Latest News and Updates

20th Sep, 2021

BIGBLOC Construction partners with SCG International to market AAC Panels and building materials

Published on: 5:05 pm

  • BIGBLOC Construction Ltd and SCG International Corporation Co Ltd (SCG) have announced the signing of an MOU for the purpose of marketing AAC Panels & other building materials. The Company’s objective is to promote mutual growth and business expansion in global construction markets.
  • A Joint Collaboration between BIGBLOC and SCG, is to do joint market survey & pre-marketing of AAC Panels in India. Through this collabaration, BIGBLOC expects to create foundation for its business development in the new product Autoclaved Aerated Concrete Panel (AAC Panel), along with other products as well, with the help of SCG as it shall begin the pre-marketing phase of SCG’s products. Read more

NDTV clarifies on buyout by Adani Group; Stock ends at 10% upper circuit

Published on: 4:56 pm

  • NDTV stock locked on a 10% upper circuit during Monday's trading session. The media report claimed that the stock rose to the upper circuit amid speculations that Adani Group may acquire the company. However, NDTV has clarified that promoters "are not in discussions now".
  • Both BSE and NSE had sought clarification from Adani Enterprises and NDTV over an Economic Times news article titled, "NDTV hits 10% upper circuit on rumours of a buyout by Adani Group."
  • The news article stated that Adani is looking to acquire a Delhi-based media house, which many speculate to be NDTV.  ETMarkets could not immediately verify these speculations. Read more

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NODWIN Gaming buys gaming adjacent IPs and gaming talent business from OML Entertainment for Rs73cr

Published on: 4:53 pm

  • NODWIN Gaming, South Asia’s leading esports company, and an independent subsidiary of Nazara Technologies Limited has acquired the Gaming and adjacent IP business of OML Entertainment. NODWIN Gaming has agreed to a consideration of Rs73cr as part of an agreement concluded between NODWIN Gaming and OML Entertainment.
  • The transaction will provide partial liquidity to OML Entertainment shareholders, including CA Media.
  • Ajay Nair, MD of OML Entertainment, will join the NODWIN Gaming board as part of this transaction and will work with Akshat Rathee, MD of NODWIN Gaming and the NODWIN Gaming management team to ensure smooth integration of the OML IPs with NODWIN Gaming and help with growing NODWIN Gaming’s business. Read more

LIC empanels DJ Media Print & Logistics for various printing services

Published on: 4:38 pm

  • DJ Media Print & Logistics on Monday has been empanelled by LIC of India, divisional office, Jabalpur.
  • In its regulatory filing, DJ Media Print said that "we would like to inform you that the Company has been empanelled with LIC Divisional Office, Jabalpur for the years 2021-2024 for various printing services." Read more

RPP Infra Projects wins new order worth ~Rs158cr

Published on: 4:33 pm

  • RPP Infra Projects Ltd has informed that the company has received a Letter of Acceptance for a new project.
  • The project is for Engineering, Procurement and Construction of Bareilly Haat and Handicraft Centre with 1 year defect liability under Smart City Mission.
  • Further, the contract price is Rs157.67cr (inclusive GST). Read more

ITC stock witness super rally, hits new high after Jefferies raises target

Published on: 4:32 pm

  • FMCG-giant ITC stock witnessed a stellar buying on Monday to the point that it even touched a new all-time high. Investors were upbeat on ITC after US-based investment bank, Jefferies assigned a Buy rating on the company's stock.
  • On Sensex, ITC stock closed at Rs233.60 per piece up 1.08%. At the current market price, ITC's valuation stood at nearly Rs2.88 lakh cr.
  • Last week, on Friday's closing price, the market cap of the company stood over Rs2.82 lakh cr. Read more

Kotak Mahindra Bank to acquire 9.98% of KFin Technologies for Rs310cr

Published on: 3:51 pm

  • Kotak Mahindra Bank on Monday announced its plan to subscribe about 1,67,25,100 Equity Shares in KFin Technologies for a consideration of approximately Rs310cr representing 9.98% shareholding in the latter.
  • KFin provides a comprehensive array of financial technology solutions across a broad spectrum of asset classes spanning mutual funds, alternatives and pensions. KFin provides Registrar and Transfer Agency services to Mutual Funds, Alternative Investor Funds, Wealth Managers and Corporates. KFin also provides back-office operations and data processing services, besides being a central recordkeeping agency under the National Pension System.
  • The transaction is expected to complete by October 2021 end. Read more

Welspun Corp bags multiple orders of 120 KMT worth Rs1,400cr

Published on: 3:42 pm

  • Welspun Corp on Monday announced that the company has received multiple orders of approximately 120 KMT valuing close to Rs1,400cr most of which will be executed from its facilities in India.
  • The order includes a significant and very prestigious export order for a deep offshore pipeline project (of approximately 59 KMT) in the Gulf-of-Mexico, USA.
  • Welspun Corp said that this exhibits overall improvement in business sentiments, our strong customer connects, their confidence in our technical excellence and our execution capabilities. Read more

Markets close lower; Metal stocks underperformed

Published on: 3:40 pm

  • Domestic markets witnessed a volatile day of trade, with the benchmark index closing significantly lower as profit booking weighed in.
  • Bank Nifty underperformed the Nifty index by ~0.7% with both the indices closing lower. Metal stocks remained under heavy selling pressures with stocks like Tata Steel, JSW Steel & Jindal Steel and Power closed with the deep cuts, as across the board short positions were formed during the trade.
  • The Nifty Midcap 100 index closed ~2.2% lower. Read more

Larsen & Toubro-led subsidiary wins major order from Petronet LNG

Published on: 3:40 pm

  • L&T Hydrocarbon Engineering (LTHE), a wholly owned subsidiary of Larsen & Toubro, has won a significant order from Petronet LNG (PLL), a joint venture company promoted by four leading PSUs viz., Oil & Natural Gas Corporation (ONGC), Indian Oil Corporation (IOCL), GAIL (India) and Bharat Petroleum Corporation (BPCL).
  • The contract is for Engineering, Procurement, Construction and Commissioning of two LNG Storage Tanks with a capacity of 170,000 m3 each for Phase IIIB of the Dahej Expansion Project at Dahej, Gujarat.
  • According to the filing, the Project has been awarded through an international competitive bidding on Lumpsum Turnkey (LSTK) basis. The award demonstrates PLL's trust on L THE's capability to deliver the project within a challenging schedule while ensuring excellent safety and quality performance. Read more

Vi records top 5G Speeds in its ongoing 5G Trials

Published on: 3:37 pm

  • Leading telecom operator, Vodafone Idea Limited (VIL) is conducting 5G trials on Govt. allocated 5G spectrum in the cities of Pune (Maharashtra) and Gandhinagar (Gujarat), along with its technology vendors.
  • In Pune city, Vi has deployed its 5G trial in a lab setup of end-to-end captive network of Cloud Core, new generation Transport and Radio Access Network. In this trial, Vi has achieved peak speed in excess of 3.7 Gbps with very low latency on the mmWave spectrum band. These speeds were achieved with state-of-the-art equipment in 5G Non-Standalone network architecture and using NR Radios.
  • Vi has been allocated mmWave high bands like 26 GHz by the DoT, along with the traditional 3.5 GHz spectrum band, for 5G network trials. mmWave delivers wide spectrum and capacity over the shortest distances for 5G, delivering lower latencies. Read more

Aarvi Encon plans to hire 200 engineers and designers for various large firms

Published on: 3:31 pm

  • Aarvi Encon, NSE-listed, is planning to hire more than 200 engineers and designers for various large companies. For much of 2020 and the initial months of 2021, companies were reluctant to undertake new projects or commit fresh investments in a bid to preserve cash due to the economic uncertainty caused by the Covid-19 pandemic. The trend has reversed now, and many companies are looking at new projects to scale up capacities.
  • “To begin with, we plan to hire 200 engineers and designers from various engineering disciplines for PMC / EPC companies based in Delhi, Mumbai, Chennai, and other locations. These engineers and designers will work on engineering projects, most of which are highly technical and complex in nature, with different clients,” said Jaydev Sanghavi, Executive Director of Aarvi Encon. Read more

Indices extend losses; Sensex slips over 500 points; Hotel stocks in focus

Published on: 3:17 pm

  • Equity benchmark indices extended their morning losses in the last hour of the trading session on Monday afternoon dragged by sharp selling in metals and banking stocks. Broader markets underperformed the frontliners as the midcap and smallcap indices are trading over a per cent lower each.
  • The Nifty Metal index plunged the most over 5.5% followed by Nifty PSU Bank falling over 3% and auto, financial services, pharma and energy indices down over a per cent each. However, FMCG and media are in the green.
  • The Nifty Metal index was down 5.7% as National Aluminium Company, Tata Steel, and Jindal Steel was among the worst performers, falling more than 8% each. SAIL was down 5.91%. Read more

Bank Nifty dips 525 pts with all stocks in red; HDFC Bank, SBI, IndusInd, AU Small weighing down mos

Published on: 3:07 pm

  • Bank Nifty index was under pressure on Monday with all stocks trading on a bearish note scrapping last week's record highs. The index has hovered between an intraday high of 37,802.75 to intraday low of 37,233.85. Index heavyweight HDFC Bank along with AU Small Finance Bank, IndusInd Bank and SBI weighed on the index.
  • The index also contributed to dragging the broader markets.
  • At around 2.50 pm, Bank Nifty was trading at 37,287.30 nosediving by 524.65 points or 1.4%. Read more

ICRA reaffirms Mindspace REIT's long-term issuer rating at 'AAA/Stable'

Published on: 3:00 pm

  • Mindspace Business Parks REIT has informed that ICRA Limited has reaffirmed the issuer long-term rating of [ICRA]AAA(Stable) (pronounced ICRA triple A, stable outlook) assigned to the company.
  • The rating continues to favourably factors in the large and diversified portfolio of assets housed under Mindspace Business Parks REIT (Mindspace REIT).
  • According to the  rationale, ICRA believes that Mindspace REIT’s credit profile will be supported by the REIT regulations that restrict the extent of under construction assets in the portfolio to less than 20% of the asset value and the leverage to less than 49% of the asset value. Read more

Rupee falls 23 paise to 73.21 against US dollar tracking domestic markets

Published on: 2:54 pm

  • The Indian rupee depreciated against the US dollar tracking a strong greenback in the overseas market and muted trend in domestic equities.
  • At the interbank foreign exchange, the rupee opened at 73.82 against the dollar, registering a decline of 23 paise at 73.21/$ from the last close.
  • On Friday, the currency closed 4 paise higher at 73.48 against the US dollar on Friday, tracking a broad weakness in the American currency overseas Read more

IRB Infra stock surges 2% after DGCA approves Aerodrome License to Sindhudurg Airport

Published on: 2:47 pm

  • IRB Infrastructure Developers-led SPV, IRB Sindhudurg Airport has received Aerodrome License from the Director-General of Civil Aviation (DGCA). The License will now enable the Company to throw open the new aviation facility for Airlines and the general public.
  • Virendra D. Mhaiskar, Chairman & Managing Director of the Company said, “We are very happy to achieve yet another milestone in the current year and see the airport receive license to operate after successful completion. With a concession period of over 90 years and compelling regional proposition, it offers meaningful avenues of growth. We express our sincere gratitude to all Authorities and Stakeholders for extending their valuable cooperation and support in bringing up this new facility. We now look forward to opening the facility for airline operators and general public soon.” Read more

MAS Financial Services raise Rs100cr through market-linked NCDs; Stock zooms

Published on: 2:38 pm

  • MAS Financial Services announced that the Finance Committee of the Board of Directors has approved and allotted, on a private placement basis, 1000 Rated, Senior, Secured, Listed, Transferable, Redeemable, Principal Protected Market-linked Non-convertible debentures (Marketlinked NCDs) of the face value of Rs10 lakh aggregating up to Rs100cr.
  • The allotment of 1000 Market-linked NCDs, was inclusive of a greenshoe option comprising 500 Marketlinked NCDs which was activated to retain over-subscription. Read more

Eveready Industries initiates recovery proceedings of Rs4.12cr from McNally; Stock sheds 2%

Published on: 2:31 pm

  • Eveready Industries Ltd has informed that the Company has initiated proceedings before the Hon'ble High Court at Calcutta on September 15, 2021, for recovery of an amount of Rs4.12cr being interest amount due from McNally Bharat Engineering Company Limited (McNally) in respect of Inter Corporate Deposits (ICDs) earlier given to McNally, the principal amount of which has been repaid.
  • The above has no impact on the operations or day to day business of the Company, said company in a regulatory filing. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Benchmark indices extended losses amid volatility as metal stocks continues to drag.
  • BSE Sensex is at 58,717.51 down 298.38 points or 0.51%.
  • Nifty50 is at 17,467.20 down 117.95 points or 0.67%. Nifty Bank is trading down 1.22% at 37,349.20 while Mid-cap Index plunges by 1.53%. Read more

Nifty FMCG index outperforms in a dull market; ITC hits 52-week high as Jefferies raises target

Published on: 2:05 pm

  • The Nifty FMCG index extended its last week gain to trade higher on Monday even in the dull market. The Index spiked over 475 points or 1.17% at 41,274.45 levels in the afternoon session.
  • The Nifty FMCG was trading at 41,274.45, up 475.55 points or 1.17%, after touching a high of 41,535 and a low of 40,631.95 during intraday trade on Monday.
  • Shares of ITC hit a fresh 52-week high on the BSE in the intra-day trade on Monday on expectations of improved outlook drove. Jefferies has maintained a high conviction Buy on the stock and has revised its target price upwards of Rs300 (against Rs275 earlier), with an upside scenario target price of Rs360 and downward scenario of Rs190 apiece, the media reports added. Read more

Surya Roshni stock hits new all-time high on strong growth trajectory

Published on: 2:01 pm

  • Surya Roshni has concluded its its 48th Annual General Meeting (AGM), where the company announced a strong growth trajectory. The company's stock has hit a new 52-week high of Rs840.45 per piece on Sensex during Monday's trade.
  • At around 1.54 pm, Surya Roshni was trading at Rs810.45  per piece up Rs39.75 or 5.1% on Sensex.
  • Raju Bista, the Managing Director of Surya Roshni, announced that the company posted revenue of Rs5,561cr in FY21, compared to Rs5,471cr and PAT of Rs158cr in FY21 compared to Rs103cr in FY20, inspite of a pandemic year. Read more

Zydus Cadila receives USFDA approval to market Vortioxetine Tablets

Published on: 1:47 pm

  • Zydus Cadila, which is listed as Cadila Healthcare on stock exchanges, has bagged final approval from the USFDA to market Vortioxetine Tablets in the strengths of 5 mg, 10 mg, 20 mg (US RLD: Trintellix Tablets).
  • As per the regulatory filing, Vortioxetine is used to treat depression. It works by helping to restore the balance of a certain natural substance (serotonin) in the brain. Vortioxetine is an SSRI (selective serotonin reuptake inhibitor) and serotonin receptor modulator.
  • The drug will be manufactured at the group’s formulation manufacturing facility at the SEZ, Ahmedabad. Read more

Advent International to acquire Shapoorji Pallonji-led Eureka Forbes for Rs4,400cr

Published on: 1:40 pm

  • Advent International has decided to acquire Shapoorji Pallonji Group-backed consumer goods company, Eureka Forbes for Rs4,400cr. The transaction amount also includes the debt of Eureka.
  • As per the agreement, Eureka will be separated from the parent into a standalone firm and then will be listed on the Bombay Stock Exchange (BSE).
  • After the listing, Advent will then acquire a controlling stake to the tune of 72.56% of the company's outstanding shares on a fully diluted basis from Shapoorji Pallonji. Read more

Bliss GVS Pharma purchases immovable property from JMFARC

Published on: 1:37 pm

  • Bliss GVS Pharma Ltd has informed that, the Company has purchased Immovable Property situated at Village lshwarpura, Asoj, Taluka Waghodia, Vadodara Halol Highway, District Vadodara, Gujarat admeasuring 1,15,187 sq. mtrs. from JM Financial Asset Reconstruction Company Limited ("JMFARC") by way of Private Treaty.
  • The agreement is under the provisions of SARFAESI Act for the expansion of Manufacturing Capability, Research & Development, Business Operations and Development of the Company.
  • In this regard, the Company has received Sale Confirmation Letter dated September 17, 2021 from JMFARC. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • Benchmark equity indices trade lower as metal stocks witnessed massive selling pressure to drag the overall markets.
  • BSE Sensex is at 58,912.70 down 103.15 points or 0.17%.
  • Nifty50 is at 17,528.50 down 56.65 points or 0.32%. Nifty Bank is trading down 0.71% at 37,541.90 while Mid-cap Index tumbles 0.79%. Read more

Tata Power gets LoI from MAHAGENCO to supply 250 MW power in Maharashtra

Published on: 1:28 pm

  • TP Saurya Limited (TPSL), a wholly-owned subsidiary of Tata Power, received the 'Letter of Intent (LoI) from Maharashtra State Power Generation Co. Ltd. (MAHAGENCO) for setting up of 250 MW Grid-Connected Solar Photovoltaic Power plant in Maharashtra. The project has been awarded to TPSL through Tariff-based competitive bidding followed by an e-Reverse auction.
  • The stock is currently trading at Rs137.15 down by Rs0.75 or 0.54% from its previous closing of Rs137.90 on the BSE.
  • The Company has received this LoI in a bid announced by MAHAGENCO for setting up a 250 MW Solar plant at the Dondaicha Solar Park in Dhule District of Maharashtra. Maharashtra State Electricity Distribution Company Limited (MSEDCL) has conveyed consent to purchase the power generated from this solar plant. Read more

Alkem Lab board nods closure of operations at Beta Block (Unit II) manufacturing unit in Baddi

Published on: 1:24 pm

  • Alkem Laboratories said in the filing that its board has approved the closure of operations at Beta Block (Unit II) manufacturing facility located at Baddi, Solan District, Himachal Pradesh.
  • “This is to inform you that the Board of Directors of the Company vide Circular Resolution passed on 16th September 2021 approved the closure of operations at Beta Block (Unit II) manufacturing facility located at Baddi,” the pharma company said.
  • In the regulatory filing, the Beta Block (Unit-II) manufacturing facility at Baddi mainly catered to the Domestic market for Injections and was significantly underutilized. To avoid operating expenditure in Baddi, it is decided to discontinue the manufacturing operations at this facility, pursuant to the date of closure this facility shall be used as a warehouse. Read more

Inox Leisure stock soars 5% after commencing commercial operations of multiplex in Bhilwara, Rajasth

Published on: 1:11 pm

  • Inox Leisure stock was in a sharp rally on Monday after the company commenced commercial operations of a Multiplex Cinema Theatre situated in Bhilwara, Rajasthan. The operations began on September 18, 2021.
  • In its regulatory filing, Inox Leisure said that "we wish to inform you that the Company has commenced the Commercial Operations of a Multiplex Cinema Theatre taken on Leave and License basis, located at INOX Leisure Limited, Reliance Mall, 1st Floor, Suzuki Colony, Chittor Road, Bhilwara, Rajasthan - 311 001 with effect from Saturday, 18th September, 2021." Read More

Star Cement stock jumps over 1% ahead of nearly Rs124cr buyback offer

Published on: 1:01 pm

  • Star Cement stock was trading on a higher note during Monday's session after the company updated about its buyback programme.
  • At around 12.56 pm, Star Cement was trading at Rs110.05  per piece up 1.2% on Sensex. The stock has touched an intraday high and low of Rs111.50 per piece and Rs108 per piece respectively.
  • The company has released the Letter of Offer along with the Tender Form and Form SH-4 (for physical shareholders) concerning the Buy-Back. Read More

Nifty Metal in a bloodbath, index sheds over 4%; Tata Steel, Hindalco, JSPL, NMDC drag the performan

Published on: 12:40 pm

  • Metal company stocks were broadly on a bearish tone leading in a massive bloodbath on the Nifty Metal index during Monday's trading session. The Nifty Metal index has tumbled by nearly 250 points so far today with an intraday low of 5,683.85. The performance comes after the country's copper imports recorded double-digit growth for the June 2021 quarter. A decline in copper price on the back of a stronger dollar further added to the sell-side in stocks globally.
  • At around 12.38 pm, Nifty Metal was trading at 5,450.70 nosediving by 233.15 points or 4.1%. On the index, only 2 scrips advanced, while 13 scrips declined. Read More

Gloster signs MoU with Telangana govt for investment of Rs330cr; Stock dips 1%

Published on: 12:35 pm

  • Gloster Ltd has informed that the company has signed Memorandum of Understanding with the Government of Telangana to set up an integrated jute mill in Warangal District of Telangana at a proposed investment of approximately Rs330cr.
  • Under the arrangement, Government of Telangana shall inter alia ensure seamless execution and hassle free transparent system for quick approvals and clearances under the TS-iPASS framework, facilitate Jute cultivation in the state, provide necessary assistance for adequate infrastructure development and offer competitive incentives, said company in a regulatory filing. Read more

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark indices trade in the red amid volatility as metal stocks loses its shine to drag the overall markets.
  • BSE Sensex is currently 58,943.79 down 72.1 points or 0.12%.
  • Nifty50 is currently 17,532.50 down 52.65 points or 0.30%. Nifty Bank is trading down 0.70% at 37,546.65 while Mid-cap Index is down by 0.69%.
  • Bajaj Finserv, Hindustan Unilever, ITC, HCL Tech and Bajaj Finance are the top gainers while Tata Steel, Hindalco, JSW Steel, Eicher Motors and BPCL are the top losers.
  • Nifty PSU Bank, auto, financial stocks are on a bearish note while metal stocks drop 3%.
  • Out of 50 stocks traded on the NSE, 16 advanced and 34 declined. Read More

Airline stocks trade volatile; Govt hikes domestic airline capacity to 85%

Published on: 12:19 pm

  • Airline stocks trade volatile on Monday’s trade with IndiGo stocks slipped whereas SpiceJet stocks in the upward journey.
  • The Ministry of Civil Aviation on Saturday has increased the cap on airline capacity from 72.5% to 85% with this it has tweaked the price cap formula letting airlines set fares for travel beyond fifteen days.
  • Till now price caps were applicable on tickets up to 30 days from the booking date. Read More

CARE revises credit ratings on Hindustan Aeronautics' bank facilities

Published on: 12:12 pm

  • Hindustan Aeronautics Ltd has informed that CARE Ratings Limited ("CARE") has reviewed its ratings based on the recent developments including operational and financial performance of the Company.
  • Long-term bank facilities has been revised to CARE AAA/Stable while short-term rating has been revised to CARE A1+.
  • Hindustan Aeronautics Limited (HAL) is promoted and majorly owned by Government of India (GoI). Read More

Bajaj Finserv stock climbs 2.5% despite defer in investment of Rs342cr in subsidiary

Published on: 12:03 pm

  • Bajaj Finserv stock was in the fast lane on Monday despite the company's announcement for deferring the investment of Rs342cr in wholly-owned subsidiary Bajaj Finserv Direct Limited (BFSD). Earlier in July this year, the company's board had approved the proposal to invest in BFSD.
  • However, on September 17, Bajaj Finserv said that "we wish to inform you that in line with above approval, infusion of the abovesaid amount has been deferred and will be completed in one or more tranches by the end of the current financial year." Read More

Bulk deals: From Aster DM Healthcare to Reliance Power

Published on: 12:00 pm

  • As per the bulk deal report, The Vanguard Group Inc A/C Vanguard Total International Stock Index Fund (P8) acquired 26.59 lakh equity shares in Aster DM Healthcare at Rs216.42 per share on the NSE.
  • The Vanguard Group Inc A/C Vanguard Total International Stock Index Fund (P8) & Vanguard Emerging Markets Stock Index Fund A Series of V I E I F together bought 9.86 lakh equity shares in KEI Industries at Rs847.56 per share on the NSE. Read More

NCL Industries signs JV agreement with Moravia Containers A S Czech Republic

Published on: 11:57 am

  • NCL Industries Ltd (NCLIL) has informed that it has entered into a Joint Venture Agreement with Moravia Containers A.S. of Czech Republic to set up a Joint Venture Company for manufacture of Modular Containers & Systems and other products.
  • The agreement provides for Equity participation of 74.9% by NCLIL and it affiliates in the Joint Venture Company.
  • The initial equity investment by NCLIL towards its share of equity in JV company shall not exceed Rs10cr, said company in a regulatory filing. Read more

KEC International to buy 100% stake of Spur Infra at an enterprise value of Rs62cr; Stock spurts 5%

Published on: 11:35 am

  • KEC International (KEC) has entered into a definitive agreement to acquire 100% equity in Spur Infrastructure Private Limited (“Spur Infra”) for an enterprise value of Rs62cr subject to customary adjustments at closing.
  • The acquisition is expected to be completed within 60 days from the date of the agreement.
  • Vimal Kejriwal, MD & CEO, KEC International Ltd. commented, “We launched the oil and gas pipelines EPC business in line with the Government’s thrust in the sector and our strategy to diversify the business portfolio into adjacencies. This acquisition will enable us to accelerate growth in this sector and establish this business as one of our key growth drivers going forward.” Read More

Rail Vikas Nigam surges 4% on securing Rs1034.90cr contract for Indore Metro Rail project

Published on: 11:35 am

  • Rail Vikas Nigam Ltd has informed to the exchange regarding major order secured by the Company.
  • The company secured contract from Madhya Pradesh Metro Rail Corporation Limited for design and construction of Elevated Viaduct between Ch. 14+488 and Ch. 25+415, viaduct connecting depot leading upto interface location, 9 elevated metro rail stations including all Civil, Structural, Roof Structure, Mechanical, Electrical and Plumbing (MEP) works, Architectural finishes, Facade, Entry / Exits, FOB, Viaduct within the stations including transition spans for Indore Metro Rail project Yellow Line. Read More

Market pulse at 11:30 AM today

Published on: 11:30 am

  • Benchmark indices have rebounded from the day's lows, post a gap-down opening, on the back of strength in index heavyweights such as ITC and Hindustan Unilever.
  • BSE Sensex is at 59,154.37, up 138 points or 0.23%.
  • Nifty50 is at 17,611.85, up 27 points or 0.15%. Nifty Bank is 37,632.80, down 0.47%. India VIX spike 8.09% at 16.47.
  • ITC, HUL, Bajaj Finserv, Divis Lab and HCL Tech are the top gainers. Tata Steel, Hindalco, Eicher, JSW Steel, and BPCL are the top losers.
  • The Nifty Metal index fell over 2.5%, while Nifty Bank, Auto, PSU Bank, Private Bank and Realty sector gauges also slipped between 0.7-1% respectively.
  • Out of 50 stocks traded on the BSE, 21 advanced and 29 declined. Read More

Tata Communications offers pay-as-you-go feature on Ethernet network services in India

Published on: 10:57 am

  • Tata Communications, a global digital ecosystem enabler, has offered ‘Bandwidth-on-Demand’ (BoD) feature on Ethernet services, delivering flexibility, improving end-user experience, and bringing cost efficiency.
  • This enables enterprises to self-provision additional capacity on a pay-as-you-go model to meet short term bandwidth needs conveniently through a self-service customer portal.
  • With this feature, Tata Communications powers enterprises to move closer to achieving their digital-first ambitions. Read More

Kotak Mahindra Bank to invest in KFin Technologies

Published on: 10:51 am

  • Kotak Mahindra Bank Limited (KMBL) today announced that it has agreed to make an equity investment in KFin Technologies (KFin or the Company), a leading investor and issuer servicing platform. KMBL shall acquire, subject to necessary approvals, a ~9.9% stake in KFin by investing ~Rs310cr as primary infusion in the Company.
  • KFin provides a wide array of financial technology solutions across a broad spectrum of asset classes spanning mutual funds, alternatives, insurance, and pension. KFin serves 25 out of the 44 Indian Mutual Fund AMCs, which have over US$148 billion in AUM1 and 35% market share in equity AUM1 (up from 27% in March 20192). Read more

Lupin receives seven observations from USFDA after inspection at the Goa facility

Published on: 10:44 am

  • Pharma-major Lupin has received seven observations from the USFDA after the latter carried an inspection at the company's Goa facility in India.
  • The US health regulator carried the inspection between September 10 to September 18, 2021, and closed with seven observations.
  • Lupin said that "We are confident of addressing the observations satisfactorily and are committed to be compliant with Good Manufacturing Practice standards across all our facilities." Read more

Market pulse at 10:30 AM today

Published on: 10:40 am

  • Equity benchmark indices opened deep in red but made a strong comeback into the positive territory within the opening hour of trade. Sensex has regained the 59,000 marks whereas the Nifty was above 17,550.
  • BSE Sensex is at 59,051.50, up 36 points or 0.06%.
  • Nifty50 is at 17,577.80 down 7 points or 0.04%. Nifty Bank is 37,632.80, down 0.47%. India VIX spike 7.20% at 16.33.
  • ITC, HUL, Divis Lab, HCL Tech and Bajaj Finserv are the top gainers. Tata Steel, Hindalco, JSW Steel, Eicher and BPCL are the top losers.
  • Nifty Media and FMCG stocks drive early trade while Nifty PSU Bank, auto, financial and metal stocks are bearish.
  • Out of 50 stocks traded on the BSE, 18 advanced and 32 declined. Read More

Nifty Oil & Gas stocks under pressure; Heavyweights Gujarat Gas, BPCL, MGL drag amid volatility

Published on: 10:40 am

  • The Nifty Oil & Gas stocks were under selling pressure on Monday amid bearish markets as oil prices fell, extending losses from Friday after the U.S. dollar jumped to a three-week high and the U.S. rig count rose. Although nearly a quarter of U.S. Gulf of Mexico output remained offline in the wake of two hurricanes.
  • Further, according to a price notification by state-run oil companies, the petrol and diesel prices remained unchanged for the 15th straight day on September 20.
  • At around 10:40 AM, Nifty Oil & Gas was trading at 7,434.80 down 12.05 points or 0.16%, after touching low of 7347.75. Read More

Welspun India to invest Rs800cr on capacity enhancement over FY22 and FY23 to meet growing overseas

Published on: 10:31 am

  • Welspun India has received board of directors approval for the plan to augment towel manufacturing capacity by ~20% i.e., 16,600MTPA at Anjar from 85,400 MTPA to 102,000MTPA to meet the growing demand from the overseas customers.
  • In its regulatory filing, Welspun India said that keeping in view the recent trend of customers focus to track the entire value chain i.e., “Farm to Shelf”, the Board has approved an investment in 40 looms for towel fabric at Anjar which represents ~7% of installed capacity.
  • Also, at Vapi, Rugs capacity expansion by 80%, which commenced during the last financial year, the Board has approved additional investment relating to automation for faster production turnaround at a lower cost. Read more

Asian markets weak as Hang Seng nosedives 4%; Dow Jones futures slips over 300 pts

Published on: 10:27 am

  • Asian markets traded weakly on Monday with Dow Jones futures tumbling over 340 points. However, the Hang Seng index nosedived  more than 4% today, as shares of China Evergrande Group slumped more than 10%. While The S&P/ASX 200 in Australia fell 1.21%.
  • The stock markets in mainland China, Japan and South Korea are closed on Monday for holidays. Read more

Sobha appoints Yogesh Bansal as Chief Financial Officer; Stock sheds 2%

Published on: 10:09 am

  • Sobha Ltd has informed that the Board of Directors September 18, 2021 has appointed Yogesh Bansal as the Chief Financial Officer designated as Key Managerial Personnel with effect from the close of business hours on November 15, 2021.
  • Yogesh Bansal, aged about 42 years, is a qualified Chartered Accountant, having over 18 years of-experience in the areas of Finance, Accounting, Intemal audit, Budget, Process control-and improvement, Internal finance controls, MIS, Statutory compliances and Business support.
  • He is associated with Sobha Limited since last 10 years and currently handling the finance wing of NCR and Gujarat regions. Prior to joining Sobha, he was associated with Mis. Negolice India Limited a real estate company based at NCR. Read more

Cipla acquires 5% stake of Swasth Digital Health Foundation to leverage digital technologies

Published on: 9:55 am

  • Cipla Limited has subscribed to 5% equity shares (on a fully diluted basis) of Swasth Digital Health Foundation, a not-for-profit organisation, with an aim to leverage digital technologies and build healthcare tech infrastructure, said company in a regulatory filing to the exchanges.
  • Accordingly, Swasth is a not-for-profit company incorporated under Section 8 of the Companies Act, 2013. It is an alliance of over 150 organisations engaged in leveraging digital technologies to improve healthcare outcomes and increase healthcare inclusion in India.
  • The entity was incorporated on September 03, 2020 and does not have any turnover. Read more

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