IndiaInfoline » News » Live News

Live News

11th Apr, 2022

A⁺ A^-

Lasa Supergenerics logs 362% sequential growth in PAT in Q4FY22; stock skyrockets ~15%

Published on: 4:23 pm

Lasa Supergenerics Limited, a vertically integrated group spanning the entire animal and human healthcare value chain has announced its financial results for the fourth quarter and Financial Year ended March 31, 2022.
Lasa’s counter zoomed as much as 15% in today’s trade following its robust growth announcement during the current fiscal year.
The company reported that its revenues from operations stood at Rs51.21 crore in Q4FY22 as compared to Rs15.74 crore in Q3FY22, up by 225% sequentially. Its EBITDA for Q4FY22 was Rs10.93 crore as against a negative EBITDA of Rs1.18 crore in Q3FY22. EBITDA margin was at 21.35% in the current quarter. Read more

Godrej Industries launches financial services arm Godrej Capital

Published on: 4:15 pm

Godrej Properties Ltd has informed that with the aim of scaling up its ambition in the financial services sector, Godrej Industries Limited (GIL) on Monday has announced the launch of Godrej Capital Limited (GCL). GCL is a subsidiary of GIL and is the holding entity for Godrej Housing Finance (an HFC) and Godrej Finance Limited (an NBFC).
With the ultimate aim of building a world class retail financial services business and a near term aim of building an Rs30,000 crore balance sheet by 2026, GIL has committed to invest Rs1,500 crore in capital in GCL.
On Monday, Godrej Properties ended at Rs1688.20 per piece higher by 1.38% on Sensex. Read more

Get Access to Stock Reports+ And Customised Investment Ideas

Mobile No:

Email:

Moneyboxx Finance expands its financial inclusion drive by entering Indore

Published on: 3:50 pm

Moneyboxx Finance Limited has opened a new branch in Indore. Moneyboxx now has a 30-branch network in five states — Rajasthan, Punjab, Haryana, Madhya Pradesh, and Uttar Pradesh. The Company plans to strengthen its presence and customer reach by doubling its branch network in the coming financial year.
The new branch will address the needs of underserved micro enterprises by offering them business loans for income generation. Since its inception, Moneyboxx has transformed lives of mare than 15,000 borrowers in Tier-IIl and below places with cumulative disbursements of over Rs200 crores up to Mar’22. Of these, 30% were women entrepreneurs and 32% first-time borrowers.
Commenting on the recent branch expansion, Mayur Modi, Co-founder, Moneyboxx Finance Ltd said, “The opening of the Indore branch reinforces our commitment to providing credit services to underserved borrowers in the country. This is a step ahead in extending our reach and the commitment to financial inclusion. Read more

Rama Steels gains ~2% as board to consider fund-raise on April 19

Published on: 3:45 pm

In its regulatory filing today, Rama Steel Tubes Limited informed that a meeting of the Board of Directors of the Company is scheduled to be held on Tuesday, April 19, 2022, to consider the proposal for raising funds by way of the issue of fresh Shares/Warrants through preferential basis along with other matter, if any, as may be permitted under applicable laws, subject to such regulatory/statutory approvals as may be required, including the approval of the shareholders of the Company.
The Board, if required would also consider conducting an Extraordinary General Meeting/ Postal Ballot process to seek approval of the Shareholders inter-alia in respect of the aforesaid proposals(s) if the same is approved by the Board. Read more

Time Technoplast climbs ~2% as board accords approval for restructuring of overseas business

Published on: 3:32 pm

Time Technoplast’s counter gained 1.99% in today’s trade as the company has announced that the board has given in approval for restructuring of overseas business subject to the approval of members.
The company will restructure the business to capture the growth in Asian Countries, the Middle East, and the USA through Joint Venture/Special Purpose Vehicle by onboarding a strategic partner/investor partner by way of sale or disposal of all or part of assets/investments of subsidiaries, material subsidiaries or step down subsidiaries. Read more

CreditAccess Grameen displays robust growth in overall portfolio in March 2022; stock jumps ~1%

Published on: 3:12 pm

CreditAccess Grameen Limited, the country’s leading microfinance institution, has announced its business update on key operational indicators for the month of March 2022.
The company has reported a 22.2% yoy growth in its Gross Loan Products (GLP) portfolio, at Rs16,601 crore in March 2022. Out of which, CA Grameen’s GLP stood at Rs13,732 crore, up by 21.1% yoy, and MMFL’s GLP grew 27.7% yoy at Rs2,869 crore.
CA Grameen’s collection efficiency was 96% (excl. arrears)/97% (incl. arrears) in Mar22 compared to 96% (excl. arrears)/97% (incl. arrears) in Feb22. Whereas MMFL’s collection efficiency was 92% (excl. arrears)/94% (incl. arrears) in Mar22 as compared to 91% (excl. arrears)/93% (incl. arrears) in Feb22. Read more

Technocraft Industries (India) surges over 2% on incorporation of subsidiary for its business

Published on: 3:06 pm

Technocraft Industries (India) Ltd has informed that the Company has incorporated a Subsidiary Company for its business.
As per the filing, the name of the subsidiary company is 'Technocraft Sepcialty Yarns Limited' and the date of incorporation is April 08, 2022.
Further, the initial paid-up share capital shall be Rs1.00 Lakh and 100% shareholding of the said Company owned by Technocraft Industries (India) Limited. Read more

Tata Motors bags order of 1300 commercial vehicles from VRL Logistics; Stock marginally up

Published on: 2:24 pm

Tata Motors, India’s largest commercial vehicle manufacturer, bags an order of 1300 commercial vehicles from VRL Logistics Limited, a leader in surface logistics in India, to expand VRL Logistics’ commercial vehicle fleet portfolio in the country.
The order comprises of vehicles from Tata Motors’ Medium & Heavy Commercial Vehicle and Intermediate & Light Commercial Vehicle range, suited for logistics operations of the company, across India. The vehicles were selected basis the superior drivability, high fuel efficiency and low total cost of ownership, which will enable VRL Logistics ltd. to increase its fleet efficiency.
Commenting on the occasion, Rajesh Kaul, Vice President, Sales & Marketing, Commercial Vehicle Business Unit, Tata Motors, said, “We are delighted to secure the prestigious order of 1300 vehicles from VRL Logistics ltd. I’m confident that our vehicles will bring great value to their operations. Read more

Sandur Manganese strikes new 52-week high as board nods rights issue

Published on: 2:13 pm

Sandur Manganese & Iron Ore Limited’s counter jumped 20% so far in today’s trade, hitting an all-new 52-week high, as the board has approved the rights issue plan of the company.
The company stated in its filing that it will issue equity shares of Rs10 each of the company on a rights basis to eligible equity shareholders of the company as on the record date. Further, the Board has also constituted and authorised the ‘Right Issue Committee’ to state detailed terms and conditions of the Issue, including but not limited to the deciding the payment modalities/schedule thereof, timings, record date, other terms, and conditions, and all other related matters, etc. Read more

KKR invests in Shriram General Insurance

Published on: 2:12 pm

KKR, a leading global investment firm, and Shriram General Insurance Company (“Shriram General Insurance”, “SGI” or “the Company”), a leading general insurance company backed by Indian financial services conglomerate Shriram Group and pan-African financial services group Sanlam, today announced the signing of definitive agreements under which, subject to the receipt of the necessary regulatory approvals, KKR will acquire a 9.99% stake in Shriram General Insurance.
KKR’s investment will position Shriram General Insurance for continued growth in India’s fast-growing general insurance industry.
Founded in 2008, Shriram General Insurance is a joint venture between Shriram Capital, the holding company for Shriram Group’s financial services business and Sanlam Limited, a leading pan-African financial services group. The Company adopts a customer-centric approach toward business and is focused on nurturing homegrown talent and maximizing technology to meet the needs of underserved segments of the economy. Today, it is one of India’s leading general insurance companies. Read more

Tata Motors JLR retail sales dip 36% yoy; stock adds ~1%

Published on: 2:08 pm

Jaguar Land Rover retail sales for the three-month period to March 31, 2022 continued to be constrained by the global semiconductor shortage. However, the Company saw a gradual improvement in chip supply leading to improved production and wholesale volumes compared to the previous quarter. This is expected to continue through the next fiscal year. Underlying demand for Jaguar Land Rover products remains strong with record orders in the quarter.
Wholesale volumes were 76,526 units and production volumes were 82,722 units in the period (both excluding China Joint Venture), up 11% and 15% respectively compared to the previous quarter ending 31 December 2021. Compared to the previous quarter, wholesale volumes were up by 23% for Defender, 14% for Range Rover Sport and 29% for Discovery. The quarter was also noteworthy for the first deliveries of the New Range Rover, with 1,910 wholesales with the prior model now running out. Read more

Minda Industries appoints Satish Borwankar as Non-Executive Director; stock climbs ~3%

Published on: 1:56 pm

Minda Industries has appointed Mr. Satish Balkrishna Borwankar as an Additional Director in the Category of Non-Executive Independent Director on the Board of the Company for a term of three years effective from April 12, 2022.
Mr. Satish Balkrishna Borwankar has done B. Tech (Hons) Mechanical Engineering in 1974 from IIT Kanpur. After passing out, he started his carrier with Tata Motors as a Graduate Engineer Trainee in 1974. He acquired wide experience working in the automobile industry, particularly in the manufacturing and quality functions of commercial vehicles and passenger vehicles of Tata Motors. Read more

Chandra Prabhu International registered as association of NACOF in UP; Stock sheds 2%

Published on: 1:44 pm

Chandra Prabhu International Limited (CPIL) has been registered as an associate of National Federation of Farmer's Procurement, Processing and Retailing Co-operation of India Ltd (NACOF) in Uttar Pradesh for the Financial Investment for Procurement of Wheat/Paddy under MSP & other work with the NACOF on profit sharing basis for its Agro Division / business.
Such association will be for the period of 5 years subject to renewal of every year, said company in a regulatory filing. Read more

Bank of Baroda revises Marginal Cost of Funds Based Lending Rates; stock gains ~1%

Published on: 1:43 pm

In its regulatory filing today, the Bank of Baroda has informed that it has approved the review of the Marginal Cost of Funds Based Lending Rate (MCLR) effective from April 12, 2022.
The bank has revised overnight MCLR to 6.50% as against the existing 6.45%. Its one-month MCLR will be revised to 6.95% as against the existing 6.90%.
Three-month MCLR has also been increased by 5 basis points to 7.10% against the existing 7.05%. Read more

Maruti Suzuki opens bookings for All-New XL6 NEXA; stock marginally up

Published on: 1:19 pm

Maruti Suzuki NEXA has started bookings for its premium MPV, the All-New XL6.
All new NEXA is packed with Next-Gen K-Series engine, advanced transmission, an array of sophisticated comfort & convenience features, and bold styling. It offers a complete package in line with the aspirations of evolving NEXA customers.
This exclusive 6-seater, All-New XL6 is a blend of stylish exteriors and plush interiors, which will be available at all 410 NEXA showrooms across the country. Read more

ICRA: Domestic air travel registers 59% yoy growth in FY22

Published on: 1:06 pm

As per ICRA note, near to normalcy in airline operations due to the waning impact of the pandemic resulted in a sequential growth of ~37% in domestic air passenger traffic to ~106 lakh in March 2022 compared to ~77 lakh in February 2022, and YoY growth of ~35% compared to ~78 lakh in March 2021.
The airlines’ capacity deployment for March 2022 was ~12% higher than March 2021 (80,217 departures in March 2022 against 71,548 departures in March 2021). On a sequential basis, the number of departures in March 2022 were higher by around 42%, driven by the increased pace of vaccination and rapid abatement of the third wave of Covid-19, which allowed for quick lifting of travel restrictions, the rating agency said. Read more

TCS recognized as Leader in AI Services by Everest Group

Published on: 1:01 pm

Tata Consultancy Services (TCS) has been named a Leader in Everest Group’s PEAK Matrix® for Artificial Intelligence (AI) services.
Highlighted as a key strength is TCS’ comprehensive portfolio of Al services, built on an approach focused on business transformation; it strategically positions Al as a quintessential invisible layer in the boarder construct of digital transformation. The report said that TCS is taking a partnership route to building greenfield capabilities in emerging Al, forging partnerships with hardware players to work on Al sustainability.
Another strength cited was TCS’ engagement with academics and research institutes to drive innovation across federated learning. According to the report, clients have expressed appreciation for TCS’ deep domain knowledge, enabling access to industry experts, providing them accuracy and accountability in Al engagements, and proactive account management. Read more

ICRA revises outlook for retail malls from Negative to Stable; maintains office at Stable

Published on: 12:54 pm

ICRA expects the outlook of commercial real estate, both of the office segment and the retail malls segment to be stable for FY2023. The revision in the outlook for retail malls from Negative to Stable factors in the improvement in the rental incomes backed by contractual escalations in rentals and strong rebound in trading density. The demand drivers for retail malls stems from the relaxation in permitted occupancies of multiplexes and release of multiple big budget films and improved footfalls and sharp recovery in retail consumption. The outlook in office space continues at Stable and is supported by the resumption of back to office plans; robust hiring in tech sector with strong growth in the sector along with expected growth from global capability centres (GCC).
Elaborating on the outlook for the retail malls, Mr. Mathew Kurian Eranat, Vice President and Co-Group Head, ICRA says, “The footfalls are expected to reach pre-Covid levels in FY2023, however, the average spend per footfall is likely to witness some moderation when compared to FY2021-FY022. The rental income of malls in FY2023 is expected to surpass FY2020 levels by around 4-6%. The revenue is expected to grow by 45% Y-o-Y in FY2023 on a contracted base in FY2022 and support for an improvement with operating profitability of around 60-70% in FY2023 (similar to pre-Covid levels) from 45-55% levels in FY2021 at the peak of the pandemic. The Debt-to-OPBDITA ratio is expected to ease to 6x-8x in FY2023 from the elevated levels of >12x in FY2021, with expected improvement in OPBDITA as various operating metrics improve to the pre-pandemic levels. The Debt service coverage ratio, which declined to <1x in FY2021-FY2022 is expected to increase to 1.10-1.20x in FY2023 backed by improvement in rental recoveries.” Read more

ICRA assigns credit rating to Rs559.86 crore bank facilities of Tejas Networks; stock slips ~4.5%

Published on: 12:51 pm

Tejas Networks Limited informed that the Rating Committee of ICRA, after due consideration has upgraded the credit rating assigned to ICRA’s long-term instruments at ICRA A+ (pronounced ICRA A plus)from the existing ‘ICRA A-%‘ ( pronounced ICRA A-minus on rating watch with positive implications) and.
The rating agency has also upgraded the short-term rating to ICRA A1+ (pronounced ICRA A one plus) from ‘ICRA A2+%’ (pronounced ICRA A two plus on rating watch with positive implications). Read more

Glenmark Pharma receives DCGI nod for clinical trial of its novel small-molecule

Published on: 12:42 pm

Glenmark Pharmaceuticals Limited, an innovation-driven, global pharmaceutical company has announced that its subsidiary Glenmark Specialty S.A. (Glenmark) received approval from the Indian drug regulator, Drug Controller General of India (DCGI), to conduct a Phase 1 clinical trial of its novel small-molecule, GRC 54276, a hematopoietic progenitor kinase 1 (HPK1) inhibitor.
At around 12:44 PM, Glenmark Pharmaceuticals was trading at Rs480.30 apiece up by Rs1.1 or 0.23% on the BSE.
GRC 54276 is one of the many novel molecules from Glenmark’s resident, Innovative Medicines Group, headed by Dr. Nikhil Amin, Chief Scientific Officer, specializing in the development of novel molecular entities for critical unmet medical needs. HPK1 is a key regulator of T cell, B cell and dendritic cell-mediated immune responses, which improves antitumor immunity by activating and priming T cells. Read more

Market pulse at 12:30 PM today

Published on: 12:31 pm

Equity market indices extended its losses dragged by financial stocks.
BSE Sensex is 59,092.22, down 354 points or 0.60%.
Nifty50 is currently 17,680.05, down 104 points or 0.50%. India VIX is up 5.20% at 18.61 levels.
Grasim, Adani Ports and Apollo Hospitals are the top gainers. L&T, SBI Life, and Power Grid are the top losers.
CEAT, Persistent Systems, L&T Technology and HCL Technologies were the prominent losers on the BSE 500 stocks.
Out of 50 stocks traded on the NSE, 15 advanced, and 17 declined. Read More

HAL strikes new lifetime high as it emerges as L1 bidder for ISRO’s new project; L&T consortium

Published on: 12:16 pm

Hindustan Aeronautics Limited and L&T consortium have emerged as L1 to make 5 Polar Space Launch Vehicles (PSLVs) for ISRO.
Hindustan is the leading partner with L&T sharing the work. Other vendors will also be involved with the consortium in the manufacturing of the Launch Vehicles. However, the contract is not yet formalised/ awarded.
ISRO's commercial arm, NSIL floated the RFP for the said work earlier in December 2020. Read More

Indian Oil appoints Ram Naresh Singh on Board as Independent Director; stock gains 1.5%

Published on: 12:01 pm

Indian Oil Corporation Limited (IOCL) informed that Dr. Ram Naresh Singh has been appointed to the Board of Indian Oil as Independent Director with effect from April 8, 2022.
It is confirmed that he is not related to any other Director of the company.
Dr. (Prof.) Ram Naresh Singh holds a degree in M.A. in Maithili & English, Ph.D. in Maithili, and also completed LL.B. Read more

Tata Steel acquires stake worth Rs625 crore in Tata Steel Mining

Published on: 11:51 am

Tata Steel Limited informed that it has acquired 32,63,70,757 equity shares of Rs10 each at a premium of Rs9.15 per share, of Tata Steel Mining Limited, a wholly-owned subsidiary of Tata Steel Limited, for an amount aggregating to approximately Rs625 crore.
Upon completion of this acquisition, Tata Steel Mining Limited will continue to be a wholly-owned subsidiary of the Company. Read More

Ind Ra affirms Sangam (India) long-term issuer rating at 'A/Stable'; Stock rises

Published on: 11:32 am

India Ratings and Research (Ind-Ra) has affirmed Sangam (India) Limited’s (SIL) Long-Term Issuer Rating at ‘IND A’. The Outlook is Stable.
As per rationale report, non fund-based limits worth Rs154 crore has been affirmed at IND A1.
Ind Ra expects an improved business profile with a higher level of scale, integration and value-added products, leading to a substantial improvement in the operating profitability and the net leverage reducing below 2.5x, all on a sustained basis, could result in a positive rating action. Read more

Market pulse at 11:30 AM today

Published on: 11:31 am

Equity market indices trading in deep red with TCS stock in focus.
BSE Sensex is 59,060.83, down 386 points or 0.65%.
Nifty50 is currently 17,697, down 87 points or 0.49%. India VIX is up 5.85% at 18.72 levels.
JSW Steel, Apollo Hospital, ICICI Bank, Grasim and Adani Ports are the top gainers. SBI Life, L&T, Divis Lab, Reliance and Dr Reddy’s are the top losers.
Nifty IT is among the top sectoral losers, followed by financials, auto and FMCG indices. PSU Bank, metals, pharma, realty and healthcare were in the green.
Out of 50 stocks traded on the NSE, 17 advanced, and 15 declined. Read more

Jash Engineering’s order book opens at Rs435 crore for new fiscal year; stock adds 1.5%

Published on: 11:16 am

Jash Engineering Limited has informed that in the month of March 2022, the consolidated orders received by the company are worth Rs28 crore, of which orders worth Rs10 crore are for the Indian market and orders worth Rs18 crore are for markets outside India.
After adjusting short closed orders, the total consolidated order book position of the company as of 1st April 2022 is Rs435 crore out of which orders worth Rs127 crore are for the Indian market and orders worth Rs308 crore are for markets outside India.
The company received significant orders from Khiladi Infrastructure, NCC Limited, Enviro Infra, Fullink Hongkong, and River Renew. Read more

BSE StAR MF contributed Net Equity Inflow of 49% to the Mutual Fund industry in FY21-22

Published on: 11:06 am

Continuing its stellar performance, India's largest regulated Exchange-based online Mutual Funds Distribution platform is moving consistently towards transforming itself into a unique end-to-end-value based platform.
BSE StAR MF contributed Rs. 81,350 crores as Net Equity Inflow during FY 2021-22, which is 49% of the Mutual Fund (MF) Industry’s Net Equity Inflow of Rs. 1,64,404 crores.
BSE StAR MF processed over 1.96 crore transactions amounting to Rs. 42,976 crores in the month of March, 2022. Inspite of the nationwide pandemic and lockdown BSE StAR MF has helped AMCs, members and their clients in smooth paperless transactions. Read More

Oil India signs incubation agreement with hydrogen fuel related start-up for promoting Hydrogen mobi

Published on: 10:47 am

Oil India Limited (OIL) signed an Incubation Agreement with the Start-up Ohm Clean Tech Private Limited on yesterday for Design, Integration and Development of 9-M Hydrogen Fuel Cell powered e-Bus, and a Liquid Organic Hydrogen Carrier (LOHC) solution. The Start-up will be mentored and nurtured under the prestigious IIT-Guwahati.
Sushil Ch. Mishra, CMD, Oil India Ltd. briefed that OIL is committed to the development of innovative & path breaking technologies in the field of clean energy. OIL has already initiated a pilot project for hydrogen generation and blending. It is now sponsoring this start-up venture in the complementary fields of hydrogen storage, transportation and mobility solutions. He expressed the hope that this would help in the Aatmanirbhar Bharat initiatives of GoI and open the doors for a hydrogen economy in the Northeast. Read More

Go Fashion receives credit rating upgrade from ICRA; stock jumps 2%

Published on: 10:47 am

Go Fashion (India) Limited informed that based on a review of the latest developments, the Rating Committee of ICRA, after due consideration, has upgraded the long-term rating and short-term ratings assigned to the company’s bank facilities.
ICRA has revised the long-term rating from ‘ICRA A-‘ to ‘ICRA A’. Whereas Short-term ratings have been revised to ‘ICRA A1’ from the existing ‘ICRA A2+’. The Outlook on the long-term rating is Stable. Read more

Shree Krishna Paper Mills suffers fire accident at waste paper godown in Jaipur; Stock dips 1%

Published on: 10:36 am

Shree Krishna Paper Mills & Industries Ltd has informed that on April 09, 2022 morning at around 8 A.M., a major fire accident took place at the waste paper godown of the plant situated at Plot No.SPL-A,RIICO Industrial Area, Village& Post: Keshwana, Tehsil : Kotputli, District: Jaipur (Rajasthan).
As per regulatory filing, at the time of submitting this intimation, efforts are continuing to control the fire with the help of Fire Brigade, said company.
Further, the company informed that there is no loss or injury to human life. However, the fire has resulted into major damage of raw material stored in the waste paper godown thereby disturbing the entire operations. Read More

Market pulse at 10:30 AM today

Published on: 10:30 am

Equity market indices trading in the red on Monday tracking Asian markets.
BSE Sensex is 59,110.90, down 336.28 points or 0.57%.
Nifty50 is currently 17,699.45, down 85 points or 0.48%. Nifty Bank is at a flat note, 37,832.95. India VIX is up 6.27% at 18.80 levels.
JSW Steel, Apollo Hospital, ICICI Bank, Grasim and Adani Ports are the top gainers. SBI Life, L&T, Divis Lab, Reliance and Dr Reddy’s are the top losers.
Nifty IT is among the top sectoral losers, followed by financials, auto and FMCG indices. Metals, pharma, PSBs, and Oil & Gas indices were firm gainers.
Out of 50 stocks traded on the NSE, 16 advanced, and 15 declined. Read More

Veranda Learning Solutions list at 15% premium on BSE

Published on: 10:25 am

Chennai-based edtech Veranda Learning Solutions Limited made a decent debut on stock exchanges today. The stock was listed at Rs157 a share on the BSE with a gain of Rs20 on each equity share or a premium of 14.60%.
Post-listing, the market capitalisation of the company stood at Rs875 crore, according to BSE data.
The stock is currently trading at Rs164.70 up by Rs27.7 or 20.22% from its previous closing of Rs137 on the BSE. The scrip opened at Rs157 and has touched a high and low of Rs164.85 and Rs149.15 respectively. Read more

Wipro appoints Anis Chenchah as CEO, APMEA; Stock sheds 1%

Published on: 10:10 am

Wipro Limited has announced the appointment of Anis Chenchah as member of the Wipro Executive Board and Chief Executive Officer, APMEA (Asia Pacific, India, Middle East and Africa).
Anis has over two decades of experience in Consulting, IT and Business Process Services. He joins from Capgemini where he was the Global CEO of Capgemini Business Services and member of the Group Executive Committee. Prior to that, Anis held various leadership roles in Capgemini Financial Services across Europe and the Middle East. Read more

GTPL Hathway posts 12% yoy growth in revenue at Rs2,415.4 crore for Q4FY22; stock tumbles ~4%

Published on: 9:39 am

GTPL Hathway Limited informed that the company has delivered robust growth during the current fiscal year, and ended the year on a strong footing.
GTPL has reported a growth of 12% yoy at Rs2,415.40 crore for FY22 as against Rs2,148.40 crore in FY21. Company’s total revenue for the quarter under review jumped 4% YoY at Rs620.90 crore as compared to Rs599.10 crore in Q4FY21. Read more

Markets nosedive on broad-based selloff; Sensex slips 460 pts, Nifty 50 below 17,700; IT stocks wors

Published on: 9:38 am

Indian markets nosedived massively on Monday's session amid weak global cues on worries over inverted US treasury yields. the latest upbeat economic estimate from the US Federal Reserve Chair Jerome Powell in comparison to persistent risks from the Covid-19 pandemic.
At the domestic front, a broad-based selloff was witnessed with IT, banking, consumer durables, FMCG and auto stocks underperforming the most while buying sentiments seen in power, metal, pharma names. Also, investors focus has shifted to March 2022 quarterly result as IT-giant TCS is set to announce its financial performance later today.
At around 09:40 AM, Sensex was trading at 58,983.25 down by 463.93 points or 0.78%. Nifty 50 was performing at 17,676.10 lower by 108.25 points or 0.61%. Read more

RBI imposes penalty of Rs90 lakh on IDBI Bank; Stock under pressure

Published on: 9:18 am

IDBI Bank has informed that the Reserve Bank of India (RBI) on April 08, 2022 has imposed an aggregate penalty of Rs90 lakh on the Bank on Frauds-classification and reporting by commercial banks and select FIs; Strengthening the Controls of Payment Ecosystem between Sponsor Banks and SCBs/UCBs as a Corporate Customer and Cyber Security Framework in Banks.
Accordingly, the Bank has put in place necessary corrective actions to strengthen its internal control mechanisms so as to ensure that such incidents do not recur. Read More

Camlin Fine Sciences announces annual maintenance at its Dahej plant

Published on: 9:17 am

Camlin Fine Sciences Ltd has informed to the exchanges that the Company is taking an planned annual maintenance activity of its plant situated at Plot No. Z/96/D, Dahej SEZ ‐II, Tal. Vagra, Dist. Bharuch, Gujarat. In view of the same, the said plant shall be under maintenance shutdown from April 10, 2022 to May 10, 2022.
The restart activity shall commence from May 11, 2022, said company in a regulatory filing. Read more

Mahindra Logistics to acquire majority stake in Whizzard; Stock soars over 1.5%

Published on: 9:16 am

Mahindra Logistics Ltd. (MLL), one of India’s largest Third-Party Logistics (3PL) solution providers, has announced its acquisition of majority stake in ZipZap Logistics Private Limited, a last-mile logistics service provider operating under its brand ‘Whizzard’.
The acquisition will complement MLL’s existing last mile delivery business and EDeL, its Electric Vehicle (EV) based delivery services. Expanding technology based last mile services is an integral part of MLL’s growth strategy and this transaction will help accelerate addition of technology, geographical coverage and operational capabilities. Read more

Results today: TCS, Delta Corp, Kesoram Industries, Lasa Supergenerics

Published on: 8:29 am

Quarterly results that are expected today include Tata Consultancy Services (TCS), Birla Tyres, Delta Corp, Elnet Technologies, Kesoram Industries, and Lasa Supergenerics.
Country’s largest IT services company, Tata Consultancy Services (TCS) is all set to start the earnings season for the March 2022 quarter. Continued demand momentum amid accelerated adoption of digital technologies and migration to cloud-based solutions will fuel revenue growth in the quarter. Short-cycle deals are likely to be at the forefront of revenue growth. Read more

Stock market news that you should not miss today

Published on: 8:24 am

Here is the important stock market news to watch out for today.
Markets to open on a negative note; support @17,600, resistance at 18,000.
FIIs sold shares worth Rs575.04 crore (cash), and sold Rs16.51 crore in index futures.
US markets close mixed on Friday. Asian markets trading in green with Japanese markets almost flat.
Brent crude was trading 2.36% lower at $100.42 per barrel.
The National Company Law Tribunal has approved the Resolution Plan submitted by Tata Steel Mining, a wholly-owned subsidiary of Tata Steel, for the acquisition of Rohit Ferro-Tech.
Veranda Learning Solutions will make its debut on the bourses on April 11.
GTPL Hathway said its profit after tax for March 2022 quarter declined 4.3 per cent to Rs54.5 crore and revenue fell 17.5 per cent to Rs617.3 crore compared to the year-ago period largely due to fall in EPC project business, but its ex-EPC profit grew by 1 per cent and revenue rose by 4 per cent YoY during the quarter. Read more

TCS Q4FY22 Preview: Revenues seen at Rs503,256 million, PAT at Rs99,834 million

Published on: 8:22 am

Result date: 11^th April, 2022
Recommendation: Add
Target price: 3,900
Country’s largest IT services company, Tata Consultancy Services (TCS) is all set to start the earnings season for the March 2022 quarter. Continued demand momentum amid accelerated adoption of digital technologies and migration to cloud-based solutions will fuel revenue growth in the quarter. Short-cycle deals are likely to be at the forefront of revenue growth.
TCS’ revenue is pegged at Rs 503,256 million, implying a sequential growth of 2.9% and a 15.1% growth over the year-ago quarter. Company’s EBIT margins though could witness stress arising from supply-side pressures and strong employee hiring. Read More

Top stocks in focus: TCS, Veranda Learning Solutions, Tata Motors, Shoppers Stop

Published on: 8:01 am

Check out the stocks that will be in focus during trade today based on recent and latest news developments.
The National Company Law Tribunal has approved the Resolution Plan submitted by Tata Steel Mining, a wholly-owned subsidiary of Tata Steel, for the acquisition of Rohit Ferro-Tech.
Veranda Learning Solutions will make its debut on the bourses on April 11.
GTPL Hathway said its profit after tax for March 2022 quarter declined 4.3 per cent to Rs54.5 crore and revenue fell 17.5 per cent to Rs617.3 crore compared to the year-ago period largely due to fall in EPC project business, but its ex-EPC profit grew by 1 per cent and revenue rose by 4 percent YoY during the quarter. Read more

SGX Nifty indicates negative opening for Indian markets

Published on: 7:44 am

SGX Nifty is at 17,788.20 levels, lower 107 points. (Updated at 7:57 AM)
The Nifty saw a superb comeback after 3 days of decline as the Reserve Bank Governor left rates unchanged which saw buying/short covering drive stock prices higher. FMCG, pharma and auto stocks lead the rebound with IT being the only losing sector in the index.
Midcaps also saw huge participation with the Nifty Next 50 gaining over 1.55%. Read more