Live market updates

27th Oct, 2021

Aurionpro bags deal for licensing and development of its payment software in USA

Published on: 4:45 pm

  • Aurionpro Fintech Inc., an Aurionpro subsidiary based in USA, has announced an order win from one of the largest Payment Facilitators in USA which offers merchant payment services in insurance financing segment.
  • The order is for the license of Aurionpro Payment Framework Software (“APF Software”) and allied services including customization & development services in relation to. The order is valued at US$ 1.3 Million (INR 10 crores appx.) and will be delivered in two phases by March 2022.
  • Raj Biyani, EVP-Head - North America, commenting on the order win said that “Aurionpro Payment Framework is a robust and advanced payment platform. We see multiple opportunities in this segment and this win is significant as it will enhance our credentials in the USA market and will establish APF as a strong platform. Read more

Wardwizard’s 'Joy e-bike' inaugurates its first-ever E-Vehicle Experience Centre in Maharashtra, six

Published on: 4:35 pm

  • To provide a distinctive experience to customers and strengthen its market presence, the Wardwizard Innovations and Mobility Ltd , one of the country’s leading two-wheeler electric vehicle manufacturer brands ‘Joy e-bike’ has inaugurated its first-ever experience centre in Pune on Wednesday.
  • The specially designed company-owned centre aims to provide a unique experience to the customers is equipped with complete sales and service facilities to expedite the brand's outreach in the entire state.
  • The centre will showcase the entire range of Joy e-bike’s electric scooters and motorcycles. Currently, Joy e-bike has a wide product portfolio of 10 models in its fleet. Read more

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Zensar's constant currency revenues grow 12.3% QoQ in Q2FY22

Published on: 4:31 pm

Zensar Technologies, a leading experience engineering and technology solutions company, announced its consolidated financial results for its second quarter ending September 30, 2021, of the fiscal year 2021-2022.

Financial Highlights:
  • In Q2FY22, the company reported revenue of $141.9Mn, a constant currency sequential QoQ growth of 12.3%
  • PAT stood at $12.8Mn or 9.0% of revenues, a sequential QoQ decline of 181 bps Read more

Mahindra Lifespaces announces Joint Development of land parcel in Mumbai; Stock settles 2% up

Published on: 4:28 pm

  • Mahindra Lifespace Developers on Wednesday finalised terms for joint development on a 4.8-acre land parcel in Dahisar East. Strategically located on the Western Express Highway, this is Mahindra Lifespaces’ first project in Dahisar and will offer approximately 5 lakh sq. ft. of carpet area.
  • Arvind Subramanian, MD & CEO, Mahindra Lifespace Developers Ltd., said, “The Mumbai Metropolitan Region is a priority market for growth in our residential business and Dahisar is one of the most attractive residential destinations in the city, owing to good road-rail connectivity and well-developed social and civic infrastructure. Three upcoming metro lines will further enhance its accessibility and attractiveness for families." Read more

Dr. Lal PathLabs records revenue of Rs498.4cr in Q2 FY22

Published on: 4:23 pm

  • Dr. Lal PathLabs, a leading diagnostic and related healthcare services provider announced its financial results for the quarter ended September 30, 2021.
  • The net profit of the company was up by 11.37% to Rs95cr in the quarter ended September 2021 as against Rs85.30cr during the previous quarter ended September 2020. Also, the yoy profit growth was subdued because the raw material costs spiked by 25% on a yoy basis putting pressure on profit growth. Net margins at 19.06% were lower than 19.75% on a yoy basis and it was sharply lower than NPM of 21.63% in the Jun-21 quarter.
  • The Sales rose 15.40% to Rs 498.40 crore in the quarter ended September 2021 as against Rs 431.90 crore during the previous quarter ended September 2020. Read more

Jubilant Foodworks gives corporate guarantee to HSBC regards to loan proposed for Netherlands arm; S

Published on: 4:23 pm

  • Jubilant Foodworks on Wednesday announced that the company has issued a corporate guarantee in favour of The Hongkong and Shanghai Banking Corporation Limited (“HSBC”) in relation to a loan proposed to be taken by Jubilant Foodworks Netherlands B.V.
  • Jubilant Foodworks Netherlands B.V is a wholly-owned subsidiary of Jubilant Foodworks.
  • In its regulatory filing, Jubilant Foodworks said that the loan is being taken, and the corporate guarantee is being issued on an arm’s length basis. Read more

TCS recognized as 2021 HPE GreenLake Ecosystem Partner of the Year

Published on: 4:22 pm

  • Tata Consultancy Services (TCS) has won the 2021 Hewlett Packard Enterprise (HPE) GreenLake Ecosystem Partner of the Year Award. The 2021 HPE Partner of the Year Awards recognize HPE partners from across the ecosystem for their incredible commitment to customer excellence, continued strong performance, focus on growth, and dedication to mutual achievements.
  • This award confirms TCS' ongoing commitment to providing the highest level of customer experience, as well as transformative and innovative IT solutions. TCS Enterprise Cloud coupled with the HPE GreenLake edge-to-cloud platform enables a flexible, scalable, pay-as-you-grow foundation for infrastructure, virtual desktop infrastructure, advanced analytics for SAP S/4 HANA, and modern storage. Read more

Bank of Baroda to consider fundraising plan via capital debt instruments on Nov 01; Stock ends 3% up

Published on: 4:15 pm

  • State-owned, Bank of Baroda will consider a fundraising plan on November 01, 2021. The company's stock closed on a higher note on Wednesday.
  • The fundraising is proposed to be through the issue of capital debt instruments.
  • In its regulatory filing, BoB said that "We hereby advise that meeting of the Capital Raising Committee (CRC) of whole-time Directors of the Bank is scheduled to be held on 01.11.2021 to consider raising of capital the funds through issue of capital debt instruments." Read more

IndiGrid Q2FY22 revenue up 43% yoy to Rs5,476 million on the back of acquisitions

Published on: 4:10 pm

  • IndiGrid, India’s first power sector InvIT, announced its earnings for the quarter ended September 30, 2021. The consolidated revenue grew by 43% yoy in Q2FY22 at Rs5,476 million on the back of acquisitions. In tandem, the consolidated EBITDA for the quarter was up 49% yoy at Rs5,040 million driven by steady operational performance and robust availability. The net distributable cash flow remained steady at Rs2,241 million during the quarter supported by healthy collections at 105%.
  • The Board of the Investment Manager also approved a Distribution Per Unit (DPU) of ~Rs3.19 (up 6% yoy) for Q2FY22 to unitholders. The record date for the distribution is November 02, 2021, and shall be paid as ~Rs1.86 per unit in the form of interest, Rs1.28 as capital repayments and ~Rs0.05 per unit as a dividend. Read more

SB extends OTS payment period of Himalaya Food International up to Dec 2022

Published on: 4:01 pm

  • Himalaya Food International Ltd has informed that State Bank of India, the Lead bank of the consortium has approved the request of Company to extend the period of Payment of OTS upto December 2022.
  • The bank has agreed for concessional interest @ SBI Yearly MCLR + 2% (effective rate 9%) on the period of delays due to Pandemic.
  • Further, State Bank has also accepted the request of Company to issue NOC's for sale of non-core assets to pay the OTS amount. Read more

CRISIL reaffirms credit rating of Heritage Foods; Stock hits fresh 52-week high

Published on: 3:57 pm

  • CRISIL Ratings Limited on October 26, 2021, has reaffirmed the ratings of Heritage Foods Limited. The credit rating agency has reaffirmed the long-term rating of the company at CRISIL A/Positive and the short-term rating of the company at CRISIL Al.
  • Heritage Foods Ltd tarde ended at Rs537 per piece up by Rs36.8 or 7.36% from its previous closing of Rs500.20 per piece on the BSE. Read more

CARE reaffirms credit ratings of NDTV; Removes from Credit watch with Negative Implications

Published on: 3:46 pm

  • CARE Ratings Limited has during the financial year 2021-22, assigned the ratings to New Delhi Television Limited on the basis of bank facilities Rs64.63cr.
  • The rating on long-term Bank Facilities Rs60.63cr (Reduced from Rs89.14cr) has been assigned CARE BB+; Stable. The rating has been reaffirmed and removed from Credit Watch with Negative Implications; Stable outlook assigned.
  • On the Short Term Bank Facilities Rs4cr of the company CARE, A4+ rating has been assigned. The rating has been reaffirmed and removed from Credit Watch with Negative Implications. Read more

Markets close lower, IT Stocks outperformed

Published on: 3:39 pm

  • Markets witnessed a negative day of trade, with the benchmark index posting wild swings during the trade.
  • Bank Nifty underperformed the Nifty by 0.5% for the second consecutive trading session with both the indices closing ~1%/0.5% lower.
  • Nifty IT index was among the top outperformers closing ~1% higher with Infosys contributing majority of the gains along with an addition of long positions during the day. Read more

Dilip Buildcon gets provisional completion certificate for Maharashtra-based HAM project

Published on: 3:15 pm

  • Dilip Buildcon Ltd has lnformed that the project "Four Laning of Sangli-Solapur (Package -II: Borgaon to Watambare) section of NH-166 from existing Ch. km. 219.956 to Ch.272.394 (Design Ch. km.224.000 to km.276.000) of length 52 km. in the State of Maharashtra on Hybrid Annuity Mode has been provisionally completed.
  • The Provisional Completion Certificate has been issued by the authority and had declared the project fit for entry into commercial operation as on September 24,2021
  • The project cost is Rs1029.40cr and the appointed date for the project was April 22, 2019. Read more

Dr Lal Path Labs to acquire Suburban Diagnostics in all cash deal with an EV of Rs925cr

Published on: 3:15 pm

  • Dr Lal Path Labs (LPL) said in the regulatory filing on Tuesday that it has acquired Suburban Diagnostics in an all-cash deal for an enterprise value of Rs925cr and a cap of Rs1,150cr.
  • The company said in regulatory filings on Tuesday that it had paid 18.5x of FY22 audited Earnings Before Interest Taxes Depreciation and Amortisation (Ebitda) of Suburban as a valuation matrix for the acquisition.
  • The deal shall be funded through the existing cash reserves of the company, the company added. Read more

Firstsource Solutions surges 4% on partnership with Eco-Mail to strengthen workflow digitization for

Published on: 3:07 pm

  • Firstsource Solutions Limited, a global provider of Business Process Management (BPM) services and an RP-Sanjiv Goenka Group company, today announced it has partnered with Eco-Mail, a leading SaaS provide that transforms physical mail assets into digital assets. Eco-Mail’s software adds to Firstsource’s digital enterprise workflow capabilities by enabling health plans to rapidly process and digitize incoming paper mail, making the speed of processing faster, more accurate, and more efficient.
  • The company stock was bullish and at around 3.10 pm, Firstsource Solutions Ltd was trading at Rs209.15 per piece up by Rs8.3 or 4.13% from its previous closing of Rs200.85 per piece on the BSE. Read more

IDFC stock jumps 5% after subsidiary writes to IDFC First Bank for unlocking value for shareholders

Published on: 3:02 pm

  • IDFC stock was in a super rally after the company's wholly-owned subsidiary  IDFC Financial Holding Company (IDFC FHCL) wrote a letter to IDFC FIRST Bank for Unlocking Value for shareholders of IDFC. The letter was written on October 25, 2021.
  • At around 2.57 pm, IDFC was trading at Rs59.55  up 5.2% on Sensex. The stock was near the day's high of Rs60.20 per piece.
  • The letter was written to IDFC First Bank's Chairman, Sanjeeb Chaudhary. Read more

Brickwork Ratings upgrades credit rating of SVP Global Ventures; Stock soars 4%

Published on: 3:01 pm

  • Credit ratings of SVP Global Ventures Limited have been upgraded by Brickwork Ratings India Private Limited and the same has been accepted by the company.
  • According to a regulatory filing from the company, the credit rating agency upgraded the fund based from BWR BB/Stable to BWR BBB/Stable. The rating on non-fund-based facilities of the company has been upgraded from BWR A4 to BWR A3+.
  • At around 3.05 pm, SVP Global Ventures Ltd was trading at Rs120.60 per piece up Rs4.65 or 4.01% from its previous closing of Rs115.95 per piece on the BSE. Read more

Ambuja Cement's Q2 revenue rises to Rs3,193cr on higher volume growth, PAT stood flat

Published on: 2:51 pm

  • Ambuja Cement's standalone net profit was flat to Rs441cr for the quarter ending September 2021 (Q2FY22) period. However, the company registered a volume growth of 5.9%. Net Sales during the quarter stood at Rs3,193crore compared to Rs2,802cr in the corresponding quarter of the previous year.
  • During the quarter, EBITDA was at Rs703cr showed a growth of 3.2% and Operating EBIT at Rs577cr showed a growth of 4.9%.
  • In its audit report, Ambuja Cements pointed out that the total operating cost per ton increased due to rising input costs notably in fuel. The operational efficiency programs at the plants along with logistics efficiencies partly mitigated the impact. Read more

Paint companies stocks climb on price hike plan; Asian Paints emerges top gainer

Published on: 2:47 pm

  • Shares of paint companies gained in a volatile market on the stock exchange today on reports of price hikes. According to the media reports, Paint companies like Asian Paints and Berger Paints have taken high-single-digit price increases across their portfolio in a move to offset the rising inputs costs and this is the sharpest price increase ever taken by these companies.
  • Further, the media reports also said that Asian Paints is the market leader in the decorative paints segment, which has hiked the prices by 7-10%, effective from November 12. Whereas, Berger Paints also has hiked prices by high-single digits, and also other companies might follow suit soon. Read more

Sanofi India appoints Radhika Shah as Company Secretary and KMP; Stock climbs over 2%

Published on: 2:45 pm

  • Sanofi India Ltd has informed that the Board of Directors of the Company on October 26, 2021 approved appointment of Radhika Shah as Company Secretary and Key Managerial Personnel with effect from November 01, 2021.
  • Radhika Shah will also be the Compliance Officer with effect from November 01, 2021 in place of Vaibhav Karandikar
  • Radhika Shah has over 18 years of rich experience in Legal and Corporate Secretarial fields. She has worked for more than 16 years with Asian Paints Limited, India’s leading Paints & Décor Company. At Asian Paints, Shah has spearheaded the Corporate Secretarial and Compliance functions including handling Corporate Governance matters. Read more

Indo Count Industries registers rise of 6% yoy in total income of Rs767cr in Q2FY22; Stock slumps 6%

Published on: 2:43 pm

  • Indo Count Industries Limited registered a total income of Rs767cr in the second quarter ended September 30, 2021, a rise of 6% yoy from Rs724cr in Q2FY21. EBITDA was at Rs139cr in Q2FY22, an increase of 10% yoy from Rs127cr in Q2FY21. EBITDA Margin at 18.2% in Q2FY22 compared to 17.5% in Q2FY21 64 bps yoy.
  • “The Company’s intrinsic strength has been demonstrated by its operational performance in conjunction with consistent cash accruals.
  • The unprecedented supply chain challenges have been impacting the industry pervasively. At Indo Count, we have been able to arrest cost inflation through various measures and our dynamic approach is helping the Company to progress in response to market developments and pave the way for future growth,” Anil Kumar Jain, Executive Chairman, said. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices flip-flop to trade marginally lower; banking and financial services stocks are under pressure.
  • BSE Sensex is currently 61,306.76 down 43.5 points or 0.07%.
  • Nifty50 is currently 18,304.45 up 36.05 points or 0.2%. Nifty Bank is 40,999.20 down 0.58%. Mid-cap Index is up 0.30%. Read more

Mphasis Stelligent cloud endure to offer disaster recovery service

Published on: 2:28 pm

  • Mphasis, an information technology (IT) solutions provider specializing in cloud and cognitive services, today announced it is leveraging CloudEndure Disaster Recovery, an Amazon Web Services, Inc. (AWS) company, to offer  Cloud Disaster Recovery.
  • Mphasis Stelligent utilizes CloudEndure Disaster Recovery to leverage block-level continuous replication, as well as highly automated machine conversion and orchestration to ensure enterprise-grade recovery while reducing traditional disaster recovery expenses.
  • A part of the company’s broader suite of business continuity services, Mphasis Stelligent’s Cloud Disaster Recovery service is designed to help companies envision and implement a disaster recovery plan supported by cloud-based infrastructure. Read more

IRB Infra hits lower circuit after Q2 PAT at Rs42cr

Published on: 2:23 pm

  • Shares of IRB Infrastructure Developers hit a 10% lower circuit at Rs265 on the BSE. The net profit of the company reported to Rs42.31cr in the quarter ended September 2021 as against net loss of Rs19.66cr during the previous quarter ended September 2020.
  • The sales rose 30.44% to Rs1465.24cr in the quarter ended September 2021 as against Rs1123.32cr during the previous quarter ended September 2020.
  • The stock is currently trading at Rs265 down by Rs29.4 or 9.99% from its previous closing of Rs294.40 on the BSE. Read more

Arvind hits 52-week high on robust results for Q2FY22

Published on: 2:21 pm

Arvind Limited has declared its financial results for the second quarter of FY 2022.

Q2FY22 Highlights:
  • Q2 revenues up 62% at Rs2115cr; both Textiles & AMD revenues up 60%+
  • Q2 EBITDA at Rs230cr, EBITDA margin was 11% compared to 10.3% last year Read more

MEP Infra receives LOA from PWD Maharashtra for JV road project

Published on: 2:15 pm

  • MEP Infrastructure Developers Limited (MEP) in Joint Venture with Ozoneland Private Limited has received a Letter of Award (LOA) dated October 25, 2021, from the Public Works Department (PWD), Government of Maharashtra for a road project.
  • The project is “HAM PN - 153 improvements to Solapur Ring Road SH 205 km 0/00 to 28/800, 29/800 to 44/600, 48/400 to 54/150 and km 62/00 to 66/550, in the state of Maharashtra under Hybrid Annuity Mode,” company said in a filing.
  • The construction period is 730 Days from the Appointed Date. Concession Period: 10 years (excluding Construction Period of 730 Days). The Bid Project Cost is Rs183.42cr and first year O&M Cost is Rs3.33cr. Read more

India Exim Bank rings the bell with AFRINEX for listing of USD 1 bn 10-year bond

Published on: 2:04 pm

  • India Exim Bank listed its USD 1 billion 10-year bond on AFRINEX at a virtual listing, during the Launching Ceremony of AFRINEX on October 25, 2021. Hon’ble Mr. Pravind Kumar Jugnauth, Prime Minister of the Republic of Mauritius, Her Excellency Mrs. K. Nandini Singla, High Commissioner of India to Mauritius, and Ms. Harsha Bangari, Managing Director, Export-Import Bank of India, rang the digital bell on AFRINEX, thus, celebrating the launch of AFRINEX with its inaugural listing of India Exim Bank’s USD 1 billion 10-year Bond.
  • India Exim Bank’s USD 1 billion 10-year Bond, issued in January 2021, was the fourth transaction of the Bank in the 144A/Reg S format. The transaction at a coupon of 2.25% p.a. marked a record low for any Indian issuer for a 10-year USD issuance. Read more

Cyient unveils Global Management Consulting Practice

Published on: 2:04 pm

  • Cyient has announced the launch of its management consulting practice under the umbrella of Cyient Consulting. This marks Cyient’s first foray into this space. The global management consulting services market is expected to cross $1.2 Trillion by 2025.
  • Commenting on the launch, Krishna Bodanapu, Managing Director and CEO, Cyient, said, “Our move towards consulting as an offering is an important step towards executing our S3 strategy roadmap. We have been engaged with clients across industries in solving their engineering problems. Read more

Central Bank of India consolidated net profit rises 56.32% in Q2; stock down 2%

Published on: 1:58 pm

  • Shares of Central Bank of India slipped despite the bank’s consolidated net profit rising 56.32% in the September 2021 quarter. The stock is currently trading at Rs23.35 down by Rs0.25 or 1.06% from its previous closing of Rs23.60 on the BSE.
  • The net profit jumped 56.32% to Rs200.78cr in the quarter ended September 2021 as against Rs128.44cr during the previous quarter ended September 2020.
  • Total Operating Income declined 4.47% to Rs5807.86cr in the quarter ended September 2021 as against Rs6079.31cr during the previous quarter ended September 2020. Read more

Hero MotoCorp inaugurates flagship dealership in Dubai

Published on: 1:52 pm

  • Further strengthening its presence in the United Arab Emirates (UAE), Hero MotoCorp Ltd., the world’s largest manufacturer of motorcycles and scooters, has inaugurated a new exclusive dealership in Dubai.
  • Expanding its footprint in the UAE, the company today commenced operations at the new exclusive showroom located in the Al Gazal Mall, on 2nd December Street, Jumeirah 1, Dubai. The state-of-the-art workshop, enabling 3S (sales, service, spares) operations, is located at Al Quoz Road No.318, Al Quoz Industrial Area III, Dubai.
  • The showroom spread over 625 sq. ft. displays the range of Hero MotoCorp motorcycles and scooters, while the workshop with two service bays provides the best-in-class aftersales service experience and spare parts to customers. Read more

Surya Roshni Q2 revenue up 41.6% yoy to Rs1,946cr; PAT up 5.7% yoy

Published on: 1:36 pm

  • Surya Roshni Limited, the largest exporter of ERW Pipes, largest producer of ERW GI pipes and one of the largest Lighting Companies in India, has declared its unaudited financial results for the quarter and half year ended September 30, 2021.
  • The company’s revenue increased 41.6% yoy to Rs1,946cr in Q2FY22 from Rs1,374cr in Q2FY21. EBITDA grew 0.9% yoy to Rs102cr from Rs101cr  0.9%. Profit after Tax (PAT) rose 5.7% yoy to Rs44cr in Q2FY22 from Rs42cr in Q2FY21.
  • The company’s long-term credit rating upgraded to AA- from A+. Steel Pipes and Strips EBITDA/MT at Rs4,060 a growth of 22.6% YoY for Q2FY22. The company reported a sustained revenue growth momentum on a YoY basis, primarily led by value-added products and higher steel prices (HRC) across the businesses. Further reduced the debt by Rs53cr in Q2FY22 and finance cost has also reduced by 13% in Q2FY22. Read more

Navkar Corporation surges near 8% on getting LOI for setting of Inland container depot in Gujarat

Published on: 1:31 pm

  • Navkar Corporation Ltd has informed to the exchanges regarding issuance of Letter of Intent (LoI) for setting of an Inland container Depot at Manaba, Gujarat and In- Principle approval for construction of Private Freight Terminal (Railway siding) at Manaba, Taluka Maliya, Dist. Morbi.
  • According to the regulatory filing, the Inter-Ministerial committee Govemment of India, Ministry of Finance, Department of Revenue have accorded approval and issued Letter of Intent for setting up of an Inlancl ContainerDepot at Manaba, District Morbi, Gujarat.
  • Further, The office of Divisional Railway Manager (operations), Ahmedabad have accorded In-principle approval for construction of Private Freight Terminal at Manaba Taluka Maliya, Dist. Morbi connecting from wadharwa Station of Ahmedabad Division. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • Indices trade higher on bullish Pharma and IT stocks.
  • BSE Sensex is currently 61,442.88 up 92.62 points or 0.15%.
  • Nifty50 is currently 18,304.45 up 36.05 points or 0.2%. Nifty Bank is 41,157.00 down 0.20%. Mid-cap Index is up 0.51%. Read more

Entertainment Network (India) narrows net loss of Rs7.9cr in Q2FY22; Stock slips 4%

Published on: 1:17 pm

  • Entertainment Network (India) Ltd, the operator of India’s #1 FM radio channel Radio Mirchi, on Tuesday announced results for the quarter ended Sep 30, 2021.
  • Overall revenue grew 46.3% on the back of a strong 50% growth in radio and 51% in Solutions; Third-party sales and other operating income grew at a slower pace. As revenues grew, and the cost control initiatives of the past continued, EBITDA turned profitable during the quarter at Rs8.9cr.
  • As the impact of the second covid wave waned, the company reported a net loss of just Rs7.9cr, compared to Rs27.7cr in the first quarter. The company’s balance sheet remains strong with Cash reserves of Rs205.7cr as on September 30, 2021. Read more

IRB Infra to raise Rs5,347cr funds from Cintra and GIC affiliate via preferential allotments; Stock

Published on: 1:03 pm

  • IRB Infrastructure Developers to raise equity funds to the tune of a whopping Rs5,347cr through preferential allotments to Cintra INR Investments BV (“Cintra”), a 100% subsidiary of Cintra Global S.E. and Bricklayers Investment Pte. Ltd, an affiliate of GIC (“GIC”), Singapore’s sovereign wealth fund.
  • Under the fundraising plan, Cintra would invest equity capital of up to Rs3,180cr into India’s largest toll road developer – IRB; Cintra will have a maximum stake of 24.9% stake in IRB post their investment.
  • While GIC (through its affiliate), would invest equity capital of up to Rs2,167cr into IRB for a maximum stake of up to 16.9% stake in IRB post their investment. Read more

Anurag Mittal joins UTI AMC as Deputy Head – Fixed Income; Stock dips 2%

Published on: 12:53 pm

  • UTI Asset Management Company Limited (UTI AMC) appoints Anurag Mittal as Executive Vice President and the Deputy Head – Fixed Income for its mutual fund operations.
  • Mittal's appointment has come into effect from October 25, 2021.
  • On Mittal's appointment, Imtaiyazur Rahman, Chief Executive Officer, UTI AMC said “We are very pleased that Anurag Mittal is joining the UTI family. UTI AMC is  process driven Investment Fund House and we believe in investing in superior talent & capabilities to help our investors achieve their financial goals. Anurag has deep experience in research and managing Fixed Income funds; his appointment adds strength to our Fund Management team & will benefit our investors.” Read more

Cipla withdraws demerger plan of India based US business and Consumer business, to examine more eff

Published on: 12:47 pm

  • Pharma-major Cipla has withdrawn its demerger plan of India based US business and consumer business into two wholly-owned subsidiaries Cipla BioTec and Cipla Health.
  • While announcing its Q2 results, Cipla's said, "the Board continues to believe that the proposed transfer of India based US business undertaking in favour of CBL and the proposed transfer of the Consumer business undertaking in favour of CHL will simplify the structure, maximize efficiencies and has potential to unlock value for the stakeholders of the Company." Read more

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark market indices trade marginally higher in the afternoon session; Pharma, PSU Bank stocks drive trade, media stocks drag.
  • BSE Sensex is currently 61,476.21 up 125.95 points or 0.21%.
  • Nifty50 is currently 18,292.90 up 24.50 points or 0.13%.
  • Nifty Bank is 41,162.90 down 0.18%. Mid-cap Index is up 0.40%.
  • Asian Paints, Divis Lab, Sun Pharma, ICICI Bank, and SBI Life are the top gainers. Axis Bank, Bajaj Finance, Bajaj Finserv, ONGC and IndusInd Bank are the top losers.
  • Nifty Pharma alongwith PSU Banks, realty stocks continue to drive the trade while Media stocks dives nearly 1% amid volatility.
  • Out of 50 stocks traded on the BSE, 31 advanced and 19 declined. Read More

Nifty Pharma tops 200 pts on broad-based buying; Lupin, Cipla in focus; Divis Lab, Sun Pharma top bu

Published on: 12:27 pm

  • A steep slowdown in Covid-19 active cases coupled with vaccination drive momentum and corporate earning seasons - has led to a massive rally in pharma stocks. On Wednesday, the Nifty Pharma index has gained to more than 14,200-level on broad-based buying as major companies have lined up to announce their Q2 financial performance. The sector today is among the top contributors in the upside of broader markets.
  • At around 12.18 pm, Nifty Pharma was trading at 14,176.45 higher by 205.80 points or 1.5%. On the index, 14 scrips advanced, while 5 scrips declined and only 1 remained unchanged. Read more

Sarthak Metals gains 3% on getting trade mark registration for brand 'Sarthak'

Published on: 12:13 pm

  • Sarthak Metals Ltd has informed to the exchanges that the Company has recently obtained trade mark registration of its flagship brand ‘Sarthak’.
  • The trade mark has been registered on October 23, 2021. 
  • At around 12:12 PM, Sarthak Metals was trading at Rs85.05 per piece higher by 3.09% on Sensex.
  • The scrip touched an intraday high and low at Rs90 per piece and Rs80.50 per piece respectively during early trading deals on Wednesday, Read more

India, ADB sign project readiness financing loan to support urban mobility in Mizoram

Published on: 12:13 pm

  • The Government of India and the Asian Development Bank on Tuesday signed a $4.5 million project readiness financing (PRF) loan to support project preparation and design activities to improve urban mobility in Aizawl, the capital city of the northeastern state of Mizoram.
  • Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, in the Ministry of Finance signed for the Government of India the PRF for the proposed Aizawl Sustainable Urban Transport Project, while Mr Takeo Konishi, Country Director of ADB’s India Resident Mission signed for ADB. Read More

Piyush Goyal reviews Open Network for Digital Commerce

Published on: 12:07 pm

  • The Union Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Piyush Goyal reviewed the progress on the Open Network for Digital Commerce (ONDC) initiative of DPIIT. The meeting was attended by Anurag Jain, Secretary, DPIIT and members of Advisory Council of ONDC including R.S. Sharma, CEO, NHA, AdilZainulbhai, Chairman, QCI, DilipAsbe, MD&CEO, NPCI, Suresh Sethi, MD&CEO, NSDL-e Gov Kumar Rajagopalan, CEO, RAI, Arvind Gupta, Founder, MyGov and MsAnjali Bansal ofAvaana Capital.
  • The Minister was apprised about the significant progress made for the project. QCI has established a team of experts for the execution of the project in a mission mode. A number of small and medium enterprises have been on-boarded as volunteers to complement ONDC team. An ONDC gateway has also been established. About 20 entities covering all network components are at various stages of on-boarding. DPIIT has approved a budget of approximately Rs 10 crores for initial work on the project. Read more

H G Infra plunges over 2.5% despite receiving LOA for two projects from NHAI

Published on: 11:58 am

  • H.G. Infra Engineering Limited has informed that it has received the Letter of Award (LOA) dated October 25, 2021 from National Highways Authority of India (NHAI) for the projects.
  • The project is for Development of Six Lane Kaliagura-Baunsaguar Section of NH-130-CD Road from km 249+000 to km 293+000 under Raipur - Visakhapatnam Economics Corridor in the state of Odisha on Hybrid Annuity Mode (Package - OD-5).
  • The NHAI bid project cost is Rs1338.27cr while HGINFRA bid project cost is Rs1492.11cr. The completion period is 730 days. Read More

Market pulse at 11:45 AM today

Published on: 11:45 am

  • Indices trade higher on the back of a surge in pharma, realty stocks.
  • BSE Sensex is currently 61,551.78 up 201.52 points or 0.33%.
  • Nifty50 is currently 18,331.65 up 63.25 points or 0.35%.
  • Nifty Bank is 41,263.10 up 0.06%. Mid-cap Index is up 0.68%.
  • Asian Paints, Divis Lab, Sun Pharma, ICICI Bank, and SBI Life are the top gainers. Axis Bank, Bajaj Finance, Bajaj Finserv, IndusInd Bank and ONGC are the top losers.
  • Nifty Pharma and Realty stocks are bullish to drive the trade while Media stocks dives nearly 1%.
  • Out of 50 stocks traded on the BSE, 37 advanced and 13 declined. Read More

Wardwizard Innovations logs highest ever revenue growth of 332% yoy in Q2; Stock gains 1.5%

Published on: 11:31 am

  • Wardwizard Innovations and Mobility Ltd, one of the leading manufacturers of electric two-wheeler ‘Joy E-bike’, clocked a revenue of more than Rs33.51cr in Q2 FY’22 compared to Rs.6.90cr in Q2 FY’21, observing a growth of more than 386%. The half yearly revenue of this financial year stands at Rs45.04cr (vs Rs.10.41cr in FY’21), achieving a growth of 332%.
  • Half Yearly Financial Results:
  • Highest ever revenue at Rs45.05cr in Half Year FY’22 vs Rs10.42cr in Half Year FY’21.
  • HIGHEST ever EBITDA at Rs3.89cr in Half Year FY’22 vs Rs64.12 lakh in Half Year FY’21. Read More

SecureKloud Technologies allots 2.84 lakh shares on conversion of warrants

Published on: 11:11 am

  • Securekloud Technologies Ltd has informed to the exchanges regarding allotment of equity shares upon conversion of warrants. 
  • The Company had earlier announced regarding preferential allotment of 45,00,000 warrants to Suresh Venkatachari, the Promoter Director & CEO of the company, at a price of Rs 100/-.
  • As per the regulatory filing, Suresh Venkatachari has paid 25% of the issue price of each warrant i.e. Rs11,25,00,000/- (Indian Rupees Eleven Crore Twenty Five Lakhs only). The entitlement against the warrants to apply for the equity shares shall be exercised within 18 months from the date of allotment of the warrants. Read More

Flipkart extends deal with Farmer Producer Organizations to boost access to staples on marketplace p

Published on: 10:57 am

  • Flipkart has extended its partnerships with Farmer Producer Organizations (FPOs) to enable market access and growth for farming communities and boost access to staples on the marketplace platform.
  • Flipkart is working with entities such as Aranyak Agri Producer Company Ltd. in Purnia, Bihar; Anchetty FPCL; Nisarga Farmers Producer Company Ltd. in Gulbarga; Satya Sai Farmer Federation in Anantpur, among others. Flipkart has also partnered with social sector organizations such as Andhra Pradesh Mahila Abhivruddhi Society (APMAS), Dvara, Foundation of Development of Rural Value Chains (FDRVC), Sahaja Aharam Producer Company (SAPCO), Sammunati, and Vrutti, among others to facilitate engagements with FPOs in their networks. Read More

Nifty Media plunges by 1%; ZEEL, PVR under pressure; Nazara Tech only gainer post acquisition deal

Published on: 10:40 am

  • On Wednesday, Nifty Media index witnessed selling pressure as heavyweight stocks like Zee Entertainment and PVR witnessed massive profit booking. The index is in focus amid corporate earning season. Also, volatile markets tone added to the woes.
  • At around 10:40 AM, the Nifty Media was rading at 2,308.05 down 27.55 points or 1.18%. The index has touched a high of 2,344.70 and low of 2,299.35 during intraday trade.
  • Nifty Media was in a bloodbath with all scrips on a declining note except for Nazara Tech. Read More

Union Bank stock jumps 2% after trimming home loan interest rate to an all-time low at 6.4%

Published on: 10:30 am

  • State-owned Union Bank of India has trimmed its home loan interest rates to an all-time low. The minimum rate at which home loans will be offered is now 6.4%.
  • The new rates have come into effect from today (October 27).
  • The lender stated that customers will benefit from this offering during the festive season as it is seeing a rise in demand for buying homes.
  • With the latest reduction, Union Bank now offers the most competitive home loan interest rate in the industry. Read More

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