Live market updates

08th Nov, 2021

Sundaram Finance registers 10% yoy rise in Q2 standalone PAT to Rs211cr on healthy top-line front, a

Published on: 4:51 pm

  • Sundaram Finance registered a standalone net profit of Rs211cr in the September 2021 (Q2FY22) quarter, rising by 10% yoy. The PAT rises by 12% yoy in  HI FY22 with a net profit at Rs402cr.
  • On the top-line front, the company's standalone revenue was at Rs1,021.82cr in Q2FY22 rising from Rs992.96cr in the same period a year ago. The company's revenue was Rs3,953.74cr in H1FY22 versus Rs1,942.19cr in H1FY21.
  • "Every month in the second quarter has seen improvement on both business growth and collections, The vicious second wave appears behind us. That said, overall recovery to a new normal will take time. Customer sentiment has significantly improved, and the second half Of the year will likely see broad-based recovery," said Harsha Vlji, Executive Vice Chairman, SFL. Read more

JBM Auto receives supply order for 200 electric buses from Delhi Transport Corp; Stock hits fresh re

Published on: 4:45 pm

  • JBM Auto Ltd has informed that the Company has received prestigious order for supply, operation and maintenance of 200 Air Conditioned Fully Built Low Floor Electric Buses of 12 Meter Length from Delhi Transport Corporation under Govt. of India Flagship Fame II EV Policy.
  • JBM Auto ended at Rs659.30 apiece up by Rs45.15 or 7.35%, hitting 52-week at Rs666 per piece on Sensex. Read more

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CRISIL upgrades rating on BLS International's bank loan facilities

Published on: 4:20 pm

  • CRISIL Ratings has upgraded its long-term rating on the bank facilities of BLS International Services Limited to ‘CRISIL A-/Stable’ from ‘CRISIL BBB+/Stable’ and reaffirmed the short-term rating at ‘CRISIL A2+’.
  • The upgrade in rating is driven by the gradual improvement in the business risk profile on account of diversification into new business segments and addition of clients in these segments.
  • The upgrade in the rating also factors in the revival in visa business from the second quarter of fiscal 2022 post a significant decline in fiscal 2021. Read more

TCS recognized as leader in Wealth and Asset Management Services by NelsonHall

Published on: 4:05 pm

  • Tata Consultancy Services (TCS) has been positioned as a Leader in the NelsonHall NEAT vendor evaluation for Wealth and Asset Management Services.
  • .According to the report, TCS has a set of wealth and asset management services focused on transformation, integration, and implementation. TCS’ strong portfolio of proprietary solutions and platforms, including TCS BaNCS, and fintech partnerships were cited as key strengths.
  • The report goes on to say that TCS’ domain expertise is drawn from its long-term experience with financial institutions. TCS’ large workforce certified in key technologies and frameworks to support consistent delivery were also highlighted as strengths. It also estimated TCS’ wealth and asset business to grow considerably over the next three years. Read more

Vijay Crishna resigns as Godrej Industries Director

Published on: 3:52 pm

  • Godrej Industries Limited informed the exchanges Monday that Vijay Mohan Crishna has vide an email dated November 7, 2021, submitted his resignation from the position of “Non-Executive, Non-Independent Director” of the Company with effect from close of business hours on November 8, 2021.
  • “The Nomination and Remuneration of the Board of Directors and the Board of Directors of the Company have taken note of the resignation of Vijay Crishna and the Board places on record its appreciation for the valuable contribution, guidance, and support provided by him during his association as the ‘Director’ of the Company,” company said in a regulatory filing on Monday. Read more

3i Infotech allots over 2.19 lakh equity shares under ESOS; Stock hits new high

Published on: 3:40 pm

  • 3i Infotech Ltd has informed that pursuant to exercise of stock options held by eligible employees of the Company under Employee Stock Option Scheme 2018 (“ESOS 2018”) and Employee Stock Option Scheme 2007 (“ESOS 2007”), the Company has allotted 2,19,260 equity shares of face value Rs. 10/- each to such eligible employees on November 8, 2021.
  • Consequent to the aforesaid allotment, the paid-up equity share capital of the Company is now Rs.1,62,43,30,270 representing 16,24,33,027 fully paid-up equity shares of face value Rs. 10/- each.
  • Credit and listing procedures for the aforesaid shares will be proceeded with shortly, said company in a regulatory filing. Read more

NACL Industries slips 2% after termination of contract manufacturing agreement with UPL

Published on: 3:37 pm

  • Shares of NACL Industries closed the day in red after the termination of the contract manufacturing agreement (CMA) with agricultural solutions & technology company UPL.
  • In the regulatory filing, the company said “we would like to inform that the Company had earlier signed a Contract Manufacturing Agreement (‘CMA’) with UPL Limited for the purpose of manufacturing three intermediate products at the Company’s Srikakulam Technical Plant.
  • “In view of changed business circumstances with respect to commercial feasibility of the Project and other external and internal factors, the CMA was commercially unviable to both Parties,” the company said. Read more

Balaxi Pharma subsidiary completes 99% stake acquisition of Balaxi Healthcare El Salvador; Stock end

Published on: 3:36 pm

  • Balaxi Global DMCC, Dubai (“BGD”), Wholly-Owned Subsidiary of Balaxi Pharmaceuticals Limited has completed the acquisition of 99% shares of Balaxi Healthcare El Salvador, S.A DE C.V, El Salvador, Central America (BHES), which has consequently become the Step-down subsidiary of Balaxi Pharmaceuticals Limited.  The cost of acquisition is USD 2,000.
  • “The Shares of the acquired Company were sold by Ashish Maheshwari who is the Managing Director and Promoter Group of Balaxi Pharmaceuticals Limited. Read more

Markets close higher; Nifty back above 18,000 level

Published on: 3:33 pm

  • Markets witnessed a positive day of trade, with the benchmark index continued to remain resilient, closing the day at intraday highs. 
  • Nifty outperformed the Bank Nifty by 1.2% to close 0.9% higher.
  • Nifty IT index was among the top outperformers, closing ~1.5% higher, led by a strong rally in the stocks like Infosys & Tech Mahindra, both adding fresh long positions. Read more

Bank of Maharashtra keeps MCLR rate on various tenors unchanged

Published on: 3:30 pm

  • State-owned Bank of Maharashtra has reviewed its Marginal Cost of Funds Based Lending Rate (MCLR) on various tenors. The lender has kept the benchmark lending rate unchanged and it has come into effect from Monday onward.
  • MCLR on one-year tenor stays at 7.25%.
  • While MCLR on six months and three months tenor comes at 7.15% and 7.10% respectively. Read more

Lupin's Namuscla (mexiletine) recommended by NICE for treatment of symptomatic myotonia

Published on: 3:24 pm

  • Global pharma major Lupin announces that the National Institute for Health and Care Excellence (NICE) has issued the Final Appraisal Determination (FAD) recommending the routine funding of Namuscla (mexiletine) in England and Wales.
  • NICE recommends Namuscla (mexiletine) within its marketing authorisation, as an option for treating the symptoms of myotonia in adults with non-dystrophic myotonic disorders. Lupin has agreed a confidential patient access scheme with NHS England (NHSE).
  • NDM is a group of rare genetic neuromuscular disorders caused by mutations in sodium or chloride ion channels, affecting approximately 400 patients in England. Read more

SBI Cards to issue Rs2,000cr non-convertible debentures on private placement basis

Published on: 3:23 pm

  • SBI Cards and Payment Services on Monday announced that the issuance of Non-Convertible Debentures (NCDs) amounting to Rs2,000cr will be carried on private placement and in one or more tranches.
  • Last month, the company's board had approved fundraising by way of issuance of NCDs aggregating to Rs2,000cr in one or more tranches.
  • In its regulatory filing today, SBI Cards said, "we wish to inform that the said issuance will be done on private placement basis, in one or more tranches." Read more

Canara Bank hits 52-week high after ICRA upgrades credit rating

Published on: 3:17 pm

  • ICRA Limited has upgraded the rating of Canara Bank's Basel III Tier II Bonds to 'ICRA AAA (Stable)' from 'ICRA AA+(hyb) (Stable)'.
  • Further, ICRA has also upgraded its ratings on the Basel III Additional Tier l Bonds to 'ICRA AA+ (Stable) from 'ICRA AA(hyb) (Stable)'.
  • As per rationale report, the rating upgrade factors in the improvement in the solvency profile of Canara Bank (Canara) which is expected to sustain going forward. Read more

Bafna Pharma board to consider various avenues for raising funds

Published on: 3:17 pm

  • Bafna Pharmaceuticals board of directors are scheduled to meet this week for considering various avenues of raising funds. The company in particular seeks 'Rights Issue' to meet its capital requirements.
  • A board meeting is scheduled for November 12, 2021.
  • The company in its regulatory filing today said that "to consider and approve the proposal for various avenues for raising funds, including and in particular Rights Issue to meet capital requirements of the Company." Read more

Steel Strips Wheels receives export order of $12 million; stock rises over 2%

Published on: 3:16 pm

  • Steel Strips Wheels (SSWL) on Thursday announced that it has received export orders valued at close to $12 million from Western Hemisphere.
  • The company said orders will be executed till the end of Jan 2022 from its Chennai & Dappar plants.
  • Steel Strip confirmed that orders of similar capacity are anticipated in the coming months as businesses continue to recover rapidly. Read more

ONGC to announce Q2 results on Nov 12, fixes record date to determine eligibility for dividend payme

Published on: 3:10 pm

  • State-owned ONGC has announced a board meeting scheduled on November 12 for consideration and approval of un-audited Financial Results for the quarter ending September 2021.
  • The company's board will also consider the declaration of Interim Dividend for the FY 2021-22, on November 12.
  • That said, ONGC has already announced a record date as November 23 to determine the eligibility of shareholders for payment of the said Interim Dividend, if any, declared by the Board of Directors. Read more

SJVN stock gains 2% after securing 100 MW Grid Connected Solar PV Power project

Published on: 3:01 pm

  • SJVN said that it has bagged 100 MW Grid connected Solar PV Power Project from Punjab State Power Corporation Ltd (PSPCL) through Tariff based Competitive Bidding Process, on Build Own and Operate (BOO) basis through e Reverse Auction (e-RA) at a tariff of Rs2.69 per unit.
  • The tentative cost of Construction of this project is Rs545cr, the company said in the filing on Friday.
  • The project is expected to generate 245.28 MU in the first year, while the cumulative energy generation over a period of 25 years would be around 5643.52 MU. Read more

Grasim Industries commissions CMS project in Gujarat; stock zooms 3%

Published on: 2:55 pm

  • Grasim Industries said it commissioned Chloromethane (CMS) project at Vilayat Unit in Gujarat on 4 November 2021.
  • Grasim Industries said the project has a capacity of 150 ton per day (TPD) / 50,000 ton per annum (TPA), the company said on Friday in the filing.
  • It will cater to both domestic and international markets. This will result in an additional annualised revenue of about Rs400cr, the company added. Read more

CARE reaffirms A1+ credit rating of Shree Cement's commercial paper programme; Stock up ~2%

Published on: 2:55 pm

  • CARE Ratings Limited has reaffirmed the rating of Shree Cement Limited. The rating on the company’s Commercial Paper (Carved Out) programme Rs400cr has been reaffirmed at CARE Al+.
  • “The aggregate of CP and other working capital borrowings shall be within the sanctioned working capital limits,” the company said in a filing on Saturday.
  • At around 2.56 pm, Shree Cement Ltd was trading at Rs29,585.30 per piece up by Rs547.55 or 1.89% from its previous closing of Rs29,037.75 per piece on the BSE. Read more

Nifty Bank slips as IndusInd stock free falls after whistleblower report; SBI, Bandhan weigh too; Ko

Published on: 2:52 pm

  • Bank Nifty was under pressure after private lender IndusInd Bank entered into a free fall after the whistleblower report. Further, the largest lender SBI also dragged the index with Bandhan Bank weighing. Private lenders underperformed in comparison to their counterparts. The index traded between its intraday high and low of 39,674.05 and 38,932.15 respectively.
  • At around 2.52 pm, Bank Nifty was trading at 39,446.35 lower by 127.35 points or 0.32%. On the index, 7 scrips advanced while 5 scrips declined.
  • IndusInd Bank dipped by more than 10%. Investors carried heavy profit booking in IndusInd Bank after a news article claimed that whistleblowers raise loan evergreening issue at the Bank's arm. However, IndusInd has clarified exchanges, stating the allegations, "inaccurate and baseless." Read more

L&T stock hits new 52-week high after construction arm secures new orders from NMDC and DRDO

Published on: 2:48 pm

Larsen & Toubro's construction arm has secured orders for its various businesses in India. On Monday, parent L&T stock was in the fast lane on stock exchanges.

Here are key highlights of the new orders: Read more

NCLT grants approval for acquisition of IL&FS's stake in OTPC by GAIL

Published on: 2:46 pm

  • Gail (India) on Friday said that the National Company Law Tribunal has granted approval for the acquisition of IL&FS Groups 26% equity stake in ONGC Tripura Power Company (OTPC).
  • Gail said in the filing, that the National Company Law Tribunal (NCLT) has granted approval for the acquisition of a 26% equity stake of M/s Infrastructure Leasing & Financial Services (L&FS) Group by GAIL (India) Limited in ONGC Tripura Power Company Ltd. (OTPC).
  • The stake is being acquired from IL&FS Group companies namely IL&FS Energy Development Company Ltd (EDCL) and IL&FS Financial Services Ltd (IFIN). Read more

Vishnu Chemicals hits upper circuit after consolidated Q2 PAT rises 123% yoy at Rs16.6cr

Published on: 2:44 pm

  • Vishnu Chemicals Limited, a pure-play manufacturer of high-performance specialty chemicals, reported its unaudited financial results for the quarter and half year ended September 30, 2021.
  • The company’s Q2FY22 income was up 32% at Rs241.8cr as compared to Rs182.6cr in Q2FY21. EBITDA was up 70% at Rs34.5cr as compared to Rs20.2cr in Q2FY21. EBITDA margin expanded by 330 basis points to 14.3% compared to 11.0% in Q2FY21.
  • The company’s Profit After Tax (PAT) was up 123% at Rs16.6cr in Q2FY22 as compared to Rs7.4cr in Q2FY21. Read more

Moneyboxx reports growth of 122.5% yoy in total income during H1 FY22

Published on: 2:38 pm

A meeting of the Board of Directors of Moneyboxx Finance Limited on Monday has considered and approved the unaudited results for the quarter ended Sep 30, 2021. Business has strongly rebounded in Q2 FY22 post the severe impact of the COVID-19 pandemic on disbursements in Q1 FY22.

Performance Highlights of Q2 FY22 and H1 FY22
  • Business normalized and growing strongly from Q2: Business rebounded strongly with disbursements of Rs31.77cr in Q2 FY22 after low disbursements of Rs0.55cr in Q1 FY22 due to the second wave of COVID. Focus on borrowers in essential sectors (viz., Livestock, Kirana, Other Essentials) has helped Moneyboxx build a robust loan book with low NPAs and maintain industry leading collection efficiency even during pandemic. Disbursements in H1 FY22 grew by 3 times to Rs32.32cr compared to H1 FY21. Read more

Wockhardt records multi folds rise in Q2 PAT to Rs34cr, sales jump 21% yoy on robust growth in UK an

Published on: 2:36 pm

  • Wockhardt posted a consolidated net profit of Rs34cr in the quarter ending September 2021 (Q2FY22) compared to a net loss of Rs13cr in the previous quarter. The latest PAT has risen by multi-folds against a profit of Rs4cr recorded in Q2 of last year.
  • The company's sales stood at Rs862cr in Q2FY22 increasing by 21% from Rs714cr a year ago same period. Sales rose marginally from Rs860cr of the preceding quarter. Read more

Biocon Biologics and Viatris confirms Prime Therapeutics to list Semglee and Insulin Glargine inject

Published on: 2:31 pm

  • Biocon Biologics Limited (BBL), a subsidiary of Biocon Ltd., and its partner Viatris Inc. are proud to confirm that Prime Therapeutics, a leading pharmacy benefit manager (PBM) in the US, serving nearly 33 million members, will list Semglee (insulin glargine-yfgn) injection, a branded product, and Insulin Glargine (insulin glargine-yfgn) Injection, an unbranded product, as preferred insulin over the Lantus brand on its national formularies.
  • In the regulatory filing, the company said that the broad coverage of the products, starting January 1, 2022, will help ensure that millions of patients in the Prime Therapeutics network who need insulin receive the full benefits of and access to high-quality treatment with lower or consistent out - of pocket costs. Interchangeability allows for substitution for the reference product at the pharmacy counter. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices extended morning gains and up over 0.8% as Consumer Durables, IT, Metal stocks rise further.
  • BSE Sensex is currently 60,564.79 up 497.17 points or 0.83%.
  • Nifty50 is currently 18,070.15 up 153.35 points or 0.86%. Nifty Bank is 39,445.20, down 0.32%. Mid-cap Index is up 1.39%. Read more

NMDC gains ~2% after fixing prices for iron ore

Published on: 2:16 pm

  • NMDC Limited has fixed prices of iron ore. Lump ore price is at Rs5,950 per ton, and fines rate at Rs4,760 per ton.
  • The prices of Iron Ore have been fixed as under w.e.f. November 4, 2021, - Lump Ore (65.5%, 6-40mm) at Rs5,950/- per ton. Fines (64%, -10mm) at Rs4,760/- per ton.
  • “The above FOR prices are excluding Royalty, DMF. NMET, Cess, Forest Permit Fee and other taxes,” the company said in a filing on Friday. Read more

Ind Ra affirms India Grid Trust’s NCDs rating at 'AAA' with Stable outlook

Published on: 1:57 pm

  • India Ratings and Research (Ind-Ra) has affirmed Non-convertible debentures rating of India Grid Trust’s (IndiGrid).
  • The NCDs hasbeen affirmed to IND AAA/Stable while Commercial Paper has been also affirmed to IND A1+.
  • According to the rationale report, the affirmation reflects the stable operational and financial performance of IndiGrid’s asset portfolio till September 2021 and the availability of adequate liquidity to address any temporary cash flow mismatches. The collection ratio in 1HFY22 was 86% (1HFY21: 85%, FY21: 105%). Read more

HCL Technologies launches dedicated AWS Business Unit to accelerate enterprise cloud transformation

Published on: 1:49 pm

  • HCL Technologies (HCL), a leading global technology company, has launched its Amazon Web Services (AWS) Business Unit (AWS BU) to help enterprises worldwide accelerate their cloud transformation journey.
  • This dedicated business unit within HCL will be supported by AWS engineering, solutions and business teams. HCL currently holds five AWS competencies, has more than 10,000 professionals trained on AWS and plans to boost this capacity to more than 20,000 specialists in the future.
  • The new business unit will help businesses modernize their legacy systems and mainframe applications and reliably adopt cloud technologies that boost efficiency, achieve objectives and meet regulatory compliance, all the while migrating and managing SAP workloads on AWS. Read more

Nifty Pharma under pressure amid major earnings; Divis Lab nosedives 7% after Q2; Aurobindo in focus

Published on: 1:45 pm

  • Pharma company stocks witnessed selling pressure on Monday amid major Q2 earnings. Despite the majority of the stocks listed on Nifty Pharma traded on the upside, however, the index continued to witness profit booking as heavyweights like Divis Lab and Aurobindo Pharma weighed down. Nifty Pharma has hovered between an intraday high and low of 13,915.45 and 13,639.55 respectively.
  • At around 1.44 pm, Nifty Pharma was trading at 13,833.95 lower by 114.25 points or 0.82%. On the index, 13 scrips advanced and 7 scrips declined. Read more

ICRA: HFCs' growth seen to revive in FY22 despite headwinds, weak asset quality to keep profitabilit

Published on: 1:41 pm

  • The second wave of the pandemic impacted the disbursements and collection efficiency (CE) of housing finance companies (HFC)s in Q1 FY2022 after a robust recovery in H2 FY2021. Consequently, HFCs registered nil sequential growth in the on-book portfolio in Q1 FY2022, though the Y-o-Y growth was better than the growth in FY2021 given the low growth in the corresponding quarter last year.
  • The CE also declined in Q1 FY2022, however, it started bouncing back by the end of June 2021 and improved further in Q2 FY2022. The healthy demand in the industry, increasing level of economic activity and increasing vaccination in the country are expected to result in a steady growth in disbursements and improvement in CE in FY2022. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is currently 60,398.85 up 331.23 points or 0.55%
  • Nifty50 is currently 18,023.55 up 106.75 points or 0.6%. Nifty Bank is 39,320.45 down 0.64%. Mid-cap Index is up 1.41%.
  • Ultratech Cement, Titan, IOC, Bajaj Finserv, and Tech Mahindra are the top gainers. IndusInd Bank, Divis Lab, State Bank of India, Hindalco, and M&M are the top losers. Read more

Tata Steel BSL to export LD slag to Bangladesh for cement making

Published on: 1:29 pm

  • Tata Steel BSL has exported 9 thousand tons (KT) of LD slag of through Dhamra Port Company Limited to the Bangladesh market from its unit located in Dhenkanal district of Odisha. This endeavour is another milestone in the company’s operations as it marks India’s first export of LD slag to Bangladesh.
  • Cemcoa Limited, a Hong Kong-based trade house and an existing buyer of Tata Steel BSL, has shown keen interest in the market development of LD Slag in the cement-making process in Bangladesh and facilitated the export. Test and trial of LD slag has already been done in the concerned plant in Bangladesh. The proposed plan is to export 100 KT of LD slag per annum. Read more

Sun Pharma's two US subsidiaries to pay $85M in settlement pacts over antritrust litigation

Published on: 1:25 pm

  • Sun Pharmaceutical Industries said that its U.S.-based subsidiaries, Taro Pharmaceuticals U.S.A., Inc. (Taro) and Sun Pharmaceutical Industries, Inc. (SPII), have signed settlement agreements with the Direct Purchaser Plaintiffs in the In re Generic Pharmaceuticals Pricing Antitrust Litigation.
  • In the regulatory filing, under the terms of the settlement agreements, the subsidiaries will make an aggregate payment amounting to a combined total of US$85 Million in exchange for a full release of all claims asserted against them (and all of their affiliates and current and former directors, officers, employees and representatives) in the Direct Purchaser Action by the settlement class members. Read more

Goldiam International PAT rises 231% yoy to Rs43.6cr in H1FY22; Stock tumbles 3%

Published on: 1:22 pm

Goldiam International Ltd has announced its results for the quarter and six months ended on September 30, 2021.

Financial Highlights:
  • The Company reported its highest ever half yearly sales in H1FY22. The Company has experienced strong revenue growth coupled with margin expansion for both its Lab Grown Diamond (LGD) Jewellery and Natural  Diamond Jewellery owing to the revival of US retail, fueled by enhanced spending from end customers. Read more

Olectra Greentech-Evey Trans consort bags order for 100 electric buses worth Rs140cr; Stock hits new

Published on: 1:08 pm

  • Olectra Greentech announced that the company in a consortium with Evey Trans has received a Letter of Award from one of the State Transport Corporations for 100 Electric Buses under the FAME-I1 scheme of the Government of India.
  • In its regulatory today, Olectra Greentech said that this order for the supply of 100 Electric Buses is on Gross Cost Contract (GCC) / OPEX model basis for 12 years (Contract Period). The value of this Contract is approximately Rs140cr to the Company.
  • These Buses shall be delivered over 12 months. The maintenance of these buses shall also be undertaken by the Olectra during the Contract Period. Read more

Darren Oberst resigns as HCL Software's head, interim leadership to take over this week

Published on: 1:00 pm

  • IT-company, HCL Technologies has announced that  Darren Oberst, head of HCL Software has decided to leave the company to pursue another opportunity.
  • HCL Software is a business line housing products in partnership with or acquired from IBM, accounting for about 11-12% of the Company’s revenue.
  • Darren joined HCL in 2014 as the head of corporate development and moved to lead this group in 2016. Read More

Muthoot Finance stock rallies 8.5% after Q2 PAT rises 8.2% yoy to Rs1,001.96cr

Published on: 12:55 pm

  • Muthoot Finance Ltd shares were in demand on Monday’s trade after the company posted a good set of Q2FY22 numbers. The net profits for the Sep-21 quarter were up 8.2% on yoy basis at Rs1,001.96cr. On a sequential basis, the net profit was up 2.46% compared to the Jun-21 quarter profits of Rs977.88cr.
  • Muthoot Finance Ltd reported 8.19% higher total revenues for the Sep-21 quarter on a consolidated basis at Rs3,052cr. The revenues were up 3.26% on a sequential basis compared to Rs2,956cr in the Jun-21 quarter.
  • The interest income on loans was higher by 10% at Rs3,003cr in the quarter. However, net gains on fair value changes were 63% lower in the quarter resulting in overall revenue growth tempering. Read more

IndusInd Bank shares tank over 10% despite clarification on whistleblowers allegations

Published on: 12:49 pm

  • Shares of IndusInd Bank fell as much as 12.36% to hit an intraday low of Rs1,042.10 on the BSE despite the allegations made by certain anonymous individuals purportedly acting as whistleblowers, as published in the Mumbai edition of The Economic Times on November 5, 2021 titled as “Whistleblowers Raise Loan Evergreening Issue at IndusInd Arm” are grossly inaccurate and baseless.
  • At around 12.55pm, IndusInd Bank was trading at Rs1,066.40 per piece down by Rs122.35 or 10.29% from its previous closing of Rs1,188.75 per piece on the BSE.
  • The Bank said, statements quoted in the report overlook factual aspects and the Bank wishes to provide the following clarification: Read More

Bank credit rises to Rs110.46 lakh cr, deposits witness upside on a yearly basis

Published on: 12:47 pm

  • On a year-on-year basis, both bank credit and deposits witnessed healthy growth. In the latest fortnight ending October 22, 2021, RBI's data showed that bank credit stood over Rs110.46 lakh cr compared to nearly Rs103.39 lakh cr recorded in the same period last year.
  • In comparison to the previous fortnight, bank credit was slightly up. The credit stood at nearly Rs110.15 lakh cr as of October 08, 2021.
  • Meanwhile, bank deposits stood over Rs157.12 lakh cr as of October 22, 2021, compared to over Rs142.91 lakh cr recorded as of October 23, 2020. However, the latest deposits figures declined from nearly Rs157.56 lakh cr witnessed as of October 08, 2021. Read more

Vedanta now holds exclusive rights to brand 'Cairn'

Published on: 12:39 pm

  • Vedanta Limited (Cairn Oil & Gas business) reiterates that it is a separate entity with no connection to Cairn Energy PLC. Cairn Energy PLC, the Scottish oil and gas exploration company that is also commonly referred to as Cairn Energy, will discontinue the use of the brand name ‘Cairn’ as part of its corporate identity by December 2021. The brand ‘Cairn’ is exclusively owned by Vedanta Limited.
  • Discussing the change, Vedanta CEO Sunil Duggal said, “When Cairn Energy PLC exited its Indian operations in 2011 after selling its stake to Vedanta Group, it continued to use the brand name ‘Cairn’ though the brand ‘Cairn’ is owned by Vedanta Limited (erstwhile Cairn India Limited). At Vedanta, we have since then extensively invested in the company and expanded its footprint across the length and breadth of the country.” Read more

RBI commits to support the greening of India's Financial System

Published on: 12:38 pm

  • The Reserve Bank of India (RBI) has announced that it is committed to supporting greening India's financial system. On the occasion of the 2021 United Nations Climate Change Conference (COP26), NGFS has reiterated its willingness to contribute to the global response required to meet the objectives of the Paris Agreement, and, to that end, NGFS will expand and strengthen the collective efforts towards greening the financial system.
  • Accordingly, RBI published its statement to support greening India's financial system. Read more

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark market indices erase losses to trade higher as Consumer Durables index rises nearly 2%.
  • BSE Sensex is currently 60,182.39 up 114.77 points or 0.19%.
  • Nifty50 is currently 17,957.60 up 40.80 points or 0.23%. Nifty Bank is 39,162.50 down 1.04%. Mid-cap Index is up 1.07%.
  • Ultratech Cement, Titan, IOC, Grasim, and Bajaj Finserv are the top gainers. IndusInd Bank, Divis Lab, State Bank of India, Hindalco, and M&M are the top losers.
  • Nifty Bank and Pharma stocks drag the most while Nifty Consumer Durables rise nearly 2% to push markets.   
  • Out of 50 stocks traded on the BSE, 33 advanced, and 17 declined. Read more

Rs1.25 lakh cr sales logged this Diwali, highest in a decade; Traders now optimistic for wedding sea

Published on: 12:26 pm

  • This year's Diwali season was a blockbuster with the country recording a decade high sales of a breathtaking Rs1.25 lakh crore despite inflation remaining high.
  • As per the Confederation of All India Traders (CAIT), this year in Diwali 2021, shoppers across the country purchased products worth Rs1.25 lakh cr. This has led retailers to witness a decade high sales.
  • The country's capital Delhi itself witnessed massive sales of Rs25,000cr.
  • Items that were in demand during this festive were - earthen lamps, candles and paper mache lamps, which helped small potters, craftsmen, and handicraftsmen rake. Read More

Godrej Agrovet board nods 756 stock options under ESGS; Stock surges over 4%

Published on: 12:19 pm

  • Godrej Agrovet Limited stock rally during early trade on Monday after it has informed that the Board of Directors of the Company, at its Meeting held today, i.e., on Monday, November 8, 2021, has approved the major matters.
  • The Committee has approved grant of 756 stock options to an eligible employee of the Company, under Godrej Agrovet Limited - Employees Stock Grant Scheme, 2018 (“ESGS 2018”), subject to the provisions of the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, at an exercise price of Rs.10/- (Rupees Ten Only) per option. Read More

Divi's Laboratories tumbles 7% despite Q2 PAT rises 16.72% yoy

Published on: 12:17 pm

  • Shares of Divi’s Laboratories tumbled in Monday’s session despite increase in net profit in the September 2021 quarter. The net profits for the Sep-21 quarter were higher by 16.72% on yoy basis at Rs606.46cr. On a sequential basis, the net profit was higher by 8.86% compared to the Jun-21 quarter profits of Rs557.11cr.
  • Net margins at 30.51% in the Sep-21 quarter was higher than 29.70% in the Sep-20 yoy quarter and also better than 28.41% in the Jun-21 sequential quarter. Read more

Power Minister: NTPC needs to keep growing as demand for energy in India also increasing at rapid pa

Published on: 12:05 pm

  • The  R K Singh, Union Minister for Power, New & Renewable Energy speaking on the occasion of NTPC’s Raising Day, said that "NTPC is a special company; it is the largest provider of energy to our country, the most important input for growth."
  • Singh outlined the Company’s achievements, expertise, future goals and also discussed NTPC’s role in leading India’s energy transition.
  • Also, the minister appreciated NTPC for passing on approximately 4500cr to states in the last financial year by optimising energy charges. Read more

Onion prices cheaper than last year; All India retail prices of onion at Rs40.13 per kg

Published on: 11:58 am

  • The Ministry of Consumer Affairs, Food & Public Distribution said that prices of onion are now cheaper than last year, All India Retail & Wholesale prices of Onion are Rs40.13kg and Rs3215.92 p/q respectively.
  • The ministry said that "efforts of Centre to ease Onion Prices is now bearing results."
  • However, it needs to be noted that, Onion prices had started rising from the first week of October 2021, due to rains that disrupted the supply chain. In order to cool down prices, the Department of Consumer Affairs has taken up calibrated and targeted release of onions from the buffer on First-in-First-Out (FIFO) principle, guided by the twin objectives of moderating prices and ensuring minimal storage loss. Read More

Nifty Consumer Durables Index gains over 450 points; Titan, Whirpool, Bata outperform

Published on: 11:55 am

  • Nifty Consumer Durables stocks led the gains on Monday amid weak markets. Whirlpool of IndiaBata India continued to excel post Q2 earnings while heavyweight Titan continued to outperform to lift the performance of the sector. Relaxo, Crompton and V-Guard stocks were under pressure.
  • After opening on a positive note the indices turned negative amid choppy trade. At around 11.50 am, BSE Sensex was trading at. 59,999.54 down 68.08 points or 0.11%, Nifty was trading at 17,903.00 down 13.80 points or 0.08%. Read More

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