Live market updates

24th Jan, 2022

Wardwizard Innovations to acquire 4 million sqft of land to develop e-vehicle ancillary cluster in V

Published on: 4:45 pm

  • As a part of MOU signed with the Government of Gujarat for the amount of Rs500cr, WardWizard Innovations and Mobility Ltd jointly with its Promoters & Promoters’ Group acquired 4 Million sqft of land with possession via MOU & Agreement for Sale in Vadodara for the development of electric vehicle (EV) ancillary project. The investment to shape Indian EV industry is in accordance with the MoU signed with the Government of Gujarat in December 2021.
  • The project aims to provide a unique solution to localize and strengthen the supply chain of raw materials for EV manufacturing. The development of the EV ancillary cluster will begin from the month of February 2022 in a phased manner. Read more

Rane Madras’ EBITDA and PAT narrowed for December quarter, stock tumbled over 6%

Published on: 4:29 pm

  • Rane (Madras) Limited announced financial results for the quarter ending December 2021. The company reported a significant decrease in its PAT and EBITDA, which left investors discontent, plunging the share over 6%.
  • The company reported consolidated revenue of Rs 440.50 crores for the quarter ending December 2021, against Rs 435.20 crore for the previous corresponding quarter, up by 1.2% YoY.
  • The company reported an EBITDA of Rs 14.90 crore for Q3 FY’22 as compared to Rs 39.30 crore for Q3 FY’21, reflecting degrowth of 62.2%.Company’s EBITDA margin stood at 3.4% for Q3 FY’22 against 9.0% in Q3 FY’21. Read more

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Hindustan Foods expands its business into OTC Healthcare and Wellness

Published on: 4:25 pm

  • FMCG contract and private label brand manufacturer, Hindustan Foods Limited (“HFL”) on Monday has signed a Share Purchase Agreement with Reckitt Benckiser India Pvt Ltd. to acquire the entire issued Share Capital of Reckitt Benckiser Scholl India Private Limited (RBSIPL).
  • This marks HFL’s entry into fast growing OTC Healthcare and Wellness segment as a contract manufacturer. HFL had announced its intention to enter into contract manufacturing in this segment as recently as August 21 and had secured an approval from the Board during the meeting held in November 2021.
  • Further, the factory is an Export Oriented Unit inter alia into manufacturing and supply of foot care products. The facility adheres to GMP norms and is approved by The Medicines and Healthcare products Regulatory Agency (“MHRA”), UK. Read more

Intellect Global (iGTB) launched a cloud-native Virtual Accounts Platform

Published on: 4:02 pm

  • Intellect Global Transaction Banking (iGTB), today announced its fully cloud-native Virtual Accounts platform, available as a SaaS offering. iGTB is a transaction banking specialist from Intellect Design Arena Limited, ranked #1 in the world for Transaction Banking by IBS Intelligence two years in a row.
  • iGTB’s ideology behind Virtual Accounts Management 2022 is to transform the traditional use of virtual accounts for reconciliation. This solution will enable banks to offer sophisticated POBO and COBO services and to manage inter-company positions, thereby facilitating corporate clients to create and operate fully-fledged in-house banks. Reconciliation can be real-time and straight through, sparing sizeable working capital for corporates. This shall be offered through a very powerful self-service and API-based integration with corporate ERPs. Read more

Asian Energy Services secures contract of Rs248cr from Vedanta

Published on: 3:51 pm

  • Asian Energy Services Limited, one of the leading service providers in the energy sector with a diverse service portfolio, has secured a four-year contract with one year extension option for operation and maintenance of Vedanta’s Oil and Gas Processing Facility and Offshore Platforms in Cambay, Gujarat. AESL has secured this contract worth Rs248cr incl GST and will commence operations from April 2022 in this contract.
  • Asian, in early 2019, had taken a strategic decision to expand its services beyond oil and gas and as of today has successfully secured service contracts in coal exploration and mining.
  • After successful entry into coal mining industry, Asian’s recent efforts has been towards strengthening the materials handling and O&M businesses while maintaining the focus on its seismic opportunities. Read more

ICRA upgrades credit ratings of Marine Electricals on improved order book position in HIFY22

Published on: 3:50 pm

  • ICRA Limited has upgraded the credit ratings of Marine Electricals (India) Limited. The long-term ratings have been upgraded to ‘ICRA BBB’ with ‘Stable’ outlook upgraded from ICRA BBB - with ‘Stable’ outlook.  For the short-term ratings, the ‘ICRA A3+’ rating has been upgraded from ICRA A3.
  • “ICRA has attributed positive revision in outlook to improved order book position and improved financial profile in HIFY22 led by pick up in revenues and recovery of pending receivables & other factors,” the company said in a filing on Monday. Read more

Markets close lower; Nifty settles below 17,200, down 2.7%

Published on: 3:35 pm

  • Markets witnessed a huge selloff as across the board selling pressure weighed in. Nifty underperformed the Bank Nifty index by ~1.1% with both the indices closing in the red with a ~2.6%/1.5% loss.
  • Across the board, selling was seen in major heavyweights with stocks like Reliance Industries, HDFC Ltd & Infosys contributing the majority of the losses for the index, along with an addition of heavy short positions.
  • Nifty Midcap 100 index closed ~4.1% lower. Market breadth ended in the favour of the declines with the advance/decline ratio closing at 1:12x. Nifty saw an addition of short positions during the day. Read more

Supreme Industries tumbles 5% after consolidated Q3 net profit declines 21% yoy at Rs246cr

Published on: 3:30 pm

  • Supreme Industries Limited, India’s leading Plastics product manufacturing company, announced its Unaudited Standalone & Consolidated financial results for the Quarter and Nine months ended December 31, 2021, at its Board Meeting held on Monday.
  • The company reported consolidated net profit declined 21% yoy at Rs246cr in Q3FY22 from Rs312cr in Q3 FY21. Total consolidated income rose by 5% yoy to Rs1,948cr during the quarter under review from Rs1848cr in Q3FY21.
  • EBIDTA fell by 19% yoy to Rs369cr in Q3FY22 from Rs454cr in Q3FY21. EBIDTA margin was 19% in Q3FY22 as against 25% in Q3FY21. Read more

Ashoka Buildcon receives LoA for NHAI project in Karnataka

Published on: 3:20 pm

  • Ashoka Buildcon Limited has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for a road project in Karnataka. The accepted Bid Price of the Project is Rs829.49cr.
  • “The company has received LoA for the Bid submitted to the NHAI in respect of the Project viz. 'Construction of 6 laning from Belgaum to Sankeshwar Bypass from Km. 515+000 to Km. 555+01 of NH-48 in the State of Karnataka on EPC mode under Bharatmala Pariyojana (Package-I),” the company said in a filing on Monday. Read more

Goldiam International bags export orders of Rs60cr from International client; Stock tumbles 7%

Published on: 3:20 pm

  • Goldiam International Ltd has announced that the Company has received confirmed additional Export Orders worth of Rs60cr from its International clients for manufacturing of diamond studded gold and larger carat lab-grown diamonds jewellery.
  • The aforesaid larger carat lab-grown diamonds will be utilised from in-house diamond growing subsidiary Eco-Friendly Diamonds LLP, which gives full backward integration to further enhance profit margin of the Company. Read more

Mahindra Lifespaces announces new brand ‘Crafting Life’

Published on: 3:17 pm

  • Mahindra Lifespace Developers Limited, the real estate and infrastructure development arm of the Mahindra Group, announced its new brand promise of ‘Crafting Life’. Centered around the insight of how well-designed spaces can be a true enabler of health, holistic well-being, and success, Mahindra Lifespaces’ new brand promise builds on the many ways that the built environment can ensure improved outcomes for individuals, families, and businesses.
  • With this new campaign, Mahindra Lifespaces is all set to redefine real estate as a category through climate-responsive design; thriving, supportive communities; thoughtfully curated features and amenities; and transparent and hassle-free consumer experiences. Read more

Krsnaa inaugurates Diagnostics Center at K.B. Bhabha Hospital in Mumbai

Published on: 3:05 pm

  • Krsnaa Diagnostics Limited has inaugurated its Diagnostics Center at the K. B. Bhabha Hospital, Kurla, Mumbai on Friday. The company was awarded tender by Municipal Corporation of Greater Mumbai (MCGM) for installation, operation, maintenance, and running of CT Scan Center under Public-Private Partnership in Municipal Peripheral Hospitals located in Mumbai.
  • The company was under pressure amid gloomy markets on Monday. At around 3.10 pm, Krsnaa Doagnostics Limited was trading at Rs665.00 per piece down Rs22.25 or 3.24% on the BSE. Read more

Star Housing Finance enters into Co-Lending agreement with Capital India, eyes AUM growth

Published on: 3:01 pm

  • Star Housing Finance Limited (STAR HFL) has announced that the company has entered into a co-lending partnership with Capital India Home Loans to complement its AUM growth across their shared operational geographies. The company made this well-thought decision as part of its overall transformation journey. Star HLF aims to utilize the capacity created through geographical expansion now has a network of 7 branches and 15 digital Points of Presence across Madhya Pradesh, Maharashtra, Rajasthan, Gujarat, and Tamil Nadu.
  • The co-lending partnership is aimed to provide housing finance assistance to EWS (Economically Weaker Section)/LIG (Low Income Group) first time home buyers looking to purchase/construct low-cost housing units in the operational geographies consisting of tier II/III towns and semi-urban locations with a maximum ticket size of Rs. 25 lakhs. Read more

Meghmani Finechem revenue rises 91% yoy to Rs422cr, PAT grows 184% yoy in Q3FY22

Published on: 2:51 pm

Meghmani Finechem Ltd has delivered a strong operating and financial performance in line with its commitment of growth. The key performance highlights are:

  • Overall plant utilization is at 86% for 9MFY22 which is up by 8% on yoy basis
  • H2O2 production capacity increased by 190% for 9MFY22 on yoy, plant capacity ramped up to 76% Read more

Tube Investments of India to increase focus on clean mobility

Published on: 2:49 pm

  • Tube Investments of India on Monday announced that the company has been exploring new growth opportunities within clean mobility. The Company is now proposing to form a new 100% subsidiary to focus on clean mobility. This new subsidiary will consolidate the electric 3W venture and other EV-related ventures.
  • The Company will be infusing initial capital to the extent of Rs350cr into the new subsidiary for Clean Mobility through a combination of equity, preference and debt instruments.
  • In continuation of its foray into clean mobility, the Company, through its clean mobility subsidiary, is proposing to acquire a controlling stake of about 70% in the equity share capital of Cellestial E-Mobility Private Limited (“Cellestial”) with an investment of Rs.161 Crores, through a combination of primary and secondary purchase of shares. Read more

Dilip Buildcon and its arm DIAPL to transfer equity shares to Shrem InvIT

Published on: 2:47 pm

  • Dilip Buildcon Limited (DBL) along with its wholly-owned subsidiary DBL Infra Assets Pvt Limited (DIAPL) have executed a non-binding Term Sheet, with Shrem InvIT for transferring their invested Equity in a portfolio of ten Hybrid Annuity Model (HAM) projects comprising of three completed and seven nearing completion projects.
  • Equity transfer to Shrem InvIT shall be completed in a progressive manner after the completion of the projects, subject to receipt of approvals from the respective project lenders and NHAI.
  • The total Equity valuation of said ten project is expected around Rs2349cr against the required Equity investment of Rs1501cr. Besides this, there shall be reduction in consolidated debt of the Company by Rs4218cr upon consummation of the transaction. Read more

Markets in a free fall; Sensex scraps 57k, Nifty 50 erases 17k; Midcap, SmallCaps worst hit; Bajaj t

Published on: 2:42 pm

  • Indian markets were in a free fall in the second half of Monday's trading session due to a broad-based selloff across sectoral indices. Sensex erased 57,000-mark and has nosedived by more than 2,050 points. Nifty 50 has also scrapped over 17,000-level and dived by around 620 points. Both benchmarks have been corrected by 3.5% each.
  • Investors await major Q3 earnings. Also, this week's trading session will be influenced by the upcoming Union Budget announcement.
  • At around 2.32 pm, Sensex was trading at 57,352.53  down by 1684.65 points or 2.85%. The index has touched an intraday low of 56,984.01. All stocks listed on the benchmark are in the red. Read more

RateGain to drive business recovery of Malco Enterprises of Nevada with world's first AI-powered rev

Published on: 2:34 pm

  • RateGain Travel Technologies Limited (RateGain), a global provider of SaaS solutions for hospitality and travel, announced that Malco Enterprises of Nevada, Inc. (Malco), a leading Car Rental Company in Las Vegas, has offered RateGain to drive business recovery with the world’s first AI-powered revenue management platform – revAI.
  • Marco has been operating as a Budget Rent A Car in Las Vegas since 1986 and is among the top players in operating car rental franchises for ABG in North America. Marco operates in 10 different locations around Las Vegas, including McCarran International Airport as the center point. Car rentals witnessed a steep decline in business since the covid 19 outbreak, however, it was the quickest to recover in the industry among the biggest players. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices tank 3% on bloody Monday; Metal, Realty stocks crumble.
  • BSE Sensex is currently 57,263.44 down 1773.74 points or 3.00%.
  • Nifty50 is currently 17,100.95 down 516.20 points or 2.93%. Read more

Vishnu Chemicals begins Backward Integration Project at Visakhapatnam unit; Stock sheds 2%

Published on: 2:06 pm

  • Vishnu Chemicals Ltd has informed to the exchanges regarding commencement of Backward Integration Project at Visakhapatnam Unit.
  • As per regulatory filing, the company said that the stabilisation run of the Backward Integration Project at Visakhapatnam Unit is successfully completed and operations have commenced at expected levels. Read more

CCI approves stake acquisition of Future Generali India Life Insurance by Generali Participations Ne

Published on: 2:00 pm

  • The Competition Commission of India (CCI) approves acquisition of shares of Future Generali India Life Insurance Company Limited (FGLIC) by Generali Participations Netherlands N.V (GPN), according to which GPN’s shareholding in FGLIC will stand increased from 49% to up to approximately 71%.
  • The Proposed Acquisition relates to an increase in shareholding of an existing shareholder, i.e., Generali Participations Netherlands N.V. (GPN/Acquirer) in Future Generali India Life Insurance Company Limited (FGLIC/Target). Read more

Yes Bank reports 77% YoY jump in profit; stock slips over 2%

Published on: 2:00 pm

  • Yes Bank Ltd. on Saturday announced its results for the quarter ending December 2021. The bank reported stellar growth in PAT, whilst net interest income dropped against the previous quarter. Bank’s performance was better than expected as analysts believed that the bank will report huge losses for the quarter.
  • The bank reported a 77% YoY jump in net profit at Rs 266 crore for Q3 FY’22, as against Rs 151 crore for Q3 FY’21.
  • Provisions for the quarter ending December 2021 decreased to Rs 375 crore against Rs 2,089 crore for the previous corresponding quarter, down by 82.1% YoY. Read more

CCI approves 100% acquisition of oral healthcare products distributor GlaxoSmithKline Asia

Published on: 1:55 pm

  • The Competition Commission of India (CCI) approves acquisition by GlaxoSmithKline Consumer Healthcare Overseas Limited and GlaxoSmithKline Consumer Healthcare UK Trading Limited (Acquirers) of shareholding in GlaxoSmithKline Asia Private Limited (Target).
  • The approval is given under Section 31(1) of the Competition Act, 2002.
  • The Proposed Combination involves the collective acquisition of 100% shares of the Target by the Acquirers. Further, before the proposed combination, GSKAPL will acquire the trademarks about “Iodex” and “Ostocalcium” brands in India along with the legal, economic, commercial and marketing rights of such brands and other associated assets (GSK Consumer Brands) from GlaxoSmithKline Pharmaceuticals Limited. Read more

ICICI Bank logs 25% yoy rise in Q3 PAT to Rs6,194cr, net interest income garners 23% yoy growth; Ass

Published on: 1:49 pm

  • Private lender, ICICI Bank logged a 25% rise in standalone profit of Rs6,194cr in the quarter ending December 2021(Q3FY22), compared to Rs4,940cr in the same quarter last year.
  • Net interest income (NII) increased by 23% year-on-year to Rs12,236cr (US$ 1.6 billion) in Q3-2022 from Rs9,912cr (US$ 1.3 billion) in Q3-2021. The net interest margin was 3.96% in Q3-2022 compared to 3.67% in Q3-2021 and 4.00% in the quarter ended September 30, 2021 (Q2-2022).
  • The Bank's provisions (excluding provision for tax) declined by 27% year-on-year to Rs2,007cr (US$ 270 million) in Q3-2022 from Rs2,742cr (US$ 369 million) in Q3-2021. Read more

Rupee falls against US dollar as investors amid selloff in domestic equities

Published on: 1:38 pm

  • At the interbank forex market, the Indian currency declined against the US benchmark dollar index as investors continue to be fretful over muted domestic equities and higher crude oil prices. Forex traders believe that the rupee is weakening ahead of the US Federal Reserve meeting scheduled for later this week.
  • The rupee was last seen at 74.58 against the dollar, shedding near 15 paise so far in today’s trade
  • The domestic currency opened dull at 74.43 against the US Dollar, then further slipped to 74.58 so far against the dollar, witnessing a decline of 11 paise since its previous closing. Read more

Reliance Jio's PAT rises to Rs3,615cr in Q3FY22, APRU stands at Rs151.6 per subscriber per month

Published on: 1:36 pm

  • Reliance Jio has announced a consolidated net profit of Rs3,615cr for the quarter ending December 2021 (Q3FY22) higher from a profit of  Rs3,291cr of Q3FY21 and Rs3,528cr of Q2FY22.
  • Consolidated revenue from operations stood at Rs19,347cr in the quarter under review, rising from Rs18,492cr in Q3FY21 and Rs18,735cr in Q2FY22.
  • As of December 2021, the company's total customer base was 421.0 million, a net addition of 10.2 million customers. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is at 57,618.26 down 1418.92 points or 2.40%.
  • Nifty50 is at 17,184.20 down 432.95 points or 2.46%. Nifty Bank is at 36,791.35, down 2.08%. Mid-cap Index is down 3.86%.
  • Cipla and ONGC are the top gainers. Bajaj Finance, JSW Steel, Grasim, Tata Steel, and Hindalco are the top losers. Read more

RIL's Q3 PAT rises 38% yoy after gains from exceptional items; Retail, telecom biz logs strong growt

Published on: 1:25 pm

  • Reliance Industries (RIL) has garnered a 37.9% yoy growth in consolidated net profit of Rs20,539cr for the quarter ending December 2021 (Q3FY22). Gross Revenue for the quarter stood at Rs209,823cr ($ 28.2 billion), higher by 52.2% yoy.
  • In the quarter, RIL made exceptional item gains of Rs2,872cr on account of divestment of shale gas assets, partially offset by provisions for liabilities about GAPCO amounting to Rs36cr.
  • EBITDA for the quarter was Rs33,886cr ($ 4.6 billion), higher by 29.9% yoy. Cash Profit (after exceptional items) for the quarter was Rs30,147cr ($ 4.1 billion), higher by 41.2% yoy. Read more

HCL Tech clarifies on the buzz of NCLAT stay order on insolvency proceedings; Stock dips 3%

Published on: 1:22 pm

  • HCL Technologies Ltd has clarified on a news item appearing in on January 20, 2022, captioned "NCLAT stays insolvency proceedings against HCL Tech”.
  • In a reguatory filing, the company said that there was a matter of general contractual/commercial dispute with one of the vendors of the Company for a meagre amount of Rs. 3.54 crores dating back to 2015-18, for which the vendor incorrectly took the dispute to the Hon’ble National Company Law Tribunal (NCLT). Read more

Exide Industries invests ~Rs20cr to increase stake to 84.90% in Exide Leclanche Energy

Published on: 1:15 pm

  • Exide Industries Limited (EIL) has invested ~Rs20cr by way of subscription to the equity share capital of its subsidiary, “Exide Leclanche Energy Private Limited” (Joint Venture Company), and as a result of which, its total equity shareholding in JVC stands increased by 0.9% to 84.90%. The equity shares were acquired by EIL at Rs21/- per share including a premium of Rs11/- per share
  • Exide Leclanche Energy belongs to the manufacture, assembly, trade, sale, and distribution of lithium-ion batteries, module making, and associated systems (Products) in the Territory (Battery Pack Assembly Plant).
  • It also engages in contract manufacturing/ sourcing of modules for third parties in the Territory on a case to case basis for strategic reasons as may be agreed between the Parties. Read more

KPI Global Infra receives new order of 2 MW Solar Power Plant in Surat

Published on: 1:00 pm

  • KPI Global Infrastructure Limited has received a new repeat order for executing a solar power project of 2 MW dc capacity from Shabnam Petrofils Private Limited, Surat under the 'Captive Power Producer (CPP)' segment of the Company.
  • The company stock was under pressure on Monday and at around 1.00 pm, KPI Global Infrastructure Limited was trading at Rs432.75 per piece down Rs17.45 or 3.88% on the BSE.  Read more

Sangam India Q3 Revenue jumps by 47% YoY

Published on: 12:48 pm

  • Sangam India Ltd., one of the leading manufacturers of PV dyed yarn and seamless apparel, announced its result for the quarter ending December 2021. The company reported a stellar growth of 483% YoY in its PAT at Rs 44 crores for Q3 FY’22, as against Rs 7 crores for the previous corresponding quarter.
  • Sangam India’s share is currently trading at Rs387.85 down by Rs5.05 or 1.29% from its previous closing of Rs392.90 on the BSE.
  • Sangam India’s revenue for the quarter ending December 2021 stood at Rs 646 crores for Q3 FY’22 against Rs 438 crores for the quarter ending December 2020, reflecting a growth of 47% YoY. Read More

Birla Corp's arm RCCPL commissions Mukutban integrated cement plant; Stock dives ~7%

Published on: 12:47 pm

  • The Mukutban integrated cement plant is an important milestone in the annals of Birla Corporation Limited (MP Birla Group), said Harsh V Lodha, Chairman, MP Birla Group, after the lighting up of the kiln at the plant on Friday. Set up at an investment of Rs2,744cr it is the largest greenfield investment by the Company in the history of the Group, taking its cement business to 20 million tons annually.
  • The Mukutban plant of RCCPL Private Limited (RCCPL), wholly owned subsidiary of Birla Corporation Limited, is going to be one of the most advanced cement factories in India, in terms of technology and efficiency parameters, said Cpmpany. Read More

Vaibhav Global executes agreement for acquisition of majority stake (60%) in Encase Packaging

Published on: 12:42 pm

  • Vaibhav Global Limited announced on Sunday the successful execution of Share Subscription and Shareholders’ Agreements for acquisition of a majority stake of 60% in Encase Packaging Private Limited. The purchase consideration of Rs4cr has been determined and the same has been financed through internal accruals and cash balances. The acquisition will be completed in approximately 2 months.
  • The company said in a filing that based out of Sri City in Andhra Pradesh, Encase Packaging is engaged in the business of manufacturing and trading of all kinds of packaging material. Currently, VGL is largely dependent on sourcing packaging material from China for its jewellery products. Hence, this acquisition will further strengthen our supply chain network providing requisite flexibility and cost advantage. Read More

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Benchmark market indices plunge over 2% with metal stocks lead the rout.
  • BSE Sensex is currently 57,827.44 down 1,209.74 points or 2.05%.
  • Nifty50 is currently 17,259.50 down 357.65 points or 2.03%. Nifty Bank is at 37,023.90, down 1.46%. Mid-cap Index is down 3.43%.
  • Cipla, ONGC, and IOC are the top gainers. JSW Steel, Bajaj Finance, Hindalco, Tech Mahindra, and Titan are the top losers.
  • Nifty Metal, Realty, and Media stocks crash as all the sectors trade in the deep red amid Monday bloodbath.
  • Out of 50 stocks traded on the NSE, 3 advanced and 47 declined. Read More

Titagarh Wagons-led Italy subsidiary bags order for ~Rs2,380cr

Published on: 12:29 pm

  • Titagarh Firema S.p.A.(‘TFA’), the subsidiary of Titagarh Wagons Ltd in Italy, has signed the framework agreement for design, manufacture, supply and ten years of maintenance of 38 trainsets of Metro for Lazio Regione, Italy. The total value of the framework agreement is Euro 282 million, equivalent to Rs2,380cr approx.
  • The framework agreement foreseen the design of new trains for the Roma — Lido di Ostia and Roma Viterbo railway network. The Contract requires three different trainset configuration such as the 6 cars metro for the Roma Lido di Ostia line and the 4 cars either metro and commuter for the Roma Viterbo line. Read More

Vardhman Textiles to install Vortex Machines worth Rs600cr; share slips over 7%

Published on: 12:23 pm

  • Vardhman Textiles Ltd. said in the regulatory filing on Saturday that the board has approval of further expansion in its Capacity by installing Vortex Machines equivalent 70,000 spindles (approx.) entailing a cost of around Rs600cr (approx.). The company shall finance the said expansion from its internal accruals and debt.
  • The company believes that the capacity addition will bring better business synergies, competitive advantage and shall meet the increased demand.
  • Prior to this, the company has enhanced its capacity earlier in October 2021 with the approval of its Board of Directors, by installing 1.65 lakh equivalent spindles with a cost of about Rs. 1,400 crore (approx.). Read More

Nifty IT Index tumbles amid weak markets; Tech Mahindra, Wipro among top losers

Published on: 11:50 am

  • Nifty IT Index tumbled amid weak markets on Monday with the index shed nearly 3% to continue the bleak performance since the new year began. All the listed IT companies on the NSE were trading in the red with Coforge, Mindtree, and Mphasis shedding over 5%.
  • Larsen & Turbo Infotech and Tech Mahindra were also nearly 4.5% down L&T technology Services and Wipro also plunged nearly 4%. TCS was the least affected sector, still 1% on the downside. Heavyweights Tech Mahindra and Wipro affected the sector most, emerging among top five losers overall. HCL tech and Infosys also was over 2% lower. Read More

CRISIL revises Safari Industries India bank facilities' outlook to 'Positive', reaffirms rating

Published on: 11:35 am

  • Safari Industries (India) Ltd has informed that CRISIL Ratings agency has reaffirmed the bank loan ratings worth Rs150cr of the company and revises the outlook to 'Positive'.
  • The long-term rating has been reaffirmed at CRISIL 'A-/Positive' where outlook revised to Positive from 'Stable'. Similarly, short-term ratings has been reaffirmed at 'CRISIL A2+'.
  • As per rationale report, all the ratings reviewed by CRISIL are kept under continuous surveillance and review. Read More

ICICI Bank appoints Vibha Paul as Independent Director

Published on: 11:31 am

  • ICICI Bank Ltd. said in the regulatory filing that the bank has appointed Ms. Vibha Paul Rishi as an Additional (Independent) Director of the Bank for five years with effect from January 23, 2022, subject to shareholders approval.
  • Ms. Vibha Paul Rishi holds a Master’s degree in Business Administration (MBA) with a specialization in Marketing from the Faculty of Management Studies, University of Delhi. She also completed Honours in Economics from Lady Sri Ram College, Delhi University. She started her career with Tata Administrative Service and was part of the core start-up team of Titan Watches. Read more

Market pulse at 11:30 AM today

Published on: 11:30 am

  • Indices fall further in the late morning trade with Sensex sheds 750 points and Nifty down 17400.
  • BSE Sensex is currently 58,301.65 down 735.53 points or 1.25%.
  • Nifty50 is currently 17,383.85 down 233.30 points or 1.32%. Nifty Bank is at 37,396.35, down 0.47%. Mid-cap Index is down 2.83%.
  • Cipla, ONGC, Bharti Airtel, IndusInd Bank, and Sun Pharma are the top gainers. JSW Steel, Bajaj Finance, Divis Lab, Hindalco, and Tech Mahindra are the top losers.
  • Nifty Metal, Consumer Durables, Media, Realty, IT, and Auto stocks remain under heavy pressure. Nifty Bank is relatively steady.
  • Out of 50 stocks traded on the NSE, 9 advanced and 41 declined. Read More

Prakash Industries secures long-term coal linkages; Stock down 3%

Published on: 11:15 am

  • Prakash Industries Limited informed the exchanges Saturday that it has secured long-term coal linkages of 1,95,900 MT per annum for the next 5 years in the coal linkage auction concluded on January 22, 2022, by Coal India Limited under Tranche-V of the “Others” sub-sector.
  • The said linkages, together with the coal linkages of 8, 10,200 MT per annum secured recently in the month of December 2021 for its captive power plant, will further insulate the Company against the volatility in the coal prices and thus provide long term stability to the operations and improve financial performance.
  • At around 11.20 AM, Prakash Industries Ltd was trading at Rs58.80 per share down by Rs1.8 or 2.97% from its previous closing of Rs60.60 per share on the BSE. Read More

ICRA: Incremental hydro capacity requirement estimated at 18 GW, to meet the HPO norms by 2030, howe

Published on: 11:14 am

  • Hydro capacity addition in India has remained sluggish historically, with the significant execution challenges as also seen in the incremental capacity addition of about 22 GW between 2000 and 2021, representing CAGR growth of mere 3% in hydro segment. Further, share of hydro in the overall power generation capacity has declined considerably over the period, with a significant rise in thermal capacity addition seen in CY2005 till CY2015 and thereafter in the renewable energy segment.
  • With improved tariff competitiveness of solar & wind energy and strong policy focus by Government of India (GoI), share of renewables (solar & wind segment) is estimated to grow considerably in the energy generation mix, going forward. However, hydro energy segment also remains systemically important from the grid perspective so as to meet the flexibility requirements / peaking power supply. In this context and to further the growth of hydro energy segment, the GoI has outlined policy measures over the last two-year period to promote the investments in hydro segment through notification of hydro power purchase obligation (HPO) norms, long term trajectory for HPO as well as tariff rationalization measures. Hydro power purchase obligation is set at 0.18% for FY2022 which in turn is set to increase upto 2.82% by FY2030 at national level, as notified by Ministry of Power, GoI. Read more

Supreme Petrochem rallies over 3% on update of expansion project

Published on: 11:07 am

  • Supreme Petrochem Ltd  stocks rally on Monday after the company has undertaken Project for manufacture of Mass Acrylonitrile Butadiene Styrene (mABS) at Village Amdoshi-Wangani, District-Raigad, Maharashtra (India), with two Lines of 70 KTA each aggregating 140 KTA.
  • As per regulatory filing, Line I is scheduled to go on stream by June 2024 and Line II is planned for completion by March 2025.
  • The Company has already entered into an agreement for License and Basic Engineering Design for Line I of 70 KTA with Vesralis-Eni Chemicals Group. The total project cost for both Lines shall be funded from the Company's own funds, the company said. Read more

Vakrangee Q3 revenue rises 180.62% yoy to Rs208.67cr; PAT up 72.82% yoy at Rs29.33cr

Published on: 11:06 am

  • Vakrangee Limited (VL) Revenue from Operations stood at Rs208.67cr in Q3FY22 as against Rs74.36cr for the corresponding quarter last year, registering a growth of 180.62%. EBIDTA stood at Rs43.36cr in Q3FY22 as against Rs25.09cr for the corresponding quarter last year, registering a growth of 72.82%.
  • Profit After Tax (PAT) stood at Rs29.33cr in Q3FY22 as against Rs16.80cr for the corresponding quarter last year, registering a growth of 74.58%. EPS (basic) for the face value of Rs1 stood at Rs0.28 in Q3FY22 as against Rs0.16 in Q3FY21, registering a growth of 75.00%. Read More

Brightcom Group allots 1.50cr warrants and 80.50 lakh equity shares under Preferential Issue

Published on: 10:50 am

  • The Warrants and Share Allotment Committee of the Board of Directors of Brightcom Group has allotted 1.50cr Warrants convertible into Equity Shares to Shankar Sharma and 80.50 lakh Equity Shares to the 21 proposed allottees on January 23, 2022, at an issue price of Rs37.77/- per warrant/share including a premium of Rs35.77/- per warrant/share on preferential basis.
  • The company has received Shankar Sharma, 25% of the consideration amount against the said warrants and 100% of the consideration amount from 21 proposed allottees against the equity shares.
  • With this allotment, the expanded share capital of the company will be at Rs209,93,66,248 divided into 104,96,83,124 equity shares of Rs.2/- each, fully paid-up. Read More

Nifty Metal index nosedives near 3% on broad-based selloff

Published on: 10:40 am

  • Metal company stocks were under selling pressure on Monday's bearish bandwagon of markets as investors bet cautiously ahead of US Federal Reserve possible price hike in interest rates, Union Budget 2022 and slowdown in domestic rural economy.
  • The index is dragged by heavyweights APL Apollo, Hindustan Copper as all the stocks were in the deep red territory to emerge as among the top laggards of the day. However, the December 2021 (Q3FY22) quarterly results and F&O expiry will influence the markets outlook possibly.
  • BSE Sensex was trading at 58,361.66 down 675.52 points or 1.14% and Nifty50 at 17,416.75 up 200.40 points or 1.14% Read more

Vodafone Idea under pressure after net loss widens to Rs7,231cr in Q3FY22

Published on: 10:38 am

  • Vodafone Idea Limited posted loss of Rs7,231cr in Q3FY22 against loss of Rs4,532cr in Q3FY21 Rs7,132.3cr in Q2FY22. The company’s revenue rose 3.3% to Rs9,717cr from Rs9,406.4cr qoq supported by several tariff interventions including tariff hikes effective November 25, 2021. But revenue declined 10.80% yoy from Rs10,894cr.
  • ARPU for the quarter stands at Rs115 vs Rs109 in the prior quarter, a qoq increase of 5.2%. EBITDA (pre-Ind AS 116) improved to Rs1.62 billion, compared to Rs14.1 billion in Q2FY22 (post adjustment for a one-off of Rs1.5 billion in Q2). Read More

Vikas Lifecare obtains technology transfer from a leading European entity

Published on: 10:35 am

  • Vikas Lifecare Ltd. announced that the company has obtained advanced technology to recycle Cross-Linked Poly Ethylene (XLPE), and the company is in the advanced stages of negotiation with an Industry Pioneer from Europe.
  • Vikas Lifecare entered into negotiation, now in defining stage, for obtaining technology transfer for recycling of Cross-linked Poly Ethylene (XLPE) from a Leading European company through Nortech Trinity India Private Limited (a former subsidiary of Norner AS., Norway). Read More

JSW Infrastructure exclusively lists its maiden USD 400 Million sustainability linked bonds on India

Published on: 10:32 am

  • JSW Infrastructure Ltd. exclusively lists its maiden USD 400 Million sustainability linked bonds on India INX and enjoy benefit of lower withholding tax
  • In a first, JSW Infrastructure Limited (JSWIL), listed their 7 year USD 400 million foreign currency sustainability linked bonds exclusively on Global Securities Market (GSM) of India International Exchange at GIFT IFSC. JSW Infrastructure’s 7 year maturity bonds have been assigned Ba2 rating by Moody’s investor services and BB+ by Fitch and are priced competitively at 4.95%.
  • Commenting on the listing, Mr. V. Balasubramaniam, MD and CEO, INDIA INX said, “We take immense pleasure in welcoming JSW Infrastructure Limited on India INX as they have reposed trust in our very own India’s own IFSC and chose to list exclusively on India INX, they will enjoy the lower withholding tax benefit of 4%. This firmly reinforces INDIA INX and GIFT IFSC as a credible and competitive international jurisdiction for raising capital from global investors. GSM, the primary market platform of India INX, has evoked significant interest since its establishment in 2018 and has more than USD 58 Bn medium term notes established and over USD 34+ Bn of bond listings till date.  We congratulate JSW Infrastructure on their success and look forward to a very healthy pipeline of Indian issuers in the current year”. Read more

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