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28th Apr, 2022

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Jet Freight accelerates 'Mission Excel' a high growth business transformation initiative

Published on: 4:00 pm

Jet Freight Logistics Limited, continues to strive for growth and expansion. Recently they have accounced “Mission Excel” their business transformation initiative which promises to bring 5x revenue growth in coming 5 years of the company. This business initiatives are built upon the 4 P’s of business expansion that comprises Product expansion, People & culture, Process automation, and Promotion of business.
Jet Freight has been in the industry for more than 3 decades specializing in Air Freight and considered among top 3 freight forwarder in India for perishable shipments. Under Mission Excel, Jet Freight plans to expand its wings from air/ ocean forwarding to specialize in the last-mile delivery, adapting 4PL approach, offering Surface Transport alongwith Custom Clearance, and Warehousing. Jet Freight has recently announced use of electric vehicle for their last mile deliveries promising sustainable future and environment friendly approach ensuring seamless deliveries for their customers. Read more

IndiaMART, Tazapay join hands to facilitate cross-border transactions for exporters in India

Published on: 3:41 pm

India’s largest B2B marketplace, IndiaMART, and payment platform, Tazapay, have entered into a partnership to facilitate cross-border transactions for exporters in India. The partnership will help exporters have a customized seamless payment solution for B2B trades.
Currently, merchants not only have to navigate complex negotiations with payment service providers, but they also have limited options when it comes to making and accepting payments on the global stage. The partnership between IndiaMART and Tazapay will help the B2B exporters get coverage in key economic markets like South-East Asia, the USA, the UK, the EU, and many more. On top of offering local payment methods such as local bank transfers, credit cards, and QR code payments - similar to UPI - for buyers and sellers alike, merchants will be able to deal with international clients like a local while enjoying competitive platform fees, and the best FX rates. Read more

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Varun Beverages clocks substantial growth in Q1CY22; PAT up by 98.2% yoy

Published on: 3:39 pm

Varun Beverages Limited, a key player in the beverage industry, announced its financial results for the first quarter ended March 31, 2022.
Revenue from operations jumped 26.2% yoy to Rs2,827.47 crore driven by robust volume growth and improved net realizations.
EBITDA grew by 39.1% yoy to Rs531 crore in Q1CY22 as against Rs381.62 crore in Q1CY21. Read more

Varun Beverages climbs ~3% as board nods 1:2 bonus issue

Published on: 3:39 pm

Varun Beverages Limited’s counter jumped as much as 6% so far in today’s trade and was last trading 2.66% higher at Rs1,064 on National Stock Exchange.
This surge is followed by the leading beverage player’s announcement of a bonus issue. The investors cheered as VBL announced a bonus issue in the ratio of 1:2, i.e., one equity share will be issued for every two equity shares of the face value of Rs10 each held in the company.
This issue is subject to approval from shareholders through Postal Ballot i.e., in compliance with the applicable laws. Read more

Embassy REIT appoints Vikaash Khdloya as CEO and COO

Published on: 3:02 pm

Embassy REIT Limited, India’s first listed REIT and one of Asia’s largest office REITs, today announced the appointment of Vikaash Khdloya, currently Deputy Chief Executive Officer and COO as Chief Executive Officer of the Manager to Embassy REIT.
Vikaash Khdloya is an industry veteran with nearly two decades of experience in finance and real estate. He has held his current position since Embassy REIT’s listing in April 2019, following seven years with Blackstone India as a real estate asset manager. He will assume the role of CEO on July 1, 2022, following a transition period working closely with current CEO, Michael Holland, who will be relocating back to Europe. Read more

Trent Limited clocks 54% yoy growth in revenue for FY22; PAT stood at Rs112 crore

Published on: 2:53 pm

Trent Limited announced its standalone and consolidated financial results for the fourth quarter ended March 31, 2022.
The company’s Consolidated revenues for Q4FY stood at Rs1,412 crore, registering a growth of 38% over Q4FY21, and 54% over Q4FY20. Profit after tax was reported at Rs15 crore as attributable to equity shareholders in Q4FY22.
For the year ended March 31, 2022, the Company recorded revenues of Rs4,812 crore and Profit after tax of Rs112 crore as attributable to equity shareholders. Read more

Booking.com recognizes RateGain as Premier Connectivity Partner for 2022

Published on: 2:47 pm

RateGain Travel Technologies Limited, a global provider of SaaS solutions for travel and hospitality has announced that Booking.com has recognized it as a Premier Connectivity Partner for the fifth year in a row.
Booking.com's Connectivity Partner Programme recognizes leading connectivity providers, including channel managers, property management systems, and other vendors, that maintain high-quality connections. Read more

Swaraj Engines reports 15% yoy jump in revenue at Rs1,138.15 crore for FY22; PAT grew 18% yoy

Published on: 1:59 pm

Swaraj Engines Limited announced its results for the quarter and financial year ended March 31, 2022. The company reports a heavy decline in performance during the period under consideration.
Net Operating Revenue grew by 15% yoy in FY22 and crossed the Rs1,000 crore mark for the first time and stood at Rs1,138.15 crore as compared to Rs986.57 crore for the last year.
The company’s net operating revenue for Q4FY22 declines 20.52% yoy at Rs242.35 crore as compared to Rs304.91 crore in Q4FY21. Read more

Godrej Properties acquires 58 acres of land in Nagpur to develop housing project

Published on: 1:42 pm

Godrej Properties Ltd on Thursday announced that it has acquired 58 acres of land in Nagpur. The development on this land will comprise primarily of plotted residential units and will offer an estimated saleable area of 1.5 million sq. ft.
The project has good connectivity to Nagpur Airport and the Nagpur - Hyderabad highway with well-established social infrastructure in the vicinity. Nagpur has many prominent infrastructure projects like the Metro Rail project, IT and manufacturing facilities in MIHAN SEZ and Airport Cargo Hub, along with the upcoming Samruddhi Mahamarg which will further boost national connectivity and the related demand for quality residential units. Read more

Marico appoints Rajat Diwakar as Managing Director of material subsidiary; stock zooms ~2%

Published on: 1:13 pm

Marico Limited informed that its material subsidiary Marico Bangladesh Limited has appointed Rajat Diwakar as Managing Director of MBL with effect from July 1, 2022, subject to the approval of shareholders of MBL.
The company further stated in its filing, “Ashish Goupal, existing Managing Director of MBL, has been identified for a leadership role in the international business group of Marico Limited as Chief Operating Officer for Bangladesh, MENA, and NCD Business. Accordingly, he has been appointed as a Non-Executive/Nominee Director of MBL with effect from July 1, 2022, subject to the approval of shareholders of MBL.” Read more

Dhabriya Polywood spurts ~5% on receiving work order of Rs718 crore from Tata Projects

Published on: 1:06 pm

Dhabriya Polywood Ltd stocks rallied around 5% on Thursday's tradiing session after intimation about receipt of order.
As per regulatory filing, the Company has received a work order from TATA PROJECTS LIMITED for Supply & Installation of uPVC Doors & Windows for total value of Rs718.52 crore for the DLF’s Project: ONE MIDTOWN at DELHI. Read more

ICRA revises rating outlook for Piramal Enterprises’ debt instruments

Published on: 1:05 pm

Piramal Enterprises Limited informed that ICRA Limited has reviewed the long-term and short-term debt instruments of the company, and has assigned ratings accordingly.
The company stated that the rating agency has assigned ‘ICRA AA/Stable’ ratings to the company’s Long-term Non-Convertible Debentures.
The rating agency has assigned ‘ICRA AA/Stable/ICRA A1+’ ratings to the ‘Long-term/Short-term Bank Facilities’. Read more

Hero Motocorp collaborates with Directorate of Indian Army Veterans; hands over 125 Hero Destini

Published on: 12:47 pm

Hero MotoCorp Limited, the world's largest manufacturer of motorcycles and scooters, handed over Hero Destini 125 scooters to the soldiers who were disabled while in service. This is in honour of the exemplary grit and determination of Indian Army veterans.
The company handed over these retro-fitted scooters to the soldiers in the presence of Brigadier Vikas Bhardwaj of the Directorate of Indian Army Veterans (DIAV), Sanatan Singh (VSM), and Bharatendu Kabi, Head - of Corporate Social Responsibility (CSR) and Corporate Communication, Hero MotoCorp. Read more

Cyient to acquire Singapore-based Grit Consulting to strengthen its Global Technology Consulting Pra

Published on: 12:44 pm

Cyient, a leading global Technology Solutions company, is set to acquire the Singapore-based firm Grit Consulting, which has deep-rooted expertise in consulting for asset-intensive industries like metal mining and energy.
This acquisition will enable Cyient customers across sectors to draw value from the Grit's deep knowledge and Cyient's technology solutions capabilities. Read more

Pidilite Industries partners with GCP Applied Technologies to strengthen waterproofing portfolio; st

Published on: 12:36 pm

A leading manufacturer of adhesives, sealants, and construction chemicals Pidilite Industries Limited has partnered with GCP Applied Technologies Inc, a global leader in construction products, to offer high-performance waterproofing solutions for challenging sites that have exposure to high temperature variation and water table, under its brand Dr. Fixit.
At around 12.35 PM, Pidilite Industries was trading 1.74% higher at Rs2,453.30 against its previous close of Rs2,411.30. Read More

Q4FY22 Preview: Ultratech Cement: Revenues seen at Rs145,490 million, EBITDA/t at Rs1,037 per ton

Published on: 12:20 pm

Result date: 29^th April, 2022
Recommendation: Buy
Target price: Rs7,750
Ultratech Cement is likely to post strong performance on a sequential basis. Volume growth of 19.1% could drive 16.7% sequential increase in revenue even as realizations per ton have dipped 2%.
Company was not able to fully pass on the input cost pressure (power and fuel), as reflected in lower realizations per ton. However, cost rationalization efforts as well as operating leverage benefits will drive traction in EBITDA, EBITDA per ton. Read More

NIIT collaborates with Salesforce to bridge the skills gap; Stock up 1%

Published on: 11:35 am

NIIT Limited, a leading global talent development corporation, has announced its appointment as an Authorized Training Partner of Salesforce, the global CRM (Customer Relationship Management) leader. The collaboration will address the exponentially growing demand in the Salesforce Ecosystem for Salesforce-skilled talent, driven by the rapid adoption of Salesforce technologies. Experienced faculties who have been certified by Salesforce will teach all programs offered through this collaboration.
On Thursday at around 11:39 AM, NIIT was trading at Rs571.60 apiece up by Rs6 or 1.06% on the BSE. Read More

ONGC joins hands with Norway's Equinor to collaborate in E&P

Published on: 11:15 am

Oil and Natural Gas Corporation Limited (ONGC) has signed a Memorandum of Understanding (MoU) with the Norwegian state-owned multinational energy company, Equinor ASA.
The MoU was inked on April 26, 2022, in New Delhi for collaboration and partnership in areas of upstream Exploration & Production, midstream, downstream, and clean energy options, including Carbon Capture Utilization & Sequestration (CCUS).
Equinor is a leading operator on the Norwegian continental shelf marking its presence in around 30 countries globally. Read More

Glenmark Pharma bags 'India Pharma Innovation of the Year' Award from Indian Govt

Published on: 11:15 am

Glenmark Pharmaceuticals Ltd has received the “India Pharma Innovation of the Year” Award and was adjudged runners-up in the “India Pharma CSR of the Year” category, as part of the India Pharma & India Medical Device Awards 2022. The seventh edition of the annual awards was jointly organized by the Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers, The Federation of Indian Chambers of Commerce & Industry (FICCI) and Invest India.
The award recognizes Glenmark’s multiple patents and innovations in its core therapy areas of Dermatology, Respiratory and Oncology, over the last three years. It also acknowledges the Company’s contribution to the healthcare sector, in meeting both pressing and long-term patient needs. Read more

Q4FY22 Preview: Maruti Suzuki: Revenues seen at Rs264,174 million, PAT at Rs14,336 million

Published on: 11:11 am

Result date: 29^th April, 2022
Recommendation: Buy
Target price: Rs9,500
Easing of semi-conductor shortage will support the company’s performance in the March 2022 quarter. Its sales volumes grew 13.6% sequentially and the company had also implemented price hikes in January 2022. Consequently, its revenue is likely to grow 13.6% sequentially and 10% over the year-ago quarter.
Healthy revenue growth coupled with price hikes would rub off favorably on its EBITDA margin, which could witness expansion of 157 basis points sequentially to 8.3%. Read More

Indian Energy Exchange achieves consolidated growth of 50.20% yoy in PAT; stock skids 3%

Published on: 10:56 am

Indian Energy Exchange Limited has reported results for the quarter and fiscal year ended March 31, 2022. The company has logged 28% yoy growth in revenue at Rs128.40 crore for Q4FY22 as compared to Rs100.30 crore for Q4FY21.
Revenue for FY22 grew 36% yoy at Rs484.40 crore as compared to Rs356.20 crore for FY21.
EBITDA for Q4FY22 reported a growth of 32.60% yoy at Rs111.30 crore as against Rs83.90 crore for Q4FY21. It reported a jump of 44.30% in EBITDA for FY22 at Rs417 crore as against Rs289 crore in FY21. Read more

Ashoka Buildcon to divest stake in SPV to NIIF for Rs686 crore

Published on: 10:54 am

Ashoka Buildcon Limited has entered into a Share Purchase Agreement ("SPA") with National Investment and Infrastructure Fund Limited ("NIIF") and GVR Ashoka Chennai ORR Limited ("CORR") for the sale of 18,90,00,000 equity shares in CORR, constituting 100% of the share capital of CORR, from the Company to NIIF for an aggregate financial consideration of Rs686 crore subject to adjustment of cash and working capital, discharge of sponsor loans, settlement of trade payables and any recoveries made by the Tamil Nadu Road Development Corporation Limited, as agreed under the share purchase agreement.
Further as per regulatory filing, the completion of the above transaction is subject to: Read more

Reliance and VIACOM18 announce partnership with Bodhi Tree Systems

Published on: 10:44 am

Reliance and Viacom18 today announced a strategic partnership with Bodhi Tree Systems, which is a platform of James Murdoch’s Lupa Systems and Uday Shankar, to form one of the largest TV and digital streaming companies in India.
Bodhi Tree Systems is leading a fund raise with a consortium of investors to invest Rs13,500 crore in Viacom18, to jointly build India’s leading entertainment platform and pioneer the Indian media landscape’s transformation to a “streaming-first” approach. Viacom18 owns and operates the suite of Colors TV channels and OTT platform, VOOT.
Reliance Projects & Property Management Services Limited, a wholly-owned subsidiary of Reliance Industries which has significant presence in television, OTT, distribution, content creation, and production services, will invest Rs1,645 crore. Read More

Cabinet approves Nutrient Based Subsidy rates for Phosphatic and Potassic fertilizers for Kharif Sea

Published on: 10:36 am

The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today has approved the proposal of the Department of Fertilizers for Nutrient Based Subsidy (NBS) rates for Phosphatic and Potassic (P&K) fertilizers for Kharif Season - 2022 (from 01.04.2022 to 30.09.2022).
Subsidy approved by Cabinet for the NBS Kharif-2022 (from 01.04.2022 to 30.09.2022) will be Rs60,939.23 crore including support for indigenous fertilizer (SSP) through freight subsidy and additional support for indigenous manufacturing and imports of DAP. Read more

Dilip Buildcon declares as L-1 bidder for NHAI project in Jharkhand

Published on: 10:24 am

Dilip Buildcon Limited has been declared as L-1 bidder for the tender floated by the National Highways Authority of India on Hybrid Annuity basis in the state of Jharkhand.
The project is for Four Laning of Mehgama-Hansdiha section of NH-133 from existing Km 41+900 to existing Km 93+000 in the State of Jharkhand on Hybrid Arnuity mode. Read more

Infobeans Techno hits new 52-week high as revenue rises 47% yoy for FY22

Published on: 10:09 am

Infobeans Technologies Limited, a rapidly growing Digital Transformation company, has reported its results for the quarter and financial year ended March 31, 2022.
Infobeans achieves yet another milestone by achieving revenue of Rs289 crore in FY22 as compared to Rs120 crore in FY21, up by 47.44% yoy. Revenue for Q4FY22 was reported at Rs95 crore, registering a growth of 86% yoy, and 28% QoQ.
The company’s revenue in USD terms grew by 46% over the same period. Read more

Sansera Engineering wins Rs3,066 crore order from North American OEM; Stock soars 3.5%

Published on: 9:53 am

Sansera Engineering Ltd has been awarded a contract for development, manufacturing and supply of connecting rods from a leading North American OEM for its upcoming project. The start of production would be from July 2025 and is expected to run over seven years. The approximate quantity for the contract is over 35 million connecting rods with an estimated revenue of over USD 400 million (Rs3,066 crore based on current forex rate).
These parts would be developed for the customer’s new technology engine and are likely to be supplied to North America. Read more

Indian Hotels posts 192% yoy jump in EBITDA for Q4FY22; stock climbs ~3%

Published on: 9:40 am

The Indian Hotels Company Limited, one of the largest players in the hospitality industry, reported its consolidated and standalone financial results for the quarter ending and financial year ended March 31, 2022.
The company has reported a revenue of Rs955 crore in Q4FY22, up by 52% yoy against Rs626 crore previous corresponding quarter. For the current financial year under review, the company has logged a growth of 84.54% yoy in Revenue at Rs3,211 crore as compared to Rs1,740 crore in FY21.
It reported a surge of 192% yoy in EBITDA for Q4FY22 at Rs242 crore as compared to Rs83 crore in Q4FY21. EBITDA for FY22 was reported at Rs560 crore against negative EBITDA of Rs197 crore in FY21, up drastically on yoy basis. Read more

Markets trade higher ahead of F&O expiry; Nifty around 17,100 led by pharma, oil & gas stock

Published on: 9:35 am

Both benchmarks Sensex and Nifty 50 formed an upward movement on Thursday driven by Pharma, FMCG, oil & gas and healthcare stocks. The domestic equities performance also comes amid mixed global cues as the broader US market ended mixed tracking release of macroeconomic data and quarterly earnings results. Meanwhile, with April F&O expiry in focus today, markets may log steady gains in early trades but volatility is likely to ride high intraday.
At around 09:37 AM, Sensex is trading at 57,043.50 up by 224.11 points or 0.39%. Nifty 50 was trading at 17,105.80 higher by 67.40 points or 0.40%. Read more

Bigbloc Construction purchases land for factory at Wada; Stock hits 52-week high

Published on: 9:21 am

Bigbloc Construction Ltd has purchased the land for plant/factory at Wada, Palghar District, Maharashtra, of 38,000 sq. mtrs.in the name of 'Bigbloc Building Elements Private Limited', a wholly-owned subsidiary of Bigbloc Construction Limited, under the expansion project.
Further, the company intends to starts its operation in the current financial year i.e., F.Y. 2022-23. Read more

Adani Enterprises incorporates subsidiary Puri Natural Resources; Stock rises

Published on: 9:17 am

Adani Enterprises Limited has incorporated a WOS namely, Puri Natural Resources Limited (“PNRL”), on April 27, 2022, with an Initial Authorized and Paid-Up Share Capital of Rs10 lakh each.
As per regulatory filing, the objective of incorporation is to, interalia, carry on manufacturing and processing of minerals, TiO2 Slag manufacturing, Pigment manufacturing etc. and to do all necessary and incidental activities in this regard. PNRL will commence its business operations in due course, said company. Read more

Karnataka Bank appoints Jeevandas Narayan, and Kamanje Acharya on board

Published on: 9:17 am

Karnataka Bank Limited has informed that it has appointed Jeevandas Narayan, and Kalmanje Gururaj Acharya as Additional Directors (Non-Executive, Independent) of the Bank under Section 161 of the Companies Act, 2013.
The company has made the above appointment in the meeting held on April 26, 2022.
Jeevandas Narayan is a Commerce Graduate from the University of Mysore. He brings over 4 decades of vast experience in the Banking and finance sector. He is a career Banker who was acting as Deputy Managing Director before his retirement from State Bank of India, and his last posting was Managing Director in State Bank of Travancore. After his retirement from SBI, he was appointed as the Nominee Director of SBI for a short stint in the year 2017. Read more

Syngene International revenue rises 19% yoy to Rs2,604 crore in FY22

Published on: 9:16 am

Syngene International Limited has announced its fourth-quarter and full year results. The Company reported revenue from operations up 15% to Rs758 crore for the fourth quarter and up 19% to Rs2604 crore for the full year ending March 31, 2022. Profit After Tax for the quarter, before accounting for exceptional items, was up 7% year-on-year to Rs148 crore. Profit After Tax for the full year was up 10% to Rs421 crore.
Commenting on the results, Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International Limited, said, “I am pleased with the strong finish we had to the year and that we delivered results at the high end of our upgraded guidance range.
Reflecting on the pandemic period, we croreeated more than 1000 new jobs in the last two years and gained more than 100 new clients in the last year. We also extended and expanded our long-term partnership with Amgen Inc. and continued to invest in new capacity and technology to underpin future growth. Read more

Stock market news that you should not miss today

Published on: 8:57 am

Here is the important stock market news to watch out for today.
Markets to open on a cautious note; support @ 16800, resistance at 17400.
FIIs have sold shares worth Rs4064.54 crore (cash) and bought Rs1917.51 crore in index futures.
US markets end volatile. Asian markets are trading in green.
Brent crude was trading 1.74% down at $103.58 per barrel.
ONGC has signed an MoU with Norway-based Equinor ASA for exploration and production, and clean energy.
Life Insurance Corporation of India bought 1.36 lakh equity shares in Tata Consumer Products via open market transactions on April 26. With this, LIC's shareholding in the company stands increased to 5.008 percent, up from 4.993 percent earlier.
Persistent Systems clocked a 14 percent sequential growth in profit at Rs 200.9 crore driven by topline as well as operating income. Read more

Top stocks in focus: Axis Bank, Bajaj Finserv, Bajaj Auto, HUL, SBI Life

Published on: 8:54 am

ONGC has signed an MoU with Norway-based Equinor ASA for exploration and production, and clean energy.
Life Insurance Corporation of India bought 1.36 lakh equity shares in Tata Consumer Products via open market transactions on April 26. With this, LIC's shareholding in the company stands increased to 5.008 percent, up from 4.993 percent earlier.
Persistent Systems clocked a 14 percent sequential growth in profit at Rs 200.9 crore driven by topline as well as operating income.
Bajaj Auto recorded a 10.3 percent year-on-year growth in profit at Rs 1,469 crore in the quarter ended March 2022. EBITDA dropped 10 percent to Rs 1,396 crore. Read more

SGX Nifty indicates cautious opening for Indian markets; ahead of F&O expiry

Published on: 8:50 am

SGX Nifty is at 17,095 levels, higher 36 points. (Updated at 8:50 AM)
The Nifty saw another down day as weak global cues coupled with derivative contracts expiry today saw Nifty fall over 242 points before last hour buying saw the index close lower by 160 points. Bank Nifty was the main drag as it closed lower by 375 points as ICICI, SBI & Axis saw selling pressure.
Bajaj twins were the main losers after weaker than expected results while auto stocks again led the gainers with Hero Moto & Tata Steel leading the gainers. Read more