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25th Apr, 2022

Firstsource Solutions committed to create jobs, expand operations and investment across UK

Published on: 4:10 pm

Firstsource Solutions Limited has reiterated its commitment to growing operations across the UK. Firstsource will invest to create around 1,000 new jobs over the next 12 months across South Wales, the Midlands and cities in the Northern Powerhouse.

Supporting UK employment and growth
  • Operating in the UK since 2006, Firstsource has grown rapidly to reach over 5,000 employees across six regional sites. It serves market leading UK companies across retail banking, insurance, media, telecom, utilities and life sciences.
  • Firstsource is increasingly focusing on impact sourcing, helping create employment in areas where unemployment is high. To date the business has hired 1,250 employees in the UK through impact sourcing initiatives. The company will strengthen this in the coming year by exploring new operating models including satellite offices and flexible working to offer employment opportunities to a wider talent pool across the UK. Read more

Marksans Pharma to acquire 100% stake in Dubai-based Access Healthcare for Medical Products

Published on: 3:40 pm

  • Marksans Pharma Limited, one of the fastest growing pharmaceutical companies in India, today signed a share purchase agreement to acquire a 100% stake in Access Healthcare for Medical Products L.L.C, a Dubai-based front-marketing and promotion company. This transaction was approved by the Board of Directors of Marksans Pharma on April 23, 2022.
  • Access Healthcare for Medical Products (Access Healthcare) provides pharmaceutical companies innovative marketing and sales solutions in the MENA (Middle East & North Africa) region. The Company supplies these products in the UAEand other neighboring countries.
  • In the UAE market, the company supplies products through the Dubai Health Authority (DHA). It has market authorizations by the UAE regulatory authorities for various products. For the year ended December 2021, Access Healthcare for Medical Products posted revenues of AED 12 Mn (Rs250 million) and a profit after tax of AED 4.5 Mn (Rs94 million). The company has no debt on its books. Read more

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SBI Card partners with TCS to reimagine Customer Onboarding Experience

Published on: 2:52 pm

  • Tata Consultancy Services is expanding its strategic partnership with SBI Cards and Payments Services Ltd., India’s largest pure-play credit card issuer, to power the latter’s next leg of digital transformation.
  • The new engagement is built on a decade-long partnership. In the run up to SBI Card’s blockbuster IPO in 2020, TCS had helped the company transform its core cards sourcing platform and digitized a significant portion of the process. The future-ready, agile platform personalized customer experience and helped boost sales and retention. Read more

Welspun Corp secures major export order from South East Asia; Stock tumbles 3%

Published on: 2:41 pm

  • Welspun Corp Ltd has informed to the exchanges regarding receipt of a major export order from South East Asia of approximately 55,000 MT, for manufacture and supply of pipes for a critical offshore application.
  • "This order would be executed from our facilities in India and majority of it would be supplied in this Financial Year, said company in a regulatory filing. Read more

Thomas Cook India sustains its strategic partnership with Maldives Marketing and Public Relations Co

Published on: 1:51 pm

  • Thomas Cook (India) Limited, India’s leading omnichannel travel services company, has signed a strategic agreement with Maldives Marketing and Public Relations Corporation (MMPRC) in a sustained endeavour to promote the Maldives by boosting visibility and visitations from the high potential India market.
  • The partnership will leverage Thomas Cook India’s diverse segments of leisure, MICE and B-leisure, coupled with the strength of its unique omnichannel/ phygital model - the significant size-scale of its extensive retail presence pan India, its portal, holidays app, unique virtual holiday store and call centre. Read more

BHEL secures Maiden order for HP Electric Locomotives from NTPC

Published on: 1:06 pm

  • Bharat Heavy Electricals Limited (BHEL) informed that the company has achieved a breakthrough in the rolling stock business as it secured an order for 6,000 HP Electric Locomotives, the first-ever in the country for industrial application.
  • This order has been received from NTPC Limited for a supply of 6 nos. 6,000 HP Electric Locomotives for material handling operations at Lara thermal power project site.
  • With this order, BHEL has further extended its offerings in its rolling stock business, fuelled by increasing the existing basket of products and services in new market segments, specifically for industries such as power, cement, steel, etc., in addition to Indian Railways. Read more

Tejas Network plummets 5% over lackluster Q4 numbers

Published on: 12:49 pm

  • Tejas Network Limited logs revenue of Rs126.50 crore in Q4FY22, down by 37.20% yoy against the previous quarter. Whereas, it reported a growth of 6.9% yoy in revenue for FY22 at Rs550.60 crore as compared to Rs514.80 crore in FY21.
  • It reported a negative EBIT of Rs110 crore for Q4FY22, logging a decline of 807.90% yoy . While EBIT for FY22 was neagtive Rs157.20 crore (-157.20 crore), declining drastically against positive EBIT of Rs1.4 crore in FY21.
  • The loss before tax for Q4FY22 was Rs95.90 crore, registering a decline of 617.50% yoy. While PBT for FY22 declined 620.10% yoy as the company reported a loss of Rs117.10 crore against a profit of Rs22.50 crore in FY21. Read more

IOL Chemicals and Pharma stock zooms 5% on commencement of commercial production of 'Paracetamol'

Published on: 12:42 pm

  • IOL Chemicals & Pharmaceuticals Ltd has informed that the Company has commenced the commercial production of 'Paracetamol' with installed capacity of 1800 MTPA along with backward integration of Para Amino Phenol (PAP) with effect from April 22, 2022.
  • The Company is manufacturing Paracetamol in its existing Unit No 4, which has been converted as multiproduct facility, with a cost of about Rs100 lakh whereas PAP is being manufactured in part of Unit No 9. The Company shall continue to use Unit 4 & Unit 9 for manufacturing other products as per market conditions.
  • Further, considering the present market scenario, the Company is in the process of enhancing the installed capacity for manufacturing the Paracetamol from 1800 MTPA to 3600 MTPA with a capex of about Rs25 crore, which is expected to be completed during the 3rd quarter of FY2023. Read more

TCS recognized as Leader in Multi-Process Human Resources Outsourcing Services by Everest Group

Published on: 12:30 pm

  • Tata Consultancy Services has been recognized as a Leader in Everest Group’s PEAK Matrix for Multi-Process Human Resources Outsourcing (MPHRO) Services.
  • According to the report, TCS has experienced a strong growth in its human resource practice and expanded into Latin America, Europe and Middle East. The report recognizes TCS’ end-to-end transformation capabilities, its balanced client portfolio and investments in next-generation technologies as its key strengths.
  • It acknowledges that TCS has brought in transformative solutions like TCS Cognix as well as the TCS Pace Port co-innovation and advanced research centers to drive human-centered solutions and accelerated digital transformation for its clients. Read more

Linde India acquires 20% stake in Avaada MHYavat worth Rs11.40 crore

Published on: 12:20 pm

  • Linde India informed that the company has invested a sum of Rs11.40 crore in Avaada MHYavat Pvt. Ltd. towards a subscription of 11,375,000 (26%) equity shares of Rs10 each.
  • The objective of this acquisition is to purchase renewable power under a captive mechanism, which will result in a lower tariff and consequent cost savings. Read more

JBM Auto acquires remaining 20.10% stake in JBM Solaris EV; stock down ~2%

Published on: 12:10 pm

  • JBM Auto Limited has executed an agreement to acquire the balance 20.10% stake consisting of 30,15,343 equity shares of JBM Solaris Electric Vehicles Private Limited which is a subsidiary of the company. The said acquisition is from the Joint Venture Partner Solaris Bus & Coach SP. Z O.O.
  • The Company already holds 70.90% of the paid-up equity share Capital of JBM Solaris Electric Vehicles Private Limited. Post this acquisition, JBM Solaris EV will become a wholly-owned subsidiary of the Company.
  • The company has fixed cash consideration of Rs84.50 lakh for this acquisition. Read more

Tata Metaliks posts highest ever PBT of Rs339 crore in FY22; stock tumbles ~5.5%

Published on: 11:49 am

  • Tata Metaliks Limited announced its Financial Results for the quarter and financial year ended March 31, 2022. While the company recorded Revenue from operations of Rs808 crore and PBT of Rs73 crore for the quarter ending March 22, the figures for the full year FY22 stand at Rs2,746 crore and Rs339 crore respectively.
  • The Board of Directors has recommended a dividend of Rs8 per fully paid equity share of Rs 10 each.
  • Revenue for the quarter saw ~17% sequential growth in Q4FY22. Read more

WardWizard showcases its entire range of electric two-wheelers at Kolkata e-vehicle exposition 2022

Published on: 11:35 am

  • WardWizard Innovations and Mobility Ltd, one of the leading manufacturer of electric two-wheeler brand ‘Joy e-bike’ showcased its entire range of marque electric two-wheelers at the Electric Vehicle Exposition 2022 in Kolkata.
  • The home grown EV major is known for its high and low-speed two-wheeler models like Gen Next, Glob, Wolf, E-Monster which are popular amongst age groups from 16 to 60 years. Being at the forefront of EV revolution in India, Joy-e-bike also showcased its electric threewheeler that is scheduled to be launched in the second quarter of the current financial year.
  • Commenting on the EV Expo, Sheetal Bhalerao, Chief Operations Officer, WardWizard Innovations and Mobility Ltd, said, “We have received an overwhelming response from dealers and visitors in Kolkata on the very first day of the expo. India is on the brink of an EV revolution and we are working to facilitate faster adoption of EVs. Read more

Sundram Fasteners registers PAT of Rs407.46 crore for FY22; stock skids ~3%

Published on: 11:08 am

  • Sundram Fasteners Limited reported standalone revenue from operations of Rs4,172.57 crore in FY22 as compared to Rs3,065.03 crore in FY21, up by 36.1% yoy. While consolidated revenue for the period under review was Rs4,902.06 crore as compared to Rs3,644.29 crore in the previous financial year, registering a growth of 34.5% yoy.
  • The company’s standalone PBT for FY22 stood at Rs555.96 crore as against Rs438.11 crore in the previous year, an increase of 26.9% yoy. Its consolidated PBT for FY22 was Rs461.83 crore as against Rs362.71 crore for FY21, up by 27.30% yoy.
  • The company’s consolidated PAT for FY22 stood at Rs461.83 crore, up by 27.3% yoy, as against Rs362.71 crore in FY21. Read more

Somany Ceramics begins commercial production of expansion project; Stock dips 1.5%

Published on: 11:05 am

  • Somany Ceramics Ltd has informed to the exchanges regarding commencement of Commercial Production by the company.
  • According to the filing, the modernization cum expansion of a production line of double fast firing (DFF) to produce large format wall tile was successfully completed and commercial production has commenced from April 21, 2022. Read more

7NR Retail board to start two stores for fabrics and garments; Stock gains 2%

Published on: 10:48 am

  • 7NR Retail Ltd has informed in a regulatory filing that the Company is planning to start two stores for fabrics and garments within 2 months of approx 5000 sq. ft. and stores will be exclusive store for different domestic and international brands garment.
  • Further, Company is planning to achieve target for opening 10 stores till Diwali, 2022. All these stores will run on COCO (Company owned company operated) model. Read more

Alembic Pharma's subsidiary bags USFDA final approval for Clobetasol Propionate Foam

Published on: 10:42 am

  • Alembic Pharmaceuticals Limited (Alembic) today 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 Clobetasol Propionate Foam, 0.05%.
  • The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD) Olux Foam, 0.05%, of Mylan Pharmaceuticals Inc.
  • Clobetasol Propionate Foam is a corticosteroid indicated for the treatment of moderate to severe plaque psoriasis of the scalp and mild to moderate plaque psoriasis of non-scalp parts of the body excluding the face and intertriginous areas in patients 12 years and older. Read more

Hazoor Multi Projects bags order from Gayatri Projects; Stock up 2%

Published on: 10:30 am

  • Hazoor Multi Projects Ltd stock rally 2% despite Monday's bearish trade after receiving order from Gayatri Projects.
  • Acscording to the filing, the company informed that it has received letter from Gayatri Projects Ltd for completion of balance work on EPC mode for package -11, from km. 502.698 to 521.600 — Section village Dhotre to Kokamthan junction, District Anmednagar.
  • At around 10:31 AM, Hazoor Multi Projects was trading at Rs24.30 apiece up by Rs0.5 or 2.1% from its previous closing of Rs23.80 apiece on the BSE. Read more

HDFC Bank declares dividend of Rs15.50 per equity share; highest dividend in over a decade

Published on: 10:23 am

  • HDFC Bank Limited has informed investors and exchanges that the Board of Directors, at its meeting held on April 23, 2022, has recommended a dividend of Rs15.50 per equity share of Rs1 each fully paid up, out of the net profits for the year ended March 31, 2022 subject to the approval of shareholders at the upcoming general meeting.
  • The company has fixed Friday, May 13, 2022, as the record date for determining the eligibility of members entitled to receive dividend on equity shares. Read more

Zensar Tech announces nomination of Sachin Zute as Chief Financial Officer-Designate

Published on: 10:09 am

  • Zensar Technologies Ltd has announced the nomination of Sachin Zute as Chief Financial Officer-Designate. He will be based out of the Company's headquarters in Pune, India.
  • On Monday at around 10:11 AM, Zensar Tech was trading at Rs331.25 apiece down by Rs8.95 or 2.63% on the BSE.
  • "We are delighted to welcome Sachin to the Zensar family,” said Ajay S. Bhutoria, Zensar’s CEO and Managing Director .“He brings extensive experience across key finance functions in the technology industry, which will help accelerate our growth journey. His proven excellence in bringing a digital-led mindset to finance aligns with our mission to enable our clients’ digital transformation." Read more

ICICI Bank logs 59% yoy growth in PAT at Rs7,019 crore for Q4FY22; stock jumps 1.5%

Published on: 10:04 am

  • ICICI Bank’s standalone Core operating profit (profit before provisions and tax, excluding treasury income) jumped 19% yoy to Rs10,164 crore for the quarter ended March 31, 2022, as compared to Rs8,565 crore in Q4FY21. While its core operating profit jumped 22% yoy at Rs38,347 crore for FY22.
  • The company’s standalone net interest income logged growth of 21% yoy in Q4FY22 at Rs12,605 crore as against Rs10,431 crore in Q4FY21.
  • Standalone PAT jumped 59% yoy to Rs7,019 crore during Q4FY22. Its PAT for FY22 grew by 44% yoy at Rs23,339 crore. Read more

Kings Infra assures complete traceability in new crops with SISTA360 protocols; Stock gains 1%

Published on: 10:03 am

  • The Kings Infra Ventures Ltd, technology driven sustainable aquaculture firm, has completed the stocking for the new crop by fully adopting SISTA360 protocols. Adopting SISTA360, a proprietary protocol developed by Kings Infra, would enable the company to provide 100 percent traceability from broodstock to harvesting. The entire data on every input in each pond would be recorded on a real-time basis under the system, said company.
  • The Golden Marine Harvest, Marakkanam, produced the seedlings for Kings Infra from the broodstock (parent stock) sourced from the Benchmark Genetics Shrimp at Fellsmere, Florida USA. Benchmark Genetics at Fellsmere Florida is a modern bio-secure elite multiplication centre. The grandparent stock belongs to Benchmark's main broodstock multiplication centre in Columbia. Benchmark Genetics Shrimp is part of the UK-based Benchmark Holdings Plc. Read more

Markets nosedive on broad-based selloff; Sensex slips 600 pts, Nifty 50 below 17k; IT, FMCG, Metals

Published on: 9:41 am

  • Indian markets reported a gap-down opening on Monday tracking weakness in global markets as investors remain concerned about aggressive tightening of monetary policy after US Fed Chairman Jerome Powell's hawkish statements.
  • At home, heavy selloff in IT, metal, FMCG and pharma stocks pushed benchmarks Sensex and Nifty 50 off the cliff. Sensex has dipped to as much as below 56,600 and Nifty 50 even erased 17,000-level.
  • At around 09:43 AM, Sensex was trading at 56,589.92 below 607.23 points or 1.06%. Nifty 50 performed at 16,977.25 lower by 194.70 points or 1.13%. Read more

Cyient to acquire Citec for expanding footprint in Nordiac countries of Finland; stock slips 1%

Published on: 9:23 am

  • Cyient Limited, a leading global Technology Solutions company, today announced that the company has signed a definitive agreement for the acquisition of Citec, an international Plant and Product engineering services company serving customers across the process, oil and gas, energy, and manufacturing industries.
  • This will be one of the largest outbound acquisitions by an Indian engineering services company, being Cyient’s largest acquisition to date. The company will complete the acquisition transaction during the quarter. Read more

Vaibhav Global sets target to become Carbon Neutral in Scope 1 & 2 emissions by 2031

Published on: 9:18 am

  • Vaibhav Global Limited (VGL) sets target to become carbon neutral in Scope 1 & 2 emissions by 2031. VGL has consciously incorporated sustainability aspects in its core policies and practices and these targets are milestones set to fulfill the purpose of ‘Delivering Joy’. VGL also aims to achieve Carbon Neutrality in Scope 3 emissions in future and is evaluating possibilities towards the same.
  • Sunil Agrawal, Managing Director, Vaibhav Global Limited said, “Our Carbon Neutrality goal reflects our belief that business value creation and sustainability are complimentary goals. Above targets also includes series of mid-term sustainability objectives aiming to facilitate carbon neutrality in future and will continue to drive forward our ESG journey." Read more

RailTel Corp bags Rs122.08 crore order from Odisha Govt

Published on: 9:17 am

  • RailTel Corporation of India Ltd stocks in focus on Monday trade after intimation regarding major order secured by the company.
  • The Company has received work order from Electronics & information Technology Department, Government of Odisha for Provisioning of secondary bandwidth and replacement of equipment along with implementation of SDWAN for OSWAN project for a period of five years at a total cost of Rs122.08 crore (Inclusive of GST). Read more

ICICI Bank board approves fund raising of Rs250 billion; Stock gains ~1%

Published on: 9:16 am

  • The Board of Directors of ICICI Bank Ltd at its Meeting held on April 23, 2022 has approved the fund raising by way of issuances of debt securities including by way of non-convertible debentures in domestic markets upto an overall limit of Rs250 billion, by way of private placement and issuances of bonds / notes / offshore certificate of deposits in overseas markets upto USD 1.50 billion in single / multiple tranches for a period of one year, from the date of passing of resolution by the Board.
  • In addition, the Board also recommended a dividend of Rs5/- per equity share of face value of Rs2/- each, subject to requisite approvals, informed the Bank in a regulatory filing. Read more

Glenmark launches Teneligliptin + Pioglitazone Fixed-Dose Combination Drug

Published on: 9:12 am

  • Glenmark Pharmaceuticals Limited (Glenmark), an innovation-driven global pharmaceutical company has launched a novel fixed-dose combination (FDC) of a widely used DPP4 inhibitor (Dipeptidyl Peptidase 4 inhibitor), Teneligliptin, with Pioglitazone. This is the only available DPP4 and Glitazone combination brand in India for adults with uncontrolled Type 2 diabetes. Glenmark has launched this FDC under the brand name Zita Plus Pio, which contains Teneligliptin (20 mg) + Pioglitazone (15 mg), to be taken once a day.
  • Type 2 diabetics typically face issues of β cell dysfunction and insulin resistance. Glenmark’s FDC of Teneligliptin + Pioglitazone has the efficacy to tackle these two most important pathophysiologies which make the FDC more effective in managing uncontrolled Type 2 diabetes. The combination of Teneligliptin + Pioglitazone will provide a synergistic approach wherein Teneligliptin will optimally improve β cell sensitivity, and Pioglitazone will effectively reduce insulin resistance. Read more

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