivizing the domestic steel producers. The scheme will also act as a booster to ‘Atmanirbhar Bharat’ where the country is primarily enhancing domestic productions capabilities to be self-sufficient in fulfilling its steel requirements. The scheme shall undoubtedly place Indian steel industry up in the value chain in the global arena. Read more

Infosys stock ends 3% up after launching new International Cash Management platform with Santander U

Published on: 5:06 pm

  • Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys and Santander UK,  announced the rollout of Santander UK's international cash management platform as part of the bank's ongoing digital transformation programme.
  • John Carroll, Head of International and Transactional Banking, Santander UK, said, "This new platform will allow us to support UK businesses of all sizes to seamlessly manage their international transaction and cash management banking needs. It will also help us to develop and grow relationships with existing customers and support the international growth needs of new customers. There has never been a more important and exciting time for businesses to consider international expansion. B collaborating with Finacle, we’re able to offer our customers a crucial tool to support both them and our own international banking strategy now and in the future.” Read More

Stressed steel plants acquired via IBC seeing faster turnaround: CRISIL Ratings

Published on: 5:06 pm

  • Stressed steel plants, acquired under the Insolvency and Bankruptcy Code (IBC) resolution process are seeing faster returns. Despite pandemic-linked blips, domestic demand outlook remains strong, which has helped acquirers ramp up utilisation levels.
  • The ongoing steel upcycle will also mean stronger-than-expected realisations over the medium term. Consequently, acquirers may see ~20% faster payback and are well set to tap the brownfield potential housed under these assets.
  • This is as per a CRISIL study of five stressed steel capacities, totalling 21 million tonne (MT), which were acquired under NCLT-1, mostly by other primary steel producers. These assets accounted for 70% of total financial claims resolved or liquidated under IBC in the steel sector till March 31, 2021. Read more

TCS wins 2020 Google Cloud Breakthrough Partner of the Year Award

Published on: 5:03 pm

  • Tata Consultancy Services (TCS) has been selected as the 2020 Google Cloud Breakthrough Partner of the Year for demonstrating innovative thinking, outstanding customer service, and best-in-class use of Google Cloud products and solutions.
  • TCS is a Premier Google Cloud partner with a large and growing global talent pool of Google Cloud-certified consultants. In recent months, it has won significant cloud transformation deals with marquee leaders with the full-stack service catalog that includes IT modernization, digital transformation, and industry solution offerings as well as strong capabilities, accelerators, and differentiators. TCS won the 2020 Google Cloud Breakthrough Partner of the Year Award for outstanding results across sales, delivery, competency development, expertise, specialization badges, and growth of its customer base. Read More

JSW Ispat Special Products reports consolidated net profit of Rs63.32cr in Q1

Published on: 4:57 pm

  • JSW Ispat Special Products Limited stock ended marginally lower at Rs40.50 on the BSE in an otherwise strong market.
  • The net profit of the company was reported to Rs63.32cr in the quarter ended June 2021 as against a net loss of Rs154.13cr during the previous quarter ended June 2020.
  • The sales rose 145.47% to Rs1449.35cr in the quarter ended June 2021 as against Rs590.43cr during the previous quarter ended June 2020.
  • The Board of Directors of the Company has approved the appointment of Mr. Krishna Deshika as an Additional Director (Non-Executive and Independent Director) of the Company w.e.f. 20 July, 2021. Read more

Tata Power to transfer 100% stake held in Trust Energy Resources to Tata Power International

Published on: 4:53 pm

  • Tata Power Company Limited has signed a Share Purchase Agreement (SPA) on July 22, 2021, with Tata Power International Pte. Ltd. (TPIPL), a wholly-owned subsidiary of the company, for the sale of 100% equity shares held in Trust Energy Resources Pte Ltd (TERPL), another wholly-owned subsidiary of the company for a consideration of $285.64 million.
  • “The above transaction is expected to be concluded in the next two to three weeks, subject to necessary regulatory approvals if any. TERPL will continue to remain a fully owned subsidiary of TPIPL and will be merged into TPIPL in the due course, subject to the regulatory approvals,” the company said in a regulatory filing on Thursday. Read more

PSP Projects secures new institutional and industrial work order worth Rs83cr

Published on: 4:51 pm

  • PSP Projects Ltd has informed to the exchange regarding work order received by the company in the financial year 2021-22.
  • The company has secured new work orders worth Rs82.79cr tilll date in the financial year 2021-22 for Institutional and Industrial projects from various clients.
  • The scrip opened at Rs462 and has touched a high and low of Rs469.90 apiece and Rs451.45 apiece respectively.
  • The current market cap of the company is Rs1,614.78cr. Read more

Career Point bags new order worth Rs4.5cr; stocks ends 4% higher

Published on: 4:48 pm

  • Career Point said in the filing that it has been awarded a new order in the tutorial division by District Mineral Foundation (DMF), Sundargarh, Odisha. The agreement, which will be effective for a period of two years, is valued at about rupees 45 million. Under the agreement, Career Point will be providing tutorial services with hostel facilities to aspirants preparing for JEE, NEET and CLAT.
  • The new partnership shall be aimed to provide best-in-class tutorial services of Career Point to new geographies in Odisha, the company said. Read More

Sterlings Tools-led MCUs manufacturer bags order worth Rs60cr from leading 2-wheeler EV OEM

Published on: 4:45 pm

  • Sterling Tools, NCR-based motor control units (MCUs) manufacturer for electric vehicles, Sterling Gtake E-mobility (SGEM) has secured an order aggregating to Rs60cr for MCUs from a leading two-wheeler EV OEM.
  • Anil Agarwal, MD said, "We had the courage to invest in the EV segment at an early stage, and therefore we are ideally positioned today to take advantage of the increasing customer interest in EVs."
  • With the contracted business commencing next month, the SGEM targets to emerge as the largest domestic supplier of MCUs by end of 2021. Read more

Satin Creditcare issues Commercial Papers of Rs15cr

Published on: 4:40 pm

  • Satin Creditcare Limited informed the exchanges Wednesday that the company has issued Commercial Papers (‘CPs’) of Rs15cr on July 20, 2021.
  • The tenure of the unsecured instrument is 120 days and the coupon rate is 9.95% per annum. Payment on of interest and payment of the principal amount on maturity is November 17, 2021.
  • Satin Creditcare Network Ltd ended at Rs89.85 per piece down by Rs0.5 or 0.55% from its previous closing of Rs90.35 per piece on the BSE.
  • The scrip opened at Rs91.10 and has touched a high and low of Rs92.35 and Rs89.10 respectively, during intraday trade on Thursday.  Read more

Granules stock ends over 4% up after US subsidiary clears FDA audit

Published on: 4:35 pm

  • Granules India-led, US-based wholly-owned foreign subsidiary, Granules Pharmaceuticals, Inc. (GPI) had undergone a Pre-Approval Inspection (PAI) audit by the U.S. Food and Drug Administration (FDA) from 21st June 2021 to 25th June 2021.
  • “The observations were responded to within the stipulated time, and we are happy to inform that the FDA has closed the observations pertaining to this audit with an Establishment Inspection Report on the 20th of July 2021. This is the fifth US FDA audit for this facility” said Priyanka Chigurupati, Executive Director, GPI. Read more

Domino’s partners with RattanIndia’s Revolt to electrify its delivery fleet

Published on: 4:35 pm

  • In its green push, Domino’s has joined hands with RattanIndia’s Revolt Motors, India’s market leader in electric motorbikes to transform its current petrol bike fleet to electric bikes.
  • As part of the partnership, Domino’s will procure the entire existing inventory of Revolt’s RV300 bike model and will progressively procure customized Revolt model to transform its fleet.
  • Domino’s had been piloting Revolt bikes for its deliveries for quite some time now and with a successful pilot has now partnered with Revolt to make its deliveries environmentally sustainable. Read more

Insolvency and Bankruptcy Board of India amends the insolvency rules to improve transparency

Published on: 4:31 pm

  • The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2016 on 14th July 2021.
  • The amendment regulations enhance the discipline, transparency, and accountability in corporate insolvency proceedings: Read more

CRISIL upgrades credit ratings on Titagarh Wagons bank facilities; Stock ends higher

Published on: 4:31 pm

  • CRISIL Ratings has upgraded its ratings on the Bank facilities of Titagarh Wagons Limited (TWL) to ‘CRISIL A-/Stable/CRISIL A2+’ from ‘CRISIL BBB/Positive/CRISIL A3+’.
  • The rating on long-term fund-based facilities has been revised to CRISIL A-/Stable from CRISIL BBB/Positive. On the short-term non-fund-based facilities the credit rating agency revised the company’s rating to CRISIL A2+ from CRISIL A3+.
  • Titagarh Wagons Ltd ended at Rs73.30 per piece up by Rs2.25 or 3.17% from its previous closing of Rs71.05 per piece on the BSE. Read more

EMA grants Orphan Drug Designation to Cadila's Saroglitazar Mg for treating patients with PBC

Published on: 4:28 pm

  • Zydus Cadila, listed as Cadila Healthcare, announced that European Medicines Agency (EMA) has granted ‘Orphan Drug Designation’ (ODD) to Saroglitazar Mg for the treatment of patients with Primary Biliary Cholangitis (PBC).
  • Earlier, the USFDA has granted ‘Orphan Drug Designation’ and ‘Fast Track Designation’ to Saroglitazar Mg for PBC.
  • Pankaj R. Patel, Chairman, Zydus Group said, “We are pleased that the EMA has granted an Orphan Drug Designation to Saroglitazar Mg for the treatment of Primary Biliary Cholangitis (PBC). This is a serious health condition and we are committed in our clinical development efforts to improve the quality of life of patients suffering from PBC with safe and efficacious treatment.” Read More

Capital Trust enters into a long term funding partnership with leading financial institutions

Published on: 4:25 pm

  • Capital Trust Limited, a digitally enabled non-banking finance company (NBFC), specialising in providing income generating micro business loans in tier 3-5 regions has announced that it has entered into a long term funding partnership with some of the leading financial institutions.
  • The tie up will allow Capital Trust to build a strong capital base with high level of liquidity. With this business correspondence relationships, Capital Trust will be able to expand its credit portfolio of income generating micro loans among rural India’s underserved population. Readmore

Newgen Software reports net profit of Rs22cr, up 137% yoy; stock ends lower

Published on: 4:25 pm

  • The net profit of Newgen Software Technologies jumped by 136.84% yoy to Rs21.60cr in the quarter ended June 2021 as against Rs9.12cr during the previous quarter ended June 2020.
  • The sales of the company also rose 20.75% to Rs159.54cr in the quarter ended June 2021 as against Rs132.12cr during the previous quarter ended June 2020. Read more

Wipro ties with Celonis to optimize Business Processes and Enterprise impact with the launch of Glob

Published on: 4:22 pm

  • IT-giant, Wipro and Celonis, the global leader in execution management, announced a partnership. As a part of this collaboration, Wipro will launch the Global Celonis Center to drive operations transformation for clients.
  • This partnership will leverage the Celonis Execution Management System and Wipro’s expertise to streamline operations for clients across a range of areas, including finance, human resources, and supply chain management. Read More

Rajratan Global Wire closes 5% higher on strong Q1FY22 performance

Published on: 4:16 pm

  • Rajratan Global Wire Ltd on Wednesday announced its audited financial results for the first quarter ended June 2021 (Q1FY22). The company’s Profit After Tax (PAT) grew to Rs21.92cr in the first quarter ended June 30, 2021, compared to Rs1.65cr in the same quarter last year. Profit Before Tax (PBT) increased to Rs28.75cr in Q1FY22 compared to Rs2.01cr in Q1FY21.
  • Sales Volumes grew to 19,833 tonnes compared to 9,239 tonnes in Q1FY21. Revenue rose to Rs182.29cr compared to Rs64.65cr in Q1FY21. EBITDA grew to 36.06cr compared to Rs7.76cr in Q1FY21. EBITDA Margin at 19.76% compared to 12% in Q1FY21. EPS at Rs21.58 per share compared to Rs1.62 per share in Q1FY21. Read more

Avantel ends 7% higher after winning order from Bharat Electronics

Published on: 4:11 pm

  • Avantel Ltd has informed that the Company has received an order for an amount of Rs8.88cr.
  • The work contract is received from Bharat Electronics Limited 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.
  • Avantel ended at Rs716.10 per piece up by Rs44.7 or 6.66% from its previous closing of Rs671.40 per piece on the BSE. Read more

Shyam Metalic ends higher after strong performance in Q1FY22 results; plans to incur Capex of ~Rs850

Published on: 4:11 pm

  • Shyam Metalics and Energy Limited (SMEL), recorded a net profit for the Jun-21 quarter were up 470.41% at Rs457.98cr. The sharp spike in revenues ensured that most of the fixed and semi-fixed costs were better absorbed. In addition, inventory efficiencies in the quarter also ensured that the impact of sharply higher raw material costs in the quarter was largely offset.
  • The company reported 170.34% growth in total revenues for the Jun-21 quarter on a consolidated basis at Rs2,465.03cr on higher volumes and better realizations overall in the industry. Read more

Sonata Software unveils new identity and strategy for its acquisition in Scalable Data Systems

Published on: 4:09 pm

  • Sonata Software has announced the new brand identity of the acquisition in Australia, Sonata Scalable. The strategy as announced at the time of acquisition was to combine the strength of both companies to make a significant impact on the Australian market.
  • “The new identity will help bring to sharper focus on cutting edge technology solutions to customers in the Australia, New Zealand and beyond,” said Srikar Reddy, MD & CEO, Sonata Software. Read more

Nitin Gadkari: National Highways Construction sees a sharp rise during the Covid restriction period

Published on: 4:03 pm

  • Union Minister for Road Transport and Highways, Nitin Gadkari has said that National Highways Construction has seen a sharp rise during the Covid restriction period.
  • In a tweet he said in 2020-21 Highway construction has paced to 36.5 KM/day the highest ever construction speed of National Highways.
  • The Minister said India has also created a world record by constructing 2.5 km 4 lane concrete road in just 24 hours and 26 km single lane Bitumen road in just 21 hours. Read more

Indo Count becomes ‘Top Performer’ at Walmart’s Global Sourcing Sustainability Summit

Published on: 4:03 pm

  • Indo Count Industries Ltd has announced that the company has been recognized as one of the ‘TOP PERFORMER’ suppliers at the recent Walmart’s Global Sourcing Sustainability Summit held on July 15, 2021.
  • Walmart launched “Project Gigaton” in 2017 aiming to inspire suppliers to reduce upstream and downstream (beyond-the-shelf) greenhouse gas (GHG) emissions from the global supply chain. Specifically, Project Gigaton’s goal is to reduce one billion metric tons, or one Gigaton, of CO2 emissions from the global supply chains by 2030.
  • Indo Count has contributed towards Project Gigaton since inception for reducing GHG emissions through various initiatives such as installation of solar plant, and reduction in fresh water consumption via water recycling plant. Read more

Nachiket Pantvaidya joins Balaji Telefilms as the Group CEO

Published on: 4:00 pm

  • Balaji Telefilms, the Entertainment conglomerate, announced the appointment of Mr. Nachiket Pantvaidya as the Group Chief Executive Officer. Nachiket moves on from Asianet News Media & Entertainment, where he was the Managing Director. Before Asianet, Nachiket held the position of Group COO, Balaji Telefilms Ltd., and CEO at ALTBalaji.
  • This would be Nachiket's second stint with the company post his brief exit in March. Nachiket will be responsible for the overall growth and success of the group’s profit and loss of operations.
  • Commenting on the development, Shobha Kapoor, Managing Director Balaji Telefilms, stated," We have an excellent camaraderie with Nachiket, and we welcome him back into the family. His proven track record of groundbreaking work is sure to continue in his second stint with us as well. I wish him all the best for this new beginning." Read more

Amendment in e-commerce rules 2020 to strengthen regulatory framework for preventing unfair trade pr

Published on: 3:59 pm

  • The Union Minister of State for Consumer Affairs, Food and Public Distribution, Ashwini Kumar Choubey in a written reply to Lok Sabha said that the amendments in Consumer Protection (E-Commerce) Rules, 2020, is proposed to strengthen the regulatory framework for the prevention of unfair trade practices in e-commerce.
  • The Consumer Protection (E-Commerce) Rules, 2020 were notified on 23rd July 2020. To further strengthen the regulatory framework for the prevention of unfair trade practices in e-commerce, Central Government has sought views/ comments/ suggestions on the proposed amendments to the Rules by placing them on the website of the Department of Consumer Affairs. The proposed amendments also include provisions related to flash sales. Read more

HCL Tech wins 2020 Google Cloud Specialization Partner of the Year for Infrastructure Award

Published on: 3:55 pm

  • HCL Technologies (HCL) announced that it has received the 2020 Google Cloud “Specialization Partner of the Year” for Infrastructure award. This award honours partners with the Infrastructure Specialization who helped their customers succeed in 2020 by building strong customer infrastructure and workflows on Google Cloud.
  • HCL was recognized for demonstrating success in assisting customers architect and build their Google Cloud infrastructure and workflows, and migrate to Google Cloud. With industry-aligned solutions and development of significant IPs and accelerators, HCL has enabled clients to architect the right cloud strategy, thereby helping them achieve business agility, innovation and cost efficiencies using next-generation technologies.  Read more

PVR ends over 3% higher despite downgrade by Ind-Ra to IND AA- with Negative outlook

Published on: 3:52 pm

  • India Ratings and Research (Ind-Ra) has downgraded PVR Limited’s Long-Term Issuer Rating to ‘IND AA-’ from ‘IND AA’ on fund-based facilities. The Outlook is Negative. The short-term rating of IND A1+ was affirmed.
  • The company stock ended at Rs1,343.85 up by Rs43.9 or 3.38% from its previous closing of Rs1,299.95 on the BSE.
  • “Ind-Ra has continued to take a consolidated view of PVR and its subsidiaries while arriving at the rating, due to the close strategic and operational linkages among them. Read More

GO FIRST marks a stellar growth in market share to 8.3% in June 2021

Published on: 3:51 pm

  • GO FIRST (formerly known as GoAir) registered a high passenger load factor (PLF) at 70.9% in June 2021, increasing its market share to 8.3% as per the data released by the Directorate General of Civil Aviation (DGCA).
  • GO FIRST had the least cancelled flights at 0.1% and minimum passenger complaints at 0.1%. This speaks volumes about the carrier’s operational efficiency and commitment to optimum customer service. It continued to score a steady 92.2% in On-Time Performance (OTP).
  • Mr Kaushik Khona, CEO, GO FIRST, said, “After a couple of extremely tough months for the sector, June brought back much-needed optimism. While the civil aviation industry has been grappling with the pandemic, GO FIRST has continued in its efforts to provide customers’ exemplary service.” Read more

6.6 lakh direct and indirect jobs generated via 22 operational Mega Food Parks

Published on: 3:50 pm

  • In a written reply in Lok Sabha, the Union Minister of State for Food Processing Industries Prahlad Singh Patel has announced that more than 6 lakhs of direct and indirect employment was generated through the 22 operational Mega Food Parks.
  • The minister highlighted that as per Mega Food Park Scheme Guidelines, each Mega Food Park being fully operational would create direct and indirect employment of about 5000 persons. However, the actual configuration of a project may vary depending upon the business plan.
  • Ministry has accorded final approval to 38 Mega Food Parks and in-principle approval to 3 Mega Food Parks in the country under the Mega Food Park scheme. Read more

Markets close higher; Midcap stocks outperformed

Published on: 3:45 pm

  • Markets witnessed a huge shortcovering in today’s trade as the weekly index call option writers ran for cover.
  • Nifty outperformed the Bank Nifty index by ~0.5%, with both the indices closing around intraday highs, up ~1.25%/0.75% respectively.
  • Midcap stocks continued to outperform with stocks like Arvind Fashion, Jsl, Jsl (Hisar) closing with ~15%-20% gains. Nifty Midcap 100 index closed ~1.2% higher.
  • Market breadth ended in the favour of the advances with the advance/decline ratio closing at 2:1x. Bank Nifty saw an unwinding of short positions during the day. Read more

V-Mart Retail to acquire assets of ‘Unlimited’ from Arvind Lifestyle Brands

Published on: 3:45 pm

  • V-Mart Retail Ltd has signed definitive agreements to acquire all of existing running stores of ‘Unlimited’ from Arvind Lifestyle Brands Ltd (ALBL), a wholly owned subsidiary of Arvind Fashions Ltd (AFL) for cash consideration.
  • Unlimited operates a chain of 74 value fashion retail stores across South and West India and retails fashion apparel and accessories for men, women and children at affordable prices.
  • As part of the transaction, V-Mart will acquire the assets of all stores, warehouse, inventory as well as the store brand ‘Unlimited’ at their book value, with an estimated outlay of about Rs150cr at closing, and certain contingent payments based on certain milestones achieved in these stores over next few years, post the acquisition. Read more

Govt takes various measures to revive infrastructure sector on back of COVID-19 pandemic

Published on: 3:44 pm

  • In a written reply to Lok Sabha, the Minister of State for Finance, Pankaj Chaudhary said that the Government is taking various measures to ease out liquidity and steep increase in commodity prices and its impact on infrastructure on the back of COVID-19 pandemic.
  • Chaudhary said that measures have also been announced in Aatma Nirbhar Bharat Package (ANBP) to provide support to sectors including infrastructure to mitigate the impact of COVID-19 pandemic.
  • In the announcement made on 28th June, 2021 to give relief to the economy inter-alia Rs 1.1 lakh crore loan guarantee scheme for COVID-19 affected sectors and additional Rs1.5 lakh crore for Emergency Credit Line Guarantee Scheme have been announced. Read more

Centre further relaxes electronic filing of Income Tax Forms 15CA/15CB

Published on: 3:39 pm

  • The Finance Ministry has announced that the CBDT has further relaxed electronic filing of Income Tax Forms 15CA/15CB. As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically.
  • Currently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing portal, before submitting the copy to the authorized dealer for any foreign remittance.
  • FinMin stated that in view of the difficulties reported by taxpayers in electronic filing of Income Tax Forms 15CA/15CB on the portal www.incometax.gov.in, it had earlier been decided by CBDT that taxpayers could submit Forms 15CA/15CB in manual format to the authorised dealer till 15th July 2021. Read more

DRDO develops High Strength Beta Titanium Alloy on an industrial scale

Published on: 3:33 pm

  • The Defence Research and Development Organisation (DRDO) has indigenously developed a High Strength Metastable Beta Titanium Alloy containing Vanadium, Iron and Aluminium, Ti-10V-2Fe-3Al on an industrial scale for applications in aerospace structural forgings.
  • Notably, it has been developed by Defence Metallurgical Research Laboratory (DMRL), a premier Hyderabad based laboratory of DRDO.
  • These alloys are already being used by many developed nations in recent times as a beneficial substitute for the relatively heavier traditional Ni-Cr-Mo structural steels to achieve weight savings. Read more

Polycab stock tanks 4% after PAT declines 36% yoy to Rs75cr in Q1FY22

Published on: 3:29 pm

  • Polycab India Limited announced its consolidated results for the first quarter ended June 30, 2021. The company’s revenue grew 93% yoy to Rs1,880.5cr in Q1FY22 despite a challenging business environment, the company said in a filing.
  • Profit Before Tax (PBT) grew 151% yoy to Rs98.2cr in Q1FY22 from Rs39.1cr Q1FY21 reflecting improved profitability. PAT declined 36% yoy to Rs75.3cr in Q1FY22 from Rs117.6cr in Q1FY21 on account of one-off gains in the base quarter. PAT margin stood at 4.0% in Q1FY22. Read more

Allcargo Logistics stock hits 52-week high after announcing initial plan to delist shares

Published on: 3:27 pm

  • Allcargo Logistics shares hit a 52-week high on the BSE at Rs171.10 in Thursday’s trade. The promoter and promoter group of the company on Wednesday has announced an initial plan to acquire all the equity shares held by public shareholders and voluntarily delist from the stock exchanges by making a delisting offer under the delisting regulations of the stock market regulator SEBI.
  • The floor price determined in accordance with the delisting regulations will be informed in due course, the company said in the filing.
  • Allcargo said that the delisting would enhance the company’s operational, financial and strategic flexibility, including but not limited to corporate restructurings, acquisitions, exploring new financing structures, including financial support from the members of the promoter group. Read More

Centre issues RFP for construction of six P-75(I) submarines costing at over Rs40,000cr for Indian N

Published on: 3:27 pm

  • The Ministry of Defence (MoD) has issued a Request of Proposal (RFP) for the first acquisition programme under the Strategic Partnership Model for the construction of six AIP fitted Conventional Submarines named Project 75(India) [P-75(I)] for the Indian Navy, on July 20, 2021. The RFP was issued to shortlisted Strategic Partners (SPs) or Indian Applicant Companies for the project viz,  Mazagaon Dock Shipbuilders Limited (MDL) and  Larsen & Tubro (L&T).
  • The project cost is over Rs40,000cr. Read more

Thomas Cook & SOTC launches special holiday offers to inspire travel restart in West Bengal

Published on: 3:25 pm

  • Thomas Cook India, and its Group Company, SOTC Travel, have launched a special Durga Pujo holiday range. Exclusive offers like Book One Get One Free and Staycations Free have been included to help Bengalis celebrate the festive season with family and loved ones and take a well-deserved break - to rest, rejuvenate and discover exciting new destinations.
  • Thomas Cook India & SOTC’s Third Holiday Readiness Report (June 2021) reveals that over 69% of Indians are keen to resume travel in 2021.
  • The data for West Bengal however highlights an even stronger travel desire: over 74% respondents are eager to travel this year, and of this, over 79% chose the festive Pujo season. Read more

Bharat Dynamics surges 6% after medium range surface to Air Missile gets flagged off

Published on: 3:22 pm

  • Bharat Dynamics stock was in the fast lane on Thursday after the first missile of the first firing unit of MRSAM (Medium Range Surface to Air Missile) for delivery to the Indian Air Force was flagged off to the company.
  • Commodore Siddharth Mishra (Retd), CMD, BDL stated that MRSAM is one of the best examples of joint development of a weapon system. BDL has already completed the Navy order and now both Army and Air Force programmes are moving simultaneously. Read more

SRF stock hits new 52-week high after commissioning BOPP film line project in Thailand for $50.5M

Published on: 3:15 pm

  • SRF has commissioned the major part of a project for setting up of BOPP film line in Thailand by SRF Industries (Thailand) Ltd.
  • SRF Industries (Thailand) is a wholly-owned subsidiary of the company.
  • SRF commissioned the project at an aggregate cost of $50.51M.
  • At around 3.12 PM, SRF was trading at Rs7901.25 per piece up by Rs105.40  or 1.4% on Sensex.
  • The stock has touched a new 52-week high of Rs7935.90 per piece in the early deals.  Read more

Infosys Public Services launches blockchain network to modernize public recordkeeping for County of

Published on: 3:15 pm

  • Infosys Public Services (IPS), a US-based subsidiary of Infosys, completed the pilot of a blockchain solution designed to improve the efficiency, access, and security of vital recordkeeping in Riverside County, California’s fourth-largest county and the 10th largest in the U.S. The blockchain network enables county employees to manage data effectively and securely while easing access and lowering the cost of operations.
  • “Blockchain technology presents a new opportunity for governments to advance their digital agenda and leapfrog into the next era of secure, citizen-centered services,” said Eric Paternoster, CEO, IPS. Read more

Bajaj Finance jumps over 4.5% after Q1 numbers; stock among top performer on Nifty 50

Published on: 3:10 pm

  • Shares of Bajaj Finance on a bull run today and also the stock hit a day's high of Rs6221.20 per piece early on Thursday.
  • The stock was among the top gainers on the Nifty 50 index. The company recorded net profits for the Jun-21 quarter were up 4.17% yoy at Rs1,002.44cr even as sequential profits were down 25.6% over Mar-21 quarter. Loan losses and provisions in the quarter were Rs1,750cr due to COVID 2.0 effect.
  • The stock is currently trading at Rs6,199.55 up by Rs261.65 or 4.41% from its previous closing of Rs5,937.90 on the BSE. Read more

PVP Ventures hit a 5% lower circuit as BSE and NSE revokes suspension in tradings from today

Published on: 3:05 pm

  • PVP Ventures locked at the 5% lower circuit on Thursday after the stock exchanges revoked suspension in trading of equity shares of the company.
  • At around 3.02 pm, PVP was trading at the lower price band of Rs8.36 per piece down by 5%.
  • In its regulatory filing, PVP said that the "company has received the Revocation of Suspension of Trading of the Equity shares Order/ Notice of PVP Ventures Limited by BSE Limited and National Stock Exchange India Limited." Read More

Bank of Maharashtra's Q1 operating profit increases 56% yoy to Rs1,110cr, PAT jumps 106% yoy

Published on: 2:55 pm

  • Bank of Maharashtra has released its financial results for the quarter ended at June 30,2021.
  • Profitability
  • Net Profit up by 106 % to Rs208cr in Q1FY22 on yoy basis against Rs101cr for Q1FY21. The same is up by 26 % on a qoq sequential basis.
  • Operating Profit has shown a growth of 56% on yoy basis to Rs1110cr for Q1FY22 as against Rs710cr for Q1FY21.
  • Net Interest Income (NII) grew by 29 % on yoy basis to Rs1406cr in Q1FY22 as against Rs1088cr for Q1FY21. The same is up by 2 % on a qoq sequential basis.
  • Net Revenues (Net Interest income plus other income) for Q1FY22 improved by 44 % from Rs1457cr for Q1FY21 to Rs2097cr for Q1FY22. It was Rs2618cr for the quarter ended 31.03.2021. Read more

ICRA estimates Indian airlines to witness a significant net loss of Rs127B in FY22; Second wave to f

Published on: 2:53 pm

  • The Ministry of Civil Aviation (MoCA) had launched the UDAN (Ude Desh Ka Aam Naagrik) scheme in 2016 as a Regional Connectivity Scheme (RCS) to enhance regional connectivity through fiscal support and infrastructure development. However, as on May 31, 2021, only 47% of total routes and 39% of airports (unserved and underserved) have been operationalised under UDAN.
  • The number of new RCS routes which started operations increased at a healthy pace and stood at 102 and 120 routes in FY2019 and FY2020 respectively, but have declined to 77 new routes in FY2021 due to the Covid-19 pandemic. During FY2018 – FY2021, a total of Rs3,350cr have been incurred by the Central Government towards the UDAN scheme and the budgeted outlay for FY2022 is Rs1,130cr. Read More

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