Live market updates

07th Sep, 2021

TCS positioned as Leader in Life Sciences Operations Services by Everest Group

Published on: 5:05 pm

  • Tata Consultancy Services has been positioned as a Leader in the Everest Group PEAK Matrix for Life Sciences Operations Services.
  • In an assessment of 31 life sciences BPS providers, TCS was placed highest for Vision and Capability. According to the report, TCS is one of the largest providers of services in life sciences operations and offers end-to-end services across the complete value chain including pharmacovigilance, clinical data management, biostatistics, supply chain management, regulatory affairs, and medical writing.
  • Cited as a strength was TCS’ ADD platform (driven by cognitive automation), for which strong use cases have been noted in the market. The company’s significant investments in developing next-generation solutions and platforms for core R&D functions, including genomics secondary analysis and lab informatics, were highlighted as a key strength. Read more

Subsidy increase for phosphatic fertilisers critical to ensure availability of fertilisers in the up

Published on: 5:04 pm

  • The systemic inventory of phosphatic fertilisers in the Indian markets has dipped sharply, which is a cause of concern for the upcoming rabi season. This was driven by a decline in imports, driven by elevated international prices and limited availability in the international markets, while domestic demand remained stable.
  • ICRA expects GoI to alleviate the stress on the industry through an increase in the subsidy rates under the NBS scheme over the course of one month to ensure adequate availability for the upcoming rabi season. Read more

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Healthium Medtech files DRHP with SEBI

Published on: 4:52 pm

  • Healthium Medtech Limited a global medtech company focused on products used in surgical, post-surgical and chronic care, has filed it's Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”).
  • The company plans to raise funds via Initial Public offerings through fresh issues aggregating up to Rs390cr (The “Fresh Issue”) and an “Offer for Sale (OFS)” comprising up to 39,100,000 equity shares.
  • The OFS comprises up to 3,90,00,000 equity shares by Quinag Acquisition (FDI) Limited (“Promoter Selling Shareholders”) and up to 1,00,000 equity shares by Mahadevan Naryanamoni (“Individual Selling Shareholder”). Read more

MAS Financial Services announces co-lending partnership with Bank of India for MSME Loans

Published on: 4:35 pm

  • MAS Financial Services Limited, specialized in MSME financing, has entered into a strategic co-lending partnership with the Bank of India for lending to micro, small and medium enterprises (MSME) further strengthening its decade-old relationship with the bank.
  • The co-lending partnership will help MAS Financial Services to broaden its client base and expand the credit flow to the vast unserved and underserved markets using its strong footprint across pan India, ensuring efficient last-mile delivery of credit and extending credit where it is due.
  • The business under this arrangement will scale up steadily and more enabling products will be introduced to serve the MSME segment which offers huge opportunity. Read more

Fitch expects delay in divestment of BPCL, reaffirms rating at 'BBB-'

Published on: 4:23 pm

  • Fitch Ratings has affirmed India-based Bharat Petroleum Corporation Limited's (BPCL) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB-'. The Outlook is Negative.
  • The rating agency has also affirmed BPCL's senior unsecured rating and the ratings on its outstanding senior unsecured debt at 'BBB-'.
  • Fitch has also affirmed the rating on subsidiary BPRL International Singapore Pte. Ltd.'s US dollar guaranteed notes at 'BBB-'. Read more

Infosys Ranked #1 in the 2021 HFS Top 10: Banking and Financial Services—The Best of the Best Servic

Published on: 4:18 pm

  • Infosys Limited, a global leader in next generation digital services and consulting, today announced that it has been ranked number 1 in the 2021 HFS Top 10: Banking and Financial Services—The Best of the Best Service Providers report.
  • The company said in a filing, that Infosys was recognized for helping banking and financial services (BFS) firms bridge the gap between operations efficiency, revenue growth, and digital experience in a seamless and time-bound manner. Read more

Embassy Office Parks REIT raises Rs300cr via NCD issue

Published on: 4:15 pm

  • Embassy Office Parks REIT has announced today that it has successfully priced and allotted by way of a private placement, Rs3 Billion (Indian Rupees Three Billion only) or Rs300cr of rupee-denominated, listed, rated, secured, redeemable, transferable non-convertible debentures (“NCDs”) at a 6.80% quarterly coupon. The NCDs will be listed on the Wholesale Debt Market of BSE Limited (“BSE”).
  • Aravind Maiya, Chief Financial Officer of Embassy REIT, commented, “Following the recent IRDAI approval permitting insurance companies to invest in REIT debt, we are delighted to announce the first-ever bond raise by an Indian REIT with robust participation from the domestic insurance sector. Read more

VST Tillers enters Southern Africa market, inks distributorship deal with ETGL Africa; Stock ends 5%

Published on: 4:14 pm

  • VST Tillers Tractors Limited (VST) has launched the VST range of Tractors and Power Tillers in Southern Africa. The company has entered into an agreement with ETG (Export Trading Group), for the distribution of its Tractors, Power Tillers, Power Reapers and Diesel Engines in the Southern African markets including South Africa, Namibia, Botswana, Zimbabwe, Swaziland, and Zambia.
  • Antony Cherukara, CEO of VST Tillers Tractors Ltd said “VST is one of the fastest-growing brands in the agriculture segment and commands a leadership position in Power Tillers and 4WD Compact Tractors. Read more

Pidilite Industries bags approval for amalgamation of subsidiaries Cipy Polyurethanes and Pidilite A

Published on: 4:05 pm

  • Pidilite Industries has received board of directors approval for the scheme of amalgamation of Cipy Polyurethanes and Pidilite Adhesives into the company.
  • Cipy Polyurethanes and Pidilite Adhesives are wholly-owned subsidiaries of Pidilite Industries.
  • Here's how the Pidilite will benefit from the mergers: Read more

Edelweiss Asset Reconstruction coverts 3.32cr CCPS held by CDPQ into 5.26cr equity shares after RBI

Published on: 4:00 pm

  • Edelweiss Asset Reconstruction Company Limited (EARC), a subsidiary of Edelweiss Financial Services Limited has received the approval of the Reserve Bank of India for conversion of the Compulsorily Convertible Preference Shares (CCPS) held by CDPQ Private Equity Asia Pte Ltd. (CDPQ) in EARC.
  • After due receipt of the Reserve Bank of India approval, 3.32cr CCPS of Rs10 each held by CDPQ have been converted into 5,26,31,579 equity shares of Rs10 each of the company. With this conversion, CDPQ has become one of the sponsors of the Company and holds 20% of the total paid-up equity share capital of the company, EARC informed. Read more

Adani Transmission appoints Rohit Soni as Chief Financial Officer

Published on: 3:57 pm

  • Adani Transmission's board of directors have approved the appointment of Rohit Soni, Chartered Accountant as the Chief Financial Officer (CFO) & Key Managerial Personnel (KMP) of the Company.
  • The appointment has come into effect from September 06, 2021.
  • Before joining Adani Transmission, Rohit has worked with the Vedanta group in various roles. His immediate past assignment was as Chief Procurement Officer for Vedanta Group, as also CFO of various Vedanta SPVs. Read more

Markets close on a flat note; Housing finance companies outperformed

Published on: 3:50 pm

  • Markets witnessed a volatile day of trade on Tuesday, as pendulum swings weighed in.
  • Bank Nifty marginally underperformed the Nifty index by ~0.25% with both the indices witnessing a profit booking, closing ~0.15%/0.35% lower.
  • Housing Finance Stocks were among the top outperformers with stocks like HDFC Ltd & LIC Hsg Fin adding fresh long positions throughout the trading session. Read more

Rail Vikas Nigam ends 7% higher after signing MoU with NHAI for construction of Multi Modal Logistic

Published on: 3:37 pm

  • Rail Vikas Nigam Limited (RVNL) has entered into a MoU with NHAI represented by National Highways Logistics Management Limited (NHLML), in connection with the Construction of Multi-Modal Logistics Parks across PAN India under Bharatmala Pariyojana.
  • The company's trade on Tuesday ended at Rs31.40 per piece up by Rs2.05 or 6.98% from its previous closing of Rs29.35 per piece on the BSE. The scrip opened at Rs29.40 and has touched a high and low of Rs32.35 and Rs29.30 respectively.
  • The company said in a filing that given the objectives of improving logistics efficiency for goods generating and aggregating from ports, hinterland, and for the Country as a whole, RVNL and NHLML agreed to co-operate and collaborate with each other in achieving the objectives for the development of MMLP Project in an integrated manner. Read more

TM and Tata Communications join forces for IP Transit Services in ASEAN

Published on: 3:25 pm

  • Telekom Malaysia Berhad (TM), Malaysia’s national connectivity and digital infrastructure provider through its global and wholesale arm, TM WHOLESALE and Tata Communications, a global digital ecosystem enabler’s wholly-owned subsidiary, Tata Communications International Pte Ltd., join forces to offer stable, high-speed and reliable connectivity in the ASEAN region and open access to global enterprises.
  • This collaboration will enable service providers, mobile network operators and internet service providers in the region to address their customers’ growing data connectivity needs by providing access to a global Tier 1 Internet Protocol (IP) network. Read more

NLC India allots 10,000 commercial papers aggregating to Rs500cr

Published on: 3:22 pm

  • NLC India Limited informed the exchanges Monday that the company has allotted 10,000 Nos. of Commercial Paper of a face value of Rs5 lakhs each, aggregating to Rs500cr.
  • In another regulatory filing on Tuesday, the company said that the payment of a principal amount of Rs500cr has been made on Monday with respect to the Commercial Paper issue. Read more

CARE revises ratings on Akshar Spintex bank loan facilities

Published on: 3:09 pm

  • Akshar Spintex Ltd has informed that ratings has been assigned to the Company from CARE Ratings Limited for Bank Loan facilities of Company aggregating Rs20.02cr.
  • CARE BB+/Stable rating has been assigned to Long term bank facilities while short term ratings has been reaffirmed to CARE A4.
  • According to the rationale report, the revision in the long -term ratings assigned to the bank facilities of Akshar Spintex Limited (ASL) was mainly on account of improvement in profitability and debt coverage indicators during FY21 (refers to the period from April 1 to March 31). Read more

Birlasoft announces a global, strategic partnership with Freshworks

Published on: 3:08 pm

  • Birlasoft Ltd, part of the USD 2.4 billion diversified CK Birla Group; a global enterprise digital and IT Services, and Freshworks Inc., a leading software company empowering businesses to delight their customers and employees announce their global, strategic partnership aimed at helping enterprises provide enhanced customer experience management services to customers through new-age digital transformation solutions.
  • Birlasoft will partner with Freshworks to provide businesses with products to delight their customers and employees. Freshworks takes a fresh approach to building and delivering software for customer relationship and IT service management that is affordable, quick to implement, and designed for the end-user. Read more

Bank Nifty under pressure as Axis Bank, AU Small, Kotak, SBI drag; IDFC First leads

Published on: 2:45 pm

  • Banking stocks dampened broader markets sentiments on Tuesday with private banks being the worst hit. Bank Nifty index had dipped by more than 1% in the early trade. However, during the second half, the index recovered some losses but continued its bearish tone. On the index, 9 scrips declined and 3 scrips advanced.
  • At around 2.42 PM, Bank Nifty was trading at 36,443.30 down 149.05 points or 0.4%. The index has touched an intraday high and low of 36,685.85 and 36,151.95 respectively.
  • IDFC First Bank was the top gainer surging nearly 2%. IndusInd Bank and HDFC Bank followed by 0.7% and 0.3%, respectively. Read more

Edelweiss Financial Services-led Rs400cr public NCD issue oversubscribed

Published on: 2:40 pm

  • Edelweiss Financial Services Limited (“EFSL”) announced that its public issue of Secured Redeemable Non-Convertible Debentures (NCDs) has been oversubscribed.  The NCD issue has seen interest from investors across series and tenures offering annual, monthly, and cumulative interest options with the effective annual yield ranging from 9.09% to 9.70%.
  • Rashesh Shah, Chairman & Managing Director, EFSL said “We are delighted with the encouraging response to our NCD issue. The issue has been oversubscribed which shows the faith that investors across categories have in our diversified model and the appetite for high-quality financial papers that offer competitive interest rates” Read more

Dr Reddy's launches Minoxidil for treatment of female pattern hair loss

Published on: 2:30 pm

  • Dr Reddy's Laboratories Ltd has announced the launch of the prescription drug Minoxidil topical solution USP 2% and 5% for the treatment of female pattern hair loss (FPHL).
  • Dr. Reddy's will sell its products under the brand names Mintop TM 2% and Mintop Eva 5%. respectively.
  • The launch follows the first-ever approval of the additional indication by the Central Drugs Standard Control Organization (COSCO) in India for the use of Minoxidil topical solution USP 2% and 5% for treatment of FPHL. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices continue to trade higher led by gains from FMCG and Consumer Durables stocks.
  • BSE Sensex is currently 58,429.23 up 132.32 points or 0.23%.
  • Nifty50 is currently 17,401.85 up 24.05 points or 0.14%. Nifty Bank is 36,536.65, down 0.15%. Mid-cap Index is up by 0.46%. Read more

NBCC appoints Rudrabhishek Enterprises to develop AP State Guest House

Published on: 2:29 pm

  • State-owned, NBCC (India) has appointed Rudrabhishek Enterprises (REPL) to provide comprehensive architectural and engineering consultancy services for the development of AP State Guest House with a commercial complex at Vijayawada under the state government's 'Mission Build AP'.
  • Pradeep Misra (CMD-REPL) said, "This project is the result of our extensive experience in architecture planning and designing. We will ensure the quality, safety, timely delivery and smooth work process of the project. As a consultant to NBCC, we will provide optimum solutions to designs the energy-efficient campus." Read more

Ashapura Minechem stock trades flat after update on Guinea operations

Published on: 2:16 pm

  • Ashapura Minechem Ltd (‘AML’) announced that there have been certain political developments in Conakry, (the capital of Guinea) since Sunday, September 5, 2021. The company has been mining and exporting ores from its local subsidiaries in Guinea since April 2020.
  • In its regulatory filing, AML said that "while we continue to monitor the situation closely, all the employees of the Ashapura Group, including Indian expatriates in Guinea remain safe and are in contact with the Company."
  • Further, AML said, "The Company’s sites are located away from the capital Conakry and operations including mining and transportation continue to be normal. In consonance with the public assurances from the new regime, there have been no disruptions in civilian life or amongst businesses." Read more

Nifty Consumer Durables lead markets bull; Voltas hits fresh 52-week high; V-Guard, Whirlpool add to

Published on: 2:10 pm

  • The Nifty Consumer Durables carried forward the winning streak on Tuesday by surging 1% and lead the bull markets. Voltas hit fresh 52-week high to lead the gains while V-Guard also outperformed. Whirlpool also was in the fast lane. Crompton Greaves Consumer Durables dragged the most.
  • The sector has been in focus in the past due to foreign investments. Rapid changes in the sector which include Government push to encourage domestic manufacturing, changing customer preferences, and channel proliferation.
  • Sensex claimed a fresh all-time high at 58,533, Nifty touches 17,436 for the first time ever. At around 2.10 PM, BSE Sensex was trading at 58,474.98 up 178.07 points or 0.31% and Nifty50 at 17,412.15 up 34.35 points or 0.2%. Read more

FY22 Mid-Year Banks Outlook: Heightened stress in Retail and MSMEs to push out inflexion point: Ind-

Published on: 2:07 pm

  • India Ratings and Research (Ind-Ra) has maintained a stable outlook on the overall banking sector for the rest of FY22, supported by the continuing systemic support that has helped manage the system-wide COVID-19 linked stress. Banks also continue to strengthen their financials by raising capital and adding to provision buffers which have already seen a sharp increase in the last three to four years.
  • Ind-Ra has kept its FY22 credit growth estimates unchanged at 8.9% for FY22, supported by a pick-up in economic activity post 1QFY22, higher government of India (GoI) spending especially on infrastructure and a revival in demand for retail loans. Read more

Tech Mahindra bags AWS Level 1 in MSSP competency status covering all six Cybersecurity Cloud domain

Published on: 1:54 pm

  • Tech Mahindra has been recognized and certified as  Amazon Web Services (AWS) Level 1 Managed Security Service Provider (MSSP) Competency status. This designation recognizes that Tech Mahindra has successfully met all AWS’s requirements for a baseline of managed security services to protect and monitor essential AWS resources 24/7, known as Level 1 Managed Security Services.
  • This new baseline standard of quality for managed security services was introduced by AWS to benefit cloud environments of any size and it spans six key cybersecurity domains: Read more

Everest Group recognizes TCS as a Leader in Capital Markets Operations

Published on: 1:48 pm

  • Tata Consultancy Services (TCS) has been positioned as a Leader in the Everest Group PEAK Matrix for Capital Markets Operations. In an assessment of 24 global service providers offering capital markets operations services, TCS was placed highest for value delivered, portfolio mix, and global delivery footprint, which has resulted in it being placed highest for overall market impact.
  • According to the report, TCS is strongly positioned in capital markets with its well-rounded capabilities in both the buy-side and sell-side of operations, advisory offerings, robust technology, and digital suite with a BPaas-led approach. Read more

Seamec purchases Barge Kreuz Glorious in Dubai; Stock under pressure

Published on: 1:47 pm

  • Seamec Ltd has informed that the Company has purchased and taken delivery of Barge Kreuz Glorious on September 6, 2021 at Dubai.
  • The company has taken delivery at a price of USD 3,372,500 (United States Dollars Three Million and Three Hundred and Seventy Two Thousand Five Hundred Only).
  • At around 1:48 PM, SEAMEC was trading at Rs885 per piece down by Rs5.25 or 0.59% from its previous closing of Rs890.25 on the BSE. Read more

Wipro AI solutions win The Hackett Group’s 2021 Digital Award for AI-led HR Automation

Published on: 1:38 pm

  • IT-giant, Wipro has been recognized by The Hackett Group for innovation in Artificial Intelligence (AI) led automation, in human resources (HR) functions. Wipro won The Hackett Group’s 2021 Digital Award in the AI-led automation category for its “Hire-to-Retire –AI-led HR Automation for Employee Onboarding and Engagement” solution.
  • “We are excited to be recognized for our work in AI-led digital transformation. Wipro’s AI Solutions group built a combination of smart data capture, intelligent process automation, and chatbot solutions, supported by state-of-the-art data science and machine learning algorithms to secure these results. We will continue to push innovation in this dynamic sector to help clients and partners reinvent their operations,” said Harish Dwarkanhalli, President - Applications & Data, iDEAS, Wipro. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is currently 58,505.26 up 208.35 points or 0.36%.
  • Nifty50 is currently 17,423.35 up 45.55 points or 0.26%. Nifty Bank is 36,631.70, up 0.11%. Mid-cap Index is up by 0.46%.
  • Bharti Airtel, HDFC, IndusInd Bank, ITC, and Reliance are the top gainers. SBI Life, Sun Pharma, Axis Bank, Wipro, and Hindalco are the top losers. Read more

CARE reaffirms credit ratings of Ipca Labs; Revises outlook to positive

Published on: 1:15 pm

  • CARE Ratings has reviewed and reaffirmed the ratings to Ipca Laboratories Limited long term and short-term bank facilities. The rating on long-term / short-term bank facilities Rs1140cr has been reaffirmed at CARE AA; Positive / Care A1+. Outlook revised from Stable, the company said in the filing.
  • At around 1.17 PM, Ipca Laboratories Ltd was trading at Rs2,469.95 per piece down by Rs28.45 or 1.14% from its previous closing of Rs2,498.40 per piece on the BSE. Read more

Canara Bank retains Interest rates on loans/advances with effect from today

Published on: 1:10 pm

Canara Bank, a leading Public Sector Bank, has retained its Marginal Cost of Fund Based Lending Rate (MCLR) on Loans / Advances across all tenors with effect from September 7, 2021.
Repo Linked Lending Rate (RLLR) continues to be at 6.90%.

Accordingly, the tenor linked MCLRs of the Bank shall be as under with effect from today: Read more

Nifty Media recovers early losses, index holds steady as DishTV skyrockets 11%

Published on: 1:04 pm

  • The Nifty Media index has recovered early losses due to massive buying in DishTV stock on Tuesday. During the early trade, the index had nosedived by at least 1%, however, at the beginning of the second half, the index has held steady. Except for DishTV, all other stocks were either trading flat or in red.
  • At around 12.50 pm, the Nifty Media was trading at 1,668.40 up 7 points or 0.4%. The index has touched an intraday high and low of 1,685.10 and 1,655.80.
  • DishTV was the top gainer surging 11%. The stock rallied sharply after Yes Bank sent special notices to the company demanding the removal of the latter's Managing Director and four other board members. Read more

Tamilnadu Telecommunications appoints J.Ramesh Kannan as Managing Director

Published on: 1:04 pm

  • Tamilnadu Telecommunications Ltd has informed that J Ramesh Kannan has been appointed as Managing Director with effect from August 25, 2021, which was approved by the Board.
  • J.Ramesh Kannan is a Cost & Management Accountant. He has 29 years of experience and was holding the post of General Manager (F&A) in TCIL for more than 4 years in addition CFO of this company.
  • Further, Sanjay Bharti Kumar had tendered his resignation on August 25, 2021 which was approved by the Board of directors, said company. Read More

L&T Construction bags order for its Water Effluent Treatment Business

Published on: 12:44 pm

  • The construction arm of Larsen & Toubro Limited has secured a significant order for its Water Effluent Treatment business in India.
  • The business has won an order from a state-utility organization to implement rural water supply projects providing Functional House Tap Connections (FHTC) under the Jal Jeevan Mission, the company said in a filing on Tuesday.
  • The business has been entrusted to implement rural water supply projects to provide potable water to 800 villages. The scope comprises Tube Wells, Pump Houses cum Chlorination Rooms, Overhead Tanks, Treatment Systems, Solar Plants, Rising Main a Distribution Pipeline Network, Staff Quarters, Individual House Connections, etc. including allied Electromechanical a Automation works. Read more

JSPL steel sales at 7.1 lakh tonnes in August despite sluggish demand; stock surges 1%

Published on: 12:44 pm

  • Notwithstanding subdued construction activities due to the ongoing monsoons in August, Jindal Steel & Power Limited (JSPL) maintained strong momentum in sales and production.
  • In the regulatory filing, steel sales volume increased 6% M-o-M and 4% yoy to 7.1 lakh tonnes. Exports continue to boost JSPL’s sales efforts as its share increased to 42% during the month.
  • Monthly production also rose 6% yoy to 6.6 lakh tonnes. Inventory levels continue to decline as sales volume surpass production for the second consecutive month, JSPL said in the filing. Read more

Retail sales rise 14.5% yoy in August driven by robust demand in 3-wheelers and PV; FADA warns of la

Published on: 12:41 pm

  • The Federation of Automobile Dealers Associations (FADA) today released Vehicle Retail Data for August’21.
  • Total vehicle retails for the month of August’21 rises by 14.48% on yoy basis. When compared to August’19 (a regular pre-covid month), retails are still down by -14.75%.
  • On yoy basis, all categories were in green with 2W up by 6.66%, 3W up by 79.70%, PV up by 38.71%, Tractor up by 5.50% and CV up by 97.94%. Read More

JSW Steels crude steel production up 5% yoy in August 2021

Published on: 12:36 pm

  • JSW Steel said in the regulatory filing on Tuesday that the company's crude steel production rose 5% to 13.77 lakh tonnes in August 2021 from 13.17 lakh tonnes in August 2020.
  • In the regulatory filing, the production of flat-rolled products declined by 8% to 8.99 lakh tonnes. Whereas the production of long-rolled products increased by 30% to 3.01 lakh tonnes in August 2021 over August 2020.
  • The average capacity utilisation for the month was 92%, the company said. Read more

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark market indices rally. FMCG stocks remain bullish while banking stocks recover early losses. 
  • BSE Sensex is currently 58,438.54 up 141.63 points or 0.24%.
  • Nifty50 is currently 17,408.40 up 30.60 points or 0.18%. Nifty Bank is 36,566.65, down 0.07%. Mid-cap Index is up by 0.46%.
  • Bharti Airtel, ITC, HDFC, IndusInd Bank, and Asian Paints are the top gainers. Axis Bank, Tata Motors, Infosys, Kotak Bank, and Wipro are the top losers.
  • Nifty FMCG and Consumer Durables stocks remain bullish. Nifty Banking and Financial Services stocks recover losses.  Nifty Realty, IT, and Healthcare stocks also struggle. 
  • Out of 50 stocks traded on the BSE, 23 advanced and 27 declined. Read More

V-Guard Industries makes additional Rs5cr investment in subsidiary VCPL; Stock jumps ~4%

Published on: 12:16 pm

  • V-Guard Industries Limited has made a further investment to the extent of Rs5cr in V-Guard Consumer Products Limited (VCPL) and has been allotted 50,00,000 equity shares on 10/- each in September 6, 2021.
  • The Wholly-Owned Subsidiary was incorporated on July 19, 2021, and VCPL shall be engaged in the establishment and carrying on the business of manufacturing, selling, and dealing in otherwise of various consumer electrical, electronics, electromechanical products, and home and kitchen appliances of all kinds both electrical and non-electrical and such other allied products. Read More

Nifty FMCG at historic highs despite bearish markets, index tops 290 pts; Colgate, Marico, ITC, Dabu

Published on: 12:13 pm

  • The FMCG stocks were in the fast lane with heavyweights rallying sharply taking the overall sectoral index on NSE to new record highs. Nifty FMCG was among the top bull of NSE. The sector has shrugged off broader bearish markets tone. The sector is in focus amid the festive season.
  • At around 12.07 pm, Nifty FMCG was trading at 40,455.85 up 286.80 points or 0.71%. The index has touched a new 52-week high of 40,642.65.
  • Colgate-Palmolive was the top gainer surging 2% followed by ITC and Marico soared 1.6% each. Dabur jumped 1.5%.
  • Godrej Consumer Products climbed more than 1%, while Tata Consumer and PGHH advanced 0.8% each. Mcdowell zoomed 0.6%. Read more

Snowman Logistics begins operations of its temperature-controlled warehouse at Siliguri

Published on: 12:09 pm

  • Snowman Logistics Limited, India’s leading cold chain & integrated temperature-controlled logistics service provider, has completed the construction of a temperature-controlled warehouse at Siliguri and the facility has become operational from the September 06, 2021.
  • The total capacity of the facility is 4032 Pallets. It is a multi-temperature facility designed to store products ranging from ambient temperature to -25 Deg Centigrade with 8 chambers, 5 loading bays with related infrastructure that includes G+5 racking system, modern handling equipment, etc., and ample refrigerated truck parking space. Read More

Nuvoco Vistas reports higher consolidated profit at Rs114.28cr in Q1FY22

Published on: 12:05 pm

  • Nuvoco Vistas Corp. Ltd., building materials company in India, on Monday, announced its unaudited financial results for the quarter ending June 30, 2021. Nuvoco is the fifth largest cement manufacturing company in India and the largest in the East by capacity.
  • The company reported a higher consolidated profit at Rs114.28cr in the first quarter ended June 2021 against Rs37.52cr during the same quarter last fiscal. The company’s revenue fell to Rs2,202.97cr in Q1FY22 from Rs2,631.61cr yoy. Consolidated EBITDA margin at 24%. Read More

UGRO Capital logs AUM of Rs1,729 cr in August 2021, disbursements stood at Rs243cr

Published on: 11:53 am

  • UGRO Capital has announced business performance for August 2021. In the month under review, overall AUM reached Rs1,729 cr indicating a growth of 86% in the last 12 months and a growth of 31% since Mar-21.
  • The company's AUM was at Rs1,564cr and Rs1,375cr in July and June this year.
  • Meanwhile, in August 2021, the company's overall disbursement stood at Rs243cr. This was lower compared to Rs260cr recorded in the previous month. In June 2021, the disbursement stood at Rs193cr.
  • At around 11.50 am, Ugro Capital was performing at Rs119.05  per piece down 0.8% on Sensex. The stock has touched an intraday high and low of Rs119.90 per piece and Rs116.10 per piece respectively.  Read More

Shivakumaran retires as Bharat Electronics Director HR

Published on: 11:52 am

  • Bharat Electronics Limited (BEL) informed the exchanges Tuesday that Shivakumar K M, Director (HR) has retired from his services on August 31, 2021, on attaining the age of superannuation.
  • The company further informed that the Ministry of Defence, Government of India vide its letter dated August 31, 2021, assigned additional charge of the post of Director (HR), BEL to Vinay Kumar Katyal, Director (Bangalore Complex), BEL w.e.f September 1, 2021, up to November 30, 2021, or until further orders, whichever is the earliest.
  • At around 11.55 am, Bharat Electronics Ltd was trading at Rs195.95 per piece up by Rs0.6 or 0.31% from its previous closing of Rs195.35 per piece on the BSE. Read More

Over 16% rise in paddy procurement compared to previous season; Around 130.47 lakh farmers benefitte

Published on: 11:51 am

  • In the ongoing season of Kharif 2020-21, the purchase of 889.62 LMTs of paddy (includes Kharif Crop 718.09 LMT and Rabi Crop 171.53 LMT) up to Sep 05, 2021 has been done against last year corresponding purchase of 764.39 LMT.
  • This has benefitted about 130.47 Lakh farmers from the ongoing KMS procurement Operations with an MSP value of Rs1,67,960.77cr. Paddy procurement has reached an all-time high level, surpassing the previous high of 773.45 LMT in KMS 2019-20.
  • Marketing Season RMS 2021-22 has concluded in wheat procuring States and till now (up to 18.08.2021) a quantity of 433.44 LMT of wheat has been procured (which is an all-time high, as it has exceeded the previous high of 389.93 LMT of RMS 2020-21) against the last year corresponding purchase of 389.93 LMT. Read More

NGT levies Rs20cr penalty on Dhampur Sugar Mills for violation of environmental laws; Stock slips 1%

Published on: 11:50 am

  • The National Green Tribunal (NGT) has imposed Rs20cr penalty on Dhampur Sugar Mills Ltd. The penalty is imposed on four units of the company in Uttar Pradesh for continuous violation of environmental laws.
  • A bench headed by NGT Chairperson Justice Adarsh Kumar Goel said perusal of the various inspection reports filed by Central Pollution Control Board (CPCB) and Uttar Pradesh Pollution Control Board (UPPCB) clearly reveals that there was damage caused to the environment for a considerable time. Read More

Gadkari: Road infrastructure is being developed faster, safer and more sustainable than ever before

Published on: 11:48 am

  • Union Minister for Road Transport and Highways Nitin Gadkari has said that under the leadership of Prime Minister Narendra Modi road infrastructure is being developed faster, safer and more sustainable than ever before. In a meeting with officials of the Ministry, NHAI, NHIDCL and PWDs he said that it is our collective mission to give the country, road infrastructure of global standard.
  • The minister emphasised on safety-first approach for Road design and construction, construction of environment-friendly roads, industry-friendly approach, new technology for safe, faster and economic roads and faster construction. Read more

Market pulse at 11:30 AM today

Published on: 11:30 am

  • Indices remain in the red as banking and financial services are under pressure with IT and Pharma stocks also drag.
  • BSE Sensex is currently 58,187.15 down 109.76 points or 0.19%.
  • Nifty50 is currently 17,332.65 down 45.15 points or 0.26%. Nifty Bank is 36,310.95, down 0.77%. Mid-cap Index is up by 0.03%.
  • Bharti Airtel, ITC, Asian Paints, Tata Consumer, and Ultratech Cement are the top gainers. Axis Bank, Kotak Bank, Sun Pharma, Tata Motors, and State Bank of India are the top losers.
  • Nifty FMCG and Consumer Durables stocks remain bullish. Nifty Realty, Banking, and Financial Services stocks drag.  IT and Pharma stocks also struggle. 
  • Out of 50 stocks traded on the BSE, 16 advanced and 34 declined. Read More

Finkurve Financial gains 2% on completing additional 16.63% stake in Arvog Forex

Published on: 11:24 am

  • Finkurve Financial Services Ltd stocks in focus after it has informed that the Company has completed the acquisition of 1,45,550 (One Lakh Forty-Five Thousand Five Hundred and Fifty) equity shares aggregating to 16.63% of the total paid up share capital of Arvog Forex Private Limited (formerly known as M/s.Supama Forex Private Limited), Material Subsidiary of the Company.
  • The company said in a regulatory filing that upon completion of aquisition, the Company now holds 8,73,550 (Eight lakh seventy three five hundred and fifty) equity shares aggregating to 99.83% of the total paid up share capital of Arvog Forex Private Limited. Read more

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