Live market updates

28th Sep, 2021

Bal Pharma to strengthen its position in diabetes segment via Gliclazide API

Published on: 5:09 pm

  • Bal Pharma is further strengthening its market-leading position in Gliclazide (API) with higher capacity utilization at the existing facility, and the streamlining of a new facility that commenced production of Gliclazide in September 2020.
  • “Bal Pharma has managed to improve its capacity utilization following the easing of Covid related supply chain and logistical issues. With this, the Company is poised to further strengthen its market-leading position in diabetes as a therapeutic segment.  Read more

Tata Tele Business Services launches 'EZ Cloud Connect' for businesses

Published on: 5:05 pm

  • Tata Teleservices (Mahrashtra)-led Tata Tele Business Services (TTBS), country’s leading provider of digital solutions has announced the launch of EZ Cloud Connect, an easy, fast, reliable, cost effective and secured Point to Point (P2P) cloud connectivity gateway.
  • EZ Cloud Connect enables Enterprises to bypass the internet and deliver data to and from the Cloud Service Provider (CSP) by establishing a dedicated private network connection. EZ Cloud Connect provides improved and consistent network experience with greater bandwidth throughput while reducing capital and operational expenses. Read more

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CRISIL upgrades rating on bank facilities of Bharti Airtel to ‘AA+/Stable’

Published on: 5:02 pm

  • CRISIL Ratings has upgraded its long-term rating on the bank facilities and debt programme of Bharti Airtel Limited (BAL) to ‘CRISIL AA+/Stable’ from ‘CRISIL AA/Stable’, and has reaffirmed the ‘CRISIL A1+’ rating on the commercial paper programme.
  • CRISIL Ratings has withdrawn its rating on Rs1,500cr non-convertible debentures (NCDs) of BAL, as they have been fully repaid. CRISIL Ratings has received confirmation of no dues against these NCDs from the debenture trustee. The rating action is in line with the CRISIL rating policy on the withdrawal of rating on NCDs. Read more

Anupam Rasayan signs LoI worth Rs145cr to supply new life science-related active ingredient

Published on: 5:01 pm

  • Anupam Rasayan has signed a Letter of Intent (LOI) worth Rs145cr with an existing long-term European multinational customer which is one of the top ten multinational company across the globe for supplying a new life science-related active ingredient. The company will enter into a long-term contract for the next three years to supply this life science-related speciality chemical product.
  • Anand Desai, Managing Director of Anupam Rasayan, said, “We are elated to sign this letter of intent for this new Active Ingredient as it re-instils our profound relationship with our long-standing customer. We highly appreciate the faith and confidence exhibited by this customer for selecting us as a partner to launch this new molecule." Read more

TCS launches a new version of MasterCraft TransformPlus to enhance Legacy Application Modernization

Published on: 4:45 pm

  • Tata Consultancy Services (TCS), released a major new version of TCS MasterCraft TransformPlus, which leverages Machine Learning (ML) algorithms to more effectively analyze applications during modernization. This enriches user annotation in both program flow and technical specification documentation during the analysis of COBOL applications.
  • TCS MasterCraft TransformPlus is an intelligent automation product that significantly accelerates end-to-end application modernization, including mainframe modernizations, and supports a wide range of legacy and modern programming languages. Read more

White Organic Retail stock ends 4% lower on D-Street after promoters sold 55.01% stake to Suumaya In

Published on: 4:45 pm

  • White Organic Retail Ltd (WORL) has informed that the promoters of the company has sold their 55.01% holdings to Suumaya Industries Limited (formerly known as Suumaya Lifestyle Limited) wholly-owned subsidiary – ‘Suumaya Retail Ltd.’
  • Through this acquisition, Suumaya Industries an emerging Diversified Conglomerate Group has marked its footprint into Food & Beverages Retail business through inorganic route.
  • ‘Suumaya Group’ has emerged as one of the unique player in the entire Agri Value Chain – from ‘Seed to Fork’. The company is one of the leading player in the Agri segment by posting robust performance over the last two quarters. Read more

Websol Energy ends 9% higher after MNRE approves its Websol module

Published on: 4:36 pm

  • Websol Energy System Limited informed the exchanges that the Websol Module has been approved by the MNRE, Government of India under the list of “Approved Module Manufacturer (ALMM) issued by the Government of India.” Also, the company has received approval of its module from BIS and IEC61215.
  • The ALMM list and BIS certification have made Websol modules eligible to be sold in the domestic market for the project approved under the various schemes of the Government of India.
  • Websol Energy System Ltd ended at Rs68.25 per piece up by Rs5.9 or 9.46% from its previous closing of Rs62.35 per piece on the BSE. Read more

RBI levies Rs2cr monetary penalty on RBL Bank for non-compliance

Published on: 4:16 pm

  • The Reserve Bank of India (RBI) has levied a monetary penalty of Rs2cr on RBL Bank for contravention and non-compliance with the provisions of clause (b) of sub-section (2) of section 10A of the Banking Regulation Act, 1949 (the Act).
  • For the non-compliance with the provisions of section 10 A (2) (b) of the Act, the penalty is also imposed for the period during which the contravention or default continued. This penalty has been imposed in the exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with section 46 (4) (i) of the Act.
  • RBI said that this action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Read more

NCLT directs Indo Count to convene a meeting for amalgamation scheme with Pranavaditya Spinning Mill

Published on: 4:14 pm

  • National Company Law Tribunal (NCLT'), Mumbai Bench vide its order dated August 18, 2021 (uploaded on NCLT website on September 27, 2021) on the scheme of amalgamation, has directed Indo Count Industries Limited to convene a meeting of the Equity Shareholders of the company on November 15, 2021, at 2.30 PM (IST) through Video Conferencing (VC) / Other Audio-Visual Means (OAVM) for consideration and approval of the proposed Scheme of Amalgamation of Pranavaditya Spinning Mills Limited, Subsidiary of Company with Indo Count Industries.
  • The company further said that vide the aforesaid order, the NCLT has dispensed with the requirement of holding the meeting of the secured and unsecured creditors of the company. Read more

HDFC Bank allots debentures worth Rs5,000cr on private placement

Published on: 4:10 pm

  • Private lender, HDFC Bank has issued and allotted debentures to the tune of Rs5,000cr on private placement. The coupon rate for the bonds is 6.44%.
  • In its regulatory filing, on Monday, HDFC Bank said, "We wish to inform you that the Bank has issued and allotted on a private placement basis 6.44% Unsecured, Redeemable Long Term, Fully Paid-up, NonConvertible Bonds in the nature of Debentures amounting to Rs5,000cr."
  • The Bank allotted 50,000 Bonds having a face value Rs10 lakh each. Read more

Sahajanand Medical Technologies files DRHP with SEBI

Published on: 4:05 pm

  • Sahajanand Medical Technologies Limited, a leading medical devices company that researches, designs, develops, manufactures and markets vascular devices globally has filed its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”).
  • The company plans to raise Rs1,500cr via Initial Public Offering (IPO) through fresh issues aggregating up to Rs410.33cr (The “Fresh Issue”) and an “Offer for Sale (OFS)” aggregating up to Rs1,089.67cr by Selling Shareholders. Read more

Shivalik Rasayan submits another CEP to EDQM, Europe; Stocks ends 2% higher

Published on: 4:01 pm

  • Shivalik Rasayan Limited has informed to the exchange regarding filing for CEP for Europe.
  • The Company has successfully submitted another CEP in eCTD format for PIRFENIDONE to EDQM, Europe on Tuesdady.
  • Shivalik Rasayan is engaged in providing agrochemicals. The Company is a manufacturer of organ phosphorous (OP)-based insecticides and chemicals. It also manufactures organophosphate insecticides, such as Dimethoate Technical and Malathion Technical. Read more

Raymond board nods to consolidate Tools & Hardware and Auto Components businesses into engineeri

Published on: 3:59 pm

  • Raymond board of directors have approved the consolidation of Tools & Hardware and Auto Components businesses into Engineering business  for  improving synergies and exploring monetization options  for deleveraging Raymond Ltd. The overall  objective  being  value  creation  for  shareholders.  The  engineering  business  has  achieved  scale  and  improved market share in both domestic and global markets.
  • These businesses have demonstrated  growth in EBITDA margins, generated free cash flows and are debt free.
  • In a statement, Raymond stated that "our Real  Estate  business  launched  in  2019  which  started  development  of  land  in  Thane  is now  poised  for growth with a  focus  on  delivering a value  based  offering.  Read more

Rail Vikas Nigam bags order worth Rs381.95cr; stock ends over 1% up

Published on: 3:55 pm

  • Rail Vikas Nigam Limited (RVNL) on Tuesday has secured a Contract from Madhya Pradesh Metro Rail Corporation Limited.
  • In the regulatory filing, the contract is for the design and construction of seven elevated metro rail stations including viaduct portion within the stations and transition spans on either side of the stations, entry-exit structures, architectural finishes, electrical and mechanical (E&M) works etc. of Indore Metro Rail Project. Read more

Whirlpool to acquire majority stake of Elica PB India; Stock ends higher

Published on: 3:52 pm

  • Whirlpool of India has entered into a share purchase agreement with Elica S.p.A (MTA: ELC) to acquire an additional stake in Elica PB India. Elica PB India will become a majority-owned subsidiary of Whirlpool India and its financial statements will be consolidated within Whirlpool India. The duo expects will continue to run their operations similar to their current state.
  • The transaction is expected to close by the end of September 2021.
  • "We are very excited about this transaction and it is aligned with our ambition to accelerate profitable growth in India," said Vishal Bhola, Managing Director, Whirlpool India. "Cooking and built-in appliances are under-penetrated categories and the demand has now accelerated with consumers picking up cooking as a passion and investing more in their kitchens. Read more

Exchange seeks clarification from NHPC for formation of a wholly-owned subsidiary company; Stock end

Published on: 3:42 pm

  • The Exchange (NSE) has sought clarification from NHPC Limited with respect to the announcement dated September 24, 2021, regarding the formation of a wholly-owned subsidiary company by NHPC Limited.
  • The company is required to clarify the following;-
  • Brief details of any governmental or regulatory approvals required for the formation Read more

Markets close lower; PSE stocks outperformed

Published on: 3:38 pm

  • Markets witnessed a Volatile day of trade, with the benchmark index closing lower as across the board profit booking weighed in.
  • Both Nifty and Bank Nifty saw a sharp short covering rally during the closing part of the trade after taking a nose dive during the afternoon trade.
  • Stocks from the PSE sector like Coal India, HPCL & NTPC were among the outperformers adding fresh long positions, while the IT & Financial stocks underperformed. Read more

Vaccination is a big confidence booster to the Tourism Industry: Tourism Minister

Published on: 3:29 pm

  • Lok Sabha Speaker, Om Birla, delivered keynote Address at the programme “Tourism for Inclusive Growth” organized by the Ministry of Tourism, Government of India, today, to mark the World Tourism Day, 2021. Union Minister of Tourism, Culture & DoNER G. Kishan Reddy and MoS for Tourism Shripad Yesso Naik also graced the occasion while a video message of Secretary General, WTO, Zurab Pololikashvili was also played.  Secretary Tourism Arvind Singh; DG Tourism, Shir Kamala Vardhana Rao; Head UNEP, ShAtulBagai; senior officers  of the Tourism  Ministry and representatives of travel and hospitality industry addressed  on the occasion.
  • Speaking on the occasion, Birla said that post-Covid, the tourism sector is reviving in India at a faster pace. He further said that committed and collective efforts will ensure that India will emerge as the best tourist destination in the world. “ Read more

India and Australia must work towards enhancing the resilience of supply chains and greater engageme

Published on: 3:26 pm

  • “Australia-India Business Champions Group’s role has become extremely important as it provides a platform for greater engagement between the policymakers of India and Australia at an opportune time when India is completing 75 years of Independence which is being commemorated by the Azaadi Ka Amrit Mahotsav campaign. Both the nations stand united for sustainable recovery from the COVID-19 crisis and it is imperative to sustain the momentum for rebuilding as well as reconstructing the economy by focussing on enhancing the export potential.
  • As the  government has embarked on the journey of transforming India into a global hub of supply chains and re-invigorating the economy we would like to partner with Australia, one of our key trading partners for seamless integration into the Global Value Chains (GVCs). He said that our focus would be to chart a course for ensuring effective usage of the huge entrepreneurial talent, developing a domestic market with a thriving private sector as well as skilled labour.  Read more

BHEL committed to AatmaNirbhar Bharat - awarded order for upgraded main gun of frontline ships

Published on: 3:21 pm

  • In a major boost to Defence Production under the 'Make in India' initiative and towards achieving self-reliance in the critical field of Defence equipment, Goa Shipyard has placed a maiden order on Bharat Heavy Electricals Limited (BHEL) for the supply of an upgraded Super Rapid Gun Mount (SRGM), the Main gun onboard most Warships of the Indian Navy.
  • The order envisages supply, installation and commissioning of the entire system - Upgraded SRGM and accessories for Triput Class Frigates of the Indian Navy, which will be manufactured by the Haridwar unit of BHEL. Read more

NORD/LB selects TCS as strategic partner for its IT Transformation

Published on: 3:17 pm

  • Tata Consultancy Services (TCS) has been selected by NORD/LB, a leading German commercial bank, as its strategic partner for its IT transformation.
  • NORD/LB has embarked on a transformation journey that targets a new business model by 2024, and a leaner, more agile operating model. It has partnered with TCS in this journey for the latter’s extensive knowledge of Germany’s banking and financial services as well as its proven track record of executing large transformation programs. Read more

DJ Mediaprint & Logistics empanelled by LIC of India, Divisional Office, Machilipatnam

Published on: 3:10 pm

  • DJ Mediaprint & Logistics Ltd has informed that the Company has been empanelled with LIC Divisional Office, Machilipatnam, Andhra Pradesh for the years 2021-2024 for various printing services.
  • DJ Mediaprint & Logistics provides logistics services. The Company offers picking, packaging, shipping, record management, mailing, and other supply chain related services. DJ Mediaprint & Logistics serves customers worldwide. Read more

Asian markets decline; European markets pull back sharply as tech stocks drag

Published on: 3:06 pm

  • Asian stock markets declined after media reports added various firms downgraded China’s GDP forecasts. Hong Kong’s Hang Seng index ended with gains of 1.20% on the day to 24,500.39.
  • Mainland Chinese stocks closed mixed, with the Shanghai Composite up 0.54% to 3,602.22 while the Shenzhen Component fell 0.212% to 14,313.82.
  • Elsewhere, South Korea’s Kospi slipped 1.14% to close at 3,097.92, the Nikkei 225 closed 0.19% lower at 30,183.96 while the Topix index shed 0.29% to finish the trading day at 2,081.77 and the S&P/ASX 200 in Australia dropped 1.47% at 7,275.60. Read more

Nifty Pharma declines for second straight day; Divis Lab, Cadila continue to tumble

Published on: 3:01 pm

  • The Nifty Pharma stocks shed around 1% during intraday trade amid volatile trade on Tuesday. The Index recovered losses late in the day. Divis Laboratories dragged the most while Cadila Healthcare was also under extreme pressure. Lupin continued to outperform for the second consecutive day.
  • Indian markets were in a volatile session on Tuesday with Sensex erasing its previous record levels and giving up 60,000-mark. Sensex shed 1000 points at one point of time and Nifty 50 was down 1.5% as technology stocks, banking and financial services dragged the benchmarks. The domestic equities have corrected due to their higher value as investors booked profit. Read more

Nifty Media gives up previous gains on broad-based selloff, index dips over 1.5%; Inox Leisure exten

Published on: 2:51 pm

  • Media stocks have corrected and erased their previous gains as broader markets turned volatile on Tuesday. The majority of the stocks listed on Nifty Media were under pressure. The index hovered between an intraday high and low of 2,192.15 and 2,131.05 respectively. Inox Leisure maintained its winning streak and was the top bull of the day.
  • At around 2.51 pm, Nifty Media is trading at 2,153.65 lower by 34.80 points or 1.59%. On the index, 2 scrips advanced while 8 scrips declined.
  • Inox Leisure surged nearly 2% followed by TV18 Broadcast soaring more than 1%. Read more

Nucleus Software-led PaySe passes RBI's regulatory sandbox in “Retail Payment”

Published on: 2:50 pm

  • Nucleus Software has announced that its offline retail payment product, PaySe had been successfully evaluated by RBI under the cohort of Regulatory Sandbox with “Retail Payment” as its theme. PaySe is the world's first online & offline digital payment solution designed and created with an aim to democratize money by making banking services available to the unbanked in remote geographies.
  • “We designed PaySe as a digital transformation solution especially for people in rural areas, taking into account their digital and financial literacy. PaySe is working with an aim to digitize the complete SHG ecosystem across India so that people at the bottom of the pyramid are not devoid of the basic formal financial services, " says Vishnu R Dusad, MD, Nucleus Software. Read more

Manali Petrochemicals ties with UK-based Econic for new Polyol Technology; Stock locks at new 52-wee

Published on: 2:39 pm

  • Manali Petrochemicals Limited (MPL) has signed a Memorandum of  Understanding (MoU) with Econic Technologies for introducing more environment friendly, CO2 containing polyols, into the  $28Bn  global polyols market. The duo plans to scale their catalyst technology which would enable the substitution of fossil-based raw materials with captured waste CO2  in the production of polyols.
  • Muthukrishnan  Ravi,  Managing  Director  of  MPL  said, "We  are  happy  to  be  collaborating  with  Econic  in  testing  and  commercial development  on  this  green  initiative  that  is in line  with  our  vision  of  being  a responsible  corporate  citizen." Read more

Central Bank of India gains over 1% after reaffirmation in credit rating

Published on: 2:35 pm

  • Central Bank of India braved the market bears on Tuesday to surge 1.5% after ICRA Limited reaffirmed the rating of the Tier 11 Bonds at ICRA A+. The outlook on rating has been revised to stable.
  • Earlier, CRISIL Ratings had reaffirmed the Bank’s credit rating on long-term debt instruments of the Central Bank of India. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices continue to fall amid volatile trade; Sensex sheds 1000 points, Nifty falls 1.5%.
  • BSE Sensex is currently 59,099.33 down 978.55 points or 1.63%.
  • Nifty50 is currently 17,587.90 down 267.20 points or 1.5%. 1.39%. Read more

Sharika Enterprises receives supply order worth Rs67.73 lakh

Published on: 2:27 pm

  • Sharika Enterprises Ltd has informed that the company has received the order from TP Western Odisha Distribution Limited.
  • The order is for supply, installation, testing and commissioning of 11 KV pole mounted auto recloser and sectionaliser amounting to Rs67,73,200.00 (INR Sixty Seven Lakh Seventy Three Thousand Two Hundred Rupees Only ) Including Taxes.
  • At around 2:28 PM, Sharika Enterprises was trading at Rs8.90 per piece down by 3.68% on Sensex. Read more

Renaissance Global establishes Strategic Advisory Board in expanding jewellery biz

Published on: 2:24 pm

  • Renaissance Global Limited (Renaissance) has announced the formation of a Strategic Advisory Board (SAB). The Board will consist of renowned executives with diverse experience, to work closely with Renaissance’s leadership team, providing guidance and inputs on the company’s strategic growth initiatives.
  • With the total global branded fine jewellery market expected to grow at a CAGR of 8-12%, through to 2025, the strategic impetus of the collective experience and knowledge of this Advisory Board will steer the Company to capitalize on this next leg of sustained growth. Read more

SAIL Chairman says Company ready to move to next realm of expansion at Company’s 49th AGM

Published on: 2:08 pm

  • Steel Authority of India Limited (SAIL) held its 49th Annual General Meeting today through the virtual platform. Attending the meeting from the Company’s headquarters situated at Lodi Road, New Delhi, Soma Mondal, Chairman, SAIL addressed the shareholders on this occasion.
  • The Chairman underlined some of the important events / highlights of SAIL for the Company’s shareholders. Describing FY’21 as the year of ‘Growth and Scaling newer heights’ for SAIL, she said SAIL posted its highest ever EBITDA of Rs13740cr which was higher by ~23% over CPLY. The factors which helped improve profitability included higher sales of secondary products, sale of iron ore fines, lower usage of other raw materials, improvement in techno-economic parameters, benefit in stores and spares expenses, decreased purchased power rates, reduction in interest charges, higher dividend income and forex exchange gain among others. Read more

Indraprastha Gas signs MoU with South Delhi Municipal Corp to establish waste for Energy Plant

Published on: 2:05 pm

  • Indraprastha Gas Limited (IGL) has signed a Memorandum of Understanding with South Delhi Municipal Corporation (SDMC) to establish waste to energy plant in Delhi to convert Municipal Solid Waste into Compressed Bio-Gas (CBG) for use as fuel for running vehicles.
  • As per the Ministry of Petroleum & Natural Gas, the agreement was signed as a part of the extension of the SATAT initiative of the government under a synchronization scheme. The Sustainable Alternative Towards Affordable Transportation (SATAT) scheme envisages the setting up of 5000 CBG plants by 2023-24 with a production target of 15 MMTPA, facilitating the creation of new employment opportunities and enhancing farmers' income. By using Municipal Solid Waste as input, this initiative involves a multi-pronged approach to reduce municipal waste on one hand and produce clean energy on the other sustainably. Read more

Nifty Bank and Private Bank stocks decline over 1.5% after corrections; PSU Bank stocks continue to

Published on: 1:55 pm

  • Nifty Bank and Private Bank stocks were under pressure on Tuesday due to corrections in various stocks. However, PSU Bank stocks continued to outperform despite the weak markets trend.
  • Banking stocks broadly were on a stellar buying tone during Monday's trading session after the Finance Minister made the announcement on Big Banks. Bank Nifty touched a new 52-week high of 38,355.20 before correcting. Read more

Govt plans to borrow Rs5.03 lakh for the second half of FY22

Published on: 1:54 pm

  • The government has finalised its borrowing programme for the second half (H2) of FY 2021-22. The plan has been fixed in consultation with the Reserve Bank of India (RBI).
  • In line with Union Budget for FY22, the Centre now plans to borrow the remaining Rs5.03 lakh cr n second half-year (H2) of FY 2021-22.
  • In a statement, the Centre said that the H2 FY 2021-22 projection also factors requirements for the release of the balance amount to states on account of back-to-back loan facility in-lieu of GST compensation during the year. Read more

Unison Metals hits 5% upper circuit as board fixes record date for bonus shares

Published on: 1:45 pm

  • Unison Metals Limited has informed that the Record Date for determining the entitlement of the equity shareholders of the Company for the Bonus Shares has been Fixed by the Board at October 08, 2021 subject to the approval by the shareholders for issuance of Bonus shares and Increase authorized share capital of the Company as proposed Notice of AGM dated September 6, 2021.
  • Recently, the Board decided to invest Rs50,00,000 in wholly owned subsidiary named Chandanpani Private Limited.
  • Chandanpani Private Limited will issue Equity shares instead this investment. Read more

Bloodbath in Nifty IT, slips near 1,040 pts so far today with all stocks in red; Mphasis top bear; T

Published on: 1:39 pm

  • Technology stocks were under deep red on Tuesday as global tech stocks witnessed selling pressure amid rising US government borrowing costs for a sixth week. Nifty IT stocks have plunged by at least near 1,040 points so far today. While the index has hovered between 36,082.00 and 34,994.50 respectively. All stocks listed on Nifty IT have tumbled ranging from 1-5%.
  • At around 1.34 pm, Nifty IT was trading at 35,133.55 nosediving by 900.85 points or 2.50%.
  • Mphasis was the worst hit on the index tumbling 4.5% followed by Mindtree plunged 4%. Coforge and L&T Infotech dipped 3.8% each. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is currently 59,352.95 down 724.93 points or 1.21%.
  • Nifty50 is currently 17,667.85 down 187.25 points or 1.05%. Nifty Bank is 37,673.55, down 1.30%. Mid-cap Index is down 0.75%.
  • Power Grid, NTPC, Coal India, IOC, and JSW Steel are the top gainers. Bharti Airtel, Bajaj Finance, Divis Lab, Tech Mahindra, and HCL Tech are the top losers. Read more

Bajaj Electricals to acquire 19.78% stake in Nirlep at Rs679.05 per equity share aggregating to Rs9.

Published on: 1:21 pm

  • Bajaj Electricals Limited informed the exchanges Monday that as per the terms prescribed under the Share Purchase and Shareholders Agreement dated June 15, 2018 (SPSA) executed by and amongst the Company, Nirlep Appliances Private Limited, continuing shareholders, and other shareholders of Nirlep the Option Price at which the company (either by itself or through its Nominee Shareholders) shall acquire Option Shares has been determined/calculated and agreed at Rs679.05 per equity share aggregating to Rs9.99cr.
  • Earlier this month, the company had intimated about the exercise of ‘put option’ by Mukund Bhogale, Rajani Bhogale, Ramchandra Bhogale, and Nityanand Bhogale (collectively, “Continuing Shareholders”, of Nirlep Appliances Private Limited (“Nirlep”) – a subsidiary of the company), in writing on September 1, 2021, to call upon the company to acquire, or caused to be acquired through its Nominee Shareholders, 147061 (19.78%) equity shares of face value of Rs100/- each of Nirlep as held by these Continuing Shareholders (“Option Shares”), at an Option Price (which was to be determined/calculated). Read more

Axis Bank grants over 1.52 lakh equity shares under ESOP; Stock sheds 1.5%

Published on: 1:13 pm

  • Axis Bank Ltd has informed that the Bank has allotted 1,52,460 equity shares of Rs. 2/- each of the Bank on September 27, 2021, pursuant to exercise of stock options under its ESOP Scheme.
  • The paid up share capital of the Bank will accordingly increase from Rs. 613,29,85,836 (306,64,92,918 equity shares of Rs. 2/- each) to Rs. 613,32,90,756 (306,66,45,378 equity shares of Rs. 2/- each). Read more

Federal-Mogul Goetze stock rises 3% despite the closure of plants in Bangalore and Patiala for 5 day

Published on: 12:55 pm

  • Federal-Mogul Goetze stock was unaffected on Tuesday and was on a rising spree despite the company closing its plants in the state of Karnataka and Punjab for 5 days starting this Monday.
  • In its regulatory filing, the company said that "we would like to bring to your notice that the plants of the Company situated at Bangalore (Karnataka) and Patiala (Punjab) will remain closed from 27th September 2021 (Monday) till 1st October 2021 (Friday)." Read more

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark market indices are at day’s low amid broad-based selling. 
  • BSE Sensex is currently 59,474.37 down 603.51 points or 1.00%.
  • Nifty50 is currently 17,695.05 down 160.05 points or 0.9%. Nifty Bank is 37,786.50, down 1.01%. Mid-cap Index is down 0.83%.
  • Power Grid, Coal India, NTPC, IOC, and BPCL are the top gainers. Bharti Airtel, Divis Lab, HCL Tech, Bajaj Finance, and Tech Mahindra are the top losers.
  • Nifty PSU Bank and Oil & Gas remain higher while rest sectors fall into negative zone amid volatile trade. Nifty IT, Realty, and Media stocks tumble.
  • Out of 50 stocks traded on the BSE, 14 advanced and 36 declined. Read More

Trident board allots over 21.51 lakh equity shares under ESOP; Stock gains 2%

Published on: 12:28 pm

  • Trident Ltd has informed that the Company has granted 21,51,397 Equity Shares to those employees who have successfully applied under the “Trident Limited Employee Stock Purchase Scheme – 2020”.
  • The company offered 1,21,02,500 [One Crore Twenty-One Lakhs Two Thousand Five Hundred] Equity Shares to all the permanent active employees (across all cadres) of the Company and its Wholly Owned Subsidiaries, namely Trident Global Corp Limited and Trident Europe Limited as on July 31, 2021. Read More

Newgen partners with TCS for their Flagship Banking Service Bureau Project in Israel

Published on: 12:20 pm

  • Newgen Software, a global provider of low code digital transformation platform, is pleased to announce that it has partnered with Tata Consultancy Services (TCS)—a leading global IT services, consulting, and business solutions organization—to deploy an enterprise-wide content repository and a multi-channel, multi-lingual communication suite for the Banking Service Bureau (BSB) in Israel.
  • Newgen and TCS are enabling Israel’s central bank to transform the country’s banking sector by building a cloud-hosted centralized platform to provide end-to-end banking solutions. BSB will leverage TCS core banking solution (TCS BaNCSTM) and Newgen’s digital transformation products, including contextual content services (ECM) and omnichannel customer engagement (CCM). Read more

L&T Infotech and eClinicalHealth in strategic tie-up to accelerate innovation in clinical research;

Published on: 12:18 pm

  • Larsen & Toubro Infotech Limited, a global technology consulting and digital solutions company has entered into a strategic partnership with clinical health Limited to accelerate digital innovation in the R&D Clinical Trials Management process for patient centric drug development. The partnership will help clients decentralize clinical trials setting new benchmarks of excellence in the clinical research space.
  • The significance of the tie-up is based on the fact that 86% of clinical studies are delayed due to challenges in patient engagement – mainly involving recruitment and retaining patients, which is a time-consuming and expensive process. The pandemic has further aggravated this challenge. It is in this context that eClinicalHealth, which is focused on developing innovative clinical trial solutions, launched cloud-based patient-centric SaaS solution, Clinpal – which improves patient engagement for each clinical trial journey. Read More

SBI signs SLA with Paisalo Digital for engagement as National Business Correspondent

Published on: 12:10 pm

  • State Bank of India has today signed a Service Level Agreement with Paisalo Digital Limited National Corporate Business Correspondent of the Bank for promoting financial inclusion by providing banking services through kiosks.
  • Towards this objective of promoting financial inclusion and increasing the outreach, Paisalo Digital shall extend its services and reach to the vast under-serviced segments of the market, specially in semi-urban and rural parts of India.
  • As a national business correspondent for State Bank of India, PaisaLo will focus on building greater synergies and a more aggressive roll out of their already up and running fully digital small loan business under SBI-Paisalo Loan Co-origination. Read More

ICRA reaffirms rating on Union Bank of India Basel III bonds; Stock gains 1%

Published on: 12:10 pm

  • ICRA Limited on September 27, 2021, has reaffirmed the ratings of Union Bank of India Basel III bonds.
  • The rating on Basel Ill Compliant Tier II Bonds has reaffirmed ICRA AA+ (hyb) and outlook revised to Stable from Negative. On Certificates of Deposits ICRA Al+, rating has been reaffirmed.
  • At around 12.15 pm, Union Bank of India was trading at Rs34.90 per piece up by Rs0.35 or 1.01% from its previous closing of Rs34.55 per piece on the BSE. Read More

Hindustan Organic Chemicals announces temporary shutdown at Kochi plant till Oct 02

Published on: 12:01 pm

  • Hindustan Organic Chemicals Ltd (HOCL) has informed to the exchange regarding temporary shutdown of HOCL Kochi Plant from September 28, 2021 to October 02, 2021.
  • As the Kerala State Electricity Board had informed the company (HOCL) about the non-availability of power on September 28 due to some maintenance work at their end, the Company’s (HOCL) Phenol Plant at Kochi will be temporarily shut down from September 28 and will be restarted on October 03 (Product will be available from 04.10.2021).
  • Accordingly, since certain important works /jobs need to be taken up in the Plant - Hot oil section, cumene plant, Phenol (cumox plant & fractionation) sections, those works are also planned during the period, said company in a regulatory filing. Read more

We must position India as a global player by becoming competitive: Piyush Goyal

Published on: 12:00 pm

  • The Union Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Piyush Goyal said, the ‘Rules of Business’ have to be the same for all stakeholders. Addressing the 'Vanijya Saptah Samapan Samaroh', organised by the Federation of Indian Export Organisations (FIEO) on Monday, Piyush Goyal said, “Irrespective of whether they are big or small business houses, or where they are from or any other differentiating factor, we would like everybody to have equal opportunity to do their businesses honestly, and grow their businesses.”
  • The Commerce Minister said accountability and stipulated timelines should be there and Best Practices of various States or Ministries in Exports Development must be shared. Without setting a timeline, Piyush Goyal said the Government plans to scale $1 trillion exports in both Merchandise and Services. “We must position India as a global player by becoming competitive,” he said. Read more

BSE Energy in a sharp rally, index crosses 8k first time; Stocks like Coal India, RIL, HPCL, Indian

Published on: 11:55 am

  • Energy stocks are in a sharp rally on Tuesday due to elevated energy prices in a major market, Europe. The Energy index on BSE has clocked a new all-time high and even crossed more than 8,000-mark for the first time with oil marketing companies like heavyweight Reliance Industries, HPCL, ONGC, BPCL and Indian Oil driving the performance. Also, stocks like Coal India and Adani Total Gas has lifted the index.
  • On a global level, crude oil prices have spiked sharply with Brent just slightly shy of the $80 per barrel which is the biggest mark since October 2018. Even, the US West Texas Intermediate futures skyrocketed over $75 per barrel or 2% that is the highest mark since July this year. The upside in crude is aided by a tight supply of fuels. Meanwhile, the demand recovery in some regions of the world which is even faster than estimated- has further added to the crude surge. Read More

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