Latest News and Updates

04th May, 2022

Tata Power Renewables commissions 120MW solar project in Masenka, Gujarat

Published on: 4:10 pm

  • Tata Power Renewable Energy Limited (TPREL), a 100% subsidiary of Tata Power has commissioned 120MW solar project in Masenka, Gujarat.
  • On Wednesday, Tata Power Company ended at Rs244.95 apiece down by Rs3.55 or 1.43% on the BSE.
  • The landmark project will produce 305247 MWh annually for Gujarat Government (GUVNL). In the installation, approximately 3.81 lakhs modules were used and the project will reduce up to 1.03 lakh ton CO2 annually. A thin-film glass on glass modules of various wattages and harnesses of capacity 440Wp to 460Wp have been used in the project. Read more

LIC IPO: 10 things you should know about India's biggest IPO

Updated on: 4:04 pm

Published on: 3:48 pm

LIC’s long-awaited initial public offering is open for subscription till May 9, 2022. The public issue opened to anchor investors on May 2.

Below are the key points you need to know about LIC IPO:
  • The total value of LIC IPO is set at Rs21,000 crore which makes it India's biggest public issue to date
  • Around 15.81 lakh shares have been reserved for employees and around 2.21 crore shares for policyholders Read more

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Markets end lower on surprise RBI rate hike; Sensex ends below 56K, down 1300 pts; Nifty falls below

Published on: 3:57 pm

  • Equity benchmark indices on Wednesday plunged sharply after RBI’s surprise move on increasing the repo rates today an acknowledgement of inflation becoming a more important variable in policy decisions than growth. Moreover, earnings results, the Russia-Ukraine war and surging COVID-19 cases continue to remain in focus.
  • Reserve Bank of India (RBI) raised the repo rate by 40 basis points (bps) to 4.40 per cent in an off-cycle meeting today. Repo rate is the rate at which a central bank lends money to banks. Read more

MotoGP strengthens exclusive strategic collaboration with Tata Communications

Published on: 3:45 pm

  • Tata Communications, a global digital ecosystem enabler, and Dorna Sports, the exclusive commercial and television rights holder of the FIM MotoGP World Championship, today renew and strengthen their exclusive multi-year strategic collaboration – bringing the spectacle of MotoGP’s close racing and incredible competition to nearly half a billion homes worldwide.
  • With its world-leading, digital-first suite of media offerings, Tata Communications empowers the world's premier motorcycle racing series to deliver an innovative and transformed viewing experience to its fans worldwide. Tata Communications media edge services will allow MotoGP to continue to ensure excellent video quality, coupled with tremendous speed, delivering the race live from the track to the viewers’ screens in just a few tenths of a second. Read more

RBI hikes repo rate by 40 basis points in emergency meet

Published on: 3:41 pm

  • RBI Governor Shaktikanta Das said that the Monetary Policy Committee (MPC) of the Reserve Bank of India in an off-cycle meeting held between May 2-4 hiked the repo rate by 40 basis points (bps) to 4.40 per cent with immediate effect in a bid to contain inflation. The RBI on Wednesday hiked rates for the first time since August 1, 2018.
  • Consequently, the standing deposit facility (SDF) rate stands adjusted to 4.15 per cent while the marginal standing facility (MSF) rate and the Bank Rate to 4.65 per cent, the RBI governor said.
  • The RBI also hiked the cash reserve ratio (CRR) by 50 basis points to 4.5% effective May 21. Read more

RBI move signals the beginning of the end of low interest home loans: ANAROCK Group

Published on: 3:30 pm

  • With inflation edging higher in the aftermath of the Russia-Ukraine war and the surging oil prices, the RBI took a tough unscheduled decision – to increase the repo rates by 40 bps, bringing them to 4.40%. This was expected, as inflation has definitely moved into the threatening zone.
  • Unfortunately, for home buyers, this hike signals an imminent end to the all-time low interest regime, which has been one of the major drivers behind home sales across the country since the pandemic began.
  • Moreover, rising interest rates and inflationary trends in basic raw materials in construction including cement, steel, labour cost etc. will add to the burden of the residential sector, which did significantly well in the previous quarter – Q1 2022.  Read more

LIC IPO issue subscribed 48% on Day 1; Policyholders segment subscribed 1.38 times

Published on: 3:28 pm

  • The biggest initial public offering (IPO) in the history of Indian markets, LIC IPO is subscribed 48 per cent on the first day of bidding.
  • The LIC policyholders lead the initial bout of buying in the insurer's IPO as they have subscribed 1.61 times the portion reserved for them.
  • The employee reserved portion has been subscribed 84 per cent, while the retail investors portion has been subscribed 51 per cent. Read more

Alembic Pharma's arm Aleor Dermaceuticals gets USFDA final nod for Docosanol Cream; Stock tanks 7%

Published on: 2:38 pm

  • Alembic Pharmaceuticals Limited on Wednesday has 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 Docosanol Cream, 10% (OTC).
  • The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD) Abreva Cream, 10% (OTC), of GlaxoSmithKline Consumer Healthcare. Docosanol Cream, 10% (OTC) is used for cold sore/fever blisters on the face or lips. Read more

Q4FY22 Preview: Reliance Industries: Revenue seen at Rs2,11,835 crore, PAT at Rs21,778 crore

Published on: 1:45 pm

  • Reliance Industries (RIL) is set to post good set of results for the March 2022 quarter. Strong show by Jio, Reliance Retail and O2C business could fuel 36.8% growth in consolidated revenue over the year-ago quarter. A key highlight will be robust store addition by Reliance Retail, which could also witness revenue contribution from recent acquisitions and easing of the pandemic situation.
  • EBITDA growth of 66.3% over the year-ago quarter could be largely driven by O2C and digital service businesses. E&P EBITDA could jump 199.3% year-on-year amid improving realization and output. Read more

Goldiam International stock zooms 5% after receiving export orders worth Rs100 crore

Published on: 1:43 pm

  • Goldiam International Ltd stock hits 5% upper circuit during today's market session after intimation of Export Orders received by the Company.
  • As per the regulatory filing, the Company has received confirmed additional Export Orders worth of Rs100 crore from its International clients for manufacturing of diamond studded gold jewellery. Read more

Nifty 50 based ETFs and Index Funds AUM in India crosses Rs2 Trillion

Published on: 1:21 pm

  • The Assets under management (AUM) of all the Exchange Traded Funds (ETFs) and Index Funds tracking Nifty 50 index in India has crossed a new milestone of Rs2 lakh crores (Rs2 trillion). The Nifty 50 index linked passive funds account for 40% share of total passive funds (ETFs and Index Funds) AUM in India. The popularity of passive funds linked to the Nifty 50 has grown consistently over the last 20 years, after humble beginnings in December 2001, when the first ETF was launched on the Nifty 50.
  • Currently, there are 17 ETFs and 19 index funds in India and 7 ETFs trade in the international markets tracking the Nifty 50 – the bellwether index of India. Read more

Murex upgrades partnership with Aurionpro, assigns 'Business Partner' status

Published on: 1:05 pm

  • Aurionpro Market Systems Pte Ltd., an Aurionpro Solutions subsidiary, has announced on Wednesday regarding upgradation of its partnership by Murex as ‘Business Partners’.
  • "It’s an important milestone which has been achieved in a short duration of time. Our Murex partnership started in September 2018 as Associate Partner. This achievement is attributed to our robust team of trained resources and efforts to grow Murex practice across the globe", said company in a filing. Read more

Adani Wilmar stock hits 5% lower circuit post Q4FY22 earnings

Published on: 12:18 pm

  • Adani Wilmar Limited (AWL), a Joint Venture of Adani Group of India and Wilmar Group of Singapore, has announced its operational and financial performance for the quarter and financial year ended March 31, 2022.
  • Financial Highlights (Consolidated)
  • FY22
  • Revenues of Rs54,214 crore, up 46% yoy
  • EBITDA of Rs1,909 crore, up 34% yoy
  • PBT of Rs1,059 crore, up 40% yoy
  • Net Profit of Rs804 crore, up 26% yoy Read more

Shashwat Furnishing Solutions and Global Longlife Hospital & Research 371st and 372nd Company, to ge

Published on: 12:13 pm

  • Shashwat Furnishing Solutions Limited and Global Longlife Hospital & Research Limited became 371st  and 372nd  Company, respectively to get listed on BSE SME Platform on May 4th, 2022.
  • Shashwat Furnishing Solutions Limited came out with an initial public offering of 5,58,000 Equity Shares of Rs.10 Each (“Equity Shares”) For Cash at a Price of Rs. 45 Per Equity Share (The “Offer Price”), Aggregating to Rs. 2.51 Crore. The company has successfully completed its public issue on April 25, 2022. Global Longlife Hospital and Research Limited came out with an initial public offering of 35,00,000 Equity Shares of Rs.10 Each (“Equity Shares”) For Cash at a Price of Rs. 140 Per Equity Share (The “Offer Price”), Aggregating to Rs. 49.00 Crore. Read more

Aurobindo Pharma arm Eugia Pharma gets USFDA nod for Bortezomib for Injection; Stock down 2%

Published on: 12:08 pm

  • Aurobindo Pharma Limited has announced that its wholly owned subsidiary company, Eugia Pharma Specialties Limited, has received a final approval from the US Food & Drug Administration (USFDA) to manufacture and market Bortezomib for injection, 3.5 mg.
  • Bortezomib for Injection, 3.5 mg/vial (Single-Dose Vial) to be bioequivalent and therapeutically equivalent to the Velcade for Injection 3.5 mg/vial, of Takeda Pharmaceuticals U.S.A. Inc. The product is being launched immediately. The approved product has a market size of US$ 1172 million for the twelve months ending March 2022, according to IQVIA. Read more

Sanathan Textiles, Syrma SGS Technology, Aether Industries, 3 others get Sebi nod for IPO

Published on: 11:59 am

  • As many as six companies, including Sanathan Textiles, Syrma SGS Technology, Aether Industries, Capillary Technologies, Asianet Satellite Communications and Harsha Engineers, have received capital markets regulator Sebi's nod to raise funds through initial public offerings (IPOs).
  • These companies, which filed their draft papers with Sebi between December 2021 and April 2022, obtained the regulator's observations during April 27-30, an update with Sebi showed on Monday. Read more

Adani Wilmar buys 'Kohinoor' brand to strengthen rice and food biz

Published on: 11:43 am

  • Adani Wilmar Limited (AWL), one of the largest and fastest growing packaged food FMCG companies in India offering a wide array of consumer products, has announced the acquisition of several brands including the renowned Kohinoor Brand – domestic (India region) from McCormick Switzerland GMBH for an undisclosed amount.
  • On Wednesday at around 11:46 AM, Adani Wilmar was trading at Rs716 per piece lower by 5% on the BSE.
  • In essence, the acquisition would give AWL exclusive rights over the brand 'Kohinoor’ basmati rice along with ‘Ready to Cook’, ‘Ready to Eat’ curries and meals portfolio under the Kohinoor Brand umbrella in India. Read more

RailTel Corporation bags order worth Rs107.44 crore from South Western Railway; Stock jumps 1%

Published on: 11:32 am

  • RailTel Corporation of India Ltd stock rally on Wednesday's market session after it has received work order from South Western Railway.
  • As per the filing, the project is for Design, Planning, Supply, installation, fixing, configuration, integration and commissioning of a secure, reliable, scalable, manageable and converged communication system for 230 + stations over SWR at the total cost of Rs107.44 crore. The entire work shall be completed within a period of 12 months, said company. Read more

Sandhar Technologies inaugurates its manufacturing facility in Halol; Stock gains 1%

Published on: 11:13 am

  • Sandhar Technologies Limited, India’s leading Automobile Components manufacturer, through its wholly owned subsidiary Sandhar Engineering Private Limited, has inaugurated its manufacturing facility Phase 1 at Halol, Gujarat and commenced the commercial production of sheet metal & fabrication components/parts from May 02, 2022.
  • The addition of this manufacturing facility will strengthen Company’s presence in Western India, said company in a regulatory filing. Read more

Gujarat Sidhee Cement to stop Kiln at cement plant temporarily; Stock gains

Published on: 10:49 am

  • Gujarat Sidhee Cement Ltd stocks in focus as the company has informed to the exchanges that the Kiln for the cement plant of the Company located at Sidheegram, Gujarat shall be stopped from May 04, 2022 onwards for a period of 15 to 20 days due to excess stock of clinker.
  • However, cement grinding and despatches will be continued, said the company. Read More

HPRA completes inspection of Biocon Biologics new mAbs drug substance facility in Bengaluru

Published on: 10:33 am

  • Biocon Biologics's Spokesperson has announced in a press release that the Health Products Regulatory Authority (HPRA), Ireland, conducted a GMP inspection of one of Biocon Biologics’ new monoclonal antibody drug substance manufacturing facilities in Biocon Park, Bengaluru, India, between March 28 and April 1, 2022.
  • The inspection report contains no ‘critical’ observations and only one of the deficiencies is categorized as ‘major’ which is being addressed expeditiously in consultation with the regulatory agency. Read more

Bank of Baroda announces rate cut on car loans

Published on: 10:19 am

  • Bank of Baroda (Bank), one of India’s leading public sector banks, announced a reduction in its Car Loan interest rates starting from 7.00%* p.a. (earlier 7.25%* p.a.). Additionally, the Bank announced a reduction in processing charges to a flat Rs. 1500/- plus GST for a limited period up to June 30, 2022.  
  • The new rate beginning at 7.00%* p.a. along with the concessional processing charges are applicable for purchase of a new car. This special rate offering is linked to a borrower’s credit profile.
  • Shri H T Solanki, General Manager - Mortgages & Other Retail Assets, Bank of Baroda said, “While the pandemic and subsequent lockdown impacted the auto segment, we have since seen a steady rise in demand for car loans as the economy has opened up and people are keen to travel in their own vehicles. The drop in the Baroda Car Loan interest rate and reduction in processing charges will make it easier and more affordable for consumers to buy a car of their choice.” Read more

LIC IPO: Crown jewel at reasonable valuations: IIFL Securities

Published on: 10:18 am

  • Life Insurance Corporation of India (LIC), India’s largest insurance company had market share of ~37%/74% in FY22 in retail APE/group NBP segments, respectively. It boasts of being one of the strongest brands in the country and having an unparalleled agency network that ensures it still owns ~46% of the total APE market even after 20 years of privatization of the sector. Its concentrated product and distribution profile leaves enough opportunities for this titan to improve its quality of growth.
  • IIFL Securities has a subscribing rating on the IPO. Read more

Adani Enterprises-led Mumbai International Airport raises $750 million from Apollo

Published on: 10:17 am

  • Mumbai International Airport Ltd (MIAL), which owns and operates the Chhatrapati Shivaji Maharaj International Airport (CSMIA) in Mumbai, the second largest airport in India has successfully raised USD 750 million senior secured private placement notes from Apollo-managed credit funds.
  • Mumbai International Airport Ltd (MIAL) is a step-down subsidiary of Adani Airport Holdings Ltd (AAHL), a company incubated by Adani Enterprises Ltd (AEL). Read More

Zydus Lifesciences gets USFDA final nod for Bortezomib for Injection; Stock sheds 1.5%

Published on: 9:59 am

  • Zydus Lifesciences Ltd. (formerly known as Cadila Healthcare Ltd.) has received final approval from the United States Food and Drug Administration (USFDA) to market Bortezomib for Injection, 3.5 mg/vial, Single-Dose Vial (USRLD: Velcade).
  • As per the filing, Bortezomib for injection is used to treat certain types of cancer such as multiple myeloma and mantle cell lymphoma. The medication works by slowing or stopping the growth of cancer cells. The drug will be manufactured at Zydus Hospira. Velcade has a market size of USD 1,172mn (as per IQVIA MAT Mar’22). Read more

Markets trade volatile amid mixed global cues; IT, banking, oil & gas rises; Metals, auto, pharma dr

Published on: 9:47 am

  • Indian markets opened with marginnal gains but soon traded flat amid high volatility during opening bells on Wednesday tracking mixed global cues as investors geared up for the biggest Federal Reserve  interest rate hike since 2000. On domestic front, banking, IT, media, oil & gas and financial services indices soared marginally to support the broader markets whereas metals, pharma, auto and consumer durables logged heavy profit bookings from investors.
  • Today. investors' eyes are set on the opening of mega Life Insurance Company (LIC) IPO. Government owned LIC's Rs21,000 crore IPO is all set to open today and to close on May 9 for subscription. Read more

WardWizard Innovations dispatches 4,087 units of e-vehicles in April 2022, registers 766% yoy growth

Published on: 9:21 am

  • WardWizard Innovations and Mobility Ltd, manufacturers of the country’s leading electric two-wheeler brand ‘Joy e-bike’ entered the financial year FY’23 with a strong demand for its products.
  • As per the filing, the company is strengthening its market presence and promoting the adoption of green mobility with its wide range of low and high-speed electric two-wheelers, the company’s sales stood at 4,087 units in April’22, registering a growth of 766%, as compared to April’21, when the company had sold 472 units.
  • Speaking on the sales performance for the month of April 2022, Sheetal Bhalerao, Chief Operations Officer, WardWizard Innovations and Mobility Ltd, said, “As one of the fastest growing electric two-wheeler brand, we are receiving an overwhelming response from our customers for the quality and reliability of our products. Read more

Newgen Software Tech stock zooms over 6% as profit increases 30% yoy to Rs164 crore in FY22

Published on: 9:17 am

The management of Newgen Software Technologies Ltd. has announced results for the full year and quarter ended March 31, 2022 at its Board Meeting held on May 3, 2022.
Key Consolidated Financial Highlights (FY’22)
  • Revenue from operations (consolidated) at Rs779 crore as compared to Rs672.6 crore in FY21, up 16% yoy.
  • Profit after tax up by 30% yoy at Rs164.2 crore from Rs126.5 crore in FY21. Cash, Bank Balance, Investments, and Bank Deposits at Rs462.2 crore as of March 31, 2022. Read more

Sportking India posts 64.9% yoy revenue growth at Rs2,154 crore in FY22; Stock rises

Published on: 9:16 am

Sportking India Limited, one of India’s leading textile conglomerate has announced its Financial Results for the Quarter and Year ended on March 31, 2022.

Key Highlights:
  • Revenues in FY22 increased by 64.9% yoy to Rs2154 crore and in Q4FY22 increased by 43.6% yoy to Rs593 crore
  • EBITDA in FY22 increased by 185.2% yoy to Rs 596 crore and in Q4FY22 increased by 52.0% yoy to Rs154 crore. EBITDA Margin in FY22 stood at 27.7% Read more

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