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25th Jan, 2022

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Wipro acquired 13.3% stake in Encore Theme

Published on: 4:39 pm

Wipro Ltd. has informed the exchanges and shareholders that the company has acquired a 13.3% equity stake in Encore Theme Technologies Private Limited (Encore Theme).
Wipro has already acquired an 83.4% stake in Encore Theme in December 2020. With this acquisition, the company’s total stake in Encore theme become 96.7%. The company will acquire the remaining 3.3% stake subject to and after receipt of certain regulatory approvals.
Encore Theme Technologies Pvt Ltd., headquartered in Chennai, now becomes a significant arm of Wipro Ltd. that provides IT solutions for the banking and financial services segment. The company was founded in 2006 and was substantially acquired by Wipro in 2020. Read More

Sterlite Tech wins ~Rs170cr deal for building Unified Network Management System for PGCIL

Published on: 4:21 pm

STL (Sterlite Technologies Ltd) has announced a partnership with India’s largest power distribution company, Power Grid Corporation of India Limited (PGCIL). Through this collaboration, STL will fulfil PGCIL’s requirement for high performance, integrated network management systems across their regional communications networks. With this multi-year deal worth Rs~170cr, STL further strengthens its relationship with PGCIL.
As a part of its earlier engagements, STL has been supplying optical fibre cables and developed an IP-MPLS network for PGCIL. Read More

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Symphony reports Q3 PAT of Rs68cr; Revenue up 16.61% YoY

Published on: 4:18 pm

Symphony Ltd. announced its results for the quarter ending December 2021. The company’s performance for the quarter was satisfactory, as it reported growth in all avenues.
The company reported consolidated revenue of Rs 653 crore for Q3 FY’22 as against Rs 560 crore for 9M ending Q3 FY’21, showing a growth of 16.61% YoY. While company’s standalone revenue for the 9M period stood at Rs 388 crore against Rs 275 crore for the previous 9M period last year, reflecting a growth of 41.09% YoY. Read More

Greenpanel Industries ends 7% higher despite delay in operation of MDF plant in Andhra

Published on: 4:06 pm

Greenpanel Industries Limited informed the exchanges that the estimated time for installation of the new machinery (Mat Heating System) at the Company's MDF plant situated at Chittoor, as informed earlier, has been extended by three days due to technical reasons.
The normal operation of the MDF plant at Chittoor, Andhra Pradesh is expected to be resumed by January 28, 2022. Read more

Rane Engine Valve’s PAT narrows in Q3 FY22; Revenue up by 7%

Published on: 3:51 pm

Rane Engine Valve Limited, a leading manufacturer of Engine Valves, Guides, and Tappets today announced financial performance for the quarter (Q3 FY22) and nine months (9M FY22) ended December 31st, 2021.
The company reported a revenue of Rs 99.1 crore for Q3 FY’22 as against Rs 92.60 crore for Q3 FY’21, up by 7% YoY.
Its EBITDA stood at Rs 5.2 crores for the December 2021 quarter against Rs 5.6 crore for the previous corresponding quarter, down by 6.6% YoY. While its EBITDA margin stood at 5.3% for Q3 FY’22 against 6.1% for Q3 FY’21. Read more

Motor & General Finance resumes work from home with 50% staff strength

Published on: 3:50 pm

The Motor & General Finance Limited has resumed work from the office with 50% staff strength after Delhi Disaster Management Authority (DDMA) has allowed the Private offices to resume work from the office with 50% staff strength.
The New Delhi-based company had closed its office on January 12, 2022, after DDMA asked all private offices except those essential services to remain closed to have their staff working entirely from home to curb the spread of positive cases during the third wave of Covid-19. Read more

Datamatics CERSAI 'Bot As a Service' wins IBS Intelligence Global Fintech Innovation Awards 2021

Published on: 3:45 pm

Datamatics Global Services, and BPM Company on Tuesday has announced that it has been recognized by IBS Intelligence (IBSi) for the Most Innovative Use of Process Automation Award: Most Impactful Project at the IBS Intelligence Global Fintech Innovation Awards ceremony. The prestigious awards program identifies and honors technology players and banks for their excellence in driving impact through innovative financial technology implementations.
Datamatics CERSAI 'Bot As a Service' case study wins the award for implementing a ready bot for one of India’s largest private bank. The bot automates updation of Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI) system (a third party / government system) with the borrower and property details for all mortgage cases. Read More

BCPL Railway Infra bags order of 25KV OHE at Bikaner Division of North Western Railway

Published on: 3:32 pm

BCPL Railway Infrastructure Limited has updated to its stakeholders that the Company secures order of 25KV OHE at Suratgarh Thermal Power Station of Bikaner Division of North Western Railway.
Marking its presence on PAN India, the Company has received 25KV OHE work and associated modification in connection with providing Railway Track linking at Suratgarh supercritical Thermal Power Station of Bikaner Division of North Western Railway comprising of project cost of 7111.54 million. Read more

Maruti Suzuki’s PAT dips by 47.90% YoY to Rs1,011cr

Published on: 3:32 pm

Maruti Suzuki Ltd., India’s largest car manufacturer, announced its results for the quarter ending December 2021. Even though the company’s reported profit remained lower than the previous quarter, the company was able to beat its estimates.
The company reported a net profit of Rs 1,011 crore for Q3 FY’22 against Rs 1,941.40 crore, showing a downside of 47.90% YoY.
The company stated that in spite of the company’s efforts towards cost reduction on the back of lower sales volume, elevated commodity prices, and lower non-operating income on account of mark-to-market impact, the company’s profits rallied. Read more

Markets snap 5-day losing streak; Banking stocks outperforms

Published on: 3:25 pm

Domestic markets witnessed a sharp recovery during the second half of the trade as across the board short-covering weighed in. Bank Nifty outperformed the Nifty index by ~1.4% with both the indices closing in the green with a ~2.2%/0.8% gain.
Across the board, buying was seen in major heavyweights with stocks like Axis Bank, SBI and Maruti contributing the majority of the gains for the index. Read more

CarTrade Tech tanks 6% after logging net loss of Rs18.48cr in Q3FY22

Published on: 3:07 pm

CarTrade Tech Limited, one of India’s largest online auto platforms today declared its standalone and consolidated financial results for the quarter and nine-month period ending December 31, 2021. The company reported a net loss of Rs18.48cr in Q3FY22 against a profit of Rs23.88cr in the same quarter last fiscal year.
Total Revenue for Q3FY22 stood at Rs102cr, as compared to Rs86cr in the same period last year. Adjusted Earnings before Interest, Tax, Depreciation, and Amortization (EBITDA) in Q3FY22 stood at Rs32cr and adjusted EBITDA margin % for Q3FY22 was 32%. Read more

Brightcom Group allots 11.70 cr equity shares under preferential issue to non-promoter allottees

Published on: 2:55 pm

Brightcom Group has informed that the Warrants and Share Allotment Committee of the Board of Directors of the Company has approved the allotment of 11.70 cr Equity Shares of Rs. 2 each of the Company, at a price of Rs. 37.77 per share (including a share premium of Rs. 35.77 per share) to 5 allottees.
With this allotment, the Company's expanded share capital will be at Rs. 233,33,66,248 divided into 116,66,83,124 equity shares of Rs.2/- each, fully paid-up, said Company on Tuesday. Read more

Ashoka Buildcon arm gets appointed date for NHAI Project in Karnataka; Stock jumps 3%

Published on: 2:44 pm

Ashoka Buildcon Limited wholly-owned subsidiary ‘Ashoka Bettadahalli Shivamogga Road Private Limited’ has received October 20, 2021, as an Appointed Date for the National Highways Authority of India (NHAI) project in Karnataka.
The company had informed about the achievement of financial closure for the project on September 24, 2021.
The project is 'Four laning of Tumkur Shivamogga section from Ch. 170+415 km. to Ch. 226+750 km. Bettadahalli Shivamogga of NH-206 on Hybrid Annuity Mode under Bharatmala Pariyojna in the State of Karnataka (Package-IV)'. The Construction Period is 24 months from the Appointed Date and the Operation Period is 15 years from Commercial Operations Date (CoD). Read more

TCS becomes a launch partner for Microsoft Cloud for Retail

Published on: 2:33 pm

Tata Consultancy Services is now a partner for the newly-launched Microsoft Cloud for Retail, expanding its collaboration with the hyperscaler.
TCS will combine its deep industry knowledge, and experience from working with leading retailers worldwide and its multi-horizon cloud transformation framework, to help retail clients accelerate their growth and transformation journeys using Microsoft Cloud for Retail. Microsoft Cloud for Retail is a secure industry-specific cloud that brings together various Microsoft technologies, linked by a common data model to connect experiences across the end-to-end shopper journey with integrated and intelligent capabilities. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

Indices trade higher in the afternoon as auto and banking stocks rally.
BSE Sensex is currently 57,662.80 up 171.29 points or 0.30%.
Nifty50 is currently 17,207.75 up 58.65 points or 0.34%. Nifty Bank is at 37,520.15, up 1.55%. Mid-cap Index is up 0.95%. Read more

Federal Bank’s net profit rises 29% at Rs522cr

Published on: 2:22 pm

Federal Bank announced Unaudited Financial Results for the quarter ended 31st December 2021.

Major highlights of the results on a Y-o-Y basis are as follows:

Total advances grew by 12% YoY
Market share in Personal Inward remittance business at 19.23% Read more

Ethos Limited files DRHP for IPO

Published on: 2:08 pm

Chandigarh-based Ethos Limited, India’s largest luxury and premium watch retail player delivering a content-led luxury retail experience to its customers through online and physical presence has filed its draft red herring prospectus (DRHP) for its initial public offering (IPO) with Sebi.
The initial public offering (IPO) with a face value of Rs 10 per equity share consists of a fresh issue of equity shares aggregating to Rs 400 crore and an offer for sale (OFS) of up to 1,108,037 equity shares. Read more

SBI Card surges 4% after Q3 PAT grows 84% yoy to Rs386cr

Published on: 2:05 pm

The Board of Directors of SBI Cards and Payment Services Limited on Monday approved the company’s results for the quarter and 9 months ended December 31, 2021, at their meeting held on Monday, January 24, 2022.
Total revenue increased by Rs600cr, or 24% to Rs3,140cr for Q3FY22 vs Rs2,540cr for Q3 FY21. Increase in revenue is primarily due to higher Income from fees and services in Q3FY22, company said in a filing on Monday.
Profit before tax increased by Rs236cr, or 83% to Rs519cr for Q3FY22 vs Rs283cr for Q3FY21. Profit after tax increased by Rs176cr, or 84% to Rs386cr for Q3FY22 vs Rs210cr for Q3FY21. Read more

Music Broadcast reports stellar growth in Q3 FY22; stock zooms over 3%

Published on: 1:55 pm

Music Broadcast Ltd. announced its results for the quarter ending December 2021 and reported a satisfactory performance. The company is stabilizing in terms of growth, and numbers have grown significantly over the last year.
The company reported its Net Sales at Rs 59.89 crore in December 2021 up by 47.27% YoY from Rs. 40.67 crore in the previous corresponding quarter.
While its Quarterly Net Profit stood at Rs. 9.01 crore in December 2021 up by a whopping 12202.05% YoY from Rs. 0.07 crore in December 2020. Read more

SKM Egg Products Exports jumps 6% after UAE lifts the ban on import of eggs from India

Published on: 1:46 pm

SKM Egg Products Export (India) Ltd has informed that the UAE has lifted the ban on import of eggs from India after a decade, thereby the company has commenced its First Export of Fresh eggs to Dubai during Jan 2022 as its poultry farm is registered under compartmentalization and the approval to UAE is based on the audit by the UAE authorities which is a new milestone in the Company's career.
"We also wish to inform that similar exports to UAE countries shall be repeated in future," said Company in a regulatory filing on Tuesday. Read more

Shriram Transport Finance stock drops 1% post Q3 results

Published on: 1:39 pm

Shriram Transport Finance Corporation’s reported a 6.4% YoY decline in its net profit for the quarter ending December 2021 at Rs 680.62 crore against Rs 727.72 crore for the previous corresponding quarter.
The company reported a net interest income of Rs 2,387.97 for Q3 FY’22 crore against Rs 2,148.22 crore for Q3 FY’21, showing growth of 11.16% YoY.
The company’s financial performance did not fulfill investors’ expectations, leaving them disappointed. As a result, its trading remained volatile so far in the day. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

Indices recover early losses to trade flat in the afternoon.
BSE Sensex is currently 57,441.77 down 49.74 points or 0.09%.
Nifty50 is currently 17,159.25 up 10.15 points or 0.06%. Nifty Bank is at 36,430.30, up 1.31%. Mid-cap Index is up 0.76%. Read more

BPCL emerged as successful bidder for setting up City Gas Distribution Networks; stocks gain

Published on: 1:18 pm

Bharat Petroleum Corporation Limited (BPCL) informed the exchanges that the company has emerged as a successful bidder in 6 Geographical Areas (GA) in 19 districts, for setting up City Gas Distribution (CGD) Networks, post evaluation of technical and financial bids, in the recently concluded the bidding round of PNGRB.
The CGD footprints of BPCL, along with its JYs, will now cover 94 Districts in 18 States extending to 48GAs, across India. Currently, BPCL has a presence in 63 districts, including prominent cities, BPCL along with its JYs, together hold 33% Market Share in the CGD sector in the Country.
After the announcement of results of bidding, BPCL's committed investment in the CGD network, on a standalone basis, would increase to over Rs 22,000 crores for the development of 23 GAs, including Rs 10,000 crores for introducing 6 new GAS. Read more

Dredging Corporation inks deal with Abu Dhabi-led NMDC

Published on: 1:05 pm

Dredging Corporation of India Ltd (DCI) has signed MoU with NMDC Abu Dhabi (UAE) to cater the needs of the ports in more efficient way.
Further, NMDC and DCI have also agreed on mutual participation and mutual bid submissions across the region on a project-to-project basis. As per regulator filing, they will also cooperate on projects which are subcontracted, through a consortium or any other specific arrangements, by outlining their responsibilities that will be jointly agreed upon and delivered.
Both partners will provide each other with technical and other support, if required through a joint venture agreement. Read More

Saregama India acquires Telugu Music Catalogue; stock slips 5%

Published on: 1:01 pm

Saregama India Ltd. announced that the company has fully acquired over 1500+ songs belonging to 280 Telugu films released over the last two decades including songs from super-hits like RX100 and Ninnu Kori from Mango Music.
As part of the deal, Mango Music sold both audio (sound recording and publishing rights) and video rights of this massive repository to Saregama.
Continuously investing in the regional market, this acquisition of the Mango Music catalogue, will strengthen Saregama’s position in the Telugu market. Read more

Ind-Ra affirms credit ratings of Sansera Engineering; Stock trades lower

Published on: 1:00 pm

India Ratings & Research Private Limited (Ind-Ra) has affirmed the long-term rating of Sansera Engineering Limited at ‘IND AA-’ with a stable outlook and short-term rating at ‘IND A1+.
At around 1.04 pm, Sansera Engineering Limited was trading at Rs733.00 per share down Rs12.10 or 1.62% on the BSE. The stock hit a day's high of Rs 745 per piece and low of Rs725.75 per piece during intraday trade on Tuesday. Read More

Ramco Cements drops 3% on lower Q3 profit at Rs82.6cr

Published on: 12:52 pm

Ramco Cements Limited reported lower profit at Rs82.6cr in Q3FY22 against Rs201cr in Q3FY21, a decline of 60% yoy. Net revenue rose to Rs1,556cr from Rs1,345cr yoy. EBITDA for Q3FY22 is Rs238cr as against Rs403cr during Q3 of previous fiscal with de-growth of 41% due to sharp increase in fuel price and drop in cement prices. Blended EBIDTA per ton for Q3FY22 is Rs790/- as against Rs1,543/- during Q3 of the Previous fiscal.
The operating ratio for Q3FY22 is 15% against 30% in Q3FY21. The industry could not pass on the cost increase arising out of sharp fuel price hike, to its customers in view of weak demand persisted during the quarter, due to various reasons viz, monsoon, festivals and COVID implications.
The sale of cement is 3.01 million tons during the quarter under review, compared to 2.61 million tons in the corresponding period of the PY with a growth of 15%. During this quarter, the Company has launched its new product viz. Super Plaster in Karnataka and AP markets. This product was launched in Tamil Nadu during the previous quarter. The company continue to focus on the strategy of right products for right applications to make its brand stronger. Read More

Shemaroo Entertainment PAT increases over 2 folds; stock tumbles over 4%

Published on: 12:51 pm

Shemaroo Entertainment Ltd. announced its results for the quarter ending December 2021, following which the shares opened flat on Tuesday morning and has been depicting a downtrend so far in today’s trade.
The company reported an increase in consolidated net sales of 2.15% at Rs 89.91 crores against Rs 88.02 crores in the previous corresponding quarter.
Shemaroo reported a consolidated net profit of Rs 1.86 crore for Q3 FY’22 against a loss of Rs 1.53 crore for Q3 FY’21, up by 209.49% YoY.
It reported an EBITDA of Rs 10.06 crore for the quarter ending December 2021 against Rs 7.36 crore for the quarter ending December 2020, up by 36.68% YoY. Read More

ICRA: Rentals of mall operators expected to decline by 20-25% in Q4FY2022 as against earlier estimat

Published on: 12:35 pm

The Omicron-led third wave of Covid-19 pandemic has resulted in resurgence in fresh Covid-19 infections leading to restrictions by various state governments impacting the trading values for the retail store operators and hindering the rental recovery for mall operators. The footfalls in the malls are witnessing a declining trend from the first week of January 2022 with restrictions in major cities such as closing dine-in for restaurants, occupancy restrictions for multiplexes and their closure in few cities along with weekend curfews. This is sure to impact the rental recoveries for Q4 FY2022 and thereby FY2022.
Commenting on this further, Ms. Anupama Reddy, Sector Head, Corporate Ratings, ICRA, says “The trading values are expected to decline to 60-70% of pre-Covid levels in Q4FY2022 due to third wave as against recovery of over 85% in Q3FY2022.The rental recovery for Q4FY2022 is estimated to be at 70% of pre-Covid levels as against the earlier estimates of over 90% levels. Also, the rental recovery for FY2022 is expected to be up to 70% of pre-Covid levels, as compared to earlier estimates of up to 75% recovery. Read more

Market pulse at 12:30 PM today

Published on: 12:30 pm

Benchmark market indices remain lower as IT stocks crack, while PSU Bank stocks lead gains in the noon trade.
BSE Sensex is currently 57,262.18 down 229.33 points or 0.40%.
Nifty50 is currently 17,101.65 down 47.45 points or 0.28%. Nifty Bank is at 36,362.90, up 1.12%. Mid-cap Index is up 0.63%.
Axis Bank, State Bank of India, Bharti Airtel, IndusInd Bank, and Coal India are the top gainers. Asian Paints, Titan, Reliance, Wipro, and Infosys are the top losers.
Nifty Bank led by PSU Bank stocks leads the gains while IT and Consumer Durables stocks drag the most.
Out of 50 stocks traded on the NSE, 28 advanced, 21 declined and 1 unchanged. Read More

Sharika Enterprises bags contract worth Rs40cr

Published on: 12:26 pm

Sharika Enterprises Ltd has informed that it has signed a contract agreement with Punjab Energy Development Agency (PEDA) on January 21, 2022 for supply, installation and commissioning of 3 MW of Off-Grid Solar Power Plants in Bathinda Town.
The contract value of the project is Rs40,00,02,509 including Taxes and annual maintenance charges for 5 years, said Company.
At around 12:27 PM, Sharika Enterprises was trading at Rs24.15 per piece higher by 5% on Sensex. Read more

Ascensive Educare bags skill training project worth from State Urban Development Agency, West Bengal

Published on: 12:22 pm

Ascensive Educare Ltd. announced that the company has received approval for Skill training from the State Urban Development Agency, West Bengal.
The objective of this training is to develop a pool of skilled youth from urban poor households across the ULBs and connect all successful candidates with a sustainable livelihood. So, ULB and STP need to closely monitor and motivate candidates to ensure zero dropouts, the company said in the filing. Read More

Dharamsi Morarji Chemicals rallies over 4% on commissioning of new 350 TPD Sulphuric Acid Plant at D

Published on: 12:08 pm

Dharamsi Morarji Chemicals Co Ltd stocks rally despite bearish bandwagon of markets on Tuesday after the company announced the commissioning of new 350 TPD Sulphuric Acid Plant on January 24, 2022 at Dahej Factory / Unit.
At around 12:07 PM, Dharamsi Morarji Chemicals was trading at Rs361.80 per share up by Rs15 or 4.33% against previous closing of Rs346.80 per share on the BSE.
The scrip opened at Rs347 per share and has touched a high and low of Rs362.80 per piece and Rs336.70 per piece respectively. The current market cap of the company is Rs864.92cr. Read more

Rupee skids in early morning trade amidst volatile domestic markets

Published on: 12:07 pm

The Indian rupee opened flat against the greenback as the US Dollar index widened ahead of the US Federal Reserve meeting outcome later this week. The local unit fell 13 paise at 74.70/$ amid geopolitical tensions persist, along with sustained foreign fund outflows and increased crude oil prices.
The US Dollar index that holds its strength against a bucket of six currencies, inched by 0.08% and was last seen at 96 points so far.
On Monday, US-Dollar has towered to its 2-week high against its major peers amid potential military conflict between Russia and Ukraine poses. All the Asian markets and emerging peers started weak today amidst geopolitical tensions near the Ukraine border persists. Read More

Nifty Bank rallies on strong quarterly earnings from top Banks; Axis Bank, Federal Bank, SBI outperf

Published on: 12:05 pm

Nifty Bank rallied to rescue sinking markets on Tuesday. The Index surged 1% on strong quarterly results from top Banks. Axis Bank jumped nearly 6% on strong Q3 show. Federal Bank was also bullish ahead of quarterly earnings announcement. State Bank of India, RBL Bank, PNB, IndusInd Bank, Bandhan Bank, and IDFC First Bank also rallied to take the fast lane.
PSU Bank stocks led by Bank of Baroda, Canara Bank, Jammu & Kashmir Bank led the gains.
Financial Services were under pressure with Bajaj twins, HDFC twins, and Shreeram Transport Finance Company Limited dragging the most. Read more

ICRA: Financing through securitisation may continue to be challenging for microfinance entities; non

Published on: 11:36 am

Micro loan securitisation has seen a dip post March 2020 driven by lockdowns due to the pandemic and the subdued investor appetite seen for this asset class subsequently. The fall in volumes was sharp in FY2021 in line with the fall seen in overall securitisation volumes. However there has been a recovery in absolute terms with micro loan securitisation volumes standing at around Rs. 6,200 crore in 9M FY2022 as compared to around Rs. 1,900 crore in 9M FY2021, though it still remains much lower than the pre-Covid period (~Rs 29,00 crore in FY2020).
As per an ICRA note, the securitisation volumes in Q4, which should have otherwise seen a healthy improvement, could be impacted by the concerns around the third wave of Covid infections that may affect the repayment capabilities of the borrowers who have a marginal financial profile. Read more

Hero MotoCorp to invest Rs700cr in Hero FinCorp; Stock rises over 1.5%

Published on: 11:35 am

The Board of Directors of Hero MotoCorp Limited (HMCL), in its meeting held on January 24, 2022, has approved an investment of up to Rs700cr in one or more tranches, in Hero FinCorp Limited (HFCL). The investment is subject to execution of definitive documents and completion of certain conditions customary to a transaction of this nature, the company said in a filing on Monday.
The Board has also appointed Dhiraj Kapoor as the Company Secretary & Compliance Officer of the Company effective February 1, 2022. Dhiraj Kapoor is a fellow member of the Institute of Company Secretaries of India and a law graduate, with more than 20 years of experience in corporate laws and compliances. Read More

Linde India board nods capex of Rs152cr for setting up Merchant Air Separation Unit near Ludhiana

Published on: 11:34 am

Linde India Ltd has informed regarding approval for setting-up of 264 tpd Merchant Air Separation Unit near Ludhiana.
As per regulatory filing, the Board of Directors has approved a capital expenditure proposal for setting-up of a 264 tonnes per day merchant Air Separation Unit in New Industrial Park, Hero Hitech Cycle Valley near Ludhiana in Punjab to secure growth in the gases business in Northern markets and deliver cost savings.
The Board has approved a total capital expenditure of Rs152.1cr towards the construction of the aforesaid air separation plant, which is expected to be on stream by December 2023. This capital expenditure will be financed by the Company’s own sources/internal accruals, said Company on January 24, the company said. Read more

Market pulse at 11:30 AM today

Published on: 11:30 am

Indices limit losses with a rally in banking stocks.
BSE Sensex is currently 57,291.32 down 200.19 points or 0.35%.
Nifty50 is currently 17,116.75 down 32.35 points or 0.19%. Nifty Bank is at 37,263.45, up 0.85%. Mid-cap Index is up 0.75%.
Axis Bank, Bharti Airtel, State Bank of India, IndusInd Bank and JSW Steel are the top gainers. Asian Paints, Reliance, Wipro, Titan and HDFC Bank are the top losers.
Nifty Bank and Media stocks trade higher while IT stocks drag the most.
Out of 50 stocks traded on the NSE, 28 advanced and 22 declined. Read More

Cipla Q3FY22 Preview: Revenue seen at Rs 55,434 million, PAT at Rs7,528 million

Published on: 11:27 am

Result date: 25th January, 2022
Recommendation: Buy
Target price: Rs1130
(Source: IIFL Research)
Cipla's PAT could inch up by 1% on a YoY basis to Rs7,528 million. Revenue is likely to increase by 7% YoY to Rs 55,434 million.
The company's India business is expected to rise 6% YoY owing to the higher contribution of COVID products in the base quarter. Read more

HDFC AMC appoints Naozad Sirwalla as Chief Financial Officer

Published on: 11:21 am

HDFC Asset Management Company Ltd. in the regulatory filing on Monday said that the company has appointed Mr. Naozad Sirwalla as its Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) effective from February 1, 2022.
Mr. Naozad Sirwalla is a Chartered Accountant and a Company Secretary. Before this appointment, Mr. Sirwalla was associated with Lupa Systems Investment Advisors India Private Limited as its Chief Financial Officer.
He started his career in 1995 with PwC in Corporate Finance and has notable experience in the financial services industry spread across banking, NBFC, consulting, domestic and cross border alternative investment funds and worked as a CFO and Chief Operating Officer (COO) in his early years. Read More

Nifty Metal recovers from previous selloff, index tops 1.5% on broad-based buying

Published on: 11:15 am

The Nifty Metal has recovered from their previous day's losses and was among the top bulls on Tuesday driven by broad-based buying despite bearish markets tone on Tuesday. The index is in focus ahead of F&O expiry, Union Budget 2022 and quarterly earnings season.
The Nifty Metal has climbed over 1.5% so far today, while hovering between an intraday high and low of 5,509.20 and 5,351.90 respectively.
At around 10:40 AM, Nifty Metal is trading at 5,504.05 higher by 83.60 points or 1.54%. Read More

Axita Cotton bags new order for Indian raw cotton from Bangladesh

Published on: 11:10 am

Axita Cotton Ltd stocks trade higher on Tuesday's market session after the intimation of Receipt of new order from Bangladesh.
As per regulatory filing, the company informed that it has received an order for Indian Raw Cotton valuing US $ 939168.12 approx from Bangladesh.
At around 11:09 AM, Axita Cotton was trading at Rs75.50 per piece higher by 0.47% against previous closing of Rs75.15 per piece on the Sensex. Read More

Oriental Hotels gains 2% after Q3 PAT turns around to Rs7.14cr

Published on: 11:02 am

Oriental Hotels Limited on Monday reported its results for the third quarter of FY22 ending December 31, 2021. The company saw a turnaround in Q3FY22 Profit After Tax (PAT) to Rs7.14cr from a loss of Rs7.63cr in Q3FY21. Revenue jumped 81% yoy to Rs79.01cr in Q3FY22 from Rs43.53cr in Q3FY21. EBITDA was at Rs22.51cr in the quarter under review than Rs1.72cr in Q3FY21.
Ata round 11.01 am, Oriental Hotels Ltd was trading at Rs53.65 per piece up Rs1.00 or 1.90% from its previous closing of Rs52.65 per piece on the BSE.
Pramod Ranjan, Managing Director & CEO, Oriental Hotels Ltd. said, “OHL has recorded a profit after tax (PAT) of Rs7.14cr for the third quarter with a revenue of Rs79.01cr. The improved performance can be attributed to the upswing in the market demand as well as revenue and cost optimization initiatives of the management” Read More

City Union Bank launches Easy Pay contactless debit card in a Key Chain and Fitness Watch

Published on: 10:48 am

In its press release on Monday, City Union Bank Ltd. announced the launch of “On the Go Payment Solution through Debit card in a Fitness Watch.” The wristwatch will be mapped to the operative account of the customer.
To make payments at PoS machines, customers need to hold their wristwatch in front of the PoS device like tapping the card on PoS. For payments above Rs 5,000, customers need to tap and fill in their PIN. Customers can also set a limit for their payments using Net/Mobile banking. Payments made through this Debit card in a smartwatch are safe and secure. Customers will receive updates for every transaction on their number registered with the bank. Customers can activate their Fitness Watch Debit card through Net banking/ Mobile Banking and can manage their usage of the watch through CUB Net Banking/ All in one Mobile App. Read more

TCS named leader in AWS Services in the US by ISG; Stock trades flat

Published on: 10:46 am

Tata Consultancy Services (TCS) has been recognized as a Leader in the ISG Provider Lens AWS Ecosystem Partners report for the US across Managed Services, SAP Workloads, Internet of Things, Migration Services, and Consulting Services.
According to the report, TCS’ strength lies in its innovative approach, strategic value enablement, and it's Business 4.0™ capabilities combined with its technology offerings. It goes on to say that TCS’ ability to manage large-scale complex AWS migrations and 360-degree cloud consulting services have demonstrated a significant impact both on strategic and operational outcomes of clients. Read more

Market pulse at 10:30 AM today

Published on: 10:30 am

Equity market indices trim early losses; Metal stocks inspire a revival.
BSE Sensex is currently 57,101.72 down 389.79 points or 0.68%.
Nifty50 is currently 17,053.85 down 95.25 points or 0.56%. Nifty Bank is at 37,069.35, up 0.33%. Mid-cap Index is up 0.29%.
Axis Bank, Power Grid, Bharti Airtel, Hero MotoCorp, and JSW Steel are the top gainers. Asian Paints, Reliance, Wipro, Titan, and HDFC are the top losers.
Nifty Metal and PSU Bank stocks drive a revival in markets while Consumer Durables stocks drag the most.
Out of 50 stocks traded on the NSE, 21 advanced and 29 declined. Read More

Maruti Suzuki Q3FY22 Preview: Revenue seen at Rs233,158 million, PAT at Rs9,397 million

Published on: 10:12 am

Maruti Suzuki is all set to report 97.7% QoQ growth in PAT with a QoQ volume growth of 13.5% and easing of semi-conductor shortage.
Company's revenue is estimated at Rs233,158 million, with a 13.5% QoQ growth. Effect of price hikes taken in September 2021 will also be reflected fully in Q3. On a YoY basis, the numbers are likely to witness sharp decline on the back of a high base of Q3FY21. Read more

Markets off day’s low; Banking, metal, power stocks outperform; Axis Bank up over 4%

Published on: 10:09 am

Equity benchmark indices continued their losing momentum for the sixth consecutive session and opened over 1 per cent lower weighed down by geopolitical tensions, a looming Federal Reserve decision and high oil prices.
The market erased early morning losses with the Sensex trading higher by 92 points at 57,583.91 and the Nifty reclaimed 17,100, up 42 points at 17,190.60.
On the sectoral front, the BSE Energy and consumer durables were down 1 per cent and 0.26 per cent, while banking, power, metal, healthcare and telecom were up. Read more

Flipkart Grocery expands its service to 1,800 cities across India

Published on: 10:05 am

Flipkart, India’s homegrown e-commerce marketplace, has massively ramped up its Grocery operations to now service consumers in 1800 cities, including Ajmer, Amritsar, Bhuj, Bokaro, Daman & Diu, Dehradun and Kanyakumari, among others.
With this expansion, Flipkart is now present in 23 states across the country taking its reach to 10,000 pin codes.
"Consumers will now have an option to purchase high-quality value-driven grocery products with a selection of more than 6000+ in a safe and seamless manner," said the e-commerce industry. Read more