Live market updates

06th Oct, 2021

Over 60% indicate intent to visit UAE with Expo 2020 Dubai: Thomas Cook and SOTC survey

Published on: 5:05 pm

  • Thomas Cook India and its Group Company SOTC Travel Ltd., have jointly surveyed over 2500 customers across India’s key metros like Delhi-NCR, Mumbai, Kolkata, Bengaluru, Chennai and mini-metros like Pune and Tier 2 & 3 source markets, including Jaipur, Lucknow, Madurai, Kochi, Indore, Cuttack, Nagpur, Ahmedabad and Surat.
  • The survey reveals insightful customer data, behaviour and travel trends with UAE (Dubai-Abu Dhabi) and Expo 2020 Dubai emerging as a clear driver of international demand for Q4 2021: Read more

Aditya Sun Life AMC offer price fixed at Rs712cr taking IPO size to Rs2,768.26cr

Published on: 4:48 pm

  • Aditya Birla Capital announced that Rs712 per equity share has been finalised as the offer price for the Initial Public Offering of Aditya Birla Sun Life AMC Limited (ABSLAMC). That said, the size of the public offer amounts to Rs2,768.26cr.
  • In the company's regulatory filing, it was said that ABSLAMC, Aditya Birla Capital and Sun Life (India) AMC Investments Inc. (Sun Life AMC), in consultation with Global Coordinators and Book Running Lead Managers to the Initial Public Offering (IPO) of ABSLAMC, have finalised the Offer Price (including the Anchor Investor Offer Price) at Rs712 per equity share of Rs5 each of ABSLAMC. Read more

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Voltas introduces 'Grand Mahotsav Offer' for upcoming festive season

Published on: 4:45 pm

  • Voltas Limited has announced its ‘Grand Mahotsav Offer 2021’ for the upcoming festive season for its customers across India. The offers will be valid till November 10, 2021 across all authorized dealers in India.
  • Encouraging people to upgrade to energy-efficient and technologically advanced air conditioners, Voltas has introduced a special Exchange offer during this festival.
  • Through this scheme, consumers can exchange their operational old air conditioners of any capacity for a brand new Voltas Air Conditioner. This offer is applicable for Voltas’ range of split, window and inverter air conditioners and can be availed through Voltas authorized channel partners and exclusive Brand Outlets. Read more

Ind-Ra revises rating on bank facilities of Srikalahasthi Pipes

Published on: 4:34 pm

  • India Ratings & Research (Ind-Ra) has revised the rating of the bank facilities of the Srikalahasthi Pipes Limited. The rating on long-term loans and fund-based working capital facilities has been revised from IND AA-/RWN to IND A+/Stable.
  • The credit rating agency also revised rating on non-fund-based working capital facilities and commercial papers from IND A1+/RWN to IND A1+. Read more

Tata Steel BSL achieves highest ever crude steel production of 1.20 mn tons in Q2FY22

Published on: 4:26 pm

  • Tata Steel BSL said that the company has achieved the highest ever Crude Steel production in 2QFY22, registering a growth of 2%QoQ and 5% YoY.
  • In the regulatory filing, Q2FY22 Steel sales volume was marginally lower on a QoQ basis due to lower availability of Hot Rolled products with the planned shutdown of Hot Strip Mill. Steel sales volume were lower by 13%YoY due to lower exports and stock liquidation focus in the previous year. The Company launched “Tata Steelium Super” which will enhance Company’s presence in the retail segment.
  • The Company has undertaken several vaccination drives at all of its operating locations. Currently, around 98% of its employees are vaccinated with first dose and 71% have been administered with second dose. Read more

Sutherland partners with NIIT venture StackRoute to launch the 'Full Stack Engineering Program'

Published on: 4:25 pm

  • Sutherland, a leading global digital transformation company based out of Rochester, NY, USA and StackRoute, an NIIT Venture, have entered a partnership to launch an immersive training program designed to identify the right talent and develop them as high-quality Full Stack IT Professionals, handling critical roles at Sutherland.
  • This initiative is a part of Talent Pipeline as a Service (TPaaS), which helps enterprises build an incoming, deep-skilled talent pool in leading digital technologies, platforms, and agile methodologies.
  • The program targets passionate technical graduates with 0 to 2 years of work experience and potential for developing deep skills via a virtual immersive model on Full Stack technologies beyond Java and . NET. Read more

IDBI Bank announces launch of exciting Retail Products

Published on: 4:20 pm

  • IDBI Bank, on the occasion of its Foundation week unfolded its retail asset products i.e. Auto loans, Education loans and Home loans, with augmented features.
  • To forge a connect with lifestyle decisions that assume auspicious significance, IDBI Bank unveiled ‘i_zoomdrive’ auto loans. This loan for New Cars and High end bikes offers features like quick processing, attractive interest rates, 100% financing for specific segments and zero penalty on part / pre closure that sets it apart from its peers.
  • The Bank also unveiled  ‘i_learn’  education loans to empower the ambitions of young Indians.  The product covers a wide range of education courses including Specialized courses, Overseas courses with higher tenure, higher loan amount and flexible repayment options. Read more

Brickwork upgrades ratings on Ganga Papers India's bank loan facilities

Published on: 4:12 pm

  • Brickwork Ratings upgrades BWR BB+/Stable/BWR A4+ ratings for the Bank Loan Facilities of Rs31.43cr of Ganga Paper India Ltd
  • As per rationale, upgrade in the ratings of Ganga Paper India factors in growth in its revenues, improvement in overall business and financial risk profile in FY21 with growing scale of operations and stable operating profit margins owing to better utilisation of manufacturing capacities.
  • Gearing and debt coverage ratios have witnessed sustained improvement during previous years owing to growth in profits whereas borrowing expenses declined. Liquidity in the company is adequate as indicated by NWC, working capital cycle and cash accruals vis-a-vis term debt obligations. Read more

KNR Construction subsidiary gets provisional certificate of completion for road project in Tamil Nad

Published on: 4:05 pm

  • KNR Construction Limited informed the exchanges Wednesday that provisional certificate of completion for Four laning of Trichy (KM 0.000) to Kallagam (KM 38.700) Section of NH-227 under Bharatmala Pariyojana (Residual projects under NHDP) in the State of Tamil Nadu” effective from May 30, 2021, was received by KNR Srirangam Infra Private Limited, a wholly-owned subsidiary of the company.
  • The Project has been completed 89 days ahead of the Revised Scheduled Completion Date. Read more

Improved economic activities in Q2FY22 to spur growth momentum for the road logistics sector in H2FY

Published on: 4:01 pm

  • ICRA Ratings reiterated that the outlook for the Indian Road logistics sector continues to remain stable, supported by improved economic recovery in Q2 FY2022, increased pace of vaccination and decline in fresh Covid-19 cases from June’21 onwards.
  • The sector has witnessed moderation in freight volumes sequentially across different segments (road, rail and sea) in Q1 FY2022 as the resurgence of Covid-19 cases by the end of Q4 FY2021 stalled the economic recovery that was visible across most sectors during H2 FY2021.
  • Given the impact of the second wave on most end-user industries and accordingly, freight movement was affected. This apart, the effect of commodity inflation was significant on the earnings profile of logistics players. Read more

CAMS gets nod for using Aadhaar based eKYC services as Central Record Keeping Agency

Published on: 3:57 pm

  • Computer Age Management Services has informed to the exchange that the company has received a communication from Pension Fund Regulatory & Development Authority (PFRDA) on October 05, 2021 informing that the Department of Revenue has permitted the company as a Central Record Keeping Agency (“CRA”) to use Aadhaar based eKYC services as Authentication User Agency (“AUA”) for National Pension Scheme (NPS).
  • The company said in a regulatory filing that a notification in this regard has been issued in the Gazette of India and this will entail the company to undertake Aadhaar Authentication service of Unique Identification Authority of India under section 11A of the Prevention of Money Laundering Act, 2002. Read more

Godrej Consumer expects double-digit sales growth in India, driven largely by volume growth and cali

Published on: 3:50 pm

  • Godrej Consumer Products said in India, it expects close to a double-digit sales growth, driven largely by volume growth and calibrated price increases.
  • "We expect our 2-year CAGR to be in the double digits. We witnessed broad-based sales growth in our Home Care and Personal Care categories," the company said.
  • In Indonesia, we expect a marginal decline in constant currency sales. This is impacted by challenging macroeconomic variables, a gradual recovery in the Air Fresheners category, and high competitive intensity in the Wet Wipes category. We continue to put building blocks in place to ensure gradual recovery, during the course of the year, Godrej Consumer said in the note. Read more

Resilient earnings in FY2021; Covid 2.0 impacts asset quality in Q1 FY2022: ICRA

Published on: 3:48 pm

  • The affordable housing finance companies (AHFCs) which had been growing at significantly higher rates than the overall housing finance industry in the past too  witnessed a moderation in growth in FY2021 following the Covid-19 induced challenges in the operating environment.
  • Nevertheless, given the largely underpenetrated market, favourable demographic profile, government trust on housing and  a favourable regulatory/tax regime support the long-term growth outlook for the sector. Read more

CARE revises long-term facilities of Surya Roshni to CARE AA-; Stable; Stock ends lower

Published on: 3:42 pm

  • CARE Ratings has revised the long-term bank facilities Rs1,117.45cr of Surya Roshni Limited to CARE AA-; Stable from CARE A+; Stable. The credit rating agency also assigned CARE Al+ rating to short-term bank facilities Rs1,164.32cr of the company.
  • CARE also reaffirmed rating on Commercial Paper (Carved out) Rs200cr at CARE Al+.
  • The revision of the ratings assigned to the bank facilities and debt instrument factors in the company’s improvement in the operational performance supported by favorable changes in the industry and business dynamics in lighting division and higher contribution of value-added products in Steel Pipes and Strips Division, thereby leading to better profitability and accruals and the resultant improvement in debt metrics and liquidity position, consistent reduction in debt levels including prepayments in FY21 and Q1FY22 culminating in reduced finance cost and strengthening of financials. Read more

Markets close lower; Largecap stocks underperformed

Published on: 3:38 pm

  • Domestic markets witnessed a negative day of trade as across the board profit booking weighed in. Nifty underperformed, the Bank Nifty index by 0.35% with both the indices witnessing a heavy selling pressure during the closing part of the trade.
  • The Nifty Metal index was among the underperformers with stocks from like Tata Steel, Hindalco, Jsw Steel & Jindal Steel witnessing long unwindings during the trade. The Nifty Midcap 100 index closed ~1% lower. Read more

Equitas Small Finance Bank announces the launch of ASBA facility

Published on: 3:20 pm

  • Equitas Small Finance Bank announces the launch of ASBA facility on its Internet Banking, Mobile Banking and UPI interface for its customers. ASBA (Applications Supported by Blocked Amount) is a process required by India's Stock Market Regulator SEBI for applying to IPOs, FPOs, etc. Equitas Bank continues to create a seamless banking experience for its customers, as they can now directly participate in primary markets through the facility.
  • With the ASBA facility, customers can avail the benefit of high savings account interest until the date of allotment of shares. Notably, the facility blocks the bank account for application money and when the entire IPO process is complete, the account is debited only to the extent of payment required for final allotment. For this entire time - customers enjoy the benefit of high Savings Account Interest Rate offered by the Bank on entire amount. Read more

Chemplast Sanmar expects significant rise in revenue during H1FY22; Stock jumps 3%

Published on: 3:04 pm

  • Chemplast Sanmar Limited announced that in the first half of FY22, the demand environment remained buoyant. During the second COVID surge in India, lockdowns were localised, and the governments of Tamil Nadu and Puducherry allowed continuous process industries to operate.
  • "This resulted in no interruptions in production at any of Chemplast Sanmar's manufacturing facilities during this time period. However, the business environment was subdued in terms of customers' applications, at the beginning of Q1FY22 for a short span of time. After this short period, demand picked up sharply and continues to remain strong," Chemplast Sanmar said. Read more

Vinyl Chemicals (India) appoints Prakash D Shah as Additional Director; Stock plunges 6%

Published on: 3:04 pm

  • Vinyl Chemicals Ltd has informed that the Board of Directors of the Company at its meeting held today, have appointed Prakash D Shah as an Additional Director (Non-Executive and Independent Director) on Board of the Company with effect from October 06, 2021.
  • Prakash D Shah is a Solicitor and Advocate practicing in Mumbai and has experience of over 40 years. He is practicing mainly in commercial, real estate, direct and indirect taxes litigations.
  • He is appearing regularly before the High Courts of Mumbai and Gujarat amongst the High Courts in India. His clients include large and medium industries in India and also multinational companies. Read more

Markets close lower, Largecap stocks underperformed

Published on: 3:03 pm

  • Markets witnessed a negative day of trade as across the board profit booking weighed in. Nifty underperformed the Bank Nifty index by 0.35% with both the indices witnessing a heavy selling pressure during the closing part of the trade.  Nifty Metal index was among the underperformers with stocks from like Tata Steel, Hindalco, Jsw Steel & Jindal Steel witnessing long unwindings during the trade. Nifty Midcap 100 index closed ~1% lower. Market breadth ended in the favour of the declines with the advance/decline ratio closing at 2:3x. Nifty and Bank Nifty saw an unwinding of long positions during the day. Read more

Satin Creditcare approves conversion of 74,808 partly paid equity shares into fully paid equity shar

Published on: 2:58 pm

  • Satin Creditcare Network Limited informed the exchanges Tuesday that the Extended Payment Period of Final Call on Partly-Paid up Equity Shares of Rs10/- each (Rs7.50 Paid-up) of the Company ended on Tuesday, September 21, 2021, and in furtherance to the same, the duly authorized Rights Issue Committee of the Company in its meeting held on October 5, 2021, have inter-alia approved the conversion of 74,808 partly paid equity shares of Rs10/- each (Rs7.50 Paid-up) into fully paid equity shares of Rs10/- each on receipt of Final Call money.
  • Number of partly paid Shares on which Call Money is received 74,808
  • Amount received Rs11,22,120/- Read more

Ratnamani Metals & Tubes bags supply orders worth Rs144cr; Stock dives

Published on: 2:55 pm

  • Ratnamani Metals & Tubes has received various orders amounting to Rs144cr. On Wednesday, the company's stock was under pressure.
  • In its regulatory filing, the company bagged orders for the supply of Stainless Steel pipes and Carbon Steel pipes from Oil & Gas sector.
  • The order is expected to be executed in three to eight months. Read more

BSE receives in-principle approval from RBI for TReDS business

Published on: 2:52 pm

  • BSE Technologies Private Limited (BSE Tech), wholly-owned subsidiary of BSE has received in-principle approval from RBI for setting up and operating Trade Receivables Discounting System (TReDS) under the Payments and Settlement Systems Act, 2007. TReDS is an electronic platform for facilitating the financing / discounting of trade receivables of Micro, Small and Medium Enterprises (MSMEs) through multiple financiers. These receivables can be due from corporates and other buyers, including Government Departments and Public Sector Undertakings (PSUs).
  • The TReDS platform will bring all the aforesaid participants together for facilitating uploading, accepting, discounting, trading and settlement of the invoices / bills of MSMEs. The TReDS business of BSE will commence only after the receipt of final approval and certificate of license from RBI. Read more

CARE withdraws rating for various banking facilities JSW Energy (Barmer)

Published on: 2:51 pm

  • CARE Ratings Limited (CARE) has withdrawn its rating for various Banking facilities (Long Term and Short Term) of the JSW Energy Limited subsidiary ‘JSW Energy (Barmer) Limited’.
  • “CARE Ratings has reviewed the ratings assigned to the long-term facilities at CARE A+; Stable as well as the short-term bank facilities at CARE A1+ of JSW Energy (Barmer) Limited (JEBL) and simultaneously withdrawn it, with immediate effect. The rating withdrawal is at the request of JEBL and ‘No Objection Certificate’ received from the lenders that have extended the facility rated by CARE Ratings,” CARE said on its website.
  • The ratings continue to derive strength from the well-established and experienced promoter group in power industry, long-term firm offtake arrangement of entire operational capacity providing favourable long-term revenue visibility and stable operational performance. However, the ratings continue to be constrained by counter party risk. Read more

Nifty Metal on a hotbed, sheds over 2%; Except Hindustan Copper, Hindustan Zinc, all stocks in red;

Published on: 2:43 pm

  • Metal company stocks were in a bloodbath during the second half of Wednesday's trading session. Investors are worried globally over the weakening in the real estate sector that is leading to lower demand for metals. The US dollar benchmark has reached to one-year high which became one of the major reasons for a downfall in metal stocks today.
  • However, not just that, China's energy woes coupled with crunches that continue to weigh on manufacturing, smelters, and downstream companies - added to the bearish stance.
  • Also, the uncertainties around Evergrande default on bond interest payments take a toll on sentiments. Read more

New highways project will increase connectivity in Nashik: Nitin Gadkari

Published on: 2:40 pm

  • “At present, almost all district headquarters in Maharashtra are connected to the National Highway. Due to the new highway projects, the connectivity of Nashik will increase.” Union Minister Nitin Gadkari stated this while virtually inaugurating several highway projects in Nashik.
  • The minister inaugurated and laid the foundation stone of about 206 Km long NH projects worth nearly Rs1,678cr in Nashik, Maharashtra in the presence of Union Minister of State for Panchayati Raj, Kapil Moreshwar Patil and Union Minister of State for Health & Family Welfare Dr. Bharati Pravin Pawar. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices fall to day’s low as Metal, Pharma and PSU Bank stocks struggle the most.
  • BSE Sensex is currently 59,417.68 down 327.2 points or 0.55%.
  • Nifty50 is currently 17,717.60 down 104.70 points or 0.59%. Nifty Bank is 37,691.10, down 0.13%. Mid-cap Index is down 0.87%.
  • ONGC, Tata Consumer, Britannia, UPL and HDFC Bank are the top gainers. Hindalco, SBI Life, JSW Steel, IndusInd Bank and Adani Ports are the top losers.
  • Nifty Metal stocks tank 2.5% and Pharma and PSU Bank stocks also drag. Nifty Banking and Financial Services turn red while Oil & Gas stocks are flat.
  • Out of 50 stocks traded on the BSE, 14 advanced and 36 declined. Read more

CARE revises Shyam Metalics rating outlook to 'Positive', reaffirms rating

Published on: 2:18 pm

  • Shyam Metalics and Energy Ltd has informed that CARE Ratings has assigned/reaffirmed the ratings of the Company.
  • CARE AA-/Positive (Reaffirmed and outlook revised from Stable) for long-term bank facilities.
  • CARE A1+ has been reaffirmed for short-term bank facilities.
  • CARE A1+ has been reaffirmed for Commercial Paper
  • As per rationale, the revision in the outlook for long-term ratings reflects CARE Rating’s belief that the consolidated operating performance of the company would improve further backed by growing volumes and favourable realizations amid strong industry upcycle. Read More

Ramkrishna Forgings hits new high, Bharat Forge stock jumps despite decline in Class 8 Truck sales i

Published on: 2:16 pm

  • Automobile companies like Ramkrishna Forgings and Bharat Forge were in the fast lane on Wednesday despite a decline in the net orders of the preliminary North American Class 8 trucks during September 2021.
  • Ramkrishna stock touched a new 52-week high of Rs1154 per piece before correcting it earlier today. At around 2.13 pm, Ramkrishna was trading at Rs1117.30 per piece broadly flat compared to the previous closing on Sensex.
  • Meantime, Bharat Forge was performing at Rs730.30 per piece higher by 1.07% on Sensex. The stock was near the day's high of Rs731.90 per piece. Read More

Ministry of Textiles approves continuation of Comprehensive Handicrafts Cluster Development Scheme w

Published on: 2:12 pm

  • Ministry of Textiles has approved the continuation of the Comprehensive Handicrafts Cluster Development Scheme ( CHCDS) with a total outlay of Rs 160 crore. The scheme will continue up to March 2026. Infrastructural support, market access, design and technology up-gradation support etc will be provided to handicrafts artisans under this scheme.
  • CHCDS aims to create a world-class infrastructure that caters to the business needs of the local artisans & SMEs to boost production and export. In brief, the main objective of setting up these clusters is to assist the artisans & entrepreneurs to set up world-class units with modern infrastructure, the latest technology, and adequate training and human resource development inputs, coupled with market linkages and production diversification. Read more

Statement of Power Ministry on coal stock position in Thermal Power Plants

Published on: 2:08 pm

  • The demand for power has been increasing from August 2021 onwards.  In August 2021, the power consumption was 124 Billion Units (BU) whereas the consumption in August 2019 (before the COVID period) was 106 BU. This was an increase of almost 18-20%, the Ministry of Power said on Tuesday.
  • The increasing trend is persisting – the demand on October 04, 2021, was 1,74,000 MW - 15000 MW more than on a corresponding day in the previous year. Read More

Cyient appoints Rajaneesh Kini as Senior Vice President and Chief Technology Officer; Stock gains ~2

Published on: 2:08 pm

  • Cyient Limited, a global engineering, manufacturing, and digital technology solutions company, today announced the appointment of Rajaneesh Kini as Senior Vice President & Chief Technology Officer. This new role will focus on Technology Development at Cyient.
  • Rajaneesh will be responsible for shaping the company's technological vision, building competitive, relevant, and market-ready solutions, and seeding new skills within the organization. Read More

Raymond Realty expands its horizons beyond Thane, forays in commercial real estate

Published on: 2:06 pm

  • Raymond Realty has been strengthening its position in the Real estate sector since its inception in 2019. After an overwhelming response to its maiden aspirational 1 & 2 BHK project 10X in Thane with a host of amenities, Raymond Realty announced the development of ‘Grade A’ commercial and high street retail space at Thane land spread across 9.5 acres.
  • Gautam Hari Singhania, Chairman and Managing Director, Raymond Limited said; “Raymond Realty is making great strides in the sector with an appealing proposition that is resonating well with our consumers. Structurally, the first 3 towers of our maiden project are complete and we are committed to deliver the first unit 24 months ahead of the declared RERA deadline." Read More

TCS extends partnership with SBI to drive innovation and enhance customer experience; Stock gains

Published on: 2:04 pm

  • Tata Consultancy Services has announced that its long-standing partnership with State Bank of India (SBI), India’s largest bank, has been extended for another five years as the bank embarks on its next leg of growth based on the three pillars of technology, resilience and people.
  • The extended partnership builds on a two-decades long relationship between the two partners, that began with the implementation of the TCS BaNCS core banking solution in 2001, the largest such transformational program of that era.
  • As part of the new contract, TCS will continue to maintain and enhance SBI’s application estate around core banking, trade finance, financial reporting, and financial inclusion with new features and functionality. This will support the bank’s ability to launch newer offerings and respond to business and regulatory changes. Read more

Allied Digital Services wins Rs165cr five-year transformational contract; Stock rises

Published on: 1:59 pm

  • Allied Digital Services has won a transformational, five-year contract valued at Rs165cr from a large Global Manufacturing Conglomerate. The company will manage and transform the IT infrastructure services including Workplace Services, Enterprise Services, Enterprise Applications, Security, Governance Support.
  • The company will also govern, optimize, transform existing IT service contracts of all business entities as well as support sourcing of new IT services and solutions. The transformed service model will establish highly optimized IT operations and boost the business of all entities. Read More

Hitachi ABB Power Grids consortium awarded major contract in the Middle East and North Africa

Published on: 1:50 pm

  • Hitachi ABB Power Grids announced that it is the lead in a consortium that has been awarded a major contract worth several hundreds of millions of US dollars from the Saudi Electricity Company and the Egyptian Electricity Transmission Company. The award is for the first ever large-scale HVDC interconnection in the Middle East and North Africa, enabling the Kingdom of Saudi Arabia (KSA) and the Arab Republic of Egypt to exchange up to 3,000 MW of electricity – much of which is expected to be generated from renewable energy sources in the future.
  • The connection will support the flow of power in multiple directions between three terminals and will be the first interconnection allowing the exchange of electric power between both countries. Read More

Nifty IT declines amid volatile markets; MindTree, HCL Tech, Wipro emerge top laggards

Published on: 1:50 pm

  • The Nifty IT stocks were under pressure amid the up and down performance of the overall markets on Wednesday. Tata Consultancy Services was marginally higher, while rest of the listed IT companies on the NSE traded in the ned. MindTreeHCL Tech and Wipro were among the top laggards.
  • Globally Technology stocks recovered losses after facing a route early this week. The corporate earnings season is in the spotlight for the investors on account of the easing of Covid-19 curbs. Read More

BLS International and Royal Thai Embassy renew visa services contract; Stock slips over 1%

Published on: 1:45 pm

  • BLS International announced that its contract with Royal Thai Embassy in New Delhi for visa services has been renewed last week. BLS will be accepting visa applications for Thailand from various cities of India including New Delhi, Himachal Pradesh, Punjab, Haryana, Rajasthan, Uttarakhand, Assam, North East, Chandigarh, Jalandhar, Jammu & Kashmir.
  • Shikhar Aggarwal, Joint Managing Director, BLS International said, “We are excited to serve the Royal Thai Embassy again. Thailand is one of the favourite international tourist destinations for Indians and we are confident that our tech-enabled visa application services will be able to provide faster, convenient and simplified, customer service overall. We are committed to provide impeccable services and make the applicant’s journey of visa processing, a delighted experience.” Read More

Power Minister takes review meeting on performance of REC and PFC

Published on: 1:37 pm

  • R.K. Singh, Union Minister of Power and New & Renewable Energy reviewed the performance of REC and PFC Limited on 4th and 5th October 2021 respectively, in the presence of Minister of State for Power Krishan Pal, Secretary Power and Senior Officers of Ministry of Power, with CMDs of REC and PFC and Senior Officers of these CPSEs.
  • The Minister highlighted Government’s vision is to make available affordable power for all 24x7. In this context, he stressed the need for improving the competitiveness of both institutions with a view to increasing their market share. Read More

M&M introduces two new variants of XUV700, bookings to begin from Oct 07

Published on: 1:32 pm

  • Mahindra & Mahindra (M&M) has addressed the customers’ requests and announced the addition of two new variants to XUV700. All the prices will be applicable for the first 25000 bookings.
  • The bookings will commence from October 07, 2021, from 10 am onwards.
  • As per the regulatory filing, the AX7 variant will be available with an optional Luxury Pack. In addition to the standard AX7 features, the luxury pack will include features like Immersive 3D Sound by Sony, electrically deployed Smart Door Handles, 360o Surround View, Blind View Monitoring, Electronic Park Brake, Driver Knee Airbag, Passive Keyless Entry, Continuous Digital Video Recording and Wireless Charging. Read More

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • Indices fall into the red zone as metal and pharma stocks drag the most. 
  • BSE Sensex is currently 59,569.63 down 175.25 points or 0.29%.
  • Nifty50 is currently 17,779.25 down 43.05 points or 0.24%. Nifty Bank is 37,855.00, up 0.30%. Mid-cap Index is down 0.68%.
  • ONGC, UPL, Tata Consumer, Britannia, and HDFC Bank are the top gainers. SBI Life, Hindalco, Coal India, Titan, and HCL Tech, are the top losers.
  • Nifty Metal stocks tank 2% and Pharma stocks also decline 1.3%. PSU Bank, Auto and IT stocks are also bearish. Nifty Banking and Financial Services and Oil & Gas stocks pare intraday gains but continue to trade in the green.
  • Out of 50 stocks traded on the BSE, 14 advanced and 36 declined. Read More

Bharti Airtel in tie-up with Ericson conducts India's first rural 5G trial

Published on: 1:18 pm

  • Bharti Airtel (“Airtel”) in collaboration with Ericsson has conducted India’s first 5G network demonstration in rural geography. The demonstration took place in Bhaipur Bramanan village on the outskirts of Delhi/NCR using a 5G trial spectrum allocated to Airtel by the Department of Telecom.
  • The trial showcases the massive potential offered by 5G towards bridging the digital divide by enabling access to high-speed broadband through solutions such as enhanced mobile broadband (eMBB) and Fixed Wireless Access (FWA) services. Read more

CRISIL assigns 'A1+' rating to Godrej Industries commercial paper programme of Rs2,000cr

Published on: 1:12 pm

  • CRISIL has assigned ‘CRISILA1+’ rating to Godrej Industries Limited issue of Commercial Paper Programme of up to Rs2,000cr (enhanced from Rs1,500cr)  to Rs2,000cr.
  • “Instruments with this rating are considered to have a very strong degree of safety regarding timely payment of financial obligations. Such instruments carry the lowest credit risk,” the company said in a filing on Tuesday.
  • At around 1.15 pm, Godrej Industries Ltd was trading at Rs565.90 per piece up by Rs0.9 or 0.16% from its previous closing of Rs565 per piece on the BSE. Read More

Renaissance Global's direct-to-consumer biz posts revenue of Rs20.4cr in Q2 FY22; Stock soars 1.5%

Published on: 1:09 pm

  • Renaissance Global Limited has informed to the exchange that it currently runs six direct-to-consumer websites which have been launched over the last six quarters. 
  • During Q2 FY22, company's direct-to-consumer business posted revenues of Rs20.4cr compared to Rs8.9cr in Q2 FY21, showing a growth of 129%.
  • Q2 FY22 revenue was lower than Q1 FY22 as Mother’s Day Holiday fell during Q1 FY22 and there were no major sales opportunities in Q2 FY22, said company. Read more

CARE revises rating on Birlasoft bank facilities; Stock trades flat

Published on: 12:51 pm

  • CARE Ratings Limited has assigned/revised the ratings to bank facilities of Birlasoft Limited. The rating on long-term bank facilities Rs243.70cr has been revised to CARE AA; Stable from CARE AA-; Stable. On long-term/short-term bank facilities (LT/ST) Rs25cr CARE AA; Stable/CARE A1+ rating has been assigned. The credit rating agency also assigned CARE A1+ rating on short-term bank facilities Rs20cr of the company.
  • “The revision in the ratings assigned to the bank facilities of Birlasoft Limited factor in the strengthening of the business risk profile as characterized by the increased scale of operations and profitability in FY21 (refers to the period April 01 to March 31). With successful integration with KPIT Technologies Limited in FY20, FY21 was the second year of operations, wherein the company witnessed stabilization and growth post restructuring,” company shared CARE Ratings rationale. Read More

Class 8 trucks record a 12% yoy decline in net orders to 28,100 units in Sept 2021

Published on: 12:50 pm

  • The preliminary North American Class 8 trucks witnessed a 29% month-on-month drop in net orders to 28,100 units in September 2021. Notably, in the month under review, activity was down 12% yoy with Class 8 orders now totalling 453,000 units for the previous 12 months.
  • As per the FTR, the fall in orders came as OEMs are managing their Q1 production slots in a variety of ways. Some manufactures continue to enter orders in a measured fashion, filling openings as they become available. Other OEMs are rolling unmet 2021 orders in to 2022 and delaying new 2022 bookings. Read More

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark market indices pick up momentum to edge higher; Banking and Financial Services surge nearly 1%.
  • BSE Sensex is at 59,941.60 up 196.72 points or 0.33%.
  • Nifty50 is at 17,874.75 up 52.45 points or 0.29%. Nifty Bank is 38,086.60, up 0.92%. Mid-cap Index is down 0.03%.
  • ONGC, UPL, Tata Consumer, Britannia, and HDFC Bank are the top gainers. SBI Life, Hindalco, Coal India, Titan, and HCL Tech, are the top losers.
  • Nifty Banking and Financial Services and Oil & Gas stocks drive trade while Nifty Metal, Pharma and IT stocks remain under pressure.
  • Out of 50 stocks traded on the BSE, 20 advanced and 30 declined. Read More

CRISIL assigns 'AA+/Stable' rating to Rs2000cr tier-2 bonds of Punjab National Bank; Stock trades fl

Published on: 12:22 pm

  • CRISIL Ratings has assigned its ‘CRISIL AA+/Stable’ rating to the Rs2000cr tier II bonds (under Basel III) of Punjab National Bank. CRISIL Ratings has also reaffirmed its ‘CRISIL AA+/CRISIL AA/Stable/CRISIL A1+’ ratings on the Tier II Bonds (under Basel III), Lower Tier II Bonds (Under Basel II), Perpetual Tier I Bonds (Under Basel II), Tier I Bonds (Under Basel III), Infrastructure Bonds and Certificate of Deposits.
  • The rating of Tier I bonds (under Basel III) factors in position of PNB to make future coupon payments, supported by an adjustment of accumulated losses with share premium account, and the improved capital ratios. Read More

Nifty Oil & Gas hits over 8,100-mark first time amid rising crude prices; ONGC, HPCL, Indian Oil, Ga

Published on: 12:20 pm

  • The rally in oil and gas stocks continued even on Wednesday as the spike in energy prices led crude prices to seven-year highs. On Nifty Oil & Gas, state-owned companies have logged stellar buying with oil marketing companies (OMCs) like HPCL, Indian Oil, ONGC and Gail skyrocketing to new levels. The benchmarks heavyweight Reliance Industries (RIL) had also clocked a new lifetime high, however, has erased its gains and was trading lower.
  • At around 12.11 pm, Nifty Oil & Gas was trading at 8,095.55 higher by 59.55 points or 0.7%. The index has touched a new historic high of 8,161.45 in the early deal. Read More

Bajaj Auto incorporates new subsidiary Chetak Technology

Published on: 12:17 pm

  • Bajaj Auto Limited has incorporated a wholly-owned subsidiary company in the name of “Chetak Technology Limited” on October 4, 2021.
  • The Board of Directors of the company had approved the incorporation of a wholly-owned subsidiary of the company on July 22, 2021.
  • “The wholly-owned subsidiary will leverage the growth opportunities in the evolving mobility space and will help the company venture into the manufacturing of Electric and Hybrid vehicles in the 2 wheeler, 3 wheeler and light 4 wheeler categories,” company had said in an earlier filing. Read more

Nifty Bank rallies over 300 pts amid volatile markets; Bandhan Bank, HDFC Bank, Axis Bank in the fas

Published on: 12:05 pm

  • Nifty Bank traded higher despite volatile markets on Wednesday. Bandhan Bank led the gains while City Union Bank Limited (CUB) also contributed to the upside substantially. Index heavyweight HDFC Bank emerged among major drivers of the index as it outperformed. Another major private lender Axis Bank also logged bullish stance while RBL Bank was under pressure after announcing Q2 provisional data. 
  • The investor's focus remains on the upcoming RBI fourth bi-monthly monetary policy for FY22 that is scheduled for Friday this week. Further, the corporate earnings season is again in the spotlight for the investors on account of the easing of Covid-19 curbs. Read more

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