Live market updates

21st Jan, 2022

Torrent Power wins "Sword of Honour" and "Globe of Honour" awards from British Safety Council

Published on: 4:45 pm

  • Torrent Power Limited has won British Safety Council’s prestigious Sword of Honour award for achieving excellence in the field of health and safety and Globe of Honour award in the field of environmental sustainability for its Ahmedabad, Gandhinagar and Surat distribution operations. The company’s SUGEN Mega Power Project has also received Sword of Honour award for the second time this year.
  • To compete for the Sword of Honour and Globe of Honour awards, an organization goes through an exhaustive audit program in health, safety, and environment. Read more

Budget expectations: Furniture sector

Published on: 4:26 pm

  • “In view of the global political and economic supply chain issues, India is poised to become a hub for furniture manufacturers. Recognizing this, the government had also set up a task force which shared recommendations on areas of reduction in customs, import duty on raw materials and sub- assemblies, for a period 3 – 5 year, till these factors are developed in the Indian furniture ecosystem.
  • The differential between the import duty on finished goods and raw material could create a price advantage for furniture manufactured in India. Further, subsidy on transportation through railways will also lead to reduction in logistics cost, which are 5 – 10% higher than global logistics cost.
  • With commodity prices hardening and raw materials like steel, particle board etc. having increased by close to 30 – 40%, manufacturers will have to pass this cost to consumers leading to a decline in sales volumes. Read more

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Mphasis, CrossTower partner to develop 'Center of Excellence' in Web 3.0 and Blockchain technologies

Published on: 4:20 pm

  • Mphasis has announced its partnership with CrossTower, one of the world’s leading crypto exchanges, to build a Center of Excellence (CoE) focused on Web 3.0 and a series of blockchain based products that will be launched and traded on the CrossTower platform.
  • The partnership between Mphasis and CrossTower will accelerate and scale the Web 3.0 talent within Mphasis, providing new avenues for application of innovative blockchain based solutions in public and private industries, including financial services, supply-chain, healthcare & life sciences, insurance, logistics, entertainment, art, and retail. Read more

Gokaldas Export reports multi folds increase in Q3 PAT to Rs30.11cr, Stock hits new 52-week high

Published on: 4:15 pm

  • Gokaldas Export Ltd., on Friday, announced its quarterly results. The company’s performance has significantly improved over the last quarter.
  • The company reported consolidated revenue of Rs 520.61 crores for the quarter ending December 2021, against Rs 265.04 crores for the previous corresponding quarter, citing a growth of 96.43% YoY.
  • The company reported a Net Profit (PAT) of Rs 30.11 crore for Q3 FY’22 against Rs 6.05 crores for Q3 FY’21, registering a growth of 397.98% YoY. While its PAT for the quarter ending September 2021 stood Rs 28.61 crore. Read more

Budget expectations: Aviation sector

Published on: 3:58 pm

  • Civil aviation provides efficient infrastructure, critical for economic growth and employment in our country.
  • Yet civil aviation pays 21% of its revenues to the government in indirect taxes with very little input credit. It is an unreasonable proposition to expect that the industry should earn a 21% margin just to pay taxes to the Government. This unreasonable proposition is resulting in an industry that is chronically ill and is unable to live up to its true potential of boosting commerce and employment.
  • We would request the Ministry of Finance to take some immediate action to address this long festering problem. Central excise taxes on fuel should be reduced from 11% to 5%, ATF should be brought under the GST, custom duties on repair parts should be eliminated. Read more

Government of Maharashtra issues Eligibility Certificate to Nitiraj Engineers; Stock ends at upper c

Published on: 3:50 pm

  • Nitiraj Engineers Limited has been issued Eligibility Certificate under Maharashtra Electronic Policy – 2016 by the Directorate of Industries, Government of Maharashtra
  • The company has been granted a Basket of Incentive having a total value of Rs8.89cr which is 80.83% of Eligible Fixed Capital Investment of ~Rs11cr on maximum admissible fixed capital investment of Rs26.15cr.
  • Thye company stock ended on Friday at upper band 5% higher Rs73.35 per piece up Rs3.45 on the NSE. Read more

PVR net loss narrows in Q3FY22 on the back of strong operating profit

Published on: 3:49 pm

  • PVR Ltd announced its Q3 results for FY 2021-22. The company’s performance showed significant growth after the covid restrictions hit the entire business abruptly last year. Its financials represent that the company is crawling to growth as against its last year’s performance.
  • The company reported a consolidated EBITDA of Rs 709.70 crore for Q3 FY’22 against Rs 320.10 crore for Q3 FY’21, recording a growth of 121.71% YoY.
  • However, the company reported a net loss of Rs 10.18 crore for the quarter ending December 2021 against the net loss of Rs 49.10 crore for the previous corresponding quarter. Read more

Markets post sharp selloff; Nifty index underperform

Published on: 3:45 pm

  • Domestic markets posted a sharp selloff during the week as across the board long unwinding weighed in. The index Option gamma writers ran for a cover on account of a sharp gamma move in the indices. Nifty index underperformed the Bank Nifty index by ~1.5% with both the indices closing ~3.5%/2% lower. Both the indices added fresh short positions along with a formation of a bearish candlestick on the daily chart.
  • Midcap IT stocks continued their downward momentum with stocks like Infosys, Tech Mahindra, Mindtree and Mphasis adding fresh short positions.
  • FIIs index futures long/short for the January series hovered above 1.5x level, in the favour of the bulls. Read more

ICICI Bank Q3FY22 Preview: NII seen at Rs121.3 billion, PAT at Rs59.3 billion

Published on: 3:35 pm

Result date: 22nd January, 2022
Recommendation: BUY
Target price: Rs940
(Source: Company, IIFL Research)
  • ICICI Bank's net interest income (NII) could grow 22% on a YoY basis on the back of 14-15% YoY loan growth. Loan growth is likely to be lower due to the high base of Q3FY21.
  • ICICI Bank is likely to post PAT of Rs59.3 billion, with a YoY growth of 20% and a sequential growth of 8%.  Declining credit costs both on a YoY and QoQ basis will aid the bank's profits. Asset quality should remain stable. Slippages could moderate sequentially from ~Rs56bn in 2QFY22, leading to a lower GNPA ratio. Read more

Markets close lower; Midcap stocks underperformed

Published on: 3:34 pm

  • Markets witnessed a negative day of trade, with the benchmark index trending lower for the major part of the trade.
  • Both Bank Nifty and Nifty index fell by ~0.8% as across the board selling pressure weighed in.
  • Midcap heavyweights saw a heavy selloff with stocks like Balrampur Chini, Greaves Cotton & Zomato closed around intraday lows, along with an unwinding of long positions. Read more

Accel to invest in Cyber Security Company to enhance presence in Managed Security Practice

Published on: 3:30 pm

  • Accel Limited has announced that the company is acquiring a substantial minority stake in BizCarta Technologies India Private Limited , a leading cyber security consulting and services company based in Bangalore, India with operations and customers in USA, Singapore, Australia.
  • The board meeting held on Thursday approved the transaction and authorized the managing director to sign necessary agreements and conclude the deal within 30 days. This initiative is in line with the company's objective of expanding its IT security services portfolio. The company will be setting up a Security Operations Centre in Chennai to offer managed security services. Read more

Aditya Birla Sun Life AMC receives approval to carry out Portfolio Management Services from GIFT Cit

Published on: 3:27 pm

  • Aditya Birla Sun Life AMC Limited (ABSLAMC) has been approved by IFSCA to carry out Portfolio Management Services through a branch office in International Financial Services Centre (IFSC) in India.
  • ABSLAMC’s move to set up a new unit at the Gujarat International Finance Tec-City (GIFT City) is a strategic step towards the growth of its international business to expand its reach and service global clients, including NRIs for investing in India. Read more

Jyothy Labs Q3 net profit declines 28% yoy at Rs38cr; Stock under pressure

Published on: 3:25 pm

  • Jyothy Labs Limited, one of the leading Indian FMCG companies announced today its financial results for the quarter ended December 31, 2021. The company delivered sales of Rs539cr in Q3FY22, increase of 13.1% value growth against Rs476.62cr during the same period last year. Two-year CAGR growth of 13.2%.
  • Net Profit of the company fell 28.5% yoy at Rs38cr in Q3FY22 versus Rs53cr in Q3FY21. EBITDA at Rs61.2cr (11.3% to net sales) versus Rs79.8cr (16.7% to net sales)
  • The quarter has witnessed mixed consumer sentiment with normalisation of economy inspite of ongoing pandemic affecting day-to-day lives, however, higher inflation has adversely impacted the monthly household budgets of the consumers. Read more

Mphasis and CrossTower join hands to develop a ‘Center of Excellence’ in Web 3.0 and Blockchain tech

Published on: 3:22 pm

  • Mphasis has partnered with CrossTower, one of the world’s leading crypto exchanges, to build a Center of Excellence (CoE) focused on Web 3.0 and a series of blockchain-based products that will be launched and traded on the CrossTower platform.
  • “Mphasis has been an early adopter of blockchain technology, building industry-specific solutions around digital assets and more recently Web 3.0. We are pleased that we have an opportunity to partner with CrossTower to build a Center of Excellence (CoE). We particularly value this partnership as CrossTower is one of the most regulatory focused players in this space and provides unparalleled governance driven digital assets. Mphasis with its Blockchain capability, expertise in architecting cloud-native platforms and user experience design and implementation, is uniquely positioned to partner with CrossTower,” said Nitin Rakesh, CEO and Managing Director, Mphasis. Read more

Cineline India appoints three Business Heads to expand Film Exhibition Business

Published on: 3:16 pm

  • Cineline India Ltd., (part of Kanakia Group), one of the renowned companies in the real estate industry in the MMRDA region, announced the appointment of business heads for the growth and expansion of the Film Exhibition Business.
  • The company appointed Kunal Sawhney as – Chief Operating Officer (CFO). Kunal has experience of over years in the industry and has served companies like Cinemax, Shoppers Stop, PVR, and Carnival Cinemas. He was earlier associated with Kanakia Group for over 5 years in his stint with Cinemax. He will be responsible to handle the Cinema divisions of the business PAN India. Read more

Kirloskar Electric seeks lay-off period extension for 38 workers at Govenahalli

Published on: 3:10 pm

  • Kirloskar Electric Company Limited has made an application to the concerned labour department to extend the partial lay-off period to 60 days for 38 workmen out of 152 workmen of the Company’s Unit located at Govenahalli with effect from January 20, 2022.
  • The company had laid off many of its workmen at Govenahalli, Hirehalli (Tumkur), and Budihyal plants from June 2020, as a temporary arrangement due to Covid-19 impact and has sought many extensions from the concerned labour department thereafter. Read more

Bank Nifty dives 1% as IndusInd, Axis Bank, SBI drag the performance; HDFC Bank top bull

Published on: 3:05 pm

  • Banking stocks broadly traded in the red tracking bearish markets on Friday. The sector is in focus amid major Q3 earnings. Bank Nifty has dropped by more than 1% today. Heavyweights IndusInd Bank, Axis Bank and SBI were the worst hit, while HDFC Bank was the top bull. Bank Nifty traded between an intraday high and low of 37,739.45 and 37,224.25 respectively.
  • At around 3.01 pm, Bank Nifty was trading at 37,491.60 down by 359.25 points or 0.95%. On the index, 2 scrips advanced and 10 scrips declined.
  • HDFC Bank surged by 0.5% and was the top bull followed by AU Small Finance Bank trading flat. Read more

ICRA reaffirms credit rating of IFGL Refractories banking facilities

Published on: 3:04 pm

  • IFGL Refractories Ltd informed exchanges about the re-affirmation of its credit rating by the Rating Committee of Credit Rating Agency ICRA Limited (ICRA).
  • ICRA has confirmed the credit rating assigned to Rs 173 crores bank facilities of the company.
  • "Based on a review of the latest developments, the Rating Committee of ICRA, after due consideration has reaffirmed the long-term and short-term rating at [ICRA]AA¬ (pronounced ICRA Double A Minus) and [ICRA)Al+ (pronounced ICRA A-One Plus) ("Rating") to the Rs. 173 crore Bank Facilities of IFGL Refractories Limited. The outlook on the long-term rating is Stable,” stated ICRA in its review document. Read more

DMR Hydroengineering & Infra gets work order for design review and construction monitoring at Hy

Published on: 3:03 pm

  • DMR Hydroengineering & Infrastructures Limited has received a work order from Mekong 8 Group Co Ltd, Malaysia, for Design Review and Support Services and Construction Monitoring at 2 x 4.75 MW Nam Long 2 Hydro Electric Project in the Luang Namtha Province of Laos PDR on January 20, 2022.
  • The work order will be for a period of 18 months for an aggregate Contract Value of USD 121.500 i.e. amount of Rs91.12 lakh (approx.), mentioned company in a regulatory filing on Friday. Read more

Polycab India reports 23% YoY rise in Revenue, 3% YoY growth in EBIDTA; stock sheds over 5%

Published on: 2:50 pm

  • Polycab India Ltd., the country’s largest manufacturer of Wires and Cables, announced its quarter 3 results for the financial year 2021-22 in its press release on Friday and reported a year over year growth of 23% in its revenue. The company’s growth momentum continues for this quarter, considering the jump in numbers for Q3 FY’22.
  • The company reported a revenue of Rs 3372 crore for Q3 FY’22 against Rs 2746.34 crore for Q3 FY’21, showing growth of 23% YoY.
  • Polycab announced an improvement in its EBITDA of 3% at Rs 362 crores. While its PAT increased by 1% at Rs 248.40 crore for the quarter ending December 2021, against Rs 245 crore for the quarter ending December 2020. Read more

RattanIndia Power posts 212% increase in Q3 PAT at Rs104.44cr

Published on: 2:46 pm

  • RattanIndia Power Limited (RPL) has posted a standalone net profit of Rs104.44cr in Q3FY22 compared to Rs33.44cr in Q3FY21, an increase of 212% yoy. The EBITDA of Rs298.72 in Q3FY22. With this, the net profit and EBITDA of RPL in the current fiscal till Q3 stand at Rs210.84cr and Rs826.74cr respectively. Revenue from operations increased to Rs804.79cr in Q3FY22 compared to Rs303.86cr in Q3FY21.
  • “RPL has demonstrated excellent operating performance in current FY 2021-22 amidst COVID-19 and acute coal shortage in the country affecting coal-based thermal power plants. Amravati Thermal Power Plant has achieved the Plant Load Factor (PLF) of 74% and Plant Availability Factor (PAF) of 85% up to Q3 in current fiscal and stands out as one of the best thermal power plants in Maharashtra in operating performance,” company said in a filing on Friday. Read more

Nifty Consumer Durables shed over 855 pts amid major Q3 earnings; Kajaria Ceramics, Havells worst hi

Published on: 2:45 pm

  • Consumer Durable stocks were in a free fall during Friday's trading session after Havells India announced its Q3 earnings. Nifty Consumer Durables was the top bear on the exchange with heavyweights dragging the index most. Except for VGuard, all other stocks listed on the index were trading in deep red with marginal to nearly 6% downside.
  • At around 2.38 pm, Nifty Consumer Durables was trading at 28,610 lower by 855.75 points or 2.90%. The index has touched an intraday high and low of 29,244.80 and 28,603.50. Read more

SMS Pharmaceuticals gets license to manufacture oral antiviral drug Molnupiravir

Published on: 2:38 pm

  • SMS Pharmaceuticals Limited has received a non-exclusive license through the Medicines Patent Pool (MPP) to manufacture Molnupiravir, an investigational oral antiviral Covid-19 medicine, to increase broad access of treatment in 105 low-and middle-income countries (LMIC).
  • MSD, a trade name of Merck & Co Inc, Kenilworth, NJ, USA has entered into an agreement to license this pill for wider distribution with patent group. Under the terms of the agreement, MPP, through the license granted by MSD, will be permitted to further license non-exclusive sublicenses to manufactures and diversify the manufacturing base for the supply of molnupiravir to countries covered by the MPP Licence, subject to local regulatory authorization. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices fall nearly 1% again after signs of recovery in the afternoon trade.
  • BSE Sensex is at 58,938.38 down 526.24 points or 0.88%.
  • Nifty50 is at 17,589.25 down 167.75 points or 0.94%. Nifty Bank is at 37,520.75, down 0.87%. Mid-cap Index is down 2.13%. Read more

IDBI Bank reports stellar growth of 53% YoY in Q3 PAT, net interest income spikes by 31% YoY

Published on: 2:05 pm

  • IDBI Bank Ltd. announced its financial results for the quarter ending December 2021 and has reported substantial growth in its profits and earnings.
  • The Bank's share was trading 1.48% lower today at Rs 49.80 against the previous closing price of Rs 50.55. It touched an intraday high and low of Rs 50.95 and Rs 49.65 respectively in today’s trade.
  • The company’s net profit stood at Rs 578 crore for Q3 FY’22, registering a growth of 53% against Rs 378 crores for the previous corresponding quarter. While its PBT improved by 15% at Rs 966 crore for December 2021 quarter, as against Rs 843 crore for the previous corresponding quarter. Read more

RIL stock holds steady ahead of Q3 financial performance

Published on: 1:47 pm

  • Reliance Industries (RIL) stock is in the focus on Friday ahead of its financial performance for the quarter ending December 2021 (Q3FY22). RIL stock today traded broadly with marginal gains and losses.
  • At around 1.44 pm, RIL was trading at Rs2482.70 per piece up by Rs3.90 or 0.2% on Sensex. The stock has touched an intraday high and low of Rs2501.95 per piece and Rs2450.15 per piece respectively.
  • In Q3FY22, RIL is expected to garner a healthy quarter with both bottom-line and top-line front witnessing a substantial growth led by robust performance of the refining segment and recovery in the retail segment. Read More

Aurionpro and Toshi Automatic unveil new logo, to expand manufacturing capacity

Published on: 1:36 pm

  • Aurionpro Solutions Ltd recently had announced acquisition of controlling stake in Ghaziabad, Uttar Pradesh based Toshi Automatic Systems Pvt. Ltd (Toshi Automatic) a manufacturer & supplier of automatic gates required in BRTS, Metro and Airport Transit projects and has a large manufacturing plant at Ghaziabad, Uttar Pradesh. Aurionpro is an established player in the AFC segment and this acquisition will lead to supply chain integration. Toshi Automatic has been re- branded as aurionpro-toshiautomatic (ATAS).
  • With this launch, all the offerings of ATAS along with its manufacturing unit, based in Ghaziabad, is being renamed as aurionpro-toshiautomatic. Paresh Zaveri, CMD Aurionpro along with Sanjeev Sachdev, Managing Director, ATAS inaugurated the new logo at a function. Read More

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is at 59,023.39 down 441.23 points or 0.74%.
  • Nifty50 is at 17,628.50 down 128.50 points or 0.72%. Nifty Bank is at 37,553.90, down 0.78%. Mid-cap Index is down 1.29%.
  • Bajaj Auto, Tata Consumer, Maruti, HUL and Hero MotoCorp are the top gainers. Bajaj Finserv, Coal India, Shree Cement, Tech Mahindra, and Divis Lab are the top losers.
  • Nifty Consumer Durables IT, Pharma and Metal stocks are under heavy pressure. Nifty Auto and FMCG stocks trade higher.
  • Out of 50 stocks traded on the NSE, 12 advanced and 38 declined. Read More

Garment Mantra initiates a business model encouraging women to make them “ATMANIRBHAR”

Published on: 1:26 pm

  • Garment Mantra Lifestyle Limited informed the exchanges about its initiative to incorporate a business model encouraging women to make them self-reliant “ATMANIRBHAR”.
  • The company strongly believes that women are the shaping pillars of society and when they are empowered, the economy strengthens. We can quote multiple instances where women-led businesses are thriving and achieved notable milestones. Ministry of Micro, Small, and
  • Medium Enterprises (MSMEs) is empowering women entrepreneurs through its unmatched initiatives to spark talent in women and help them build their own identity, said the company in its filing. Read More

Nifty Auto takes bull ride amid bearish markets; Heavyweights Bajaj Auto, Hero MotoCorp, Maruti, TVS

Published on: 1:15 pm

  • Nifty Auto traded higher despite weak markets on Friday. The Index gained nearly 1% despite the gloomy broader sentiments of indices. Heavyweights Bajaj AutoHero MotoCorpMaruti, and TVS Motor Company were in top gear to ensure bull run from the sector. Amara Raja Batteries and Tata Motors were under pressure.
  • Indian equity benchmarks Sensex and Nifty50 remained in the red after a gap-down start today tracker weak global cues. Investors awaited more quarterly earnings from India Inc for cues. In the afternoon, the Indices trimmed losses and were on recovery path. Read more

Fermenta Biotech signs deal for manufacturing Molnupiravir to Dr Reddy's subsidiary Aurigene Pharmac

Published on: 12:57 pm

  • Fermenta Biotech Limited (FBL) has announced that it has signed a Definitive Agreement with Aurigene Pharmaceutical Services Limited (APSL), a stepdown subsidiary of Dr Reddy’s Laboratories Limited (DRL).
  • In this arrangement, FBL will exclusively license its proprietary biocatalytic technology for synthesis of Molnupiravir and supply its enzyme Candida Antarctica B Lipase (CAL B) to APSL, and APSL will exclusively procure the enzyme from FBL. Molnupiravir API manufactured by APSL will be utilized by DRL for its formulation. Read More

Adani Wilmar IPO to open on January 27

Published on: 12:46 pm

  • Adani Wilmar Limited (AWL), a 50:50 joint venture company between the Adani group and the Wilmar group, will be launching its initial public offer (IPO) on January 27, 2021, Adani Enterprises Limited said in a filing on Thursday.
  • “AEL has been informed that the red herring prospectus dated January 19, 2022, of AWL was filed with the Registrar of Companies, Gujarat (ROC) on January 19, 2022, and approved by the ROC on January 20, 2022 (RHP),” company said.
  • The Issue comprises a fresh issue of new equity shares of the face value of Re1 (equity shares) by AWL for an amount up to Rs3,600cr (including reservation for certain eligible employees of AWL and its subsidiaries, eligible employees of AEL and for certain eligible AEL shareholders as on the date of the RHP and as detailed in such RHP). Read more

Laurus Labs to manufacture Molnupiravir, oral COVID-19 medication in association with MPP

Published on: 12:44 pm

  • Laurus Labs Ltd. has signed an agreement with MPP (Medicine Patient Pool) for the manufacturing of the oral COVID-19 antiviral medication Molnupiravir.
  • The company is happy to sign an agreement to manufacture the oral Covid-19 antiviral medication, being an urgent need of the hour, this is one of the most crucial steps towards fighting the pandemic and the company is happy to be contributing to the mission, stated the company in its regulatory filing.
  • Laurus Labs is a fully integrated pharmaceutical and biotechnology company, with a leadership position in generic Active Pharmaceutical Ingredients (APIs) and a major focus on anti-retroviral, Hepatitis C, and oncology drugs. Read more

Kotak Mahindra Bank signs MoU with GIFT SEZ for boosting financial services eco-system at GIFT IFSC

Published on: 12:43 pm

  • To strengthen the presence in the country's new financial & technology gateway, Kotak Mahindra Bank Limited (KMBL) today announced that it has signed a Memorandum of Understanding (MoU) with GIFT SEZ Limited (GIFT SEZ), enabling both to work together towards greater enhancement of the financial services eco-system in GIFT IFSC for AIFs and Global Custody Services.
  • Both Kotak Mahindra Bank and GIFT SEZ (a wholly owned subsidiary company of Gujarat International Finance Tech-City Co. Ltd), will cooperate towards wide-ranging activities to improve customers' overall financial services offerings.
  • According to the MoU, one area of focus will be to ease market access and cross border activities for the fund management community. Read more

Datamatics Q3FY22 EBITDA up by 30% YoY at Rs505 million

Published on: 12:37 pm

  • Datamatics Global Services Ltd. (DGSL), a global Digital Solutions, Technology and Business Process Management company, announced its standalone and consolidated financial results for the third quarter and nine months ended December 31, 2021.
  • Commenting on Q3FY22 results, Rahul Kanodia, MBA Columbia (USA), Vice Chairman and CEO said, “We are pleased to report another stable quarter backed by strong margins. Despite headwinds due to supply challenges and investments in talent acquisition, we have been able to maintain a decent EBITDA margin of 16.8% in the quarter. We have won several deals across IT and BPM segment during the quarter. Our commitment to a digital first customer experience remains central to our offering. We will continue to focus on deepening customer relationships with an emphasis on digital transformation.” Read More

Asian Paints records 18% yoy rise in Q3 PAT to Rs1,015.69cr, revenue scales up by nearly 26% yoy

Published on: 12:32 pm

  • In the quarter ending December 2021, Asian Paints revenue from operations has increased by 25.6 % to Rs8,527.24cr from Rs6,788.47cr. Net Profit after Non- controlling Interest decreased by 18.0 % to Rs1,015.69cr as compared to Rs1,238.34cr in the previous corresponding period.
  • Profit before depreciation, interest, tax and other income (PBDIT) for the group (before share in profit of associates) decreased by 13.7 % to Rs1,542.31cr from Rs1,787.89cr. Profit Before Tax decreased by 17.9 % to Rs1,393.72cr from Rs1,696.76cr. Read More

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark market indices trim losses but remain in the deep red. 
  • BSE Sensex is at 59,173.20 down 291.42 points or 0.49%.
  • Nifty50 is at 17,657.75 down 99.25 points or 0.56%. Nifty Bank is at 37,612.80, down 0.63%. Mid-cap Index is down 1.12%.
  • Bajaj Auto, Maruti, Tata Consumer, Hero MotoCorp, and HDFC are the top gainers. Shree Cement, Bajaj Finserv, Coal India, Tech Mahindra, and Divis Lab are the top losers.
  • Nifty Consumer Durables shed over 2% while IT, Pharma and Metal stocks are over 1% lower. Banking and Financial Services trim losses. Nifty Auto leads gains.
  • Out of 50 stocks traded on the NSE, 16 advanced and 34 declined. Read more

Rupee trades in a narrow range against greenback as investors stay cautious ahead of Fed meet

Published on: 12:19 pm

  • At the interbank forex market, the Indian Rupee traded in a narrrow range as domestic equities extended their selling spree and investors also fret over Federal Reserve’s policy statement next week.
  • In the early tradce, rupee stood near 74.46 per dollar against its previous closing of 74.50 per dollar. 
  • The US currency against six major rival currencies inched up to 95.84 on Friday against 95.50 points in its previous session and last stood at 95.69 points. Read More

Acuite assigns ratings on Refex Industries bank loan facilities; Stock dips 1.5%

Published on: 12:18 pm

  • Acuite Ratings & Research Limited has assigned its long-term rating of ‘ACUITE BBB+’ and short term rating of ‘ACUITE A2’ on the Rs40cr bank facilities of Refex Industries Limited (RIL). The outlook is ‘Stable’.
  • The long-term Bank Loan Ratings Rs15cr have been assigned at ACUITE BBB+/Stable while short-term Bank Loan Ratings Rs25cr have been assigned at ACUITE A2.
  • “The rating takes into account RIL’s moderate business risk profile marked by experienced promoters, its established track record across Chhattisgarh, Maharashtra, and Tamil Nadu. Read More

Hero MotoCorp starts online bookings for second batch of 'XPulse 200 4 Valve'; Stock jumps over 1.5%

Published on: 12:16 pm

  • Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, has announced the commencement of online bookings of its latest motorcycle XPulse 200 4 Valve. The company has started accepting bookings for the second batch after the first lot was completely sold out.
  • Priced at Rs130,150 (ex-showroom – Delhi), the motorcycle can be booked at company’s online sales platform – eSHOP for a seamless buying experience by making an advance payment of Rs. 10,000/-. The user-friendly system guides the customers through all the relevant steps of making a decision, buying the vehicle and taking delivery. Read More

Biocon stock surges 3% after Q3 PAT rises by 11% yoy to Rs187cr as robust growth seen across segment

Published on: 12:08 pm

  • Bangalore-based biopharmaceutical company, Biocon posted a consolidated net profit of Rs187cr in the quarter ending December 2021 (Q3FY22) rising by 11% from Rs169cr in the corresponding period of the previous year. These profits are for shareholders of the company.
  • The company's revenue from operations stood at Rs2,174cr in Q3FY22 increasing by a whopping 17% from Rs1,857cr of the December quarter last year. In segment-wise performance, the Generics business recorded growth of 7% yoy, while the Biosimilars business rose by 28% yoy and Novel Biologics increases by 100% yoy. Further, the Research services and Inter-segment growth stood at 10% yoy and 13% yoy.
  • Kiran Mazumdar-Shaw, Executive Chairperson, Biocon, said, “Biocon’s consolidated Q3FY22 revenues grew by 18% YoY to Rs 2,223 Crore, driven by a strong performance across all business segments. Biosimilars grew by 28% to Rs 981 Crore, Research Services was up 10% at Rs 641 Crore and Generics delivered a 7% growth at Rs 607 Crore." Read more

Data Patterns secure development order worth Rs27cr from DRDO

Published on: 12:05 pm

  • Data Patterns (India) Limited, India's leading and vertically integrated Defence and Aerospace Electronics Solution Provider has announced that it has received a development order worth Rs27cr from Defence Research and Development Organisation (“DRDO”) for the next generation wide band RF front end units for Electronic Warfare (“EW”) receivers.
  • "This is for a new program which will allow next generation wide band EW receivers to be configured for Naval, Land and Aerial plaƞorms. The wide band RF front ends allow faster scanning of enemy emitters to enable better electronic intelligence with enhanced detection and avoidance. The specifications not only allow faster scan rate but also better dynamic range providing better detection," said Company in a regulatory filing. Read more

Nifty FMCG stays steady amid major Q3 results; Tata Consumer, Hindustan Unilever lift performance

Published on: 12:00 pm

  • Nifty FMCG stocks resisted weak markets to trade in the green on Friday as investors cheered HUL earnings for Q3 of FY22. The sector trimmed early gains but remained in thEe green zone despite volatile markets.
  • Tata Consumer and Hindustan Unilever gave the sector a major boost amid the gloom. Varun Beverages, Marico, Dabur, Godrej Consumer, and United Breweries were under selling pressure.
  • Indices remained bearish on Friday with IT, Consumer Durables, Bank stocks under extreme selling pressure. The markets tracked weak global cues due to an overnight selloff in US stocks. Further, strong FII selling also weighed on market sentiments. The selling was broad-based, with all sectors barring FMCG and Auto in the red. Read More

HUL Q3 earnings beat estimates, PAT rises by nearly 17% yoy to Rs2,243cr; Stock rises over 2% so far

Published on: 11:51 am

  • FMCG giant, Hindustan Unilever (HUL) stock witnessed a stellar buying on Friday after the company beats estimates in its financial books for the quarter ending December 2021 (Q3FY22).
  • In Q3FY22, HUL posted a 16.76% growth in standalone net profit of Rs2,243cr compared to Rs1,921cr in the same period last year.
  • Total revenue stood at Rs13,183cr in the quarter under review, rising by 10.23% from Rs11,959cr in the same quarter a year ago.
  • In its audit report, HUL said that "growth in the quarter was competitive and profitable with Domestic Consumer Growth of 11% and Profit After Tax (PAT) growth of 17%. Business fundamentals remained strong with handsome market share gains in all our divisions, both urban and rural markets and across price segments. Underlying Volume Growth at 2% was significantly ahead of the market." Read more

Anupam Rasayan board allots over 2.87 lakh equity shares under ESOP Scheme

Published on: 11:45 am

  • Anupam Rasayan Ltd has informed that the Nomination and Remuneration Committee of the Board of Directors of the Company on January 20, 2022, has approved the issue and allotment of 2,87,272 fully paid-up equity shares of face value of Rs10/- each under Anupam - Employees Stock Option Plan 2020 of Anupam Rasayan India Limited pursuant to exercise of Options by the eligible employees.
  • The equity shares so allotted under the Scheme shall rank pari-passu with the existing equity shares of the Company in all respects including dividend, said Company. Read more

Market pulse at 11:30 AM today

Published on: 11:30 am

  • Indices continue to trade lower; Consumer Durables and Banking stocks drag. 
  • BSE Sensex is at 59,010.57 down 454.05 points or 0.76%.
  • Nifty50 is at 17,618.60 down 138.40 points or 0.78%. Nifty Bank is at 37,413.65, down 1.16%. Mid-cap Index is down 1.33%.
  • Bajaj Auto, Maruti, Tata Consumer, Hindustan Unilever, and Hero MotoCorp are the top gainers. Bajaj Finserv, Coal India, Shree Cement, Tech Mahindra, and Divis Lab are the top losers.
  • Nifty Consumer Durables, IT, Pharma, and Banking and Financial Services stocks drag the most while Nifty Auto and FMCG stocks are bullish.
  • Out of 50 stocks traded on the NSE, 13 advanced and 37 declined. Read more

PNB Housing Finance skids 5% as PAT falls below 19% YoY for Q3FY22, gross NPA rises

Published on: 11:19 am

  • PNB Housing Finance Ltd.’s share dipped by 4.99% on Friday morning trade considering its weak performance for the quarter ending December 2021.
  • It is currently trading at Rs 462.50 against the previous closing price of Rs 486.80, shedding Rs 24.30 or 4.99%. The scrip touched a high and low of Rs 473.60 and 462.50 respectively so far in today’s trade.
  • PNB reported a 19% YoY downfall in its PAT for Q3 FY’22, at Rs 188 crore against Rs 232 crore for the previous corresponding quarter.
  • The company reported Gross NPAs of 7.64% and Net NPAs of 4.87% for the quarter ending December 2021. Read More

Datamatics to acquire 2.58% stake in Datamatics Staffing Services; Stock under pressure

Published on: 11:14 am

  • The Board of Directors of Datamatics Global Services Limited (DGSL) at its Meeting held on January 20, 2022, has approved, to acquire 2.58% stake in Datamatics Staffing Services Limited (DSSL) from the Promoters and other existing shareholders.
  • DSSL is a subsidiary of the company in which it holds 97.42% stake and balance 2.58% stake is held by Promoters and other shareholders. Post the above acquisition, DSSL will become wholly-owned subsidiary (WOS) of the company. The total cost of acquisition is Rs27,16,560/-.
  • DSSL is engaged in providing consultancy in relation to recruitment services of skilled and unskilled personnel. It also engaged in providing outsourcing services of manpower staffing to corporates. Read More

GRP stocks zoom 6% after launch of its ESG Profile on ESG World

Published on: 11:00 am

  • GRP Limited, a recognised manufacturer of reclaimed rubber from used tyres, upscaled polyamide from nylon waste and engineered products die-cut from end-of- life tyres, has launched its ESG Profile on ESG World. ESG World allows companies to present sustainability strategies to stakeholders in a real time and searchable format.
  • "GRP’s sustainable business activities are based on scientific research that promises to add value to the society. This gives our stakeholders, potential investors, research analysts, rating agencies and lending banks a chance to know the value we add through our ESG Profile on real-time basis," said Company in a regulatory filing. Read More

Havells stock tumbles over 4% after Q3 earnings

Published on: 11:00 am

  • Havells Ltd recorded a decline in its bottom-line for the quarter ending December 2021 (Q3FY22) period. On Friday, Havells opened at Rs 1,283.40 against the previous closing price of 1,310.30, down by Rs 26.9, and 2.05%.
  • It further dipped to Rs 1,253.55 shedding 4.24% so far in the day, indicating a downtrend.
  • Havells, a renowned and trusted consumer electrical goods maker, reported a consolidated net profit (PAT) of Rs 305.82 crore for the quarter ended December 2021, against Rs 350.14 crores for the quarter ending December 2020, down by 12.70%. Read More

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