Latest News and Updates

12th Apr, 2022

Markets end lower tracking global cues; Nifty settles below 17,600; Sensex dips over 380 pts; Metal

Published on: 3:56 pm

  • Domestic equities ended lower for the second straight day following sluggishness across global markets. Moreover, news on the Russia-Ukraine war, rise in bond yields and further supply disruptions due to increasing COVID infections in China, continue to perturb market sentiments.
  • The 30-share BSE Sensex tanked 388 points or 0.66 per cent to close at 58,576, while the broader NSE Nifty declined 145 points or 0.82 per cent at 17,530.
  • Broader markets underperformed compared to the main indices with Nifty Midcap and Nifty SmallCap losing 1.9% and 1.5% respectively. Read more

Cyient named as Major Contender in the Everest Group PEAK Matrix for Digital Product Engineering Ser

Published on: 3:50 pm

  • Cyient, a leading global Technology Solutions company, has been named a Major Contender in the first edition of Everest Group's PEAK Matrix for Digital Product Engineering Service Provider 2022. The report identifies Cyient as a leading service provider with strong capabilities and market success across multiple engineering domains. The recognition reiterates Cyient's Integrated Digital Solutions leadership across verticals.
  • Cyient has made dedicated investments in developing innovation hubs and CoEs to strengthen capabilities in IoT and cloud platforms, data engineering and predictive analytics, GIS system integration, APIs and engineering integration, and UI/UX design & development. Read more

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Fitch Ratings: Equity infusion to improve Adani Transmission's rating headroom

Published on: 3:14 pm

  • A USD500 million investment in Adani Transmission Limited (ATL, BBB-/Negative) by International Holding Company (IHC), the investment arm of the Abu Dhabi royal family, will increase ATL’s rating headroom by improving its leverage and coverage ratios, Fitch Ratings says.
  • The Adani Group said that IHC aims to invest USD2 billion in three group companies, of which USD500 million will be invested in ATL for an equity stake of 1.41%, on a post-issuance basis. The investment is subject to regulatory and shareholders’ approval and ATL expects it to be completed within a month of the board approval attained on April 8, 2022. ATL aims to use the proceeds primarily for capex and prepayment of existing borrowings. Read More

Deep Industries bags LoA from ONGC for order worth Rs40.73 crore

Published on: 3:08 pm

  • Deep Industries Ltd stocks in focus on Tuesday after the announcement in respect of Letter of Award received from Oil and Natural Gas Corporation Limited (ONGC).
  • As per regulatory filing, the Company has received Letter. of Award from Oil and Natural Gas Corporation Limited (ONGC), for hiring of Gas Compression Services of 3.0 LSCMD capacity at Sobhasan CTF for a period of 3 years and the total estimated value of the said Award is approximate Rs40.73 crore. Read more

Market pulse at 3:05 PM today

Published on: 3:05 pm

  • Equity benchmark recovers from initial losses in the last hour of the trading session.
  • All the key indices were in the red, with the Nifty Metal index being the worst hit, down over 1.5 per cent, followed by the Nifty PSB index, down 1 per cent.
  • The Nifty Auto and Pharma indices, down up to 0.5 per cent, nursed the minimum losses.
  • BSE Sensex is 58,642.81, down 322 points or 1.03%. Nifty50 is currently 17,562.60, down 112 points or 0.64%.
  • India VIX is down 0.45% at 18.19 levels.
  • Axis Bank, Kotak Bank, Power Grid, ICICI Bank and SBI Life are the top gainers. Coal India, Hindalco, Tata Steel, Grasim and JSW Steel are the top losers.
  • Out of 50 stocks traded on the NSE, 9 advanced, 22 declined and 1 unchanged. Read More

Sunrise Efficient Marketing and Dhyaani Tile and Marblez 368th and 369th Company to get listed on BS

Published on: 2:59 pm

  • Sunrise Efficient Marketing Limited and Dhyaani Tile and Marblez Limited became the 368th and 369th company, respectively to get listed on the BSE SME Platform on April 12, 2022.
  • Sunrise Efficient Marketing Limited came out with an initial public offering of 13,80,000 Equity Shares of Rs.10 Each (“Equity Shares”) For Cash at a Price of Rs. 121 Per Equity Share (The “Offer Price”), Aggregating to Rs. 16.70 Crore. The company has successfully completed its public issue on April 05, 2022. Read more

ICRA reaffirms credit rating of Acrysil’s debt instruments worth Rs141.31 crore; stock jumps ~1%

Published on: 2:48 pm

  • Acrysil Limited informed that based on the periodic monitoring of ICRA assigned credit rating for the Long Term/ Short Term borrowing program of Acrysil Limited (the “Company”) undertaken by ICRA Limited after considering the announcement by the Company that Acrysil UK Limited (a wholly-owned subsidiary of the Company) has agreed to acquire 100% shares of Tickford Orange Limited, (UK) along with its wholly-owned operating subsidiary Sylmar Technology Limited, ICRA Limited has reaffirmed both the Long Term & Short Term credit rating of the Company.
  • ICRA has reaffirmed its long-term rating at ‘ICRA A’ with a stable outlook on the same. These instruments are worth Rs131.31 crore.
  • The company’s short-term ratings were reaffirmed at ‘ICRA A2+’ for instruments worth Rs10 crore. Read More

Dev IT collaborates with Adani Institute of Digital Technology Management (AIDTM) to upskill IT stud

Published on: 2:39 pm

  • Dev Information Technology has informed that it has teamed up with Adani Institute of Digital Technology Management (AIDTM) & Orena Solutions to upskill IT students & professionals in Cloud, AI/ML, Blockchain & ongoing digital transformation technologies and to provide them with new career opportunities.
  • DEV IT Ltd., a leading information technology solutions provider company, anticipates increasing its workforce by a massive 50% in the coming years and to ensure that this growth journey is driven by the right talent heads to brace up their solution capabilities in Cloud, AI/ML, Blockchain and Mobility. To facilitate its vision, DEV IT has inked a pact with AIDTM & Orena Solutions. Read More

Infosys launches its Living Lab Ecosystem in Melbourne to advance digital co-creation in Australia

Published on: 2:22 pm

  • Infosys has today announced the opening of its Melbourne Living Lab part of a network of over 20 established globally to date.
  • Underpinned by an ecosystem approach the Living Lab will enable a confluence of digital technologies and human experience. Featuring a stadium-style collaboration space amidst graffiti featuring Melbourne’s icons such as Luna Park and Brighton’s bathing boxes, Infosys partners will be able to leverage solution accelerators, digital experiences, and frameworks to ideate, prototype and test innovations.
  • Led by its Centre for Emerging Technologies, these solution accelerators leverage digital technologies including Cloud, 5G, IoT, 3D, AI, Cyber Security, Data & Analytics, AR, VR and address industry use cases in Financial Services, Telcos, Retail, Utilities, Manufacturing, Sports Tech, Edu Tech, among others. Read More

Alembic Pharma's subsidiary gets USFDA final nod for Lidocaine and Prilocaine Cream; Stock dives 2%

Published on: 1:36 pm

  • Alembic Pharmaceuticals Limited on Tuesday has announced that its wholly owned subsidiary, Aleor Dermaceuticals Limited (Aleor) has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Lidocaine and Prilocaine Cream USP, 2.5%/2.5%.
  • The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD) EMLA Cream, 2.5%/2.5%, of Teva Branded Pharmaceutical Products R&D, Inc. Lidocaine 2.5% and Prilocaine 2.5% cream (a eutectic mixture of lidocaine 2.5% and prilocaine 2.5%) is indicated as a topical anesthetic for use on normal intact skin for local analgesia and genital mucous membranes for superficial minor surgery and as pretreatment for infiltration anesthesia. Read More

NSE to re-introduce ‘Do Not Exercise’ in stock options

Published on: 1:33 pm

  • The National Stock Exchange (NSE) said it will reintroduce the ‘Do not exercise’ instruction in stock options from April 28, after discontinuing the practice in October last year.
  • The move will enable traders to manage their risk better, especially when it comes to out-of-the-money contracts. It will allow them to close their open positions, preventing the risk associated with physical delivery, the stock exchange said in a circular on April 11. Read more

ICRA: PLI scheme for mobile phone manufacturing will create greater value addition, reduce import de

Published on: 1:33 pm

  • The Government of India introduced Production Linked Incentive (PLI) for Large Scale Electronics Manufacturing in April 2020 primarily targeting mobile phones and specified electronic components as product categories with a cumulative outlay of Rs38,601 crore. The scheme intends to offer incentives of 4-6% on incremental sales over a period of 5 years provided that the shortlisted players meet set thresholds of incremental revenues and investments subsequent to base year. Under the mobile phone segment, the scheme targets two categories of mobile phone manufacturers – Category 1 of 5 Global OEM players with gross manufacturing revenue (GMR) > Rs10,000 crore and category 2 of 5 domestic companies with GMR > Rs100 crore. Under electronics components segment, 10 players with GMR > Rs50 crore are proposed to be selected.
  • In the first round, 16 players have been approved - 5 players each under Category-1 and Category -2 of Mobile phones and 6 players under components segment. Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • Benchmark indices fell for a second straight session, ahead of domestic and U.S. inflation data due later in the day.
  • BSE Sensex is 58,452.37, down 512 points or 0.87%. The weakness in broader market was more than in benchmarks with BSE Midcap and Smallcap indices declining over 1.5% each.
  • Nifty50 is currently 17,482.90, down 192 points or 1.09%.
  • Kotak Bank and Axis Bank were the top gainers. Hindalco, Coal India, Tata Steel, JSW Steel and Grasim are the top losers.
  • Nifty Metal stocks tank 3.5% followed by Auto, FMCG, and Banking stocks under pressure amid weak global cues.
  • Out of 50 stocks traded on the NSE, 02 advanced, and 30 declined. Read More

Tata Motors clocks group sales of 3,34,884 units during Q4FY22; stock plunges ~4%

Published on: 1:28 pm

  • The Tata Motors Group's global wholesales in Q4FY22, including Jaguar Land Rover, were reported at 3,34,884 units, higher by 2%, as against Q4FY21.
  • Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in Q4FY22 stood at 1,22,147 units, up by 12% yoy as against Q4FY21. Read More

GM Breweries tumbles 6% despite posting growth in Q4FY22 numbers

Published on: 1:15 pm

  • GM Breweries has announced its results for the quarter and year ended March 31, 2022. The company has reported a jump in numbers over the last quarter and previous financial year.
  • The company has reported revenue from operations of Rs541.33 crore in Q4FY22 as compared to Rs464.12 crore in Q4FY21, registering a growth of 16.64% yoy. It reported a sequential growth of 5.31%, the previous quarter’s revenue being reported at Rs514.02 crore.
  • For the financial year as a whole, the company has posted a growth of 44.27% yoy in its revenue from operations at Rs1,771.83 crore for FY22 as compared to Rs1,232.46 crore for FY21. Read More

Wipro-led Topcoder Challenge finds two new comets for NASA

Published on: 12:57 pm

  • Topcoder, a Wipro company, has announced that the Comet Detection Marathon Match Challenge, conducted on behalf of NASA SOHO/ESA to develop artificial intelligence and machine learning (AI/ML) algorithms capable of detecting comets that reflect minimal light, resulted in the finding of two previously undetected comets.
  • The winning algorithms will be utilized by NASA’s Solar and Heliospheric Observatory (SOHO) satellite to improve comet detection to find previously overlooked C2 comets and the discovery of non-group comets Read more

Coal India’s Capex scaled up to Rs14,834 crore; stock plummets 5%

Published on: 12:39 pm

  • At a time when the centre is exhorting CPSUs of the country to frontload their capital expenditure to spur economic growth, Coal India Limited (CIL) scaled up its Capex to Rs14,834 crore for the FY22, the highest so far.
  • Going past the MoU target of Rs14,695 crore this represents a 101% achievement. It was for the second consecutive fiscal that Coal India outnumbered its Capex target, which is a record of its own. Read more

Fitch Ratings: India’s HDFC bank-NBFI merger to shake-up sector dynamics

Published on: 12:32 pm

  • Fitch Ratings-Mumbai/Singapore-12 April 2022: The recently announced merger between India’s second-largest bank, HDFC Bank, and its shareholder HDFC Limited, India’s largest housing finance company, may have long-term implications for the nation’s banking and non-bank financial institution (NBFI) sectors, says Fitch Ratings.
  • The proposed merger could redefine the competitive landscape for banks, and increase the prominence of M&A among banks seeking to close market-share gap with the merged HDFC Bank. It could also influence the evolution of the NBFI sector, particularly for large entities that have nurtured banking ambitions amid tightening sector regulations. Read more

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Equity market indices extended its losses dragged by auto, metal stocks.
  • BSE Sensex is 58,443.77, down 520 points or 0.88%.
  • Nifty50 is currently 17,492.50, down 182.45 points or 1.03%.
  • Kotak Bank, TCS, Maruti, HCL Tech and Shree Cements are the top gainers.Hindalco, Coal India, Tata Steel, Tata Motors and JSW Steel are the top losers.
  • Nifty metal stocks tank 3.5% followed by auto, FMCG, banking stocks under pressure amid weak global cues.
  • Out of 50 stocks traded on the NSE, 06 advanced, and 44 declined. Read More

Intellect Design Arena bags major transformative deal from VPBank; stock plunges 1%

Published on: 12:27 pm

  • Intellect Global Transaction Banking (iGTB), the transaction banking specialist from Intellect Design Arena Limited today announced that it has signed a major deal with Hanoi-headquartered VPBank to digitize and streamline its transaction banking offerings. For Intellect, this deal is the tenth key digital banking transformation deal let alone in Vietnam.
  • This digital transformation deal will uplift VPBank’s digitization efforts of its transaction banking function which in turn will enhance the country’s digital economy which is aligned with the “Vietnam National Digital Transformation Roadmap 2025”. This will bring the bank closer to its target of being the most customer-friendly bank through technology in 2022 with disruptive iGTB’s products and services for its corporate, commercial, and SME clients. Read more

Mahindra Lifespace Developers launches India’s First Net Zero Energy Homes in Bengaluru

Published on: 12:07 pm

  • Mahindra Lifespace Developers Ltd., the real estate and infrastructure development arm of the Mahindra Group, has established a new benchmark in the field of sustainable development with the launch of India’s first Net Zero Energy residential project, Mahindra Eden, in Bengaluru; certified by Indian Green Building Council (IGBC).
  • The unique design features of this residential development are together expected to save over 18 lakh kWh electricity annually, equivalent to powering over 800 homes. The remaining energy demand for the project will be met from renewable sources through both on-site solar and wind energy systems, and the purchase of green energy from the grid. Read More

ICRA: Healthy sugar exports and consumption demand to shrink closing inventory levels despite higher

Published on: 12:06 pm

  • Domestic sugar production is estimated to increase to around 33.3 million MT for SY2022 (PY: 31.2 million MT) after considering around 3.4 million MT (PY: 2.1 million MT) sugar sacrifices towards juice/B-heavy molasses-based ethanol (6.8% higher than SY2021 despite increased diversion towards ethanol). This is 6% higher than second advance estimates of Indian Sugar Manufacturers Association (ISMA).
  • However, with domestic consumption estimated at around 27.2 million MT and exports expected at 7.5 million MT in SY2022, the closing stock is expected at 6.8 million MT as on September 30, 2022 (PY: 8.2 million MT). This would be equivalent to three months of consumption (PY: 3.7 months), improving the domestic demand-supply balance. Read more

Wipro acquire US-based Convergence Acceleration; stock dips 1.5%

Published on: 12:01 pm

  • Wipro Limited, a leading IT player, informed that it has acquired Convergence Acceleration Solutions, LLC (CAS Group). 
  • Convergence Acceleration is a U.S.-based consulting and program management company that specializes in driving large-scale business and technology transformation for Fortune 100 communications service providers.
  • CAS Group’s profound client relationships and robust domain expertise, along with Wipro’s execution capabilities will deliver an end-to-end professional services solution and prompt impact on clients. The joint entity will cater to clients’ needs with services ranging from strategy development and planning to execution and implementation. Read more

NITCO implements S4/Hana Rise ERP system

Published on: 11:50 am

  • NITCO Limited (NITCO) on Monday has announced that it has successfully implemented the state-of-art S4/Hana Rise ERP system on AWS Cloud.
  • This is a notable milestone in the implementation of technology initiatives across the company's operations, including analytics, process automation and digital initiatives, said company in a regulatory filing. Read more

Sunteck Realty logs pre-sales of Rs1,303 crore for FY22; reports 35% yoy growth in collections

Published on: 11:45 am

  • Sunteck Realty Limited posted its key operational updates for Q4FY22 and for the full year FY22.
  • It has reported pre-sales of Rs503 crore in Q4FY22, up by 43% QoQ, and 36% on yoy basis. During the complete fiscal year, the company logged pre-sales of Rs1,303 crore, registering a growth of 27% yoy. The company has reported one of its best sales during the current financial year. Its pre-sales during Q4FY21 were Rs371 crore.
  • The company’s collections during the current quarter stood at Rs404 crore, up by 50% QoQ. It has reported total collections of Rs1,053 crore in FY22, registering a growth of 35% yoy. This was the company’s best collection both on a quarterly and annual basis. Its collection during Q4FY21 was Rs321 crore. The company has reported 26% yoy growth in collections in the current quarter on a year-on-year basis. Read more

Wipro earns Intel’s 2022 EPIC Distinguished Supplier Award

Published on: 11:33 am

  • Wipro Limited, a leading global information technology, consulting and business process services company, today announced that it has earned Intel’s EPIC Distinguished Supplier Award.
  • Through its dedication to excellence, partnership, inclusion, and continuous quality improvement, Wipro has achieved a level of performance that consistently exceeds Intel’s expectations.
  • “As one of only 26 Distinguished Supplier Award recipients across the Intel global supply chain, Wipro has been crucial to Intel’s success while offering agility and flexibility during the ongoing volatile supply chain environment,” said Keyvan Esfarjani, Executive Vice President and Chief Global Operations Officer, Intel. Read more

Market pulse at 11:30 AM today

Published on: 11:30 am

  • Equity market indices trade lower amid weak trends in global markets.
  • BSE Sensex is 58,478.26, down 486.31 points or 0.82%.
  • Nifty50 is currently 17,508, down 166.95 points or 0.94%. Nifty Bank is trading down by 0.52% at 37,417.85.
  • TCS, HCL Tech, Kotak Bank, Maruti Suzuki, Shree Cements are the top gainers while Hindalco, Coal India, Tata Steel, Grasim and Tata Motors are the top losers.
  • Nifty Metals and auto stocks dragged the most followed by realty, FMCG, pharma, media, IT and Banking indices.
  • Out of 50 stocks traded on the NSE, 6 advanced, and 44 declined. Read More

MCX to collaborate with Chittagong Stock Exchange, Bangladesh

Published on: 11:15 am

  • Multi Commodity Exchange of India MCX has announced that it s planning to collaborate with Chittagong Stock Exchange (CSE), Bangladesh to provide the consultancy services for the establishment of a Commodity derivatives platform in Bangladesh.
  • As part of the agreement, MCX will provide consultancy services in areas of regulations, products, clearing and settlement services, trading, warehousing, etc. The agreement to this effect is planned to be signed on April 12, 2022 between MCX and CSE. Read more

TRAI releases recommendations for 5G spectrum auctions

Published on: 11:04 am

  • The Telecom Regulatory Authority of India (TRAI) has released recommendations on ‘Auction of spectrum in frequency bands identified for IMT / 5G’ on Monday. Telecom regulator Trai announced a mega auction plan valued at over Rs7.5 trillion at the base price across multiple bands for radiowaves allocated over 30 years.
  • The telecom regulator has recommended about a 39 per cent reduction in the reserve or floor price for the sale of spectrum for mobile services, including the latest 5G offering, as it looked to match revenue expectations with the industry's paying capacity. Read More

ICRA reaffirms credit ratings assigned to Bharat Forge’s bank facilities; stock slips ~2%

Published on: 11:03 am

  • Bharat Forge Limited informed that credit rating agency ICRA Limited has reaffirmed/revised the credit ratings assigned to the company’s bank facilities/debt instruments.
  • ICRA has reaffirmed its long-term rating at ‘ICRA AA+’ and has given a stable outlook for the same.
  • The company’s non-convertible debentures worth Rs500 crore are rated ‘ICRA AA+/Stable’ by ICRA. Whereas it has assigned the same rating to the company’s proposed Non-Convertible Debentures of Rs200 crore. Read more

SPML Infra zooms 5% on securing arbitration award worth Rs712 crore; filed other claims worth Rs3,00

Published on: 10:51 am

  • India’s leading water management and infrastructure development company, SPML Infra Limited has secured several Arbitration Awards of a cumulated amount of Rs712 crore (including interest upto 30th Sept 2019) for the projects from different clients in India.
  • The PSU clients, against whom the Company has received the awards, have preferred to appeal the same, which are presently at various levels of hearing at the Courts. However, the company is very confident of receiving the full amount of Arbitral Awards along with the interest upto the date of receipt in due course. Read More

Aurionpro Solutions relaunches its website for the NewAge Aurionpro; Stock sheds over 2.5%

Published on: 10:49 am

  • Aurionpro Solutions Ltd has announced the re-launch of its website The new website is not only built on the advanced technology platform but also has been revamped to showcase the transformation of Aurionpro into a platform-led enterprise offering a wide range of services to its clients.
  • On Tuesday, at around 10:52 AM, Aurionpro Solutions was trading at Rs347.40 apiece down by Rs9.55 or 2.68% on the BSE.
  • Over the years, Aurionpro has re-invented itself with the changing times and has positioned itself as a leading player catering to the Banking and Fintech industry with a buoquet of IP based offerings. Aurionpro, through constant innovations, has also diversified into newer businesses such as Smart City and Smart Mobility, data centre consulting etc. Read more

Shiva Texyarn skyrockets 20% on bagging order from Ministry of Defence

Published on: 10:41 am

  • Shiva Texyarn’s counter jumped nearly 20% in early trade today as the company informed investors of receiving a new order from the Government of India, Ministry of Defence. However, soon it erased half of the early morning gains and was last seen 10% higher than its previous close.
  • The company will be responsible for supplying NBC HAVERSACK MK-11. These are basically the bags to be used by defence personnel.
  • The company has received the order for supplying 35,000 units to the Ministry of Defence. Read more

WEP Solutions appoints Ashok Tripathy as MD and CEO

Published on: 10:32 am

  • On the recommendation of Nomination and Compensation Committee, the Board of Directors of WEP Solutions Ltd has considered and approved the Appointment of Ashok Tripathy, as Managing Director (MD) and Chief Executive Officer (CEO) of the Company w.e.f July 01, 2022.
  • Ashok Tripathy is a distinction holder in Electronics and Electrical engineering from Birla Institute of Technology and an MBA from Xavier Institute of Management.
  • He is an accomplished leader in the Information Technology industry. He brings an array of outstanding executive capabilities in developing and leading global technology organizations. He has experience in driving business transformation in Indian and global markets, across technology products and services Read More

Market pulse at 10:30 AM today

Published on: 10:30 am

  • Equity market indices continued to trade lower amid weak trends in global markets and foreign fund outflows weighed on investor sentiment.
  • BSE Sensex is 58,355.55, down 609 points or 1.03%.
  • Nifty50 is currently 17,467.30, down 207 points or 1.17%. Nifty Bank is fell 0.69% at 37,353.25.
  • India VIX is up 1.13% at 18.48 levels.
  • HDFC Life and Kotak Bank are the top gainers. Coal India, Hindalco, Tata Steel, Grasim and JSW Steel are the top losers.
  • Nifty Metal is among the top sectoral losers, followed by realty, FMCG, pharma, media, IT and Banking indices.
  • Out of 50 stocks traded on the NSE, 2 advanced, and 30 declined. Read More

BSE StAR MF processes 29.90 lakh transactions in a single day on April 11

Published on: 10:27 am

  • Continuing its stellar performance, India's largest regulated Exchange-based online Mutual Funds Distribution platform created an all-new record.
  • With all mutual funds and distributors channelizing their transactions through online platforms, BSE StAR MF has registered 29.90 lakh transactions on 11th April 2022 outdoing its previous single-day record of 26.65 lakh transactions (on 10th January 2022) a remarkable growth by 12%.
  • BSE StAR MF, also set its highest monthly record of 1.97 Cr transaction in Mar’22 as against its previous best of 1.87 Cr transactions in Jan’22. Read more

Gufic Biosciences’ stock hits 52-week high after receiving CDSCO’s approval for Isavuconazonium Sulf

Published on: 10:23 am

  • Gufic Biosciences Limited has received permission for the sale and distribution of Isavuconazonium Sulfate API and finished formulation Isavuconazole for Injection 200 mg/vial from the Central Licensing Approving Authority, Central Drugs Standard Control Organisation (CDSCO), Ministry of Health and Family Welfare for manufacture.
  • Isavuconazole for Injection of 200 mg/vial is said to provide treatment for Invasive Aspergillosis and Invasive Mucormycosis, to be used by people 18 years of age or above. Read More

Centre creates matrix for 50 agricultural products with good export potential to help boost agri exp

Published on: 10:20 am

  • India’s agri exports crossed USD 50 billion for the year 2021-22, notwithstanding logistical challenges posed by COVID-19 pandemic in the form of high freight rates, container shortages, etc. Agricultural and Processed Food Products Export Development Authority (APEDA), which works under the Ministry of Commerce and Industry, has scripted a new history by exporting agricultural and processed food products to the tune of USD 25.6 billion, which is 51 per cent of the India’s total agriculture exports of USD 50 billion.
  • Besides, the APEDA has also surpassed its own export target of USD 23.7 billion for the financial year 2021-22 by registering shipment of USD 25.6 billion.
  • As per the provisional figures released by DGCI&S, the agricultural exports have grown by 19.92 per cent during 2021-22 to touch USD 50.21 billion. The growth rate is remarkable as it is over and above the growth of 17.66 per cent at USD 41.87 billion achieved in 2020-21 and has been achieved in spite of unprecedented logistical challenges in the form of high freight rates, container shortages, etc. It depicts the comparative export of APEDA products for the current year, 2021-22 and previous year 2020-21.  Cereal sector in APEDA exports contributes more than 52 per cent share in 2021-22. Livestock products and other processed foods contributes 17 and 15 per cent in APEDA export respectively in 2021-22. Read more

Cabinet approves distribution of fortified rice across Government Schemes

Published on: 10:18 am

  • The Cabinet Committee on Economic Affairs, chaired by the Prime Minister, Shri Narendra Modi, today has accorded its approval for supply of fortified rice throughout the Targeted Public Distribution System (TPDS) under the National Food Security Act (NFSA), Integrated Child Development Services (ICDS), Pradhan Mantri Poshan Shakti Nirman-PM POSHAN [erstwhile Mid-Day Meal Scheme (MDM)] and Other Welfare Schemes (OWS) of Government of India in all States and Union Territories (UTs) by 2024 in a phased manner.
  • The entire cost of rice fortification (around Rs2,700 crore per annum) would be borne by the Govt. of India as part of food subsidy till its full implementation upto June, 2024.
  • The following three phases are envisaged for full implementation of the initiative: Read more

Centre: Revenue Deficit Grant of Rs7,183.42 crore released to 14 States

Published on: 10:16 am

  • The Department of Expenditure, Ministry of Finance has on Thursday released the 1st monthly instalment of Post Devolution Revenue Deficit (PDRD) Grant of Rs7,183.42 crore to 14 States.
  • The grant has been released as per the recommendations of the Fifteenth Finance Commission. 
  • The Fifteenth Finance Commission has recommended a total Post Devolution Revenue Deficit Grant of Rs86,201 crore to 14 States for the financial year 2022-23. The recommended grant will be released by the Department of Expenditure to the recommended States in 12 equated monthly instalments. Read more

AMFI: SIP collection at record high in March 2022

Published on: 10:15 am

  • According to the AMFI data released on Friday, said that at Rs37,56,682.57 crore the Net AUMs for the Indian Mutual Fund Industry reports growth, Average AUMs are at Rs37,70,295.79 crore in the month of March 2022.
  • Number of Folios as on March 31, 2022 has shown growth at 12,95,04,652 compared to 12,61,29,549 from Feb 28, 2022. Folios were registered at 9,78,65,529 March 31, 2021, and 12,31,01,673 as on January 31, 2022, the AMFI data said.       
  • Monthly SIP Contribution collected is an all-time high at Rs12,327.91 crore owing to investor faith in the SIP as an instrument and the resilience to stay invested in current market conditions. This also reflects that investor have been renewing and investing in new SIP in for the next financial year. SIP contribution for Feb 28, 2022, was Rs11,437.70 crore. Read more

Rallis India board to consider Q4 results and dividend on April 21; Stock rise 1%

Published on: 10:15 am

  • Rallis India Ltd, (part of the Tata Group) a leading Company in the domestic crop protection sector has announced that the meeting will be held on April 21, 2022 and the board will discuss FY22 results and approve the recommendation of dividend, if any, for the financial year ended March 31, 2022.
  • Further, it will host a conference call for analysts and investors on Friday, April 22 at 11:00 AM IST to discuss the company’s Q4 FY22 financial performance. The senior management of Rallis India Ltd. will be present on the conference call. Read more

Info Edge acquires 20.50% stake in Terralytics; stock slips ~2%

Published on: 10:02 am

  • Info Edge India Limited has agreed to acquire 6,650 Compulsorily Convertible Preference Shares as part of a larger fundraising exercise by Terralytics. Upon the successful closing of the said fundraising exercise, the aggregate shareholding of the Company in the said entity would be 20.50% on a fully converted & diluted basis.
  • The said acquisition is for a cash consideration of Rs3.70 crore.
  • Terralytics is engaged in developing intelligence and analytics in real estate vertical for sale to banks, developers, consulting firms, etc. for diligence, information, and other purposes. Read more

Markets trade lower amid weak global cues; Nifty below 17,600 dragged by metal, realty, auto

Published on: 9:41 am

  • Indian markets were in a sharp bearish tone during Tuesday's opening session led by a broad-based selloff. Both Sensex and Nifty witnessed massive profit booking where all the indices were trading in the red amid weak global cues as heightened recession fears, hawkish Federal Reserve and a prolonged Russia-Ukraine conflict remain major concerns for investors. Although earnings season will likely steal away traders attention soon enough to track the nerve of market sentiments.
  • In terms of sectoral indices, all the sectors were trading in the red territory where Banking, realty and metal stocks were the worst hit. Read more

Nestle India declares interim dividend of Rs25 per share; stock skids ~1%

Published on: 9:22 am

  • Nestle India Limited has announced an interim dividend of Rs25 per equity share of Rs10 each for the year 2022 on the entire issued, subscribed, and paid-up share capital of the Company of 9,64, 15,716 equity shares of the nominal value of Rs10 each.
  • The company will pay the interim dividend for the current fiscal year on May 6, 2022, along with the final dividend for 2021, if approved by the shareholders at the 63rd Annual General Meeting scheduled to be held on April 12, 2022. The dividend will be paid to such members those members whose names appear on the Register of Members of the company. Read more

Two people die in fire accident at Maruti Suzuki's Rohtak R&D centre

Published on: 9:19 am

  • Maruti Suzuki India Ltd has informed that there was a fire incident on Monday afternoon in the Company’s Rohtak R&D centre in one of the buildings where a new lab expansion was being carried out by a third party project company.
  • The fire was brought under control and the root cause is being examined along with the investigating authorities, said company.
  • Unfortunately, two people working with a contract firm of the project company succumbed to the fire. The Company deeply mourns this loss of life and stands with the families of the deceased in this moment of grief, it added. Read more

Facor Alloys curtails plant operations due to load restriction by APEPDCL

Published on: 9:17 am

  • Facor Alloys Ltd stocks in focus after announcement of temporary curtailment in the manufacturing facilities due to 50% load restriction imposed by discom in view of the shortage of power.
  • As per regulatory filing, the company informed that the manufacturing facilities at the Plant operation of the Company situated at SHREERAMNAGAR-535 101, Dist. Vizianagaram, (A.P.) are being under temporary curtailment by upto 50%, due to imposition of 50% load restriction by 'Andhra Pradesh Eastern Power Distribution Company Ltd.' (APEPDCL) till further notice, in view of the rise in demand and shortage of power in the State of Andhra Pradesh. Read more

Vipul Organics board allots over 25.62 lakh bonus equity shares; Stock gains 1%

Published on: 9:16 am

  • Vipul Organics Ltd has informed that the Board of Directors at its meeting held on Monday, April 11, 2022, has allotted 25,62,375 Equity Shares of Rs10/- each as fully paid up bonus Equity Shares, in ratio 1:4 i.e. 1 new Equity Share of Rs10/- for every 4 Equity Shares of Rs10/- each held on April 11, 2022, being the record dale fixed for this purpose.
  • Consequently, the paid-up Equity Share Capital of the Company stands increased from Rs10,24,95,000/- comprising of 1,02,49,500 Equity Shares of Rs10/- each lo Rs12,81,18,750/- comprising of 1,28,11,875 Equity Shares of Rs. 10/- each. Read more

BPCL, IPICOL sign MoU for developing renewable energy plant in Odisha

Published on: 9:11 am

  • IPICOL and Bharat Petroleum Corporation Limited (BPCL) joined forces to take a vital step towards the proliferation of green energy in the state. On Monday, Sh. Bhupendra Singh Poonia, IAS, Managing Director Industrial Promotion and Investment Corporation of Odisha Limited (IPICOL), and Amit Garg, Executive Director Renewable Energy, Bharat Petroleum Corporation Limited (BPCL), signed a Memorandum of Understanding for a five-year period to collaborate in the fields of the feasibility of setting up renewable energy plant and green hydrogen plant (both for domestic and export customers), round the clock (RTC) power for consumers and proposed green hydrogen plants, setting up of requisite infrastructure, training, and knowledge sharing, etc.
  • Green Hydrogen would help the industries cut aggregate emissions of Green House Gases (GHGs) thus contributing to the overall objectives of the Government of India’s INDC targets. Odisha, being a power surplus state, is looking to further strengthen its position in power and these upcoming plants will help Odisha-based heavy industries to supplement their growing power requirements. Read more

SMS Lifesciences successfully completes USFDA inspection at its API facility

Published on: 8:57 am

  • SMS Lifesciences India on Friday has completed the United States Food and Drug Administration (USFDA) inspection at its API manufacturing facility Telangana (Unit I), without any observations.
  • “The Company has completed the United States Food and Drug Administration (USFDA) inspection at its API's manufacturing facility located at Sy. No.180/2, Kazipally, Jinnaram MandaI, Sangareddy district, Telangana (Unit I), without any observations,” the company said in the filing.
  • The inspection commenced on 04.04.2022 and concluded on April 08, 2022. Read more

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