Live market updates

12th Nov, 2021

Ramkrishna Forgings and ePropelled (USA) partner to manufacture eDTS motor technology

Published on: 5:07 pm

  • Ramkrishna Forgings on Friday signed a memorandum of understanding with ePropelled (USA), the Massachusetts-based technology company that offers leading-edge electric propulsion systems. The duo will jointly develop eAxle products based on ePropelled’s patented Dynamic Torque SwitchingTM (eDTS) technology that increases power efficiency by at least 15%, allowing manufacturers to reduce the size and cost of their battery packs.
  • Additionally, eDTS provides high torque at low speeds without drawing high current from the batteries as well as high speeds at low torque levels without using field weakening. This unique combination results in a highly scalable design that can be used in a variety of vehicles ranging from light EVs—such as scooters and three-wheelers—to cars, light trucks, and large trucks. Read more

TVS Motor becomes first Indian 2 and 3 wheeler manufacturer to join UN Global Compact

Published on: 5:00 pm

  • TVS Motor Company has joined United Nations Global Compact, the world’s largest sustainability initiative. The company has become the first Indian two-wheeler and three-wheeler manufacturer to be a part of the UN Global Compact.
  • With this integral step, TVS Motor Company will now support the Ten Principles of the United Nations Global Compact on human rights, labour, environment, and anti-corruption. Read more

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Zydus Cadila's US arm receives USFDA approval for Eluxadoline Tablets

Published on: 4:55 pm

  • Zydus Cadila, listed as Cadila Healthcare on stock exchanges, on Friday announced that the US-based subsidiary, Zydus Pharmaceuticals (USA) has received tentative approval from the USFDA to market Eluxadoline Tablets in the strengths of 75 mg and 100 mg (US RLD: VIBERZI Tablets). Zydus’ Eluxadoline Tablets are indicated in adults for the treatment of irritable bowel syndrome with diarrhea, or IBS-D.
  • The drug will be manufactured at the group’s formulation manufacturing facility at the SEZ, Ahmedabad. Read more

KEC International wins new orders of Rs1,415cr

Published on: 4:55 pm

  • KEC International Ltd, a global infrastructure EPC major, an RPG Group Company, has secured new orders of Rs1,415cr in the Civil and Oil & Gas Pipeline businesses in India:
  • Order for construction of elevated viaduct along with 11 stations from Chennai Metro Rail Limited (CMRL) in a Joint Venture
  • Order for civil infra works in the Defence segment from a Defence entity Read more

Wipro joins CargoWise Service Partner Network to enable global supply chain transformation

Published on: 4:45 pm

  • Wipro Limited, a leading global information technology, consulting, and business process services company, today announced a CargoWise Service Partner agreement with WiseTech Global, a leading provider of software solutions to the logistics industry.
  • As a partner, Wipro will leverage the CargoWise logistics execution platform to help the transportation and logistics companies stay ahead of the competition, and accelerate their business value from freight forwarding, customs, track and trace, transportation optimization, and warehouse management. Read more

Goldiam International bags export orders of Rs40cr from International client

Published on: 4:36 pm

  • Goldiam International Ltd has announced that the Company has received confirmed additional Export Orders worth of Rs40cr from its International client for manufacturing of diamond studded gold and further the Company received confirmed Export Order of larger carat lab-grown diamonds jewellery worth of Rs10cr.
  • According to the regulatory filing, the aforesaid large carat lab-grown diamonds will be utilised from in-house diamond growing subsidiary Eco-Friendl Diamonds LLP, which gives full backward integration to further enhance profit margin of th Company. Read more

Five Star Business Finance files for Rs2752cr IPO

Published on: 4:29 pm

  • Non-Banking Financial Company, Five Star Business Finance Limited (FSBFL) has filed preliminary papers with capital markets regulator Sebi to raise up to Rs2,752cr through an Initial Public Offering.
  • The initial public offer (IPO) is a complete offer for sale of Rs 257.10 crore by SCI Investments V, Rs568.92cr by Matrix Partners India Investment Holdings II, LLC, Rs 9.56 crore by Matrix Partners India Investments II Extension, LLC, Rs385.65cr by Norwest Venture Partners X – Mauritius, Rs1349.78cr by TPG Asia VII SF Pte. Ltd., Rs 180.93 crore by a part of the Promoter Group, draft red herring prospectus (DRHP) filed with Sebi showed on Tuesday. Read more

Zee Media board approves issuance of warrants worth Rs164.70cr; Stock ends 1% higher

Published on: 4:28 pm

  • Zee Media Corporation Limited board on Friday has approved the issuance of up to 13.50cr Warrants at a Price of Rs12.20/- per Warrant, aggregating up to Rs164.70cr to Asian Satellite Broadcast Private Limited, an entity forming part of the Promoter Group of the Company, on Preferential issue basis.
  • “The Warrant holder will have right to apply for and be allotted 1 fully paid equity share of the face value of Re1/- each of the Company at a price of Rs12.20/- per Equity Share (including premium of Rs11.20/- per Equity Share) for each Warrant, with the amount paid against each Warrant be adjusted against the issue price for the resultant Equity Share, within a period of 18 months from the date of allotment of the Warrants,” the company said in a filing. Read more

ICRA: China's plans to steer the economy away from a property-driven model of growth could signal th

Published on: 4:26 pm

  • ICRA, in its latest research on the steel sector, said that Chinese steelmakers could brace for an extended period of weak domestic demand as the economy goes through the process of rebalancing of an overheated property market, which was a key growth engine driving the country’s steel demand for the last two decades. To prevent the housing market from overheating and to mitigate broader systemic risks to its economy, the Chinese Government introduced the Three Red Lines, which put in place a mechanism to prevent the piling up of excessive borrowings on the balance sheet of property developers.
  • On September 23, 2021, after struggling to shore-up liquidity for over a year since the rollout of the Three Red Lines, the Chinese Evergrande Group, one of the leading Chinese property developers, missed a US$83.5-million coupon payment on its offshore bond liabilities. Given the investor’s flight to safety, three more Chinese property developers failed to raise capital and defaulted on debt payments in the subsequent month of October 2021. Read more

Tata Consumer Products to acquire Tata SmartFoodz, owner of the brand ‘Tata Q’

Published on: 4:17 pm

  • Tata Consumer Products Limited (TCPL) announced that it has signed definitive agreements to acquire 100% equity shares of Tata SmartFoodz Limited (“TSFL”) from Tata Industries Limited, for a cash consideration of Rs 395 Cr. This move is consistent with TCPL’s strategic intent to expand into value added categories.
  • TSFL commenced operations in 2019 and within a short time has established itself as the #2 player in the Ready-to-Eat (RTE) market in India. It has a state-of-the-art manufacturing facility in Sri City, Andhra Pradesh. TSFL, under the brand name Tata Q, offers a range of innovative and differentiated products manufactured using MATS technology in India.
  • This unique technology helps retain taste, texture and nutrients within an ambient supply chain. The product portfolio caters to consumers looking for tasty, convenient and wholesome on-the-go meals. Its product offerings currently include pasta, noodles, biryani and combo meals. Read more

Nifty index outperform as Bank Nifty index adds fresh long positions in this week

Published on: 4:14 pm

  • Markets witnessed pendulum swings as across the board volatility weighed in. The index Option gamma writers ran for a cover as the India Vix index saw a sharp move.  The Nifty index outperformed the Bank Nifty index by ~3% adding fresh long positions during the week.
  • On the hourly charts, Nifty has given a consolidation breakout, indicating a possibility of continued upward momentum. Banking stocks like HDFC Bank & ICICI Bank were among the top underperformers, witnessing an addition of fresh short positions. FIIs index futures long/short for the November series started at 1x level. Read more

Avadh Sugar & Energy Q2 PAT jumps 257% yoy to Rs25cr

Published on: 4:12 pm

  • Avadh Sugar & Energy Limited (ASEL) reported total income at Rs621cr in the quarter ended September 30, 2021, the same as the period a year ago. EBITDA stood at Rs76cr in Q2FY22 as against Rs55cr in Q2 FY21. Profit After Tax (PAT) rose 257% to Rs25cr as against Rs7cr in Q2FY21. Closing stock inventory stood at 19.07 lakh quintals as against 30.90 lakh quintals, the company said in a filing on Thursday.
  • For the first half of the current fiscal (H1FY22) total income stood at Rs1240cr as against Rs1,184cr in H1FY21. EBITDA stood at Rs147cr as against Rs110cr in H1FY21. PAT at Rs44cr in H1FY22 as against Rs17cr in HYFY21. Read more

Matrimony.com consolidated net profit rises 61.50% in Q2; stock ends 2% higher

Published on: 4:10 pm

  • Matrimony.com Limited, the leading online matrimony company, announced its unaudited standalone and consolidated financial results for the second quarter and half year ended September 30, 2021, as approved by its board of directors.
  • The net profit climbed 61.50% to Rs16.57cr in the quarter ended September 2021 as against Rs10.26cr during the previous quarter ended September 2020. Sales rose 17.91% to Rs109.97cr in the quarter ended September 2021 as against Rs93.27cr during the previous quarter ended September 2020. Read more

RITES appoints Rahul Mithal as Chief Executive Officer

Published on: 4:00 pm

  • RITES Ltd has informed that Board on November 11, 2021 has appointed Rahul Mithal (Chairman and Managing Director) as the Chief Executive Officer of the Company.
  • Ministry of Railways on October 06, 2021 has appointed Mithal as Chairman & Managing Director w.e.f. 07.10.2021 for a period of five years till the date of his superannuation or until further orders, whichever is earlier. He is designated as Chairman and Managing Director and CEO w.e.f. 07.10.2021. Read more

CRISIL upgrades credit rating of AGC Networks’ bank facilities

Published on: 3:55 pm

  • CRISIL Ratings’ has upgraded the Credit Rating of AGC Networks Limited on its Rs128.5cr bank facilities.
  • The long-term rating of the company has been upgraded to CRISIL BBB/Stable from CRISIL BBB-/Stable and short-term rating to CRISIL A3+ from CRISIL A3.
  • As of October 31, 2021, the total limit utilization stands at Rs26cr out of the total limits of Rs128.50cr, the company said in a filing on Friday. Read more

Bulls take control as Nifty tops 18,100; IT, power, realty stocks outperform

Published on: 3:46 pm

  • Domestic equities snap three-day decline and witnessed sharp recovery towards the second half led by heavyweight financials and IT. Further, recovery in metals and FMCG also contributed to the rally and also thanks to positive global cues. Index heavyweights such as HDFC, Infosys, Reliance Industries Ltd (RIL), Kotak Mahindra Bank, ICICI Bank contributed the most to indices gain
  • Most key sectoral indices closed in green today, while midcap and smallcap indices underperformed broader indices ahead of retail inflation data due later in the day.
  • The volatility index softened ~7% today. The Nifty gained ~1% this week amid high volatility, while the market added over Rs5 trillion in investors’ wealth during the week. Read more

Motherson Sumi posts 76% yoy drop in Q2 PAT to Rs93.04cr on account of supply chain disruptions

Published on: 3:38 pm

  • Motherson Sumi recorded a weak September 2021 (Q2FY22) quarter as the auto industry continues to face multiple challenges on account of supply chain disruptions. The company's Q2 PAT stood at Rs93.04cr - declining by a whopping 76% from Rs387.93cr in the same quarter last year.
  • The company had posted a net profit of Rs367.65cr in the preceding quarter.
  • Consumer revenue from operations stood at Rs14,076.39cr in Q2FY22 down from Rs14,957.21cr in Q2 of last year. The revenue dropped significantly in comparison to Q1FY22 where the top-line front was at Rs16,157.35cr. Read more

Tata Steel logs eightfold rise in Q2 PAT on delivering strong results across key geographies

Published on: 3:29 pm

  • One of the country's largest steel producers, Tata Steel recorded a strong September 2021 (Q2FY22) earnings where net profit rose by a whopping eightfold or 661% to Rs11,918 cr in comparison to the previous year similar quarter. The company's Q2 surpassed street's expectations.
  • Consolidated revenue increased by 54.8% yoy to Rs60,282.8cr in the quarter under review. Consolidated Free Cash Flow was Rs.3,322 crores during 2QFY22 despite an increase in working capital of Rs.3,889 crores and dividend payment of Rs.3,020 crores.
  • The company spent Rs.2,191 crores on CAPEX during the quarter, work on the Pellet plant, the Cold Roll Mill complex and the 5 MTPA expansion at Kalinganagar is ongoing. Read more

Hindalco records a strong Q2 led by exceptional performance in Novelis and India biz, PAT rises by w

Published on: 3:15 pm

  • Aditya Birla Group metals flagship, Hindalco Industries reported its highest net profit in Q2 FY22, surpassing all previous quarterly performances. The Company’s consolidated PAT surged 783% to Rs3,417cr - a multifold rise of nearly nine times YoY.
  • In its audit report, Hindalco said that the results were driven by an exceptional performance by Novelis and India Business, supported by favorable macros, strategic product mix, higher volumes, and stability in operations. Novelis continued to report a high quarterly EBITDA, as a result of an upswing in demand for innovative and sustainable aluminium products, high recycled contents and an outstanding operational performance despite challenges in the automotive segment due to the global semiconductor chip shortage impacting the automotive industry. Read more

Fino Payments Bank lists at over 5.5% below issue price

Published on: 3:14 pm

  • Shares of Fino Payments Bank made a weak listing on the stock exchanges on Friday. The stock is listed at Rs544.35 apiece, a 5.65% discount over the issue price of Rs577 per share.
  • The stock however inched higher from its opening levels continued in the early trade touching a high of Rs583.35 on BSE and Rs582.95 on the NSE.
  • The shares are currently trading at Rs546.50 down by Rs30.5 or 5.29% from their previous closing of Rs577 on the BSE. Read more

Ajmera Realty continues to deliver strong operating performance in H2FY22

Published on: 3:12 pm

  • Ajmera Realty & Infra India Ltd delivered strong revenue and profitability for the half-year as a result of impressive construction progress, steady sales book, and an increase in the number of units sold, the company said in a filing on Thursday.
  • The company’s total revenue for the first half-year of the current fiscal stood at Rs235cr; up 57% yoy compared to Rs149cr in the same period of last fiscal.  Sales advances at Rs217cr; up by 95% yoy. The company sold 139 units with a total area of 1,69,082 sft.
  • The Profit After Tax (PAT) stood at Rs22cr in H2FY22; up 121% yoy compared to Rs2.76cr in H1FY21. Profit Before Tax at Rs29cr; up 103% yoy from Rs14cr. EBIDTA at Rs59cr, up 38% yoy from Rs43cr. EPS at Rs6.11, up 121% from Rs2.76. Read more

Sunteck Realty stock climbs 4% after Q2 PAT rises 404% sequentially to Rs15cr

Published on: 3:01 pm

  • Real estate company, Sunteck Realty posted a 35% rise in net profit to Rs15cr for the quarter ending September 2021 (Q2FY22) from Rs11cr a year ago same period. On a sequential basis, the latest PAT increased by a whopping 404% from Rs3cr of Q1FY22.
  • The company's revenue stood at Rs136cr in the quarter under review declining by 7% from Rs147cr of the same quarter last year. However, on a quarter-on-quarter basis, revenue jumped by 47% from Rs93cr witnessed in Q1FY22.
  • Kamal Khetan, Chairman and Managing Director, Sunteck Realty Ltd. said: “Aggressive sales strategy and strong brand recall has led to success across our various sub-brands and pricing spectrum, enabling us to grow our pre-sales in a strong manner. In addition, we have been focused on augmenting our construction execution across board, which has further complemented our sales momentum as well as collections growth." Read more

Project aimed at automation of the processes and functions of DGCA: Civil Aviation Minister

Published on: 2:48 pm

  • The nation is celebrating the ‘Azadi Ka Amrit Mahotsav’ to commemorate 75 years of Independence. On this occasion, Jyotiraditya M. Scindia, Union Minster of Civil Aviation dedicated eGCA, the e-governance platform in Directorate General of Civil Aviation (DGCA) to the nation. At this occasion, Secretary, Civil Aviation Rajiv Bansal, Director General of Civil Aviation Arun Kumar and eminent members of the civil aviation industry were present.
  • Speaking on the occasion, Scindia said that adopting the vision of Hon’ble Prime Minister of Digital India, DGCA has implemented its e-governance platform eGCA. The project has been aimed at automation of the processes and functions of DGCA, with 99 services covering about 70% of the DGCA work being implemented in the initial phases, and 198 services to be covered in other phases. Read more

Nifty Metal rises on broad-based buying; Welspun Corp, Hindalco, APL, NALCO top bulls; Tata Steel un

Published on: 2:40 pm

  • Metal company stocks traded higher on Friday led by broad-based buying in majority stocks. Corporate earnings season continues to play a major role in swaying markets outlook. Index heavyweight Tata Steel witnessed selling pressure after Q2, while Hindalco gained amid earnings. The performance also comes after OPEC views on commodity markets in its latest oil market report for November 2021.
  • At around 2.34 pm, Nifty Metal traded at 5,734.25 higher by 53.25 points or 0.94%. The index has touched between an intraday high and low of 5,765.75 and 5,670 respectively.
  • Welspun Corp was the top gainer soaring more than 6.5% followed by Hindalco surging nearly 3%. APL Apollo advanced over 2%. Read more

Arvind SmartSpaces delivers strong Q2 numbers led by robust growth in fresh sales at Rs184cr

Published on: 2:35 pm

  • Arvind SmartSpaces Limited (ASL), one of India’s leading real estate development company has announced its financial results for the quarter and half year ended on September 30, 2021.
  • The Company reported a strong growth in fresh sales at Rs184cr aided by a set of successful launches of new phases in its existing projects in Ahmedabad.
  • The Company also reported a jump of 140% in its net collections of Rs161cr for the quarter versus the same quarter of the previous year. Net Interest bearing funds to equity ratio of the Company stands at 0.08 as on Sep-21 vis-à-vis 0.71 as at Sep-20. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Markets extended gains by surging 1% led by IT, Energy stocks.
  • BSE Sensex is currently 60,601.20 up 681.51 points or 1.14%.
  • Nifty50 is currently 18,076.70 up 203.10 points or 1.14%. Nifty Bank is 38,737.80 up 0.46%. Mid-cap Index is also up 0.41%. Read more

Reliance Retail acquires ‘amanté’ business of MAS Holdings

Published on: 2:23 pm

  • MAS Holdings has announced that Reliance Retail Ventures Limited (“RRVL”), has acquired 100% of the retail lingerie businesses under the ‘amante’ umbrella brand from MAS Brands, a wholly-owned subsidiary of MAS Holdings, Sri Lanka.
  • The ‘amanté business’, which was established by MAS in 2007/8, engages in the retail and wholesale distribution of premium lingerie brands ‘amanté’, ‘Ultimo’ and ‘every dé by amanté’. The products are sold through its own stores and multi-brand outlets, as well as through its e-commerce channels across India and Sri Lanka. Read more

Prataap Snacks reports healthy performance in Q2 as revenue grows 13% yoy; stock jumps 3%

Published on: 2:09 pm

  • Prataap Snacks Ltd. (PSL), a leading Indian Snacks Food Company has announced its financial results for the quarter and half year ended 30th September 2021.
  • The net profit increased 74.05% to Rs14.69cr in the quarter ended September 2021. The net profit of the company stood at Rs8.44cr during the previous quarter ended September 2020, the company said in the filing.
  • The stock is currently trading at Rs736 up by Rs22.7 or 3.18% from its previous closing of Rs713.30 on the BSE. Read more

Piramal Enterprises Q2 PAT slips 33.29% to Rs426cr; stock slumps 3%

Published on: 2:01 pm

  • Piramal Enterprises Limited (PEL) on Thursday has announced its consolidated results for the Second Quarter (Q2) and Half Year (H1) FY2022 ended 30th September 2021.
  • The net profit declined 33.29% to Rs419.17cr in the quarter ended September 2021 as against Rs628.31cr during the previous quarter ended September 2020.
  • The sales also fell 5.95% to Rs3105.52cr in the quarter ended September 2021 as against Rs3301.84cr during the previous quarter ended September 2020. Read More

OPEC cuts world oil demand outlook for 2021; India's economic outlook clouded by high level uncertai

Published on: 1:41 pm

  • The Organization of the Petroleum Exporting Countries  (OPEC) has lowered the world oil demand outlook for 2021 by around 0.16 mb/d, compared to last month’s assessment, to stand at 5.7 mb/d. Giving rationale to the downgrade, OPEC cited slower than anticipated demand from China and India in 3Q21" as the reason.
  • OPEC estimates global oil demand to reach 96.4 mb/d in 2021.
  • For 2022, OPEC said that "growth in global oil demand remains unchanged compared to the previous month’s assessment, to stand at 4.2 mb/d," adding, "world total demand in 2022 is now estimated to reach 100.6 mb/d, around 0.5 mb/d above 2019 levels." Read more

Man Industries (India) spurts 5% on receiving new orders worth Rs350cr

Published on: 1:37 pm

  • Man Industries (India) Ltd has informed that the company has received new orders worth approximately Rs350cr (approx. Rupees Three Hundred Fifty crores). 
  • With these new orders the unexecuted order book as on date stands at approximately Rs1350cr (approx. Rupees One Thousand Three Hundred Fifty Crores) to be executed in Six to Seven months, said company in a regulatory filing.
  • Further, this order reflects robust business environment and also showcases the trust customers have in the Company’s technological and executional capabilities, it added. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • Benchmark market indices near day's high on the back of a surge in IT stocks.
  • BSE Sensex is currently 60,439.34 up 519.65 points or 0.87%.
  • Nifty50 is currently 18,029.50 up 155.90 points or 0.87%. Nifty Bank is 38,668.40 up 0.28%. Mid-cap Index is also up 0.32%.
  • Tech Mahindra, Adani Ports, Hindalco, HDFC Life and Infosys are the top gainers. Bajaj Auto, Tata Steel, NTPC, Power Grid, and Axis Bank are the top losers.
  • Nifty IT stocks in focus as it continues to drive the trade, surging over 1.5% while auto stocks remain under pressure
  • Out of 50 stocks traded on the NSE, 40 advanced and 10 declined. Read more

Nifty Oil & Gas trades higher after OPEC lowers oil demand outlook for 2021; RIL, HPCL, Oil India, G

Published on: 1:15 pm

  • Oil and gas stocks were in focus on Friday after the OPEC downgraded world oil demand outlook for 2021 citing slower than anticipated demand from China and India in 3Q21. The Nifty Oil & Gas traded higher despite the downgrade in the oil demand with heavyweight Reliance Industries lifting the index majorly. Corporate earnings season led to playing positively for the sector.
  • The Nifty Oil & Gas index has hovered between an intraday high and low of 8,040.15 and 7,982.40 respectively. At around 1.05 pm, the index was trading at 8,029.15 up 56.20 points or 0.7%. On the index, 10 scrips advanced while 5 scrips declined. Read more

GOCL Corporation slips over 2% after H1 PAT declines

Published on: 12:46 pm

  • GOCL Corporation Limited, a Hinduja Group Company, has reported a consolidated income of Rs146cr for the Q2 of financial year 2021–22, as compared to Rs132cr during the Q2 of the previous year, an increase of 10% yoy.
  • The company said in a filing that, in H1 the turnover was Rs321cr against Rs274cr of the previous year, an increase of 17% yoy. The Profit After Tax (PAT) for H1 was Rs26cr as compared to Rs36cr last year, this was basically due to the 40% increase in Ammonium nitrate prices which is the principal raw material for explosives. Read more

Shriram Capital appointed Ajay Thomas John as Chief Digital Officer

Published on: 12:35 pm

  • Shriram Capital Limited, India’s leading Financial Conglomerate, announced the appointment of Mr. Ajay Thomas John as Chief Digital Officer to lead the digital transformation at the company. At the Shriram Group, digital transformation is a critical mission across its various financial services and insurance businesses with a thrust on innovation. Ajay as the CDO will drive the group’s digital strategies and omnichannel customer experience
  • The Shriram Group has been championing tech-driven innovation. Shriram City Union Finance recently launched AI-enabled loan offering for two-wheeler loans, whereas Shriram Transport Finance is the first company to use blockchain to issue digital fixed deposits. Read More

Brickwork upgrades credit ratings on Signet Industries' bank facilities

Published on: 12:32 pm

  • Brickwork Ratings upgrades the ratings for the Bank Loan Facilities of Rs375.81cr of Signet Industries Ltd.
  • BWR has upgraded the Long term and short term rating to BWR BBB+ (Stable) and BWR A2 respectively for the bank loan facilities of Signet Industries Limited (SIL or the company).
  • The rating upgrade is underpinned by comfortable scale of operations and capital structure over the years. Read more

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark market indices consolidate on early gains; IT Stocks surge. 
  • BSE Sensex is currently 60,220.21 up 300.52 points or 0.50%.
  • Nifty50 is currently 17,965.90 up 92.30 points or 0.52%. Nifty Bank is 38,590.80 up 0.08%. Mid-cap Index is up 0.03%.
  • Tech Mahindra, HDFC Life, Adani Ports, Hindalco, and Infosys are the top gainers. Bajaj Auto, Tata Steel, NTPC, Power Grid, and IOC are the top losers.
  • Nifty IT stocks surge 1.1% to lead gains while Nifty PSU Bank, Auto and Media stocks remain under pressure. 
  • Out of 50 stocks traded on the BSE, 36 advanced and 14 declined. Read more

TVS Motor backed Norton Motorcycles opens new global headquarters

Published on: 12:18 pm

  • TVS Motor Company Limited backed Norton Motorcycles has announced the completion of its new global headquarters. The all-new facility houses state-of-the-art manufacturing capability and the company’s new global design and R&D hub. It forms a key part of Norton’s strategic growth plan on its journey to becoming the world leader in luxury hand-crafted motorcycles.
  • “The new HQ is a clear display of significant commitment by TVS Motor Company in its prosperous partnership with Norton Motorcycles. Within just 18 months of acquiring the iconic British marque, TVS Motor has overseen the creation of its world-class facility in Solihull, West Midlands, UK paving the way to design and produce an exciting new generation of motorcycles built with world-leading manufacturing standards,” the company said in a filing. Read More

Atul incorporates 'Atul Healthcare' as wholly-owned subsidiary

Published on: 12:13 pm

  • Atul Ltd has informed that the company has formed Atul Healthcare Ltd (AHCL) as a wholly-owned subsidiary of the Company.
  • The authorised capital is Rs10,00,000, the company said in the filing.
  • Being wholly-owned subsidiary, AHCL is a related party while the industry belongs to hospitals and healthcare sector. Read more

Bank of Baroda keeps MCLR on various tenors unchanged with effect from today

Published on: 12:10 pm

  • State-owned Bank of Baroda has approved the review of Marginal Cost of Funds Based Lending Rate (MCLR). The lender has kept the benchmark lending rates unchanged with effect from today onward.
  • One-year MCLR stays unchanged at 7.3%.
  • While MCLR on six months and three months MCLR stand at 7.15% and 7.05% respectively. Read more

Nifty FMCG trades higher; Emami, P&G Hygiene, Britannia, Tata Consumer outperform

Published on: 12:10 pm

  • Nifty FMCG Index was trading higher amid bullish markets on Friday. The Index was under pressure on Thursday amid bearish markets but was trading in the green on Friday to go with upbeat markets. 
  • Emami rose over 3% while Britannia IndustriesProcter & Gamble Hygiene, and Tata Consumer Products were also bullish. Godrej Consumer Products and Radico Khaitan dragged the most.
  • Sensex and Nifty have traded nearly 60,200 and 17,950 levels. The Q2 earnings remain the focus. 
  • At around 12.10 pm, BSE Sensex was trading at 60,190.99 up 271.3 points or 0.45% and Nifty 50 at 17,966.35 up 92.75 points or 0.52%. Nifty FMCG was trading at, touching a high of 38,763.00 and low of 38,587.45 during intraday trade on Friday. Read More

Boeing may secure 70 to 80 737 MAX jets order from Rakesh Jhunjhunwala's Akasa Air: Report

Published on: 12:04 pm

  • US aerospace giant, Boeing Co is in news once again for a mega deal in India with billionaire Rakesh Jhunjhunwala's startup Akasa Air. It is now being said that Boeing is likely to win an order for about 70 to 80 737 MAX jets from Akasa.
  • The news was reported by Bloomberg who cited people familiar with the matter. The order is expected to be secured by as early as this weekend.
  • The report stated that a deal could be announced during the Dubai Airshow which is scheduled to commence on November 14, 2021. Read More

Bhageria Industries acquires land for expansion; Stock dips 1%

Published on: 12:02 pm

  • Bhageria Industries Ltd has informed that the Company has acquired Land admeasuring 13,957 Sq. m. (i.e. Plot No. E137) from Maharashtra Industrial Development Corporation (MIDC), Tarapur.
  • As per regulatory filing, the company has acquired land for future expansion and new projects. Bhageria Industries has already made necessary payments to MIDC. A Lease agreement to this effect has been entered between MIDC and the Company for 95 years on November 9, 2021.
  • At around 12:02 PM, Bhageria Industries was trading at Rs265.60 per piece lower by 0.97% on Sensex. Read More

Wipro stock jumps over 1% after launching automative e-commerce cloud solution for Direct-to-Consume

Published on: 11:48 am

  • Wipro has unveiled Click-Shift-Drive, a contactless car-buying solution that addresses the complete automobile-buying journey. Scalable, flexible and rapidly deployed, the end-to-end solution enables automakers and dealers to offer everything from research and loan approval to purchase and delivery at a time when 50% of car-buying journeys begin online.
  • At around 11.46 am, Wipro is trading at Rs649.65  per piece up 1.4% on Sensex. Read more

NDTV trades lower despite higher profit in Q2; TV profit is above Rs10cr

Published on: 11:44 am

  • NDTV Group on Thursday declared a profit of Rs12.03cr for the second quarter (Q2FY22). This is the best-ever second quarter in the history of the Group’s television company, NDTV Limited, which has registered a profit of Rs10.18cr, almost double the profit that is reported at the same time last year.
  • The company said in a filing that the Group’s digital company, NDTV Convergence, continues to be profitable with an 11% growth in revenue in the first half of this financial year. Convergence has also reconfigured certain key deals and operations, resulting in one-time expenses of Rs7.5cr during this period. The Management is confident that the benefits of this restructuring will be realised early. Read more

NHPC board nods to form JV for 500 MW floating Solar Power Project in Odisha; Stock up 1%

Published on: 11:38 am

  • The state-owned NHPC board of directors have approved the proposal to form a joint venture for the implementation of a 500 MW floating Solar Power Project in various water reservoirs in the State of Odisha.
  • The JV is going to be between NHPC and Green Energy Development Corporation of Odisha (GEDCOL).
  • The Board has also accorded its investment approval to contribute initial equity of Rs7.4cr by NHPC in the JV Company, to be promoted jointly by NHPC (74%) and GEDCOL (26%). Read More

Alicon Castalloy sheds over 1% after delivering resilient performance in Q2FY22

Published on: 11:34 am

  • Alicon Castalloy Ltd has announced its financial results for the quarter and half year ended September 30 2021.
  • Performance Review for Q2FY22 vs. Q2FY21
  • Total Income at Rs268.73cr compared to Rs205.15cr
  • EBITDA at Rs25.26cr compared to Rs26.71cr
  • PBT at Rs4.66cr as compared to Rs5.61cr
  • Profit after Tax at Rs3.02cr compared to Rs5.28cr Read more

Sun Pharma gears up to introduce Molnupiravir under brand name Molxvir in India; Stock surges

Published on: 11:31 am

  • Sun Pharmaceutical Industries is gearing up to introduce Merck Sharpe Dohme (MSD) and Ridgeback’s molnupiravir under the brand name Molxvir in India. The Drugs Controller General of India (DCGI) is currently reviewing clinical data of molnupiravir for the treatment of COVID-19 in adults in India.
  • Molnupiravir is the first oral antiviral approved by the UK Medicines and Healthcare products Regulatory Agency (MHRA) for the treatment of mild-to-moderate COVID -19 in adults. It is under review by the U.S. Food and Drug Administration (FDA) for Emergency Use Authorisation (EUA). Read More

Market pulse at 11:30 AM today

Published on: 11:30 am

  • Indices led by bullish IT and Oil & Gas stocks strengthen gains.
  • BSE Sensex is at 60,173.12 up 253.43 points or 0.42%.
  • Nifty50 is at 17,954.35 up 80.75 points or 0.45%. Nifty Bank is 38,545.50 down 0.04%. Mid-cap Index is down 0.13%.
  • HDFC Life, Tech Mahindra, Hindalco, Adani Ports, and Bajaj Finserv are the top gainers. Bajaj Auto, Tata Steel, NTPC, State Bank of India, and IOC are the top losers.
  • Nifty IT and Oil & Gas stocks lead gains while Nifty PSU Bank, Auto and Media stocks trade lower. 
  • Out of 50 stocks traded on the BSE, 34 advanced and 16 declined. Read More

Polycab India incorporates 'Steel Matrix' as subsidiary in India; Stock gains

Published on: 11:20 am

  • Polycab India Limited has incorporated a Subsidiary in India namely “Steel Matrix Private Limited” on November 11, 2021.
  • The Authorised capital is Rs1cr while Industry to which the entity being acquired belongs to manufacturing of steel drums and bobbins for cables and wires. Read more

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