Live market updates

12th Aug, 2021

RBI to auction government securities worth Rs31,000cr tomorrow

Published on: 5:29 pm

  • The Government of India has announced the sale (re-issue) of Government Stock through auctions scheduled for tomorrow.
  • The underwriting auction for the sale of GSecs is aggregating for Rs31,000cr.
  • The underwriting auction will be conducted through multiple price-based methods on August 13, 2021 (Friday). PDs may submit their bids for ACU auction electronically through the Core Banking Solution (E-Kuber) System between 09:00 A.M. and 09:30 A.M. on the date of underwriting auction. Read more

Civil Aviation Minister flags off new flight connecting Bareilly with Mumbai

Published on: 5:23 pm

  • The Union Minister of Civil Aviation, Jyotiraditya Scindia on Thursday flagged off the new flight connecting Bareilly (Uttar Pradesh) with Mumbai (Maharashtra) in a virtual ceremony.
  • The minister said, "The commencement of the flight operations on the Bareilly – Mumbai route from today & Bareilly – Bangalore route from 14th August 2021 will not only improve transportation facilities in the region but will also open immense opportunities in tourism, education, industry and trade and commerce for the region. Moreover, we are also increasing the frequency of operations to daily between Delhi-Bareilly from 26th August 2021. These direct flights will not only benefit the people of Bareilly but also from the neighbouring regions such as Nainital & Ranikhet.” Read more

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Goldiam International bags Rs20cr export orders of larger carat lab-grown diamonds jewellery

Published on: 5:17 pm

  • Goldiam International on Thursday announced that the company received confirmed Export Orders of larger carat lab-grown diamonds jewellery worth of Rs20cr from its International retailer clients.
  • Further, the aforesaid larger carat lab-grown diamonds will be utilised from in-house diamond growing subsidiary Eco-Friendly Diamonds LLP, which gives full backward integration to further enhance profit margin of the Company.
  • The order will be delivered in November this year. Read more

Chemplast Sanmar IPO fully subscribed, institutional buyers portion receives 2.70 times subscription

Published on: 5:16 pm

  • Chemplast Sanmar’s IPO was fully subscribed on the last day of subscription. The issue was subscribed 2.17 times.
  • The portion reserved for retail investors was subscribed 2.29 times. While the Qualified Institutional Buyer category was subscribed 2.70 times, the Non-Institutional Investor category was subscribed 0.66 times and overall Issue was subscribed 1.03 times.
  • The company is looking to raise Rs3,850cr through the IPO, offering shares in the fixed price band of Rs530-541 per equity share of face value Rs5. Read more

IndusInd Bank launches its first mega Currency Chest in Chandigarh

Published on: 5:10 pm

  • IndusInd Bank has launched its mega Currency Chest at Chandigarh on Thursday.
  • The new mega Currency Chest will service 218 branches of IndusInd Bank across Punjab and Haryana, along with branches of other banks located in the two states, said company.
  • According to the regulatory filing, the launch is a testament of the banks’ effort to increase efficiency of currency management in the Tricity region comprising - Chandigarh, Mohali and Panchkula. Read more

NelsonHall recognises TCS as the leader in CX Services under the BFSI segment

Published on: 5:09 pm

  • Tata Consultancy Services (TCS) on Thursday announced that it has been positioned as a Leader in the NelsonHall NEAT for CX Services in Banking, Financial Services and Insurance (BFSI).
  • “In response to customer expectations of personalized and immersive experiences, forward-thinking BFSI enterprises are leveraging next-gen technologies such as AI and ML, as part of their multi-horizon transformation journeys,” said K Krithivasan, Group Head, Banking, Financial Services, and Insurance, TCS. “This recognition from an independent, third-party research firm reflects our innovation-led approach, customer-centricity, extensive investments in digital technologies and the resultant market impact.” Read more

Rites Q1 PAT rises to Rs78cr as margins improved; Declares dividend of Rs48cr for FY22

Published on: 5:04 pm

  • Rites garnered an EBITDA and net profit of Rs97cr and Rs78cr for the quarter ending June 2021 (Q1FY22) period against Rs60cr and Rs65cr up by 61.6% and 19.8% respectively, in Q1FY21. EBITDA and PAT margins were improved over Q1FY21 and stand at 27.3% and 20.6%, respectively.
  • The company's operating revenue, excluding other income, is up by 5.7% at Rs355cr in Q1FY22 as against Rs335 crore in Q1FY21. Revenue growth was impacted mainly because of disruption caused by the 2nd wave of covid, spill-over of exports shipments and the 1st phase of turnkey projects getting substantially completed in FY21. Read more

Natco Pharma's consolidated PAT declines to Rs75cr in Q1FY22 due to degrowth in sales, recommends di

Published on: 4:57 pm

  • Natco Pharma posted a net profit of Rs75cr on a consolidated basis for the quarter ending June 2021 (Q1FY22) period, lower than the net profit of Rs122.10cr for the same quarter in the last financial year.
  • The company's consolidated total revenue stood at Rs427.30cr for the quarter under review, declining from Rs582.10cr a year ago last quarter.
  • In its financial audit report, Natco said that the degrowth in sales can be partially attributed to the higher proportion of the initial phase of pandemic exports to the USA in Chloroquine Phosphate tablets and Oseltamivir Phosphate capsules in the revenues for the quarter ended 30th June 2020. Read more

Boeing 737 Max may fly in India again soon, Rakesh Jhunjhunwala-led Akasa seeks to buy Max fleets: R

Published on: 4:49 pm

  • It is being known that India is likely to allow all-grounded Boeing 737 Max for resuming operations in the country in the coming weeks. The US-based Boeing Co. is looking to re-launch its 737 Max aircraft globally.
  • The 737 Max has been grounded since March 2019 due to two-plane crashes within five months killing everyone on board.
  • After hardware and software modifications in the aircraft, the 737 Max has been allowed to fly again on some soils such as the US, European Union and UAE recently. Read more

iGTB ties with essDOCS for digitalisation and automation of trade finance processes

Published on: 4:45 pm

  • Intellect Global Transaction Banking (iGTB), the transaction banking specialist from Intellect Design Arena Limited, ranked #1 in the world for Transaction Banking by IBS Intelligence, has announced its partnership with essDOCS, the leading paperless global trade management company, to widen access to and adoption of trade digitalisation solutions.
  • Banks deploying iGTB Trade Finance, now in combination with the technology powerhouse of essDOCS used by nearly 60,000 companies in over 200 countries.
  • It will uniquely benefit from an ability to enable their corporate customers to extend their use of paperless trade, not only streamlining and automating document preparation processes but also eliminating the operational risks inherently associated with the manual processing of paper, thereby future proofing their business. Read more

CRISIL reaffirms credit ratings of Jubilant Foodworks; Stock ends higher

Published on: 4:35 pm

  • CRISIL Limited has reaffirmed its rating on the commercial paper programme of Jubilant Foodworks Limited (JFL). The credit rating agency has reaffirmed the CRISIL A1+ rating on the Rs100cr Commercial Paper programme of the company.
  • JFL is part of Jubilant Bhartia Group is India’s largest food service company. Its Domino’s Pizza franchise extends across a vast network in India.
  • For Q1FY21, JFL reported a consolidated net profit of Rs62.6cr in the first quarter ended June 30, aided by higher revenues despite the second wave of Covid-19 disrupting operations. During the quarter it opened 29 new stores despite on-ground disruption caused by second-wave of Covid-19. This includes 20 new Domino’s stores and 3 new stores each for Hong’s Kitchen, Ekdum! and Dunkin’ Donuts. Read more

Kesoram ends ~4% higher on robust Q1 results

Published on: 4:11 pm

  • Kesoram Industries Limited reported revenue for operations at Rs855.40cr for Q1FY22 from Rs427.29cr in Q1FY21. Profit After Tax (PAT) was at Rs12.77cr in Q1FY22 compared to the loss of Rs15.95cr in Q1FY21.
  • It reported an EBIDTA of Rs187cr against an EBIDTA of Rs110cr for the corresponding previous year of FY21. Directionally the operation has stabilized post-infusion of working capital is evident from the fact EBDITA generation is higher by Rs49cr in the current quarter vs Rs138cr in Q4FY21.
  • Kesoram clocked a volume of 1.69 Million tonnes of sales during the current quarter as against 0.90 Million tonnes sales of the corresponding quarter of previous financial year. “Birla Shakti” is a well-positioned and preferred brand in the geographies the company operates. Read more

CRISIL upgrades 'A/Stable' rating on Man Industries' bank facilities

Published on: 4:07 pm

  • CRISIL Ratings has upgraded its ratings on the bank facilities of Man Industries India Limited (MIIL) to ‘CRISIL A/Stable/CRISIL A1’ from ‘CRISIL A-/Positive/CRISIL A2+’.
  • According to the Rationale report, the upgrade reflects CRISIL Ratings’ expectation that the MIIL’s credit risk profile will improve owing to sustenance of strong financial performance.
  • The ratings continue to reflect the established market position of MIIL in the SAW pipes industry along with healthy financial risk profile. Read more

Hotel stocks gain after Restaurants in Mumbai will now remain open till 10pm

Published on: 4:03 pm

  • Hotel stocks are in demand today after the new relaxation measures announced by the state government on Wednesday.
  • As a part of the new relaxation, the state government on Wednesday said that hotels, restaurants and malls can function in Maharashtra till 10 p.m. from August 15 from the earlier restriction of being allowed to operate only till 4 pm.
  • According to the media statement, at last week’s meeting, Maharashtra Chief Minister Uddhav Thackeray had assured the F&B industry that he would personally discuss the subject with the State COVID Task Force and arrive at a decision soon. And this has now come as a relief for hotels and restaurants across Mumbai which have been badly hit by the pandemic and are battling to survive. Read more

Bata India sales remain subdued in Q1 owing to the second wave of Covid-19

Published on: 3:47 pm

  • Footwear major Bata India Limited today announced results for the quarter ended June 30, 2021. Sales across retail outlets remained largely subdued, owing to the second wave of Covid-19 infections and ensuing lockdowns.
  • However, sales through ecommerce platforms continued to remain robust and witnessed an uptick despite the restrictions. Revenue from operations for the quarter stood at Rs267cr and net loss after tax amounted to Rs71.3cr.
  • Bata India Ltd ended at Rs1,675 per piece up by Rs8.85 or 0.53% from its previous closing of Rs1,666.15 per piece on the BSE. Read more

Markets close higher; IT stocks Outperformed

Published on: 3:38 pm

  • Markets witnessed a positive day of trade, with the benchmark index closing on record highs, led by a fresh buying momentum.
  • Nifty outperformed the Bank Nifty index by ~0.15% with both the indices closing in the green. IT Stocks like HCL Tech, Tech Mahindra & Infosys led to the outperformance of the IT index, as the stocks closed on the intraday highs along with an addition of fresh long postions.
  • Nifty Midcap 100 index outperformed the benchmark index, closing ~1% higher. Read more

ITC Chairman Sanjiv Puri on NEXT strategy: To explore opportunities to craft disruptive business mod

Published on: 3:28 pm

  • At the 110th annual general meeting (AGM), chairman Sanjiv Puri of ITC spoke about 'ITC NEXT: Reimagining Businesses for a Redefined Future'. He said to the company's shareholders that an extensive strategy reset has been undertaken to architect the structural drivers that will power ITC’s next horizon of growth and ensure that the enterprise remains future-oriented, consumer-centric and nimble.
  • Puri said, "As a core element of the ITC Next strategy, your Company will continue to explore opportunities to craft disruptive business models anchored at the intersection of Digital and Sustainability, the two defining trends in the ‘new normal’, leveraging its institutional strengths." Read more

GAIL awarded for making highest procurement among CPSEs through GeM portal; Stock up 2.5%

Published on: 3:21 pm

  • GAIL (India) Limited was awarded by Government e-Marketplace (GeM) for making the highest procurement of Rs1,033cr among Central Public Sector Enterprises through the GeM portal in 2020-21.
  • Accepting the award on Tuesday, GAIL Chairman and Managing Director Manoj Jain said GAIL was continuously striving to increase its procurement through GeM. He also thanked GeM for accepting GAIL’s suggestion to facilitate procurement of critical items like line pipes through its portal for the first time, the company said in a filing on Wednesday.
  • Government e Marketplace facilitates online procurement of common use Goods & Services required by various Government Departments, organisations, PSUs. GAIL Director (Finance) A K Tiwari was also present on the occasion. The award was presented by P K Singh, CEO of GeM. In the current financial year, GAIL has made procurement of Rs526cr through the GeM portal till July 2021. Read more

Welspun Group launches Disruptor - an innovation challenge for the new-gen ESG thinkers

Published on: 3:18 pm

  • Welspun Group, one of India's fastest-growing global conglomerates, has announced the launch of Disruptor - a first-of-its-kind competition that will bring together young talent with pathbreaking ideas of sustainable Environment, Social and Governance (ESG) business solutions. These next-gen minds will be mentored and incubated by Welspun.
  • The company has partnered with Dare2Compete, one of India’s largest student communities, to garner participation from students from over 25 marquee colleges across the country for this quest, where winning teams will be rewarded with seed funding for their ventures. Read more

Singer India's Q1 revenue increases 44% yoy to Rs73cr; Stock sheds 2%

Published on: 3:14 pm

Singer India Limited has released its financial results for the first quarter of FY22.

Key Highlights:
  • Q1FY22 Revenue at Rs73cr increased by 44% over the prior year
  • Net profit for the Q1 FY22 at Rs0.3cr against Net loss of Rs1.7cr last year Read more

Nifty Realty index advances over 1%; Brigade, Sobha, Indiabulls among top gainers

Published on: 3:00 pm

  • The Nifty Realty stocks traded higher amid bullish markets on Thursday. The Index was trading 1% higher during last half hour of trade. Sobha, Brigade Enterprises, and Hemisphere Properties led the charge while Indiabulls Real Estate stock also saw buying activity on Thursday, whereas Prestige and Oberoi Realty were under pressure.
  • The sector is seeing a boost after lull during the second wave of Covid-19 with many offers from real-estate owners to attract buyers ahead of the festive season. On Wednesday the Index saw a major sell-off but rallied on Thursday after a flat start.
  • Indices continued to scale new heights on Thursday. At around 3 pm, BSE Sensex was trading at 54,845.27 up 319.34 points or 0.59% and Nifty50 at 16,359.30 up 77.05 points or 0.47%. Read more

Govt. taking steps for promotion of CNG services in the country

Published on: 2:56 pm

  • Minister of State in the Ministry of Petroleum and Natural Gas Rameswar Teli informed Rajya Sabha in a written reply that Union Government is taking steps for the promotion of Compressed Natural Gas (CNG) services in the country.
  • The number of CNG stations in various States/UTs as of March 31, 2021, is at Annexure. Petroleum & Natural Gas Regulatory Board (PNGRB) is the authority to grant authorization to the entities for developing of City Gas Distribution (CGD) network includes CNG stations, in Geographical Areas (GAs) as per PNGRB Act, 2006.
  • PNGRB identifies GAs for authorizing the development of CGD network in synchronization with the development of natural gas pipeline connectivity and natural gas availability. Read more

Government driving initiative of setting up LNG stations

Published on: 2:45 pm

  • Minister of State in the Ministry of Petroleum and Natural Gas Rameswar Teli informed the Rajya Sabha in a written reply that the Government has been driving the initiative of setting up Liquified Natural Gas (LNG) stations across the Golden Quadrilateral National Highways, East-West Highway, North-South Highway and in major Mining clusters in India. Read more

Nifty Pharma nosedives 150 pts as Lupin and Cadila drag after Q1 results; Torrent Pharma only gainer

Published on: 2:43 pm

  • A bearish reaction was witnessed in major stocks after their June 2021 quarterly earnings that dragged Nifty Pharma into becoming the top underperformer of Thursday's trading bell. A broad-based sell-off was recorded in Nifty Pharma. Except for Torrent Pharma, all other stocks were in the red.
  • At around 2.39 pm, Nifty Pharma was trading at 14,142.35 down by 148.80 points or 1.04%. The index has touched an intraday high and low of 14,291.50 and 14,120.80 respectively.
  • Torrent Pharma was the top gainer and climbed by 0.5%. Read more

India INX expands product portfolio and permit trading in international stocks

Published on: 2:41 pm

  • The India International Exchange (IFSC) Limited (India INX), India’s first international exchange based in the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City) has announced it will add international stocks to trading, including shares from major US-listed companies via its wholly owned subsidiary India INX Global Access IFSC Limited (“Global Access”). It proposes to offer stocks from the US, Canada, UK, Europe, Australia, and Japan, covering about 80% of the investing universe.
  • Eventually, India INX will in the first phase provide access to over 130 exchanges across 31 countries worldwide covering global exchanges in America, Europe, Asia Pacific and Africa.
  • Some of the exchanges to be offered are NYSE, Nasdaq, LSE, Canadian Securities Exchange, Toronto Stock Exchange, BATs Europe, Euronext France and Tokyo Stock Exchange. Read more

Brookfield India Real Estate Trust income grows 7.3% yoy in Q1FY22

Published on: 2:34 pm

  • Brookfield India Real Estate Trust announced financial results for the quarter ended June 30, 2021 (Q1 FY2022).
  • The company's Trust Income from Operating Lease Rentals grew to Rs 1.6 billion, a 7.3% increase year on year, driven by contractual escalations. Brookfield India sees strong 'return to office' preparations across its occupiers as vaccinations pick up.
  • “We are seeing strong 'return to office' preparations across our occupiers as vaccinations pick up. We look forward to supporting our tenants’ plans with the highest health and safety standards. Our campuses, which house many of India’s leading technology and services companies, have remined resilient with 89% Same Store Occupancy and collections at, 99%. Read more

Hester Biosciences hits 10% upper circuit after Q1 PAT rises 60% yoy

Published on: 2:32 pm

  • Hester Biosciences Limited has announced the financial results for the first quarter of FY 2021-22. The Company achieved an improved operational and financial performance in Q1 FY22 as compared to the corresponding quarter of FY21.
  • According to the company, the market and economic recovery has supported well for the growth of the poultry and animal industry and is expected to continue in the coming period. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices led by gains from IT stocks remain firm in the afternoon.
  • BSE Sensex is currently 54,791.79 up 265.86 points or 0.49%.
  • Nifty50 is currently 16,343.45 up 61.20 points or 0.38%. Nifty Bank is 35,833.35, up 0.08%. Mid-cap Index is up by 0.76%. Read more

BHEL gains 1% after completing transfer of 51% share in BHEL Electrical Machines to Kerala Govt

Published on: 2:17 pm

  • Bharat Heavy Electricals Limited (BHEL) was trading higher on Thursday after it completed the transfer of 51% share held in subsidiary BHEL Electrical Machines Limited to the Government of Kerala and its representatives on Wednesday.
  • “Pursuant to the signing off “Agreement of Sale” between BHEL and Government of Kerala and approval of the same by Board of Directors of BHEL Electrical Machines Limited, it is informed that BHEL has transferred its complete 51% share held in BHEL Electrical Machines Limited to Government of Kerala and its representatives on 11.8.2021,” company said in a filing on Wednesday. Read more

Edelweiss Financial Services stock jumps 4% on announcing Rs400cr public issue of NCDs

Published on: 2:13 pm

  • Edelweiss Financial Services (EFSL), announced the public issue of Secured Redeemable Non-Convertible Debentures (NCDs) of the face value of Rs1,000 each, amounting to Rs200cr (“Base Issue”), with an option to retain over-subscription up to Rs200cr aggregating to a total issue size of Rs400cr.
  • There are eight series of NCDs carrying fixed coupons and having tenure of 36 months, 60 months and 120 months with annual, monthly and cumulative interest options. Effective annual yield for NCDs ranges from 9.09% to 9.70%.
  • The Issue opens on August 17, 2021, and closes on September 6, 2021, with an option of early closure**. The NCDs will be listed on BSE Limited to provide liquidity to the investors. Read more

Rupee gains 15 paise against US Dollar ahead of economic data

Published on: 2:05 pm

  • The Indian rupee gained against the U.S. dollar following a positive trend in domestic equities and weak American currency. Besides, fresh foreign fund inflows also supported the domestic unit.
  • At the interbank foreign exchange, the rupee opened strong at 74.26 against the dollar, currently trading at 74.29/$, up 15 paise.
  • On Wednesday, the rupee had settled at 74.44 against the U.S. dollar. Read more

Markets at new historic highs as bulls take charge; Sensex tops 54,850, Nifty 50 hits 16,375; SmallC

Published on: 1:58 pm

  • The movement in Indian markets extended its bullish trend on the second half of Thursday's trading session as small caps and mid-caps outshine. The upside is also a day of the weekly F&O expiry day. Except for consumer durables and pharma, all other sectoral indices trade higher with IT outperforming its counterparts.
  • Sensex has gained by at least 331 points today. The index hit a new lifetime of 54856.69 a couple of minutes ago.
  • Similarly, Nifty 50 was also in the fast lane. The index has climbed over 93 points and has even clocked a new historic high of 16,375.50. Read more

Nifty, Sensex hit new record levels ahead of retail inflation, IIP data; Tech Mahindra, Tata Steel r

Published on: 1:49 pm

  • Equity benchmark indices remain bullish since morning and it extended rally in the afternoon session amid healthy buying witnessed in the IT sector. Apart from that, the auto index is also gaining traction as the festive season is near.
  • Bharat Forge was the top gainer on the auto index soaring by 5.2%. The stock has also touched a new 52-week high of Rs833.80 per piece earlier today. Followed by Tata Motors and Amara Raja Batteries followed rising by 2% and 1.8% respectively. Read more

Nifty Auto holds modest gains ahead of festive season; Bharat Forge hits new high; Tata Motors, Baja

Published on: 1:30 pm

  • Auto stocks are in focus as the festive season nears. On Thursday, Nifty Auto held modest gains led by broad-based buying across stocks. On the index, 9 scrips advanced and 6 scrips declined with bullish tone logged in heavyweights. So far, today, the index has gained nearly 1%.
  • The festive season is just around the corner and expectations for new launches, a rise in sales and a further boost to demand is already high spirited especially since business activities have started to pick up pace with easing in Covid restrictions.
  • At around 1.24 pm, Nifty Auto was trading at 10,176.15 up 35.75 points or 0.35%. The index has touched an intraday high and low of 10,223.75 and 10,149.85 respectively. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is currently 54,827.39 up 301.46 points or 0.55%.
  • Nifty50 is currently 16,372.45 up up 90.20 points or 0.55%.
  • Nifty Bank is 35,907.20, up 0.28%. Mid-cap Index is up by 0.699%. Read more

Antony Waste Handling skyrockets 14% on strong Q1FY22 earnings

Published on: 1:26 pm

Antony Waste Handling Cell Ltd stocks in the fast lane after the company has announced its financial results for the quarter ended June 30 2021.

Performance at a glance:
  • Total Operating Revenue of Rs131cr; qoq growth of 9%
  • EBITDA of Rs42cr, qoq growth of 22%
  • EBITDA Margin of 27.9% Read more

Asian Granito divests entire stake in its Associated company Astron Paper for Rs46.94cr

Published on: 1:20 pm

  • Asian Granito India Limited (AGIL), one of India's leading tiles companies has divested its entire 18.87% stake in its associated company - Astron Paper and Board Mills Ltd (Astron Paper) for Rs46.94cr.
  • AGIL has sold 87.75 lakh equity shares of Astron Paper through block deal at Rs53.5 per share on 10 August 2021. Proceeds of Rs46.94cr from the sale of Astron Paper shares will be utilised to meet long term working capital and business development of Asian Granito India Ltd. The capital gains from the sale of shares of Astron Paper will be tax free at the hands of Asian Granito India Ltd.
  • With a view to focus on the core business of ceramic tiles and building materials, Asian Granito in its board meeting held on 31 May 2021 had approved disinvestment from Astron Paper. Astron Paper is listed on BSE and NSE. Read more

Nifty Media stocks lead bull run; Jagran, Dish TV lead the race

Published on: 1:15 pm

  • The Nifty Media stocks led the markets bull race on Thursday to surge 1.6%. Jagran Prakashan and Dish TV outperformed as all 10 Index stocks were in the green. ZEEL and Network18 were also over 2% higher.
  • Meanwhile, indices continued to scale new heights on Thursday. Nifty hits all-time high, tops 16,360, Sensex surges to a new record high on weekly index option expiry. At around 1.15 pm, BSE Sensex was trading at 54,765.71 up 239.78 points or 0.44% and Nifty50 at 16,344.80 up 62.55 points or 0.38%.
  • Nifty Media was trading at 1,710.20 up 26.70 points or 1.59% hitting a high of 1,714.75 and low of 1,682.85 during intraday trade on Thursday. Read more

Lincoln Pharma registers profit of Rs17.38cr in Q1FY22, growth of 15.92% yoy; expects to get further

Published on: 1:05 pm

  • Lincoln Pharmaceuticals Limited, one of India's leading healthcare companies has reported a standalone net profit of Rs17.38cr for the Q1FY22 ended June 2021 as against net profit of Rs14.99cr in the corresponding period last year, growth of 15.92%.
  • Net revenue from operations in Q1FY22 was reported at Rs122.06cr, higher by 18.49% over previous fiscal’s same quarter net revenue of Rs103.01cr.
  • EBITDA for Q1FY22 was reported at Rs26.31cr, rise of 17.37% as compared to EBITDA of Rs22.42cr in Q1FY21. In Q1FY22, EPS for Q1FY22 was at Rs8.69 per share as compared to Rs7.50 in the corresponding period last year. Read more

Ind-Ra affirms long-term issuer rating on Adani Transmission's arm to 'IND AA+/Stable'

Published on: 1:02 pm

  • India Ratings and Research (Ind-Ra) has affirmed Adani Transmission's subsidiary Adani Electricity Mumbai Limited’s (AEML) Long-Term Issuer Rating at ‘IND AA+’. The Outlook is Stable.
  • According to the rationale report, Ind-Ra continues to take a consolidated view of the obligor group which consists of AEML and Power Distribution Services Limited (PDSL) while reviewing the ratings.
  • AEML is a subsidiary of Adani Transmission Limited formed post the acquisition of Reliance Infrastructure Limited’s integrated generation, T&D utilities powering the Mumbai city. Read more

Lenovo doubles net income in Q1 as strategy continues to drive sustainable growth and profitability

Published on: 12:54 pm

  • Lenovo Group announced recorded an almost 120% jump in first-quarter profit to $466 million and revenue rose 27% to $16.9 billion from $13.3 billion a year earlier.
  • Yuanqing Yang Chairman and CEO said “the accelerated digital and intelligent transformation has created significant market opportunities globally. Lenovo is successfully seizing these as we transform from a device company to a services and solutions provider. The proof is in our performance - this quarter alone we’ve doubled profitability year-on-year while net income margin reached the highest in many years.”
  • “Going forward, we will continue to increase R&D investment, aiming to double it over the next three years; we will further improve our operational excellence; and we remain committed to green innovation and corporate citizenship to achieve long-term sustainable profitability increases,” said Yuanqing Yang, Lenovo Chairman and CEO. Read more

Tech Mahindra hits fresh 52-week high on expansion in collaboration with Microsoft to strengthen Hyb

Published on: 12:53 pm

  • Tech Mahindra, a leading provider of digital transformation, consulting, and business re-engineering services, has expanded its collaboration with Microsoft to strengthen hybrid cloud capabilities. The collaboration aims to leverage Microsoft Azure Stack HCI, a new hyper converged infrastructure (HCI) solution to accelerate hybrid cloud transformation, consolidate virtualized workloads and build enterprise resilience.
  • The integration with Azure enables Tech Mahindra to maximize value from on-premise investments while seamlessly maintaining business continuity, securing resources, and unlocking new business scenarios for enterprises. Read More

Cipla gets USFDA final nod for Difluprednate Ophthalmic Emulsion

Published on: 12:41 pm

  • Cipla Limited has announced on Thursday that it has received final approval for its Abbreviated New Drug Application (ANDA) for Difluprednate Ophthalmic Emulsion 0.05% from the United States Food and Drug Administration (US FDA).
  • Cipla’s Difluprednate Ophthalmic Emulsion 0.05% is AB-rated generic therapeutic equivalent version of Novartis Pharmaceutical Corporation’s Durezol. It is used for the following:
  • Treatment of inflammation and pain associated with ocular surgery.
  • Treatment of endogenous anterior uveitis. Read more

Kolte-Patil Developers stock climbs 4.5% after Q1 net profit more than triples to Rs29.5cr

Published on: 12:41 pm

  • Kolte-Patil Developers Ltd., a leading Pune-based real estate player, with a growing presence in Mumbai and Bengaluru, announced its results for the first quarter ended June 30, 2021. Revenue from operations Rs197.3cr increase of 40% yoy from Rs140.8cr in Q1FY21. EBITDA at Rs62.5cr compared to a loss of Rs12.5cr, an increase of 598.2% yoy. EBITDA Margin 31.7%.
  • Net Profit Rs29.5cr an increase of 209.3% yoy from loss of Rs27cr in Q1FY21. PAT Margin 15%. EPS was at 3.88 against -3.56 in Q1FY21. The company said in a filing on Wednesday that collections improved 167% yoy, at Rs279. Sales Value at Rs249cr, up 51% yoy. APR increased to Rs6,261, up 20% yoy. Net Debt reduction of Rs29cr. Read More

AU Small Finance Bank stock jumps 2% after launching mega Brand Campaign, ‘BADLAAV Humse Hai'

Published on: 12:38 pm

  • AU Small Finance Bank unveiled a mega Brand Campaign, aptly titled ‘BADLAAV Humse Hai’. This is the first integrated marketing communication campaign from AU Bank since its inception – a creative endeavor that will showcase the bank’s passion for innovation.
  • The genesis of the new Brand Campaign comes from AU’s flourishing banking business conducted through 750+ banking touchpoints spread across 15 states and 2 Union Territories. The campaign brings forth AU as a changemaker in the Indian banking sector. With this, the Bank hopes to amplify its message of challenging the status quo and augment its reach across India’s major cities and towns. Read more

TCS-led new report shines a spotlight on digital innovations that can catalyze lasting solutions for

Published on: 12:31 pm

  • IT-major, Tata Consultancy Services (TCS), announced findings from a new report that explores how technology and digital innovation are key drivers in overcoming some of the world’s most pressing problems.
  • The report titled ‘Technology as a Catalyst for Empowering Communities’ is the culminating release from Digital Empowers, a three-year initiative launched in partnership with the US Chamber of Commerce Foundation in 2018. The findings in Technology as a Catalyst for Empowering Communities show that using technology, human centered design, and cross-sector partnerships can help accelerate social impact for communities around the world. Read more

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark market indices gain further with more buying activity witnessed in IT and Media stocks.
  • BSE Sensex is at 54,721.44 up 195.51 points or 0.36%.
  • Nifty50 is at 16,350.00 up 67.75 points or 0.42%. Nifty Bank is 35,847.15, up 0.11%. Mid-cap Index is up by 0.67%.
  • Tech Mahindra, Power Grid, Tata Motors, Larsen & Turbo, and Hindalco are the Divis Lab are the top losers.
  • Nifty IT and Media stocks make further progress to drive Thursday’s trade while Pharma and Health Care stocks remain in the negative zone.
  • Out of 50 stocks traded on the NSE, 39 advanced and 11 declined. Read More

Praj Industries stock soars 3% after Q1 PAT doubles to Rs22cr

Published on: 12:26 pm

  • Praj Industries has announced its unaudited financial results for the quarter ended June 30, 2021.
  • Performance Review for Q1 FY22 - Consolidated:
  • Income from operations stood at Rs386.26cr (Q1 FY21: Rs129.55cr; Q4 FY21: Rs567.10cr)
  • PBT is at Rs29.80cr for the period (Q1 FY21: Rs(14.52cr); Q4 FY21: Rs73.19cr)
  • PAT is at Rs22.20cr (Q1 FY21: Rs(10.50cr); Q4 FY21: Rs52.01)
  • Order intake during the quarter Rs661cr (Q1 FY21: Rs310cr; Q4 FY21: Rs650cr) Read more

Wipro ties with IP Infusion to drive Disaggregated network solutions; Stock gains

Published on: 12:25 pm

  • IT-giant, Wipro announced a partnership with IP Infusion, a leader in disaggregated network solutions, to jointly develop offerings that enable faster innovation in IP and optical networks.
  • This partnership will create market-ready network disaggregation solutions based on IP Infusion’s industry-leading network operating system protocol stacks and Wipro’s merchant silicon-based, OCP-compliant hardware design. Wipro will provide both system integration network design and implementation and testing capabilities, to service providers based on the disaggregated networking solutions jointly developed by Wipro and IP Infusion. Read More

MAS Financial Services Q1 PAT rises marginally to Rs36.83cr

Published on: 12:18 pm

  • MAS Financial Services Limited registered consistent financial performance during all the past turbulent period is the testimony of the strong fundamentals of the company; which is being followed over two decades, the company said in a regulatory filing on Wednesday.
  • A growth of 0.64 % in standalone PAT to Rs36.83cr in the June-ended quarter of 2021 over Rs36.59cr in the corresponding period of the previous year. A contraction of 8.77% in AUM at Rs5161.63cr in Q1FY22 over Rs5657.73cr in Q1FY21, due to adoption of cautious approach on disbursement while maintaining high Collection efficiency. Read More

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