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Live market updates

28th Jan, 2022

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Kitex Garments witnesses robust growth in Q3, PAT at Rs34.71cr

Published on: 4:52 pm

In its press release, Kitex Garments Ltd., the second-largest infants’ garments manufacturing company in the world, has announced its Q3 results for the FY 2021-22.
The company reported consolidated revenue for the quarter ending December 2021 at Rs 208.20 crores as against Rs 121.70 crores for the quarter ending December 2020, reflecting a growth of 71.68% YoY.
The company’s EBITDA margin for this quarter stood at 26.20%, higher by 80.32% YoY as compared to Q3 FY21. Read more

EKI Energy bags contract as carbon credit service provider from ISCDL

Published on: 4:45 pm

EKI Energy Services Ltd (EKIESL), on Friday has announced that it has won a tender from Indore Smart City Development Limited (ISCDL), a “Special Purpose Vehicle” (SPV) formed under the Smart City Mission of the Govt. of India.
On Friday, EKI Energy ended at Rs10161.05 per piece lower by 4.86% on Sensex.
As part of the contract, EKIESL will offer a comprehensive bouquet of end-to-end consulting services for carbon credit solutions to ISCDL. With this, EKIESL will enable ISCDL to elevate its aggregator business model through which it offers sustainable solutions to urban and rural governance bodies enabling other smart cities to become climate compliant. Read more

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Wipro becomes Top Employer 2022 in North America

Published on: 4:35 pm

Wipro Limited today announced that it has been recognised by the Top Employers Institute in The United States, Canada and Mexico for its commitment to building a world class work environment.
Several new initiatives contributed to Wipro’s successful inclusion in this year’s list of Top Employers in North America. Among the most significant factors were Wipro’s effective use of technology to streamline processes, focus on fostering career development through online learning and training, ongoing support for employees’ emotional and mental well-being, as well as the firm’s efforts to provide employees with greater autonomy over where and how they work. Read more

NIIT reports a whopping 51% yoy growth in Q3 revenue; Stock ends 6% up

Published on: 4:33 pm

NIIT Ltd. announced its results for the quarter ending December 2021 on Friday and reported 51% YoY in its revenue. The company reported consolidated revenue of Rs 383.60 for Q3 FY’22 against Rs 253.40 for Q3 FY’21.
The company’s EBITDA stood at Rs 82.70 crore for the quarter ending December 2021, against Rs 47.10 for the previous corresponding quarter, reflecting a growth of 75% YoY. While its EBITDA margin improved by 295 basis points at 21.6% Q3 FY’22 against 18.6% YoY for Q3 FY’21.
The company reported a consolidated PAT of Rs 55 crore for the September-December quarter against Rs 41.5 crore for the same quarter the previous year, representing a growth of 32% YoY. Read more

Central Bank of India reports 69% YoY growth in PAT during Q3

Published on: 4:26 pm

In its press release on Friday, the Central Bank of India Ltd. announced its results for the quarter ending December 2021 and reported marginally improved performance for the quarter.
Central Bank reported a Net Profit of Rs 279 crore for Q3 FY’22 as against Rs 165 crore for Q3 FY’21, reflecting a growth of 69.09% on a YoY basis, and Rs 250 crore for the quarter ending September 2021.
The bank’s operating profit for the December 2021 quarter improved to Rs 1223 crore against Rs 1192 crore for the previous corresponding quarter, reflecting a growth of 2.60% YoY. Read more

Sandhar Tech enters into agreement with Kwangsung Corporation

Published on: 4:26 pm

Sandhar Technologies Limited (STL) has entered into a Shareholders Agreement (SHA) on January 27, 2022, with Kwangsung Corporation Ltd (KSC), Kwangsung Sandhar Technologies Private Limited (KSTPL), and Kwangsung Sandhar Automotive Systems Private Limited (KSASPL) for the purpose of subscription/acquisition of Equity Shares in KSASPL.
STL and KSC are holding 51.05% and 48.95% shareholding of KSTPL (Joint Venture Company) respectively. Further, KSASPL is a wholly owned subsidiary of KSTPL.
The agreement is entered for subscription equity shares in KSASPL by STL and KSC in 50:50 ratio of fresh issue. STL and KSC has right to nominate two Directors each. Read more

Persistent takes leadership position in Zinnov Zones 2021 Engineering Research and Development Servi

Published on: 4:13 pm

Persistent Systems has been named among the top service providers in eight segments in the annual Zinnov Zones for ER&D 2021 ratings – consumer software engineering, enterprise software engineering, digital engineering, AI engineering, software cybersecurity, software platform engineering, and AI/ML engineering in BFSI, as well as in the US geography.
Zinnov is a leading global management consulting and strategic advisory company, with core expertise in Product Engineering and Digital Transformation. The annual Zinnov Zones ratings have become one of the most trusted reports globally, for both enterprises and service providers to better understand the vendor ecosystem across multiple domains such as ER&D Services, IoT Services, Media and Technology, etc. Read more

KBC Global receives sanction for revised building plan of residential project

Published on: 4:10 pm

KBC Global Ltd has received sanction for revised building plan of Hari Vasant, a residential project situated at S No 4/2A,4/1B AND 4/2B/2, Aanandwali, Nashik-422005.
As per filing, with this sanction project has received approval for construction of additional saleable area of 90260 Sq Ft consisting total 60 additional units on five floors in each building ie Building A and Building B. Read more

Centre extends timeline for submitting applications under PLI scheme for textiles till February 14

Published on: 4:05 pm

Ministry of Textiles has extended the timeline for submission of applications under the PLI Scheme for Textiles till February 14, 2022.
Earlier the date of submission of online application under PLI Scheme for Textiles was up to January 31, 2022.
Last year, the Union Cabinet approved the PLI Scheme for Textiles for MMF Apparel, MMF Fabrics and 10 segments/ products of Technical Textiles with a budgetary outlay of Rs10,683cr. Read more

Cineline India acquires 25 screens on lease basis; Stock ends 5% higher

Published on: 4:01 pm

Cineline India Limited has acquired 25 screens on a lease basis of which 7 in Hyderabad, 6 are in Noida, 3 in Gurgaon, 4 in Nagpur, and 5 in Punjab. All the screens are leased properties. These theatres will have an aggregate seating capacity of more than 5,000 seats.
Post-March 31, 2022, the company will also have access to its own 9 properties with 23 screens across Mumbai, Thane, Nashik, and Nagpur having an aggregate seating capacity of more than 6,000 seats.
The company will grow the Film exhibition business aggressively in due course of time by acquiring theatre properties PAN India. Read more

Servotech Power Systems bags order worth 2.5cr to provide sizeable consignment of Oxygen Concentrato

Published on: 3:54 pm

Servotech Power Systems on Friday announced that the company secured an order for providing a sizeable consignment of its medical-grade Oxygen Concentrators by Smile Foundation, a national NGO engaged in the service of welfare and wellbeing of over 15 lakh children and their families through various on-ground projects and initiatives.
The acquired project worth over 2.5 Crore entails the end-to-end facilitation of rigorous functionality testing & inspection, processing, dispatch and delivery of the required number of Oxygen Concentrators swiftly. Read more

Chalet Hotels Q3 net loss widens to Rs144cr; Stock ends lower

Published on: 3:52 pm

Chalet Hotels Limited, owner, developer, and asset manager of high-end hotels in key metro cities in India, announced results for the third quarter and nine months ending December 31, 2021. The company posted a loss of Rs144cr in Q3FY22 widening from Rs138cr in Q2FY22.
The company’s total income grew by 21% qoq to Rs165.7cr as compared to 137.4cr in Q2FY22. EBITDA (from continuing operations) was at Rs41.9cr, a decline of 6% qoq from Rs44.8cr in Q2FY22. Adjusted EBITDA at Rs47.4cr, up 81% qoq from Rs26.1cr.
Chalet Hotels Ltd ended at Rs234.65 per piece down by Rs7.2 or 2.98% from its previous closing of Rs241.85 per piece on the BSE. Read more

Markets end flat; Sensex near 57,200, Nifty 50 holds over 17,100; Bank, Auto stocks underperform

Published on: 3:49 pm

Benchmark indices closed flat after surging over 1 per cent in the opening trade. The Sensex closed at 57,200, as it declined 77 points and the Nifty50 index fell 8 points to end at 17,101.
The broader markets outperformed the headline indices as both mid-caps and small-caps rallied 1.5 per cent.
NTPC, UPL, Sun Pharma, Tata Consumer, IndusInd Bank led the gains on the Nifty index. Whereas Maruti, Tech Mahindra, Power Grid, ICICI Bank, Hero MotoCorp are among the top losers. Read more

Vishal Fabrics revenue for Q3FY22 Rs427cr, up 46% YoY; declares bonus shares 2:1;

Published on: 3:33 pm

Vishal Fabrics Limited announced its un-audited standalone financials for the third quarter ended 31st December 2021.
Commenting on the performance, Mr. Brijmohan Chiripal, Managing Director & CEO, said,
” During the quarter the company was able to achieve sustainable margins. The company was able to successfully pass on the additional cost to the customers. Our continuous efforts to keep operating expenses under control helped to maintain EBITDA margins. Moreover, we carried forward the momentum and recorded 46% growth in the sale of finish fabrics. Read more

Infurnia announces IPO plans; raises 4cr in Pre-IPO funding; onboards Livspace as enterprise client

Published on: 3:23 pm

Infurnia Technologies, creator of cloud-native architecture design software, has announced plans to raise Rs 40 Crore in IPO on BSE Startup Platform at Rs 150 Crore valuation by mid-2022. Although the valuation and raise is small compared to mainboard IPOs, this is the largest fund raise in the BSE SME and BSE Startup category so far this year. Infurnia intends to raise half the capital from prominent angel investors and startup founders and the other half from retail investors. Infurnia also concluded pre-IPO funding of Rs 4 Crore from Jaipur Rugs and it’s director Yogesh Chaudhary along with participation from existing investors including Pallav Nadhani, founder of SaaS startup FusionCharts. It has previously collectively raised $1 million in funding from a host of angel investors and micro-VC firm Idein Venture.
Founded in 2014 by Nikhil Kumar and Lovepreet Mann, alumni of IIT Bombay and IIT Kharagpur respectively, Infurnia is innovator of world’s first cloud-native architecture design software for professionals and businesses. Infurnia competes with US based Autodesk for its architecture design software product. Infurnia is to Autodesk, what Google Docs is to Microsoft Word. Infurnia’s cloud-native design software has revolutionized the industry. It was first in the industry to demonstrate co-designing an architecture project like a team of people can co-edit a document in Google Docs. Read more

Coforge surges 7% after Q3 PAT jumps 50.7% yoy to Rs183.7cr

Published on: 3:20 pm

Coforge Limited, a leading global IT solutions organization, on Thursday announced its financial results for the quarter ended December 31, 2021 (Q3 FY22). The Company reported strong growth in revenue, an expansion in profitability, and a continued increase in its billable headcount.
Revenues for the quarter were $221.6 million and Rs1,658.1cr, up 37.8% yoy in USD terms and 39.3% yoy in INR terms. Adjusted EBITDA margin for the quarter expanded to 19.5%. Read more

Granules Pharma gets USFDA nod for Potassium Chloride for Oral Solution

Published on: 3:10 pm

Granules India Limited on Friday announced that the US Food & Drug Administration (US FDA) has approved the Abbreviated New Drug Application (ANDA) filed by Granules Phls, Inc. (GPI), a wholly-owned foreign subsidiary of Granules India Limited, for Potassium Chloride for Oral Solution USP, 20 mEq.
Potassium Chloride is used to prevent or to treat low blood levels of potassium (hypokalemia). It is bioequivalent to the reference listed drug product, Potassium Chloride for Oral Solution, 20 mEq, of Pharma Research Software Solution, LLC. The product would be available for the US market shortly. Read more

GMDC's Market Capitalization surges to Rs3534.57cr posting a highest ever quarterly revenue of Rs764

Published on: 2:54 pm

Gujarat Mineral Development Corporation Ltd, one of the leading mining Public Sector Enterprise in India, has announced its financial results for the third quarter and nine months ended December 31st 2021. The company has put forward remarkable performance in its third-quarter results for the financial year 2022 with a Profit (before tax) of Rs. 220 Cr. The company reported its best quarter this year with a revenue of Rs. 764 Cr. Read more

Nifty Realty trades 1.5% higher despite trimming gains; Sobha, DLF and Godrej Properties surge over

Published on: 2:50 pm

Nifty Realty was over 1.5% higher despite trimming gains amidst volatile trade in the afternoon. Going by the overall trends, the Index reversed yesterday’s losses to support the market rally on Friday.
Sobha, DLF and Godrej Properties surged over 2% to lift the performance of the sector while Sunteck Realty, and Oberoi Realty were also bullish. Prestige was the only stock under pressure on Nifty Reality Index.
The markets witnessed buying activity on Friday with the focus shifting to quarterly earnings. However, in the afternoon the indices saw volatile trade and gave away most of the morning gains. Read more

Man Industries gets certificate of appreciation for being one of the leading exporter of Kandla Cust

Published on: 2:34 pm

Man Industries (India) Ltd has announced that the company has been awarded the Certificate of Appreciation for being one of the leading Exporter of Kandla Customs for the year 2021-22 for its work undertaken in the field of export despite facing difficulties & challenges due to COVID-19 pandemic.
As per regulatory filing, the Certificate of Appreciation for being one of the leading Exporter was given on the occasion of International Customs Day by Government of India, Ministry of Finance, Department of Revenue through T.V. Ravi, Commissioner of Customs, Kandla. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

Indices trim early gains to trade marginally higher; Bank stocks drag.
BSE Sensex is currently 57,338.32 up 61.38 points or 0.11%.
Nifty50 is currently 17,153.50 up 43.35 points or 0.25%. Nifty Bank is at 37,814.05, down 0.44%. Mid-cap Index is up 1.50%. Read more

Union Budget 2022-23 nears! A glance at receipts and expenditures performance so far in FY22

Published on: 2:14 pm

The Union Budget 2022-23 is just around the corner and once again the Indian government will announce a new set of estimates in their revenue and expenditures. Finance Minister Nirmala Sitharaman will present her fourth budget in paperless form due to the ongoing pandemic outbreak.
The FY23 Budget will be presented on February 01, 2022.
Let's have a glance at the performance of the government's accounts in the Budget 2021-22. Read more

Larsen & Toubro wins offshore contract from ONGC

Published on: 2:06 pm

L&T Hydrocarbon Engineering Limited (LTHE), a wholly owned subsidiary of Larsen & Toubro, has secured a Contract from Oil & Natural Gas Corporation (ONGC) for the seventh development phase of their Pipeline Replacement Projects (PRP-VII).
The EPCIC contract involves Engineering, Procurement, Construction, Installation and Commissioning of 350 kms subsea pipelines and related offshore works spread out across India’s west coast offshore fields of ONGC.
Further, this contract, awarded through international competitive bidding, reposes ONGC’s confidence in LTHE’s capabilities and commitment to support ONGC in strategic Oil & Gas Sector, and contribute to India’s energy security. Read more

Dr Reddy’s Laboratories appoints Penny Wan as an Additional Director

Published on: 2:03 pm

Dr. Reddy’s Laboratories Ltd has announced the appointment of Penny Wan as an Additional Director, categorized as Independent, on the Board of the company, for a term of five consecutive years, effective January 28, 2022.
Penny Wan was most recently Amgen's Vice President of Japan and the Asia Pacific region. With over 20 years of experience in the biopharmaceuticals industry, she led Amgen's geographic expansion efforts in the region. Since joining the Company in 2014, she has been instrumental in building Amgen's commercial presence across the region, ensuring that innovative medicines reach patients, payers, and physicians in these markets. Read more

Kirloskar Pneumatics announces a healthy Q3 earnings, declares interim dividend

Published on: 1:52 pm

Kirloskar Pneumatic Company Ltd. announced its results for the quarter ending December 2021. However, its stock remained in a bearish tone on Friday, and was last trading at Rs 453.75, against the previous closing of Rs 471.75, down by Rs 18 or 3.82%.
The company’s operating revenue stood at Rs 227 crore for Q3 FY’22 against Rs 180 crore for Q3 FY’21, up by 26% YoY. While sales for the 9M period ending December 2021, grew by 53% at Rs 623 crore against Rs 408 crore for the previous corresponding period.
Its EBITDA stood for the 9M period ending December 2021 stood at Rs 70 crore, as against Rs 49 crore, showing growth of 12% YoY. Read more

Manappuram Finance board nods fund raising up to Rs800cr via allotment of debt securities; Stock cli

Published on: 1:33 pm

Manappuram Finance Ltd stocks in the fast lane on Friday after it has informed that Financial Resources and Management Committee of the Board of Directors of the Company at its meeting held on January 28, 2022 approved the allotment of Secured, Rated, Listed, Redeemable, Non-Convertible Debentures of face value of Rs.10,00,000/- each for an amount of Rs800cr on private placement basis to be Listed on BSE Ltd
The Coupon Rate is 6.93% p.a and the Coupon Payment Frequency will be Annual. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

BSE Sensex is at 57,949.25 up 672.31 points or 1.17%.
Nifty50 is at 17,335.00 up 224.85 points or 1.31%. Nifty Bank is at 38,227.45, up 0.65%. Mid-cap Index is up 2.73%.
NTPC, IndusInd Bank, UPL, ONGC, and Hindalco are the top gainers. Maruti, Power Grid, and Axis Bank are the top losers.
Nifty Metal and IT stocks surge over 2.5% to drive markets amid all green trade.
Out of 50 stocks traded on the NSE, 46 advanced and 4 declined. Read more

Home First Finance reports highest ever disbursals of Rs 570cr, AUM crosses Rs5000cr for Q3 FY’22

Published on: 1:28 pm

Home First Finance Company India Ltd., a technology-driven affordable housing finance company, announced its results for the quarter ending December 2021 and has reported excellent performance in the quarter. The company was recently listed on the stock exchanges.
The company reported AUM of Rs 4,994 crore for Q3 FY’22 against Rs 3,941 crore for Q3 FY’21, registering a growth of 26.7% YoY, and 8.2% over the last quarter.
The company reported disbursements of Rs 570 crore for the quarter ending December 2021, against Rs 349 crore for the quarter ending December 2020, up by 63.3% YoY. Read more

Q3FY22: RBL Bank records a turnaround quarter with sharp improvement in profitability and asset qual

Published on: 1:17 pm

RBL Bank reported a 6% yoy growth in net profit at Rs156cr in Q3FY22 against Rs147cr in Q3FY21. The net interest income rose 11% yoy to Rs1,010cr from Rs908cr in Q3FY21.
The profit was on the back of a 30% fall in provisions on a yoy basis to Rs424cr from Rs606cr in Q3FY21. The net interest margin, a key measure of profitability, rose 20 bps sequentially to 4.3%.
Advances grew 3% yoy to Rs58,141cr. Deposits grew 10% to Rs73,639cr. Current account savings account (CASA) deposits grew 21% yoy to Rs25,318cr and the CASA ratio as of December 31, 2021, stood at 34.4%, up from 31.1% as of December 31, 2020. Read more

Granules Pharma gets ANDA approval for Potassium Chloride for Oral Solution USP, 20 mEq

Published on: 1:05 pm

Granules India Limited announced today that the US Food & Drug Administration (US FDA) has approved the Abbreviated New Drug Application (ANDA) filed by Granules Pharmaceuticals, Inc (GPI)., a wholly-owned foreign subsidiary of Granules India Limited, for Potassium Chloride for Oral Solution USP, 20 mEq. Potassium chloride is used to prevent or to treat low blood levels of potassium (hypokalemia). It is bioequivalent to the reference listed drug product, Potassium Chloride for Oral Solution, 20 mEq, of Pharma Research Software Solution, LLC.
The product would be available for the US market shortly.
Commenting on the approval Ms. Priyanka Chigurupati, Executive Director, GPI, said “We are pleased to receive the approval of the product and will surely be a valuable addition to our growing product portfolio in the US market.” Read more

Pritish Nandy Communications stock rallies over 3.5% after Q3 earnings

Published on: 1:03 pm

Pritish Nandy Communications Ltd reported significant growth in its revenues and profits for the quarter ending December 2021 (Q3FY22). The Company reported Net Sales of Rs 19.73 crore for Q3 FY’22 against Rs 2.25 crore for Q3 FY’21, reflecting growth of 778.78% YoY.
Its PAT for the quarter ending December 2021 stood at Rs 0.43 crore against a loss of Rs 3.89 crore in the previous corresponding quarter, registering a growth of 111.11% YoY.
Its EBITDA stood at Rs. 0.46 crore in December 2021 up 112.01% from Rs. 3.83 crore in the same quarter last year. Read More

City Pulse Multiplex signs MoU with Mrudang to present multi-purpose entertainment zone

Published on: 1:02 pm

City Pulse Multiplex Limited (CPML) has signed an Memorandum of Understanding with Mrudang Management (Mrudang), A Company which is allotted 35,000 Sq. Fts. of free land for Development of Entertainment Park and zone in GIFT City Gandhinagar.
CPML and Mrudang shall jointly develop State of the Art and world class Infrastructure to present a multi-purpose Entertainment Zone, with unique features, where multiple entertainment activities can take place at a single point of time. The said development shall take place at GIFT City, Gandhinagar, Gujarat.
"We feel great pleasure to announce about one more achievement, which weighs great importance to contribution towards a more mature Entertainment Industry in the country", said Company in a filing. Read more

Nifty IT on a bull run, index surges nearly 3%; L&T twins, TCS, Wipro, Infosys drive the rally; Cofo

Published on: 12:55 pm

Nifty IT reversed the previous losses to lead the market rally on Friday. The Index had settled more than 3% lower on Thursday amid persisting volatility in markets, however, it recovered today due to broad-based buying in heavyweights. The sector tracked positive global cues.
With broad-based recovery brushing aside Fed fears and supported by strong earnings of Apple, IT stocks in India also witnessed a bull run today. Coforge surged 9% post Q3 earnings. Mindtree also gained over 7%, while Larsen & Turbo InfoTech, LTTS, Mphasis also were 5% higher. All the stocks listed on Nifty IT was on a bull run.
At around 12.55 pm, BSE Sensex was trading at 58,020.40 up 743.46 points or 1.30% and Nifty50 at 17,354.05 up 243.90 points or 1.43%. Read More

BPCL Q3FY22 Preview: Revenue seen at Rs 889,262 million, PAT at Rs 35,078 million

Published on: 12:54 pm

Result date: 31st January, 2022
Recommendation: Buy
Target price: Rs. 550
(Source: IIFL Research)
In line with its peers, Oil marketing company (OMC), Bharat Petroleum Corporation (BPCL) could record robust performance for the quarter ended December 31, 2021. Higher prices of Brent crude and healthy demand could aid both gross refining margins or GRMs as well as volumes for the OMCs. Price hikes will aid marketing margins in the quarter even as volumes could grow at a healthy pace on a sequential basis. Lower price hikes in domestic LPG though could have some impact on the results.
BPCL’s GRMs are estimated to come in at US$6.5/bbl. Read More

Orient Bells PAT jumped by 60.7% YoY for Q3 FY22; stock zooms near 16%

Published on: 12:45 pm

Orient Bells Ltd. announced its financial results for the quarter ending December 2021. Orient Bells is a leading manufacturer of ceramic and vitrified tiles having a capacity of 31 million square per annum.
The company stated that Q3 was a challenging quarter in terms of increased manufacturing costs on the back of a slowdown in demand post-Diwali. The company remained focused on its strategy and strengthened sales & distribution infrastructure. With the company’s primary focus on fundamental benefits & improved execution, it was able to pass on 100% of the cost escalation to the customer.
The company’s revenue grew by 25% YoY for Q3 FY’22 at Rs 184 crore against Rs 147.90 crore for Q3 FY’21. Read more

Market pulse at 12:30 PM today

Published on: 12:30 pm

Benchmark market indices led by a surge in IT, Metal and Pharma stocks rise further; Sensex reclaims 58k, Nifty up 17,350.
BSE Sensex is currently 58,028.72 up 751.78 points or 1.31%.
Nifty50 is currently 17,357.35 up 247.20 points or 1.44%. Nifty Bank is at 38,309.35, up 0.86%. Mid-cap Index is up 2.97%.
NTPC, IndusInd Bank, UPL, Wipro, and ONGC are the top gainers. Maruti and Power Grid are the top losers.
Nifty IT, Metal, Pharma, Media and Consumer Durables stocks surge over 2% amid all positive trade.
Out of 50 stocks traded on the NSE, 48 advanced and 2 declined. Read more

Larsen & Toubro Q3FY22 Preview: Revenue seen at Rs397 billion, PAT at Rs23.2 billion

Published on: 12:24 pm

Result date: 28th January, 2022
Recommendation: Buy
Target price: Rs. 2,436
Larsen & Toubro (L&T)’s revenue growth would be led by traction in the power, infrastructure and HC segments. NGT ban on construction in NCR could impact execution in this segment.
The company’s EBIT margins could gain from improving profitability of the infrastructure segment, though sharp decline in margins of HC segments is likely to offset these gains. Read more

State Bank of India lists their maiden issue of USD 300 Mn Formosa bonds on India INX

Published on: 12:22 pm

In a first, SBI, India’s largest bank issued USD 300 Million Formosa bonds and listed this issuance in India INX GIFT IFSC. This is the first such issuance by any Indian Bank in Formosa Bond market.
Commenting on the listing, Mr. V. Balasubramaniam, MD and CEO, INDIA INX said, “We are delighted to be the first Exchange in IFSC to list Formosa Bonds issued by SBI, we thank SBI team for continually reposing this trust on our platform and congratulate them on their success. SBI was the first issuer whose Green bonds were dually listed in November 2021 on Luxembourg Stock Exchange through a MOU that has been entered into by both Exchanges. Read more

Honeywell partners with Navin Fluorine to add Hydrofluoroolefins (HFO) manufacturing capacity in Ind

Published on: 12:20 pm

Navin Fluorine International Limited, a significant arm of Padmanabh Mafatlal Group, announced that the company has entered into a partnership to manufacture Honeywell’s proprietary Solstice range of hydrofluoroolefins (HFO) in India.
The company shall commence production by Q2-2022 at NFIL’s manufacturing facility in Gujarat.
In the regulatory filing, the company said this portfolio of next-generation products has no ozone depletion potential and a global warming potential (GWP) of 1, thereby aiding customers in minimizing their carbon footprint without compromising with the outcome of their end product. These products have various uses, including blowing agents for foam insulation and refrigeration liquid for chillers. Read more

Kotak Mahindra Bank Q3FY22 Preview: NII seen at Rs41.4 billion, PAT at Rs21.1 billion

Published on: 12:19 pm

Result date: 28th January, 2022
Recommendation: Add
Target price: Rs2,230
(Source: Company, IIFL Research)
Kotak Mahindra Bank could report PAT of Rs21.1 billion in the quarter, a YoY growth of 14%. Loan growth could pick up to ~16% YoY and to 6% on a sequential basis.
Net Interest Margin is likely to stay stable at 4.5% owing to lower cost of funds. Growth in pre-provisioning operating profit (PPOP) is likely to moderate amid higher operating expenses. Decline in credit costs though could help overall profitability of the bank. Read more

Indus Towers surges over 2.5% after Q3 PAT surges 16% yoy at Rs1,571cr

Published on: 12:12 pm

Indus Towers Limited consolidated revenues for the third quarter ended December 31, 2021, rose 3% yoy at Rs6,927cr. Consolidated EBITDA for the quarter at Rs3,704cr, up 3% yoy. Consolidated Profit after Tax for the quarter at Rs1,571cr, up 16% yoy. Consolidated Operating Free Cash Flows for the quarter at Rs2,279cr, up 21% yoy.
Total Tower base of 184,748 with closing sharing factor of 1.81. The Return on Equity (Pre-Tax) increased to 39.3% as against 34.2% on yoy basis. Return on Equity (Post Tax) increased to 29.8% as against 25.5% yoy basis. The Return on Capital Employed increased to 24.5% as against 21.3% on yoy basis.
At around 12.14 PM, Indus Towers Ltd was trading at Rs255.75 per piece up by Rs6.25 or 2.51% from its previous closing of Rs249.50 per piece on the BSE. Read More

CARE withdraws rating on bank facilities of Setco Automotive; Stock soars over 4%

Published on: 12:10 pm

CARE Ratings Limited has withdrawn the ratings of 'CARE D' assigned to the bank facilities of Setco Automotive Limited (SAL) with immediate effect, as the company has repaid the aforementioned bank facilities and term loan in full and there is no amount outstanding under the facility/loan as on date.
At around 12:11 PM, Setco Automotive was trading at Rs16.95 apiece up by Rs0.7 or 4.31% against previous closing of Rs16.25 apiece on the BSE.
Setco Automotive Limited (SAL) is engaged in manufacturing of clutches for Medium and Heavy Commercial Vehicles (MHCV) and markets it under brand name ‘LIPE Clutches’. Read more

Ministry of Finance sanctions amalgamation scheme of PMC Bank with Centrum Capital-led Unity Bank

Published on: 11:56 am

The Ministry of Finance, through a gazette notification issued on January 25, 2022 has sanctioned and notified the amalgamation scheme of Punjab & Maharashtra Co-operative Bank Limited (PMC Bank) with Unity Small Finance Bank Limited (Unity Bank), a step down subsidiary of Centrum Capital Ltd protecting it from liquidation and bringing relief to all stakeholders.
PMC Bank’s approx. 110 branches and over 1,100 employees will operate as Unity Bank, providing security and stability in their employment along with offering uninterrupted service to clients. Read More

Rupee trades lower as US Dollar index soars to 7-month high

Published on: 11:55 am

The Indian Rupee opened lower against the greenback on the back of the US Federal Reserve’s guidance for a stringent monetary policy in the world’s largest economy.
US Federal’s hawkish tone strengthened the US Dollar index to hit its seven-month high and inflamed foreign capital outflow concerns from the Indian market. Read more

Schaeffler India fixes record date for stocks split in ratio of 1:5; Stock jumps over 5%

Published on: 11:43 am

Schaeffler India has fixed February 09 as the record date for the Subdivision of Equity shares of the company.
On Friday, Schaeffler stock logged stellar buying sentiment. At around 11.40 am, the stock was performing at Rs8965.25 per piece up by Rs444.30 or 5.2% on BSE.
The stock was near the intraday high of Rs9095.25 per piece on the same index.
On February 09, 2022, the company will determine the eligibility of Members for Sub-division or stock split. Read more

GHCL registers 48% yoy growth in Q3 PAT to Rs163cr; Stock jumps 1%

Published on: 11:41 am

GHCL Limited has announced its financial results for Q3FY22.
Q3FY22 VS Q3 FY 21 (Standalone Performance)
Net Revenue from continued operations for Q3FY22 grew by 42% to Rs1,006cr as compared to Rs709cr in the corresponding quarter ended Dec 31, 2020
EBIDTA from continued operations grew by 38% to Rs251cr as compared to Rs182cr in the corresponding quarter last year
Net Profit (PAT) including discontinued operations grew by 48% to Rs163cr as against Rs111cr in the corresponding quarter last fiscal Read More

NCLAT disposes of appeals against Piramal's resolution plan for DHFL; Stock rallies 4%

Published on: 11:35 am

Piramal Enterprises stock rallied on Friday after the NCLAT disposed of most appeals filed against Piramal’s approved DHFL resolution plan.
In its regulatory filing, today, Piramal stated that regarding the Piramal’s Resolution plan, most appeals filed by several parties before the NCLAT against Piramal’s approved DHFL resolution plan were disposed of on January 27, 2022.
As per Piramal, in the case of one of the appeals, which was limited to the extent of challenging the distribution of proceeds (if any) from fraudulent transactions to the benefit of the Resolution Applicant, NCLAT has ordered it to be re-considered by the Committee of Creditors (CoC). We have analyzed the detailed judgment of the NCLAT and consulted our legal advisors. We are confident and will continue to pursue the matter as multiple legal options are available to us for our future course of action, including approaching the Apex court. Read more

Market pulse at 11:30 AM today

Published on: 11:30 am

Indices are firm after early gains; Realty, IT, and Metal stocks lead the rally.
BSE Sensex is currently 57,934.81 up 657.87 points or 1.15%.
Nifty50 is currently 17,330.30 up 220.15 points or 1.29%. Nifty Bank is at 38,224.60, up 0.64%. Mid-cap Index is up 2.87%.
NTPC, ONGC, IndusInd Bank, M&M, and Adani Ports are the top gainers. Maruti, Power Grid, and HUL are the top losers.
Nifty Realty stocks soar 3% while IT, Metal, Pharma, Media, Oil & Gas, and Consumer Durables stocks are also bullish amid all positive trade.
Out of 50 stocks traded on the NSE, 47 advanced and 3 declined. Read More

Q3FY22: L&T, Dr Reddy's Lab, Kotak Bank, Britannia among key earnings to watch

Published on: 11:24 am

Larsen & Toubro, Dr Reddy's Labs, Kotak Mahindra Bank, Britannia Industries and Vedanta are among major earnings to watch out for today for the quarter ending December 2021 (Q3FY22) period. These stocks will be in focus on stock exchanges amid Q3 results.
During Q3FY22, L&T is expected to record a healthy top-line front due to substantial growth in power, infrastructure and HC segments. The company's inflows are seen to be flattish due to delays in government orders, high base effect of Q3FY21. However, L&T's order pipeline continues to be strong. EBIT margins are expected to improve profitability. Read more

Iris Clothing records 20% yoy growth in Q3 PAT; Stock surges

Published on: 11:24 am

Iris Clothing Ltd., a leading readymade garment company, announced its results for the quarter ending December 2021 under which it reported a decline of 11% YoY in its total income at Rs 25.1 crore against Rs 28.20 crore for Q3 FY’21.
It reported EBITDA for the quarter ending December 2021 grew by 9.6% YoY at Rs 5.2 crore against Rs 4.8 crore for the previous corresponding quarter.
The company’s PAT showed a growth of 19.7% YoY at Rs 2.4 crore against Rs 2 crore for the same quarter the previous year. Read More