Live market updates

13th Sep, 2021

MAS Financial Services partners with CredAvenue for co-lending platform

Published on: 5:05 pm

  • MAS Financial Services Limited, specialized in MSME financing, has announced that it has partnered with CredAvenue for their co-lending platform.
  • MAS Financial Services intends to utilize the platform for partnering with multiple originators and also plans to utilize the full stack discovery, credit, operations, and risk management modules available on CredAvenue's co-Lending platform.
  • Commenting on the development, Kamlesh Gandhi - Founder and Managing Director, MAS Financial said, "We, at MAS are a staunch believer of collaboration in the BFSI space to accelerate financial inclusion. Read more

Wipro and First Horizon Bank forge a cloud-based fintech future for VirtualBank

Published on: 4:45 pm

  • Wipro Limited has partnered with Tennessee-based First Horizon Bank (FHN) to transform the core banking channels and servicing capabilities of VirtualBank, an established digital bank that FHN inherited from Louisiana-based IBERIABANK as part of the merger completed in 2020. The combined entity’s assets are approximately $87 billion.
  • Wipro worked with six other companies to streamline VirtualBank’s cloud migration and support its fintech stack on a public cloud ecosystem. Wipro also supported the bank’s end-to-end program management, governance, customer data conversion, migration and validation, systems integration, and testing services. This partnership resulted in a comprehensive transformation of VirtualBank’s legacy technology stack to a cloud-based, Application Programming Interface (API) enabled offering. Read more

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Aurionpro Solutions wins Rs38cr order from MP Police Radio in Smart City segment

Published on: 4:45 pm

  • Aurionpro Solutions on Monday has announced significant order win in the smart city segment from M.P Police Radio, the department of Madhya Pradesh Police.
  • The order, which is valued more than Rs38cr and to be served over three years, covers comprehensive annual operation and maintenance of integrated City Surveillance Systems for the eleven cities of Madhya Pradesh.
  • Further, with this project, Aurionpro will be assisting M.P Police in keeping cities safe as it will be taking care of integrated Command & Control Centers (ICCC) in eleven cities and will be managing & monitoring CCTV cameras deployed in these cities. Read more

Goldiam board approves share buyback up to Rs45.6cr at Rs1,200/share; stock jumps 11%

Published on: 4:38 pm

  • Goldiam International said that its board has approved the buyback of equity shares at a price of Rs1,200 via a tender offer.
  • “The board of directors of Goldiam International at its meeting held on September 13, 2021, has approved a proposal to buyback up to 380,000 equity shares of the company for an aggregate amount not exceeding Rs45.60cr, at a price of Rs1,200 per equity share,” the company said in an exchange filing.
  • The stock ended at Rs1,022.55 up by Rs101.35 or 11% from its previous closing of Rs921.20 on the BSE. The scrip opened at Rs927 and touched a high and low of Rs1,074 and Rs927 respectively. Read more

Syroday Small Finance Bank calls merger talks with Clix Capital as media speculation

Published on: 4:32 pm

  • Syroday Small Finance Bank Limited on Monday reacted to the clarification on the news item “Clix Capital, Suryoday in exploratory merger talks”, which appeared in on September 13, 2021, and would like to clarify that we are unable to comment on media speculation and rumours and it would be inappropriate on our part to do so.
  • Please be further informed that the management of the Bank continues to explore and evaluate various opportunities or associations in the interest of the Bank, as and when considered appropriate, which is always a subject matter of further feasibility studies and the need for requisite consents in accordance to applicable law and other stakeholders. Read more

Granules India issues voluntary recall of one batch of Naproxen Sodium 220mg tablets; Stock ends low

Published on: 4:12 pm

  • Granules India Limited, in response to certain media articles, announced that Granules USA, Inc., a wholly-owned foreign subsidiary of the company located in New Jersey, NY, is voluntarily recalling one batch of Naproxen Sodium 220mg tablets at a retail level due to a minor “CGMP deviation”.
  • One batch has 11.4 million units of Naproxen tablets out of which 0.9 million units that were released into the market were recalled. Financially, this does not have a material impact on the company, it said in a regulatory filing. Read more

Blue Dart commences drone delivery trails for delivery of medical supplies

Published on: 4:12 pm

  • Blue Dart, India’s leading express logistics service provider and part of the Deutsche Post DHL Group (DPDHL) announced that it has successfully commenced Visual Line of Sight (VLOS) drone delivery trials under the Blue Dart Med-Express Consortium in Vikarabad, Hyderabad on September 9th, 2021.
  • Blue Dart is proud to be given the first opportunity amongst various consortiums to initiate the Drone trials. Balfour Manuel, Managing Director, Blue Dart attended the launch as the organization furthered its technological prowess. Launched under Telangana Government’s ‘Medicine from the Sky’ project, these trials have delivered promising results, bringing the country one step closer in ensuring the last-mile delivery of vaccines. Beyond Visual Line of Sight (BVLOS) trials were initiated on September 11th, 2021 and will continue on till the end of the week. Read more

MTAR Technologies receives export order worth Rs220cr from Bloom Energy

Published on: 4:11 pm

  • MTAR Technologies Limited, hyderabad has received an export order for USD 29.82 Mn (approximately Rs220cr) from Bloom Energy, USA.
  • This order is for export of Yuma Hot Boxes and associated components for Bloom Energy to be delivered over the four quarters of the calendar year 2022-
  • According to the regulatory filing, this is the largest single order ever received by MTAR and demonstrates the customer confidence that MTAR has built over time. Read more

BHEL further extends footprint in HVDC based Power Transmission with +800 kV, 6000 MW Raigarh-Pugalu

Published on: 4:03 pm

  • Bharat Heavy Electricals Limited (BHEL) on Friday has added another feather in its cap by playing a key role in the successful implementation of the +800 kV, 6,000 MW Ultra High Voltage Direct Current (UHVDC) Link between the Western Region Grid (Raigarh, Chattisgarh) and the Southern Region Grid (Pugalur, Tamil Nadu).
  • BHEL is proud to have been associated with building this prestigious project of national importance, which will bring relief to the power deficit Southern Grid. For this project, among other equipment and systems, BHEL has significantly contributed by supplying Converter Transformers, Shunt Reactors, Filter Bank Capacitors and Instrument Transformers from its Bhopal Plant and Thyristor Valves from its Electronics Division, Bengaluru. Read more

Advanced Enzymes announces positive clinical breakthrough to resolve ‘Long Covid’ fatigue symptoms;

Published on: 4:01 pm

  • Advanced Enzyme Technologies Limited (AETL) today announced that its systemic enzyme and probiotic supplements — ImmunoSEB and ProbioSEB CSC3 have passed the promising stages of randomized controlled clinical trials in terms of efficacy to resolve post‐COVID fatigue symptoms.
  • It’s a fact that muscle fatigue and cognitive disturbances persist in patients after recovery from acute COVID‐19 disease. However, there are no specific treatments available globally to treat post‐COVID fatigue complications.
  • Advanced Enzyme Technologies Ltd ended at Rs412.30 per piece up by Rs45.5 or 12.4% from its previous closing of Rs366.80 per piece on the BSE. Read more

Consumer confidence showing signs of pick up in Q2: Consumer confidence showing signs of pick up in

Published on: 3:46 pm

  • Ahead of the festive season, there are signs of improved consumer confidence in several key sectors of the economy, including contact services like hospitality while activities in construction and renovation have been on a pick-up for the past few months leading to return of migrant workers for gainful deployment, an ASSOCHAM assessment has noted.
  • "Our feedback from our member companies, including those in the SMEs points towards steady pick-up in economic activities with notable gains visible in retail trading, malls, food business and inter-state travel. With most of the states allowing entry of fully vaccinated people without RTPCR tests for Covid-19, the tourist activities have picked up in states like Himachal Pradesh, Uttarakhand, Rajasthan and Goa. Read more

Markets closed lower; Banking Stocks underperformed

Published on: 3:34 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. Bank Nifty underperformed the Nifty index by ~0.6% with both the indices closing in the red.
  • Banking stocks saw marginal profit booking with stocks like ICICI Bank and HDFC Bank saw an unwinding long positions.
  • The Nifty Midcap 100 index closed ~0.5% higher. Market breadth ended in the favour of the advances with the advance/decline ratio closing at 1:1x. Bank Nifty saw an unwinding of long positions during the day. Read more

Fitch rates JSW Steel's proposed USD Notes at 'BB-'; stock up ~1%

Published on: 3:32 pm

  • Fitch Ratings has assigned ratings of 'BB-' and Recovery Ratings of 'RR4' to India-based JSW Steel Limited's (JSWS, BB-/Positive) proposed US dollar senior unsecured notes. The notes will be issued in two tranches and the proceeds will be used for capex or other purposes in accordance with regulations.
  • The stock is currently trading at Rs693.95 up by Rs4.85 or 0.7% from its previous closing of Rs689.10 on the BSE. The scrip opened at Rs689.50 and has touched a high and low of Rs699.80 and Rs687.50 respectively. Read more

NXP Semiconductors selects TCS as a strategic partner to drive IT innovation; Stock up over 1%

Published on: 3:31 pm

  • Tata Consultancy Services (TCS) will help NXP, a world leader in secure connectivity solutions for embedded applications, enrich its user experience and accelerate digital transformation.
  • NXP is driving innovation in the automotive, industrial & IoT, mobile, and communication infrastructure markets. The semiconductor manufacturer selected TCS as its strategic partner to drive its integrated IT services strategy across applications, IT infrastructure, and workplace services spanning enterprise, manufacturing, and engineering functions.
  • Leveraging its unique Machine First approach, deep contextual knowledge of the semiconductor industry, and proven capabilities across next-gen technologies such as AI and automation, TCS will develop a business centric operating model that harnesses synergies across the value chain. Read more

Chemcon Speciality receives closure notice from GPCB for its manufacturing plant in Gujarat; Stock s

Published on: 3:22 pm

  • Chemcon Speciality Chemicals Limited has received a closure notice from Gujarat Pollution Control Board (GPCB) for its manufacturing plant situated at Manjusar plant in Gujarat.
  • “The company is in receipt of communication from Gujarat Pollution Control Board (GPCB) for company's manufacturing plant situated at Manjusar-Kunpad Road, Village: Manjusar, Taluka: Savli, Dist.: Vadodara, Gujarat directing closure of operations.
  • The company will be representing GPCB for withdrawal of the closure notice and shall be submitting all relevant documents for the same. Read more

SpiceJet settles with 737 MAX lessor CDB Aviation

Published on: 3:21 pm

  • SpiceJet, India’s favourite airline, on Monday has announced that it has commercially agreed a settlement with CDB Aviation, another major lessor of MAX aircraft.
  • According to the company, this will add to already announced settlement with Avolon and grow its fleet of 737 MAX aircraft.
  • The airline expects to start operations of MAX aircraft around the end of September 2021, subject to regulatory approvals. Read more

Kotak Special Situations Fund invests Rs1,000cr in TVS Supply Chain Solutions & promoters of TVS

Published on: 3:13 pm

  • Kotak Special Situations Fund (KSSF) - managed by Kotak Investment Advisors Limited (KIAL) - today announced an investment of Rs1,000cr to back TVS Supply Chain Solutions Limited (TVS SCS) and promoters of the TVS Family. TVS SCS is a leading third-party logistics (3PL) services provider with global operations.
  • It is suitably positioned to capture the high growth potential market both in India and globally. The Company has strong capabilities in providing supply chain solutions, freight forwarding and last-mile logistics with long-standing relationships with marquee clients. Read more

Dilip Buildcon subsidiary receives financial closure from NHAI; stock rises

Published on: 3:05 pm

  • Shares of Dilip Buildcon (DBL) was up on the BSE in the afternoon session after the company's wholly-owned subsidiary executed a concession agreement with the National Highways Authority of India (NHAI) for a road project in Karnataka.
  • In the regulatory filing, “We are pleased to inform you that the 'Sannur Bikarnakette Highways Private Limited' wholly-owned subsidiary of the Company has executed the concession agreement with the National Highways Authority of India (Ministry of Road Transport and Highways) on September 10, 2021.”
  • The bid project cost of the contract is Rs1137cr the company said. Read more

Kotak Mahindra Bank cuts home loan interest rates to 6.50% for next 60 days

Published on: 3:00 pm

  • Kotak Mahindra Bank Ltd (KMBL) has 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 September 10 and ending November 08, 2021. With this, KMBL continues to offer one of the most competitive rates in the home loan industry.
  • Rates for both fresh home loans and balance transfers now start at 6.50% p.a., offering the best value to home buyers. This special rate is available across all loans amounts and is linked to a borrower’s credit profile. Read more

Nifty IT Index rules over 1%; MindTree, Mphasis, Wipro, TCS among top gainers

Published on: 2:55 pm

  • The Nifty IT index was over 1% higher on Monday, bucking the overall weak trend in the markets. MindTree surged over 4.5% while Mphasis and Oracle are also in the fast lane.
  • At 2:55 PM, the index was at 35,072.70 levels, up 0.78%, as against a 0.219% dip in the benchmark Nifty50 index.
  • MindTree surged over 4% at Rs3,919.50 per piece to drive performance of the sector. Mphasis also gained 2.4% at Rs2,998 per piece. Oracle rose 1.75% at Rs4,850.30 per piece. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices recover some early losses to trade marginally lower. IT stocks surge.
  • BSE Sensex is currently 58,240.89 down 64.18 points or 0.11%.
  • Nifty50 is currently 17,360.95 down 8.30 points or 0.05%. Nifty Bank is 36,498.10, down 0.50%. Mid-cap Index is up 0.45%. Read more

Indraprastha Gas zooms 4% after receiving reaffirmation in credit ratings by ICRA

Published on: 2:24 pm

  • Indraprastha Gas Ltd has informed that ICRA has reaffirmed Credit Rating of the company for Rs4000cr at [ICRA]AAA and [ICRA] A1+. Outlook on the long term rating is stable.
  • According to the rationale, the ratings reaffirmation factors in the company’s favourable business risk profile arising from its current exclusive position in the city gas distribution (CGD) business in Delhi (or National Capital Territory, NCT) and infrastructure exclusivity (up to December 2023) for its NCT operations.
  • The ratings also draw comfort from the favourable demand outlook and growth prospects for the Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) segments over the medium to long term and the company’s secure gas tie-up with GAIL for a large portion of its current operations. Read more

BHEL further extends footprint in HVDC based Power Transmission

Published on: 2:16 pm

  • Bharat Heavy Electricals Limited (BHEL) has added another feather in its cap by playing a key role in the successful implementation of the +800 kV, 6,000 MW Ultra High Voltage Direct Current (UHVDC) Link between the Western Region Grid (Raigarh, Chattisgarh) and the Southern Region Grid (Pugalur, Tamil Nadu).
  • The company said, BHEL is proud to have been associated in building this prestigious project of national importance, which will bring relief to the power deficit Southern Grid. For this project, among other equipment and systems, BHEL has significantly contributed by supplying Converter Transformers, Shunt Reactors, Filter Bank Capacitors and Instrument Transformers from its Bhopal Plant and Thyristor Valves from its Electronics Division, Bengaluru. Read more

Prakash Industries soars on emerging as successful bidder for Bhaskarpara mine

Published on: 2:04 pm

  • Shares of Prakash Industries soared over 2.5% after it was declared as the successful bidder for Bhaskarpara Coal Mine in the 12th tranche of the auction of coal mines.
  • In the regulatory filing, “Prakash Industries Limited has been declared as the Successful Bidder in respect of Bhaskarpara coal mine (the "Coal Mine") in the l21 h tranche of an auction of coal mines under Coal Mines (Special Provisions) Act 2015 for commercial mining in the country.”
  • “This declaration is in pursuance of directions of the Government of India vide Office Memorandum No. PS2-13016/2/2021-PS2 dated August 24, 2021 under the provisions of Coal Mines (Special Provisions) Act, 2015 read with Rule 10 (10) of Coal Mines (Special Provisions) Rules, 2014, the Tender Document dated March 25, 2021, Technical Bid dated June 25, 2021 and the Final Offer submitted by the Successful Bidder i.e. 55.75 % of the revenue share, for the Coal Mine,” the company said. Read more

Jash Engineering bags both domestic and international orders worth Rs37cr in August 2021

Published on: 1:57 pm

  • JASH Engineering has informed the exchange regarding corporate earnings and orders received by the company in the month of August 2021.
  • In the month of August 2021, the consolidated orders received by the company are worth Rs36.90cr out of which orders worth Rs19.61cr are for Indian market and orders worth Rs17.29cr are from markets outside India.
  • The significant contributors to the monthly order booking of August 2021 are Tata Projects-Hyderabad, Suez India-Gurugram, Eco Protection-Chennai from India and Suez International-France, Fulink Technology-Hong Kong, Rock Koshkonong Lake District- USA, DCNR Dam Repairs at various dams in Western and Central PA- USA, Back River WWTP Primary Settling Tanks nos. 3 and 4 Rehab- USA from international market. Read more

Reliance Infrastructure wins arbitration award against DMRC; stock hits 5% upper circuit

Published on: 1:48 pm

  • Shares of Reliance Infrastructure (RInfra) hit 5% upper circuit at Rs77.85 on the BSE.  In the regulatory filing, the Supreme Court upheld the arbitral award in favour of Reliance Infrastructure Limited’s subsidiary DAMEPL.
  • Delhi Metro Rail Corporation is directed to pay damages of Rs2,950cr plus interest upto the date of payment to DAMEPL. The proceeds from the arbitral award to be utilized for debt reduction, Reliance Infra said in the filing. Read more

Sensex, Nifty off day’s low; Reliance, ICICI Bank stocks dip; European markets open higher

Published on: 1:39 pm

  • Equity benchmark indices erased morning losses in the afternoon trade as gains were seen in the information technology and metal heavyweights index. On the flip side heavyweights like Reliance Industries, ICICI Bank, HDFC Bank, Hindustan Unilever, Mahindra & Mahindra and Axis Bank are among top draggers.
  • BSE Sensex is currently 58,234.57 down 70.5 points or 0.12% and the Nifty 50 is currently 17,359.90 down 9.35 points or 0.05%.
  • The Nifty Bank is 36,513.60, down 0.46%, while Mid-cap Index is up 0.30%. Out of 50 stocks traded on the BSE, 32 advanced, 17 declined and 1 unchanged. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is currently 58,234.57 down 70.5 points or 0.12%.
  • Nifty50 is currently 17,359.90 down 9.35 points or 0.05%. Nifty Bank is 36,513.60, down 0.46%. Mid-cap Index is up 0.30%.
  • Coal India, Hindalco, TCS, Bharti Airtel, and Maruti are the top gainers. Reliance, ICICI Bank, SBI Life, Adani Ports, and Eicher Motors are the top losers. Read more

Brickwork assigns BWR D ratings on Birla Tyres bank facilities

Published on: 1:16 pm

  • Brickwork Ratings India Private Limited has assigned the ratings to the Bank Loan Facilities (Fund Based and Non-Fund Based) aggregating Rs1,221.91cr of Birla Tyres Limited.
  • The credit rating agency assigned BWR D rating on fund-based Rs1,072.85cr bank facilities of the company. It also assigned a BWR D rating on its non-fund-based Rs149.06cr. Read more

Gujarat Gas appoints IAS Pankaj Kumar as Additional Director and Chairman

Published on: 1:16 pm

  • Gujarat Gas Company Ltd has informed that the Board of Directors have appointed Pankaj Kumar, lAS, Chief Secretary, Government of Gujarat as the Additional and Chairman on the Board of Directors of the Company w.e.f. September 8, 2021.
  • Pankaj Kumar, IAS is the Chief Secretary of Gujarat State. Pankaj Kumar is a Senior IAS Officer of 1986 batch. He has done his B. Tech (Civil Engineering) from IIT, Kanpur and MBA (Public Policy & Management) from ICPE, Ljubljana.
  • He has wide experience in various departments such as Revenue, Home, Health and Family Welfare, Agriculture and Disaster & Relief Management in various capacities. He has also served in state PSUs like Gujarat Maritime Board (GMB), Gujarat State Road Transport Corporation, Gujarat Mineral Development Corporation etc. Read more

Infosys and Microsoft sign multi-year strategic engagement with Ausgrid

Published on: 1:13 pm

  • Infosys Limited, a global leader in next-generation digital services and consulting and Microsoft have entered into a multi-year strategic engagement with Ausgrid, the largest distributor of electricity on Australia’s east coast, to accelerate its cloud transformation journey and establish Ausgrid as a leading digital utility.
  • This program will further Ausgrid’s vision to connect communities and empower lives with a focus on affordability, reliability, and sustainability. Read more

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark market indices trade lower as banking and auto stocks drag. Metal and IT stocks are bullish.
  • BSE Sensex is currently 58,130.71 down 174.36 points or 0.30%.
  • Nifty50 is currently 17,330.50 down 38.75 points or 0.22%. Nifty Bank is 36,455.60, down 0.62%. Mid-cap Index is down 0.13%.
  • Coal India, Hindalco, TCS, Bharti Airtel, and Maruti are the top gainers. Reliance, ICICI Bank, SBI Life, M&M and Eicher Motors are the top losers.
  • Nifty Banking and Financial Services stocks drag.  Auto and Oil & Gas stocks are also bearish. Nifty Media, Metal, and IT stocks drive morning trade.
  • Out of 50 stocks traded on the BSE, 24 advanced and 26 declined. Read More

Mallcom PPE business reports over 14.3% yoy revenue growth in FY21; Stock dips 3%

Published on: 12:29 pm

  • Mallcom India Ltd, the first PPE manufacturer in India with complete PPE range protecting industrial workers from "head to toe" has conducted its 37th Annual General Meeting.
  • During the meeting, the shareholders were taken through some of the major developments in the Company and the industry.
  • Some of the developments are listed below:
  • PPE sector in India remained unidentified until the country reported the highest cases of COVID-19 pandemic.While India was already undergoing an economic slowdownat the end of the fiscal, the demand of PPE started gaining momentum. Read more

ICICI Lombard allots equity shares to eligible shareholders of Bharti AXA General Insurance

Published on: 12:11 pm

  • ICICI Bank Ltd has been informed by ICICI Lombard General Insurance Company Limited that their Board of Directors at the Meeting held on September 8, 2021 had allotted equity shares of ICICI Lombard to the eligible shareholders of Bharti AXA General Insurance Company Limited as per their proportionate shareholding on the Record Date i.e. August 21, 2020 pursuant to the Scheme of Arrangement amongst Bharti AXA and ICICI Lombard and their respective shareholders and creditors.
  • ICICI Lombard has made disclosure to the stock exchanges on September 8, 2021. Read more

Rain Carbon resumes calcined petroleum coke production at three of its US facilities; Stock up 1%

Published on: 12:09 pm

  • Rain Carbon Inc., a wholly-owned subsidiary company of Rain Industries Limited on Thursday updated exchanges with regard to restarting of the Calcined Petroleum Coke (CPC) production at three of its U.S.A. facilities and that the restart process has begun at a fourth plant that was impacted by Hurricane Ida.
  • The company announced that it has resumed calcined petroleum coke production at three of its U.S. facilities and that the restart process has begun at a fourth plant that was impacted by Hurricane Ida, which hit the Gulf Coast on August 29. Read More

CARE revises credit rating on bank facilities of PNC Infra arm; Stock up 1%

Published on: 11:58 am

  • CARE Ratings Limited has revised credit rating on the bank facilities Rs500cr of PNC Infratech Limited Subsidiary, PNC Aligarh Highways Private Limited.
  • The rating on long-term bank facilities (Rs500cr) has been revised to CARE A+; Positive from CARE A; Stable.
  • At noon time, PNC Infratech Ltd was trading at Rs363.15 per piece up by Rs3.65 or 1.02% from its previous closing of Rs359.50 per piece on the BSE. Read more

Income-Tax Department conducts search at Nila Infrastructures

Published on: 11:50 am

  • Nila Infrastructures Ltd has informed to the exchange that the officials of Income-Tax Department conducted search at the company's office and project places; under section 132 of the Income-Tax Act.
  • The search started early morning on September 8, 2021 and concluded on September 11, 2021.
  • The Company has extended full co-operation to the officials and provided all information sought. Read more

Zota Health Care sells 66,669 equity shares of Davaindia Health Mart to Pankaj Prasoon

Published on: 11:42 am

  • Zota Health Care Limited has informed that the company has sold 66,699 Equity Shares i.e. 3.335% stake of M/s Davaindia Health Mart Limited (DIHML) to Pankaj Prasoon for a consideration of about Rs18 lakhs.
  • Consequently, DIHML ceased to be Wholly owned Subsidiary of the Company.
  • However, with 96.665% holding DIHML will remain subsidiary  of the Company. Read More

RBI approves C. Balagopal as Part Time Chairman of Federal Bank

Published on: 11:40 am

  • The Reserve Bank of India has approved the appointment of C. Balagopal as the Part-Time Chairman of The Federal Bank Limited.
  • “RBI had vide its letter DOR. GOV. No. S 1019/08.38.001/2021-22 dated September 09, 2021, accorded its approval for the appointment of Mr. C Balagopal (DIN- 00430938), Independent Director, as Part-Time Chairman of the Bank with effect from November 22, 2021, till June 28, 2023,” company said in a regulatory filing on Friday.
  • At around 11.42 am, Federal Bank Ltd was trading at Rs81.95 per piece down by Rs0.45 or 0.55% from its previous closing of Rs82.40 per piece on the BSE. Read more

Market pulse at 11:30 AM today

Published on: 11:30 am

  • Indices remain bearish as banking and financial services stocks drag.
  • BSE Sensex is currently 58,083.95 down 221.12 points or 0.38%.
  • Nifty50 is currently 17,312.85 down 56.40 points or 0.32%. Nifty Bank is 36,414.70, down 0.73%. Mid-cap Index is down 0.14%.
  • Coal India, Hindalco, TCS, UPL, and Wipro are the top gainers. Reliance, ICICI Bank, Eicher Motors, Adani Ports, and M&M are the top losers.
  • Nifty Banking and Financial Services stocks drag.  Auto, Pharma and Oil & Gas stocks are also bearish. Nifty IT and Metal stocks drive morning trade.
  • Out of 50 stocks traded on the BSE, 21 advanced and 29 declined. Read More

Jio and Google's 'JioPhone Next' in advanced trials, to available in Diwali festive season

Published on: 11:22 am

  • Reliance Industries has informed that Jio and Google has announced that they have made considerable progress towards launching the much-awaited JioPhone Next, the made-for-India smartphone being jointly designed by the companies.
  • JioPhone Next is a first-of-its-kind device featuring an optimized operating system based on Android and Play Store.
  • The device and the operating system will offer premium capabilities that have until now been associated with more powerful smartphones, including voice-first features that enable people to consume content and navigate the phone in their own language, deliver a great camera experience, and get the latest Android feature and security updates. Read more

Trident produces 11,103 tons of yarn and 4,920 metric tons of Bath Linen in August 2021; Stock hits

Published on: 11:17 am

  • Trident Limited produced 4,920 metric tons of Bath Linen in the Home Textiles Division during August 2021. The company also produced 3.1 metric tons of Bed Linen and 11,103 metric tons of Yarn in the same division during the same month.
  • In the Paper & Chemicals Division, the company produced 14,721 metric tons of paper in August 2021 and 8,930 metric tons of chemicals in the same month. Read more

Jet Airways to start domestic operations in Q1 2022

Published on: 11:07 am

  • Jet Airways is all set to resume domestic operations in Q1 2022, according to the Jalan Kalrock Consortium, the successful resolution applicant of Jet Airways.
  • The process of reviving the grounded carrier is on track with the existing Air Operator Certificate (AOC) already under process for revalidation. The Consortium is working closely with the relevant authorities and airport coordinators on slot allocation, required airport infrastructure, and night parking.
  • Senior Members of the Jalan Kalrock Consortium along with Jet 2.0 Operations Team led by the newly appointed Capt. Sudhir Gaur, Accountable Manager, and acting CEO visited key airports last month and held productive meetings with them. Read More

CCI approves transaction for divestment of mutual fund business of Indiabulls Housing Finance subsid

Published on: 11:01 am

  • Indiabulls Housing Finance Limited informed the stock exchanges Friday regarding the execution of a definitive transaction document between Indiabulls Asset Management Company Limited (IMACL) and Indiabulls Trustee Company Limited (ITCL) - wholly-owned subsidiaries of the Company and Nextbillion Technology Private Limited (Groww) in relation to the divestment of mutual fund business being carried out by IAMCL and ITCL to Groww (Transaction).
  • The Competition Commission of India has pursuant to a communication letter dated September 9, 2021, approved the Transaction under section 31(1) of the Competition Act, 2002, as amended, company said in a filing. Read more

CARE Ratings upgrades credit rating of JMC Projects; Stock gains 2%

Published on: 10:50 am

  • CARE Ratings Limited has upgraded the rating of Long Term Bank Facilities & NonConvertible Debentures (NCDs) of JMC Projects (India) Limited as CARE AA-; Stable from CARE A+; Stable.
  • Further, it has upgraded the rating of Short Term Bank Facilities of the Company as CARE A1+ from CARE A1, the company said in a regulatory filing on Friday.
  • At around 10.52 AM, JMC Projects (India) Ltd was trading at Rs105.75 per piece up by Rs2.05 or 1.98% from its previous closing of Rs103.70 per piece on the BSE. Read more

Nifty Pharma under pressure on broad-based selloff; Aurobindo Pharma, Dr Reddy's drag

Published on: 10:50 am

  • On Monday amid weak global cues, the Nifty Pharma was under pressure along with banking, auto sectors. The sector has been in the limelight  as India's vaccination drive continues to crossed the record landmarks.
  • Sector witness heavy pressure as pharma stocks failed to hold on to early gains and now facing downside from the investors.
  • During early trading deals, at around 10:50 AM, Nifty Pharma performs at 14,289.50 down by 40.35 points or 0.28%. The index has touched an intraday high of 14,339.30 and intraday low of 14,258.05 on Monday. Read More

BEML gains over 2% after Government approves closure of subsidiary Vignyan Industries

Published on: 10:40 am

  • BEML Limited informed the exchanges Friday that the Ministry of Defence vide letter dated September 10, 2021, informed that the Union Cabinet, Government of India has approved the closure of loss-making Vignyan Industries Limited (VIL), Tarikere, a subsidiary of BEML Limited, as per section 59 of the Insolvency & Bankruptcy Code 2016 (IBC).
  • At around 10.44 AM, BEML Ltd was trading at Rs1,358.50 per piece up by Rs28.75 or 2.16% from its previous closing of Rs1,329.75 per piece on the BSE. Read More

Coal India may hike coal prices by 10-11% to mitigate impact of increased costs, wage revision

Published on: 10:35 am

  • Indian government-owned Coal India Limited stocks are in focus on Monday as the reports have informed that the company might raise prices of the dry fuel by at least 10-11% to mitigate the impact of increased costs and an impending wage revision.
  • It has informed that there has been no price rise of fuel supply agreement of coal since the last few years. Accordingly, costs have jumped on all fronts and a wage revision is due. A minimum 10-11% increase is necessary to avoid bottomline erosion, said sources.
  • The mining major company had last hiked coal prices in 2018. Its current average regulated price realisation is Rs1,394 per tonne. In the last few years, there has been no price rise of fuel supply agreement coal. Read More

Auto Retail fraternity is really shocked to hear another US Auto Major, Ford India's announcement: F

Published on: 10:33 am

  • The Federation of Automobile Dealers Associations (FADA) released a Press Statement on account of Ford India’s shocking announcement.
  • Commenting on Ford India’s Announcement, FADA President Mr Vinkesh Gulati said, "The Auto Retail fraternity is really shocked to hear another US Auto Major, Ford India's announcement where it has said that it will shut down production with immediate effect. While trying to handle Dealer anxiety, Ford India President & MD, Mr Anurag Mehrotra called me personally and assured that they will adequately compensate Dealers who continue to offer vehicle service to customers. Read more

Market pulse at 10:30 AM today

Published on: 10:30 am

  • Equity market indices are bearish, tracking weak global markets.
  • BSE Sensex is currently 58,045.04 down 260.03 points or 0.45%.
  • Nifty50 is currently 17,305.05 down 64.20 points or 0.37%. Nifty Bank is 36,409.35, down 0.75%. Mid-cap Index is up 0.21%.
  • Coal India, Hindalco, Bharti Airtel, TCS and Wipro are the top gainers. Reliance, ICICI Bank, HDFC Life, SBI Life and Eicher Motors are the top losers.
  • Nifty IT and Metal stocks drive morning trade while Banking and Financial Services stocks drag. Auto, Pharma and Oil & Gas stocks are also bearish.
  • Out of 50 stocks traded on the BSE, 17 advanced and 33 declined. Read More

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