Live market updates

25th Oct, 2021

Apollo Pipes PAT higher by 48% yoy at Rs14.1cr in Q2

Published on: 4:52 pm

Apollo Pipes Limited, among the top 10 leading piping solution providing Company in India, announced its financial results for the quarter and full year ended Sept 30, 2021.

Performance Review for Q2FY22 vs. Q2FY21
  • Sales Volume higher by 18% to 14,518 tons from 12,268 tons
  • Revenue higher by 69% to Rs. 208.2 crore compared to Rs.123.3 crore Read more

Apollo Tyres brings in premium tyre brand Vredestein to India

Published on: 4:47 pm

  • Strengthening its product offering further in the Indian market, leading tyre maker, Apollo Tyres Ltd, launched the premium European brand, Vredestein in India. The Vredestein brand of tyres will be manufactured at the state-of-the-art facilities in India, and will cater to the premium and luxury segment in passenger cars, while the two-wheeler tyres from the brand would cater to the growing superbiking segment in India.
  • Vredestein brand, known for its designer and high-quality tyres, is entering India with tyres sizes of 15” to 20” in the passenger vehicle segment. While Vredestein Ultrac Vorti would cater to the premium luxury sedans like Mercedes, BMW, Audi, Land Rover and Volvo, Vredestein Ultrac would cater to the premium hatchback and sedans like Honda City, Maruti Suzuki Ciaz and Baleno. Read more

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Mindtree launches industry-specific IoT solutions built on ServiceNow Connected Operations

Published on: 4:45 pm

  • Mindtree has announced an expanded relationship with ServiceNow, the leading digital workflow company that makes work, work better for people.
  • As a partner for ServiceNow Connected Operations, a proactive system of action for IoT, Mindtree will build industry solutions to help enterprises turn data from their Internet of Things (IoT) infrastructure into actionable business workflows.
  • Mindtree will combine the deep domain, design thinking, IoT, AI, Machine Learning, and analytics expertise of Mindtree NxT, the company’s IoT service line, with the capabilities of ServiceNow Connected Operations to enable enterprises in industry sectors such as manufacturing and consumer goods to put their IoT data to work for improved decision-making and smarter operations. Read more

Onward Technologies records 21% yoy growth in Q2 FY22 with Revenues of Rs72.94cr

Published on: 4:41 pm

  • Onward Technologies Limited, a niche Digital ER&D Engineering Services company announces its results for the second quarter of financial year 2021‐22.
  • The net profit of the company jumped 130.04% to Rs5.59cr in the quarter ended September 2021 as against Rs2.43cr during the previous quarter ended September 2020.
  • The sales rose 21.20% to Rs72.94cr in the quarter ended September 2021 as against Rs60.18cr during the previous quarter ended September 2020. Read more

Metropolis Healthcare completes acquisition of chain of labs in South India

Published on: 4:33 pm

  • Metropolis Healthcare Ltd has completed the acquisition of Dr. Ganesan’s Hitech Diagnostic Centre Pvt. Ltd. (Hitech) along with its subsidiary Centralab Healthcare Services Private Limited.
  • “I am pleased to share that we have successfully completed the acquisition of Hitech Diagnostic centre. In line with our growth strategy, this acquisition will enable Metropolis to gain market share, strengthen our leadership position in South India market and increase the B2C share of the business. This acquisition will also enable Metropolis to cater to mid segment of the market and leverage scale benefits,” Ameera Shah said. Read more

Rama Steel Tubes receives Business Excellence Award of the Year

Published on: 4:30 pm

  • Rama Steel Tubes Limited (RSTL), one of the leading manufacturers of Steel Pipes & Tubes and G.I. Pipes in India, has been awarded the "Business Excellence Award of the Year" under the manufacturing segment at the Global Business & Leadership Awards-2021 hosted by Global Business Federation at Dubai, UAE on October 22, 2021.
  • RSTL has been honored by the prestigious award of Business Excellence, by the Global Business Federation at Dubai. This ceremony was organized under the patronage of HH Sheikh Mohamed Bin Ahmed Bin Hamdan Bin Mohamed AI Nahyan, hailing from the Royal family of Abu Dhabi; and was attended by several eminent business personalities from India and globally. Read more

Add-Shop E-Retail opens 250 new franchises across India through marketing campaign

Published on: 4:20 pm

  • Add-shop E-Retail Ltd has announced to the Esteemed Stake holders that the Company has been gone thorough marketing campaign across the lndia in current month as they have announced earlier. Company has received a marvellous response by this marketing campaigned, said in a regulatory filing.
  • The company has opened a 250 new franchises across India during this campaign. The leaders have done a unique performance during this campaign and get the target what company have set. The company have set a new era in its business by opened a new 250 franchises in short time of period, said company. Read more

Govt notifies setting up of 7 mega integrated textile region and apparel (PM MITRA) parks

Published on: 4:14 pm

  • The Ministry of Textiles has issued the Notification on October 21, 2021 for setting up of 7 PM MITRA  Parks as announced in Union Budget for 2021-22 and approved by the Central Government.
  • The scheme aims to realise the vision of Hon’ble Prime Minister Narendra Modi of building an Aatmanirbhar Bharat and to position India strongly on the Global textiles map.
  • PM MITRA Parks is envisaged to help India in achieving the United Nations Sustainable Development Goal 9 (“Build resilient infrastructure, promote sustainable industrialization and foster innovation”). Read more

Numaligarh Refinery inks pipeline ‘Right to Use’ sharing agreement with Indradhanush Gas Grid

Published on: 4:14 pm

  • A pipeline ‘Right to Use (RoU)’ sharing agreement was inked between Numaligarh Refinery Limited (NRL) and Indradhanush Gas Grid Limited (IGGL), which is a joint venture of NRL with Indian Oil Corporation (IOCL), Oil & Natural Gas Corporation (ONGC), Gas Authority of India Limited (GAIL) and Oil India Limited (OIL), on 21st October 2021.
  • The agreement, a mutually beneficial arrangement for both organizations, was signed by General Manager (Project), NRL P J Sarmah and Chief Project Manager, IGGL Pankaj Patowary in the presence of Director (Technical), NRL B J Phukan; Director (Finance), NRL Indranil Mittra; CEO, IGGL A K Thakur and senior officials from both organizations. Read more

PSP Projects receives award at the 19 Construction World Annual Awards, 2021

Published on: 4:08 pm

  • PSP Projects Limited has emerged as the second-fastest Growing Construction Company in Small Category in India for the third consecutive year at the 19% Construction World Annual Awards, 2021 held on October 22, 2021, the company said in a filing on Saturday.
  • The construction World Annual Awards rank and award contracting companies. Construction World is the only publication that has been conducting the process of ranking and awarding industry participants for the past 18 years, thereby fulfilling its mission to raise the standards of excellence in the industry. Read more

Wendt (India) stock ends lower despite consolidated PAT zooms by 188 % yoy

Published on: 4:03 pm

  • The Board of Directors of Wendt (India) Limited approved the unaudited financial results for the quarter and half year ended 30 the Sept’2021
  • On a consolidated basis, Company’s sales stood at Rs. 4666 lakhs for the current quarter which is 44 % higher than the corresponding quarter previous year (YoY) with the PAT of Rs. 804 lakhs, which is significantly higher than the corresponding quarter last year. On a Sequential basis (QoQ), the Consolidated sales for the quarter ended 30th Sept’21 is higher by 11% with PAT higher by 34% against the Quarter ended 30th June’21 of the current year. Read more

Markets close higher; Banking Stocks outperformed

Published on: 3:55 pm

  • Markets witnessed a volatile day of trade, with the benchmark index posting wild swings during the trade.
  • Bank Nifty outperformed the Nifty by ~2% for the third consecutive trading session with both the indices closing ~2%/0.1% higher.
  • Banking stocks were among the top outperformers with stocks like ICICI Bank & Axis Bank contributing majority of the gains in the Bank Nifty along with an addition of heavy long positions during the day. Read more

Markets snap 4-day losing streak; Sensex shy of 61k, Nifty 50 above 18,125; ICICI Bank outperforms

Published on: 3:53 pm

  • Domestic equities snapped four-day losing streak and closed higher in a rangebound market amid mixed global cues and high volatility. The market oscillated between marginal gains and losses today. Barring financial and metals, most key sectoral indices witnessed continued to see profit booking.
  • The S&P BSE Sensex ended 145.43 points higher at 60,967.05 while the Nifty 50 inched 10.50 points or 0.06% to settle at 18,125.40.
  • With strong September quarter performance reported by ICICI Bank with visible improvement in asset quality and RoA aided ICICI Bank to see sharp uptick today. Read more

Zuari Agro Chemicals shuts down NPK Plants

Published on: 3:52 pm

  • Zuari Agro Chemicals Limited informed the exchanges Friday that the NPK Plants are shut down due to a planned outage for Inspection of the Atmospheric Ammonia Storage Tank at the port which is meant for storage of the imported Ammonia as raw material for the NPK Plants. Read more

Ind Ra assigns GP Petroleums at 'IND BBB-' with Stable outlook

Published on: 3:31 pm

  • India Ratings and Research (Ind-Ra) has assigned GP Petroleums Limited (GPPL) a Long-Term Issuer Rating of 'IND BBB-/IND A3'. The Outlook is Stable.
  • According to the rationale, Ind-Ra has assessed the standalone credit profile of GPPL, as the agency has received a management undertaking stating that the ongoing reorganisation and rephasement of the business operations and financial resources of promoters, GP Global APAC Pte Ltd (GPGAPL; 53.55% shareholding) and Nivaya Resources Pvt. Ltd (NRPL; 19.09%), or any group company will not have any impact on the operations and activities of GPPL. Read more

Deepak Fertilisers board allots over 1.24cr equity shares aggregating to ~Rs510cr; Stock gains over

Published on: 3:25 pm

  • The Securities Issue Committee of the Board of Directors of Deepak Fertilisers and Petrochemicals Corporation Limited in its meeting held on October 22, 2021, decided to issue and allot 1,24,39,029 Equity Shares at an issue price of Rs410 per Equity Share (including a premium of Rs400.00 per Equity Share), aggregating to ~Rs510cr.
  • The Issue opened on October 19, 2021, and closed on October 22, 2021. Pursuant to the allotment of Equity Shares in the Issue, the paid-up Equity Share capital of the company stands increased to Rs1,20,59,29,480 consisting of 12,05,92,948 Equity Shares of Rs10 each. Read more

Jio Platforms records 23.5% yoy increase in Q2 PAT of Rs3,728cr, ARPU at Rs143.6 per subscriber per

Published on: 3:16 pm

  • Reliance Industries telecom arm, Jio Platforms (JPL) registered a net profit of Rs3,728 for the quarter ending September 2021 (Q2FY22) rising by 23.5% yoy. The telco's cash profit for the quarter was at Rs8,206cr up 18.2% yoy.
  • JPL posted gross revenue of Rs23,222cr higher by 15.2% yoy in Q2FY22. Quarterly operating revenue (net of GST) was Rs19,777cr ($ 2.7 billion), growth of 15.1% adjusted for IUC, driven by continued subscriber traction in connectivity business.
  • Meanwhile, in Q2, the company's EBITDA was at Rs9,294cr ($ 1.3 billion), higher by 16.6% Y-o-Y. EBITDA Margin at 47.0%, increased 390 bps Y-o-Y led by IUC related adjustment and underlying operating leverage in connectivity business. Read more

Nifty FMCG nosedives over 400 pts with all stocks in deep red; Emami, Dabur, ITC, Nestle, Colgate dr

Published on: 2:42 pm

  • Ahead of major Q2 earnings, the Nifty FMCG index was trading in deep red due to broad-based selloff across listed stocks. The index has hovered between an intraday high and low of 38,849.45 and 38,028.50 respectively. All stocks listed on the index were trading lower with heavyweights weighing most.
  • At around 2.41 pm, Nifty FMCG was trading at 38,466.90 lower by 407.90 points or 1.05%.
  • Emami was the top bear on the index plunging nearly 4% followed by Radico and Dabur tumbling more than 2% each. Read more

Acrysil surges 4% on completion of capacity expansion project in Gujarat

Published on: 2:40 pm

  • Acrysil Ltd has informed to theexchanges regarding its capacity expansion of an additional 140,000 units at the Bhavnagar plant in Gujarat has been completed.
  • The commercial production from an additional 140,000 units has commenced today i.e. October 25, 2021, said company in a regulatory filing.
  • The manufacturing capacity of Quartz Kitchen Sinks now increased from 700,000 units to 840,000 units per annum. Read more

Ravi Kumar Distilleries hits upper circuit after resuming factory operations

Published on: 2:40 pm

  • Ravi Kumar Distilleries Limited informed the exchanges that the cancellation order has been revoked and the FIRs filed by the Excise Department and the Police Department have been quashed by the High Court of Madras. The operations of the factory are resumed with immediate effect. Read more

TCI Express delivered strong performance in Q2 with revenue growth by 28.6%

Published on: 2:36 pm

  • TCI Express Ltd. (“TCI Express”), market leader in express distribution in India, today announced its financial results for the second quarter ending September 30, 2021.
  • The Revenue from operations of tat he company Rs273cr, growth of 28.4% yoy and 22.7% sequentially. EBITDA of Rs48cr as compared to Rs34cr in Q2 FY2021.
  • EBITDA margin at 17.3% compared to 15.9% in Q2 FY2021. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices pare intraday gains to trade flat; Banking stocks lead while Auto, IT stocks drag.
  • BSE Sensex is currently 60,862.33 up 40.71 points or 0.07%.
  • Nifty50 is currently 18,104.50 down 10.40 points or 0.06%. Nifty Bank is 41,158.70 up 2.07%. Mid-cap Index is down 1.95%. Read more

Grasim Industries acquires 26% stake of ABReL Solar Power

Published on: 2:07 pm

  • Grasim Industries Limited has acquired equity shares of ABReL Solar Power Limited, a subsidiary of the company on October 22, 2021. The company acquired 13,000 equity shares (26%) of Rs10 each of ABRSPL at Rs1.30 lakh.
  • “ABReL Solar Power Limited is a subsidiary of Aditya Birla Renewables Limited which in turn is the wholly-owned subsidiary of Grasim Industries. The shares are acquired by Grasim at par value, which is the book value, therefore the transaction is at arm’s length.
  • The object of acquisition of shares is to comply with the minimum shareholding requirement of 26% under the captive project rules,” company said in a filing on Friday. Read more

TVS Motor to partner with Bahwan International Group to strengthen its presence in Iraq

Published on: 1:52 pm

  • TVS Motor Company, a reputed two-wheeler and three-wheeler manufacturer globally has signed a tri-party deal arrangement with Bahwan International Group.
  • The signing ceremony was held today at Bahwan International Group, between Sheikh Ahmed Bahwan, Chairman Bahwan International Group and Mr Sudarshan Venu, Joint Managing Director – TVS Motor Company in Muscat, Oman.
  • As per the tri-party deal arrangement, ARATA International FZC will be the new distributor. Building on this partnership, the groups will also explore other avenues of cooperation in Oman and India. Read more

Finance Minister invites EU to partner with India via investment in green hydrogen

Published on: 1:34 pm

  • Union Minister of Finance & Corporate Affairs Nirmala Sitharaman met Frans Timmermans, Executive Vice President of the European Commission, where she invited the European Union (EU) to tie up with India green hydrogen to harness the natural synergies in this area between the two sides.
  • In the meet, the Finance Minister highlighted the strong India-European Union (EU) cooperation on trade and technology, climate and energy, digital cooperation, sustainable development and connectivity partnership.
  • Frans Timmermans complimented India’s commendable achievements in climate action and commitment to generating 450 GW of renewable energy by 2030. He offered support of the EU in harnessing investments for successfully achieving this target. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is at 61,077.27 up 255.65 points or 0.42%.
  • Nifty50 is at 18,156.60 up 41.70 points or 0.23%. Nifty Bank is 41,588.25 up 3.14%. Mid-cap Index is down 1.40%.
  • ICICI Bank, Axis Bank, ONGC, State Bank of India, and Cipla are the top gainers. Wipro, Bajaj Finserv, Bajaj Auto, Divis Lab, and Asian Paints are the top losers. Read more

Centre notifies guidelines for PLI scheme for specialty steel

Published on: 1:29 pm

  • Bases on feedback received, and on the basis of the scheme notified earlier, the Steel Ministry announced that rules to implement the Production-Linked Incentive Scheme for Specialty Steel were prepared in the form of guidelines. A seminar on the scheme for specialty steel was scheduled for today.
  • As per the ministry, guidelines for an effective operation and smooth implementation of PLI Scheme have been notified on 20th Oct 2021 on the website of Ministry of Steel. Guidelines offer clarity on operational aspects of the Scheme such as the application, eligibility, disbursement of incentive and so on. Read more

Centre notifies rule for electricity sector's sustainability and promotion of clean energy

Published on: 1:21 pm

  • The Power Ministry has notified rules for the sustainability of the electricity sector and the promotion of clean energy to meet India’s commitment towards Climate Change. The investors and other stakeholders in the power sector had been concerned about the timely recovery of the cost due to change in law, curtailment of renewable power and other related matters.
  • The following Rules notified by the Ministry of Power under the Electricity Act, 2003 are in the interest of the electricity consumers and the stakeholders: Read more

Kajaria Ceramics board nods for Rs5cr investment to incorporate wholly-owned subsidiary in UAE

Published on: 1:15 pm

  • Kajaria Ceramics Ltd has informed that the Board of Directors has approved investments upto Rs5cr to incorporate a wholly-owned subsidiary company of the Company in U.A.E.
  • The proposed wholly-owned subsidiary company ('WoS') of the Company may be incorporated in U.A.E., to market the tiles/sanitaryware/faucet/plywood/laminates in U.A.E. and may also in other international markets, said company in a regulatory filing.
  • Further, the proposed investment will be made at an arm's length basis. In view of the growth potential for marketing and to explore the business opportunities in U .A.E., the proposed WoS in U.A.E. is incorporated, it added. Read more

Nifty Auto goes downhill amid upbeat markets; Bajaj Auto, Maruti, Hero MotoCorp, Tata Motors among t

Published on: 1:05 pm

  • Nifty Auto stocks traded with negative bias amid upbeat markets on Monday. The Index shed 1.5% with Tube Investments of India and Bharat Forge dropping the most percentage. Losses by heavyweights TVS Motor Company, Bajaj Auto, Eicher Motors, Hero MotoCorp, Tata Motors, and Maruti hit the sector most. Mahindra & Mahindra was the only stock trading in the green.
  • The domestic markets were off to a volatile start on Monday as investors assessed the September quarter results of index heavyweights. After tumbling as much as 300 points in opening deals, BSE Sensex recovered losses amid gains in banking stocks and was trading at 61,074.22 up 252.6 points or 0.42% around 1.05 pm. Nifty50 was trading at 18,158.80 up 43.90 points or 0.24%. Read more

Bank Nifty cruises at new heights, soars 1,260 pts; ICICI Bank, Axis Bank hit fresh 52-week highs am

Published on: 12:50 pm

  • Major Q2 earnings led to a robust buying in Bank Nifty on Monday. The index was on a stellar rally to the point that it even cruised to new historic highs before correcting. The index was even just slightly shy of the 41,900-mark. In the mid-trading session, the index held its sharp upside while heavyweights like ICICI Bank, Axis Bank and SBI drive the performance. Also, the privatisation hopes of PSU Banks was once again back to fuel sentiments.
  • At around 12.37 pm, Bank Nifty was trading at 41,583.65 skyrocketing by 1,260 points or 3.1%. The index has hit a new all-time high of 41,829.60. Read More

Sovereign Gold Bond Scheme 7th Tranche opens today; Check the latest details here

Published on: 12:36 pm

  • The seventh tranche of sovereign gold bond scheme 2021-22 opens for subscription today i.e. October 25, 2021. The seventh series will be open for investors between October 25 - October 29 - for a period of five days, according to the schedule set for the gold bond scheme 2021-22 by the Reserve Bank of India (RBI).
  • The Ministry of Finance on Saturday has fixed the issue price at Rs4,765 per gram of gold. The issue price of the gold bonds will be Rs50 per gram less for those who subscribe online and pay through digital mode.
  • For the gold bond scheme 2021-22 series VII, the central bank has fixed an issue price of Rs4,765 per unit -  equivalent to the value of one gram of gold. Read more

Seventh tranche of Sovereign Gold Bond scheme opens today

Published on: 12:36 pm

  • The seventh tranche of sovereign gold bond scheme 2021-22 opens for subscription today i.e. October 25, 2021. The seventh series will be open for investors between October 25 - October 29 - for a period of five days, according to the schedule set for the gold bond scheme 2021-22 by the Reserve Bank of India (RBI).
  • The Ministry of Finance on Saturday has fixed the issue price at Rs4,765 per gram of gold. The issue price of the gold bonds will be Rs50 per gram less for those who subscribe online and pay through digital mode.
  • For the gold bond scheme 2021-22 series VII, the central bank has fixed an issue price of Rs4,765 per unit -  equivalent to the value of one gram of gold. Read more

PDS Multinational Fashions allots over 5.80 lakh stock options under ESOP; Stock gains over 1%

Published on: 12:33 pm

  • PDS Multinational Fashions Ltd has informed that the Nomination and Remuneration Committee of the Board of Directors of the Company on October 22, 2021 has approved the 5,80,200 stock grants in terms of Employee Stock Option Plan 2021 – Plan A and Employee Stock Option Plan 2021 – Plan B and/or PDS Multinational Fashions Limited –Phantom Stock Units Plan 2021.
  • Exercise price is Rs.1095/‐ per Stock Option/Units and Rs. 650/‐  per Stock Option/Units while vesting period is four years from the date of grant (in tranches). Read More

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark market erased partial gains led by banking and financial services soar further. 
  • BSE Sensex is currently 61,077.43 up 255.81 points or 0.42%.
  • Nifty50 is currently 18,149.25 up 34.35 points or 0.19%. Nifty Bank is 41,538.30 up 3.01%. Mid-cap Index is down 1.81%.
  • ICICI Bank, Axis Bank, ONGC, Cipla, and State Bank of India are the top gainers. Divis Lab, Wipro, Bajaj Auto, HCL Tech, and Eicher Motors are the top losers.
  • Nifty Banking stocks soar 3% while Financial stocks are also bullish. Media stocks also trade higher. The rest of the sectors trade in the red with Nifty IT, Auto, Pharma, and Realty stocks leading the rout.
  • Out of 50 stocks traded on the BSE, 12 advanced, and 38 declined. Read More

CRISIL assigns rating on Edelweiss Financial Services debt instruments; Stock sheds 3%

Published on: 12:14 pm

  • CRISIL Ratings has assigned its ‘CRISIL AA-/Negative’ rating to Rs1000cr Retail Bonds of Edelweiss Financial Services Limited (EFSL) and reaffirmed its ratings on the other debt instruments at ‘CRISIL AA-/CRISIL PP-MLD AA-r/Negative/CRISIL A1+’.
  • According to the rationale report, the rating reaffirmation factors in the group’s adequate capitalisation levels, supported by multiple capital raises, and its diversified business profile with presence across lending, asset management, wealth management, broking, asset reconstruction and insurance segments, and demonstrated ability to build significant presence in multiple lines of business - this should support earnings going ahead. The group also maintains adequate liquidity on an ongoing basis. Read more

Chalet Hotels executes settlement terms with Hindustan Aeronautical

Published on: 12:12 pm

  • Chalet Hotels Limited informed the exchanges Saturday that the company has arrived at a settlement with Hindustan Aeronautical Limited (HAL in connection with cancellation of NOC for height permission in respect of its Residential Project at Koramangala, Bengaluru.
  • “This is a significant milestone towards resolution of the long-standing litigation and works on the project is expected to recommence in the near future,” the company said in a filing on Saturday.
  • The company had intimated on June 04, 2020, about the cancellation of NOC (NOC dated October 28, 2011) issued by HAL for height permission for the Koramangala Residential Project of the Company. Read More

Sportking India hits 5% upper circuit on update of expansion projects

Published on: 12:05 pm

  • Sportking India Ltd has informed that the Board of Directors on October 23, 2021 has discussed and approved the installation of Rooftop Solar Power Project of about 20 MW Capacity at their Existing Factory Units for captive consumption and same is likely to Implemented in 6-8 months.
  • Further, the Board has also discussed the progress of the implementation of additional 15% Capacity (40800 Spindles) for production of textile yarns, which is as per schedule, said company in a regulatory filing.
  • At around 12:03 PM, Sportking India was trading at Rs1541 per piece higher by 5% on Sensex. Read More

Nifty Metal stocks pare early gains to trade flat; APL Apollo Tubes tanks 7%

Published on: 11:55 am

  • The Nifty Metal stocks pared early gains to trade flat amid bullish markets on Monday. Hindustan CopperHindustan Zinc, and SAIL emerging as the leading gainers. APL Apollo Tubes tanked 7% while Welspun Corp was also under pressure.
  • The domestic markets were off to a volatile start on Monday as investors assessed the September quarter results of index heavyweights. Meanwhile, the mixed Asian market mood also rubbed off on investor sentiment back home. After tumbling as much as 300 points in opening deals, BSE Sensex recovered losses amid gains in banking stocks and was trading at 61,119.50 up 297.88 points or 0.49% around 11.55 am. Nifty was at 18,164.25 up 49.35 points or 0.27%. Read More

ABB Power Products net profit rises 614.6% yoy to Rs34.3cr in Q3

Published on: 11:51 am

  • Hitachi Energy India (listed on the Indian stock exchanges as “ABB Power Products and Systems India Limited”) announced its third-quarter results for 2021.
  • The company’s profit after tax was up 614.6% yoy to Rs34.3cr primarily because of a low base of 2020 and our unwavering efforts at stabilizing our supply chains and improving other efficiencies. Operational EBITA stood at Rs55.6cr in the September quarter, with an EBITA margin at 6.5%. Profit before tax was Rs47.2cr. Read More

Inox Leisure Q2 net loss widens to Rs88cr, revenue rises as recovery continues

Published on: 11:41 am

  • During September 2021 (Q2FY22) quarter, Inox Leisure's consolidated net loss widened to Rs87.66cr compared to a loss of Rs67.83cr in the same quarter a year ago.
  • However, the multiplex chain operator posted higher revenue to Rs47.44cr in Q2FY22 from merely Rs36 lakh recorded in the corresponding period of the previous year.
  • Siddharth Jain, Director – INOX Group says, “Our performance in this Quarter signifies the beginning of the revival journey, which has come after numerous Quarters of uncertainty. Our teams depicted stout resilience and saw through this phase in a resolute manner, which now provides us with the wherewithal to create and unleash the same old experiential magic that INOX is known for." Read More

Gland Pharma’s Q2FY22 revenue rises 30% with net profit growth of 38%

Published on: 11:38 am

  • 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.
  • Commenting on the results, Mr. Srinivas Sadu, MD & CEO of Gland Pharma said “We delivered a strong performance this quarter Q2 FY22, with a revenue of ₹ 10,805 million, which is a y-o-y revenue growth of 30%. With a PAT of ₹ 3,021 million, we saw a y-o-y PAT growth of 38% for the quarter. We continue to focus on revenue diversification across geographies, which is helping us further improve our manufacturing efficiencies because of benefits from scale as well as de-risking the business. With declining COVID-19 hospitalizations, we observed a shift in product mix. Our wide therapeutic portfolio helped us to sustain growth despite changing market demand. Our rich R&D pipeline is helping us maintain strong momentum of new product launches. We are on track to make four complex injectable filings in this financial year.” Read more

Omkar Speciality Chemicals board approves Rs50cr fund raise via rights issue

Published on: 11:37 am

  • Omkar Speciality Chemicals Ltd has informed to the exchanges regarding fund raising plan of the company.
  • The Board has approved raising of funds up to an aggregate amount not exceeding Rs50cr from statutory, regulatory and other stakeholders on right basis ("Rights Issue").
  • Further, as per regulatory filing, the detailed terms in relation to the rights issue, including but not limiting to the issue price, rights entitlement ratio, record date, timing and terms of payment will be determined in due course. Read More

Reliance Retails Q2 PAT rises by 74% yoy to Rs1,695cr on robust growth across all consumption baske

Published on: 11:30 am

  • Reliance Industries (RIL) retail-arm, Reliance Retail witnessed a strong September 2021 (Q2FY22) quarterly earnings. The RIL subsidiary posted a net profit of Rs1,695cr in Q2FY22 increasing by a whopping 74.2% yoy.
  • Further, the company delivered a strong performance with consolidated Gross Revenue recorded at Rs45,426cr for 2Q FY22, a growth of 10.5% Y-o-Y and higher than the Pre-COVID period. Revenue excluding Petro retail business grew at 16% Y-o-Y. Read more

Market pulse at 11:30 AM today

Published on: 11:30 am

  • Indices led by bullish banking and financial services stocks rally.
  • BSE Sensex is currently 60,960.00 up 138.38 points or 0.23%.
  • Nifty50 is currently 18,130.55 up 15.65 points or 0.09%. Nifty Bank is 41,234.45 up 2.26%. Mid-cap Index is down 1.72%.
  • ICICI Bank, Axis Bank, ONGC, Cipla, and State Bank of India are the top gainers. Wipro, HCL Tech, Bajaj Auto, Nestle India, and Eicher Motors are the top losers.
  • Nifty Banking and Financial stocks drive Monday’s trade while Metal and Media stocks also trade higher. The rest of the sectors trade in the red with Nifty IT, Auto, and Realty stocks leading the rout.
  • Out of 50 stocks traded on the BSE, 15 advanced and 35 declined. Read more

Tech Mahindra, HDFC AMC, Colgate, Kansai Nerolac, CEAT among key earnings today

Published on: 11:21 am

  • Indian markets traded on a volatile session ahead of major corporate earnings for the quarter ending September 2021 (Q2FY22) scheduled on Monday. These companies come from IT, cements to even mutual funds and paints sector.
  • Companies like Tech Mahindra, HDFC Asset Management Company, Aditya Birla Sun Life AMC, Colgate-Palmolive (India), Kansai Nerolac Paints, CEAT, ICRA and Indus Towers - are some of the key earnings to watch out for.
  • However, Coforge has already presented its financial performance in the early morning of Monday. The company garnered a net profit of Rs146.7cr in Q2FY22, rising by 21.6% yoy. In dollar terms, the company's PAT rose by 22.8% yoy in Q2. The company's revenue stood at Rs1,569.4cr in Q2FY22 increasing by 36% yoy and 7.4% sequentially. In dollar terms, revenue climbed 37.4% yoy and 6.5% sequentially. Read more

Pioneer Distilleries appoints Gopal Kothari as Chief Financial Officer

Published on: 11:18 am

  • The Board of Directors of Pioneer Distilleries Ltd has appointed Gopal Kothari as Chief Financial Officer with effect from October 22, 2021 in place of Sanjoy Sarkar.
  • Gopal Kothari is a qualified Chartered Accountant (ICAI) and Company Secretary (ICSI) with over 19 years of experience of working with leading consumer products companies. He is presently Vice President – Supply Finance in United Spirits Limited (“USL”).
  • He served the Company as Chief Financial Officer for quite some time and served one of the then wholly owned subsidiaries of United Spirits Limited, Tern Distilleries Private Limited as a Director. Prior to joining USL, he was working as Finance Controller of Diageo India Private Limited. Read more

Minda Industries board approves the second tranche of Investment in equity shares of Strongsun Renew

Published on: 11:17 am

  • The Investment Committee of the Board of Minda Industries Limited at its meeting held on October 22, 2021, has approved the second tranche of investment in equity shares of Strongsun Renewables Private Limited, the Special Purpose Vehicle (SPV) Company.
  • The Committee approved the acquisition of 3,07,850 equity shares of the face value of Rs10 each at a premium of Rs70 i.e. Rs.80 per share of SPV, aggregating to Rs2,46,28,000.
  • With the aforesaid acquisition of shares, the company, Minda Industries Ltd. holds a 28.10% stake of the total paid-up share capital of the SPV. The aforesaid acquisition of the shares is for availing solar power for its manufacturing units situated at Maharashtra. Read more

Supreme Industries stock gains after Q2 PAT increases nearly 31% yoy

Published on: 10:59 am

  • Shares of Supreme Industries Ltd erased early gains post Q2 numbers. The company reported 40.28% growth in total revenues for the Sep-21 quarter on a consolidated basis at Rs1,928.54cr.
  • The consolidated profit after tax (PAT) for the Sep-21 quarter was up 30.73% at Rs228.71cr. Profits were up 34.41% compared to the profits in the sequential quarter. The profit growth lagged the sales growth as material cost and inventory costs added up for the company.
  • The revenues were higher by 43.70% on a sequential basis compared to Rs1,342.08cr revenues in the Jun-21 quarter. Read more

TCS & Shell recognized with 2021 ISG Digital Case Study Award for Digital Transformation

Published on: 10:52 am

  • Tata Consultancy Services (TCS) has been recognized with a 2021 ISG Digital Case Study Award, for its best-in-class digital transformation work for Shell, a global energy and petrochemical company. ISG recognized this case study as a regional stand-out in Australia and New Zealand.
  • Shell partnered with TCS to build a transformative digital solution that will help the company derive deep insights from the available data as well as enable a central view for upstream and midstream businesses.
  • Further, it aims to contextualize its digitization initiatives across wireline logging, downhole completions, gas production operations and technology, performance, and safe operations, helping the company improve efficiency and reliability in their LNG business as well as improve sustainability. Read more

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