Live market updates

25th Nov, 2021

LT Foods appoints Amit Mehta as Head of Convenience & Health Food Business

Published on: 4:40 pm

  • LT Foods Ltd, a 70-year-old Consumer Food Company has announced the appointment of Amit Mehta as the Head of Convenience and Health Food Business. Amit’s key responsibilities will include formulating and implementing new product winning strategies and expanding LT Foods’s presence in Convenience and Health Food segments.
  • Amit is a persuasive & an influential leader with more than two decades of experience in driving growth for consumer centric businesses.
  • He has an enviable track record of spearheading initiatives to achieve strong business results through process and project management approach in different industries. Read more

Airtel conducts India’s first 5G trial in 700 MHz band with Nokia

Published on: 4:20 pm

  • Bharti Airtel on Thursday said that it has successfully conducted India’s first 5G trial in the 700 MHz band in partnership with Nokia. Airtel has been allotted test spectrum in multiple bands by the government’s Department of Telecommunications for the validation of 5G technology and use cases.
  • The demonstration, which was conducted on the outskirts of Kolkata, was also the first 5G trial in Eastern India.
  • Leveraging the enhanced propagation characteristics of the 700 MHz band, Airtel and Nokia were able to achieve high speed wireless broadband network coverage of 40 Km between two 3GPP standard 5G sites in real life conditions. Airtel used equipment from Nokia’s 5G portfolio, which included Nokia AirScale radios and standalone (SA) core. Read more

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HCL Tech expands its presence in Sri Lanka, opens a new facility at ‘The Offices’ in Cinnamon Life

Published on: 4:17 pm

  • HCL Technologies (HCL) has opened its new facility at the state-of-the-art Cinnamon Life complex. HCL continues to expand and grow in Sri Lanka and this new facility will be its largest in the country, accommodating 4,000 employees.
  • HCL entered Sri Lanka in 2020 with the aim to make it a global technology and IT services delivery hub for some of the largest corporations in the world. In continuation with its commitment to build first class capabilities and create local employment, HCL intends to occupy 80% of Cinnamon Life, a project by John Keels, with plans of taking up 10 floors now and 10 floors at a later stage. The architectural design and world class interiors of HCL’s new development center has been delivered by Tikri Bibile Associates (TBA), supported by WIDAC Commercial Interiors Pvt Ltd and Leema Associates. Read more

Fitch affirms Bharti Airtel at 'BBB-'; Outlook negative

Published on: 4:03 pm

  • Fitch Ratings has affirmed India-based Bharti Airtel Limited's (Bharti) Long-Term Foreign-Currency Issuer Default Rating (IDR) and senior unsecured rating at 'BBB-'. The Outlook on the IDR is Negative. Fitch also affirmed Bharti Airtel International (Netherlands) B.V.'s senior unsecured guaranteed bonds at 'BBB-' and Network i2i Limited's subordinated perpetual bond at 'BB'.
  • Network i2i's subordinated perpetual note is rated two notches below Bharti's IDR. This reflects the notes' deeply subordinated nature, ranking junior to all debt obligations and senior only to Bharti's ordinary shares. This is in line with Fitch's Corporate Hybrids Treatment and Notching Criteria. Read more

Markets close higher; Reliance Industries stock outperforms

Published on: 3:35 pm

  • Markets witnessed a positive day of trade, with the benchmark index trending higher for the major part of the trade.
  • Nifty outperformed the  Bank Nifty by ~1% with the former closing in the green while the later closing lower.
  • Reliance Industries closed ~6% higher as stock witnessed an addition of fresh long positions. Read more

Steady Improvement in Securitisation Collections; Reserves Start to Build-up: Ind-Ra

Published on: 3:29 pm

  • India Ratings and Research (Ind-Ra) witnessed a continued improvement in the performance of securitisation transactions with the increase in September 2021 collections and a drop in delinquencies percentage across asset classes. This came on the back of the successful roll-out of Covid-19 vaccination in the country, recovering demand in most sectors and expectation of economic growth, which has also been reflected through lower credit enhancement utilisation in October 2021 pay-out compared to 2QFY22. Overdue loans in softer delinquency continue to perform, improving total collections month-on-month. Therefore, current collection numbers may not correctly depict the improvement in collections.
  • With improving market sentiments, business disruptions from any further covid wave and the risk of its effects on the performance of rated transactions are reducing gradually. The agency has recently resolved Rating Watch Negative on one of the transactions to a Stable Outlook, indicating a strong recovery from the underlying borrowers and high credit enhancement (CE) build-up in the transaction. Read more

ICRA: GoI's infrastructure push to drive mining and construction equipment demand, despite increase

Published on: 3:16 pm

  • ICRA Ratings expects a healthy uptick in demand for the mining and construction equipment (MCE) industry in CY2021 primarily driven by strong volumes in Q1 CY2021 (around 40% of annual estimated volumes), in the backdrop of the Government’s infrastructure impetus. The second wave of Covid, however, along with the increase in equipment price, following changes in emission norms and steep rise in input costs, in addition to erratic monsoons, did impact volumes, post Q1 CY2021.
  • Growth for the full year CY2021 is estimated to remain at around 15-17% compared to the earlier estimates of 15-20% growth; optically appearing high due to the base effect following two weak years (CY2020 and CY2019). Notwithstanding strong growth in CY2021, the overall volume is expected to remain around 15% lower than the CY2018 level. Read more

Brickwork revises ratings on bank loan facilities of Texmo Pipes & Products

Published on: 3:10 pm

  • Brickwork Ratings revises the ratings for the Bank Loan Facilities of Rs122.20cr of Texmo Pipes & Products Ltd.
  • Brickwork Ratings has revised and upgraded Bank loan rating of the company to "BWR BBB+" from "BWR BBB" (Triple B plus from Triple B) for fund based facilities. Short term ratings has been also upgraded to BWR A2, as per rationale report.
  • The ratings upgrade reflects the continued improvement in the business and financial performance of the company in FY21. Read more

Shimla tops in NITI Aayog’s SDG Urban Index followed by Coimbatore and Chandigarh

Published on: 3:10 pm

  • In its journey towards localizing the Sustainable Development Goals (SDGs) and instituting robust SDG progress monitoring systems at the national, State/UT, and local levels, NITI Aayog has achieved yet another milestone with the launch of the inaugural SDG Urban Index & Dashboard (2021-22) today. The index and dashboard are a result of the NITI Aayog-GIZ and BMZ collaboration focused on driving SDG localization in our cities, under the umbrella of Indo-German Development Cooperation.
  • The SDG Urban Index and Dashboard ranks 56 urban areason 77 SDG indicators across 46 targets of the SDG framework. The data on these indicators have been sourced from official data sources such as NFHS, NCRB, U-DISE, data portals of various ministries, and other government data sources. Read more

Shimla tops in NITI Aayog’s SDG Urban Index followed by Coimbatore and Chandigarh

Published on: 3:10 pm

  • In its journey towards localizing the Sustainable Development Goals (SDGs) and instituting robust SDG progress monitoring systems at the national, State/UT, and local levels, NITI Aayog has achieved yet another milestone with the launch of the inaugural SDG Urban Index & Dashboard (2021-22) today. The index and dashboard are a result of the NITI Aayog-GIZ and BMZ collaboration focused on driving SDG localization in our cities, under the umbrella of Indo-German Development Cooperation.
  • The SDG Urban Index and Dashboard ranks 56 urban areason 77 SDG indicators across 46 targets of the SDG framework. The data on these indicators have been sourced from official data sources such as NFHS, NCRB, U-DISE, data portals of various ministries, and other government data sources. Read more

LTI stock up over 1% after opening a Innovation & Experience Centre for IBM technologies in Beng

Published on: 3:06 pm

  • Larsen & Toubro Infotech (LTI) on Thursday has opened an Innovation & Experience Centre at LTI Whitefield campus in Bengaluru (India) focusing on IBM technologies. The Center will assist enterprises in modernizing their operations and accelerating digital transformation journeys.
  • Sudhir Chaturvedi, President-Sales and Executive Board Member, LTI, said: “The rapid technological advances make it necessary for customers to experience solutions before adopting them. Our new center in Bengaluru fulfils this need for the joint customers of IBM and LTI. This center will offer combined benefits of LTI’s rich domain proficiency and IBM’s deep technical expertise, and thereby assist clients in their transformation journey.” Read more

NIIT bags ASSOCHAM award for building sales and service capability enabling business

Published on: 3:05 pm

  • NIIT Limited, a global skills and talent development company and leading provider of managed training services, has won the ASSOCHAM Award for Building Sales and Service Capability Enabling Business at EduMeet 2021, the flagship event which honours excellence in the education and skills industry.
  • Bimaljeet Singh Bhasin, President, Skills and Careers Business, NIIT Ltd.said, "We are delighted to receive this award from ASSOCHAM for Building Sales and Service Capability Enabling Business. As a global leader in skills and talent development, our priority has always been to deliver outcome driven learning interventions to enterprises in line with their emerging talent requirements.” Read more

TCS to enhance South32's IT Operating Model for greater resilience and agility; Stock advances

Published on: 2:55 pm

  • Tata Consultancy Services (TCS) on Thursday announced that the company  has been selected as a strategic partner by South32, a global mining and metals company, to enhance its IT operating model and provide application and infrastructure services critical to its global operations, strengthening its operational resilience and business agility.
  • The multi-year managed services partnership builds on the relationship TCS has had with South32 to enable accelerated execution of recent divestiture programs, and track employee health and safety at South32’s global mining sites during the pandemic. Under the new contract, management of critical infrastructure that was previously managed by multiple service-providers has been consolidated with TCS, driving end-to-end accountability. Read more

UltraTech wins FICCI Indian Circular Economy Award 2021

Published on: 2:50 pm

  • UltraTech Cement Limited, the largest manufacturer of grey cement, white cement and ready-mix concrete in India, has won Federation of Indian Chambers of Commerce and Industry’s (FICCI) Indian Circular Economy Award (ICEA), 2021. UltraTech has been declared as a joint winner in the Large Enterprise category. As a joint winner in the Large Enterprise category, the award appreciates UltraTech’s efforts to accelerate its business towards a circular model and identifies the Company as most innovative and impactful in its practices.
  • Organised by FICCI, ICEA is India’s most prestigious award, exclusively dedicated to circular economy. The Awards ceremony was held virtually on 25th November and the winners were announced in the presence of Mr. Amitabh Kant, chief executive officer, National Institution for Transforming India (Niti Aayog). ICEA aims to reward and recognize achievements and success of organizations or individuals involved in catalysing innovations through their strategies and creative approaches. Read more

Aurionpro announces major win in smart transit space; bags order from the Govt of Uttar Pradesh

Published on: 2:44 pm

  • Aurionpro announce another big win in the smart transit segment. This will be amongst the largest in the world with approximately 50 crores commuters travelling annually. Aurionpro will be the system integrator for implementing “IoT based Integrated Bus ticketing System” for the Uttar Pradesh State Road Transport Corporation (UPSRTC) on a Build Own Operate and Transfer('BOOT') model.
  • The project is expected to be worth more than Rs60cr, over 5 years, with the minimum guaranteed revenue.
  • The stock is currently trading at Rs215.95 up by Rs9 or 4.35% from its previous closing of Rs206.95 on the BSE. Read more

KPIT Technologies reaffirms commitment to Zero Defect Delivery; Stock slips nearly 1%

Published on: 2:43 pm

  • KPIT Technologies announced re-certification of Automotive SPICE (Software Process Improvement and Capability determination) Organizational Process Maturity Level 5. Automotive SPICE is an initiative by Automotive Special Interest Group (SIG), a joint special interest group of Automotive OEMs, the SPICE User Group, the Procurement Forum, and the Quality Management Center in the German Association of Automotive Industry (VDA QMC).
  • The initiative has come together to develop a common framework for the assessment of suppliers in the Automotive Industry. Read more

Mukta Arts hits 10% upper circuit on launch of nine new screens across India

Published on: 2:33 pm

  • Mukta A2 Cinemas Limited a subsidiary of Mukta Arts Limited has announced the launch of its new properties at Ahmedabad, Punjab and Orissa. Mukta A2 Cinemas opened today its 4 screen property at Rajyash Rise in Ahmedabad.
  • Also, after resumption of cinema operations post lockdown period the company has opened 2 screens Multiplex at Ropar, Punjab on August 19, 2021 and 3 Screen multiplex at Raygada, Orissa on October 28, 2021.
  • With addition of these above mentioned 9 screens, the screen count of Mukta A2 Cinemas goes upto 55 screens apart from 6 in Bahrain and 14 screens under its JV with Asian Cinemas. So total screen count goes to 75 screens in all. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices trade higher as IT and pharma stocks led the bullish drive.
  • BSE Sensex is currently 58,745.17 higher 404.18 points or 0.69%.
  • Nifty50 is at 17,517.95 up 102.90 points or 0.59%. Nifty Bank is 37,344.25 down 0.26%. Mid-cap Index is up 0.08%. Read more

Hindustan Zinc conferred with prestigious '5 Star Rated Mines' award by Ministry of Mines

Published on: 2:16 pm

  • Hindustan Zinc, world’s leading and India’s only producer of integrated Zinc-Lead-Silver, was awarded the prestigious ‘5 Star Rated Mines’ award by the Ministry of Mines, Govt. of India. Union Minister of Parliamentary Affairs, Coal and Mines, Govt. Of India – Mr Pralhad Joshi felicitated Hindustan Zinc with the award at the 5th National Conclave on Mines and Minerals held in Delhi. HZL’s Rampura Agucha & Kayad Mine both received the ‘5 Star Rated Mines’ certification for their efforts and initiatives in sustainable mining.
  • Leading the way for green and sustainable operations, Hindustan Zinc is among the first mining companies to commit to Net Zero 2050 and has a strong focus on ESG. Read more

Bank Nifty under pressure, index slumps over 150 pts amid broad-based selloff; ICICI Bank, IndusInd,

Published on: 2:15 pm

  • Banking stocks were under pressure on Thursday however the downside was at a slower pace as privatisation news take rounds. Bank Nifty witnessed a broad-based selloff with heavyweight private banks taking a massive toll. The index has hovered between an intraday high and low of 37,475.65 and 37,118.40 respectively.
  • At around 2.14 pm, Bank Nifty was trading at 37,289.65 lower by 152.30 points or 0.41%. On the index, 9 scrips declined and 3 scrips advanced.
  • On the downside, AU Small Finance Bank was the top bear down by 1.6% followed by heavyweights ICICI Bank and IndusInd Bank slipped more than 1% each. Read more

Prolonged soft interest rates inevitable for sustainable growth: ASSOCHAM

Published on: 2:08 pm

  • India should continue with an accommodative interest rate stance, as long as necessary, to sustain and further pick up the pace of economic growth, so that respite from the Covid 19 cases is fully taken advantage in a global scenario still marked by concerns over pandemic and high energy prices, ASSOCHAM has said.
  • “While concerns over inflation, especially in the Wholesale Price Index (WPI), need to be addressed, measures other than a reversal of accommodative stance should be encouraged. The RBI and its Monetary Policy Committee (MPC) have done a commendable job to retain the present policy rates. However, central banks in some of the developed economies are moving towards tapering the accommodative policies.  We are sure and as we have been maintaining that the RBI would not follow this template and continue with the low-interest rates,'' ASSOCHAM Secretary General Mr Deepak Sood said. Read more

MB Power, ACC, join hands to transport Fly Ash using Indian Railways in Madhya Pradesh

Published on: 2:01 pm

  • With a view to enhance its commitment to protecting the environment, leading diversified power producer, MB Power has started to supply Conditioned Fly Ash (CFA) through Indian Railways to the ACC’s cement factory in Kymore, Katni.
  • MB Power will transport the CFA from its flagship thermal power plant at Jaithari, Anuppur in Madhya Pradesh to ACC Cement thus ensuring proper utilization of fly ash. MB Power’s Anuppur facility is amongst the first few facilities in the country to undertake such an initiative. Read more

Onward Tech board approves acquisition of 100% stake in NV Pune Technology Park

Published on: 1:38 pm

  • Onward Technologies Ltd has informed that the Board of Directors of the Company on Wednesday, November 24, 2021, inter‐alia have accorded their approval for acquisition of 100% equity shares and preference shares of NV Pune Technology Park Private Limited.
  • Also, the Board has authorised directors and other officials of the Company for execution and signing of Share Purchase Agreement and other transaction documents in this regard. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • Equity benchmark indices trade in the green led by IT and pharma stocks.
  • Nifty50 is at 17,505.60 up 90.55 points or 0.52%. Nifty Bank is 37,288.20 down 0.41%. Mid-cap Index is up 0.01%.
  • Reliance, Infosys, ITC, Divis Lab and Tech Mahindra are the top gainers. NTPC, IOC, ICICI Bank, Britannia and Hero MotoCorp are the top losers. Read more

TCS to Help South32 Enhance its IT Operating Model for Greater Resilience and Agility

Published on: 1:27 pm

  • Tata Consultancy Services (TCS) has been selected as a strategic partner by South32, a global mining and metals company, to enhance its IT operating model and provide application and infrastructure services critical to its global operations, strengthening its operational resilience and business agility.
  • The multi-year managed services partnership builds on the relationship TCS has had with South32 to enable accelerated execution of recent divestiture programs, and track employee health and safety at South32’s global mining sites during the pandemic. Under the new contract, management of critical infrastructure that was previously managed by multiple service-providers has been consolidated with TCS, driving end-to-end accountability. Read more

Samsung Electronics to build new semiconductor manufacturing facility in Texas, estimates investment

Published on: 1:04 pm

  • Samsung Electronics has announced that it would build a new semiconductor manufacturing facility in Taylor, Texas. The estimated $17 billion investment in the United States will help boost the production of advanced logic semiconductor solutions that power next-generation innovations and technologies.
  • “As we add a new facility in Taylor, Samsung is laying the groundwork for another important chapter in our future,” said Kinam Kim, Vice Chairman and CEO, Samsung Electronics Device Solutions Division. “With greater manufacturing capacity, we will be able to better serve the needs of our customers and contribute to the stability of the global semiconductor supply chain.” Read more

Indian Overseas Bank, Central Bank of India clarify on privatisation buzz; Stocks under pressure

Published on: 12:56 pm

  • State-owned Indian Overseas Bank (IOB) and Central Bank of India (CBI) have clarified on privatisation buzz to stock exchanges. On Thursday, both the bank's stocks witnessed a lacklustre demand.
  • IOB and CBI rallied up to 20% yesterday on news that the government has shortlisted the two banks for privatisation.
  • However, both the stock pulled back from their super rally on Thursday after their clarification. Read More

Shriram Transport Finance allots 17,36,100 equity shares on conversion of warrants; Stock sheds near

Published on: 12:35 pm

  • Shriram Transport Finance Company Ltd has informed to the exchanges regarding allotment of 17,36,100 Equity Shares of the face value of Rs.10 each pursuant to exercise of option for conversion of 17,36,100 Warrants by Shriram Capital Limited, Promoter of the Company pursuant to the provisions of Chapter V of the Securities and Exchange Board of India. (Issue of Capital and Disclosure Requirements) Regulations, 2018 and Sections 42 and 62 of the Companies Act, 2013, including the rules made thereunder (the "Preferential Allotment").
  • The Board of Directors of the Company on November 25, 2021 has approved allotment of 17,36,100 Equity Shares of face value of Rs. 10/- each fully paid up issued at a premium of Rs. 1430/- per equity share to Shriram Capital Limited, Promoter of the Company upon exercise of option of conversion of 17,36,100 Warrants by Shriram Capital Limited. Read More

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Indices extended gains in the late morning trade on the back of a surge in IT and pharma stocks.
  • BSE Sensex is currently 58,801.47 up 460.48 points or 0.79%.
  • Nifty50 is currently 17,534.70 up 119.65 points or 0.69%. Nifty Bank is 37,433.80 down 0.02%. Mid-cap Index is up 0.18%.
  • Reliance, Dr. Reddy, Tech Mahindra, Infosys and Kotak Bank are the top gainers. NTPC, IOC, ICICI Bank, Hindustan Unilever and Britannia are the top losers.
  • Nifty IT, Pharma and Oil & Gas stocks drive bullish stance while Nifty FMCG, Auto, Metal stocks were under pressure.
  • Out of 50 stocks traded on the NSE, 26 advanced and 23 declined and 1 unchanged. Read More

TTK Prestige to acquire controlling stake in Ultrafresh Modular Solutions for Rs30cr

Published on: 12:26 pm

  • TTK Prestige has agreed on making a strategic investment in Ultrafresh Modular Solutions Ltd. engaged in the business of Modular Kitchens and kitchen appliances having many franchisee outlets across India.
  • In its regulatory filing today, the company said that "this is a strategic space relevant to the business of TTK Prestige engaged in the business of Kitchen & Home Appliances. Ultrafresh is in this business of Modular Kitchens since 2018 and has developed infrastructure for design, development, sourcing and sale and marketing of Modular Kitchens. They also have a captive source for sourcing Modular Kitchen Accessories and appliances like Kitchen hoods which will become part of Ultrafresh." Read More

Ind Ra assigns credit ratings to Gokul Agro Resources; Stock jumps 5%

Published on: 12:12 pm

  • India Ratings and Research (Ind-Ra) has assigned Gokul Agro Resources Limited (Gokul) a Long-Term Issuer Rating of ‘IND BBB+’. The Outlook is Stable. Short-term ratings has been assigned as IND A2.
  • To arrive at the ratings, Ind-Ra has taken a consolidated view of Gokul and its wholly owned subsidiary Maurigo Pte Ltd. and step-down subsidiaries Riya International Pte Ltd., Maurigo Indo Holdings Pte Limited and PT. Riya Palm Lestari due to strong operational and strategic linkages. Read More

CARE Ratings upgrades Canara Bank's AT1 bonds to 'AA+; Stable'; Stock surges

Published on: 12:07 pm

  • Care Ratings has upgraded Canara Bank's Additional Tier I Bonds (Basel III) to 'CARE AA+; Stable'. Meanwhile, CARE reaffirmed ratings on the lender's Tier II Bonds (Basel III) to 'CARE AAA; Stable".
  • In its rating rationale, CARE said that the ratings assigned to debt instruments of Canara Bank continue to derive strength from majority ownership by the Government of India (GoI), its market position as the third-largest Public Sector Bank (PSB) as of September 30, 2021, its established retail franchise with strong network in southern states of India and experienced management. The rating strengths are partially offset by relatively low CASA and modest asset quality levels. Read More

Ramco Cements commissions Waste Heat Recovery System at newly developed third line at Jayanthipuram

Published on: 12:04 pm

  • Ramco Cements has commissioned a Waste Heat Recovery System a newly commissioned Third Line at our Jayanthipuram Plant.
  • As per the regulatory filing, out of the two boilers in the Waste Heat Recovery System of Third Line, the boiler at the Cooler namely, Air Quenche Boiler has been commissioned and we are capable of generating 5 MW Of additional power from Waste Heat.
  • This will augment our total power available from Waste Heat to 21 MW, out of a total possible generation of 24 MW. Read More

BSE stock zooms 2% after signing MoU with Madurai District Gold and Silver Merchant Association to p

Published on: 11:55 am

  • BSE Limited has signed an MoU with the Madurai District Gold and Silver Merchant Association to provide the impetus for the growth and development of commodities and proposed Electronic Gold Receipt (EGR) market in India.
  • From this tie-up, both entities, as well as the stakeholders they serve, will be able to capitalize on the synergies, knowledge and expertise to support innovations and development in spot trading for gold. Read more

CARE revises Punjab National Bank's Basel II Upper Tier II Bonds from to ‘CARE AA+/Stable’

Published on: 11:55 am

  • CARE Ratings vide its rating action dated November 24, 2021, has revised the ratings on Punjab National Bank's Basel II Upper Tier II Bonds from ‘CARE AA/Stable’ to ‘CARE AA+/Stable’ and Basel III AT1 Bonds from ‘CARE AA-/Stable' to 'CARE AA/Stable’.
  • Further, it has reaffirmed the ratings on Infrastructure Bonds, Basel II Lower Tier II Bonds & Basel III Tier II Bonds at 'CARE AA+/Stable', Basel II Perpetual Bonds at 'CARE AA/Stable' and Certificate of Deposits at 'CARE A1+' Read More

TGV Sraac hits 5% upper circuit on commissioning of Chloromethanes expansion project

Published on: 11:45 am

  • TGV Sraac Limited stocks in fast rally after announcement of commissioning of Chloromethanes (CMS) Expansion Project.
  • In a regulatory filing on Wednesday the company has informed that the Chloromethanes Plant Expansion Project works are completed and the project has commissioned its commercial production on November 23, 2021.
  • Further, with commissioning of this expansion, the total production capacity of Chloromethanes has increased from 125 MTs per day to 250 MTs per day. Read More

RBI levies Rs54.93 lakh monetary penalty on Appnit Technologies

Published on: 11:42 am

  • The Reserve Bank of India (RBI) has levied a monetary penalty of Rs54.93 lakh on Appnit Technologies Private Limited (ATPL) for committing offences under the Payment and Settlement Systems Act, 2007 (PSS Act).
  • The penalties have been imposed in the exercise of powers vested in RBI under the provisions of Section 30 of the PSS Act.
  • These actions are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers. Read More

Dixon Tech gains 2% after tie-up with Acer India to manufacture laptops under the ‘Make in India’ in

Published on: 11:41 am

  • Acer India, the leading PC brand, and Dixon Technologies Limited have partnered for the manufacturing of laptops at Dixon’s state-of-the-art manufacturing facility situated in Noida. The manufacturing unit was inaugurated on Wednesday by Saurabh Gaur, Jt. Secretary, Ministry of Electronics and Information Technology, in the presence of Sunil Vachani, Executive Chairman, Dixon Technologies, Mr. Atul B. Lall, Vice Chairman & Managing Director, Dixon Technologies, Mr. Harish Kohli, President & Managing Director, Acer India, and Mr. Sudhir Goel, Chief Business Officer, Acer India.
  • This will give a strong impetus to India's manufacturing competitiveness and leverage the production-linked incentive (PLI) by the Government of India. The factory will have the capacity to produce up to 500,000 laptops annually. Read More

RBI imposes Rs2cr monetary penalty on Tata Communications Payment Solutions for non-compliances

Published on: 11:34 am

  • The Reserve Bank of India has imposed a monetary penalty of Rs2cr on Tata Group-backed Tata Communications Payment Solutions (TCPSL)  for committing offences under the Payment and Settlement Systems Act, 2007 (PSS Act).
  • The penalties have been imposed in the exercise of powers vested in RBI under the provisions of Section 30 of the PSS Act.
  • These actions are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers. Read More

Market pulse at 11:30 AM today

Published on: 11:30 am

  • Indices led by bullish IT and Pharma stocks trade higher.
  • BSE Sensex is currently 58,635.09 up 294.1 points or 0.50%.
  • Nifty50 is currently 17,486.80 up 71.75 points or 0.41%. Nifty Bank is 37,417.35 down 0.07%. Mid-cap Index is up 0.08%.
  • Reliance, Dr. Reddy, Kotak Bank, Divis Lab, and Infosys are the top gainers. IOC, Shree Cement, Hindalco, NTPC, and ICICI Bank are the top losers.
  • Nifty IT, Pharma and Oil & Gas stocks drive bullish markets while Nifty FMCG, Auto, Metal stocks drag the most.
  • Out of 50 stocks traded on the BSE, 22 advanced and 28 declined. Read More

Aegis Logistics zooms 7% after Ind Ra affirms long-term issuer rating at 'AA/Positive'

Published on: 11:25 am

  • India Ratings and Research (Ind-Ra) has affirmed Aegis Logistics Limited’s (AELL) Long-Term Issuer Rating at ‘IND AA’. The Outlook is Positive.
  • Short-term ratings has been affirmed to IND A1+.
  • According to the agency, Ind-Ra continues to take a consolidated view of AELL and its subsidiaries, given the integrated nature of operations, strong strategic linkages and fungibility of cash flows among them.
  • The Positive Outlook reflects Ind-Ra’s expectation of an improvement in the company’s scale of operations post the announcement of the joint venture (JV) with Royal Vopak N.V (Vopak) in FY22 capital structure optimisation and a likely increase in EBITDA following the commercialisation of capex undertaken in the last few years. Read More

Thursday's Top Bull! Reliance Industries stock skyrockets 4% on plans to restructure and repurpose g

Published on: 11:21 am

  • The largest company in terms of market valuation on stock exchanges, Reliance Industries (RIL) was the top bull on Thursday's trading session after the company announced its plan to restructure and repurpose Gasification assets.
  • RIL was the top bull on Sensex and Nifty 50 which further pushed the two benchmarks on the upside.
  • At around 11.16 am, RIL was trading at an intraday high of Rs2441 per piece up by Rs90.10 or 3.8% on Sensex.
  • At the current market price, the company's market valuation was over Rs15.47 lakh cr. Read More

ICRA reaffirms credit ratings of Tube Investments of India

Published on: 11:12 am

  • ICRA Limited has reaffirmed the long-term rating at AA+ and the short-term rating at A1+ in respect of the bank fund-based and non-fund-based limits of Tube Investments of India Limited.
  • The long-term rating has been removed from the watch with developing implications and a 'Stable' outlook has been assigned.
  • The credit rating agency has also reaffirmed the short-term rating to the company’s commercial paper programme at ICRA A1+.
  • At around 11.16 am, Tube Investments of India Ltd was trading at Rs1,693.40 per piece down by Rs12.05 or 0.71% from its previous closing of Rs1,705.45 per piece on the BSE. Read more

Ministry of Mines hand over 152 potential mineral block reports to state govts so far this year

Published on: 11:09 am

  • So far this year, the Ministry of Mines has handed over 152 mineral block reports to different State Governments. The latest would be hand over of 52 potential G-4 mineral blocks to 15 State Governments yesterday.
  • The States those received the mineral block reports include Madhya Pradesh (8), Chattisgarh (6), Karnataka (7), Maharashtra (6), Odisha (5), Rajasthan (5), Jharkhand (5), Gujarat (2), Tamil Nadu (2), Telangana (1), Bihar (1), Assam (1), Arunachal Pradesh (1), Andhra Pradesh (1) and Himachal Pradesh (1). The mineral potential identified by GSI includes a ferrous group of minerals, precious metals & minerals, non-ferrous & strategic minerals, industrial & fertilizer minerals. Read More

Indag Rubber updates on commencement of lease agreement for MRO Facility at Bhiwadi

Published on: 11:02 am

  • Indag Rubber Ltd has informed to the exchanges regarding commencement of lease agreement for MRO facility at Bhiwadi.
  • The Company has earlier announced about the leasing of MRO Facility at Bhiwadi to Elcom Systems Pvt. Limited to be constructed in two phases, on monthly rent of Rs36 psf which shall be increased by 12% after every 3 years, for a lease period of 9 years and 6 months, (lock -in period of 9 years).
  • Due to ongoing COVID 19 pandemic and delay in completion of Civil Work for construction and setting up of MRO facility at Bhiwadi, Rajasthan, both the parties had mutually agreed on November 23, 2021 that the lease period of 9 years and 6 months shall commence w.e.f September 01, 2021 for a monthly rent of Rs. 36 psf on total area of 102640 sq. ft constructed under phase Read More

India, ADB sign $300M loan to improve primary healthcare in the country

Published on: 11:01 am

  • The Government of India and the Asian Development Bank (ADB) has signed a $300 million loan to strengthen and improve access to comprehensive primary health care in urban areas of 13 states that will benefit over 256 million urban dwellers including 51 million from slum areas.
  • After signing the loan agreement, Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs in the Ministry of Finance, said that the programme supports the Government of India’s key health initiatives - Ayushman Bharat Health and Wellness Centres (AB-HWC) and Pradhan Mantri Atmanirbhar Swasth Bharat Yojana (PM-ASBY) - which has been renamed as Pradhan Mantri Ayushman Bharat Health Infrastructure Mission (PM-ABHIM) - by expanding availability and access to quality primary health care services particularly for vulnerable populations in urban areas. Read More

Steel Exchange India allots 12% CCDs and Convertible Warrants on preferential basis

Published on: 10:58 am

  • Steel Exchange India Limited to inform you that the Board of Directors of the Company, vide its circular Resolution dated November 24, 2021, has approved the allotment of 2,34,60,000 unsecured 12% Compulsorily Convertible Debentures (CCDs) of Rs72.50 /- each convertible into 2,34,60,000 shares of Rs10/- each at a price of Rs72.50 /- per share (inclusive of a premium of Rs62.50 /- per share) on preferential basis.
  • The company’s board also approved allotment of 58,22,150 Convertible Warrants of Rs72.50 /- each convertible into 58,22,150 equity shares of Rs10/- each at a price of Rs72.50/- per share inclusive of premium of Rs62.50 /- per share) on preferential basis. Read More

Cybertech Systems and Software climbs 3% after Ind-Ra upgrades its credit ratings

Published on: 10:42 am

  • India Rating & Research (Fitch Group) has upgraded the rating of CyberTech Systems and Software Ltd. from Long-Term Issuer Rating at “IND BBB-/Stable/IND A3” to “IND BBB/Stable/IND A3+” as per its report received by the Company on November 23, 2021.
  • The rating on fund-based working capital limits Rs50 million (reduced from Rs100 million) has been upgraded by Ind-Ra to IND BBB/Stable/IND A3+ from IND BBB-/Stable/IND A3. On non-fund-based working capital limits Rs25 million (reduced from Rs30 million), the credit rating has been upgraded to IND A3+ from IND A3. Read More

FinMin: India and USA agree on a transitional approach on Equalisation Levy 2020

Published on: 10:40 am

  • The Finance Ministry announced that India and USA agree on a transitional approach towards Equalisation Levy 2020. The ministry stated that India and the United States will remain in close contact to ensure that there is a common understanding of the respective commitments and endeavour to resolve any further differences of views on this matter through constructive dialogue.
  • On October 08 this year, India and United States joined 134 other members of the OECD/G20 Inclusive Framework (including Austria, France, Italy, Spain, and the United Kingdom) in reaching an agreement on the Statement on a Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalization of the Economy. Read More

Nifty Metal under pressure on broad-based selloff; Ratnamani, SAIL, JSPL led bearish tone

Published on: 10:40 am

  • Metal company stocks were under pressure on Thursday amid volatile session ahead of F&O Expiry. Investors booked profits on heavyweight stocks after Fitch Ratings increases global metals and mining price assumptions to the market.
  • On the global front, Shanghai base metals all closed with gains amid bullish sentiments on the previous trading session. Meanwhile, their counterparts on LME trended mixed. 
  • Today, the Nifty Metal index traded lower and hovered between an intraday high and low of 5,642.80 and 5,548.25 respectively due to a broad-based selloff in heavyweight stocks. Read More

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