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18th Jan, 2022

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Balu Forge Industries acquires Mercedes Benz Truck Precision Machining factory from Mannheim, German

Published on: 4:45 pm

Balu Forge Industries Ltd (BFIL) has recently acquired the Precision Machining unit of the Mercedes Benz Truck Factory from Mannheim, Germany.
BFIL is a precision engineering house with a presence is over 80 Countries & a very diversified component portfolio serving over 25 Original Equipment manufacturers in over 5 continents. The range extends from ICE applications to Hybrid & Electric Vehicles with a constant need to innovate & further strengthen the capability in the New Era of Mobility.
The recent acquisition will be installed in the new machining facilities of BFIL in Belgaum, Karnataka & will cement the company's position as a leading precision player throughout the globe. Read more

TV 18 reports Q3 revenue of Rs1,567cr, up 15.1% YoY

Published on: 4:26 pm

TV 18 Broadcast Ltd. announced its quarter three results on Tuesday. The company has reported the highest ever EBITDA at Rs 355cr, up by 64% YoY, with margins of 23%. The company’s entertainment business delivered stellar performance alongside its News business.
The company also reported the highest ever quarterly revenue of Rs 1,567cr, up by 15.1% YoY, its performance accelerated despite the pandemic shaking the entire movie industry.
Its new business witnessed a sharp acceleration in the margin to 27.2%, and revenue hopped by 13% YoY. While the entertainment business margin stood at 21.4%, revenue jumped by 16% YoY. Also, it witnessed a rise in PBT by 24% YoY to Rs 344cr, driven largely by growth in revenues, lower finance costs, and controlled operating expenses. Read more

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Mastek opens new office in Romania to expand strategic growth plans in Europe markets

Published on: 4:20 pm

Mastek, a global digital engineering & cloud transformation specialist, has announced the opening of its new office in București, Romania under the name of Evolutionary Systems B.V. Amsterdam - Sucursala București.
Further, Mastek’s move to this new location will support the organization’s efforts to ensure success for its clients, employees, and society as a whole.
With more than 30 universities and IT talent pool in excess of 0.17 million, the Romania center will play a significant role in expanding Mastek’s strategic growth plans in Continental Europe markets. The new office location will also serve as a hub for our Oracle business’ nearshore and offshore developments in the EMEA regions. Read more

Bajaj Auto Q3FY22 Preview: Revenue seen at Rs88,418 million, PAT at Rs12,025 million

Published on: 4:16 pm

Bajaj Auto witnessed a 10% YoY decline in volumes, realizations will aid topline. On a YoY basis, revenue is estimated to be flattish with a negative bias (down 0.8%) to Rs88,418 million. While the company has implemented price hikes in Q3, they may not be adequate to offset full pressure arising from input cost inflation.
Sequentially, the volumes grew 3.2%, indicating an uptick in demand. Exports are likely to remain strong and aid the company’s growth as well as profitability. Read more

Satin Creditcare Networks allots commercial papers of Rs25cr

Published on: 4:00 pm

Satin Creditcare Networks Limited on Monday allotted Commercial Papers (CPs) of Rs25cr. CP’s are not supposed to be listed and have a tenure of 164 days. The date of maturity is June 30, 2022, with a coupon rate of 9.95% per annum, the company said in a filing on Tuesday.
Satin Creditcare Network Ltd ended at Rs85.50 per share down by Rs0.45 or 0.52% from its previous closing of Rs85.95 per share on the BSE. Read more

Network18 ends lower after Q3 PAT drops 8% yoy to Rs307cr

Published on: 3:48 pm

Network18 Media & Investments Limited reported its highest ever EBITDA at Rs373cr with margins of 22.5%. The Profit after Tax (PAT) of the company for Q3FY22 dropped to Rs307cr from Rs333cr in Q3FY21.
“Not only did News business (TV and Digital) see a sharp improvement in profitability but Entertainment business also continued to deliver strong margins,” the company said in a filing.
Strong revenue growth momentum continued during the quarter as the Company reported its highest ever quarterly revenue of Rs1,657cr (+16.5% YoY from Rs1422cr in Q3FY21), despite the pandemic induced headwinds faced by the Movie business. Read more

Ion Exchange (India) bags contract of Rs137cr from Numaligarh Refinery

Published on: 3:44 pm

Ion Exchange (India) Ltd has informed that the Company has been awarded a DM Plant and CPU Package Works contract by Numaligarh Refinery Limited (NRL).
The Company received contract for NRL's "Numaligarh Refinery Expansion Project" at Numaligarh Refinery, Numaligarh, Assam on turn key basis at contract value of Rs137cr+ 18% GST.
The project is to be constructed and commissioned within 19 months from the date of Letter of Acceptance, said company in a regulatory filing on Tuesday. Read more

Markets close lower; Reliance Industries, HDFC stocks underperformed

Published on: 3:35 pm

Domestic markets witnessed a sharp selloff during the closing part of the trade, as across the board profit booking weighed in. Nifty underperformed the Bank Nifty index by ~1% with both the indices closing around their intraday lows.
Across the board, selling was seen in major heavyweights with stocks like Reliance Industries and HDFC Ltd contributing the majority of the losses for the index, along with an unwinding of long positions.
The Nifty Midcap 100 index closed ~2% lower. Market breadth ended in the favour of the declines with the advance/decline ratio closing at 1:3x. Nifty saw an unwinding of long positions during the day. Read more

Servotech power secures oxygen concentrator project worth Rs 7cr from UPMSC

Published on: 3:35 pm

Servotech Power Systems Limited secures another project for providing medical-grade Oxygen Concentrators in a call for tender by Uttar Pradesh Medical Supplies Corporation (“UPMSC”) worth Rs 7 crore. This will be the second of the two projects worth Rs 7 crore secured by the company for FY’22, stated Servotech Power Limited in its regulatory filing on Tuesday.
UPMSC is a nodal organization for centralized procurement and distribution of drugs and equipment to Government Health Facilities in Uttar Pradesh. Servotech, being a reliable company with a track record of successfully delivering in accordance with the requirements, terms, and conditions in the earlier project, bagged this order. Read more

Anup Engineering tumbles over 16% after Q3 PAT falls 33% yoy to Rs6.1cr

Published on: 3:18 pm

Anup Engineering Limited (ANUP), announced its unaudited financial results for the quarter & nine months ended on December 31, 2021. Revenue of Q3FY22 stood at Rs47.2cr compared to Rs29.48cr in Q3FY21. Profit After Tax (PAT) of Rs6.1cr fell 33% yoy compared to 9.08cr. EBIDTA stood at Rs11cr.
Revenue of 9MFY22 at Rs188cr up by 29% as compared to the corresponding Rs146.37cr in 9MFY21. EBITDA margin at 24.5% for 9MFY22. PAT at Rs29.7cr up by 14% for 9MFY22 as compared to corresponding Rs25.97cr in 9MFY21. Read more

Newgen Software Tech to acquire 100% stake in 'Number Theory Software'

Published on: 3:00 pm

Newgen Software Technologies Ltd has announced that the Board of Directors of the Company today has approved the acquisition of Number Theory Software Private Limited as a wholly owned subsidiary company i.e., purchase of 100% of the paid-up equity shares of Number Theory Software Private Limited from its existing shareholders, viz. Tarun Gulyani and Rajan Nagina.
As per regulatory filing, Newgen will be making a closing payment aggregating to approximately Rs7,02,73,340/- to the Promoters of Target Company towards 100% of the equity shares. Read more

DP Abhushan to open new retail jewellery showroom in Rajasthan on January 22; Stock up 2%

Published on: 2:48 pm

DP Abhushan Limited will open and inaugurate its new Retail Jewellery showroom in Banswara, Rajasthan on January 22, 2022. This new showroom offers Gold and Diamond studded Jewellery, Kundan, Polki, and other premium varieties, the company said in a filing on Monday. Read more

South Indian Bank revises MCLR rates

Published on: 2:36 pm

South Indian Bank announced changes in Marginal Cost of Funds Based Lending Rates (MCLR) on Tuesday, effective from 20th January 2022.
The bank stated that overnight MCLR rates will be 7.75%, while rates for one month, three-month, and six-month MCLR will be 7.80%, 7.85%, and 7.95% respectively. However, the rates for one-year MCLR will be higher at 8.15%.
South Indian Bank Limited is a major private sector bank headquartered at Thrissur in Kerala, India. South Indian Bank has 924 branches, 4 service branches, 53 extension counters and 20 Regional Offices spread across India. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

Indices trade lower amid volatile trade; Banking stocks rise.
BSE Sensex is currently 61,182.87 down 126.04 points or 0.21%.
Nifty50 is currently 18,253.40 down 54.70 points or 0.3%. Nifty Bank is at 38,743.35, up 1.38%. Mid-cap Index is down 0.76%. Read more

Aegis Logistics to sell its stake in Konkan Storage Systems; Stock sheds over 3%

Published on: 2:16 pm

Aegis Logistics Limited board on Monday has approved the sale of entire equity holding of 1 lakh equity shares of Rs10/- each of Konkan Storage Systems (Kochi) Private Limited (KCPL), wholly-owned subsidiary of the Company to its other wholly-owned subsidiary, Aegis Vopak Terminals Limited (AVTL) at a fair value of Rs18.5/- per equity share.
The consideration to be received by the Company against the sale of equity shares of KCPL will be Rs18.50 lakh as per the valuation report obtained by the Company. The transaction will be completed on or before March 31, 2022.
Pursuant to the aforesaid transaction, KCPL will cease to be a direct wholly owned subsidiary of the Company and will become a step down subsidiary of the Company. Read more

Pyush Gupta steps down from position of Whole Time Director and Director of Rollatainers

Published on: 2:02 pm

Rollatainers Ltd has informed that Pyush Gupta has resigned from the position of Whole Time Director and Director of the Company with effect from January 18, 2022.
In a resignation letter, Pyush Gupta said, "Due to unavoidable circumstances, I hereby tender my Resignation from the Position of Whole Time Director including Directorship and all committee positions of Rollatainers with effect from January 18, 2022.
Kindly take my resignation on the record and provide me an acknowledge for receipt of the resignation and a copy of E-Form Dir-12 filed with the Registrar of Companies to that effect for my reference and record. Further there is no other material reason for my resignation except above." Read more

Lupin acquires Portfolio of products worth Rs325cr of Anglo-French Drugs & Industries

Published on: 1:56 pm

Lupin Ltd.’s share gained over 1% after its announcement to acquire a portfolio of Brands of Anglo-French Drugs & Industries & associates, to strengthen its portfolio in vitamins, supplements, and minerals.
The portfolio of products that is being acquired falls within the business line of the company and will enable the addition of established brands with high recall amongst healthcare professionals, especially in the Minerals, Vitamins, and supplements category.
This will create new value for the company and would lead to EBITDA margin accretion, the company said in the filing. Read more

Kotak Mahindra Bank introduces same day settlement for merchants; Stock gains near 2%

Published on: 1:36 pm

Kotak Mahindra Bank Ltd (KMBL) has introduced the Same Day Settlement (SDS) feature for merchants for payments received on its Point of Sale (PoS) terminals. At a time when digital payments are soaring, the SDS facility is especially useful for businesses with immediate cash flow requirements, those with high inventory turnover and the need to replenish stocks frequently as well as for businesses that employ the services of daily wage earners for optimal payroll management.
Thakur Bhaskar, Senior Executive Vice President & Head - Liability Products and Merchant Acquiring, Kotak Mahindra Bank said, “Shortening the settlement cycle with Same Day Settlement is of tremendous value to both small and large merchants, especially for certain categories of merchants, giving them surety of inflows, helping them plan their cash flows and manage working capital requirements more efficiently. Read more

HFCL Q3FY22 consolidated PAT drops 4.71% at Rs81.10cr; stock tumbles 4%

Published on: 1:34 pm

HFCL Limited, India’s leading telecom equipment manufacturer and technology provider announced its unaudited financial results for the third quarter and nine months ended December 31, 2021.
For the third quarter ended 31st December 2021, the Company reported Q3FY22 Consolidated Revenue stands at Rs1215.21cr, 4.9% as compared to Rs1122.05cr in Q2FY22 and Rs1277.48cr in Q3FY21.
Q3FY22 Consolidated EBIDTA came at Rs174.56cr as compared to Rs173.20cr in Q2FY22 and Rs176.53cr in Q3FY21. EBIDTA margin stands at 14.32% as compared to 15.42% in Q2FY22 and 13.78% in Q3FY21. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

BSE Sensex is currently 61,361.84 up 52.93 points or 0.09%.
Nifty50 is currently 18,304.10 down 4 points or 0.02%. Nifty Bank is at 38,772.85, up 1.46%. Mid-cap Index is down 0.45%.
Axis Bank, ICICI Bank, HDFC Bank, Kotak Bank, and Titan are the top gainers. Eicher Motors, Maruti, Tech Mahindra, Ultratech Cement, and Tata Consumer are the top losers. Read more

Radiant Cash Management Services gets SEBI nod for IPO

Published on: 1:22 pm

Radiant Cash Management Services Ltd backed by Ascent Capital has received approval from the capital markets regulator, Securities and Exchange Board of India (SEBI) to raise funds through its initial public offering (IPO). The Chennai-based firm intends to issue up to Rs 60 crore worth of new shares, while existing shareholders may sell up to 30.13 million equity shares.
The OFS comprises issue of up to 10.13 million shares by Col. David Devasahayam and up to 20 million shares by Ascent Capital Advisors India. Read more

Nifty Pharma stocks remain under pressure; Lupin, Dr Reddy's outperform while Cadila drags

Published on: 1:10 pm

Nifty Pharma stocks remained bearish on Tuesday amid volatile markets as the Index trimmed heavy early losses but remained in the red zone. Lupin led the gains while DR Reddy was also bullish. Cadila, Glenmark, Granules India, Alkem Lab, and Divis Lab dragged the sector.
The investors continue to watch evoloving situation due to Omicran variant of Covid-19 and corporate earnings.
The benchmark indices opened higher on Tuesday but soon slipped into the red, however, Asian markets were broadly mixed. At around 1.10 pm, BSE Sensex was trading at 61,366.58 up 57.67 points or 0.09% and Nifty50 at 18,303.00 down 5.10 points or 0.03%. Read more

Strides gets USFDA nod for Oseltamivir Phosphate for Oral Suspension

Published on: 12:56 pm

Strides Pharma Science Limited (Strides) announced its step-down wholly-owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received approval for Oseltamivir Phosphate for Oral Suspension,6 mg/mL from the United States Food & Drug Administration (USFDA).
The product is bioequivalent and therapeutically equivalent to the Reference Listed Drug (RLD), Tamiflu for Oral Suspension, 6 mg/mL, of Hoffmann-La Roche, Inc.
According to IQVIA MAT November 2020 data, the US market for Oseltamivir Phosphate for Oral Suspension, 6 mg/mL was approximately ~US$ 132 Mn. The product will be manufactured at the company’s facility at Bengaluru and will be marketed by Strides Pharma Inc. in the US market. Read More

Manappuram Finance to issue NCDs aggregating to Rs800cr on private placement basis

Published on: 12:42 pm

Financial Resources and Management Committee of the Board of Directors of Manappuram Finance Limited at its meeting held on January 17, 2022, approved the issuance of Listed, Secured, Rated, Redeemable, Non-Convertible Debentures (NCDs) of the face value of Rs10 lakh each for an amount of Rs200cr with an option to retain over subscription up to Rs600cr aggregating to Rs800cr on private placement basis.
At around 12.45 PM, Manappuram Finance Ltd was trading at Rs167.20 per piece down by Rs0.85 or 0.51% from its previous closing of Rs168.05 per piece on the BSE.
The scrip opened at Rs168.25 and has touched a high and low of Rs173.70 and Rs166.05 respectively. Read More

Indian exports target of $650 Bn within the current financial achievable: Piyush Goyal

Published on: 12:34 pm

The Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal has said that it is possible to achieve exports of USD 650 Billion within the current financial year.
Chairing a Review Meeting of all major Export Promotion Councils (EPCs), Goyal said the $400 Bn target of Merchandise exports is within sight and the Services sector should strive for $250 Bn exports.
Expressing his satisfaction that India achieved $300 Bn Merchandise exports in the first nine months of the current FY (April-Dec, 2022), Goyal assured the EPCs that his Ministry will do whatever it takes in handholding the EPCs and resolving their issues to attain even higher export targets in the next FY. Read More

Market pulse at 12:30 PM today

Updated on: 12:30 pm

Published on: 12:44 pm

Benchmark market indices remain lower despite trimming losses; Bank stocks lead gains.
BSE Sensex is currently 61,184.49 down 124.42 points or 0.20%.
Nifty50 is currently 18,259.35 down 48.75 points or 0.27%. Nifty Bank is at 38,478.55, up 0.69%. Mid-cap Index is down 0.32%.
Axis Bank, HDFC Bank, Titan, BPCL, and Kotak Bank are the top gainers. Eicher Motors, Maruti, Ultratech Cement, Tech Mahindra, and Tata Consumer are the top losers.
Nifty Auto and IT stocks drag the most while Banking and Realty stocks trade higher.
Out of 50 stocks traded on the NSE, 14 advanced and 36 declined. Read more

Nifty Bank & Financial Services stocks rally amid weak markets; Axis Bank, HDFC Bank emerge top gain

Published on: 12:15 pm

Nifty Banking and Financial Services reversed yesterday’s trend to trade higher despite weak markets on Tuesday. PSU Bank stocks that traded higher on Monday were under pressure on Tuesday.
Axis Bank and HDFC Bank also reversed Monday’s losses to emerge top gainers while AU Bank remained bullish on Tuesday. Kotak Bank and ICICI Bank also traded higher while RBL Bank, PNB, Federal Bank, IndusInd Bank, and SBI were under pressure. Read More

VA Tech Wabag bags a mega-deal, receives order worth $100M in UAE for engineering and procurement ac

Published on: 12:12 pm

VA TECH WABAG (`WABAG') has secured an order worth about $100 Million towards engineering and procurement activities in relation to 120 Million Gallons Per Day (MiGD) Hassyan Sea Water Reverse Osmosis ('SWRO') in the United Arab Emirates (`UAE'). The order was secured from Green EPC (a Utico FZC subsidiary) who is the prime EPC contractor for this project.
Dubai Electricity and Water Authority ('DEWA') selected Utico FZC as the preferred bidder to build the SWRO plant and operate it over a period of 35 years, under the Independent Water Producer (`IWP') model, wherein DEWA will off-take 100% of water from this plant. The desalination plant is planned to be commissioned in phases by March 2024 and shall be the largest IWP in Dubai. Read More

Shreeji Translogistics stock locks at new 52-week highs after migrating from SME Platform to BSE's M

Published on: 12:04 pm

Investors were upbeat on Shreeji Translogistics on stock exchanges during Tuesday's trading session after the company migrated from the SME Platform of BSE Limited to the Main Board of BSE Limited.
At around 12.01 pm, the company's stock was trading at a new 52-week high of Rs199.25 per piece up by 4.98% on Sensex. This price level is also the stock's upper circuit.
Currently, the company Company owns and operates a strong fleet of commercial vehicles consisting of 290 owned trucks and more than 400 outsourced trucks and serve a broad range of industries, including E-commerce, fast-moving consumer goods (FMCG), white goods, food, textiles and apparel, furniture and fixture, pharmaceutical, plastics and metal. Read more

RBI Bulletin: Economic activity in India remains strong; Inflation continues to play a spoilsport

Published on: 11:55 am

The Reserve Bank of India (RBI) in its monthly bulletin for January 2022, announced that the overall economic activity in India is strong on the back of upticks in various indicators. However, the central bank continues to see inflation as the spoilsport going forward.
In its 'State of the Economy' section, RBI said that "overall economic activity in India remains strong, with upbeat consumer and business confidence and upticks in several incoming high frequency indicators."
On the vaccination front, RBI said that, " India has made rapid strides. On the Omicron variant, the recent data from the UK and South Africa suggest that such infections are 66 to 80 per cent less severe, with a lower need for hospitalisation." Read more

Vikas Echotech ties with AuraPHA to produce biodegradable plastics

Published on: 11:54 am

Vikas Echotech Limited announces its investment in environment-friendly BioPlastics (PHA) technology and is finalizing a Technology Tie-Up/Joint Venture with Aurapha Private Ltd. (the ‘AuraPHA’) to produce Biodegradable Plastics.
The company believes that concerns over the impact of the conventional plastic material on the environment are rising, and the right solution will be to adopt plastics such as Poly-Hydroxy-Alkanoates (PHA). PHAs (synthesized biopolymers) are bio-degradable in nature, as they are produced from renewable resources following an eco-friendly process. The company endeavours to develop eco-friendly viable alternatives and have been continuously working its way through it. Read More

Fineotex Chemical board approves grant of 70,673 options under ESOP; Stock dips 1.5%

Published on: 11:46 am

Fineotex Chemical Ltd has informed that the Nomination and Remuneration Committee of the Board in their meeting held on January 17, 2022 has approved a grant of 70,673 options to eligible employees of the Company (which includes the employees of its wholly owned subsidiary) at price of Rs125 per option under the ‘Fineotex Chemical Limited-Employees Stock Option Plan 2020’as amended (“ FCL-ESOP 2020”).
"The FCL-ESOP 2020 Scheme is in compliance with SEBI Regulations, 2021 and the above grant shall be governed by the terms and conditions of FCL- ESOP Scheme 2020", said company in a regulatory filing. Read More

PNB raises Rs1,971cr through allotment of Basel III Compliant AT-1 bonds

Published on: 11:46 am

Punjab National Bank has issued Basel III Compliant Additional Tier-I Bonds at a coupon of 8.50% per annum, aggregating to Rs1971cr on a private placement basis.
The company on Monday allotted 8.50% Unsecured, Subordinated, Non-Convertible, fully paid-up, Taxable, Basel III Compliant Additional Tier I Bonds which will qualify as Tier I Capital of Rs1cr each.
At around 11.48 am, Punjab National Bank was trading at Rs39.50 per share down by Rs0.35 or 0.88% from its previous closing of Rs39.85 per share on the BSE. Read more

Escorts, Granules, Indiabulls Housing Finance, Vodafone Idea and SAIL banned under NSE's F&O list to

Published on: 11:40 am

A list of five stocks is banned under the Futures and Options (F&O) on the National Stock Exchange of India (NSE) on Tuesday.
These stocks are Escorts, Granules India, Indiabulls Housing Finance, Vodafone Idea, and SAIL.
These stocks are banned after their derivative contracts crossed 95% of the market-wide position limit.
Thereby, NSE informs that all clients/ members shall trade in derivative contracts of these companies by offsetting their existing positions till the open interest comes down to 80% of the market-wide position limit. Read more

Market pulse at 11:30 AM today

Published on: 11:30 am

Indices remain bearish; Auto, IT, and Pharma stocks drag.
BSE Sensex is currently 61,162.59 down 146.32 points or 0.24%.
Nifty50 is currently 18,253.00 down 55.10 points or 0.3%. Nifty Bank is at 38,430.30, up 0.56%. Mid-cap Index is down 0.36%.
Axis Bank, BPCL, HDFC Bank, Adani Ports, and Titan are the top gainers. Eicher Motors, Maruti, Tech Mahindra, Ultratech Cement, and Tata Consumer, are the top losers.
Nifty Auto, IT and Pharma stocks drag the most while Banking and Realty stocks trade higher.
Out of 50 stocks traded on the NSE, 11 advanced and 39 declined. Read more

Bajaj Finance stock gains ahead of Q3 earnings, expect a strong set of numbers in the books

Published on: 11:27 am

Bajaj Finance stock trades higher ahead of its December 2021 (Q3FY22) quarterly earnings on Tuesday. The NBFC is expected to report a strong set of numbers in Q3.
In Q3FY22, Bajaj Finance is expected to register strong financial books with double-digit growth in top-line and bottom-line front on the back of lower incremental provisions, easing in asset quality pressure, contraction in credit costs and rising in new loans. Also, a stellar festive season, pent up demand, low-interest rates and normal monsoon - will boost the earnings.
In its Q3 provisional update on stock exchanges earlier this month, Bajaj Finance announced that it has booked new loans of 7.4 million in the quarter compared to 6 million in the December quarter of last year. As of December 2021, Bajaj Finance's customer franchise stood at 55.4 million increasing from 46.3 million as of 31 December 2020. The Company’s customer franchise increased by 2.6 million in Q3 FY22 as compared to 2.2 million in Q3 FY21. Read More

Nazara acquires 55% stake in ad tech company Datawrkz

Published on: 11:17 am

On Tuesday, Nazara Technologies Ltd. announced the acquisition of a 55% stake in programmatic advertising and monetization company Datawrkz valuing the company up to Rs 225 Cr, linked to FY 22 EBITDA performance.
Nazara will be acquiring a 33% stake worth Rs 60cr in the first tranche by April 2022, of which Rs 35cr is partly payable in cash and the balance of Rs 25cr will either be paid in swap shares or cash. Nazara also reserves an option to acquire an additional 22% stake in the second tranche which will be completed by Q4 FY’23. Read More

Dilip Buildcon informs all employees in CBI custody have been released; Stock remains under pressure

Published on: 11:14 am

Dilip Buildcon Limited informed the exchanges that the four employees who were taken into custody by investigating agency have been released and now nobody from the company is under the custody of investigating agency as of now.
“All the rest four employees of the company who were taken in custody by the investigating agency have also been released vide order dated January 15, 2022, & January 17, 2022, passed by the Court of Hon'ble Special Justice. No one from the company is under the custody of the investigating agency. Read More

Jay Bharat Maruti announces various award wins; Stock sheds over 1.5%

Published on: 11:11 am

Jay Bharat Maruti Ltd has announced that the Company has received various awards, won by its plants in northern india at the “CII National Challengers Trophy” Competition held from December 8-10, 2021 virtually.
The list of the awards are:
Gold Award in Renovation Category (to increase effectiveness of the Plant)
Silver Award in TPM Category
Silver Award in Innovation Category
Silver Award in Poka-Yoke (mistake proofing) Category Read more

Nesco subsidiary to pursue the process of voluntary liquidation

Published on: 10:54 am

Nesco Hospitality Private Limited (NHPL), a wholly-owned subsidiary of Nesco Limited has resolved to pursue the process of Voluntary Liquidation, the company said in a filing on Monday.
The Food and Beverages business was started by Company in the year 2015 and was being conducted in this wholly-owned subsidiary. From December 2017, this business is being conducted by ‘Nesco Foods’, a division of Nesco Limited which has helped further grow the business in alignment with existing divisions, and therefore, management of NHPL has now initiated the process of Voluntary Liquidation.
At around 10.56 am, Nesco Ltd was trading at Rs598.90 per share down by Rs3.7 or 0.61% from its previous closing of Rs602.60 per share on the BSE. Read more

Nifty Realty defies market bears to hold steady; Prestige, Brigade, Sobha and Sunteck hit new 52-wee

Published on: 10:50 am

On Tuesday trade, Nifty Realty logs buying sentiments from investors despite bearish markets tone. The performance in the sector considers healthy Q3 earnings which turned many investors o put their bet accordingly. Prestige, Brigade, Sobha and Sunteck stretched the winning streak by hitting 52-week high followed by other major stocks.
On the sectoral front, buying was seen in Banking, realty stocks while selling pressure was visible in auto, capital goods, FMCG, IT, pharma and metal stocks. The Sensex benchmark Index is seen struggling to overcome the psychological 61,000-mark amidst concerns over new omicron variant and rapid increase of Covid cases.
At around 10:50 AM, Nifty Realty was trading at 519.15 up 3.05 points or 0.59%, touching a high of 527.20 and low of 516.25 during intraday trade. Read More

Market pulse at 10:30 AM today

Published on: 10:30 am

Equity market indices fall amid mixed Asian peers.
BSE Sensex is at 61,092.96 down 215.95 points or 0.35%.
Nifty50 is at 18,230.90 down 77.20 points or 0.42%. Nifty Bank is at 38,341.30, up 0.33%. Mid-cap Index is down 0.51%.
Axis Bank, BPCL, HDFC Bank, IOC, and Power Grid are the top gainers. Eicher Motors, Maruti, Tata Consumer, Ultratech Cement, and UPL are the top losers.
Nifty Auto, Metal, Pharma, FMCG, and Media stocks drag the most while Banking stocks trade higher.
Out of 50 stocks traded on the NSE, 11 advanced, 38 declined and 1 unchanged. Read More

Flipkart's flagship 'Flipkart Leap' evolves in two programs to cater dynamic needs of startups

Published on: 10:25 am

Flipkart, India’s homegrown e-commerce marketplace has announced the evolution of its flagship startup accelerator program - Flipkart Leap to identify wider and relevant market opportunities for its selected startups.
After the successful completion of the first cohort of the program, Flipkart Leap will now evolve into two new programs - Flipkart Leap Ahead (FLA) and Flipkart Leap Innovation Network (FLIN). Flipkart Leap is proud to announce this launch on National Startup Day, a day recognized by Prime Minister Narendra Modi recently to help startup culture spread better across India.
Designed to cater to the dynamic needs of startups across different stages, these two programs - FLA and FLIN will support the startups through insights, mentorship and funding as needed, while helping them scale and build disruptive innovations. With the introduction of these programs, the startup ecosystem will be able to access end-to-end partnerships with Flipkart across their growth stages. Read More

Markets erase early gains, witness broad-based selloff; Sensex around 61k, Nifty 50 near 18,200; Axi

Published on: 10:25 am

Indian markets opened in green on Tuesday however erased their gains and were trading on a bearish note led by the broad-based selloff. The benchmark Sensex has erased the 61,000-mark and Nifty 50 gives up 18,200-level in early deals. Auto stocks were the worst hit followed by IT, Capital goods, Consumer Durables, Pharma and Metal stocks. Banking stocks shrugged off selling sentiments of the broader markets and were the top bull so far today.
At around 10.25 am, Sensex was trading at 61,012.28 down by 296.63 points or 0.48%. The index has touched an intraday high and low of 61,475.15 and 60,948.04 respectively.
Nifty 50 performed at 18,217.40 below 90.70 points or 0.5%. The benchmark has touched an intraday high and low of 18,350.95 and 18,186.20 respectively. Read more

EaseMyTrip and Flybig join hands for flight bookings, becomes India’s first-ever exclusive tie-up in

Published on: 10:22 am

EaseMyTrip, India’s second-largest online travel platform has announced an exclusive partnership with Flybig, India’s newest regional airline. Under this partnership, EaseMyTrip will sell Flybig’s airline tickets. The partnership marks the first time that a Scheduled Commuter Airline (SCA) is exclusively partnering with an online travel platform, for flight bookings, making EaseMyTrip India’s first-ever online travel company become a general sales agent (GSA) for a domestic airline.
“Air travel is witnessing a major boom across Tier 2 and 3 cities, and we are delighted to partner with Flybig during such a critical juncture for the industry. Our unique range of services across the travel segment along with Flybig’s air connectivity across remote destinations will add immense value for both brands. Through this partnership, we aim to bring more destinations within the reach of our growing customer base, and we will be providing a hassle-free booking experience and the best-in-class services, for Flybig customers. We are excited about the opportunities that this opens up and we look forward to scaling greater heights in the segment with this partnership,” said Nishant Pitti, CEO & Co-Founder, EaseMyTrip. Read more

Asian markets rise with Nikkei 225 outperforming; Hong Kong's Tech index soars by 2%

Published on: 10:18 am

Asian markets opened in the green with other markets traded flat even as Chinese stocks reacted to rate cuts by the Central Bank to spur business activity. Taiwan & South Korean markets traded flat after the Taiwan markets hit new highs as demand for chip manufacturing hits record highs.
In Japan, the Nikkei 225 climbed 0.84%, the Topix index advanced 0.5%, Hong Kong’s Hang Seng index rose 0.48% while the tech-focused Hang Seng Tech index added 1.72%.
While Chinese mainland shares also rose with the Shanghai Composite was up 0.47% and the Shenzhen Component added 0.36%. Read More

Indian Energy Exchange sells 4.93% stake in IGX to IOCL for over 3.69cr; Stock under pressure

Published on: 10:14 am

Indian Energy Exchange Limited has executed a Share Purchase Agreement by and between IEX, Indian Oil Corporation Limited (A Government of India Undertaking) (IOCL), and Indian Gas Exchange Limited (IGX), subsidiary of the IEX, for sale of a 4.93% stake in IGX to IOCL consisting of 36,93,750 equity shares, having a face value of Rs10 each, aggregating to Rs3,69,37,500.
After the stake sale transaction of shares by the company, the shareholding of Indian Energy Exchange Limited (IEX) in the said subsidiary company has reduced and the said transaction has resulted in cessation of Holding-Subsidiary Relationship between Indian Energy Exchange Limited & Indian Gas Exchange Limited. Read more

Bajaj Finance, ICICI Prudential, L&T Tech, ICICI Securities, Tata Elxsi among key Q3 earnings today

Published on: 10:12 am

Investors await for major earnings of Bajaj Finance, ICICI Prudential Life Insurance Company, L&T Technology Services, ICICI Securities and Tata Elxsi on Tuesday.
In Q3FY22, Bajaj Finance is expected to register strong financial books with double-digit growth in top-line and bottom-line front on the back of lower incremental provisions, easing in asset quality pressure, contraction in credit costs and rising in new loans. Also, a stellar festive season, pent up demand, low-interest rates and normal monsoon - will boost the earnings.
Meanwhile, ICICI Prudential in Q3 is expected to report a sequential decline in bottom-line, however, on a year-on-year basis, it will be a single-digit growth. The company's pre-provision operating profit is also expected to fall, while net interest income is likely to have a double-digit growth on a year-on-year basis. Read more

Vikas Ecotech reports Q3 profit at Rs3.42cr; Stock hits fresh 52-week high

Published on: 10:06 am

Vikas Ecotech Limited reported higher profit at Rs3.42cr in Q3FY22 against Rs0.01cr in Q3FY21. The company’s revenue jumped to Rs75.26cr in the quarter ended December 31, 2021 from Rs28.39cr yoy in December 31, 2020 ended quarter.
The company stock was in demand on Tuesday morning and at around 10.10 AM, Vikas Ecotech Ltd was trading at Rs4.94 per share up by Rs0.23 or 4.88% from its previous closing of Rs4.71 per share on the BSE. Read more

Prajakta Powle steps down as BSE’s Company Secretary and Compliance Officer

Published on: 9:59 am

BSE Ltd. informed about the resignation of Prajakta Powle, Company Secretary and Compliance Officer from the post of Company Secretary and Compliance Officer. Smt. Powle shall be relieved from the services of the Company from the closure of business hours on March 14, 2022.
Prajakta is associated with the company since 2019 and has over 10 years of experience in the industry. She is a graduate of Mumbai University.
BSE owns and operates a stock exchange platform. The Company provides a market for trading in equity, debt instruments, derivatives, and mutual funds, as well as offers risk management, clearing, settlement, market data, and educational services. Read more