Published on: 5:11 pm
- Mangalam Cement on Friday announced that the commercial production for the enhanced capacity of clinker at Morak plan has been commenced from today.
- In June this year, the company announced a trial run of enhanced capacity of the clinker after successful completion of modification and up-gradation in the exiting KILN-I at Morak plant in Rajasthan. Read more
Published on: 5:05 pm
- The Ministry of Defence (MoD) has awarded a major contract to Mahindra & Mahindra-led Mahindra Defence Systems Limited (MDS) worth Rs1349.95cr for the manufacturing of Integrated Anti-Submarine Warfare Defence Suite (IADS) for modern warships of Indian Navy. Competitive bids from Indian companies were invited by MoD through open tender wherein the systems fielded were put through detailed trials at sea to prove their capability.
- IADS is a high-end underwater equipment that uses latest technology. It is designed to detect and protect warships from underwater threats. It is a versatile system capable of operations from all sizes of warships - small, medium, and large. Read more
Published on: 4:45 pm
- Indoco Remedies Ltd has announced on Friday, the receipt of GCP & GLP Accreditation from the UK-MHRA (Medicines and Healthcare Products Regulatory Agency) for its Clinical Research Organisation - AnaCipher, located at Hyderabad for the virtual inspection carried out from May 4-7 and May 10-11, 2021.
- The inspection covered all the phases of Bioequivalence studies and was conducted successfully.
- “This is an exciting step in our journey of excellence and a validation of our adherence to delivering quality services to our customers worldwide.”, stated Aditi Kare Panandikar, Managing Director, Indoco Remedies Limited. Read more
Published on: 4:39 pm
- Domestic markets witnessed a strong upward momentum during the week with the benchmark index closing on record highs. Option gamma writers dominated the F&O space as the indices traded in a narrow range for the major part of the week.
- Bank Nifty index marginally outperformed the Nifty index by ~0.25% as with both the indices witnessing an addition of long positions during the week, closing ~1.75%/1.5%. higher.
- On the daily charts Nifty index has already given a consolidation breakout, indicating a possibility of continued upward momentum. Read more
Published on: 4:33 pm
- European markets were subdued ahead of U.S. Federal Reserve Chairman Jerome Powell’s remarks at the annual Jackson Hole symposium. The pan-European Stoxx 600 was flat as basic resources rose 0.8% and travel stocks fell 0.6%.
- U.S. stock futures inched fractionally higher after the major Wall Street indexes snapped multi-day winning streaks on Thursday.
- Meanwhile, U.S. Treasury yields rose slightly, the yield on the benchmark 10-year Treasury note added less than a basis point, advancing to 1.346%. The yield on the 30-year Treasury bond rose less than a basis point to 1.941%. Read more
Published on: 4:24 pm
- Hazoor Multi Projects Ltd has informed that the company has received a work order of Rs5.89cr for completion of Balance work of 'National Highway No 548-A from Section Waken Pali to 2 lane with paved shoulder' received from Varaha Infra Limited.
- On Friday, Hazoor Multi Projects ended at Rs17.15 apiece up by Rs0.8 or 4.89% on Sensex. Read more
Published on: 4:10 pm
- Rossari Biotech Limited has completed the acquisition of the First Tranche of 65% of the equity share capital (on a fully diluted basis) of Unitop Chemicals Private Limited on Thursday as per the share purchase agreement (SPA) dated June 02, 2021.
- Rossari Biotech a Speciality Chemicals manufacturer providing intelligent and sustainable solutions for customers across industries had earlier informed that it will be acquiring 100% of the equity capital of Unitop Chemicals. 65% of the equity share capital will be acquired upon closure of the transaction, and the balance 35% over the next two years. The total consideration for the acquisition of 100% equity stake is Rs421cr. Read more
Published on: 4:05 pm
- Brickwork Ratings had revised the rating for the NCD issues aggregating Rs2,500cr of Vodafone Idea to 'BWR B' from the previous 'BWR BB-'. The outlook was kept as negative.
- In its rating rationale, Brickwork said that the revision of the "rating for the NCD Issue of Vodafone Idea on account of a continuous delay in the fundraising exercise impacting the company’s liquidity position and considerable deterioration in the performance of the company in Q1FY22." Read more
Published on: 4:00 pm
- Apollo Micro Systems Ltd has informed that the company has bagged an order for supplying of security & surveillances systems worth Rs59.62cr.
- On Friday, Apollo Micro Systems ended at Rs115.20 apiece up by Rs7.35 or 6.82% on Sensex.
- The scrip touched a high and low of Rs117.80 apiece and Rs109 apiece respectively during early trading deals. The current market cap of the company is Rs223.94cr. Read more
Published on: 3:44 pm
- PDS Multinational Fashions Limited informed the exchanges Friday that the indicated time period for the acquisitions of 50% equity stake in Yellow Octopus Fashion Limited and 100% equity stake in PG Capital FZE has been extended to October 31, 2021.
- The company had earlier intimated that the acquisition of 50% Equity Stake in Yellow Octopus Fashion, a Company incorporated under the laws of England by the Company’s step-down subsidiary, PDS Multinational FZCO, a Company incorporated under the laws of Dubai, United Arab Emirates will be consummated on or before August 31, 2021. Read more
Published on: 3:40 pm
- The Indian markets began today's trading session on a weak note due to selloff in banking, financial and IT stocks, however, the indexes shrugged off taper worries in the second half with Nifty 50 hitting a new historic high and Sensex nearing its record levels. Both the benchmarks settled higher in the closing bell of Friday.
- A broad-based buying with metal, capital goods, consumer durables and pharma stocks recording stellar gains - lifted sentiments in domestic benchmarks that led to duck the cautious tone of broader global cues ahead of the U.S. Federal Reserve meeting.
- Sensex closed at 56,124.72 higher by 175.62 points or 0.31%. Nifty 50 settled at 16,705.20 up 68.30 points or 0.41%. Read more
Published on: 3:33 pm
- Aurobindo Pharma has announced that its subsidiary Eugia Pharma Specialities Ltd. (Eugia) has received a 505(b)(2) NDA approval from the U.S.Food & Drug Administration (USFDA) for its Cyclophosphamide Injection 500 mg/2.5 mL and 1 g/5 mL vials.
- The company's product will be available in ready-to-use (RTU) injection preparation. The product shall be launched in the US market in the near term and will be manufactured in Eugia’s manufacturing facility in India.
- The approved product has an addressable market size of US$ 170 million for the twelve months ending June 2021 according to IQVIA. Read more
Published on: 3:28 pm
- Hindustan Copper has announced that in the 54th Annual General Meeting scheduled on 22 September 2021, the company will consider a host of measures for fundraising.
- As per the regulatory filing, the special resolutions that will be considered in the AGM are: Read more
Published on: 3:22 pm
- Worth Peripherals Limited has informed that the company has acquired 5,05,000 equity shares of Worth Wellness Private Company (Subsidiary Company), through private placement cum offer letter.
- The company has subscribed to 5,05,000 shares of 10 each aggregating to Rs50,50,000. The company holds 89.90% shareholding in Worth Wellness Private Limited.
- Worth Wellness was incorporated as a subsidiary of the company on October 15, 2020. Read more
Published on: 3:17 pm
- The Indian rupee hit a two-month high against the US dollar amid a strong domestic equity market and weakness in the US Dollar.
- At the interbank foreign exchange, the rupee opened at 74.17 against the dollar, then strengthened to trade below 74 against its previous close of 74.22 against the US dollar. That marked the first time the rupee came below the 74 marks since June 18 and gained by 40 paise now at 73.81 against US Dollar.
- Meanwhile, the Sensex and Nifty were trading their record high with the Nifty 50-scrip index registered a new all-time high, up over 77 points at 16,715. BSE Sensex also traded on a bullish note. The 30-scrip index was near the record level of 56198.13. Read more
Published on: 3:10 pm
- Investors were upbeat in Nifty Pharma on Friday as all stocks listed on the index traded on a bullish note. India's focus on ramping up vaccine production and the economic recovery prospects amid the Coronavirus pandemic has lifted sentiments. Nifty Pharma was just a couple of points away from crossing the 14,000-mark.
- At around 3.10 pm, Nifty Pharma was trading at 13,953.25 up 194.65 points or 1.41%. The index has touched an intraday high and low of 13,965.80 and 13,738.45 respectively.
- Dr Reddy's Lab was the top bull of the index soaring over 2.2% followed by Aurobindo Pharma surging 2%. Cadila Healthcare and Biocon advanced 1.8% and 1.7% respectively. Read more
Published on: 3:06 pm
- CRISIL Ratings has upgraded its ratings on the total bank facilities Rs42cr of ADF Foods Limited. The long-term rating of the company on its credit facilities has been upgraded to CRISIL A/Stable from CRISIL A-/Stable. The credit rating agency also upgraded the short-term rating to CRISIL Al from CRISIL A2+, the company said in a filing on Friday.
- The company a leader in prepared ethnic food on Thursday approved that the company's Wholly-Owned Subsidiary, ADF Holdings (USA) Ltd. would be making an investment up to $5 mn, which would entail asset purchase and setting up of a step-down subsidiary in the United States. Read more
Published on: 3:03 pm
- Steel Strips Wheels Ltd had earlier informed that the promoters along with the persons acting in concert holds 9797402 equity shares in the company, which is 62.77% of the total paid up capital of the company and out of which 3227347 equity shares were pledged which is 20.68% of total paid up capital of the company and 32.94% of total promoter shareholding.
- On August 25, 2021, 22000 shares were pledged and on August 26, 401000 shares released from pledge.
- Accordingly, now the total number of shares pledged has decreased to 2848347, which is 18.25% of total paid up capital of the company and 29.07% of total promoter shareholding. Read more
Published on: 2:50 pm
- ICRA Limited has assigned long term rating for bank facilities of Onward Technologies Limited at BBB-/Positive and short term rating at A3.
- The credit rating agency assigned long-term and short-term ratings of ICRA BBB-; Positive / ICRA A3 rating on Rs5cr Working Capital in HSBC Bank. It also assigned ICRA BBB-; Positive / ICRA A3 rating on long-term and short-term Working Capital Facilities of Rs5cr in ICICI Bank.
- At around 2.52 pm, Onward Technologies Ltd was trading at Rs228 per piece down by Rs1.85 or 0.8% from its previous closing of Rs229.85 per piece on the BSE. Read more
Published on: 2:49 pm
- After a weak start, the benchmark indices gradually move upward as the Nifty 50-scrip benchmark surpassed 16,722.05 to hit a fresh all-time high in the afternoon deals. The Sensex is up over 56,150.15, up 201 points.
- UltraTech, Hindalco, L&, SBI Life and Dr Reddy’s were the top movers for Nifty50. On the other hand, weakness in stocks such as IndusInd Bank, Infosys, M&M, Tata Consumer and Nestle kept the upside in check.
- India VIX, the volatility index, was trading 1.42% low at 13.35 on Friday. Read more
Published on: 2:32 pm
- The Metal company stocks resumed their uptrend after a day breather as the index declined 1.27% yesterday to end at 5,404.70. The Nifty Metal index was the top gainer on the Nifty 50 pack with all stocks on a bull run.
- The Nifty Metal index rose 1.54% to 5,487.75. The index has touched an intraday high and low of 5,501.95 and 5,425.50 respectively.
- In the past three months, the Nifty Metal index has gained 8.58% while the benchmark Sensex has added 6.87% during the same period. Read more
Published on: 2:30 pm
- Indices are firm as metal, pharma and financial services stocks drive trade.
- BSE Sensex is currently 56,147.11 up 198.01 points or 0.35%.
- Nifty50 is currently 16,704.50 up 67.60 points or 0.41%. Nifty Bank is 35,676.90, up 0.17%. Mid-cap Index is up by 0.98%. Read more
Published on: 2:27 pm
- NIIT Ltd has informed that the Share Allotment Committee of the Company on August 26, 2021, has allotted, 1,10,990 (One Lakh Ten Thousand Nine Hundred and Ninety only) Equity Shares of Rs. 2/- each in accordance with the terms of ESOP 2005.
- "We are in the process of completing the other formalities with respect to the listing of the said shares and will file a listing application along with requisite documents with the exchange shortly for seeking listing & trading approval", said company in a regulatory filing.
- The scrip opened at Rs307 apiece and has touched a high of Rs319.35 apiece during early dealing hours. The current market cap of the company is Rs4,105.83cr. Read more
Published on: 2:16 pm
- Computer Age Management Services Limited (CAMS) is in the process of setting up an office at GIFT city to provide Asset Management Support Services for financial institutions which have set up operations in GIFT City (Gujarat).
- The company has received a communication dated August 25, 2021, from International Financial Services Centres Authority (IFSC), Gandhinagar authorizing it to undertake “Administration, Asset Management Support Services and Trusteeship Services” in terms of the circulars dated February 10, 21 and June 10, 2021, issued by the above Authority.
- Earlier GIFT City Multi Services -SEZ had issued a letter of approval to the company, extending the facilities and entitlements admissible to units in GIFT City. Read more
Published on: 2:11 pm
- Sakthi Sugars Ltd has informed that the Board of Directors on Friday have appointed M.Balasubramaniam as Managing Director and M.Srinivaasan as Joint Managing Director for a period of five years from today without remuneration.
- M.Balasubramaniam is a post graduate in commerce and holds a Masters Degree in Business Administration (MBA) from the Notre Dame University, U.S.A. He has expertise in finance and in business management with more than 35 years of experience in management of companies.
- He has been a Director of the Company since August 21, 1989 and had been Joint Managing Director-Finance from January 23, 2009 till June 27, 2013. Read more
Published on: 2:08 pm
- Jindal Poly Films has acquired 100% shares of Jindal India Solar Energy and hence becoming a wholly-owned subsidiary of the company. On Friday, Jindal Poly stocks were trading on a bullish note.
- With this acquisition, Jindal Poly intends to do Renewal/Solar energy business through a separate company i.e subsidiary.
- The transaction cost at Rs5 lakh. Read more
Published on: 2:00 pm
- ADF Foods, a wholly-owned subsidiary, ADF Holdings (USA) has received board of directors approval to invest up to $5M, which would entail asset purchase and setting up of a step-down subsidiary in the United States.
- ADF Holdings (USA) Ltd. will have a 70% stake in the share capital of the proposed Step Down Subsidiary. The proposed subsidiary will be a distribution Company and will help the company move up the value chain. Read more
Published on: 2:00 pm
- Ami Organics Limited proposes to open its Initial Public Offering on Wednesday, September 01, 2021 and the offer will close on Friday, September 03, 2021.
- The Price Band of the offer has been fixed at Rs603 to Rs610 per Equity Share.
- Bids can be made for a minimum of 24 Equity Shares and in multiple of 24 Equity Shares thereafter. Read more
Published on: 1:52 pm
- Infosys-led subsidiary Infosys Public Services Inc. (IPS), announced that it will enable Manitoba Public Insurance (MPI), a Crown corporation that delivers auto insurance and driver services, to digitize driver licensing, vehicle registration, and International Registration Plan (IRP) services for over 900,000 Manitobans.
- Infosys has partnered with Celtic Systems – a leading DMV solutions provider – to implement the Infosys Celtic Vehicle and Licensing Solution, built on Celtic’s portfolio of products (Celtic Motor Vehicle System – CMVS and Celtic Transportation Services – International Registration Plan – CTS-IRP) for Manitoba. Read more
Published on: 1:45 pm
- Thomas Cook India, India’s leading integrated travel services company, and its Group Company, SOTC Travel, have launched India Extravaganza Holidays & Grand India Holidays to welcome Indian’s on memorable journeys across incredible India.
- Rajeev Kale, President & Country Head – Holidays, MICE, Visa, Thomas Cook (India) Limited. said, “We have been witnessing exponential growth in domestic travel demand over the last 16 months and with most countries yet to open their borders, Indians are displaying a strong desire to discover India. Our grand ‘India Extravaganza Holidays’ are thoughtfully designed allowing Indians to explore the delightful diversity of India – her exceptional culture, cuisine and warm hospitality. The spotlight is on experiencing local hidden gems and also indulging in exciting/fun experiences our country has to offer.” Read More
Published on: 1:41 pm
- The Reserve Bank of India (RBI) has decided to include street vendors identified as part of the PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi Scheme) in tier-1 and tier-2 centres as beneficiaries under the PIDF Scheme.
- As hitherto, the street vendors in tier-3 to tier-6 centres will continue to be covered under the Scheme.
- RBI said, "This decision to expand the targeted beneficiaries under the PIDF scheme will provide a fillip to the Reserve Bank’s efforts towards promoting digital transactions at the grass-root level." Read more
Published on: 1:30 pm
- BSE Sensex is currently 56,150.58 up 201.48 points or 0.36%.
- Nifty50 is currently 16,707.70 up 70.80 points or 0.43%. Nifty Bank is 35,641.60, up 0.07%. Mid-cap Index is up by 1.00%.
- Ultratech Cement, Larsen & Turbo, Hindalco, SBI Life, and Dr. Reddy are the top gainers. IndusInd Bank, Tata Consumer, Infosys, Eicher Motors, and ICICI Bank are the top losers.
- Nifty Metal, Media, Pharma, and Healthcare stocks drive trade while Nifty Banking and Financial Services trade marginally higher. Oil & Gas stocks trade flat.
- Out of 50 stocks traded on the BSE, 37 advanced and 13 declined. Read More
Published on: 1:26 pm
- The Union Minister of Power and New & Renewable Energy, RK Singh held an interaction with the Electricity Regulators on Thursday. The forum of regulators resolved to prepare norms on various regulatory parameters and issues.
- These norms would be adopted by the State Commissions. This would help the State commissions in adopting best practices and also for faster implementation of reform and regulatory policies.
- In the course of the meeting, it was informed that the Ministry of power is working on Resource adequacy guidelines and Guidelines for procurement of power in line with load fluctuation requirement, contract term, energy mix, and Renewable obligations etc. Both are expected in next two to three months. Read More
Published on: 1:25 pm
- Banking stocks had a volatile day with heavyweights dragging the sector on Sensex and Nifty 50. However, in the second half of Friday's trading session, the Bank Nifty has recovered its early losses and was trading higher however with a marginal upside as three major private bank stocks weighed.
- ICICI Bank, IndusInd Bank and HDFC Bank were the top bears of Bank Nifty, while SBI, Axis Bank and Kotak Bank pushed the index to recovery.
- At around 1.16 pm, Bank Nifty was trading at 35,648.85 up 31.30 points or 0.09%. The index has touched an intraday high and low of 35,687 and 35,359.25 respectively. Read More
Published on: 1:18 pm
- Tata Consultancy Services has been positioned as a Leader in the IDC MarketScape for Smart Manufacturing Services Worldwide as well as Europe .
- According to the report, “Besides its global footprint and industry expertise, customers expressed a high level of satisfaction with TCS.” It goes on to say, "...customers praised TCS’ customer support service and proactivity as well as its capabilities to deliver resources even in challenging and evolving business conditions.”
- “TCS helps manufacturing customers leverage technologies such as machine vision, AR-VR and AI to transform their manufacturing operations, making them connected, resilient and adaptable,” said Susheel Vasudevan, Business Group Head, Manufacturing and Utilities, TCS. Read more
Published on: 1:13 pm
- The Telecom Regulatory Authority of India (TRAI) on Thursday has released the recommendations on “Licensing Framework for Satellite based connectivity for low bit rate applications.”
- The Department of Telecommunications (DoT), through its letter dated 23rd November 2020, has requested TRAI, under section 11(1)(a) of the TRAI Act, to furnish recommendations on Licensing framework to enable the provisioning of Satellite based connectivity for low bit-rate applications for both commercial and captive usage. Read more
Published on: 1:05 pm
- The Nifty IT stocks advanced on Friday despite underperformance from heavyweights Infosys and HCL Tech. Whereas, MindTree and Mphasis led the gains while Coforge, Larsen & Turbo Infotech and TCS also outperformed. Wipro and Oracle were also bullish while Tech Mahindra traded flat.
- On account of IT company's corporate clients investing heavily in cloud and digital space, the stock market has gone highly bullish on the IT stocks. The beginning of 5G advances in India in 2022 is also going to play a major role in the upcoming business of IT companies that are in the telecom hardware and software business, according to experts. Read more
Published on: 1:01 pm
- In March 2021, the Ministry of Civil Aviation (MoCA) published the UAS Rules, 2021. They were perceived by academia, Startups, end-users and other stakeholders as being restrictive in nature as they involved considerable paperwork, required permissions for every drone flight and very few “free to fly” green zones were available.
- Based on the feedback, the Government has decided to repeal the UAS Rules, 2021 and replace the same with the liberalised Drone Rules, 2021. Read more
Published on: 12:54 pm
- The Prime Minister, Narendra Modi has said that the new Drone Rules usher in a landmark moment for this sector in India. He also said that the new Drone Rules will tremendously help start-ups and our youth working in this sector.
- In a series of tweets, the Prime Minister said; "The new Drone Rules usher in a landmark moment for this sector in India. The rules are based on the premise of trust and self-certification. Approvals, compliance requirements and entry barriers have been significantly reduced. Read more
Published on: 12:38 pm
- Apollo Micro Systems Limited has bagged an order for supplying security & surveillance systems worth Rs59.62cr, the company said in a regulatory filing on Thursday.
- At around 12.43 pm, Apollo Micro Systems Ltd was trading at Rs110.55 per piece up by Rs2.7 or 2.5% from its previous closing of Rs107.85 per piece on the BSE.
- The scrip opened at Rs109.90 and has touched a high and low of Rs111.75 and Rs109 respectively. Read more
Published on: 12:30 pm
- Benchmark market indices rise with a push from metal and pharma stocks.
- BSE Sensex is currently 56,067.61 up 118.51 points or 0.21%.
- Nifty50 is currently 16,685.05 up 48.15 points or 0.29%. Nifty Bank is 35,593.70, down 0.07%. Mid-cap Index is up by 0.68%.
- Larsen & Turbo, Ultratech Cement, Bharti Airtel, Hindalco, and SBI Life are the top gainers. HDFC, IndusInd Bank, Infosys, ICICI Bank, and Eicher Motors are the top losers.
- Nifty Metal, Pharma, and Healthcare stocks continue to drive trade while Nifty Banking and Financial Services recover early losses.
- Out of 50 stocks traded on the BSE, 37 advanced and 13 declined. Read more
Published on: 12:27 pm
- Exxaro Tiles Limited has provided information to the exchange reharding status on its long-term debt.
- Ealier on August 18, 2021 the company informed for long term debt repayment as per its specific Objects Clause in the Prospectus, now it has informed that the Company has also prepaid all its remaining existing long-term debt and subsequently it has become long term debt free.
- "The above measures would result into substantial saving in annual finance cost of the Company", said Exxaro Tiles in a regulatory filing. Read more
Published on: 12:15 pm
- Tata Consultancy Services (TCS) has been recognized as a Leader in the Everest Group PEAK Matrix for Global and European Application and Digital Services (ADS) in Banking. The report highlighted that as a global leader, TCS was found to be ahead of its peers in terms of investments in capabilities for providing ESG-specific solutions and advisory services to banking clients.
- .The report stated that TCS’ investment in accelerators for data estate modernization on cloud platforms by hyperscalers such as Azure and Google Cloud, has helped it win data-on-cloud transformation deals in North America. The report also recognizes the role that TCS’ proprietary industry platform offerings, including TCS BaNCS and ignio, have played in its winning core banking platform implementation deals in the Asia Pacific and Europe. Read more
Published on: 12:10 pm
- FMCG stocks continued to outperform. The Index rose again on Friday to cap of a beneficial week. Breweries stocks United Spirits and United Breweries led the gains. Heavyweights ITC, Marico and Hindustan Unilvever also out performed.
- On the flipside, Jubilant Foodworks remained under pressure. Procter & Gamble Hygiene and Nestle India were also trading in the red.
- After starting off on a tepid note, benchmark indices regained strength to trade higher. BSE Sensex was trading at 56,061.31 up 112.21 points or 0.20% and Nifty50 was trading at 16,686.75 up 49.85 points or 0.3%. Read More
Published on: 12:09 pm
- FinX Labs on Thursday has announced the opening of its startup accelerator and co-working space, the first of its kind within the IFSC (International Financial Services Centre) at Pragya, GIFT city (Gujarat International Finance-Tec City). FinX Labs is a joint venture by Jaxay Shah (MD, Savvy Infrastructure), DevX co-working & accelerator and Flexworx by Collated, that aims to provide a platform for budding entrepreneurs and give a boost to the startup ecosystem within the fintech space.
- Inaugurated under the vision of Mr. Injeti Srinivas, Chairperson GIFT IFSCA, Mr. Tapan Ray, MD & Group CEO, GIFT City and Dipesh Shah, Head Development and International Relations, GIFT IFSCA; FinX Labs is proud to enter into MOU with NSE (National Stock Exchange) as a knowledge partner. Speaking on the occasion, Mr. Jaxay Shah, MD Savvy Group, opined: “The GIFT IFSC was conceived precisely to act as a catalyst for ideas, ventures and endeavors that spur growth and harness synergies, propelling India’s standing in the international markets. FinX under the umbrella of IFSCA, will nurture fintech startups providing them with mentoring, funding, networking and access to global financial centres.” Read more
Published on: 12:06 pm
- L&T Infotech announced that the board of directors have approved the appointment of Rajnish Kumar as an Additional Director in the capacity of an Independent Director of the Company for a term of five years. This has come into effect from August 26, 2021, till August 25, 2026.
- Rajnish Kumar is the former Chairman of the State Bank of India (‘SBI’). He completed his 3 years term as Chairman in October 2020. He is credited with steering the bank successfully through very challenging times. During his tenure, SBI developed YONO, a digital platform, which has established the bank as a global leader in the adoption of technology and innovation. Read More
Published on: 12:03 pm
- NSE International Exchange (NSE IFSC), a wholly-owned subsidiary of the National Stock Exchange of India Ltd (NSE) has listed HDFC Bank’s Additional Tier 1 (AT1) Notes on its Debt Securities Market platform. HDFC Bank’s USD 1 billion, Basel III compliant AT1 notes were priced at 3.70%, 42.5 bps lower than the initial price guidance.
- The issuance has been given a provisional rating of Ba3 by Moody’s Rating Services.
- Since the launch of NSE IFSC Debt Securities Market (DSM), the platform has listed total aggregate Medium-Term Note (MTNs) worth over USD 22 billion also witnessed listing of issues aggregate to ~USD 13.12 billion (including ~USD 800 million Green Bond). Read More
Published on: 12:02 pm
- CRISIL Ratings has assigned its ‘CCR BBB/Positive’ corporate credit rating to Kanchi Karpooram Limited (KKL)
- The rating reflects CRISIL Ratings’s belief that KKL’s improvement in business performance is likely to be sustained along with its strong financial risk profile.
- The rating continues to reflect KKL's promoters’ extensive experience and KKL’s established market position, established relationships with major suppliers and customers and healthy financial profile.
- These strength are partially offset by its susceptibility to volatility in raw material prices, intense competition from the domestic manufacturers as well as revival of imports from China. Read More
Published on: 11:56 am
- State-run, Bharat Heavy Electricals Limited (BHEL) has signed a Memorandum of Understanding (MOU) with JSC Rosoboronexport to cooperate and implement possible joint projects and activities.
- On Friday, Bhel stock was trading on a bullish tone.
- In the regulatory filing, BHEL said that the MoU aims to cooperate and implement possible joint projects and activities with BHEL for joint production of spare parts and components for Russian-origin equipment installed onboard the Indian Navy Aircraft Carrier "Vikramaditya" and maintenance of systems and equipment of Aircraft Carrier "Vikramaditya and on other issues of mutual interest Read More
Published on: 11:46 am
- Moody's Investors Service on Friday assigned a Ba3 rating to the proposed USD senior secured notes to be issued by Adani Green Energy Limited (AGEL). The rating agency has given a stable outlook.
- The company primarily use the proceeds from the USD notes to on-lend to its direct and indirect subsidiaries for them to fund the development of utility-scale renewable power projects. Read More