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Live market updates

27th Jan, 2022

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Wipro recognized as Top Employer in Brazil for second consecutive year

Published on: 4:46 pm

Wipro Limited on Thursday has announced that it has been recognized by the Top Employers Institute as a Top Employer 2022 in Brazil. This is the second consecutive year Wipro Brazil has received the Top Employer recognition.
Putting people at the center of the business strategy, along with several new initiatives, factored into Wipro Brazil's inclusion in this year’s list of certified companies in the country. Important steps like use of technology to streamline processes, focus on online learning and training, and empowering employees to work with autonomy throughout the pandemic helped Wipro create an efficient and safe remote work environment. Read more

HCL Technologies emerged as a Leader in IDC MarketScape for Worldwide Supply Chain SAP Ecosystems Se

Published on: 4:42 pm

HCL Technologies Ltd. (HCL), a leading global technology company, has been positioned as a leader in the IDC MarketScape: Worldwide Supply Chain SAP Ecosystems Services 2021 Vendor Assessment.
HCL’s project and program management methodology and tools and processes aids clients in navigating changing requirements while managing risks and keeping projects within the allocated budget. HCL's industry-focused intellectual property and consulting services also benefit its clients.
HCL-led supply chain management (SCM) transformations seek to enhance the customer experience, better productivity, and improved global visibility of inventory and financial impact. HCL also augments an intelligent framework that helps enterprises effectively work with various stakeholders. The company’s strong relationship with SAP spans partner enablement, marketing, joint account planning, and delivery execution. Read more

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L&T signs MoU with HydrogenPro for manufacturing Hydrogen Electrolysers in India

Published on: 4:30 pm

Larsen & Toubro (L&T), an Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing and Services, on Thursday has announced it has entered a Memorandum of Understanding (MoU) with HydrogenPro AS, a Norway-based leading Electrolyser technology and manufacturing company for partnership to tap the emerging Green Hydrogen market.
Under this agreement, L&T and Hydrogen Pro will jointly work towards setting up of a joint venture in India for Gigawatt-scale manufacturing of Alkaline Water Electrolysers based on HydrogenPro technology for Indian market and other select geographies. Read more

ICRA: Rising production cost will shave off 100-200 bps on operating profitability of domestic tile

Published on: 4:26 pm

With an industry size estimated at Rs. 300 billion, India is the second largest manufacturer and exporter of tiles in the World after China. The country’s tile exports have grown at a CAGR of ~27% over the last four years and the same constitutes 40% of the share while domestic market accounts for the balance 60% of the share.
The industry has been grappling with rising input costs like that of Piped Natural Gas (PNG), freight rates and container shortages – all of which will adversely impact operating profitability as also pre-tax profits of tiles players.
More importantly, PNG which forms 25-30% of the total cost for a tile manufacturer has disturbed the industry cost structure. The PNG prices for the state run- Gujarat Gas Limited has increased by 129% over the last 12 months from Rs. ~27 per SCM in December 2020 to Rs. ~63 per SCM in December 2021, and there are further expectations of an increase of Rs. 5-8 per SCM in the near term. Read more

Cosmo Films reports 65% YoY growth in PAT; stock ends higher

Published on: 4:24 pm

Cosmo Films Ltd., a global leader in films for packaging, labeling, lamination, and synthetic paper, announced its quarterly results on Tuesday and reported a satisfactory performance to the stakeholders. In its press release, the company stated that its PAT grew 65% YoY.
The company reported a 44% YoY increase in its EBITDA at Rs 161 crore for Q3 FY’22 against Rs 112 crore for Q3 FY’21.
It reported total revenue for the quarter ending December 2021 at Rs 771 crore against Rs 572 crore for the previous corresponding quarter, reflecting a growth of 35% YoY. Read more

ICRA report 7.3% growth PAT for Q3 FY’22; stock zooms near 3%

Published on: 4:02 pm

ICRA Ltd. announced its quarterly results as its other income was at Rs. 7.2 crore, lower by 26.6% during the quarter on a y-o-y basis, due to a lower interest rate environment.
For the quarter ended December 31, 2021, the company’s EBITDA stood at Rs. 48.7 crore, as against Rs. 46.9 crore in the previous corresponding quarter, showing a growth of 3.8%.
The company reported PBT for the quarter at Rs. 21.7 crore as against Rs. 20.4 crore y-o-y basis, growth of 6.2%. Read more

Aurionpro Solutions logs robust Q3 earnings; Stock ends in green

Published on: 4:00 pm

Aurionpro Solutions Limited posted healthy growth on all parameters in the financial results for the quarter ended December 31, 2021, maintaining the trajectory witnessed since the last few quarters.
Revenue for Q3FY22 stood at Rs129.51cr, a growth of 28.2% yoy. During the quarter, a slew of new wins was announced, particularly in the smart mobility space. The outlook for coming quarters remains robust, the company said in a filing on Thursday. The order book in hand is more than Rs600cr and with the healthy additions to the pipeline, we expect to maintain trajectory during FY23. Read more

Rama Phosphates stock ends ~7% higher on commencement of commercial production at Nimbahera plant

Published on: 3:45 pm

Rama Phosphates Ltd has updated to the exchanges regarding commencement of commercial production of Single Super Phosphate (SSP) at Nimbahera Plant.
Earlier on December 09, 2021 the company informed in a filing regarding taking on lease a Manufacturing unit at Nimbahera, Chittorgarh District, Rajasthan for manufacturing of Single Super Phosphate (Powder & Granulated) with capacity of 66,000 metric tonnes per annum (MTPA) and which would enhance the total aggregate existing manufacturing capacity to 6.98 lacs metric tonnes per annum (MTPA).
With reference to the same, Company announced that the unit has obtained necessary statutory approvals and accordingly the Commercial Production has commenced with effect from January 26, 2022. Read more

J.B. Chemicals & Pharma to acquire brands from Sanzyme

Published on: 3:40 pm

J.B. Chemicals & Pharmaceuticals Limited (JBCPL), one of the fastest growing pharmaceutical companies in India, today announced that it will acquire brands for the India market from Sanzyme Private Limited (Sanzyme), a leading player in the probiotics and reproductive health segment in the country. The transaction is valued at INR ~628* crore and is expected to be completed in the next two weeks subject to customary closing formalities.
Sanzyme, ranked amongst the top five probiotics players in the country, is engaged in the manufacture, distribution and marketing of specialty probiotics formulations, infertility management products and nutraceuticals products. It operates in the gastroenterology, nephrology, urology and gynecology therapy areas with leading brands such as Sporlac, Lobun, and Gynogen. As per IQVIA MAT Dec 21 data, the revenue for the combined brands was INR 160 crores. Read more

RPG Life Sciences Q3 net profit rises 14% yoy to Rs14.63cr; Stock ends lower

Published on: 3:40 pm

RPG Life Sciences Limited on Tuesday reported a 14% yoy rise in net profit to Rs14.63cr for the third quarter ended December 31, 2021. The company had reported a net profit of Rs12.87cr in the same period of the previous fiscal.
Revenue from operations rose 7% yoy to Rs115.58cr in the third quarter as compared to Rs107.760cr in the year-ago period, the company said in a regulatory filing.
For 9MFY22, net profit increased to Rs43.96cr from Rs33.08 in 9MFY21. Revenue rose 13% yoy to Rs336.36cr from Rs296.38cr in 9MFY21. The company continues to remain debt free with highest-ever net cash flow generated from operations in 9MFY22. Read more

Deccan Cement stock slips over 1% post Q3 results

Published on: 3:37 pm

Deccan Cements Ltd. announced its results for the quarter ending December 2021. The company reported a revenue of Rs 190.51 crore for Q3 FY’22 against Rs 208.10 crore for Q3 FY’21, reflecting a decline of 8.45% YoY. While its revenue for the 9M period ending December 2021 stood at Rs 606.65 crores against Rs 544.77 crores for the previous corresponding period.
Deccan Cement’s PAT stood at Rs 27.21 crore for Q3 FY’22 against Rs 33.10 crore for Q3 FY’21, decreasing by 17.80% YoY. While its PAT for the 9M period ending December 2021 remained at Rs 87.38 crore against Rs 93.05 crore for a similar period last year, dipping over 6.10%. Read more

Markets close lower; Banking stocks outperform

Published on: 3:20 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 ~1.9% with the former closing in the green while the later closing was ~0.8% lower.
Across the board, buying was seen in major financial heavyweights with stocks like Axis Bank and SBI contributing the majority of the gains for the index, along with an addition of heavy long positions.
Nifty Midcap 100 index closed ~1% lower. Market breadth ended in the favour of the declines with the advance/decline ratio closing at 2:3x. Bank Nifty saw an unwinding of short positions during the day. Read more

South West Pinnacle bags Rs1.85cr work order from Atomic Minerals Directorate; Stock surges 2%

Published on: 3:16 pm

South West Pinnacle Exploration Ltd has got a Letter of Acceptance for 5,600 metre core drilling in Rohit West and Central Block, Sikar District, Rajasthan from Atomic Minerals Directorate for Exploration and Research.
The aggregate value of contracts is Rs1.85cr (approx) including GST which shall commence in FY21-22 and shall be completed during the FY2022-23. Read more

Satin Creditcare approves allotment of ~30.77 lakh shares and over 2.46cr warrants

Published on: 3:10 pm

Satin Creditcare Network Limited Working Committee on January 25,2022 approved the allotment of 30,76,916 equity shares of the face value of Rs10/- each (Equity Shares) fully paid-up, for cash at an issue price of Rs81.25 per equity share (including premium of Rs71.25 per equity share), on a preferential basis.
The company also approved allotment of 2,46,15,384 fully convertible warrants at an issue price of Rs81.251per Warrant, convertible at the option of the Warrant holder, in one or more tranches, within eighteen (18) months from the date of allotment into an equivalent number of fully paid-up equity shares of face value of Rsl0/ only) each of the Company, on a preferential basis. Read more

Ashirwad Steels & Industries to sell LPG bottling plant at Howrah; Stock soars 5%

Published on: 2:41 pm

Ashirwad Steels & Industries Limited has on January 24 executed two fresh agreements with the purchaser company namely SHV Energy private limited regarding the sale of company's LPG Bottling Plant, situated at Uluberia industrial growth centre (WBIIDC), Howrah.
The first agreement is regarding sale, transfer and assignment of the entire lease hold land of the said plant (including civil structures and factory sheds built thereon) for a consideration value of rupees twelve crores (plus GST) and second agreement is regarding sale and transfer of all movable assets (including plant & machinery) of the said plant for a consideration value of rupees four crores plus GST. Read more

Airtel Africa inducted into the coveted FTSE 100 index

Published on: 2:40 pm

Bharti Airtel Limited, India’s premier communications solutions provider, today said that its subsidiary Airtel Africa has been made a part of the coveted FTSE 100 Index effective Monday, 31 January 2022.
Airtel Africa was listed on the London Stock Exchange in June 2019 and the milestone underscores the growing investor confidence in the business. The company had a market capitalization of over $7.5 billion (as per closing price on January 26, 2022) with an Enterprise Value of $10.7 billion. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

Indices trim early losses but remain in the deep red in the afternoon session.
BSE Sensex is currently 57,383.54 down 474.61 points or 0.82%.
Nifty50 is currently 17,141.95 down 136.00 points or 0.79%. Nifty Bank is at 37,913.30, up 0.55%. Mid-cap Index is down 0.99%. Read more

Mahindra Insurance Brokers partners with Tata 1mg for wellness solutions

Published on: 2:14 pm

Mahindra Insurance Brokers Limited (MIBL), a subsidiary of Mahindra & Mahindra Financial Services Limited (Mahindra Finance), on Thursday, announced its partnership with Tata 1mg, India’s one of the most trusted healthcare companies. This partnership will provide corporate India with a holistic and complete wellness solution, offering customized health solutions for the wellbeing of corporate employees and their families.
“During these times, companies are focusing on individual needs and wellness requirements of their employees as core of the organization. The company has taken several initiatives, and our tie-up with Tata 1mg is another step in this direction to make a discerning change in the field of wellness. We are also looking to utilize technology for providing health solutions to corporates, focussing on their employee health and mental well-being,” stated Vedanarayanan Seshadri, MD & Principal Officer, MIBL on the said association. Read more

PNC Infra receives LOA for 3 new rural drinking water supply projects on EPC mode; Stock gains ~2%

Published on: 2:12 pm

PNC Infratech Limited in Joint Venture with SPML Infra Limited, on Tuesday, announced receipt of Letters of Award (LOA) for three new EPC Projects namely “Survey, Design, Preparation of DPR, Construction, Commissioning and O&M for 10 years of Rural Water Supply” for a total village of 2475 in the following districts of Uttar Pradesh from the State Water Supply & Sanitation Mission, Namami Gange & Rural Water Supply Department, Government of Uttar Pradesh.
The approximate aggregate value of the total three projects is Rs2337cr and, a specific value will be known at the time of execution of agreements, after preparation and approval of Detailed Project Reports.
Projects are to be constructed in 12 months upon signing of the agreements and operated for 10 years, post commissioning. The Company’s (PNC Infratech) share in the JV is 90%. Read more

RailTel Corporation bags work order worth Rs15cr from EPFO

Published on: 1:56 pm

RailTel Corporation of India Ltd.has informed to the exchnages regarding major order secured by the company.
As per regulator filing, the company has received work order from Employees Provident Fund Organisation (EPFO) for Deployment and Management of Diagnostic and Performance Tools as Managed Service at a total cost for three years of Rs14.73cr (Exclusive of Tax).
At around 1:57 PM, Railtel Corporation of India was trading at Rs114 apiece down by Rs0.85 or 0.74% against previous closing of Rs114.85 apiece on the BSE. Read more

LTI to innovate 5G space in collaboration with IIT Madras

Published on: 1:47 pm

Larsen & Toubro Infotech Ltd., a global technology consulting and digital solutions company announced its partnership with IIT Madras, one of the leading research institutes of India, for collaborative research in the field of 5G. Through this collaboration, both the companies aim to innovate in the field of 5G space and enable 5G frameworks validation, low-frequency RF deployments and use case testing with a 5G testbed.
Under this partnership, LTI and IIT Madras will advance research towards the development of a low-cost, low-frequency 5G network setup for better connectivity in rural India. LIT and IIT Madras intend to create a 5G base station and single-box solution to enable rural connectivity. LIT will assist IIT Madras to design these low-cost base stations and networks for enhanced rural connectivity. LIT will also provide expertise for research capabilities and extend relevant infrastructure support for this initiative. Read more

Coal Ministry CPSE’s clock 28.33% growth in capex

Published on: 1:45 pm

The Ministry of Coal, through its CPSE’s have registered 28.33% YoY growth in capex achievement for the period ending December 2021. As compared to last year achievement of Rs9822.28cr for a period upto December 2020, Coal Ministry CPSE’s have done capex of Rs12605.75cr, thereby giving a major impetus to the Covid struck the economy. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

BSE Sensex is currently 56,944.14 down 914.01 points or 1.58%.
Nifty50 is currently 17,000.65 down 277.30 points or 1.6%. Nifty Bank is at 37,541.85, down 0.44%. Mid-cap Index is down 1.69%.
Cipla, State Bank of India, Axis Bank, IOC, and Hindalco are the top gainers. Tech Mahindra, HCL Tech, Eicher Motors, Titan, and Wipro are the top losers. Read more

Dr. Reddy's Laboratories Q3FY22 Preview: Revenue seen at Rs56,071 million, PAT at Rs7,644 million

Published on: 1:18 pm

Dr. Reddy’s Laboratories (Dr. Reddy’s) is all set to report 14% YoY growth in revenue to Rs56,071 million. Net profit could increase 24% to Rs7,644 million on a YoY basis.
The company’s US business is expected to post a robust performance on QoQ basis, amid doubling of market share in Vascepa from ~4.5% in Q2 to ~9% in Q3. This, coupled with the full quarter impact of the Revlimid Canada opportunity (launched in early September 2021), could drive ~3% QoQ growth in Dr. Reddy’s US sales for the quarter. Revenue of domestic business could get a leg up from sales of Sputnik. Read more

Nifty Pharma sinks over 2%; Cipla gains 2% while Torrent Pharma sheds 14% post Q3 earnings

Published on: 1:10 pm

The Nifty Pharma sank over 2% tracking weak markets on Thursday. Cipla led the gains post Q3 earnings while Torrent Pharma tumbled 14% post disappointing Q3 results.
The Indian equity benchmarks plunged sharply on Thursday as global markets slipped. Asian shares fell to their lowest in more than 14 months, short-term U.S. yields rose to 23-month highs and the dollar strengthened after the Federal Reserve's chairman signaled plans to steadily tighten policy. Also, investors turned cautious on rising concerns over political tensions between Russia and Ukraine. Read more

Karnataka Bank launches NRI Mobile Banking facility for customers

Published on: 1:03 pm

The Karnataka Bank Limited has launched Mobile Banking facility to its NRI Customers through its existing mobile banking application 'KBL MobilePlus app'. With this facility NRI customers can access a whole range of banking facilities at their finger tips like Fund Transfer, Bill Payments, Recharge, Credit Card Payments, Deposit opening & closing, Account Statement, Passbook and many more.
Further, Bank has also incorporated an added feature of Kannada language user interface in its mobile banking app to cater to the preferences of customers who wish to operate in regional language.
Customers can download KBL MobilePlus app from Google Play Store or Apple AppStore to access the NRI Mobile Banking. Read more

Adani Wilmar IPO subscribed 25 per cent on day 1; plans to raise up to Rs3,600cr

Published on: 12:52 pm

Adani Wilmar Limited, a 50:50 joint venture company between the Adani group and the Wilmar group has launched its initial public offering (IPO) to raise up to Rs3,600cr on Thursday. The IPO will be available till January 31, 2022, for a subscription.
The IPO is a 100% book building and has a price band of Rs218 to Rs230 per equity share. Bid lot size includes 65 Equity Shares and in multiples thereof.
On the first day of bidding today, Adani Wilmar received bids for 3.06 cr equity shares against IPO size of 12.25 cr equity shares, subscribing 25 percent. Read more

TCS ranked among Among Top 2 IoT Service Providers by HFS Research

Published on: 12:47 pm

Tata Consultancy Services (TCS) Limited has announced that the company has been ranked number 2 overall for Internet of Things (IoT) services by HFS Research. The assessment was of 15 companies and TCS positioned number 1 for OneOffice Alignment and number 2 for Innovation and Voice of the Customer.
TCS is assisting customers to harness the power of IoT for accelerating innovation, to offer extensive customer experience, to develop new business models, and to drive the overall transformation and growth of the businesses,” commented Regu Ayyaswamy, Global Head, Internet of Things & Digital Engineering, TCS. He further added, “this ranking is an evidence of companies’ IoT strategy, broad capabilities, consulting-led approach, and the resultant market success.” Read More

Raymond steady after multi-fold rise in Q3 Profit to Rs101cr

Published on: 12:47 pm

Raymond Limited reported higher profit at Rs101cr in Q3FY22 against Rs22.1cr in Q3FY21. Revenue jumped to Rs1,843.3cr from Rs1,243.4cr yoy. The company to demerge its real estate operations into subsidiary.
The company recorded highest Profit Before Tax (PBT) of Rs186cr and the highest margin of 9.9% in last 10 years. Highest ever EBITDA of Rs303cr with EBITDA margin of 16.2%. Significant reduction of net debt by Rs310cr leading to Net Debt of Rs1,253cr.
At around 12.50 pm, Raymond Ltd was trading at Rs777.50 per piece down by Rs6.45 or 0.82% from its previous closing of Rs783.95 per piece on the BSE Read more

Yes Bank appoints Lavesh Sardana to head its Retail Assets and Debt Management businesses

Published on: 12:38 pm

Yes Bank announced the appointment of Lavesh Sardana as Country Head for its Retail Assets and Debt Management operations. The appointment is in line with the Bank’s objective of further strengthening its retail franchise.
With 27 years of expertise in consumer finance, Lavesh will be spearheading the Bank’s Consumer Assets business in the current role. His leadership experience will help sharpen the focus of the Bank’s retail assets business, through both distribution channels and digital origination. In addition, he will also mentor the collections and co-lending units, critical to the Bank’s retail assets businesses.
In his last assignment at HDFC Bank, he was head of the unsecured loans, two-wheeler loans, dealer financing and securitization businesses. Over his 21-year stint there, he has handled responsibilities for multiple functions (sales and product) across retail and commercial assets verticals. Lavesh has also been associated with GE Countrywide Consumer Finance Limited and IBM India in various roles, prior to joining HDFC Bank. Read More

Rupee slips 39 paise against US Dollar

Published on: 12:37 pm

The Indian Rupee opened weaker on Thursday amid strengthening in the dollar overseas. Besides, sustained foreign fund outflows from the Indian stock markets on weakening global risk appetite after Fed signalled a rate hike could be coming soon could add further pressure on the local currency. Also, crude oil staying at higher levels has put pressure on the currency.
On the international front, US Federal Open Market Committee’s two-day meet ended on Wednesday, after which the Fed’s Chair Jerome Powell stated that the central bank also envisages wrapping up its asset purchases by March 2022.
The local unit opened lower at 75.1180/$ as against its previous closing of 74.7750/$. Currently, the rupee is trading lower by 39 paise at 75.17 against US Dollar. Read more

Market pulse at 12:30 PM today

Published on: 12:30 pm

Benchmark market indices crumble nearly 2.25% with Sensex near 56,500.
BSE Sensex is currently 56,549.73 down 1308.42 points or 2.26%.
Nifty50 is currently 16,892.75 down 385.20 points or 2.23%. Nifty Bank is at 37,083.75, down 1.65%. Mid-cap Index is down 2.38%.
Cipla, Axis Bank, ONGC, and IOC are the top gainers. HCL Tech, Wipro, Tech Mahindra, and Eicher Motors are the top losers.
Nifty IT and Realty stocks tank nearly 4% while Consumer Durables stocks are also over 3% lower. Nifty PSU Bank stocks trade in the green.
Out of 50 stocks traded on the NSE, 4 advanced and 46 declined. Read more

Gujarat Ports and Logistics to develop coastal movement of containers from minor to major ports

Published on: 12:18 pm

Seacoast Shipping Services Limited (SSSL) has announced that Gujarat Port and Logistics Company Limited (GPLCL) being SUP floated by Gujarat Maritime Board and GSFC has accepted the proposal proposed by SSSL for developing coastal movement of containers and Bulk cargo from minor ports to major ports via sea route through bogies.
The above project will be the first move towards Sagar Mala Scheme, by the Government of India, Ministry of Shipping to reduce land traffic which to be beneficial to the environment and will be highly cost-effective Exim trade and will play a major role in the economy.
The above project will have high revenue income which will increase the turnover above 200 Cr. additionally to the current business and will be in a position to deploy 100 employees. Read more

SH Kelkar completes 62% stake acquisition in Holland Aromatics

Published on: 12:15 pm

SH Kelkar and Company Limited through its wholly-owned subsidiary - Keva Europe B.V. - has completed the acquisition of a 62% equity stake in Holland Aromatics B.V. on Tuesday. The remaining stake (38%) shall be acquired in two tranches in a span of two years, consideration for which would be linked to the performance of Holland Aromatics B.V.
The company through Keva had entered into an agreement on December 14, 2021, to acquire a 100% stake in Holland Aromatics B.V. (Holland Aromatics). The acquisition is being done by acquiring a 100% stake of Provier Beheer B.V., holding company of Holland Aromatics domiciled in the Netherlands. Read More

DNEG to become only pure-play publicly traded visual effects and animation company

Published on: 12:14 pm

Prime Focus World NV., a subsidiary of Prime Focus Ltd has entered into a definitive business combination agreement with Sports Ventures Acquisition Corp, a publicly-traded special purpose acquisition company, that will result in it becoming a public listed company on the Nasdaq.
DNEG, a leading technology-enabled visual effects and animation company for the creation of feature film, television and multiplatform content, and Sports Ventures Acquisition Corp., a publicly-traded special purpose acquisition company, announced they have entered into a definitive business combination agreement that will result in DNEG becoming a public company.
Upon closing of the transaction, the combined company will be renamed DNEG and it is expected that its ordinary shares will be listed on the Nasdaq. The combined company will be led by Namit Malhotra, DNEG’s Chairman and Chief Executive Officer. Read More

Nifty Consumer Durables shed over 3%; Except Whirlpool, TTK Prestige, all stocks in red; Bata India,

Published on: 12:00 pm

Consumer Durable stocks were under bloodbath on Thursday amid corporate earnings season, bearish markets tone, F&O expiry and ahead of Union Budget 2022-23. Nifty Consumer Durables took the most beating on the exchange as heavyweight stocks dragged the performance.
Nearly 3.5% drop was recorded in the index so far today. Also, the index erased over 27,000-mark and struggled near 26,650.
At around 11.50 pm, the Nifty Consumer Durables was trading at 26,647.40 lower by 838.60 points or 3.05%. The index has touched an intraday low of 26,530.75. Read More

Delta Manufacturing's subsidiary Rhine Estates sells land for Rs10.92cr

Published on: 11:59 am

Delta Manufacturing Ltd has informed that Rhine Estates Limited, (formerly known as Magdev Limited), a wholly owned material subsidiary of the Company, incorporated in England, has completed the sale of freehold land situated at Unit 23 Ash Industrial Estate, Kembrey Park, Swindon SN2 8UN to Servants Fellowship International on January 24, 2022, for an amount of GBP 1.1 million (approx. Rs10.92cr) plus VAT.
On Thursday at around 11:58 AM, the company's stock was trading at Rs89.55 per piece lower by 0.72% on Sensex against previous closing of Rs90.20 per piece. Read More

Nifty Media Index trades higher amid weak markets; TV18 and Network18 hit new highs

Published on: 11:55 am

Nifty Media was trading higher amid weak markets on Thursday with TV18 Broadcast and Network18 lifted the performance of the sector amid the gloom. Hathway Cable and Datacom were also in the fast lane. The rest of the stocks were trading in the red. Nazara Tech and Saregama also shed around 5% each. Zee Entertainment Enterprises Limited and Inox Leisure were also around 2% on the downside.
Equity market slipped 2% in the late morning deals on Thursday triggered by weakness in the broader Asian market as the US Federal Reserve’s signal to steadily tighten policy soured global investor sentiment.Read More

Tata Sons to officially become the new owner of Air India from today: Report

Published on: 11:46 am

The mega-deal in the aviation industry where Tata Sons will once again become the owner of the country's national carrier, Air India is said to complete on Thursday.
As per many reports, Tata and the Indian government officials will be meeting today to exchange hands where Air India will be handed over to the former. The national carrier is said to hold a board meeting today.
Under the meeting, it is said that the official nominees will submit their resignation and the new Board will take charge.
Last year, in October, Tatas became the successful bidder for acquiring a 100% stake in Air India. Tatas will also acquire the entire wholly-owned subsidiary Air India Express and a 50% stake in Air India SATS. Read More

H G Infra Engineering becomes an L-1 bidder for the NHAI project; Stock under pressure

Published on: 11:44 am

H.G. Infra Engineering Ltd has announced that the company has been declared as L-1 bidder by National Highways Authority of India (`NHAI'), New Delhi for the road project.
As per regulatory filing, the project is for 6-laning with access control from km 29.435 to km 74.168 of Neelamangala - Tumkur including Tumkur bypass section of NH-48 (old NH-4) in the State of Karnataka on EPC mode under Bharatmala Pariyojna.
Further, the NHAI bid project cost is Rs1112.10cr and HGINFRA bid project cost is Rs844.11cr. The estimated completion period for the project is 3 years. Read More

S&P revises outlook on Axis Bank, likely to sustain improvements in asset quality; Stock rallies ove

Published on: 11:32 am

S&P Global Ratings has revised the outlook on Axis Bank to positive from stable. However, S&P has affirmed its 'BB+' long-term and 'B' short-term issuer credit ratings on the bank. Also, the rating agency affirmed the 'BB+' long-term issue rating on the bank's outstanding debt.
In its statement, S&P said that the outlook revision reflects our view of a one-in-three chance that Axis Bank's asset quality could continue to improve such that the bank's credit costs and level of weak loans are commensurate with those of higher-rated Indian and international peers.
As per S&P, Axis Bank's loan growth, asset quality, and profitability should improve as economic activity gains pace in India over the next two years. Under our base-case scenario, we forecast the bank's weak loans, defined as nonperforming loans (NPLs) and restructured loans, will decline to 3.3%-3.5% over the next 12 months from about 3.8% of total loans as of Dec 31, 2021, supported by stabilizing credit conditions. Credit costs will likely moderate to 1.3%-1.5%, lower than 2.3% in fiscal 2021 (year ended March 31, 2021), given the bank has accelerated provisioning on weak loans in recent quarters. Read more

Market pulse at 11:30 AM today

Published on: 11:30 am

Indices tank nearly 2% in Thursday’s bloodbath; IT, Consumer Durables stocks under heavy pressure.
BSE Sensex is at 56,722.81 down 1135.34 points or 1.96%.
Nifty50 is at 16,951.80 down 326.15 points or 1.89%. Nifty Bank is at 37,162.55, down 1.44%. Mid-cap Index is down 1.82%.
Axis Bank, ONGC, Cipla, and IOC are the top gainers. Titan, HCL Tech, Eicher Motors, Wipro, and HDFC Bank are the top losers.
Nifty IT, Consumer Durables, Realty, and Pharma stocks continue to drag the most while Nifty Media and PSU Bank stocks trade in the green.
Out of 50 stocks traded on the NSE, 4 advanced and 46 declined. Read More

Mahindra & Mahindra launches Electric 3-wheeler e Alfa Cargo

Published on: 11:30 am

Mahindra & Mahindra Limited, announced the launch of Electric 3-wheeler e Alfa Cargo through its subsidiary Mahindra Electric Mobility Limited (MEML). The e Alfa Cargo is attractively priced at Rs 1.44 lakh, ex-showroom Delhi. An e Alfa Cargo owner can save up to Rs 60 000 per year in fuel costs when compared with a diesel cargo 3-wheeler. This launch embarks the entry of Mahindra in the fastest-growing e-cart segment.
Suman Mishra, CEO of Mahindra Electric Mobility Limited, said, “The last-mile delivery segment is seeing excellent adoption of electric 3-wheelers due to significant operating cost advantages versus fossil fuel-powered 3-wheelers. We are now launching the e Alfa Cargo e-cart in response to the customer requirements in this segment. With savings of Rs60000 over a diesel cargo 3-wheeler, the e Alfa Cargo aims to provide a sustainable, pollution-free solution in the cargo segment.” Read more

UPL appoints Mike Frank as President and Chief Operating Officer; Stock down 2.5%

Published on: 11:15 am

UPL, a leader in global food systems and sustainable agriculture technologies, on Tuesday, said that it is appointing Mike Frank as President and Chief Operating Officer UPL Crop Protection. Mike brings deep industry knowledge and extraordinary ‘end-to-end’ expertise, gleaned from his years at Monsanto and most recently at Nutrien, where he served as Executive Vice President and CEO, Nutrien Ag Solutions.
Jai Shroff, Group CEO of UPL, said “Agriculture is one of the only systems on the planet that has the ability to reshape and reverse the effects of climate change. Mike’s global perspective, entrepreneurial style, and hands-on approach, coupled with a deep understanding of global food security challenges and driving passion for environmental and economic sustainability, makes him an excellent cultural fit to take UPL to the next level. Read more

ICRA upgrades credit ratings on Jindal Steel & Power bank facilities

Published on: 11:10 am

ICRA Limited has upgraded its rating from ICRA A+ with a Positive outlook to ICRA AA- with a Stable outlook on the long-term bank facilities and has reaffirmed the rating of ICRA A1+ for short-term bank facilities of Jindal Steel & Power Limited.
At around 11.12 AM, Jindal Steel & Power Ltd was trading at Rs370.30 per share down by Rs6.5 or 1.73% from its previous closing of Rs376.80 per share on the BSE.
The scrip opened at Rs375 and has touched a high and low of Rs375 and Rs361.45 respectively. Read more

Shyam Metalics appoints 'Growlity' for ESG diagnostic Study; Stock dips 1%

Published on: 11:09 am

Shyam Metalics and Energy Limited (SMEL), a leading integrated metal producing company based in India with a focus on long steel products and ferro alloys, has appointed Growlity Inc., management consultants for a comprehensive diagnostic study on SMEL’s Environmental, Social & Governance (ESG) fundamentals, implementation ESG framework & compliance thereof.
In Phase 1 of the diagnostic study, Growlity will carry out a detailed study of SMEL’s process flow at Jamuria & Sambalpur plants. They will then map out the current carbon, water & waste footprints at both plants and assess the impact of carbon emissions. Read more

Macrotech Developers clarifies on proposed mergers of 3 listed subsidiaries; Stocks nosedive

Published on: 11:08 am

Macrotech Developers (Lodha) on Thursday clarified that proposed mergers of 3 listed subsidiaries to proceed only after approval of the majority of the minority shareholders of these 3 companies. These subsidiaries are - National Standard (India) Limited (NSIL), Roselabs Finance Limited (RFL) and Sanathnagar Enterprises Limited (SEL).
On January 25 this year, Lodha's Board of Directors considered and approved the Scheme of Merger of these three subsidiaries.
Lodha is holing 73.94%, 74.25% and 72.70% of these 3 listed entities respectively. Read more

Macrotech Developers clarifies on proposed mergers of 3 listed subsidiaries; Stocks nosedive

Published on: 11:08 am

Macrotech Developers (Lodha) on Thursday clarified that proposed mergers of 3 listed subsidiaries to proceed only after approval of the majority of the minority shareholders of these 3 companies. These subsidiaries are - National Standard (India) Limited (NSIL), Roselabs Finance Limited (RFL) and Sanathnagar Enterprises Limited (SEL).
On January 25 this year, Lodha's Board of Directors considered and approved the Scheme of Merger of these three subsidiaries.
Lodha is holing 73.94%, 74.25% and 72.70% of these 3 listed entities respectively. Read More

Lodha delivers pre-sales of Rs4,518cr in Q3FY22, profit rises by 24% yoy; Stock under pressure

Published on: 11:00 am

Macrotech Developers Limited (Lodha Group) announced its financial results for the quarter ended December 31, 2021. The company reported a 24% yoy higher profit at Rs286cr in Q3FY22 against Rs231.7cr in Q3FY21. Revenue jumped 36% yoy to Rs2,059cr from Rs1,514.1cr yoy. Adjusted EBITDA at Rs698cr (up 55% yoy). And strong Adjusted EBITDA margin at 34%. PAT margin at 13%. PAT adjusted for forex stood at Rs279cr (124% yoy).
On the back of the continued strength in housing demand and its strong brand, the company reported its best Pre-sales in the last 12 quarters. For the October - December quarter, the real estate company had a 40% growth in pre-sales and 44% growth in collections compared to Q3FY21. Read More

Lodha delivers pre-sales of Rs4,518cr in Q3FY22, profit rises by 24% yoy; Stock under pressure

Published on: 11:00 am

Macrotech Developers Limited (Lodha Group) announced its financial results for the quarter ended December 31, 2021. The company reported a 24% yoy higher profit at Rs286cr in Q3FY22 against Rs231.7cr in Q3FY21. Revenue jumped 36% yoy to Rs2,059cr from Rs1,514.1cr yoy. Adjusted EBITDA at Rs698cr (up 55% yoy). And strong Adjusted EBITDA margin at 34%. PAT margin at 13%. PAT adjusted for forex stood at Rs279cr (124% yoy).
On the back of the continued strength in housing demand and its strong brand, the company reported its best Pre-sales in the last 12 quarters. For the October - December quarter, the real estate company had a 40% growth in pre-sales and 44% growth in collections compared to Q3FY21.
At around 11.03 am, Macrotech Developers was trading at Rs1241.75 per share down Rs41.75 or 3.25% on the BSE. Read more