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Live market updates

06th Apr, 2022

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Markets end lower led by IT, Financial stocks; Sensex slips over 550 pts; HDFC twins underperform

Published on: 4:02 pm

Domestic equities moved in tandem with U.S markets to close lower, fuelled by investors’ expectation of a stricter interest rate hike by the FED. The market closed lower for a second straight day dragged by IT and financial stocks.
The BSE Sensex declined 564 points, or 0.94 per cent, to end at 59,610 while the Nifty50 shut shop at 17,808, down 150 points or 0.83 per cent. Broader markets outperformed the main indices with Nifty Midcap and Nifty Smallcap gaining 0.6% and 0.1% respectively.
Most sectoral indices ended in red except Nifty Metal (+1.4%) and Nifty PSU Bank (+1.9%). Nifty IT, Nifty Fin Service and Nifty Pvt Bank were the major laggards which dipped 1.63%, 1.59% and 1.28% respectively. Read more

CRISIL reaffirms credit rating of Kapston Services; Stock hits upper circuit

Published on: 3:42 pm

Kapston Services Limited informed the exchanges Tuesday that CRISIL (S&P Global Company) has reviewed and reaffirmed CRISIL BBB/Stable rating for long term instruments and CRISIL A3+ rating for Short Term Instruments for the total facility of Rs118 crore. Read more

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Vipul Organics receives OEKO-TEX certification for textile industry; Stock ends 2% higher

Published on: 3:33 pm

Vipul Organics Limited on Wednesday has announced that they have successfully received the OEKO-TEX Certification for their pigment products under the brand name SunPrint for the textile industry.
Vipul Organics joins a handful of companies globally in the pigments sector, to have received the ECO PASSPORT. This will open up opportunities for Vipul Organics to work with those global textiles and garments companies which are committed to upholding a sustainable ecosystem.
"We are happy that our pigment products are now certified to be environmentally friendly. This human-ecological perspective is something that Vipul Organics has always focused on and now the clients can see the transparent proof of that with the ECO PASSPORT', said Mihir V Shah, Executive Director, Vipul Organics Limited. Read more

Shriram Pistons appoints Masaaki Yamaguchi on board to fill casual vacancy; stock jumps ~1.5%

Published on: 3:31 pm

Shriram Pistons & Rings Limited informed that on the recommendation of the Nomination & Remuneration Committee, the Board has appointed Shri Masaaki Yamaguchi as Director in casual vacancy caused pursuant to the resignation of Shri Yukio Tanemura and Shri Yasunori Maekawa as Alternate Director to Shri Masaaki Yamaguchi w.e.f. April 6, 2022.
Shri Masaaki Yamaguchi, aged 60 years, holds Bachelor's Degree in Economics from the University of Tokyo. He has long and varied experience. In addition, he has considerable exposure to international operations and has a proven record in general management. Read more

Tata Steel Long Products logs 6% yoy growth in crude oil production in FY22; stock adds ~1.5%

Published on: 3:18 pm

Tata Steel Long Products Limited informed investors that it has witnessed a growth of 6% yoy in crude steel production during the financial year ended March 2022. Company was able to log this growth despite the disruption caused by the second wave of a covid pandemic due to which one of the blast furnaces was kept shut for a few weeks during Q4FY22.
It reported crude steel production of 684 thousand tons in FY22 as against 648 tonnes in FY21. Saleable steel reported a volume of 652 thousand tons in FY22 as compared to 639 thousand in FY21.
The company’s steel sales volume jumped 2% yoy in FY22, on the back of a higher share of rolled product sales enabled by customer approval and continued mix enrichment. FY21 deliveries witnessed a higher opening inventory due to a nationwide lockdown in March 2022. Read more

South Indian Bank gross advances increase 4% yoy Rs61,815 crore in Q4; Stock skyrockets 11%

Published on: 3:18 pm

South Indian Bank informed the exchanges Tuesday that gross advances as of quarter ended March 31, 2022, increased by 4% yoy to Rs61,815 crore from Rs59,418 crore in quarter ended March 31, 2021.
Total deposits as of March 31, 2022, increased by 8% yoy to Rs89,142 crore from Rs82,711 crore.
The company said that CASA increased 20% yoy to Rs29,601 crore in march 31, 2022 ended quarter from Rs24,590 crore in March 31, 2021 ended quarter. CASA Ratio increased 12% to 33.21% from 29.73%. Read more

Arihant Superstructures spurts 2.5% on FY22 business update

Published on: 2:58 pm

Arihant Superstructures Limited updated the exchanges on Tuesday that Financial Year 2022 started with flying numbers consistently in terms of sales despite withdrawal of stamp duty. This momentum continued throughout the year as it got fuelled with prices increasing gradually upto 10% yoy. The price rise was happened due to increase in raw material cost.
The cost of price rise effectively at Arihant and its project design in material cost works out to be Rs300/- per sq.ft and average increase in sales price was upto the extent of Rs500/- per sq.ft protecting and safe guarding the margins.
“For our internal project workings we do factor unforeseen circumstances thus remain conservative on the selling price whereas we build in aggressive cost price,” company said in a filing. Read more

Lupin gets four USFDA inspection for its Tarapur manufacturing facility

Published on: 2:47 pm

The USFDA has concluded an inspection at Lupin's Tarapur manufacturing facility. The inspection was carried out between March 22, 2022 and April 4, 2022.
Further, the inspection closed with four observations. "We are confident of addressing the observations to the U.S. FDA's satisfaction. We are committed to adherence and full compliance with CGMP regulations and uphold the highest quality standar;ds across our manufacturing sites", said pharma-major Lupin in a regulatory filing. Read more

Sika Interplant receives double recognition for its performance; stock jumps ~5%

Published on: 2:46 pm

Sika Interplant Systems is thriving as it has been awarded not one but two recognitions recently. It's counter added 5% so far in today's trade.
The company has been awarded ‘Excellence in Aerospace Indigenisation’ at the Society of Indian Aerospace Technologies & Industries’ biennial awards ceremony held on February 17, 2022. This award was presented jointly by Dr. K. Sivan, the former Secretary of the Department of Space and Chairman of Indian Space Research Organisation and Space Commission, and Mr. R. Madhavan, Chairman & Managing Director of Hindustan Aeronautics Limited.
The company was honoured with this award in recognition of its contribution to the indigenous design, manufacture, integration, development, supply, and lifecycle support for a high-precision aerospace and defence system. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

Indices remain under pressure despite a surge in metal stocks.
BSE Sensex is 59,721.15 down 455.35 points or 0.76%.
Nifty50 is currently 17,831.80 down 125.60 points or 0.7%. Nifty Bank is at 37,678.40 down 1.02%. Mid-cap Index is up 0.55%. Read more

High capital intensity, low utilization to prolong payback period for public EV charging stations: I

Published on: 2:19 pm

In order to achieve healthy EV penetration, expansion of charging infrastructure will play a critical role, which is currently at a nascent stage in India.
Several policy measures being undertaken to speed up EV charging infrastructure penetration. The GoI has issued revised guidelines in Jan-22 to proactively promote more EV charging stations. A few states have also provided capital incentives for EV charging infrastructure under their policies, apart from subsidized electricity tariffs for EV charging stations. Read more

Saregama India surges ~2% as Pankaj Chaturvedi steps up as CFO

Published on: 2:11 pm

In its regulatory filing today, Saregama India has informed that the company has approved the appointment of Mr. Pankaj Chaturvedi as the Chief Financial Officer (CFO) of the Company w.e.f. April 11, 2022.
Mr. Pankaj will take charge of the office of Mr. Vineet Garg who shall relinquish his office effective from April 10, 2022. Mr. Vineet cited personal reasons for his resignation.
The company also approved the sub-division of one equity share of Rs10 each to 10 equity shares of Rs1 each. Read more

Hind Rectifiers climbs ~5% on bagging orders worth Rs73.39 crore

Published on: 1:58 pm

Hind Rectifiers has informed the investors and exchanges that recently the company has secured an order worth Rs73.39 crore in the month of March 2022.
Hind Rectifiers stock sets a bullish tone today as it informed investors of the order. So far in the day, it hit a high of Rs222.40. It is currently trading at Rs222.05, up by 4.81% against its previous close of Rs211.85. Read more

EKI Energy Services associate sets up manufacturing unit at Nashik; Stock tumbles 5%

Published on: 1:57 pm

GHG Reduction Technologies Private Limited, an associate Company of the EKI Energy Services Limited (“EKIESL”), has setup a new manufacturing unit of Improved Cook Stove (“ICS”) at Nashik in the state of Maharashtra, with an existing manufacturing capacity of 1.2 million per year, the same will enhance upto 3 million ICS in a phase manner.
Further, the facility has commenced the production from April 04, 2022, informed the company in a regulatory filing, Read more

Rajdipkumar Gupta, MD & Group CEO, Route Mobile ranked in the Top-25 list of ROCCO 100 2022

Published on: 1:40 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, Rajdipkumar Gupta, Managing Director & Group CEO, Route Mobile has been recognized by global benchmarking company ROCCO Research for his outstanding contribution to the telecom industry. Gupta has been ranked in the Top-25 List of the ROCCO 100 2022, which endorses prominent members of the industry for their contribution to the telecom industry.
At around 1.42 pm, Route Mobile Ltd was trading at Rs1,610.60 apiece up by Rs3.05 or 0.19% from its previous closing of Rs1,607.55 apiece on the BSE. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

BSE Sensex is 59,572.25 down 604.25 points or 1.00%.
Nifty50 is currently 17,807.65 down 149.75 points or 0.83%. Nifty Bank is at 37,653.95 down 1.09%. Mid-cap Index is up 0.21%.
Coal India, NTPC, Tata Steel, UPL, and Power Grid are the top gainers. HDFC Bank, HDFC, HDFC Life, Tech Mahindra, and HCL Tech are the top losers.
Nifty Banking & Financial Services and IT stocks continue to drag the most while Nifty Metal, Oil & Gas and PSU Bank stocks trade higher.
Out of 50 stocks traded on the NSE, 19 advanced, and 31 declined. Read More

Suven Pharmaceuticals board approves acquisition of Casper Pharma for $20.5 million

Published on: 1:23 pm

Suven Pharmaceuticals Ltd has approved the investments by way of purchase of entire (100%) share capital from the existing shareholders of Casper Pharma Private Limited (“CPPL”) a Hyderabad based SEZ company engaged in formulations business. Post purchase of shares, the target entity would become a wholly owned subsidiary of SPL.
As per the regualtory filing, the present manufacturing facility of target entity i.e., Casper Pharma Private Limited has installed capacity of 1.2 Bn tablets/ capsules. The company is ready for USFDA inspection which is expected to happen within next 6 months’ timeframe.
The Unit is yet to reach its commercially viable operations. As such the turnover details are not available to disclose. Read More

Vipul Organics receives OEKO-TEX certification for Textile Industry becomes one of the few Global Pi

Published on: 1:16 pm

Vipul Organics Limited, leading Specialty Chemicals company in the pigments and dyes segment, announced that they have successfully received the OEKO-TEX Certification for their pigment products under the brand name SunPrint for the textile industry.
Vipul Organics joins a handful of companies globally in the pigments sector, to have received the ECO PASSPORT. This will open up opportunities for Vipul Organics to work with those global textiles and garments companies which are committed to upholding a sustainable ecosystem. Read more

CARE withdraws credit rating on Emami Realty request; Stock hits upper circuit

Published on: 1:14 pm

CARE Ratings Limited has withdrawn the Credit Rating assigned to the Proposed Long-term Bank Facilities of Emami Realty Limited, since the said Facilities was not availed by the Company. The company on Monday had informed about the assignment and upgradation of Credit Rating by India Ratings and Research Private Limited
“We have noted that Emami Realty Limited (Formerly Emami Infrastructure Limited) has surrendered the aforementioned bank facilities rated by us and there is no outstanding under the said facility as on date. Taking cognizance of this, we hereby withdraw our rating for Emami Realty’s bank facilities, with immediate effect,” Company shared CARE Ratings letter. Read more

TCS wins MuleSoft 2022 Americas Premier Partner of the Year Award

Published on: 1:13 pm

Tata Consultancy Services has been recognized as the 2022 Americas Premier Partner of the Year by MuleSoft, provider of the world’s #1 integration and API platform.
TCS was honored for excellence in demonstrating value to customers; rapidly scaling capabilities through training and certifications; and strength in helping companies become composable businesses with reusable building blocks, like APIs, to enable speed, agility, and efficiency. Read more

Paytm spurts 5% on reporting highest monthly transacting users in Q4FY22; logs 6x growth in loan dis

Published on: 12:57 pm

One97 Communications Limited’s (Paytm) Founder and CEO Vijay Shekhar Sharma put it on record that the company has reported the highest monthly transacting users to over 70 million, adoption of 2.9 million devices by its merchants, and disbursement of over 6.5 million loans per quarter through the platform.
Company’s lending business scaled up to 6.5 million loan disbursals during the current quarter, aggregating to a total loan value of Rs3,553 crore ($474 million) during the quarter, up by 417% yoy. Read More

Dish TV shoots up 7% after RBI approves divestment in Sri Lankan Subsidiary

Published on: 12:50 pm

Dish TV India Limited updated the exchanges that through the Authorised Dealer (AD) Bank’s communication dated April 5, 2022, the Company has been informed that the Reserve Bank of India vide its communication dated April 4, 2022, had approved the said divestment, of Company’s entire equity investment in Dish TV Lanka (Private) Limited.
The company stock was in demand on Wednesday despite bearish markets. At around 12.52 pm, Dish TV India Ltd was trading at Rs17.55 per piece up by Rs1.15 or 7.01% from its previous closing of Rs16.40 per piece on the BSE.
The scrip opened at Rs16.15 and has touched a high and low of Rs17.75 and Rs16.15 respectively. Read More

Centre: Thirteen Coal Washries to be set up by Coal India

Published on: 12:37 pm

In Coal India Limited (CIL) has plan to set up 12 new coking coal washeries and one non-coking coal new washery to reduce the quantity of ash and useless component from coal. All these washeries are expected to be operational by FY2026. This information was given by the Union Minister of Coal, Mines and Parliamentary Affairs Pralhad Joshi in a written reply in Rajya Sabha.
Further, in SCCL, one washery with 1.0 MTPA operational capacity is working on BOO (Build Own Operate) basis in Manuguru area, Bhadradri Kothagudem District of Telangana. Read more

MOIL records best ever high grade production and sales of manganese ore in FY22

Published on: 12:33 pm

According to the Ministry of Steel, FY2021-22 has been one of the best years of performance in the history of MOIL as its turnover has almost touched the highest-ever achieved so far in FY2018-19.
Total turnover of the company has been ~Rs1436 crore in FY21-22 (provisional) registering growth of ~22% in comparison to previous year’s turnover of Rs1177 crores and is marginally lower than the highest-ever achievement of Rs1441 crores in FY2018-19. Read more

Market pulse at 12:30 PM today

Published on: 12:30 pm

Benchmark market indices trim losses but remain in the deep red.
BSE Sensex is 59,804.87 down 371.63 points or 0.62%.
Nifty50 is currently 17,860.40 down 97.00 points or 0.54%. Nifty Bank is at 37,726.40 down 0.90%. Mid-cap Index is up 0.49%.
Coal India, NTPC, Tata Steel, UPL, and JSW Steel are the top gainers. HDFC Bank, Tech Mahindra, HDFC, HDFC Life and HCL Tech are the top losers.
Nifty Banking & Financial Services and IT stocks remain under pressure while Nifty Metal stocks surge over 1%.
Out of 50 stocks traded on the NSE, 26 advanced, and 24 declined. Read more

Centre advanced target of 20% blending of ethanol in petrol from 2030 to 2025-26 following encouragi

Published on: 12:30 pm

The Minister of State for Petroleum and Natural Gas Rameswar Teli in a written reply to a question in the Rajya Sabha informed that the Government is promoting Ethanol Blended Petrol (EBP) Programme with broader objectives of providing boost to domestic agriculture sector, environment benefits, reducing import dependency and savings in foreign exchange.
Government has also notified the National Policy on Biofuels – 2018 which laid out indicative target of 20% blending of ethanol in petrol and 5% blending of biodiesel in diesel by 2030 in the country. Based on the encouraging initiatives on supply side of ethanol, Government has advanced the target of 20% blending of ethanol in petrol from 2030 to 2025-26. Read more

Ind-Ra affirms Beekay Steel’s long-term issuer rating to ‘Ind A’; stock zooms ~2%

Published on: 12:28 pm

IBeekay Steel Industries Limited (BSIL) informed the investors and exchanges that India Ratings and Research (Ind-Ra) has affirmed the Long-Term Issuer Rating at ‘IND A’ with a Stable Outlook.
The rating agency has affirmed the ‘Ind A/ Stable’ rating and outlook to the company’s Fund-based working capital limit worth Rs240 crore, which was earlier Rs162 crore. Whilst it has affirmed the ‘Ind A1’ rating assigned to a Non-fund-based working capital limit worth Rs58 crore.
Company’s term loan with a maturity date in March 2029 has been assigned an ‘Ind A’ rating and was given a stable outlook for the same.
India Ratings, in order to issue and maintain its ratings, relies on factual information it receives from issuers and underwriters and from other sources India Ratings believes to be credible. Read More

World Bank cuts growth forecast for East Asia and the Pacific for 2022

Published on: 12:26 pm

The World Bank on Monday has cut its growth forecast for East Asia and the Pacific for 2022 to reflect the economic impact of Russia's invasion of Ukraine, warning the region could lose further momentum if conditions worsen.
Overall economic growth is projected to slow to 5 per cent in 2022— 0.4 of a percentage point less than expected in October. If global conditions worsen and national policy responses are weak, growth could slow to 4 per cent. China, which accounts for 86 per cent of regional output, is projected to grow 5 per cent in the baseline and 4 per cent in the downside scenario. Read more

309.87 lac tons of sugar have been produced till March 31: ISMA

Published on: 12:21 pm

According to the data released by ISMA said that during 2021-22 SS, 518 sugar mills started their crushing operations as against 505 mills that operated last year i.e., 13 more mills operated this year. 309.87 lac tons of sugar have been produced till 31st March 2022 as against 278.71 lac tons produced last year by 31st March 2021 i.e. higher by 31.16 lac tons.
On the ethanol front, against the total LOI quantity of 416.33 crore ltrs, 131.69 Cr ltrs of ethanol have been supplied as of 27thMarch’ 2022. The contracted quantity as of date is of 402.66 Cr. ltrs as against LOIs of about 416 crore ltrs issued by OMCs. The Country on an average has achieved a blending percentage of 9.60% till the end of March since December, 2021. Read more

L&T Infotech trades higher as Board to consider interim dividend on April 19

Published on: 12:16 pm

Larsen & Toubro Infotech Limited informed that a meeting of the Board of Directors of the Company will be held on Tuesday, April 19, 2022, inter‐alia, to consider, approve and take on record, the audited standalone and consolidated financial results of the Company for the quarter and year ended March 31, 2022, along with the Audit Reports of the Statutory Auditor thereon.
In the aforementioned meeting, the Board of Directors may also consider a proposal to recommend a dividend on the equity shares of the Company for the financial year ended March 31, 2022. Read more

ICRA assigns ‘A1+’ rating to Surya Roshni’s commercial paper worth Rs200 crore

Published on: 12:08 pm

Surya Roshni Limited has informed that on surveillance ICRA Ratings has assigned Credit Rating to ICRA Al+ for Rs200 crore Commercial Paper Program of Surya Roshni Limited. It further stated that it has withdrawn the CRA A I+ (CE) rating assigned earlier for the said program.
The company states that the assigned rating draws strength from the company’s strong operational profile, backed by its established market position in the domestic electric resistance welded (ERW) pipes industry, its geographically-diversified manufacturing base and a pan-India distribution network, long-standing track record of over four decades and its established brand, "Surya" and "Prakash Surya". Read more

Nifty IT stocks under pressure ahead of quarterly earnings; Tech Mahindra, HCL Tech, TCS among top l

Published on: 12:05 pm

Nifty IT stocks were under extreme pressure amid weak markets on Wednesday. The Index was 1.3% lower with only L&T Infotech stock trading in the green. Mphasis, Tech Mahindra, HCL Tech and TCS dragged the most. Infosys and Wipro were also under pressure.
The domestic indices witnessed a broad-based selloff was witnessed with banking and IT stocks underperforming the most. Also, investors focus has shifted to March 2021 quarterly results.
According to reports, IT companies may beat the Ukraine crisis, inflation worries in the recently concluded March quarter. The results of Indian IT services players are expected to reveal continuing growth momentum as demand surges on the back of digital transformations and the cloud shift, but analysts anticipate margins to be under pressure due to supply challenges. Read more

Govt to seek Rs50,000 crore in LIC IPO in May: Reports

Published on: 12:00 pm

According to the media reports, the Government is considering seeking around Rs50,000 crore ($6.6 billion) for the next month from the initial public offering of Life Insurance Corp. The Centre is discussing selling as much as a 7% stake in LIC through the listing and also it aims to launch the share sale before current approvals for the offering expire on May 12, the media reports added.
The listing forms a key part of plans by PM Modi’s administration to divest state assets to fund a yawning budget deficit. Read More

Tata Power zooms 5.5% on completion of acquisition of NRSS XXXVI Transmission

Published on: 11:55 am

Tata Power Company Limited informed that it has completed the acquisition of NRSS XXXVI Transmission Limited (NRSS) through Resurgent Power Ventures Pte Limited.
Resurgent Power is co-sponsored by Tata Power and ICICI Bank and has other global reputed investors. NRSS was set up to acquire stressed assets in the Indian Power Sector. Tata Power International Pte. Ltd (TPIPL) which is a wholly-owned subsidiary of Tata Power, ICICI Bank Ltd. (ICICI Bank). It owns a 26% stake in Resurgent Power and the balance of 74% is held by ICICI Bank and other global investors.
NRSS is a special purpose vehicle to set up establish and operate a transmission system for the System Strengthening Scheme in the Northern Region (NRSS-XXXVI) along with the LILO of Sikar Neemrana 400kV D/C line at Babai on Build-Own-Operate-Maintain (BOOM) basis. Read more

DCB Bank launches its 400th branch, the 21st branch in Delhi NCR; Stock gains ~2%

Published on: 11:46 am

DCB Bank has opened its 400th branch. The branch is in the bustling marketplace of Delhi - Azadpur Mandi. It marks the Bank's 21st branch in Delhi NCR. The location fits in very well with the Bank's strategy of focusing on MSME/ SME, Small Businesses and Small Traders.
The Branch was inaugurated by the Bank's Chairperson, Rupa Devi Singh. The branch will be an integral part of financial inclusion initiatives especially for small traders. The branch will inter alia offer secured loans, Current Account, Savings Account, Gold Loans and Working Capital facilities, said DCB Bank in a regulatory filing. Read more

Goa Carbon temporarily shuts down Goa and Bilaspur units for maintenance work

Published on: 11:38 am

Goa Carbon Limited has temporarily shut down operations at Goa Bilaspur Units due to maintenance work.
“The operations at Goa Carbon Limited’s Goa Unit located at St. Jose De Areal, Salcete, Goa have been temporarily shut down for maintenance work from April 5, 2022,” company informed the exchanges on Tuesday.
“The operations at the Company's Bilaspur Unit at Sirgitti Industrial Area, Bilaspur (Chhattisgarh) have been temporarily shut down for maintenance work from April 5, 2022,” it added in a separate filing. Read More

Triveni Engineering & Industries commissions new 160 KLPD distillery in UP; Stock zooms 5%

Published on: 11:26 am

Triveni Engineering & Industries Ltd has announced to the exchanges regarding commencement of commercial operations at new distillery at Milak Narayanpur Dist. Rampur~ Uttar Pradesh.
As per regulatory filing, the new 160 KLPD distillery of the Company at its sugar unit at Milak Narayanpur, District Rampur, Uttar Pradesh, (which has the flexibility to operate with multiple feedstocks i.e. molasses / cane juice & syrup / grain based) has commenced commercial operations with effect from April 04, 2022. Read More

Market pulse at 11:30 AM today

Published on: 11:22 am

Indices remain bearish as IT, banking, and financial service stocks drag.
BSE Sensex is 59,650.14 down 526.36 points or 0.87%.
Nifty50 is currently 17,822.20 down 135.20 or 0.75%. Nifty Bank is at 37,606.90 down 1.21%. Mid-cap Index is up 0.41%.
Coal India, NTPC, Tata Steel, UPL, and Adani Ports are the top gainers. HDFC Bank, HDFC, HDFC Life, HCL Tech, and Tech Mahindra are the top losers.
Nifty Banking & Financial Services and IT stocks continue to drag while Nifty Media, Metal and Oil & Gas stocks trade higher.
Out of 50 stocks traded on the NSE, 20 advanced, and 30 declined. Read More

PB Fintech insurance premium increases 70% yoy to Rs2,177 crore in Q4FY22

Published on: 11:08 am

PB Fintech Group's total insurance premium increased to an aggregate of Rs2,177 crore for the quarter ended March 31, 2022 marking a growth of 70% versus same quarter last year.
For the fiscal year ended March 31, 2022, vs last year, total insurance premium increased to an aggregate of Rs6,975 crore, registering a growth of 46%.
At around 11.11 am, PB Fintech Limited was trading at Rs776.95 per piece down Rs38.70 or 4.74% on the BSE. Read More

Thomas Cook India Group wins CNBC-ICICI Lombard Risk Management Award for 5th time

Published on: 11:07 am

Thomas Cook (India) Limited - India’s leading omnichannel travel services company has been honoured with the award for ‘Masters of Risk - Hospitality Sector’ under the Large Cap category, at the CNBC-ICICI Lombard India Risk Management Awards, 2022.
The India Risk Management Awards recognises individuals and organisations who have significantly added to the understanding and practice of risk management, especially during this worldwide crisis and effectively devised & deployed a boundary-less Risk Management architecture that augments the strength of businesses in the new normal. Judged by the finest minds in the industry, the awards celebrate organisations and individuals who have brought risk management to the centre stage. Read more

Gufic Biosciences receives DCGI approval for Thymosin Alpha-1; Stock soars 1.5%

Published on: 10:48 am

Gufic Biosciences Limited (Gufic) have received DCGI approval for Thymosin Alpha-1 (Immunocin α - A Brand of Gufic for the said drug) as an add-on therapy for the treatment of moderate-to-severe COVID-19 patients requiring ventilator support (NIV as well as Mechanical Ventilation). Immunocin α , an Immuno-modulator drug, significantly reduced the risk of death in the Phase 3 Clinical trial in adult patients with moderate-to-severe COVID-19.
The medical armamentarium urgently needs many more tools to fight the COVID-19 pandemic, which is a leading cause of mortality and a strain on the social wellbeing and healthcare system all around the world. “Looking at the convincing results, we are optimistic that Immunocin α can become an important drug amongst the global efforts to fight the COVID-19 pandemic and will add to Gufic's unique legacy of bringing forward breakthroughs in infectious diseases when they are needed most. Read more

Market pulse at 10:30 AM today

Published on: 10:30 am

Equity market indices are bearish, tracking weak global cues.
BSE Sensex is 59,670.14 down 506.36 points or 0.84%.
Nifty50 is currently 17,829.30 down 128.10 points or 0.71%. Nifty Bank is at 37,575.20 down 1.29%. Mid-cap Index is up 0.31%.
NTPC, Coal India, UPL, Tata Steel and Bharti Airtel are the top gainers. HDFC Bank, HDFC, Axis Bank, Bajaj Auto, and TCS are the top losers.
Nifty Banking & Financial Services, IT, and Realty stocks drag over 1% while Nifty Media, Pharma and Oil & Gas stocks trade higher.
Out of 50 stocks traded on the NSE, 22 advanced, 27 declined and 1 unchanged. Read More

Coastal Corporation stocks surges ~3% on commencement of trial production at its new plant

Published on: 10:20 am

Coastal Corporation Ltd has announced the trial production of its new plant i.e Unit III at Kakinada SEZ on February 05, 2022 and is now fully ready to be commissioned.
As per regulatory filing, the CAPEX of Rs70 crore was invested by the Company in the Unit III. The new facility has production capacity of 35 MTPD. This facility is a completely integrated facility. The trial production is started on April 05, 2022.The Commercial production will be commenced in the next 10 to 15 days. Read more

Government ready to launch LIC IPO in May 2022: Reports

Published on: 10:14 am

According to the media reports, the Government is planning to launch the Life Insurance Corporation of India's initial public offering early in May 2022 as it will be the biggest IPO for the Indian stock market history.
The Centre is hoping to launch the public issue before approvals for the IPO expire on May 12.
The Centre is in touch with bankers and financial advisors on the red herring prospectus (RHP). An RHP, also known as an offer document, is filed by a company with the capital markets regulator Securities and Exchange Board of India (SEBI) ahead of a public listing, as per media reports. Read more

ICRA downgrades Religare Housing Developments Finance’s long-term rating and reaffirms short-term ra

Published on: 10:12 am

ICRA has revised the long-term bank lines rating and reaffirmed the short-term bank lines rating of Religare Housing Developments Finance Corporation Limited (RHDFCL), step down subsidiary company of Religare Enterprises Limited.
The rating on long-term / short-term bank lines Rs1,200 crore ICRA B+ (Negative) / ICRA A4; long-term rating downgraded from ICRA BB and short-term rating reaffirmed; removed from rating Watch with Negative Implications. Short-term Debt Programme Rs100 crore ICRA A4; reaffirmed and removed Programme rating Watch with Negative Implications.
At around 10.15 am, Religare Enterprises Ltd was trading at Rs139 per share up by Rs1.25 or 0.91% from its previous closing of Rs137.75 per share on the BSE. Read more

Sterling Holidays appoints Vikram Lalvani as MD & CEO

Published on: 10:01 am

Sterling Holiday Resorts Limited, one of India’s leading leisure hospitality brands has announced the appointment of Vikram Lalvani as the new Managing Director and CEO of the company with effect from April 01, 2022
After seven years of overseeing various strategic responsibilities at Sterling, which included, Customer Engagement, Revenue maximization, Hotel Sales and Resort Operations, Mr. Vikram Lalvani will be taking on the role of Managing Director of Sterling Holiday Resorts Ltd, a post which was effectively held by Ramesh Ramanathan since 2011, who will now continue to guide the company as its Chairman.
As CMD for Sterling, Ramesh Ramanathan has been instrumental in steering the company’s turn-around and making it profitable and establishing the Sterling Brand in the Leisure Holiday space. During his time, he has also transformed the company from being a major player only in the time-share segment to a strong Leisure Hospitality player across all customer segment. Read more

Kansas selects TCS as Technology Partner to transform Unemployment Insurance System

Published on: 9:55 am

Tata Consultancy Services (TCS) announced that the Kansas Department of Labor (KDOL) has selected TCS to build a modern, secure, web-based system for the state’s unemployment insurance program, transforming a legacy mainframe platform from the 1970s into a cloud-based system that dramatically improves the delivery of services to Kansas residents.
The company said in a filing on Tuesday that proven TCS unemployment insurance system will provide Kansans with online self-service functions, including the ability to file new claims, certify weekly claims, check the status of benefit payments, and file appeals. The new system will also enable Kansas employers to register their businesses online, make payments and appeals online, and file real time wage reports, among other features. Read more

NCL Industries skids 1% as it posts marginal decline in cement production for FY22

Published on: 9:51 am

NCL Industries Limited has informed investors and exchanges of production & dispatch details of cement, cement particle boards, ready mix concrete, doors, and energy for the quarter and year ended March 31, 2022.
The company has posted cement production of 6,59,485 MT for Q4FY22 as compared to 6,91,136 MT in Q4FY21, registering a decline of 5% yoy. While production for the financial year ended March 31, 2022, stood at 26,04,200 MT as compared to 24,04,035 MT in the financial year ended March 31, 2021, up by 8% yoy. Read More

Markets trade lower amid weak global cues; Nifty below 17,900; HDFC twins top losers

Published on: 9:41 am

Indian markets nosedived on Wednesday's session tracking weak global peers as investors contemplated the latest announcement from the US Federal Reserve Governor Lael Brainard indicating hawkish stance in Fed policy. Fed Governor has cleared that the Fed will start reducing the balance sheet size soon. Also, the markets retreats from 11-week peaks scaled in the last week's session, amid volatility across financial stocks as HDFC Bank and HDFC took a breather.
In the opening bell, Sensex has dipped by more than 400 points with an intraday low of 59,694.64. Meanwhile, Nifty 50 dropped nearly 100 points and has touched the day's low of 17,819.15.
At the domestic front, a broad-based selloff was witnessed with banking, consumer durables and auto stocks underperforming the most. Also, investors focus has shifted to March 2021 quarterly result as IT-giant TCS is set to announce its financial performance later today. Read more

Rain Industries subsidiary to shut down one CPC kiln at Vizag plant; Stock dives 4%

Published on: 9:20 am

Rain CM Carbon (Vizag) Limited ("RAIN"), a wholly owned subsidiary of Rain Industries Limited is engaged in the business of manufacture and sale of Calcined Petroleum Coke ("CPC") and co-generation of electricity through waste-gases supported by emissions scrubbing at Visakhapatnam, Andhra Pradesh. RAIN has two Kilns for manufacture of CPC at this location.
RAIN is a unique calciner in India as its Kilns are the only ones in the country equipped with Flue Gas Desulphurisation (FGD) systems that effectively reduce Sulphur Dioxide (SO2) emissions by more than 98%, making RAIN's calcination Kilns the cleanest in India, a fact that has also been confirmed by a renowned Independent Environmental Agency in India (CSIR-NEERI Report dated September 2021). Read more