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19th Apr, 2022

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Cigniti wins $10 million worth ACV Deal from US-based Financial Institution

Published on: 4:11 pm

Cigniti Technologies has signed a $10 million+ worth ACV deal with one of the largest and oldest Financial Services and Investment firm in the USA to assure and accelerate its digital transformation journey. The deal has potential to immensely grow in the coming years.
Cigniti Technologies, a global leader in providing AI-driven, IP-led, strategic digital assurance, software quality engineering, automation, testing, and consulting services, helps global companies to go Digital-First. Read More

INEOS Styrolution nosedives to 52-week low as promoters propose to sell stake

Published on: 2:56 pm

INEOS Styrolution India’s counter tossed off to its 52-week low, losing over 20% so far in today’s trade as promoters of NEOS Styrolution APAC Pte Ltd proposed to sell a 14.4% stake through an offer for sale (OFS).
The company also kept an option open to additionally sell a 9.6% stake through OFS which will open on April 19 and 20, stated the company in its filing with the exchanges. Read more

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TCS expands partnership with The Sun-Herald City2Surf

Published on: 2:34 pm

Tata Consultancy Services has announced it has expanded its partnership with The IRONMAN Group Oceania in a multi-year deal, for Sun-Herald City2Surf, the world’s largest fun run.
On Tuesday at around 2:37 PM, TCS stocks was trading at Rs3,509.90 apiece down by Rs18.55 or 0.53% on the BSE.
TCS will continue to power the official event app, enhancing the fun run experience with live results tracking and leader board data. It will also include custom City2Surf selfie frames and a personalised race-ready checklist. Read More

P&G India announces its new Chief Executive Officer LV Vaidyanathan

Published on: 2:15 pm

Procter & Gamble announced today that Mr LV Vaidyanathan will take over as the Chief Executive Officer for its operations in India from July 1, 2022. Mr Vaidyanathan is an alumnus of IIM Ahmedabad who started his journey with P&G in 1995 as an intern and joined the India Sales team straight from campus in 1996.
He has more than 26 years of experience across diverse geographies and cultures like India and ASEAN countries including Singapore, Philippines, Thailand and Vietnam. He is currently leading the P&G business in Indonesia as CEO where he has been responsible for industry-leading growth and value creation for the company. Under his leadership, the Indonesian business has transformed to become value accretive for the parent company and has overtaken a formidable competitor in the market by turning around the share gap in the last 4 years. Read More

Poonawalla Fincorp enters digital consumption loans space with KarzyBee; stock spurts 2%

Published on: 1:52 pm

Poonawalla Fincorp Limited has expanded into digital consumption loan space through a tie up with KrazyBee. As part of this partnership, Poonawalla Fincorp strives to offer small ticket personal loans to individuals. The company’s main focus is on consumer and small business finance as a part of its stated strategy.
This partnership is a new milestone in building strong partnership with partners who have demonstrated distribution at scale, risk management capabilities along with their technology prowess. The partnership looks forward to providing complete end to end digital consumer loans across the country.
The partnership has seen a lot of traction within a month of its launch and the company aims to do more than Rs1,000 crore of disbursement in the current financial year. Read more

ICRA: Indian paper industry at inflection point; capex cycle turns towards packaging paper segment

Published on: 1:48 pm

The paper industry is witnessing a paradigm shift from the demand perspective, with demand for newsprint papers (NP) and printing writing papers (PWP) dwindling, given the rising impact of digitisation. At the same time, the packaging paper (PP) segment is witnessing a rise, with growing demand for packaging from e-commerce, food and food products, FMCG and the pharmaceutical sector. ICRA expects the healthy demand for packaging papers to drive growth for paper manufacturing companies in the medium term.
Commenting further, Mr. Suprio Banerjee, Vice President & Sector Head, ICRA said: “The domestic paper manufacturing industry is currently at a juncture where the newsprint papers (NP) and printing & writing papers (PWP) segment is gradually losing out to the packaging paper segment. The installed capacity levels in packaging paper is seen picking up progressively, aided by the capex incurred in the recent past over FY2017 to FY2022, along with the capex planned over the next two fiscals till FY2024." Read More

Embassy REIT becomes the largest 'USGBC LEED Platinum v4.1 O+M' certified office portfolio in India

Published on: 1:43 pm

Embassy Office Parks REIT has announced on Monday that the Green Business Certification Inc. (‘GBCI’) has accorded Embassy REIT with the distinction of operating and maintaining the largest ‘USGBC LEED Platinum v4.1 O+M’ certified office portfolio in India, conforming to one of the highest sustainability rating globally.
GBCI is India’s foremost authority on sustainability in building design, construction, and operation and is part of the U.S. Green Building Council (‘USGBC’) that provides independent oversight of professional credentialing and project certification under the Leadership in Energy and Environmental Design (‘LEED’) green building rating system. Read more

At 1.67 lakh, MCA registers highest ever companies in FY22

Published on: 1:39 pm

During the Financial Year 2021-22, the Ministry of Corporate Affairs (MCA) registered more than 1.67 Lakh company incorporations as compared to 1.55 Lakh companies during FY 2020-21.
The increase is significant considering that the number of companies incorporated during Financial Year 2020-21 were the highest in any of the previous years. The incorporations during FY2021-22 are 8% more than the incorporations during FY 2020-21. While MCA had registered 1.24 lakh companies during FY 2018-19 and 1.22 lakh companies in 2019-20 respectively, it had registered 1.55 Lakh companies during FY 2020-21.
As part of the Government of India’s drive for Ease of Doing Business (EoDB), the MCA has taken many initiatives thereby saving as many procedures, time and cost for starting a business in India. Read More

Star Housing reports net interest income of Rs1,797 lakh in FY22; stock hits new 52-week high

Published on: 1:34 pm

Star Housing Finance Limited’s counter hit a new 52-week high of Rs108.60 as the company has reported substantial growth in FY22 numbers to the investors. The company has reported an interest income of Rs1,797 lakh during FY22 as compared to Rs1,552.96 lakh during FY21, up by 15.71% yoy. Whereas total income during the year stood at Rs1,936.54 lakh as against Rs1,560.29 lakh during the previous financial year, up by 24.11% yoy.
The company’s PAT during the current financial year stood at Rs238.21 lakh as against Rs155.66 lakh during FY21, registering a growth of 55% yoy. Read more

Ind Ra rates Vedantas additional commercial paper at A1+; Stock climbs 2.5%

Published on: 1:06 pm

India Ratings and Research (Ind-Ra) has rated Vedanta Limited's (VDL) additional commercial paper (CP) at 'IND A1+' and affirmed its Long-Term Issuer Rating and other debt at 'IND AA' with a Stable Outlook.
Ind-Ra continues to take a consolidated view of VDL and its subsidiaries, together referred to as the VDL group, due to the strategic, operational and financial linkages among them. The agency also factors in the debt of the parent company, Vedanta Resources Limited (VRL), while arriving at the ratings. Read more

Ujjivan Finance appoints Radhakrishnan Ravi as CEO & CFO

Published on: 12:50 pm

The Board of Directors of Ujjivan Financial Services has considered and unanimously approved the appointment of Mr. Radhakrishnan Ravi, as Chief Executive Officer (CEO) & Chief Financial Officer (CFO) with effect from April 19, 2022. He will also be designated as the Key Managerial Personnel (KMP) of the Company from the same date.
Radhakrishnan is a qualified Chartered Accountant from The Institute of Chartered Accountants of India, New Delhi, and is a member of the Institute of Internal Auditors, Florida, USA. He brings more than three decades of experience in Financial Accounting and Planning, Budgetary Cost Control, MIS Reporting, and Statutory Compliance for Internal Control Team Management. Read more

Sarda Energy & Minerals board to consider buyback and interim dividend on April 23

Published on: 12:45 pm

A meeting of the Board of Directors of Sarda Energy & Minerals Ltd is scheduled on Saturday, April 23, 2022, to consider the proposal for buy-back of equity shares of face value of Rs.10/- each of the Company and matters related / incidental thereto ("Buyback").
Further, the board will also consider proposal for declaration of interim dividend for the F.Y. 2021-22 and matters related / incidental thereto (Interim Dividend - F.Y. 21-22) Read More

Coal India zooms 5% as supplies to power sector surges 14%

Published on: 12:36 pm

Coal India Limited (CIL) raised its supplies to thermal power stations by 14.2% during the first half of April’22 compared to the same period last April, amidst the spiraling power generation.
CIL’s supplies have hit 1.64 million tonnes (MTs) per day during this period against 1.43 MTs in a similar period April 21.
The company had accelerated its production to 26.4 MTs during the first half of April’22 registering 27 percent year-on-year growth. The company is heading for its highest April production ever. Read More

Aurionpro skyrockets 7% on winning order from a large public sector bank

Published on: 12:27 pm

Aurionpro Solutions Limited, a global technology solutions leader, informed that one of the largest public sector banks in India has selected the company for supply, maintenance & support, and implementation, of the Integrated Transaction Banking solution.
The project is worth Rs18 crore and shall be implemented by the company within this year followed by the maintenance and support for a total period of five years.
Ms. Poonam Puthran, SVP-Delivery, Transaction Banking while announcing the win said that “we are pleased to announce this order win. Aurionpro, through its continuous investments and innovation, has built robust products and is a key player in the Transaction Banking space, with clientele including marquee public & private sector banks in India. Read more

Lupin receives tentative USFDA nod for Tenofovir Alafenamide Tablets

Published on: 12:26 pm

Global pharma major Lupin Limited has announced that it has received tentative approval from the United States Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA) Tenofovir Alafenamide Tablets, 25 mg, to market a generic equivalent of Vemlidy Tablets, 25 mg, of Gilead Sciences, Inc. (Gilead). This product will be manufactured at Lupin's Nagpur facility in India.
Further, Tenofovir Alafenamide Tablets (RLD: Vemlidy Tablets) had estimated annual sales of USD484.2 million in the U.S. (IQVIA MAT December 2021).
At around 12;28 PM, Lupin was trading at Rs772.15 apiece up by Rs1.55 or 0.2% from its previous closing of Rs770.60 apiece on the BSE. Read more

India's sugar exports rise by 65% during 2021-22

Published on: 12:14 pm

India's Sugar Exports witnessed an astounding growth of 291% from USD 1,177 million in FY 2013-14 to USD 4600 million in FY 2021-22. As per DGCI&S data, India exported sugar to 121 countries across the globe.
Sugar export jumped 65 per cent in 2021-22 corresponding to previous year. The growth was achieved despite logistical challenges posed by COVID19 pandemic in the form of high freight rates, container shortages, etc.
Highlighting the historic achievement in a tweet, Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal said that Modi government’s policies were helping farmers increase their income by tapping global markets. Read more

Asheesh Chatterjee appointed as new Global Group CFO of Onmobile Global; stock surges ~2%

Published on: 12:09 pm

OnMobile Global Limited, the global leader in mobile entertainment, has appointed Asheesh Chatterjee as Global Group Chief Financial Officer for the company, effective April 18, 2022.
Asheesh Chatterjee brings into the company twenty-five years of rich experience in manifold facets of finance, risk management, fundraising, regulatory compliances, strategic and operational finance, digital transformation, taxation, procurement, and investor relations.
He was also associated with EY India, ICICI Pru AMC, Sony Pictures Television, and Moser Baer India Ltd. Read more

Rodolfo Hrosz steps up as new Managing Director of Sanofi India; stock slips ~1%

Published on: 11:55 am

Sanofi India Limited has approved the appointment of Mr. Rodolfo Hrosz as the Additional Director of the Company with effect from June 1, 2022, and as the Managing Director for a period of three years with effect from June 1, 2022, subject to the approval of the shareholders and other regulatory approvals, as may be required.
Earlier, Rodolfo was working in the capacity of General Manager, Consumer Healthcare business in Brazil. Rodolpho joined Sanofi as General Manager of the Consumer Healthcare business in Brazil in 2017 and has successfully driven the organization through several transformative stages, right from the business unit’s early operations to it becoming a top growth contributor in the company and a digital-acceleration reference point within the Sanofi Group. Read more

Ind Ra assigns Suzlon Energy long-term issuer rating at 'BBB-/Stable'; Stock gains 3%

Published on: 11:41 am

India Ratings and Research (Ind-Ra) has assigned Suzlon Energy Limited (SEL) a Long-Term Issuer Rating of ‘IND BBB-’. The Outlook is stable.
Further, non-fund-based facilities has been assigned at IND A3 rating when proposed long-term ratings has been assigned to IND BBB-/stable.
According to the rationale, proposed facilities have been rated for the proposed refinancing by Suzlon The Group (STG) which would be utilised for the repayment of existing term loans and non-fund-based limits. Hence, the overall rated limits, including term loans and non-fund-based limits, would remain equal or lower than Rs44.67 billion. Read More

SJVN achieves financial closure by signing loan agreement worth Rs494 crore; stock climbs ~3%

Published on: 11:34 am

SJVN Limited informed that it has achieved the financial closure by signing of loan agreement amounting to Rs494 crore with Himachal Pradesh State Co-Operative Bank for the development of 66 MW Dhaulasidh REP (DSHEP) under the jurisdiction of Hamirpur and Kangra District of Himachal Pradesh.
The company has already commenced the construction activities of this project in May 2021 and is moving fast forward to generate 304 million units under a 90% dependable year of clean Hydro Power applicable from FY 2025-26 with levelized tariff of 4.46/Kwh. Read more

Market pulse at 11:30 AM today

Published on: 11:30 am

Benchmark indices trading marginally higher amid huge volatility on Tuesday’s trade.
BSE Sensex is 57,268.73 levels, up 102 points or 0.18%.
Nifty50 is currently 17,238.75, up 65 points or 0.38%. Nifty Bank fell 2.03% at 36,703.05.
India VIX is down 4.40% at 18.48 levels.
Apollo Hospitals, Coal India, Reliance and Eicher are the top gainers. HDFC, HDFC Bank, Infosys and HDFC Life are the top losers.
Oil & Gas, Metal, PSU Bank and pharma were gainers while the financial index remained in the red.
Out of 50 stocks traded on the NSE, 33 advanced, and 17 declined. Read More

Mindtree stock slips 2% post Q4FY22 earnings

Published on: 11:24 am

Shares of Mindtree erased morning gains to trade lower after posting Q4FY22 numbers. The company recorded a net profit of Rs473.10 crore, up by 49.10% in the quarter ended March 2022 as against Rs317.30 crore during the previous quarter ended March 2021.
Sales also increased by 37.36% to Rs2897.40 crore in the quarter ended March 2022 as against Rs2109.30 crore during the previous quarter ended March 2021. Read more

Sterlite Power acquires 64% stake in MTCIL JV for fiber network in Maharashtra

Published on: 11:24 am

Sterlite Power has announced acquisition of 64.98% equity stake in Maharashtra Transmission Communication Infrastructure Limited(“MTCIL”) – a joint venture with Maharashtra State Electricity Transmission Company Limited (“MSETCL”).
MTCIL is a Public Private Partnership for OPGW (Optical Ground Wire) Fiber networks operating on a ‘BOOM’ model. MTCIL operates a fiber network of ~3,162 kms across 35 Co-locations, serving Telcos, ISPs and data centers, in the state of Maharashtra. Sterlite Power acquired this equity stake from Sterlite Technologies Limited (STL). Read More

Eveready Industries trades higher as the Burmans’ holding crosses 20%

Published on: 11:17 am

Eveready Industries Limited informed the exchanges that the Burman family’s holding in the company has crossed 20% after the family has purchased the latest round of stocks.
The Burmans utilized the dip in prices and bought 1.65 lakh shares from the open market on April 13 and April 18, representing 0.23% of Eveready’s stock.
Post this acquisition, the Burmans now hold a 20.07% stake in Eveready Industries against their existing shareholding of 19.84%. Read more

Swiss Military Consumer Goods acquires 100% stake in AAA Shenyang Container Seal

Published on: 11:04 am

Swiss Military Consumer Goods Ltd at their Annual General Meeting held on September 04, 2021, the company have acquired 100% shareholding of AAA Shenyang Container Seal Private Limited and established a wholly owned subsidiary of the Company for RFID Seal business. AAA Shenyang Container Seal Private Limited shall be treated as Material Subsidiary of the company.
As per regulatory filing, Promoshirt SM Private Limited, a Company which is substantially owned and controlled by our Promoters, Anuj Sawhney and Ashita Sawhney, had entered into a Joint Venture Agreement with Hongkong Shining Fortune Trading Co. Limited, Hongkong, on May 24, 2018, for the sole purpose of establishment of a Joint Venture in the name of AAA Shenyang Container Seal Private Limited, for the purpose of producing eseals, other security seals and parts, communication equipment, electronic information technology development, electronic product sales and import and export of business. Read more

ICRA reaffirms credit rating of National Fertilizers’ debt instruments worth Rs8,044 crore

Published on: 10:57 am

National Fertilizers Limited has informed that the credit rating agency ICRA Limited has reaffirmed the credit rating assigned to various debt instruments of the company.
ICRA has reaffirmed the rating at ‘ICRA AA-/Stable’ for the company’s long-term fund based limits worth Rs4,000 crore. It also reaffirmed that rating for term loans worth Rs1,044 crore at ‘ICRA AA-/Stable’.
The rating agency has reaffirmed the ‘ICRA A1+’ rating for the company’s short-term fund based facilities worth Rs3,000 crore, and commercial paper worth Rs4,000 crore. Read More

IndusInd Bank bags global 'Celent Model Bank' award for its Enterprise Payments Hub initiative

Published on: 10:47 am

IndusInd Bank has announced that it has been awarded the global ‘Celent Model Bank’ award under the category – ‘Payments System Transformation’ for building a best-in-class Enterprise Payments Hub (EPH).
The award acknowledges the Bank’s outstanding journey in creating a cloud-based central payments hub that is capable of seamlessly processing high transaction loads originating across all forms of payment instructions, and across all originating client touchpoints.
The ‘Celent Model Bank’ is awarded for best practices of technology usage in different areas, that are critical to success in banking, and is the main award that a financial institution can receive from Celent – a leading research and advisory firm focused on technology for financial institutions, globally. With this, IndusInd Bank has joined ranks with a few other banks globally, who have been conferred with this award. Read More

Market pulse at 10:30 AM today

Published on: 10:30 am

Benchmark indices opened with nominal gains after a day of huge selloff however they erased gains and turned volatile.
BSE Sensex is 57,154.15 levels, down 12 points or 0.02%.
Nifty50 is currently 17,189.35, up 16 points or 0.09%. Nifty Bank fell 2.03% at 36,703.05.
India VIX is down 2.41% at 18.87 levels.
Apollo Hospitals, Coal India, Reliance and Eicher are the top gainers. HDFC, HDFC Bank, Infosys and HDFC Life are the top losers.
Nifty Metals, Auto, PSBs and Energy packs were gainers while, Nifty FMCG, IT and Financials were subdued.
Out of 50 stocks traded on the NSE, 32 advanced, and 16 declined. Read More

Asian Tea & Exports executes coal supply for domestic buyers in West Bengal; Stock gains 4%

Published on: 10:23 am

Asian Tea & Exports Ltd has informed that the company has successfully executed supply of one rake load of coal for supply to domestic buyers in the State of West Bengal.
The coal was sourced from the state of Nagaland, said company in a regulatory filing on Monday.
At around 10:25 AM on Tuesday, Asian Tea & Exports was trading at Rs18.97 apiece up by Rs0.76 or 4.17% from its previous closing of Rs18.21 apiece on the BSE. Read more

ICICI Bank allots over 1.05 lakh equity shares under ESOS; Stock up ~1%

Published on: 10:11 am

ICICI Bank has informed to the exchanges that the bank has allotted 1,05,090 equity shares of face value of Rs2 each on April 18, 2022 under the Employee Stock Option Scheme (ESOS).
Further, recently the bank has also raised fixed deposit interest rates on tenures above 1 year to 10 years by 10 basis points. Accordingly, the latest interest rates are applicable on term deposits worth more than Rs2 crore but less than Rs5 crore, ICICI Bank reported on its official website.
At around 10:12 AM, ICICI Bank was trading at Rs764.35 apiece up by Rs5.6 or 0.74% from its previous closing of Rs758.75 apiece on the BSE. Read More

CRISIL reaffirms A1+ rating of Sundram Fasteners’ debt instruments; stock marginally up

Published on: 10:00 am

Sundram Fasteners Limited has informed the investors and exchanges that CRISIL Ratings Limited, the rating agency, has reviewed the debt instruments of the company. CRISIL has reaffirmed the rating of short-term debt and commercial papers of the company.
CRISIL has reaffirmed the rating at ‘CRISIL A1+’ for both the debt instruments.
Instruments with such ratings represent a higher degree of creditworthiness. Read More

Markets trade volatile amid mixed global cues; Auto, metals, oil & gas rises; IT index under pressur

Published on: 9:43 am

Indian markets traded flat amid high volatility during opening bells on Tuesday tracking mixed global cues as investors bet cautiously owing to rising treasury yields and the possibility of faster policy tightening by the US Federal Reserve. On domestic front, auto, metal, oil & gas indices soared 1% each to support the broader markets.
Further, again rising Covid cases in the country make investors nervous as Covid fourth wave is around the corner and in last 24 hours as India reported 1,247 fresh cases and 11,860 active cases.
Also, as per the government released data, Wholesale Price Inflation soars 30-year high to 14.6% in 2021-22 on supply chain disruption which is also the cause of worry for investors. Read more

Rail Vikas Nigam inks pact with Mahanadi Coalfields; stock climbs 5%

Published on: 9:35 am

Rail Vikas Nigam’s counter gained nearly 5% in today’s early morning trade as the company has informed investors of signing a Memorandum of Understanding (MoU) with Mahanadi Coalfields Limited.
The company has further stated that Mahanadi Coalfields is a subsidiary of Coal India Limited (a Govt. of India undertaking under the Ministry of Coal & Mines). Read more

Mindspace REIT designs and develop 1km long skywalk in Telangana

Published on: 9:24 am

Mindspace Business Parks REIT, owner, and developer of quality Grade A office portfolio launched its meticulously designed, circular, 1 km long skywalk connecting the Raidurg Metro Station to strategic locations in and around the Mindspace Madhapur campus on April 18, 2022.
The skywalk is 1km long and 3.5 metres broad and is expected to facilitate an easy commute for over 30,000 people daily. Shri K. T. Rama Rao - Hon’ble Minister for Municipal Administration & Urban Development, Industries & Commerce, and Information Technology of Telangana, has inaugurated this striking addition to the public infrastructure. Read More

Q1FY22 Preview: Nestle India: Revenues seen at Rs39,523 million, PAT at Rs6,206 million

Published on: 9:23 am

Nestle India is likely to report healthy growth in revenues for the quarter ending March 31, 2022. Large part of this growth is likely to come in from domestic market even as export revenues could witness a decline over the year-ago quarter. Recovery in out-of-home (OOH) consumption will be a key positive. Rural demand continues to be slow and is a key monitorable.
While gross margins could take a hit from rising input costs, price hikes and cost rationalization could provide some downside support to EBITDA margin. Read more

Satya Easwaran joins Wipro as Country Head

Published on: 9:21 am

Wipro Limited, a leading global player in information technology, consulting, and business processes, has announced that it has appointed Satya Easwaran as the Country Head for India.
Satya will be responsible for strengthening Wipro’s business in India across key industry sectors through strategic transformation, consulting, and modernization engagements. He will enable clients to use Wipro’s capabilities and investments in Cloud, Digital, Data/Analytics, R&D and Engineering, and Cybersecurity to thrive in their business and digital transformation initiatives. Read More

EKI Energy Services inks agreement for distribution of cook stove with Singapore-led Vitol Asia

Published on: 9:21 am

EK] Energy Services Limited (“EKIESL”) announced that it has executed binding agreement with Vitol Asia PTE Limited, Singapore for:
Deployment of around six hundred thousand (6 Lacs in quantity) Improved Cook Stoves (“ICS”) within financial year 2022-2023;
The project is expected to generate more than 11 million carbon offsets (environmental commodity) in next 5 years’ time period. Read more

KIC Metaliks resumes operations of Mini Blast Furnace at its Durgapur Plant; stock hits 52-week high

Published on: 9:17 am

KIC Metaliks Limited has informed to the exchanges regarding resumption of operations of Mini Blast Furnace at Durgapur plant.
As per regulatory filing, the company has resumed operations of its Mini Blast Furnace (MBF) from April 17, 2022. The company had earlier on February 03, 2022 announced the shutdown of its Mini Blast Furnace at its Durgapur Plant. Read more

Mahindra Lifespaces acquires 11.5 acres land parcel in Pimpri, Pune

Published on: 9:16 am

Mahindra Lifespace Developers Ltd. on Monday announced that it has purchased 11.5 acres of land in the rapidly developing micro market of Pimpri, Pune. The land is estimated to have a developable potential of approximately 2 million square feet of saleable area and a Gross Development Value of around Rs1,700 crore.
Arvind Subramanian, Managing Director & CEO, Mahindra Lifespace Developers Ltd., said, “Pimpri is one of the thriving hubs of Pune with a growing demand for high-quality residential and commercial spaces. This latest land acquisition will be our fifth project in the micro-market. It comes on the heels of the acquisition of 3.26 acres that we concluded in March 2022 and signals our intent to deepen our presence in the locality.”
The site is strategically located and offers well-developed social infrastructure with educational institutes, healthcare facilities, and retail avenues in proximity. This project is close to the existing residential projects of Mahindra Lifespaces – Mahindra Royale, Mahindra Antheia and Mahindra Centralis – all of which are fully sold. Read more

India’s WPI inflation soars to 14.55% YoY in Mar-22 as crude, commodity prices spike

Published on: 8:33 am

The WPI inflation recorded a broad-based and higher than expected increase to a 4-month high of 14.6% in March 2022, following the spike in commodity prices amidst the escalating Russia-Ukraine conflict.
“The annual rate of inflation is 14.55% (Provisional) for March 2022 (over March 2021) as compared to 7.89% in March 2021. The high rate of inflation in March 2022 is primarily due to the rise in prices of crude petroleum and natural gas, mineral oils, basic metals, etc. owing to disruption in the global supply chain caused by the Russia-Ukraine conflict,” as per the Ministry of Commerce & Industry data released on Monday. Read more

Lupin receives tentative approval from USFDA for Tenofovir Alafenamide Tablets

Published on: 8:26 am

Global pharma major Lupin Limited has received tentative approval from the United States Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA) Tenofovir Alafenamide Tablets, 25 mg, to market a generic equivalent of Vemlidy® Tablets, 25 mg, of Gilead Sciences, Inc. (Gilead).
This product will be manufactured at Lupin's Nagpur facility in India, the pharma company said. Read more

BlackRock, Mubadala to invest Rs4,000 crore (~$ 525 million) in Tata Power Renewables

Published on: 8:23 am

The Tata Power Company Ltd. (“Tata Power”) and BlackRock Real Assets-led consortium, including Mubadala Investment Company (“Mubadala”), have entered into a binding agreement to invest in Tata Power’s renewable energy subsidiary, Tata Power Renewable Energy Limited (“Tata Power Renewables”). BlackRock Real Assets, together with Mubadala, shall invest Rs4,000 crore (~US$ 525 million) by way of equity / compulsorily convertible instruments for a 10.53% stake in Tata Power Renewables, translating to a base equity valuation of Rs34,000 crore. The final shareholding will range from 9.76% to 11.43% on final conversion.
This newly created platform will consist of five distinct businesses delivering long-term, customer oriented solutions. It will house all renewable energy businesses of Tata Power including those in: Utility Scale Solar, Wind & Hybrid Generation assets; Solar Cell & Module Manufacturing; Engineering, Procurement and Construction (EPC) contracting; Rooftop Solar infrastructure; Solar Pumps and Electric Vehicle Charging infrastructure. Read more

Stock market news that you should not miss today

Published on: 8:16 am

Here is the important stock market news to watch out for today.
Markets to open on a flat note; support @ 17,067, resistance at 17,700.
FIIs have sold shares worth Rs6387.45 crore (cash) and bought Rs3341.96 crore in index futures.
US markets close on a volatile note. Asian markets are trading mixed.
Brent crude was trading 0.39% up at $113.55 per barrel.
Mindtree on Monday recorded an 8.1 per cent QoQ growth in profit at Rs473 crore with revenue rising 5.4 per cent to Rs2,897.4 crore. Revenue in dollar terms grew by 4.8 percent QoQ to $383.8 million and the growth in constant currency terms was 5.2 per cent for Q4FY22.
Wipro has appointed Satya Easwaran as the Country Head for India.
Sanofi India has appointed Rodolfo Hrosz as the Additional Director and the Managing Director of the company, with effect from June 1 for a period of three years.
Rail Vikas Nigam has entered into a memorandum of understanding (MoU) with Mahanadi Coalfields (MCL), a subsidiary of Coal India. MCL has given project management consultancy contract for rail infrastructure works to Rail Vikas from concept to commissioning. Read More

Top stocks in focus: Mindtree, ACC, LTI, Mastek, Wipro, Sanofi India

Published on: 8:09 am

Mindtree on Monday recorded an 8.1 per cent QoQ growth in profit at Rs473 crore with revenue rising 5.4 per cent to Rs2,897.4 crore. Revenue in dollar terms grew by 4.8 percent QoQ to $383.8 million and the growth in constant currency terms was 5.2 percent for Q4FY22.
Wipro has appointed Satya Easwaran as the Country Head for India.
Sanofi India has appointed Rodolfo Hrosz as the Additional Director and the Managing Director of the company, with effect from June 1 for a period of three years. Read More

SGX Nifty indicates flat opening for Indian markets

Published on: 8:03 am

SGX Nifty is at 17,243.50 levels, higher 28 points. (Updated at 8:05 AM)
The Nifty saw another weak session with the index seeing its biggest fall in over 1 month as the index fell nearly 400 points before recovering in last hour to close lower by 300 points. Bank Nifty also fell over 750 points as HDFC Bank, Bank Baroda & SBI led the losers while Axis bank saw buying interest.IT stocks led the losers with Infosys falling over 8% as markets were disappointed with the results. The foreign selling of over Rs6000 crore was mostly limited to Infosys, HDFC & HDFC Bank.
Asian markets: Asian indices opened mixed with the Japanese 'Nikkei' seeing early gains getting sold into to trade flat while South Korea & Taiwan markets trade in the green. Most Asian markets seem grossly oversold even as bond yields hit highs, as underlying macro improvement should see much better performance in Corporate results. Chinese Government to announce big package to kickstart economy after Covid wave ebbs. Read more