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08th Apr, 2022

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lndoco Remedies receives USFDA nod for Lacosamide Injection

Published on: 4:00 pm

Indoco Remedies Ltd. has announced that the United States Food & Drug Administration (USFDA) has approved the ANDA Lacosamide Injection USP, 200 mg/20 mL (10 mg/mL) single-dose vials. The generic Lacosamide Injection USP of lndoco Remedies is bioequivalent and therapeutically equivalent tothe reference listed drug (RLD), Vimpat Injection of UCB, Inc.
Lacosamide injection is indicated for the prevention and control of seizures. It is an anticonvulsant / antiepileptic drug.
Commenting on the development, Aditi Kare Panandikar, Managing Director-lndoco Remedies said, "Lacosamide Injection of lndoco is the first generic version of Vimpat Injection of UCB Inc., approved in the United States. The ANDA approval and immediate launch of the product in the US market, echoes our commitment and consistent efforts to meet the unmet needs of the patients with quality and affordable healthcare. Read more

Markets snap three-day losing streak; Nifty settles above 17,780 post RBI outcome; ITC stocks hit 52

Published on: 3:54 pm

Equity benchmark indices snapped their three-day losing run on Friday after the RBI decided to keep the interest rates unchanged and maintain an 'accommodative' stance despite liquidity unwinding by global central banks.
The Nifty gained 145 points to settle at 17,784 and the BSE Sensex also jumped 412.23 points or 0.70% at 59,447.18 as both the indices had hit intra-day highs of 59,654 and 17,843, respectively.
The broader BSE Midcap and Smallcap indices rose in tandem with the frontline indices and closed 0.9 per cent higher each. Read more

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ABB India expands Gujarat factory to meet growing global demand for Digital Systems and Substation P

Published on: 3:40 pm

ABB India on Friday has announced the inauguration of its expanded Digital Substation Products and Digital Systems factory in Vadodara, Gujarat. Located within ABB India’s largest manufacturing campus, this new factory will meet the growing demand for a wide range of digital substation products and digital solutions in India and in more than 50 countries.
The manufacturing portfolio includes products like relays, while the solutions range from centralized protection and control systems, distribution automation, to bus transfer systems and arc protection for the electrical distribution network. These products are deployed across multiple industries from cement, steel, oil and gas to utilities (power distribution companies) and renewable energy projects through OEMs.
ABB India today announced the inauguration of its expanded Digital Substation Products and Digital Systems factory in Vadodara, Gujarat. Located within ABB India’s largest manufacturing campus, this new factory will meet the growing demand for a wide range of digital substation products and digital solutions in India and in more than 50 countries. Read more

Estimate 10 year yield at 7.4% over the course of H1 FY2023: Ms. Aditi Nayar, Chief Economist, ICRA

Published on: 3:30 pm

As we had expected, the 10-year G-sec yield breached 7.0% after the policy announcement. We anticipate the 10 year yield to rise to as much as 7.4% over the course of H1 FY2023, as the market's views on the number and timing of rate hikes crystallise. Even as the Governor hinted at utilizing various tools to manage the government borrowing programme, comments on the yield curve being a public good were missing in his morning speech, suggesting that yields will be allowed to move up gradually.
The MPC's revised GDP and inflation forecasts of 7.2% and 5.7%, respectively, for FY2023 (with crude averaging at US$100/barrel) are echoed by our own projections (7.2% and 5.6%, respectively, with crude @US$105/barrel). Our projection of the CPI inflation of 6.3% for Q1 FY2023, assumes a full pass through of the pending transmission of the crude price hike to petrol and diesel, without any excise cut. Read more

Sobha clocks sales volume of 1.34 million square feet in Q4FY22; stock trades flat

Published on: 3:22 pm

In its press release, Sobha Limited informed investors of the company’s achievements during the quarter and fiscal year ended March 2022.
The company has achieved a total sales volume of 1.34 million square feet of super built-up area and the highest ever realization of Rs11.10 billion during Q4FY22. SOBHA recorded the highest-ever share of sales volume since its inception.
Due to consistent demand across all the product segments and price increases, the company was able to achieve the best ever price realization of Rs8,265 per square feet during Q4FY22. Gurugram region achieved the highest ever sales since the start of operations in the region during Q4FY22. Read more

Expect 50-75 basis points repo rate hike in fiscal 2023: Dharmakirti Joshi, Chief Economist, CRISIL

Published on: 3:16 pm

The Reserve Bank of India (RBI), while keeping repo rate unchanged at 4%, sounded more hawkish in today’s monetary policy meeting. While maintaining an accommodative stance, it has signaled calibrated removal of accommodation in this fiscal going forward.
The central bank had already begun normalising its policy last fiscal by absorbing excess liquidity through variable rate operations. During Friday’s policy review, it took a concrete step by restoring the policy rate corridor under liquidity adjustment facility (LAF) to pre-pandemic width of 50 basis points by introducing standing deposit facility (SDF) at 3.75 as the floor of this corridor. This was imminent given the sharp rise in inflationary pressures. Read more

RBI keeps policy rates unchanged at 4%; revised FY23 GDP forecast to 7.2%

Published on: 3:13 pm

The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) on Friday has decided to keep the repo rate unchanged in its first bi-monthly policy meeting of FY23. This is the 11th time in a row that the central bank has maintained a status quo on the key policy rate.
The repo rate currently stands at 4 per cent and the reverse repo rate has been maintained at 3.35 per cent.
The MPC also decided to remain accommodative while focusing on withdrawal of accommodation to ensure that inflation remains within the target going forward while supporting growth. These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent while supporting growth. Read more

Ind-Ra puts PVR's Long-Term Issuer Rating on Rating Watch Evolving; stock slips ~1%

Published on: 3:10 pm

India Ratings and Research (Ind-Ra) has placed PVR Limited’s (PVR) Long-Term Issuer Rating of ‘IND AA-’ on Rating Watch Evolving (RWE). The Outlook was Negative.
The company’s Principal protected market-linked debentures (PPMLDs)* worth Rs2500 million were assigned IND PP-MLD AAemr/RWE.
Its’ fund-based facility worth Rs650 million was assigned at IND AA-/RWE/IND A1+/RWE. Read more

Expect two reluctant rate hikes, most likely starting in second quarter: Ms. Rajni Thakur, Chief Eco

Published on: 3:03 pm

RBI continues on its exemplary act of balancing the contrasting pulls of its key objectives viz; price stability, growth support and easy financial conditions. While the key policy rates remain unchanged, restoration of LAF corridor to 25 bps below and above Repo rate, has effectively pushed up the short term rates by 40-50 bps. Similarly, while the monetary policy stance continues to be ‘accommodative’, the accompanying statement mentions its focus on ‘withdrawal of accommodation’ to match up with rising price pressures. Read more

Maruti Suzuki introduces Next-Gen Ertiga

Published on: 2:59 pm

Maruti Suzuki has announced the commencement of bookings for the Next-Gen Ertiga. One of India’s most loved MPV* “Ertiga” is all set to inspire togetherness again in its fresh and energized avatar. The Next-Gen Ertiga is powered by Next Gen K-series 1.5L Dual Jet, Dual VVT engine with Progressive Smart Hybrid Technology.
The Next-Gen Ertiga will be driven by an advanced 6-speed Automatic Transmission with Paddle Shifters, taking the customer comfort to an all-new height. With an elevated new design, enhanced refinement and improved fuel-efficiency the Next-Gen Ertiga comes with a host of new-age technology and convenience features. With advanced connected car technology - Suzuki Connect and 17.78cm (7inch) SmartPlay Pro Touch Screen Infotainment System, Next-Gen Ertiga is all set to offer an unparalleled experience to customers. Read more

Expect RBI's first repo rate increase in August: Indranil Pan, Chief Economist, Yes Bank

Published on: 2:50 pm

Amidst the 'tectonic' shifts in global conditions, RBI has taken more than one step towards preparing the market for an eventual increase in the repo rate. This position is made clear as the governor indicated that the order of preference for RBI now is inflation, growth and financial stability, rather than the post COVID-19 preference of preserving and supporting growth momentum. Read more

RBI policy reflects cautious optimism: Soumitra Majumdar, Partner, J Sagar Associates

Published on: 2:48 pm

“The RBI statement reflects cautious optimism – focus on ensuring robust recovery before accelerating growth levers. The accommodative policy stance should nurture the credit markets – though the hint of a calibrated withdrawal may add a dash of uncertainty. Continued government borrowings should be directed towards delivering the infrastructure development promises of the government Read more

JSW Ispat reports 53% yoy growth in crude steel production; stock surges ~3%

Published on: 2:44 pm

JSW Ispat Special Products Limited (JISPL) (formerly known as Monnet Ispat and Energy Limited has reported a volume of production for the quarter and fiscal year ended March 31, 2022.
The company has reported crude steel production of 0.17 million tonnes in Q4FY22 as compared to 0.15 million tonnes in Q4FY21, registering a growth of 11% yoy.
It has reported a growth of 17% sequentially with crude steel production of 0.14 tonnes in the previous quarter. Read more

A hawkish policy by RBI : Abheek Barua, Chief Economist, HDFC Bank

Published on: 2:37 pm

“The RBI has responded to both to the new inflation and growth challenges that have emerged due to the geopolitical tensions that have manifested themselves in rising commodity prices. While the RBI kept its monetary policy stance unchanged, it restored the policy corridor to pre-pandemic levels and provided a commitment towards a slow reduction of liquidity going forward.
This is clearly a hawkish policy as compared to the February Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

Indices climb around 1% as FMCG and metal stocks rally to back upbeat banking and financial services stocks.
BSE Sensex is currently trading at 59,575.74 up 540.79 points or 0.92%.
Nifty50 is currently trading at 17,817.75 up 178.20 points or 1.01%. Nifty Bank is trading up 0.60% at 37,783.75 while Mid-cap Index is up by 1.03%.
Grasim, JSW Steel, SBI Life, ITC and Adani Ports are the top gainers while Cipla, Tech Mahindra, Maruti, NTPC and Sun Pharma are the top losers.
Nifty FMCG, Metal and Power stocks drive trade while pharma stocks trim losses to trade marginally up.
Out of 50 stocks traded on the NSE, 44 advanced and 6 declined. Read More

CRISIL reaffirms Heritage Foods credit rating; stock soars 2%

Published on: 2:21 pm

Heritage Foods Limited informed that CRISIL Ratings have reaffirmed the credit ratings assigned to the company’s bank facilities.
CRISIL has reaffirmed the company’s long-term rating to CRISIL A/ Positive, and has reaffirmed its short-term rating at CRISIL A1.
CRISIL reviewed total bank facilities worth Rs530.50 crore.
The rating outstanding on the above bank facilities during April 01, 2022, to April 06, 2022, was CRISIL A/Positive/CRISIL Al. Read more

Modi Naturals board to raise funds worth Rs13.46 crore by preferential issue of warrants

Published on: 2:16 pm

The Board of Directors of Modi Naturals Ltd at its meeting held on April 07, 2022 has considered a proposal for raising of funds approximating to Rs13.46 crore by preferential issue of warrants to Promoters and persons belonging to promoter category.
As per regulatory filing, the Board, considered and approved issue of up to 6,50,000 warrants, carrying an entitlement for the allottee to subscribe to an equal number of fully paid up equity shares at the exercise price of Rs207 (including a premium of Rs197) ("Issue Price"), to Akshay Modi (4,40,000 warrants), Anil Modi (1,30,000 warrants), Aditi Modi (42,000 warrants) and Neha Agarwal (38,000 warrants) on a preferential basis ("Preferential Issue"). Read More

Markets extend gains as RBI keeps repo rate unchanged; Sensex tops 450 pts, Nifty 50 reclaims 17,750

Published on: 1:59 pm

The Reserve Bank of India (RBI) has once again maintained a 'Status Quo' in policy repo rate and stance in the first bi-monthly monetary policy of fiscal FY23. Investors cheered RBI's policy outcome and tapped equity markets. Right after when MPC presented the policy, Sensex topped more than 450 points with an intraday high of 59,574.59. Meanwhile, Nifty 50 reclaimed over 17,700-level by touching an intraday high of 17,797.40 and surging over 150 points.
Both benchmarks extended their gaining spree.
At around 2:00 PM, Sensex was performing at 59,496.41 higher by 461.46 points or 0.78%. Nifty 50 was performing at 17,787.40 up by 147.85 points or 0.84%. Read more

Ajmera Realty & Infra India targets sales value of Rs330 crore from its real estate projects in Beng

Published on: 1:52 pm

Mumbai based listed realty developer Ajmera Realty and Infra India Ltd. (ARIIL) today announced that it has executed its commercial and residential Bengaluru Nucleus project which has an estimated sales value of Rs330 crore, part of the main periphery project in the Electronic city phase 2. In a bid to expand its housing and commercial portfolio, ARIIL strengthens its presence in south market. The entire project is funded by Internal Accruals & Debt with a saleable area of 5, 57,870 sq. ft.
With a vision to build the future, the strength of Nucleus lies in vigour of its walls and the sturdiness of its foundation. Right from design aesthetics to the formidable materials, this project echoes future anticipation. The company is strategically planning to move from rental based cash flow model to an outright sale model for the commercial project, which shall unlock its value upfront and contribute sharply towards the revenue and cash flow for the company. Read more

SH Kelkar logs Rs449 crore sales in Q4FY22; stock gains 2%

Published on: 1:51 pm

S H Kelkar and Company Ltd. (SHK), the largest Indian origin Fragrance and Flavours Company in India, shared the business update for the quarter and fiscal year ended March 2022.
The spread of Omicron in the domestic markets at the beginning of the quarter had an impact on the company’s demand, especially in January 2022. FMCG consumption and offtake also held back during the quarter as a result of inflationary pressures. SHK saw improved demand and offtake in the European markets, which recorded healthy double-digit growth for acquired businesses during the quarter.
During the current financial year, sales stood at Rs1,559 crore (including consolidation of Holland Aromatics & Nutaste’s sales: ~Rs30 crore). Emerging market sales during the year stood at Rs1,201 crore, registering a growth of 5.4% YoY. Read More

Gujarat Gas gets ‘CARE AA+’ rating on bank facilities worth Rs3,000 crore; stock jumps ~2.5%

Published on: 1:33 pm

Gujarat Gas Limited informed that CARE Ratings Limited has reaffirmed the credit rating assigned to the company’s long-term and short-term bank facilities worth Rs3,000 crore.
The rating agency has reaffirmed the ‘CARE AA+’ rating on the company’s long-term bank facilities with a positive outlook on the same. While short-term bank facilities’ rating was reaffirmed at ‘CARE A1+’. Read More

Market pulse at 1:30 PM today

Published on: 1:30 pm

Equity market indices near day's high with Nifty above 17,700 after RBI Policy outcome.
BSE Sensex is trading at 59,264.58 up 229.63 points or 0.39%.
Nifty50 is trading at 17,728.15 up 88.60 points or 0.50%. Nifty Bank is trading up 0.25% at 37,650.95 while Mid-cap Index is up by 0.84%.
Grasim, JSW Steel, SBI, Adani Ports and ITC are the top gainers while Cipla, Maruti, Tech Mahindra, NTPC and Sun Pharma are the top losers.
Nifty FMCG, Metal and Power stocks drive trade while pharma stocks remain under pressure.
Out of 50 stocks traded on the NSE, 38 advanced and 12 declined. Read More

TCS named Leader in Digital Product Engineering Services by Everest Group

Published on: 1:04 pm

Tata Consultancy Services (TCS) has been recognized as a Leader in the Everest Group PEAK Matrix® for Digital Product Engineering Services.
According to the report, TCS has made dedicated investments in forming strategic partnerships (embedded, hardware, software, and electronics), establishing labs (Telematics, Infotainment systems and Connected vehicles), and developing Intellectual Property (IP) and Solutions (cybersecurity, AR/VR, video analytics and IoT). Read more

International Holding Company to infuse Rs15,400 crore in Adani Group’s green portfolio; stock skyro

Published on: 12:59 pm

International Holding Company PJSC (IHC), the Abu Dhabi based conglomerate, will invest USD 2 billion (Rs15,400 crore) as primary capital in three Adani portfolio companies – Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL), and Adani Enterprises Ltd (AEL) through the preferential allotment route.
Earlier today, the boards of ATL, AGEL, and AEL has approved the said transaction. However, the investment is subject to further approvals from shareholders and shall comply with SEBI regulations. Read more

Market pulse at 12:30 PM today

Published on: 12:30 pm

Benchmark market indices picks momentum as banking stocks lift performance.
BSE Sensex is currently trading at 59,328.62 up 293.67 points or 0.50%.
Nifty50 is currently trading at 17,735.30 up 95.75 points or 0.54%. Nifty Bank is trading up 0.32% at 37,673.35 while Mid-cap Index is up by 0.96%.
Grasim, JSW Steel, SBI Life, Adani Ports and Coal India are the top gainers while Cipla, Tech Mahindra, Maruti, NTPC and Sun Pharma are the top losers.
Nifty Banking and Financial Services stocks turn bullish after RBI keeps repo rate unchanged at 4% while pharma stocks are flat.
Out of 50 stocks traded on the NSE, 39 advanced and 11 declined. Read More

JSW Steel logs 37% yoy growth in crude steel production for Q4FY22; stock zooms ~3%

Published on: 12:25 pm

JSW Steel logged group combined crude steel production of 5.98 million tonnes for Q4FY22, including the production at jointly controlled entity viz. JSW Ispat Special Products Ltd. (JISPL), up by 37% yoy over Q4FY21. It recorded combined crude steel production of 5.35 million tonnes in Q3FY22.
The company was able to improve capacity utilisation of existing operations at a standalone level to 98% in Q4FY22 from 94% in Q3FY22.
The Company reported a 17% yoy jump in crude steel production on a standalone basis and 38% at the steel group level in FY22. Read More

KSB Limited temporarily shuts IT systems on speculations of cyber-attack

Published on: 12:03 pm

In its regulatory filing, KSB Limited informed that it has speculated a cyber-attack in its IT systems and as an immediate resort, all actually or potentially affected IT systems are temporarily shut down in a controlled manner for security reasons which have led to a temporary disruption in some of its business services.
The Company is closely coordinating and monitoring the situation and is taking all possible measures to securely restore the affected systems as quickly as possible. Read more

Panatone Finvest increases stake in Tejas Networks to 52.45%; Stock zooms 3%

Published on: 11:44 am

The Share Allotment Committee of the Board of Directors of Tejas Networks Limited at their meeting held on April 8, 2022 has issued and allotted 3,68,21,706 equity shares of a face value of Rs.10/- each fully paid up to Panatone Finvest Limited consequent to the exercise of 3,68,21,706 Series A Warrants held by Panatone Finvest Limited.
As per the filing, the allotment has been made for cash, upon the receipt of the remaining exercise price of Rs. 193.50 per Series A warrant (being an amount equivalent to the 75% of the warrant exercise price of Rs. 258/- per warrant), aggregating to Rs. 712,50,00,111/-. These equity shares allotted on exercise of the warrants, shall rank pari passu in all respects with the existing equity shares, including dividend, if any. Read more

Market pulse at 11:30 AM today

Published on: 11:30 am

Equity market indices trade lower amid volatility with banking, financials weigh after RBI policy outcome.
BSE Sensex is currently trading at 58,936.40 down 98.55 points or 0.17%.
Nifty50 is currently trading at 17,632.65 down 6.90 points or 0.04%. Nifty Bank is trading lower by 0.27% at 37,456.55 while Mid-cap Index is up by 0.49%.
Grasim, SBI Life, Coal India, JSW Steel and Dr Reddys are the top gainers while Cipla, Tech Mahindra, NTPC, HDFC and HDFC Bank are the top losers.
Nifty Metal stocks (1% higher) support the markets while IT, pharma and banking stocks are struggling in the negative territory.
RBI maintains ‘accommodative’ stance and raises FY23 inflation forecast to 5.7%.
Out of 50 stocks traded on the NSE, 27 advanced and 23 declined. Read More

CRISIL reaffirms A1+ rating to Axis Banks Rs60,000 crore certificate of deposits; stock marginall

Published on: 11:02 am

Axis Bank Limited informed that the rating agency CRISIL Ratings Limited has reaffirmed the rating for various debt instruments of the bank.
It has reaffirmed the rating at ‘CRISIL AA+/Stable’ for Rs2,500 crore Tier I Bonds (Under Basel III), and Rs3,500 crore Tier I Bonds (Under Basel III).
Whereas Rs60,000 crore certificate of deposits’ ratings are reaffirmed at ‘CRISIL A1+’.
The rating agency also reviewed Rs850 crore Tier II Bonds (Under Basel III), Rs2,500 crore Tier II Bonds (Under Basel III), Rs5,000 crore Tier II Bonds (Under Basel III), Rs2,000 crore Tier II Bonds (Under Basel III), Rs4,000 crore Tier II Bonds (Under Basel III). All of these instruments’ ratings were reaffirmed at ‘CRISIL AAA/Stable’. Read more

CRISIL upgrades A/Stable rating on Ester Industries bank facilities; Stock up 2%

Published on: 10:58 am

CRISIL Ratings has upgraded its ratings on the bank facilities of Ester Industries Limited (EIL) to ‘CRISIL A/Stable/CRISIL A1’ from ‘CRISIL A-/Positive/CRISIL A2+’.
According to the rationale report, the upgrade factors in the improved credit risk profile of EIL and sustained operating performance.
The ratings reflect the company’s established market position and long track record in the packaging films business, healthy operating efficiency supported by strong capacity utilisation and diversified product profile. These strengths are partially offset by susceptibility to volatile raw material costs and realisations driven by demand-supply dynamics and large, debt-funded ongoing projects. Read more

Infosys and Rolls-Royce extend strategic collaboration with launch of joint 'Aerospace Engineering a

Published on: 10:31 am

Infosys and Rolls-Royce has inaugurated their joint ‘Aerospace Engineering and Digital Innovation Centre’ in Bengaluru, India. This centre has been established to provide high-end research and development (R&D) services integrated with advanced digital capabilities to Rolls-Royce’s engineering and group business services from India. Infosys and Rolls-Royce’s collaboration has been reinforced through strategic deals, aimed at yielding mutual benefits to both organisations over the next seven years.
At around 10:34 AM, Infosys was trading at Rs1,813.95 apiece up by Rs2.45 or 0.14% on the BSE. Read more

Market pulse at 10:30 AM today

Published on: 10:30 am

Equity market indices extends bearish tone with banking, financials weigh after RBI policy outcome.
BSE Sensex is currently trading at 58,915.18 down 119.77 points or 0.20%.
Nifty50 is currently trading at 17,611.60 down 27.95 points or 0.16%. Nifty Bank is trading lower by 0.22% at 37,472.95 while Mid-cap Index is up by 0.27%.
Coal India, SBI Life, UPL, Hindalco and Britannia are the top gainers while Cipla, Tech Mahindra, NTPC, Sun Pharma and TCS are the top losers.
Nifty PSU Bank stocks (1% higher) support the markets while IT, pharma and banking stocks are struggling in the negative territory.
RBI maintains ‘accommodative’ stance and raises FY23 inflation forecast to 5.7%.
Out of 50 stocks traded on the NSE, 27 advanced and 23 declined. Read More

Intense Technologies bags ‘Best Innovative Company of the year’ title; stock up ~1%

Published on: 10:15 am

Intense Technologies Limited has been awarded the “Best Innovative Company of the Year” by World Innovation Congress. The ‘Excellence in Innovation Awards’ recognizes the best in Technology, Innovators & Entrepreneurs. The award takes into consideration the contribution of organizations, and companies, among others, where innovation is the center of corporate values. Intense Technologies received this award after a rigorous nomination and evaluation process.
The award distinguishes the high-impact, sustained innovation that successfully propelled Intense in new markets, exceeding customer expectations, while driving revenues and growth. Mr. Afaq Siddiqui, President, Global Alliances and Partnerships, Intense Technologies, received the award on behalf of Intense Technologies in an impressive ceremony held on 24% March 2022 in Mumbai, India. Read more

Rail Vikas Nigam signs MoU with ICF for Kolkata Metro Railway Project; stock adds ~1%

Published on: 10:07 am

Rail Vikas Nigam has informed that it has signed an MoU with ICF for the manufacturing and acquisition of 296 numbers of communication-based train control system compliant Metro Coaches for the Kolkata Metro Railway Project under execution by Rail Vikas Nigam.
This action has been taken under the ‘Make-in-India’ initiative by the company.
A few weeks ago, Rail Vikas Nigam has also announced an interim dividend of Rs1.58 per share of Rs10 each, for the current financial year 2021-22. Read more

Punjab & Sind Bank divests 8% stake in India SME ARC; stock gains ~2%

Published on: 9:51 am

Punjab & Sind Bank has executed an agreement on April 06, 2022, for the sale of its 8% stake in India SME Asset Reconstruction Company Limited (ISARCL) in favour of Dhansamridhi Finance Pvt Ltd.
The bank has an equity investment in ISARCL and the company had not declared a dividend for the current fiscal year.
The expected consideration to be received from such divestment is Rs4.85 crore. This transaction will be completed by Q3FY2022-23. Read more

Lupin launches Merzee capsules in United States; Stock under pressure

Published on: 9:44 am

Global pharma major Lupin Limited has announced that it has launched Merzee (norethindrone acetate and ethinyl estradiol capsules and ferrous fumarate capsules), 1 mg/20 mcg, in the US market, under exclusive license, marketing and distribution agreement with Slayback Pharma LLC (Slayback). Slayback had earlier launched this product in the US in February 2021.
Merzee (norethindrone acetate and ethinyl estradiol capsules and ferrous fumarate capsules), 1 mg/20 mcg is a generic equivalent of Taytulla (norethindrone acetate and ethinyl estradiol capsules and ferrous fumarate capsules), 1 mg/20 mcg of Allergan Pharmaceuticals International Limited. Read more

CRISIL assigns ‘A2’ rating to Gufic’s short-term bank facilities

Published on: 9:34 am

Gufic BioSciences Limited, a leading player in pharmaceuticals, has informed that the credit rating agency CRISIL Limited has reviewed the company’s bank facilities and accordingly assigned ratings to both short-term and long-term facilities.
The total bank facilities reviewed by the company are worth Rs145 crore, which has been enhanced from the existing Rs20 crore.
CRISIL has reaffirmed the credit ratings assigned to long-term facilities at ‘CRISIL BBB+’. However, it has revised the outlook from ‘Stable’ to ‘Positive’. Read more

Markets trade volatile ahead of RBI policy outcome; Coal India, BPCL, Tata Consumers top gainers

Published on: 9:32 am

Indian markets opened on a higher level, however, soon erased all the early gains to trade on a muted level on Friday with banking, auto, FMCG, IT and pharma stocks trading flat. All eyes are now set on RBI's first monetary policy for fiscal year FY23, which will be announced by the MPC later today. Markets participants are expecting another status quo in RBI's benchmark interest rates and stance.
In the opening bell, Sensex has touched an intraday high of 58,297.46 and Nifty 50 clocked the day's high of 17,723.60.
At around 09:35 AM, Sensex was trading at 59,045.65 up by 10.7 points or 0.02%. Meanwhile, Nifty 50 is trading at 17,662.90 higher by 23.35 points or 0.13%. Read More

Paras Defence and Space Technologies rallies 3% on securing order from IRDE, DRDO

Published on: 9:21 am

Paras Defence and Space Technologies has informed that during an extremely prestigious ToT (Transfer of Technology) event held on April 7, 2022 the company has been awarded the Technology of Optronic Submarine Periscope as developed by IRDE, DRDO, by Hon. Defence Minister Rajnath Singh.
This ToT for Submarine Periscope can be considered as one of the most critical Naval Technology and hence can be a very big step in the direction of Atmanirbhar Bharat for Defence Technologies. DRDO has always inspired the Indian Defence Industry, and such events and ToT hand-over further indicates a strong commitment by DRDO to work with the Indian Industry as Development Partners.
This technology has been transferred to the Company by way of a Licensing Agreement for Transfer of Technology of Optronic Submarine Periscope by IRDE, DRDO. The DRDO Laboratory has also nominated Paras Defence and Space Technologies Limited as the Production Agency for the Optronic Submarine Periscope. Read More

Hester Biosciences to get grant of Rs60 crore from BIRAC; Stock climbs over 2.5%

Published on: 9:16 am

Hester Biosciences Ltd has informed that Board of Directors, in their Meeting held on Thursday, have approved the execution of Grant-in-Aid Letter Agreement for grant of Rs60 crore (in phased manner) to the Company by Biotechnology Industry Research Assistance Council (BIRAC), a Government of India Enterprise to support COVID vaccine manufacturing under Mission Covid Suraksha.
As per regulatory filing, the Board Meeting commenced at 3:00 p.m. (IST) and concluded at 3:22 p.m. (IST). Read more

Samir Dhir joins Sonata Software as new CEO; Stock jumps 1%

Published on: 9:14 am

In its regulatory filing, Sonata Software Limited informed the investors and exchanges that based on the recommendations of the Nomination & Remuneration Committee, the Board of Directors of Sonata Software Limited at its meeting held today (April 7, 2022), has approved the appointment of Samir Dhir as CEO of the Company effective from April 8, 2022.
Srikar Reddy is voluntarily stepping down as CEO effective close of business hours on April 7, 2022, and will be continuing as Managing Director of the Company.
Samir has more than 25 years of leadership and industry experience. In his last role, he served as CEO of Global Markets and Industries at Virtusa, where he managed the Company's revenues of over US $1.6 billion. During his association with the company, he built depth in BFSI, TMT, and Healthcare industries for Digital capabilities. Read more

Infosys earns highest ESG scores, ranks first among top 100 companies in India

Published on: 9:00 am

Infosys has announced that it has topped Stakeholders Empowerment Services’ (SES) Environment, Social, Governance (ESG) score in their latest report ‘ESG Scores - Top 100 Listed Companies in India'.
SES, a corporate governance research and advisory firm, assessed the ESG performance of top 100 listed companies across 17 sectors in India. Infosys was recognized for receiving the highest average overall score of 80 on 100 which equals to an ‘A’ grade.
In the SES scoring model, companies were assessed based on FY2019-20 data and broadly on four parameters: Policy, Environment, Social, and Governance. Infosys scored 92 in policy disclosures, 76 in Environment, 75 in Social, and 84 in governance. The analysis was conducted using SES’ proprietary evaluation model to garner insights from 315 pre-determined questions, 1,239 parameters and 2,200+ individual data points, all based on public disclosures. Read more

Stock market news that you should not miss today

Published on: 7:28 am

Here is the important stock market news to watch out for today.
Markets to open on a flat note; support @17,600, resistance at 18,000.
FIIs sold shares worth Rs5009.62 crore (cash), bought Rs1774.7 crore in index futures.
US markets close in the green. Asian markets trading flat.
Brent crude was trading 0.59% higher at $101.17 per barrel.
Infosys and Rolls-Royce extended strategic collaboration with the launch of joint 'Aerospace Engineering and Digital Innovation Centre in Bengaluru. This centre will provide high-end research and development (R&D) services integrated with advanced digital capabilities to Rolls-Royce's engineering and group business services from India.
Banking, Real estate and auto stock are in focus ahead of the RBI policy today.
Ruchi Soya is in focus as the FPO shares are listing today. Read More

Top stocks in focus: Infosys, Hester Biosciences, Sonata Software, Ruchi Soya FPO, Banking stocks, R

Published on: 7:25 am

Infosys: The IT company and Rolls-Royce extended strategic collaboration with the launch of joint 'Aerospace Engineering and Digital Innovation Centre in Bengaluru. This centre will provide high-end research and development (R&D) services integrated with advanced digital capabilities to Rolls-Royce's engineering and group business services from India.
Banking, Real estate and auto stock in focus ahead of the RBI policy today.
Ruchi Soya is in focus as the FPO shares are listing today.
Hester Biosciences said the board has approved the execution of Grantin-Aid Letter Agreement for a grant of Rs60 crore (in a phased manner) to the company by Biotechnology Industry Research Assistance Council (BIRAC), a Government of India Enterprise. Read more

SGX Nifty indicates flat opening for Indian markets; RBI policy in focus

Published on: 7:16 am

SGX Nifty is at 17,731.80 levels, lower 8 points. (Updated at 7:16 AM)
The Nifty saw the 3rd day of fall as the index was weighed down again by the HDFC twins which were the top losers along with Adani Ports and ONGC.
Banks saw buying interest ahead of the RBI policy tomorrow with Axis & ICICI leading the gainers with Divi's lab also joining the leaders. Midcaps also saw profit booking with most indices closing lower by 0.5-1.2%. Read more