Live market updates

21st Sep, 2021

HAL defers decision on share split; stock ends lower

Published on: 5:27 pm

  • Hindustan Aeronautics Ltd (HAL) said in the regulatory filing today that the board has deferred the proposal of sub-division of shares.
  • “This is to inform that the Board of Directors of the Company in its meeting held today, i.e. 21st September, 2021, has deferred the proposal of sub-division of shares,” the company said in the filing.
  • Meanwhile, on Monday the company has clarified on news item appeared in the www.cnbctv18.com dated September 14, 2021 captioned "Hindustan Aeronautics Limited OFS likely this month" Read more

European markets trade higher; U.S. Treasury yields down

Published on: 5:07 pm

  • European stocks were trading higher on Tuesday with the pan-European Stoxx 600 index was trading higher with all sectors in positive territory.
  • Further, investors turned to be cautious ahead of FOMC meeting outcome on Wednesday, wherein many investors expect hawkish commentary from Federal Reserve.
  • The yield on the benchmark 10-year Treasury note dropped 17 basis points to trade at 1.3220% and the yield on the 30-year Treasury bond fell 15 basis points to trade at 1.8625%. Read more

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TCS recognized as Leader in ACES Automotive Engineering Services by Everest Group

Published on: 5:05 pm

  • Tata Consultancy Services has been named a Leader in the Everest Group PEAK Matrix for Autonomous, Connected, Electric and Shared (ACES) Mobility Automotive Engineering Services.
  • The report highlights TCS’ sustained relationships with clients, a partnership-based approach, and strong thought leadership along next-generation automotive themes, as key strengths. It goes on to say that TCS demonstrates high adaptability in accommodating evolving customer requirements; and business leaders are open to new business models and terms of engagement.
  • According to the report, clients appreciate the process-oriented approach and agility that TCS showcases during engagements, along with the quality of resources. Read more

PDS Multinational Fashions completes acquisition of stakes in Filkor

Published on: 4:50 pm

  • PDS Multinational Fashions Limited has completed the transaction as regards the acquisition of Filkor Limited by the Subsidiary of the Company, Smart Notch Industrial Limited on September 21, 2021. The cost of acquisition was £500,000 (Great Britain Pounds Five Hundred Thousand Only).
  • “The investment is in line with the Sustainability and Circularity (ESG) goals of the Company. Through this investment, the Company foresees to be able to provide its customers a complete sustainability and end of life solution (from takeback to resell to upcycle) for all fashion products.
  • It would help alleviate major pain point of customers with respect to the sustainable solution to excess stock and enables the product to be securely destroyed in one single operation, effectively and quickly, providing fashion houses with a socially and environmentally acceptable solution,” company said in a filing on Tuesday. Read more

Sterling and Wilson Solar commissions 66 MWp solar energy project in Jordan

Published on: 4:50 pm

  • Sterling and Wilson Solar Limited (SWSL) on Tuesday announced that it has commissioned the 66 MWp Al Husainiyah solar power plant in Jordan. The project, located on an area of 1.3 sq. km in Ma’an Governorate, 200 km south of Amman, was executed with more than 850,000 safe manhours during the pandemic, by following all the necessary safety protocols and guidelines set by the local authorities.
  • Amit Jain, Global CEO, Sterling and Wilson Solar Group said, “We are delighted to announce the commissioning of the Al Husainiyah project in Jordan amid such difficult times. Due to the outspread of COVID-19 and subsequent lockdowns in India and other countries, there were delays in manufacturing, FAT of material and construction work at the site. However, we arranged priority deliveries for material from OEMs, enabled remote monitoring, hired a local team, and provided the necessary training to them, to deliver the project as per the agreed timelines.” Read more

Happiest Minds wins two awards at Asiamoney Asia’s Outstanding Companies Poll 2021

Published on: 4:45 pm

Happiest Minds Technologies Limited has announced that it has won two awards at Asiamoney Asia’s Outstanding Companies Poll 2021:
  • Most Outstanding Company in India under Small / Mid-Caps category
  • Most Outstanding IPO in India Read more

Delhi HC rules in favour of EasyMyTrip regarding unsolicited messages

Published on: 4:45 pm

  • Ease Trip Planners (EasyMyTrip) announced on Tuesday that the Hon’ble High Court of Delhi has passed an order toward a writ petition bearing in the favour of the company regarding an issue related to unsolicited messages.
  • As per the regulatory filing, the  Hon’ble High Court of Delhi has not only urged UOI (Union of India) to revisit the policies surrounding the prevention of the spread of misinformation but also directed social media platforms like WhatsApp, Twitter and Telegram to take down and block all offending material from their respective platforms. Read more

BSE chief: Investments whether directly or through mutual funds is gaining ground amid pandemic

Published on: 4:44 pm

  • Ashishkumar Chauhan, MD & CEO at BSE said investments whether directly or through mutual funds is gaining ground over the last 1.5 years due to a variety of reasons across the world. India is also following the world trend, he said. Read more

CCI approves Adani Ports proposal to acquire 10.4% stake in Gangavaram Port

Published on: 4:36 pm

  • The Competition Commission of India (CCI) has approved the proposed acquisition of 10.4% of equity shareholding of Gangavaram Port Limited (GPL) by Adani Ports and Special Economic Zones Limited (APSEZ).
  • Last month, Adani Ports received approval from the Andhra Pradesh Maritime Board for the acquisition proposal of a 10.4% stake of Gangavaram Port.
  • GPL own, develop and operate the deep-water port at Gangavaram, Andhra Pradesh, pursuant to a concession agreement on a Build-Own-Operate-Transfer basis with the Government of Andhra Pradesh for a concession period of thirty years from the date of commercial operations and entitled to a further period of 20 years (two periods of 10 years each). Read more

Deep Energy Resources subsidiary signs Jharia CBM agreement; Stock ends higher

Published on: 4:25 pm

  • Deep Energy Resources Limited informed the exchanges that the agreement-signing ceremony of Coal India Limited's first commercial extraction of Coal Bed Methane (CBM) project was concluded between our subsidiary i.e. Prabha Energy Private Limited (PEPL) and Bharat Coking Coal Limited (BCCL), a subsidiary of Coal India Limited at BCCL's HQ, Dhanbad on September 20, 2021.
  • Prabha Energy Private Limited (PEPL), a subsidiary of Deep Energy Resources Limited, is selected as CBM Developer for "Jharia CBM Block-I (Jharia Coalfield, BCCL Leasehold Area)" through International Competitive bidding. Read more

Petrol, diesel prices remain unchanged today

Published on: 4:16 pm

  • Petrol and diesel prices remained unchanged for the 16th consecutive day in most of the cities across the country. The last revision of fuel prices took place on September 5 when both auto fuel prices were cut by 15 paise each.
  • Meantime, the price of petrol in New Delhi was the last cut to Rs101.19 and diesel to Rs88.62 per litre. The petrol price remained unchanged and retailed at Rs107.26 a litre in Mumbai and diesel price sold at Rs96.19 per litre. Chennai also retailed a litre of petrol at the same price - Rs98.96 and diesel price also remained unchanged at Rs93.26 per litre.
  • While, the fuel prices remain unchanged in Kolkata also where a litre of petrol and diesel were retailed at Rs101.62 and 91.71, respectively. Read more

Garware Hi-Tech Films wins Silver at India Green Manufacturing Challenge Award 2020-21

Published on: 4:15 pm

  • Mumbai Headquartered Garware Hi-Tech Films Ltd (GHFL) has won silver medal at India Green Manufacturing Challenge Award 2020-21 hosted by International Research Institute for Manufacturing (IRIM) for its Chikalthana plant at Aurangabad.
  • Monika Garware, Vice-Chairperson and Jt. Managing Director, GHFL observed, “I am extremely delighted that GHFL has bagged this award as sustainability is core to our vision of making our planet healthier.
  • The endorsement from IMIR underlines GHFL’s consistent efforts in reducing carbon footprint & our commitment to manufacture products in one of the most sustainable manners.” Read more

Union Minister of Steel reviews status of steel cost reduction in production of PSUs

Published on: 4:05 pm

  • A meeting with officials of the PSUs from the Steel Sector to review the status of cost reduction in the production of PSUs and action plan for the future was held under the Chairmanship of Union Steel Minister Ram Chandra Prasad Singh last evening.
  • The Minister emphasised on the need to carry out macro & microanalysis of the parameters affecting the cost of production and leave no stone unturned to convert the adverse conditions into opportunities. Shri Singh directed that a road map for cost reduction through improvement in the aforementioned parameters in the next six months, be prepared and necessary action be taken. It was informed that coking coal, which is mostly imported, is the biggest cost element. Read more

Indiabulls Housing Finance Rs200cr base issue size of public issue of NCDs oversubscribed 4.04x time

Published on: 3:55 pm

  • Indiabulls Housing Finance Limited today announced that the base issue size of its public issue of Secured Redeemable Non-Convertible Debentures (NCDs) and Unsecured Subordinated Redeemable NCDs has been oversubscribed.
  • The issue has seen healthy demand in the Retail category of investors with a total collection of Rs807.83cr. The issue also saw good interest from its existing NCD investors.
  • Overall, this Tranche I Issue has seen interest from investors across series and tenures offering annual, monthly, and cumulative interest options. Read more

SBI Card ends in red 6% on reports Carlyle may further trim stake

Published on: 3:52 pm

  • Shares of SBI Cards & Payment Services slipped in Tuesday's trade after media reports said Carlyle Group likely sold Rs3,267cr.
  • US private equity fund CA Rover Holdings, an affiliate of Carlyle Asia Partners, was looking to sell a 3.4% stake in the company worth $443 million (Rs3,267cr) through the stock exchange platform via block deals on Tuesday.
  • According to the BSE website, Ca Rover Holdings owned a 6.5% stake in SBI Cards as of June end. Read more

Rupee gains 12 paise against US Dollar

Published on: 3:46 pm

  • The Indian rupee gained against the US dollar tracking the weakness of the American currency in the overseas market.
  • At the interbank foreign exchange, the rupee opened at 73.74 against the dollar, then rose further by 12 paise at 73.61/$ from the last close.
  • On Monday, the rupee had settled at 73.74 against the US dollar. Read more

Markets close higher; IT Stocks outperformed

Published on: 3:41 pm

  • Markets witnessed a positive day of trade, with the benchmark index closing higher as across the board short covering weighed in.
  • Nifty outperformed the Bank Nifty index by ~0.6% to close in the green.
  • Nifty IT index was among the top outperformers, closing ~2% higher on record highs with stocks like Infosys, Mindtree, HCL Tech & Tech Mah adding fresh long positions. Read more

Exchanges seek clarification from JSPL on winning Kasia mine at 118% premium; Stock ends 3% up

Published on: 3:38 pm

  • Jindal Steel & Power Limited (JSPL) stock ended near the day's high on Tuesday. The company has been in news for winning Kasia mine in the Keonjhar district of Odisha at a whopping 118% premium.
  • Stock exchanges have sought clarification from the company over an Economic Times article titled "Jindal Steel and Power bags Kasia mine at 118% premium."
  • According to the news article, JSPL has won the Kasia mine in the Keonjhar district of Odisha at a 118% premium to the sale value of the ore, boosting its access to quality iron ore and de-risk raw material supplies. The site has a total mining area of about 194 hectares. Read more

Action Construction Equipment launches QIP for fundraising; Stock ends higher

Published on: 3:34 pm

  • Action Construction Equipment Ltd. launched its Qualified Institutions Placement for fundraising. The floor price has been fixed at Rs254.55 per share for the offer.
  • The QIP Committee is scheduled to be held on September 23, 2021, to, inter alia, consider and approve the Issue price, including a discount, if any thereto as permitted under the SEBI ICDR Regulations, for the Equity Shares to be allotted to qualified institutional buyers, pursuant to the Issue, company said in a filing on Tuesday. Read more

Indraprastha Gas stock gains after NCLAT announces stay on NCLT's order regards to dispute with Shan

Published on: 3:21 pm

  • Indraprastha Gas (IGL) was trading near the day's high on Tuesday after the company intimated about the National Company Law Appellate Tribunal (NCLAT) verdict in regards to a dispute with Shanvi Constructions.
  • At around 3.15 pm, IGL was trading at Rs549.10 per piece up 0.9% on Sensex. The stock has touched an intraday high of Rs549.45 per piece in the early deals.
  • A brief of the dispute with Shanvi as per the regulatory filing is: Read more

Acuite reaffirms and withdraws ratings on bank facilities of MSTC; Stock dips 2%

Published on: 3:17 pm

  • Acuité has reaffirmed the long term rating of ‘ACUITE A+’ and the short term rating of ‘ACUITE A1+’ on the Rs333.25cr bank facilities of MSTC Limited (MSTCL). The outlook remains ‘Stable’.
  • Further, Acuité has withdrawn the long term rating of ‘‘ACUITE A+’ and the short term rating of ‘ACUITE A1+’ on the Rs.5166.75 Cr bank facilities of MSTC Limited. The rating is being withdrawn on account of request received from the company and NOC received from the banker.
  • The ratings on the bank loan facilities of MSTCL continue to reflect the company's long track record and established position of the company in e-commerce segment, Government of India’s (GoI) controlling stake and robust financial risk profile. Read more

Nifty Pharma index rallies 1.2%; Biocon, Auro Pharma lead the gains

Published on: 3:00 pm

  • The Nifty Pharma index rallied after a volatile trade on Tuesday. Aurobindo Pharma led the rally while Cipla, Biocon, Alkem Lab, Dr. Reddys, and Cadila were also in the fast lane. Indian benchmark strengthened early gains after a brief period of volatile trade.
  • At around 3.05 pm, BSE Sensex was trading at 59,003.09 up 512.16 points or 0.88% and Nifty50 at 17,554.95 up 158.05 points or 0.91%.
  • Nifty Pharma was trading at 14,269.60 up 172.35 points or 1.225, after touching a high of 14,292.60 and low of 14,033.40 during intraday trade. Read more

ICRA cautiously optimistic on high frequency indicators as rising confidence will boost demand durin

Published on: 2:53 pm

  • ICRA highlighted that the high frequency indicators posted an uneven performance in August 2021, and that a mixed trend continues in September 2021. However, the rating agency is cautiously optimistic that rising confidence will boost demand during the festive season.
  • According to Aditi Nayar, Chief Economist, ICRA Ltd: “The performance of the high-frequency indicators in August 2021 was decidedly uneven, especially when compared to the pre-Covid levels. It appears that the temporary boost, provided by the easing of state-wise restrictions after the second wave of Covid-19 ebbed, petered out. While the early trends for September 2021 are unconvincing, we are cautiously optimistic that rising confidence will amplify demand during the festive season.” Read more

Lincoln Pharmaceuticals invests Rs30cr for expansion of Cephalosporin products

Published on: 2:48 pm

  • Lincoln Pharmaceuticals Limited is planning to launch Cephalosporin products soon, as informed by the company in a regulatory filing.
  • Company has acquired a facility in Mehsana, Gujarat. Investment in Cephalosporin plant for Rs30cr including Croreicapacity expansion and modernisation of the facility. Acquisition and further capex will be funded from internal accruals.
  • Company expects commercial operations from March 2022. The plant is expected to contribute sales of around Rs150cr in the next 3 years. The plant will cater to all the Cephalosporin products i.e. Tablet, Capsule, Dry Syrup and Injectable. Read more

Nifty IT index soars 700 pts; HCL Tech, Mindtree log new highs; Infosys, TCS, Tech Mahindra add to g

Published on: 2:45 pm

  • Nifty IT logged a strong rally on Tuesday led by broad-based buying with heavyweight stocks being upbeat. HCL Tech and Mindytree have touched a new all-time higher. Except for Oracle Financial Services, all other stocks were on a bull run. The index was a near-record level of 36,310.75.
  • Many brokerages are optimistic about the sector as the major companies have continued a stellar performance in the last 18 months. Companies like TCS, Infosys, Wipro, HCL Technologies and Tech Mahindra among others have strong upward momentum. The industry is expected to continue recording double-digit growth in the top-line front.
  • The index was hovering between the intraday high and low of 36,105.35 and 35,332.85 respectively. At around 2.58 pm, Nifty IT was trading at 36,099.60 higher by 699.55 points or 1.98%. Read more

Tata Motors stock surges despite plans to increase prices of its commercial vehicles from next month

Published on: 2:42 pm

  • After Maruti, Hero Motocorp has announced price hikes in this month with this Tata Motors was latest to join the auto companies which plans price hike.
  • India’s largest commercial vehicle manufacturer Tata Motors will increase the price of its commercial vehicle range in effect from October 1, 2021.
  • The effective price hike, in the range of 2%, will be implemented basis the model and the variant of the vehicle. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices make further gains as IT, Metal, and Pharma stocks rally.
  • BSE Sensex is currently 58,840.73 up 349.8 points or 0.60%.
  • Nifty50 is currently 17,507.50 up 110.60 points or 0.64%. Nifty Bank is 37,053.35, down 0.25%. Mid-cap Index is up 0.47%. Read more

Clean Science & Technology to acquire immovable property for Rs32cr; Stocks hit 52-week high

Published on: 2:09 pm

  • Clean Science & Technology Ltd has infomed to the exchange regarding agreement to acquire immovable property.
  • The Cornpany on September 20, 2021 has entered into an agreement to assignment of lease to acquire Plot No. D-2, MIDC Kurkumbh, Taluka Daund, Dist. Pune, admeasuring 1,32,681.50 Sq. Mtr. alongwith 14,065.90 Sq. Mtr. building constructed thereon from Shree Samrat Pulp and Paper Private Lirnited for a consideration of Rs32.01cr, subject to obtaining various approvals and permissions from the concerned authorities including MIDC, to set up an additional manufacturing facility. Read more

HCL Tech signs a 5-year digital transformation deal with MKS Instruments; Stock hits new high

Published on: 2:06 pm

  • HCL Technologies (HCL) has announced a five-year, digital transformation deal with MKS Instruments Inc., a global provider of instruments, systems, subsystems and solutions for advanced manufacturing processes, to improve performance, productivity and speed to market.
  • “MKS Instruments looks forward to partnering with HCL to enhance its end-user experience by automating operations and migrating us toward a hybrid cloud journey,” said Connie Flynn, Chief Information Officer, MKS Instruments. “The solutions set forth will support MKS during a time of increased growth and digital acceleration.” Read more

Zydus Cadila's subsidiary to sell two brands, Mifegest and Cytolog

Published on: 1:59 pm

  • Zydus Cadila's wholly-owned subsidiary, Zydus Healthcare has entered into an agreement with Integrace Private Limited (“Purchaser”) to sell two brands viz. Mifegest and Cytolog.
  • The said transaction is expected to be completed within 30 days from the date of execution of the agreement subject to customary approvals.
  • The purchaser is a part of the portfolio companies of PE firm True North. The said transaction is not a related party transaction. Read more

Sumit Shaw resigns as CFO of Websol Energy System; Stock down 2%

Published on: 1:57 pm

  • Sumit Kumar Shaw, Chief Financial Officer of Websol Energy System Limited has tendered resignation.
  • “Sumit Kumar Shaw has tendered resignation from the position of Executive Director of the Company dated September 19, 2021, due to personal reasons and he will be relieved from the duties effective September 20, 2021,” the company said in a filing on Monday. Read more

Kitex Garments signs MoU with Telangana Govt to invest Rs2,406cr in a textile and industrial park; S

Published on: 1:34 pm

  • Kitex Garments has signed the Memorandum of Understanding (MoU) with Telangana State Government for investing Rs. 2,406 crores in the state of Telangana. The investment is planned at Kakatiya Mega Textile Park, Warangal and Industrial Park, Sitarampur, Rangareddy District.
  • Under the Kakatiya Mega Textile Park, Warangal, the company plans to invest Rs1,113cr. The company will commence the project by October this year, and its commercial production is expected to begin by December 2022. While the full capacity of the project is expected to be operation by December 2023.
  • While under the Industrial Park, Sitarampur, Rangareddy District, the company will invest Rs1,293cr. The project will begin in April 2022, and its commercial production will commence from June 2023. The full capacity of the project will be operational from June 2024. Read more

Market pulse at 1:30 PM today

Updated on: 1:30 pm

Published on: 2:30 pm

  • Indices recover early gains after volatile trade as IT and Metal stocks rally.
  • BSE Sensex is currently 58,721.55 up 230.62 points or 0.39%.
  • Nifty50 is currently 17,473.50 up 76.60 points or 0.44%. Nifty Bank is 37,029.85, down 0.31%. Mid-cap Index is up 0.33%. Read more

BLS International selected as National Business Correspondent for SBI

Published on: 1:20 pm

  • BLS International Services Ltd has been selected as National Business Correspondent for India’s largest bank, State Bank of India to deliver banking services in urban, semi-urban and rural areas across the country.
  • BLS International shall deliver last mile banking services to support the financial inclusion mission of Government of India.
  • BLS will soon provide banking services on behalf of State Bank of India like savings bank deposits, fixed deposit, recurring deposit, remittances, micro pension, micro insurance, account open with e-KYC, AEPS mini statement, passbook printing for SBI account holders spread across India. Read more

Nifty Metal recovers from previous selloff, index tops 1% on broad-based buying; JSW Steel, SAIL, JS

Published on: 1:10 pm

  • The Nifty Metal has recovered from their previous day's losses and was among the top bulls on Tuesday driven by broad-based buying as investors took a breather from GST rate hikes on some of the products of the sector.
  • The Nifty Metal has climbed nearly 1.5% so far today, while hovering between an intraday high and low of 5,384.95 and 5,268.95 respectively.
  • The metal stocks have even shrugged off the effect of the three-month high US dollar that usually makes greenback-priced metals expensive. Read more

NHAI’s asset pool can generate 15% of the potential funding it needs over the next 5 fiscals: CRISIL

Published on: 1:02 pm

  • Success of the National Monetisation Pipeline (NMP) unveiled by the Centre recently hinges critically on road assets, a CRISIL Research analysis underlines.
  • As per the report of the Task Force for the National Infrastructure Pipeline (NIP), 15-17% of the Rs 111-lakh crore investment outlay envisaged under it is to be met through innovative and alternative initiatives such as asset monetisation and funding through a development finance institution (DFI).
  • NMP has two stated objectives. One, to recycle public capital by generating upfront fees on the existing brownfield infrastructure assets and utilising the proceeds for new asset creation. Two, to bring in private sector efficiencies in operation and management of these assets sans the construction risk. Read more

Rakesh Jhunjhunwala trims shareholding in The Mandhana Retail Ventures; Stock climbs over 8% so far

Published on: 1:01 pm

  • Ace investor, Rakesh Jhunjhunwala has offloaded a portion of his shareholding in The Mandhana Retail Ventures in tranches. The company's stock skyrocketed to more than 8% on Tuesday with an intraday high of Rs15.95 per piece on Sensex. Mandhana Retail maintains upside on exchanges.
  • Jhunjhunwala who is also called the 'Warren Buffet of India', in the latest, has sold about 98,094 equity shares of The Mandhana Retail Ventures between September 17 to September 20, 2021.
  • Earlier, the investor had offloaded about 4,34,403 equity shares or 1.96% in the company from his last disclosure till September 16, 2021. Read more

Nifty Auto stocks remain under pressure; Heavyweights TVS Motor Company, Maruti, Hero MotoCorp, Baja

Published on: 12:55 pm

  • The Nifty Auto stocks remained under pressure amid volatile markets on Tuesday. Many auto companies like Maruti, Hero Motocorp have announced price hikes this month and Tata Motors was latest to join the auto companies which plans price hike.
  • Heavyweights TVS Motor Company, Maruti, Hero MotoCorp and Bajaj Auto were under pressure.
  • Amid volatility, Indian benchmark gave up opening gains made on Tuesday. At around 1.00 pm, BSE Sensex was trading at 58,420.04 down 70.89 points or 0.12% and Nifty50 at 17,434.15 down 37.25 points or 0.21%. Read more

Nifty Auto index remains under pressure; Heavyweights TVS Motor, Maruti, Hero MotoCorp, Bajaj Auto d

Published on: 12:55 pm

  • The Nifty Auto index remained under pressure amid volatile markets on Tuesday. Many auto companies like Maruti, Hero Motocorp have announced price hikes this month and Tata Motors was latest to join the auto companies which plans price hike.
  • Heavyweights TVS Motor Company, Maruti, Hero MotoCorp and Bajaj Auto were under pressure.
  • Amid volatility, Indian benchmark gave up opening gains made on Tuesday. At around 1.00 pm, BSE Sensex was trading at 58,420.04 down 70.89 points or 0.12% and Nifty50 at 17,434.15 down 37.25 points or 0.21%. Read more

Revenue of gold jewellery retailers to rise 12-14% this fiscal: CRISIL

Published on: 12:49 pm

  • After two consecutive years of decline, revenue of gold jewellery retailers is poised to grow 12-14% on-year this fiscal, driven by stable gold prices and recovery in discretionary spending, including on wedding and festive jewellery.
  • Operating margin, though, will be restored to the pre-pandemic level of 6.5-7.0%, with a moderation of 100-120 basis points (bps), given a stabilisation of gold prices and limited scope for further cost optimisation.
  • Recovery in revenue, along with improved accrual, continued inventory rationalisation and healthy capital structure will keep the credit outlook stable, shows an analysis of 86 jewellery retailers rated by CRISIL Ratings. Read More

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark market indices recover few morning losses but remain lower.
  • BSE Sensex is currently 58,372.03 down 118.9 points or 0.20%.
  • Nifty50 is currently 17,375.65 down 21.25 points or 0.12%. Nifty Bank is 36,683.95, down 1.24%. Mid-cap Index is down 0.55%.
  • ONGC, JSW Steel, UPL, Cipla, and IndusInd Bank are the top gainers. Maruti, Hero MotoCorp, Axis Bank, Bajaj Auto, and HDFC Bank are the top losers.
  • Nifty Realty stocks remain bullish but Banking and Auto stocks continue to drag.
  • Out of 50 stocks traded on the BSE, 29 advanced and 21 declined. Read More

Godrej Industries board nods fundraising plan of Rs750cr via debt securities issue on private placem

Published on: 12:25 pm

  • Godrej Industries Ltd has informed that the Board of Directors of the Company on September 21, 2021 has approved the Placement Memorandum / Information Memorandum for issuance of upto 7,500  Rated, Listed, Unsecured, Redeemable, Non-Convertible Debentures having Face Value of Rs.10,00,000/- each, aggregating to Rs750cr on private placement basis.
  • At around 12:26 PM, Godrej Industries was trading at Rs552.05 apiece down by Rs1.85 or 0.33% from its previous closing of Rs553.90 apiece on the BSE. Read More

Ind-Ra revises credit ratings of IVP; Stock slumps over 3.5%

Published on: 12:18 pm

  • India Ratings & Research Private Limited (Ind-Ra) has revised the Credit Ratings of IVP Limited. India Ratings & Research has revised the Credit Rating of Long-term/Short-term bank facilities from ‘IND BBB-/Negative/IND A3’ to ‘IND BBB-/Stable/IND A3’for Rs1125 million (reduced from Rs1190 million) limit of Fund-based working capital limits of the Company.
  • The credit rating agency has reaffirmed the Credit Rating of IND A3 (Short-term bank facilities) for Rs565 million (Increased from Rs500 million) limit of Non-Fund-based working capital limits of the company. Read more

Indian Sucrose updates on expansion projects; Stock sheds 3.5%

Published on: 12:13 pm

  • Indian Sucrose Limited has informed to the exchange regarding expansion projects approved by the Board of Directors.
  • Brownfield Project: Board Decided to get in to the expansion of existing Sugar Mill plant and Cogeneration of Power Plant. Capacity expansion from existing 5000 TCD to 12000 TCD on the following phases.
  • 1st Stage target- 5000 TCD to 9000 TCD and 2nd Stage target- 9000 TCD to 12000 TCD. Read More

Bulk deals: From Kolte-Patil Developers to Windlas Biotech

Published on: 12:06 pm

  • According to the bulk deal data released on Monday, PGIM India Mutual Fund bought 5 lakh shares of Kolte-Patil Developers at Rs314.4 apiece
  • In another transaction on the NSE, Vikasa India EIF Fund bought 5.79 million shares of Visa Steel at Rs10.25 per share through a bulk deal.
  • Whereas, Kuber India Fund sold 1.13 lakh shares of Windlas Biotech at Rs379.7 apiece through a bulk deal on the NSE. Read More

Nifty FMCG stays steady, index jumps over 195 pts as Varun Beverages, United Breweries, HUL drive

Published on: 12:05 pm

  • FMCG stocks are in focus as expectations of price hikes due to higher commodity prices going forward, takes round. However, on a broad basis, the FMCG index is trading on a higher note especially driven by heavyweight Hindustan Unilever along with Varun Beverages and United Breweries. The FMCG index was among the top sectors that defied the broader volatile markets. The index has also limited losses on benchmarks of NSE and BSE.
  • The Nifty FMCG index was trading between an intraday high and low of 41,452.30 and 41,108.20 respectively. At around 11.59 AM, the index was trading at 41,365.20 higher by 195.50 points or 0.47%. Read More

Fineotex products receive ECO PASSPORT certification; Stock under pressure

Published on: 11:53 am

  • Fineotex Chemical Limited has earned the prestigious ECO PASSPORT by OEKO-TEX® certification, the highest rating in the globally renowned audit that measures standards of sustainability. The green rating has been awarded by Hohenstein, an independent and neutral renowned testing system that is globally recognized.
  • ECO PASSPORT by OEKO-TEX is an independent certification system for chemicals, colorants, and auxiliaries used in the textile and leather industry. During a multistep process, the international agency analyses whether each individual ingredient in the chemical product meets the statutory requirements. Read More

Essar's Anshuman Ruia appoints as Executive Director at AGC Networks; Stock tumbles 5%

Published on: 11:41 am

  • AGC Networks Ltd has informed to the exchange regarding appointment of Anshuman Ruia as Executive Director of the Company.
  • Anshuman Ruia is part of the second generation of the Ruia family that founded Essar. Essar was founded in 1969 by his father, Shashi Ruia, and uncle, Ravi Ruia.
  • Anshuman is known for his financial expertise and project execution skills that have been invaluable in Essar’s value creation journey. He was involved in the construction of the 20 million tons Essar Oil refinery in Vadinar, which is one of India’s most advanced refineries. Read More

Market pulse at 11:30 AM today

Published on: 11:30 am

  • Indices turn bearish after a positive start as banking stocks drag.
  • BSE Sensex is currently 58,290.18 down 200.75 points or 0.34%.
  • Nifty50 is currently 17,348.85 down 48.05 points or 0.28%. Nifty Bank is 36,597.60, down 1.48%. Mid-cap Index is down 0.97%.
  • ONGC, JSW Steel, Cipla, UPL, and Hindustan Unilever are the top gainers. Maruti, Axis Bank, Hero MotoCorp, ICICI Bank, and Bajaj Auto are the top losers.
  • Nifty Realty stocks remain bullish but Banking and Auto stocks drag.
  • Out of 50 stocks traded on the BSE, 24 advanced and 26 declined. Read More

Ind-Ra upgrades Steel Strips Wheels to 'IND A-' with Positive outlook

Published on: 11:20 am

  • India Ratings and Research (Ind-Ra) has upgraded Steel Strips Wheels Limited’s (SSWL’s) Long-Term Issuer rating to ‘IND A-’ from ‘IND BBB+’. The Outlook is Positive.
  • The upgrade follows SSWL’s healthy operating performance and improvement in credit metrics in 2HFY21 and 1QFY22.
  • According to the rationale report, the Positive Outlook reflects Ind-Ra’s expectation of continued improvement in FY22 owing to an increase in sales from margin-accretive alloy wheel and export segments. Read More

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Disclaimer : All estimates (1 year forward) are based on Consensus View provided by Refinitiv.

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