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26th Apr, 2022

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Mahindra CIE skyrockets 12% on Q1CY22 numbers; logs 17% yoy growth in consolidated sales

Published on: 3:15 pm

Mahindra CIE Automotive Limited reported its results for Q1CY22 ended March 31, 2022. Its stock took a hit and jumped nearly 12% so far in today’s trade.
The company posted consolidated sales of Rs2,444.40 crore in Q1CY22, logging a growth of 17% yoy against sales of Rs2,086.30 crore in Q1CY21.
It has reported an EBITDA of Rs307.90 crore in Q1CY22, up by 1% yoy against an EBITDA of Rs306.20 crore in Q1CY21. EBITDA margin for the quarter under review came in at 9.1%. Read more

EKI Energy Services unveils new brand identity; Stock zooms 5%

Published on: 3:10 pm

EKI Energy Services Ltd (EKIESL), a leading developer and supplier of carbon credits across the globe, has announced a host of strategic plans in preparation for COP27.
Charting a new roadmap for the financial year 2022-23 to gear up its continued focus for climate action, EKI unveiled a new brand identity and new brand postioning of ‘Steering the planet to net-zero’. The company also announced its commitment to become net-zero by 2030 in addition to defining a target to mobilize upto 1 billion credits within the next 5 years (by 2027).
At around 3:14 PM, EKI Energy Services was trading at Rs7800 per piece higher by 4.97% on the BSE. Read more

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iGTB partners with Microsoft to establish Corporate Banking transformation on Cloud

Published on: 2:43 pm

Intellect Global Transaction Banking (iGTB), the world’s first complete Global Transaction Banking Platform from Intellect Design Arena Limited, announced it will integrate Microsoft Cloud for Financial Services to accelerate cloud adoption and digital transformation initiatives of corporate banks.
The collaboration will see iGTB adopt Microsoft as its preferred cloud platform to remove traditional barriers of banking technology adoption, thereby help banks go-to-market 3 to 4 times faster with Liquidity, Cash Management, Payments, Trade Finance & Supply Chain Finance cloud offerings to their corporate clients.
This collaboration is set to drive sustained banking digitalisation, help banks transform their corporate banking business models, modernise their cloud technology stacks, and consume “Banking-As-A-Service” out-of-a-box. Read More

Steel Exchange posts 286% yoy growth in PAT for Q4FY22; stock jumps ~2%

Published on: 2:25 pm

Steel Exchange India Limited has reported its financial results for the period ended March 31, 2022.
The company has logged a growth of 21.44% yoy in Total Income for FY22 at Rs1119.75 crore as compared to Rs922.05 crore in FY21. While total income jumped 9.81% yoy at Rs373.41 crore for Q4FY22 as compared to Rs340.05 crore in Q4FY21.
It registered a growth of 286.31% yoy in PAT at Rs112.48 crore for Q4FY22 as compared to Rs29.12 crore in Q4FY21. However, it witnessed a decline of 16.79% yoy in Net Profit for FY22 at Rs116.48 crore as against Rs139.98 crore in FY21. Read more

CRISIL reaffirms credit rating of Dai-Ichi Karkaria’s debt instruments; stock down ~2%

Published on: 1:56 pm

Dai-Ichi Karkaria Limited informed that CRISIL has reviewed the ratings outstanding for the debt instruments/facilities of the company.
CRISIL has assigned ‘CRISIL BB’ ratings to the company’s long-term debt instruments. While short-term instruments were rated ‘CRISIL A4+’ by the rating agency.
It has reviewed total bank loan facilities worth Rs51 crore. Read more

Shriram Properties and LOGOS sign MoU for land sale

Published on: 1:34 pm

Shriram Properties Limited (“SPL”) and LOGOS, an Asia-Pacific logistic specialist, have entered into a Memorandum of Understanding (“MoU”) for a potential sale of up to 90 acres of land in Shriram Grand City at Uttarpara, Kolkata, which will be developed into a Warehousing and Logistics Park by LOGOS.
The MoU for the proposed transaction was signed at the Global Investor Summit organised by Govt. of West Bengal at Kolkata and is subject to necessary due-diligence and certain regulatory and governmental approvals that are customary to similar transactions. Read More

Veranda Solutions climbs 5% on acquisition of T.I.M.E for Rs287 crore

Published on: 1:29 pm

Veranda Learning Solutions Limited informed that it has entered into a Share Purchase Agreement for the acquisition of a 100% stake in T.I.M.E (Advanced Educational Activities Pvt Ltd), a Hyderabad-based company.
The completion of this acquisition depends on the fulfillment of conditions precedent and per the terms agreed upon in the SPA.
The said acquisition is for a consideration of Rs287 crore, and this 100% acquisition will be in a phased manner with 80% of the outstanding capital along with management control to be acquired in phase 1, and the remaining 20% stake at the end of two years (subject to the fulfillment of closing conditions). Read more

GMDC posts remarkable performance in Q4FY22; logs 92% QoQ growth in PBT at Rs423 crore

Published on: 1:09 pm

Gujarat Mineral Development Corporation Ltd., (GMDC) one of the leading mining Public Sector Enterprise in India, has announced its financial results for the fourth quarter and year ended March 31, 2022.
The company has put attractive numbers on the table for its last-quarter results for FY22 with a reported Profit After Tax of Rs176 crore and Revenue of Rs1,097 crore.
The company’s Total income stands at Rs1,096.93 crore in Q4FY22, up by 46% QoQ as against Rs763.87 crore in Q3FY22. Its Revenue from Operations was reported at Rs1,057 crore as against Rs725 crore in Q3FY22. Read More

Mindtree partners with Sapiens to digitally transform the Insurance Industry

Published on: 12:38 pm

Mindtree, a global technology services and digital transformation company, and Sapiens International Corporation, a leading global provider of software solutions for the insurance, banking and financial services industries, on Monday announced a partnership to help insurance companies drive digital transformation.
The combination of Sapiens’ industry-leading, cloud-native, core suite of banking and insurance applications, and Mindtree’s deep domain knowledge and expansive delivery capabilities will enable insurance companies to increase scale, speed-to-market, and customer satisfaction as they embrace digital. Initially designed to support insurance system implementations, the partnership will first focus on North America and subsequently grow into Europe and Asia. Read more

Bank of India’s board nods Rs2,500 crore fund raise plan; stock adds ~1%

Published on: 12:37 pm

Bank of India Limited informed that in its meeting held on April 25, 2022, the Board of Directors of the company interalia considered and approved the capital raising plan upto Rs2,500 crore by way of issue of fresh Equity Capital in the form of QIP/ Preferential Issue/FPO.
The main purpose of this fund raise plan is to increase the minimum public shareholding from the existing 18.59% to 25% or above in compliance with the minimum public shareholding requirements of the Security Contracts (Regulation) Rules, 1957 and SEBI (LODR) Regulations, 2015. Read more

Sinclairs Hotels announces Buyback at Rs143 per share

Published on: 12:32 pm

The Board of Directors of Sinclairs Hotels Limited, at their meeting held today, has approved Buyback up to 7 lakh fully paid-up equity shares of face value of Rs. 2/- each by the Company at a price of Rs. 143/- (Rupees One Hundred and Forty Three Only) per equity share payable in cash. The Buyback will be on proportionate basis by through the Tender Offer process.
The total pay-out towards buyback would be Rs. 10,01,00,000 (Rupees Ten Crore One Lakh Only) (excluding Company’s expenses for the Buyback like TDS, filing fees payable to SEBI, advisors/legal fees, public announcement publication expenses, printing and dispatch expenses and other incidental and related expenses, transaction costs such as brokerage, securities transaction tax, goods and service tax (GST), stamp duty, etc.) Read more

Elon Musk to acquire Twitter for $44 billion

Published on: 12:26 pm

Twitter, Inc. has entered into a definitive agreement to be acquired by an entity wholly-owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion. Upon completion of the transaction, Twitter will become a privately held company.
Under the terms of the agreement, Twitter stockholders will receive $54.20 in cash for each share of Twitter common stock that they own upon closing of the proposed transaction.
The purchase price represents a 38% premium to Twitter's closing stock price on April 1, 2022, which was the last trading day before Mr. Musk disclosed his approximately 9% stake in Twitter. Read more

Borosil Renewables to acquire 100% stake in Interfloat Group; stock up ~1.5%

Published on: 12:25 pm

Borosil Renewables Limited has signed a binding offer for 100% equity in Interfloat Group, Europe’s largest manufacturer of solar glass.
The Interfloat Group includes GMB Glasmanufaktur Brandenburg GmbH (GMB), located in Tschernitz, Germany, and Interfloat Corporation, based in Ruggell, Liechtenstein.
GMB is one of the largest solar glass producers in Europe having a current capacity of 300 Tons Per Day (TPD). It has been manufacturing glass for Europe’s solar (solar PV as well as solar thermal) and greenhouse glass markets since 2010. Interglobe is catering to the needs of customers in Europe for nearly 40 years and has deep-rooted relationships with the glass trade in the region. Read more

Premier Explosives surges 5% on securing order worth Rs57.90 crore from Ministry of Defence

Published on: 12:07 pm

Premier Explosives Limited informed that the company has received an order from the Ministry of Defence, Government of the Republic of India for procurement of 50 MM MTV Flares to be delivered to the company.
Premier Explosives is expected to deliver such products within a period of twelve months from the effective date of the contract.
The contract is worth Rs57.90 crore (including GST). It is a domestic order received by the company. Read more

LIC IPO likely to open on May 4

Published on: 12:02 pm

The much-awaited initial public offering (IPO) of the Life Insurance Corporation of India is likely to open for subscription from May 4, 2022. The issue is expected to close on May 9 and with this the anchor book for the LIC IPO is likely open on May 2.
LIC has cut the size of IPO from 5 per cent to 3.5 per cent due to the market condition. A proposal to reduce the size of LIC's IPO to 3.5 per cent from 5 per cent proposed in its draft red herring prospectus (DRHP) was tabled and approved at a board meeting held on Saturday. Read more

Tatva Chintan Pharma nosedives ~8% post Q4FY22 numbers

Published on: 11:53 am

Tatva Chintan Pharma Limited’s counter tumbled near 8% as the company disclosed its results for the quarter and financial year ended March 31, 2022.
Tatva Chintan logged a decline of 17.09% in PAT for Q4FY22 at Rs17.50 crore as compared to Rs21.12 crore in Q4FY21. Whilst PBT dipped 21.71% yoy at Rs18.98 crore in Q4FY22 as compared to Rs24.24 crore in Q4FY21.
Its PAT for FY22 jumped 83.45% yoy at Rs95.87 crore as compared to Rs52.26 crore in FY21. Read more

Tiger Logistics India associates with 'Digital Logistics Platform'; Stock rises 2%

Published on: 11:44 am

Tiger Logistics Ltd is all set to launch its cutting-edge price discovery and supply-chain automation platform. With this new segment, Tiger Logistics will help exporters and importers to instantly book their freight, automate their documentation process, keep track of their shipments, and manage payments all in one platform.
In the process, it will save hours of manual work, countless email exchanges and experience a fully transparent shipping process. In its first rendition, the full-stack platform will offer cross-border solutions for ocean and air shipments, along with first-mile, last-mile delivery and customs clearance. Read more

Bajaj Finance, HDFC Life, KPIT Tech, Macrotech Developers among key Q4 earnings to watch today

Published on: 11:39 am

Bajaj Finance, HDFC Life Insurance Company, Aditya Birla Sun Life AMC, KPIT Technologies, Macrotech Developers, Mahindra Logistics, Nippon Life India Asset Management, NELCO, Atul and AU Small Finance Bank will be in focus ahead of their Q4 earnings.
These companies are going to announce their financial performance for the quarter ending March 2022 (Q4FY22) period. Read more

VA Tech Wabag updates on AGCC Russia Project; Stock up marginally

Published on: 11:33 am

Va Tech Wabag Ltd has informed to the exchanges regarding AGCC Russia Project. The Company has secured an Engineering and Procurement ('EP') order from Amur Gas Chemical Complex LLC., ('AGCC') in Russia in August 2021.
Further, the project has been progressing well and based on the progress achieved, the Company has invoiced and collected USD 21.61 Million, updated VA Tech Wabag in a filing. Read more

Tata Investment logs 83% yoy growth in PAT at Rs95.90 crore; stock climbs ~3%

Published on: 11:24 am

Tata Investment Corporation Limited announced its results for the quarter and financial year ended March 31, 2022.
Net Profit for the financial year was reported at Rs95.90 crore, which jumped by 83% yoy against the previous financial year. PAT for the quarter declined 17% QoQ at Rs17.50 million.
The company’s revenue from operations for FY22 stood at Rs433.60 crore, up by 44% yoy against FY21. Revenue for Q4FY22 declined by 9% QoQ at Rs98.50 crore. Read more

The Ramco Cements update on Waste Heat Recovery Plants; Stock dips 1%

Published on: 11:08 am

The Ramco Cements Ltd updated to the exchanges on Waste Heat Recovery Plants of the company.
As per the filing, the Waste Heat Recovery System (WHRS) captures the waste heat available from the preheater exhaust gas and the clinker cooler exhaust gas of cement kilns and the said heat is used to generate electrical energy, by adopting technologies which are latest in the industry. Read more

SpiceJet announces eight new flights including two under UDAN

Published on: 11:06 am

SpiceJet, India's favourite airline, today announced the launch of new and additional flights including industry-first UDAN flights connecting Pune with Bhavnagar. The airline will connect Mumbai with Bhavnagar and is introducing additional frequencies between Ahmedabad and Pune. All flights will be available from 5th May, 2022.
While the flights on the Ahmedabad-Pune sector will operate daily, the airline will connect Bhavnagar with Pune and Mumbai on all days except Saturday. Read more

Lemon Tree signs new property in Kharar near Chandigarh; stock up 1%

Published on: 11:05 am

Lemon Tree Hotels Limited informed investors of its latest hotel signing - Lemon Tree Hotel, Kharar, near Chandigarh.
M/s Omni Pacific Colonisers Pvt. Ltd. is the righteous owner of this hotel which is expected to be functional by November 2025. This hotel will be under the management of Carnation Hotels Private Limited, a subsidiary and the management arm of Lemon Tree Hotels Limited.
This hotel is positioned in the urban region of Punjab and is among the 4 blocks of Sahibzada Ajit Singh Nagar district. Kharar is a rapidly-growing business and cultural hub in Punjab that offers many attractions to tourists. Read more

IndiaMart InterMesh zooms 3% as board mulls buyback of equity shares

Published on: 10:53 am

IndiaMART InterMESH Limited’s counter gained nearly 3% in today’s early morning trade as the company informed its intention to consider the buyback proposal.
Its scrip was trading at Rs4,960, 3.04% higher than its previous close of Rs4,813.65 on the National Stock Exchange.
The company in its regulatory filing informed that the Board of Directors will consider the proposal for buyback of fully paid-up equity shares of the company in accordance with SEBI Regulations, 2018 in their meeting scheduled to be held on Thursday, April 28, 2022. Read more

Shilpa Medicare arm gets NoC for its Biosimilar Aflibercept; Stock soars 4%

Published on: 10:47 am

Shilpa Medicare Ltd via its wholly-owned subsidiary, Shilpa Biologicals Private Limited (SBPL), has received a NoC from RCGM, Dept of Biotechnology to approach the DCGI to conduct Clinical studies for its Biosimilar Aflibercept – a first from an Indian company.
The product is a biosimilar version of EYLEA of Regeneron for which currently there is no other biosimilar version on the Indian market.
The Company intends to now approach the DCGI to conduct local and global Human Clinical studies to cater to the burgeoning Wet Age-Related Macular Degeneration (wAMD), Diabetic Retinopathy, Diabetic Macular Edema (DME) and Macular Edema following Retinal Vein Occlusion markets in India and across the globe.
India has amongst the highest incidences of the above indications and the market is under-catered to by current therapies. Read more

TVS Motor ties with PETRONAS to form PETRONAS TVS Racing Team

Published on: 10:41 am

TVS Motor Company, a reputed manufacturer of two-wheelers and three-wheelers globally has reached a partnership agreement with PETRONAS, an alliance that will see the progressive energy company become the title partner of TVS Racing, India’s first factory racing team.
At around 10:33 AM, TVS Motor Company was trading at Rs674 apiece up by Rs24.7 or 3.8% on the BSE.
Rebranded as PETRONAS TVS Racing Team, the outfit will don a new livery as part of the alliance effective this season. PETRONAS is also set to supply its high-performance engine oil, PETRONAS Sprinta to the team who will participate in road-racing, supercross, and rally formats of racing, including the Indian National Motorcycle Racing Championship (INMRC), Indian National Supercross Championship (INSC), and Indian National Rally Championship (INRC). Read more

Ruby Mills repays secured term loans, unsecured loans aggregating to Rs145 crore; Stock jumps 4%

Published on: 10:07 am

The Ruby Mills Limited on Monday informed to the exchanges that the company has repaid entire Term Loans and all Unsecured Loans aggregating Rs145 crore.
Ruby Mills had vide Stock Exchange intimation dated January 13, 2022 informed about the receipt of renewed Occupation Certificate (OC) for ‘The Ruby’ Tower at Dadar, Mumbai. This has enabled to start unlocking of the real estate value of the Commercial tower.
"With the opening of the economy, we shall see consolidation and fresh requirements of commercial office space", said company. Read more

National Fertilizers’ debt instruments worth Rs100 billion receives rating from Ind-Ra; stock jumps

Published on: 9:42 am

India Research and & Research Pvt. Limited has reviewed the debt instruments of National Fertilizers Limited and has affirmed the ratings assigned to such instruments.
The rating agency has reviewed fund-based working capital limits worth Rs40 billion and affirmed the rating at ‘Ind AA/Ind A1+’ along with a stable outlook on the same.
Ind-Ra has assigned the ‘Ind A1+’ rating to the Non-fund-based working capital limits of the company worth Rs20 billion. Read more

Markets trade bullish; Sensex tops 700 pts, Nifty 50 above 17,100 led by banking, auto stocks

Published on: 9:41 am

Indian markets rallied in the fast lane on back of positive global cues on Tuesday and were trading on a positive note led by a sharp rally in banking, auto, consumer durables, IT, pharma, FMCG stocks. Globally, US markets ended higher amid gains in technology stocks ahead of release of macroeconomic data. Also, investors' act positively as crude oil prices hit 52-week low on Monday as lockdowns in China hit demand look due to Covid-cases resurgence in the country.
Further, Indian edible oil market relieved as Indonesia stated that it is not going to ban crude palm oil export which could also be beneficial to the Indian local refeining industry.
At around 09:45 AM, Sensex is trading at 57,291.13 up by 711.24 points or 1.26%. Nifty 50 performs at 17,165.30 higher by 211.35 points or 1.25%. Read more

Q4FY22 Preview:HUL:Revenues seen at Rs131,989 million, PAT at Rs22,067 million

Published on: 9:26 am

HUL is likely to report a moderate performance for the March 2022 quarter. Most of the categories it operates in have witnessed high single digit decline in sales volume during Jan-Feb 2022, even as sales value has been flattish, as per market research firm Nielsen. Discretionary categories such as hair and skin-care are impacted more than home care.
In this scenario, HUL could report 8% increase in revenues over the year-ago quarter. The company is expected to reduce ad-spends as compared to the year-ago quarter. The company has implemented price hikes which could restrict contraction in EBITDA margin to 45 basis points on a year-on-year basis and ~140 basis points sequentially. Read more

Aarvi Encon spurts ~4% on bagging order worth Rs39.60 crore from CPCL

Published on: 9:23 am

Aarvi Encon Limited informed that the company has received orders worth Rs39.60 crore from Chennai Petroleum Corporation Limited for providing Human Resources for the 9 MMTPA CBR Project and other Departments of Chennai Petroleum.
The project is for a period of 5 years from the date of acceptance i.e., April 25, 2022.
It includes Group A - For CBR Project (Home Office & Site Office)] / Group B, -For Manali Refinery and Group C - For Manali Refinery (Finance). Read more

JSW Steel clarifies on acquisition of Pawan Hans, says not interested in asset

Published on: 9:20 am

JSW Steel Ltd stocks in focus on denial of bidding for Pawan Hans. In its press release on Monday, the company clarified on media buzz regarding acquisition of Pawan Hans.
As per the filing, the company said, "It is reported in the Media recently attributing the news to unnamed sources that India’s JSW Steel Limited submitted bid to buy Pawan Hans, which is under consideration by government authorities concerned. Read more

Navneet Education allots commercial paper aggregating to Rs35 crore; Stock gains 1%

Published on: 9:17 am

Navneet Education Ltd has issued and allotted 700 units of Commercial Paper (CP) of Rs5 lakh each, aggregating to Rs35 crore at a yield of 4.40% p.a.
As per the regulatory filing, the date of issue is April 25, 2022 and Redemption Date will be June 24, 2022. Tenure of the security is 60 days, said company. Read more

Meghmani Finechem revenue rises 87% yoy to Rs1,551 crore, PAT grows 151% yoy in FY22; Stock zooms 5%

Published on: 9:16 am

Meghmani Finechem Ltd has has delivered a strong operating and financial performance in line with its commitment of growth. The key performance highlights are:

FY2022 OPERATIONAL HIGHLIGHTS:

Overall plant utilisation increased to 87% in FY22 compared to 81% in FY21
Hydrogen Peroxide (H2O2) achieved capacity utilization of 78% in FY22, up 21% on a YoY basis
Caustic Soda & Caustic Potash ECU realisation is up by 74% & 27% respectively Read more

Q4FY22 Preview: Bajaj Auto: Revenues seen at Rs79,723 million, PAT at Rs10,897 million

Published on: 9:03 am

Result date: 27^th April, 2022
Recommendation: Add
Target price: Rs4,000
Bajaj Auto is likely to post a subdued performance in the March 2022 quarter. The company’s sales volumes declined 17% compared to the year-ago quarter and 17.3% on a sequential basis. However, price hikes will curtail fall in revenue to 7.3% over the year-ago quarter and 11.6% on a sequential basis. Company undertook price hikes in January 2022 to pass on pressures from rising input costs (especially aluminium). Read More

Stock market news that you should not miss today

Published on: 8:36 am

Here is the important stock market news to watch out for today.
Markets to open on a flat note; support @ 16850, resistance at 17400.
FIIs have sold shares worth Rs3302.85 crore (cash) and bought Rs1870.45 crore in index futures.
US markets end higher, with Dow Jones closing up 238 points. Asian markets are trading in green.
Brent crude was trading 1.21% up at $ 103.53 per barrel.
Bank of India board approved capital raising of up to Rs 2,500 crore by issue of fresh equity capital. The main purpose of capital raising plan is to increase the minimum public shareholding from the present 18.59 percent to 25 percent in order to comply with the minimum public shareholding requirements. Read More

Top stocks in focus: Bajaj Finance, HDFC Life, GMDC, Va Tech Wabag, Bank of India

Published on: 8:26 am

Bank of India board approved capital raising of up to Rs 2,500 crore by issue of fresh equity capital. The main purpose of capital raising plan is to increase the minimum public shareholding from the present 18.59 percent to 25 percent in order to comply with the minimum public shareholding requirements.
Amur Gas Chemical Complex LLC, (AGCC) in Russia has suspended activities related to contract given to Va Tech Wabag due to geopolitical uncertainty. The company had secured an engineering and procurement (EP) order from AGCC in Russia in August 2021.
Lemon Tree Hotels has signed a licence agreement for a 60-room hotel at Kharar, near Chandigarh under the brand 'Lemon Tree Hotel'. The hotel is expected to be operational by November, 2025. Its subsidiary Carnation Hotels will be operating and marketing this hotel. Read More

SGX Nifty indicates flat opening for Indian markets

Published on: 8:14 am

SGX Nifty is at 17,152.20 levels, higher 24 points. (Updated at 8:15 AM)
The Nifty saw a weak start to the week as global cues dominated with foreign investors selling aggressively as technology stocks led the markets lower. However superb results from ICICI bank saw the Bank Nifty end the day in the green as banks outperform on a day when the Nifty closed lower by over 200 points.
Midcaps also saw their worst day in April as collateral selling saw stocks selloff. Read more