Live market updates

03rd Nov, 2021

Mahindra Finance records 20% yoy growth in disbursement to Rs2,650cr during Oct 2021

Published on: 5:03 pm

  • Mahindra & Mahindra Financial Services business continued its momentum with a disbursement of Rs2,650cr in October 2021 delivering ~20% YoY growth.
  • Mahindra Finance said that historically, the collection efficiency in October, given the festival spending and pre-harvest spending, is lower.
  • Further, the company stated that in October 2021, collection efficiency was reported at ~91%. While this was lower compared to Q2 FY22, it is ahead of the October 2020 collection efficiency of 89%. Read more

Adani Power receives NCLT nod for acquiring Essar Power MP

Published on: 4:57 pm

  • Adani Power has received the National Company Law Tribunal (NCLT) approval for acquiring Essar Power M P Limited (“EPMPL”).
  • In its regulatory filing today, Adani Power stated that the NCLT bench at New Delhi on November 02, 2021, approved the resolution plan submitted by Adani Power for the acquisition of EPMPL, a company undergoing insolvency resolution under the Insolvency and Bankruptcy Code.
  • EPMPL owns a 1,200 MW thermal power plant in Singrauli Dist., Madhya Pradesh. Read more

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Infosys collaborates with Shell to market Shell Inventory Optimizer Solution

Published on: 4:45 pm

  • Infosys has announced its strategic collaboration with Shell Global Solutions International B.V. (Shell), as the commercialization partner of the “Shell Inventory Optimizer” solution.
  • Through this collaboration, Shell and Infosys will launch “Shell Inventory Optimizer” as the first product offered to its energy customers. The solution leverages artificial intelligence that enables companies to optimize warehouse inventory levels based on historical consumption.
  • By improving demand planning, this innovative solution reduces the time and labor required to complete maintenance operations and brings down the cost of operation. Read more

H G Infra Engineering secures LoA for Public Works Department, Rajasthan

Published on: 4:35 pm

  • H.G. Infra Engineering Limited has received the Letter of Award (LOA) dated November 02, 2021 from Public Works Department (PWD), Rajasthan for an amount of Rs331.11cr.
  • The project is for Development and Maintenance of (i) Beawar Masuda Goyala Section of SH 26A (Length 66.77 km); (ii) Arain Sarwar Section of SH-7E (Length 44.260 km) & (iii) NH-12 Laxmipura Dora Dabi Ranaji ka Gudha Section of SH-11 5 (Length 49.60 Km); (Total Length: 160.630 km) through Public Private Partnership (the "PPP") under Design, Build, Operate/Maintain & Transfer (the "DBOT Hybrid Annuity") Basis. Read more

UFO Moviez approves withdrawal of Scheme of Amalgamation of wholly-owned subsidiaries; Stock ends ov

Published on: 4:00 pm

  • UFO Moviez India Limited board on Wednesday have approved the withdrawal of the Scheme of Amalgamation of wholly-owned subsidiaries. The Board at its meeting held on August 16, 2021, had approved the Scheme of Amalgamation of Wholly-owned subsidiaries (direct / step down) viz. Scrabble Entertainment Limited, Scrabble Digital Limited, Scrabble Entertainment (Mauritius) Limited with UFO Moviez India Limited.
  • “The Board at its meeting held on November 3, 2021, have decided not to pursue the Scheme further and has approved the withdrawal of the Scheme. The withdrawal of the Scheme is not expected to have any adverse impact on operations of the company,” it said in a filing. Read more

Hindalco Industries to acquire Polycab’s 100% stake in Ryker

Published on: 4:00 pm

  • Hindalco Industries Limited, the metals flagship company of the Aditya Birla Group has announced the acquisition of 100% equity stake in Ryker Base Pvt. Ltd. (Ryker) – a wholly owned subsidiary of Polycab India Limited.
  • The acquisition will be through Hindalco’s wholly owned subsidiary Renuka Investments & Finance Ltd. The purchase consideration for the equity stake is based on an enterprise value of Rs. 323 crores, subject to customary adjustments for working capital and net debt as on the date of closing. Read more

HPCL PAT at Rs1,924cr in Q2FY22; stock ends higher

Published on: 3:55 pm

  • Hindustan Petroleum Corporation Limited (HPCL) has recorded Profit after Tax (PAT) of Rs1,924cr for the quarter ended 30th September 2021 vs. PAT of Rs1,795cr for the previous quarter recording 7.2% growth.
  • For the period April-September 2021, HPCL recorded a PAT of Rs3,719cr. Gross sales for the quarter stood at Rs87,311cr as compared to Rs61,340cr during the corresponding previous year period.
  • For the period April to September’21, HPCL recorded gross sales of Rs1,64,619cr as compared to Rs1,07,225cr of the corresponding period of the previous year. Read more

Markets close lower; Banking Stocks underperformed

Published on: 3:43 pm

  • Markets witnessed a negative day of trade as the indices gave up the opening gains during the second half of the trade.
  • Bank Nifty underperformed the Nifty by 1% with both the indices closing 1.3%/0.3% lower.
  • Stocks from the financial sector were among the top underperformers with HDFC Bank, ICICI Bank & Kotak Bank leading the laggards. Read more

Royal Academy of Engineering of Spain and TCS partner to transform education with new digital framew

Published on: 3:42 pm

  • Tata Consultancy Services (TCS), leading global IT services, consulting and business solutions organization, and the Royal Academy of Engineering of Spain have partnered to develop a new innovative digital framework that will provide online access to the latest learning support services and enhance collaboration between global educational professionals.
  • As part of this partnership, TCS and the Royal Academy of Engineering of Spain will host a series of interactive events, meetings, webinars, and roundtables for schools, colleges, universities, and technical learning institutions. These sessions will provide valuable insights on how innovations in digital learning can be leveraged to transform the education experience for a global community of students and learning professionals. Read more

State Bank of India hits fresh high after net profit rises 67% yoy to Rs7,627cr in Q2FY22

Published on: 3:38 pm

  • State Bank of India has registered its highest quarterly Net Profit of Rs7,627cr in Q2FY22. This represents an increase of 66.73% yoy. Operating profit increased by 9.84% yoy to Rs18,079cr in Q2FY22 from Rs16,460cr in Q2FY21.
  • The Bank said it fully provided Rs7,418cr due to a change in family pension rules, even as the regulator granted dispensation to amortise in 5 years. Net Interest Income (NII) for Q2FY22 increased by 10.65% yoy. Domestic NIM for Q2FY22 at 3.50%, has increased by 16 bps yoy. Total Deposits grew at 9.77% yoy. Current Account Deposits grew by 19.20% yoy and Saving Bank Deposits grew by 10.55% yoy. Read more

Indigo's first direct flight between Bhubaneswar – Jaipur route flagged off

Published on: 3:29 pm

  • Union Minister of Civil Aviation Jyotiraditya M. Scindia has flagged off the first direct flight of Indigo airlines between Bhubaneswar (Orissa) – Jaipur (Rajasthan).
  • The minister stated that investment in aviation always brings a multiplier effect. Every Rs100 invested adds Rs325 to the GDP of the country. It further brings immense employment opportunities making aviation – a gateway of employment. The minister assured that the development of the new terminal buildings at a cost of Rs200cr will be completed in the due course of time. Read more

Apollo Micro Systems bags consolidated supply order worth Rs6.88cr

Published on: 3:28 pm

  • Apollo Micro Systems said in the filing that it has bagged consolidated strategic program orders worth Rs6.88cr.
  • “With reference to captioned subject and pursuant to regulation 30 of SEBI (LODR) Regulations, 2015, we are pleased to inform that Company has bagged consolidated strategic program orders worth INR 6.88 Crores,” Apollo Micro said.
  • The stock traded in the green zone after the company won orders. The stock is currently trading at Rs116.70 down by Rs0 or 0% from its previous closing of Rs116.70 on the BSE. Read more

Flipkart signs an MoU with Rural Development Ministry for the DAY-NRLM program

Published on: 3:24 pm

  • India's homegrown e-commerce marketplace, Flipkart has signed a Memorandum of Understanding (MoU) with the Ministry of Rural Development of the Government of India (MoRD), for their ambitious Deendayal Antyodaya Yojana – National Rural Livelihood Mission (DAY-NRLM) program, to help empower local businesses and self-help groups (SHGs) – especially those that are led by women – by bringing them into the e-commerce fold.
  • The partnership is aligned with the DAY-NRLM’s goal of strengthening the capabilities of rural communities for self-employment and entrepreneurship, thus providing further impetus to the Prime Minister’s vision of an “Atmanirbhar Bharat”. Read more

Stove Kraft under pressure after Q2 PAT declines 15% yoy to Rs22.9cr

Published on: 3:18 pm

  • Stove Kraft Limited, one of the leading brands for home & kitchen appliances in India, one of the dominant players for pressure cookers and amongst the market leaders in the sale of free-standing hobs, cooktops and non stick cookware announced its Unaudited Financial Results for the Quarter and Half Year ended September 30, 2021
  • The company’s revenues stood at Rs362.8cr in Q2FY22 compared to Rs236.8cr in Q2FY21, up 53% yoy. EBITDA rises 13% yoy to Rs43.1cr in Q2FY22 compared to Rs38cr in Q2FY21. Profit After Tax stood at Rs22.9cr, a decline of 15% yoy from Rs26.9cr. Read more

Centre advises consumers to buy only Hallmarked Jewellery this Diwali

Published on: 3:18 pm

  • On the occasion of Diwali, the Bureau of Indian Standards (BIS), Department of Consumer Affairs under Ministry of Consumer Affairs, Food and Public Distribution requested consumers to ensure that they buy hallmarked jewellery.
  • The ministry stated that it is believed that buying gold on such occasions brings prosperity and happiness to the family and is considered very auspicious. Under this light, it is important to have knowledge of how to ensure the purity of the gold being bought and getting the best value for money. Let’s see few points to keep in mind while buying. Read more

IREDA launches 'Whistle Blower' portal

Published on: 3:15 pm

  • State-owned Indian Renewable Energy Development Agency Ltd. (IREDA) has launched a ‘Whistle-blower Portal’, as a part of ‘Vigilance Awareness Week 2021’.
  • Through this portal, IREDA employees can raise concerns related to fraud, corruption, abuse of power etc.The portal has been developed by IT Team of the company.
  • Launching the portal, Pradip Kumar Das, CMD, IREDA highlighted that Whistle-blower portal is a part of a IREDA’s “zero tolerance” of corruption. Read more

RailTel Corporation bags work order worth Rs87cr from Konkan Railway

Published on: 3:15 pm

  • RailTel Corporation of India Ltd has informed to the exchanges that it has received work order from Konkan Railway Corporation Limited.
  • The work order is for Design, Supply, Installation, Wiring, Testing & Commissioning of Integrated Communication System at a total cost of Rs86.90cr.
  • Further, as per regulatory filing, the work is to be completed within a period of 18 months. Read more

Adani Ports handles cargo volume of 24.76 MMT in Oct 2021; Stock gains

Published on: 2:48 pm

  • Shares of Adani Ports and Special Economic Zone Ltd traded in the positive zone after the company updated its operational performance for October 2021.
  • In the regulatory filing, APSEZ’s portfolio of ports handled cargo volume of 24.76 MMT (includes 2.11 MMT for Gangavaram Port), this is also an initial sign of and the trend towards recovery from September ’21, a growth of 7% month on month (m-o-m).
  • During the month Hazira Port handled a record liquid cargo volume of 0.49 MMT which is the highest in this port’s history. Coal volume recovered in October and grew by 21% m-o-m to 7.67 MMT, the company said. Read more

Maharashtra Seamless PAT at Rs95.04cr in Q2FY22; Stock trades higher

Published on: 2:45 pm

  • Maharashtra Seamless Limited announced its results for the second quarter ended September 30, 2021. The company is a leading manufacturer of Seamless and ERW pipes and enjoys market leadership in the domestic seamless pipes market. Apart from the seamless and ERW pipes business, MSL has developed a renewable power portfolio across Maharashtra and Rajasthan. Maharashtra Seamless Limited (MSL) owns Rig Jindal Explorer which is deployed with ONGC.
  • Income from operations Rs951.42cr in Q2FY22 from Rs690.48cr in Q2FY21. Profit after Tax (PAT) of the company at Rs95.04cr in Q2FY22 from Rs96.16cr in Q2FY21.
  • “Our Q2 revenue has shown a significant increase on top of strong order booking and timely dispatches. The EBITDA margin is strong but has decreased from last quarter due to increase in raw material prices,” company said in a filing. Read more

Bank Nifty nosedives over 580 pts on broad-based selloff; Except SBI, all stocks in red; IndusInd,

Published on: 2:33 pm

  • Banking stocks witnessed heavy profit-booking on Wednesday before their four-day-long holiday except for an auspicious hour of Mahurat trading tomorrow. Except for SBI, all stocks listed on Bank Nifty have nosedived. Private banks were the worst hit. The performance comes after RBI revised the prompt corrective action (PCA) framework. RBI governor had met the MDs and CEOs of state-owned and private banks.
  • At around 2.31 pm, Bank Nifty was trading at 39,357.25 down by 581.20 points or 1.46%. The index has touched an intraday high and low of 40,160.20 and 40,160.20 respectively.
  • SBI was the only gainer on the index surging nearly 2% after Q2 earnings. The stock has hit a new 52-week high of Rs542.30 per piece earlier today. In Q2FY22, SBI posted a net profit of Rs7,626cr rising by 67% yoy, while net interest income increased by 10.6% yoy to Rs31,184 cr. The domestic net interest margin expanded to 3.5% in Q2. Read more

Hazoor Multi Projects receives work order worth Rs6.60cr

Published on: 2:31 pm

  • Hazoor Multi Projects Ltd has informed that the company has received a work order of Rs6.60cr for completion of Balance work of 'National Highway No 548-A from Section Waken Pali to 2 lane with paved shoulder’ received from Varaha Infra Limited.
  • Hazoor Multi Projects engages in the real estate and infrastructure development businesses.
  • At around 2:30 PM, Hazoor Multi Projects was trading at Rs21.55 per piece lower by 0.23% on Sensex. Read more

CCI gives green signal to HDFC Life for acquiring 100% stake in Exide Life Insurance

Published on: 2:31 pm

  • The Competition Commission of India (CCI) approves acquisition by HDFC Life Insurance Company (Acquirer) of 100% shareholding in Exide Life Insurance Company (Target) under Section 31(1) of the Competition Act, 2002.
  • The deal comprised involves the acquisition of fully paid-up equity shares, representing 100% of Target by the Acquirer from Exide Industries Limited.
  • After completion of the share acquisition, Exide Life (which will be a wholly-owned subsidiary of HDFC Life) is proposed to be merged with HDFC Life. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices remain bearish with banking, pharma and FMCG stocks under pressure, while realty stocks are bullish.  
  • BSE Sensex is currently 59,602.18 down 426.88 points or 0.71%.
  • Nifty50 is currently 17,802.50 down 86.45 points or 0.48%. Nifty Bank is 39,485.50 down 1.13%. Mid-cap Index is down 0.65%. Read more

Wipro ties with TEOCO to develop next-gen network solutions for communication service providers

Published on: 2:26 pm

  • IT-giant, Wipro has partnered with TEOCO to develop solutions that help communication service providers (CSPs) improve network automation, flexibility, efficiency, and reliability. Together, Wipro and TEOCO will provide CSPs with comprehensive solutions to plan, analyze, optimize, and monitor next-generation networks (NGN).
  • “Advanced analytics, machine learning and network automation are key in helping CSPs prepare for new 5G business opportunities. Wipro’s partnership with TEOCO will help CSPs develop a unified approach to assuring service quality, network performance and fault management, ultimately enabling the rapid adoption of next-generation services,” said Anurag Shrivastava, General Manager and Global Practice Head of Network Services, iDEAS, Wipro. Read more

TeamLease Services increases stake in Avantis Regtech to 61.5%, renames the subsidiary as TeamLease

Published on: 2:20 pm

  • TeamLease Services has increased its stake in Avantis Regtech, the industry leader in the digitization of Compliance Management to 61.5%. Along with this equity infusion, the strategic partnership will be expanded by changing the name of the company and brand to TeamLease Regtech.
  • Ashok Reddy, Managing Director, TeamLease Services, said, “COVID has accelerated the digitization of employer plumbing by ten years. Simultaneously, policy makers are adopting a new policy thought-world that moves beyond the now discontinued World Bank EODB ranking to an employer perspective. Regtech is important infrastructure for Putting India to Work and in anticipation of the addressable market expanding by 20x, we are excited to expand our partnership with Avantis." Read more

Bank of India stock rallies after Q2 PAT doubles to Rs1,051cr on higher interest income

Published on: 2:14 pm

  • State-owned Bank of India posted a net profit of Rs1,051cr in the quarter ending September 2021 (Q2FY22), registering a whopping 99.89% growth from Rs526cr of Q2FY21. On a sequential basis, net profit improved by 45.97% from Rs720cr.
  • Net Interest Income (NII) stood at Rs3,523cr for Q2FY22. On a sequential basis, it increased by 12.06% from Rs3,144cr in Q1FY22. NIM (Global) stood at 2.42% in Q2FY22. It improved by 26 bps on a sequential basis from 2.16% in Q1FY22. Read more

Minda Corporation reports higher profit at Rs39.1cr in Q2FY22; Stock up 1%

Published on: 2:10 pm

  • Minda Corporation Limited, the flagship company of Spark Minda on Tuesday announced its financial results for the quarter ended September 30, 2021. Consolidated revenue stood at Rs731.3cr registering a growth of 11.5% yoy for Q2FY22. Strong Operating Margins of 10.6% in Q2 FY22 despite commodity price pressure and recovery getting impacted by supply-side issues.
  • The company reported a higher profit at Rs39.1cr in Q2FY22 against Rs5.8cr in Q2FY21. Profit from Joint venture of Rs2.35cr in Q2FY22 as against a loss of Rs1.65cr in Q1FY22. EBITDA of Rs77.3cr with strong operating margins of 10.6% and expands by 50 bps yoy. Profit After Tax stood at Rs391 million with PAT Margins of 5.3%. Read more

Centre nods new road projects worth Rs1,250cr in Goa, raises annual budgetary plan for development w

Published on: 1:56 pm

  • The Union Road Transport and Highways Ministry have approved new road projects worth Rs1,250cr for the state of Goa. The Union Minister Nitin Gadkari announced four new phases of road development work in the state.
  • Gadkari said that the road from Navelim to Cuncolim will be six and a half km long. For this, 24 hectares of land has been acquired and the estimated cost of the road is Rs270cr. Also, the 8 km road from Cancona outer bypass road to Polem will be constructed at a cost of Rs200cr.  Road from Sanjeevani Sugar Factory Dharbandora to Khandepar will be constructed at Rs200cr and Ponda to Bhoma four lane will be constructed at the cost of Rs575cr. Read more

Rupee trades higher by 15 paise against US Dollar ahead of Fed outcome

Published on: 1:51 pm

  • The Indian rupee opened higher on Wednesday against the US dollar amid a positive trend in domestic equities and ahead of the US Fed monetary policy outcome.
  • At the interbank foreign exchange, the rupee opened strong at 74.64 against the dollar and gained further ground to 74.52/$ in the afternoon session, a rise of 15 paise over its previous close.
  • The local unit on Tuesday gained 19 paise to close at 74.68 against the US dollar, supported by foreign capital inflows into local IPOs. Read more

Wardwizard Innovations unveils its new global headquarters in Vadodara; Stock gains 1%

Published on: 1:50 pm

Wardwizard Innovations and Mobility Ltd, one of the country’s leading two-wheeler electric vehicle manufacturer brands ‘Joy e-bike’ has informed that the company shifts to its new Global Headquarters in Vadodara.
  • The New Global Headquarters is spread over 20k sq ft
  • New Global Headquarters in Vadodara was built with an investment of 100 million INR. Read more

Civil Aviation Minister flags off the first direct flight on Bhopal - Raipur route

Published on: 1:47 pm

  • Union Minister of Civil Aviation Jyotiraditya M. Scindia has flagged off the first direct flight of Indigo airlines on the Bhopal (Madhya Pradesh) – Raipur (Chhattisgarh) route.
  • On the flight launch, Scindia said that “Bhopal has always been known as the city of lakes and Raipur has its own natural beauty. It is only in the last 7 years that the development has attained movement in both the cities. Raipur airport holds the rank of 22nd busiest airport of the country and the dialogue for the expansion of Bhopal airport has also been initiated. It has been planned to develop a Cargo Terminal and set up MRO facilities at the Bhopal airport." Read more

Coal India initiates process to replace diesel with LNG in dumpers, aims to reduce diesel use up to

Published on: 1:43 pm

  • To further reduce carbon footprint, state-owned Coal India (CIL) has recently initiated the process of retrofitting Liquefied Natural Gas (LNG) kits in its dumpers - the big trucks engaged in the transportation of coal in mines. CIL, the world’s largest coal miner uses over 4 lakh kilolitres of diesel per annum with an expense of over Rs3,500cr.
  • In association with GAIL (India) and BEML, CIL has taken up a pilot project for retrofitting LNG kits in its two 100 tonne dumpers operating at the subsidiary Mahanadi Coalfields (MCL)under an MoU with GAIL and BEML. Once the LNG kit is successfully retrofitted and tested, these dumpers will be able to run on a dual fuel system and their operations will be significantly cheaper and cleaner with the use of LNG. Read more

Prince Pipes & Fittings PAT at Rs76cr in Q2FY22; stock trades lower

Published on: 1:34 pm

  • Prince Pipes and Fittings Limited (PPFL), one of India’s largest integrated piping solutions & multi polymer manufacturers with 7 strategically located manufacturing units across the country, announced its unaudited financial results for the quarter ended 30th September 2021. The unaudited financial results were reviewed by the audit committee and approved by the Board of Directors in their meeting held on November 2nd, 2021.
  • Revenue growth led particularly by plumbing and SWR portfolio, which delivered robust volume growth.
  • EBITDA at Rs123cr as compared to Rs80cr, grew by 53%, margins at 16.1%. PAT at Rs76cr as compared to Rs47cr, grew by 62%. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • Indices fall further with drop in Banking and FMCG stocks.
  • BSE Sensex is currently 59,714.28 down 314.78 points or 0.52%.
  • Nifty50 is currently 17,805.75 down 83.20 points or 0.47%. Nifty Bank is 39,422.90 down 1.29%. Mid-cap Index is down 0.41%. Read more

ICRA revises ratings on KRBL's bank facilities; Stock trades lower

Published on: 1:24 pm

  • KRBL Ltd has informed that ICRA Limited has revised the rating for the banking facilities of the Company.
  • Based on a review of the latest developments, the Rating Committee of ICRA, after due consideration has reaffirmed the long-term rating at [ICRA]AA- (pronounced ICRA double A minus) and short-term rating at [ICRA]A1+ (pronounced ICRA A one plus) for the captioned Line of Credit.
  • The ratings have also been removed from 'Watch with Negative Implications' and a Stable outlook has been assigned for the long-term rating. Read more

Union Bank of India stock slumps over 3.5% after Q2FY22 earnings

Published on: 1:12 pm

  • Union Bank of India’s net profit rose 182.97% to Rs1510.68cr in the quarter ended September 2021 as against Rs533.87cr during the previous quarter ended September 2020. Total Operating Income declined 5.93% to Rs16851.21cr in the quarter ended September 2021 as against Rs17913.29cr during the previous quarter ended September 2020.
  • The stock is currently trading at Rs47.55 down by Rs1.9 or 3.84% from its previous closing of Rs49.45 on the BSE.
  • Net interest income of Bank grew by 8.52% on a YoY basis during Q2FY22. The CASA deposits have increased by 10.77% YoY. We now have a total deposits base at Rs.9,14,022 Crores as at the end of Q2FY22. CASA ratio improved to 37.16% from 34.61% on YoY basis. Read more

Prestige Estates invests over Rs1 lakh in Prestige Acres for 51% stake

Published on: 1:08 pm

  • Prestige Estates Projects Limited has invested an amount of Rs1,04,082/- towards 51% equity in Prestige Acres Private Limited on November 2, 2021. The remaining 49% equity is held by the Promoters and KMP of the Company.
  • Further, the company has also transferred its partnership interest in M/s. Ace Realty Ventures to Prestige Acres Private Limited to consolidate Plotted Development portfolio of the Group under the brand “Prestige Acres” at a consideration of Rs3,197.30 million. Read more

MTAR Technologies growth momentum continues in Q2FY22 with 37.23 % yoy rise in net profit

Published on: 12:53 pm

  • MTAR Technologies Ltd., a leading precision engineering solutions company engaged in manufacturing and development of mission critical precision components with close tolerances and critical assemblies catering to nuclear, space, defense and clean energy sectors has announced its financial results for the second quarter ended on September 30, 2021.
  • Revenue from Operations stood at Rs.91.30cr as against Rs73.29cr in Q2FY21, a 24.57% increase yoy. EBITDA reported at Rs29.44cr as compared to Rs24.08cr in Q2FY21, 22.26% increase yoy. Profit Before Tax stands at Rs27.11cr as against Rs19.76cr in Q2FY21, 37.15% increase yoy. Profit After Tax reported was at Rs19.05cr as against Rs13.89cr in Q2FY21, 37.23% increase yoy. Diluted EPS stands at Rs6.19. Read More

Technocraft Industries (India) surges 3.5% on incorporation of wholly-owned subsidiary for textile b

Published on: 12:48 pm

  • Technocraft Industries (India) Ltd has informed that the Company has incorporated a Wholly-Owned Subsidiary Company for textile business.
  • As per regulatory filing, name of the wholly-owned subsidiary company is ‘Technocraft Textile Private Limited’ and date of incorporation is November 2, 2021.
  • Further, the Initial Paid-up share Capital shall be Rs. 2.00 Lakh and it shall be the Wholly-Owned Subsidiary of the Company, said company.
  • At around 12:50 PM, Technocraft Industries (India) was trading at Rs862.75 per piece up by Rs30.7 or 3.69% on Sensex. Read More

Gillette India PAT slips 14% yoy to Rs82cr in September quarter

Published on: 12:45 pm

  • Gillette India Limited (GIL) announced today its financial results for the quarter ended September 30, 2021. Despite a challenging market environment and a higher base period, the company delivered sales of Rs573cr, up 11% vs year-ago behind strong brand fundamentals, the strength of product portfolio and improved retail execution.
  • Profit After Tax (PAT) was Rs82cr, down 14% vs year ago because of lower marketing investments in the corresponding quarter of 2020 due to the pandemic. Both Grooming and the Oral Care businesses recorded strong growth ahead of their categories. Compared to the corresponding quarter two years ago, prior to the pandemic, company sales are up 24% and PAT is up by 32%. Read More

DCW reports an all round improvement in Q2, sales rises 69% YoY

Published on: 12:33 pm

  • DCW Limited (“the Company” or “DCW”), a specialty chemicals company headquartered in Mumbai, declared the financial results for the quarter and half year ended on 30th September 2021.
  • The company reported an all-around improvement in operations, leading to higher Revenue. Company’s performance was predominantly led by SIOP, PVC and CPVC. Speciality chemicals remains consistent contributor in the company’s earnings.
  • The stock is currently trading at Rs48.30 down by Rs2 or 3.98% from its previous closing of Rs50.30 on the BSE. Read More

Mitsu Chem Plast sheds 1% after Q2 financial performance

Published on: 12:30 pm

  • Mitsu Chem Plast Limited has announced its unaudited Financial Results for the Quarter and Half Year ended November 30 2021.
  • Key Highlights for the H1 FY22:
  • Total Income were at Rs116.73cr in H1 FY22
  • The Company reported EBIDTA of Rs13.08cr in H1 FY22
  • Net Profit was at Rs6.15cr in H1 FY22
  • The Company reported EPS of Rs5.09 for H1 FY22
  • Cash Flow From Operations at Rs12.69cr in H1 FY22 Read more

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark market indices pare early gains to trade in the red.
  • BSE Sensex is currently 59,912.52 down 116.54 points or 0.19%.
  • Nifty50 is currently 17,879.10 down 9.85 points or 0.06%. Nifty Bank is 39,712.65 down 0.57%. Mid-cap Index is down 0.19%.
  • Larsen & Turbo, UPL, Hindalco, IOC, and Grasim are the top gainers. Sun Pharma, IndusInd Bank, Titan, Britannia, and ONGCare the top losers.
  • Nifty Metal and Realty stocks drive Wednesday’s trade while IT stocks also trade higher. Other sectors struggle.
  • Out of 50 stocks traded on the BSE, 23 advanced, and 27 declined. Read more

Indian gold and silver price gets cheaper ahead of Diwali

Published on: 12:23 pm

  • A day ahead of Diwali, Indian gold and silver price gets cheaper as demand for the commodity spikes. On Wednesday, the yellow metal had slipped below Rs47,500-mark, while silver lower from Rs60,100-level. Also, easing global gold prices further added to the downside in these domestic commodities.
  • On the Multi Commodity Exchange, at around 12.12 pm, December gold price in 10 grams dived by more than Rs250 or 0.5% and was trading near Rs47,369. The December silver price in 1 KG, dipped by nearly Rs160 or 0.3% and was trading at Rs63064. 
  • Gold and silver demand picked up the pace on the auspicious Dhanteras that was celebrated on Tuesday. The Lakshmi Puja which is also referred to as the main Diwali will be tomorrow. Read More

Sundaram Finance Holdings posts strong 193% yoy increase in standalone net profit in Q2

Published on: 12:15 pm

  • Sundaram Finance Holdings Ltd., (“SF Holdings”) has registered a Standalone Net Profit of Rs. 11.09crores for the quarter ended 30th September 2021, an increase of 193% over the Rs3.78cr for the corresponding period of the previous year. Consolidated Profit for the 6 months ended 30th September 2021 was Rs50.86cr as compared to Rs9.41cr for the corresponding period of the last financial year.
  • Higher dividend receipts
  • SF Holdings primarily operates as a holding company owning a portfolio of automotive businesses including foundries, wheels, brakes, turbo chargers, axles, and distribution of spare parts. As a result, dividend from portfolio companies forms a substantial part of the financial results. Read More

UGRO Capital NII increases 53% yoy to Rs31.7cr in Q2FY22

Published on: 12:14 pm

  • The Board of Directors of UGRO Capital Limited approved the financial results for the quarter and half year ended September 30, 2021, at its meeting held through video conference on Tuesday. The company’s total income increased to Rs62.7cr in Q2FY22, as compared to Rs34.8cr in Q2FY21 an increase of 80% on a yoy basis.
  • The Net Interest Income (NII) for Q2FY22 stood at Rs31.7cr compared to Rs20.7cr in Q2FY21, up 53% yoy. Net interest margins improved 40bp qoq to 7.7% largely due to a reduction in the borrowing cost.
  • The total provisioning as of Sep-21 stood at Rs24.2cr vs the regulatory requirement of Rs22.1cr. The Company declared a PBT of Rs4.7cr, as compared to Rs2.7cr in Q2FY21. The net worth of the company stands at Rs958cr as on September 30, 2021. Read more

NTPC commissions Unit-1 of 660 MW of Barh Super Thermal Power Project

Published on: 12:12 pm

  • NTPC Ltd has informed to the exchanges regarding completion of trial operation by 660 MW capacity unit of Barh Super Thermal Power Project.
  • The Company said in a regulatory filing, "In line with the Corporate Disclosure requirements, it is informed that based on achievement of approved norms and due approvals, Unit-1 of 660 MW capacity of Barh Super Thermal Power Project-Stage-I, (3 x 660 MW) has successfully completed trial operation and consequently included in the installed capacity of NTPC Limited."
  • With this, the total installed capacity of NTPC Limited and NTPC group has become 54232.5 MW and 67657.5 MW respectively, it added. Read More

Centrum-BhartPe consort led Unity Small Finance Bank commences operations

Published on: 12:01 pm

  • Centrum and BharatPe consortium led Unity Small Finance Bank has commenced operations as a small finance bank with effect from November 1, 2021.
  • The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India.
  • Last month, RBI had issued a Small Finance Bank (SFB) license to the consortium of Centrum Financial Services Limited (Centrum), the established and profitable small business lending arm of the Centrum Group and Resilient Innovations Private Limited (BharatPe), one of India's fastest-growing fintech companies. Read More

Nifty Metal Index rises 1% amid volatile markets; Hindalco, Vedanta lift performance

Published on: 11:55 am

  • Nifty Metal stocks rose 1%amid volatile markets on Wednesday. Hindalco led the gains while VedantaAdani Enterprises were also above 1%. JSW Steel, Tata Steel and Jindal Steel, were also bullish. Welspun Corp was under pressure.
  • Precious metals fell ahead of the FOMC meeting outcome as investors jitter over bond tapering. Benchmark indices are in the green and moving sideways as investors continue to watch September quarter earnings.
  • At around 11.55 am, BSE Sensex was trading at 60,155.90 up 126.84 points or 0.21% and Nifty50 at 17,931.90 up 42.95 points or 0.24%. Nifty Metal was trading at 5,704.30 up 61.15 points or 1.08%, touching a high of 5,713.90 and low of 5,650.65 during intraday trade on Wednesday. Read more

RBI governor advises banks to remain vigilant and timely remedial measures to mitigate risks

Published on: 11:51 am

  • The Reserve Bank of India (RBI) governor Shaktikanta Das met the MD and CEOs of Public Sector Banks and certain Private Sector Banks through video conference.
  • The meeting was held on November 02, 2021, and also attended by RBI Deputy Governors M. K. Jain, M. Rajeshwar Rao and T. Rabi Sankar.
  • RBI Governor Das in his opening remarks acknowledged the improved financial and operational resilience of the banking sector which impart strength to financial stability.
  • The RBI governor emphasised the need for banks to continue providing necessary support in the revival of economic activity. Read more

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