Live market updates

22nd Nov, 2021

CCI imposes a penalty on paper manufacturers for indulging in cartelisation

Published on: 4:46 pm

  • The Competition Commission of India (CCI) issued a final order yesterday against certain companies manufacturing paper from agricultural waste and recycled waste paper as well as an association, which were found to have contravened the provisions of Section 3(1) of the Competition Act, 2002 (Act), read with Section 3(3)(a) thereof, which proscribe anti-competitive agreements.
  • The case was initiated suo motu by the Commission on the basis of certain material found during the ongoing investigations of two other cases. Although the DG investigated 21 original paper manufacturers and the association, it only recorded findings of contravention of the provisions of Section 3(1) of the Act read with Section 3(3)(a) thereof against ten (10) such paper manufacturers and the association. The period of cartel was noted by the DG to be from September 2012 till March 2013. Read more

Amber Enterprises and subsidiary gets govt's nod for PLI scheme of white goods

Published on: 4:46 pm

  • Amber Enterprises and its subsidiary IL JIN Electronics India Private Limited (“IL JIN”) have received approval from the Ministry of Commerce & Industry under the Production Linked Incentive Scheme for White Goods (Air Conditioners).
  • Jasbir Singh, Chairman and CEO at Amber Enterprises India Limited said, “The production linked incentive (PLI) scheme approved by the government would help provide a level playing field to domestic players and create an enabling environment for the industry to compete globally."
  • Singh added, "We believe, with the opportunity in hindsight, our constant endeavour would be to increase penetration and increase our wallet share with the existing customers and acquire new customers and increase export penetration, as we will become more competitive with this PLI incentive and R&D capabilities.” Read more

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Gadkari sanctions improvement and strengthening works of National Highways in UP and Uttarakhand

Published on: 4:42 pm

  • Union Minister for Road Transport and Highways Nitin Gadkari sanctioned Widening and strengthening work of NH-334A (Purkaji – Laksar – Haridwar Road) to two-lane with paved shoulder under EPC (Engineering Procurement Construction) mode with a budget of Rs227.06cr in Uttar Pradesh.
  • In a series of tweets, Gadkari informed about sanctioning three more projects in the state.
  • The Minister sanctioned the Widening and strengthening work of NH-330D (Sitapur to Kurain Section) to two-lane with paved shoulder under EPC mode with a budget of Rs505cr. Read more

Parsvnath Developers receives concession rights from DMRC for construction of high-end Shopping Mall

Published on: 4:41 pm

  • Parsvnath Developers has received concession rights from the Delhi Metro Rail Corporation Limited ("DMRC”) for the construction, development, management, operation and maintenance of a high-end Shopping Mall (“Project”) on land admeasuring 28,400 sq. mtrs., having a potential of 4,00,000 sq. ft. (approx.) leasable area, on BOT basis, situated in New Delhi.
  • The construction and development work at the Project site has commenced after obtaining all the requisite sanctions and approvals in respect of the Project, including the approval of DMRC for the development of the Project by Unity Parsvnaths LLP. Read more

Biocon Biologics and Viatris launch Insulin Glargine Injection

Published on: 4:35 pm

  • Biocon-led subsidiary, Biocon Biologics and Viatris have confirmed that Insulin Glargine (insulin glargine-yfgn} injection will be offered through the Walgreens Prescription Savings Club, saving members up to 80 percent off the cash price of comparable long-acting insulins purchased at Walgreens.
  • This decision by Walgreens follows the launch of Insulin Glargine (insulin glargine-yfgn) announced on November 16.
  • Biocon Biologics and Viatris co-developed the product, and together the companies are committed to improving patients' access to sustainable, quality and more affordable healthcare. Read more

Intellect Digital Core powered Cater Allen wins IBSi NeoChallenger Bank Award

Published on: 4:28 pm

  • Intellect Design Arena Ltd, a future-ready, multi-product FinTech company for the world’s leading financial and insurance institutions, announced that the Intellect Digital Core-powered Cater Allen has won the prestigious IBSi NeoChallenger Bank Award in the consumer banking segment. Cater Allen has also been named as the best NeoChallenger Bank in the European Region.
  • The IBSi NeoChallenger Bank Awards 2021 seek to identify and honour technology players and NeoChallenger Banks for their excellence in driving impact through banking technology implementations and innovations using emerging technologies. Read more

ICRA upgrades long-term rating of Acrysil at A with Stable outlook

Published on: 4:25 pm

  • ICRA Limited has revised the credit ratings of Acrysil Limited. The long-term rating Rs131.31cr of the company has been upgraded from ICRA A- to ICRA A with a Stable outlook. Based on the rating assessment undertaken by ICRA, the short-term Rs10cr credit rating of the company has been reaffirmed ICRA A2+.
  • Acrysil Ltd ended at Rs796.80 per piece down by Rs38.7 or 4.63% from its previous closing of Rs835.50 per piece on the BSE. Read more

RBL Bank authorised by RBI to collect direct taxes

Published on: 4:24 pm

  • RBL Bank has been authorised by the Reserve Bank of India (RBI), based on recommendation from the Controller General of Accounts, Ministry of Finance and Government of India (GoI), to collect direct taxes on behalf of the Central Board of Direct Taxes (CBDT).
  • After technical integration, RBL Bank’s corporate and individual customers will be able to pay their direct taxes through RBL Bank’s mobile banking or net banking platforms as well as through the branch banking network, resulting in ease and convenience for customers. Read more

Elin Electronics files for Rs760cr IPO

Published on: 4:21 pm

  • Delhi based Elin Electronics Limited, a leading electronics manufacturing services company, has filed Draft Red Herring Prospectus (DRHP) with the market regulator SEBI for an Initial Public Offering (IPO).
  • The Delhi-based company's IPO comprises equity shares of the face value of Rs 5 each comprising a fresh issue aggregating up to Rs 175 crore, and an offer for sale of up to Rs 585 crore, according to its draft red herring prospectus (DRHP). Read more

IRCON emerges lowest bidder for railway signaling projects worth Rs138cr; Stock ends in green

Published on: 4:12 pm

  • IRCON International Limited has emerged as the lowest bidder in Railway signalling projects floated by the Ministry of Transport Services Management, Sri Lanka for Design, Installation, Testing and Commissioning of Signalling System from Maho Junction to Anuradhapura, Sri Lanka under the Indian Line of Credit.
  • The value of the project is approx. USD15.5 million equivalent to Rs114cr. The completion period of the project is approx. one year. Read more

S&P Global Ratings upgrades Glenmark Pharma to BB on expected maintenance of lower leverage

Published on: 3:59 pm

  • Glenmark Pharmaceuticals Limited informed the exchanges Thursday that S&P Global Ratings has upgraded credit ratings of the company to BB from BB- on expected maintenance of lower leverage. Outlook is Stable.
  • The company stock trade on Monday ended at Rs469.05 per piece down by Rs13.85 or 2.87% from its previous closing of Rs482.90 per piece on the BSE. Read more

PI Industries ranks in the TOP QUINTILE of the S&P Global CSA 2021

Published on: 3:49 pm

  • PI Industries Ltd (NSE, BSE), today announced that it has emerged as one of the top quintile companies in it’s very first S&P Global Corporate Sustainability Assessment (CSA) with 82% percentile industry ranking in the results announced on 12th Nov, 2021.
  • The S&P Global Corporate Sustainability Assessment, which currently assesses ~10,000 companies globally, enables companies to benchmark their sustainability performance on a wide range of industry specific economic, environmental and social criteria that are relevant to the growing number of sustainability focused stakeholders. The S&P Global uses a consistent, rule-based methodology to convert ~1000 data points and ~100 questions across the economic, social and environmental dimension into an ESG Score. Read more

Markets close lower; Nifty 50 took a nose dive

Published on: 3:44 pm

  • Markets witnessed a negative day of trade, with the benchmark index trending lower for the major part of the trade.
  • Bank Nifty underperformed the Nifty by ~0.25% with both the indices took a nose dive, closing ~2% lower.
  • Reliance Industries was among the top index loser, closing ~4.5% along with an addition of fresh short positions. Read more

Havells India starts commercial production of washing machines at Ghiloth plant

Published on: 3:27 pm

  • Havells India said in the regulatory filing that the company has started commercial production of washing machines at its Ghiloth plant from November 19, 2021.
  • In the regulatory filing, the company said “This is further to the earlier intimation made to the stock exchanges on 12th February 2021 with regard to the setting-up of a new facility to manufacture washing machines in Ghiloth in the State of Rajasthan.”
  • “In terms of Regulation 30 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with corresponding circulars and notifications issued thereunder, it is hereby informed that the Company viz. Havells India Limited, has started commercial production of washing machines at its Ghiloth plant from 19th November 2021,” it added. Read more

KPI Global Infrastructure bags repeat order for 5.20 MWdc solar power project

Published on: 3:21 pm

  • KPI Global Infrastructure Ltd has informed that the company has bagged repeat order for executing solar power project of 5.20 MWdc capacity from their existing client M/s. Devika Fibres Private Limited, Surat under 'Captive Power Producer (CPP)' segment of the Company.
  • At around 3:20 PM, KPI Global was trading at Rs202.60 per piece lower by 3.62% on the BSE. Read more

Sundaram Finance Holdings board approves investment in BIH Braking; Stock dips 2%

Published on: 3:20 pm

  • Sundaram Finance Holdings Limited board on Monday has approved the acquisition of 60,000 equity shares of Rs10 each in BIH Braking Company Private Limited from Brakes India Private Limited (BIPL) at face value, for a total consideration of Rs6 lakhs (excluding stamp charges, taxes, and other expenses, as applicable).
  • “The said transaction will be on an arm's length basis and the Audit Committee has granted its prior approval to the transaction at its meeting held today. Further, the transaction is likely to be completed by end of December 2021.
  • We hereby confirm that Sundaram Finance Limited, the promoter of SFHL does not have any interest in BIH Braking. Further, persons belonging to the promoter group of SFHL are interested in BIPL and BIH Braking only to the limited extent of their directorship in those companies,” company said in a regulatory filing on Monday. Read more

ICRA revises long-term rating on APL Apollo Tubes bank facilities

Published on: 3:05 pm

  • ICRA Limited has reviewed the credit ratings on the bank loan facilities of APL Apollo Tubes Limited.
  • The rating on long-term bank facilities of the company has been revised to ICRA AA Stable from ICRA AA- (Positive). On short-term bank facilities of the company, the ICRA A1+ rating has been reaffirmed.
  • At around 3.09 pm, APL Apollo Tubes Ltd was trading at Rs895.35 per piece down by Rs15.25 or 1.67% from its previous closing of Rs910.60 per piece on the BSE. Read more

Tata Communications GlobalRapide powers enterprises with intelligent, automated, cloud-first unified

Published on: 3:00 pm

  • Tata Communications on Monday has announced the launch of Tata Communications GlobalRapide, an end-to-end managed unified communications as a service (UCaaS) to enable enterprises deliver digitally advanced, sophisticated, and intelligent collaboration experiences to employees. With this new service, Tata Communications becomes a one-stop-shop to address all digital-first, cloud-first unified communications requirements of global businesses.
  • Tata Communications GlobalRapide helps enterprises with identifying the right collaboration platforms, simplified migration, robust enterprise-grade communications management, and end-to-end visibility, monitoring, and reporting of the collaboration solutions. Read more

Samvardhana Motherson Reflectec-led JV completes acquisition of a majority stake in Nanchang JMCG Me

Published on: 2:58 pm

  • Samvardhana Motherson Automotive Systems Group BV (SMRPBV), announced the successful completion of the acquisition of a majority stake in Nanchang JMCG Mekra Lang Vehicle Mirror Co., Ltd by Ningbo SMR Huaxiang Automotive Mirrors Ltd. (SMR NBHX). SMR NBHX is a 50:50 joint venture in China between its subsidiary Samvardhana Motherson Reflectec (SMR) and Ningbo Huaxiang Electronic Co., Ltd (NBHX Trim Group).
  • This acquisition was announced on October 8, 2021, and has been completed within 1.5 months, the company said in the filing.
  • The stock is currently trading at Rs227.90 down by Rs9.65 or 4.06% from its previous closing of Rs237.55 on the BSE. Read more

Brickwork rating outlook of Indiabulls Housing Finance to Stable from Negative; Stock slumps 5.5%

Published on: 2:50 pm

  • Indiabulls Housing Finance Limited on Thursday announced that Brickwork Ratings India has revised its rating outlook to stable from negative.
  • The long-term credit rating of the company has been reaffirmed at BWR AA+ and the Perpetual Debt rating has been reaffirmed at BWR AA.
  • Brickwork noted the following in revising the rating outlook to stable Read more

Persistent Systems completes acquisition of Shree Infosoft

Published on: 2:35 pm

  • Persistent Systems Limited informed the exchanges Thursday that the necessary customary closing conditions with respect to the business acquisition of Shree Infosoft Pvt. Ltd., by Persistent and the acquisition of the assets of Shree Partners LLC, USA, Parent Company of Shree Infosoft, by Persistent Systems Inc. USA, a wholly-owned subsidiary of Persistent, have been met on November 18, 2021.
  • The business and assets acquisition(s) as mentioned in the above-referred intimation has now been completed. Read more

Bears take control of Nifty Oil & Gas with all stocks trading lower; RIL drags most after callin

Published on: 2:35 pm

  • Oil and gas stocks were under steep fall on Monday after crude oil prices continued to be wobbly as worries for supply and weak demand globally escalates. All stocks listed on Nifty Oil & Gas index were in the red. Heavyweight Reliance Industries (RIL) dragged the index most after calling off a mega-deal with Saudi Aramco. The sector is among the top bears on stock exchanges weighing heavily in benchmarks Sensex and Nifty 50.
  • At around 2.24 pm, Nifty Oil & Gas was trading at 7,498.90 down by 254.90 points or 3.29%. The index has touched an intraday high and low of 7,705.25 and 7,495.70 respectively. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices are at day’s low in the afternoon session. Sensex nosedives 1500 points, Nifty50 drops below 17.350.
  • BSE Sensex is currently 58,134.23 down 1501.78 points or 2.52%.
  • Nifty50 is currently 17,325.80 down 439.00 points or 2.47%. Nifty Bank is 36,801.20 down 3.09%. Mid-cap Index is down 3.72%. Read more

OnMobile Global launches O-Cade with Ooredoo Myanmar; Stock tumbles near 7%

Published on: 2:29 pm

  • OnMobile Global Limited, the global leader in mobile entertainment has launched their new B2B mobile quiz gaming product, Challenges Arena, under the brand name O-Cade with Ooredoo Myanmar. This is one of 6 partnerships which have gone live for Challenges Arena.
  • O-Cade is a unique platform for Ooredoo Myanmar to enhance their engagement initiatives towards subscribers. It offers gamers an immersive experience to play and compete in various Battles and Open Tournaments and get a chance to win real-time and periodic rewards.
  • With popular HTML5 games across genres as part of its offering, O-Cade allows gamers to invite their friends or other online players to compete in 1-on-1 and multiplayer battles. Daily tournaments can be played against thousands of online players to achieve a position on the leaderboard. Read more

USFDA allows Zydus Cadila to market Decitabine for Injection

Published on: 2:20 pm

  • Zydus Cadila, listed as Cadila Healthcare has received final approval from the USFDA to market Decitabine for Injection in the strength of 50 mg/vial Single-Dose Vial (USRLD: Dacogen).
  • Decitabine is used to treat myelodysplastic syndromes, certain types of blood or bone marrow cancer.
  • The drug will be manufactured at the group’s injectables manufacturing facility at Zydus Hospira. Read more

Rossari Biotech appoints Debashish Vanikar as the CEO, Surfactants & Silicone Business

Published on: 2:17 pm

  • Rossari Biotech Limited (Rossari, Company), a Speciality- Chemicals manufacturer providing intelligent and sustainable solutions for customers across industries, announced the appointment of Mr. Debashish Vanikar as the CEO, Surfactants & Silicone Business. A seasoned strategist and Business Manager for the last 21 years, Debashish will be leading the integration of Rossari with its new acquisitions and driving accelerated growth of the group through these new businesses. He will be based out of Mumbai.
  • Commenting on the appointment, Sunil Chari, Managing Director & Co-Founder, Rossari Biotech Ltd. said, “Rossari is on a very crucial growth phase and is looking at organic as well as inorganic growth opportunities simultaneously. We are confident that Mr. Vanikar’s experience in leading Strategy, Integration, Scaling New Businesses & Brand Transition will help us redefine our business and achieve new successes as a leading player in the industry. He will play a key role in integrating the recent acquisitions of Rossari to our Group’s vision, business goals and culture. We welcome him onboard and look forward to a lasting professional relationship.” Read more

India Grid Trust's two subsidiaries bid for RE projects in Osmanabad area (1 GW), estimated cost Rs1

Published on: 2:14 pm

  • India Grid Trust announced that wholly-owned subsidiaries namely  IndiGrid 1 and IndiGrid 2 have participated in the tariff-based competitive bidding to establish “Transmission system for evacuation of power from Renewable (RE) Projects in Osmanabad area (1 GW) in Maharashtra” on build, own, operate and maintain (BOOM) basis by REC Power Development and Consultancy Limited.
  • The estimated cost of the project is around Rs170cr.
  • India Grid Trust said, "Our bid of Rs16.74 Cr Levelized tariff has been noted as L1 during the reverse auction conducted on 18 November 2021. We await receipt of Letter of Intent and will release necessary intimation in due course." Read more

Federal Bank appoints C Balagopal as Part-Time Chairman from today as Grace Elizabeth Koshie retires

Published on: 2:06 pm

  • Federal Bank has appointed C Balagopal,  Independent Director as the Part-Time Chairman of the Bank with effect from Monday (November 22).
  • Balagopal was appointed consequent to the retirement of Grace Elizabeth Koshie, Chairperson and Non-Executive Non- Independent Director from the Board of the Bank with effect from the end of November 21, 2021, upon completion of her tenure of 8 years on the Board of the Bank, following the regulatory requirements.
  • Federal Bank said, "The Board placed on record sincere appreciation for the valuable contributions made by Grace Elizabeth Koshie for the overall development of the Bank." Read more

Paytm parent stock hits new 52-week low despite strong operating performance in October

Published on: 2:00 pm

  • One 97 Communications, parent of Paytm, announced that its strong operating performance continued in October 2021, with increasing numbers of consumers and merchants transacting on their ecosystem, increasing frequency of transactions and increasing adoption of our different products and services.
  • In its regulatory filing, One 97 said that in keeping with our disclosures in the prospectus, the growth momentum in GMV continued in October 2021 driven by festive season spending, as well as an increase in several merchants and consumers, adoption of new products, transactions for both online and in-store merchants, and in deployed devices. GMV processed through our platform for October 2021 aggregated to approximately Rs832 billion ($11.2 billion), a growth of 131% over October 2020. Read more

Heranba Industries commences commercial production at new Unit -IV

Published on: 1:54 pm

  • Heranba Industries Limited (“Heranba”) has announced the commencement of commercial production from new Unit-IV situated at Plot No.1409, GIDC, Vapi – 396 195 (“Unit-IV”).
  • As per regulatory filing, this development is in line with company’s commitment and promises towards fostering sustainable growth while also creating job opportunities in the region, said company on Monday.
  • Heranba expects this new Unit IV to generate annual revenue of Rs.1000 million. The Production Capacity and Capacity Utilisation of this new Unit-IV will be1200 MTPA at maximum capacity. Further no more Capital Expenditure will be required in near future for this Unit-IV. Read more

BSE Telecom hits fresh records after heavyweight Bharti Airtel outperforms; Tata Teleservices at 5%

Published on: 1:49 pm

  • BSE Telecom outperformed its counterparts on Monday's trading session and even emerged as the top picked sector amid free fall in broader markets. The performance comes after when heavyweight Bharti Airtel hits a new high. BSE Telecom has also clocked a new lifetime high of 1865.72 earlier today.
  • At around 1.40 pm, BSE Telecom was trading at 1,819.33 higher by 35.45 points or 2%.
  • Tata Teleservices has hit 5% upper circuit, while Vodafone Idea and MTNL surge over 4.6% and 4.5% respectively. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is currently 58,523.69 down 1112.32 points or 1.87%.
  • Nifty50 is currently 17,447.80 down 317.00 points or 1.78%.
  • Nifty Bank is 37,057.30 down 2.42%. Mid-cap Index is down 2.61%. Read more

Artson Engineering climbs 5% after receiving two orders for Rs20.32cr

Published on: 1:23 pm

  • Artson Engineering Ltd has inform that the Company has received two major orders amounting to Rs10.16cr (Rupees Ten Crore Sixteen Lakhs Only) each, totalling to Rs20.32cr (Rupees Twenty Crore Thirty Two Lakhs Only).
  • The order is received from Tata Projects Ltd for construction of Absorbers for FGD at Talcher and Vallur.
  • As per regulatory filing, the estimated time period by which contracts are to be executed is 8 months. Read more

IRCTC trades flat after Ministry of Railways conveyed decision to resume services of cooked food in

Published on: 1:14 pm

  • Shares of Indian Railway Catering and Tourism Corporation (IRCTC) trading in the flat zone after the Ministry of Railways has conveyed the decision to resume the services of cooked food in trains.
  • In the regulatory filing, IRCTC said that “it is hereby informed that Ministry of Railways vides its letter No. 2OlgtCatering/600/04 dated 1g'n November 2021, has withdrawn its decision to terminate all existing contracts of mobile catering (currently kept in abeyance) involving the scope of work of providing cooked food to passengers prepared from base kitchens as per the existing terms and conditions, communicated vide Ministry's letter No. 2019/Catering/600/04 dated 23'd February 2021 and informed to the exchanges vide IRCTC's letter No.2019/IRCTC/CS/ST.EX/356 dated 1st March 2021 and 17th March 2021.” Read more

Nifty Consumer Durables tumbles over 700 points; Havells, Amber inches higher

Published on: 1:05 pm

  • Nifty Consumer Durables stocks were bearish amid weak overall markets on Monday. Havells India Limited and Amber Enterprises India resisted the broad-based trend to trade higher. Dixon Tech and Whirlpool India led the rout as the Index has 11 declines and 4 advances among 15 listed companies on the NSE.
  • Sensex was below 58700; all sectors bleed. Investors stayed away from taking bullish bets amid rising inflation and the risk of an immediate correction. The global cues were weak amid fresh Covid cases in Europe and lockdowns in countries like Austria.
  • At around 1.05 pm, BSE Sensex was trading at 58,746.20 down 889.81 points or 1.49% and Nifty50 at 17,501.40 down 263.40 points or 1.48%. Nifty Consumer Durables was trading at 28,684.05 down 653.30 points or 2.23%. Read More

ABB Power stock jumps 1.5% after Hitachi Energy goes live in India

Published on: 1:02 pm

  • Hitachi Energy has gone live in India. Formerly known as ABB Power Products & Systems India Limited, the business continues to be listed on India’s stock exchanges. ABB Power was in the fast lane on stock exchanges during Monday's trading session.
  • Recently rebranded as Hitachi Energy, its operations in India on November 19 announced their evolution to ‘Hitachi Energy India Limited’, reaffirming their commitment to accelerating the clean energy transition in India. Read More

Reliance Industries stock nosedives 4% after deal with Saudi Aramco shelved

Published on: 12:59 pm

  • Shares of Reliance Industries slumped 4% and among top loser on the index on Monday after the company shelved a proposed deal to sell a 20 per cent stake in its oil refinery and petrochemical business to Saudi Aramco for $15 billion.
  • The stock was top drag on the 30-share Sensex as it alone accounted for over 250-point decline in the Sensex which fell as much as 751 points or 1.26% in the early morning trade.
  • Reliance Industries Ltd has shelved a proposed deal to sell a 20% stake in its oil refinery and petrochemical business to Saudi Aramco for an asking of $15 billion, as the Indian firm focuses on the new energy business. Read More

Bloody Monday! Freefall in Auto, Banking, Consumer Durables stocks push markets off the cliff; Sense

Published on: 12:49 pm

  • A steep correction was recorded in Indian benchmarks with Sensex now nosediving by more than 1,170 points so far today. Nifty 50 has also tumbled by at least near 17,415. A freefall in auto, banking and consumer durables stocks led to the deep red tone of the markets. Heavyweight stocks also contributed to the downside. Further, weak global cues only added to the distress.
  • At around 12.41 pm, Sensex is trading at 58,662.38  down by 973.63  points or 1.63%. Nifty 50 performed at 17,478.45 lower by 286.35  points or 1.61%. Read more

Brickwork upgrades/reaffirms ratings of Jindal Worldwide

Published on: 12:44 pm

  • Brickwork Ratings India Limited has upgraded/reaffirmed the ratings of Jindal Worldwide Limited during the Annual Review of the Credit Rating of the Company's Bank Loan Facilities Rs565.66cr.
  • The rating on Fund Based (Rs415.66cr) (reduced from Rs445.66cr) long-term facilities have been upgraded to BWR AA; Stable from BWR A+; Stable. On Non-Fund Based Rs150cr (increased from Rs140cr) short-term BWR A1+ rating was reaffirmed.
  • At around 12.48 pm, Jindal Worldwide Ltd was trading at Rs161.80 per piece down by Rs6.15 or 3.66% from its previous closing of Rs167.95 per piece on the BSE. Read More

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark market indices sink over 1.8% amid bloodbath; Auto, Oil & Gas, and Banking stocks tumble.
  • BSE Sensex is at 558,558.25 down 1077.76 points or 1.81%.
  • Nifty50 is at 17,433.40 down 331.40 points or 1.87%. Nifty Bank is 37,129.40 down 2.23%. Mid-cap Index is down 2.94%.
  • Bharti Airtel, Asian Paints, Britannia, Power Grid, and TCS are the top gainers. Bajaj Finance, Bajaj Finserv, Tata Motors, Reliance, and State Bank of India are the top losers.
  • Nifty Auto, Oil & Gas, Consumer Durable, Banking, and Financial Services stocks drag the most. Nifty Metal stocks sink nearly 1% after minor gains early on.
  • Out of 50 stocks traded on the BSE, 5 advanced, and 45 declined. Read more

RattanIndia backed Revolt opens 15th dealership store in Vizag; Stock plunges 5%

Published on: 12:29 pm

  • RattanIndia backed Revolt, India’s market leader in electric motorcycles is pleased to announce opening of its dealership in Vizag. This is their first store in the Andhra Pradesh region and 15th retail store across India.
  • With the rising petrol prices and an aim to fulfill the consumer demand, the company has plans to expand its sales network and strengthen retail presence further by entering 60 new cities in India including Kolkata, Chandigarh, Lucknow & NCR by early 2022. Last month, Revolt Motors opened retail stores in Bengaluru, Jaipur & Surat and announced the bookings for RV400 across 70 cities. Read more

Nifty Auto nosedives over 3% with all stocks in a free fall; Tata Motors, Maruti, Bajaj Auto, M&

Published on: 12:25 pm

  • Auto stocks were in a bloodbath on Monday as investors sentiment turned bearish over worries of global chip shortage to continue till next year. Nifty Auto tumbled more than 3% with all stocks in a huge free fall. Heavyweights such as Tata Motors, Maruti Suzuki, Hero MotoCorp, Bajaj Auto, M&M and Eicher Motors weighed the most on the downside.
  • At around 12.14 pm, Nifty Auto is trading at 11,390.80 lower by 356.65 points or 3.04%. The index was near the day's low of 11,383.60. On the index, all stocks nosedived in the range of 1-5%.
  • Bharat Forge and Bosch were top bears plunging by 4.9% and 4.7%. Tata Motors dipped over 4.6%. Read more

Japan's Kubota to increase its stake in Escorts for Rs1873cr

Published on: 12:18 pm

  • Escorts Limited and Kubota Corporation, a global leader in tractor and machinery, have decided to strengthen their partnership in pursuit of their vision of globsal leadership in Agri Machinery.
  • As part of this, Kubota Corporation shall its equity stake in Escorts by subscribing to new equity shares proposed to be issued by Escorts and shall become a joint promoter along with exisiting promoter of Escorts.
  • This transition shall pave the way for Escorts and Kubota  to seamlessly integrate their respective strengths to become a formidable global force in the farm equipment sector. Read More

BASF to sell its Kaolin Minerals business to KaMin LLC, United States

Published on: 12:17 pm

  • BASF India Limited informed the exchanges Friday that BASF SE, Germany (Ultimate Holding Company) has signed an agreement with KaMin LLC / CADAM S.A. (KaMin), a global performance minerals company headquartered in Macon, Georgia, United States, to sell BASF’s Kaolin minerals business globally.
  • The closing of the transaction is expected in the second half of 2022, subject to receipt of requisite approvals from relevant Competition Commission / Anti-Trust authorities. Read more

Nifty Bank sheds 2% amid bearish markets; Financial Services led by Bajaj twins also tank

Published on: 12:05 pm

  • Nifty Banking and Financial Services were under heavy selling pressure amid bearish markets on Monday. Heavyweights State Bank of India and Kotak Bank dragged the most, while Punjab National Bank, RBL Bank, Axis Bank and Bank of Baroda also underperformed. All the stocks in Banking and Financial Services were trading in the red.
  • Sensex was below 59K first time in nearly two months; all sectors bleed. Investors stayed away from taking bullish bets amid rising inflation and risk of an immediate correction.
  • The global cues were weak amid fresh Covid cases in Europe and lockdowns in countries like Austria. Read More

Infosys Foundation inaugurates three infrastructure projects in Mysuru

Published on: 12:02 pm

  • Infosys Foundation, the philanthropic and CSR arm of Infosys announced the inauguration of three infrastructure development projects in Mysuru, Karnataka.
  • The Foundation has supported the rejuvenation of the Hebbal Lake and Sewage Treatment Plant construction at a cost of Rs107cr, and the building of the Gorilla Enclosures I and II at the Chamarajendra Zoological Gardens in Mysuru at a total cost of Rs7.3cr.
  • These projects were virtually inaugurated by Dr. Goutham Bagadi, DC - Mysuru, and Mrs. Sudha Murty, Chairperson, Infosys Foundation. Read more

Brigade Group launches Zenith Tower of Brigade Residences at WTC in Chennai

Published on: 11:45 am

  • Brigade Group has launched the Zenith Tower of Brigade Residences at World Trade Centre, Chennai. This is the second tower after Astra, which was launched in 2019.
  • Brigade has already received 30% pre-launch booking for Zenith, which features 149 units of three-bedroom homes and four-bedroom penthouses spread over 26 floors. Overlooking the Perungudi lake on the Western flank and  an unhindered view of the sea on the Eastern side, Zenith boasts of spectacular design and sweeping architectural grandeur.
  • Brigade Enterprises at World Trade Centre, Chennai is  replete with a tastefully appointed clubhouse and a covered swimming pool, tucked away under the clubhouse. Read More

Market pulse at 11:30 AM today

Published on: 11:30 am

  • Indices fall further amid broad-based selloff; Auto, Oil & Gas, and Banking stocks tumble.
  • BSE Sensex is currently 58,949.53 down 686.48 points or 1.15%.
  • Nifty50 is currently 17,572.10 down 192.70 points or 1.08%. Nifty Bank is 37,369.45 down 1.60%. Mid-cap Index is down 1.70%.
  • Bharti Airtel, Asian Paints, Hindalco, Power Grid, and TCS are the top gainers. Bajaj Finance, Reliance, Tata Motors, Bajaj Finserv, and State Bank of India are the top losers.
  • Nifty Auto, Oil & Gas, Consumer Durable, Banking, and Financial Services stocks drag the most. Nifty Metal remains the only sector trading in green.  
  • Out of 50 stocks traded on the BSE, 15 advanced, and 35 declined. Read More

Kitex Garments incorporates new subsidiary for Rs70cr; Stock sheds 2%

Published on: 11:23 am

  • Kitex Garments Limited has informed to the exchnages that the company has incorporated a new subsidiary under the name of 'Kitex Apparel Parks Limited' (KAPL) on November  18, 2021.
  • The Company shall be engaged in establishment and carrying on the business of Infantswear manufacturing and allied activities.
  • Further, the company has subscribed to the shares worth Rs70cr in KAPL divided into 7 cr shares of Rs10 each. Read More

CARE upgrades rating on Indian Bank's outstanding/ proposed AT 1 Bonds to CARE AA+ with Stable outlo

Published on: 11:15 am

  • CARE Ratings Limited has upgraded their rating on Indian Bank's outstanding/ proposed Additional Tier 1 (AT 1) Bonds to CARE AA+ with a Stable outlook from CARE AA with Stable outlook.
  • The credit rating agency has also reaffirmed their rating of AAA with a Stable outlook on the Bank's outstanding/proposed Tier 2 Bonds.
  • CARE has upgraded Bank’s ratings to CARE AA+; Stable from CARE AA; Stable on Basel III AT1 Bond Series II, Basel III AT1 Bond Series III, Basel III AT1 Bond Series IV, Basel III AT1 Bond Series II (proposed). Read more

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