Latest News and Updates

02nd May, 2022

India’s largest life insurer LIC set to launch IPO on May 4; Banks told to raise UPI per-transaction

Published on: 4:08 pm

  • LIC IPO is all set to hit the market on May 4, 2022, as investors have started making commitments for the initial public offer. The IPO subscription window for anchor investors will be opened on May 2 and will close on May 9.
  • According to the media reports, the government has asked public and private sector banks to raise per transaction limit for UPI payments to Rs2 lakh to ensure applications by retail investors for Life Insurance Corporation of India’s (LIC’s) initial public offering (IPO) through UPI are successfully processed. Read more

India’s Manufacturing PMI expands to 54.7 in April 2022

Published on: 3:28 pm

  • The Indian manufacturing industry enjoyed a strong start to fiscal year 2022/23, posting marked and accelerated expansions in new orders and production. International sales grew solidly, following a contraction in March. Inflationary pressures meanwhile intensified, owing to rising commodity prices, the Russia-Ukraine war and greater transportation costs. Input prices increased at the fastest pace in five months, while output charge inflation hit a 12-month high.
  • Rising from 54.0 in March to 54.7 in April, the seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index® (PMI®) highlighted a solid and faster improvement in operating conditions across the sector. Growth gathered momentum in the intermediate and capital goods segments, but there was a slowdown at consumer goods makers. Read More

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IREDA profit jumps 83% to all-time high of Rs634 crore in FY21-22

Published on: 3:24 pm

  • Indian Renewable Energy Development Agency (IREDA) reported historic all-time high annual Profit After Tax (PAT) of Rs. 634 Crores and Profit Before Tax (PBT) of Rs. 834 Crores in the FY 2021-22 in midst of second and third waves of Covid Pandemic during the year, registering a massive growth of 82.88% and 46.41%, respectively over FY 2020-21.
  • The Board of Directors of IREDA approved the Audited Financial Results for Financial Year 2021-22 in a meeting held today while lauding the company’s outstanding performance under challenging conditions. Read more

NTPC invites EOI to produce torrefied biomass pellets from Startups

Published on: 3:20 pm

  • NTPC Ltd has invited Expression of Interest (EOI) to produce torrefied biomass pellets from Indian startups.
  • Through its R&D wing, NETRA, NTPC intends to provide a platform to Indian startups to enable them to develop advanced technology for producing torrefied biomass pellets that are well-suited for decentralized small-scale users. The last date of submission of the proposals titled, “Torrefied Pellet Manufacturing Plant for Agri-Waste” is 19th May 2022. Read more

Devyani International clocks 84% yoy jump in revenue for FY22; reports PAT at Rs155.10 crore

Published on: 3:20 pm

  • Devyani International Limited (DIL), a multi-dimensional comprehensive QSR player in India, has announced its financial results for the quarter and full-year ended March 31, 2022.
  • DIL stated that FY22 was a year of record performance for the company, with its brands achieving significant milestones whereby KFC India crossed Rs1,000 crore revenues & Pizza Hut clocked more than Rs500 crore revenues this year. Read More

GST Revenue collection for April 2022 highest ever at Rs1.68 lakh crore

Published on: 3:15 pm

  • The gross GST revenue collected in the month of April, 2022 is Rs 1,67,540 crore of which CGST is Rs  33,159 crore, SGST is Rs  41,793 crore, IGST is Rs  81,939 crore (including Rs  36,705 crore collected on import of goods) and cess is Rs  10,649 crore (including Rs  857 crore collected on import of goods).
  • The gross GST collection in April 2022 is all time high, Rs 25,000 crore more than the next highest collection of Rs. 1,42,095 crore, just last month. Read more

Sunshield Chemicals zooms ~2% as CRISIL assigns ‘BBB’ ratings with stable outlook

Published on: 3:13 pm

  • Sunshield Chemicals informed that CRISIL has reviewed and rated the bank facilities of the company worth Rs65 crore.
  • The rating agency has reviewed the cash credit facility of the company worth Rs40 crore and has assigned a ‘CRISIL BBB’ rating with a stable outlook on the same.
  • CRISIL has affirmed the ‘CRISIL BB’ rating for the company’s Term Loan worth Rs25 crore, and a stable outlook. Read more

India’s Pharma exports grow by 103% in 2021-22 despite global trade disruptions

Published on: 3:12 pm

  • Indian pharma exports witnessed a growth of 103% since 2013-14, from Rs. 90, 415 Crores in 2013-14 to Rs. 1,83,422 Crores in 2021-22.  The exports achieved in 2021-22 is the Pharma Sector’ best export performance ever.  It is a remarkable growth with exports growing by almost USD 10 billion in 8 years.
  • Highlighting the achievement in a tweet, the Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal said that Under the active leadership of Prime Minister, Shri Narendra Modi India has been serving as the 'pharmacy of the world'. Read more

Welspun Corp secures order worth Rs706 crore from Indian Oil; stock tumbles ~3%

Published on: 12:58 pm

  • Welspun Corp Limited informed that it has received a prestigious order from Indian Oil Corporation Limited (IOCL) of approximately 48,000 MT with an order value of Rs706 crore.
  • This order is for a large section of the Mundra Panipat Crude Oil Pipeline (P 25) Project which will be constructed to augment the crude oil intake for IOCL’s Panipat refinery expansion project. Read more

USFDA conducts inspection at Shilpa Medicare's analytical services division in Hyderabad; Stock down

Published on: 12:56 pm

  • Shilpa Medicare Ltd has informed that the Company’s recently started Analytical Services Division situated on first Floor of Unit 7, Nacharam, Hyderabad, Telangana was inspected by USFDA during April 26-29, 2022.
  • As per the filing, the inspection was triggered by Shilpa’s submission of applications for four ANDA’s to seek approval to use this site as alternate testing laboratory. The inspection has been closed with four observations, which are related to improvements in existing procedures and are addressable. Read more

Man Industries (India) spurts 4% on receiving Rs807 crore order from IOCL

Published on: 12:52 pm

  • Man Industries (India) Ltd has informed that the company has received new order worth ~Rs807 crore from Indian Oil Corporation (IOCL) for supply of API High Grade Large Diameter Carbon steel pipes along with coating.
  • In a  regulatory filing the company said, "With this new order the unexecuted order book as on date stands at ~Rs1500 crore to be executed in six to eight months." Read more

EaseMyTrip to apply for Full-Fledged Money Changer License from RBI

Published on: 12:41 pm

  • EaseMyTrip, India’s second-largest online travel platform is expanding its offerings and now, aims to launch a currency exchange service. It will enable customers to easily convert their currencies to local tenders. Acquiring this license will enable EaseMyTrip to offer to extend its portfolio and offer one of the core services needed for international travel, furthering its mission of developing the company into a complete travel ecosystem.
  • Through the introduction of this service, EaseMyTrip will be able to provide its more than 11 million customers and nearly 60000 travel agents with a much-needed service of currency exchange. Furthermore, foreign currency numbers are huge as the demand for international travel continues to grow exponentially. Read more

GHCL hits new 52-week high on superhit Q4FY22 show; PAT jumps 126% yoy

Published on: 12:34 pm

  • GHCL Limited, India's leading Chemical & Textile Company, has announced its financial results for Q4 and FY22.
  • Its counter strikes a new 52-week high of Rs681 in today’s trade as the company posted robust growth during the quarter ended March 2022.
  • GHCL’s revenue grew by 77% yoy at Rs1,279 crore for Q4FY22 as compared to Rs723 crore in the corresponding quarter last year.
  • During Q4FY22, the company posted a robust EBIDTA growth of 113% yoy at Rs411 crore as against Rs193 crore in the previous corresponding quarter. Read more

Coal India’s supplies to power plants jumps 16% amidst soaring generation; stock climbs ~2%

Published on: 12:12 pm

  • Coal India Limited (CIL) posted a 15.6 % growth in its supplies to the power sector in April’22 compared to the same month last year.
  • Importantly, CIL registered 16% growth in its overburden removal (OBR). The company excavated 132.8 million cubic metres of OBR during the month registering 16% growth. The same was 114.6 M.Cu.M in April’21. OBR is an important performance criterion that removes the topsoil in opencast mining and exposes the coal seam for faster extraction of coal in the future. it also improves the mine geometry and makes mines safer to operate. Read more

SC Soft announces Go-Live of the EMV Loop implementation for buses in Costa Rica; stock down ~2%

Published on: 12:04 pm

  • SC Soft Pte Ltd, an Aurionpro Limited subsidiary, is proud to be the payment device provider with its Validator (SCV 500) for the National Electronic payment system for public transportation in Costa Rica. The system was inaugurated by the honourable President of Costa Rica and the senior representative from Banco Central De Costa Rica (BCCR).
  • The Project is done in collaboration with Banco Central De Costa Rica (BCCR), Mastercard, and GSD Plus. Read more

Sheetal Cool Products hits 52-week high on commencement of export business in Nepal

Published on: 11:52 am

  • Sheetal Cool Products Limited stock soars over 2% during early trading on Monday's session after the announcement of commencing business export to nepal.
  • As per the filing, the company has commenced business in NEPAL by supplying Sheetal Ice Cream & Frozen foods. Read more

Cyient inks pact with IIT-Hyderabad for Narrowband-loT System-on-Chip

Published on: 11:27 am

  • Cyient Limited, a leading global technology solutions company, has partnered with IIT Hyderabad (IITH) and WiSig Networks, a startup incubated at IITH, to enable volume production of India's first architected and designed chip - the Koala NB-loT SoC {Narrowband-loT System-on-Chip).
  • The Memorandum of Understanding (MOU) signed between them is aligned with MEITY's (Ministry of Electronics and Information Technology, India) goals of building a vibrant semiconductor design and innovation ecosystem to enable the emergence of India as a global hub for electronics manufacturing and design. Read more

Maruti Suzuki clocks sale of 1,50,661 units in April 2022; exports at 18,413 units

Published on: 11:18 am

  • Maruti Suzuki India Limited has informed that the company has sold a total of 150,661 units in April 2022.
  • Total sales in the month of April 2022 include domestic sales of 126,261 units, sales to other OEMs of 5,987 units, and exports of 18,413 units.
  • The shortage of electronic components had a minor impact on the production of vehicles, mainly domestic models. The Company took all possible measures to minimize the impact. Read more

Innovators Facade Systems bags work order of ~Rs27.5 crore; Stock rallies over 3.5%

Published on: 11:13 am

  • Innovators Facade Systems Ltd has informed to the exchanges that the company has received Letter of Intent  (LoI) for approx Rs27.50 crore.
  • According to the filing, the LoI is for design, supply, fabrication and installation of Facade Work for "Ankor (West)- Bagmane Capital Tech Park" in Bangalore from Bagmane Developers Private Limited. Read more

Q4FY22 Preview: Titan Company: Revenues seen at Rs69,418 million, PAT at Rs5,723 million

Published on: 11:11 am

  • Result date: 3rd May, 2022
  • Recommendation: Add
  • Target price: Rs2,800
  • March 2022 has been a soft quarter for Titan Company, amid headwinds such as Omicron virus, weak consumer sentiment in the jewellery business and emergence of macro pressures amid geo-political tensions.
  • The company’s jewellery business reported 4% decline in sales, despite ~6% gold inflation over the year-ago quarter. This was due to a sharp rise in gold prices and weak consumer sentiment. Customer conversions and ticket sizes grew marginally but were offset by the slight decline in walk-ins.  Overall number of jewellery stores (Tanishq, Mia and Zoya) increased by 16 sequentially to total stores of 444. Read more

CRISIL reaffirms credit rating of Albert David’s bank facilities; stock slips ~2%

Published on: 10:58 am

  • Albert David Limited, a rapidly-growing pharma giant in India, has announced that CRISIL Ratings Limited has reviewed the debt instruments of the company.
  • CRISIL has reaffirmed the ratings assigned to the company’s debt instruments worth Rs18.50 crore.
  • The rating agency has reaffirmed the long-term rating for cash-credit worth Rs10 crore at ‘CRISIL A-‘ and has given a Stable outlook for the same. While short-term issuer ratings worth Rs8.50 crore are reaffirmed at ‘CRISIL A1’. Read More

Mahindra’s Farm Equipment Sector sells 39,405 units in India during April 2022 registering growth of

Published on: 10:50 am

  • Mahindra & Mahindra Ltd.’s Farm Equipment Sector (FES), part of the Mahindra Group, on Monday has announced its tractor sales numbers for April 2022.
  • Domestic sales in April 2022 were at 39405 units, as against 26130 units during April 2021.
  • Total tractor sales (Domestic + Exports) during April 2022 were at 40939 units, as against 27523 units for the same period last year. Read more

HDFC revises its Retail Prime Lending Rates by 5 basis points

Published on: 10:45 am

  • Housing Development Corporation of India Limited informed the investors and exchanges that the company has increased the Retail Prime Lending Rates on Housing Loans.
  • Company stated in its filing with the exchange, “HDFC increases its Retail Prime Lending Rate (RPLR) on Housing loans, on which its Adjustable-Rate Home Loans (ARHL) are benchmarked, by 5 basis points, with effect from May 1, 2022.” Read more

Lupin launches its Reference Laboratory in Guwahati, Assam

Published on: 10:36 am

  • Global pharma major Lupin Limited has announced that Lupin Diagnostics has launched its Reference Laboratory in Guwahati in North East India. The expansion is in line with Lupin Diagnostics’ strategy to expand its presence across India and increase access to quality testing.
  • The Reference Laboratory in Guwahati has capabilities to conduct a broad spectrum of routine and specialized tests in the fields of molecular diagnostics, cytogenetics, flow cytometry, histopathology, cytology, microbiology, serology, hematology, immunology and routine biochemistry.
  • “Doctors and patients rely on diagnostic test results to make informed decisions – accurate diagnosis is the first step towards managing diseases and identifying appropriate line of treatment,” said Ravindra Kumar, Vice President and Head – Lupin Diagnostics. Read more

TVS Motors launches Tech loaded TVS NTORQ 125 XT

Published on: 10:34 am

  • TVS Motor Company Limited, a reputed manufacturer of two-wheelers and three-wheelers in the world, today announced the launch of its TVS NTORQ 125 XT, with segment-leading technology.
  • This new variant of TVS NTORQ 125 coupled with its SmartXonnectTM connectivity platform is set to create a new benchmark in the segment with first-in-class features for its connected customers.
  • This is in line with TVS Motor Company’s continuous efforts to ensure product innovation and maximum customer satisfaction. Read more

Cressanda Solutions forays into AI/ML through its acquisition of Lucida Tech; Stock soars 4%

Published on: 10:22 am

  • Cressanda Solutions Limited is set out to build an innovation to projects global business with technology and software services at its core.
  • The goal of this core technology and software services business is to create cutting edge in-house competencies and cater to the demanding developed technology consumption markets. The company is focused on the European and the American markets now and will later expand to the Asia-Australia market.
  • Further, Cressanda’s goal is to become a one-stop entity that delivers high end technology solution to its global customers. The company’s global operations create customer intimacy through in-situ project and account management, its operations in India deliver these projects in the most resource efficient manner. Read more

Mahindra Auto sells 45,640 vehicles in April 2022 registering a growth of 25%

Published on: 10:08 am

  • Mahindra & Mahindra Ltd., one of India’s leading automotive companies, today announced that its overall auto sales for the month of April 2022 stood at 45640 vehicles.
  • In the Utility Vehicles segment, Mahindra sold 22168 vehicles in April 2022. The Passenger Vehicles segment (which includes UVs, Cars and Vans) sold 22526 vehicles in April 2022. Exports for the month were at 2703 vehicles, said company.
  • Further according to the filing, in the Commercial Vehicles segment, Mahindra sold 17402 vehicles in April 2022 with growth of 23%. All the Light Commercial Vehicle Segments of <2T, Pickups (2T to 3.5T), >3.5T and the heavy commercial vehicles continued their growth trajectory in April 2022. Read more

Welspun Corp bags additional order worth Rs1,600 crore from Soma Indus; Stock down 2.5%

Published on: 10:01 am

  • Welspun Corp Limited informed that in reference to its disclosures dated March 25, 2021, and September 2, 2021, concerning procurement and construction contract of Rs2,336 crore for the Project, entered into with Soma Indus Varanasi Aurangabad Tollway Private Limited (Soma Indus).
  • The company has informed that it secured a Letter of Award from the Company for the Project for an additional contract of Rs1,600 crore (inclusive of GST).
  • Under this contract, the Company will be responsible for undertaking the procurement and construction. Read More

Goa Carbon temporary shuts down operations for maintenance work at Paradeep Unit; Stock dips ~2%

Published on: 9:53 am

  • Goa Carbon Ltd has informed to the exchanges regarding temporary shut-down of Paradeep Unit for maintenance work.
  • As per the regulatory filing, the operations at the Company's Paradeep Unit located at Vill. Udayabata, Paradeepgarh, Dist. Jagatsinghpur, Odisha has been temporarily shut-down for maintenance work from April 28, 2022. Read more

Markets trade lower; Sensex near 56,660, Nifty 50 below 17,000; IT, Consumer Durables stocks drag; T

Published on: 9:36 am

  • Indian markets kicked started this week's trading on a massive bearish note tracking weak global cues on Monday. At the domestic front, all the sectoral indices were trading lower. IT, metal and consumer durables stocks underperformed the most.
  • Globally, investors gauged inflation risks amid recession fears. Meanwhile, in India, as per government released data GST revenue collection touches all-time high in April at Rs1.68 lakh crore. The numbers are almost 18% higher than the government's previous record of Rs1.42 lakh crore in March 2022.
  • Furthermore, corporate earnings of heavyweights also played a role in risk appetite for equities. Also, monthly auto sales data were among those that influenced markets. Read More

MOIL makes a 10% cut in prices of Ferro grades of manganese ore and Chemical grades; stock skids ~2%

Published on: 9:35 am

  • MOIL Limited informed that in line with the business practice of fixing/revising prices of Manganese Ore and other products, the Company has fixed/revised prices of different grades of Manganese Ore and other products, effective from May 1, 2022.
  • The prices of all Ferro grades of manganese ore with a Manganese content of Mn-44% and above have been continued as prevailing since April 1, 2022 w.e.f. midnight of April 30, 2022. Read more

Tata Motors appoints Al Noor Ramji on board; stock slips ~1%

Published on: 9:31 am

  • Tata Motors Limited informed that upon completion of the applicable regulatory formalities, Al Noor Ramji has been appointed as an Additional Director and Independent Director of Tata Motors Limited for a period of 5 years, i.e., from May 1, 2022, to April 30, 2027 (both days inclusive), subject to the approval of the shareholders of the Company.
  • Before his appointment as Additional Director in Tata Motors, Ramji was holding the position of Group Chief Digital Officer at Prudential PLC, where he was responsible for developing and executing an integrated, long-term digital strategy for the Group. Read more

Hero Motocorp logs 12% yoy growth in sales during April 2022; sells 4.19 lakh units of motorcycles a

Published on: 9:27 am

  • Hero MotoCorp Limited, the world’s largest manufacturer of motorcycles and scooters, reported that the company has sold 418,622 units in April 2022.
  • The company clocked a double-digit growth of 12.4% over the corresponding month of the previous year (April 2021), when the company reported sales of 372,285 units.
  • With the economy gradually opening up and continued government policy support, April volumes indicate the continuous growth momentum on the back of improved customer sentiments. Read more

Surya Roshni bags order worth Rs608.63 crore from Indian Oil; stock marginally up

Published on: 9:21 am

  • Surya Roshni Limited has informed that the company has obtained orders amounting to Rs608.63 crore (including GST) for the supply of API- 5L Grade X-70 3LPE Coated pipes and bare pipes from Indian Oil Corporation Limited.
  • The order is received for the states of Gujarat, Rajasthan, and Haryana.
  • Surya Roshni is expected to complete the order within 11 months. Read More

Cantabil Retail India opens 8 new showrooms across India in April 2022; Stock spurts 2%

Published on: 9:20 am

  • Cantabil Retail India Ltd stocks rally in the market during early trading deals on Monday after informing business updates of  April month to the exchanges.
  • As per the regulatory filing, thee company has opened 8 New Showrooms/ Shops at different location in India during the month of April 2022 and now total number of Showrooms/ Shops of the Company stands at 386. Read more

Sterlite Tech board approves fund raise of Rs1000 crore

Published on: 9:17 am

  • Sterlite Technologies Ltd has informed to the exchanges regarding fund raising proposal approed by the Board of Directors.
  • As per the regulatory filing, subject to the approval of the shareholders of the Company at the ensuing the AGM, the Board at its meeting held on April 28, 2022 approved, raising of funds, inter alia, by issue of equity shares, any financial instruments and/or security convertible into‐equity shares, combination of such securities by way of one or more public and/or private offerings, qualified institutions placements and/or preferential allotments and/or rights offering or any combination thereof or any other method in accordance with the provisions of applicable laws, for an aggregate consideration of up to Rs1000 crore. Read more

Yasho Industries stock slumps ~4% despite PAT increases 145% yoy in Q4FY22

Published on: 9:16 am

  • Yasho Industries Ltd, a leading Indian global manufacturer & supplier of specialty and fine chemicals, has announced its audited financial results for the quarter and financial year ended March 31, 2022.
  • Key Highlights:
  • Revenue at Rs624.1 crore, a growth of 68.9% yoy basis
  • EBITDA at Rs103.7 crore, growth of 75.5% on yoy basis
  • PAT at Rs52.7 crore, growth of 145.5% on yoy basis
  • Volume stood at 11,054 MT, a growth of 43.3% on yoy basis
  • The Board of Directors has recommended the dividend of Rs0.50 per equity share of the face value of Rs.10 each for FY22 Read more

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