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30th Mar, 2022

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Aurionpro Solutions ends at 5% upper circuit after winning orders worth 3 million Singapore dollars

Published on: 4:15 pm

Integro Technologies Limited (Integro), an Aurionpro Solutions' subsidiary based in Singapore, has announced winning orders from the two large banks in Singapore. The orders, together valued more than S$ 3 mn and for the upgradation & enhancement of the existing Smart Lender system, will be executed over next two quarters.
Shekhar Mullatti, President & Global Head – Banking, Aurionpro, while announcing the orders thanked the customers and stated, “We are delighted to announce these wins. Both the leading banks are our long-time customers and we remain their preferred partners over these years which in itself is a mark of approval of our offerings. we are foreseeing increased traction in coming quarters.” Read more

Tata Consumer, Tata Coffee stocks surge after merger announcement; to buy 10.15% stake in Tata Consu

Published on: 4:13 pm

Tata Consumer Products Limited (TCPL) announced a reorganization plan in line with its strategic priority of unlocking synergies and efficiencies. This plan includes the demerger of plantation business of Tata Coffee Limited (“TCL”) into TCPL Beverages & Foods Limited (“TBFL”), a wholly owned subsidiary of TCPL and the merger of the remaining business of TCL, consisting of its extraction and branded coffee business with TCPL, with the demerger to happen as the first step and merger to happen as the immediate second step, both being proposed through a composite scheme of arrangement.
Additionally, TCPL proposes to purchase the minority interest in its UK subsidiary, Tata Consumer Products UK Limited (“TCP UK”) by way of a share swap, through a preferential issue of its equity shares. These actions further TCPL’s objective of creating a future ready organization and will act as a stepping stone for further simplification. These will also result in operational efficiencies, faster decision making and execution, creation of focused business verticals and unlocking of potential synergies. Read more

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CRISIL Ratings: For gold jewellery retailers, revenue seen up 12-15% next fiscal

Published on: 4:02 pm

Revenue of gold jewellery retailers is expected to rise 12-15% next fiscal, backed by sustained high prices of gold and steady demand. That will follow strong revenue growth of 20-22% expected this fiscal, albeit on a lower base of the Covid-19 pandemic-impacted last fiscal, CRISIL Ratings says in its latest report.
Operating margins should improve 50-70 basis points (bps) on-year to 7.3-7.5% in fiscal 2023, because of elevated gold prices and improved operating leverage. Consequently, operating profits will rise 12-15% next fiscal, resulting in better debt metrics. That will keep the credit outlook for organised jewellers ‘stable’ next fiscal, despite higher capital spending and inventory. Read more

GR Infra receives LOA from NHAI for five new projects; Stock ends ~5% higher

Published on: 4:00 pm

GR Infraprojects Limited has received a Letter of Award dated March 30, 2022 from National Highways Authority of India for the five new projects.

Details of the projects are as under:

Construction of 4-Lane Greenfield expressway spur from DelhiVadodara Greenfield expressway near Bandikui to Jaipur in Bharatmala Pariyojana Phase-1 in the state of Rajasthan on Hybrid Annuity Mode.
Upgradation to Four Lane with Paved Shoulder of NH-341 from Bhimasar, Junction of NH-41 to Anjar - Bhuj upto Airport Junction, Km 0.000 to Km 65.478 in the State of Gujarat on Hybrid Annuity Mode. Read more

Diligent Industries completes green field vegetable oil plant; Stock ends 5% higher

Published on: 3:53 pm

Diligent Industries Limited, a key player in the business of solvent extraction with the capacity of 250 TPD, have just completed the implementation of a green field Multiple Refinery-Vegetable Oil Plant in its existing premises in the surplus land available, adjacent to the solvent extraction plant.
Further, the cost of this greenfield project is Rs15 crore out-of which Rs11 crore has already been spent and the balance will be infused in a phased manner in the ensuing financial year i.e., 2022-23. This green field project is funded out of unsecured loans from the promoters and internal accruals, said company. Read more

Bulls take control as Nifty tops 17,490; Financial stocks lead, while Metal stocks decline

Published on: 3:50 pm

Domestic equities closed higher extended gains for the third straight session following positive global cues, as progress in Russia-Ukraine peace talks. However, inflationary pressures in the U.S economy continue to pose a threat with FED gearing up for a more aggressive monetary policy tightening. Today major contributor to the index gain was Reliance Industries, HDFC twins, ICICI Bank, Bajaj Finance, and Kotak Bank.
The BSE Sensex soared 740 points or 1.28 per cent to close at 58,684, while the broader NSE Nifty moved 173 points or 1 per cent higher to settle at 17,498. Read more

Dilip Buildcon surges 3% after emerging L-1 bidder for Rs1,589 crore NHAI project

Published on: 3:14 pm

Dilip Buildcon Ltd has declared as L-1 bidder for the tender floated by the National Highways Authority of lndia on Hybrid Annuity basis in the state of Kamataka.
The project is for "Development of 6 lane Access Controlled Greenfield Highway from km.97.000 to km 162.500 Maradgi S Andola to Baswantpur section of NH- 150C (Package-lll of Akkalkot-KNT/TS Border) on Hybrid Annuity Mode under Bharatmala Pariyojna. Read more

Ashoka Buildcon emerges lowest bidder for NHAI HAM project

Published on: 3:11 pm

Ashoka Buildcon Limited informed that the Company had submitted its bid to National Highways Authority of India ("NHAI") for the Project viz. 'Development of 6 lane Access Controlled Greenfield highway from KM 162.500 to KM 203.100, Baswantpur to Singondi Section of NH 150 C (Package 4 of Akkalkot KNT of TS Border) on Hybrid Annuity Mode (HAM) under Bharatmala Pariyojana' (Project).
The Company emerged as "the Lowest Bidder" at the Financial Bid opening meeting held on March 29, 2022 at New Delhi. Read more

JK Tyre files appeal before NCLAT against CCI order; Stock dips 2%

Published on: 3:11 pm

JK Tyre & Industries Limited has filed an Appeal before the National Company Law Appellate Tribunal (NCLAT) against the Competition Commission of India (CCI) Order dated August 31, 2018.
The CCI on February 2, 2022, had published an Order dated August 31, 2018 for alleged contravention of Section 3 of the Competition Act, 2002 against JK Tyre and certain other domestic tyre manufacluring companies and had imposed a penalty of Rs309.95 crore on the Company. Read more

Sun Pharma to unveil its version of Vortioxetine in India; inks pact with Lundbeck

Published on: 2:54 pm

Sun Pharmaceutical Industries Limited announced that one of its wholly-owned subsidiaries has inked an exclusive patent licensing agreement with H. Lundbeck A/S (“Lundbeck”) to market and distribute its own version of Vortioxetine in India under the brand name, VORTIDIF. This licensing agreement will only cover India.
Vortioxetine works as a novel antidepressant with multimodal activity, which can be used for the treatment of Major Depressive Disorder (MDD) in adults. The product is already approved in over 80 countries including the EU, Canada, the US, and Australia.
“Sun Pharma is the leader in neuro-psychiatry therapy in India and we always strive to bring innovative medicines that cater to the needs of patients. MDD is a serious and complicated disorder and VORTIDIFTM will prove to be an important novel treatment option for patients in India,” commented Kirti Ganorkar, CEO of India Business, Sun Pharma. Read more

IndiGo appoints Gaurav Negi as Chief Financial Officer; stock rises 1%

Published on: 2:46 pm

InterGlobe Aviation Ltd (IndiGo) appoints Gaurav Negi as Chief Financial Officer effective April 01, 2022. Jiten Chopra, IndiGo’s CFO has submitted his resignation to pursue other interests.
Gaurav Negi, currently IndiGo’s SVP & Head of Governance, Risk and Compliance will assume the position of CFO at IndiGo. Gaurav has a rich and diverse experience of 23 years in all aspects of Finance, Accounting, Governance and Compliance.
At GE, where he worked before joining IndiGo in December 2021, he had held senior management positions across multiple countries and industries managing progressive and responsible positions. Gaurav’s last position at GE was as their Asia Pacific CFO for On Shore Wind, segment of GE Renewable Energy. Read more

CARE Ratings assigns ‘A+’ rating to BEML’s long-term bank facilities; stock climbs ~3%

Published on: 2:35 pm

BEML Ltd. informed the exchanges and investors that CARE Ratings has issued credit ratings for the debt instruments of the company, in addition to BRICKWORK & ICRA. There has been no change in the credit ratings assigned by the rating agency.
CARE Ratings has reviewed instruments worth Rs5,900 crore of the company, comprising long-term bank facilities, short-term bank facilities, and commercial paper.
It has assigned an ‘A+’ (single A plus) rating to the company’s long-term bank facilities worth Rs1,500 crore, and long-term/short-term facilities worth Rs4,000 crore and has given a stable outlook for the same. Read more

Infomerics assigns rating to Bambino Agro Industries' long-term facilities; Stock tumbles 5.5%

Published on: 2:32 pm

Bambino Agro Industies Limited has received Credit Rating by Infomerics Valiration and Rating Prt. Ltd. for its Long Term Bant Facilities.
Infomerics assigned IVR BBB-/ Credit Watch with Developing Implications (IVR Triple B Minus under Credit watch with Developing Implications) to long-term ratings amounted Rs75.91 crore.
According to the rationale report, the rating assigned to the bank facilities of Bambino Agro Industries Limited (BAIL) derive strength from its strong brand recognition, widespread distribution network and improvement in financial performance in FY21. Further, the rating also note its adequate debt protection metrics. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

Indices maintain a 1% upside on bullish auto and banking stocks.
BSE Sensex is 58,555.19 up 611.54 points or 1.06%.
Nifty50 is currently 17,475.60 up 150.30 points or 0.87%. Nifty Bank is at 36,290.10, up 1.23%. Mid-cap Index is up 1.06%. Read more

Kirloskar Electric executes sale deed of its non-core asset in Hyderabad for Rs3 crore; Stock jumps

Published on: 2:16 pm

Kirloskar Electric Limited has executed a Sale Deed effecting the sale of the Company’s non-core asset situated at Punjgutta, Hyderabad for a consideration of Rs3 crore.
The buyer, Shree Enterprises represented by its proprietor Y. Nanda Kumar Yadav, is a third-party buyer who does not belong to the Promoter/ Promoter Group / Group companies and the transaction does not fall under the ambit of Related Party Transactions, company said in a filing on Tuesday. Read more

Clean Science and Tech infuses Rs50 crore in wholly-owned subsidiary Fino-Chem

Published on: 2:07 pm

Clean Science and Technology Limited informed the investors and exchanges that the company has subscribed to the 44,71,515 Equity shares of the face value of Rs10 (Rupees Ten Only) each at a premium of Rs113 each for cash consideration.
The total amount payable for such acquisition stands at Rs55 crore.
The company has made this investment by way of subscription to the rights issue of Clean Fino-Chem Limited, a wholly-owned subsidiary of the Company. The said shares shall rank pari passu with the existing equity shares. Read more

Welspun Corp associate EPIC wins order of SAR 497 Million

Published on: 1:58 pm

Welspun Corp Limited associate company, East Pipes Integrated Company for Industry (EPIC) in the Kingdom of Saudi Arabia (KSA), has announced that it has won an order of SAR 497 Million (approximately) including value-added tax from Saline Water Conversion Corporation (SWCC).
At around 2.00 pm, Welspun Corp Ltd was trading at Rs162.90 per piece down by Rs0.45 or 0.28% from its previous closing of Rs163.35 per piece on the BSE. Read more

Jain Irrigation Systems successfully implements Debt Resolution; Stock surges ~5%

Published on: 1:52 pm

Jain Irrigation Systems Limited has successfully implemented the Debt Resolution effective on March 25, 2022. It was approved and announced in the Joint Lenders Meeting on March 29, 2022 after fulfilling all Conditions Precedent as per the Master Restructuring Agreement (MRA) signed on 10th February 2022.
On completion of this debt restructuring, normalcy has been restored to the accounts under the loan facilities granted by all lenders of the Company, and all past irregularities and defaults stand cured. Read more

Newgen Software celebrates 30 years of Global Enterprise Product Journey

Published on: 1:51 pm

Newgen Software, a global provider of digital transformation platforms, has successfully completed 30 years of digitalizing enterprises with its native process automation, content services, and communication management capabilities. With its cutting-edge products, Newgen has emerged as the preferred technology partner for digital transformation initiatives globally.
Newgen today enables customers across 72 countries from multiple industries, including banking, insurance, government, shared services, healthcare, and energy & utilities. It has filed for 44 patents, out of which 23 have been granted in India and the US. Annually, Newgen invests 9-10% of its revenue on research and development and for building deep-domain expertise. With a 3,000+ strong workforce, Newgen enables enterprises globally by unlocking simplicity for all levels of business complexities. Read more

NMDC Director (Finance) Amitava Mukherjee honoured at the FE CFO Awards 2022

Published on: 1:45 pm

NMDC Limited informed the exchanges that the Director (Finance) of the largest iron ore producer of lndia, Amitava Mukherjee, was awarded the ‘FE CFO of the Year Award’ by Financial Express for the year 2022 in the Large Industry - Manufacturing Category, at the recently held FE CFO Awards 2022. NMDC was the only Public Sector Enterprise awarded this year with this prestigious honour.
Union Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Slui Piyush Goyal was the Chief Guest for the event. He congratulated the brightest Chief Financial Officers of India for their exceptional contribution in building the financial strength of their companies and the national economy. Read More

Tarsons Products spikes 3% after receiving rating upgrade by CARE

Published on: 1:40 pm

Tarsons Products Limited has informed that on the basis of the rating assessment undertaken by CARE Ratings Limited, the credit rating of the Company has been revised.
CARE ratings have assigned ‘A+’ ratings to the company’s new long-term bank facilities worth Rs2 crore, whereas, the rating for existing long-term facilities worth Rs120.59 crore has been upgraded from ‘A’ to ‘A+’ and the outlook is assigned as Stable.
Short-term bank facilities of the company worth Rs25 crore are assigned an ‘A1’ rating by the rating agency.
Total bank facilities considered for review by CARE stood at Rs147.59 crore. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

BSE Sensex is 58,623.32 up 679.67 points or 1.17%.
Nifty50 is currently 17,497.75 up 172.45 points or 1%. Nifty Bank is at 36,292.95, up 1.24%. Mid-cap Index is up 1.04%.
Bajaj Finserv, Bajaj Finance, Hero MotoCorp, HDFC Life, and Tata Consumer, are the top gainers. Hindalco, ONGC, JSW Steel, Tata Steel, and Tech Mahindra are the top losers.
Nifty Auto, Media, Realty, and Banking & Financial Services remain bullish while Nifty Metal stocks are 1.7% lower.
Out of 50 stocks traded on the NSE, 36 advanced, 13 declined and 1 unchanged. Read More

IDBI Bank divests entire stake in Ageas Federal; stock jumps ~1.5%

Published on: 1:12 pm

IDBI Bank Limited informed that the Board of Directors of the Bank, at its meeting held on Tuesday, March 29, 2022, has approved selling IDBI Bank's entire stake of 20,00,00,000 equity shares in Ageas Federal Life Insurance Company Limited (AFLI) to Ageas Insurance International NV (Ageas) pursuant to exercise of Call Option by Ageas.
The bank further stated that details of the sale will be separately informed to the investors and exchanges once the Share Purchase Agreement is executed by the Bank. Read more

Government of India appoints Archana Majumdar as Independent Director on MOIL Board

Published on: 1:08 pm

The government of India through the Ministry of Steel has appointed Archana Majumdar as Independent Director on the Board of MOIL Limited for a period of 3 years. Her appointment is effective from March 28, 2022.
The company said in a filing on Wednesday that Archana Majumdar is an M.B.B.S from NRS Medical College & Hospital, Kolkata, She has also done various courses such as Residency & House staff, senior resident, from NRSMCH, M.D. (Alternate Medicine) from Alternative Medicine, sponsored by Ministry of Health and Family Welfare (MOHFW), Hospital Administration Certified Course organized by WHO, Disaster Management sponsored by MOHFW(GOI) Certified Course organized by WHO. Read more

Ind Ra revises outlook on Cochin Shipyard’s bonds to 'Positive', affirms at 'AA+'

Published on: 1:06 pm

India Ratings and Research (Ind-Ra) has revised the Outlook on Cochin Shipyard Limited’s (CSL) bonds to Positive from Stable while affirming them at ‘IND AA+’ as follows:
Term ! Bond having issue size of Rs100 crore has been affrmed at IND AA+ and outlook revised to 'Positive' while Term II Bond having Rs23 crore issue size is also affirmed at IND AA+ with revised 'Positive' outlook.
Ind-Ra continues to classify CSL as a dependent public sector entity under its Rating of Public Sector Entities criteria, which is attributable to CSL’s strong strategic importance, and the ability and willingness of the sponsor's (the government of India; GoI) to provide extraordinary support. Read more

BHEL seals prestigious order for Compressor Package from Iraq; stock spurts ~3%

Published on: 12:57 pm

Bharat Heavy Electricals Limited (BHEL) pins yet another milestone in its international business by bagging a prestigious order for a Compressor Package from Iraq.
The company won this order amidst stiff competition, placed by the Northern Refineries Company (NRC), a National Oil refinery company owned by the Ministry of Oil, Republic of Iraq. The order is for the Package for Baiji Refinery in Iraq.
The scope of the order includes the design, engineering, manufacturing, and supply of an electric motor-driven Recycle Gas Centrifugal compressor and will be executed by BHEL’s International Operations Division along with its manufacturing units at Hyderabad and Bhopal. Read more

Ind-Ra upgrades Vedanta and its NCDs to ‘IND AA’/Stable; Affirms CP

Published on: 12:52 pm

India Ratings (Ind-Ra) has upgraded its long‐term issuer rating of Vedanta Limited to ‘IND AA’ from ‘IND AA‐’, and has revised the outlook to ‘Stable’ from ‘Positive’ on March 29, 2022.
The rating on Non-convertible debentures (NCDs) of Rs75 billion has been upgraded to IND AA/Stable. The rating on Term loans till December 2030 Rs30.69 billion has been also upgraded to IND AA/Stable.
The credit agency also upgraded the rating on the Project finance facility Rs5 billion at IND AA/Stable. On Commercial paper (CP) 7 to 365 days Rs70 billion. IND A1+ rating has been affirmed. Read more

Amazon inaugurates new office in Chennai to support around 6000 employees

Published on: 12:41 pm

Amazon India has announced opening its new office in the city of Chennai. Occupying 18 floors in the World Trade Centre at the Perungudi area, the new office marks Amazon’s fourth office in Tamil Nadu, signifying its growing presence in the state. The new office space will support around 6000 employees, taking the company’s total office area in Tamil Nadu to over 21 lakh square feet.
The office was inaugurated today by Hon’ble Chief Minister of Tamil Nadu, Thiru MK Stalin, in the presence of Thiru Mano Thangaraj, Hon’ble Minister of IT, Government of Tamil Nadu, Thiru Neeraj Mittal, Secretary, Department of IT, Government of Tamil Nadu and other senior officials from the state government.
Amazon first began operations in Tamil Nadu with close to 50 people based in Chennai in the year of 2005. Today, with over 14,000 employees in the state, Tamil Nadu has emerged as a significant location for Amazon’s people and business strategy. Several Technology, Engineering, Devices and Operations teams operate from the company’s offices across the city of Chennai. Read more

Market pulse at 12:30 PM today

Published on: 12:30 pm

Benchmark market indices maintain gaining spree; Sensex near 58600, Nifty closes 17,500.
BSE Sensex is 58,582.14 up 638.49 points or 1.10%.
Nifty50 is currently 17,489.75 up 164.45 points or 0.95%. Nifty Bank is at 36,287.80, up 1.23%. Mid-cap Index is up 1.14%.
Bajaj Finserv, Tata Consumer, Hero MotoCorp, Bajaj Finance, and HDFC Life are the top gainers. ONGC, Hindalco, JSW Steel, Tata Steel, and Tech Mahindra are the top losers.
Nifty Auto, Media, Realty, and Banking & Financial Services lead the bullish trade while Nifty Metal stocks are 1.7% lower.
Out of 50 stocks traded on the NSE, 37 advanced, and 13 declined. Read More

Sterling & Wilson Energy appoints Cherag Balsara as director; stock jumps ~1%

Published on: 12:28 pm

Sterling & Wilson Renewable Energy Limited’s board of directors have approved the appointment of Mr. Cherag Sarosh Balsara as an Additional Director, designated as Non-Executive & Independent Director of the Company for a term of 5 (five) consecutive years commencing from March 29, 2022, to March 28, 2027 subject to the approval of the Shareholders of the Company.
Cherag is a Bachelor of Commerce from the Sydenham College of Commerce and Economics in the year 1989. He also holds a Bachelor of Laws degree and enrolled at the bar in the year 1992. He has also completed his Master's in Law in the year 1994.
He has practiced as a Counsel specializing in civil litigation mainly in the Bombay High Court and also in the Supreme Court as well as the National Company Law Tribunal. Read More

Nifty Bank & Financial Services drive market bulls; Bajaj twins, Axis Bank lead gains

Published on: 12:05 pm

Nifty Bank and Financial Services led the bullish markets on Wednesday. IDFC First Bank, Axis Bank, Bandhan Bank were the top gainers while ICICI Bank and RBL Bank also were in the fast lane.
Bajaj twins – Bajaj Finserv and Bajaj Finance led the gains among the financial services stocks, emerging also in top five overall gainers. Union Bank, Maharashtra Bank, Indian Overseas Bank and Indian Bank led the charts among PSU Bank stocks. City Union Bank was also in the fast lane among private banks.
The benchmark indices rose for a third day on the trot to their highest since mid-February, led by auto makers and banking and financial stocks. Progress in peace talks between Russia and Ukraine improved investor appetite for riskier assets. Read more

Tata Power and Social Alpha announce 'Net-Zero Industry Accelerator' for Clean Energy transition

Published on: 11:49 am

Tata Power, one of India's largest integrated power companies, and Social Alpha have joined hands to build a unique innovation curation and venture development program 'Net-Zero Industry Accelerator' focussed on industrial use cases of clean energy transition and industrial decarbonization contributing towards India’s net-zero targets.
The Net-Zero Industry Accelerator will prioritize industries with the highest carbon footprints and will co-create the innovation ecosystem in partnership with some of the leading industry players in India along with technologies that abate and address air pollution from industrial sources and encourage energy decarbonization, carbon capture, and storage.
Effective energy decarbonization includes shifting the energy mix away from fossil fuels and toward non carbon electricity and other energy carriers such as hydrogen; increasing energy efficiency, improving the energy density of storage while reducing cost, and managing demand for energy. Read More

Edelweiss Financial Services declares interim dividend for FY22

Published on: 11:42 am

The Board of Directors of Edelweiss Financial Services Limited, at its meeting held on Tuesday, declared an interim dividend of Re0.25 per share on the equity share of the face value of Re1 each for the financial year ending March 31, 2022.
The Board has fixed April 9, 2022, as the ‘Record Date’ for the purpose of ascertaining the eligibility of shareholders for payment of interim dividend. The payment of interim dividend will be made on or before April 25, 2022. Read More

Bhagwati Autocast succesfully commissions 4.5 MW solar project in Gujarat; stock gains 2.5%

Published on: 11:34 am

In its regulatory filing, Bhagwati Autocast Limited informed the investors and exchanges that the company has successfully commissioned a 4.5 MW (DC)/ 3.15 MW (AC) Solar power project at Village Bamroli, Santalpur, Dist. Patan, Gujarat for captive consumption, and its commercial operation started effectively from March 28, 2022.
Post this development, Bhagwati Autocast’s stock jumped 2.56% and was the last trading at Rs174.60 against its previous close of Rs170.25 on BSE. It touched intraday high and low of Rs174.60 and Rs161.10 respectively so far. Read more

Market pulse at 11:30 AM today

Published on: 11:30 am

Indices surge 1% as auto and banking stocks lead gains.
BSE Sensex is 58,570.51 up 626.86 points or 1.08%.
Nifty50 is currently 17,487.60 up 162.30 points or 0.94%. Nifty Bank is at 36,321.80, up 1.32%. Mid-cap Index is up 0.92%.
Tata Consumer, Bajaj Finserv, Axis Bank, Grasim and Bajaj Finance are the top gainers. ONGC, Hindalco, JSW Steel, Tata Steel, and Tech Mahindra are the top losers.
Nifty Auto, Media, and Banking & Financial Services lead the bullish trade while Nifty Metal stocks are 1.75% lower.
Out of 50 stocks traded on the NSE, 38 advanced, and 12 declined. Read More

Kilburn Engineering board to allot 17 lakh equity shares on conversion of warrants

Published on: 11:24 am

Kilburn Engineering Limited has informed that at the meeting held on March 29, 2022, the board has agreed to allot 17 lakh equity shares of Rs10 each of the company at a premium of Rs24/- in dematerialised form to Firstview Trading Private Limited, in promoter category towards conversion of warrants allotted to them.
Further, after conversion of warrants as aforesaid, the shareholding of Firstview Trading Private Limited in the company has increased from 25.15% to 28.86%. Read More

CRISIL upgrades Goodluck India’s long-term credit ratings to ‘A/Stable’; stock zooms ~2.5%

Published on: 11:05 am

Goodluck India Ltd., amongst India’s leading manufacturers of a wide range of Engineering structures, Precision/Auto Tubes, Forging for Defence & Aerospace, CR Products, and GI Pipes has received an upgraded credit rating from CRISIL on its bank loan facilities.
CRISIL upgraded the Company’s long-term rating from BBB/Positive to A-/Stable and the short-term rating from A3+ to A2+.
The change in rating reflects a substantial improvement in the business and financial profile of Goodluck. The improvement is supported by a significant increase in the scale of operations, healthy order book, and sustained operating margin. Read More

Future Enterprises hits upper circuit after CARE reaffirms/revises its credit ratings

Published on: 11:05 am

CARE Ratings Limited has reaffirmed/ revision in the credit rating of various instruments of Future Enterprises Limited. On Non-Convertible Debentures (Series (XVI - A to XVI - F, XIX - A & XIX - B, XXII - A & XXII - B, XXIII, XXV - A & XXV - B) CARE D rating has been reaffirmed. For Non-Convertible Debentures (Series XIV - A, XIV - B, XIV - D and XIV - E) CARE D rating has been revised from CARE C and removed from Credit watch with Developing Implications.
The credit rating agency has also revised the long-term rating on bank facilities of the company to CARE D from CARE C and removed from Credit watch with Developing Implications. For short-term bank facilities CARE D rating has been revised from CARE A4 and removed from Credit watch with Developing Implications.
The rating on Fixed Deposit CARE D (FD) is revised from CARE C (FD) and removed from Credit watch with Developing Implications. Read more

Engineers India to provide consultancy services for Bharat Oman Refineries; Stock under pressure

Published on: 10:58 am

Bharat Oman Refineries Limited (BORL) has selected Engineers India Limited (EIL) for providing Consultancy Services for Electrolyser based Green Hydrogen Plant at Bina Refinery.
"It shall be one of the largest Green Hydrogen Plant in the country with a capacity of approx. 8.5 TPD (20 MW)", said company in a regulatory filing on Tuesday. Read more

Coastal Corporation’s stock surges ~5% as board nods Rs50 crore rights issue

Published on: 10:49 am

Coastal Corporation’s scrip added about 5% so far in today’s trade as the company informed investors of approval of a fundraising plan worth Rs50 crore by way of rights issue.
The company stated that the board of directors has approved fundraising of an amount not exceeding Rs50 crore through a rights issue to the eligible equity shareholders of the Company as on record date in accordance with applicable laws.
The company will constitute the rights issue committee to proceed with the rights issue and decide other terms of the right issue.
In the same meeting, the company has also approved giving corporate guarantee/loans/investments not exceeding an amount of Rs45 crore for M/s. Continental Fisheries India Limited, a Wholly Owned Subsidiary of the Company. Read more

Rail Vikas Nigam enters into MoU with J K Cements' subsidiary Jaykaycem Central

Published on: 10:39 am

Rail Vikas Nigam Ltd RVNL has entered into an MoU with Jaykaycem (Central) Limited, wholly owned subsidiary of J. K. Cement Limited, for development of approx. 50 km. new Railway line between Devendra Nagar and Puraina in West Central Railway in Madhya Pradesh through SPV mode.
At around 10:40 AM, Rail Vikas Nigam was trading at Rs33.40 apiece up by Rs0.15 or 0.45% from its previous closing of Rs33.25 apiece on the BSE. The current market cap of the company is Rs6,932.69cr. Read more

Market pulse at 10:30 AM today

Published on: 10:30 am

Equity market indices are bullish on broadly positive global cues.
BSE Sensex is 58,460.58 up 516.93 points or 0.89%.
Nifty50 is currently 17,461.50 up 136.20 points or 0.79%. Nifty Bank is at 36,329.10, up 1.34%. Mid-cap Index is up 0.89%.
Tata Consumer, Bajaj Finserv, Bajaj Finance, Axis Bank, and Hero MotoCorp are the top gainers. ONGC, Hindalco, JSW Steel, Tata Steel, and Tech Mahindra are the top losers.
Nifty Auto and Banking & Financial Services lead the bullish trade while Nifty Metal stocks sink 2%.
Out of 50 stocks traded on the NSE, 39 advanced, and 11 declined. Read More

Advanced Enzyme spurts 4% as Nitin Deshmukh joins Board

Published on: 10:26 am

Advanced Enzyme Technologies Limited has appointed Mr. Nitin Jagannath Deshmukh as an Additional Director (Independent) effective from July 1, 2022, to hold office up to the date of the ensuing Annual General Meeting of the Company ("AGM") or the date up to which AGM shall be held, whichever is earlier.
However, his appointment is yet subject to the approval of the Members at the ensuing AGM. He shall hold office for a period of 5 years from the effective date of appointment.
He holds a postgraduate degree in Pharmacy from the University of Mumbai and a postgraduate degree in Management from the University of Mumbai. Read More

Ugro Capital skyrockets 8% on Rs 50 crore fundraise through allotment of NCDs

Published on: 10:10 am

Ugro Capital Limited on Tuesday has raised Rs50 crore through allotment of NCDs on a private placement basis.
“The Investment and Borrowing Committee of the Board of Directors of the Ugro Capital Limited on March 29, 2022 has allotted 500 rated, unlisted, senior, secured, redeemable, taxable, market linked, non-convertible debentures denominated in Indian Rupees, each having a face value of Rs10 lakh aggregating to Rs50 crore, at an issue price of Rs9.90 lakh debenture (i.e.1% discount on the face value) through private placement basis. Read more

Tiger Logistics wins 'Most Diversified Logistics Company of the Year'

Published on: 10:07 am

Tiger Logistics (India) Limited has announced that the Company has been conferred with the “Most Diversified Logistics Company of the Year” at the Northern India Multimodal Logistics Awards held on Friday, March 25, 2022 at Shangri-La's - Eros Hotel, New Delhi.
Commenting on this occasion Harpreet Singh Malhotra, CMD said, "We are proud of the recognition bestowed upon us. This is one more testimony of our services and commitment to our esteemed clients and various stakeholders. Read more

India-UAE CEPA will be operationalized on May 1: Piyush Goyal

Published on: 9:58 am

Union Minister of Commerce & Industry, Consumer Affairs and Food & Public Distribution and Textiles, Piyush Goyal has said the India-UAE CEPA will be operationalized on May 1, 2022. Addressing a Business-to-Business (B2B) Meet on India-UAE CEPA in Dubai on Monday, he said the historic deal sets the tone for new beginnings, extraordinary outcomes & a paradigm shift in our trade ties.
Goyal said India looks to UAE as a gateway to Africa, other GCC and Middle Eastern countries, CIS countries and some European countries. Read more

EPL Limited plans to form new wholly-owned subsidiary company in Brazil

Published on: 9:58 am

EPL Limited board in its meeting held on Tuesday has approved for incorporation of a wholly-owned subsidiary of the Company in Brazil.
The objective of the formation of a subsidiary in Brazil is to set up a greenfield project for the packaging tube business, which will help to leverage the growth opportunities in the attractive, fast-growing market and will also help the Company to become more agile and customer focused, company said in a regulatory filing. Read more

BEL locks Rs1,109 crore order from Ministry of Defence; stock jumps ~1%

Published on: 9:53 am

The Ministry of Defence (MoD), Government of India, and Bharat Electronics Limited (BEL), Hyderabad, a Navratna Defence PSU, signed a Contract for Instrumented Electronic Warfare Range (IEWR) for the Indian Air Force on Tuesday, March 29, 2022. The contract is a major step towards enhancing the capabilities of IAF to prepare for future warfare.
The overall contract is estimated to be worth Rs1,109 crore. Read more

Piyush Goyal inaugurates the Indian Jewellery Exposition Centre in Dubai

Published on: 9:47 am

Union Minister of Commerce & Industry, Consumer Affairs and Food & Public Distribution and Textiles, Piyush Goyal called upon the G&J Industry to triple their exports target from about $35 billion exports at present to go for a 100 Billion Dollar target worldwide,
Goyal said that Prime Minister Narendra Modi has always focused on the Gems and Jewellery sector and aims to make India the No. 1 in the world in the G&J sector of not only the Made in India but also Designed in India jewellery. Read more

Lumax Industries commences commercial production at new plant in Ahmedabad; Stock spurts ~4%

Published on: 9:45 am

Lumax Industries Limited has commenced its commercial production at its new manufacturing plant situated in Ahmedabad, Gujarat on March 29, 2022.
Earlier this month the company has shifted its entire operations (including all assets) of Manesar Plant to its Electronics Plant situated at Bawal, Haryana for operational efficiency. Read more