Live market updates

01st Sep, 2021

HCL Technologies launches dedicated Cisco Ecosystem Unit to accelerate digital transformation

Published on: 5:05 pm

  • HCL Technologies (HCL) has launched a dedicated HCL Cisco Ecosystem Unit focused on creating solutions to accelerate clients’ digital journeys.
  • HCL and Cisco have a long and successful 360-degree partnership that has enabled enterprises to accelerate their digital transformation journeys by helping them to invent and innovate – leveraging advanced technologies from Cisco and transformative services capabilities from HCL.
  • HCL’s Cisco Ecosystem Unit will create leading-edge competencies, solutions and business outcome models by leveraging Cisco technologies. Read more

IRCTC appointed Statutory Auditor for FY2021-22

Published on: 5:04 pm

  • Indian Railway Catering and Tourism Corporation Ltd (IRCTC) has appointed M/s P R MEHRA & CO, Chartered Accountant(s), New Delhi, as Statutory Auditor of the Company for the financial year 2021-22 under section 139 of the Companies Act, 2013.
  • “Pursuant to Regulation 30 of Securities and Exchange Board of lndia (Listing Obligations and Disclosure Requirements) Regulations,2015, this is to inform that, Comptroller & Auditor General of lndia (C&AG) vide their Letter No./CA.V/COY/CENTRAL GOVERNMENT, RLYCAT(1)/59 dated August 18, 2021 (received through mail dated August 31,2021), has appointed M/s P R MEHRA & CO, Chartered Accountant(s), New Delhi, as Statutory Auditor of the Company for the financial year 2021-22 under section 139 of the Companies Act, 2013,” the company said. Read more

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TCS named a leader in application modernization and migration services by Independent Research Firm

Published on: 4:46 pm

  • Tata Consultancy Services (TCS) has been recognized as a Leader in The Forrester Wave: Application Modernization and Migration Services, Q3 2021.
  • According to the report, “TCS uses organic development to power its broad modernization services… TCS’ preference for organic development is a differentiating stance amid competitors that tend to make frequent acquisitions.” It went on to say that “The firm leverages its MasterCraft development technologies and Intelligent Cloud Migration Continuum (iCMC) for aspects of digital transformation and app modernization.” The report noted, “TCS’ reputation for solid delivery makes the company a good fit for large enterprise clients with a broad range of requirements across new and legacy technologies.” Read more

Credit agencies reaffirm PNB Gilts’ commercial paper rating

Published on: 4:45 pm

  • ICRA Limited and CRISIL Limited on August 31, 2021, have reaffirmed the credit rating(s) of ICRA A1+ and CRISIL A1+, respectively, as assigned to the Rs1000cr Commercial Paper programme of PNB Gilts Limited, the company said in a regulatory filing on Wednesday.
  • PNB Gilts Ltd ended at Rs69.75 per piece down by Rs0.55 or 0.78% from its previous closing of Rs70.30 per piece on the BSE. Read more

Shyam Metalics's subsidiary completes acquisition of Shree Venkateshwara Electrocast

Published on: 4:40 pm

  • Shyam Metalics & Energy Ltd has announced that Shyam SEL and Power Limited (SSPL), a wholly owned subsidiary of the company has successfully completed the acquisition of controlling stake of 90% in Shree Venkateshwara Electrocast Private Ltd. (SVEPL) through a Share Purchase Agreement executed on August 31, 2021.
  • The investment from SSPL in SVEPL has been done through a combination of equity and inter corporate loans aggregating to Rs22.28cr. The entire current bank loan in SVEPL too has been repaid in this amount.
  • Pursuant to the acquisition, the nominees of SSPL have been appointed on the Board of SVEPL and the existing directors of SVEPL have resigned from its Board as per the terms of the Share Purchase Agreement. Read more

Wipro and HERE partner to provide location-based services and analytics for customers globally

Published on: 4:38 pm

  • Wipro Limited and HERE Technologies announced that they are partnering to offer location-based services, to customers from Energy & Utilities, Manufacturing, Transport & Logistics, Telecom and Automotive industry verticals.
  • As part of this announcement, Wipro and HERE will be jointly developing solutions in the areas of asset tracking, logistics, supply chain, smart-metering and analytics, field workforce management, and private mapping-as-a-service for indoor and outdoor real-time asset tracking. Read more

RBI imposes monetary penalty on The Bihar State Co-operative Bank

Published on: 4:30 pm

  • The Reserve Bank of India (RBI) has, by an order dated August 30, 2021, imposed a monetary penalty of Rs5 lakh on The Bihar State Co-operative Bank Ltd., Patna (the bank) for non-compliance with the directions issued by the National Bank for Agriculture and Rural Development (NABARD) contained in its circular on “Review of Frauds - Guidelines on Monitoring and Reporting System”.
  • This penalty has been imposed in exercise of powers vested in RBI under section 47 A(1)(c) read with sections 46 (4)(i) and 56 of the Banking Regulation Act, 1949, the central bank said.
  • This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Read more

Dharani Sugars & Chemicals reports net loss of Rs8.08cr in Q1; Stock ends higher

Published on: 4:25 pm

  • Dharani Sugars & Chemicals Limited registered a net loss of Dharani Sugars & Chemicals at Rs8.08cr in the quarter ended June 2021 as against a net loss of Rs7.32cr during the previous quarter ended June 2020.
  • The company’s sales rose 22.20% to Rs29.45cr in Q1FY22 as against Rs24.10cr in Q1FY21. EPS was at Rs(2.43) in Q1FY22 compared to Rs(2.21) per share in Q1FY21.
  • Dharani Sugars & Chemicals Ltd ended at Rs20.75 per piece up by Rs0.95 or 4.8% from its previous closing of Rs19.80 per piece on the BSE. Read more

RBI releases 'Quarterly Statistics on Deposits and Credit of SCBs for June 2021; Bank credit records

Published on: 4:24 pm

  • On August 31, the Reserve Bank released Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks (SCBs), June 2021. Data on credit and deposits disaggregated by type, are classified by states/union territories (UTs), districts, centres, population groups and bank groups. These data are collected from all SCBs (including Regional Rural Banks and Small Finance Banks) under the Basic Statistical Return (BSR) – 7 system. Read more

GST collections rises 30% to Rs1.12 lakh crore in August 2021

Published on: 4:10 pm

  • The gross GST revenue collected in the month of August 2021 is Rs1.12 lakh crore of which CGST is Rs20,522cr, SGST is Rs26,605cr, IGST is Rs56,247cr (including Rs26,884cr collected on import of goods) and Cess is Rs8,646cr (including Rs646cr collected on import of goods).
  • As per Ministry of Finance data released today, the revenues for the month of August 2021 are 30% higher than the GST revenues in the same month last year. During the month, the revenues from the domestic transactions (including import of services) are 27% higher than the revenues from these sources during the same month last year. Even as compared to the August revenues in 2019-20 of Rs98,202cr, this is a growth of 14%. Read more

M&M-led Farm Equipment Sector logs decline in tractor sales to 21,360 units in August on high ba

Published on: 4:07 pm

  • Mahindra & Mahindra-led Farm Equipment Sector (FES) has announced its tractor sales numbers for August 2021. In the month under review, FES posted a total tractor sales of  21360 units against 24458 units for the same period last year.
  • Domestic sales in August 2021 were at 19997 units, as against 23503 units during August 2020.
  • Exports for the month stood at 1363 units. Read more

Varroc Engineering receives re-affirmation on credit facilities by ICRA

Published on: 4:04 pm

  • Varroc Engineering Ltd has informed that ICRA Limited based on a review of the latest developments, has re-affirmed its ratings for Bank Facility and commercial paper of the Company.
  • Bank Facilities ratings has been reaffirmed to ICRA A+/Stable and ICRA A1 while Commercial Paper ratings has been reaffirmed to ICRA A1.
  • Further, ICRA has assigned a long-term rating of [ICRA]A+ (Stable) for Non-convertible Debenture programme of the Company. Read more

Hindustan Zinc extends planned shutdown at Chanderiya Lead Zinc Smelter

Published on: 4:00 pm

  • Hindustan Zinc Limited informed the exchanges Wednesday about the planned shutdown taken at one of the roasters at Chanderiya Lead Zinc Smelter, which has been extended in view of the need to repair and overhaul many major structural components of the roaster to avoid any operational risk in the future.
  • This will result in a loss of production of about 25KT of Zinc. "We expect the roaster to come back to operation by mid of October 2021. We will, however, ensure a balanced approach of supply to all our customers in a manner that will have an impact on their operations," company said in a regulatory filing on Wednesday. Read more

Aptech stock hits new 52-week high as board nods the launch of Online Education on Sept 16

Published on: 4:00 pm

  • Aptech has announced that its board of directors approved the launch of  Online Education of the company. The launch will take place on September 16, 2021.
  • The board approved the plan in a meeting held on August 31, 2021.
  • On Sensex, Aptech finished at Rs315.95  per piece up 4.08%. Read more

Shoppers Stop exits non-core biz with sale of Crossword Bookstores for Rs41.62cr to expand core busi

Published on: 3:52 pm

  • Shoppers Stop has closed the sale of a controlling stake of its 100% Subsidiary, Crossword Bookstores Limited ("Crossword Bookstores") to Dinesh Gupta, Aakash Gupta and Family (Owners of Agarwal Business House) (ABH), Pune, according to the share purchase agreement between Shoppers Stop and ABH (the "Agreement") signed on August 31, 2021.
  • The business of Crossword Bookstores Is valued at Rs41.6cr. Under the agreement, ABH will take over all the assets and brands. Any liabilities will be adjusted for arriving at the final consideration. Read more

Zen Technologies stock hits 52-week high after order book update

Published on: 3:49 pm

  • Shares of Zen Technologies hit a 52-week high on the stock exchange and closed higher on Wednesday’s trade. The order book of Zen Technologies stood at Rs402.6cr on September 1, 2021, as against Rs191.6cr on June 30, 2021.
  • The stock ended higher at Rs116.50 up by Rs19.4 or 19.98% from its previous closing of Rs97.10 on the BSE. Read more

Mahindra Finance appoints Raul Rebello as new Chief Operating Officer; Stock ends higher

Published on: 3:45 pm

  • Mahindra & Mahindra Financial Services Limited (MMFSL/Mahindra Finance), part of the Mahindra Group, today announced Raul Rebello as its new Chief Operating Officer (COO) with immediate effect. This is posting the movement of Rajnish Agarwal to Mahindra Rural Housing Finance Ltd (MRHFL).
  • Mahindra & Mahindra Financial Services Ltd ended at Rs162.15 per piece up by Rs2 or 1.25% from its previous closing of Rs160.15 per piece on the BSE.
  • The company said, Raul is a career banker with nearly two decades of extensive work in the domain of Rural banking and Financial Inclusion. Prior to joining Mahindra Finance, he was associated with Axis Bank Limited as EVP & Head- Rural Lending & Financial Inclusion. Read more

CSB Bank hikes MCLR by 10 bps for overnight, unchanged for other tenors; Stock ends 1.5% up

Published on: 3:44 pm

  • CSB Bank has revised its Marginal Cost of Funds Based Lending Rates (MCLR) with effect from Wednesday onward.
  • The lender has hiked MCLR overnight by 10 basis points to 7.60% from the previous 7.5%.
  • MCLR for other tenors remained unchanged. Read more

Markets witnessed profit booking; Realty stocks outperformed

Published on: 3:37 pm

  • Markets witnessed a profit booking during the closing part of the trade, with the benchmark index closing in the red.
  • Bank Nifty outperformed the Nifty index by ~0.7%, closing ~0.4% higher.
  • Realty stocks were among the top outperformers with stocks like Oberoi Realty, Brigade Ent, Godrej Property and Sobha Developers, closing with strong gains along with an addition of fresh long positions. Read more

PNB trims saving account deposits interest rates by 10 bps; Stock rallies 2%

Published on: 3:28 pm

  • State-owned Punjab National Bank (PNB) has trimmed interest rates on savings account deposits by 10 basis points.
  • The new interest rate of 2.9% per annum will be levied on all saving fund accounts either be existing as well as new.
  • The 2.9% per annum interest rate will be applicable on saving fund accounts below Rs100cr and also above. Read more

Asian markets end mostly higher with Nikkei outperforming

Published on: 3:28 pm

  • Asian markets ended mostly higher on Wednesday as the Nikkei 225 jumped 1.29% to close at 28,451.02 while the Topix index advanced 1.02% to finish the trading day at 1,980.79. South Korea’s Kospi climbed 0.24% to close at 3,207.02, Hong Kong’s Hang Seng index edged 0.45% higher, whereas Australian index S&P/ASX 200 closed 0.1% lower at 7,527.10.
  • Chinese stocks closed mixed as the Shanghai Composite advanced 0.65% and the Shenzhen Component dipped marginally.
  • China’s Caixin/Markit manufacturing Purchasing Managers’ Index for August came in at 49.2 on Wednesday. Read more

NCC secures work order worth Rs877cr from State Government agency

Published on: 3:22 pm

  • NCC Ltd has informed to the exchange that it has received one new order for Rs877cr (exclusive of GST) in the month of August 2021.
  • "This order pertains to Building Division and is received from a State Government agency and does not include any internal order", said company in a regulatory filing. Read more

Nippon Life AMC announces subscription of 6.17% of AMC Repo Clearing for nearly Rs9.26cr

Published on: 3:22 pm

  • After HDC AMC, the Nippon Life India Asset Management Company has announced a subscription of 6.17% of the paid-up equity share capital of AMC Repo Clearing Limited (‘ARCL’) by paying an application amount of nearly Rs9.26cr.
  • ARCL was incorporated on 17th April 2021 and is raising capital to the tune of Rs150cr.  ARCL will be engaged in the business of clearing and settlement of corporate bonds and to ensure completion and guarantee of settlement and to facilitate, promote, assist, regulate and manage dealings in corporate bonds, subject to necessary approvals. Read more

Suryoday Small Finance Bank appoints Vishal Singh as the Chief Information Officer

Published on: 3:15 pm

  • Suryoday Small Finance Bank has appointed Vishal Singh as the  Chief Information Officer of the Bank.
  • Singh has taken over from Vanamali Sridharan who has resigned on July 31, 2021.
  • At around 3.13 pm, the company's stock is trading at Rs151.05 per piece down 0.9% on Sensex. Read more

CARE revises credit ratings of Orient Cement's bank facilities and commercial paper

Published on: 3:12 pm

  • Orient Cement Ltd has informed that Care Ratings has revised credit ratings for Bank Facility and Commercial Paper of the Company.
  • Bank Facilities ratings has been reaffirmed to CARE AA-/Positive (outlook revised from Stable) and CARE A1+ while Commercial Paper ratings has been reaffirmed to CARE A1+.
  • According to the Rationale, the reaffirmation of the ratings assigned to the bank facilities and instruments of Orient Cement Limited (OCL) continues to factor in the experienced promoters and management team, being part of an established group, viz., CK Birla group with long presence in the cement industry and backward integration in the form of captive limestone mines and captive power plants. Read more

Rupee slips 11 paise tracking weak domestic markets

Published on: 3:08 pm

  • After opening on a flat note, the Indian currency slipped by 11 paise at 73.12 against US Dollar amid weak domestic markets. At the interbank foreign exchange, the rupee opened at 73.05 against the dollar, registering a fall of 11 paise from the last close.
  • On Tuesday, the rupee strengthened further by 29 paise to close at 73 against the US dollar.
  • On the economy front, India’s real gross domestic product (GDP) grew by 20.1% in the April-June quarter of the fiscal year 2021-22, a record quarterly print on the back of a low base last year. GDP contracted by 24.4% in the April-June quarter in FY2021 as the country went into a lockdown to curb the spread of the coronavirus. Read more

NLC India makes payment of Rs650cr for Commercial Paper; Stock slips 1.5%

Published on: 3:07 pm

  • NLC India Limited informed the exchanges Tuesday that the payment of a principal amount of Rs650cr has been made with respect to the Commercial Paper programme.
  • In a separate filing, the company also informed that Prabhakar Chowki relinquished as Director (Mines) of the Company on superannuation.
  • In the last half hour of trade on Wednesday, NLC India Ltd was trading at Rs51.80 per piece down by Rs0.8 or 1.52% from its previous closing of Rs52.60 per piece on the BSE. Read more

Mangal Credit and Fincorp opens a new branch in the gold loan and lending segment at Malad, Mumbai

Published on: 2:59 pm

  • Mangal Credit and Fincorp have opened a new branch in the gold loan and lending segment.
  • The new branch is located at Malad (W), Mumbai.
  • At around 2.57 pm, the company's stock was trading at Rs61.40 per piece flat compared to the previous closing on Sensex. Read more

Mastek ties with fulfillmenttools to deliver modern omnichannel fulfillment solutions globally; Stoc

Published on: 2:52 pm

  • IT-company, Mastek has joined hands with  fulfillmenttools to enable D2X (Direct to Stakeholder) transformation for their joint clients. This partnership will enable their clients to deliver excellent customer experience through a unified D2X process integrating commerce with fulfilment.
  • “A superior Direct to stakeholder experience requires an omni-channel front office integrated into the middle office thereby enabling real time stock visibility and distributed fulfilment. fulfillmenttools is a next generation platform in this space and we are excited to partner with them to enable our clients deliver a best in class experience for their clients.” said Raman Sapra, President, Mastek Americas. Read more

BHEL secures largest ever order worth Rs10,800cr from NPCIL; Stock climbs 2%

Published on: 2:47 pm

  • State-owned BHEL has secured the largest ever order aggregating to Rs10,800cr from NPCIL for EPC of Turbine Island for 6 units of 700 MWe.
  • BHEL said that six orders, received from NPCIL on August 30, 2021, envisage the setting up of 4 units of 700 MWe at Gorakhpur, Haryana and 2 units of 700 MWe at Kaiga, Karnataka.
  • At around 2.45 pm, BHEL was trading at Rs53.60 per piece up 2%. Read more

Nifty IT index nosedives 1.25%; Mphasis, TCS, Infosys weigh down

Published on: 2:45 pm

  • The Nifty IT stocks were bearish, nosediving by more than 1% amid volatile trade on Wednesday. With that metal shares also corrected today to lead the downside.
  • Mphasis, TCS, and Infosys dragged the index most while HCL Tech and Mind Tree were also under pressure. Wipro was the only stock on Nifty IT in the green.
  • The Sensex hit a record high of 57,918.71 while the Nifty scaled a record high of 17,225.75 in early trade. However, the market breadth turned negative later on. Read more

Equitas SFB launches digital fixed deposits on GPay through Setu; Stock climbs 5%

Published on: 2:43 pm

  • Equitas Small Finance Bank (SFB) has launched a new initiative, enabling Google Pay users to book fixed deposits (FDs) on Google Pay in under 2 minutes without having to open a bank account. This revolutionary offering by integrating with Spot platform was made possible by connecting APIs built by fintech infrastructure provider Setu for Equitas Bank.
  • To start with, this functionality will be available for Google Pay users who are accessing the app from Android. As the Bank is all set to celebrate its 5th anniversary on September 5th 2021, this collaboration is a dedication to the digital world, embracing the factor of providing customer comfort. Read more

Yes Bank stock jumps over 4% after Crisil upgrades ratings on bonds and CDs

Published on: 2:41 pm

  • CRISIL Ratings has upgraded the rating on Tier-II bonds (under Basel III) and Infrastructure Bonds of Yes Bank Limited to 'CRISIL BBB+/Stable' from 'CRISIL BBB/Stable'.  Also, the rating agency has upgraded the rating on the Rs20,000cr certificates of deposit (CD) of the bank to ‘CRISIL A1’ from ‘CRISIL A2+’.
  • In its rating rationale, CRISIL said that the upgrade in the rating reflects the greater stability in the bank’s deposit base in the past few quarters post-reconstruction of the bank in March 2020, as well as its adequate capitalisation. Yes Bank’s total deposits increased to Rs 1.63 lakh crore as of June 30, 2021, from Rs 1.17 lakh crore as of June 30, 2020, and Rs 1.05 lakh crore as on March 31, 2020. Read more

Wardwizard Innovations sales skyrockets 435% yoy to 2,001 units in August 2021

Published on: 2:30 pm

  • Continuing with its strong sales performance, WardWizard Innovations and Mobility Ltd, one of the leading manufacturers of electric two-wheelers brand ‘Joy e-bike’ has registered highest ever monthly sales in August 2021.
  • Led by the demand for its popular product portfolio, the company sold 2001 units of electric scooters and motorcycles in the month, registering a growth of 435% over the corresponding month of the previous year (August 2020), when the company had sold 374 units.
  • The company has further observed a strong rebound of sales with a growth of 112% as compared to last month (August 2021) where the sales stood at 945 units. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices trade flat as IT and metal continue to drag; Realty stocks surge 5%.
  • BSE Sensex is currently 57,504.74 down 47.65 points or 0.08%.
  • Nifty50 is currently 17,123.30 down 8.90 points or 0.05%. Nifty Bank is 36,747.65, up 0.89%. Mid-cap Index is up by 1.08%. Read more

Bank Nifty holds bullish tone, tops 320 pts; Except for Kotak Bank, all other stocks rise; SBI, Axis

Published on: 2:20 pm

  • Bulls continued to favour  Bank Nifty even in the second half of Wednesday's trading bell, however, the pace of upside has slowed down. The index witnessed a broad-based buying after RBI presented sectoral deployment of bank credit data for July 2021. Except for Kotak Bank, all other stocks listed on Bank Nifty were in the green.
  • At around 2.16 pm, Bank Nifty was trading at 36,746.15 up 321.55 points or 0.88%. The index has touched an intraday high of 36,997.70.
  • IDFC First Bank was the top gainer surging 3.4% followed by RBL Bank soaring 3.2%. AU Small Finance Bank climbed 2.8%, while Federal Bank and Axis Bank jumped more than 2% each. Read more

Ramco Systems surges 2% on partnership with Draken International

Published on: 2:17 pm

  • Global aviation software provider Ramco Systems has announced that it will implement its Aviation M&E MRO Suite V5.9 at Draken International, a leading provider of tactical fighter aircraft for contract adversary air (ADAIR) services to the defense industry, across its global operations in both CONUS and OCONUS locations.
  • Ramco Aviation Software will offer a one-stop solution for managing Draken’s global operations as well as a scalable software platform that will support the company’s rapid expansion plans
  • Ramco’s next-gen, Defense/ITAR (International Traffic in Arms Regulations) compliant Aviation Software, will offer Draken modules covering Maintenance, Supply Chain Management, Flight Operations, Safety & Quality, to help in managing diverse training fleet & defense operations seamlessly. Read more

India's manufacturing PMI slows down to 52.3% in August constrained by COVID-19 and rising costs

Published on: 2:15 pm

  • India’s manufacturing sector activities has dropped to 52.3% in August 2021 compared to 55.3 in July, indicating a softer rate of growth that was subdued in the context of historical survey data. The IHS Markit India Manufacturing PMI was released earlier today.
  • According to the Markit, the growth of manufacturing production in India was curbed in August by the pandemic and rising input costs. A softer upturn in sales-led companies to pause their hiring efforts, with business confidence dampened by concerns surrounding the damaging impact of COVID-19 on-demand and firms' finances.
  • Pollyanna De Lima, Economics Associate Director at IHS Markit, said, " August saw a continuation of the Indian manufacturing sector recovery, but growth lost momentum as demand showed some signs of weakness due to the pandemic. Yet, factory orders and output rose across the consumer, intermediate and investment goods categories." Read more

CCI approves acquisition by T.S. Rajam Rubbers and Dhinrama Mobility Solution of certain shareholdin

Published on: 2:02 pm

  • The Competition Commission of India (CCI) approves acquisition by T.S. Rajam Rubbers Private Limited (Acquirer 1) and Dhinrama Mobility Solution Private Limited (Acquirer 2) of certain shareholding in TVS Supply Chain Solutions Private Limited (Target) under Section 31(1) of the Competition Act, 2002.
  • The proposed transaction entails the acquisition of the additional shareholding of Target by Acquirer 1 and Acquirer 2 (collectively Acquirers).
  • The proposed transaction will be carried out through a secondary purchase from CDPQ Private Equity Asia Pte. Ltd. (CDPQ). Read more

Mahindra Auto registers growth of 17% in passenger vehicle sales in August 2021; Stock sheds ~3%

Published on: 1:55 pm

  • Mahindra & Mahindra Ltd. (M&M Ltd.), one of India’s leading automotive companies, today announced that its overall auto sales (passenger vehicles + commercial vehicles + exports) for the month of August 2021 stood at 30585 vehicles.
  • In the Utility Vehicles segment, Mahindra sold 15786 vehicles in August 2021. The Passenger Vehicles segment (which includes UVs, Cars, and Vans) sold 15973 vehicles in August 2021. Exports for the month of August 2021 were at 3180 vehicles.
  • “We sold 30,585 vehicles overall and registered a growth of 17% in the Passenger Vehicles segment, over the same period last year. Demand across our product portfolio continues to remain strong with Thar, XUV 300 and our recently launched Bolero Neo and our Bolero Pik-up range clocking in impressive booking numbers. Growth momentum in exports continued with sale of 3,180 vehicles, registering an increase of 172%. Read more

Gokul Agro Resources incorporates step down subsidiary for edible oils business

Published on: 1:44 pm

  • Maurigo Pte Limited, a Wholly-Owned Subsidiary of Gokul Agro Resources Limited, has incorporated a Wholly-Owned Subsidiary Company viz. ‘Maurigo Indo Holdings Pte Limited’ in Singapore. Consequent to the said incorporation, Maurigo Indo Holdings Pte Limited has become a step-down subsidiary of the company.
  • The cost of acquisition is $10,000 towards subscription of new ordinary shares having a face value of $1 per share.
  • The business of a step-down subsidiary (SDS) company would be of Edible Oils i.e. in the mainline of business of the listed entity. Read more

Tech Mahindra launches a dedicated Google Cloud Business unit to accelerate cloud adoption for enter

Published on: 1:43 pm

  • Tech Mahindra, a leading provider of digital transformation, consulting and business re-engineering services, has today announced the launch of a dedicated Google Cloud Business Unit to accelerate cloud adoption for enterprises globally. The new business unit will focus on developing industry-specific solutions on Google Cloud to help customers balance growth with innovation, enable operational scalability & ensure seamless user experience.
  • The launch of a dedicated business unit demonstrates Tech Mahindra’s commitment towards accelerating cloud adoption for its customers across sectors while also amplifying its collaboration with Google Cloud. The business unit with a Center of Excellence (COE) will provide a comprehensive suite of solutions on Google Cloud and will harness the dedicated talent pool working to build Intellectual Property (IP) and personalized solutions for enterprise customers. Read more

Indian aviation industry to report net loss of Rs250-260 bn in FY22: ICRA

Published on: 1:31 pm

  • The domestic aviation industry is expected to witness strong Y-o-Y growth of ~45-50% in domestic air passenger traffic and ~80-85% in international air passenger traffic during FY2022, albeit on a lower base of FY2021 and driven by the faster pace of vaccination and gradual relaxations in restrictions by the regulatory authorities.  However, the growth will still be significantly lower than even the FY2016 and FY2013 levels, respectively; and the industry is expected to report a higher net loss in FY2022, says an ICRA note.
  • According to Ms. Kinjal Shah, Vice President and Co-Group Head, ICRA Limited: “Given the resurgence of the second wave of the pandemic, the recovery in passenger traffic will only be gradual, with the domestic passenger traffic expected to reach pre-Covid levels only by FY2024. Elevated ATF prices (higher by 71% on Y-o-Y basis in 5M FY2022) and fare caps continue to pose a challenge for the profitability of the airlines.  Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is currently 57,468.50 down 83.89 points or 0.15%.
  • Nifty50 is currently 17,106.50 down 25.70 points or 0.15%. Nifty Bank is 36,711.55, up 0.79%. Mid-cap Index is down by 0.72%.
  • Asian Paints, Axis Bank, Eicher Motors, Nestle India, and HUL are the top gainers. M&M, Tata Steel, Bajaj Finserv, Cipla, and HDFC are the top losers. Read more

Maruti Suzuki records sales of over 1.30 lakh units in August 2021

Published on: 1:27 pm

  • Maruti Suzuki India Limited has posted total sales of 1,30,699 units in August 2021. Total sales in the month include domestic sales of 105,775 units, sales to other OEM of 4,305 units and exports of 20,619 units.
  • The company said in a regulatory filing, "sales volume of the Company in August 2021 was affected due to electronic components shortage. The Company took all possible measures to limit the adverse impact."
  • While the sales volume in August 2021 was affected due to electronic components shortage, the sales volume in August 2020 was impacted due to COVID-19 related disruptions. Read more

Nitin Gadkari: National Monetisation Plan and National Master Plan “Gati Shakti’ to generate immense

Published on: 1:07 pm

  • Union Minister for Road Transport and Highways Nitin Gadkari has said that National Monetisation Program will build reliability and confidence in Developers and financing institutions as the identified projects are likely to be better prepared, exposure less likely to the risk given active project monitoring, management, and accountability. Addressing a virtual dialogue on ‘Transforming India’s Mobility’ he said roads have the largest share in the national monetisation plan at 26 per cent with the target of one lakh sixty thousand crore rupees over 4 yrs.
  • The minister said Government is soon going to launch the National Master Plan of Prime Minister -‘Gati Shakti’. This scheme of more than 100 lakh crores rupees for holistic and integrated infrastructure development, will create huge employment opportunities. He said this year government has increased year-on-year infrastructure Capex by 34 % to Rs. 5.54 lakh crores, such increased investment in infrastructure would revive the economy and create employment in near future. Read More

Coal sector geared to meet the upsurge in Power Demand: Coal Ministry

Published on: 12:58 pm

  • The Ministry of Coal has announced that it is all geared up to address the issue of stock build-up at the end of the Thermal Power Plants (TPPs) during the monsoon season.  Notably, coal stocks with CIL are adequate to meet the upsurge in Power demand being witnessed in the country since July this year.
  • As per the statement, Secretary (Coal) has given specific instructions to the coal companies to give priority supplies to all the TPPs having critical stock levels and to focus on stock liquidation from the mines having high stock levels. He has further directed that in case of availability issues at linked mines alternative sources be allocated for the smooth running of the plant. The despatches are being aligned with the advisories of the Power Ministry. Read More

Nifty Consumer Durables surges 550 pts amid volatile trade; Havells, Voltas and Amber Enterprises ou

Published on: 12:55 pm

  • Nifty Consumer Durables gained over 2.2% to limit losses in the exchanges in a broader volatile markets on Wednesday. The index has added over 6% in five days. Consumer durables, realty and banks stocks were in demand today, while metals and IT shares corrected.
  • HavellsVoltas and Amber Enterprises India led the winning race while Rajesh Exports dragged the most. Out of 15 stocks on Nifty50 the index had 12 advances and 3 declines.
  • The Sensex hit record high of 57,918.71 while the Nifty scaled record high of 17,225.75 in early trade. However, the market breadth turned negative later on. Read more

Indias eight core industries rise 9.4% in July 2021; Except crude oil, production of other industri

Published on: 12:50 pm

  • India's combined Index of Eight Core Industries stood at 134.0 in July 2021, increasing by9.4% (provisional) as compared to the Index of July 2020. The production of Coal, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity industries increased in July 2021 over the corresponding period of last year.
  • The summary of the Index of Eight Core Industries is given below:
  • 1. Coal (weight: 10.33%): The production increased by 18.7% in July 2021 over July 2020. Its cumulative index increased by 10.5% from April to July 2021-22 over the corresponding period of the previous year. Read more

CRISIL revises Elgi Equipments' bank facilities outlook to 'Stable' from Negative, reaffirms rating

Published on: 12:36 pm

  • CRISIL Ratings has revised its outlook on the long term bank facilities of of Elgi Equipments Limited to ‘Stable’ from ‘Negative’ and has reaffirmed the rating at 'CRISIL AA’. The short term rating has been reaffirmed at ‘CRISIL A1+'.
  • According to the Rationale report, the outlook revision reflects better than expected performance of EEL in fiscal 2021 despite the Covid impact on end use industries, and the expected sustenance of healthy business performance in the near to medium term.
  • The company's financial profile remains healthy, supported by comfortable capital structure, and healthy credit metrics. Liquidity also remains adequate in the form of unutilised bank lines of over Rs200cr and cash surplus totalling to Rs300cr as on 31st March 2021. Read more

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