Live market updates

16th Sep, 2021

PG Electroplast's subsidiary sets Rs300cr CAPEX for manufacturing AC components in PLI scheme

Published on: 5:25 pm

  • PG Electroplast's wholly-owned subsidiary, PG Technoplast has applied for the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, Government of India’s "Production Linked Incentive Scheme (PLI) for White Goods (Air Conditioners) under the AC Components target segment for a ‘Normal Investment’.
  • The company said that the Committed Capex over the next five years for manufacturing Air Conditioner Components is Rs300cr if selected for the scheme.
  • On Sensex, PG Electroplast was trading at Rs408.75 per piece flat compared to the previous closing. Read more

Bank of Baroda festive season offering on Home loan and Car Loan

Published on: 5:21 pm

  • Bank of Baroda, India’s premier public sector bank, announced retail loan offers ahead of the festive season.
  • The offer will be applicable for Home Loan and Car Loan products, Wherein the Bank is offering a waiver of @0.25% in the existing applicable rates for Baroda Home Loans and Baroda Car Loans across the board.
  • In addition, Bank is also offering a waiver of processing fee in Home loans. Now home loan rates start at 6.75% and Car loan rates start at 7.00% *. Read more

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Power Finance Corporation issues India's first-ever Euro Green Bond

Published on: 5:14 pm

  • Power Finance Corporation Ltd (PFC), the leading NBFC in the power sector, has successfully issued its maiden Euro 300 million 7-year Euro Bond issuance on Sept 13, 2021.
  • The pricing of 1.841% achieved is the lowest yield locked in by an Indian issuer in the Euro markets.
  • It is the first-ever Euro denominated Green bond issuance from India, Ministry of Power said. Read more

HCL Technologies completes one year of operations in Sri Lanka

Published on: 5:05 pm

  • HCL Technologies, a leading global technology company, has completed one year of operations in Sri Lanka and recently surpassed a milestone of recruiting more than 1,000 local employees, including recent graduates as well as seasoned industry professionals.
  • HCL entered Sri Lanka in 2020 with an aim to make it a global delivery hub that works on technology programs for some of the biggest corporations in the world. The company now has a global delivery centre in Orion City, Colombo, and is expanding its footprint to Cinnamon Life, a state-of-the-art office space, in the city. Read more

Incentives of Rs120cr to be given in next 3 years under PLI scheme for drones and drone components:

Published on: 4:57 pm

  • Taking another step towards realising our collective vision of an Aatmanirbhar Bharat, the Central Government under the leadership of Prime Minister Narendra Modi, has approved the Production-Linked Incentive (PLI) scheme for drones and drone components on Sep 15, 2021.
  • Jyotiraditya M. Scindia, Union Minister of Civil Aviation, apprised the media about the important features of the PLI Scheme in a press conference here today.
  • He said that under the PLI scheme, incentives of Rs120cr will be given in the next 3 years. Read more

Platinumone Business Services 354th Company to get listed on BSE SME Platform

Published on: 4:52 pm

  • Platinumone Business Services Limited became the 345th company to get listed on the BSE SME Platform on September 16, 2021.
  • Platinumone Business Services Limited came out with an initial public offering of 4,22,400 Equity Shares of Rs10 Each (“Equity Shares”) For Cash At a Price of Rs92 Per Equity Share (The “Offer Price”), Aggregating to Rs3.89cr.
  • The company has successfully completed its public issue on September 07, 2021. Read more

State Bank of India lowers home loan rates for some borrowers during festive season

Published on: 4:45 pm

  • The country’s largest lender as well as Home Loan Provider, State Bank of India (SBI), has launched a bouquet of festive offers for prospective home loan customers. The offers are aimed to make home loans more affordable in the festive season.
  • In a first-of-its-kind initiative, SBI offers credit score linked home loans at just 6.70%, irrespective of the loan amount.
  • Earlier a borrower availing a loan greater than Rs. 75 lac, had to pay an interest rate of 7.15%. With the introduction of the festive offers, a borrower can now avail home loan for any amount at a rate as low as 6.70%. Read more

Paras Defence and Space Technologies IPO to open on September 21

Published on: 4:37 pm

  • Paras Defence and Space Technologies Limited (“Company”); one of the ‘Indigenously Designed Developed and Manufactured Company’ (“IDDM”) category private sector companies in India, primarily engaged in designing, developing, manufacturing and testing of a wide range of defence and space engineering products and solutions.
  • The Company is proposing to open its initial public offering of Equity Shares (the “Offer”) on Tuesday, September 21, 2021, and closes on Thursday, September 23, 2021. The price band for the Offer has been determined at  Rs165 – Rs175 per Equity Share. Read more

Aptech announces launch of its EdTech initiative – christened it ProAlley.com

Published on: 4:30 pm

  • Aptech Limited, a pioneer in the non-formal vocational training business in the country for over three decades now has entered the EdTech segment with its latest brand addition - ProAlley.com. The brand intends to reach out to a new segment of the audience who are self -paced learners wanting to learn and make a career in the growing media & entertainment industry from the comfort of their homes, the company said in a filing on Thursday.
  • While the initial offerings of the brand will focus on the growing media & entertainment, AVGC segment given the mass employment opportunities; however it will not be restricted to this segment alone. With the launch of ProAlley.com, Aptech Ltd now has all forms of delivery models in its business arsenal - Offline, Remote, Live and Self- Paced. Read more

Poonawalla Fincorp appoints Sharad Pareek as Chief Risk Officer

Published on: 4:30 pm

  • Poonawalla Fincorp Ltd has informed that the Board of Directors September 16, 2021 has appointed Sharad Pareek as the Chief Risk Officer of the Company w.e.f. September 16, 2021 in place of Girish Poddar who has demitted his office w.e.f. close of business hours of September 15, 2021. Poddar would move to credit monitoring role in the organization.
  • Sharad Pareek, MBA from South Gujarat University and holds B. Sc. Degree from Narmada College of Science and Commerce. Pareek is a recognized Risk Management Leader with 360o understanding of lending business, ability to catalyze building of an organization from ground up.
  • Pareek carries with him a wealth of rich experience in managing Risk for financial institutions. Read more

BHEL commissions India’s largest floating Solar PV plant; stock ends higher

Published on: 4:29 pm

  • Bharat Heavy Electricals Limited (BHEL) has successfully commissioned India’s largest floating Solar PV plant. Located at NTPC Simhadri in Andhra Pradesh, the 25 MW floating SPV project covers an area of 100 acres, leading to saving of valuable land resource and conserving water by reducing evaporation.
  • Notably, with its unique state-of-the-art design, the project is an engineering marvel, created by BHEL. Besides producing clean power, the project will also reduce water evaporation by providing shade to the covered area. It will also have a higher yield as compared to conventional ground-mounted projects due to the cooling effect. Read more

CARE Ratings reviews Hindustan Aeronautics bank facilities ratings; Stock hits new high

Published on: 4:23 pm

  • CARE Ratings has reviewed its ratings based on the recent developments including the operational and financial performance of the Hindustan Aeronautics.
  • CARE revised the company's long term/short term bank facilities to "CARE AAA; Stable/CAREA1+" from "CAREAA+; Stable/CARE Al+".
  • The facilities aggregated to Rs12,050cr.  Read more

Mahindra Lifespace Developers appoints Jitesh Donga as Chief of Design

Published on: 4:14 pm

  • Mahindra Lifespace Developers on Thursday announced the appointment of Jitesh Donga as Chief of Design. He will lead Design conceptualisation and execution for Mahindra Lifespaces’ projects across India, comprising residential developments, integrated cities and industrial parks.
  • Jitesh will be responsible for implementing strategic initiatives across all aspects of Design, including master planning, architecture, landscape and interior design, to deliver distinctive products that meet changing consumer needs, and are environment-friendly, resilient and adaptive. Read more

Bharti Airtel welcomes Govt's seminal reforms for the telecom industry

Published on: 4:12 pm

  • Bharti Airtel welcomed the path breaking policy directions and interventions announced by the Government of India to support the telecom industry that has been battered by unprecedented stress, high debt and low return on investments.
  • The reform package heralds a new dawn for the Indian telecom industry and will catalyse explosive growth of this vital sector. More importantly, it paves the way for a sustainable three private plus one state owned telecom operator structure to serve a large market like India.
  • Bharti Airtel Ltd ended at Rs718.15 down by Rs7.4 or 1.02% from its previous closing of Rs725.55 on the BSE. Read more

Action Construction Equipment secures LoI for supply of Knuckle Boom Cranes

Published on: 3:55 pm

  • Action Construction Equipments Ltd has informed in continuation of their efforts to expand business in the Defence Sector, the Company has developed an indigenous Special Low Silhouette Knuckle Boom Crane for DRDO, Ministry of Defence (MoD).
  • The Company has received a letter of Intent from Tata Advanced Systems Limited for manufacturing and supply of the said cranes which have been integrated on TATA HMV 8X8 chassis.
  • The said Knuckle Boom Cranes of the specified capacity are the first of its kind being developed by an Indian company using advanced technology, said company. Read more

Niraj Cement Structurals incorporates new subsidiary Niraj Consulting Group

Published on: 3:45 pm

  • Niraj Cement Structurals Ltd. has incorporated "Niraj Consulting Group Limited as a subsidiary company. The company has subscribed 7450 equity shares at the face value of Rs10/- each aggregating to Rs74,500.
  • The company is holding a 74.50% stake and the rest 25.50% is held by its promoters.
  • “The company wants to expand its business activities. In this regard, the Company has incorporated subsidiary Company in India,” the company said in a filing on Wednesday. Read more

Markets close higher; Bank Nifty hits lifetime highs

Published on: 3:37 pm

  • Domestic markets witnessed a positive day of trade, with the Bank Nifty index hitting fresh lifetime highs. Bank Nifty outperformed the Nifty index by ~1.5% with both the indices closing in the green.
  • The stock price of ICICI Bank, SBI, BOB and HDFC Bank surged higher, as across the board long positions were formed throughout the trade. Nifty Midcap 100 index closed ~0.35% higher.
  • Market breadth ended in the favour of the declines with the advance/decline ratio closing at 1:1x. Bank Nifty saw an addition of long positions during the day. Read more

TVS Motor launches Naked Street DesignNaked Street Design ‘TVS Raider’ motorcycle globally for the G

Published on: 3:25 pm

  • TVS Motor Company Limited, a reputed manufacturer of two-wheelers and three-wheelers in the world, today announced the launch of the feature-rich offering in the 125cc segment TVS Raider for the aspirational young customers in India and globally.
  • The distinctly young and sporty motorcycle comes with first-in-class features such as a reverse LCD digital speedometer, optional 5-inch TFT cluster with Voice Assist, multiple ride modes, and first-in-segment under-seat storage. Read more

Power Grid infuses Rs407.5cr in the joint venture, Efficiency Services; Stock up

Published on: 3:13 pm

  • Power Grid has infused Rs407.5cr in the joint venture company, Energy Efficiency Services Limited (EESL). The company's stock is trading on a higher note on Thursday.
  • EESL is a joint venture company of Power Grid, NTPC, PFC and REC.
  • With the latest infusion, Power Grid's shareholding in EESL now stands at Rs463.61cr and the paid-up share capital of EESL is at Rs1390.82cr. Read more

Cabinet approves MoU between India and Italian Republic on Cooperation in the field of Disaster Risk

Published on: 3:05 pm

  • The Union Cabinet chaired by Prime Minister Narendra Modi was apprised about the Memorandum of Understanding (MoU) between the National Disaster Management Authority (NDMA) of the Republic of India and the Department of Civil Protection of the Presidency of the Council of Ministers of the Italian Republic on Cooperation in the field of Disaster Risk Reduction and Management.
  • The MoU on Cooperation in the Field of Disaster Risk Reduction and Management which was signed between the NDMA of the Republic of India and the Department of Civil Protection of the Presidency of the Council Ministers of the Italian Republic. Read more

RattanIndia Enterprises expects PLI scheme for auto industry to accelerate EV adoption in India

Published on: 2:59 pm

  • On Thursday, RattanIndia Enterprises welcomed the government's Production Linked Incentive (PLI) scheme for the automobile industry. The company stated that the new PLI for the auto sector is focused to promote green and clean electric vehicles. The Champion OEM Incentive scheme is a ‘sales value linked’ scheme, applicable on Battery Electric Vehicles of all segments.
  • Rattanindia Enterprises backed Revolt is already the market leader in EV bikes in India with its AI-enabled state of electric bikes.
  • Anjali Rattan Nashier, Business Chair, RattanIndia Enterprises Ltd. said “This Production Linked Incentive (PLI) scheme for the auto industry with a decided shift to promote clean and green electric vehicles in the country is a fantastic step by the government. It will help develop the high tech EV manufacturing ecosystem in the country and will accelerate EV adoption in the country Read more

Atal Innovation Mission in partnership with Dassault Systèmes’ all set to give another boost to inno

Published on: 2:57 pm

  • Atal Innovation Mission (AIM) NITI Aayog in partnership with Dassault Systèmes’ is all set to rave up the innovation and entrepreneurship ecosystem across the country.
  • In this regard a Statement of Intent (SoI) was signed between AIM and Dassault Systèmes today in a virtual event to support various current and future initiatives of AIM programs and AIM beneficiaries in India.
  • Under this SoI, Dassault Systèmes will support and promote AIM beneficiaries including Atal Tinkering Labs (ATLs), AIM incubators (AICs and EICs), Atal Community Innovation Centres (ACIC), grantees under Atal New India Challenge (ANIC), and Atal Research & Innovation for Small Enterprise (ARISE). Read more

EaseMyTrip hits 52-week high on expanding international presence to Philippines, Thailand, and US

Published on: 2:55 pm

  • Easy Trip Planners Ltd (popularly known as EaseMyTrip) hit new 52-week high at Rs652 per piece on Thursday as it has expanded its international footprint by incorporating wholly-owned subsidiaries in the Philippines, Thailand, and the United States of America as part of its second phase of the global expansion strategy.
  • The company has forayed into these new countries anticipating a huge pent-up global demand for the travel and tourism sector in the coming months.
  • EaseMyTrip has previously established its presence across countries such as the UAE, Singapore, and the UK to cater to their Indian customers traveling to these countries. Read more

Nifty IT stocks underperform despite strong markets; TCS, Tech Mahindra among top losers

Published on: 2:50 pm

  • The Nifty IT Index underperformed despite the strong market on Thursday. Heavyweights Tata Consultancy Services, Tech Mahindra dragged the most while Oracle, Wipro, HCL Tech, and Infosys also weighed. MindTree, Coforge, Larsen & Toubro Infotech were the only three IT companies listed on Nifty Index to trade higher.
  • Besides IT stocks, media and metal stocks also underperformed in the strong market while the overall momentum is strong with Banking and FMCG stocks in the fast lane. Read more

NITI Aayog to launch report on 'Reforms in Urban Planning Capacity in India'

Published on: 2:50 pm

  • NITI Aayog will launch a report on ‘Reforms in Urban Planning Capacity in India’ today, 16 September.
  • The report will be released by NITI Aayog Vice-Chairman Dr Rajiv Kumar and Union Minister of Education Shri Dharmendra Pradhan, in the presence of NITI Aayog CEO Shri Amitabh Kant and Special Secretary Dr K. Rajeswara Rao, and secretaries of relevant line ministries.
  • NITI Aayog had constituted an Advisory Committee on ‘Reforms in Urban Planning Education in India’ in October 2020. The Committee has concluded its mandate with this report. Read more

Bank Nifty clocks new lifetime high with all stocks bullish; IndusInd, PNB gain 7-8%, SBI, ICICI, Ko

Published on: 2:50 pm

  • Banking stocks were in the fast lane and major bulls of stock exchanges taking both benchmark Sensex and Nifty 50 to new historic highs on Thursday on optimism over a recovery in credit demand.
  • All stocks listed on Bank Nifty were on a bull run. The index has touched a new lifetime high of 37,653.05. So far today, the index has jumped by a little over 800 points.
  • At around 2.38 pm, Bank Nifty was trading at 37,620.45 up 768.20 points or 2.08%. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • PSU Bank stocks surge over 4% to further lift the bullish indices. Sensex tops 59,100, Nifty over 17,600.
  • BSE Sensex is currently 59,105.34 up 382.14 points or 0.65%.
  • Nifty50 is currently 17,615.05 up 95.60 points or 0.55%. Nifty Bank is 37,398.35, up 1.48%. Mid-cap Index is up 0.49%. Read more

Sunteck Realty to develop 10 million sqft residential project in Kalyan, Mumbai; Stocks hit 52-week

Published on: 2:23 pm

  • Sunteck Realty Limited stocks hit 52-week high at Rs449 per piece after it has informed that the realty major plans to develop a marquee ~50-acre land parcel at Shahad (Kalyan). The company would develop an aspirational luxury integrated residential township in this location, under the asset light JDA model with Amar Dye Chem Ltd.
  • This would be another exceptional acquisition by the company, establishing its presence in the Eastern suburbs of Mumbai Metropolitan Region (MMR).
  • The project is expected to generate a top line of around Rs9,000cr over the next 7-8 years, further strengthening the cash flow and the balance sheet of the company. Read more

CARE assigns credit rating on Gujarat Gas bank facilities; Stock up 1%

Published on: 2:14 pm

  • CARE Ratings has assigned CARE AA+; Positive / CARE A1+ ratings on long-term / short-term bank facilities Rs2,000cr of Gujarat Gas Limited.
  • “The ratings assigned to the bank facilities of Gujarat Gas Limited (GGL) continue to derive strength from GGL’s leading position in the city gas distribution (CGD) business in India, its well-established and significantly large scale of operations, established gas-sourcing arrangements, and moderately diversified customer segment mix,” the company shared CARE Rating rationale on Wednesday. Read more

Nifty FMCG spikes over 550 points to push bull markets; ITC stock nears 52-week high to lift perform

Published on: 2:00 pm

  • The Nifty FMCG stocks pushed the bull markets to record levels on Thursday. ITC Limited spurred a 7% near a 52-week high of Rs239.20 per piece to lift the performance of the sector. Godrej Consumer Products and Jubilant Foodworks were under pressure.
  • A broad-based buying was witnessed across the sectoral indices with FMCG and banking stocks outperforming. Sensex topped 58,900-level for the first time while Nifty 50 placed itself for 17,600-mark.
  • At around 2.00 pm, Sensex was trading at 59,044.35 up 321.15 points or 0.55% and Nifty50 at 17,593.20 up 73.75 points or 0.42%. Read more

Saregama India board approves fund raising of Rs750cr; Stock dips 2%

Published on: 1:38 pm

  • Saregama India Ltd has informed to the exchange on Thursday regarding raising of funds by further issue of securities by way of private placement or preferential issue or public issue or through any other permissible mode for an aggregate amount not exceeding Rs750cr.
  • The Board of Directors has also decided the appointment of Deepak Jain as interim Chief Financial Officer of the Company from the date hereof till such date when the Chief Financial Officer who is currently on medical leave, resumes office. Read more

Fineotex Chemical stock hits new 52-week high on entering in deep collaboration with Eurodye-CTC

Published on: 1:38 pm

  • Fineotex Chemical stock hit a new high on exchanges during Thursday's session after the company inked a strategic collaboration with Eurodye-CTC, Belgium, to commercialize specialty chemicals for the Indian market.
  • With this exclusive tie-up for the Indian region, Fineotex will add to its portfolio specialised pre-treatment and dyeing products for the cotton-synthetic and woollen fibre/ fabric/ yarn along with the existing Indian business operation of Eurodye-CTC with several well-known corporate accounts for their very specialised products.
  • “This partnership could not have come at a more crucial time,” said Arindam Choudhuri, CEO of Fineotex Chemical, adding “Last week, the Indian government approved the PLI (production-linked incentive) scheme for the textile industry thus boosting production of man-made textiles and technical textiles." Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is currently 58,995.52 up 272.32 points or 0.46%.
  • Nifty50 is currently 17,582.75 up 63.30 points or 0.36%. Nifty Bank is 37,398.35, up 1.48%. Mid-cap Index is up 0.49%.
  • IndusInd Bank, SBI, ITC, IOC, and Reliance are the top gainers. Shree Cement, Grasim, Tata Steel, Tech Mahindra, and TCS are the top losers. Read more

Rama Steel Tubes bags 3 new orders worth Rs42.9cr; Stock jumps over 2%

Published on: 1:26 pm

  • Rama Steel Tubes Ltd (RSTL) has bagged orders from UPPCL (Lucknow), Jal Shakti Vibhag (Himachal Pradesh) and NPCL (Noida) and BSES (New Delhi) aggregating to the tune of Rs42.9cr.
  • Naresh Kumar Bansal Chairman and Managing Director, Rama Steel Tubes Limited, said "We are pleased to announce that our sustained relation and credibility has yet again fructified in bagging us new prestigious orders. RSIL has been associated with many State Corporations, even in the past and we celebrate our long-standing relationship with them. These orders will help us in strengthening our position and credibility in the market. These orders will also help us in achieving our targeted revenues at a slightly faster rate than what we had anticipated." Read more

NCLT nods amalgamation of Lincoln Pharmaceuticals and Lincoln Parental

Published on: 1:22 pm

  • On Thursday, Hon'ble National Company Law Tribunal, Ahmedabad Bench, (NCLT) has approved the scheme of amalgamation of Lincoln Parenteral Ltd and Lincoln Pharmaceuticals Ltd under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013.
  • Amalgamation is expected to bring lot of synergies in terms of operations efficiency, enhance competitive strength, cost-effectiveness and productivity for the combined entity.
  • The order sanctioning the scheme was pronounced on September 14, 2021 and uploaded on the website of Hon'ble NCLT on September 15, 2021. Appointed date of the scheme is April 01, 2019. The scheme will be effective upon filing of certified copy of the order of the Hon'ble NCLT with the Registrar of Companies, Gujarat. Read more

NLC India allots Commercial Papers aggregating to Rs500cr; Stocks gains 3%

Published on: 1:19 pm

  • NLC India Limited has allotted 10,000 Commercial Papers of Rs5 lakh each aggregating to Rs500cr on September 15.
  • The company also informed in a separate filing on Wednesday that the payment of the principal amount of Rs500cr has been made on September 15, 2021, with respect to Commercial Paper (ISIN No INE589A14322) as per terms and conditions of the issue. Read more

MidCap index at new peak; Vodafone Idea extends rally; Biocon surges

Published on: 1:17 pm

  • The BSE Sensex index rose half a percent to cross the 59,000 marks for the first time ever. Sensex gained as much as 287.34 points to hit an all-time high of 59,010.54 in the afternoon deals. With this, the broader NSE Nifty50 benchmark also climbed up 73 points to hit a record 17,592.4.
  • The Sensex has moved from 58k to 59k in just 9 trading sessions. The Market Cap of BSE listed companies climbed to a record high of Rs2,60,34,270.75cr.
  • On the economy front, Union Finance Minister Nirmala Sitharman to address a press conference today at 5 PM in New Delhi. Read more

Markets witness super rally; Sensex hits over 59k first time, Nifty 50 nears 17,600; RIL, IndusInd,

Published on: 1:13 pm

  • A buying frenzy across sectoral indices took Indian markets to new lifetime highs in the second half of Thursday's trading session. Sensex topped 59,000-mark for the first time. While Nifty 50 was few points away from earmarking 17,600-level. Both the benchmarks were on their historic highs as energy, FMCG and Banking stocks clocked super rally.
  • Energy stocks have globally risen sharply due to oil prices hitting 3-month highs. Investors were optimistic on the government's economic push while worries relaxed in terms of recovery from the pandemic. Largecap stocks also outperformed.
  • Sensex has hit a new 52-week high of 59,042.77, while Nifty 50 hit a fresh all-time high of 17,597.85. Read more

HG Infra climbs over 3% after receipt of LoA from NHAI for two HAM projects

Published on: 1:05 pm

  • HG Infra Engineering Limited has received the letter of award (LoA) from the National Highways Authority of India (NHAI) for two HAM projects.
  • The company stock was in demand on Thursday and at around 1.10 PM, H.G. Infra Engineering Ltd was trading at Rs658.60 per piece up by Rs21.15 or 3.32% from its previous closing of Rs637.45 per piece on the BSE.
  • The first project is the construction of 4 lane Access 656.45 HAM 772. I I 730 Days 33.604 Controlled New Greenfield Highway Section of NH-365BG (KhammamDevarapalle) of length 33.604 kin from Thallampadu village to Somavaram village (Design Chainage 0+000 to 33+604) under Inter Corridor Route under Bharatmala Pariyojana, on Hybrid Annuity mode in the state of Telangana (Package-I). Read more

Mahindra Finance enters in leasing and subscription biz under ‘Quiklyz’ brand; Stock soars over 1%

Published on: 12:41 pm

  • Mahindra & Mahindra Financial Services Limited (MMFSL/Mahindra Finance) on Thursday announced its entry into the Leasing and Subscription business. The new vertical would operate under the brand name ‘Quiklyz’, denoting the changing mindset on mobility.
  • As per the regulatory filing, the name ‘Quiklyz’ denotes an aspirational mindset of ensuring hassle free vehicle usership to its consumers. The objective for ‘Quiklyz’ is to build a nimble model with very high asset quality. This also gives the brand a springboard to launch similar products in semi-urban and rural markets in times to come. Read more

Rupee trades higher against US Dollar tracking domestic markets

Published on: 12:39 pm

  • The Indian rupee gained against the US dollar tracking a firm trend in domestic stock markets. Besides, the broad weakness of the American currency in the overseas market and sustained foreign fund inflows supported the local unit, while high crude oil prices restricted the gains.
  • At the interbank foreign exchange, the rupee opened at 73.51 against the dollar, then inched higher to 73.45/$, up 5 paise over its previous close.
  • On Wednesday, the local unit had settled at 73.50 against the US dollar.
  • Besides, foreign institutional investors were net buyers in the capital market on Wednesday as they purchased shares worth Rs232.84cr, as per exchange data. Read More

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark indices ride high on bullish banking stocks.
  • BSE Sensex is currently 58,968.81 up 245.61 points or 0.42%.
  • Nifty50 is currently 17,577.60 up 58.15 points or 0.33%. Nifty Bank is 37,326.95 up 1.29%. Mid-cap Index is up 0.49%.
  • IndusInd Bank, ITC, SBIN, Reliance, and BPCL are the top gainers. Coal India, Shree Cement, Tech Mahindra, TCS, and Tata Steel are the top losers.
  • Nifty Banking stocks led by PSU Banks drive trade while FMCG stocks remain bullish. Nifty IT, Media, and Metal stocks trade in the red.
  • Out of 50 stocks traded on the BSE, 24 advanced, 25 declined and 1 unchanged. Read More

Man Infra stock surges on release of Rs357.79cr arbitration award

Published on: 12:30 pm

  • Man Infraconstruction stock held steady on Thursday after the company announced the release of Rs357.79cr plus accrued interest by the Bombay High Court towards Arbitration Award in favour of subsidiary, Manaj Tollway.
  • According to the regulatory filing, Man Infra informed exchanges that the Hon'ble Supreme Court of India has dismissed the Special Leave Petition (SLP) filed by the Government of Maharashtra in the said matter and accordingly Hon'ble High Court at Bombay has, vide its order dated September 14, 2021, ordered and directed the Prothonotary and Senior Master, High Court, Bombay to forthwith release the amount deposited with it by the Government of Maharashtra to the tune of Rs357.79cr plus accrued interest. Read More

CARE assigns credit ratings to Talbros Engineering bank facilities; Stock climbs 3.5%

Published on: 12:28 pm

  • Talbros Engineering Ltd has informed that Care Ratings has assigned a rating of CARE BBB+ with a Positive Outlook for long term bank facilities of Rs1.63cr and CARE BBB+ /CARE A2 with a Positive Outlook for short term bank facilities of Rs62.80cr.
  • The ratings assigned to the bank facilities of Talbros Engineering Limited (TEL) continue to derive strength from the experienced promoters along with their long track record of operations, and reputed customer-base by virtue of their strong association and long-standing relationship with Original Equipment Manufacturers (OEMs) including Mahindra and Mahindra Limited among others. Read More

Aviation ministry flags off SpiceJet's first flight from Visakhapatnam to Mumbai

Published on: 12:18 pm

  • The Civil Aviation Ministry has flagged off the first SpiceJet flight from Visakhapatnam (Andhra Pradesh) to Mumbai (Maharashtra).
  • Jyotiraditya M. Scindia, Union Minister of Civil Aviation said, “It’s the vision of our Prime Minister Shri Narendra Modi to enable economic growth through better connectivity of not only metros of the country, but also of India’s hidden jewels like Visakhapatnam. It gives me immense pleasure to announce that today we are launching direct flight connectivity from Visakhapatnam to India’s financial capital – Mumbai. This will open up the potential for employment, tourism, better connectivity for students & will further act as an economic multiplier for Visakhapatnam." Read More

CARE upgrades rating for bank facilities of HealthCare Global Enterprises; Stock gains over 1%

Published on: 12:12 pm

  • CARE Ratings Limited has upgraded rating for the bank facilities of HealthCare Global Enterprises Limited. The rating on long-term bank facilities Rs489.15cr has been upgraded to CARE A Stable.
  • Previously, ICRA had rated the Long Term Bank facilities as A (minus) with a Stable outlook. 
  • At around 12.14 pm, Healthcare Global Enterprises Ltd stock was trading at Rs243.25 per piece up Rs2.65 or 1.10% on the BSE. The scrip opened at Rs244.90 and has touched a high and low of Rs247.60 and Rs241.95 respectively Read more

Bambino Agro Industries to set up new pasta plant in Gohana, Sonipat, Haryana; Stock jumps 5%

Published on: 12:11 pm

  • Bambino Agro industries has informed that the Board of Directors on September 15, 2021 has reviewed and decided to discontinue the two smaller lines of production i.e., 600 kg/hr plants at Gurgaon as the plants have been giving quality issues due to aging.
  • Further, the non utilization of these plants will not have any impact on volumes / production of the Company because third party manufacturing / conversion contracts are in place to cater to the demand, said company in a regulatory filing. Read more

BSE Telecom hits new all-time high, shy of 1,800-level after Govt unveils major reforms; Vodafone Id

Published on: 12:10 pm

  • Majority of telecom stocks were on a bull run during Thursday's trading session after the government announced major reforms for the sector. Vodafone Idea and the newly formed Indus Towers were in a buying frenzy as they welcomed the new measures that are expected to boost the industry. BSE Telecom index has hit a new 52-week high of 1,796.77. However, the index was just shy of the 1,800-mark.
  • At around 12.05 pm, the BSE Telecom index was trading at 1,777.07 up 30.59 points or 1.75%.
  • Vodafone Idea was the top gainer soaring by at least 19.5% so far today. However, at the current level, the stock advanced by nearly 18%. Read more

Bulk deals: From Zen Technologies to Embassy Office Parks

Published on: 12:00 pm

  • According to the bulk deal data on Wednesday, Integrated Core Strategies (Asia) Pte Ltd acquired 60 lakh units in Embassy Office Parks REIT, Stichting Depositary APG Tactical Real Estate Pool bought 42.5 lakh units, and American Funds Global Balanced Fund acquired 50 lakh units in the company at Rs355.1 per unit on the BSE.
  • BNP Paribas Arbitrage also bought 55.26 lakh units at Rs355.11 per unit, whereas BRE Mauritius Investments II sold 1,32,22,689 units in the company, and SG Indian Holding (NQ) CO I PTE. Limited sold 70,35,212 units at Rs355.1 per unit, and 70,35,212 units at Rs355.18 per unit on the BSE, the bulk deals data showed. Read more

Glenmark Pharma buys back FCC Bonds $1M at repurchase rate of $1.2M

Published on: 12:00 pm

  • Glenmark Pharmaceuticals Limited had issued the FCC Bonds in 2016 which are currently listed on the Singapore Exchange Securities Trading Limited. The Company has purchased an aggregate principal amount of US$ 1,000,000 of the FCC Bonds at a repurchase price of 120.30% of the principal amount at an aggregate purchase price of US$ 1,203,000.00 plus accrued but unpaid interest and additional interest.
  • “Pursuant to the aforementioned repurchase, an aggregate principal amount of US$ 75,750,000 of the FCC Bonds currently remain outstanding,” the company said in a filing on Wednesday.
  • At around 12.04 pm, Glenmark Pharmaceuticals Limited was trading at Rs537.90 per piece up Rs2.30 or 0.43% on the BSE. Read More

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