Live market updates

24th Sep, 2021

Zydus Cadila's US arm bags final approval from USFDA for Apremilast Tablets

Published on: 5:07 pm

  • Zydus Cadila’s US-based subsidiary, Zydus Pharmaceuticals (USA) has received final approval from the USFDA to market Apremilast Tablets in the strengths of 10 mg, 20 mg, 30 mg (US RLD: Otezla Tablets).
  • Zydus’ Apremilast Tablets are indicated for the treatment of adult patients with moderate to severe plaque psoriasis who are candidates for phototherapy or systemic therapy.
  • The drug will be manufactured at the group’s formulation manufacturing facility at the SEZ, Ahmedabad. Read more

Caplin Point's CRO Amaris Clinical completes USFDA audit with nil observations

Published on: 5:03 pm

  • Caplin Point Laboratories' Clinical Research Organization (CRO) division, Amaris Clinicals (Amaris) has completed a virtual audit from the United States Food and Drug Administration (USFDA) with NIL observations.
  • Chairman C. C. Paarthipan commented “It is an excellent milestone for our group, and shows our commitment to maintaining the highest standards of quality and compliance at all our units. In addition to being a profit centre on its own in the coming years, Amaris will facilitate cost-effective and quicker foray into newer geographies we plan to expand, where BA/BE studies are required for product approvals. Considering the potential increase in demand for these activities, we will be expanding capacities at this site shortly.” Read more

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PSP Projects secures work orders worth Rs421.87cr

Published on: 5:00 pm

  • PSP Projects Ltd has informed that the company is in receipt of Letter of Intent(s) (LOI) and Work Orders (WO) for new projects worth Rs421.87cr (excluding GST) towards Institutional, Industrial, Residential and precast segments from various clients.
  • Further, with the receipt of the above, the new LOIs/ WOs received during the financial year 2021-22 till date amounts to Rs637.23cr (excluding GST), said company in a regulatory filing.
  • On Friday, PSP Projects ended at Rs445.90 apiece down by Rs10.15 or 2.23%. Read more

Trident prepares with exclusive offers this festive season; Stock ends lower

Published on: 4:58 pm

  • Trident has tied up with an e-commerce website showcasing Trident products exclusively for the upcoming festive season. The company said that it has sent Gift Vouchers to over 8.25 Lakh shareholders this festive season.
  • The website features top quality Trident products ranging from towels, bedsheets, paper, notebooks, bathrobes, rugs and more. Designed exclusively for an easy transition of customers into ‘shoppers,’ the website will offer a plethora of benefits. Customers can now save time, shop for the best price and don’t have to deal with driving, parking or any other hassle. Read more

Indiabulls Housing Finance repays Rs7,075.84cr of debentures to investors in Sept so far

Published on: 4:51 pm

  • Indiabulls Housing Finance on Friday said that the company repaid a whopping Rs7,075.84cr of Non-Convertible Debentures (NCDs) to its investors. The repayments comprised of Rs6,575.84cr of Public issue of NCDs done by IBH and ICCL (100% subsidiary of IBH) in September 2016 and September 2018 respectively and Rs500cr of NCDs issued by IBH in September 2011.
  • The public NCDs were repaid ahead of their scheduled repayment dates.
  • The company said that IBH has a fully matched ALM with significant positive cash at the end of each period. The Company, from time to time, utilizes its liquidity buffers to repay its liabilities ahead of schedule to give comfort to its stakeholders, especially lenders and rating agencies. Read more

PLI Auto Scheme will help create additional employment of over 7.5 lakh jobs: Centre

Published on: 4:50 pm

  • The Government has issued a Notification regarding Production Linked Incentive (PLI) Scheme for Automobile & Auto components. The PLI Scheme for Automobile & Auto components and its Guidelines have been notified in the Gazette of India on 23.09.2021. Earlier government approved the Production Linked Incentive (PLI) Scheme for the Automobile and Auto Component Industry on 15.09.2021.
  • The PLI Scheme for the auto sector envisages overcoming the cost disabilities of the industry for the manufacture of Advanced Automotive Technology products in India. The incentive structure will encourage the industry to make fresh investments for indigenous global supply chain of Advanced Automotive Technology products. It is estimated that over a period of five years, the PLI Scheme for Automobile and Auto Components Industry will lead to fresh investments of over Rs 42,500 crores, incremental production of over Rs 2.3 lakh crore and will create additional employment opportunities of over 7.5 lakh jobs. Further this will increase India’s share in global automotive trade. Read more

Centre signs contract with Airbus Defence & Space for acquisition of 56 C-295MW transport aircra

Published on: 4:45 pm

  • The Ministry of Defence (MoD) signed a contract with Airbus Defence and Space, Spain for the acquisition of 56 C-295MW transport aircraft for the Indian Air Force, on September 24, 2021. The MoD has also signed an Offset Contract with M/s Airbus Defence and Space through which M/s Airbus will discharge its offset obligations through direct purchase of eligible products and services from Indian Offset Partners. These contracts were signed following the approval accorded by the Cabinet Committee on Security earlier this month.
  • The induction of C-295MW will be a significant step towards the modernisation of the transport fleet of the Indian Air Force (IAF). It is a transport aircraft of 5-10 tonne capacity with contemporary technology that will replace the ageing Avro transport aircraft of IAF. The aircraft is capable of operating from semi-prepared strips and has a rear ramp door for quick reaction and para dropping of troops & cargo. Read more

CRISIL downgrades debt and bank facilities of PVR due to weakening in risk profile for medium term

Published on: 4:45 pm

  • CRISIL Ratings has downgraded its ratings on the bank facilities and debt programmes of PVR Limited (PVR) to 'CRISIL A+/CRISIL PP-MLD A+r/Negative/CRISIL A1’ from ‘CRISIL AA-/CRISIL PPMLD AA-r/Negative/CRISIL A1+’ CRISIL Ratings have assigned its 'CRISIL PP-MLD A+r/Negative' rating to the Rs250cr long-term principal-protected market-linked debentures.
  • Furthermore, the rating on the Rs145cr NCDs has been withdrawn as the instruments have been fully repaid. CRISIL has received confirmation of no dues pending against these NCDs. The withdrawal is in line with CRISIL Ratings' policy on the withdrawal of NCDs. Read more

Ultratech Cement targets 100% renewable energy usage by 2050

Published on: 4:37 pm

  • Ultratech Cement has announced its commitment to Climate Group’s RE100 initiative at Climate Week NYC 2021. As part of this commitment, UltraTech targets to meet 100 per cent of its electricity requirement through renewables sources by 2050.
  • “We have made tremendous progress in scaling up the use of green energy in our operations. The commitment to move to 100 per cent renewable energy to meet our electrical energy requirements by 2050 is both a reflection of our confidence on the progress we have made, as well as our commitment to overcome the challenges ahead. With us now joining the RE100 group, UltraTech will become part of a high-profile global campaign that advocates for a strong business case in transitioning to renewable energy sources in building a decarbonized economy,” said Kailash Jhanwar, Managing Director, UltraTech Cement. Read more

Forbes Asia names Persistent to its "Best Under A Billion" 2021 List

Published on: 4:30 pm

  • Persistent Systems has been named one of the companies on Forbes Asia’s “Best Under A Billion” list, which highlights 200 Asia-Pacific public companies under $1 billion in revenue, with consistent top and bottom-line growth. This is the first time Persistent has been included in this list.
  • The “Best Under A Billion” list covers a wide range of companies from healthcare and pharmaceutical-related to technology and logistics. Read more

India Ratings assigns JSW Energy's arm BLMCL term loans IND AA- (CE); Outlook Stable

Published on: 4:30 pm

  • India Ratings and Research (Ind-Ra) has assigned a long-term rating of 'IND AA- (CE) / Stable' and an Unsupported rating of 'IND A / Stable' on Barmer Lignite Mining Company Limited’s (BLMCL), Joint Venture of JSW Energy Limited long-term bank facilities.
  • “Ind-Ra has equated the rating of term loans with those of BLMCL’s 49% parent JSW Energy (Barmer) Limited (JSWEBL; ‘IND AA-’/Stable), as the loans are backed by an unconditional and irrevocable pre-default guarantee provided by JSWEBL. Read more

CCI nods Sumitomo Mitsui Financial Group's proposal for acquiring shares in Fullerton India Credit

Published on: 4:21 pm

  • The Competition Commission of India (CCI) approves acquisition of shares in Fullerton India Credit Company Limited (FICC/ Target) by Sumitomo Mitsui Financial Group, Inc. (SMFG / Acquirer) under Section 31(1) of the Competition Act, 2002.
  • The proposed combination relates to the acquisition of equity share capital of the Target by the Acquirer. It is in the nature of acquisition and falls under Section 5(a) of the Competition Act, 2002.
  • SMFG is the holding company of Sumitomo Mitsui Banking Corporation (SMBC) and its other group companies. Its primary business is to manage its banking subsidiaries and other companies. Read more

Escorts clarifies on news of stake rise by Japan's heavy equipment leader Kubota

Published on: 4:12 pm

  • Escorts Ltd has clarified to the exchange on Friday regarding media report titled, “Japan's heavy equipment leader Kubota may raise stake in Escorts”.
  • In connection with the above the company clarified that, in accordance with the requirements of SEBI and Company’s policy for determination of materiality of events/information, no event has occurred that requires the Company to make any disclosure.
  • "The news article is speculative and the Company, in compliance with its obligations under law, has refrained to make any comments," said Escorts in a regulatory filing. Read more

Shree Rama Newsprint to resume production in paper division from Sept 27

Published on: 4:10 pm

  • Shree Rama Newsprint Limited informed the exchanges Friday that the planned shutdown for boiler bed coil & boiler bed superheater coil tubes change and minor overhauling of the lone turbine is over and the company expects production to be resumed in the paper division from September 27, 2021.
  • Further, the company has received an order as (Ll bidder) for the supply of paper from Gujarat State Board of School Textbooks for 10000 MT worth Rs58.65cr, and production of the same will be also taken from September 27, 2021. Read more

Markets end the week on record highs

Published on: 4:03 pm

  • Domestic markets continued to remain on a hot streak with the benchmark index closing the week on a record high.  The index Option gamma writers ran for a cover as the Nifty index broke out from a narrow trading band.
  • The Nifty index outperformed the Bank Nifty index by ~1.5% as it witnessed an addition of fresh long positions during the week. On the daily charts, the Nifty index has given a consolidation breakout, indicating a possibility of continued upward momentum.
  • IT stocks like Infosys, TCS, Tech Mahindra, Mindtree and HCL Tech were among the top outperformers, witnessing an addition of fresh long positions during the week. Read more

PIL ITALICA Lifestyle ceases to be subsidiary of Dawood Investment

Published on: 4:00 pm

  • PIL Italica Lifestyle Ltd has informed to the exchange that the Company cease to be subsidiary of Dawood Investment Private Limited with effect from the close of business hours of September 23, 2021, consequent upon the reduction in the shareholding of the latter.
  • PIL Italica is one of the best Plastic Furniture manufacturers in India. The company provides innovative, durable, and superior-quality plastic furniture.
  • Italica Furniture is the only company in India with CE-certified plastic furniture products. Read more

PFRDA to observe NPS Diwas on October 1

Published on: 3:58 pm

  • The Pension Fund Regulatory and Development Authority (PFRDA) has kickstarted a campaign under ‘Azadi Ka Amrit Mahotsav’. The Pension Regulator will be observing 1st October 2021 as the National Pension System Diwas (NPS Diwas) to promote pension and retirement planning for a carefree ‘azad’ retirement. PFRDA is promoting this campaign on its social media platforms with #npsdiwas.
  • The pension regulator aims to encourage every citizen (working professionals and self-employed professionals) to plan towards creating a financial cushion to ensure for onself a financially sound future after retirement.
  • NPS subscribers will enjoy the benefits, power of compounding now and reap many of the benefits after retirement. Read more

Sankarshan Basu and Ramanand Mundkur join Federal Bank's Director Board

Published on: 3:54 pm

  • Mr. Sankarshan Basu and Mr. Ramanand Mundkur two seasoned professionals in banking and finance joined the Board of Federal Bank as its additional non‑executive independent directors.
  • Mr. Sankarshan Basu is a professor of quantitative finance and risk management at IIM Bangalore. He has been involved in teaching, research, consulting and academic administration for more than 19 years covering areas in finance, financial markets, financial products, banking, clearing and settlement, risk management etc.
  • Mr. Sankarshan Basu has specialisation in statistics and has been a Board member of The Clearing Corporation of India Limited, Bilcare Limited, BgSE Properties and Securities Limited and Bangalore Stock Exchange Limited. Read more

Trident ties up with an e-commerce website showcasing products exclusively

Published on: 3:50 pm

  • To diversify its online presence, textile giant Trident Limited has tied up with an e-commerce website showcasing Trident products exclusively.
  • The website features top-quality Trident products ranging from towels, bedsheets, paper, notebooks, bathrobes, rugs, and more. Designed exclusively for an easy transition of customers into ‘shoppers,’ the website will offer a plethora of benefits. Customers can now save time, shop for the best price, and don’t have to deal with driving, parking, or any other hassle.
  • As a token of gratitude to its shareholders, Trident is offering gift coupons of a whopping 40% flat one-time discount for all its shareholders which is being mailed to the shareholders. The procedure of using the Coupon is being detailed in the email being sent to the individual shareholder. Read more

Launch of next tranche of commercial coal mines auction in coming months: Pralhad Joshi

Published on: 3:48 pm

  • The Ministry of Coal has executed agreements with the eight successful bidders pursuant to the auction of the second tranche of coal mines for commercial mining (Tranche 12 under CMSP Act and Tranche 2 under MMDR Act) here today.
  • Addressing the successful bidders, Union Minister of Coal, Mines and Parliamentary Affairs, Pralhad Joshi congratulated them for their successful participation in the auction process. The Minister stressed that the Government of India and the Ministry of Coal are on a continuous journey to reform the coal sector and unlock values for the nation’s economy.
  • The success of these auctions will help in further strengthening the vision of an Aatmanirbhar Bharat as it will help reduce India’s coal imports, the Minister added. Read more

Markets close on record highs; Midcap stocks outperformed

Published on: 3:36 pm

  • Markets witnessed a positive day of trade, with the benchmark index closing on record highs.
  • Both Nifty and Bank Nifty index closed marginal higher, continuing their upward momentum.
  • Midcap Stocks like Chambal Fertiliser, Oberoi Realty & Indus Tower hit a fresh 52-week highs along with an addition of fresh long positions. Nifty Midcap 100 index closed ~0.75% higher. Read more

IndusInd Bank acquires 4.79% of Mcleod Russel by invoking pledged shares to recover dues

Published on: 3:34 pm

  • IndusInd Bank has announced the acquisition of 50 lakh equity shares of Mcleod Russel India. The shares represent a 4.79% stake in the debt-laden Mcleod.
  • As per the regulatory filing, the Equity Shares of McLeod Russel held by Ichamati Investments were pledged with the Bank for securing the outstanding dues of Mcleod, the Borrower Company.
  • The Bank has invoked the pledge held on the aforesaid shares for recovery of its dues from MRIL. Read more

Aditya Sun Life AMC IPO to open on Sept 29 at a price band of Rs695-712 per equity share

Published on: 3:25 pm

  • Aditya Sun Life AMC has received regulators approval for its draft red herring prospectus related to initial public offering (IPO). The AMC will offer 3.88cr equity shares in the IPO.
  • The total offer size comprises 28.51 lakh equity shares by Aditya Birla Capital and 3.6cr equity shares by Sun Life AMC. The AMC is a joint venture between Aditya Birla Group and Canada-based Sun Life Financial Inc.
  • As per the red herring prospectus, the  IPO includes a reservation of up to 1,944,000 equity shares for purchase by individual and Hindu Undivided Family (‘HUF’) who are public shareholders of ABCL, (excluding depository receipt holders of ABCL and such other persons not eligible to invest in the IPO under applicable laws, rules, regulations and guidelines), as on the date of filing of RHP i.e. 22 September 2021. Read more

Brickwork Ratings revises ratings of Edelweiss Financial Services various long term borrowing progra

Published on: 3:25 pm

  • Brickwork Ratings India Pvt. Ltd. (BWR), vide their letter dated September 22, 2021, has re-affirmed/withdrawn the ratings to various long-term borrowing programs of Edelweiss Financial Services Limited.
  • The rating on Non-Convertible Debentures (NCDs) Rs418.70cr has been reaffirmed at BWR AA-/ Stable. The credit rating agency also reaffirmed BWR PP-MLD AA-/ Stable rating on Principal Protected Market Linked Debentures (PP-MLD) Rs500cr of the company.
  • The rating on NCDs Rs250cr and Rs50cr has been withdrawn, company said in a filing on Thursday.  Read more

CRISIL revises Minda Corporation's bank facilities outlook to 'Positive', upgrades rating

Published on: 3:16 pm

  • CRISIL Ratings has revised its outlook on the long-term bank facilities of Minda Corporation Ltd to ‘Positive’ from ‘Stable’ while reaffirming long-term rating at ‘CRISIL A+’. The short term rating has been upgraded to ‘CRISIL A1+’ from ‘CRISIL A1’.
  • The change in rating is on account of an improving business risk profile and a strong financial risk profile as reflected by the group becoming net debt free as on March 31, 2021.
  • Further, the ratings continue to reflect the group’s established market position in India’s automotive (auto) components industry, backed by a diversified product portfolio and healthy relationships with leading OEMs in two-, three-, and four-wheeler segments. Read more

Piyush Goyal inaugurates Centre of Excellence in Logistics and Supply Chain Management at NITIE in M

Published on: 3:16 pm

  • Union Minister for Commerce & Industry, Piyush Goyal on Thursday has inaugurated the 'Centre of Excellence in Logistics and Supply Chain Management at the National Institute of Industrial Engineering (NITIE), Mumbai.
  • Inaugurating the Centre, the Union Minister said the amount of interdependence in a globalized world calls for significant value addition on several fronts such as packaging, research on transportation, warehousing and more.
  • “I hope the Centre of Excellence inaugurated today will help the logistics sector become more cost-effective, make the sector more competitive, create new jobs, export more, engage better with the world markets, expand outreach and bring more economic activity to India” he added. Read more

Ramkrishna Forgings wins export order worth Rs300 Million per annum

Published on: 3:14 pm

  • Ramkrishna Forgings Limited, one of the leading suppliers of rolled, forged, and machined products has won yet another export order worth Rs300 Million (USD 4 million per annum) from the same North American Customer in Oil & Gas Segment.
  • “Our foray into the Oil & Gas Exploration sector is reaping rich dividends. We have bagged a significant order of Rs300 Million (USD 4 Million per annum) one of the biggest OEM majors in Oil & Gas for pipe fitting parts in North America. Read more

Startup India ecosystem gets big boost by DPIIT: Centre

Published on: 3:13 pm

  • The Prime Minister of India has launched a nationwide celebration of ‘Azadi ka Amrit Mahotsav’ to commemorate 75 years of India’s Independence. The initiative is a 75-week countdown to the 75th Independence Day of India starting from 12th March 2021. It embodies all that is progressive about India’s socio-cultural, political, and economic identity and is dedicated to the people of India who have been instrumental in bringing India thus far in its evolutionary journey, fueled by the spirit of Atmanirbhar Bharat.
  • The Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry is celebrating the Azadi Ka Amrit Mahotsav Week from the 20th of September 2021 to the 26th of September 2021. Read more

SEEPZ needs a complete makeover; Has $30 bn export potential: Piyush Goyal

Published on: 3:05 pm

  • Union Minister of Commerce & Industry Piyush Goyal visited SEEPZ (Santacruz Electronics Export Processing Zone) in Mumbai as part of Azadi Ka Amrit Mahotsav Saptah being celebrated by his Ministry.
  • Stating that the SEEPZ established in 1973, initially to promote electronics manufacturing in India, needs a complete make over, Goyal said “Let's aim for transformational change and not incremental change. Let's bring back the vibrancy into SEEPZ like the earlier years”, addressing the exporters and trade partners.
  • The Minister said, “I am confident that with everyone's cooperation, SEEPZ can be made modern and world class. We can think of a public-private partnership scheme whereby industry units who revamp their properties can be given exemption from rent revision for 10 years.” Read more

Uttam Sugar Mills jumps 2% after CARE revises ratings on its bank facilities

Published on: 3:00 pm

  • CARE Ratings Limited has revised the ratings for various bank facilities obtained by Uttam Sugar Mills Limited. The rating on long-term bank facilities has been revised from CARE BB+; Stable to CARE BBB; Stable.
  • The credit rating agency also revised the rating on short-term bank facilities from CARE A4+ to CARE A3.
  • The company stock was bullish on Friday and at around 3.00 pm, Uttam Sugar Mills Ltd was trading at Rs185 per piece up by Rs3.95 or 2.18% from its previous closing of Rs181.05 per piece on the BSE. Read more

CSIR-NCL and RIL join hands to make useful products from COVID-19 PPE waste

Published on: 2:58 pm

  • CSIR-National Chemical Laboratory (CSIR-NCL), Pune jointly with Reliance Industries Ltd. (RIL) and several other companies from Pune have achieved a breakthrough to manufacture useful moulded plastic components from COVID-19 PPE waste.
  • The undertaken pilot project has the potential to scale up and replicate throughout the country to convert PPE waste into useful and safe products.
  • A substantial increase in demand for single use plastic items such as Personal Protective Equipment (PPE), masks, gloves, etc. has been observed since the outbreak of COVID-19 pandemic. Across India, more than 200 tons of COVID-19 related waste was generated every day in May 2021. So far, this hazardous PPE waste is incinerated at central waste management (BMWM) facilities. Incineration is energy-intensive and leads to the release of harmful greenhouse gases. Read more

Shyam Steel to expand its retail presence pan India

Published on: 2:53 pm

  • Shyam Steel is a well-known player in the retail markets of eastern, north-eastern, and northern markets of the country and has been a major supplier of TMT bars to mega infrastructure projects. The company has established a strong network of over 6000 distributors, dealers, and retailers in the markets it currently operates in, and will now market its brand across central, western, and southern India.
  • The company will be establishing its presence across every corner of these states. It has developed a highly efficient network of third-party logistics service providers to take its products to every corner of the country smoothly and punctually. The company plans to appoint a team of around 500 distributors, dealers, and retailers across each of these sates to ensure easy accessibility of its brand to home builders at reasonable prices. Read more

Nifty Metal pulls back from previous gains, index nosedives 2%; Tata Steel, JSPL, JSW Steel weigh

Published on: 2:50 pm

  • Investors were highly cautious on metal stocks during Friday's trading session amid looming US Federal Reserves benchmark interest rate hikes and uncertainties about Evergrande. Also, mixed base metal prices at London and Shanghai exchange further swayed sentiments. Nifty Metal that was near record highs on the previous day, corrected steeply on the downside and emerged as the top bear of the NSE.
  • Except for Hindustan Zinc and Welspun Corp, all other sectoral indices were trading in the red.
  • At around 2.48 pm, Nifty Metal was trading at 5,500 lower by 116.05 points or 2.07%. The index has touched an intraday high and low of 5,627.30 and 5,449.70 respectively. Read more

NHPC's 510 MW Teesta-V Power Station conferred with 'Blue Planet Prize' by IHA

Published on: 2:46 pm

  • NHPC's 510 MW Teesta-V Power Station located in the Himalayan State of Sikkim has been conferred with the prestigious Blue Planet Prize by International Hydropower Association (IHA), a London based non-profit membership association operating in 120 countries.
  • The power station has been built, owned and being operated by NHPC.
  • The award for Teesta-V Power Station was announced on Thursday during the World Hydropower Congress, 2021. The award had been conferred to Teesta-V Power Station based on its sustainability assessment undertaken by a team of accredited lead assessors of IHA in 2019 using the Operation Stage tool of the Hydropower Sustainability Assessment Protocol (HSAP) of IHA. Read more

Infosys stock hits new after update on e-filing: Over 3cr taxpayers complete transactions, 1.5cr ITR

Published on: 2:46 pm

  • Infosys has shared further updates on the progress it is making on the Income Tax E-Filing Portal. The IT giant stated that over the last few weeks, the portal has seen a steady increase in usage with taxpayers’ concerns being progressively addressed.
  • As per Infosys' statement, over 3 crore taxpayers have logged into the portal and successfully completed various transactions. Even as the portal makes sustained progress with crores of taxpayers successfully performing transactions, the Company acknowledges the difficulties some users continue to experience and is working expeditiously, in collaboration with the Income Tax Department, to further streamline end-user experience. Read more

AM Best reaffirms credit ratings of General Insurance Corporation of India; Stock gains over 1.5%

Published on: 2:42 pm

  • AM Best (US-based credit rating agency) has re-affirmed the ratings assigned to General Insurance Corporation of India Limited (GIC Re) and further revised the outlook of Long-Term issuer Rating.
  • The company said in a filing on Thursday that A M Best has reaffirmed the Financial Strength Rating at B++ (Good); Stable. The long-term issuer credit rating is bbb+ (Good) with the outlook revised to Stable from Negative. Read more

Shilpa Medicare ties with Cadila Healthcare for production of ZyCoV-D vaccine

Published on: 2:40 pm

  • Shilpa Medicare Limited. via its wholly owned subsidiary, Shilpa Biologicals Pvt Ltd (SBPL), has entered into a definitive agreement with Cadila Healthcare Ltd (CHL) for production-supply of the ZyCoV-D vaccine drug substance from its integrated Biologics R&D cum Manufacturing center at Dharwad, Karnataka.
  • The targeted production of the ZyCoV-D vaccine from this facility will be mutually agreed upon by both parties.
  • ZyCov-D is the first DNA plasmid vaccine in the world for human use developed indigenously by CHL against the Covid-19 virus. It is also the first COVID-19 vaccine for adolescents in the 12-18 age group, besides the adult population and is a needle-free vaccine administered using Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices led by IT stocks remain higher; Metal stocks drag the most to bring down overall market gains.
  • BSE Sensex is at 60,012.76 up 127.4 points or 0.21%.
  • Nifty50 is at 17,844.15 up 21.20 points or 0.12%. Nifty Bank is 37,756. 40, up 0.04%. Mid-cap Index is down 1.10%.
  • Asian Paints, HCL Tech, HDFC Bank, M&M, and Maruti are the top gainers. Tata Steel, JSW Steel, Shree Cement, IndusInd Bank, and Axis Bank are the top losers.
  • Nifty IT stocks are 1.2% higher while Nifty Metal stocks crash 2.5%. Nifty PSU Bank, Pharma, FMCG, and Media stocks drag.
  • Out of 50 stocks traded on the BSE, 19 advanced and 31 declined. Read More

Aditya Birla Sun Life AMC files for IPO; IPO to launch on September 29

Published on: 2:26 pm

  • Aditya Birla Sun Life AMC Limited is planning to open its Initial Public Offering (the Offer) on September 29, 2021. The Price Band of the Offer has been fixed at Rs695 to Rs712 per Equity Share.
  • The Bid Lot is 20 Equity Shares and in multiples of 20 Equity Shares thereafter. Read More

Ind Ra upgrades Reliance Chemotex Industries to 'IND BBB' with stable outlook

Published on: 2:07 pm

  • India Ratings and Research (Ind-Ra) has upgraded Reliance Chemotex Industries Limited’s (RCIL) Long-Term Issuer Rating to ‘IND BBB’ from ‘IND BBB-’.
  • The Outlook is Stable.
  • The upgrade reflects the improvement in RCIL’s overall liquidity position in FY21 and Ind-Ra’s expectation of an improvement in the operational efficiency duringFY22, with the company having undertaken capex for capacity expansion and replacement of older spindles. Read more

Historic day on the D-street! Sensex crosses 60,000 mark; Factors driving the market

Published on: 2:06 pm

  • It was a historic day for Dalal Street on Friday as Sensex mounted the 60,000 mark for the first time as risk appetite improved after fears surrounding the Evergrande debt crisis eased. BSE found almost 60% of the stocks advancing in the first hour.  It’s clearly been shown the impact of the return of FPIs and local investors continue to invest despite headwinds that cropped up time and again.
  • The bull rally on Dalal Street has seen the benchmark index rising 10,000 points after hitting the 50,000 mark in intra-day trade on January 21, 2021.
  • Earlier in the intraday trade, the S&P BSE Sensex surged past the 60,000 mark for the first time ever to hit a new lifetime high of 60,333, while the Nifty 50 scaled the 17,900-mark to a fresh record high of 17,947.65 led by gains Infosys, HDFC Bank, Tata Consultancy Services,
  • ICICI Bank, HCL Technologies and Larsen & Toubro. Read more

Nifty FMCG declines over 450 points; United Breweries, Jubilant Foodworks, Tata Consumer, HUL among

Published on: 2:05 pm

  • The Nifty FMCG stocks sank 1% amid bullish market trends on Friday. United Breweries and Jubilant Foodworks stocks crashed while heavyweights Hindustan Unilever Limited, Tata Consumer, Godrej Consumer Products and ITC Limited also were bearish. Dabur and Britannia braved the sectorial bears to log modest gains.
  • The Indices had a dream start on Friday, scaling new heights but pared some gains as the day progressed. At around 2.05 pm, Sensex was trading at 60,090.92 up 205.56 points or 0.34% and Nifty50 at 17,845.25 up 22.30 points or 0.13%.
  • aThe Nifty FMCG was trading at 41,097.75 down 451.05 points or 1.09%, touching a high of 41,649.05 and low of 41,060.80 during intraday trade on Friday. Read more

Ashoka Buildcon acquires 60% stake in Ashoka Bettadahalli Shivamogga Road; Stock under pressure

Published on: 1:40 pm

  • Ashoka Buildcon Limited has acquired a 60% stake in the equity share capital of Ashoka Bettadahalli Shivamogga Road Private Limited (ABSRPL) viz., 30000 equity shares of Rs10 each for an aggregate consideration of Rs3 lakh.
  • ABSRPL was a step-down subsidiary of the Company prior to the abovementioned acquisition. It executes the Project awarded by NHAl viz. Four Lanning of Tumkur - Shivamogga Section from Ch.170+415 km. to Ch.226+750 km., Bettadahalli - Shivamogga Section of NH-206 on Hybrid Annuity mode under Bharatmala Pariyojana in the State of Karnataka (Package IV) awarded by National Highways Authority of India (NHAI). Read More

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is currently 59,976.87 up 91.51 points or 0.15%.
  • Nifty50 is currently 17,834.25 up 11.30 points or 0.06%. Nifty Bank is 37,728. 85, down 0.11%. Mid-cap Index is down 1.17%.
  • Asian Paints, HCL Tech, M&M, Grasim, and Infosys are the top gainers. Tata Steel, JSW Steel, Shree Cement, ONGC, and Hindalco are the top losers.
  • Nifty IT and Realty stocks remain bullish while Nifty Metal, PSU Bank, Pharma, and FMCG stocks drag.
  • Out of 50 stocks traded on the BSE, 19 advanced and 31 declined. Read More

Kaya appoints Rajiv Suri as Global Chief Executive Officer; Stock sheds 1%

Published on: 1:19 pm

  • Kaya Ltd has informed to the exchange that the Board of Directors has appointed Rajiv Suri as the Global Chief Executive Officer.
  • Rajiv Suri brings with him rich experience of over 33 years in leading large business formats as a CEO & MD. He has also been an active board member for multiple retails, wholesale formats with expertise in India, Middle East & Europe markets. Read More

Nifty IT clocks new lifetime high, rises over 1,000 pts so far today; All stocks rally; Except TCS,

Published on: 1:10 pm

  • IT company stocks were the top picks of a record level Friday's market session. Nifty IT has risen by more than 1,000 points so far today. The index has clocked a new historic high of 37,823.15. The performance in domestic IT stocks comes after strong revenue guidance announced by Accenture for the financial year FY22.
  • On Nifty IT, all stocks are trading on a higher note. However, except for index heavyweight TCS and Oracle Financial Services, all other stocks have clocked a new 52-week high. Read more

Adani Enterprises stock gains 2% after Adani Ports sign deal with Flemingo and Mumbai Travel to oper

Published on: 12:43 pm

  • Adani Group's flagship holding company, Adani Airports has signed a Share Subscription Agreement with Flemingo Travel Retail Private (“Flemingo”) and Mumbai Travel Retail Private (“MTRPL”) for a strategic partnership to operate duty-free outlets in airports and seaports.
  • Adani Airports is a wholly-owned subsidiary of Adani Enterprises.
  • In its regulatory filing, Adani Enterprises said that the Share Subscription Agreement records the terms of subscription of shares of Mumbai Travel Retail Private Limited by AAHL and strategic partnership to operate duty-free outlets in airports and seaports by Flemingo and AAHL. Read more

CARE reaffirms credit rating of Shree Cement; Stock slips 2%

Published on: 12:40 pm

  • CARE Ratings Limited has reaffirmed the credit ratings of Shree Cement Limited. The credit rating agency reaffirmed rating on Commercial Paper (Carved out) Rs400cr at CARE Al+.
  • The rating on long-term bank facilities Rs1,100cr has been reaffirmed at CARE AAA; Stable. On short-term bank facilities, Rs800cr CARE Al+ rating was reaffirmed. The issuer rating has also been reaffirmed at CARE AAA (Is); Stable.
  • At around 12.40 pm, Shree Cement Ltd was trading at Rs29,300 per piece down by Rs600 or 2.01% from its previous closing of Rs29,900 per piece on the BSE. Read More

Accenture reports strong Q4 numbers; expects revenue growth of 12% to 15% in local currency

Published on: 12:40 pm

  • Accenture reported financial results for the fourth quarter and full fiscal year ended Aug. 31, 2021. For the full fiscal year, revenues were $50.5 billion, an increase of 14% in U.S. dollars and 11% in local currency compared with fiscal 2020. Diluted earnings per share increased 16% to $9.16 from $7.89 last year, including gains on an investment of $0.36 and $0.43, respectively. Excluding these gains, adjusted diluted EPS for fiscal 2021 were $8.80, an 18% increase from $7.46 in fiscal 2020.
  • The operating margin for fiscal 2021 was 15.1%, an expansion of 40 basis points. Operating cash flow for fiscal 2021 was $9.0 billion and free cash flow was $8.4 billion. New bookings were a record $59.3 billion. Read More

Bharti Airtel stock hits new high, Tejas Networks clock 5% upper circuit on joining hands for optica

Published on: 12:32 pm

  • Both Bharti Airtel and Tejas Networks were in the fast lane on Friday's trading session with the former clocking new record highs and the latter freezing at the upper circuit level. The sharp rally comes after when Airtel selected Tejas Networks to enhance its optical network capacity in key metropolitan markets.
  • Randeep Sekhon, Chief Technology Officer of Bharti Airtel said, “Airtel has been making significant investments in expanding its metro network capacity as part of its 5G readiness and for catering to increased bandwidth consumption by fixed-line and enterprise customers. We are delighted to partner with Tejas in this key network intervention that will enable us to deliver world-class experience to our customers.” Read More

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