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07th Apr, 2022

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TCS partners with NUS CGS in Automating Corporate Governance Assessment

Published on: 4:00 pm

Tata Consultancy Services and the Centre for Governance and Sustainability (CGS) at the National University of Singapore (NUS) Business School have announced their collaboration to make corporate governance assessment quicker and more efficient.
This will contribute to the betterment of professional practices among institutions, government bodies and businesses in Singapore and Asia.
The collaboration taps on the technology expertise of TCS and corporate governance insights of CGS in creating a new platform, powered by artificial intelligence and machine learning, which can acquire and process corporate governance data from various sources. Read more

Titan Company tumbles ~3% on business updates for Q4FY22

Published on: 4:00 pm

Titan Company Limited informed that it has ended the quarter on a satisfactory note despite Q4FY22 performance being disrupted twice - first due to the partial lockdowns caused by the Omicron wave in January, and again during the month of March in which consumer sentiments reflected an adverse impact due to (a) sharp increase and volatility in gold prices and (b) uncertainty due to a fragile gee-political situation.
The company’s underlying demand continued to be robust across all of its businesses with most segments posting yoy growth on the back of a very strong Q421 base.
It posted 12% yoy growth in the watches & wearables segment with 34 new store additions in Q4FY22 and 843 stores in FY22. While eyecare business jumped nearly 5% yoy with 51 store additions in Q4FY22 and 733 new stores in FY22. Read more

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Univastu gains ~1% as it bags order worth Rs17.46 crore

Published on: 3:47 pm

Univastu Limited informed that the company received a work order cum Letter of Acceptance on April 6, 2022, worth Rs17.46 crore including all taxes and applicable GST.
The order received is for the construction of the Steel Ramp for the Walkway of NMML-I Viaduct, Ground development works for stations no. 9 and 11. It also includes the supply and installation of additional signages at stations 07 to 11 for Navi Mumbai Metro Line – I. Read more

Alembic Pharma gets USFDA tentative approval for Dabigatran Etexilate Capsules

Published on: 3:41 pm

Alembic Pharmaceuticals Limited has announced that it has received tentative approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Dabigatran Etexilate Capsules, 75 mg, 110 mg, and 150 mg.
The tentatively approved ANDA is therapeutically equivalent to the reference listed drug product (RLD) Pradaxa Capsules, 75 mg, 110 mg, and 150 mg, of Boehringer lngelheim Pharmaceuticals, Inc. (Boehringer). Read more

Ashapuri Gold Ornaments receives orders worth Rs30 crore in ‘India Gem & Jewellery Exhibition’ h

Published on: 3:25 pm

Ashapuri Gold Ornaments Ltd, one of India's leading manufacturer of antique jewellery received orders worth Rs30 crore during country’s first B2B jewellery Expo “India Gem & Jewellery Show (GJS 2022)” held in Mumbai during April 3 to April 6, 2022.
Leading corporate and jewellery brands from domestic and international markets including Malabar Gold, PNG Jewellers, TBZ, Sree Kumaran Thangamaligai, Lalithaa Jewellery Mart, Manappuram Gold among many others visited the company's stall during the four day exhibition. Over 30,000 visitors including leading National and International Jewellery Brands, Manufacturers, Retailers from all over the country and abroad visited GJS 2022. Read more

Uflex receives ‘BWR AA-/Stable’ rating from Brickwork on bank loan facilities worth Rs440Cr

Published on: 3:21 pm

Uflex Limited has informed that the Brickwork Ratings assigns the ratings of BWR AA- (Stable) for the long-term Bank Loan Facilities of Rs440 crore of the company.
BWR has reviewed the term loans worth Rs100 crore of Indian Overseas Bank. The rating agency has also reviewed the term loan of Rs50 crore of Bank of Bahrain & Kuwait, and the term loan of Punjab National Bank worth Rs290 crore. Read more

L&T Construction bags contracts for its various businesses

Published on: 3:03 pm

The construction arm of Larsen & Toubro has secured orders for its various Businesses.

Water & Effluent Treatment

The Water & Effluent Treatment Business of UH Construction has secured a contract from the Rural Drinking Water & Sanitation Division, Karnataka to construct drinking water supply facilities for 396 rural habitations in the districts of Dharwad and Belagavi from the Renukasagar Reservoir (Navilutheertha dam) on a Design, Build, Operate and Transfer Mode under the Multi Village Drinking Water Supply Scheme. Read more

ICRA reviews credit ratings on bank loan facilities of Apollo Pipes

Published on: 3:00 pm

ICRA Limited has reviewed the credit ratings on the bank loan facilities Rs50 crore of Apollo Pipes Limited. The long-term rating ICRA A (Positive) /A1 has been reaffirmed and outlook revised to Positive from Stable. The short-term rating has been reaffirmed at ICRA A1.
At around 3.00 pm, Apollo Pipes Ltd was trading at Rs512.50 per share up by Rs13.75 or 2.76% from its previous closing of Rs498.75 per share on the BSE. Read more

Lupin completes acquisition of brands from Anglo-French; Stock gains 1%

Published on: 2:52 pm

Global pharma major Lupin Limited has announced today the completion of the acquisition of a portfolio of brands from Anglo-French Drugs & Industries Limited (AFDIL) and its Associates.
The acquisition will strengthen Lupin’s India Formulation business by adding a fast-growing portfolio of vitamins, minerals, supplements and neurological products. The acquisition of the AFDIL brands takes Lupin further in shaping its portfolio to emerge as a leading pharmaceutical company in India. Read more

Manish Rathi joins Mangal Credit as the new CEO; stock trades flat

Published on: 2:47 pm

Mangal Credit & Fincorp Limited informed that the Board of Directors through a circular resolution passed on 06.04.2022 has appointed Mr. Manish Rathi as Chief Executive Officer (CEO) of the Company with effect from April 1, 2022.
Mr. Manish Rathi, Chartered Accountant is a Member of the ICAI. He has 17 years of post-qualification experience with specialization in credit and risk management across products and customer segments covering PAN India and South East Asia etc. He has distinctive experience in setting up new & profitable/ growing businesses, creating teams, digitization & automation & tech, process improvement, and project management. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

Indices remain lower as Oil & Gas and Consumer Goods drag the most.
BSE Sensex is 59,138.75 down 471.66 points or 0.79%.
Nifty50 is currently 17,667.70 down 139.95 points or 0.79%. Nifty Bank is at 37,611.00 down 0.06%. Mid-cap Index is down 0.70%. Read more

IDFC’s stock nosedives ~7% as board declares interim dividend

Published on: 2:20 pm

IDFC Ltd.’s counter slipped nearly 7% in today’s trade as the board approved an interim dividend for the current fiscal year.
The company informed in its filing that the Board of the Directors of the IDFC Limited ('IDFC' or 'the Company') at its meeting held today i.e., April 06, 2022, has considered and declared an Interim Dividend of 10% i.e., Rs1 per equity share of the Company. Read more

NLC climbs ~2% as it creates new record of performance on all fronts in FY22

Published on: 2:06 pm

Navratna PSU, NLC India Ltd. achieved record physical performance on all fronts during the FY 2021-22. The company has created a new record in terms of electricity generation, with the Power stations of NLC India Limited and its subsidiaries together generating 2,920 crore units of electricity (29.20 billion units) during the fiscal year 2021-22. This is the highest-ever generation in a financial year since the inception of the company and is 18.64% higher than the previous year’s generation which was 2,461.30 crore units.
The company and its subsidiaries altogether recorded an export of 2,589 crore units of power to the DISCOMS during the year under reference, registering a growth of 19.75% more than the previous year, creating a new export record.
The company began its Coal production in April 2020 and this year 2021-22, the Talabira Coal Mine in Odisha has reported a production of 63.58 lakh tonnes of Coal, which is 527% higher than the coal production made during the year 2020-21, surpassing the target of 40 lakh tonnes set by the Coal Ministry. Read more

Flipkart marks debut in healthcare sector with Flipkart Health+ App

Published on: 1:50 pm

Flipkart Health+, the digital healthcare marketplace platform of India’s homegrown Flipkart Group, today announced the launch of the Flipkart Health+ app, a tech-platform which enables access to genuine medicines and healthcare products and services for millions of customers across the country.
With an aim to serve customers across 20,000 pin codes in India, Flipkart Health+ will enable easy and convenient access to quality and affordable medicines and healthcare products, from independent sellers, through the Flipkart Health+ app.
Flipkart Health+ would benefit from the expertise and experience of the Flipkart Group’s reach and last-mile supply chain capabilities, coupled with Sastasundar.com's robust healthcare network across the country. It aims to strengthen India’s healthcare ecosystem by enabling affordable access to a wide range of medicines and healthcare products and services while partnering with the healthcare ecosystem in terms of long-term sustainable well-being and social development. Read more

ICRA reaffirms credit rating of Godrej Properties

Published on: 1:40 pm

ICRA Limited, rating agency vide their letters dated April 05, 2022, has reaffirmed the credit rating for Godrej Properties Limited instruments.
The rating on long / short-term fund based /non fund based Rs2500 crore instrument has been reaffirmed at ICRA AA (Positive). For Non-Convertible Debentures Programme Rs1,000 crore, ICRA AA (Positive) rating has been reaffirmed. The rating agency also reaffirmed ICRA A1+ rating on Commercial Paper Rs1,500 crore. Read more

Asian Granito’s rights issue worth Rs441 crore opens on April 25; stock tumbles ~3%

Published on: 1:40 pm

Asian Granito India Limited (AGL), one of the largest Luxury Surfaces and Bathware Solutions brands in the country has announced its Rs441 crore rights issue scheduled to open to April 25, 2022. The company will utilise the money raised to fund its Mega Expansion Plans.
Under such expansion, the company is looking to set up three new state-of-the-art manufacturing facilities at Morbi, Gujarat in Value Added Luxury Surfaces & Bathware Segments including GVT Tiles, Sanitaryware and SPC Flooring, setting up one of the India’s largest Display Centre, funding the working capital requirements of the above new projects and general corporate purposes. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

BSE Sensex is 59,350.43 down 259.98 points or 0.44%.
Nifty50 is currently 17,734.70 down 72.95 points or 0.41%. Nifty Bank is at 37,814.10 up 0.48%. Mid-cap Index is down 0.30%.
Axis Bank, ICICI Bank, Dr Reddy's, Eicher Motors, and HUL are the top gainers. Titan, HDFC, Wipro, Power Grid and Larsen & Turbo are the top losers. Read more

BSE Technologies receives authorization from SEBI to operate as a KYC Registration Agency

Published on: 1:23 pm

BSE Technologies Private Limited (BTPL), a 100% subsidiary of BSE received authorization from Securities and Exchange Board of India (SEBI) to act as a KYC KRA agency. BSE has always been at the vanguard of implementing the best and leading-edge technologies, processes, and practices for ensuring the safety and integrity of markets. In line with the Government’s vision of inclusive investor reach, where KYC is a pre-requisite for commencement of any investments in the Securities market. BSE’s initiative through BTPL would go a long way towards achieving inclusive investor reach in the securities market.
KYC KRA is SEBI regulated intermediary, which will grant the market participants authorization of investor’s Know Your Client (KYC), which will be mandatory for investment in securities market. Read more

HDFC bank skids 1.5% ahead of Rs50,000 crore fundraise plan

Published on: 1:17 pm

HDFC Bank Limited informed the investors that the Bank proposes to raise funds by issuing Perpetual Debt Instruments (part of Additional Tier I capital), Tier II Capital Bonds, and Long-Term Bonds (Financing of Infrastructure and Affordable Housing) up to a total amount of Rs50,000 crore over the period of next twelve months through private placement mode.
The Board of Directors would consider this proposal at its ensuing Board meeting to be held on April 16, 2022. Read more

ICRA : Favourable demand sentiments to continue to fuel growth in road logistics sector

Published on: 1:11 pm

The outlook for the Indian Road logistics sector remains stable and shall be supported by the growth in macro-economic activities. In the last few months, there has been sustained improvement in freight movements aided by recovery in demand across industries, increased pace of vaccination and rapid abatement of the third wave, which allowed for quick lifting of restrictions etc. However elevated commodity prices and firming freight rates are key near-term headwinds. The margin movement shall continue to depend on consumer demand sentiments, trend in diesel prices and the competitive intensity within the industry. While the larger players have managed to hike rate to a large extent in FY2022, their sustained ability to do the same remains to be seen.
Mr. Suprio Banerjee, Vice President & Sector-Head, ICRA Ratings, said, “Quarterly revenues for the logistics sector breached multi-year highs during Q2 FY2022 and Q3 FY2022 supported by sustained recovery in industrial activities. The impact of third wave was minimal as the hospitalisation rates were low. Read more

Coforge becomes AWS Travel and Hospitality Competency Partner

Published on: 1:10 pm

Coforge Limited, a global digital services and solutions provider announced that it has become an Amazon Web Services (AWS) Travel and Hospitality Competency Partner.
At around 1:13 PM, Coforge was trading at Rs4422.05 per piece lower by 1% on Sensex. Read more

ICRA : Indian pharma industry to grow by 8-10% in FY22; growth momentum likely to moderate in FY23

Published on: 1:06 pm

Revenues for ICRA’s sample set of 21 Indian pharmaceutical companies is estimated to grow at 8-10% in FY2022; and moderate to 6-8% in FY2023, partly attributable to the high base of FY2022. Growth in FY2023 is expected to be supported by growth of 7-9% in the domestic market, 12-14% in the emerging markets and 7-9% in the European business, even though growth in the US business is expected to remain muted, owing to subdued pricing environment in the market in the near to mid-term.
The operating profit margin for the sample set stood at 21.7% in Q3 FY2022 and 23.2% in 9M FY2022, in line with the corresponding period of the previous fiscal. However, headwinds related to pricing pressures and rising raw material costs will result in some contraction in margin for the sample set to 22.5% in FY2022 and further to pre-Covid levels of 21-22% in FY2023, though the same will remain healthy. The extent of impact on margins will differ from company to company depending on the product portfolio, revenue share from the US market and new product launches. Read more

ICRA revises long-term ratings assigned to ACE Limited’s debt instruments; stock slips ~1%

Published on: 1:03 pm

ACE Limited has informed investors and exchanges that ICRA Limited has revised the long-term and short-term ratings of the company’s bank facilities.
ICRA has revised the long-term rating from the existing ‘ICRA AA-‘ to ‘ICRA AA’. It has upgraded the outlook from positive to stable. Read more

IndusInd Bank’s 'Indus Merchant Solutions' app wins big at the Digital CX Awards 2022

Published on: 12:53 pm

IndusInd Bank has announced that its flagship mobile application for merchants – ‘Indus Merchant Solutions’ has been awarded the ‘Outstanding Digital CX - SME Payments’ in the recently concluded Digital CX Awards 2022.
The Digital CX Awards, is organised by Digital Banker, a globally trusted financial news service provider that recognises the world’s leading Financial Services Organisations (FSO) that blend the best of technology, and innovation, with the power of their people to provide a superior customer experience and reinvent their industry. This year, the awards received over 600 submissions from 127 marquee FSOs across the globe. Read more

Thangamayil Jewellery to open new branch in Trichy, Tamil Nadu; Stock soars 3%

Published on: 12:45 pm

Thangamayil Jewellery Limited will open its new branch at Trichy in Tamil Nadu on April 14, 2022. “We are opening our 52nd branch at Trichy - on 14-04-2022,” the company said in a filing on Thursday.
At around 12.48 pm, Thangamayil Jewellery Ltd was trading at Rs1,148 per share up by Rs35.75 or 3.21% from its previous closing of Rs1,112.25 per share on the BSE. Read more

Market pulse at 12:30 PM today

Published on: 12:30 pm

Benchmark market indices trim losses but continue to remain in deep red.
BSE Sensex is 59,449.66 down 160.75 points or 0.27%.
Nifty50 is currently 17,757.15 down 50.50 points or 0.28%. Nifty Bank is at 37,898.25 up 0.71%. Mid-cap Index is up 0.34%.
Axis Bank, NTPC, ICICI Bank, Eicher Motors, and IndusInd Bank are the top gainers. Titan, HDFC, Wipro, Hindalco and Larsen & Turbo are the top losers.
Nifty Realty, PSU Bank stocks are bullish while IT, Metal, and Consumer Durables, are under pressure.
Out of 50 stocks traded on the NSE, 29 advanced, and 21 declined. Read More

Motherson drives its Aerospace business further, with completion of acquisition of the majority stak

Published on: 12:16 pm

Motherson Sumi Systems Limited (MSSL) has successfully completed the acquisition of a majority stake in CIM Tools Private Limited. As announced earlier, MSSL has acquired a 55% stake in CIM Tools Private Limited (CIM). CIM in turn holds 83% in Aero Treatment Private Limited (ATPL) and 49.99% in Lauak CIM Aerospace (JV with Lauak International, LCA). CIM, ATPL and LCA are hereinafter referred to as “CIM Group”. The three founders, Srikanth GS, Umesh AS and Vishwanath Deshpande, retain the remaining 45% stake in CIM.
Since the initial announcement on October-21, CIM’s order book has grown 26% to ~$ 252 Mn. CIM Group’s provisional revenue in Q4 FY22 was ~Rs548 million, implying a strong recovery to pre-COVID levels (Revenues of Rs2,031 million in FY20 and Rs1,296 million in FY21). The strong recovery in revenues reaffirms CIM’s capabilities and position in the global aerospace supply chain ecosystem. Read More

RattanIndia expands presence in Andhra Pradesh; stock slips 1%

Published on: 12:12 pm

RattanIndia backed Revolt Motors, India’s next gen-mobility is expanding its retail presence in Southern India as it is opening new stores in Nellore, Andhra Pradesh.
After Vizag & Vijaywada, this will be the 3rd retail outlet in the State and the 22nd addition to the existing marketplace in the southern part of India. The company has been robustly expanding across the nation and aims to open 40+ new stores this year.
Andhra Pradesh is the third most EV-friendly state in India supports every aspect of electric mobility and is focused on accelerating the adoption of EVs. The government’s EV policies encourage faster adoption and manufacturing of EVs. Read more

Brickwork reaffirms rating of Punjab & Sind Bank bonds; Stock gains 2%

Published on: 12:01 pm

Brickwork Ratings has reaffirmed the rating of Punjab & Sind Bank worth Rs237.30 crore bonds. The credit rating agency has reaffirmed BWR AA (Negative) rating on Basel III Tier II Bonds.
At around 12.05 pm, Punjab & Sind Bank was trading at Rs17.15 per share up by Rs0.3 or 1.78% from its previous closing of Rs16.85 per share on the BSE. Read more

Godrej Properties to develop new project in Kandivali, Mumbai; estimates booking value of Rs1,000 cr

Published on: 11:47 am

Godrej Properties Ltd. today announced that it has extended its existing arrangements with Shivam Realty to develop a residential group housing project, off Akurli crossroad at Hanuman Nagar, Kandivali, East.
This project is will offer approximately 7 Lakh square feet of saleable area, and is an extension of the Godrej Tranquil and Godrej Nest projects of the company. This project will be developed as a modern residential project consisting of apartments of various configurations. The land will have easy access to the Western Express Highway and offers a well-developed social and civic infrastructure with multiple schools, retail malls, hospitals, and residential and commercial spaces in close proximity. Read more

Adani Enterprises acquires 49% stake in Jhar Mining Infra

Published on: 11:45 am

Adani Enterprises Limited has acquired 24,500 (49%) equity shares of Rs10 each of Jhar Mining Infra Private Limited (JMIPL) from ACB (India) Limited on April 5, 2022 for Rs2.45 lakh. Consequently, JMPL has become wholly owned subsidiary of the company.
Jhar Mining Infra is involved in the mining of minerals and ores. JMIPL is incorporated in India with Registrar of Companies, Gujarat at Ahmedabad on May 20, 2014 and is yet to commence its business operations. Read more

CL Educate to sell Greater Noida campus for Rs48 crore

Published on: 11:41 am

CL Educate Limited, India’s leading listed EdTech company has announced the sale of their Greater Noida Knowledge Park Campus, built on a nearly 5 acre plot of land.
CL Educate, having already exited asset heavy K-12 and HigherEd businesses, liquidated three related land parcels in FY’22 worth nearly Rs13 crore.
The agreement to sell the Greater Noida campus, built for a HigherEd project in 2012, helps CL Educate realize Rs48 crore from the sale. An advance of Rs10 crore was received from the buyer today, with the rest of the transaction and legal processes expected to be completed this quarter itself. Read more

Market pulse at 11:30 AM today

Published on: 11:30 am

Indices remain bearish as IT, consumer goods stocks drag.
BSE Sensex is 59,260.43 down 349.98 points or 0.59%.
Nifty50 is currently 17,718.80 down 88.85 points or 0.5%. Nifty Bank is at 37,685.90 up 0.14%. Mid-cap Index is up 0.52%.
NTPC, Axis Bank, DR Reddy, Cipla, and Eicher Motors are the top gainers. Titan, HDFC, Wipro, HDFC Bank, and Relaince are the top losers.
Nifty Realty, Pharma and FMCG stocks are bullish while IT, Consumer Durables, and Financial Services are under pressure.
Out of 50 stocks traded on the NSE, 26 advanced, and 24 declined. Read More

Asian Paints acquires 49% stake of White Teak; Stock rises

Published on: 11:18 am

Asian Paints Ltd has entered into a Share Purchase Agreement and other definitive documents with the existing shareholders of Obgenix Software Private Limited (popularly known by the brand name of 'White Teak'), for the acquisition of 100% of its equity share capital, in a staggered manner, over the period of next 3 years, subject to certain conditions.
Further, the Company has acquired 49% of the equity share capital of White Teak and all the customary formalities relating to the said acquisition have been completed. The remaining 51% stake would be acquired in a staggered manner as per the terms of the Definitive Documents, said company. Read More

Canara Bank enters into agreement for sale of 4% stake in ISARC

Published on: 11:12 am

Canara Bank has executed a Share Purchase Agreement, dated April 6, 2022 for sale of entire equity stake of 4% in India SME Asset Reconstruction Company Limited (ISARC),
The divestment is subject to RBI approval for change in sponsor shareholder of India SME Asset Reconstruction Company Ltd (Being an ARC).
Cash consideration is computed as Purchase Shares multiplied by Purchase Price per Share i.e. Rs3.92 crore. The shares are purchased at Rs9.80 per equity share ( Face value being Rs10 to be issued as per proposed terms of agreement, company said in a filing on Wednesday. Read more

ICRA places Tata Coffee’s long-term ratings under watch; stock jumps 1%

Published on: 10:59 am

In its regulatory filing, Tata Coffee Limited informed that ICRA Limited vide its letter dated April 5, 2022, has reaffirmed the short-term rating and placed the long-term rating under watch with positive implications.
ICRA’s fund-based bank facilities worth Rs150 crore were previously rated ‘AA+/Stable’ by the rating agency. However, it has been informed that such Long Term Rating has been placed under watch with positive implications.
While commercial paper worth Rs30 crore (short-term) has been assigned ‘A1+’ ratings by ICRA, as previously assigned. Total bank facilities under review stood at Rs180 crore. Read more

TCS’ Conversational AI Platform, Conversa, recognized for its advanced technology capabilities by Ce

Published on: 10:54 am

Tata Consultancy Services has announced that TCS Conversa, its conversational AI platform, has been designated as a Technology Standout among Retail Banking Intelligent Virtual Assistant (IVA) Platforms by Celent.
In an assessment of 10 IVA platforms, TCS Conversa was recognized for its advanced technology capabilities and breadth of functionality. According to the report, TCS has seamlessly embedded IVA capabilities with TCS BaNCS, a positive step towards democratization of AI. It calls Conversa a strong contender for TCS BaNCS clients seeking to deploy conversational AI. The report also highlights TCS’ robust vision for Conversa and a full pipeline of product enhancements that are in the works. Read More

TATA Steel to acquire 50% stake of SAIL in S&T Mining; Stock dips ~1%

Published on: 10:52 am

Tata Steel Limited has, on April 5, 2022, executed a Share Purchase Agreement with Steel Authority of India Limited (SAIL) for acquisition of the entire equity stake of SAIL (50%) held in S&T Mining Company Limited (S&T Mining).
On completion of the acquisition, S&T Mining (presently a Joint Venture between SAIL and the Company), will become a wholly owned subsidiary of the Company. Read More

JSW Energy commences operations at 225 MW Solar Project at Vijaynagar; stock slips ~1.5%

Published on: 10:42 am

JSW Energy Limited informed that its wholly-owned subsidiary JSW Renewable Energy (Vijaynagar) Limited has commenced operations at the 225 MW Solar Plant at Vijayanagar, Karnataka. This project is a part of 958 MW Solar and Wind Projects signed, which was earlier announced by the company.
This solar project became operative in a record time of less than 12 months despite several headwinds like Covid-19 related disruptions, elevated commodity prices, and global supply chain outages. The company is also constructing a 2.25 GW of greenfield renewable energy capacity to attain 10 GW capacity by FY25, and 20 GW capacity by FY30, led by renewables. Read more

Nykaa launches 'Superstore' to partner with retailers in Gujarat

Published on: 10:41 am

Nykaa, India's leading on line lifestyle retail destination has recently launched "Superstore by Nykaa"- a tech-forward, direct-to-retail distribution business for the Indian retailer ecosystem. An intuitive and easy to use app, Superstore is available for retailers across India.
With Nykaa Superstore, retailers in Gujarat can access the entire range of beauty, personal care & wellness products on one single platform, at distributor prices. More importantly, it gives retailers the freedom to order 100% genuine products, as much and as often as they need, delivered to their doorstep. The transparency in pricing and offers, and easy returns make this a dependable channel to secure the most relevant products.
Superstore also helps retailers understand the popular products in their locality, check the latest offers and profit margin for each SKU and choose the quantity while purchasing. The app currently enables brands to run trade schemes for their SKUs as well and also offers credit facility to retailers. Read More

Market pulse at 10:30 AM today

Published on: 10:30 am

Equity market indices are lower, tracking weak global cues.
BSE Sensex is 59,162.82 down 447.59 points or 0.75%.
Nifty50 is currently 17,694.70 down 112.95 points or 0.63%. Nifty Bank is at 37,471.35 down 0.43%. Mid-cap Index is up 0.43%.
NTPC, Cipla, DR Reddy, Eicher Motors, and HUL are the top gainers. HDFC, Titan, HDFC Bank, Hindalco, and Relaince are the top losers.
Nifty Pharma and FMCG stocks are bullish while IT, Metal, Consumer Durables, Banking and Financial Services are under pressure.
Out of 50 stocks traded on the NSE, 25 advanced, and 25 declined. Read More

SBEC Sugar stock gains over 8% after receiving license to set-up distillery

Published on: 10:23 am

SBEC Sugar Ltd stocks rally in the market on Thursday as the company announced that it has received the license to set-up Distillery unit at vill-Loyan Malakpur, Teh- Baraut, Dist. - Baghpat, Uttar Pradesh.
At around 10:26 AM, SBEC Sugar was trading at Rs33.40 apiece up by Rs2.55 or 8.27% from its previous closing of Rs30.85 apiece on the BSE. Read more

Union Bank of India to sell 8% stake in India SME Asset Reconstruction Company

Published on: 10:15 am

Union Bank of India has executed an agreement on April 06, 2022 for sale of its 8% stake in India SME Asset Reconstruction Company Limited in favour of Dhansamridhi Finance Pvt Ltd.
“The said stake sale is subject to obtaining requisite regulatory approvals,” company said in a filing on Wednesday. Read more

Inflame Appliances bags trial order for 2500 chimneys from Green Line Appliances; Stock sheds 2%

Published on: 10:02 am

Inflame Appliances Limited, a leading manufacturer of home and kitchen appliances, has announced the most prestigious first trial order for 2500 Chimneys from GREEN LINE APPLIANCES, adding one more milestone to its expansion.
Commenting on the Order, Amit Kaushik, CEO &CFO, Inflame Appliances said: "We are pleased to share this milestone development. Demand for home and kitchen appliances will grow manifold over the corning decade and Inflame Appliances is committed to the vision of growing production rapidly to be the leading manufacturer in India." Read more

Man Industries inks technical collaboration pact with OMS Oilfield; stock zooms 3%

Published on: 9:42 am

Man Industries (India) Ltd. (MIIL), has entered into a technical collaboration and know-how agreement with Singapore-based OMS Oilfield Services Pte. Ltd. (OMS), one of Asia’s leading oilfield services and manufacturing companies, through its subsidiary Company, Man Offshore & Drilling Ltd. (MODL).
As part of the agreement, OMS will be responsible to grant MODL know-how, trademarks, and technology to manufacture specialty connectors and cross over for operations in India. MODL will be manufacturing high-quality specialty connectors and cross-overs for large diameter conductors and surface casing for oil and gas well construction as per the technological expertise of OMS. Read more

Godrej Consumer Products expects double-digit sales growth in India for Q4FY22 driven by pricing; St

Published on: 9:40 am

Godrej Consumer Products Limited expects India to deliver close to double-digit sales growth in Q4FY22, driven entirely by pricing. The company’s 2-year CAGR would be in early twenties. Personal Care sustained its double-digit growth trajectory, primarily led by pricing in Personal Wash, while Home Care witnessed a soft performance on a high base, impacted by a relatively muted season for home insecticides and the discretionary nature of air fresheners.
At around 9.44 am, Godrej Consumer Products Ltd was trading at Rs774.10 per share up by Rs21.35 or 2.84% from its previous closing of Rs752.75 per share on the BSE. Read more

Markets nosedive amid weak global cues; Banking, IT, Auto, Consumer Durables worst hit; Pharma stock

Published on: 9:38 am

Indian markets opened on a negative note tracking weakness in global markets as US Federal Reserve has planned to prune balance sheet by $1.1 trillion a year due to inflationary pressure which continues to mount the investors sentiments.
At home, selloff in banking, auto, financial, IT, consumer durables and metal stocks pushed benchmarks Sensex and Nifty 50 off the cliff while Pharma stocks outperformed counterparts. Sensex has dipped to as much as below 59,300 and Nifty 50 even erased 17,800-level.
This week markets are expected to run in a volatile session ahead of RBI MPC meeting scheduled for tomorrow. According to the reports, Repo rate may remain unchanged tomorrow but rate lift-off not far as inflation noose tightens. Read more

Max Financial appoints Amrit Singh as CFO; stock trades flat

Published on: 9:30 am

Max Financial Services Limited has informed the investors that the Board had approved the appointment of Amrit Singh as the CFO and KMP of the Company effective May 1, 2022.
Amrit Singh has been associated with Max Life for over 9 years. Currently, he is working with Max Life as Chief Financial officer and EVP of Strategy and oversees diverse teams such as Strategy, Financial Planning, Analytics, Financial & Regulatory Reporting, Taxation, Investment BO, Investor Relations, Finance Operations, and Procurement.
Mr. Singh took charge of the office of Mr. Mandeep Mehta as he decided to move on to pursue other career options. Read more

IDFC to sell IDFC AMC to Bandhan led consortium for Rs4,500 crore; stock slumps 5%

Published on: 9:23 am

IDFC Limited and a consortium comprising Bandhan Financial Holdings, GIC and ChrysCapital have entered into a definitive agreement to acquire IDFC Asset Management Company and IDFC AMC Trustee Company, from IDFC, for Rs4,500 crore. The company has declared an interim dividend of Re 1 per equity share.
“The board of directors of IDFC Financial Holding Company Limited (IDFC FHCL) at their respective meetings held on April 06, 2022, have inter alia considered binding bids received in connection with divestment of IDFC Asset Management Company Limited (IDFC AMC) along with IDFC AMC Trustee company Limited (IDFC AMC Trustee) and have approved sale of the entire shareholding of IDFC AMC and IDFC AMC Trustee held by IDFC FHCL to a consortium comprising of Bandhan Financial Holding Limited, Lathe Investment Pte. Ltd. (affiliate of GIC), Tangerine Investments Limited and Infinity Partners (affiliates of ChrysCapital),” company said in a filing on Wednesday. Read more

JSW Steel declared as preferred bidder for iron ore mine in Maharashtra

Published on: 9:19 am

JSW Steel Ltd has announced that it has been declared as a "Preferred Bidder" vide communication dated March 31, 2022 received from the Directorate of Geology and Mining, Maharashtra, for Composite Licence of an unexplored Iron Ore mine (Ajgaon Iron Ore Block of Sindhudurg District) in the State of Maharashtra, in the Auctions held by the State Govt. of Maharashtra on March 30, 2022.
As per the filing, the highest final offer price by the Company to become a "Preferred Bidder" is 25% of average monthly prices of iron ore of different grades and quality published by Indian Bureau of Mines in the State of Maharashtra from time to time. Read more