Published on: 5:03 pm
- Marico posted a net profit of Rs309cr, which rose 17.05% in the quarter ended September 2021 as against Rs264cr during the previous quarter ended September 2020. Sales rose 21.62% to Rs2419cr in the quarter ended September 2021 as against Rs1989cr during the previous quarter ended September 2020.
- In Q2FY22, Revenue from Operations grew by 22% YoY to Rs2,419cr (USD 327 million) with underlying volume growth of 8% in the domestic business and constant currency growth of 13% in the international business.
- The stock ended at Rs570 up by Rs6.05 or 1.07% from its previous closing of Rs563.95 on the BSE. Read more
Published on: 5:00 pm
- Varun Beverages Ltd has infomed that the Board of the directors has approved to set up a new plant of the Company for manufacturing of plastic preforms and plastic closures at Kathua, Jammu & Kashmir.
- Further, as per regulatory filing, the Board approved to set up a new plant of the Company for manufacturing of juice, carbonated soft drinks and packaged drinking water at Baruni, Begusarai, Bihar.
- The Company has also entered into a Tripartite Agreement with KFin and Link Intime on October 29, 2021, accordingly all the formalities for change of RTA from KFin to Link Intime have been completed, said company. Read more
Published on: 4:40 pm
- India Ratings & Research (Ind-Ra) has, vide its letter dated October 28, 2021, assigned the rating to Jubilant FoodWorks Limited.
- The credit rating on proposed working capital limits Rs3,000 million has been assigned IND AA+/Stable/IND A1+.
- Jubilant Foodworks Ltd ended at Rs3,690.75 per piece down by Rs37.6 or 1.01% from its previous closing of Rs3,728.35 per piece on the BSE. Read more
Published on: 4:35 pm
- CRISIL Ratings has assigned its ‘CRISIL BBB+/Stable’ rating to the long-term bank facilities worth Rs20cr of Gufic Biosciences Limited (GBL).
- The rating reflects GBL’s established market position in pharmaceutical business backed by promoter’s extensive experience, well established customer base and diversified product portfolio, improving operating margins and comfortable financial profile.
- These strengths are partially offset by vulnerability to adverse changes in government regulations, working capital intensive operations and exposure to risks related to ongoing project. Read more
Published on: 4:26 pm
- Chalet Hotels Limited, is an owner, developer, and asset manager of high-end hotels in key metro cities in India, announced its results for the second quarter and half year ending September 30, 2021.
- The company’s total income grew by 88% yoy to Rs1,376 mn in Q2FY22 as compared to Rs734 million in Q1FY22. EBITDA (from continuing operations) was at Rs441mn as compared to Rs (32) mn in Q1FY22. The company narrowed loss to Rs138cr in Q2FY22 from Rs418cr in Q2FY21. Read more
Published on: 4:07 pm
- Wipro in partnership with Oracle has launched Wipro Tollway Transportation and Billing solution to enhance commuters’ experience while improving profitability for tollway authorities. The solution supports several transactions per year, helping tollway authorities better navigate customer account management, transaction processing, grievance case management, transponder inventory management, and financial reconciliation and reporting.
- By streamlining these processes, authorities can increase operational efficiency and plug revenue leakages. This is achieved by integrating customer portals, commercial and operational back-office modules, financial systems, toll-tag accounts, and third-party payment gateways. Read more
Published on: 4:02 pm
- KEC International has secured new orders of Rs1,082cr in the T&D business. The order comprised of 400 kV Transmission line order in SAARC, from Power Grid Company of Bangladesh (PGCB); and a 400 kV Transmission line order in India, from a leading private developer under Tariff Based Competitive Bidding (TBCB) route.
- Vimal Kejriwal, MD & CEO, KEC International Ltd. commented, “We are very happy with the continuous order wins, amidst a challenging environment. The order in SAARC is one of our largest T&D orders and significantly enhances our international T&D order book. We are also enthused by the TBCB order from a private developer, which further strengthens our presence in the domestic T&D market. Our YTD order inflows now stand at ~Rs. 8,500 crores, which is a staggering growth of ~100% vis-à-vis last year." Read more
Published on: 4:01 pm
- GMM Pfaudler Ltd. (GMMP) on Thursday announced financial results for the quarter ended September 30, 2021, and the appointment of Mr. Aseem Joshi as CEO of the India business.
- The company’s consolidated Proft After Tax (PAT) rose 97% yoy to Rs53cr in the quarter ended September 2021 as against Rs27cr during the previous quarter ended September 2020. Sales rose 248% to Rs647cr in the quarter ended September 2021 as against Rs186cr during the previous quarter ended September 2020. EBITDA up 138% yoy to Rs94cr in Q2FY22 from Rs39cr in Q2FY21. Read more
Published on: 4:00 pm
- Dr Reddys Laboratories Ltd has informed that the audit of their formulations manufacturing facilities (FTO 7 & FTO 9) at Duwada, Visakhapatnam, by the USFDA, has been completed today.
- As per regulatory filing, the company further said, "We have been issued a Form 483 with 8 observations, which we will address within the stipulated timeline."
- Dr Reddys Q2 PAT increases 30.2% yoy at Rs992cr on EBIT growth in global generics. Read more
Published on: 3:57 pm
- Infosys and bp, a globally integrated energy company, have joined hands to develop and pilot energy as a service (EaaS) solution, which will aim to help businesses improve the energy efficiency of infrastructure, and help meet their decarbonization goals.
- Pravin Rao, Chief Operating Officer, Infosys, said, “Infosys shares bp’s ambitions for a net-zero carbon future. Our collaboration with bp further strengthens our long-standing commitment towards sustainability and supports our ambitious ESG goals. We will now bring together the best of digital technologies – advanced AI, connected digital systems, experience design, analytics – and decarbonization to create an integrated energy and mobility offers. Together, bp and Infosys can create compelling and sustainable value for our customers globally.” Read more
Published on: 3:53 pm
- Wipro announced that it has been recognized as a Leader in the Avasant High-Tech Digital Services 2021-2022 RadarView Report. The report is an independent assessment that reflects the true capabilities of service providers and evaluates them as long-term partners for digitally evolving global organizations.
- Angan Guha, CEO, Americas 2, Wipro Limited said, “We have a long history of leadership in high-tech as one of the first technology companies in the sector. We continue to invest in offerings like engineering, cybersecurity, 5G Labs, Technovation, and Wipro FullStride Cloud Services and acquisitions like Eximius Design, 4C, and Rational Interaction to help clients stay ahead and transform products, experiences, and their businesses to better serve customers.” Read more
Published on: 3:47 pm
- Larsen & Toubro's construction arm has received a large order for its Buildings a Factories business from Central Public Works Department (CPWD) to construct Common Central Secretariat Integrated Buildings 1, 2 and 3 in Plot 137, New Delhi with a built-up area of approx. 48.11 Lakh Sq.ft. including its Operation Et Maintenance.
- These buildings will have a ground floor, upper ground floor plus six storeys with two basements. Read more
Published on: 3:45 pm
- Domestic markets witnessed heavy selling pressure throughout the week, to close in the red as across the board profit booking weighed in. The index Option gamma writers ran for a cover on account of a sharp delta move in the indices. Bank Nifty index underperformed the Nifty index by ~0.75% as both the indices witnessed an unwinding of long positions, to close the week in the red.
- On the weekly charts, Nifty has formed a bearish dark cloud cover candlestick while the Bank Nifty index has formed a bearish engulfing candlestick pattern, indicating a possibility of continued downward momentum. Financial stocks like Axis Bank and HDFC Bank were among the top underperformers, adding fresh short positions going into the November series. Read more
Published on: 3:42 pm
- CARE Ratings has upgraded its credit rating of Dhampur Sugar Mills Limited for long-term credit facilities from banks and Fixed Deposits.
- The rating has been upgraded from ‘CARE A (Under Credit watch with Developing Implications)’ to ‘CARE A + (CWD)’. Read more
Published on: 3:36 pm
- Tata Motors has unveiled an extensive and comprehensive range of 21 new products and variants. Designed and engineered to cater to the evolving needs of cargo and people transport across segments and applications, these state-of-the-art vehicles further enhance Tata Motors’ established ‘Power of 6’ benefit proposition to address specific usage and applications while delivering higher productivity and lower total cost of ownership (TCO).
- Girish Wagh, Executive Director, Tata Motors said, "The engines of infrastructure development, consumer consumption and e-commerce powering the Indian economy require continued transportation support to run seamlessly. Being the leader in the commercial vehicles, we continue to deliver superior value proposition to customers by introducing smarter, future-ready products and services. The 21 feature rich vehicles that we are introducing today are designed to fulfil the evolving needs of India’s economy and its growing demand for efficient transportation." Read more
Published on: 3:34 pm
- Domestic equities market extended losses on Friday’s trade led by selling pressure in banking, financials and IT stocks. Also, weak global cues added to woes. Notably, heavy selling pressure in heavyweight Reliance Industries further contributed to the downside of the benchmarks.
- Barring financial and IT, most sectoral indices traded in positive territories with metal, pharma and auto indices recording smart recovery.
- The BSE Sensex ended over 677 points or 1.13% at 59,306.93 and the Nifty settled below its key level at 17,671.65, down 185 pts or 1%. The midcap index also outperformed the broader index today, while the volatility index has softened over 3%. Read more
Published on: 3:31 pm
- India Ratings and Research (Ind-Ra) has revised Rain Industries Limited’s (RIL) Outlook to Stable from Negative while affirming the Long-Term Issuer Rating at ‘IND A’.
- According to the Rationale report, Ind-Ra continues to take a consolidated view of RIL and its subsidiaries, as the companies share a common brand, business and management.
- The Outlook revision reflects a strong improvement in RIL’s consolidated net adjusted leverage due to a stronger-than-expected recovery in profitability on account of an improvement in commodity cycle, despite a delay in commercialisation of capex programmes. Read more
Published on: 3:28 pm
- Balaxi Pharmaceuticals has committed to backward integration for manufacturing new market-specific differentiated formulations that will serve to expand its portfolio of newly developed, proprietary, and niche branded formulations. The company developed a strategy to expand its portfolio of proprietary and niche branded formulations based on the experience that it has gained in the last two years in the Latin American markets.
- The company has decided to invest in establishing in-house capabilities for researching, developing and manufacturing differentiated formulations in these markets with innovative delivery systems. Read more
Published on: 3:20 pm
- The Board of Directors of Voltas Limited, the global air conditioning, and engineering services provider of the Tata Group, today announced the Consolidated Financial Results for the quarter and six months ended September 30, 2021.
- The consolidated total income for the quarter ended September 30, 2021, was higher by 5% at Rs1737cr as compared to Rs1651cr in the corresponding quarter last year. Profit before tax (PST) was higher by 24%, at Rs143cr as compared to Rs115cr in the corresponding quarter last year. Read more
Published on: 3:00 pm
- The net profit of Happiest Minds Technologies rose 30.40% to Rs44.44cr in the quarter ended September 2021 as against Rs34.08cr during the previous quarter ended September 2020.
- The sales rose 44.68% to Rs264.53cr in the quarter ended September 2021 as against Rs182.84cr during the previous quarter ended September 2020.
- Joseph Anantharaju, Executive Vice Chairman, Happiest Minds Technologies said, “We continue our growth momentum with, yet another quarter of stellar growth, driven by a strong demand environment. Given our strong brand recall as a ‘Born Digital. Born Agile’ company and razor-sharp focus on delivering high quality outcomes, we are able to win new logos and increase our wallet share across our existing customers” Read more
Published on: 2:55 pm
Q2 Performance Summary
- Revenue of the quarter stood at Rs5,763cr, Up by 17% qoq; 18% yoy
- Gross Margin rises 53.4% which was 52.2% in Q1 FY22 and 53.9% in Q2 FY21 Read more
Published on: 2:50 pm
- Coromandel International Limited, India's leading Agri solutions provider is in the business of Fertilisers, Crop Protection, Bio pesticides, Specialty Nutrients, Organic fertilizers and Retail. The Company has reported the financial results for the quarter ended 30 September 2021.
- The company’s total income in Q2 was at Rs6,184cr compared with Rs4,605cr of the same period the previous year, registering a growth of 34% over the previous year. EBITDA for Q2 was Rs740cr, which declined by 12% over Q2 of the previous year. PAT for Q2 was Rs519cr, vs Rs582cr in Q2 of the previous year.
- Total Income in H1 was at Rs9,850cr compared with Rs7,828cr of same period previous year, registering a growth of 26% over previous year. EBITDA for H1 was Rs1,220cr, vs. Rs1,250cr in H1 of previous year. PAT for H1 was Rs849cr vs Rs830cr of previous year. Read more
Published on: 2:35 pm
- HT Media Limited has acquired a 19.99% equity stake in Digital Performance Media Private Limited (Digiperform).
- “The acquisition was completed on March 24, 2021, however, due to the unprecedented and extraordinary situation arising out of the second wave of Covid-19, the disclosure u/r 30 of SEBI LODR in the above respect could not be made. Since the delay is on account of a bonafide reason, this disclosure may kindly be taken on record,” the company said in a filing. Read more
Published on: 2:30 pm
- Indices are bearish with banking and financial services struggling the most.
- BSE Sensex is currently 59,478.49 down 506.21 points or 0.84%.
- Nifty50 is currently 17,682.65 down 174.60poinst or 0.98%. Read more
Published on: 2:22 pm
- Allied Digital in its ongoing endeavour to acquire talent has Utpal Chakraborty, the Ex Head of Artificial Intelligence at Yes Bank joining the team. He will take on the responsibilities of Chief Digital Officer and drive Al & FinTech Initiatives, said company in a regulatory filing.
- Allied has been on a success path and at the forefront of pathbreaking innovation and Al offerings toits clients worldwide. Utpal’s joining the company will give a big push to company’s attractiveness to the clients who are engaging with Allied Digital for strategic transformations.
- Utpal is an eminent data scientist, Al researcher, strategist and thought leader with more than two decades of industry experience, including as a principal architect in L&T Infotech, IBM, Capgemini and other MNCs including heading the Artificial Intelligence division at the bank. Read more
Published on: 2:14 pm
- The Board of Directors of Emami Limited met on Friday, 29th October 2021 to consider the Unaudited financial results of the company for the second quarter and half year ended 30th September 2021.
- The company posted strong profitable growth during the quarter despite high input cost pressure. Gross margins at 68.8% contracted by 150 basis points over previous year. However, EBIDTA at Rs. 277 cr grew by 8% and EBIDTA margins at 35.1% also expanded by 10 basis points.
- PAT at Rs. 185 cr grew by 56% with PAT Margins at 23.5% expanding by 740 basis points. Cash Profits at Rs. 269 cr also grew by 15% and Cash Profit Margins at 34.1% expanded by 240 basis points. Read more
Published on: 2:10 pm
- Bank Nifty was on a roller coaster ride on Friday as private banks enter into a steep sell-off. The index has nosedived by at least over 1,082 points so far today with an intraday low of 38,426.65. However, the index did recover some losses aided by buying sentiments in PSU Banks. The index is floating over the 39,000-mark.
- At around 1.57 pm, Bank Nifty was trading at 39,064.95 lower by 444 points or 1.1%. On the index, 8 scrips have declined while 4 scrips have advanced.
- RBL Bank was the worst hit diving by nearly 9%, while Kotak Bank slipped over 3.5%. IndusInd Bank and Axis Bank shed more than 2.5% and 2.4%. Bandhan Bank tumbled over 1.5%. Read more
Published on: 2:01 pm
- Welspun India Limited has acquired the newly incorporated Easygo Textiles Private Limited (ETPL) from its promoters, being related parties of the Company, at Rs10.68 lakh as the consideration which is at arm’s length and thus, ETPL has become a wholly-owned subsidiary of the company.
- The company has decided to evaluate future opportunities for strategic acquisition of assets/business undertakings directly and/ or through ETPL for expansion and diversification of its business through an inorganic manner. Read more
Published on: 2:00 pm
- Blue Star said in the filing that the quarter commenced on a strong note with an extended summer in the northern parts of the country. The Company witnessed healthy demand and robust volume growth for room air conditioners and refrigeration products in Q2FY22 compared to Q2FY21. This was on account of the ebbing of the second wave of the pandemic and the consequent easing of restrictions combined with improvement in consumer sentiment.
- Commercial, Manufacturing and other Institutional segments also revived. Most importantly, collections were healthy resulting in substantial reduction in borrowings. Escalation in commodity prices, logistics costs and depreciation of the rupee exerted margin pressure, which was partially offset by price increases, cost reduction initiatives and improvement in operational efficiency, the company added. Read more
Published on: 1:55 pm
- NTPC has announced the commercial operation of its first part capacity of 17.5 MW of 100 MW Ramagundam Floating Solar PV Project at Ramagundam, Telangana on Friday.
- Further, the company has declared commercial operation of Unit-2 (250 MW) of Barauni Thermal Power Station Stage-II (2x250MW) on November 01, 2021.
- With this, the installed, as well as commercial capacity of NTPC and NTPC group, will become 53492.5 MW and 66917.5 MW respectively. Read more
Published on: 1:50 pm
- Tata Consultancy Services (TCS) has been named Representative Vendor in the Gartner Market Guide for Retail Intelligent Virtual Store Design Applications, for TCS Optumera, its award-winning AI-powered retail merchandising and supply chain optimization platform.
- “Amidst a changing store landscape and an increasing shift to online, serving a customer need at their channel of choice is more challenging than ever before for omnichannel retailers,” said Shanka Narayanan, Business Group Head, Retail Cluster, TCS. “TCS Optumera helps global retailers make intelligent space, assortment, and supply chain decisions in an integrated manner, resulting in improved margins and customer delight.” Read more
Published on: 1:42 pm
- Welspun Corp recorded a consolidated net profit of Rs84.16cr in Q2FY22 declining from Rs156.80cr in the same quarter a year ago. The company's profit to the owners was Rs84.90cr in Q2FY22.
- The company's total revenue from operations increased to Rs1,306.15cr in Q2FY22 from Rs1,157.66cr last year same period on a consolidated basis.
- During the quarter, the company generated an Operating Cash Flow of Rs548cr. Welspun Corp said that "this demonstrates our strong focus on operational excellence, cost controls and working capital management." Read More
Published on: 1:35 pm
- GHCL Ltd, India’s leading Chemical & Textile Company has announced its financial results for Q2/H1 FY22.
- Financial Performance (Standalone performance)
- Q2 FY22 VS Q2 FY21
- Net Revenue grew by 27% during Q2FY22 to Rs987cr as compared to Rs779cr in the corresponding quarter previous year
- EBIDTA grew by 24% to Rs201cr as compared to Rs162cr in the Q2 FY21
- Net Profit grew by 40% to Rs109cr as compared to Rs78cr in the Q2 FY21 Read More
Published on: 1:29 pm
- SBI Cards and Payment Services witnessed a healthy September 2021 (Q2FY22) quarter. The company posted a Q2 PAT of Rs345cr increasing by a whopping 67% from Rs206cr in the same quarter last year.
- Further, total revenue rose by 7% to Rs2,695cr for Q2 FY22 against Rs2,510cr for Q2 FY21, primarily due to higher income from fees and services in Q2 FY22.
- Key metrics in the quarter are:
- New accounts volume at 953k for Q2 FY22 up by 39% as compared to 688k for Q2 FY21 Read more
Published on: 1:22 pm
- Tata Power posted a consolidated net profit of Rs506cr in the quarter ending September 2021 (Q2FY22), rising by a whopping 36% from Rs371cr of Q2FY21 mainly due to strong all-round business performance by all verticals.
- The company's Consolidated EBITDA stood at Rs1,732cr in the quarter under review compared to Rs2,276cr in Q2 FY21 mainly due to higher CGPL losses on account of higher coal prices but offset at PAT level by coal mines profits.
- On the top-line front, the Tata Group's power company recorded consolidated revenue of Rs9,502cr in Q2FY22 up by 13% from Rs8,428cr in Q2 FY21 expanded operation in Odish DISCOMs and higher project execution by Tata Power Solar Systems Ltd. (TPSSL) and strong business performance of all other businesses. Read more
Published on: 1:08 pm
- Leading Animal Healthcare company, Hester Biosciences Ltd has appointed Priya Gandhi as Executive Director in the company. Priya Gandhi joined Hester Biosciences in the year 2016 and has worked since then from being an officer to a Deputy Director, before being inducted in the board.
- She is currently part of the team which is involved in designing Hester’s strategic direction besides being involved in day-to-day business operations. This entails coordinating across all organisational functions, implementing policies as well as ensuring that business objectives and the company philosophy tricklesall the way down in the organisation. Read more
Published on: 1:06 pm
- Interglobal Aviation (Indigo) witnessed further widening in a net loss to Rs1,435.7cr in the quarter ending September 2021 (Q2FY22) compared to a loss of Rs1,194.9cr in the same quarter last year. EBITDAR was at Rs340.8cr with an EBITDAR margin of 6.1% in the quarter under review.
- The airline's revenue from operations was at Rs5,608.5cr an increase of 104.6% against a 78.3% increase in capacity compared to the same period last year. For the quarter, passenger ticket revenues were at Rs4,716.3cr an increase of 113.6% and ancillary revenues stood at Rs817.7cr - an increase of 61.4% compared to the same period last year. Read More
Published on: 1:00 pm
- India Ratings and Research (Ind-Ra) believes that the Reserve Bank of India’s (RBI) capping of individual borrower’s limit for non-banking finance companies (NBFCs) to INR10 million for initial public offer (IPO) financing would affect the oversubscription of IPOs and reduce the issuances of commercial papers.
- Ind-Ra believes the size of IPO market varies based on the oversubscription and size of issuances which could run up to INR1 trillion. The agency expects this could restrict the use of IPO financing as a tool by large high net-worth individuals (HNI) and institutions for equity market participation and garner listing gains, along with lowering subscriptions for forthcoming IPOs post the regulation gets implemented. Ind-Ra however opines the IPO funding opportunity was limited to only select few large NBFCs and this regulation could end up distributing the business among several players. The agency also believes some companies would consider on bringing forward their IPO plans, leading to increased IPO pipeline, before the regulation come into effect in 1 April 2022. Read More
Published on: 12:50 pm
- V-Guard Industries recorded a consolidated Profit After Tax for the quarter ended September 30, 2021 (Q2FY22) of Rs59.40cr - a growth of 15% over the corresponding period of the previous year where PAT stood at Rs51.62cr.
- In the quarter, the company witnessed growth across all categories. However, sharp increases in input costs have had some impact on gross margins.
- Consolidated Net Revenue from operations for the quarter stood at Rs907.40cr - a growth of 46% compared to the corresponding period of the previous year. Read More
Published on: 12:33 pm
- Lancer Container Lines Ltd has informed that the Company has incorporated a Wholly Owned Subsidiary Company named LANCIA SHIPPING L.L.C in Emirate of Dubai on October 24,2021.
- LANCIA SHIPPING L.L.C has Authorised Capital of DHS 200000 and the turnover is nil as the entity is yet to commence business operations.
- Abdul Khalik Chataiwala is the Promoter of Lancer Container lines Limited holds the position of Manager in LANCIA SHIPPING L.L.C. Read More
Published on: 12:17 pm
- CRISIL Ratings has revised its outlook on the long-term rating on the bank facilities and debt instruments of Vedanta Limited to ‘Positive’ from ‘Stable’, while reaffirming the rating at ‘CRISIL AA-’.
- The rating on the commercial paper programme and short-term bank facilities has been reaffirmed at ‘CRISIL A1+’.
- As per rationale report, the ‘Positive’ outlook factors in expectation of improved operating profitability driven by stronger-than-expected commodity prices and volume growth across businesses, and sustained cost efficiencies especially in the aluminium business.Read More
Published on: 12:12 pm
- Mahanadi Coalfields Limited (MCL), Ministry of Coal, under its CSR initiative has signed two MoU with an investment of Rs1.38cr with the Central Institute of Petrochemicals Engineering & Technology (CIPET), Bhubaneswar for providing skill development training to the youths from the peripheral villages of mining areas.
- These two CSR initiatives namely ‘Udaan’ and ‘Sahyog’ will help 40 youths from peripheral villages to join a two-year full-time ITI training in fitter/electrician trades and 30 divyangjan to join a six month-long skill training programme respectively. Read More
Published on: 12:08 pm
- The Government of India and the Asian Development Bank (ADB) signed a $251 million loan for climate-resilient, integrated urban flood protection and management in the Chennai-Kosasthalaiyar basin to strengthen the resilience of Chennai city to floods.
- Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs in the Ministry of Finance signed for the Government of India the agreement for the Integrated Urban Flood Management for the Chennai-Kosasthalaiyar River Basin Project, while Shri Takeo Konishi, Country Director of ADB’s India Resident Mission signed for ADB. Read more
Published on: 11:55 am
- Nifty Oil and Gas escaped market bears to trade marginally higher from the early free fall of markets in the opening bell on Friday. The index witnessed broad-based buying to dived to the day's low at 7,645.25. However, the losses were offset by heavyweights Adani Total Gas and Mahanagar Gas which were performing on a higher note alongwith other major stocks.
- Besides, oil and gas prices have seen a bit of a correction over the last few days as Implied crude demand fell worldwide for all major products. Furthermore, according to some media reports, LPG price may be hiked next week after Diwali which may also concern the investors to play cautious in the markets. Read more
Published on: 11:50 am
- Tata Power and Tata Steel, the two flagship companies of the Tata Group, have come together to develop grid-connected solar plants in Jharkhand and Odisha.
- The two companies have signed a Power Purchase Agreement (PPA) for a duration of 25 years to set up 41MW solar project, which will be a combination of rooftop, floating and ground mounted solar panels.
- Under the project, Tata Power will develop Photo Voltaic (PV) capacities for Tata Steel at Jamshedpur (21.97MWp) and Kalinganagar (19.22MWp). Read More
Published on: 11:45 am
- Credit rating agency ICRA has awarded BBB+ with Stable Outlook rating to Gaurs Group (also known as Gaursons India), one of the leading real estate developers. The rating upgrade reflects the reduction in Gaurs Group’s debt levels, which coupled with the healthy execution and the continued sales momentum in ongoing performance, has improved the Group’s cash flow adequacy ratio.
- The Group said the rating given is based on strong listing due to timely payment to banks, strong receivables, and timely deliveries. The rating reflects ICRA’s expectation that the financial and operational risk profile of the group will remain strong, going forward, driven by its established market position in the real estate sector. While arriving at the rating, ICRA has taken a consolidated view on the Gaurs Group, of which Gaursons Hi-Tech Infrastructure Private Limited (GHPL) is a part, given the strong operational, managerial and financial linkages among the companies. Read more
Published on: 11:44 am
- The European Central Bank kept the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility unchanged at 0.00%, 0.25% and -0.50% respectively.
- In support of its symmetric two per cent inflation target and line with its monetary policy strategy, the Governing Council expects the key ECB interest rates to remain at their present or lower levels until it sees inflation reaching two per cent well ahead of the end of its projection horizon and durably for the rest of the projection horizon, and it judges that realised progress in underlying inflation is sufficiently advanced to be consistent with inflation stabilising at two per cent over the medium term. Read more
Published on: 11:42 am
- ICRA Limited has upgraded the credit rating assigned to bank facilities of Kalyan Jewellers Limited. The rating on long-term fund-based TL has been upgraded to ICRA A (Stable) from ICRA A- (Stable).
- The credit rating agency also revised long-term / short-term - fund-based ICRA A (Stable) upgraded from ICRA A- (Stable), upgraded; ICRA A2+ rating reaffirmed. The short-term - Interchangeable rating has been reaffirmed at ICRA A2+. Read More
Published on: 11:35 am
- UCO Bank registered a 583% yoy rise in net profit at Rs205cr for the quarter ended September 30, 2021, compared with Rs30 crore in the same period last year. The operating profit of the Bank grew 24% yoy to Rs1,334.15cr in Q2FY22 compared to Rs1,076cr in Q2FY21.
- The growth in profit was on the back of higher growth in net interest income and lower provisions,
- Net interest income (NII) increased 15% yoy to Rs1,598cr in Q2FY22, against Rs1,394cr in Q2FY21. Provisions during the quarter came down by 22% yoy to Rs1,019cr (Rs1,301cr). Read More
Published on: 11:30 am
- Indices remain flat despite a push from Metal, Auto, and Pharma stocks.
- BSE Sensex is currently 59,927.56 down 57.14 points or 0.10%.
- Nifty50 is currently 17,860.60 up 3.35 points or 0.02%.
- Nifty Bank is 39,467.50 down 0.10%. Mid-cap Index is up 1.17%.
- Adani Ports, JSW Steel, Tata Steel, Cipla, and HCL Tech are the top gainers. Kotak Bank, IndusInd Bank, HDFC, Wipro, and NTPC are the top losers.
- Nifty Metal, Auto, and Pharma stocks drive trade while Nifty banking stocks are under pressure.
- Out of 50 stocks traded on the BSE, 36 advanced, and 14 declined. Read more