Live market updates

04th Oct, 2021

Osiajee Texfab incorporates wholly-owned subsidiary in Punjab

Published on: 4:30 pm

  • Osiajee Texfab Limited has informed that the Company has incorporated a Wholly Owned Subsidiary Company in the name of ‘Osiajee Agro Farms Limited’ at Hoshiarpur, Punjab on September 29, 2021.
  • The authorised capital is Rs. 15,00,000/- divided into 1,50,000 Equity Shares of Rs. 10/- each while Paid up Capital is Rs. 1,00,000/- divided into 10,000 Equity Shares of Rs. 10/- each. The turnover is nil as the company is yet to commence its business operations. Read more

NTPC denies reports of the company planning IPOs of 3 units

Published on: 4:27 pm

  • Shares of the state-run thermal power plant operator NTPC closed higher by 4% on the NSE index and also among top gainers on Monday’s trade after the company denied a report on IPO planning.
  • In the regulatory filing, “This is with reference to clarification sought from the Company regarding recent news item which appeared in the “economictimes.indiatimes.com” dated October 03, 2021, captioned “NTPC planning IPOs of 3 units to raise $2 billion”
  • The company said no in reply of “Whether such negotiations/events were taking place? If so, you are advised to provide the said information along with the sequence of events in chronological order from the start of negotiations/events till date.” Read more

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V2 Retail opens one new retail store in Patna

Published on: 4:18 pm

  • V2 Retail Limited has opened one new retail store located in Patna, Bihar. Therefore, currently, 97 retail stores of the company are operational.
  • The stock trade of the company ended at Rs143.50 per piece down by Rs2.8 or 1.91% from its previous closing of Rs146.30 per piece on the BSE. Read more

JK Lakshmi Cement stops dispatches from Durg plant due to strike by Chhattisgarh Cement Transport As

Published on: 4:05 pm

  • JK Lakshmi Cement Limited informed the exchanges that due to an “illegal strike” called by Chhattisgarh Cement Transport Association, the dispatches from its Cement Plant in Durg, Chhattisgarh which stood substantially reduced from September 19, 2021, have been completely stopped.
  • “Industry-wide negotiations are being held with State Government and we are hopeful of an amicable solution shortly,” the company said in a filing on Monday.
  • JK Lakshmi Cement Ltd ended at Rs642.05 per piece up by Rs15.05 or 2.4% from its previous closing of Rs627 per piece on the BSE. Read more

Vakrangee ties with BigHaat Agro, launches complete Agri services across its platform

Published on: 3:56 pm

  • Vakrangee has partnered with BigHaat Agro Private Limited to provide end to end Agri services, digital advisory as well as access to quality Agri input products to the farmer community in the remotest part of the country. Under this deal, Vakrangee through its Nextgen Kendras and BharatEasy app will now be able to provide a wide range of quality inputs such as seeds, pesticides, fertilizers, nutrients and farm implements by leveraging the power of data, science and technology in remote areas of the country.
  • With 70% of Nextgen Vakrangee Kendra outlets in Tier-5 and 6 towns, Vakrangee will offer Agri services to the farmer community in the unserved/underserved parts of the country. Read more

CARE revises credit rating on Indian Hume Pipe Company bank facilities

Published on: 3:54 pm

  • CARE Ratings Limited has reviewed and reaffirmed/revised ratings for The Indian Hume Pipe Company Limited total Bank Facilities of Rs1,987.50cr.
  • The rating on long-term bank facilities Rs777.50cr (Reduced from Rs854.50cr) has been reaffirmed at CARE A-; Negative. Outlook revised from Stable.
  • The credit rating agency also revised rating on long-term / short-term bank facilities Rs1,150cr of the company (Enhanced from Rs1073cr) to CARE A-; Negative / CARE A2 from CARE A-; Stable / CARE A2+. On short-term bank facilities Rs60cr, rating was revised to CARE A2 from CARE A2+. Read more

CARE reaffirms ratings on Mayur Uniquoters' bank facilities

Published on: 3:51 pm

  • Mayur Uniquoters Ltd has informed that CARE Ratings Agency has rated for bank facilities of Rs165.04cr.
  • The long-term ratings has beed reaffirmed to CARE AA with Stable outlook.
  • Further, short-term ratings has been reaffirmed to CARE A1+. Read more

Eli Lilly to transfer rights of key diabetes products to Cipla

Published on: 3:49 pm

  • Cipla and Eli Lilly have entered into a strategic partnership in India to enhance access to Lilly’s key diabetes products - Humalog and Trulicity. Under the deal, Lilly will transfer its rights in India to sell, promote and distribute the aforesaid two Lilly Diabetes products subject to all regulatory approvals.
  • Dr Vikas Gupta, Head, India Prescription Business, Cipla Ltd. said, “Enhancing access to high-quality treatments is central to our purpose of ‘Caring for Life’. Lilly’s in-depth scientific knowledge and core purpose of providing patients with access to innovative products are aligned with Cipla’s goals. We are pleased to collaborate and build onto our existing partnership with Lilly India towards bringing innovative diabetes medications to India. Diabetes continues to be our key focus and this deal further strengthens our steadfast commitment to address the unmet needs of diabetes patients through a comprehensive portfolio of offerings in this space.” Read more

KPIT to invests in software-defined vehicle solutions with a specific focus on middleware

Published on: 3:30 pm

  • KPIT Technologies decides to make significant investments with a specific focus on middleware solutions with a vision to accelerate clients’ transformation to software-defined vehicles across both passenger and commercial vehicle segments. There is an increasing need for hardware-software separation and for the OEMs to develop, deploy and update software solutions faster over the entire vehicle lifecycle.
  • As per KPIT, OEMs are moving towards a central compute architecture quicker than one would have anticipated. The automotive ecosystem is accelerating its efforts to build a robust and dependable software platform that can host varied domains such as Autonomous Driving/ADAS, Digital Cockpit, Electric Powertrain, and Body Control Module. Read more

Generic Engineering hits 20% upper circuit on work orders worth Rs180.38cr

Published on: 3:24 pm

  • Generic Engineering Construction and Projects Limited has been awarded new work orders worth Rs180.38cr (including GST) for various institutional projects from various reputed clients, existing as well as new, which inter alia includes Residential, Commercial & Industrial Projects.
  • The company stock was in demand on Monday and hit 20% upper circuit of Rs51 per piece during intraday trade. Towards close of trade, the company stock was selling at Rs47.25 per piece up Rs4.75 or 11.18% on the BSE. Read more

Ambuja Cement commences commercial production at its Marwar Cement Plant in Nagaur district of Rajas

Published on: 3:24 pm

  • Ambuja Cements Limited, a member of Holcim and one of the leading cement companies in India, successfully began the commercial production of clinker and cement at its Marwar Greenfield Plant (Marwar Cement Works) in Nagaur district of Rajasthan.
  • In the regulatory filing, the company said the trial runs at the new plant were virtually inaugurated by the Honourable Chief Minister of Rajasthan Ashok Gehlot on August 21, 2021. Built over an investment of Rs2,350cr, this Greenfield integrated plant increases Ambuja’s clinker capacity by 3 MTPA and improves cement sales by 5 MTPA, thereby, contributing to the company’s long term strategy of capacity expansion. Read more

Karur Vysya Bank logs advances of Rs53,851cr in Q2; Stock jumps 2%

Published on: 3:22 pm

  • Karur Vysya Bank has recorded advances of Rs53,851cr for the quarter ending September 2021 (Q2FY22) rising from Rs50,408cr in the same quarter a year ago.
  • Further, the Bank's total deposits stood at Rs65,410cr in Q2FY22 up against Rs61,122cr in the corresponding period of the previous year.
  • Also, the Bank's CASA improved to Rs23,159cr in Q2FY22 increasing from Rs20,697cr as of September 2020. Read more

TVS Motor registers a sales growth of 6% in September 2021

Published on: 3:14 pm

  • TVS Motor Company registered sales growth of 6% with 347,156 units in September 2021 as against sales of 327,692 units in the month of September 2020.
  • The stock is currently trading at Rs560 down by Rs5.1 or 0.9% from its previous closing of Rs565.10 on the BSE. Read more

CARE upgrades rating outlook to 'Positive' of Aavas Financiers credit facilities; Stock soars 2%

Published on: 3:09 pm

  • Aavas Financiers Ltd has informed that based on rating assessment undertaken by CARE Ratings, the outlook of the Company's credit rating has been revised to 'Positive' from 'Stable' while reaffirming the existing ratings.
  • Long term ratings has been reaffirmed to CARE  AA- with revision in positive outlook while short-term rating has been reaffirmed to CARE A1+.
  • According to the rationale, on the basis of recent developments including operational and financial performance of the Company for FY21 (Audited) and Q1FY22 (Provisional), the ratings has been reaffirmed. Read more

Chemplast Sanmar hits record high after CRISIL assigns ‘A+/Positive/A1+’ ratings to its bank facilit

Published on: 3:07 pm

  • CRISIL Ratings has assigned its ‘CRISIL A+/Positive/CRISIL A1+’ ratings to the bank facilities of Chemplast Sanmar Limited (CSL).
  • The company stock had a dream run during Monday's trade. At around 3.10 pm, Chemplast Sanmar Ltd was trading at Rs670.50 per piece up by Rs69.7 or 11.6% from its previous closing of Rs600.80 per piece on the BSE.
  • The scrip opened at Rs603.60 and has touched a fresh 52-week high of Rs673.75 per piece during intraday trade on Monday. Read more

IRCON CMD Yogesh Misra gets additional charge of Director (Works) for three months

Published on: 2:55 pm

  • IRCON International Limited informed the exchanges Friday that in terms of the Ministry of Railway's letter October 1, 2021, Yogesh Kumar Misra, Chairman & Managing Director has been entrusted the additional charge of Director (Works), IRCON in addition to his own duty, for a period of three months w.e.f. September 4, 2021, or till the appointment of a regular incumbent to the post or until further orders, whichever is earlier
  • The company also informed in a separate filing on Friday that Mukesh Kumar Singh, on account of his superannuation on September 30, 2021, has ceased to be Director (Finance) on the Board of the Company w.e.f. October 1, 2021. Read more

Bank Nifty surges 400 pts amid Q2 advances and deposits reports; SBI, Bandhan, Federal Bank in lead;

Published on: 2:47 pm

  • Banking stocks are active as lenders now announce their September 2021 (Q2FY22) quarterly deposits and advances performance. Bank Nifty was trading on a bullish note amid broad-based buying across stocks. Except for Kotak Bank, all other sectoral indices traded higher. The Bank Nifty index hovered between 37,670.70 and 37,355.60 respectively.
  • Federal Bank, Yes Bank, Karur Vysya Bank and CSB Bank are some of the lenders that have presented the performance of their advances and deposits during Q2 of FY22.
  • These lenders have posted growth in both deposits and advances. Also, the liquidity has improved. Read more

HeroMoto Corp dispatches 530,346 units in September 2021

Published on: 2:41 pm

  • Signaling a positive consumer sentiment ahead of the festive season, Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, sold 14,38,623 units in the second quarter (July-September) of the fiscal year 2021-22.
  • The Company dispatched 530,346 units of motorcycles and scooters in the month of September 2021.
  • In the filing, the company said that the growth in volumes on a sequential basis indicates a gradual recovery in the economy. Heading into the peak festive season, the company remains optimistic about the demand over the coming months. Normal monsoon and the encouraging farm activity is likely to contribute towards positive customer sentiments. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices remain firm in gains as metal stocks surge 2.5% to lead the pack.
  • BSE Sensex is currently 59,344.32 up 578.74 points or 0.98%.
  • Nifty50 is currently 17,698.10 up 166.05 points or 0.95%. Nifty Bank is 37,622.95, up 1.07%. Mid-cap Index is up 1.64%. Read more

NMDC Chairman at 63 AGM says company has the Operational Agility to Absorb Cyclical Volatility

Published on: 2:29 pm

  • National Mineral Development Corporation Ltd. (NMDC), under the Ministry of Steel, held its 63rd AGM yesterday during which it shared highlights of its spectacular performance achieved during very difficult times.
  • The Chairman and MD Sumit Deb via video conference said that the pandemic has accelerated some key trends that will bring about a shift in steel demand. “The iron & steel industry will see exciting opportunities from rapid developments through digitalisation and automation, infrastructure initiatives, reorganisation of urban centres and energy transformation."
  • "At NMDC we have the required operational agility to absorb the cyclical volatilities in the iron ore and steel sector and stay ahead on a growth trajectory,” the Chairma said. Read more

Quick Heal Teck introduces new version of its flagship security products for consumers

Published on: 2:25 pm

  • Quick Heal Technologies Ltd has introduced a new version of its flagship security products for consumers. In this new release, the company has added a host of new features and several enhancements to their existing features.
  • Among the new features, the primary focus is on safeguarding digital privacy for new-age consumers. The main highlight of this new version is the data breach alert feature, which will provide instant alerts to consumers if their personal data like email ID, password, phone no, and IP address have been breached and compromised online and accordingly assist them in taking corrective measures. Read more

NTPC stock hits new 52-week high after Rs15,000cr fundraising buzz via IPOs of 3 units

Published on: 2:16 pm

  • State-owned NTPC stock was in the focus on Monday over a buzz stating that the company plans to raise a whopping Rs15,000cr through an initial public offering (IPO) of three units. Investors have tapped the stock on Monday to the point it has touched a new historical high. The stock exchanges have sought clarification over the development.
  • BSE and NSE have sought clarification from the company over a news article that appeared in the Economic Times titled "NTPC planning IPOs of 3 units to raise $2 billion".
  • The news article said that NTPC expects to raise Rs 150 billion ($2 billion) through initial public offerings in three units including its renewables business, and the paring of a joint venture stake, according to a company official familiar with the plans. Read more

GR Infraprojects stock rises over 3.5% so far today after winning arbitration award

Published on: 2:06 pm

  • GR Infraprojects stock was in the fast lane on Monday after intimation of an arbitration award in the matter of arbitration between the company (claimant) and the Government of NCT of Delhi (Respondent).
  • The award was for a project titled "improvement of Corridor  between  Mukarba  Chowk  to  Wazirabad  Chowk,  Delhi."
  • The company won Rs6.50cr  +  future interest  @12% per annum simple interest  from the date of publish of award  i.e.  27th  September  2021  to  the date of actual payment of award  amount.  No  future  interest  is  payable  to  the  claimant  in  case  the  respondent  makes  the  payment of award amount within  90 days  from  the date of publish  of award. Read more

Nitin Gadkari says government is committed to shift public transport and logistics on 100% green and

Published on: 2:02 pm

  • Union Minister for Road Transport and Highways Nitin Gadkari said the government is committed to shift public transport and logistics on 100% green and clean sources of energy. Addressing the Symposium on International Automotive Technology he said the national hydrogen mission launched by the Prime Minister seeks to develop hydrogen technologies for the benefit of the mobility sector and make India the leader in the production and usage of green hydrogen. The Minister said
  • 70% of Green hydrogen production costs come from electricity costs. Hence, surplus electricity from renewable energy sources can completely change economics of production of green hydrogen production. He said Green Hydrogen is termed as the fuel of the future and it is the only fuel that can help us achieve the mission of “Zero Carbon Emissions”. Read more

Nifty Auto takes the bull ride ahead of quarterly earnings; Tata Motors, M&M drive the sector

Published on: 2:00 pm

  • The Nifty Auto stocks advanced amid upbeat markets on Monday. Tata Motors led the gains on quarterly data while Mahindra & Mahindra also surged despite drop in tractor sales in September. Bharat Forge and MRF were also in the fast lane. Tube Investments of India tanked nearly 4%
  • The overall sentiments are bullish as corporate earnings season for the second quarter of FY22 is just around the corner which has led traders’ hopeful for recovery amid the easing of Covid-19 curbs. The festive season is also increasing demand with the auto sector hoping rapid rise in sales ahead of Diwali.
  • Benchmarks Sensex and Nifty50 started the week on a strong note, shrugging off weakness across other Asian markets amid renewed concerns about the future of the troubled property developer China Evergrande. Read more

PSP Projects stock hits new high after becoming L1 bidder for two projects worth Rs104.09cr

Published on: 1:55 pm

  • PSP Projects stock hits a new all-time high on Monday after the company became Lowest Bidder (L1 Bidder) for two projects amounting to Rs104.09cr in Gujarat.
  • In its regulatory filing, PSP Projects said that "the company has emerged as the Lowest Bidder (L1 Bidder) for two projects viz. one in government and another in government residential segment totalling to Rs104.09cr (excluding GST) in Gujarat." Read More

Man Infraconstruction hits 52-week high after bonus share and dividend approval by board

Published on: 1:53 pm

  • Man Infraconstruction Ltd hit 52-week high on Monday as it has informed that the Board of Directors has approved/recommended the proposals regarding business activities.
  • The board recommends Issue of Bonus Equity Shares in the ratio of 1 (One) new Equity Bonus Share of Rs. 2/- each for every 2 (Two) existing Equity Shares of Rs. 2/- each held by the shareholders of the Company as on the Record Date, subject to the approval of shareholders of the Company through Postal Ballot and other applicable statutory and regulatory approvals; as may be required. Read more

Paddy Procurement to start from Oct 11 in Punjab & Haryana as of now

Published on: 1:51 pm

  • Widespread rainfall has been experienced across Punjab and Haryana during the second fortnight of September 2021.  Untimely showers have affected the standing paddy crop in both the agrarian states.  The maximum temperature at most of the places has also been recorded below normal due to the downpour.  Again there was a heavy downpour on Sep 29, 21 and Sep 30, 21 in some parts of the States of Punjab and Haryana. 
  • Because of the untimely rains, the maturity of paddy grains is delayed. As per Indian Meteorological Department (IMD) data, rainfall during September 2021 is 77% and 139% above normal in Punjab and Haryana respectively. Read More

Ice Make Refrigeration stock surges after monthly business updates

Published on: 1:48 pm

  • Ice Make Refrigeration Limited has announced monthly business updates for September 2021.
  • The company announced that it has supplied 165 TR Capacity Water Chiller for Electroplating Process in Steel Plates to Maintain Chemical Temperature at 28 to 32 degrees celsius.
  • In the company's 12th Annual General Meeting, the company's Board of Directors has declared a dividend of Rs1.20 per share (12% on the face value of Rs10) for F.Y. 2020-21.
  • At around 1.46 pm, the company's stock was trading at Rs73.55 per piece up 0.6% on NSE. The stock is only listed on NSE. Read more

Centre doubles incentive on sugar sacrificed for producing ethanol from October 2021

Published on: 1:42 pm

  • With a view to maintain the demand supply position of sugar in the country and to stabilize ex-mill prices of sugar and also to ensure sufficient availability of sugar for domestic consumption, mill wise monthly release quota of sugar for domestic sale by sugar mills is allocated by Department of Food and Public Distribution under Ministry of Consumer Affairs, Food and Public Distribution every month on the basis of stocks held by them, export performance and diversion of sugar to ethanol.
  • With a view to encourage sugar mills to divert excess sugar cane / sugar to ethanol & to achieve targets of blending ethanol with petrol in line with Ethanol Blended with Petrol program, incentive on sugar sacrificed for producing ethanol from B-heavy molasses/sugarcane juice/sugar syrup/sugar has been doubled from October 2021, onwards in their monthly release quota. Now, those sugar mills which will be diverting sugar to ethanol would be getting the entire quantity of sugar sacrificed on producing ethanol from B-heavy molasses/sugarcane juice/sugar syrup/sugar in their monthly release quota. Read more

pTron launches next-gen tech gadgets, offers massive festive discount on TWS range starting Rs699

Published on: 1:34 pm

  • Palred Technologies-led pTron, the rapidly growing & leading maker of affordable digital lifestyle and audio accessories is all geared up for the festive fervor with jaw-dropping festive prices and a diverse product portfolio with 3 latest additions to its wireless audio wear range.
  • pTron’s newest range of gaming TWS earbuds & Wireless ENC Neckband is tech boosted to provide seamless and accelerated gaming, streaming, music & call experience. Read More

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is currently 59,341.98 up 576.4 points or 0.98%.
  • Nifty50 is currently 17,695.50 up 163.45 points or 0.93%. Nifty Bank is 37,577.35, up 0.94%. Mid-cap Index is up 1.63%.
  • Divis Lab, Bajaj Finserv, NTPC, Tata Motors, and DR Reddy are the top gainers. Grasim, Cipla, UPL, IOC, and Titan are the top losers.
  • Nifty Pharma, Realty, Media, Banking, and Financial Services remain bullish. Metal stocks rally. Nifty FMCG stocks are at the bottom of an all-positive trade. 
  • Out of 50 stocks traded on the BSE, 38 advanced and 12 declined. Read More

Emami increases stake in Brillare Science to 57.36% by conversion of CCPS into equity shares; Stock

Published on: 1:18 pm

  • Emami Limited has converted Compulsory Convertible Preference Shares (CCPS) into equity shares, consequently, the shareholding of the company in Brillare Science Private Limited has been increased from 34.70% to 57.36%.
  • The company had earlier this year intimated about the subscription of CCPS of Brillare Science aggregating to Rs1.50cr. In view of the above holding, Brillare Science has become a Subsidiary Company of Emami Ltd.
  • Brillare Science Pvt Ltd., a professional beauty care company offering products in skin, hair & body care for professional salon and home use. It owns Brillare Science and Root Deep brand. Read More

Nifty Pharma witness new lifetime high, surges 2%; DivisLab, Abbot hit new highs; Dr Reddy's, Gland,

Published on: 1:15 pm

  • Pharma stocks rallied on Monday after Merck raised hopes globally of reducing hospitalization or deaths by up to 50%. The Nifty Pharma has hit a new 52-week high of 14,938.25 on broad-based buying across stocks. The Nifty Pharma was racing towards the 15,000-mark.
  • At around 1.06 pm, Nifty Pharma was trading at 14,867.90 higher by 280.25 points or 1.92%. On the index, 16 scrips advanced while 4 scrips declined.
  • Divis Lab was the top gainer surging 8.4% after touching a new 52-week high of Rs5,315.50 per piece. Also, Abbot India followed  with a near 4.4% gain after touching a new high of Rs23,371.95 per piece earlier today. Read more

All vehicles in the country should run on 100% ethanol: Nitin Gadkari

Published on: 1:15 pm

  • Union Road Transport and Highway Minister Nitin Gadkari inaugurated National Highway projects totalling a length of 527 km, worth Rs4,075cr at Ahmednagar district in Maharashtra. Bhumipoojan and the dedication of these projects to the nation were held in a programme organized at Kedgaon in Ahmednagar by the National Highways Authority of India (NHAI).
  • Gadkari said water, electricity, transportation and communication are important aspects of the development of the country. In order to eradicate poverty, hunger and unemployment in the country as well as for the welfare of the villagers, poor, labourers and farmers, more employment should be created in these sectors, he added. Read more

Gemini Edibles and Fats IPO out of abeyance

Published on: 1:07 pm

  • According to the processing status issued on August 20, 2021, the capital market regular had kept Gemini Edibles & Fats upcoming initial public offering under abeyance. A recent update dated September 24, shows it has sought certain clarifications from the Book Running Lead Managers which indicates the approval process for the share sale has seen progress, said a person aware of this development.
  • A second person requesting anonymity stated, the company plans to hit the capital market this calendar year, probably in the month of November or December.
  • This comes after the regulator had also kept Adani Wilmar’s IPO also under abeyance due to the investigation against other Adani Group Companies. There is no update on the status of the probe by SEBI and Directorate of Revenue Intelligence Read more

Umang Bedi resigns as Independent Director of Ujjivan Small Finance Bank; Stock up ~1.5%

Published on: 12:48 pm

  • Ujjivan Small Finance Bank Limited has received a letter dated October 01, 2021, from Umang Bedi tendering his resignation as an Independent Director of the Bank with effect from October 1, 2021.
  • “The Board of the Bank has taken note of the aforesaid letter. The Board wishes him very best in his future endeavors,” the company said in a filing on Friday.
  • In a letter, Umang Bedi has confirmed that he is resigning due to personal reasons. He has also confirmed that there are no material reasons for his resignation other than those stated in his resignation letter, it added. Read More

Pfizer to transfer Upjohn biz to Mylan Pharma for R180.5c; Stock climbs 1%

Published on: 12:40 pm

  • Pfizer has entered into a business transfer agreement (“BTA”) with Mylan Pharmaceuticals (“Mylan”) to transfer certain primarily off-patent branded and generic established medicines business (“Upjohn Business”) as a going concern to Mylan for consideration of Rs180.48cr.
  • In its regulatory filing, Pfizer said that the consideration for the transfer of the Upjohn Business is supported by valuation reports issued by two independent valuers.
  • Pfizer said that the Upjohn Business comprises six brands which include Lyrica, Viagra, Celebrex, Amlogard, Daxid and Dilantin. These along with related business assets and liabilities will transition to Mylan. Read More

N Govindarajan resigns as Managing Director of Aurobindo Pharma

Published on: 12:32 pm

  • Aurobindo Pharma Ltd has informed that N. Govindarajan has tendered his resignation as the Managing Director and a Director on the Board of the Company due to personal reasons. His resignation was considered and accepted by the Board of Directors and N. Govindarajan will be relieved from the services of the Company effective from the close of business on December 31,2021.
  • The Board places on record its sincere appreciation for the remarkable contribution made by N. Govindarajan during his tenure with the Company and wishes him the very best in his future endeavours, said Aurobindo in a regulatory filing.
  • Further, the Board has also taken note of the appointment of S. Damodharan as Chief Operating Officer (COO) for the API vertical. Read More

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark market indices remain bullish despite paring few gains. Pharma, banking stocks drive ahead.
  • BSE Sensex is at 59,222.97 up 457.39 points or 0.78%.
  • Nifty50 is at 17,661.50 up 129.45 points or 0.74%. Nifty Bank is 37,515.15, up 0.78%. Mid-cap Index is up 1.40%.
  • Divis Lab, Bajaj Finserv, NTPC, Bajaj Finance, and Tata Motors and are the top gainers. Grasim, UPL, Eicher Motors, IOC, and Cipla are the top losers.
  • Nifty Pharma, Realty, Media, Banking and Financial Services stocks continue to drive the bullish sentiments on Monday. Nifty FMCG stocks are at the bottom of indices with flat trade.
  • Out of 50 stocks traded on the BSE, 38 advanced and 12 declined. Read more

RIL stock hits new 52-week high after investment in UAE-based Reliance International

Published on: 12:28 pm

  • Reliance Industries (RIL) has invested about Rs7.43cr in cash for 10 lakh equity shares of $1 each of Reliance International, a newly incorporated wholly-owned subsidiary in Abu Dhabi Global Market, United Arab Emirates.
  • In its regulatory filing, RIL said that RINL is incorporated to undertake activities relating to, amongst others, trading of crude oil, petroleum products, petrochemicals and agricultural commodities. RINL is yet to commence its business operations.
  • Further, RIL said that the investment in RINL does not fall within related party transactions and the promoter/ promoter group/ group companies do not have any interest in RINL. No governmental or regulatory approvals were required for the said investment. Read more

Mahamaya Steel Industries gross sales rise 18.4% to 8684.67 MT in Sept 2021

Published on: 12:12 pm

  • Mahamaya Steel Industries Ltd has informed to the exchange regarding a business update on September, 2021 Sales as compared to August, 2021 sales.
  • The Company has announced that its Gross Sales (Units) for the month of September 2021 is 8684.670 MT increased by approx. 18.40% over August 2021 Gross Sales (Units) which was 7334.780 MT.
  • And altogether Gross Sales (Units) of the Company for the quarter ended September, 2021 is 25724.230 MT. Read More

Nifty IT index trade higher tracking positive cues; Heavyweights Infosys, TCS led the bull run ahead

Published on: 12:10 pm

  • Nifty IT stocks traded higher tracking with bullish markets on Monday. The Index gianed over 1% in the early deals before correcting. However, in the mid-day trade, the index is regaining traction. Tata Consultancy Services (TCS), InfosysHCL Technologies and Tech Mahindra led the gains while L&T Technology Services and Larsen & Turbo Infotech were under pressure.
  • The sentiments are bullish as corporate earnings season for the second quarter of FY22 is just around the corner which has led traders’ hopeful for recovery amid the easing of Covid-19 curbs. 
  • TCS will be announcing its Q2 result on October 08, while Infosys' earnings for the same quarter is scheduled on October 13, 2021.  Read More

Tata Motors domestic sales grows 26% yoy to 55,988 units in September 2021

Published on: 12:09 pm

  • Tata Motors Limited announced its sales in the domestic & international market, for Q2FY22, which stood at 1,71,270 vehicles, compared to 1,10,345 units during Q2FY21.
  • The auto company on Friday reported a 26% growth in domestic sales at 55,988 units in September 2021. The company had sold 44,410 units in the same month last year.
  • In the commercial vehicle segment, the auto major sold 30,258 units in the domestic market last month, marking a growth of 30% as against 23,211 units sold in September 2020. Read more

Avenue Supermarts records over 46.5% yoy rise in standalone revenue to Rs7,649.64cr; Stock nears rec

Published on: 12:01 pm

  • Avenue Supermarts has announced top-line performance for the second quarter ending September 2021 (Q2FY22).
  • The company recorded standalone revenue from operations of Rs7,649.64cr in Q2FY22 - registering a growth of a whopping 46.59% yoy.
  • The DMart operator had posted a standalone revenue of Rs5,218.15cr in the quarter ending September 2020. The revenue was at Rs4,872.52cr as of June 2021. Read more

CEAT climbs over 1% after raising further stake in Tyresnmore Online to 46%

Published on: 11:53 am

  • CEAT Limited has informed that  it has entered into a Fourth Addendum Agreement to the existing Share Subscription and Shareholders' Agreement with Tyresnmore Online Private Limited and other parties, for making a further investment of upto Rs1.40 9cr in Tyresnmore, on such term and condistions to acquire 1.83% of the post issue total share capital of Tyresnmore.
  • Upon completion of the investment, the total holding of CEAT in Tyresnmore on a fully diluted basis would be 46%.
  • The proposed investment of Rs 1.4cr is scheduled to be made in the third quarter of FY22 through cash consideration by way of subscribing to 7,522 compulsorily convertible preference shares (CCPS) having a face value of Re 1 each, it added. Read More

CARE revises credit rating on short-term bank facilities of Dish TV to A4; Stock trades flat

Published on: 11:45 am

  • CARE Ratings Limited (CARE) has reviewed the ratings assigned for Dish TV India Limited’s Bank facilities, basis the recent developments including the operational and financial performance of the company, including recent developments and the possible impact of the same on the credit profile of the company.
  • Based on the said review, CARE vide its letter dated October 1, 2021, has revised the credit ratings on Short Term Bank Facilities Rs500cr (Reduced from Rs600cr) to CARE A4. It continues to be on credit watch with Negative Implications.
  • At arounnd 11.46 am, Dish TV India Ltd was trading flat at Rs20.20 per piece on the BSE. Read more

Merck expects to produce 10M doses of molnupiravir by 2021-end, hopes of reducing risk of hospitaliz

Published on: 11:41 am

  • Germany-based Merck known as MSD outside the United States and Canada, and Ridgeback Biotherapeutics have announced that molnupiravir, an investigational oral antiviral medicine, significantly reduced the risk of hospitalization or death at a planned interim analysis of Phase 3 MOVe-OUT trial in at-risk, non-hospitalized adult patients with mild-to-moderate COVID-19.
  • In a statement, last week, Merck highlighted that at the interim analysis, molnupiravir reduced the risk of hospitalization or death by approximately 50%; 7.3% of patients who received molnupiravir were either hospitalized or died through Day 29 following randomization (28/385), compared with 14.1% of placebo-treated patients. Through Day 29, no deaths were reported in patients who received molnupiravir, as compared to 8 deaths in patients who received placebo. Read More

Market pulse at 11:30 AM today

Published on: 11:30 am

  • Indices driven by pharma, banking, and financial services stocks remain bullish.
  • BSE Sensex is currently 59,425.35 up 659.77 points or 1.12%.
  • Nifty50 is currently 17,715.45 up 183.40 points or 1.05%. Nifty Bank is 37,568.95, up 0.92%. Mid-cap Index is up 1.51%.
  • Divis Lab, Mahindra & Mahindra, Bajaj Finance, Bajaj Finserv and Tata Motors and are the top gainers. UPL, Grasim, IOC, Cipla, and JSW Steel are the top losers.
  • Nifty Pharma, Realty, Media, Banking and Financial Services stocks drive the bullish sentiments on Monday. Nifty Metal, FMCG and Consumer Durables are at the bottom of indices with 0.5% gains. 
  • Out of 50 stocks traded on the BSE, 42 advanced and 8 declined. Read More

Karda Construction bags 'Business Excellence' award in 'Elite Affordable Housing' category by adsync

Published on: 11:27 am

  • Karda Constructions Limited (KCL), a leading player in affordable and mid-income housing segment in its home turf Nashik, Maharashtra. KCL has been awarded with ‘Business Excellence’ by ‘adsync’ for extraordinary service and dedication in the field of ‘Elite affordable housing’ for 2021.
  • 'adsync' been felicitating a few selective companies every year for their continuous innovation in their respective field. KCL which was one of the nominees in the Elite Affordable Housing’ category, has been awarded with ‘Business Excellence’ for their outstanding contribution in the field. The award ceremony held on 30‘ September 2021, was hosted at the Taj Hotel, Santacruz East in Mumbai. Read more

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