Live market updates

20th Jan, 2022

Cabinet approves sanctions of Rs973.74cr for loan moratorium

Published on: 4:59 pm

  • The Union Cabinet has approved the payment of ex-gratia amount of Rs973.74cr pertaining to remaining claims submitted by Lending Institutions (LIs) under Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020).
  • By granting ex-gratia payment of difference between compound interest and simple interest during the six month moratorium period to distressed/vulnerable category of borrowers, irrespective of whether the borrower had availed of moratorium or not, the scheme would equitably help small borrowers bear the stress on account of the pandemic and get back on their feet. Read more

D.P. Abhushan sales grow by 61% yoy, revenue jumps 81% yoy for Q3 FY22

Published on: 4:53 pm

  • On Thursday, D.P. Abhushan Limited has reported its Q3 financial results and announced the opening of a new showroom in the Banswara City of Rajasthan.
  • The company reported stellar growth in its performance with a reported increase of 61% YoY in its consolidated sales, and 81% YoY in its PAT for Q3 FY’22 against the previous same quarter for FY 20-21.
  • The consolidated revenue for the quarter ended December 2021 was Rs 668 crore against Rs 414 crore for the quarter ending December 2020. While the consolidated revenue for the 9M period stood at Rs 1,291.71 crores as compared to Rs 628 Crores for the previous corresponding 9M period. Read more

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HCL Tech appoints Prabhakar Appana as Global Head of AWS Ecosystem Business Unit

Published on: 4:45 pm

  • HCL Technologies (HCL), a leading global technology company has announced the appointment of Prabhakar Appana as Senior Vice President and the Global Head of its AWS Ecosystem Business Unit to further accelerate the company’s #HCLCloudSmart journey.
  • An industry veteran with about 23 years of experience in various leadership roles across geo sales, consulting, technology practices and program management, Prabhakar will drive HCL’s business growth and provide solutions and services to its global clients in reimaging their businesses for the digital age. Read more

Oracle Financial holds steady Q3 FY22 earnings

Published on: 4:38 pm

  • On Wednesday, Oracle Financial Services Software Limited announced its results for the quarter ending December 2021. The shares opened weak Thursday following this announcement and dipped throughout the day as investors grim over the marginally weak performance of the company.
  • The company reported a rise in sales of 2.25% to Rs 1266.33 crores against Rs 1238.42 crore during the previous corresponding quarter.
  • The company’s Net Profit inched by 1.32% at Rs 435.54 crore against a Net Profit of Rs 429.68 for the quarter ending December 2020. Read more

Hero Center for Innovation & Technology achieves 'GreenCo Platinum' rating

Published on: 4:15 pm

  • Hero MotoCorp, world's largest two-wheeler manufacturer, has been conferred the coveted ‘GreenCo Platinum’ rating for Hero Global Centre for Innovation and Technology (CIT) by the prestigious Confederation of Indian Industry (CII) Green Business Centre, as part of the Green Company rating system.
  • Hero Global Centre for Innovation & Technology (CIT) becomes the first research and development facility to receive GreenCo Platinum rating under the R&D category, as well as the only unit to receive a green rating under the CII – Rajasthan State Pollution Control Board (RSPCB) scheme. The Indian Green Building Council (IGBC) has already awarded the centre a Platinum certification, with a score of 91 points, making it the highest-rated facility in India’s manufacturing sector. Read more

ABB India’s Nelamangala Campus turns Water Positive

Published on: 4:14 pm

  • ABB India Ltd. has announced today that its Nelamangala unit has received ‘Water Positive’ certification from The Energy and Resources Institute (TERI). The unit implemented an Innovative 6R approach towards ‘Water Positivity’ to replenish more water than it consumes at the location, instead of just replacing the amount of water taken from the environment.
  • The 6R approach induces initiatives such as reduction in freshwater uses, water recycling, rainwater use and recharge, and real-time monitoring of water consumption, recharge, and saving. The Nelamangala unit currently operates 17 rainwater recharge wells, 5 cross wave technology-based recharge tanks, and 2 recharge ponds. ABB captures real-time data of rainwater recharge systems by installing its unique products like water flow meters. Read more

Karnataka Bank launches Online KYC updation portal; Stock ends 2% higher

Published on: 3:47 pm

  • The Karnataka Bank Limited launched its “Online KYC updation” portal, to facilitate the customers to update their KYC documents through online mode from their convenient place and time, without visiting the branch.
  • Mahabaleshwara MS, Managing Director & CEO of the Bank, said “This is one of the digi initiatives of the bank to help the customers to update their KYC especially during the pandemic situation. The updation of KYC at periodic intervals is a statutory requirement as per RBI guidelines and the new portal helps the customers to submit their KYC through an online process, without visiting the branch. Read more

Ramky Infrastructure appoints Ajay Masand as Chief Financial Officer

Published on: 3:44 pm

  • Ramky Infrastructure Ltd announced the appointment of Ajay Masand as Chief Financial Officer and Key Managerial Personnel of the Company w.e.f. 20th January 2022.
  • Ajay Masand is a seasoned Finance professional with CA and LLB qualification with 26 years post qualification in-depth experience in all facets of Accounts, Audit, Business Finance, Treasury, Costing, Corporate Accounting-US GAAP /IGAAP's, Construction Projects Accounting, Greenfield Project Capex Management, Taxation- Direct and GST, Regulatory Compliances, Govt Relations handling including availing the fiscal incentives from Central/State Govt authorities, Internal Audit/Controlling, Risk Management, Legal Matters handling, Commercial Negotiations, SAP implementation, etc. Read more

Dr Chandrashekhar Srivari resigns from Suven Pharma as Non-executive Independent Director

Published on: 3:30 pm

  • Suven Pharma Ltd. announced that Dr. Chandrasekhar Srivari has resigned from the position of the Non-executive Independent Director of the Company with effective from January 19, 2022 due to new appointment as Secretary, Department of Science and Technology, Govt. of India, New Delhi.
  • Dr. Srivari Chandrasekhar, has completed all his primary and higher education in Hyderabad and Joined CSIR, IICT for a Ph. D Programme. After completing his Ph. D (1991) with the then director Dr. A. V. Rama Rao, he moved to USA to pursue his post-doctoral position with Prof. J. R. Falck (1991-94).
  • He joined as Scientist C in 1994 in Council of Scientific and Industrial Research – Indian Institute of Chemical Technology (“CSIR-IICT”), and grew upto the level of director in 2015. Read more

Sterlite Tech files restraining order against HFCL in a patent infringement litigation in Delhi HC

Published on: 3:15 pm

  • In a recent update, Sterlite Technologies Ltd. has filed a restraining order against Himachal Futuristic Communications Limited (HFCL) in a patent infringement litigation in Delhi High Court.
  • The Court has restrained HFCL, its subsidiaries, directors, servants, agents, licensee or any related/ parent companies, dealers, stockists and distributors and/or anyone claiming any right through any of them, restraining them, jointly and severally, in any manner, from making, manufacturing, using, offering for sale, selling, exporting and importing the optical fibre cables covered under the STL's Patent no. lN 335369 in India, as it may amount to infringement of the said Patent that is related to STL’s Multitube Micro Cable technology. Read more

Markets close lower; Reliance Industries underperformed

Published on: 3:12 pm

  • Domestic markets witnessed a negative day of trade, with the benchmark index trending lower for the major part of the trade. Nifty underperformed the Bank Nifty index by ~0.6% with both the indices closing in the red with a ~1 %/0.45% cut.
  • Across the board, selling was seen in major heavyweights with stocks like Reliance Industries and TCS contributing the majority of the losses for the index, along with an unwinding of long positions.
  • Nifty Midcap 100 index closed ~0.1% lower. Market breadth ended in the favour of the advances with the advance/decline ratio closing at 1:1x. Nifty saw an addition of short positions during the day. Read more

NTPC board to consider interim dividend on Jan 29

Published on: 3:08 pm

  • NTPC Ltd has informed that a meeting of the Board of Directors of the Company is scheduled to be held on Saturday, January 29, 2022, to inter-alia, consider, approve and take on record the Un-audited Financial Results of the Company for the quarter and nine-months period ended December 31, 2021.
  • In a regulatory filing, NTPC said, "Interim dividend on the equity share capital of the Company for the year 2021-22 may also be, inter-alia, considered in the same Meeting of the Board of Directors."
  • The Company has fixed Saturday, February 5, 2022 as the "RECORD DATE" for the purpose of ascertaining the eligibility of the shareholders for payment of interim dividend, if declared by the Board. Read More

Infosys becomes a Leader in IDC MarketScape

Published on: 3:02 pm

  • Infosys Ltd announced its recognition as a Leader in IDC MarketScape: Worldwide B2B Commerce Services for Industrial Manufacturing 2021 Vendor Assessment. The assessment highlights Infosys’ know-how, ability to streamline B2B commerce operations, proven B2B digital commerce expertise for its clients through the Infosys Digital Store services solution.
  • IDC MarketScape analyzed and assessed eight IT service providers on parameters such as companies’ scope of engagement, ability to deliver projects related to B2B business models, and deep digital commerce expertise. Infosys was positioned as a leader for its extensive capabilities in helping industrial manufacturing clients in their B2B transformation initiatives. Read More

Max Healthcare to add over 300 beds in NCR; Will operate and manage upcoming hospital in Dwarka

Published on: 2:55 pm

  • Max Healthcare Institute Ltd (MHIL), one of India’s largest private healthcare services companies today announced that it has entered into a long term services agreement with Muthoot Hospitals Private Limited (MHPL) for operations and management (O&M) of ~ 300+ beds hospital being constructed and developed at Sector 10 Dwarka, New Delhi.
  • The company said in a filing that this is the First Phase Hospital on ~ 8.62 acres of land and has the potential to add another 1000+ beds in due course of time. The current arrangement is, however, restricted to First Phase Hospital only. The Hospital shall be operated under the name and style of Max Super Speciality Hospital, Dwarka. Read more

Nifty IT extends losses, nosedives near 700 pts; Heavyweights Infosys, TCS, HCL Tech, Wipro in a fre

Published on: 2:43 pm

  • IT company stocks in India extended their free-fall even on Thursday as investors make a frenzy selloff in the sector on a global level. Today, Nifty IT erased the over 37,000-mark and was struggling to keep a pace near 36,500-level. Heavyweights TCS, Wipro, HCL Tech, Infosys were the worst hit and major movers of the index.
  • In the previous trading session, Nifty IT has shed by around 3%.
  • At around 2.37 pm, Nifty IT was trading at 36,593.40 lower by 688.30 points or 1.9%. On the index, 2 scrips advanced and 8 scrips declined. Read more

Aptech board to evaluate and decide in due course over recommendation to make Institutional Business

Published on: 2:36 pm

  • Aptech has announced that the Strategy Committee placed their recommendations before the Board interalia advising the Board to consider and include Institutional business back under continued operations due to good turnaround performance in last one year.
  • Institutional business in February 2021 was put up under discontinued operations from accounting perspective and its potential exit was envisaged.
  • However, on Wednesday, Aptech board upon considering the recommendations, decided to evaluate in detail, the aforesaid recommendation on Institutional Business and thereafter take an informed decision on the same in due course. Read more

Bunge to acquire 33% in UPL backed Sinagro

Published on: 2:36 pm

  • UPL Ltd announced that its associate company Sinagro Produtos Agropecuarios SA., Brazil has entered into an agreement with Bunge Ltd., under which the latter shall acquire a 33% stake in Sinagro to strengthen its grain orientation strategy in Brazil. The deal announced is yet to receive a green signal from Brazil's antitrust body, Conselho Administrativo de Defesa Econômica (‘CADE’).
  • Sinagro's strategic focus has been supporting producers for more than 20 years. Sinagro has strategically positioned itself to support suppliers and final customers alike by setting up a network of more than 30 stores and warehouses, and a footprint across seven Brazilian states. Read More

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Benchmark indices are at day's low amid broad-based sell-off. Sensex shed 1.4% with the Nifty down 17,700.
  • BSE Sensex is currently 59,255.69 down 843.13 points or 1.40%.
  • Nifty50 is currently 17,698.20 down 240.20 points or 1.34%. Nifty Bank is at 37,740.90, down 0.79% and Mid-cap index is down 0.39%. Read more

HCL Tech expands digital transformation partnership with ams Osram

Published on: 2:26 pm

  • HCL Technologies (HCL) has expanded its strategic transformation partnership with ams OSRAM to digitize one of the optical solutions leader’s key business processes and drive enterprise resource planning and customer relationship management systems standardization across the organization. HCL will also continue to lead IT infrastructure operations integration for the client.
  • The partnership will enable greater maturity in ams OSRAM’s digital execution capabilities and drive global IT operations excellence by increasing agility and scalability to accelerate innovation. To enable this, HCL will develop and operate a modern digital foundation through data center, hybrid cloud and network transformation. It will also enhance the end-user experience through increased use of AI, automation and self-service capabilities, IT service management, process modernization, and service integration and management. Read more

Dhunseri Tea & Industries takes over Balijan North Tea Estate in Assam; Stock climbs over 3%

Published on: 2:22 pm

  • Dhunseri Tea & Industries Limited has entered into an Agreement for Sale with Warren Tea Limited and the possession of the aforesaid Tea Estate has been taken over.
  • The company had entered into a Memorandum of Understanding on December 16, 2021, with Warren Tea Limited, for the acquisition of Balijan North Tea Estate admeasuring a grant area of 1159.64 hectares located at Post Chabua, District Dibrugarh Assam. The acquisition price was Rs23cr. Read more

Palred Technologies stock freezes at new high after pTron launches FORCE X11 Smartwatch

Published on: 2:21 pm

  • Palred Technologies stock hits new 52-week high on Thursday after pTron, the rapidly growing and leading maker of affordable and high-quality digital lifestyle and audio accessories brand in India, expanded its product portfolio for wearables with the launch of a new smartwatch pTron Force X11. With the promise of Style, Performance & Connectivity, Force X11 is here to keep you ahead of the game.
  • Lightweight and ergonomically made, Force X11 features a 1.7” large HD full-touch color display offering crisp graphics and amplified brightness. The elegant 2.5D curved spherical dial rests in a premium alloy metal casing. Built to last, Force X11 has been rigorously tested to ensure it makes for a perfect and comfortable all day and night wearable accessory. Read more

Hi-Tech Pipes logs 6% yoy growth in Q3 revenue at Rs440cr led by better sales realization; Stock jum

Published on: 2:13 pm

Hi-Tech Pipes Limited  on Thursday has reported its financial results for the quarter and Quarter ended December 31, 2021.

Key Consolidated Financial and Operational Highlights for Q3FY22:
  • Revenue from operations was up 6% to Rs440cr as compared to Rs416cr in Q3 FY21; led by better sales realisation.
  • EBITDA was up 8% to Rs25.08cr as compared to Rs23.22cr in Q3 FY21; led by higher volume of value added products. Read more

Jet Airways Secretary & Compliance Officer resigns; Stock dives over 1%

Published on: 2:13 pm

  • Jet Airways stock was under pressure on Thursday after the company's Secretary & Compliance Officer, Kuldeep Sharma resigned from his position.
  • In its regulatory filing, the airline said that "Kuldeep Sharma has, vide his letter dated January 18, 2022, submitted his resignation as Company Secretary and Compliance Officer of Jet Airways (India) Limited."
  • Kuldeep Sharma indicated that his services shall not extend beyond February 17, 2022. Read more

Mastek records double-digit growth in PAT and revenue in Q3FY22 on year-on-year basis; Stock dives n

Published on: 2:01 pm

  • Mastek posted a consolidated net profit of Rs83.5cr in the quarter ending December 2021 (Q3FY22) rising by 18.7% yoy and 2,4% qoq. Consolidated revenue from operations were at Rs551.9cr in Q3FY22 up by 24.6% yoy and 3.4% qoq. In constant currency, revenue growth was at 20.9% yoy and 3.7% qoq.
  • Hiral Chandrana, Global Chief Executive Officer, Mastek, said: “We have delivered consistent revenue and order book growth with robust performance across geographies in Q3FY22. Read more

CRISIL reaffirms credit rating on bank facilities of Marico; Stock drops 1.5%

Published on: 2:00 pm

  • CRISIL Ratings Limited has reaffirmed the credit rating on the limits of various bank facilities availed by Marico Limited, including the addition of the Environment, Social, and Governance (ESG) profile.
  • The rating on long-term bank loan facilities of the company has been reaffirmed at CRISIL AAA/Stable. On short-term bank loan facilities, CRISIL A1+ rating has been reaffirmed. Read more

Mindspace REIT to raise Rs500cr through NCDs; Stock under pressure

Published on: 1:44 pm

  • Mindspace Business Parks REIT has informed that the Executive Committee of the Manager at its meeting held on Monday, January 17, 2022 has, inter-alia, approved issue of Listed, Rated, Secured, Non-cumulative, taxable, Transferable, Redeemable Non-Convertible Debentures (“Non - Convertible Debentures”) by Mindspace REIT on a private placement basis for an aggregate amount of upto Rs500cr in one or more tranches / series / issuances / phases.
  • On Thursday at around 1:43 PM, Mindspace Business Parks REIT was trading at Rs342 per piece down by Rs1.75 or 0.51% from its previous closing of Rs343.75 per piece on the BSE. Read more

Bajaj Auto logs 22% yoy decline in Q2 PAT at Rs1,214cr on lacklustre growth in revenue, lower sales

Published on: 1:39 pm

  • Bajaj Group-backed automobile flagship, Bajaj Auto recorded a decline of 22% in standalone net profit of Rs1,214cr for the quarter ending December 2021 compared to Rs1,556cr in the same period last year. EBITDA stood at Rs1,405cr in the latest quarter, contracting by 20% against Rs1,764cr in Q3FY20. EBITDA margin in the quarter was at 15.6%.
  • Bajaj Auto said that sequentially, EBITDA margins improved from 15.0% (adjusted) in Q2 / FY22 to 15.6% in Q3 / FY22, largely for two reasons - the positive net impact of price increase, less material cost increase; and favourable export realization for US$ to INR. Read more

Rupee holds steady against greenback as crude oil prices, bond yields withdraw from multi-year highs

Published on: 1:32 pm

  • At the interbank forex market, the Rupee held a steady ground against the US dollar as global crude oil prices pull back from their seven-year highs. Also, the greenback coupled with benchmark 10-year yields also retreated their multi-year highs.
  • Indian Rupee opened at 74.3980/$1 against the previous closing of 74.4250/$1. The rupee jigged in a band of 74.3750-74.4650 per US dollar.
  • International oil prices have surged considerably lately, reaching their highest levels over 7-years due to rising concerns about the covid variant Omicron impact on the prospects of global economic recovery. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is at 59,343.63 down 755.19 points or 1.26%.
  • Nifty50 is at 17,733.85 down 204.55 points or 1.14%. Nifty Bank is at 37,803.50, down 0.63%. Mid-cap Index is down 0.50%.
  • Power Grid, Coal India, Grasim, Bharti Airtel, and Hero MotoCorp are the top gainers. Bajaj Finserv, Bajaj Auto, HDFC, Infosys, and Divis Lab are the top losers. Read more

Nifty Auto under pressure; Bajaj Auto sinks post earnings; Bharte Forge, MRF, M&M also weigh on

Published on: 1:15 pm

  • Nifty Auto was trading in the red amid weak markets on Thursday. Hero MotoCorp, Maruti, Ashok Leyland and Eicher Motors lend support to the sector amid gloom. Bajaj Auto and MRF emerged the top laggards as quarterly earnings remains the focus.
  • Corporate earnings season and price hikes in the sector has influenced sentiments.
  • Indian equity benchmarks Sensex and Nifty50 started Thursday's session on a negative note despite gains across most other Asian markets. At home, IT stocks were the worst hit with oil & gas and select financial stocks pushing the benchmarks off the cliff as well. Heavyweight stocks also dragged the performance in broader markets. Read more

SEBI launches mobile app 'Saa₹thi' to create awareness among investors

Published on: 1:02 pm

  • Ajay Tyagi, Chairman, SEBI has launched “Saa₹thi”–SEBI’s Mobile App on Investor Educationat a function heldin Mumbai on Wednesday.
  • Launching the SEBI App, Ajay Tyagi said, “This Mobile  App  is  yet  another  initiative  of  SEBI with  a  view to  empowering investors with knowledge about securities market. With the recent surge in individual investors entering the market, and more importantly a large proportion of tradingbeing mobile  phone  based,  this  App  will  be  helpful in  easily  accessing  the  relevant information. I  am  sure  that in  coming  times  this App  will  be  popular  among  the investors especially the young ones.
  • ”The SEBI Mobile App aims to create awareness among the investors about the basic concepts  of Securities  Market,  KYC  Process,  trading  and settlement, mutual funds, recent market developments, investor grievances redressal mechanism, etc. Read more

HIL shoots up 9% after resuming operations at Balasore plant in Odisha

Published on: 12:40 pm

  • HIL Limited has resumed operations at the Balasore plant with effect from January 19, 2022. The company had informed on December 29, 2021, that operations of the Balasore Plant located at Balasore, Odisha had been temporarily stopped due to a strike called by the workers.
  • “The management of the Company and the workers have resolved their issues and the workers have resumed operations at the plant with effect from January 19, 2022, paving the way for the business to scale up as per plan,” the company said in a filing on Wednesday. Read more

JSW Energy Q3 PAT at Rs124cr; to bring in first green hydrogen projects

Published on: 12:38 pm

  • JSW Energy Ltd. in its Q3 results announcements reported a surge of 162% in its net profit at Rs 324 crore, while revenues increased by 20% to Rs 1984 crores against Rs 1,659 crore for the corresponding quarter. The consolidated net profit of the company stood at Rs 124 crore for the previous corresponding period.
  • The company’s Managing Director and Chief Executive Officer, Prashant Jain informed that the company is planning to announce its green hydrogen project soon. The company witnessed outstanding performance for this quarter as short-term sales increased significantly.
  •  The company’s receivables from power distribution companies were reduced by 20% YoY. Read more

Reliance Industries Q3FY22 Preview: Consolidated revenue seen at Rs1,787,791 million, PAT at Rs144,0

Published on: 12:37 pm

  • Result date: 21st January, 2022
  • Recommendation: Buy
  • Target price: Rs. 2,732
  • (Source: IIFL Research)
  • Reliance Industries (RIL) is set to report healthy growth in consolidated revenue and PAT for the quarter ending December 31, 2021. Growth will be led by strong show of the refining segment and recovery in retail segment.
  • The Oil-To-Chemicals segment’s operating profit could improve on a sequential basis on the back of increase in key petrochemical spreads, prices and refining margin. RIL’s telecom business, Reliance Jio, continued to gain market share from peers, particularly Vodafone Idea. Amid a growing subscriber base and tariff hikes, its average revenue per user could grow 3-4% on a sequential basis. Some gains from the tariff hikes will flow into the fourth quarter. Healthy festive demand in Q3, easing restrictions around mobility are expected to drive improvement in performance of RIL’s retail business. Read More

Hindustan Unilever stock dives as investors await Q3 financial performance

Published on: 12:34 pm

  • FMCG giant, Hindustan Unilever (HUL) stock is in focus on exchanges during Thursday's trading session ahead of their December 2021 (Q3FY22) quarter earnings scheduled today.
  • The stock performed on a selling bias on both exchanges BSE and NSE.
  • At around 12.31 pm, on BSE, HUL stock was trading at Rs2272.45  per piece down by Rs38.40  or 1.7% on Sensex.
  • The stock has touched an intraday high and low of Rs2325 per piece and Rs2262.05 per piece respectively on Sensex. Read More

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark market indices remain deep in the red on Thursday despite a surge in metal stocks.
  • BSE Sensex is currently 59,639.61 down 459.21 points or 0.76%.
  • Nifty50 is currently 17,818.85 down 119.55 points or 0.67%. Nifty Bank is at 37,946.75, down 0.25%. Mid-cap Index is down 0.04%.
  • Power Grid, Coal India, Bharti Airtel, Grasim, and Hero MotoCorp are the top gainers. Bajaj Auto, Bajaj Finserv, HDFC, Divis Lab, and Infosys are the top losers.
  • Nifty IT and Pharma stocks shed over 1% to drag the most while Nifty Metal, PSU Bank, and Realty stocks trade higher.
  • Out of 50 stocks traded on the NSE, 22 advanced and 28 declined. Read More

HDFC Life Insurance Company Q3FY22 Preview: VNB seen at Rs7 billion, VNB margin at 27%

Published on: 12:27 pm

  • Result date: 21st January, 2022
  • Recommendation: Add
  • Target price: Rs. 770
  • HDFC Life’s new business premium is likely to increase by 34% YoY to Rs67.5 billion and renewal premium is seen at Rs52.6 billion, up 15% YoY. This will be driven by strong trends in Annuity and PAR segments. Total Annualized Premium Equivalent (APE) could come at Rs25.9 billion, registering a YoY increase of 20%. 
  • The company’s Value of New Business (VNB) could grow at a healthy pace of 22% on a YoY basis, driven by continued momentum in APE and 50 basis points margin expansion. Read More

Bajaj Finserv stock under pressure ahead of Q3 earnings

Published on: 12:24 pm

  • Bajaj Finserv is set to announce its financial performance for the quarter ending December 2021 (Q3FY22) later today. The NBFC's stock was under pressure on exchanges.
  • Bajaj Finserv is the parent company of subsidiaries like Bajaj Finance, Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company.
  • Subsidiary Bajaj Finance has announced its Q3FY22 numbers. The company garnered robust earnings with Q3 PAT rising by 85% yoy, while net interest income rose 40% yoy. Read more

Add-Shop E-Retail stock hits new record high on allotment of bonus equity shares

Published on: 12:18 pm

  • Add-Shop E-Retail Ltd hits new 52-week high on Thursday after it has informed regarding allotment of bonus equity shares.
  • In a regulatory filing, the Board of Directors of the Company has approved the allotment of 79,26,725/- equity shares of Rs. 10/- each as fully paid up bonus equity shares on Wednesday, January 19, 2022, in the ratio of 7:10 (i.e. 7 fully paid up equity shares for every 10 equity shares held to the shareholders) Monday, January 17, 2022 the record date fixed for the purpose.
  • At around 12:19 PM, Add-Shop E-Retail was trading at Rs167.20 per piece, after hitting 52-week high during early trading hours on Thursday. Read More

Transformers & Rectifiers gets orders worth Rs73cr from MP Power Transmission

Published on: 12:11 pm

  • Transformers & Rectifiers India Ltd informed stock exchanges that the company has been awarded orders of Transformers for a total contract value of Rs. 73 Crores from MP Power Transmission Package - II Limited.
  • The company received the said orders in its normal course of business. The company does not have any other interest in these companies.
  • The Company’s Order book stands around Rs 1068 crore as of date with the addition of this order. Read more

BNP Paribas Arbitrage and Promoters pick up stake in Vishwaraj Sugar Industries

Published on: 12:05 pm

  • According to NSE bulk deals, Promoter Mr Nikhil Katti and BNP Paribas Arbitrage has purchased shares from the open market through a bulk deal in BSE & NSE, Vishwaraj Sugar Industries Ltd. (VSIL), an integrated sugar and ethanol manufacturer.
  • Recently it has posted a 395.68 per cent rise in net profit at Rs 20.67 crore for the nine months ended December 31, 2021, compared to Rs 4.17 crore corresponding period in the previous year. Total Revenue during this period grew by Rs 27.62 per cent at Rs 337.86 crore compared to Rs 264.73 crore in the corresponding period the previous year. Read More

Nifty Pharma sinks 1% amid weak markets; Divis Lab, Lupin, Dr Reddy's, Sun Pharma among top losers

Published on: 12:05 pm

  • Nifty Pharma fell 1% amid weak markets on Thursday as Divis Lab and Dr. Reddy’s dragged the most while Gland Pharma, Sun Pharma, Lupin also were under heavy selling pressure. On the flip side, Granules India emerged as the top gainer in the sector.
  • Taking the recent fall to the third straight day, the benchmark indices opened lower on Thursday amid persisting concerns over inflation and Fed rate hikes. The BSE Sensex lost the psychological mark of 60,000 while the NSE barometer Nifty50 was ruling below the 17,800 level
  • At around 12.05 PM, BSE Sensex was trading at 59,559.90 down 538.92 points or 0.90% and Nifty50 at 17,794.20 down 144.20 points or 0.8%. Nifty Pharma was trading at 13,522.55 down 160.15 points or 1.17%, touching a high of 13,712.75 and low of 13,513.85 during intraday trade on Thursday. Read More

Quint Digital completes acquisition in Quintillion Media and Spunklane Media

Published on: 11:57 am

  • The Board of Directors of Quint Digital Media Ltd had inter-alia approved the acquisition of 100% Equity Shares along with Convertible Instruments of Quintillion Media Private Limited and 47.92% Equity Shares of Spunklane Media Private Limited.
  • On Wednesday, the Company informed that it has duly completed the above-mentioned acquisitions on January 19, 2022, in terms of Shares/ Securities Purchase Agreements executed between the parties.
  • Quintillion Media Private Limited (“QMPL”) holds stakes in the following digital media / technology companies: Read More

Economic recovery broadened in Q3 FY2022; durability remains elusive: ICRA

Published on: 11:46 am

  • ICRA highlighted that while there was some evidence of the economic recovery becoming more broad-based in Q3 FY2022, it was yet to attain the durability being sought by the Monetary Policy Committee (MPC) as a precursor to policy normalisation.
  • According to Ms. Aditi Nayar, Chief Economist, ICRA Ltd: “Economic activity rebounded in December 2021, even as many sectors continued to trail the performance recorded in October 2021. Encouragingly, the quarterly data suggests a modest broad-basing of the recovery in Q3 FY2022, relative to Q2 FY2022, when compared to respective pre-Covid volumes. However, the onset of the third wave of Covid-19 has triggered state-wise restrictions, which have expectedly interrupted the momentum in the  ongoing month, reiterating that the recovery is yet to attain durability.” Read more

3 Independent Directors at PTC Financial Services resigns citing corporate governance breaches

Published on: 11:43 am

  • Three independent directors of PTC Financial Services Ltd., NBFC arm of PTC India Ltd. resigned citing corporate governance lapses on several occasions on part of the company’s management. The three Independent Directors namely, Thomas Mathew T, Kamlesh Shivji Viakmsey, and Santosh B Nayar resigned.
  • The resigning Directors have raised serious concerns about corporate governance breach on several occasions by the management of PFS India which is led by the Managing Director and CEO Pawan Singh. Read more

CARE reaffirms credit rating on Kanoria Chemicals bank facilities; Revises outlook to Stable

Published on: 11:40 am

  • CARE Ratings Limited has reaffirmed the rating for the long-term bank facilities of Kanoria Chemicals & Industries Limited as CARE A- while revising Outlook to Stable and also reaffirmed the rating for the short-term bank facilities as CARE A2+.
  • “The revision in the rating outlook to "Stable" from "Negative" for the bank facilities of Kanoria Chemicals & Industries Ltd (KCIL) factors in the successful implementation of resolution plan of its subsidiary, Kanoria Africa Textile’s (KAT), debt guaranteed by KCIL along with sustained improvement in its standalone financial performance driven by improvement in sales realization and volume of both formaldehyde and Pentaerythritol attributable to higher demand from end-user segments,” Company shared CARE Ratings rationale on Wednesday. Read More

Market pulse at 11:30 AM today

Published on: 11:30 am

  • Indices fall further as IT and Pharma stocks are under selling pressure. 
  • BSE Sensex is currently 59,531.24 down 567.58 points or 0.94%.
  • Nifty50 is currently 17,784.50 down 153.90 points or 0.86%. Nifty Bank is at 37,859.35, down 0.48%. Mid-cap Index is down 0.38%.
  • Power Grid, Coal India, Tata Consumer, Hero MotoCorp, and Grasim are the top gainers. Bajaj Auto, HDFC, Bajaj Finserv, Infosys and Reliance are the top losers.
  • Nifty IT and Pharma stocks drag the most while Nifty Metal and PSU Bank stocks trade higher.
  • Out of 50 stocks traded on the NSE, 18 advanced and 32 declined. Read More

Rajratan Global Wire PAT rises 122.5% yoy to Rs32.7cr in Q3FY22

Published on: 11:27 am

  • Rajratan Global Wire Ltd stocks in focus on Thursday after the company has declared its financial results for Q3 and 9M FY22.
  • Key performance highlights for the quarter Q3FY22 (Consolidated):
  • Net sales for the quarter stood at Rs221.8cr up 39.3% yoy
  • EBITDA for the quarter stood at Rs47.3cr up 80.8% yoy
  • EBITDA Margin for the quarter stood at 21.34% up 489 bps vs 16.45% in Q3FY21
  • Net Profit stood at Rs32.7cr up 122.5% yoy
  • EPS stood at Rs32.27 up 122.5% yoy vs Rs14.51 in Q3FY21 Read more

Zydus Cadila gets USFDA final approval for Vigabatrin Tablets; Stock slips 1%

Published on: 11:17 am

  • Cadila Healthcare-led Zydus has received final approval from the USFDA to market Vigabatrin Tablets in the strength of 500 mg (US RLD: Sabril Tablets). Vigabatrin is used to treat babies, one month to 2 years old with infantile spasms.
  • It is also used in combination with other medications to treat seizure disorders (epilepsy). Vigabatrin decreases the number of seizures in adults and children who have not been able to control their seizures with other treatment. Vigabatrin is an anticonvulsant. It is known to work by stopping the breakdown of a natural calming substance (GABA) in the brain. The drug will be manufactured at the group’s formulation manufacturing facility at the SEZ, Ahmedabad. Read more

Glenmark Specialty enters into licensing agreement with Lotus International

Published on: 11:16 am

  • Glenmark Pharmaceuticals Ltd. (Glenmark), a global, integrated pharma company, announced that it has entered into an exclusive licensing agreement with Lotus International Pte. Ltd. through its Swiss Arm, Glenmark Specialty S.A., for commercializing its innovative nasal spray Ryaltris in Singapore, Hong Kong, and Vietnam.
  • As per the agreement, Glenmark will be responsible for manufacturing and supplying Ryaltris while Lotus will commercialize the drug in the targeted markets. In lieu of this, Glenmark will receive an upfront payment as well as regulatory and sales-based payments from Lotus.
  • Glenmark Pharma is thrilled to partner with Lotus for Ryaltris as it is one of the major players in the pharma sector in the region and is strategically aligned with the company’s objective to provide quality novel products to cater to the needs of patients with allergic rhinitis. The patients will have access to a highly effective and proven treatment for allergic rhinitis in these key South-East Asian markets, stated the Chief Commercial Officer Robert Crockart, Glenmark Pharmaceuticals Ltd. Read More

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