Live market updates

05th Oct, 2021

Govt. extends Credit Guarantee Scheme for Subordinate Debt upto March 31, 2022

Published on: 5:20 pm

  • The Government announced the creation of ‘Distressed Assets Fund- - Subordinate Debt for Stressed MSMEs’ on May 13, 2020, under the Atma Nirbhar Bharat Package.
  • Accordingly, a scheme viz. ‘Credit Guarantee Scheme for Subordinate Debt’ was approved by the Government on June 1,  2020 and the scheme was launched on June 24,  2020, to provide credit facility through lending institutions to the promoters of stressed MSMEs viz. SMA-2 and NPA accounts who are eligible for restructuring as per RBI guidelines on the books of the Lending institutions. This scheme was to remain in operation till March 31, 2021. Read more

Cosmo Films elevates Pankaj Poddar as the Group CEO

Published on: 5:13 pm

  • Cosmo Films Ltd. announced the appointment of Mr. Pankaj Poddar as the Group CEO to head the newly launched and fast growing consumer business ZIGLY alongside trade verticals including Films, Labelling & Packaging, Specialty Chemicals, Ferrites, Masterbatches and Textile Chemicals.
  • The development came into effect immediately and in recognition of the growth the company witnessed under Mr. Poddar’s leadership as CEO of the business. Read more

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IRCON International with its JV emerges lower bidder for Rs3429cr tender

Published on: 5:02 pm

  • Ircon International Limited (IRCON) with its JV partner has emerged as the lowest bidder valuing Rs3429cr in the tender floated by National High Speed Rail Corporation Limited (NHSRCL).
  • The tender is for the design and construction of 18.133 km of viaduct involving Ahmedabad Station and Sabarmati Station and associated works for the project for construction of Mumbai-Ahmedabad High Speed Rail.
  • The completion period of the project is approx. 4.5 years. Read more

Tata Motors unveils India’s first sub-compact SUV, PUNCH

Published on: 4:55 pm

  • Tata Motors has unveiled India’s first sub-compact SUV, the Tata PUNCH. The latest addition to Tata Motor’s popular ‘New Forever’ range of cars and SUVs, the PUNCH reinforces the four core pillars that define all Tata SUVs- Stunning Design, Versatile and Engaging Performance, Roomy and Spacious Interiors, and Absolute Safety.
  • Available in 4 distinct personas with both Manual (MT) and Automatic (AMT) transmission options along with customisation packs to match your distinctive lifestyle, the Tata PUNCH offers the agility of a hatchback and all key capabilities of a true SUV. Customers can start booking their choice of the Tata PUNCH persona on the Tata Motors website and across its wide network of over 1,000 showrooms across the country for just Rs21,000/-. Read more

TCS positioned as leader in the IDC MarketScape for Worldwide Life Science R&D BPO Services

Published on: 4:30 pm

  • Tata Consultancy Services (TCS) has been positioned as a Leader in the IDC MarketScape for Worldwide Life Science R&D BPO Services.
  • According to the report, “TCS’ broad portfolio; the company’s end-to-end R&D IT and business services capabilities, including strategic consulting and cloud-based, platform-based solutions; its vast geographic footprint; and its years of experience in the life science industry, all make TCS a formidable option for companies seeking a preferred vendor to address their R&D ITO needs.”
  • It goes on to say that “TCS is focusing on an advisory-led transformation approach for higher digital adoption and value creation with a focus on IP-based digital health, real-world evidence, scientific collaboration, connected smart labs, data-driven development, digital clinical trials, automation, and regulatory intelligence.” Read more

Datamatics introduces Enterprise Productivity Plan for Intelligent Automation Products

Published on: 4:15 pm

  • Datamatics Global Services Limited today introduced Enterprise Productivity Plan to help organizations achieve greater agility, drive digital transformation, and greater productivity by automating repetitive, mundane tasks and document-intensive processes.
  • The company stock was bullish on Tuesday and ended at Rs322.60 per piece up by Rs18 or 5.91% from its previous closing of Rs304.60 per piece on the BSE. Read more

Aurionpro Solutions strengthens its position in the APAC market; Stock ends 2% higher

Published on: 4:05 pm

  • Integro Technologies Pte Ltd. (Integro), an Aurionpro Solutions Limited subsidiary based in Singapore, announces multiple wins for product upgrades and enhancements. The company said in a filing that Integro is a market leader in the region and has successfully implemented its Smart Lender Product Suite at some of the largest banks in the region.
  • The recent wins include orders from the leading banks, with a wide presence in the Asia Pacific region, for the up-gradation & enhancement of their existing systems. The aggregate value of these orders will be close to Rs12cr and will be implemented over the next few months. Read more

Brickwork revises rating outlook to 'Stable' on bond issues of Union Bank

Published on: 4:00 pm

  • Brickwork Ratings assigns the rating for the Additional Tier-I Bonds (Basel III) of Rs250cr to BWR AA/Stable.
  • Further, Brickwork reaffirms the rating of Tier-II bonds (Basel III) of Rs2500cr to 'BWR AA+' and reaffirms the rating of Additional Tier-I bonds (Basel III) of Rs4500cr of Union Bank of India.
  • The Outlook is revised to Stable. Read more

Cerebra increases its Recycling Capacity by 100% to 40000 Metric Ton; Stock ends higher

Published on: 3:45 pm

  • Cerebra Integrated Technologies Limited announced on Tuesday that it has increased its capacity by 100% from the current Recycling & Refurbishment Capacity of 20,000 Metric Tons.
  • Cerebra will be able to sign on more companies that need to fulfill their EPR obligations in the current year as well as for the future years up to 40,000 Metric Tons.
  • Cerebra manages and operates the Producer’s Responsibility Organization (PRO) and offers IT and Electronic Equipment OEM’s a sustainable, reliable, and efficient option to comply with their Extended Producer Responsibility (EPR). Read nore

Markets end higher with outperformance in oil & gas, IT stocks; Nifty ends above 17,800

Published on: 3:43 pm

  • Domestic markets continued to show resilience and extended gains today amid mixed global cues as expectations of strong September quarter earnings lifted investors’ sentiments.
  • Besides, heavyweight Reliance shares were the biggest contributor to the gains in equity benchmark Sensex and Nifty50 during the session today.
  • BSE Sensex zoomed 445.56 points at 59,744.88 and the Nifty also climbed 131 points at 17,822. Read more

JSW Energy signs 591 MW wind turbine procurement contract with Senvion India; Stock ends 2% up

Published on: 3:39 pm

  • JSW Energy Limited (“JSW Energy or “the Company”) has signed a contract with Senvion India (‘Senvion’), a leading manufacturer of wind turbines, for procurement of 591 MW of onshore wind turbines for the company’s under-construction pipeline of renewable energy projects.
  • The supply of the turbines from Senvion will start by the second quarter of CY2022. Furthermore, the turbines will produce enough green energy to meet the annual electricity requirements of more than 450,000 households in the country.
  • Prashant Jain, Joint Managing Director and CEO of JSW Energy, said: “We are proud to partner with Senvion India, a high-tech industrial company, to contribute to India’s renewable energy goals. Our company has set a target to reach 20 GW of power generation capacity by 2030, by when the share of renewables in our portfolio will increase to 85%. The ongoing projects are our first large scale wind power projects and we look forward to working with Senvion to achieve our completion targets.” Read more

Mahindra Finance logs disbursement of Rs1,900cr in Sept 2021, rises by a whopping 60% yoy in Q2

Published on: 3:32 pm

  • Mahindra & Mahindra Financial Services recorded total disbursement at circa Rs1,900cr in September 2021, delivering 23% YOY growth, albeit on a lower base, which was impacted by the first wave of COVID-19.
  • In its regulatory filing, Mahindra Finance said that consequently, during Q2 FY22, the total disbursement at circa Rs6,450cr, delivered a YoY growth of 60% over Q2 FY21. Subject to improvement in the auto supply chain, the Company is hopeful of a good Q3 FY22 ahead, supported by festival season and harvest cash flow.
  • Further, Mahindra Finance stated that with further improvement in mobility during September, the collection efficiency was reported at 100% for September 2021, a further improvement over levels of 95% and 97% in July and August, respectively. This resulted in a further reduction in the NPA contracts during the month. Adding the company said, "We believe that this trend will continue in Q3FY22." Read more

ICRA reaffirms rating to Munjal Auto Industries credit facilities

Published on: 3:27 pm

  • ICRA Limited has reaffirmed its rating assigned to Munjal Auto Industries Limited in respect of long-term/ short-term bank facilities and commercial papers on October 04, 2021.
  • The credit rating agency has reaffirmed the rating on long-term bank facilities at ICRA AA- (Stable). On short-term bank facilities, the ICRA A1+ rating has been reaffirmed. The rating on Commercial Papers(CP)/ Short Term Debt(STD) has been reaffirmed at ICRA A1+. Read more

S Chand and Company stock rises 2% after board nods working capital facility of Rs40cr from SBI

Published on: 3:23 pm

  • S Chand and Company has received board of directors approval for a working capital facility up to an amount of Rs40cr from the State Bank of India ("SBI").
  • In its regulatory filing, S Chand said that this facility has been availed from SBI at a competitive rate of interest.
  • The purpose of this facility is to take over the existing credit facilities of the Company under Multiple Banking from Kotak Mahindra Bank, Standard Chartered Bank, DBS Bank, Tata Capital Financial Services. Read more

Kotak Mahindra Bank receives approval for Collection of Direct and Indirect Taxes

Published on: 3:22 pm

  • Kotak Mahindra Bank Limited (KMBL) today announced that it has received approvals from the Government of India for the collection of direct and indirect taxes such as Income Tax, Goods and Services Tax (GST) etc through its banking network.
  • With this, KMBL becomes the first Scheduled Private Sector Bank to receive approval after the announcement by Hon. Finance Minister Nirmala Sitharaman allowing all banks to participate in the government-related business.
  • After technical integration, KMBL customers will be able to pay their direct and indirect taxes straight from KMBL’s mobile banking or net banking platforms as well as through KMBL’s branch banking network, resulting in immense ease and convenience for customers. Read more

LTI has earned the Kubernetes on Microsoft Azure Advanced Specialization

Published on: 3:17 pm

  • Larsen & Toubro Infotech (LTI), a global technology consulting and digital solutions company has earned the Kubernetes on Microsoft Azure advanced specialization, a validation of a solution partner’s deep knowledge, extensive experience and proven expertise in deploying and managing production workloads in the cloud using containers and managing hosted Kubernetes environments in Microsoft Azure.
  • Only the partners that meet stringent criteria around customer success and staff skilling, as well as pass a third-party audit of their container-based workload deployment and management practices, earn the Kubernetes on Azure advanced specialization. Read more

Arihant Superstructures hits 52-week high after board nods for Rs500cr fund raise

Published on: 3:13 pm

  • Arihant Superstructures Ltd has informed to the Stock Exchanges that the Board of Directors of the Company in their Meeting held on Tuesday, have granted their consent for raising of funds of Rs500cr.
  • "The raising of funds takes place by issuance of securities by way of issuance of Securities through one or more permissible mode(s) including but not limited to a private placement, preferential issue, qualified institutions placement ("QIP"), follow-on public offering ("FPO") or a combination thereof, as may be considered appropriate by the Board, subject to shareholders' approval and regulatory and other approvals as may be required for an aggregate amount of up to Rs500cr. Read more

Sensex jumps over 400 pts led by oil and gas, IT, power stocks; Reliance tops Rs2,600-mark

Published on: 3:10 pm

  • Domestic markets showed a smart recovery after a poor start as the indices erased intraday losses and trading in the green. The Sensex was 449 points higher at 59,749 and the Nifty jumped 77 points to 17,829.
  • The top gainers in the 50-pack index were ONGC which zoomed 9.8%, Coal India and IndusInd Bank was up 3.79% each, IOC and SBI Life were also up 2.7% each.
  • Top losers were Cipla, Hindalco, Shree Cement, Tata Consumer and Sun Pharma. Read more

TVS Motor signs MoU with Tata Power to collaborate on electric two-wheeler charging eco-system in In

Published on: 3:08 pm

  • TVS Motor Company Limited, one of the leading manufacturers of two-wheelers and three-wheelers globally, entered into a strategic partnership with Tata Power, one of India's largest integrated power companies. As part of the MoU, the two companies agreed to drive the comprehensive implementation of Electric Vehicle Charging Infrastructure (EVCI) across India and deploy solar power technologies at TVS Motor locations.
  • The partnership aims to create a large dedicated electric two-wheeler charging infrastructure to accelerate electric mobility in India. This will also give the customers of TVS iQube Electric access to the widespread charging network by Tata Power through the TVS Motor customer connect app and Tata Power EZ Charge app across India. The partnership aims to create a regular AC charging network and a DC fast-charging network for electric two-wheelers. Read more

Nifty IT bounces back to green, index surges near 430 pts as major Q2 earnings line-up; TCS, HCL Tec

Published on: 3:00 pm

  • IT stocks rebounded from their early losses that were caused due to steep sell-off across global cues, however, the sector was in the fast lane during the second half of Tuesday's trading session. Corporate earnings have taken a centre stage for the traders as TCS will kick off the September 2021 (Q2FY22) quarterly earnings season from October 08, 2021. All stocks listed on Nifty IT were now trading on a higher note.
  • In the early deals, Nifty IT had plunged by nearly 1% with an intraday low of 34,781.60.
  • However, in the second half, the index bounced back to bulls and even surged more than 1%. The index has now touched an intraday high of 35,650.85. So far, the index has jumped nearly 530 points today. Read more

ICRA revises the outlook of Action Construction Equipment to positive from stable for long term rati

Published on: 2:45 pm

  • ICRA Limited has revised the outlook of Action Construction Equipment Limited to positive from stable for long-term rating. The rating on long-term facilities of the company has been reaffirmed at ICRA AA- (Positive). Outlook revised from Stable to Positive.
  • On short-term facilities, the ICRA Al + rating has been reaffirmed. The credit rating agency also reaffirmed the rating on the Commercial Paper programme of the company at ICRA Al +. Read more

Larsen & Toubro Infotech earns the Kubernetes on Microsoft Azure advanced specialization

Published on: 2:45 pm

  • Larsen & Toubro Infotech has earned the Kubernetes on Microsoft Azure advanced specialization, a validation of a solution partner’s deep knowledge, extensive experience and proven expertise in deploying and managing production workloads in the cloud using containers and managing hosted Kubernetes environments in Microsoft Azure.
  • Only the partners that meet stringent criteria around customer success and staff skilling, as well as pass a third-party audit of their container-based workload deployment and management practices, earn the Kubernetes on Azure advanced specialization. Read more

Aurobindo Pharma clarifies on news of recalling products in US market; Stock dips 1.5%

Published on: 2:30 pm

  • Aurobindo Pharma Ltd has clarified to the exchange regarding news item captioned "Drug makers Glenmark, Aurobindo Pharma recall products in US market"
  • The Company confirmed on the matter which involved recall of 2,820 bottles of Metoprolol tartrate tablets in the US market, and the recall was done at the pharmacy level.
  • "As the matter was not material in nature, the same did not warrant disclosure to the Stock Exchanges under SEBI guidelines", said the company in a regulatory filing. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices consolidate afternoon gain as Oil & Gas, IT and Banking and Financial Services stocks surge.
  • BSE Sensex is currently 59,644.05 up 344.73 points or 0.58%.
  • Nifty50 is currently 17,792.55 up 101.30 points or 0.57%. Nifty Bank is 37,670.70, up 0.24%. Mid-cap Index is up 0.60%. Read more

Vedanta's aluminium production rises 21% yoy in Q2FY22; stock zooms 2%

Published on: 2:14 pm

  • Vedanta said that its total aluminium production grew 21% to 5,70,000 tonnes in Q2 FY22 compared with 4,73,000 tonnes in Q2 FY21.
  • The Lanjigarh refinery produced 511,000 tonnes of alumina in Q2 FY22, 6% higher as compared to Q1 FY22 and 11% higher as compared to Q2 FY21. The Lanjigarh refinery continues to operate at over 2.0 Mtpa production run rate. We continued to receive bauxite from The Odisha Mining Corporation as per the LongTerm Linkage.
  • The cast metal aluminium production (including trial run) at our smelters in Jharsuguda and BALCO stood at 570,000 tonnes in Q2 FY22, higher 4% as compared to Q1 FY22 and 21% in comparison to Q2 FY21 mainly due to ramp up of pots. Read more

Welspun India launches new home textile collection in collab with DuPont Biomaterials; Stock advance

Published on: 2:14 pm

  • Welspun India in collaboration with DuPont Biomaterials has launched a new home textile collection, including bath towels and bedsheets, made with bio-based materials. The collection was developed to meet growing demand for home textile products that not only bring desired performance but also are sustainable.
  • The collaboration brings together cotton and DuPont Sorona fibers to create home textile fabrics that provide exceptional comfort, moisture management, a luxurious drape, and a smooth, soft, hand feel. Read more

CRISIL assigns rating to Andrew Yule & Company's bank facilities

Published on: 2:13 pm

  • CRISIL Ratings has assigned its ‘CRISIL BBB-/Stable/CRISIL A3’ ratings to the bank facilities of Andrew Yule and Co Ltd (AYCL).
  • The ratings reflect the established position of AYCL in the tea industry along with continued support from the Government of India (GoI), well-established customer base and healthy product diversity supporting the scale and sustainability of operations, healthy capital structure and moderate financial risk profile.
  • These strengths are partially offset by susceptibility to fluctuations in tea prices, seasonality in production and weather conditions, and exposure to inherent cyclicality in demand and volatility in raw material prices. Read more

Max Healthcare expands its bed capacity with the addition of two hospitals in Gurugram

Published on: 2:02 pm

  • Max Healthcare Institute Limited (MHIL) is further fortifying its presence and expanding its bed capacity in the NCR region by the addition of two hospitals of ~500 beds each in Gurugram. This will significantly ramp up its existing footprint in the NCR region and help serve the healthcare needs of ever-expanding communities in Gurugram.
  • The Max Healthcare board approved the expansion plan in a meeting held earlier on Monday.
  • As per the regulatory filing, two land parcels measuring ~6.11 acres and ~5.26 acres are being allotted by HSVP (Haryana Shahri Vikas Pradhikaran) post successful bid by the Company in a recent HUDA auction and are located in the heart of Gurugram abutting well-populated areas of Sectors 53 on the Golf Course Road and Sector 56 just minutes away from the other location. At present, Max Healthcare runs a multi-speciality Hospital in Sector 43, Gurugram. An LoI was issued to this effect by HSVP on Oct 01 2021. Read more

NCC receives two new orders worth Rs444cr in September 2021

Published on: 1:48 pm

  • NCC Limited has received two new orders totalling Rs444cr (exclusive of GST) during September 2021.
  • From these orders, one order valuing Rs280cr pertains to Water & Environment Division and the second-order valuing Rs164cr pertains to Building Division.
  • NCC said that these orders are received from State Government agencies and do not include any internal orders. Read more

Cadila Healthcare clarifies on getting permission to conduct phase III trial for two-dose Covid vacc

Published on: 1:42 pm

  • Cadila Healthcare Ltd on Tuedsday has clarified to the exchange on the news item regarding “Zydus Cadila gets permission to conduct phase III trial for two-dose Covid vaccine”.
  • Now, the company confirms that they have got the permission for conduct of phase III trials for two-dose Covid vaccine.
  • "We generally report all milestone events related to Covid vaccine, which can be price sensitive information. In this case, since we have already got emergency use authorisation for three-dose vaccine earlier (which is already informed to the stock exchanges vide our letter dated August 20 2021), we thought that giving information on completion of phase-III trials, when we apply for authorisation from the government would be right time for intimating to stock exchanges", said the company in a regulatory filing. Read more

Tata Communications and Cisco Systems expand their strategic partnership; Stock jumps 1.5%

Published on: 1:38 pm

  • Tata Communications and Cisco Systems announced the expansion of their two-decades-long strategic global partnership. This new agreement is between Tata Communications and Cisco Meraki to empower enterprises with simple and easy to deploy, manage, and analyse IT infrastructure for delivering anywhere anytime access.
  • “Our recent Leading in a Digital-First World Report, basis a global survey of enterprises, reveals 91% businesses recognise they are not able to provide high-quality digital experiences for their stakeholders. We believe the converging LAN and WAN protocols with better wireless and software-defined technologies is imperative for enterprises’ digital transformation journeys,” said Genius Wong, Chief Technology Officer, Tata Communications. “We are happy to further enhance our offerings to enable enterprises as they manage the growing demand of their business transformation in the new paradigm." Read more

Bharti Airtel appoints Rajiv Sharma as Head of Investor Relations; Stock skyrockets 3%

Published on: 1:30 pm

  • Bharti Airtel Limited has appointed Rajiv Sharma as Head of Investor Relations with effect from 1 October 2021. He takes over from Komal Sharan, who is moving to a new role within the Bharti group.
  • In his new role, Rajiv would report to Badal Bagri, Chief Financial Officer (India and South Asia), Airtel. Rajiv will be responsible for ensuring that Airtel is appropriately represented with investors, lenders, equity partners, and financial institutions. Read more

Power Grid subsidiary commissions Transmission system associated with LTA applications from Rajastha

Published on: 1:30 pm

  • Power Grid Corporation of India said in the regulatory filing on Monday Transmission system associated with LTA applications from Rajasthan SEZ Part-C” on Build, Own, Operate and Maintain basis (won under TBCB Route) has been successfully commissioned and put under commercial operation on October 4, 2021 by POWERGRID Khetri Transmission System Limited) a wholly-owned subsidiary of Powergrid.
  • The company further said “We wish to inform that Transmission project comprising following elements: (i) 765/400 KV, 2x 1500 MVA Sub-Station at Khetri with 765 KV (2 x 240 MVAR) and 400 KV (1x125 MVAR) Bus Reactors. (ii) 765 KV D/C Khetri-Jhatikara line along with associated bays at both end and 1x 240 MVAR switchable line reactor with bay for each Ckt at Jhatikara end. (iii) 400 KV D/C Khetri-Sikar line along with associated bays at both end.” Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • Indices rise as IT and Banking stocks recover losses; Oil & Gas stocks surge 2%.
  • BSE Sensex is currently 59,475.55 up 176.23 points or 0.30%.
  • Nifty50 is currently 17,748.70 up 57.45 points or 0.32%. Nifty Bank is 37,633.00, up 0.14%. Mid-cap Index is up 0.60%. Read more

Aster DM Healthcare welcomes Wayne Earl Keathley to board panel; Stock gains 1%

Published on: 1:20 pm

  • Aster DM Heathcare Ltd has informed to the exchange that the Board of Directors has appointed Wayne Earl Keathley as an Additional Director (Non-Executive Independent Director) with effect from October 04, 2021 for a period of 3 years.
  • Wayne is an Executive Leader with over three decades in all aspects of hospital and health system management, academic medicine and governance of complex organizations.
  • He served as Associate Dean for Global Health and Assistant Professor of Medicine at the Bayor College of Medicine, Texas Medical Centre, Houston, Texas. Currently he serves as Executive Vice President and Chief Operating Officer of RUSH University System of Health. Read more

Paras Defence and Space Tech hits new high after ICRA assigns A-/ Stable rating to cash credit facil

Published on: 1:20 pm

  • ICRA Limited has assigned an A- rating to the cash credit facility of Paras Defence and Space Technologies Limited on a long-term scale, obtained from Kotak Mahindra Bank Limited and the outlook is Stable.
  • The rating on Cash Credit Rs25cr of the company has been assigned at ICRA A- / Stable by the credit rating agency. Read more

Rail Vikas Nigam signs MoU with Tata Steel; stock gains over 2%

Published on: 1:08 pm

  • Shares of Rail Vikas Nigam Ltd trading higher in an otherwise volatile market on Tuesday’s trade. The company had signed a Memorandum of Understanding (MoU) with Tata Steel in connection with the implementation of infrastructure projects either on a nomination basis as a deposit work or through the special purpose vehicle (SPV) route subject to the bankability of the SPV project, execution of definitive agreement and management approval.
  • In the regulatory filing on Monday, “Rail Vikas Nigam Limited (RVNL) has entered into an MoU on 04.10.2021 with Tata Steel Limited in connection with the implementation of infrastructure projects either on nomination basis as a deposit work or through the special purpose vehicle (SPV) route subject to the bankability of the SPV project, execution of definitive agreement and management approval.” Read more

Nifty Metal stocks continue winning streak; Coal India, Vedanta, Hindustan Zinc outperform

Published on: 1:00 pm

  • The Nifty metal stocks edged higher amid volatile trade on Tuesday. Coal India Limited led the gains while Vedanta and Hindustan Zinc also outperformed. APL Apollo Tubes, Hindustan Copper, Hindalco and National Aluminium stocks were under pressure. The sector continued gaining spree ahead of Q2 earnings and festive season.
  • Sensex and Nifty50 suffered minor losses in early trade on Tuesday after a mixed opening tracking weakness across global markets. However, the markets picked trade in the afternoon to go higher.
  • At around 1.00 pm, BSE Sensex was trading at 59,508.30 up 208.98 points or 0.35% and Nifty50 at 17,768.00 up 76.75 points or 0.43%. Nifty Metal was trading at 5,830.00 up 22.65 points or 0.39%, touching a high of 5,861.70 and low of 5,773.55 during intraday trade on Tuesday. Read more

Nifty Oil & Gas logs new lifetime after OPEC+ agrees to stick with production plan; ONGC, Indian

Published on: 12:59 pm

  • Oil and gas stocks were in a sharp rally on Tuesday after the Opec and allied countries stayed firm on their usual plan for a gradual uptick in oil output. After the latest meeting of OPEC+ that holds one of the largest oil producers in the world, crude oil prices spiked to a three-year high. Indian Oil and gas stocks emerged as top bulls of the day despite the broader markets tone being volatile.
  • At around 12.46 PM, the Nifty Oil & Gas was trading at 7,969.70 higher by 150.40 points or 1.92%. The index has touched a new historic high of 7,995.55.
  • Notably, the index is racing towards the 8,000-mark. Read more

Gufic Biosciences board approves CAPEX of Rs200cr, to set up new manufacturing unit; Stock surges

Published on: 12:39 pm

  • Gufic Biosciences board of directors have approved the proposal for increasing Capital Expenditure to the tune of Rs200cr. From the total, Rs180cr is proposed to be utilised for setting up of the Company's new manufacturing unit.
  • While the balance of Rs20cr is proposed for setting up the Research & Development facility, both in Indore, Madhya Pradesh.
  • The company plans to finance the CAPEX through internal accruals and debts if required. Read More

Opel Vauxhall Finance goes live in Spain with Nucleus Software’s flagship lending product, FinnOne

Published on: 12:38 pm

  • Opel Vauxhall Finance announces the going live in Spain of Nucleus Software Exports Limited’s flagship lending product, fine. Nucleus Software is the leading provider of lending and transaction banking products and solutions to the global financial industry. Spain becomes the ninth European country for Opel Vauxhall Finance (OVF) to go live with FinnOne.
  • OVF is the automotive finance captive organization of Opel and Vauxhall, supported by Stellantis and BNP Paribas. OVF trades under strong local brands such as Opel Bank, Opel Financial Services, and Vauxhall Finance. OVF has multiple operational branches across Europe, each operating under a local bank licence or Financial Institution. Read more

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark market indices continue to trade flat amid volatile trade on Tuesday.
  • BSE Sensex is at 59,278.50 down 20.82 points or 0.04%.
  • Nifty50 is at 17,692.45 up 1.20 points or 0.01%. Nifty Bank is 37,453.55, down 0.34%. Mid-cap Index is up 0.43%.
  • ONGC, IOC, Coal India, UPL, and Bharti Airtel are the top gainers. Cipla, Shree Cement, Hindalco, Sun Pharma, and ICICI Bank are the top losers.
  • Nifty Pharma, IT and Realty stocks remain under pressure while Nifty Oil & Gas stocks surge nearly 2%. Metal and Auto stocks also lead the modest gains.
  • Out of 50 stocks traded on the BSE, 23 advanced, 26 declined and 1 unchanged. Read More

Kitex Garments surges near 3% after board updates on expansion plan in Telangana

Published on: 12:24 pm

  • Kitex Garments Ltd at their meeting has approved the expansion plan in the state of Telangana.
  • The Board of Directors approved the investment proposal of Rs2,406 cr and the said investment is planned in Kakatiya Mega Textile Park, Warangal (Rs1,113cr) and in Industrial Park, Sitarampur, Rangareddy District (Rs1,293cr). 
  • Further, the Board of Directors decided to incorporate a new subsidiary company in the state of Telangana with an initial investment of Rs750cr wherein 70% of initial investment will be invested by the Company and balance 30% will be invested by Kitex Childrenswear Ltd, said company in a regulatory filing. Read More

EID Parry board approves sale of the plant & equipment of the Sugar Factory at Pettavaithalai, Tamil

Published on: 12:14 pm

  • EID Parry India Limited board of Directors has approved the Sale of the Plant & Equipment of the Sugar Factory at Pettavaithalai in Tamil Nadu, which is not in operation.
  • The company’s Board of Directors in a meeting on Monday also approved the investment of Rs19cr in the share capital of the Joint Venture Company - Algavista Greentech Pvt Ltd.
  • It also appointed Sridharan Rangarajan as an Additional Director of the company with effect from October 4, 2021. The company also informed that V. Ravichandran stepped down as Chairman and as a Director of the Company effective close of business hours of October 4, 2021. Read More

Japan’s Nikkei 225 slumps 2% following Wall Street losses; European markets set to open in green

Published on: 12:13 pm

  • Asian markets fell in Tuesday session following overnight losses on Wall Street. In Japan, the Nikkei 225 dropped over 2%, as shares of Fast Retailing tanked over 6.5%.
  • The Topix index also declined 2.05%, South Korea’s Kospi shed 2.04%, however, the Hang Seng index in Hong Kong recovered from morning losses to trade in the green.
  • The stock markets in mainland China remain closed on Tuesday for the holidays. Read More

Albert David enters into co-marketing agreement for Placenta Products; Stock gains 1.5%

Published on: 12:13 pm

  • Albert David Ltd has informed that Placentrex, the human placental extract product, is an old and well-established product of the company. It is used by the Gynecologists for PID (Pelvic Inflammatory Disease) and by Surgeons, Physicians and other doctors for difficult to heal wounds.
  • Co-Marketing is a well-established strategic process used by “parent companies” to help expand the product reach/market, thus offering the product benefits to a larger number of end users. Further, Albert David has decided to partner with Corona Remedies Private Limited to help take the ‘Placenta Products, with another brand name, to a larger and wider group of end beneficiaries, the company said. Read more

Motherson Sumi issues Commercial paper of Rs100cr; Stock trades flat

Published on: 12:08 pm

  • Motherson Sumi Systems Limited has got listing approval from BSE for issued a Commercial Paper (unsecured) of Rs100cr. The date of allotment was on September 24, 2021, with a tenure of 91 days and a coupon rate of 3.70% in favour of ICICI Prudential Liquid Fund.
  • At around 12.12 pm, Motherson Sumi Systems Ltd was trading at Rs226.45 per piece down by Rs0.05 or 0.02% from its previous closing of Rs226.50 per piece on the BSE.
  • The scrip opened at Rs225 and has touched a high and low of Rs229.40 and Rs225 respectively. Read More

Info Edge (India) approves investment of Rs15cr in 4B Networks; Stock sheds 1%

Published on: 12:07 pm

  • Info Edge (India) Ltd has informed that the Company has approved the investment of about Rs15cr, through its wholly-owned subsidiary, in 4B Networks Private Limited. This investment is in exercise of a right available to the Company to subscribe 4,245 additional securities for an amount upto Rs15cr.
  • Further, the Company already holds 19.9% stake in 4B on a fully diluted and converted basis. Accordingly, it is treated as a Joint Venture Company in accordance with applicable Accounting Standards and hence thus falls in the category of a related party as on the date of making this investment. Read more

Nifty Auto continues bull ride ahead of festive season; Maruti, Tata Motors among top gainers

Published on: 11:55 am

  • The Nifty Auto stocks hit the fast lane again despite volatile markets on Tuesday. Ashok LeylandMaruti, and Tata Motors motored ahead in gains while Bharat Forge shed nearly 3%. The auto sector continued the winning streak as investors are hopeful of good returns ahead of Q2 earnings and festive season.
  • Sensex and Nifty50 suffered minor losses in early trade on Tuesday after a mixed opening tracking weakness across global markets. Weakness in financial, IT, and pharma stocks pulled the market lower, though gains in oil & gas and select auto counters limited the downside. Read More

Hindustan Zinc logs mined metal production of 248,000 tonnes in Q2; Stocks near day's high

Published on: 11:53 am

  • Hindustan Zinc Limited has announced its production numbers for the second quarter (Q2FY22) and half year ended September 30, 2021 (H1FY22). On Tuesday, the company's stock was trading higher on stock exchanges.
  • During Q2FY22, the company's mined metal production was at 248,000 tonnes, up 4% as compared to Q2 FY21 on account of higher ore production at Rampura Agucha, Sindesar Khurd & Zawar mines supported by improvement in recovery, which has been partly offset by Lower Mining Grades. In comparison to Q1 FY22, it is up by 12%, mainly due to Higher ore production at Sindesar Khurd and improvement in Mining Grade & recovery.
  • Further, integrated metal production was 209,000 tonnes for Q2 FY22, down 12% as compared to both Q2 FY21 & Ql FY22 on account of an extended shutdown at one of the roasters at Chanderiya Smelter for Repairs & overhaul of Structural components. Integrated zinc production was 162,000 tonnes, down 10% as compared to Q2 FY21 and down by 14% as compared to Q1 FY22. Integrated lead production was 47,000 tonnes for Q2 FY22, down 18% as compared to Q2 FY21 on account of Annual Shutdown at Dariba Lead Smelters and down 4% as compared to Q1 FY22. Read more

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