Live market updates

09th Sep, 2021

Karnataka Bank launches a new POS device, 'WisePOSGo'; Stock ends 6% up

Published on: 5:16 pm

  • Karnataka Bank launched WisePOSGo - a POS device (Point of Sales swiping machine) that processes business payments, in collaboration with Mswipe Technologies for the Bank's merchant customers.
  • Mahabaleshwara M.S, MD & CEO, said "This is yet another product in line with our vision of becoming the 'Digital Bank of Future'. This compact, lightweight and user-friendly device will be a game-changer and transform the digital payment ecosystem associated with POS machines. This device is an all-in-one swiping machine loaded with advanced features like contactless payment, mobile phone, QR Code, Pay by link, Magstripe, barcode scanner, 5 - megapixel camera etc, The device will support 4G, WiFi, Bluetooth and micro - USB and can connect through Facebook, YouTube and WhatsApp also." Read more

RIL-bp led joint venture ties with BluSmart to set up EV charging infrastructure in India

Published on: 5:12 pm

  • Jio-bp, the fuels and mobility joint venture between Reliance Industries Limited and bp, has partnered with BluSmart, India's first and largest all-electric ride-hailing platform to set up a network of commercial large scale EV charging stations.
  • As part of the agreement, Jio-bp will set up these stations for passenger electric vehicles and fleets across the country. Read more

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Subex rebrands IoT and OT Cybersecurity product as Sectrio

Published on: 5:05 pm

  • Subex on Thursday has announced the completion of the rebranding exercise of its Internet of Things (IoT) and Operational Technology (OT) cybersecurity product Subex Secure. Subex Secure will henceforth be called Sectrio.
  • The move comes in the wake of Sectrio gaining significant market traction powered by an exponential increase in the capabilities of its award-winning product portfolio.
  • Subex also felt the need to create a unique identity for its stack of IoT and OT cybersecurity offerings as its customers, prospects, and partners had started looking for specific information across these areas. Read more

Firstsource launches strategic transition to Cloud for all Healthcare Solutions

Published on: 4:58 pm

  • Firstsource Solutions Limited, a leading provider of Business Process Management (BPM) services and an RP-Sanjiv Goenka Group company, today announced the launch of Firstsource Healthcare Cloud—a new, innovative platform which will support all U.S. healthcare products with expanded access, flexibility, and security capabilities.
  • The initial roll-out beginning today will include all U.S. revenue cycle management and patient financial services products, with the company’s payer-oriented solutions soon to follow. Read more

Datamatics recognized as a ‘Major Contender’ and ‘Star Performer’ in Everest Group’s assessment

Published on: 4:50 pm

  • Datamatics Global Solutions Limited today announced that it has been recognized as a "Major Contender" and "Star Performer" in the Everest Group Finance and Accounting Outsourcing (FAO) Services PEAK Matrix Assessment 2021.
  • Datamatics has leaped out from the Aspirants into the 'Major Contenders' zone for the Finance and Accounting Outsourcing (FAO) Services PEAK Matrix Assessment 2021. Everest Group selected Datamatics as a 'Star Performer' based on the Year-on-Year improvement on the PEAK Matrix.
  • In the report, Everest Group analyzes the global Finance & Accounting Outsourcing (FAO) market landscape and 28 leading FAO vendors across the world. Datamatics has received the highest customer satisfaction rate among all the 28 global vendors in the FAO market. Read more

Production of oil from Mustard Seeds increased from 91 LMT to 101 LMT this year

Published on: 4:46 pm

  • Due to a gap between demand and supply, around 60% of the edible oils consumed in the country are met through imports.  In this accord, palm oil constitutes around 54% of the total edible oil imported mainly from Indonesia and Malaysia, while Soyabean oil constitutes around 25% and is imported from Argentina and Brazil and Sunflower oil constitutes 19% and is imported mainly from Ukraine.
  • In medium-term contract production of edible oils is being given very high priority which is reflected in the highest production of Mustard seeds from 91 LMT to 101 LMT this year.
  • In the case of Palm Oil (crude and refined), the imported quantity for August 2021 was 7.43 LMT as against 5.65 LMT in July 2021. The percent increase in August is 31.50% from the previous month which largely due to opening up of the economy. Read more

Equity fund inflows dip; Mutual Fund AUM at record high in August 2021

Published on: 4:38 pm

  • According to the AMFI data released on Wednesday, investors poured in a net Rs8,666.68cr for August 2021 in equity mutual fund schemes as against the previous month’s deposit of Rs22,583.52cr.
  • Equity mutual funds saw a total inflow of Rs33,668.76cr and an outflow of Rs25,002.08cr. At Rs36.59 lakh crore, the Net AUMs for the Indian Mutual Fund Industry breached the Rs36 lakh crore landmark for the first time ever.
  • At 10.85 crore folios, the MF industry has added a whopping over 80 lakh folios for the first time ever, within a short period of the last 5 months in FY22. To put into perspective, this meteoric rise in the first 5 months of FY22, the MF industry added just 74 lakh folios in FY21, between April 2020 to March 2021. Read more

Union Minister of Heavy Industries inaugurates state-of-the-art Data Centre at BHEL, Bengaluru

Published on: 4:17 pm

  • Bharat Heavy Electricals Limited (BHEL) informed the exchanges that Mahendra Nath Pandey, Union Minister of Heavy Industries, inaugurated a modern, state-of-the-art Data Centre at BHEL’s Electronics Division, Bengaluru.
  • Established to commemorate India’s celebration of ‘Azadi ka Amrit Mahotsav’ and as a step in BHEL’s Digital Transformation journey, the Data Centre at EDN encompasses the data centres of all the three Bengaluru-based units of BHEL, namely Solar Business Division (SBD), Industrial Systems Group (ISG), as well as Electronics Division (EDN). Read more

Revenues of engineering and capital goods to rise 15-17% this fiscal: CRISIL Ratings

Published on: 4:15 pm

  • Government thrust on infrastructure, including higher through budgetary allocation, and economic recovery will lift the revenues of the engineering and capital goods companies[1] by 15-17% this fiscal, more than making up for a 3% contraction last fiscal.
  • That and better coverage of fixed costs will lead to a 50 basis points (bps) improvement in the operating margins. Increases in raw material prices are being passed on with a lag.
  • While working capital requirements will increase, higher cash generation and prudent capital expenditure (capex) will keep credit profiles ‘stable’, a CRISIL Ratings analysis of 42 companies, with aggregate revenue of Rs 1.30 lakh crore and accounting for about 55% of the sector’s revenue, shows. Read more

Saboo Sodium Chloro-led 5 Star flagship property signs hotel management contract

Published on: 4:15 pm

  • Saboo Sodium Chloro Ltd has informed that its 5 Star flagship property Samskara Resort & Spa (Jaipur) has signed a hotel management contract with Ananta Hotels & Resorts for marketing, guest experience enhancement and branding purposes.
  • Ananta Hotels & Resorts is one of India's leading hospitality chains which specializes in resort & Spa tourism, nature specific tourism and is having 12 properties across Rajasthan. Read more

Avianca ties with TCS for the cloud transformation journey

Published on: 3:55 pm

  • Tata Consultancy Services (TCS) has partnered with  Avianca, one of the leading airlines in South America, for the latter's cloud transformation journey. TCS will modernize Avianca’s IT infrastructure and build a new future-ready cloud-based digital core on Microsoft Azure.
  • The Tata Group-led company highlighted that leveraging its deep domain knowledge of the airline industry and its extensive experience in successfully executing large transformation programs, TCS will help the airline migrate 129 core applications to the cloud and will also manage the new cloud estate. Read more

TVS Motor Company launches the new TVS Apache RTR 200 4V in Nepal

Published on: 3:54 pm

  • TVS Motor Company Limited, a reputed manufacturer of two-wheelers and three-wheelers in the world, introduced its new TVS Apache RTR 200 4V (single-channel ABS) motorcycle with innovative segment-first features in Nepal.
  • The motorcycle stands tall to its promise of delivering cutting edge technology, using years of racing experience and pedigree.
  • “The TVS Apache series has been a testament to our commitment to delivering technological prowess to our aspirational customers and racing enthusiasts across the globe. In line with this ethos, we are excited to introduce our new TVS Apache RTR 200 4V motorcycle, which offers key segment-first features and technologies, which will further add to our philosophy of ensuring customer delight in Nepal,” R Dilip, President – International Business, TVS Motor Company, said. Read more

South Indian Bank launches SIB - OneCard Credit Card; Stock ends 1% higher

Published on: 3:52 pm

  • South Indian Bank has launched the SIB - OneCard Credit Card. A premium metal card, the SIB - OneCard has a unique app-based onboarding process, which is in line with the Bank's vision of digital transformation.
  • The internationally valid credit card on the Visa Signature platform can be fully controlled through the powerful OneCard App.
  • As per the regulatory filing, the SIB- OneCard comes with many exciting features like lifetime validity with zero joining and annual fees, 100% digital customer onboarding process, instant virtual card issuance, instant issuance of reward points and easy redemption within the app, etc. Read more

Shree Ganesh Remedies acquires 100% equity stake of Akshar Jyot

Published on: 3:50 pm

  • Shree Ganesh Remedies Ltd has informed that the Company has acquired the 100% equity stake of Akshar Jyot Private Limited ("AJPL"), which is in process to acquire 26% equity stake in Dhari Chemicals Limited ("DCL").
  • AJPL was in corporated to carry on the business of manufacturing of pharmaceuticals intermediates, medicinal preparations and its related articles and products.
  • Further, the transaction is completed by way of a cash transaction with the existing shareholders of AJPL. Read more

JSPL's Australian-based subsidiary prepays Rs777.4cr loan; Stock ends 1% higher

Published on: 3:49 pm

  • Jindal Steel & Power (JSPL),  subsidiary, Jindal Steel & Power (Australia) has made a pre-payment of 105.66 million USD (approx.777.4 crores INR). The prepayment has helped reduce the Australian debt by approx. 50%.
  • The company’s Net Debt/EBITDA on a Consolidated basis was reported at 0.96x while Standalone Net Debt/EBITDA was approx. 0.7x as of June quarter which is expected to go down further this quarter.
  • “We are paying back to lenders before time in order to strengthen our balance sheet. The company is aligned with the India growth story and we want to become a net debt-free company by FY23 through accelerated deleveraging. We will expand our Steelmaking capacity in Angul to more than 12 MTPA by 2025 through internal accruals”, Said V R Sharma, Managing Director, JSPL in a statement. Read more

Kolte-Patil Developers makes changes in leadership, Rahul Talele becomes Group's CEO

Published on: 3:46 pm

  • Kolte-Patil Developers has announced changes in its leadership. Yashvardhan Patil, currently the company’s Group CEO, has been elevated to the position of Joint Managing Director with effect from September 08, 2021. Rahul Talele, currently Business Head – Pune, has been appointed as the company’s Group CEO with effect from September 08, 2021.
  • Rajesh Patil, Chairman and Managing Director, Kolte-Patil Developers, commented, “There will be many exciting opportunities in the Indian real estate space in the coming years with increasing consolidation and formalization. With the new leadership matrix in place, I am sure Yash, Rahul and the KPDL team will ensure our Company’s sustained success and lead it to new heights.” Read more

RCF board approves to set up a plant for manufacturing 75 KL per day of Nano Urea (Liquid) fertilize

Published on: 3:43 pm

  • Rashtriya Chemicals and Fertilizers Limited (RCF) has received approval from the board of directors to set up a plant for manufacturing 75 KL per day i.e. 1,50,000 bottles (500 ml. capacity) per day, of Nano Urea (Liquid) Fertilizer at RCF's Trombay unit.
  • The plant will be set up based on proprietary technology developed and patented by Indian Farmers Fertiliser Cooperative Limited (IFFCO).
  • On Sensex, RCF closed at Rs73.85 per piece flat compared to the previous closing. Read more

Sensex, Nifty close the week on a flat note

Published on: 3:41 pm

  • Markets finally took a breather, closing the week on a flat note.  The index Option gamma writers took a centre stage as the indices traded in a narrow trading band throughout the week. Bank Nifty index marginally underperformed the Nifty index by ~0.25% as both the indices witnessed marginal long unwindings during the week, closing on a flat note.
  • On the daily charts, the Bank Nifty index is has given a rising channel breakout, indicating a possibility of continued upward momentum.
  • Bharti Airtel was among the top outperformers, witnessing an addition of fresh long positions during the week, closing ~4% higher. FIIs index futures long/short for September trended higher above the 2x level, as they added fresh long positions. Read more

Markets close higher; Banking Stocks underperformed

Published on: 3:39 pm

  • Markets witnessed a lacklustre day of trade, with the benchmark index closing on a flat note as the option writers took the centre stage.
  • Nifty outperformed the Bank Nifty index by ~0.3% as the index continued to trade with a positive bias, closing ~0.1% higher.
  • Banking Stocks saw marginal profit booking with stocks like Kotak Bank & Axis Bank saw an unwinding long positions. Read more

Thomas Cook India expands presence in South India; Targets strong growth potential of Karnataka

Published on: 3:24 pm

  • Thomas Cook (India) Ltd., India’s leading integrated travel services company has inaugurated a new Gold Circle Partner franchise outlet in Bengaluru, Karnataka.
  • This expansion augments Thomas Cook India’s distribution and reach in Karnataka to 17 consumer access centres: 7 owned branches and 10 Gold Circle Partner (franchise) outlets across Bengaluru, Hubli, Mangaluru, Mysuru, Udupi, Shimoga & Gulbarga.
  • Over the past 18 months, there has been a strong pent-up demand and now with the easing of restrictions and re-opening of borders, Karnataka’s consumers are displaying a strong travel desire for domestic travel to Goa, Andamans, Kashmir, Leh-Ladakh, Himachal Pradesh, Kerala and international travel to Maldives, Dubai, Abu Dhabi, Switzerland, France, Austria, Turkey and Egypt. Read more

CARE upgrades rating for short term credit facilities of Indo Count Industries

Published on: 3:24 pm

  • CARE Ratings Limited has upgraded the credit rating for Indo Count Industries Limited’s short-term bank facilities and reaffirmed credit rating for the Long-term facilities.
  • For the short-term bank facilities, the credit rating has been revised from CARE A1 to CARE A1+.
  • “The said credit rating signifies the very strong degree of safety regarding timely payment of financial obligations. Such facilities carry the lowest credit risk,” the company said in a filing on Wednesday. Read more

Zensar announces partnership with FRISS to digitize risk assessment

Published on: 3:16 pm

  • Zensar Technologies, a leading experience engineering and technology solutions company, announced that they have partnered with FRISS, the most widely adopted provider of AI-powered end-to-end fraud prevention and detection solutions for P&C insurers worldwide.
  • This global, strategic partnership will enable Zensar’s clients to access the latest market-ready AI, a multitude of data sources and unparalleled customer service directly through FRISS. Read more

CARE revises Gujarat Gas bank facilities outlook to 'Positive', reaffirms rating

Published on: 3:12 pm

  • Gujarat Gas Ltd has informed to the exchange regarding reaffirmation in the ratings and revision in outlook of bank facilities by CARE Ltd.
  • Long term rating has been reaffirmed to CARE AA+ while outlook is revised to Positive from Stable.
  • Short term rating has been reaffirmed to CARE A1+. Read more

Gokaldas exports commences commercial production at new manufacturing unit in Bengaluru

Published on: 3:12 pm

  • Gokaldas Exports Limited has commenced commercial production on Wednesday at its new manufacturing unit situated at Khata/Khesra, Yelllukunte, Old Mangamanapaya Road, Bommanahali, Bengaluru after successfully obtaining licenses and clearances from all the relevant stakeholders.
  • On achievement of full ramp up and productivity, the unit will contribute about 4.5% to our current capacity.
  • Towards last hour of trade on Thursday, Gokaldas Exports Ltd was trading at Rs207.35 per piece up by Rs1.65 or 0.8% from its previous closing of Rs205.70 per piece on the BSE. Read more

Pickup in disbursements and improving collection efficiencies post ebbing of 2nd wave to augment sec

Published on: 3:06 pm

  • The collection efficiency is ICRA-rated securitised pools originated by NBFCs and HFCs witnessed a continued rebound in July, on account of focused collection activities of the lenders and supported by the receding movement restrictions or lockdowns subsequent to reduced impact of the second wave of Covid-19 pandemic.
  • Consequently, the incremental slippages in the softer and harder buckets have seen a decline. Further, the focused collection efforts of the lending institutions and improvement in broader business activities in August 2021 are expected to continue to support the improvement in collections in future as well. Read more

Revenue Deficit grant of Rs9,871cr released to 17 States: Centre

Published on: 2:59 pm

  • According to the Ministry of Finance, the Department of Expenditure, Ministry of Finance on Thursday released the 6th monthly instalment of Post Devolution Revenue Deficit (PDRD) Grant of Rs9,871cr to the States. 
  • With the release of this instalment, a total amount of Rs59,226cr has been released to the eligible States as Post Devolution Revenue Deficit Grant (PDRD) in the current financial year.
  • State-wise details of the grant released this month and the total amount of Post Devolution Revenue Grant released to the States in 2021-22 is annexed. Read More

Nifty FMCG nears record highs, index tops 220 pts; Nestle leads the bull charge

Published on: 2:50 pm

  • Nifty FMCG index traded on a bullish note despite dull broader markets on Thursday led by heavy foreign inflows, improved demand and expectations for better sales in the festive season. Also, the sector is in focus ahead of consumer price index data next week. The market is set to go for a long weekend.
  • At around 2.48 pm, Nifty FMCG was trading at 40,484.65 up 221.20 points or 0.55%. The index has touched an intraday high and low 40,610.40 and 40,120.30 respectively.
  • The index was near the record high of 40,642.65 today. Read more

Adani Green Energy lists USD 750 Mn foreign currency Green bonds on Global Securities Market platfor

Published on: 2:49 pm

  • Adani Green Energy Limited has listed its maiden USD 750 Mn Green bonds with 3-year maturity at a competitive coupon of 4.375 per cent. The bonds were rated Ba3 (stable) by Moody’s and have garnered huge investor interest across the globe.
  • These bonds have been listed on India INX’s GSM Green platform which is the Exchange’s dedicated platform for listing green, social, sustainable and all such ESG flavoured bonds. Read more

Ashoka Buildcon emerges lowest bidder for NHIDCL road project in Assam

Published on: 2:46 pm

  • Ashoka Buildcon Limited has emerged as the lowest bidder (L-1) for road projects of National Highways & Infrastructure Development Corporation Limited (NHIDCL).
  • “Ashoka Buildcon Limited had submitted Bid to National Highways & Infrastructure Development Corporation Limited ("NHIDCL") in respect of the Project viz. 'Request for Proposal for Widening/Improvement to 4 (Four) Lane with Paved Shoulder from KM 113+300 to Km 146+250 (Design Chainage 113+830 to 145+712) of Kwaram Taro Village — Dillai Section (Package-6) of NH 29 in the state of Assam on EPC mode'. (Project). Read More

Stovec Industries announces termination of contract for manufacturing sugar sieves

Published on: 2:41 pm

  • Stovec Industries Ltd has informed that the Company and Atul Sugar Screens Private Limited has agreed to the closure of Contract Manufacturing Agreement (CMA).
  • Accordingly, closing date of CMA would be July 31, 2022, or such later date as may be determined by Atul, which shall be no later than September 30, 2022, said company.
  • Until its termination as aforesaid, Company will continue to make production of sugar sieves for Atul, it added in a regulatory filing. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices trade flat; Media stocks soar nearly 3%;  Realty, Banking stocks drag.
  • BSE Sensex is currently 58,215.60 down 34.66 points or 0.06%.
  • Nifty50 is currently 17,340.25 down 13.25 points or 0.08%. Nifty Bank is 36,628.35, down 0.38%. Mid-cap Index is up 0.13%.
  • ONGC, Nestle India, Bharti Airtel, Tata Motors, and Tata Steel are the top gainers. SBI Life, Titan, Ultratech Cement, Axis Bank, and HDFC Bank are the top losers.
  • Nifty Media stocks soar nearly 3% while Realty, Banking, and Financial Services stocks drag. 
  • Out of 50 stocks traded on the BSE, 26 advanced and 24 declined. Read more

NTPC to issue Rs3,000cr non-convertible bonds on Sept 13 at a coupon rate of 6.69% per annum

Published on: 2:17 pm

  • State-owned, NTPC has decided to issue unsecured non-convertible bonds like debentures of Rs3,000cr on September 13, 2021, through a private placement at a coupon of 6.69% p.a. with a door to door maturity of 10 years.
  • NTPC said that the proceeds will be utilized for, inter alia, funding of capital expenditure, refinancing of existing loans and other general corporate purposes.
  • The bonds are proposed to be listed on BSE. Read more

TCS signs 10-year contract with Transport for London to digitally operate smart mobility system

Published on: 2:13 pm

  • Tata Consultancy Services has been selected by Transport for London (TfL) to design, implement and operate a new smart mobility system that will reimagine the administration of taxi and private hire vehicles in London.
  • Over the course of the 10-year contract – which has the opportunity for a five-year extension – TCS will digitally transform taxi and private hire licensing and administration, as well as implement continuous improvements and innovation, responding to evolving industry trends and customer demands. Read more

Coromandel launches new fertiliser brand GroShakti Plus

Published on: 2:11 pm

  • Coromandel International Limited, known for its Gromor and Godavari Brand of fertilizers launched a new fertilizer GroShakti Plus, in the presence Mr. Arun Alagappan, Executive Vice Chairman, Coromandel International ltd, Mr. Sameer Goel, MD, Coromandel International, eminent farmers and fertilizer dealers from the state of Telengana and other dignitaries.
  • The resplendent launch event was organized at Marriott - Hotel & Convention Centre, Hyderabad on 8th September 2021. Read More

Kotak Bank drops home loan interest rates to 6.50% for the next 60 days

Published on: 2:10 pm

  • Kotak Mahindra Bank Ltd (KMBL) today kick-started the festive season by announcing that it has reduced its Home Loan interest rates yet again by a further 15 basis points (bps) from 6.65% to 6.50%* p.a.
  • This special rate of 6.50%* p.a. is a limited period festive season offer beginning 10th September and ending 8th November 2021.
  • With this, KMBL continues to offer one of the most competitive rates in the home loan industry. Read More

IFC and Snowman launch a global open call for innovators to bring sustainable TCL solutions

Published on: 2:09 pm

  • International Finance Corporation (IFC) and Snowman Logistics ltd (Snowman), one of India's largest cold-chain logistics companies, have launched a global open call for innovators to bring sustainable temperature-controlled logistics (TCL) solutions to the growing Indian market, as part of IFC's award-winning TechEmerge Program.
  • Snowman's Director, lshaan Gupta said, "Teaming up with innovators worldwide is a win-win proposition that will lower our energy consumption and greenhouse gas emissions, create value for our customers, and ensure the sustainability of our business moving forward as we continue to expand our network. We are grateful to IFC for including us in their TechEmerge Program." Read more

Nifty Metal rises amid volatile trade; Welspun Corp surges 7%, APL Apollo hits new high

Published on: 2:05 pm

  • The Nifty Metal index traded higher amid weak markets on Thursday. Welspun Corp and APL Apollo Tubes led the gains as the Index saw buying activity in most of the stocks. MOIL and National Aluminium were under pressure.
  • At around 2.05 PM, BSE Sensex was trading at 58,208.65 down 41.61 points or 0.07% and Nifty50 at 17,340.40 down 13.10 points or 0.08%.
  • The Nifty Metal was trading at 5,761.25 up 40.50 points or 0.71%, after touching a high of 5,770.25 and low of 5,714.90 during intraday trade.
  • Welspun Corp jumped 6.72% at Rs126.30 per piece in the afternoon trade. Read more

Textile stocks mixed after Centre nods PLI scheme with Rs10,683cr outlay; KPR, Trident hit new highs

Published on: 1:50 pm

  • Textile stocks were broadly in the green on Thursday after the Union Cabinet on Wednesday has approved the PLI Scheme for the sector with an outlay of Rs10,683cr. On Dalal Street, KPR Mill and Filatex India saw a huge buying spree.
  • At around 1.43 PM, KPR Mill surged 6.3% after touching a new 52-week high of Rs2177.40 per piece earlier today.
  • Filatex climbed nearly 9%, while Trident surged 4% after touching a new 52-week high of Rs25.95 per piece in early deals. Read More

Axis Bank raises $600M in AT1 bonds via IFSC Banking Unit as part of global medium-term note program

Published on: 1:43 pm

  • Axis Bank through its IFSC Banking Unit (IBU) in GIFT IFSC raised USD 600 Million in AT 1 sustainable bonds under its USD 5-billion global medium-term note programme.
  • The dollar-denominated, Basel III-compliant AT1 notes were competitively priced at 4.10% and evinced interest from investors across diverse geographies. Read More

BlueDart Express kick starts trials for vaccine delivery by drone from today in Telangana; Stock up

Published on: 1:40 pm

  • BlueDart Express Limited informed the exchanges Wednesday that the much-awaited drone delivery trials for the delivery of medicines and vaccines will be held in Vikarabad, Hyderabad from September 9, till October 17.
  • The company said in a filing on Wednesday that ‘Medicine From The Sky’ is an ambitious project of Telangana Govt and it will become the first State to start trials of Beyond Visual Line of Sight (BVLOS) drone flights for delivery of Covid-19 vaccines. Indian drone delivery start-up firm Skye Air Mobility which is a part of the consortium for the Government of Telangana "Medicines from the sky" Project will conduct the majority of drone flights. Skye Air has joined hands with BlueDart Express to provide drone based delivery and drone flights to conduct these trials. Read More

Aditya Birla Fashion & Retail approves allotment of NCDs worth Rs400cr

Published on: 1:38 pm

  • Aditya Birla Fashion & Retail Ltd has informed that the Company has today approved allotment of 4000 Listed, Unsecured, Rated, Redeemable Non-Convertible Debenture of Rs10,00,000 each aggregating to Rs400cr (Rupees Four Hundred Crore only) with the Coupon Rate of 5.80 % p.a., on private placement basis.
  • The tenure of instrument will be 3 years.
  • Accordingly, the date of allotment is September 9, 2021 while the date for maturity is September 9, 2024. Read More

Market pulse at 1:35 PM today

Published on: 1:35 pm

  • Indices remain flat; Media stocks surge 1.5%.
  • BSE Sensex is currently 58,207.08 down 43.18 points or 0.07%.
  • Nifty50 is currently 17,336.45 down 17.05 points or 0.1%. Nifty Bank is 36,627.95, down 0.38%. Mid-cap Index is flat.
  • ONGC, Nestle India, Tata Motors, Bharti Airtel and ITC are the top gainers. SBI Life, Axis Bank, Ultratech Cement, Titan and Divis Lab are the top losers.
  • Nifty Media stocks surge 1.5% while Realty, Banking and Financial Services stocks drag. 
  • Out of 50 stocks traded on the BSE, 25 advanced, 24 declined and 1 unchanged. Read more

Ramesh Subramanian takes over as Managing Director of Bharat PetroResources Limited

Published on: 1:34 pm

  • Bharat Petroleum Corporation Limited (BPCL), a ‘Maharatna’ and a Fortune Global 500 Company has announced the appointment of S. Ramesh as the Managing Director of the Bharat PetroResources Limited (BPRL), a wholly-owned subsidiary company of BPCL and consequently, he has taken over yesterday.
  • S. Ramesh is a BE (Mechanical) with a PGD in Computer Programing System Analysis & Commercial Applications with more than 35 years of accomplished experience in Procurement, Engineering, Construction, Commissioning multi-faceted Projects, handling multi-disciplinary Project Teams and managing various functions in Upstream, Refinery and all aspects of Oil & Gas Projects including Sales and Operations. Read More

CDSL-led subsidiary receives CCA approval for providing eSign Services; Stock hits 5% upper circuit

Published on: 1:33 pm

  • Central Depository Services (India) Limited (CDSL), a wholly-owned subsidiary, CDSL Ventures Limited (“CVL”) has received the Controller of Certifying Authorities (CCA) approval for providing eSign services.
  • CCA has empanelled CVL as an eSign Service Provider (ESP) to provide eSign services to Application Service Providers (ASP) based on online Aadhaar eKYC.
  • Sunil Alvares, MD & CEO, CVL said “The Government of India’s initiatives towards transforming the digital infrastructure is taking constructive shape and CDSL Ventures Limited is honoured to be an eSign service provider in the country as part of this vision. Our eSign services will accelerate the pace of change in ushering a paperless revolution in India.” Read More

Adani Power-led arm becomes successful bidder for commercial mining of Gondkhari coal block; Stock r

Published on: 1:29 pm

  • Adani Power has become a successful bidder for commercial mining of the Gondkhari coal block in Maharashtra.
  • The block was won through a wholly-owned subsidiary, Adani Power Maharashtra.
  • In its regulatory filing, Adani Power said, " this is to inform that the Company's wholly-owned subsidiary company, Adani Power Maharashtra Limited ("APML"), has been informed by Ministry of Coal, declaring APML as the successful bidder for commercial mining of Gondkhari coal block in Maharashtra." Read More

Minda Corp appoints Ranjit Nambiar as CEO, P.C. Jayan as CTO for Interior Plastic Division; Stock ga

Published on: 1:25 pm

  • Minda Corporation has appointed Ranjit Nambiar as the Chief Executive Officer (CEO) and P.C Jayan as the Chief Technology Officer (CTO) for its Interior Plastic division (IPD) business.
  • Aakash Minda, Executive Director, Minda Corporation Ltd. said, “We welcome Ranjit and Jayan to Spark Minda family. With an exceptional senior leadership team, I am confident that, Minda Corporation will help the group to explore new possibilities and ensure continuous growth and expansion in the areas of Automotive Interiors, Smart Cockpit solutions, Kinematics, Comfort & Convenience and Light weighting." Read more

Zydus Cadila receives tentative USFDA nod for Brexpiprazole Tablets

Published on: 1:23 pm

  • Cadila Healthcare Ltd-led subsidiary Zydus Cadila has received tentative approval from the USFDA to market Brexpiprazole Tablets in the strength of 0.25 mg, 0.5 mg, 1 mg, 2 mg, 3 mg, and 4 mg. (US RLD: Rexulti Tablets).
  • Brexpiprazole is an atypical antipsychotic indicated for use as an adjunctive therapy to antidepressants for the treatment of Major Depressive Disorder (MDD) and for treatment of schizophrenia.
  • The drug will be manufactured at the group’s formulation manufacturing facility at the SEZ, Ahmedabad. Read More

India, ADB sign $300 million loan to expand rural connectivity in Maharashtra

Published on: 1:21 pm

  • The Asian Development Bank (ADB) and the Government of India signed a $300 million loan as additional financing to scale up improvement of rural connectivity to help boost rural economy in the state of Maharashtra.
  • The additional financing for the ongoing Maharashtra Rural Connectivity Improvement Project will help improve an additional 1,100 rural roads and 230 bridges for a total length of 2,900 kilometres (km) in 34 districts. The ongoing project with $200 million financing, approved in August 2019, is already improving and maintaining the condition and safety of 2,100 km of rural roads across Maharashtra. Read more

Windlas Biotech logs Q1 PAT of Rs7cr, revenue rises driven by volume growth; Stock dips 2%

Published on: 1:21 pm

  • Windlas Biotech has reported an adjusted net profit of Rs6.7cr for the quarter ending June 2021, rising 26.4% from Rs5.3cr in the same quarter a year ago.
  • The company's revenue from operations stood at Rs111.0cr as against Rs102.3cr, a growth of 8.5% YoY, however considering the impact of the shift in revenue of Rs7cr from Q4FY20 to Q1FY21, the revenue growth would be 16.5% YoY. Read more

Cabinet approves procurement of 56 C-295MW transport aircraft for Indian Air Force

Published on: 1:00 pm

  • Cabinet Committee on Security on Sept 8, 2021 has approved the procurement of fifty six C-295MW transport aircraft from M/s Airbus Defence and Space S.A., Spain for the Indian Air Force.
  • C-295MW aircraft is a transport aircraft of 5-10 Tonne capacity with contemporary technology that will replace the ageing Avro aircraft of IAF. The aircraft has a rear ramp door for quick reaction and para dropping of troops and cargo.
  • Sixteen aircraft will be delivered in flyaway condition from Spain within 48 months of the signing of the contract and forty aircraft will be manufactured in India by TATA Consortium within ten years of the signing of the contract. Read More

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