Latest News and Updates

06th May, 2022

Zydus Lifesciences receives tentative USFDA approval for Selexipag Tablets

Published on: 4:10 pm

  • Zydus Lifesciences Limited’s (formerly known as Cadila Healthcare Limited) subsidiary Zydus Worldwide DMCC has received tentative approval from the United States Food and Drug Administration (USFDA) to market Selexipag Tablets in the strengths of 200 mcg, 400 mcg, 600 mcg, 800 mcg, 1,000 mcg, 1,200 mcg, 1,400 mcg, and 1,600 mcg (USRLD: Uptravi).
  • Selexipag is used in adults to treat pulmonary arterial hypertension (PAH) to delay disease progression and reduce the risk of hospitalization for PAH. Selexipag is a prostacyclin receptor agonist. The drug will be manufactured at group’s formulation facility at SEZ, Ahmedabad. Read more

Solar Industries India receives Rs1,563 crore order from Singareni Collieries

Published on: 3:36 pm

  • Solar Industries India Ltd has informed to the exchanges regarding receipt of order of Rs1,563 crore from Singareni Collieries Company Limited.
  • As per regulatory filing, the company and its subsidiary have received orders on May 05, 2022 worth Rs1,563 crore from Singareni Collieries Company Limited for supply of SME explosives, LDC explosives and accessories for blasting of OB, to be delivered over a period of two years. Read more

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Visaka Industries commissions new line at Asbestos Cement division

Published on: 2:31 pm

  • Visaka Industries Ltd had earlier announced the expansion of Asbestos Cement division (ACD) at Raebareli unit in Uttar Pradesh (setting up additional line with a capacity of 1.00 lakh MTPA). The said additional line has been successfully commissioned and commercial production on the said new line has been commenced from May 05, 2022. Read more

Q4FY22 Preview: Asian Paints: Revenue seen at Rs81,565 million, adjusted PAT at Rs10,853 million

Published on: 2:28 pm

  • Asian Paints could post a good performance in the March 2022 quarter, with estimated growth of 22.6% in consolidated revenue. This growth will be largely led by price hikes and market share gains, even as volumes could grow in mid-single digit.
  • While soaring input cost prices (particularly Tio2) could hit its gross margins, though cost rationalization efforts could restrict fall in EBITDA margin to 40 basis points (y-o-y) at 19.4%. Read more

Venus Pipes & Tubes IPO to open on May 11, sets price band at Rs310-326

Published on: 1:37 pm

  • Gujarat-based Venus Pipes & Tubes Limited (“The Company”) has fixed the price band at Rs310 to Rs326 per Equity Share for its maiden public offer.
  • The initial public offering (“IPO”) of the Company  will open on Wednesday, 11 May, 2022 for subscription and close on Friday, 13 May, 2022. Investors can bid for a minimum of 46 Equity Shares and in multiples of 46 Equity Shares thereafter.
  • The IPO  is through a fresh issue of equity shares of up to 5,074,100 Equity Shares. Read more

TARC raises Rs1,330 crore from US-based Bain Capital

Published on: 1:10 pm

  • TARC Limited, leading North India based Real Estate Development Company has announced that it has successfully raised Rs1,330 crore from pedigreed US based Bain Capital. The funds were infused by Bain Capital Credit in the form of secured long term NCDs. The transaction marks to be one of the largest investments aimed towards growth and development, in recent times in North India Real Estate Industry.
  • At around 1:13 PM, TARC was trading at Rs44 per piece lower by 5.38% on the BSE. Read more

Jindal Worldwide stock soars ~3% on acquisition of Mumbai-based Earth Energy EV

Published on: 12:30 pm

  • Jindal Worldwide has acquired Mumbai-based electric vehicle start-up Earth Energy EV through its subsidiary Jindal Mobilitric. In addition, Jindal Mobilitric will set up a new manufacturing plant in Ahmedabad which will supplement the existing Earth Energy manufacturing facility in Maharashtra.
  • Accordingly, the acquisition will see Jindal Mobilitric take over the indigenously developed technology platform as well as Earth Energy's brands — Glyde SX and the Glyde SX+ -variants of its commuter scooter as well as the — Evolve R and the Evolve S commuter and cruiser motorcycles. Read more

RailTel Corp bags Rs20.81 crore order from IRFC; Stock down 2.5%

Published on: 11:41 am

  • Railtel Corporation of India informed to the exchanges regarding major order secured by the company.
  • As per the filing, the Company has received work order from Indian Railway Finance Corporation Ltd.(IRFC) for "Implementation of ERP and other Business modules along with servers for cloud hosting and DR services" at a total cost of Rs20.81 crore (Plus GST). Read more

Sudarshan Venu elevated as Managing Director of TVS Motor Company

Published on: 11:20 am

  • TVS Motor Company, a reputed manufacturer of two-wheelers and three-wheelers globally has announced at its board meeting the elevation of Sudarshan Venu as Managing Director of the Company, effective from May 05,2022.
  • At around 11:24 AM, TVS Motor Company was trading at Rs630.30 apiece up by Rs0.1 or 0.02% on the BSE. Read More

Time Technoplast's subsidiary inks MoU with US-led TESLA POWER for Rs100 crore order

Published on: 11:10 am

  • Time Technoplast Ltd informed to the exchnages that NED Energy Limited, a subsidiary of the company has signed a Memorandum of Understanding (MOU) with TESLA POWER USA INC for orders worth Rs100 crore (appx). This is for supply of VRLA Batteries of different sizes for applications covering Power, Solar, UPS etc.
  • As per the filing, TESLA POWER USA INC is a pioneer and leader in energy storage industry globally and this supply will be for India and overseas markets. The MOU has been signed for the FY 2022-23 and the agreed pricing is variable based, linked to the major exchange. Read more

Q4FY22 Preview: UPL: Revenue seen at Rs151,606 million, adjusted PAT at Rs12,797 million

Published on: 11:08 am

  • Result date: 9th May, 2022
  • Recommendation: Buy
  • Target price: Rs1,080
  • UPL is likely to post healthy growth in revenue as well as profits for the March 2022 quarter, over the year-ago quarter. Consolidated revenue could grow 18.5%, primarily driven by double-digit growth across India, LatAm and North America. Europe and the Rest of the World regions are likely to deliver somewhat slower growth. Firm pricing in agri-commodities globally could aid realizations during the quarter. Read more

Cigniti Technologies to acquire 100% stake in Aparaa Digital (RoundSqr)

Published on: 10:48 am

  • Cigniti Technologies is set to acquire Aparaa Digital, a leading AI/ML, Data engineering, Analytics, and Blockchain services company that operates under the brand name RoundSqr. This is a firm step towards bolstering Cigniti’s strategic pursuit of becoming a specialized digital engineering and assurance services provider.
  • Founded by a group of industry leaders with extensive experience in managing medium to large digital transformation projects, Aparaa Digital (RoundSqr) is headquartered out of Hyderabad, India. Aparaa brings integrated enterprise digital transformation and consulting-driven expertise covering a gamut of AI and ML, data engineering, and Blockchain capabilities. Read more

LIC IPO policyholders quota subscribed over 3 times on Day 3

Published on: 10:39 am

  • The initial public offering (IPO) of Life Insurance Corporation of India (LIC) on the Day 3 has subscribed 1.04 times, receiving bids for 16.81 crore equity shares against offer size of 16.2 crore equity shares.
  • The portion set aside for policyholders portion has been subscribed 3.19 times and staff 2.28 times.
  • For retail investors subscribed 0.97 times, while QIBs bid for 0.40 times shares of their allotted quota and NII lapped up 0.48 times of their portion. Read more

Strengthening the financing architecture for project exports should be a priority: Piyush Goyal

Published on: 10:36 am

  • Strengthening the financing architecture for project exports through innovative financing instruments and relooking regulations such as prudential norms for export credit agencies should be a priority, said Mr. Piyush Goyal, Hon’ble Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Government of India, during a summit organized by the Export-Import Bank of India (Exim Bank) on the theme ‘Enhancing Global Opportunities for Indian Project Exporters’ on 5th May 2022, in New Delhi. The Summit had participation from representatives from Government of India, foreign diplomatic missions in India, multilateral financing institutions, development financing institutions, export credit agencies, credit insurance agencies, and Indian companies, among others.
  • The Summit was attended by more than 150 participants. Read more

DCB Bank revises MCLR and EBLR rates effective from today

Published on: 10:36 am

  • DCB Bank stocks in focus today as the bank announced revision to its MCLR across tenors and it will be effective from May 06, 2022.
  • The Overnight MCLR revised to 8.28% and One Month MCLR at 8.28% Further, Three Months MCLR revised at 8.98% with Six Months MCLR at 9.18% and One Year MCLR is at 9.23%.
  • Also, DCB Bank announced the revision to its EBLR as below: Read more

Cholamandalam Investment and Finance Q4 PAT at Rs690 crore

Published on: 10:30 am

  • The Board of Directors of  Cholamandalam Investment and Finance announced the audited financial results for the quarter and financial year ended 31st March 2022.
  • Highlights:
  • The impact of third wave on the Indian economy turned out to be muted than the previous two waves. Nationwide rapid vaccination coverage contributed to blunting the impact of Omicron and boosting consumer confidence and business optimism. The company had delivered its best-ever disbursals, collections, and profitability in Q4 FY22. The stellar performance was aided by strong signs of recovery in both Auto and Mortgage Industry. All major CV OEMs reported double digit growth in March’22 aided by pick up in infra projects, growth in logistics and e-commerce sector coupled with easing of finance option. Strong rebound in residential housing sales in the current quarter was aided by demand from consumers after deferral of home buying due to Covid19. Read More     

Phoenix Mills increases its stake in Classic Mall Development Company to 100%; Stock slips 2.5%

Published on: 10:13 am

  • The Phoenix Mills Limited (PML), India’s leading mixed-use real estate developer, has announced the completion of acquisition of balance 50% equity stake in Classic Mall Development Company Limited (CMDCL) from Crest Ventures Limited and Escort Developers Private Limited (a 100% subsidiary of Crest Ventures Limited).
  • As per the filing, prior to this, PML owned 50% in CMDCL and the balance 50% was owned by Crest Ventures (46.35%) and Escort Developers (3.65%). CMDCL is now a wholly owned subsidiary of PML effective today. Read more

Wipro, HFCL join hands to develop 5G product portfolio

Published on: 10:02 am

  • Wipro Limited, a leading global information technology, consulting and business process services company, and HFCL Limited, a leading telecom equipment manufacturer and technology provider, announced that they have entered into a partnership to engineer a variety of 5G transport products that include Cell Site Router, DU (Distributed Unit) Aggregation Router, and CU (Centralized Unit) Aggregation Router.
  • Organizations around the world are embracing 5G technology for its potential to accelerate innovation, enable new business models and drive revenue. With expertise in product engineering, transport network technologies and 5G, Wipro will co-develop equipment with HFCL. Read more

Markets in a bloodbath on broad-based selloff; Sensex slips 700 pts, Nifty 50 gives up 16,500; IT, m

Published on: 9:51 am

  • Indian markets nosedived massively on Friday's trading bell led by a massive selloff on a broad-based level across sectoral indices. IT, metal and realty stocks were the worst hit diving 2% each. Sensex sheds more than 800 points so far with an intraday low of 54,721.78. Meanwhile, Nifty 50 gives up 16-500-mark in early deals and plummetted at least 300 points with the day's low of 16,382.50.
  • The performance comes day after FOMC meeting due to which anxiety over rising interest rates pulled the investors sentiments. RBI policy rates hike also swayed the investors interest to the markets.
  • Further, Life Insurance Corporation of India’s initial public offering, the country's biggest ever, was fully subscribed on the second day of bidding and now the third day bidding is focus with i ssue subscribed 1.03 times; Retail portion booked 93% on Day 2. Read more

P&G Health stock tumbles 4% despite standalone net profit rises 224% yoy in March 2022 quarter

Published on: 9:20 am

  • Procter & Gamble Health Limited announced its financial results for the quarter ended March 31, 2022.
  • The Company has delivered total sales of Rs262 crore for the quarter ended March 31, 2022 vs Rs214 crore, up by 23% vs year ago. The Profit After Tax (PAT) was Rs51.2 crore, up by 224% vs year ago. Read More

Dabur Q4 consolidated revenue surges 7.7% to Rs2,518 crore; Stock sheds over 1.5%

Published on: 9:17 am

  • India's leading Science-based Ayurveda major Dabur India Ltd has reported a 7.7% growth in Consolidated Revenue for the Fourth Quarter ended March 31, 2022 on a high 25% base of the previous year. The full-year Consolidated Revenue for 2021-22 grew 14% year-on-year to cross the Rs 10,000 crore landmark.
  • The Board of Directors of Dabur India Ltd (DIL) met on Thursday to consider the audited financial results of the Company for the quarter and full year ended March 31, 2022. Read more

Jindal Stainless (Hisar) PAT rises 64% yoy to Rs575 crore in Q4FY22; Stock dips 2%

Published on: 9:16 am

  • Jindal Stainless (Hisar) Limited’s (JSHL) Board of Directors announced Q4FY22 financial results on Thursday.
  • The Company recorded a robust quarter owing to new product development, quality improvement and capacity building for its value-added product portfolio.
  • During Q4FY22, JSHL’s Specialty Products Division (SPD) achieved highest ever total sales of Blade Steel and Precision Strips, with SPD’s total sales increasing by 32% in FY22 over FY21. JSHL’s standalone revenue, EBITDA and PAT jumped by 38%, 47% and 58% respectively during Q4FY22 over CPLY (corresponding period last year). On a consolidated basis, Company’s Q4FY22 revenue, EBITDA and PAT stood at Rs4,318 crore, Rs605 crore and Rs575 crore respectively. Net external debt stood at Rs1,605 crore as on March 31, 2022, with debt-to-equity ratio reduced to ~0.5. Interest cost reduced by 26% to Rs31 crore for Q4FY22 as compared to CPLY. Read more

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