Live market updates

24th Nov, 2021

LTI enables large scale digital transformation for PIH Group of Companies

Published on: 4:15 pm

  • Larsen & Toubro Infotech has partnered with Qatar-based global conglomerate, Power International Holding (PIH) Group of Companies to enable large scale Digital Transformation leveraging an extensive array of SAP solutions for an intelligent enterprise.
  • The solution framework implementation further strengthens and accelerates PIH’s vision to attain a digital-first, data-driven business approach.
  • As part of PIH’s Digital Transformation journey with LTI, 63 companies of the group spread across four business domains underwent transformation of more than 250 processes. Read more

Pidilite Industries arm to make investment of Rs1.56cr in Constrobot Robotics

Published on: 4:05 pm

  • Madhumala Ventures Private Limited (Madhumala), a wholly-owned subsidiary of Pidilite Industries Limited, has agreed to make an investment of Rs1.56cr in Constrobot Robotics Private Limited (the Investee Company) which is engaged in the business of research, development, manufacturing, and trading of robotic equipment and related software to be used in construction activities.
  • The investment would be done through the primary and secondary purchase of shares to acquire 19.51% of the issued and paid-up share capital of the Investee company on a fully diluted basis. The nature of the subscription will be cash. Subscription to its shares is being done at a mutually agreed valuation, which has not been disclosed herein due to reasons of confidentiality. Read more

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Credit agencies reaffirm rating on commercial paper programme of PNB Gilts

Published on: 3:55 pm

  • Credit rating agencies ICRA Limited and CRISIL Limited on November 23, 2021, have reaffirmed the credit ratings of PNB Gilts Limited at ICRA Al+ and CRISIL Al+, respectively, as assigned to the Rs1000cr Commercial Paper programme of the company.
  • PNB Gilts Ltd ended at Rs66.35 per piece up by Rs0.55 or 0.84% from its previous closing of Rs65.80 per piece on the BSE. Read more

Markets end lower; Nifty settles below 17,400; Infosys, Reliance among top underperformers

Published on: 3:45 pm

  • Domestic markets gave up early gains amid high volatility and also selling pressure witnessed in auto and IT stocks weighed. Further, significant profit booking was also seen in pharma and FMCG counters. However, financials and metals remained resilient.
  • Besides, strong buying remained also visible in smallcap stocks, while the volatility index softened over 6% today ahead of F&O expiry tomorrow.
  • Notably, PSU banks witnessed a sharp upmove today on growing expectations of divestments. Read more

KPR Mill commissions its 42 million Garments production capacity in Tamil Nadu

Published on: 3:45 pm

  • KPR Mill Limited has successfully commissioned its new 42 million Garments production capacity at Chengapally, Tirupur district, Tamil Nadu on November 21, 2021. With this the total Garment manufacturing capacity will increase to 157 million Garments per annum, the company said in a filing on Wednesday.
  • “Strategic plans have always been driving the growth of KPR and we hope that this expansion shall position us to meet the growing market opportunities and strengthen the bright prospects of KPR,” the company added. Read more

BLS International stock ends at 5% upper circuit after Starfin gets empanelled by PNB, Central Bank

Published on: 3:43 pm

  • BLS International subsidiary Starfin India on Wednesday announced that it has been empanelled by two banks i.e. Punjab National Bank & Central Bank of India to support the financial inclusion mission of Govt of India. Starfin has become the official Corporate Business Correspondent (BC) to deliver last-mile banking services in rural/ semi-urban/ urban/ metro areas across India.
  • Initially, the BSL International subsidiary will roll out over 700 centres on behalf of the Central Bank of India while the number of banking centres is awaited from Punjab National Bank. Read more

Cadila enters in manufacturing license and technology transfer agreement with South Korea's Enzychem

Published on: 3:35 pm

  • Cadila Healthcare on Wednesday entered into a manufacturing license and technology transfer agreement for its Plasmid DNA based Covid-19 (ZyCoV-D) vaccine with Enzychem Lifesciences (Enzychem) of the Republic of Korea. As part of the deal, Cadila will provide a manufacturing license and transfer the Plasmid DNA vaccine technology to Enzychem Lifesciences.
  • Both Cadila and Enzychem believe that this partnership will lead to the estimated manufacturing of 80 million or more doses of the Plasmid DNA vaccine in 2022. Read more

Info Edge enters in agreement to invest Rs30cr in Greytip Software

Published on: 3:27 pm

  • Info Edge (India) on Wednesday announced that the company has entered into an agreement to invest about Rs30cr in Greytip Software Private Limited.
  • Info Edge said, "This investment would help the Company create financial value as well as increase its presence in a business adjacent to one of its core operating businesses." Read more

Bharat Forge subsidiary increases stake to 60.66% in EV maker Tork Motors

Published on: 3:25 pm

  • Bharat Forge Limited wholly-owned subsidiary, Kalyani Powertrain Limited (KPL) has exercised the option to convert its holding of Zero Coupon Optionally Convertible Debentures (ZOCD) of Tork Motors Private Limited into equity shares by serving a Conversion Notice.
  • Post allotment of equity shares by Tork to KPL on November 22, 2021, owing to the said conversion, the stake of KPL in Tork has increased to 60.66%. Consequently, Tork has become a subsidiary of KPL and a step-down subsidiary of the Company. Read more

Patel Integrated Logistics stock zooms after 'Rights Issue' oversubscribed by 2.06 times

Published on: 3:19 pm

  • Patel Integrated Logistics announced that its 'Rights Issue' has been subscribed by approximately 2.06 times as overbid by both public and promoter/ promoter groups.
  • In its regulatory filing, Patel Integrated said that the proceeds of the Issue will be used to make the Company net external debt-free and make the Balance Sheet of the Company stronger for future growth.
  • The company's 'Rights Issue' was amounted to Rs40cr. Read more

Greenpanel Industries resumes manufacturing at Rudrapur MDF plant; Stock jumps 3%

Published on: 3:19 pm

  • Greenpanel Industries Ltd has informed to the exchanges regarding resumption of manufacturing plant.
  • As per regulatory filing on Wednesday, the company said that the manufacturing operations at company's MDF plant situated at Rudrapur, Uttarakhand, which was temporarily closed w.e.f. November 11, 2021 has resumed after installation of Mat Heating System w.e.f. November 24,2021. Read more

Proposals for Construction of 3.61 Lakh Houses approved under PMAY(U)

Published on: 3:18 pm

  • The 56th meeting of Central Sanctioning and Monitoring Committee (CSMC) of Pradhan Mantri Awas Yojana (Urban) was held in New Delhi on 23rd November 2021 under the chairmanship of Shri Durga Shanker Mishra, Secretary, Ministry of Housing and Urban Affairs (MoHUA). A total of 3.61 lakh houses were approved for construction from 17 States/UTs under Affordable Housing in Partnership (AHP), Beneficiary-Led Construction (BLC), In-Situ Slum Redevelopment (ISSR) verticals of PMAY-U.
  • Presiding over the meeting, Secretary, MoHUA, took up the issues pertaining with States/UTs regarding construction of houses under the Mission. He asked the States/UTs to resolve the issues without delay so that construction of houses can be expedited. Read more

KDDL surges 3% after acquisition of 20.69% stake in Kamla Tesio Dials

Published on: 3:10 pm

  • KDDL Limited has acquired 2,06,930 (20.69%) equity shares of Rs10 each of ‘Kamla Tesio Dials’ (KTDL). The shareholding of the company has increased from 49.10 % to 69.79 % and by virtue of this acquisition, KTDL has become a subsidiary of the company.
  • The acquisition will help the company to capture additional market share of customers in the Domestic Market. Further, the company proposes to acquire an additional shareholding in KTDL up to 0.20% on or before December 31, 2021. Read more

Minda Corp stock soars 3% on plans to acquire 19.94% stake in FP West Solar

Published on: 2:57 pm

  • Minda Corporation has agreed to acquire Equity Shares of FP West Solar Private Limited for Rs2.15cr.
  • The company will acquire 11,21,667 equity shares representing a 19.94% stake in FP West Solar at an issue price of Rs19.2 per share with a face value of Rs10 each.
  • FP West Solar is engaged in solar power generation. Read more

JSW Steel subsidiary acquires entire stake in West Waves Martime & Allied Services; Stock trades

Published on: 2:48 pm

  • JSW Steel-led wholly-owned subsidiary, Piombino Steel Limited (PSL) has acquired the entire equity shareholding of West Waves Martime & Allied Services (WWPIASPL) from Magnificient Merchandise and Advisory Services Private Limited (“MMASPL”).
  • Earlier in March this year, JSW Steel implemented its resolution plan for Bhushan Power & Steel Limited ("BPSL”) under the Insolvency and Bankruptcy Code. BPSL is 100% owned by PSL.
  • Notably, JSW Steel holds about 83.28% in PSL pursuant to the exercise of option of conversion of OFCDs held by it in PSL and that consequently PSL has become a subsidiary of the Company and the Company will control and manage BPSL through PSL. Read More

Thermax secures Rs830cr order to set up Flue Gas Desulphurisation systems

Published on: 2:47 pm

  • Thermax Limited has concluded an order of Rs830cr from an Indian power private sector company to set up Flue Gas Desulphurisation (FGD) systems for their three units of 660 MW capacity each in the state of Uttar Pradesh.
  • The FGD systems will be installed at their plant to cut down SOx emissions and comply with the air quality standards set for fossil fuel-based power plants. Read more

ANG Lifesciences soars 5% after board announces plan to invest in ANG Healthcare India

Published on: 2:40 pm

  • ANG Lifesciences Ltd has informed that the Company’s Board of Directors on November 23,2021 has decided to invest in the equity shares of ANG Healthcare India Private Limited.
  • Therefore consequent to the acquisition of 100% Equity stake by the company, ANG Healthcare India Private Limited will become Wholly-Owned Subsidiary Company of ANG Lifesciences India Limited.
  • ANG Healthcare India Private Limited is a marketing company selling critical care products to Hospitals and Nursing Homes in therapeutic segments of anti-biotic, anti-infective, anti-malarial, pain management etc. Read More

CARE reaffirms credit rating of Ashiana Housing; Outlook Stable

Published on: 2:36 pm

  • CARE Ratings Limited has reaffirmed the credit ratings of Ashiana Housing Limited. CARE reaffirmed issuer rating of the company at CARE A (Is); outlook Stable.
  • The credit rating agency also reaffirmed ratings on the Non-Convertible Debenture (NCD) issue of Rs97cr at CARE A; Outlook: Stable and listed on BSE Ltd. Read more

L&T signs an MoU with Tamil Nadu govt to establish 90 MW capacity Data Centers

Published on: 2:32 pm

  • Larsen & Toubro on Wednesday announced the signing of an MoU with the Government of Tamil Nadu to establish a data center in the state's Kanchipuram. The company will establish 90 MW capacity Data Centers and associated units in a phased manner in Kanchipuram over the next 5 years.
  • L&T  envisages employing around 1100 people (600 direct and 500 indirect) in the project. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices shed early gains to trade flat amid volatile trade. 
  • BSE Sensex is at 58,646.61 down 17.72 points or 0.03%.
  • Nifty50 is at 17,508.90 up 5.55 points or 0.03%. Nifty Bank is 37,597.40 up 0.87%. Mid-cap Index is up 0.09%.
  • Adani Ports, ONGC, Coal India, Bajaj Finance and BPCL are the top gainers. Maruti, Tata Consumer, Infosys, Eicher Motors, and Cipla are the top losers.
  • Nifty Oil & Gas, Metal, Media, Banking and Financial Services stocks drive trade while Nifty IT, FMCG, and Auto stocks are under pressure.
  • Out of 50 stocks traded on the BSE, 25 advanced, and 25 declined. Read More

CARE revises 'BBB+/Stable' rating on Punjab Chemicals & Crop Protection's bank facilities

Published on: 2:13 pm

  • Punjab Chemicals & Crop Protection Ltd has informed that CARE Ratings Agency has revised the  ratings on bank facilities of the  Company.
  • Long-term rating has been revised to CARE BBB+/Stable from CARE BBB/Stable while short-term ratings has bee revised to CARE A2 from CARE A3+.
  • According to the rationale report, the revision in the ratings to the bank facilities of Punjab Chemicals and Crop Protection Limited (PCCPL) takes into account significant improvement in financial risk profile of the company. Read more

Nifty Oil & Gas outperforms as India taps strategic oil reserves to ease prices; ONGC, HPCL, BPCL, G

Published on: 2:10 pm

  • Investors were upbeat in oil and gas stocks on Wednesday after India announced to release crude oils from their strategic reserves for easing global prices. ONGC skyrocketed and emerged as a top bull as the company is the largest crude oil producer in the country. Also, higher crude oil prices further lifted sentiments. Nifty Oil & Gas witnessed a broad-based buying and it traded near the day's high during the second half of the trading session.
  • At around 1.53 pm, Nifty Oil & Gas was trading at 7,680.40 higher by 109.95 points or 1.45%. The index has touched an intraday high and low of 7,686.60 and 7,600.65 respectively. Read More

TVS Motor Company to invest Rs1200cr in Tamil Nadu for e-vehicles

Published on: 1:33 pm

  • TVS Motor Company, one of the largest manufacturers of two-wheelers and three-wheelers in the world, has announced that they have signed a Memorandum of Understanding (MOU) with the Government of Tamil Nadu for investment in Future Technologies and Electric Vehicle.
  • The MOU was signed in the presence of the Honourable Chief Minister of Tamil Nadu, Thiru. M.K. Stalin and Padma Bhushan Shri. Venu Srinivasan, Chairman TVS Motor Company at the Tamil Nadu Investment Conclave 2021 in Coimbatore. Read More

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is at 58,932.68 up 268.35 points or 0.46%
  • Nifty50 is at 17,595.05 up 91.70 points or 0.52%. Nifty Bank is 37,815.35 up 1.46%. Mid-cap Index is up 0.66%.
  • ONGC, Adani Ports, NTPC, Coal India, and BPCL are the top gainers. Maruti, Tata Consumer, Infosys, Cipla, and Eicher Motors are the top losers.
  • Nifty Oil & Gas, Metal, Banking, and Financial Services stocks drive trade while Nifty IT and Auto stocks remain under pressure.
  • Out of 50 stocks traded on the BSE, 33 advanced, and 17 declined. Read More

Nifty Realty trades higher; Sobha surges 5%; Indiabulls Real Estate, Godrej Properties also outperfo

Published on: 1:05 pm

  • Nifty Realty was trading higher on Wednesday amidst the bullish markets. Sobha Limited surged 5% while Indiabulls Real Estate and Godrej Properties also advanced over 3%. Phoenix Mills Limited was 1% lower.
  • Sensex jumps over 150 points, Nifty50 firm above 17,550. The Indices held on to early gains in a choppy session amid weakness across most other Asian markets. Gains in financial and oil & gas shares pushed the headline indices higher.
  • At around 1.05 PM, BSE Sensex was trading at 58,820.23 up 155.9 points or 0.27% and Nifty50 at 17,567.25 up 63.90 points or 0.37%. Nifty Realty was trading at 521.80 up 5.80 points or 1.12%, after touching a high of 524.40 and low of 516.10 during intraday trade. Read more

Nifty PSU Bank in the fast lane, index soars near 2%; Indian Overseas Bank, Central Bank of India su

Published on: 12:45 pm

  • PSU Banks were in the fast lane on Wednesday as privatisation hopes were once again in focus. The sector was the top bull and has outperformed its counterparts in terms of percentage. All stocks listed on Nifty PSU Bank were in the green with gains starting over 0.5% to robust nearly 12%.
  • At around 12.36 pm, Nifty PSU Bank was trading at 2,795.35 up by 45.85 points or 1.67%. The index has touched an intraday high and low of 2,804.70 and 2,774.05 respectively. Read more

Balaji Amines stock soars over 2% after restarting production at DMF plant

Published on: 12:40 pm

  • Shares of Balaji Amines soared over 2% after the company announced the commencement of production at the DMF plant with effect from November 23, 2021.
  • In the regulatory filing, the company said “The Company informed on 6t October 2021 about DMF plant shut down because of a minor incident and also informed that the de-bottlenecking will be done during the rectification period for increasing the production. Today the production in the DMF plant has started after carrying out all the rectifications.” Read more

Fitch affirms UltraTech's Ratings at 'BBB-'; Outlook Negative on Foreign-Currency IDR

Published on: 12:33 pm

  • Fitch Ratings has affirmed India-based UltraTech Cement Limited's (UTCL) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at 'BBB-'. The Outlook on the Foreign-Currency IDR is Negative and that on the Local-Currency IDR is Stable.
  • Fitch has also affirmed UTCL's USD400 million 2.80% senior unsecured notes due 2031 at 'BBB-'. The notes are rated at the same level as UTCL's IDR because they represent its direct, unconditional, unsecured and unsubordinated obligations. Read More

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark market indices remain bullish on upbeat Oil & Gas, Banking, and Financial Services stocks.
  • BSE Sensex is currently 58,880.90 up 216.57 points or 0.37%.
  • Nifty50 is currently 17,576.25 up 72.90 points or 0.42%. Nifty Bank is 37,809.40 up 1.44%. Mid-cap Index is up 0.78%.
  • ONGC, Adani Ports, Coal India, ICICI Bank, and IOC are the top gainers. Maruti, Infosys, Grasim, Cipla and Divis Lab are the top losers.
  • Nifty Oil & Gas, Banking, and Financial Services stocks drive trade while Nifty IT and Auto stocks are under pressure.
  • Out of 50 stocks traded on the BSE, 32 advanced, and 18 declined. Read More

Sanjay Chamria steps down from Poonawalla Fincorp as Executive Vice Chairman; Stock up over 1%

Published on: 12:28 pm

  • Poonawalla Fincorp announced that Sanjay Chamria has stepped down as the Executive Vice Chairman of the Company after serving as the co-founder since the inception of the Company. Throughout the years the Company has seen several highlights, one of the biggest being the investment by Rising Sun Holdings Private Limited and Adar Poonawalla joining the board as the Chairman.
  • This investment has increased the shareholder value and has poised the Company to achieve robust growth and herald a new journey under the new management and the new promoter. Read More

Maruti Suzuki, Toyota Tsusho Group's vehicle scrapping and recycling unit starts operations in India

Published on: 12:26 pm

  • Hon’ble Union Minister of Road Transport and Highways, Nitin Gadkari on Tuesday has inaugurated Maruti Suzuki Toyotsu India Private Limited (MSTI), a Government approved ELV scrapping and recycling unit.
  • Present on the occasion were His Excellency Satoshi Suzuki, Ambassador Extraordinary and Plenipotentiary, Embassy of Japan, India. Dignitaries from the Ministry of Road Transport & Highways and Delhi and Uttar Pradesh government graced the occasion. Read More

Coal India to consider interim dividend next week, fixes Dec 03 as record date for payout; Stock soa

Published on: 12:20 pm

  • State-owned Coal India stock was trading in the fast lane on Wednesday after the company announced to consider and approve the payment of interim dividend next week.
  • The company's board of directors are set to meet on November 29, to consider and approve payment of interim Dividend for 2021-22, if any.
  • Coal India has also fixed Friday, December 03, 2l as the "Record Date" for the purpose of payment of Interim Dividend on Equity Shares for Financial Year 202l-22, if declared by the Board. Read more

Moody's upgrades Bharti Airtel's rating outlook to positive from stable; stock gains 1%

Published on: 12:12 pm

  • Moody's Investors Service on Tuesday has revised Bharti Airtel Ltd.'s (Bharti) and its subsidiary Bharti Airtel Int'l (Netherlands) B.V.'s ratings outlook to positive from stable.
  • At the same time, Moody's has affirmed Bharti's Ba1 corporate family rating (CFR) and senior unsecured rating, as well as the Ba1 rating on the backed senior unsecured notes issued by Bharti Airtel Int'l (Netherlands) B.V.
  • "The outlook change to positive reflects Bharti's improving operating performance and credit metrics which, if sustained, could support an upgrade to investment grade within the next 12-18 months," says Annalisa Di Chiara, a Moody's Senior Vice President. Read more

Brickwork downgrades ratings of Future Enterprises NCDs at BWR D; Stock gains 2%

Published on: 12:12 pm

  • Brickwork Ratings India Private Limited has downgraded the credit rating for Future Enterprises Limited instruments. The rating on Non-Convertible Debentures (NCDs) of different series has been downgraded to BWR D from BWR C.
  • “It may be noted that all interest and principal amounts which were due and payable had been honoured as on due dates. The rating action was initiated since not able to comply with one of the terms and conditions specified in the Debenture Trust Deed,” the company said in a filing on Tuesday. Read more

Nxtra by Airtel launches new 38 MW Hyperscale Data Center in Chennai

Published on: 12:08 pm

  • Nxtra by Airtel, the data center subsidiary of Bharti Airtel has launched its new hyperscale data center park in Chennai. The state-of-the-art facility was unveiled digitally by the Hon’ble Chief Minister of Tamil Nadu Thiru. M.K. Stalin.
  • This is Nxtra by Airtel’s third large data center in Chennai. The 38 MW LEED certified facility is spread over 270,000 sq.ft. A key highlight of Airtel’s new data center is that it is fully integrated with Airtel’s global submarine cable network, thereby, providing an  end-to-end secure connectivity solution to hyperscalers. Read More

Vaibhav Global's SEZ unit conferred with ‘Excellence Award’ for ‘IGBC Performance Challenge 2021 for

Published on: 12:06 pm

  • Vaibhav Global-led SEZ unit in Jaipur has been conferred ‘Excellence Award’ in ‘IGBC Performance Challenge 2021 for Green Built Environment’ under ‘Factory Category’ by Indian Green Building Council (IGBC).
  • Vineet Ganeriwala, Group CFO, Vaibhav Global Limited said, “We are delighted for being recognized with Excellence Award by IGBC. We remain committed to natural environment and would like to highlight the fact that Environmental, Social and Governance factors have been core to how we conduct our business.” Read more

TCS among Top 2 Native Automation Service Providers: HFS Research

Published on: 11:52 am

  • Tata Consultancy Services (TCS) , has been ranked among the top 2 providers in the HFS OneOffice Services Top 10 for Native Automation. The report ranked TCS number one in Breadth and Depth of Capabilities, Overall Execution, and OneOffice Alignment and among the top two for Growth, Strategy and Vision, as well as Technology Innovation.
  • According to HFS, emerging technologies combined with people, process, and data innovation can dissolve the barriers between the front and back office to create OneOffice. Native automation covers services that leverage a range of emerging technologies to create intelligent and automated workflows in the cloud enabling new ‘native’ standards for consistent cross-functional enterprise operations. Read More

Sambandam Spinning Mills surges 5% after disposal of non-core asset

Published on: 11:50 am

  • Sambandam Spinning Mills Ltd has informed that after obtaining necessary approvals, the company has disposed left out balance of its non-core asset -unusable and non productive vacant land situated at Udumalpet district.
  • The details of the sale as per regulatory filing is as follows:
  • Asset details: Unusable vacant land with zero productive value (land measuring 3.70 acres) situated at Udumalpet district, Tamil Nadu
  • Total sale consideration: Rs 7.37 lakhs ( Rupees seven lakhs and thirty seven thousand only) Read more

Nifty Media Index gains 2.5% amid bullish markets; ZEEL skyrockets 7% on merger plans with Sony Pict

Published on: 11:50 am

  • Nifty Media advanced 2.5% on Wednesday amidst the bullish markets. Zee Entertainment Enterprises Limited (ZEEL) led the gains by skyrocketing 7%. HathwayDish TV India Limited and Saregama India Limited also outperformed. PVR and Nazara Technologies were under pressure.
  • Sensex and Nifty reversed the four-day losing streak on Tuesday and edged higher on Wednesday after a flat start. At around 11.50 am, BSE Sensex was trading at 58,831.48 up 167.15 points or 0.28% and Nifty50 at 17,564.25 up 60.90 points or 0.35%.
  • The Nifty Media was trading at 2,291.90 up 56.85 points or 2.54%, touching a high of 2,297.25 and low of 2,236.75 during intraday trade on Wednesday. Read More

Nitin Gadkari: National automobile Scrappage policy is a win-win policy for all the stakeholders

Published on: 11:40 am

  • Union Minister for Road Transport and Highways Nitin Gadkari has said that the National automobile Scrappage policy is a mutual win-win policy for all the stakeholders. Inaugurating the Vehicle Scrapping and Recycling Facility set up by Maruti Suzuki Toyotsu India Private Limited (MSTI)at Noida he said the policy aims at creating an ecosystem for phasing out unfit and polluting vehicles from the Indian roads and to meet this objective state-of-the-art scrapping and recycling units are needed.
  • The Minister said the policy will help in increasing Automobile sales, provide employment, reduce import costs, generate incremental GST revenue and help to solve the global shortage of semiconductor chips. Gadkari said policy provides an important link in creating a circular economy (waste to wealth)  for the country. He said three to four scrapping centres should be set up in every district. Read more

Market pulse at 11:30 PM today

Published on: 11:30 am

  • Indices led by huge gains from Oil & Gas and Banking stocks.
  • BSE Sensex is currently 58,854.66 up 190.33 points or 0.32%.
  • Nifty50 is currently 17,574.05 up 70.70 points or 0.4%. Nifty Bank is 37,717.70 up 1.19%. Mid-cap Index is up 0.76%.
  • Adani Ports, ONGC, Coal India, Bharti Airtel, and IOC are the top gainers. Maruti, Tech Mahindra, Divis Lab, Infosys, and Tata Consumer are the top losers.
  • Nifty Oil & Gas and Banking stocks drive trade while Nifty IT and Auto stocks are in the red zone.
  • Out of 50 stocks traded on the BSE, 35 advanced, and 15 declined. Read more

ICICI Bank launches online platform 'Trade Emerge' for Indian exporters and importers

Published on: 11:25 am

  • ICICI Bank has announced the launch of an online platform, ‘Trade Emerge’, to offer comprehensive digital banking as well as value-added services to exporters and importers across India.
  • The first-of-its-kind initiative makes cross border trade hassle-free, expeditious and convenient, as it offers an array of services in one place, which eliminates the need for companies to coordinate with multiple touchpoints.
  • The list of banking services includes current / saving account offerings, comprehensive trade services (Letter of Credit / Bank Guarantee / Trade Credit etc.), digital solutions like Corporate Internet Banking and Trade Online, state-of-the-art foreign exchange solutions, payment & collection solutions and credit cards. Read more

Wipro selected as Dow Jones Sustainability World Index (DJSI) member for the 12th Consecutive Year

Published on: 11:10 am

  • Wipro Limited announced that it has been selected as a member of the Dow Jones Sustainability World Index (DJSI) – 2021 for the twelfth year in succession. Wipro’s unbroken track record is unique for the IT Services sector, the company said in a filing.
  • This year saw a record 3455 companies assessed from around the world, of which 322 made it to the DJSI (World) index for 2021-2022. The IT Services sector saw 91 companies participating globally of which nine have been selected in the World Index. Wipro is also part of DJSI (Emerging Markets), and is one of the only two companies from the IT services sector in India. Read More

SJVN stock gains as work of second unit of 1320 MW Buxar thermal power plant in Bihar begins

Published on: 11:05 am

  • State-owned SJVN has inaugurated the works of the Second Unit of (2 X 660) 1320 MW Buxar Thermal Power Plant. The project consists of two units and that more than  50 % of works related to the First unit have already been completed. The 1320 MW Buxar Thermal Power Plant with Ultra Super Critical Technology is being developed by SJVN Thermal Pvt. Ltd (a fully owned subsidiary of SJVN Limited). 
  • The Plant involves an investment of around Rs11,000cr.
  • The company's CMD exhorted all stakeholders to enthusiastically strive hard to commission the Project before the scheduled timeframe. Read More

Healthcare Triangle selected by Monument Health to automate document processing

Published on: 11:01 am

  • Securekloud Ltd-backed Healthcare Triangle Inc., USA a leading provider of cloud and data transformation platform and solutions for healthcare and life sciences, has announced that Monument Health taps Healthcare Triangle to automate their document processing through readable.AI.
  • Healthcare Triangle’s deep expertise in Artificial Intelligence (AI), Machine Learning (ML), and Natural Language Processing (NLP) has helped Monument Health turn their clinical data from disparate sources into actionable insight. Read More

FedEx receives CCI approval for acquiring a minority stake in Delhivery

Published on: 10:58 am

  • The Competition Commission of India (CCI) approves acquisition of minority stake in Delhivery Limited (Delhivery) by FedEx Express Transportation and Supply Chain Services (India) Private Limited (FedEx India) and acquisition of certain operating assets of FedEx India and TNT India Private Limited (TNT) by Delhivery.
  • The proposed combination relates to the i) acquisition of minority stake in Delhivery by FedEx India and, ii) acquisition of operating assets of FedEx India and TNT by Delhivery.
  • Apart from the above, the parties also propose to enter into certain interconnected and ancillary transactions. Read More

Centre releases two instalments of tax devolution to state governments amounting Rs95,082cr

Published on: 10:52 am

  • The government has released two instalments of tax devolution to State Governments amounting to Rs95,082cr on 22nd November 2021, as against the normal monthly devolution of Rs47,541cr.
  • Under state-wise distribution, about Rs17,056.66cr has been released in Uttar Pradesh which was the highest among other states. Rs7,152.96cr and Rs7,463.92cr were released to West Bengal and Madhya Pradesh.
  • Rs6,006.30cr were released to Maharashtra. Furthermore, Rajasthan and Tamil Nadu received about Rs5,729.64cr and Rs3,878.38cr respectively. Read More

Nifty Metal holds steady amid broader positive markets; Adani Enterprises, Welspun Corp keep bears a

Published on: 10:40 am

  • On Wednesday, Nifty Metal pulled back from their previous super rally and was on a volatile zone led by weak global cues tracking overall markets. The index was floating steadily with the majority of stocks witnessing marginal upside. 
  • Globally, Base Metals closed mixed in overnight trading with SHFE Lead registering biggest gain. Further, markets remained on edge with the latest surge of Covid-19 cases in European region which overshadowed strong PMI data for the euro zone. 
  • Also, back to the home, Indian metal companies are assertive for their November production data which could help investors mood to play accordingly. Read More

India - US to take economic relationship to the next high level

Published on: 10:39 am

  • India and the United States have reaffirmed their commitment to take the economic relationship between the two countries to the next high level. Commerce and Industry Minister of India Piyush Goyal and USTR Ambassador Katherine Tai also ensured that India – US TPF take a firm decision to integrate the economies across sectors and move towards securing an ambitious future for trade relations between the two strategic partners and democracies.
  • In a meeting held on Tuesday, the two leaders underlined the importance of integrating the two economies across sectors to harness the untapped potential of the relationship. Also, the leaders pushed to work towards a more ambitious future for the bilateral trade and economic relationship and take it to the next level so that both economies could benefit from the inherent complementarities. Read More

Hindustan Organic Chemicals extends shutdown of Phenol Plant in Kochi

Published on: 10:34 am

  • Hindustan Organic Chemicals Ltd. informed the exchanges Tuesday that the proposed restart of the company’s (HOCL) Phenol Plant in Kochi from November 23, 2021, has been postponed by another 10 days in view of the sluggish demand position for Phenol and Acetone, unremunerative price level and considering the inventory held by the Phenol unit at HOCL Kochi.
  • However, the Company’s Hydrogen Peroxide Plant at Kochi will resume production from November 24, 2021.
  • The company had earlier informed about the temporary shutdown of the phenol plant until November 22, 2021. Read More

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