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31st Mar, 2022

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Valiant Communication receives orders of Rs15 crore from Tejas Networks

Published on: 4:15 pm

Valiant Communications has announced the receipt of orders for supply commissioning of its Communication, Protection and Automatic Ethernet Failover solutions from Tejas Networks Limited, a Tata Group company. The total value of the orders exceeds Rs15 crores for the State Electricity Boards of India of Karnataka, Telangana and Punjab.
Commenting on the above development, Inder Mohan Sood, CEO said, “Valiant is proud of being partner with Tejas Networks for these opportunities of supplying its Communication, Protection, Automatic Ethernet Failover and Cyber Security Suite solutions, manufactured and supplied under the ‘Make India’ and ‘Atmanirbhar Bharat’ initiatives of Hon’ble Prime Minister of India. Read more

3i Infotech bags orders worth Rs10.58 crore across industry verticals

Published on: 4:15 pm

3i Infotech Limited, a global Information Technology company, committed to accelerating business transformation, has announced that they have signed the Master Service Agreements (MSA) with the following new clients and the starting contract value is Rs10.58 crore.
The companies ranging from Retail, Financial Services, Edtech to SMEs in the Manufacturing sector include Vishal Mega Mart Private Limited, Dhani Loans and Services Limited (formerly India bulls Consumer Finance Limited), Amara Raja Batteries Ltd, Aavas Financiers Limited, Erulearning Solutions Private Limited and Rockman Industries Limited. Read more

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SJVN incorporates yholly-owned subsidiary company; stock ends flat

Published on: 4:00 pm

SJVN Limited has incorporated a Wholly-Owned Subsidiary Company named ‘SJVN Green Energy Limited’ vide certificate of incorporation dated March 30, 2022 issued by the Ministry of Corporate Affairs, Government of India.
“The wholly-owned subsidiary company shall carry out business in the field of Power Generation in particular Solar Parks/Projects, Wind Projects & Hybrid Projects including Battery Energy Storage System (BESS), assets creation in Wave, Biomass, Small Hydro (being RE) and Green Hydrogen based business ventures,” company said in a filing on Thursday. Read more

Markets snap three-day winning streak; Reliance Industries underperform

Published on: 3:55 pm

Equity benchmark indices snapped a three-day winning streak as March futures and option (F&O) contracts expired on the last day of the current fiscal year. Investors booked profits in recent outperforming index heavyweights like Reliance Industries, HDFC Bank, Infosys, Kotak Mahindra Bank and Larsen & Toubro as March futures and option contracts expired on the last day of the current fiscal year.
For the financial year 2021-22, the Sensex surged 18.3 per cent and the Nifty 50 index climbed 19 per cent.
The Sensex ended 115 points lower at 58,568 and the Nifty 50 index slipped 33 points to close at 17,465. However, midcap and smallcap shares finished on a strong note as Nifty Midcap 100 index rose 0.34 per cent lower and small-cap climbed 0.69 per cent. Read more

Sandur Manganese & Iron Ores gets environmental clearance from MOEFC

Published on: 3:50 pm

Sandur Manganese & Iron Ores Ltd has informed to the exchanges that the Ministry of Environment, Forest and Climate Change ('MOEFC'), Government of India, has granted Environmental Clearance ('EC') under EIA Notification 2006, to the Company's proposed change in plant configuration and product mix for the Metal & Ferroalloy plant situated at Vyasanakere, Hanumanahalli Village, Hosapete Taluk, Vijayanagar District, Karnataka on 30 March 2022.
After the announcement, Sandur Manganese & Iron Ores hits intraday high at Rs3,589 per piece on Sensex and ended ar Rs3500 per piece higher by 1.29% on Sensex. Read more

Karnataka Bank opens Digi Centre at Mangaluru

Published on: 3:45 pm

Karnataka Bank opened a state of the art Digi Centre at Manngaudda, Mangaluru. The Digi Centre was inaugurated by Gokuldas Pai, Chief Business Officer of the Bank. The Digi centre offers various services like opening of Savings Bank accounts, issuance of debit cards, Cash withdrawal, Cash deposit and in-principle sanction of retail loans through digital mode/ channels in a paperless, efficient, safe and secured environment.
Speaking on the occasion, Mahabaleshwara M S, Managing Director & CEO said "Digi Centre is the outcome of continuous and committed efforts of the Bank to make the customer on-boarding seamless, more user friendly and environmental friendly with effective application of digital solutions. With simple and efficient processes at the core, the turnaround time of SB account opening, debit card issuance and retail loan sanction is significantly optimized.” Read more

Chirag Shah resigns as PSP Projects board Director; Stock ends lower

Published on: 3:42 pm

Chirag N. Shah, Independent Director of PSP Projects Limited has resigned from the board of the Company from the close of business hours of March 31, 2022 due to his other professional and personal commitments.
Shah has also confirmed that there are no material reasons for his resignation other than those mentioned in his resignation, compared shared in his resignation letter.
“I would also like to confirm that there are no other material reasons other than the one mentioned above, for my resignation from the Board of the Company. Read more

Adani Road Transport bags order worth Rs2,008 crore from NHAI; stock gains ~1%

Published on: 3:40 pm

Adani Road Transport, a wholly-owned subsidiary of Adani Enterprises Limited has recently participated in the tender under Build-Operate-Transfer ("BOT") Toll mode invited by NHAI and has received a Letter of Award (LOA) for below mentioned Road Project in the State of Maharashtra.
The order received is of six laning of Kagal-Satara section of NH-48 (old NH-4) [Package - II from km 658.000 to km 725.000] in the State of Maharashtra to be executed on BOT Toll mode under Bharatmala Pariyojana.
With this project award, Adani's Road Portfolio will have a total of 14 projects with more than 5,000 lane km and asset value exceeding 41,000 Crore spread over 10 states in India i.e., Chhattisgarh, Telangana, Andhra Pradesh, Madhya Pradesh. Kerala, Gujarat, West Bengal, Odisha. Uttar Pradesh, and Maharashtra. The portfolio will have a mix of HAM (Hybrid Annuity Mode), TOT (Toll - Operate - Transfer) and BOT (Build -Operate -Transfer) type assets. Read more

SSWL further prepays long term debt of Rs25.86 crore; Stock ends 3.5% higher

Published on: 3:31 pm

Steel Strips Wheels Limited (SSWL) has further prepaid the long term debt of Rs25.86 crore thereby making the total prepayment of Rs122.89 crore till date and after this pre-payment along with normal repayments for the period, the company's Long term debt is reduced to Rs374.85 crore, said company.
Further, "With above pre-payments, we have over achieved our targeted financial leverage of sub 2 times on total debt (Long Term/Short Term). For FY 2023, we endeavor to achieve a financial leveraqe of sub 1.5 times on total debt", the company added in a regulatory filing on Thursday. Read more

CCS nods procurement of 15 Light Combat Helicopters Series Production from HAL for IAF (10) & IA

Published on: 3:24 pm

The Cabinet Committee on Security (CCS) met under the Chairmanship of Prime Minister Shri Narendra Modi on 30 March 2022 in New Delhi. The CCS has approved procurement of 15 Light Combat Helicopter (LCH) Limited Series Production at the cost of Rs3,887 crore along with Infrastructure sanctions worth Rs377 crore.
Light Combat Helicopter Limited Series Production (LSP) is an indigenously designed, developed and manufactured state of the art modern combat helicopter containing approx. 45% indigenous content by value which will progressively increase to more than 55% for SP Version. Read more

Hindustan Zinc joins vision of making India ‘Net Zero’; to invest Rs350 crore

Published on: 3:21 pm

In line with Prime Minister Narendra Modi's vision of making India 'Net Zero', Hindustan Zinc has joined the global movement of leading companies that are aligning their business to limit global temperature rise to 1.5°C above preindustrial levels and reach net-zero value chain emissions by no later than 2050. We have set an ambitious target for a 40% reduction in carbon footprint by 2030 and achieving Carbon Neutrality by 2050 by transitioning towards renewable energy.
Commenting on the development, Mr. Arun Misra, CEO said: "I am elated that we are marching ahead in our ESG roadmap for the development of renewable power supply upto 200 MW Hindustan Zinc stands committed to decarbonizing its operations and transition to production of Green Products of zinc and lead. We remain proactive towards investing in our climate change initiatives & thereby progress on our journey of net zero by 2050." Read more

Centre extended free import of Refined palm oils upto Dec 31, 2022

Published on: 3:20 pm

The Union Minister of State for Consumer Affairs, Food and Public Distribution, Sadhvi Niranjan Jyoti in a written reply to a question in Lok Sabha informed that the Government vide notification No. 46/2015-2020 dated 20th December 2021 has extended the free import of Refined Palm Oils under ITC HS 15119010, 15119020 and 15119090 for a period up to 31.12.2022.
It was also informed that 62.84 LMT of palm oil was imported from June 2021 to 14th March 2022. Read more

Accel acquires 26% stake in cyber security company 'Secure lnteli Technologies'

Published on: 3:18 pm

Accel Limited has announced that the company has acquired 26% stake in Secure lnteli technologies Pvt Ltd (formerly Biz Carta Technologies), a leading cyber security consulting and services company based in Bangalore with operations and customers in USA, Singapore, and Australia.
The board meeting held on Wednesday has taken on records the transaction. This strategic investment is in line with the company's stated objective of expanding its IT security services portfolio to offer end to end Cyber Security solutions to it's customers. The company will be setting up a Global Security Operations Centre in Thiruvananthapuram as part of it's expansion plan. Read more

Pralhad Joshi launches auction of 122 Coal/ Lignite mines including 18 new mines

Published on: 3:18 pm

Including 18 new coal mines, the Ministry of Coal has placed on offer 122 coal / lignite mines today under commercial auction of coal mines. Addressing the fifth tranche of auction launch, Union Minister of Coal, Mines & Parliamentary Affairs Shri Pralhad Joshi said that 42 coal mines have already been auctioned successfully so far. Along with ensuring energy security of the Nation this will provide employment opportunity to more than 1.17 lakh people, the Minister stated. The success of these auctions indicate that right steps are being taken by the Government to provide further momentum to the growth of Coal sector. Ministry of Coal is on the journey to reform the sector and unlock its potential, the Minister added. The recent reforms initiated in the coal sector will further strengthen the vision of Aatmnirbhar Bharat, Shri Joshi said. Read more

L&T Finance raises its first Rs200 crore Sustainability Linked Rupee Loan

Published on: 3:15 pm

L&T Finance (LTF), a wholly owned subsidiary of L&T Finance Holdings (LTFH) – one of the leading Non-Banking Financial Company (NBFC), secured its first Sustainability Linked Rupee Loan of Rs200 crore, from the Indian arm of the French multinational investment bank and financial services company – Societe Generale. This is the first rupee denominated Sustainability Linked Loan (SLL) for both Societe Generale and LTF.
For India, a sustainable future is contingent upon financial inclusion, and NBFCs like LTF have a crucial role to play in this mission. LTF is actively involved in helping Indian women get a sustainable livelihood and become self-reliant through lending and CSR initiatives. Read more

MSTC to divest entire stake in Ferro Scrap Nigam; stock jumps ~3%

Published on: 3:09 pm

MSTC Limited informed that the Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, Government of India has published an advertisement in prominent newspapers on March 31, 2022, inviting Global Expression of Interest (EOIs) from the Interest Bidders (IBs) for proposed strategic Disinvestment of entire equity shareholding in Ferro Scrap Nigam Limited (FSNL) - a 100% subsidiary of MSTC Ltd along with transfer of management control.
MSTC is a Ministry of Steel-owned, e-commerce operator involved in diversified e-comm services. Read more

Birla Cellulose signs LOI with Renewcell to supply high quality Liva Reviva textile fibers

Published on: 2:54 pm

Birla Cellulose, the pulp and fibre business of Grasim Industries Ltd., has signed a Letter of Intent with the Swedish textile-to-textile recycling innovator Renewcell, concerning a long-term commercial collaboration for manmade cellulosic fiber production.
The agreement underlines the two companies’ intent to work together to supply high-quality Liva Reviva textile fibers made using Circulose, and Renewcell’s 100% recycled textile raw material, to global fashion brands and the textile industry in the coming years.
The companies’ shared vision is to use 30,000 tonnes of Circulose per year. The agreement has been facilitated by Renewcell’s exclusive global trading partner, Ekman Group. Read more

Ashoka Buildcon gets LoA for NHAI road project; Stock under pressure

Published on: 2:48 pm

In continuation to the announcement made on March 29, 2022, Ashoka Buildcon Limited has further updated that the Company has received a Letter of Award (LOA) from 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 IS Border) on Hybrid Annuity Mode (HAM) under Bharatmala Pariyojana' (Project).
The accepted Bid Project Cost for the Project is Rs1,079 crore, said company. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

Indices trade lower as Pharma stocks drag; FMCG stocks surge.
BSE Sensex is 58,664.14 down 19.85 points or 0.03%.
Nifty50 is currently 17,484.60 down 13.65 points or 0.08%. Nifty Bank is at 36,406.85, up 0.20%. Mid-cap Index is up 0.36%. Read more

Rudrabhishek Enterprises bags JJM Project in Burdaman, West Bengal

Published on: 2:16 pm

Rudrabhishek Enterprises Limited has been appointed by the West Bengal PHE Directorate to prepare a Detailed Project Report (DPR) for the Piped Water Supply Scheme in Katwa Sub-Division of Purba Burdhaman District. This will cover seven schemes across 98 villages.
With the help of this project, the government foresees providing a safe and adequate water supply to people in the Katwa Sub-Division, thereby considerably improving their health and living conditions. The focus is on ensuring a regular supply of water of inadequate quality and prescribed quantity.
REPL will be responsible for preparing and designing Pipe Water Network System by carrying out the route survey using Differential Global Positioning System (DGPS). The company will also draw a layout plan of the water distribution and transmission network in the region. Read more

ICRA assigns A1+ rating on Astec LifeSciences’ Rs300 crore Commercial Paper programme; Stock trades

Published on: 2:05 pm

ICRA Limited on March 29, 2022, has assigned an ‘ICRA A1+’ rating to the enhanced Commercial Paper programme of Rs100 crore of Astec LifeSciences Limited.
The credit rating agency also reaffirmed its ‘ICRA A1+’ rating for the existing Rs200 crore Commercial Paper programme of the Company.
Considering the above, the credit rating assigned by ICRA Limited to the Company for its entire Commercial Paper programme of Rs300 is ‘ICRA A1+’ rating. Read more

Hindustan Aeronautics seals Rs3,887 crore order for 15 Light Combat Helicopter; stock climbs ~4%

Published on: 1:47 pm

Hindustan Aeronautics Limited informed that in a major boost to Atmanirbhar Bharat Mission, as per Press Information Bureau, CCS has approved the procurement of 15 Light Combat Helicopters (LCH) Limited Series Production (for Indian Air Force 10 and Indian Army 5) from the Company.
The company secured this order for an estimated cost of Rs3,887 crore along with infrastructure sanctions worth Rs377 crore. Read more

Ajanta Soya stock soars over 2% on completion of solar power project of 1300 KWP capacity

Published on: 1:42 pm

Ajanta Soya Ltd has completed its Solar Power Project of 1300 KWP capacity under captive consumption of power in the state of Rajasthan, situated at outside of village: Jhinjhinyali, Tehsil Fatehgarh, Distt., Jaisalmer and it is under commissioning as company has received office order from Jodhpur Vidyut Vitran Nigam Limited dated March 29, 2022 for its synchronization and commissioning for captive use, said company in a filing.
It further added, "this expansion Ajanta Soya Limited is progressing towards its commitment of sustainable growth of the company by using green energy to mitigate the impact of environmental pollution due to use of thermal power and also resulting in reduction in its energy cost thus company is growing with sustainability as per “Vision” of the Management." Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

BSE Sensex is 58,670.18 down 13.81 points or 0.02%.
Nifty50 is currently 17,502.30 up 4.05 points or 0.02%. Nifty Bank is at 36,464.20, up 0.36%. Mid-cap Index is up 0.37%.
M&M, JSW Steel, Britannia, Hero MotoCorp, and ITC are the top gainers. Hindalco, Divis Lab, Apollo Hospitals, Cipla and Reliance are the top losers. Read more

GAIL to buyback equity shares worth Rs1,083 crore; stock jumps ~1.5%

Published on: 1:19 pm

GAIL (India) Limited today approved a buyback of about 5.70 crore shares at Rs190 per share aggregating about Rs1,083 crore (excluding taxes). The buyback price of equity shares is at a 24% premium on the previous day's close price at NSE.
The decision was taken by the Company's Board of Directors at its meeting held today to consider the buyback of the fully paid-up equity shares of the Company. The Board approved the buyback of about 5.70 crore shares through a tender offer representing 2.50% of its paid-up capital and free reserves as of March 31, 2021.
“GAIL has been consistently rewarding its shareholders through regular dividends, issue of bonus shares, and also buyback of shares at a premium,” stated the company in its press release. Read more

Acuite upgrades credit rating of Sterling and Wilson Renewable Energy; Stock down 1%

Published on: 1:18 pm

Acuite Ratings and Research Limited has upgraded credit rating on commercial paper Rs200 crore of Sterling and Wilson Renewable Energy Limited to Acuite A1+.
At around 1.20 pm, Sterling & Wilson Renewable Energy Ltd was trading at Rs316.30 per share down by Rs3.4 or 1.06% from its previous closing of Rs319.70 per share on the BSE. Read more

B L Kashyap and Sons bags new projects worth Rs461.32 crore; Stock gains 4.5%

Published on: 1:02 pm

BL Kashyap & Sons Limited, one of the leading construction and civil engineering companies in the country continues to add more projects to the order books. The new projects require the company to carry out Civil and Structural work in cities Gurugram and Bangalore in the coming months, said company. Read more

Bharti Airtel and Tech Mahindra announce partnership to grow India’s digital economy; Stocks trade m

Published on: 1:00 pm

Bharti Airtel Limited, India’s premier communications solutions provider, and Tech Mahindra, a leading provider of digital transformation, consulting and business re-engineering services and solutions, today announced a strategic partnership to build and market innovative solutions for India’s digital economy by bringing together their core strengths.
Airtel and Tech Mahindra will co-develop and market 5G use cases in India. Airtel has been spearheading 5G demos and testing in India while Tech Mahindra has developed world-class 5G applications and platforms. Airtel and Tech Mahindra will set up a joint 5G innovation lab for developing Make in India use cases for the Indian and global markets. Read More

Birla Corporation begins clinker dispatch at Mukutban cement plant; stock skyrockets ~6%

Published on: 12:49 pm

Birla Corporation Limited informed that its wholly-owned subsidiary RCCPL Private Limited has started clinker dispatch from its Mukutban Integrated Cement Plant. The stated plant has an annual clinker capacity of 2.68 million tons and a cement grinding capacity of 3.9 million tons. Whilst the captive thermal power plant has a generation capacity of 40 MW.
The company has dispatched the clinker to its nearest grinding unit at Butibori, Maharashtra. Birla Corp’s MD & CEO flagged off the maiden consignment of clinker laden truck.
The Mukutban plant takes into consideration energy-efficient equipment, right from the limestone crusher up to grinding and packaging. Project safety and quality of construction had been given the highest priority. Read More

Cosmo Films announces CPP film expansion; stock zooms 3%

Published on: 12:46 pm

Cosmo Films Limited announced expansion by setting up a CPP film production line at Aurangabad with annual rated capacity of 25,000 MT.
Commenting on the CPP line project Mr. Pankaj Poddar, CEO, Cosmo Films Ltd said, “Worldwide significant focus is being given on recyclability & sustainability of packing films. Monolayer structure of CPP and BOPP is most preferred structure to address sustainability requirements. With current CPP capacity running close to 100% utilization, the Company planned capacity expansion with the world’s largest width line and lowest cost of production.” Read more

ICRA: Upward pressure on cost of power supply for the discoms, given the modest increase expected in

Published on: 12:44 pm

The Ministry of Power (MoP) has issued an advisory on March 26, 2022 highlighting a) domestic coal supply availability to power sector to be done in proportionate basis of the coal received from Coal India Limited / Singareni Collieries Company Limited (SCCL), b) direction to maximize the captive coal production within the permitted levels & c) initiatives to promote the use of renewable energy so as to bring down coal dependency.
Earlier in December 2021, the MoP also advised state power generation companies (GENCOs) and independent power producers (IPPs) to meet their coal requirements through blending of imported coal to the extent of 4%. The improvement in the average coal stock level for the thermal generation capacity on all India basis continues to remain slow as seen from the stock position of 9 days as on March 28, 2022 against 9 days as on November 30, 2021 which recovered from lowest level of 4 days as of September 30, 2021, against the normative requirement level of 24 days. Read more

CSB Bank opens Uppada branch in Andhra Pradesh

Published on: 12:43 pm

CSB Bank has opened Uppada Branch, East Godavari District, Andhra Pradesh on March 30, 2022. The Bank has opened 100 branches each in two consecutive financial years (FY21 and FY22), which is in line with the branch expansion plan of the Bank.
The bank had opened a new branch at Mongam, Malappuram District, Kerala as the 600th Branch on March 25, 2022. Read more

Dishman Carbogen Amcis-led CARBOGEN AMCIS entities appoint Pascal Villemagne as new Chief Executive

Published on: 12:43 pm

Switzerland-based CARBOGEN AMCIS, a pharmaceutical process development and Active Pharmaceutical Ingredient (API) manufacturing company has announced that Pascal Villemagne has been named Chief Executive Officer, effective first of April, 2022.
In his new role, Pascal Villemagne will be leading CARBOGEN AMCIS and its nine sites around the world. He will report to Arpit Vyas, Global Managing Director of Dishman Carbogen Amcis Ltd., CARBOGEN AMCIS’ parent company. Villemagne, who has served as Vice President of Sales and Marketing for CARBOGEN AMCIS for the past 11 years, replaces Mark Griffiths who announced his decision to retire. Read more

Mahindra & Mahindra to increase stake in ReNew Sunlight Energy to 37.2%; Stock soars ~2%

Published on: 12:33 pm

Mahindra & Mahindra Limited updated the exchanges that, the Company, ReNew Sunlight Energy Private Limited (RSEPL) and ReNew Green Energy Solutions Private Limited (RGESPL) have on March 30, 2022 entered into a Supplemental Share Subscription and Shareholders’ Agreement (‘Supplemental SSSSHA’).
Pursuant to the Supplemental SSSSHA and owing to the availability of a higher debt financing to RSEPL, the Company’s percentage shareholding in the Equity Share Capital of RSEPL would increase from the existing 31.2% to 37.2%. There would be no change in the total number of Equity Shares of RSEPL agreed to be subscribed by the Company. Read More

Market pulse at 12:30 PM today

Published on: 12:30 pm

Benchmark market indices remain flat; FMCG, Auto, Oil & Gas stocks edge higher.
BSE Sensex is 58,676.40 down 7.59 points or 0.01%.
Nifty50 is currently 17,481.55 down 16.70 points or 0.1%. Nifty Bank is at 36,407.60, up 0.20%. Mid-cap Index is up 0.35%.
M&M, JSW Steel, Britannia, Tata Consumer, and ONGC are the top gainers. Hindalco, Divis Lab, Apollo Hospitals, Reliance and Cipla are the top losers.
Nifty FMCG, Auto, and Oil & Gas stocks remain bullish while Nifty Pharma stocks remain bearish.
Out of 50 stocks traded on the NSE, 27 advanced and 23 declined. Read more

Route Mobile sets up a dedicated SBU for short codes/10 DLC/toll free messaging; Stock gains over 1%

Published on: 12:03 pm

Route Mobile Limited, one of the leading CPaaS (Communication Platform as a Service) providers to enterprises, over-the-top (OTT) players, and mobile network operators, announced that it has set-up a dedicated Strategic Business Unit (SBU) for short codes/10 DLC / toll-free messaging and intends to scale it globally for P2A messaging.
Further, Route Mobile intends to offer the short codes/ 10 DLC/ toll free messaging numbers for enabling voice communication as well. In this regard, Route Mobile has offered the unique toll-free number range 55757-XXX allowing configuration of numbers starting from 55757000 to 55757999-digit code to enterprises/brands and OTTs. Read more

CRISIL assigns ‘A1+’ rating to bank’s certificate of deposits worth Rs10,000 crore

Published on: 11:57 am

Indian Bank Limited informed that CRISIL Ratings Limited vide their letter dated March 30, 2022, has assigned a fresh rating of CRISIL A1+ to the Bank's proposed additional Certificate of Deposits of Rs10,000 crore (Total Rs25,000 crore).
Further, they have also re-affirmed their outstanding rating on the Bank's outstanding/ proposed Basel III AT 1 Perpetual Bonds, Basel ill Tier 2 Bonds, and Certificate of Deposits.
The rating agency has assigned ‘CRISIL AA+’ rating to Basel III AT 1 Perpetual Bond, and ‘CRISIL AAA’ to Basel III Tier 2 Bonds. It has given a stable outlook for all the debt instruments of the company. Read more

Axis Bank to acquire Citibank’s consumer businesses in India

Published on: 11:55 am

Axis Bank and Citibank on Wednesday have announced that their respective Boards of Directors have approved the acquisition of Citibank’s consumer businesses in India by Axis Bank. The acquisition is subject to customary closing conditions, including receipt of regulatory approvals.
The Bank will pay a consideration up to Rs12,325 crore to Citibank for the acquisition. The Bank’s large loan book would be complemented by Citibank’s affluent customer segment, creating product and branch footprint synergies. Read More

Apollo Tyres stock surges 2% after clarifying on reports of CCI investigation

Published on: 11:53 am

Apollo Tyres Ltd stock gains nearly 2% on Thursday after releasing the statement clarifying regarding CCI inspection.
In a statement the company said, "This is in reference to the visit of officials from Competition Commission of India (CCI) to our premises dated March 30, 2022, we would like to place on record our official statement on the same."
“We are fully cooperating with the anti-trust regulator’s investigation and have provided all the details required. We are of the firm view that we have acted and will continue to act in compliance with the competition laws." Read More

Nifty FMCG stocks edge higher amid volatile markets; Marico, Procter & Gamble, Godrej Consumer l

Published on: 11:50 am

Nifty FMCG stocks edged higher on Thursday tracking mixed global cues. Marico, Procter & Gamble and Godrej Consumer led the gains while Dabur, Britannia, Tata Consumer and Hindustan Unilever also helped the index go up through substantial gains.
The Indian equity benchmarks traded marginally higher on Thursday amid a sharp drop in crude oil rates. Asian stocks eased tracking an overnight Wall Street stumble.In the last three sessions on positive peace talks between the Russians and the Ukrainians. However, the Thursday session could see some volatility as the optimism about the peace talks fizzle out after reports of Kremlin bombing the outskirts of Kyiv, soon after promising to de-escalate. Investors are also worried about the hawkish stance of the US Fed, which could curb the economic growth. Read More

ICRA : Near-term challenges persist amid supply-chain issues and commodity inflation

Published on: 11:39 am

ICRA expects a 13-15% revenue growth in FY2022 for the Indian auto component industry, driven by domestic OEM, replacement, export volumes and pass-through of commodity prices. The healthy volume growth would, however, come on a low base of FY2021. For FY2023, revenues are likely to expand by 8-10% supported by easing of supply-chain issues and commodity inflation in H2 FY2023. Over the long term, premiumization of vehicles and focus on localisation will translate into healthy growth for auto component suppliers.
As per the recent report published by ICRA on Auto Components industry, Ms. Vinutaa S, Assistant Vice President & Sector Head – Corporate Ratings, ICRA Limited, says, “Demand for auto components stems from domestic OEMs, replacement and exports. Domestic OEM demand has remained a mixed bag across segments in FY2022, with slowdown in 2Ws and semiconductor shortage dragging down overall production volumes. Exports have remained a bright spot in the Indian auto component story, partly aided by the China+1 strategy. This is despite supply chain issues." Read More

Info Edge (India)-led Allcheckdeals invests Rs137.12 crore in 4B Networks

Published on: 11:38 am

Allcheckdeals India Pvt. Ltd. ("ACD"), a wholly-owned subsidiary of Info Edge India Ltd has invested an amount of about Rs137.12 crore., in 4B Networks Private Limited.
4B is engaged in the business of enabling real estate developers and brokers to communicate with each other and conduct their business via the Broker Network Platform. It helps Brokers conduct site visits and provide home loan related services to their clients.
In a regulatory filing, the company said, "The investment would help ACD to strengthen its offering in the real estate segment by providing a new platform to real estate industry professionals to conduct their business efficiently through the majority held in 4B post this investment." Read more

Bharat Forge adds 1% ahead of fundraising plan on April 2

Published on: 11:32 am

Bharat Forge Limited’s counter opened at a higher note on Thursday in the late morning trade and added nearly 1% so far following the company’s announcement to consider a strategic fundraising plan.
It jumped to a high of Rs712.65 so far in the day and is currently trading at Rs706.90 on National Stock Exchange.
Bharat Forge informed that in pursuance of the delegation of the Board of Directors in its meeting held on February 10, 2022, a meeting of the Investment Committee - Strategic Business of the Company, is scheduled to be held on Saturday, April 02, 2022, to seek approval for raising funds either through term loan, non-convertible debentures or any other instruments as may be appropriate. Read more

Market pulse at 11:30 AM today

Published on: 11:30 am

Indices trade flat amid subdued trade on Thursday.
BSE Sensex is 58,703.06 up 19.07 points or 0.03%.
Nifty50 is currently 17,509.75 up 11.50 points or 0.07%. Nifty Bank is at 36,463.70, up 0.36%. Mid-cap Index is up 0.58%.
M&M, JSW Steel, Adani Ports, Hero MototCorp and Britannia are the top gainers. Hindalco, Apollo Hospitals, Divis Lab, Cipla and UPL are the top losers.
Nifty FMCG, and Oil & Gas stocks remain bullish while Nifty Pharma stocks remain bearish.
Out of 50 stocks traded on the NSE, 28 advanced and 22 declined. Read more

PGInvIT enters into a Rs700Cr facility with HDFC Bank; stock adds ~1%

Published on: 11:21 am

Powergrid Infrastructure Investment Trust (PGInvIT) has informed that its investment manager Powergrid Unchahar Transmission Limited (PUTL) has entered into a facility agreement for Rs700 crore with HDFC Bank Limited on March 29, 2022, for part financing of the funding requirements towards acquisitions being made by PGInvIT.
Powergrid Infra Investment Trust is an irrevocable trust set up pursuant to the Trust Deed as per the provisions of the Indian Trusts Act, 1882.
Powergrid Unchahar Transmission Limited has been appointed as the Investment Manager of the Trust. Read more

Hariom Pipe Industries’ IPO subscribed 67% on Day 1; Retail portion fully subscribed

Published on: 11:14 am

The Initial Public Offering (IPO) of Hariom Pipe Industries Limited ("Company") has received bids of 56,67,536 shares against the offered 85,00,000 equity shares, at a price band of Rs144-153, according to the data available on the BSE website. Overall the issue was subscribed 67% on the first day of bidding.
Retail investors showed interest in the IPO as the portion set aside for them was subscribed 1.88 times. The reserved portion of non-institutional investors witnessed a subscription of 0.03 times. Qualified institutional investors are yet to bid for subscriptions.
The public issue comprises issue of up to 85,00,000 Equity Shares of the Company. The proceeds from the issue worth Rs50.05 crore will be used for funding capital expenditure requirements; Rs40 crore will be used for funding working capital requirements and remaining for general corporate purpose. Read more

Tata Steel acquires 0.01% NCRPS of Tata Steel Long Products for Rs11,700 crore

Published on: 11:12 am

Tata Steel Limited has on March 30, 2022, acquired 117 crore – 0.01% Non-Convertible Redeemable Preference Shares (‘NCRPS’) of face value Rs100/- each of Tata Steel Long Products Limited (TSLP), aggregating to Rs11,700 crore (Tranche 2) on private placement basis.
At present, Tata Steel Limited holds 3,37,86,521 equity shares of face value of Rs10 each aggregating to 74.91% of the equity share capital of TSLP and 10 crore NCRPS representing 100% of the preference share capital of TSLP.
With the above-mentioned acquisition, Tata Steel Limited will hold an aggregate of 127 crore – 0.01% NCRPS of Rs12,700 crore, representing 100% of the preference share capital of TSLP. The voting rights of Tata Steel Limited as a preference shareholder of TSLP will be as per the provisions of the Companies Act, 2013 read with the Articles of Association of TSLP. Read more

JTL Infra commissions enhanced production capacity of 1 lakh MTPA at Raigad plant

Published on: 11:10 am

JTL Infra Ltd has successfully commissioned another 1 lakh MTPA capacity at its Mangaon, Raigad plant within envisaged cost and time frame on Wednesday. According to the filing the further details are as follows:
Capacity:
Capacity of the Mangaon Plant
Existing : 1 Lac MTPA with sizes varies 15 MM NB to 80 MM NB
Enhanced: 2 Lac MTPA with sizes varies from 15 MM NB to 250 MM NB
The commercial production of the new line has commenced from March 30, 2022. Read More

Godrej Properties to develop a 9-acre project in Pune

Published on: 11:01 am

Godrej Properties Ltd. (GPL), one of India’s leading real estate developers, on Wednesday announced that it has acquired a 9 acres land parcel in the residential micro-market of Pimpri-Chinchwad in Pune. The development will primarily be for a group housing project.
Pimpri-Chinchwad is one of the established residential locations in Pune and has excellent connectivity to all major social and commercial hubs of Pune city.
Mohit Malhotra, MD & CEO, Godrej Properties, said, "Pimpri Chinchwad is an important micromarket in Pune and we are happy to add this land parcel to our portfolio. This will further expand our presence in Pune and fits with our strategy of deepening our presence in key micro markets across India's leading cities.” Read more

Bulk deals: From RBL Bank to Orient Green Power

Published on: 10:57 am

According to the bulk deal data released on Wednesday, Integrated Core Strategies (Asia) Pte Ltd bought 40,36,189 equity shares in RBL Bank via open market transactions, at an average price of Rs129.37 per share. However, Nippon India Mutual Fund sold 51,02,574 equity shares in the bank at an average price of Rs129.03 per share.
Janati Bio Power sold 50 lakh equity shares in Orient Green Power Company via open market transactions, at an average price of Rs12.55 per share. Read More