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01st Apr, 2022

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ATF price hiked due to surge in global energy prices

Published on: 4:53 pm

Aviation turbine fuel (ATF) price on Friday was hiked by Rs2,258.54 per kilolitre, or 2 per cent, to Rs1,12,924.83 per kl in the national capital, according to a price notification by state-owned fuel retailers said.
Jet fuel prices were hiked by 2 per cent - the seventh straight increase this year - to an all-time high, reflecting a surge in global energy prices. Read more

Zydus’ ZyCoV-D phase III data published by the Lancet; stock ends ~2 higher

Published on: 4:14 pm

Zydus Lifesciences, a global discovery-driven life sciences company, today announced that The Lancet (a reputed and well-known medical journal) has peer-reviewed and published the safety and efficacy analysis data from Phase III clinical trial of its Plasmid DNA COVID-19 vaccine ZyCoV-D.
ZyCoV-D is an intradermal vaccine administered using a needle-free applicator, available in three doses. The plug-and-play technology of the vaccine makes it efficient to adapt to the rapidly mutating SARS COV-2 virus. The EClinical Medicine Journal of The Lancet has already published the results of the Phase I part of Phase I/II clinical trial.
Speaking on the development, Dr. Sharvil Patel, Managing Director, Zydus Lifesciences Ltd. said “We are delighted that the outcomes of the Phase III trial of ZyCoV-D have been peer-reviewed and published in The Lancet. This vouches for compliance with the global best practices and stringent peer review parameters of clinical trials.” Read more

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Adani Wilmar hits fresh lifetime high; stock ends 5% higher

Published on: 4:09 pm

Shares of Adani Wilmar (AWL) hit a new lifetime high on the BSE on Friday. The stock was locked at a 5 per cent upper circuit at Rs543.35 on the BSE.
Today during the morning trading session, a combined 13.32 million equity shares had changed hands and there are pending buy orders for around 7 lakh shares on the NSE and BSE.
In the past one week, the stock has surged 30 per cent as compared to a 2.3 per cent rise in the S&P BSE Sensex and it has zoomed 136 per cent from its issue price of Rs230 per share. Read more

VST Tillers reports 16.32% yoy growth in sales volume in current fiscal; stock ends lower

Published on: 3:58 pm

VST Tillers Tractors Limited has reported a marginal growth during March 2022 in its sales volume. It has reported power tillers sales of 31,776 units during the current financial year, as compared to 27,318 units in the financial year ended March 2021, registering a growth of 16.32% yoy.
Power tiller sales for March 2022 stood at 3,093 units, up by 1.21% yoy as compared to 3,056 units in March 2021. The company’s tractor sales witnessed a decline of 6.57% yoy at 683 units for March 2022 as against 731 units for March 2022.
Tractor sales for the current financial year stood at 7,991 units as compared to 8,835 units in the financial year ended March 2021, down by 9.55% yoy. Read more

Fantastic Friday! Nifty settles above 17,680; Sensex ends above 59,200 levels, climbs over 700 pts;

Published on: 3:51 pm

Equity benchmarks closed higher on the first day of the financial year 2023 starting today amid a surge in banking and power companies' stocks. The stock markets returned to the green zone as benchmarks edged higher in the afternoon trade after opening on a weak note on Friday.
The 30-share BSE Sensex zoomed 708 points or 1.21 per cent to close at 59,277, while the broader NSE Nifty moved 206 points or 1.18 per cent higher to settle at 17,670.
Mid- and small-cap shares finished on a strong note as Nifty Midcap 100 index rose 1.49 per cent lower and small-cap gained 1.68 per cent. Read more

Bharat Electronics achieves turnover of Rs15,000 crore during FY2021-22

Published on: 3:48 pm

Navratna Defence PSU Bharat Electronics Limited (BEL) has achieved a turnover of about Rs15000 crore (Provisional & Unaudited), during the Financial Year 2021-22, against the previous year's turnover of Rs13,818 crore, despite challenges posed by the COVID-19 pandemic and global semiconductors shortage.
BEL,s Order Book as on April 1, 2022, is around Rs57000 crore. In the year 2021-22, BEL secured significant orders worth (approx.) Rs18000 crore. Some of the major orders acquired during the year were Avionics Pack for Light Combat Aircraft (LCA), Advanced Electronic Warfare Suite for Fighter Aircraft, Instrumented Electronic Warfare Range (IEWR), Electronic Voting Machine (EVM) & Voter Verifiable Paper Audit Trail (WPAT), Cdr TI- T90 Tank, COMINT System, Radar Warning Receiver (RWR) & Missile Approach Warning System (MAWS) for C-295 Programme, Electronic Gun, IoT Gateway, etc. Read more

ICRA assigns ICRA BBB- (Stable) to NCD and OCD of Kesoram Industries; Stock ends 4% higher

Published on: 3:45 pm

ICRA has assigned the long-term rating ICRA BBB- (Stable) to Non-Convertible Debentures (NCD) and Optionally Convertible Debentures (OCD) of Kesoram Industries Limited.
The rating on Non-Convertible Debentures (NCD) Rs1549 crore has been assigned at ICRA BBB- (Stable). For Optionally Convertible Debentures (OCD) Rs167 crore, ICRA BBB- (Stable) rating has been assigned. Read more

To help India become a $5 trillion economy by 2025: Satoshi Suzuki, Ambassador of Japan to India

Published on: 3:43 pm

Delivering the keynote address during the ICRIER webinar on “India-Japan Partnership towards Resilient Supply Chains”, H.E. Satoshi Suzuki, Ambassador of Japan to India stated that Japan and India have always achieved economic prosperity together on the back of strong supply chains.
Japan has invested a 3.5 trillion yen in the last five years and going by the success of this investment, Japan has decided to set a more ambitious target of 5 trillion yen. He also stated that this new target, combined with the Production Linked Incentive (PLI) schemes of the Government of India, will help fully realize the "Make in India" initiative and facilitate the nation's journey to become a 5 trillion dollars economy by 2025. Read more

Maruti Suzuki hits highest-ever exports milestone in FY2021-22; stock gains ~1.5%

Published on: 3:40 pm

Maruti Suzuki India Limited reported an export of 2,38,376 units in FY2021-22, being the highest in any financial year. The company has exported 26,496 units during March 2022, clocking to the highest monthly exports. This reflects Maruti’s commitment to the government’s Make-in-India initiative.
“Today is an auspicious day for me as I take up the responsibility of MD & CEO, Maruti Suzuki, that coincides with the achievement of this historic highest ever exports. This export milestone reflects the dedication and hard work of the team Maruti Suzuki led by Mr. Kenichi Ayukawa, in whose position I’m stepping up. These export numbers demonstrate India’s manufacturing potential and the acceptance of India-manufactured vehicles, all over the world,” commented Managing Director & CEO, Mr. Hisashi Takeuchi. Read more

Bosch acquires 14% stake in Bengaluru-based Zeliot Connected Services

Published on: 3:33 pm

Bosch Limited, a leading provider of technology and services in the mobility ecosystem, has acquired a minority stake of 14 per cent in Zeliot Connected Services Private Limited, a Bengaluru-based B2B start-up.
This investment will enhance Bosch Limited's role in the mobility landscape through offerings on digital platforms in the personalized and connected mobility, said company.
As the automotive industry undergoes rapid technology transformation, Bosch has been working extensively in the connected mobility environment and is creating a digital mobility ecosystem that has safety and sustainability at its core. Bosch Limited has been consciously foraying into new business models, which is reflected through its recent acquisitions and the launch of Mobility Could Platform and Mobility Marketplace, a platform to transact digital assets. Read more

Trent Chairman Noel Tata unveils Westside’s 200th Store in Borivali

Published on: 3:25 pm

Westside, one of the leading fashion brands in the country, today, announced the opening of its 200th store, setting a benchmark in its offerings to customers. With this, the brand has reached a milestone today as it continues expansion across the country and also in Mumbai. This is the second store in the Borivali suburb.
Inaugurated by Trent Chairman Noel Tata, this over 28000 sq. ft. store is located at Utopia Garden Grove mall, Chikoowadi, Borivali West. It showcases a well laid-out, clutter free and comprehensive range of the latest collections along with Trent’s other marquee brands - ‘Zudio’ and ‘Star Bazaar’ thereby, promising a wholesome retail experience to its customers. Read more

NCC’s stock spurts ~11% on bagging order worth Rs323.65 crore in March 2022

Published on: 3:22 pm

NCC Limited's counter jumped about 10% so far in today’s trade as the construction player announced winning a prestigious order.
NCC informed in its press release that it has received one new order worth Rs323.65 crore (exclusive of GST) in the month of March 2022. This order is procured by the building arm of the company.
The company has received this order from a State Government agency and does not include any internal order. Read more

Asian Paints to invest Rs19 crore for 51% stake in Weatherseal Fenestration; Stock up 1%

Published on: 3:08 pm

Asian Paints Limited has, today, entered into the Shareholders Agreement and Share Subscription Agreement with the promoters of Weatherseal Fenestration Private Limited, Harish Munireddy and Pratibha SB and Weatherseal Fenestration, for, inter alia, infusion of Rs19 crores (approx.) for 51% stake by subscription to equity share capital of Weatherseal Fenestration, subject to customary closing adjustments and conditions precedent.
At around 3.10 pm, Asian Paints Ltd was trading at Rs3,115 per piece up by Rs33.25 or 1.08% from its previous closing of Rs3,081.75 per piece on the BSE.
In accordance with the Shareholders Agreement and the Share Subscription Agreement, the Company has agreed to acquire further stake of 23.9% in Weatherseal Fenestration from its promoter shareholders, in a staggered manner, over the next 3 years’ period. Read more

Hindustan Aeronautics records highest ever revenue of over Rs24,000 crore in FY22; Stock surges 2%

Published on: 2:53 pm

Hindustan Aeronautics Ltd (HAL) has recorded highest ever revenue of over Rs24,000 crore (provisional and unaudited) for the financial year ended on March 31, 2022 registering a 6% revenue growth over the previous financial year. The corresponding figure for the previous year stood at Rs22,755 crore.
"Despite the challenges of the second wave of Covid-19 during the first quarter of the year and the consequent production loss, the Company could meet the targeted revenue growth with improved performance during the balance period of the year", said Mr. R. Madhavan, CMD, HAL. Read more

Vikram Thermo skyrockets ~16% as board approves bonus issue

Published on: 2:48 pm

Vikram Thermo’s counter gained as much as 16% in today’s trade touching a high of Rs233 following the company’s announcement to issue bonus shares to the shareholders.
The company has approved the issue of bonus shares in the ratio of 4 bonus shares for every one equity share held by the shareholders in the company, subject to necessary approvals from various authorities and shareholders.
The company will issue 2,50,86,280 equity shares of Rs10 each amounting to Rs25.09 crore. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

Indices are at day’s high; Sensex touches 58,900, Nifty nears 17,600.
BSE Sensex is 58,967.93 up 399.42 points or 0.68%.
Nifty50 is currently 17,581.85 up 117.10 points or 0.67%. Nifty Bank is at 37,103.70 up 2.01%. Mid-cap Index is up 1.01%. Read more

Retail Loans: Delayed impact expected from geopolitical stress - Ind-Ra

Published on: 2:29 pm

India Ratings and Research (Ind-Ra) believes that the ongoing conflict between Russia and Ukraine may affect the securitization pool performance with a lag and the impact will be varied across asset classes. With the fuel price increases percolating down to retail pumps in March 2022, the agency believes the impact on the economy and households will start playing out in 1HFY23 and such an impact may get deeper if such geopolitical situation continues for a long duration or if the intensity aggravates.
Ind-Ra in its FY23 Structured Finance Outlook report, published in February 2022, had highlighted indicators to watch including interest rates and international fuel prices, among others. Given the current geopolitical tension, these highlighted risks have gained more significance. The direct effects of geopolitical conflict have pushed up the commodity prices, freight and transportation costs higher, affecting the purchasing power of households and profit margins of small businesses. Read more

ONGC to add eighth Basin on production; stock up ~1%

Published on: 2:29 pm

Oil and Natural Gas Corporation Limited (ONGC) is all set to commercialize another Basin – the Vindhyan Basin. This will be the ninth producing Basin in India, and the eighth by the company. This is followed by the country’s eighth Basin – Bengal Basin – in December 2020.
Exploratory well Hatta#3, established in the Son valley sector of Madhya Pradesh, was drilled to establish the commercial potential through detailed testing to acquire reservoir-specific data. The well produced over 62,044 cubic meters/day of gas, thus confirming the production potential of the Proterozoic Basin for the first time in India.
The testing activities were supervised by R K Srivastava, Director (Exploration) of ONGC on March 29, 2022. Read more

Reserve Bank's MPC first meeting scheduled for April 6-8

Published on: 2:23 pm

The Reserve Bank of India (RBI) will start its first bi-monthly monetary policy of 2022-23 on April 6-8, and next will be held during June 6-8.
According to the schedule released by the RBI on Wednesday, the first bi-monthly monetary policy of 2022-23 is scheduled for April 6-8, and the next will be held during June 6-8.
The Reserve Bank's Monetary Policy Committee (MPC) will meet six times during the next financial year. Read more

ICRA assigns credit rating Rs46.32 crore of Remsons Industries bank facilities; Stock climbs 2.5%

Published on: 2:08 pm

ICRA Limited has assigned the credit rating for Rs46.32 crore of Remsons Industries Limited bank facilities. The long-term rating has been assigned at (ICRA) BBB-. Outlook on the long term rating is ‘Stable’. The short-term rating has been assigned at ICRA A3.
“The Rating Committee of ICRA, after due consideration, has reaffirmed the long-term rating at ICRA BBB- and the short-term rating of ICRA A3 assigned earlier for the bank facilities of your company and also assigned a long term and short term rating of ICRA BBB- and the short-term rating of ICRA A3 to the enhanced bank loan facilities of your company. The Outlook on the long-term rating is Stable. Read more

Britannia plans to raise prices by up to 7% this year: Reports

Published on: 1:50 pm

India’s biggest cookie manufacturer Britannia Industries Ltd. is planning to hike prices by as much as 7% this year, as per media reports. The company said every raw material it uses for its products looks inflationary and the company now plans to "frontload" price increases this year, the media reports added.
Managing Director of Britannia, Varun Berry, said in a media interview, “I’ve never seen two years which are as bad. Our first assumption was a 3% inflation this year, which obviously went wrong by a very big margin because of Mr Putin. Unfortunately, it’s (inflation) turning out to be more like 8-9%.”
During March, several daily items including milk, coffee powder, Maggi, tea have become costlier, with this Britannia biscuit will join in the list soon after it announces a price hike. Read more

Gokaldas Exports expects temporary disruption on business amid recent surge of Covid-19 cases in Chi

Published on: 1:46 pm

Gokaldas Exports Ltd has informed that consequent to the sudden surge of COVID-19 cases in Shanghai and other centres in China, the authorities have imposed stringent pandemic restrictions. In general, this has caused backlog of shipping containers and repercussions have adversely impacted the global supply chains across companies, said company.
Further, in a regulatory filing the company said, "This may cause delays in receipt of key raw material components required for the company's production. While the company assumes the disruption to be temporary, the extent of lockdown and its impact is presently unknown. Read More

Escorts Agri logs sale of 10,074 units in March 2022; reports drop of 18% yoy

Published on: 1:34 pm

Escorts Agri Machinery (EAM), Escorts Limited's significant segment, reported sales of 10,074 tractors in March 2022 as compared to 12,337 tractors sold in March 2021, a drop of 18.3% yoy.
The company reported domestic tractor sales of 9,483 tractors in March 2022 as compared to 11,730 tractors in March 2021, a decline of 19.2% yoy.
Due to the high base of last year and subdued commercial demand, the tractor industry wholesales continued to witness downfall in March 2022. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

BSE Sensex is 58,921.24 up 352.73 points or 0.60%.
Nifty50 is currently 17,554.75 up 90.00 points or 0.52%. Nifty Bank is at 36,976.70 up 1.66%. Mid-cap Index is up 0.77%.
NTPC, BPCL, Power Grid, IndusInd Bank, and State Bank of India are the top gainers. Hero MotoCorp, Tech Mahindra, SBI Life, Divis Lab, and Apollo Hospitals are the top losers. Read more

Fiscal Deficit for April-February 2022 at 82.7% of revised Budget estimates

Published on: 1:13 pm

According to government data released on Thursday, the Centre's fiscal deficit at the end of February stood at 82.7% of the full-year budget target, mainly on account of higher expenditure. The government expects the fiscal deficit to be at 6.9% of the GDP or Rs 15.91 lakh crore in the current financial year ending March 31, 2022.
In the last financial year, the fiscal deficit or gap between the expenditure and revenue was 76% of the Revised Estimate (RE) of 2020-21. Read more

Welspun Enterprises stock zooms 6% on receiving provisional certificate for commercial operation of

Published on: 1:05 pm

Welspun Enterprises Ltd has informed the receipt of the Provisional Certificate for Commercial Operation (“PCOD”) effective March 31, 2022, from National Highways Authority of India (“NHAI”) for a length of 53.763 km (77.96%) out of total project length of 68.960 km, in respect of 8- laning of section of NH-1 (New NH-44) from Mukarba Chowk to Panipat on BOT (Toll) Basis.
With this, Welspun Infrafacility Private Limited (“SPV”), a wholly-owned subsidiary of the Company is entitled to collect toll on this BOT (Toll) Project. Read More

Union Bank’s stock climbs ~3.5% on completion of divestment of 21% stake in IFLIC

Published on: 1:05 pm

Union Bank’s counter added nearly 3.5% in today’s trade as the bank completed the divestment of its stake in IndiaFirst Life Insurance (IFLIC).
Earlier in February 2022, the bank informed investors of its consideration of the sale of a 21% stake in IndiaFirst Life Insurance Company for a consideration of Rs766.30 crore. The company decided to shed off 13,93,26,923 shares at Rs55 per share.
This divestment was in terms of the directives of IRDAI to bring down the Bank’s stake in IFLIC below 10%. Read more

Welspun Enterprises stock zooms 6% on receiving provisional certificate for commercial operation of

Published on: 1:05 pm

Welspun Enterprises Ltd has informed the receipt of the Provisional Certificate for Commercial Operation (“PCOD”) effective March 31, 2022, from National Highways Authority of India (“NHAI”) for a length of 53.763 km (77.96%) out of total project length of 68.960 km, in respect of 8- laning of section of NH-1 (New NH-44) from Mukarba Chowk to Panipat on BOT (Toll) Basis.
With this, Welspun Infrafacility Private Limited (“SPV”), a wholly-owned subsidiary of the Company is entitled to collect toll on this BOT (Toll) Project. Read more

Hero MotoCorp launches the new Destini 125 ‘XTEC’; Stock under pressure

Published on: 12:55 pm

In keeping with its aggressive growth strategy in the scooter segment, Hero MotoCorp the world’s largest manufacturer of motorcycle and scooters, on Thursday launched the new Destini 125 ‘XTEC’.
The new elegant Hero Destini 125 ‘XTEC’ packs a host of new design and theme elements that add to its appeal. The new LED headlamps, enhanced retro design and unmistakable chrome elements, conveys a powerful sense of character. The new vibrant color Nexus Blue adds a striking statement to the contemporary urban mobility.
At around 12.55 pm, Hero MotoCorp Ltd was trading at Rs2,233.75 per piece down by Rs63.05 or 2.75% from its previous closing of Rs2,296.80 per piece on the BSE. Read more

TCS ranked number 1 in Customer Satisfaction in the Nordics

Published on: 12:48 pm

Tata Consultancy Services has been ranked number one for customer satisfaction in an independent survey of CxOs from top IT spending organizations in the Nordics, by Whitelane Research. TCS has achieved the top position in customer satisfaction for the 13th consecutive year, with an overall satisfaction score of 82 percent compared to the industry average of 72 percent.
Whitelane Research’s 2022 IT Sourcing Study is based on responses from 350 CIOs and senior decision makers across the Nordics. The research investigated over 680 unique IT sourcing relationships to assess service providers on nine Key Performance Indicators (KPIs). Read more

Eicher Motors reports 25% yoy growth in sales revenue in March 2022

Published on: 12:45 pm

Eicher Motors Limited has reported a 25% yoy growth in sales revenue for March 2022. It reported a sale of 8,581 units for the month of March 2022, as compared to 6,870 units in March 2021.
Sales for the 12 months ending March 2022 stood at 55,824 units as against 40,188 units for the financial year 2021, recording a growth of 38.90% yoy.
Eicher Motors reported total export of 652 units in March 2022, as compared to 816 units in March 2021, registering a decline of 20.10% yoy. Whereas, exports for the whole year stood at 8,426 units as compared to 5,025 units in the financial year ended March 2021, up by 67.70% yoy. Read more

Torrent Gas slashes CNG price by Rs6 from Rs68.90/kg to Rs62.90/kg

Published on: 12:41 pm

With effect from 1st April 2022, on reduction of VAT on Compressed Natural Gas (CNG) by Government of Maharashtra from 13.5% to 3%, Torrent Gas, Pune has revised CNG Price from Rs68.90/kg to Rs62.90/kg in Pune District (other than the areas already authorized).
This initiative of the Government of Maharashtra comes as a great relief for private vehicle owners and public & private transporters including buses, taxis and autorickshaws.
Yesterday, the government has more than doubled the price of natural gas that is used to produce electricity, make fertilisers, turned into CNG, and piped to household kitchens for cooking, on the back of a spike in global energy prices. Read more

Compuage Infocom skyrockets 9% after Infomerics issues rating on its bank facilities

Published on: 12:35 pm

Infomerics Valuation and Rating Private Limited has issued its rating on the banking facilities of Compuage Infocom Limited.
The long-term fund-based Cash Credit/OD/WCDL rating has been assigned at IVR A-/Credit Watch with Developing Implication.
For non-fund-based LC/BC, the credit rating agency has assigned IVR A-/ Credit Watch with Developing Implication /IVR A2+ Credit Watch with Developing Implication.
At around 12.38 pm, Compuage Infocom Ltd was trading at Rs33.15 per share up by Rs2.65 or 8.69% from its previous closing of Rs30.50 per share on the BSE. Read more

Market pulse at 12:30 PM today

Published on: 12:30 pm

Benchmark market indices led by bank and energy stocks maintain upside.
BSE Sensex is 58,847.52 up 279.01 points or 0.48%.
Nifty50 is currently 17,539.60 up 74.85 points or 0.43%. Nifty Bank is at 36,892.30 up 1.43%. Mid-cap Index is up 0.71%.
NTPC, Power Grid, IndusInd Bank, BPCL, and State Bank of India are the top gainers. Hero MotoCorp, SBI Life, Divis Lab, Tech Mahindra, and Hindalco are the top losers.
Nifty Bank, Oil & Gas, Media, and Realty stocks remain bullish while Nifty IT and Pharma stocks trade in the red.
Out of 50 stocks traded on the NSE, 35 advanced and 15 declined. Read More

Torrent Power takes over operations in Dadra & Nagar Haveli, and Daman & Diu; stock jumps ~2

Published on: 12:24 pm

In its press release today, Torrent Power Limited announced a formal takeover of the power distribution operations in the Union Territory of Dadra & Nagar Haveli, Daman and Diu.
Dadra & Nagar Haveli, Daman and Diu is the first Union Territory to be privatized under the Government of India’s ambitious program to privatize the distribution network in Union Territories through a competitive bidding process.
The 1.5 Lacs customers in the Union Territory will now be served by Torrent Power, through the newly formed company - Dadra and Nagar Haveli and Daman and Diu Power Distribution Corporation Limited (DNHDD Power Distribution Company). Read more

Sunil Jain joins Indian Bank as CFO; stock zooms 2%

Published on: 11:57 am

Indian Bank Limited informed that Shri Sunil Jain has been designated/appointed as the new Chief Financial Officer of the Bank effective from March 31, 2022.
Sunil will take charge of the office of Shri Arun Kumar Bansal who cease to be the Chief Financial Officer of the Bank.
Sunil is a Chartered Accountant, a Certified Associate of the Indian Institute of Bankers (CAIIB). He holds a post-graduate degree in commerce (M.com) and has a diploma in Comp. AP. Read more

NTPC record highest ever single day generation of 1215.68 MU (Group) & 1013.45 MU; stock soars 4

Published on: 11:45 am

NTPC, India's largest integrated power generating company delivered a phenomenal performance with the highest-ever annual group generation of 360 BU, a growth of 14.6% compared to previous year.
During this period, NTPC also recorded the highest-ever single day generation of 1215.68 MU (Group) & 1013.45 MU (NTPC). The coal-based plants recorded a PLF (Plant Load Factor) of 70.7% with an availability factor of 88.8%. On a standalone basis, NTPC generated 299 BU in FY 21-22, an increase of 10.4% over the previous year.
The total installed capacity of NTPC Group increased by 4.7% to 68940 MW with 3130 MW of capacity addition. On a standalone basis, NTPC Capacity increased by 4.1% to 54575 MW. Read more

Hindustan Oil Exploration stock tumbles 10.5% post announcement on B-80 project

Published on: 11:43 am

Hindustan Oil Exploration Company Ltd stocks in focus on Friday after the company provides update on B-80 Project.
According to the filing, the pre-commissioning and safety checks at KGB-Offshore Installation (MOPU) and FSO Prem Pride (FSO) are complete and the system is ready to receive the first hydrocarbons.
The well opening sequence was followed to bring the first well safely on production, however we have encountered operational issues and troubleshooting is currently ongoing. Read more

Market pulse at 11:30 AM today

Published on: 11:30 am

Indices remain higher on bullish bank and energy stocks.
BSE Sensex is 58,796.42 up 227.91 points or 0.39%.
Nifty50 is currently 17,530.65 up 65.90 points or 0.38%. Nifty Bank is at 36,750.20 up 376.60 points or 1.04%.
NTPC, Power Grid, IndusInd Bank, BPCL, and HDFC Life are the top gainers. Hero MotoCorp, Titan, SBI Life, Divis Lab, and Infosys are the top losers.
Nifty Bank, Oil & Gas, and Realty stocks remain bullish while Nifty IT stocks fall into negative zone. Pharma stocks trade flat.
Out of 50 stocks traded on the BSE, 37 advanced and 13 declined. Read more

Steel Strips Wheels reports Rs350crore sales revenue for first time in Q4FY22; stock spurts ~5%

Published on: 11:30 am

Steel Strips Wheels Limited has achieved a net turnover of Rs365.73 crore in March 2022, as compared to Rs253.29 crore in March 2021, a growth of 44.39% yoy.
It has achieved a Gross Turnover of Rs446.65 crore in March 2022 as against Rs307.38 crore in March 2021, thereby reporting growth of 45.20% yoy.
It has reported 78% yoy growth in Alloy Wheels segment sales revenue, and 69% yoy growth in truck segment’s sales revenue. The passenger car sales grew by 26% yoy and exports jumped 19% yoy. Read more

Dhanlaxmi Bank gets RBI nod for opening 20 new branches; Stock rises

Published on: 11:20 am

Dhanlaxmi Bank has received 'in-principle' approval from Reserve Bank of India for opening of 20 new branches and one administrative office on Thursday.
As part of its expansion plans, the Bank is planning to open 7 branches in Kerala, 4 branches in Tamil Nadu, 1 branch in Pondicherry, 3 branches in Karnataka, 3 branches in Andhra Pradesh and 2 branches in Telangana during the FY 2022-23. Further, the new administrative office has started functioning at Hyderabad, said Bank in a regulatory filing. Read more

HG Infra subsidiary Gurgaon Sohna Highway receives provisional certificate for the project in Haryan

Published on: 11:15 am

Gurgaon Sohna Highway Private Limited, a wholly-owned subsidiary of H.G. Infra Engineering Limited has received the provisional certificate for the project in Haryana. The provisional certificate dated March 31, 2022 has been issued by the authority and the project has been provisionally declared fit for entry into commercial operation on February 25, 2022.
The project in six laning and strengthening of new NH-248A from existing km 11 +682 to km 24+400 (design Ch. 9+282 to km 22+000) under NHDP Phase-IV on Hybrid Annuity mode in the state of Haryana, package II. Read more

Cantabil Retail India opens 3 new showrooms across India in March 2022; Stock hits 52-week high

Published on: 11:07 am

Cantabil Retail India Ltd stocks hit 52-week high on Friday after the announcement that company has opened 3 New Showrooms/ Shops at different location in India during the month of March 2022.
As per the information shared in a regulatory filing, now total number of Showrooms/ Shops of the Company stands at 378. Read more

Engineers India inks MoU with NRL for development of joint technologies; stock zooms 3%

Published on: 10:49 am

Engineers India Limited (EIL) and Numaligarh Refinery Limited (NRL) have signed a Memorandum of Understanding (MoU) for the development and commercialization of technologies. The MoU was signed on March 31, 2022.
Under the MoU, EIL and NRL will jointly develop and license indigenous technologies.
NRL is an operating petroleum refining & marketing company with an extensive product range covering most of the refinery streams. Whereas, EIL is a premier engineering consultancy and technology licensing company in the fields of hydrocarbons, petrochemicals, fertilizers, metallurgy, ports & terminals, and other sectors of industry, having a DSIR recognized R&D Centre.
This MoU will mark a significant step in the direction of the “Atmanirbhar Bharat”. Read More

Omax Autos sells land in Manesar for Rs68 crore; Stock soars 5%

Published on: 10:47 am

Omax Autos Ltd has informed to the exchanges that it has formally closed its operation at Industrial land bearing Plot No.6, Sector-3, Industrial Estate, IMT Manesar, Gurgaon and Haryana admeasuring land area 20475 sq. mtr. Necessary communication have been made to government departments.
Further, the company has sold the industrial property of the above said unit situated at the above location to Sarita Handa Exports Private Limited for Rs68 crore. Read More

Sterlite Tech divests its stake in Maharashtra Transmission Communication Infrastructure; Stock jump

Published on: 10:40 am

Sterlite Technologies Limited (STL) has signed the definitive agreement to sell its 64.98% stake of in Maharashtra Transmission Communication Infrastructure Limited (MTCIL). Total consideration of Rs43 crore agreed to be received in multiple tranches. The closing as per the agreement is completed on March 31, 2022.
“There is no contribution to turnover or revenue or income and net worth by Maharashtra Transmission Communication Infrastructure Limited as the investment is ‘Assets Classified as Held for Sale’,” company said in a regulatory filing on Thursday. Read more

Biocon Biologics’ partner receives positive EU CHMP opinion for its Biosimilar Human Insulin

Published on: 10:38 am

Biocon Limited informed that its subsidiary, Biocon Biologics Limited, received a positive opinion from the European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP), recommending the granting of a marketing authorization for Inpremzia, a biosimilar version of Actrapid (human insulin).
This is a ready-to-use insulin formulation for intravenous (IV) infusion developed by Celerity Pharmaceuticals LLC (Celerity), using Biocon Biologics' biosimilar human insulin drug substance.
Inpremzia is formulated as an IV infusion in a flexible plastic container, using human insulin (rDNA origin) 1 U/mL (100 U/100 mL) in 0.9% sodium chloride. Biocon Biologics has developed the drug substance of Inpremzia insulin human (rDNA), fast-acting human insulin for injection. Read more

Bharat Dynamics and UAE firm exchange MoU to explore new business opportunities

Published on: 10:32 am

Bharat Dynamics Limited (BDL) and Tawazun Economic Council (TEC), United Arab Emirates have exchanged Memorandum of Understanding (MoU) to explore new business opportunities in various areas of mutual interest in the field of defence.
The MoU was exchanged in the presence of Commodore Siddharth Mishra (Retd), CMD, BDL by Mr. NP Diwakar BDL Director Technical and Mr. Zayed Saeed Zaal Hadher Almeraikhi, Chief Officer, Tawazun Economic Council, UAE at BDL, Hyderabad on Tuesday.
Both BDL and TEC, under the MoU, will work together to identify different business opportunities and assess the viability and feasibility of jointly implementing business opportunities in the field of co-development, coproduction, establishment of Joint Ventures, setting up of Maintenance, repair, refurbishment, life extension facilities, supply of military products as well as licensed production Read More

Market pulse at 10:30 AM today

Published on: 10:30 am

Equity market indices rally amid mixed Asian peers.
BSE Sensex is 58,829.16 up 260.65 points or 0.45%.
Nifty50 is currently 17,543.20 up 78.45 points or 0.45%. Nifty Bank is at 36,759.20 up 385.60points or 1.06%.
NTPC, Power Grid, IndusInd Bank, BPCL, and HDFC Life are the top gainers. SBI Life, Divis Lab, Apollo Hospitals, ICICI Bank and Cipla are the top losers.
Nifty Metal, Bank, Oil & Gas and Realty stocks are bullish while Nifty IT and Pharma stocks trade flat.
Out of 30 stocks traded on the BSE, 23 advanced and 7 declined. Read More

Maris Spinners board plans to expand production capacity at Hunsur plant; Stock spurts 3%

Published on: 10:23 am

Maris Spinners Ltd has informed that the Board of Directors of the Company at its meeting held on Thursday, has considered expansion of production capacity to cater to future growth of the company
As per the regulatory filing, the existing capacity of plant 1 at Hunsur, Mysore is 28,704 spindles and the capacity utilization is at 100%.
Further, the proposed capacity addition of 7488 spindles (26.086%) is expected to be added by July 2022 at an investment of Rs31.70 crore, the company said. Read more