Live market updates

15th Sep, 2021

IndusInd Bank inaugurates new branch in Jodhpur, Rajasthan

Published on: 5:10 pm

  • IndusInd Bank has inaugurated a branch in Jodhpur, the second largest city of Rajasthan. The new branch is located on Pal Road which is one of the prime neighbourhoods of the city.
  • With this, the Bank has now expanded its network to 100 branches across Rajasthan.
  • The new branch was inaugurated by Sunil Parihar, Director, Rajasthan State Industrial Development and Investment Corporation Ltd (RIICO), a premier agency of the Government of Rajasthan that has played an important role in the industrial development of the state, in the presence of Mukesh Kumar Kalal, Additional Collector, Jodhpur. Read more

RBL Bank starts issuing credit cards to new customers on Visa's payment network; Stock ends 2% up

Published on: 5:05 pm

  • RBL Bank has started issue credit cards to its new customers on Visa’s payment network from today. The launch follows the successful completion of technology integration with the new platform following the agreement between RBL Bank and Visa on July 14, 2021.
  • Harjeet Toor, Head – Retail, Inclusion and Rural Business, RBL Bank, said, “We are delighted to announce the onboarding of the widely-used Visa platform in record time. We would like to thank Visa as well as Fiserv, our technology partner, for enabling this journey. With this launch, we are confident of meeting our annual plan of issuing 1.2 to 1.4 million credit cards in FY22.” Read more

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Cabinet approves major reforms in Telecom Sector

Published on: 4:58 pm

  • The Union Cabinet, chaired by Prime Minister Narendra Modi, today approved a number of structural and process reforms in the Telecom sector. These are expected to protect and generate employment opportunities, promote healthy competition, protect the interests of consumers, infuse liquidity, encourage investment and reduce the regulatory burden on Telecom Service Providers (TSPs).
  • In the backdrop of the outstanding performance of the Telecom Sector in meeting COVID-19 challenges, with a huge surge in data consumption, online education, work from home, interpersonal connect through social media, virtual meetings etc., the Reform measures will further boost the proliferation and penetration of broadband and telecom connectivity. Read more

Cabinet nods major reforms in Telecom Sector

Published on: 4:58 pm

  • The Union Cabinet, chaired by Prime Minister Narendra Modi, today approved a number of structural and process reforms in the Telecom sector. These are expected to protect and generate employment opportunities, promote healthy competition, protect the interests of consumers, infuse liquidity, encourage investment and reduce the regulatory burden on Telecom Service Providers (TSPs).
  • In the backdrop of the outstanding performance of the Telecom Sector in meeting COVID-19 challenges, with a huge surge in data consumption, online education, work from home, interpersonal connect through social media, virtual meetings etc., the Reform measures will further boost the proliferation and penetration of broadband and telecom connectivity. Read more

Jio welcomes the Govt of India's reforms to strengthen the Indian Telecom Sector

Published on: 4:53 pm

  • Jio heartily welcomes the reforms and relief package announced by the Government of India, as these are a timely step towards strengthening India’s telecom sector.
  • These will accelerate the realisation of Hon. Prime Minister Narendra Modi’s Digital India vision and enable India’s transformation into the world’s leading Digital Society, Reliance Industries said in the filing.
  • In the regulatory filing, Jio's mission is to bring the fruits of the Digital Revolution to 1.35 billion Indians. Guided by this mission, we have ensured that Indians have the highest quality and the highest quantity data access anywhere in the world, at the most affordable prices. The Government’s telecom sector reforms will encourage us to bring newer and greater benefits to our customers. Read more

TCS a Leader in Worldwide Life Science R&D Strategic Consulting Services: IDC MarketScape

Published on: 4:48 pm

  • Tata Consultancy Services (TCS), a leading global IT services, consulting and business solutions organization, has been named a Leader in the IDC MarketScape for Worldwide Life Science R&D Strategic Consulting Services.
  • The report highlights that, “TCS is fortifying its capabilities in the med-tech space, and its business transformation capabilities, providing an end-to-end automated, agile, and Intelligent Business 4.0 framework; end-to-end business operations ownership; value-based consulting; and a cross-business CXO-level focus.” It goes on to say “TCS has been recognized for the strategic direction that it brings to its large clinical transformation programs, providing advisory services for regulatory and clinical IT landscape transformation, R&D business capabilities mapping, R&D long-range planning, and portfolio simplification and its expertise in everything related to data.” Read more

Royal Orchid Hotels ends 3% higher on launching 5 new properties

Published on: 4:35 pm

  • Royal Orchid Hotels Ltd, India’s fastest growing hospitality chain with a diverse portfolio of hotels now operates 70 hotels across 48+ locations in India has announced the opening of 5 new properties; two hotels under the brand Regenta Inn, one under the brand Regenta Central, one under the brand Regenta place and one under the brand Regenta Resort.
  • These hotels were opened in various destination across India. Two hotels in Amritsar, one in Sampbalpur and one in Somnath. The group also opened one leisure property in Kabini, Karnataka.
  • The new hotels launched in Amritsar, Somnath and Sambalpur will help fortify the group’s position as one of the leaders in the corporate business market. Read more

Infosys and SAP collaborate to provide Business Process Transformation-as-a Service to Enterprises

Published on: 4:20 pm

  • Infosys today announced a strategic collaboration with SAP, a market leader in enterprise application software, to provide Business Process Transformation-as-a-Service to enterprises.
  • Through this collaboration, Infosys will leverage business process intelligence (BPI) from SAP to identify opportunities and obstacles in the transformation journey and create a roadmap for clients. Infosys’ BPTaaS will augment the RISE with SAP offering to reduce complexity and time to benefit as well as accelerate value realization, helping clients reimagine the customer experience - all by leveraging Infosys’ portfolio of Industry Cloud solutions which are a part of Infosys Cobalt. Read more

Subex’s new patent extends revenue maximization for telcos

Published on: 4:15 pm

  • Subex has announced it has broken new ground by now extending its revenue maximization capabilities to the network edge. This marks a significant achievement for the company as it will now be able to help telecom operators and subscribers to take actions proactively and prevent fraud faster and accurately by arresting it at the source.
  • This also signifies an important milestone in the company’s 5G roadmap. Towards this, Subex announced that the U.S. Patent and Trademark Office has granted the company’s patent application no.
  • With this patent, Subex moves revenue maximization to the edge, thereby setting standards for operators to proactively identify monetization opportunities. At the same time, it will now move a step closer to detecting and preventing risks such as digital fraud to prevent damage before it happens. Read more

Cyient expands its Digital Solutions portfolio for the Aerospace industry with PPAP4Aero

Published on: 4:06 pm

  • Cyient, a global engineering, manufacturing, digital transformation, and technology solutions company, announced details for its global AS9145 Supplier PPAP platform offering for aerospace use.
  • AS9145 establishes the requirements for performing and documenting the Production Part Approval Process (PPAP) and solves a business problem caused by using spreadsheets to manage this critical part risk reduction process.
  • Underscoring the company’s continued investment and commitment to solving business problems using digital technologies, today’s announcement provides more details on the vision and deployment for this new aerospace offering by Cyient’s IntelliCyient solutions portfolio. Cyient’s roster of aerospace customers includes the most advanced aerospace companies globally. Read more

DJ Mediaprint & Logistics secures order from North Eastern Railway

Published on: 3:56 pm

  • DJ Mediaprints & Logistics Ltd has informed that the Company has secured order from North Eastern Railway, Gorakhpur, Uttar Pradesh for providing services of Scanning and Digitization.
  • This gives a major boost to the Company to operate, penetrate and compete in the North Eastern markets; said company in a regulatory filing.
  • DJ Mediaprint & Logistics Limited provides logistics services. The Company offers picking, packaging, shipping, record management, mailing, and other supply chain related services. DJ Mediaprint & Logistics serves customers worldwide. Read more

Ind-Ra assigns credit rating to Sarda Energy & Minerals’ subsidiary

Published on: 3:42 pm

  • Sarda Energy & Minerals Ltd. informed the exchanges Wednesday that India Ratings (Ind-Ra) has assigned a fresh short term credit rating of IND A2+ for non-funds-based facilities of the company's Wholly-Owned Subsidiary - Sarda Metals & Alloys Ltd. The total facility rated is Rs500 million.
  • Sarda Energy & Minerals Ltd stock trade ended at Rs729 per piece up by Rs1.3 or 0.18% from its previous closing of Rs727.70 per piece on the BSE. Read more

Moody's upgrades Tata Steel to Ba1; stable outlook

Published on: 3:42 pm

  • Moody's Investors Service has upgraded the corporate family rating of Tata Steel Ltd. to Ba1 from Ba2. The rating outlook remains stable.
  • "The upgrade to Ba1 reflects our view that Tata Steel's better-than-anticipated operating performance this fiscal year and a step-change reduction in gross debt have materially strengthened its credit metrics. We expect the company's leverage -- measured by consolidated debt/EBITDA to decline to 1.5x by March 2022 from 6.5x at March 2020, 3.3x at March 2021 and an estimated 2.1x at June 2021," says Kaustubh Chaubal, a Moody's Vice President and Senior Credit Officer. Read more

Markets close higher; IT stocks outperformed

Published on: 3:33 pm

  • Markets witnessed a positive day of trade, with the benchmark index closing on record highs.
  • Nifty outperformed the Bank Nifty index by ~0.2% with both the indices closing in the green.
  • Nifty IT index hit fresh lifetime highs, closing ~1.8% higher, as stocks like Infosys, Mindtree, Tech Mah & HCL added fresh long positions throughout the trade. Read more

Adani Transmission to strengthen power transmission system in Madhya Pradesh with capex of Rs1,200cr

Published on: 3:30 pm

  • Adani Transmission Ltd (ATL), India’s largest private sector power transmission company and part of the diversified Adani Group, has received the Letter of Intent (LoI) for the acquisition of MP Power Transmission Package-II Limited, incorporated by REC Power Development and Consultancy Ltd.
  • ATL won the project through the Tariff-Based Competitive Bidding (TBCB) process and received the LoI on September 14, 2021. ATL will build, own, operate and maintain the transmission project in the state of Madhya Pradesh for a period of 35 years.
  • The project, ‘MP Power Transmission Package-II Limited’, consists of approximately 850 ckt km of Transmission Lines & Air Insulated Substations of various voltage levels (220kV and 132kV) in 18 Districts of Madhya Pradesh. With a capex of Rs1,200cr. Read more

Infosys-led EdgeVerve unveils latest version of its Automation platform AssistEdge 19.0; Stock jumps

Published on: 3:24 pm

  • Infosys, wholly-owned subsidiary, EdgeVerve Systems unveiled the latest version of its Automation platform AssistEdge 19.0. This new version of the platform is designed to support and scale large process automation programs for global enterprises. Enterprises can now get empowered with granular process visibility and sophisticated orchestration capabilities to seamlessly integrate bots, human experts, and AI technologies to meet key business objectives.
  • “The next frontier in digital transformation will be achieved by integrating business processes across multiple business units. AssistEdge 19.0, a platform best suited for large enterprises, will champion this shift by connecting people, process, data across business units, with insight led decision-making”, said Sateesh Seetharamiah, Chief Business Officer and Global Head, Edge Products, EdgeVerve Systems Ltd. Read more

Thomas Cook India expands its Payment Solutions portfolio

Published on: 3:22 pm

  • Thomas Cook India has announced the extension of its partnership with Visa – to include its Borderless Card, which empowers India’s consumers with simple, secure and smooth transactions while travelling overseas.
  • The Thomas Cook Borderless card can be loaded with nine global currencies on a single card - US Dollars, British Pounds, Euro, Australian Dollars, Canadian Dollars, Swiss Francs, Singapore Dollars, Thai Baht and United Arab Emirates Dirhams.
  • Additionally, the partnership benefits customers with access/acceptance across the extensive Visa network over 70 million merchant establishments and ecommerce sites worldwide, Thomas Cook said. Read more

Bal Pharma skyrockets 8.5% after ICRA upgrades rating on its credit facilities

Published on: 3:20 pm

  • ICRA Limited has upgraded the credit rating of Bal Pharma Limited. The rating on long-term fund-based facilities of the company has been upgraded to ICRA BB+; Stable from ICRA BB Stable. The rating on short-term non-fund-based facilities of the company has been upgraded to ICRA A4+ from ICRA A4.
  • The credit rating agency also upgraded the long-term Term Loan of the company to ICRA BB+; Stable from ICRA BB; Stable.
  • The company stock was in demand on Wednesday and towards end of the trade, it was trading at Rs106.45 per piece up by Rs8.35 or 8.51% from its previous closing of Rs98.10 per piece on the BSE. The scrip opened at Rs102.80 and has touched a high and low of Rs107.90 and Rs102.40 respectively. Read more

Former Ericsson executive Paolo Colella joins Sterlite Tech's advisory council

Published on: 3:15 pm

  • Sterlite Technologies announced the appointment of Paolo Colella to its Advisory Council. A former Ericsson executive, Paolo will work closely with the STL leadership team and its board of directors to advise the company on the strategic roadmap for its Network Services Business.
  • KS Rao, CEO, Network Services and Software Business, STL, said: “STL has proved its mettle in building scalable, highly responsive and agile networks that have set benchmarks for operational transformation, automation, and efficiency. As we take our experience and expertise to global markets, Paolo will have a crucial role to play. I am confident that STL will benefit from his extensive international experience and vast knowledge and further strengthen its global presence. I welcome him to STL and look forward to his counsel.” Read more

HCL Tech, Finastra expand partnership to drive financial transformation in South Korea and Taiwan; S

Published on: 3:12 pm

  • HCL Technologies and Finastra, the largest pure-play software vendor that serves the entire financial services industry, have expanded their partnership to drive digital transformation across South Korea and Taiwan.
  • As part of the engagement, HCL will use its next-generation digital transformation and service capabilities to bring two of Finastra’s strategic products, Fusion Cash Management and Fusion Summit, to the financial services ecosystem in the region.
  • Fusion Cash Management powers the digital corporate banking experience for financial institutions around the world while Fusion Summit offers a functionally rich core trading solution for capital markets. Read more

CarTrade Tech launches ‘CarWale abSure’ to provide a hassle-free buying and selling experience

Published on: 3:09 pm

  • CarTrade Tech,  a multi-channel auto platform has launched ‘CarWale abSure’. The company's stock was under pressure on Wednesday.
  • CarWale abSure is a tailor-made platform to provide a hassle-free buying and selling experience to customers, all under one roof.
  • At around 3.08 pm, CarTrade was trading at Rs1488.85 per piece up 1.6% on Sensex. Read more

Birlasoft wins Oracle Cloud Service Provider (CSP) Status; Stock jumps over 2%

Published on: 3:04 pm

  • Birlasoft and a member of Oracle PartnerNetwork (OPN), announced that it has achieved Oracle Cloud Infrastructure Service Provider (CSP) track status. This achievement recognizes Birlasoft’s capabilities to deliver Oracle Cloud transformation programs and provide an excellent customer experience.
  • “The Oracle Cloud Service Provider status positions Birlasoft as an elite Oracle partner. With over 200 successful cloud implementations across industries, this achievement reflects our strong partnership with Oracle. Birlasoft is committed to delivering superior customer value with the continuous pursuit of innovation excellence, technology expertise, and a customer-centric approach.” said Baljeet Chhazal, EVP and Global Head – Integrated Enterprise Solutions, Birlasoft. Read more

Zota Health Care receives registration licences for ten products from Turkmenistan; Stock spurts 4.5

Published on: 3:00 pm

  • Zota Health Care Limited has received product registration licenses for ten products from Turkmenistan for five years. Licenses for the products are also renewable.
  • The company said that it will soon start exporting these products to Turkmenistan.
  • The products from which the company received registration licenses are ZOFEN 100mg, ZOTALAN 30 mg, AIRONA 20mg, and 40mg, CLARIZED 500mg, LORGIC 10mg, S-AMtOZED 2.5mg, and 5mg, Z-OFLOX 200mg, and ZOCOLIN 500mg. Read more

Sansera Engineering IPO issue subscribed 0.79 times on Day 2

Published on: 2:54 pm

  • The initial public offer (IPO) of Sansera Engineering, a precision components maker, saw tepid demand from investors on the second day of bidding on Wednesday. The issue was subscribed 0.79 times.
  • The portion reserved for retail investors was subscribed 1.38 times. While the Qualified Institutional Buyer category was subscribed 0.29 times, and the Non-Institutional Investor category was subscribed 0.09.
  • The initial public offer (IPO) of Sansera Engineering received bids for 64.18 lakh shares as against 1.21 crore shares on offer on Tuesday according to stock exchange data. Read more

Nifty Metal picks up pace, gains by 1% on broad-based buying; Coal India, Vedanta, Hindalco in lead

Published on: 2:45 pm

  • The Nifty Metal index gained momentum with broader markets turning bullish and benchmarks Sensex and Nifty 50 earmarking fresh record highs. The sector faced a cautious note amid metal prices falling globally as copper hits one-month lows that raised concerns about more pressure on Chinese stocks. However, back at home, the sentiments have been robust with and Nifty Metal as well picked pace on the upside.
  • At around 2.40 pm, Nifty Metal was trading at 5,863.55 up 53.20 points or 0.92%. The index has touched an intraday high and low of 5,879.90 and 5,794 respectively.
  • Coal India was the top gainer soaring nearly 4% followed by Vedanta and Hindalco surging by 2% and 1.6% respectively. Read more

Nifty Auto stocks trade higher after government clears new PLI scheme

Published on: 2:40 pm

  • Nifty Auto stocks were in the fast lane to go with bullish markets after the government today cleared Rs26,000cr worth new production-linked incentive (PLI) scheme for the auto sector, to boost the production of electric vehicles and hydrogen fuel vehicles
  • The PLI scheme will generate as many as 7.5 lakh jobs for the auto sector, as per government estimates.
  • Ashok Leyland led the gains while Balkrishna Industries, Hero MotoCorp and Tata Motors were also bullish. Read more

Ramkrishna Forgings stock jumps 3% on winning Rs25cr worth export order

Published on: 2:40 pm

  • Ramkrishna Forgings Limited, one of the leading suppliers of rolled, forged and machined products has won an export order worth Rs25cr (USD 3.5 million per annum) from a North American customer in Oil & Gas segment.
  • Commenting on the order win Naresh Jalan, Managing Director, Ramkrishna Forgings Limited said: “This order substantiates our technical capabilities for Oil & Gas sector. This is a supply contract of new product to our existing customer in North America which will deepen our relationship further.
  • This is in-line with our strategy to improve our revenue share of non-auto segment and strengthen our exports business further. We hope the current buoyancy in the market continues as this would entail additional repeat business for us.Read more

Tata Motors signs PPA with Tata Power to install 3 MWp rooftop solar project in PVBU plant; Stock su

Published on: 2:38 pm

  • Tata Motors has inked a Solar Power Purchase Agreement with Tata Power to install and operate a 3 MWp rooftop solar project at its Passenger Vehicle Business Unit (PVBU) plant in Pune. This solar rooftop project is expected to generate nearly 45 lakh KWh per year, reducing carbon emissions by approximately 3,538 tonnes per year.
  • Rajesh Khatri, Vice President – Operations, Passenger Vehicle Business Unit, Tata Motors, said, “After the recent inauguration of India’s largest solar carport at our car plant in Pune, this project marks a new milestone in our ongoing efforts to reduce our impact on the planet. Energy efficiency is at the core of our efforts and reducing GHG emissions and the carbon footprint of our products play a vital role. We will continue to conserve energy in our manufacturing facilities, optimising the consumption of non-renewable fossil fuels, energy productivity, climate change mitigation and lower operating costs.” Read more

Maruti Suzuki's premium hatchback Swift surpasses its record, clocks cumulative sales of 2.5M units

Published on: 2:32 pm

  • Maruti Suzuki has announced that India’s favourite premium hatchback Swift’s success has been nothing short of phenomenal. India’s No. 1 selling car of 2020-21 has transcended its records by clocking cumulative sales of 2.5 million units.
  • Launched in 2005, the Swift had created the premium hatchback segment in the country.
  • Shashank Srivastava, Senior Executive Director (Marketing & Sales), Maruti Suzuki India Limited, said, “With its launch in 2005, Swift heralded the start of the premium hatchback segment in India. The most awarded premium hatchback in the country, Maruti Suzuki Swift is the only car to win the prestigious ICOTY awards for all three generations. Every generation of Maruti Suzuki Swift has been India’s favourite and has won the hearts of over 2.5 million Swift lovers. The No. 1 selling car of FY20-21, the sporty Swift has created a glorious legacy with its scintillating looks and power-packed performance.” Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • PSU Bank and IT stocks surge to push the indices at new record highs. Sensex nears 58.8k while Nifty crosses 36.650.
  • BSE Sensex is at 58,721.87 up 474.78 points or 0.82%.
  • Nifty50 is at 17,516.85 up 136.85 points or 0.79%. Nifty Bank is 36,897.80, up 0.78%. Mid-cap Index is up 1.34%. Read more

Tata Motors launches CNG variant of iconic commercial vehicle, Tata 407

Published on: 2:26 pm

  • Tata Motors has launched the CNG variant of its most iconic commercial vehicle— the Tata 407. Tapping into the benefits of CNG, the vehicle offers profits of up to 35% over the diesel variant. The all-new Tata 407 CNG has been designed to live up to its reputation as the ‘non-stop profit machine’, continuing to offer best-in-class performance and reliability, and adding even more value to the proposition with lower TCO.
  • The price of the new variant starts from Rs. 12.07 lakh (ex-showroom, Pune). The vehicle is available with a 10-feet load deck, offering a high load-carrying capacity. The all-new 407 CNG will further strengthen Tata Motors’ extensive CNG portfolio, ranging from 5-tonne to 16-tonne gross vehicle weight (GVW), in the I&LCV segment. Read more

Godawari Power & Ispat board nods withdrawal of divestment proposal of stakes held in GGEL

Published on: 2:20 pm

  • Godawari Power & Ispat board of directors have approved the withdrawal of the proposal for divestment of equity stake held by the Company in GGEL.
  • Earlier in May this year, the company's board had approved a proposal for divestment of its entire shareholdings in GGEL, subject to the approval of the shareholders of the Company, being a non-core business and utilize the proceeds towards repayments of its outstanding debts. Subsequently, the proposal was also approved by the shareholders of the Company in their meeting held on 12.06.2021.Read more

Vedavaag Systems hits 52-week high on developing Patient Activity Monitoring System

Published on: 2:14 pm

  • The AI and ML division of Vedavaag Systems has designed and developed Patient Activity Monitoring System (PAMS). Prototype phase is in the advanced stages to take it to marketplace.
  • Patient Activity Monitoring System (PAMS) is an AI and ML based cloud enabled software embedded device driven solution that helps in taking timely action in saving precious lives of the people.
  • The Patient activity such as physiological conditions, limbs movements, vital parameters data is captured and analysed and presented to the attending nurses/doctorsthe key contactsfor remedial action, said company in a regulatory filing. Read more

Man Infra appointed as developer to undertake redevelopment work of Juhu Sai Darshan CHSL

Published on: 2:08 pm

  • Man Infra Contracts LLP; wherein Man Infraconstruction Limited holds 70% partnership interest; is appointed as Developer by Juhu Sai Darshan Co-operative Housing Society Limited; located at Juhu, Mumbai to undertake redevelopment work.
  • The company is expected to generate total revenue of more than Rs250cr from the said Project. Read more

Ministry of Agriculture and Farmers welfare signs 5 MoUs with private companies

Published on: 2:08 pm

  • Modernisation of the Agriculture sector will continue by infusing new technologies so that farmers can increase their income. Agriculture Minister Narendra Singh Tomar stated this at the MOU signing ceremony at KrishiBhavan. MOUs were signed for pilot projects with CISCO, Ninjacart, Jio Platforms Limited, ITC Limited and NCDEX e-Markets Limited (NeML).
  • Based on these pilot projects farmers will be able to take informed decisions on what crop to grow, what variety of seed to use and what best practises to adopt to maximise the yield. The agriculture supply chain players can plan their procurement and logistics on precise and timely information. Farmers can take informed decisions about whether to sell or store their produce and when and where and what price to sell. Read more

Sonata Software incorporates wholly‐owned subsidiary in Ireland; Stock surges near 1%

Published on: 1:54 pm

  • Sonata Software Ltd has informed that Sonata Software Intercontinental Limited (“SSIL”) has been incorporated in Ireland as a Wholly owned subsidiary of the Company with effect from September 08, 2021 to provide end‐to‐end solutions to Information Technology Services.
  • The authorized share capital of SSIL is EUR 100,000 (100,000 equity shares (Ordinary Shares) of EUR 1 each) for which no government/ regulatory approval is required.
  • The Company holds 100% shareholding of SSIL. The initial subscription in SSIL by the Company does not fall under the purview of Related Party transaction and the promoter/ promoter group/ group companies do not have any interest in SSIL, said company in a regulatory filing. Read more

GRSE confirms signing of MoU with Naval Group for surface ships and manufacturing of Gowind class sh

Published on: 1:51 pm

  • The Garden Reach Shipbuilders & Engineers (GRSE) has clarified on reports that claimed that the company had signed a Memorandum of Understanding (MoU) with France-based Naval Group for exploring future business in the field of surface ships. The company has confirmed the development.
  • In its regulatory filing, on Wednesday, GRSE said that the "Company has signed a Memorandum of Understanding (MoU) with Naval Group France on 09 Sep 2021."
  • "The MoU is exploratory in nature and likely it comes up in future is only a general understanding between the two parties to explore future business in the field of surface ships and manufacturing of Gowind class ships for export market based on any possible future requirement by using individual capabilities," GRSE added. Read more

India and UK aims to launch the negotiations on FTA by November 1

Published on: 1:34 pm

  • India and the United Kingdom (UK) are planning to launch the negotiations on FTA by November 2021. Both the countries look for an Interim Agreement as a priority and later a Comprehensive Agreement.
  • In a statement on PIB, the Ministry of Commerce & Industry stated that the proposed FTA between India & UK is expected to unlock extraordinary business opportunities and generate jobs. Both sides have renewed their commitment to boosting trade in a manner that benefits all. Read More

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is currently 58,641.51 up 394.42 points or 0.68%.
  • Nifty50 is currently 17,484.95 up 104.95 points or 0.6%. Nifty Bank is 36,686.20, up 0.20%. Mid-cap Index is up 1.01%.
  • NTPC, Bharti Airtel, ONGC, HCL Tech, and Titan are the top gainers. Grasim, Ultratech Cement, Tata Consumer, BPCL, and Nestle India are the top losers.
  • Nifty IT and PSU Bank stocks drive the afternoon trade while Media stocks tumble.
  • Out of 50 stocks traded on the BSE, 31 advanced and 19 declined. Read more

Nifty IT hits new historic levels, index tops 745 pts; TCS, Mindtree, Mphasis, HCL Tech, LTI, Tech M

Published on: 1:20 pm

  • IT company stocks were on a bullish note on Wednesday with heavyweights driving the sector. Nifty IT has earmarked new record levels and rose by more than 766 points. Index heavyweight TCS was the major driver of the index's performance, while substantial gains were added by Mindtree, Mphasis, LTI and HCL Tech.
  • Stocks that have hit a new 52-week high today are - TCS (Rs3,980 per piece), Mindtree (Rs4,160 per piece), Mphasis (Rs3,185.95 per piece), HCL Tech (Rs1,282.80 per piece), L&T Infotech (Rs5,708 per piece), Coforge (Rs5,407.85 per piece) and Tech Mahindra (Rs1,480 per piece).
  • All the stocks listed on Nifty IT were in a bull run. Read more

Thomas Cook subsidiary announces full acquisition of AlliedTPro Travel Canada; Stock gains ~2%

Published on: 1:16 pm

  • Thomas Cook (India) Limited informed the exchanges Tuesday that Horizon Travel Services LLC, a stepdown subsidiary of the company, had intimated to the Company on even date about the successful completion of the acquisition of 100% stake in AlliedTPro Travel Canada Ltd.
  • At around 1.20 PM, Thomas Cook (India) Ltd was trading at Rs63.25 per piece up by Rs1.1 or 1.77% from its previous closing of Rs62.15 per piece on the BSE.
  • The scrip opened at Rs63 and has touched a high and low of Rs64.05 and Rs62.10 respectively. Read More

Nifty Oil & Gas stocks surge over 1%; ONGC, Oil India hit record highs

Published on: 12:58 pm

  • The Nifty Oil & Gas stocks climb over 1% amid bullish markets on Wednesday. Oil and Natural Gas Corporation (ONGC) surged 4% while OIL India Limited also was bullish after global oil prices rose. BPCL dragged the most.
  • Oil prices climbed today after industry data showed a larger than expected drawdown in crude oil stocks in the United States, and on expectations that demand will recover as vaccine roll-outs widen.
  • But a fall in China's crude oil throughput in August with daily refinery runs hitting the lowest since last May, and overall factory output faltering, capped oil price gains. Read More

Naapbooks 11th company to get listed on BSE Startups Platform

Published on: 12:45 pm

  • Naapbooks Limited became the 11th company to get listed on the BSE Startup Platform on September 15, 2021. Naapbooks Limited came out with an initial public offering of 5,39,200 Equity Shares of Rs.10/- Each (“Equity Shares”) For Cash at a Price of Rs74/- Per Equity Share (The “Offer Price”), Aggregating to Rs3.99cr.
  • The company has successfully completed its public issue on September 06, 2021.
  • BSE became the first stock exchange to get approval from SEBI and launch its Startups platform on 22nd December 2018. Read more

CRISIL upgrades 'AA/Stable' rating on Astral's long-term bank facilities

Published on: 12:45 pm

  • CRISIL Ratings has upgraded its rating on the long term bank facilities of Astral Limited (Astral; erstwhile Astral Poly Technik Ltd, Astral; part of the Astral group) to ‘CRISIL AA/Stable’ from ‘CRISIL AA-/Positive’ while reaffirmed its short term rating and commercial paper at ‘CRISIL A1+’.
  • The rating upgrade reflects CRISIL expectations of sustenance of Astrals’ improved business profile supported by improved capacity utilization levels, wider geographic presence and product portfolio. 
  • The ratings reflect group’s leadership position in the CPVC pipes and fittings segment, supported by established brands and an entrenched market presence, and the experience of the promoter. Read more

Rupee trades at 73.64 against US Dollar

Published on: 12:44 pm

  • The Indian Rupee opened flat against the US dollar in the opening trade on Wednesday. The local unit was trading flat as the US dollar regained strength ahead of the release of US inflation data and also higher crude oil prices.
  • At the interbank foreign exchange, the rupee opened at 73.68 against the dollar, then inched higher to 73.64, up 3 paise over its previous close.
  • On Tuesday, the rupee settled flat at 73.68 against the US currency in tandem with the muted trend in domestic equities. Read More

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • IT stocks rally to lift benchmark market indices in the afternoon trade.  
  • BSE Sensex is currently 58,593.78 up 346.69 points or 0.60%.
  • Nifty50 is currently 17,476 up 96.00 points or 0.55%. Nifty Bank is 36,656.65, up 0.12%. Mid-cap Index is up 1.17%.
  • NTPC, ONGC, Bharti Airtel, Titan, and Coal India are the top gainers. BPCL, HDFC Bank, Ultratech Cement, Tata Consumer, and Eicher Motors are the top losers.
  • Nifty IT stocks rally nearly 2% while PSU Bank stocks are also bullish. FMCG, Banking and Financial Services stocks trade flat.
  • Out of 50 stocks traded on the BSE, 32 advanced and 18 declined. Read More

Telecom shares gain ahead of Cabinet meeting; Bharti Airtel stock hits all-time high; Vodafone Idea,

Published on: 12:29 pm

  • Telecom stocks are in focus as the media reports said that the Union Cabinet may today consider a moratorium on payment of spectrum dues by telecom firms as part of a package for the sector. The relief package under consideration includes telecom firms getting an option to convert interest on spectrum dues of the four-year moratorium period into government equity, the media reports added.
  • Bharti Airtel is set to join an elite group of companies having a market cap of Rs4 trillion. The stock hit a fresh record high of Rs719.60, up 4% on the BSE in intra-day trade on Wednesday.
  • The BSE Telecom index was trading at 1,736.87 up 49 points or 2.90%, after touching a new high of 1,740.29 and a low of 1,692.98 during the intraday trade. Read more

Glenmark concludes post marketing surveillance study on Favipiravir in India; Stock gains 1%

Published on: 12:22 pm

  • Glenmark Pharmaceuticals on Wednesday has announced the successful completion of its Post Marketing Surveillance (PMS) study on Favipiravir (FabiFlu) in India. The PMS study commenced in July 2020 to evaluate the safety and efficacy of Favipiravir in mild to moderate COVID-19 patients.
  • A total of 1083 patients were enrolled in the prospective, open label, multicentre, single arm study.
  • Results showed no new safety signals or concerns with the use of Favipiravir, and already-known side effects such as weakness, gastritis, diarrhoea, vomiting etc., were found to be mild in nature. The time for fever resolution was 4 days, while time for clinical cure was 7 days. Read more

MRPL issues clarification on news item; Stock gains over 1.5%

Published on: 12:18 pm

  • Mangalore Refinery & Petrochemicals Limited (MRPL) issued a clarification to exchanges on Tuesday regarding The Hindu, Business Line, on September 9, 2021.
  • The company said that for a refining Company like MRPL, application for patents is a routine function and is in the ordinary course of business to protect its interests.
  • Further certain R&D is undertaken with no immediate commercial interests envisaged. A mere grant of patents is not going to have an immediate material impact on the company and without commercialization it only provides a privilege to MRPL. Read More

Tata stocks broadly gain as Tata Sons look to create space for CEO post; TCS, Tata Power, Titan, Tat

Published on: 12:15 pm

  • Tata stocks were broadly on a bull run with heavyweight Tata Consultancy Services (TCS) along with Tata Elxsi and Tata Power clocking new 52-week highs. The performance comes after reports stated that Tata Sons is planning to revamp its leadership structure and is looking to appoint a chief executive officer. It is being known that Ratan Tata's approval is key to implement the new change in the management.
  • At around 12.07 pm, TCS surged 1.3% after touching a new 52-week high of Rs3944 per piece. The company's market cap has neared Rs14.56 lakh cr.
  • Meanwhile, Tata Power and Tata Elxsi soared by 6% and over 3% after they earmarked a new 52-week high of Rs142.30 per piece and Rs5249.35 per piece respectively. Titan Company climbed nearly 3% after hitting the new high of Rs2127.55 per piece. Read More

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