Latest News and Updates

18th Apr, 2022

TCS launches risk-based monitoring solution for clinical trials

Published on: 4:10 pm

  • Tata Consultancy Services has launched an agile and intuitive risk-based monitoring solution for clinical trials, that enables intelligent decision making, increased compliance and improves study efficacy.
  • Part of the TCS ADD suite, the new risk-based monitoring solution enables biopharmaceutical and Contract Research Organizations (CROs) to identify study and site risks through advanced statistical algorithms and drive intelligent data driven decisions. The data science led risk-based monitoring solution precisely predicts outcomes pertaining to site workload and risks, thereby enabling stakeholders to lay out proactive monitoring strategies. Read more

Ratnamani Metals secures domestic and exports orders aggregating to Rs338 crore

Published on: 3:50 pm

  • Ratnamani Metals & Tubes Ltd has informed on Monday that the Company has received new Domestic and Export Orders of Rs308 crore and Rs30 crore respectively aggregating to Rs338 crore during the last fortnight, to be executed within the Financial Year 2022-23.
  • On Monday, Ratnamani Metals & Tubes ended at Rs2,390 apiece down by Rs61.45 or 2.51% from its previous closing of Rs2,451.45 apiece on the BSE. Read more

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NBCC logs total business of Rs981.17 crore in March 2022

Published on: 3:37 pm

  • NBCC (India) Limited has informed that it has secured a total business of Rs981.17 crore in the month of March 2022.
  • Out of such Rs918.17 crore, an intimation of work order for Rs500 crore (approx) namely "for Providing Comprehensive, Design, Engineering and Project Management Consultant (PMC) Services for various works in UT Ladakh" has already been submitted by the company on March 17, 2022.
  • The company has also received other 6 orders in addition to the above order worth Rs481.17 crore. Read more

Muthoot Finance to pay interim dividend of Rs20 per share for FY22; stock slips ~1%

Published on: 3:16 pm

  • The Board of Directors of Muthoot Finance Limited at their meeting held today has considered and approved the payment of an interim dividend of Rs20 per equity share of Rs10 each (200%).
  • The company further stated that the shareholders whose names appear as beneficial owners as per the list to be furnished by the Depositories in respect of the shares held in electronic form, and as Members in the Register of Members of the Company in respect of shares held in physical form as of April 26, 2022, would be entitled to receive the interim dividend. Read more

SpiceJet launches new, additional non-stop flights on domestic and international network starting Ap

Published on: 3:05 pm

  • SpiceJet, India's favourite airline, on Monday has announced the launch of new and additional non-stop flights on its domestic and international network. The airline has added new flights to its schedule including two industry-first flights, new domestic and international flights and additional frequencies. These non-stop flights will be starting from April 26, 2022 in a phased manner.
  • With the new and additional flights, SpiceJet is strengthening its domestic and international network to meet current and emerging demands. The airline will be launching new non-stop international flights connecting Ahmedabad with Muscat in Oman, Mumbai with Dhaka in Bangladesh, Kozhikode with Jeddah & Riyadh in Saudi Arabia and Mumbai with Riyadh & Jeddah in Saudi Arabia. Read more

Salzer Electronics patents its 'Integral Cam Operated Rotary Switch'; stock climbs ~2%

Published on: 3:04 pm

  • Salzer Electronics Limited, one of the leading players offering total and customized electrical solutions, announced that the Company has received a patent for its Integral Cam Operated Rotary Switches.
  • Salzer received the patent for this invention from the Patent Office, Government of India, for a duration of 20 years, ending 2031. This reflects the Company’s relentless efforts towards innovation and technology and paves the way for future product development.
  • Integral Cam Operated Rotary is one of the legacy products providing contributing substantially to the company’s revenue. This patent safeguards distinguished features and brand equity of the product in the market. Read more

Asahi Songwon spurts ~6% on acquisition of 100% stake in Atlas Life Sciences

Published on: 2:54 pm

  • Asahi Songwon’s counter gained nearly 7% so far in today’s trade as the company completes the first tranche of acquisition of a 78% stake in Atlas Life Sciences Private Limited (ALSPL).
  • The company has informed that it has executed a Share Purchase Agreement today, i.e., April 18, 2022, with Atlas Life Sciences and certain identified promoters of ALSPL for the acquisition of a 100% stake in ALSPL in three tranches from certain identified promoters and other shareholders of ALSPL.
  • Atlas Life Sciences Private Limited is one of the leading manufacturers of Active Pharmaceutical Ingredients (API) and Bulk Drugs, with a dominant position in Pregabalin (PG) and 4 other API's and one intermediate (R-CMH for PG). Read more

Cupid stocks hit new 52-week high on receiving Rs65 crore order from Tanzania Government

Published on: 2:35 pm

  • Cupid Limited stocks hit 52-week high at Rs287.50 per piece on Monday after the announcement that it has received an order from Medical Stores Department, Government of Tanzania for supply of Male Condoms worth Rs65.84 crore (Approx.)
  • "We are excited to receive this vatuable order", said Omprakash Garg, CMD, Cupid Limited. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Benchmark indices on Monday continued to slide deeper into red on the back of unabated selling pressure in IT and financial shares.
  • BSE Sensex is 57,044 levels, down 1294 points or 2.22%.
  • Nifty50 is currently 17,138.55, down 329 points or 1.89%. Nifty Bank fell 2.38% at 36,570.55. Read more

Acuite updates Goa Carbon’s long-term credit rating to ‘BBB+’

Published on: 1:48 pm

  • Goa Carbon Limited informed that Acuite Ratings & Research Limited — the credit rating agency, has revised the long-term rating to 'ACUITE BBB+' from 'ACUITE BBB-' and the short-term rating In ACUITE A2' from 'ACUITE A3+' on the Rs273 crore bank facilities of the company. Further, Acuite has reaffirmed the outlook as 'Stable’.
  • Company’s long-term instruments are worth Rs82.50 crore and has received an upgrade from the credit rating agency. Whereas, short-term instruments of the company reviewed by Acuite are worth Rs190.50 crore. Read more

LTI inaugurates ServiceNow Experience Center and Innovation Lab at its Engagement Center in Hartford

Published on: 1:46 pm

  • Larsen & Toubro Infotech (LTI), a global technology consulting and digital solutions company has set up ServiceNow Experience Center & Innovation Lab at its recently inaugurated engagement center in Hartford, CT. The Experience Center aims to encourage enterprises to rapidly evolve and adapt to new organizational processes and harness the full potential of technological advancements by adopting digital workflows that identify improvements, establish roadmaps, and streamline processes.
  • With focus on innovation and establishing new capabilities for enterprises, the LTI ServiceNow Experience Center will enable co-creation of best-in-class solutions for clients to accelerate their digital transformation journey on the ServiceNow platform®. While the Experience Center will focus on new industry workflows, clients can engage with technical experts from LTI and ServiceNow for in-depth technology briefings, solution demos, software, and access to tools for Proof of Concept (PoC) and solution workshops. Read more

Welspun Corp secures new order in North America; Stock down 1%

Published on: 1:41 pm

  • Welspun Corp Ltd has announced to the exchanges regarding winning of ~26 KMT line pipe order from a long-standing customer in North America. This order will be executed from their US facility in Little Rock, Arkansas, said company.
  • "This is a clear indication of a revival in the Oil & Gas business outlook in North America and we are confident that many such opportunities, BOTH FOR SPIRAL AND HFIW PIPES, may emerge in near future. This is also a testimony of the trust customers have in Welspun Corp’s systems, processes, quality and people to execute prestigious projects", said Welspun Corp in a regulatory filing on Monday. Read more

Lagnam Spintex PAT shoots up by 544% YoY in FY22

Published on: 1:33 pm

  • Lagnam Spintex Ltd one of the leading manufacturers of high-quality cotton yarns, has announced its Annual FY22 results in its board meeting held on 16th April 2022. The company was able to achieve the total revenue of Rs.348.95 crores during the FY22 as against Rs.205.52 crores during FY21, an increase of 70% and Profit after Tax of Rs.28.80 crores against Rs.4.47 crores during the same period of last year, resulting in an increase of 544%.
  • The export turnover has jumped from Rs.104.17 crores to Rs.201.24 crores YoY. The export turnover comprises approx. 58% of the total turnover.
  • The company has expanded its export base and currently exporting to the quality conscious market of European countries such as Portugal, Germany, Belgium, Netherland, Poland, and others, Bangladesh, Turkey, Argentina, Peru, etc. The increase in export has improved the Operating margins during the FY22. Read more

PNB Housing Finance appoints Anubhav Rajput as Chief Technology Officer

Published on: 1:22 pm

  • PNB Housing Finance announced the appointment of Anubhav Rajput as Chief Technology Officer. Anubhav brings in 22 years of experience in designing technology-led enterprises with scaled up operations and achieved a competitive edge by adopting a tech-driven approach.
  • As a key member of PNB Housing’s leadership team, Anubhav will spearhead the company’s technology and digital transformation mandate. He will head the core technology operations, platforms, applications, new digital initiatives, cloud, analytics and IT operating models, thereby ensuring PNB Housing is adopting contemporary technology paradigms. Anubhav will also be responsible for strengthening the fintech ecosystem and creating a sustainable roadmap for business growth. Read more

Man Infra bags order worth Rs402 crore from BMCTPL

Published on: 1:21 pm

  • Man Infraconstruction Limited informed that it has received one more Letter of Acceptance (LoA) from Bharat Mumbai Container Terminal Private Limited (BMCTPL).  This LoA is for the execution of Phase II works at JNPT, Navi Mumbai, Maharashtra being "Reclamation- Construction Works" for Rs402 crore.
  • Bharat Mumbai Container Terminals Private Limited is a subsidiary of PSA International, a leading global port group headquartered in Singapore. PSA and JNPT are working together to develop this Fourth Container Terminal which will fulfill the increasing demands for container handling capacity and facilitate maritime trade in the Country. Read more

IndiGo appoints Vikram Singh and B. S Dhanoa on Board

Published on: 1:08 pm

  • The Board of Directors (Board) of InterGlobe Aviation Limited (IndiGo) has announced the appointment of Air Chief Marshal B. S. Dhanoa (Retd.) and Mr. Vikram Singh Mehta as the Independent Non-Executive Directors. These appointments are subject to receipt of security clearance from the Ministry of Civil Aviation (MoCA) and approval of the Members of the Company.
  • Mr. Vikram Singh Mehta will assume the office of Dr. Anupam Khanna whose tenure will come to an end on March 26, 2022. Whilst Air Chief Marshal B. S. Dhanoa (Retd.) will take charge of the office of Mr. Meleveetil Damodaran, who is discharging his office as an Independent Director on attaining the age of 75 years on May 3, 2022.
  • Mr. Vikram Singh Mehta is currently serving as Chairman and Distinguished Fellow of CSEP (Centre for Social and Economic Progress). Earlier, he was holding the position of Executive Chairman of Brookings Institution India Center and Senior Fellow, Brookings Institution from 2012 to 2020. Read more

Sahyadri Industries zooms over 2.5% after completing expansion of plant at Perundarai

Published on: 1:04 pm

  • Sahyadri Industries Ltd has informed that, the company has successfully completed expansion of plant situated at Perundarai (Tamil Nadu).
  • Further, it has commenced commercial production of Flat Sheet products w.e.f April 14, 2022. "This will result in increase in overall production capacity up to 72,000 MT PA. This facility will aid the expansion of the company's current market share in southern India", said company in a regulatory filing. Read More

Jindal Steel & Power hits record steel production and sales in FY22

Published on: 12:40 pm

  • Jindal Steel & Power (JSPL) ended FY22 on a high note as the company reported record sales in March 2022 of 0.79 million tonnes. The company’s robust sales were on the back of record production of 0.77 million tonnes, up by 5% yoy. The strong operational performance resulted in the Company reporting the highest ever production for the quarter of 2.11 million tonnes, up by 2% yoy.
  • Despite facing several challenges throughout FY22, JSP managed to meet its production guidance; crossing the 8 million tonne mark for the first time. For the fifth consecutive year, JSPL has posted spectacular growth in annual Steel sales on a year-on-year basis. Read More

Zydus Lifesciences gets final USFDA approval for Cyanocobalamin Injection

Published on: 12:39 pm

  • Zydus Lifesciences Ltd (Formerly known as Cadila Healthcare Ltd.) has received final approval from the USFDA to market Cyanocobalamin Injection in the strengths of 1,000 mcg/mL,10,000 mcg/10 mL (1,000 mcg/mL), and 30,000 mcg/30 mL (1,000 mcg/mL) Multiple-Dose Vials. (US RLD: Cyanocobalamin).
  • Cyanocobalamin injection is used to treat and prevent lack of vitamin B12 that may be caused due to pernicious anemia (lack of a natural substance needed to absorb vitamin B12 from the intestine), certain diseases, infections or medications decrease the amount of vitamin B12 absorbed from food. Read More

Prasol Chemicals files for Rs800 crore IPO

Published on: 12:33 pm

  • Mumbai-based Prasol Chemicals Limited, amongst the leading forward integrated manufacturers of acetone derivatives and phosphorous derivatives in India, has filed a draft red herring prospectus (DRHP) for an initial public offering (IPO) with the market regulator SEBI.
  • The initial share sale with a face value of Rs 2 per equity share comprises fresh issue of equity shares aggregating up to Rs250 crore and an offer-for-sale (OFS) of up to 9,000,000 equity shares by existing shareholders. The Offer is being made through the Book Building Process, wherein not more than 50% of the Offer shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the Offer shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders. Read more

Sigachi Industries’ bags top 100 SME Award 2022 from India SME Forum; stock down ~2%

Published on: 12:24 pm

  • Shri Bhanu Pratap Singh Verma, Minister of State for MSME, Govt of India, presented the top 100 SME Award 2022 to Sigachi Industries Limited in the recently concluded 9th edition of the India SME 100 Awards 2022. This recognition came as a result of the company’s unparalleled work on building world-class products and providing excellent services to customers worldwide.
  • Amit Raj Sinha, MD, and CEO at Sigachi said, “Sigachi Industries is humbled and delighted to have been recognised for its ability to carve a niche for itself in this rapidly evolving space at a global level. We are also looking forward to further growth for the sector within India given the budget allocation for MSMEs nearly doubling this financial year to Rs15,700 crore. The impetus added to incremental innovation in manufacturing and more so to the pharmaceutical industry – which is a stronghold of Hyderabad is undeniable.” Read more

Info Edge enters into contribution agreements with AIFs for investment upto Rs1,300 crore; stock sli

Published on: 12:03 pm

  • Info Edge (India) Limited has informed that its Board of Directors has approved entering into contribution agreements with the following three schemes of the Alternate Investment Funds (AIFs) to commit contributions of up to Rs1,300 crore in aggregate.
  • The company can make contributions directly or through wholly-owned subsidiaries (ies) in accordance with the multiple drawdowns by the respective funds over the years. Read more

SBI announces successful execution of USD 500 Million offshore borrowing from IFSC Gift City through

Published on: 11:52 am

  • First offshore USD SOFR linked syndicated loan by SBI through Gift City Branch
  • Finest pricing amid ongoing turbulence in financial markets due to geopolitical tensions
  • Strong presence in international markets helped SBI to get a very tight pricing
  • The facility is for USD 400 Million plus USD 100 Million as green shoe option
  • It is another step towards SBI’s commitment to develop IFSC Gift City as an international financial hub. SBI Gift City Branch has become largest branch in IFSC. Read More

SIS board proposes to invest Rs5 crore in Staqu Technologies; Stock under pressure

Published on: 11:36 am

  • SIS Limited has signed Share Subscription Agreement for acquisition of 7.65% shareholding in Staqu Technologies Private Limited.
  • SIS proposes to invest Rs5 crore for acquisition of 7.65% shareholding (7,773 shares) on a fully diluted basis in Compulsorily Convertible Preference Shares.
  • As  per the filing, Staqu was incorporated on June 16, 2015 in New Delhi, India and founded by the cofounders, i.e., Anurag Saini, Atul Rai and Pankaj Sharma. It is primarily a video and audio analytics and platform company. Its product called JARVIS (Joint AI Research for Video Instances & Streams) is an AI tool in video analytics and video management solutions that helps its customers. JARVIS works on cloud & on the Edge and on both digital & analog cameras. Read more

UFO Moviez hits new 52-week high as Rajesh Mishra assumes MD’s position

Published on: 11:35 am

  • UFO Moviez India Limited’s counter jumped to a new all-time high of Rs138.70 in today’s trade as the company announced changes in its management.
  • The company has informed that its current Joint Managing Director, Kapil Agarwal, is turning 62 years this year and has decided to step down from active management and his role. However, the board has accepted his offer to continue as the Non-Executive Director of the company.
  • The company informed that Kapil's role will be largely assumed by Rajesh Mishra, President and Group CEO of the Company. With more than 30 years of experience in media, films, television, and the print industry, Rajesh has been associated with the Company since 2006 and is currently responsible for the overall operation of the Company. Read More

Maruti Suzuki announces 1.3% hike in prices applicable from April 18

Published on: 11:24 am

  • Maruti Suzuki India has confirmed changes in prices across models owing to an increase in various input costs. The company stated in its filing that the company has decided to make a weighted average increase of 1.3% - ex-showroom prices (Delhi), across all models.
  • These new prices will be effective from April 18, 2022.
  • This is the second time during the current year that the auto sector has surged prices. Input costs for the auto sector have increased inadvertently due to Russia-Ukraine war conditions and another covid-19 wave in China, UK and US is also one of the reasons for disrupting the supply of parts and materials. Read More

Tushar Mistry resigns as Chief Financial Officer at Sequent Scientific; Stock sheds 2.5%

Published on: 11:18 am

  • Sequent Scientific Ltd has informed that Tushar Mistry has resigned from the position of Chief Financial Officer (CFO) of the Company on April 14, 2022, to pursue other professional opportunities.
  • He will continue in his current role till the close of business hours on May 31, 2022, said company.
  • Further, the Board will announce his successor in due course, as per the filing. Read More

Evexia Lifecare's Vadodara API facility to start manufacturing facilities from April 18

Published on: 11:02 am

  • Evexia Lifecare Limited had earlier announced to the exchanges regarding setup of Active Pharmaceutical Ingredient (API) / Intermediate manufacturing plant of Isometamidium (Isometa). The company has completed all the formalities in respect of Government Licenses. Now, the company has planned to start its manufacturing facility from April 18, 2022 onwards at Vadodara based plant.
  • The company has also decided to build up more than 150000sqft plant facility at Vadodara based location. This facility will be in accordance with the USFDA for the manufacturing of the other APIs and Intermediate products. Read More

ICICI Prudential life logs 189% yoy growth in PAT at Rs185 crore; stock climbs 4%

Published on: 11:01 am

  • ICICI Prudential Life Insurance Company Limited has reported its results for the quarter and nine months ended March 2022 and has logged a two-fold increase in its profit for the quarter.
  • Its PAT for the quarter ended March 2022 stood at Rs185 crore as compared to Rs64 crore during Q4FY21, up by 189% yoy. The increase in PAT was mainly on account of a sharp decline in actuarial liabilities of the company.
  • The company has reported a 31% yoy growth in its value of new business (VNB) at Rs755 crore for the current quarter as against Rs591 crore in the previous corresponding quarter. The company was able to log this growth despite a 6.7% downfall in its new business premium to Rs4,788 crore against Rs5,133 crore. Read More

SpiceJet strengthens its international and domestic network with new flights

Published on: 10:55 am

  • SpiceJet, India's favourite airline, today announced the launch of new and additional non-stop flights on its domestic and international network. The airline has added new flights to its schedule including two industry-first flights, new domestic and international flights and additional frequencies. These non-stop flights will be starting from 26th April, 2022 in a phased manner.
  • With the new and additional flights, SpiceJet is strengthening its domestic and international network to meet current and emerging demands. The airline will be launching new non-stop international flights connecting Ahmedabad with Muscat in Oman, Mumbai with Dhaka in Bangladesh, Kozhikode with Jeddah & Riyadh in Saudi Arabia and Mumbai with Riyadh & Jeddah in Saudi Arabia. Read more

Centre allows 20% FDI in LIC ahead of IPO

Published on: 10:49 am

  • According to the media reports, the government on Sunday has amended rules of the Foreign Exchange Management Act (FEMA), paving the way for up to 20 per cent foreign direct investment in the insurance behemoth LIC.
  • Further, the government is planning to dilute its stake in LIC through the Initial Public Offering (IPO).
  • LIC, in February, had filed the Draft Red Herring Prospectus (DRHP) before the markets regulator Sebi for the IPO. Read more

KBC Global participates in CREDAI Nashik Property Expo 2022

Published on: 10:43 am

  • KBC Global Limited, a leading player in affordable and mid-income housing segment in its home turf Nashik, Maharashtra, has announced that the company had participated at CREDAI Nashik Property Expo 2022 of Term 2021-23 at Dongre Vastrigurh Ground, the property Exhibition organized by CREDAI Nashik Metro held on April 14, 2022 to April 17, 2022.
  • KBC Global Limited has been invited by CREDAI Nashik Metro in their upcoming Nashik Property Expo 2022. KGL has participated in the aforesaid event through their Stall No. 13, 14 & 15. This event was organized for 4 days (i.e. April 14-17, 2022). KBC Global has showcased 12 prominent project ranging from Affordable housing, Mid-segment and Luxury Housing across Nashik region. Read More

Market pulse at 10:30 AM today

Published on: 10:30 am

  • Equity indices are trading on a weak note catching up with global markets after a long weekend. The quarterly results of HDFC Bank and Infosys last week fell short of market expectations, hurting investor confidence.
  • BSE Sensex is 57,102.44 levels, down 1236 points or 2.12%.
  • Nifty50 is currently 17,138.55, down 337 points or 1.93%. Nifty Bank fell 2.03% at 36,703.05.
  • India VIX is up 11.69% at 19.87 levels.
  • NTPC, Tata Steel, SBI Life and Coal India are the top gainers. Infosys, Tech Mahindra, HDFC, HDFC Bank and Wipro are the top losers.
  • All the sectors are in red except the Nifty Metal index. Today major downfall is seen in Nifty IT, PSU Bank, Media, Bank Nifty and Realty indices.
  • Out of 50 stocks traded on the NSE, 13 advanced, and 37 declined. Read More

USFDA conducts inspection at Alkem’s Bioequivalence Center at Taloja; Stock rises

Published on: 10:25 am

  • Alkem Laboratories Ltd has informed to the exchanges regarding USFDA Inspection at Alkem's Bioequivalence Center at Taloja.
  • According to the regualtory filing, USFDA had conducted an inspection at the company's Bioequivalence Center located at Taloja, Maharashtra from April 11-14, 2022. Read more

ICRA: Healthy improvement in securitisation volumes for FY22 though still lower than pre-Covid level

Published on: 10:21 am

  • ICRA estimates the securitisation volumes, originated largely by non-banking financial companies (NBFC)s and housing finance companies (HFC)s to have grown by ~43% at Rs. 1.25 lakh crore of assets in FY2022, compared to the lows of ~Rs. 0.87 crore seen in FY2021 due to the onset of the Covid-19 pandemic. The growth in FY2022 was on account of the lower base of FY2021 and quick recovery in economic activities following the second pandemic wave in Q1 and limited disruptions seen during the third wave. The securitisation of retail assets too has been in line with earlier estimate of Rs. 1.1 lakh crore, while additional securitisation of wholesale loans of ~Rs. 15,000 crore was observed in Q4 of the fiscal.
  • Says Mr. Abhishek Dafria, Vice President and Group Head - Structured Finance Ratings at ICRA, “The last quarter of FY2022 commenced with uncertainty arising from the high Covid infection rates in the country. However, the less severity of the wave led to lower disruption of activities due to which the securitisation volumes in Q4 continued the Q-o-Q upward trajectory. Originators used securitisation as a means to fund higher disbursement targets in the quarter and investors also drew comfort from stable collection efficiencies seen for most part of the year. In Q4, securitisation volumes were ~Rs. 50,000 crore, which is in line pre-Covid quarterly volumes." Read More

Greenlam Industries receives Export Excellence Award; Stock surges over 2%

Published on: 10:06 am

  • Greenlam Industries stocks rally in the market on Monday after the company announced to the exchnages regarding receipt of export excellence award.
  • The Company has received the export excellence award as highest exporter of "Decorative Laminates" for the years 2019-20 and 2020- 21 from The Plastic Export Promotion Council (sponsored by the Ministry of Commerce & Industry, Department of Commerce, Government of India).
  • With this, Greenlam Industries Limited has become a proud recipient of the Top Exporter of Decorative Laminates award for twelve consecutive years, said company in a regulatory filing. Read more

Mahindra Holidays acquires additional 16.67% stake in Rocksport; stock jumps 1%

Published on: 9:46 am

  • Mahindra Holidays & Resorts India Limited informed investors that it has agreed to subscribe to an additional 4,88,321 equity shares of Rocksport in three installments for a total cash consideration of Rs12 crore.
  • The company is already holding a 6.67% equity stake in Great Rocksport Private Limited, a company that is engaged in the business of soft adventure-based activities and learning programs.
  • After completion of the second tranche of investment, the Company’s shareholding in Rocksport will increase from 6.67% to 23.42%. Read more

Markets in a bloodbath; Sensex tanks 1000 pts, Nifty 50 around 17,200; IT, banking worst hit; Infosy

Published on: 9:45 am

  • Indian markets were in a sharp bearish tone during Monday's opening session led by a broad-based selloff. Both Sensex and Nifty 50 nosedived over 1.5% tracking weak global cues. Investors concern has shifted towards the quarterly results announcement, news flow on the Russia-Ukraine war, rising Covid-cases in China and rising brent cruded oil prices globally. Except for Nifty Auto and Metals, all other sectoral indices were trading in the red.
  • In the early deals, Nifty 50 has plunged around 300 points with an intraday low of 17,160.70. Meanwhile, Sensex dips over 1,129 points with an intraday low of 57,152.75.
  • At around 09:45 AM, Nifty 50 was trading at 17,224.70 down by 250.95 points or 1.44%. Sensex was performing at 57,356.54 lower by 982.39 points or 1.68%. Read more

Indiabulls Real Estate completes fund raise of Rs865 crore through QIP; stock skids ~4%

Published on: 9:29 am

  • Indiabulls Real Estate informed investors that it has completed a capital raise of Rs8.65 billion for Rs101.10 per equity share through Qualified Institutional Placement. Trading of these shares will initiate from April 18, 2022, i.e., today on the stock exchanges.
  • Indiabulls Real Estate is currently trading at Rs104 down by Rs4.7 or 4.32% from its previous closing of Rs108.70 on the BSE. The scrip opened at Rs104.90 and has touched intraday high and low of Rs104.90 and Rs103 respectively.
  • The Board of Directors’ fund-raising committee has approved the issue and allotment of 85,559,435 new equity shares through this Institutional Placement. The Placement issue price is set at Rs101.10 per equity share, which represents a discount of 4.96% to the applicable floor price of Rs106.38 per equity share calculated by applicable SEBI regulations. The fundraising resulted in an overall 15.8% dilution for current shareholders. Read more

Nagarjuna Fertilizers and Chemicals restarts urea production at Andhra Pradesh plant; Stock gains 4%

Published on: 9:19 am

  • Nagarjuna Fertilizers and Chemicals Ltd stocks rally in the market on Monday as has announced the restart of Urea Production in Plant II in Andhra Pradesh.
  • As per regulatory filing, the company has restarted Urea Production in Plant - II, at Kakinada, Andhra Pradesh, from April 15, 2022 and expected to stabilize production by April 20, 2022. Read more

HDFC Bank to raise up to Rs50,000 crore through private placement; Stock tumbles 2.5%

Published on: 9:17 am

  • The Board of Directors of HDFC Bank Limited at its meeting held on April 16, 2022, has inter alia approved the issuance of Perpetual Debt Instruments (part of Additional Tier I capital), Tier II Capital Bonds and Long Term Bonds (financing of Infrastructure and Affordable Housing) up to a total amount of Rs50,000 crores in the period of next twelve months through private placement mode, subject to the approval of the shareholders of the Bank and any other regulatory approvals as may be applicable.
  • On Monday at around 9:17 AM, HDFC Bank was trading at Rs1428 per piece lower by 2.52% on Sensex. Previously, the scrip ended at Rs1464.85 per piece on Sensex. Read more

Mahindra & Mahindra announces price hike of 2.5% for its vehicle range from April 14; Stock trad

Published on: 9:16 am

  • Mahindra & Mahindra Ltd, (M&M) one of India’s leading automotive companies, has announced a price hike of 2.5% on its range of vehicles.
  • Accordingly, this will result in an increase of Rs10,000 to Rs63,000 on the ex-showroom prices across the range, depending upon the model and the variant. The price hike will be effective from April 14, 2022.
  • As per regulatory filing, the price revision is result of continuous increase in prices of key commodities such as steel, aluminium, palladium, etc. The company has taken necessary initiatives to partially offset the unprecedented hike in commodity prices to absorb the impact, passing a minimal percentage of cost increase to customers through a price revision. Read more

Indiabulls Real Estate raises Rs8.65 billion at Rs101.10/ equity share through QIP

Published on: 9:14 am

  • Indiabulls Real Estate Limited has successfully completed a capital raise of Rs8.65 billion (US$ 114 million) at Rs101.10 per equity share through Qualified Institutional Placement. Trading of these shares will commence today ie  April 18, 2022, on NSE and BSE.
  • The fund-raising committee of the Board of Directors of the Company approved the issuance and allotment of 85,559,435 new equity shares through this Institutional Placement. The Placement issue price of Rs101.10 per equity share represents a discount of 4.96% to the applicable floor price of Rs106.38 per equity share calculated in accordance with applicable SEBI regulations.
  • The fund raise resulted in an overall 15.8% dilution for current shareholders. Read more

Services exports to Australia likely to reach USD 5 bn by 2027: SEPC

Published on: 8:28 am

  • SEPC Chairman Sunil H Talati said that sectors that will be benefited immensely from the pact include telecommunications, computers, information, travel, research and development, and professional and management consulting services. Services exports to Australia are expected to more than double to USD 5 billion in the next five years on the back of the trade pact signed between the two nations, the Services Exports Promotion Council (SEPC) said on Friday.
  • SEPC Chairman Sunil H Talati said that sectors that will be benefited immensely from the pact include telecommunications, computers, information, travel, research and development, and professional and management consulting services. India and Australia on April 2 inked an economic cooperation and trade agreement (ECTA) to boost economic ties. Read More

Vishal Fabrics announces brownfield expansion; plans to add 2nd denim line with 10 Mn Mtr per annum

Published on: 8:24 am

  • Vishal Fabrics Limited has announced that the company has added a new denim line which commenced operation at the end of March 2022 with a total capacity of 10 Mn Mtr per annum.
  • Brijmohan Chiripal, Managing Director, said, “These investments will lay the groundwork for the Company's next phase of expansion. These investments will further enhance our market reach and grow the market share of the Company in the Denim Segment.”
  • Further, the company plans to add 2nd denim line with 10 Mn Mtr per annum capacity which will commence at the start of H2FY23. The company currently has 8 existing denim lines with an annual capacity of 80 Mn Mtr per annum. With these additional 2 lines, annual capacity will increase to 100 Mn Mtr per annum at Dholi Unit. Read more

Stock market news that you should not miss today

Published on: 8:15 am

  • Here is the important stock market news to watch out for today.
  • Markets to open on a negative note; support @17,200, resistance at 17,750.
  • FIIs on Wednesday has sold shares worth Rs2061.04 crore (cash) and bought Rs1410.85 crore in index futures.
  • US markets close lower on Friday as the consumer price index. Asian markets trading in the red.
  • Brent crude was trading 0.80% up at $ 112.50 per barrel.
  • HDFC Bank's profit in Q4 grew 22.8 per cent to Rs10,055.2 crore YoY as provisions declined 29.4 per cent in the same period.
  • Infosys recorded lower-than-expected earnings growth in March 2022 quarter, with profit falling 2.1 per cent sequentially to Rs5,686 crore on lower-than-expected revenue growth (up 1.3 per cent QoQ) and a fall in operating margin, and dollar revenue growth of seven-tenth of a per cent QoQ at $4,280 million.
  • Windlas Biotech received a certificate of good manufacturing practices (GMP) from the South African Health Products Regulatory Authority. Read more

Top stocks in focus: Infosys, HDFC Bank, Alkem, Mindtree, Tata Power

Published on: 8:12 am

  • HDFC Bank's profit in Q4 grew 22.8 per cent to Rs10,055.2 crore YoY as provisions declined 29.4 per cent in the same period.
  • Infosys recorded lower-than-expected earnings growth in March 2022 quarter, with profit falling 2.1 per cent sequentially to Rs5,686 crore on lower-than-expected revenue growth (up 1.3 per cent QoQ) and a fall in operating margin, and dollar revenue growth of seven-tenth of a percent QoQ at $4,280 million.
  • Windlas Biotech received a certificate of good manufacturing practices (GMP) from the South African Health Products Regulatory Authority. Read more

SGX Nifty indicates negative opening for Indian markets

Published on: 8:04 am

  • SGX Nifty is at 17,243.80 levels, lower 262.25 points. (Updated at 8:04 AM)
  • For today weaker than expected margins saw Infosys ADR drop nearly 8% which could see IT stocks come under selling pressure.
  • The Nifty saw another weak session on Wednesday in a holiday shortened week as foreign selling saw pressure in large cap auto, bank and financial services stocks. FMCG and metals were the only gainers even as Nifty next 50 managed to close up 0.14%. Read more

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