Live market updates

22nd Sep, 2021

Paras Defence IPO issue subscribed 40.48 times on Day 2

Published on: 5:45 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 a wide range of defence and space engineering products and solutions, IPO was oversubscribed by 40.48 times on day 2.
  • The portion reserved for retail investors was subscribed 68.39 times and the Non-Institutional Investor category was subscribed 26.32 times, while the Qualified Institutional Buyer category was subscribed 1.67 times. Read More

Ramkrishna Forgings wins order worth Rs65cr in Mining & Earthmoving segment; stock ends higher

Published on: 5:23 pm

  • Ramkrishna Forgings Limited, one of the leading suppliers of rolled, forged and machined products have won a non-auto segment order worth Rs65cr for the supply of mining and earthmoving components from an Indian arm of Hitachi.
  • This order will be supplied in FY22 and FY23, Ramkrishna Forgings said.
  • Commenting on the order win Mr. Naresh Jalan, Managing Director, Ramkrishna Forgings Limited said: “With this order win we are moving closer to our target of strengthening our non-auto business further. Mining and the earthmoving sector is an important part of this diversification strategy. This order win is a testimony of our product quality and technology prowess as the equipment’s operates in tough environment and the components should be able to perform flawlessly under these conditions continuously.” Read More

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Mindtree hit 52-week high on expansion in Europe, Asia-Pacific with executive appointments

Published on: 5:05 pm

  • Mindtree has announced that it is expanding in Europe and Asia-Pacific. The company has made several key executive appointments to further accelerate growth in the two markets.
  • The company has appointed Klaus Seifert as Head of Strategy for Europe and Chief Business Officer for Germany, Austria, and Switzerland (DACH). Munich-based Seifert brings more than two decades of experience in sales, business development, and P&L management across diverse industry sectors. He was formerly the head of Global Technology Services for DACH at IBM. Read more

Rupee drops 25 paise against US Dollar

Published on: 5:02 pm

  • The Indian rupee dropped against the US dollar tracking a strong greenback in the overseas market and volatile domestic equities ahead of the US Fed meeting outcome will be announced later in the day.
  • At the interbank foreign exchange, the rupee opened at 73.70 against the dollar, then fell further to 73.78/$, registering a decline of 25 paise from the last close.
  • On Tuesday, the currency had settled at 73.61 against the US dollar. Read More

Godrej Properties records sales of Rs575cr in a single day on second phase launch of Godrej Woods pr

Published on: 4:58 pm

  • Godrej Properties has achieved sales of a whopping Rs575cr in a single day at the launch of the second phase of its project Godrej Woods in Noida. The Mumbai-based real estate developer received an overwhelming customer response to its unique forest-themed phase named Evergreen taking total sales in the project in the past 6 months to approximately 1,140 crores.
  • The company on Wednesday said that it sold 340 homes with an area of more than half a million square feet on the first day of launch making this one of the most successful launches in India in recent times. Read More

Rudrabhishek Enterpirse appointed as Technical Consultant for development of tourism projects in Jam

Published on: 4:52 pm

  • Directorate of Tourism, Jammu has appointed Delhi-based infrastructure consultancy company Rudrabhishek Enterprises Ltd. (REPL), as Technical Consultants for the development of Tourism Projects in the Jammu region. The tourism projects being developed include the Himalayan region, Adventure, Heritage, Eco-tourism, & pilgrimage, etc.
  • The company said that the Union Ministry of Tourism is undertaking various initiatives with a vision to develop theme-based / circuit-based tourism to improve the tourists' experience and enhance employment opportunities. Jammu region attracts tourists across the globe for different purposes. Read more

Sterlite Tech launches Accellus - fiber broadband and 5G wireless solution

Published on: 4:34 pm

  • Sterlite Technologies Limited, an industry-leading integrator of digital networks, today launched Accellus, its flagship solution for 5G-ready, open and programmable networks. This new product line elevates STL’s position as a disruptive solution provider for Access and Edge networks. Over the past 5 years, STL has been investing in R&D to expand its capabilities in converged networks based on optical fiber broadband and Open Radio Access Network (Open RAN)., the company said in a filing.
  • As data demand rises and advanced use cases of IoT, AI, and immersive experiences emerge, digital networks need to deliver ultra-high bandwidth, low latency, and intelligence at the edge. Open RAN enables this massive evolution cost-effectively. Read More

Axis Bank commits to positive climate action and Sustainable Development Goals

Published on: 4:26 pm

  • Axis Bank, India’s third-largest private sector bank, announced a series of commitments aligned to achieving the Sustainable Development Goals (SDGs), supporting India’s commitments under the Paris Agreement. As part of its commitments, the Bank has set a target of incremental lending Rs30,000cr over the next 5 years, under Wholesale Banking towards pertinent sectors, included in its Sustainable Financing Framework.
  • Axis Bank has now become the first financial institution in India to have set up a standalone Environmental Social and Governance (ESG) Committee at the Board level, underscoring the Bank’s strong intent to adopting ESG as a strategic driver for the organization’s plans and performance. The Bank has also established an ESG Steering Committee at the Management level, comprising senior business leaders to champion ESG integration across the organization. Read More

Ind-Ra assigns ratings on PVR's credit facilities; Stocks hit 52-week high

Published on: 4:22 pm

  • India Ratings and Research (Ind-Ra) has affirmed PVR Limited’s Long-Term Issuer Rating to ‘IND AA-’. The Outlook is Negative.
  • Further, India Ratings Assigns PVR’s PPMLD ‘IND PP-MLD AA-emr’/Negative.
  • PP-MLD refers to full principal protection in the equity linked notes wherein the issuer is obligated to pay the full principal upon maturity. The suffix ‘emr’ denotes the exclusion of the embedded market risk from the rating. Read More

RattanIndia Enterprises launches drones business in wholly-owned subsidiary NeoSky India

Published on: 4:19 pm

  • Rattanindia Enterprises Ltd. announced the launch of its drones business in its wholly-owned subsidiary NeoSky India Limited.
  • RattanIndia Enterprises Ltd. recently made a strategic investment in US-based Matternet, the world's most extensive urban drone logistics platform.
  • NeoSky India Limited, a wholly-owned subsidiary of RattanIndia Enterprises Ltd. will develop a cutting edge drones system platform focussed on industry applications in India. Read more

Surya Roshni stock ends higher after order win from GNIDA

Published on: 4:11 pm

  • Shares of Surya Roshni ended higher on the stock exchange on Wednesday’s trade after receiving an order amounting to Rs41.22cr from Greater Noida Industrial Development Authority (GNIDA).
  • “The Company has obtained order amounted to Rs41.22cr (excluding GST) for implementing of smart LED Street Lights and installation of the centralized monitoring system with operation and maintenance from Greater Noida Industrial Development Authority (GNIOA),” Surya Roshni said in the filing. Read More

CARE Ratings reaffirms credit ratings of Jindal Saw; Stock ends higher

Published on: 4:08 pm

  • CARE Rating Limited has issued the credit rating for various instruments/banking facilities Rs7,244.82cr of Jindal Saw Limited on the basis of recent developments including the operational and financial performance of the company for FY21 (Audited) and Q1FY22 (Unaudited).
  • The rating on long-term bank facilities Rs2,244.82cr (reduced from Rs2,606.21cr) has been reaffirmed at CARE AA; Negative. The credit rating agency has also reaffirmed short-term bank facilities Rs5,000cr at CARE A1+. Read more

Ashoka Buildcons subsidiary to acquire 49% stake in Ashoka Highways (Durg)

Published on: 3:45 pm

  • Ashoka Buildcon Limited has informed that the Company's Subsidiary i.e. Ashoka Concessions Limited ("ACL") has entered into a share purchase agreement with Highway Concessions One Private Limited ("HC1") for purchasing 49% stake (i.e. 14,560,442 equity shares of Rs.10/- each) held by HC1 in Ashoka Highways (Durg) Limited ("AHDL / SPV") along with Zero Interest Shareholders Loan for an aggregate consideration of Rs5cr (Rupees Five Crore only).
  • Further, the company added that ACL already holds 15,154,732 equity shares of Rs.10/- each, i.e. 51% of the issued, subscribed and paid-up capital of AHDL. Read more

Sakar Healthcares fully-integrated anti-cancer formulation unit now starts with Research Lab; Stock

Published on: 3:40 pm

  • Sakar Healthcare has launched the research laboratories (R&D, F&D, ADL units) which is a part of the API integrated, research-driven oncology finished dosage formulation unit. With Research labs getting functional, Sakar has entered into a contract with a European company to partner the research and development of their key oncology product.
  • "It has been long since we have been preparing to enter the niche segment to cater to humanity; our anti-cancer unit will open the doors to same," said company founder and Managing Director Sanjay Shah during the inauguration of the research laboratories. The labs have been designed incorporating modern technologies like Flow-chemistry, having a capacity of 1ml to 10ml. Experts recommend that performing reactions in continuous flow can increase yields, optimize resources, minimize waste generation, and improve the safety of processes." Read more

Indices end in red ahead of FOMC meeting; Media, IT outperform, banking stocks drag

Published on: 3:36 pm

  • Domestic benchmark indices ended in rangebound today ahead of crucial FOMC meeting outcome tonight.  The S&P BSE Sensex ended at 58,927.33, down 77.94 points or 0.13%, while the Nifty 50 settled at 17,546.65, down 15.35 points or 0.09%.
  • On the sectoral front, auto, IT, metal and realty stocks witnessed a sharp rebound today, while the Nifty Media index surged over 15% mainly led by an over 30% rebound in Zee Entertainment following deal with Sony Networks, Read more

KPIT Tech buys 25% shareholding in Future Mobility Solutions GmbH; Stock soars ~7%

Published on: 3:32 pm

  • KPIT Technologies Limited board approved the acquisition of an initial 25% shareholding in Future Mobility Solutions GmbH (‘FMS’). Over a period of three years, KPIT will acquire the balance shareholding. The majority shareholding is expected to be acquired in the last quarter of the Financial Year 2022-23.
  • FMS belongs to Embedded Software Solutions for the Mobility Industry. “It will add certain unique proprietary offerings in the autonomous driving domain. The partnership will improve KPIT access to one strategic client with new offerings and strengthen KPIT market presence in Germany,” the company said in a filing on Wednesday. Read More

IDBI Bank stock slumps 2% after clarification on a divestment buzz

Published on: 3:31 pm

  • IDBI Bank has clarified stock exchanges about a media report claiming that there has been an early interest for IBDI Bank as the government and LIC of India look to divest their shareholding in the lender. Both government and LIC have received in-principle to carry strategic divestment in IDBI Bank earlier this year.
  • BSE and NSE had sought clarification from IDBI Bank on September 21, 2021, regarding a recent news item which appeared in the Bloomberg Quint captioned "Early Interest Emerges for IDBI Bank as Government, LIC look to divest." Read more

MTAR Technologies gets NADCAP Certification for its 100% EOU & Unit 5 in Telangana

Published on: 3:23 pm

  • MTAR Technologies Limited said in the filing that it has received NADCAP certification for its 100% Export Orient Unit (EOU) and Unit 5 in Telangana for a period of 12 months.
  • It's valid until November 2022, the company said.
  • Mr. Parvat Srinivos Reddy, Managing Director said "We are delighted to inform that our company, MTAR Technologies Limited, received certification from NADCAP Management Council for chemical processing, painting & dry film coatings, and solution analysis & testing for our facilities at 100% EOU & Unit 5 in Telangana.” Read More

JSPL issues clarification on Kasia mine auction media report; Stock gains 1%

Published on: 3:19 pm

  • Jindal Steel & Power Limited issued a clarification with respect to the story published on www.economictimes.com, on September 20, 2021, on the Kasia mine auction.
  • The auction of the Iron ore mines of Odisha took place on September 19, 2021. The company participated in the same and filed a bid for Kasia Iron Ore Mine. On September 20, 2021, during day time, many news portals including Steel Mint and Times of India reported the auction results declaring Jindal Steel & Power Limited, as the winning bidder.
  • “However, we don’t have any formal communication from the state government regarding the same, as of now,” company said in a filing on Tuesday. Read More

Trejhara Solutions wins order worth $3.5M from global logistics firm

Published on: 3:07 pm

  • Trejhara Solutions Limited stocks rally on Wednesday as it has announced order win from one of the largest logistics firms, having global presence, for the delivery and implementation of the product upgrade and technology support in relation thereto.
  • The Order, which is valued close to US$ 3.5 Million, is spread over five years covering upgrade of the existing system to the latest technology, followed by the hosting, support and maintenance thereafter for a period of five years. The system will cover customer’s Asia wide operations.
  • Snehal Pandit, Director – Trejhara, commenting on the order win stated that, “we are excited to announce this win from one of our prestigious customers. This win is also a mark of approval from our customers and entails continued trust they repose in us and our offerings. Read More

Sensex, Nifty trade volatile; ITC regains Rs3 trillion market cap; Tyre stocks in demand

Published on: 3:03 pm

  • Equity benchmark indices were trading in a narrow range with a positive bias on Wednesday. Nifty Midcap 50 was up 3% while BSE Midcap index was up 1.6%, while, Nifty Smallcap 50 and BSE Smallcap index were up 1.3% each.
  • The S&P BSE Sensex was up 11 points at 59,017 while the Nifty 50 was at 17,570.85, up 9 points.
  • Tech Mahindra, HCL Technologies, Mahindra & Mahindra (M&M), Reliance Industries (RIL), Tata Steel and Infosys were among the top gainers while HDFC, Hindustan Unilever, HDFC Bank, ICICI Bank, Dr. Reddy’s Laboratories, and Kotak Mahindra Bank  were among the top laggards. Read More

Nifty Auto holds rising spree, index tops 1%; Tata Motors, M&M, MRF drive the performance

Published on: 3:00 pm

  • Nifty Auto index has been in the fast lane since the start of this week and Wednesday's trading session was no different. Investors are optimistic about the sector ahead of the festive season with expectations of healthy growth in sales and a further rise in demand.
  • On Nifty Auto, the majority of the stocks are trading on a bullish note. At around 2.56 pm, the index was trading at 10,289.10 higher by 133.15 points or 1.31%.
  • The index was trading near the day's high of 10,314. However, the index has touched the day's low of 10,174.15. Read More

Vikas Lifecare agro products division receives largest single export order of $1 million; Stock hits

Published on: 2:52 pm

  • Vikas Lifecare Limited informed the exchanges Tuesday that the Agro Products division has received the largest single Export Order to date, amounting to U.S. $ 1 Million.
  • At around 2.55 pm, Vikas Lifecare was trading at Rs3.28 per piece up Rs0.15 or 4.79% (upper circuit) on the BSE.
  • “Owing to the tireless team efforts, we have our single largest order at hands though we are all the more excited and proud about the fact that the order apart from being the biggest so far, has been achieved directly from the country of final consumption which translates in better profit margins for us,” CEO Vijay Kumar Sharma, said. Read More

Vodafone Idea stock dips on reports promoter won't make any fresh equity infusion in its Indian arm

Published on: 2:50 pm

  • Shares of Vodafone Idea Ltd (VIL) dipped in a volatile market on Wednesday’s trade after the media statement said Vodafone plc won't make any fresh equity infusion in its Indian arm.
  • Vodafone plc has made it clear that it will not make any fresh equity infusion in its Indian telecom business--Vodafone Idea Ltd (VIL).
  • Responding to a query, a spokesperson at the UK-headquartered telco said: “Just to confirm our position, there will be no new equity infusion from Vodafone Group.” This is the first time that Vodafone has spoken about its stand after the government announced a telecom package last week, the media reports added. Read More

Nifty IT continues to scale new heights; Six companies log new highs

Published on: 2:35 pm

  • Nifty IT Index hit a record high on Wednesday with six companies logging fresh highs amid volatile trade. MindTreeTech Mahindra, and Mphasis led the bull run while Larsen & Turbo InfotechCoforge, and HCL Tech also hit new highs. The sector gained over 1.2%. 
  • At around 2.35 pm, BSE Sensex was trading at 59,103.93 up 98.66 points or 0.17% and Nifty50 at 17,594.90 up 32.90 points or 0.19%. Nifty IT was trading at 36,530.50 up 444.45 points or 1.23%, hitting a high of 36,713.15 and low of 36,145.95 during intraday trade on Wednesday.
  • Tech Mahindra vaulted to new high at Rs1,527.90 per piece. The company stock was trading nearly 3.85% higher. Mindtree logged new high of Rs4,569.90 per piece, up 3.7% latest.  Mphasis also hit fresh high of 3,302.70 per piece. Read more

Adani Group to invest $20B in renewable energy over 10 years; Adani stocks mixed; Adani Power and Ad

Published on: 2:33 pm

  • Adani Group is looking to pump in a breathtaking $20B to drive the renewable energy sector in India. The Group's stocks listed on stock exchanges were trading on a mixed note on Wednesday's session.
  • The investment will be made over the next 10 years and will be in clean energy generation, component manufacturing, transmission and distribution among others.
  • The Group's chairman Gautam Adani at the JP Morgan India Investor Summit stated that over 75% of Adani’s capital expenditure until 2025 is in green technologies. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices are marginally higher amid a record surge in media and realty stocks.
  • BSE Sensex is at 59,077.91 up 72.64 points or 0.12%.
  • Nifty50 is at 17,588.55 up 26.55 points or 0.15%. Nifty Bank is 37,020.60, down 0.57%. Mid-cap Index is up 2.85%.
  • Tech Mahindra, Coal India, Tata Motors, Hindalco, and M&M are the top gainers. ONGC, HDFC, Shree Cement, Kotak Bank, and HDFC Bank are the top losers.
  • Nifty Media stocks soar 15% to record highs while Realty stocks surge 8%.  while IT, Metal, and Auto stocks are also bullish. Nifty Banking and Financial Services remain under pressure. 
  • Out of 50 stocks traded on the BSE, 31 advanced and 19 declined. Read More

Paisalo Digital board to consider issuance of NCDs on Sept 27; Stock rises 1%

Published on: 2:22 pm

  • Paisalo Digital Ltd stocks in  focus on Wednesday as it has informed that meetings of Operations and Finance Committee of the Board of Directors of the company are scheduled to be held on September 27, 2021 to consider, issue and allot Unlisted, Unsecured, Unrated Non-Convertible Debentures through Private Placement Basis.
  • Paisalo Digital operates as a non-banking financial company. The Company offers personal and business loans, micro funding, and hire purchase financing services. Paisalo Digital serves clients in India.
  • At around 2:21 PM, Paisalo Digital was trading at Rs792.55 per piece higher by 0.97% on Sensex. Read more

Nifty Metal extends gain, index jumps over 1%; Coal India, Hindalco, NALCO top bulls

Published on: 2:00 pm

  • Nifty Metal index extended its gaining momentum on Wednesday as metal prices global advanced after China's real estate giant Evergrande calmed the free fall spree in stocks by announcing to pay bond interests tomorrow. The Nifty Metal index has been hovering between an intraday high and low of 5,530.20 and 5,530.20 respectively. The majority of stocks listed on the index was in the fast lane with state-owned companies in the lead.
  • At around 1.59 pm, Nifty Metal is trading at 5,511 higher by 66.55 points or 1.2%.  On the index, 11 scrips advanced and 4 scrips declined.
  • Coal India was the top gainer soaring over 3%, while Hindalco and NALCO followed by surging 2.4% and 1.8% respectively. Read more

Nippon Life India Asset Management acquires 6.30% stake in ARCL; Stock trades higher

Published on: 1:54 pm

  • Nippon Life India Asset Management Company Limited has subscribed to the paid-up equity share capital of AMC Repo Clearing Limited (‘ARCL’) by paying an application amount of Rs9,25,87,830.
  • The company has been allotted 92,58,783 (6.30%) equity shares of ARCL of Rs10 each.
  • “ARCL will be engaged in the business of clearing and settlement of corporate bonds and to ensure completion and guarantee of settlement and to facilitate, promote, assist, regulate and manage dealings in corporate bonds, subject to necessary approvals,” the company said in a filing on Tuesday. Read more

SBI Cards stock slips after Carlyle Group sells 3.4% stake

Published on: 1:44 pm

  • Shares of SBI Cards and Payment Services Ltd slipped for the second consecutive session on the stock exchange. The stock was under pressure after Carlyle entity CA Rover Holdings sold a 3.4% equity stake in the company via open market transactions on September 21.
  • CA Rover offloaded 1.6 crore shares in SBI Card at Rs1,021.25 per share and 1.6 crore equity shares at Rs1,021.01 per share on the NSE, as per the bulk deals data showed. It held 6.5% shareholding in the payment solutions provider as of June 2021.
  • With this, so far, CA Rover has sold 12 crore equity shares or 12.75 percent stake in SBI Card, since the month of March 2021. Read more

Torrent Power acquires 156 MW Wind Power Plants from CESC; stock trades flat

Published on: 1:31 pm

  • Torrent Power Limited on Tuesday said in the filing that it has entered into a Share Purchase Agreement with CESC Limited, Haldia Energy Limited and other Nominal Shareholders (the Sellers) for the acquisition of 100% of the share capital of Surya Vidyut Limited (the SPV), wholly-owned subsidiary of CESC Limited.
  • Surya Vidyut operates 156 MW Wind power plants (the Projects), spread across the states of Gujarat, Rajasthan and Madhya Pradesh.
  • Long-term Power Purchase Agreements (PPAs) for the Projects are with respective State Discerns for a period of 25 years, with a weighted average PPA tariff of Rs. 4.68/ kWh. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is currently 59,058.55 up 53.28 points or 0.09%.
  • Nifty50 is currently 17,569.90 up 7.90 points or 0.04%. Nifty Bank is 37,023.25, down 0.57%. Mid-cap Index is up 2.21%.
  • Tech Mahindra, Hindalco, Tata Motors, Coal India, and HCL Tech are the top gainers. HDFC, ONGC, HUL, HDFC Bank, and Nestle India are the top losers. Read more

Route Mobile board approves fund raising plan of Rs2000cr; Stock gains near 2%

Published on: 1:28 pm

  • Route Mobile Ltd has informed that the Board of Directors on Wednesday, September 22, 2021 has approved the proposal for raising of funds worth Rs2000cr.
  • The board has approved raising of funds through issuance of equity shares or other securities convertible into or exchangeable into Equity Shares or non-convertible debt instruments (with or without warrants) or any combination thereof through private placement, preferential issue, issuance of American Depository Receipts, Global Depository Receipts or Foreign Currency Convertible Bonds, Qualified Institutions placement, further public offer or through any other permissible mode or any combination thereof, in one or more tranches for an aggregate amount not exceeding Rs2000cr (rupees Two Thousand crore only). Read more

Nifty Realty hits fresh high; Index surges 8%; Godrej Properties, DLF hit fresh 52-week highs

Published on: 1:00 pm

  • The Nifty Realty index hit a record high on Wednesday as the sector surged 8.3% at 453.95 up 34.80 points amid volatile trade. It hit a new high of 455.10 during intraday trade on Wednesday.
  • Godrej Properties and DLF hit fresh 52-week highs while Sobha Limited, Indiabulls Real Estate, and Hemisphere Properties were also between 7-8% higher.
  • In the previous session, the realty index had jumped 3.6%. Realty stocks have been enjoying a bull run this year. Low interest rates and hopes of a faster economic recovery in the post-pandemic world seem to have boosted realty stocks. The rise in sales during the festive season has also boosted the sector. Read more

Nifty Media hits new historic highs, index skyrockets over 11%; Zee rises whopping 25%; DishTV, TV18

Published on: 12:58 pm

  • Media company stocks were on a bull run with all stocks listed on Nifty Media trading higher during Wednesday's session. The index has hit a new historic high of 2,163 and gained by more than 11% at least. The performance in Nifty Media emerged after the heavyweight Zee Entertainment received in-principle approval for merger with Sony Pictures Networks. All stocks trading on Nifty Media had witnessed between 1-25% upside.
  • At around 12.48 pm, Nifty Media is trading at 2,156.10 up 214.75 points or 11.06%. Read More

CRISIL upgrades rating on additional tier-I bonds of Bank of India to 'AA/Stable'

Published on: 12:49 pm

  • CRISIL Ratings has upgraded its rating on the tier I bonds (under Basel III) of Bank of India (BOI) to ‘CRISIL AA/Stable’ from ‘CRISIL AA-/Stable’.
  • CRISIL Ratings has also assigned its ‘CRISIL AA+/Stable’ rating to the Rs1,800cr tier II bonds (under Basel III) and reaffirmed its ‘CRISIL AA+/Stable/CRISIL A1+’ ratings on the Tier II Bonds (under Basel III) and the certificate of deposit.
  • CRISIL Ratings has also withdrawn its rating on the tier II bonds (under Basel III) of Rs1500cr in-line with its withdrawal policy. CRISIL has received independent verification that these instruments are fully redeemed. Read more

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark market indices remain flat. Media, Realty stocks hit new highs.
  • BSE Sensex is at 59,041.73 up 36.46 points or 0.06%.
  • Nifty50 is at 17,582.85 up 20.85 points or 0.12%. Nifty Bank is 37,076.05, down 0.43%. Mid-cap Index is up 2.17%.
  • Tech Mahindra, Tata Motors, Hindalco, Coal India, and Mahindra & Mahindra are the top gainers. HDFC, HUL, HDFC Bank, ONGC, and Dr. Reddys are the top losers.
  • Media stocks soar 10% and Realty stocks surge 6% while IT, Metal, and Auto stocks are also bullish. Nifty Banking and Financial Services remain under pressure. 
  • Out of 50 stocks traded on the BSE, 32 advanced and 18 declined. Read More

Ravinder Heights gets license by wholly-owned subsidiary for setting up an Affordable Plotted Colony

Published on: 12:06 pm

  • Ravinder Heights Ltd has informed to the exchange on account of receipt of License by Wholly Owned Subsidiary of the company for setting up of an Affordable Plotted Colony.
  • Earlier, the company has informed regarding receipt of Letter of Intent by Radhika Heights Limited (wholly-owned subsidiary) along with its Wholly owned subsidiaries i.e. Nirmala Buildwell Private Limited and Cabana Construction Private Limited ("Step-down WOS of the Company") and their collaborating party i.e. Bestech India Private Limited ("Developer") for setting of an Affordable Plotted Colony under Deen Dayal Jan Awas yojna ("DDJAY") Scheme. Read More

Vikas Ecotech on path to exceed revenue target of Rs225cr by 24% in first 5 months of FY22; Stock hi

Published on: 12:06 pm

  • Vikas Ecotech Limited informed the exchanges Tuesday that the company is heading towards exceeding the revenue target of Rs225cr by about 24% during the first 5 months of the current Financial Year (FY). registering an improvement of 63% as compared to the same period during last FY.
  • The company stock was trading at Rs2.10 per piece up by Rs0.1 or 5% upper circuit from its previous closing of Rs2 per piece on the BSE. Read More

Zee Entertainment board approves merger with Sony Pictures, Punit Goenka to remain MD and CEO; Stock

Published on: 11:54 am

  • Zee Entertainment Enterprises (ZEEL) board of directors on Wednesday gave in-principle approval for the merger between the company and Sony Pictures Networks (SPNI). The merger is in line with Zee's strategy of achieving higher growth and profitability as a leading Media & Entertainment Company across South Asia.
  • Under the agreement, the shareholders of Sony Pictures will hold a majority stake in the merged entity. The shareholders of SPNI will also infuse growth capital into SPNI as part of the merger such that SPNI has approximately $1.575 billion at closing, for use in pursuing other growth opportunities. Read more

KEC International wins new orders of Rs1,157cr; stock trades higher

Published on: 11:50 am

  • KEC International Ltd., a global infrastructure EPC major, an RPG Group Company, has secured new orders of Rs1,157cr across its various businesses.
  • Transmission & Distribution (T&D):
  • The business has secured orders of Rs663cr for projects in the Middle East, Africa, and the Americas.
  • Railways:
  • The business has secured orders of Rs220cr for 2 x 25 kV Overhead Electrification (OHE) and associated works for speed upgradation in India. Read more

Rajratan Global Wire stock jumps over 3.5% after MP Industrial Development santions IPA of Rs19.74cr

Published on: 11:43 am

  • Rajratan Global Wire Ltd has informed the exchange regarding intimation of Receipt of Subsidy / Investment Promotion Assistance by MP Industrial Development Corporation Limited under Madhya Pradesh Nivesh Protsahayan Yojana, 2014 / Investment Promotion Assistance Scheme.
  • In a regulatory filing, company said that MP Industrial Development Corporation Limited (Government of Madhya Pradesh Undertaking) had sanctioned Investment Promotion Assistance (IPA) for an amount not exceeding Rs19.74cr under Madhya Pradesh Nivesh Protsahayan Yojana, 2014 / Investment Promotion Assistance Scheme to the Company. Read more

Market pulse at 11:30 AM today

Published on: 11:30 am

  • Indices trade flat despite bullish media, IT and realty stocks; Banking and Financial Services drag.
  • BSE Sensex is currently 58,953.22 down 52.05 points or 0.09%.
  • Nifty50 is currently 17,554.80 down 7.20 points or 0.04%. Nifty Bank is 36,985.10, down 0.67%. Mid-cap Index is up 1.57%.
  • Tech Mahindra, Tata Motors, HCL Tech, Coal India and Mahindra & Mahindra are the top gainers. HDFC, HDFC Bank, ONGC, Nestle India, and HUL are the top losers.
  • Media stocks are 8.5% higher while Nifty IT and Realty stocks also remain bullish. Nifty Banking and Financial Services remain under pressure.  
  • Out of 50 stocks traded on the BSE, 29 advanced, 20 declined and 1 unchanged. Read More

Telecom Department initiates telecom reforms; Simplifies KYC processes

Published on: 11:26 am

  • As stated by Ashwini Vaishnaw, Minister of Communications, recently, “Telecom Reforms aim to provide world-class internet and tele-connectivity for the marginalised section.”
  • In a major step towards achieving this objective, the Department of Telecommunications, Ministry of Communications, Government of India, issued a series of orders simplifying the KYC processes and thereby initiating the telecom reforms announced by the Cabinet on Sep 15, 2021. Read More

Apollo Pipes begins commercial production of a newly set unit in Raipur

Published on: 11:15 am

  • Apollo Pipes has commenced commercial production of a unit situated in Raipur. The company's stock was trading volatile on Wednesday.
  • In its regulatory filing, Apollo Pipes said that "we wish to intimate your Exchange that on September 21, 2021, the newly set-up unit of the Company at...Village- Sankara, Dharsiwa, Bilaspur Road, Tehsil-Raipur, Raipur, Chhattisgarh - 493221 has started Commercial Production."
  • At around 11.13 am, Apollo Pipes was trading at Rs1666.05  per piece slightly lower compared to the previous closing on Sensex. Read More

KIOCL shuts down pellet plant for maintenance work

Published on: 11:12 am

  • KIOCL Limited has informed that the Pellet Plant of the Company have been shut-down with effect from September 20, 2021 for rectification of Indurating Machine alignment, replacement of refractories, major repairs and other maintenance works.
  • During this period, grinding and filtration plant will continue to operate, said company in a regulatory filing.
  • Further, the operations of pellet plant are expected to resume in six weeks’ time. The company will keep the stock exchange informed as soon as the operations at plant resumes, it added. Read More

Jonjua Overseas purchases additional10 lakh shares of Jonjua Air; Stock hits 5% upper circuit

Published on: 11:11 am

  • Jonjua Overseas Limited informed exchanges that the company had purchased unlisted 20 lakh equity shares of Re1 each of Jonjua Air Private Limited and sold the 20 lakh equity shares of Re1 each of Jonjua Air Private Limited.
  • After completion of the said transactions, Jonjua Overseas Limited had purchased additional Stock in Trade of Re1 each of 10 lakh equity shares of Jonjua Air Private Limited.
  • At around 11.08 am, Jonjua Overseas Ltd. was trading at the upper circuit of Rs10.54 per piece up Rs0.50 or 4.98% on the BSE. Read more

L&T subsidiary wins orders in construction services segment from Gail and Air Products Middle East I

Published on: 11:05 am

  • Larsen & Toubro, wholly-owned subsidiary, L&T Hydrocarbon Engineering (LTHE), has bagged two orders in the Construction Services segment - one each from GAIL India and Air Products Middle East Industrial Gases LLC.
  • The first order is for GAIL India's Mumbai o Nagpur Pipeline under which the company will be responsible for laying a steel gas pipeline (24" x 224 KM) - Section 1 of Part A and construction of terminals along with associated facilities.
  • The pipeline project, due to be laid alongside the upcoming Mumbai - Nagpur super communication expressway, has a schedule of 14 months. Read More

Kotak Mahindra Bank forays into Healthcare Financing; Stock gains

Published on: 10:55 am

  • To bring a sharper focus to the healthcare sector with a targeted set of product offerings, Kotak Mahindra Bank (KMBL) has announced that it has launched a tailored and holistic suite of healthcare financing solutions ranging from healthcare infrastructure loans, medical equipment finance and unsecured healthcare loans, catering to key stakeholders in the healthcare ecosystem including hospitals, laboratories, diagnostic centres, nursing homes, clinics, doctors and medical equipment manufacturers & dealers.
  • KMBL has introduced a comprehensive bouquet of offerings at attractive interest rates to meet the financing requirements of all the key players.
  • This includes innovative lending facilities such as the Insta Programme for quick approval of loans up to Rs50 lakh. Read More

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