Live market updates

22nd Oct, 2021

Ramkrishna Forgings opens offices in Russia & Europe to further expand its global footprint

Published on: 4:45 pm

  • Ramkrishna Forgings Limited, one of the leading suppliers of rolled, forged and machined products has opened offices in Russia & Europe to further expand its global footprints and smooth functioning of its exports business.
  • Commenting on the occasion win Lalit Khetan, Executive Director & CFO, Ramkrishna Forgings Limited said: “We ore working continuously to expand our presence in global markets like North America, South America, Europe & CIS countries as these countries presents it with many opportunities to do so. Read moire

Coal India responds by calling the news item on halting supply to non-power customers 'not correct'

Published on: 4:36 pm

  • Coal India Ltd. has responded to clarification sought by Exchange with reference to news that appeared in quoting "Coal India temporarily halts supply to non-power customers: Report"
  • “The news article published by them on October 14, 2021, was not correct,” Coal India said in a filing on Friday.
  • The company has responded to Reuters who published the article first and Livemint who quoted Reuters in the article. Read more

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HDFC Life Insurance consolidated Q2 net profit at Rs275.91cr

Published on: 4:36 pm

  • HDFC Life Insurance posted its consolidated net profit dropped around 16% to Rs275.91cr during the quarter ended September 30, 2021. The insurance major had reported a consolidated net profit of Rs327.83cr in the year-ago period. Total income was up to Rs20,478.46cr during this period, from Rs16,426.03cr a year ago.
  • Commenting on the current situation, Ms. Vibha Padalkar, MD & CEO said “With the vaccination program going well, approximately 70% of the adult population has received at least one dose, and we are hopeful that the intensity of any subsequent covid wave will be muted. Consumer sentiment remains buoyant and we are optimistic about sustained increase in business in the coming few months.” Read more

Gland Pharma's Q2 Revenue grew by 30% with Net Profit growth of 38%

Published on: 4:27 pm

  • Gland Pharma Limited, a generic injectable focused pharmaceutical company, today announced its financial results for the second quarter and half year ended September 30, 2021.
  • Revenue from operations during the second quarter of the financial year 2022 grew by 30% yoy to Rs10,805 million compared to Rs8,315 million in the corresponding quarter of the previous year. PAT was at Rs3,021 million in Q2FY22 up 38% yoy from Rs2,189 million in Q2FY21. The Company maintained a healthy EBITDA margin of 38% and PAT margin of 27% during the quarter.
  • Revenue from operations for the six months ended September 30, 2021 grew by 30% to Rs22,344 million as compared to Rs17,157 million the corresponding period of previous year. PAT in H1FY22 increased 23% yoy to 6,527 million from Rs5,324 million in H1FY21. Read more

Indian Hume Pipe ends 3.5% higher on securing Rs156cr project

Published on: 4:25 pm

  • Indian Hume Pipe Company Ltd stock rallied in the market on Friday after it has informed that the Company has received Letter of Acceptance for a project of contract value of Rs156.27cr (excluding GST) from Maharashtra Krishna Valley Development Corporation.
  • The contract is for construction of Piped Distribution Network (PDN) for Palashi Branch Canal, Vadjal Branch Canal, on Man Canal of Urmodi Irrigation Project for creation of 11280 Ha Irrigation Potential with 5 years operation and maintenance.
  • The project is to be completed within 18 months, said company in a regulatory filing. Read more

Cigniti Q2FY22 net profit at Rs22.17cr; stock ends lower

Published on: 4:16 pm

  • Cigniti Technologies Limited, a global leader in independent quality engineering and software testing services, announced the consolidated financial results for the quarter ended September 30, 2021.
  • The Company’s Consolidated Revenue from operations for the quarter under consideration grew by 16.5% to Rs307.90cr as against Rs264.36cr in Q1FY22.
  • The company’s net profit for Q2FY22 stood at Rs22.17cr as against a Net Profit of Rs20.42cr in Q1FY22. Read more

Heritage Foods’ consolidated Q2FY22 revenue surges 10% at Rs6,703 million; Stock ends 4.5% higher

Published on: 4:09 pm

  • Heritage Foods Ltd., one of the leading private dairy players in India, on Thursday announced its financial results for the second quarter and half year ended on September 30, 2021.
  • The company’s consolidated revenue from operations was at Rs6,703 million during the quarter; up by 9.9% yoy. EBIDTA stood at Rs637 million as compared to Rs873 million in Q2FY21; EBITDA Margin stood at 9.5% in Q2FY21. Net Profit was at Rs328 million as compared to Rs539 million in Q2FY21.
  • Heritage Foods Ltd ended at Rs505.35 per piece up by Rs21.4 or 4.42% from its previous closing of Rs483.95 per piece on the BSE.Read more

Tanla Platforms hits record high after good set of Q2 numbers

Published on: 4:03 pm

  • Shares of Tanla Platforms hit a record high at Rs1062.50 on the BSE after robust Q2 numbers. The net profit of the company jumped 67.14% to Rs136.17cr in the quarter ended September 2021 as against Rs81.47cr during the previous quarter ended September 2020.
  • The sales also rose 44.30% to Rs841.62cr in the quarter ended September 2021 as against Rs583.25cr during the previous quarter ended September 2020.
  • Uday Reddy, Founder Chairman & CEO, Tanla Platforms Limited said, “Our stellar performance was contributed by higher wallet share from existing customers and additional market share expansion from newer clients.” Read more

Markets snap two consecutive winning streaks amid board profit booking weighed in

Published on: 3:47 pm

  • Markets finally took a breather ending its winning streak for the two consecutive weeks, to close in the red as across the board profit booking weighed in. The index Option gamma writers ran for cover as the India Vix index saw a sharp downtick.  Nifty index underperformed the Bank Nifty index by ~3.5% on account of an unwinding of long positions, to close the week in the red.
  • On the weekly charts, the Nifty has formed a bearish dark cloud cover candlestick, indicating a possibility of a continued profit booking. Banking stocks like ICICI Bank, Kotak Bank & HDFC Bank were among the top outperformers, witnessing an addition of long positions. Read more

Indian Hotels revenue more than doubles to Rs752cr in Q2FY22

Published on: 3:46 pm

  • The Indian Hotels Company Limited (IHCL) reported its consolidated financials for the second quarter ending September 30, 2021.  The company reported a 132 % yoy increase in revenues to Rs752cr in Q2FY22 from Rs324cr in Q2FY21. EBITDA improved by Rs180cr to Rs97cr in Q2FY22 from a loss of Rs83cr in Q2FY21. The company narrowed down the margin of loss from Rs230cr in Q2FY21 to Rs121cr in Q2FY22.
  • The board of directors of IHCL announced the approval of Rs4000cr of fundraising: Rs2000 crore will be raised by way of the rights issue and additional Rs2000cr through QIP, subject to receipt of requisite approvals. The board also announced the approval of purchase of balance shares from the existing shareholders of Roots Corporation Limited which operates the Ginger brand. Read more

Markets end lower for the fourth day; Nifty settles below 18,150; Metal stocks underperformed

Published on: 3:43 pm

  • Domestic equities gave up initial gains today as continued profit booking by investors dragged benchmark indices down for the fourth consecutive day. The Sensex index slipped 101.88 points or 0.17% to end at 60,821.63 and the broader Nifty50 benchmark slid 63.2 points to settle at 18,114.90.
  • Financials continued to remain upbeat led by improved visibility of credit growth and ease in asset quality concerns. However, most key sectoral indices remained under pressure with Metals witnessing steeper correction, while FMCG, IT and Pharma indices witnessed correction of more than 1%.
  • Whereas, realty stocks were in focus today mainly on expectations of strong September quarter earnings. Read more

Siemens to acquire 26% stake in Sunsole Renewables

Published on: 3:38 pm

  • Siemens Ltd has informed to the exchanges regarding acquiring 26% stake in Sunsole Renewables.
  • The Company, in its continuing efforts to reduce its carbon footprint and the impact on climate change, has decided to procure solar power for its manufacturing facility located at Kalwa, Maharashtra.
  • In this regard, the Company has executed a Power Purchase Agreement and has today entered into a Share Subscription and Shareholders Agreement for the subscription of 26% of the paid-up equity share capital of Sunsole Renewables Private Limited, Mumbai, India, subject to fulfilment of conditions precedent as agreed between the parties, said Siemens in a regulatory filing. Read more

Trident announces 36% dividend for shareholders, fixes record date on October 29

Published on: 3:27 pm

  • Trident has announced a 36% dividend (Rs0.36/- per fully paid-up Equity Share of Re. 1/- each) for its Shareholders with October 29, 2021, as the record date.
  • Trident has been a frontrunner in rewarding its shareholders by paying a steady dividend payout to its shareholders for the last five years and has maintained dividend payouts above 50% for the last two consecutive years.
  • The Company believes in inclusive growth and sharing its profits with its shareholders in the form of dividends. Read more

Trident stock freezes at 5% upper circuit after Q2 PAT rises a whopping 128% yoy

Published on: 3:23 pm

  • Trident has clocked a net profit of Rs288cr for the quarter ending September 2021 (Q1FY22), rising by a whopping 128.3% from Rs203.5cr a year ago same period.
  • The company's total income stood at Rs1,672.6cr in Q2FY22 up 42.4% from Rs1,479.86cr in the same quarter last year.
  • Rajinder Gupta, Chairman at Trident Group said, "We have continued the positive momentum from the previous quarter and delivered the best performance in the second quarter," adding, "The company is committed to embark inclusive growth for all its stakeholders and continuing to excel in future." Read more

Radio City returns to profitability; Sustains the highest market share at 20%

Published on: 3:17 pm

  • Radio City, part of Music Broadcast Limited (MBL), a subsidiary of Jagran Prakashan Ltd. has reported its Financial Results for the Quarter and Half-Year ended September 30, 2021.
  • The Private FM Radio Broadcaster said it maintained a leadership position with a 20% Volume Market Share. The company recorded a top line of Rs42.0cr in Q2FY22, a growth of 40% yoy. EBITDA at Rs9.4cr and EBIDTA Margin at 22.4%. Profit After Tax for the quarter was Rs0.3cr.
  • During H1FY22, the company maintained a leadership position with a 21% Volume Market Share. H1FY22 Top line of Rs 62.5 Crores; 41% growth YoY. Achieved EBIDTA* Break-even Read more

IEX hit upper circuit after Q2 PAT jumps 75% yoy; board approves 2:1 bonus issue

Published on: 3:12 pm

  • Shares of Indian Energy Exchange (IEX) hit an upper circuit at Rs832.85 in the morning trade after the company’s consolidated net profit jumped in Q2 September 2021.
  • On a standalone basis, revenue for the quarter increased by 52.6% YoY, from Rs. 79.4 Cr. in Q2FY'21 to Rs. 121 Cr. in Q2FY'22. The PAT grew by 67.3% YoY.
  • Further, the IEX board has considered issuing two bonus equity shares for each equity share held (2:1). This is subject to the approval of shareholders through a postal ballot. Read more

Kesoram Industries rights issue oversubscribed by 26%; stock trades mildly lower

Published on: 3:04 pm

  • Kesoram Industries Limited (KIL) trading in the red zone on the BSE as the company’s Rights Issue was oversubscribed to the tune of about 26%.
  • In the regulatory filing, “In the meeting held today, the Committee of the Board passed the resolution for allotment. The overwhelming response brings in added cheer to the ongoing festival season.”
  • “KIL humbly thanks all the stakeholders for the support and confidence reposed. KIL shall continue to strive with vigour to create value for all its stakeholders,” Kesoram Industries said in the filing. Read more

JSW Steel Q2 PAT up 350% yoy at Rs7,170cr; stock dips 1%

Published on: 2:56 pm

  • Shares of JSW Steel traded in the negative territory on the stock exchange on Friday’s trade. The company reported 68.72% growth in total revenues for the Sep-21 quarter on a consolidated basis at Rs32,503cr. On a sequential basis, the revenues were higher by 12.46% compared to Rs28,902cr in the Jun-21 quarter. The company recorded the highest every quarterly revenue supported by growth in volumes and better price realization.
  • The stock is currently trading at Rs669.50 down by Rs3.95 or 0.59% from its previous closing of Rs673.45 on the BSE. Read more

Reliance Industries stock witness volatility ahead of Q2 earnings

Published on: 2:53 pm

  • Reliance Industries (RIL) stock is in focus ahead of the company's September 2021 (Q2FY22) earnings. RIL stock had gained by nearly 1% today, however, pared these gains were trading lower but at a slower pace. A broader bearish market drove the sentiments today.
  • At around 2.50 pm, RIL was trading at Rs2621.65  per piece marginally down on Sensex. The stock has touched an intraday high and low of Rs2664.70 per piece and Rs2611.40 per piece respectively.
  • In Q2, RIL's telecom, digital and retail segment is expected to continue in aiding overall financial performance. Margins are seen as stable, while the bottom-line front is set to rise with double-digit growth year-on-year on a consolidated basis. On a sequential basis, both revenue and PAT is expected to log single-digit upside. Read more

CRISIL assigns 'A+/Stable' rating on Raj Ratan Global Wire's bank facilities; Stock zooms 5%

Published on: 2:53 pm

  • CRISIL Ratings has assigned its 'CRISIL A+/Stable/CRISIL A1' ratings to the bank facilities of Rajratan Global Wire Ltd (Rajratan India; part of the Rajratan group).
  • The rating reflects the group’s strong market position in the tyre bead wire (TBW) industry backed by established presence in India and Thailand, experienced promoter and reputed and diverse clientele. The rating also factors in a healthy financial risk profile supported by comfortable capital structure and strong debt protection metrics.
  • These strengths are partially offset by exposure to cyclicality in demand from end-user industry, susceptibility of operating margin to volatility in raw material prices and exposure to project risks. Read more

BPCL board approves Scheme of Amalgamation of Bharat Oman Refineries

Published on: 2:52 pm

  • Bharat Petroleum Corporation Limited (BPCL) board at its meeting held on October 21, 2021, has considered and approved the Scheme of Amalgamation(Scheme) of Bharat Oman Refineries Limited with the Company and their respective shareholders. The Transferor Company is a wholly-owned subsidiary of the company.
  • “The Board's approval to the Scheme is subject to receipt of necessary approvals from the Ministry of Corporate Affairs, other competent authorities and satisfaction of applicable regulatory requirements, as may be required,” the company said in a filing on Friday. Read more

Nifty Consumer Durables erases early gains, index sheds over 150 pts; Dixon, Voltas, Whirlpool, TTK

Published on: 2:39 pm

  • Nifty Consumer Durables erased its early super rally and was trading on a bearish tone during the second half of Friday's trading session due to a broad-based selloff ahead of major Q2 earnings. In the early deals of today, the index recovered some of the losses from the past few days and even advanced by at least 2%. However, investors turned cautious in late deals.
  • At around 2.27 pm, Nifty Consumer Durables was trading at 28,199.05 lower by 152.75 points or 0.5%. The index was near the day's low of 28,112.85. On the index, at the current level, 5 scrips advanced while 10 scrips have declined.
  • During the early trade, the index soared to an intraday high of 28,866 before correcting. Read more

Welspun Corp surges 5% after signing MoU with BP India for carbon emission mitigation

Published on: 2:35 pm

  • Welspun Corp Limited has signed an MoU with BP India Pvt Ltd. on October 18, 2021. The scope of the MoU is to jointly explore carbon emission mitigation and reduction opportunities in Welspun Corp’s energy, logistics, mobility, and waste management activities.
  • “In line with Welspun Group’s ESG framework, Welspun Corp remains strongly committed to net-zero carbon emissions with an aim of lowering its carbon footprint in core operations through renewable energy, cleaner transport, effective energy management, water circularity, and sludge cycling bio-gas, under the company’s sustainability goals,” company said in a filing on Thursday. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices remain bearish with Metal, IT, Pharma, and FMCG stocks under selling pressure.
  • BSE Sensex is currently 60,647 down 276.5 points or 0.45%.
  • Nifty50 is currently 18,048.00 down 130.10 points or 0.72%. Nifty Bank is 40,244.80 up 0.54%. Mid-cap Index is down 0.87%. Read more

Indiamart Intermesh stock slumps over 5% despite increase in Q2 profit

Published on: 2:28 pm

  • Indiamart Intermesh recorded consolidated Profit after tax (PAT) for the Sep-21 quarter grew by 17.77% on a yoy basis at Rs82.20cr. Profits turned in marginally lower on a sequential basis by -6.5% compared to net profits of Rs87.90cr in the sequential June quarter.
  • The stock is currently trading at Rs8,106.05 down by Rs458.85 or 5.36% from its previous closing of Rs8,564.90 on the BSE.
  • The company reported an 11.76% rise in total revenues for the Sep-21 quarter on a consolidated basis at Rs182.40cr. The revenues were higher by just about 0.44% on a sequential basis compared to Rs181.60cr revenues in the Jun-21 quarter. Read more

Garment Mantra Lifestyle rallies over 8% on opening of 13th 'Price Mantra' store in Gujarat

Published on: 2:22 pm

  • Garment Mantra Lifestyle Ltd has announced that GMLL has opened its 13th “Price Mantra” store— a unique and niche retail model for mass Indian customers in the state of Gujarat .
  • GMLL has openeda new retail garment store by the name of “Price Mantra” under its subsidiary; Twenty-Twenty Trading LLP; in Surat, Gujarat.
  • This store is expected to boost the company’s revenue; and promote brand loyalty by catering to a customer base, said company in a regulatory filing. Read more

TVS Motors stock zooms after Q2 PAT up 34.5% yoy

Published on: 2:10 pm

  • Shares of TVS Motor Company zoomed over 7.5% during the afternoon session in the dull market. The consolidated profit after tax (PAT) for the Sep-21 quarter was up 31.6% at Rs242.17cr. Profits turned around from a loss in the sequential quarter, but that was largely the impact of COVID 2.0 in the June quarter.
  • The stock is currently trading at Rs620.10 up by Rs43.55 or 7.55% from its previous closing of Rs576.55 on the BSE. The scrip opened at Rs611.90 and has touched a high and low of Rs632.85 and Rs599.20 respectively Read more

Nifty Realty stocks resist the bearish markets; Index surges ~2%; Brigade continues winning spree

Published on: 2:05 pm

  • Nifty Realty stocks were bullish amid volatile markets on Friday as. the index surged 2% to emerge the biggest gainer along with Banking and Financial Services stocks. Rest all the sectors led by Metal and IT stocks were under pressure.
  • Brigade Enterprises continued the winning run while Godrej Properties also pushed further the Index. Lodha (Macrotech Developers) was also bullish post Q2 earnings announcement. Oberoi Realty was also in the fast lane. On the flip side, Phoenix Mills Limited and Sobha were trading in the red. The Index is under focus amid festive season and Q2 earnings from various companies. Read more

Wipro launches Technology Business Management Practice in collaboration with Apptio

Published on: 2:00 pm

  • Wipro Limited on Thursday announced that it will be launching a Technology Business Management (TBM) Practice as part of its strategic relationship with Apptio, a leading provider of technology business management (TBM) solutions that help organizations analyze, optimize, and plan technology spend.
  • Wipro will collaborate with Apptio to guide clients’ digital transformation through three Apptio solutions: ApptioOne, Cloudability, and Targetprocess SaaS, the IT company said.
  • This suite will provide companies with actionable insights about their technology investments to drive business decisions and innovation across their organization. Read more

Adani Green's arm secures 450 MW wind power project

Published on: 1:54 pm

  • Adani Renewable Energy Holding Fifteen Limited, a Wholly-owned Subsidiary of Adani Green Energy Limited had participated in a Tender issued by Solar Energy Corporate of India Limited (SECI) for setting up 1,200 MW ISTS-connected Wind Power Project (Tranche-XI) and has received the Letter of Award (LOA) to set-up 450 MW Wind Power Project under this tender.
  • The fixed tariff for this project capacity is Rs. 2.70/ kWh for a period of 25 years, said company in a regulatory filing.
  • With this, AGEL now has a total renewable energy project portfolio of 20,284 MWac capacity, out of which 5,410 MWac projects are operational, 5,724 MWac projects are under construction and 9,150 MWac projects are near construction, it added. Read more

CG Power hits upper circuit after robust Q2 numbers; Consolidated net profit rises 70.46% yoy

Published on: 1:49 pm

  • Shares of CG Power & Industrial Solutions hit a new 52-week high at Rs144.30 on the BSE. The net profit of the company increased 70.46% to Rs188.20cr in the quarter ended September 2021 as against Rs110.41cr during the previous quarter ended September 2020.
  • The stock is currently trading at Rs142.95 up by Rs5.5 or 4% from its previous closing of Rs137.45 on the BSE. The scrip opened at Rs143.90 and has touched a high and low of Rs144.30 and Rs139 respectively.
  • The sales of the company climbed 118.98% to Rs1453.79cr in the quarter ended September 2021 as against Rs663.89cr during the previous quarter ended September 2020. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is currently 60,733.89 down 189.61 points or 0.31%.
  • Nifty50 is currently 18,084.95 down 93.15 points or 0.51%. Nifty Bank is 40,249.70 up 0.55%. Mid-cap Index is down 1.20%.
  • Bajaj Auto, Kotak Bank, HDFC, ONGC, and Bajaj Finserv are the top gainers. Hindalco, ITC, Coal India, Tata Motors, and Tata Steel are the top losers. Read more

Snowman Logistics stock extends gains post Q2FY22 numbers

Published on: 1:22 pm

  • Shares of Snowman Logistics extended gains post Q2FY22 numbers. The net profit of the company stood at Rs0.47cr in the quarter ended September 2021 as against a net loss of Rs1.73cr during the previous quarter ended September 2020.
  • The sales rose 21.46% to Rs70.07cr in the quarter ended September 2021 as against Rs57.69cr during the previous quarter ended September 2020.
  • Speaking about the quarter performance, Mr. Sunil Nair, CEO, Snowman Logistics Ltd said, " "We are happy that during the current quarter we have been able to sustain the improved performance shown during the last quarter. With most of our customers getting back to pre-covid level operations, we expect our performance to further improve in the coming quarter. Read more

Vedanta board nods appointment of Ajay Goel as acting CFO and KMP from Oct 23; Stock dives 6.5%

Published on: 1:13 pm

  • Vedanta has announced that the board of directors have approved the appointment of Ajay Goel as Acting Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the Company.
  • Goel will take charge of his new role with effect from October 23, 2021.
  • He joined Vedanta as Group Deputy CFO of the Company on March 23, 2021. Read more

Thomas Cook India and SOTC partner with Vistara

Published on: 1:07 pm

  • Thomas Cook (India) Limited, India’s leading integrated travel services company, and its Group Company SOTC Travel, have partnered with Vistara, India’s finest full-service carrier (a joint venture of the Tata Group and Singapore Airlines), to launch Vistara Getaways. The exclusive partnership offers Vistara’s customers a unique and diverse range of holidays from Thomas Cook and SOTC and at attractive prices. A user-friendly interface created by Thomas Cook and SOTC empowers customers with simple, quick and convenient online bookings/transactions.
  • As customer confidence in travel witnesses an encouraging resurgence, Indians are seeking to catch up on delayed holiday plans, avail a quick break or celebrate special occasions with loved ones. In the face of this positive outlook, Thomas Cook and SOTC in an exclusive partnership with Vistara’s newly introduced Vistara Getaways, bring customers an unbeatable 4 pronged benefit: unique air-inclusive holiday experiences, special pricing, the reassurance and service excellence that is the hallmark of the  three leadership brands and the added reassurance of Thomas Cook and SOTC’s TravShield - comprehensive Safety Commitment & Assured Safe Travel Program in association with Apollo Clinics and Vistara’s stringent safety and hygiene protocols. Read more

Embassy REIT and Nokia strengthen partnership with lease renewal in Embassy Manyata, Bengaluru

Published on: 1:01 pm

  • Embassy Office Parks REIT has completed a lease renewal in Embassy Manyata, Bengaluru with Nokia Solutions and Networks India Private Limited (“Nokia India”), an Indian subsidiary of the Finland based telecom giant Nokia.
  • The deal marks a new chapter in their existing relationship, a journey that commenced over a decade back.
  • Vikaash Khdloya, Deputy CEO and COO of Embassy REIT said, "We are delighted to extend our decade long relationship with Nokia and are grateful for the strengthened partnership. This deal underscores Embassy REIT’s position as the landlord of choice for top Indian and multinational corporates. Driven by global technology trends and enhanced wellness requirements, International occupiers in India are anticipating the next phase of growth; and we believe that Indian office market remains best positioned to benefit from this clear trend.” Read more

KEC International stock hits fresh high on securing new orders worth Rs1,829cr

Published on: 12:52 pm

  • KEC International stock hits a new all-time high on Friday after the company secured new ordeRsof Rs1,829cr across its various businesses.
  • Vimal Kejriwal, MD & CEO, KEC International Ltd. commented, “We are pleased with the continuous order inflows, especially in International T&D and Civil businesses. Our YTD order intake has now surpassed Rs7,000cr, with robust growth of ~70% vis-à-vis last year." Read more

Gateway Distriparks Q2FY22 consolidated PAT zooms nearly a whopping 1272% yoy; stock trades flat

Published on: 12:46 pm

  • Gateway Distriparks Limited (GDL), a leading integrated inter-modal logistics facilitator in India, today announced its unaudited financial results for the September quarter of the current financial year.
  • The net profit of the company zoomed 1271.64% to Rs46.91cr in the quarter ended September 2021 as against Rs3.42cr during the previous quarter ended September 2020.
  • Also, the sales rose 27.89% to Rs335.74cr in the quarter ended September 2021 as against Rs262.52cr during the previous quarter ended September 2020. Read more

Dhanlaxmi Bank stock under pressure as employee unions hold a strike in Kerala

Published on: 12:41 pm

  • Dhanlaxmi Bank has announced that the All India Bank Employees' Association (AIBEA), Bank Employees' Federation of India (BEFI), Indian National Bank Employees' Federation (INBEF) and All India Bank Officers' Confederation (AIBOC) have given a call for strike in the Banking Industry in the State of Kerala on Friday.
  • The Indian Banks' Association (IBA) has informed the lender about the strike.
  • In its regulatory filing, Dhanlaxmi Bank said that "The strike is not for any issues specifically related to Dhanlaxmi Bank though it may affect the banking industry in the State of Kerala in general." Read more

SDMC restrains MEP Infra from future participation in the Municipal Contracts

Published on: 12:35 pm

  • MEP Infrastructure Developers Limited informed the exchanges Thursday that the company has received an Order dated October 4, 2021, issued by SDMC (South Delhi Municipal Corporation) restraining the Company from future participation in the Municipal Contracts in Delhi only.
  • The said order mentions that the competent authority reserves its right to revoke or reduce the effect of this order, hence, it is evident that the matter has not attained finality and our Company is also in the process of challenging the said order including all legal remedies available. Further, the said order does not have any financial impact on the Company. Read more

IDFC board appoints Citigroup Global Markets as investment banker for disinvestment of IDFC AMC; Sto

Published on: 12:31 pm

  • The board of directors of IDFC and IDFC Financial Holding Company have appointed Citigroup Global Markets India as the investment banker for the disinvestment of IDFC Asset Management Company.
  • Last month, the board considered and approved to initiate steps to divest its mutual fund business subject to requisite regulatory approvals, as applicable.
  • On September 17, IDFC has said that the  Boards have authorised respective Strategy & Investment Committees to take necessary steps, including the appointment of Investment Banker, for the same. Read more

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark market indices pare early gains amid volatile trade. Metal stocks sink over 3%.
  • BSE Sensex is at 60,959.84 up 36.34 points or 0.06%.
  • Nifty50 is at 18,153.15 down 24.95 points or 0.14%. Nifty Bank is 40,392.35 up 0.90%. Mid-cap Index is down 0.74%. Read more

Bank of Maharashtra raises capital of Rs1000cr through allotment of bonds

Published on: 12:10 pm

  • Bank of Maharashtra has successfully raised Capital of Rs1000cr through private placement of Series IV Basel III Compliant Tier II Bonds. The Bank allotted 1000 bonds at face value of Rs1cr each on Thursday. The said bonds will be listed on the Wholesale Debt Market segment of BSE Limited.
  • The Bank reported a 102.71% yoy rise in its net profit to Rs264cr for the September 30 ended a quarter of FY22. The net interest margin improved to 3.27% on a yoy basis against 2.3% in the comparable quarter last year. Net interest income increased by 33.84% to Rs1,500cr, compared with Rs1,120cr during Q2FY21. Read more

Sheela Foam expands manufacturing base, opens Green Field Export Oriented unit in Gujarat

Published on: 12:09 pm

  • Sheela Foam Ltd., makers of India’s leading mattress brand Sleepwell through its subsidiary ICTPL, announced the expansion of its manufacturing base with opening of a new 100% Export Oriented Greenfield Unit in Nandi Gaon, Gujarat.
  • The plant will have the production capacity of manufacturing 1000 mattresses in a single day and will be expandable to produce 3000 mattresses per day by the end of this financial year.
  • The new unit in Nandi Gaon will be equipped with state-of-the-art mattress manufacturing capability to produce both spring and foam mattresses. This facility will cater to the export market that will further strengthen Sheela Foam’s product offering in the international markets. From being a market leader in India, Sheela Foam is now poised to fulfill the fast-growing export market potential. Read more

Acuite assigns credit ratings to Kanco Tea & Industries' bank facilities

Published on: 12:09 pm

  • Acuité has assigned the long term rating of ‘ACUITE BBB-’ and the short term rating of ‘ACUITE A3’ to Rs38.92cr bank facilities of Kanco Tea and Industries Limited (KITL).The outlook is ‘Stable’.
  • As per rationale report, the rating on KITL takes into cognizance the improving business risk profile of the company as reflected from its increasing revenue trend coupled with healthy profitability.
  • Further, it is also supported by the management’s long track record in the sector and efficient working capital management. The rating draws comfort from the adequate liquidity position of the company. These strengths are however, partly offset by the moderate financial risk profile and the volatility in tea prices and agro climatic conditions. Read more

Bharti Airtel-led Rs20,987.39cr rights issue oversubscribed by 1.44 times

Published on: 12:04 pm

  • Bharti Airtel has announced that its 'Rights Issue' has been subscribed by 1.44 times. The issue closed on October 21, 2021.
  • The issue witnessed overbid by both public and promoter/ promoter groups.
  • The applications received in the Rights Issue are subject to verification and clearing of payments, as applicable, and finalization of the basis of allotment. Read more

Yes Bank stock dips 4% so far today ahead of Q2 earnings

Published on: 11:56 am

  • Private lender, Yes Bank stock was under pressure ahead of its financial performance for the quarter ending September 2021 (Q2FY22).
  • At around 11.54 pm, Yes Bank was trading at Rs14 per piece down 2.2% on Sensex. The stock has nosedived nearly 4% with an intraday low of Rs13.80 per piece earlier today.
  • Experts are of two opinions in Yes Bank. The lender is expected to record a fall in its net interest income and interest margin, while a spike is seen in slippages and credit costs. Also, a rise in gross NPA and provisions are expected in the quarter. Read more

CG-VAK Software & Exports gets board approval for purchase of land and building worth Rs15.80cr

Published on: 11:51 am

  • CG-VAK Software & Exports Ltd has informed that the Board of Directors of the company on October 21, 2021 has approved the purchase of land and building measuring 0.92.50 Acres at Coimbatore for a consideration of Rs15.80cr.
  • The Purchase is from an un-related party. The purchase will be funded to the extent of Rs3cr through Term Loan, and balance through internal accruals, said company in a regulatory filing.
  • This purchase is made with the present and future requirement of the Company in mind, it added. Read more

Nifty Financial Services hits fresh high; HDFC, Bajaj Finserv drive the bullish index

Published on: 11:50 am

  • Nifty Financials Services hit fresh life time high of 19,508.80 on Friday to further drive the bullish markets. Muthoot Finance, Bajaj Finserv, HDFC and Shriram Transport Finance led the race.
  • Domestic equity markets opened with gains in the morning bell, as investors recouped some of the losses that were witnessed earlier this week. BSE Sensex regained the 61,000 mark while NSE Nifty 50 was above 18,200. Bank Nifty was above 40,200, setting fresh record highs.
  • At around 11.450 am, BSE Sensex was trading at 61,086.19 up 162.69 points or 0.27% and Nifty50 at 18,197.25 up 19.15 points or 0.11%. Read more

Aditya Vision opens 74th showroom in Bihar; Stock sheds 2%

Published on: 11:42 am

  • Aditya Vision Ltd stocks in focus on Friday after the company has informed to the exchange regarding opening of a new showroom.
  • In a regulatory filing, the company said, "We wish to inform that the Company has opened its 74th Showroom at Krishna Baldeo Complex, Lakhisarai More, Jamui- 811307, Bihar."
  • Aditya Vision Limited is engaged into retail business of consumer electronics, home appliances, camera and mobile phones. Read more

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