Latest News and Updates

09th May, 2022

RattanIndia backed Revolt Motors opens its first store in Bihar

Published on: 4:10 pm

  • RattanIndia backed Revolt Motors, India’s next gen-mobility has opened its new store in Patna.
  • This is the first store in the state of Bihar, through which the brand plans to cater to new consumers and promote the use of electric vehicles in the region. After the inauguration of stores in Nellore & Vijaywada last month, this will be the 23rd retail store in India. With this, the company aims to strengthen its presence across the nation & open 40+ stores this year. Read more

L&T Construction bags contracts for its Water & Effluent Treatment Business

Published on: 3:42 pm

  • The Water & Effluent Treatment Business of Larsen & Toubro-led L&T Construction has secured a repeat EPC order from the Department of Water Resources, Government of Jharkhand, to execute the Masalia Ranishwar Megalift irrigation scheme on a turnkey basis.
  • The project envisages to provide water to irrigate 22,283 Ha. of Culturable Command Area (CCA) in the Dumka district of Jharkhand by way of pumping water from the Sidheshwari River. The scope includes survey, design, and constructing a 158 m long barrage across the Sidheshwari river. Read more

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Adani Airports raises $250 million for Airports Development

Published on: 3:01 pm

  • Adani Airport Holdings Ltd (AAHL), a wholly owned subsidiary of Adani Enterprises Ltd, on Monday has announced successful closure of funding of USD 250 million senior secured 3-year ECB facility from consortium of Standard Chartered Bank (SCB) and Barclays Bank PLC. The facility has an option to raise additional USD 200 Mn.
  • At around 3:05 PM, Adani Enterprises was trading at Rs2,203.55 apiece down by Rs43 or 1.91% on the BSE.
  • The financing structure enables a scalable capital solution with flexibility to tap global capital markets in line with AAHL’s vision of providing a transformational airport infrastructure platform. Read more

Coromandel International to acquire 45% stake in Senegal Headquartered BMCC for Rs225 crore

Published on: 2:39 pm

  • Coromandel International Limited has announced that it is set to acquire 45% equity stake in Baobab Mining and Chemicals Corporation (BMCC), a rock phosphate mining company based in Senegal, Africa at an outlay of US$ 19.6 million (Rs150 crore approximately), besides loan infusion into BMCC of a further US$ 9.7 million (Rs75 crore approximately).
  • The acquisition is happening through its wholly owned subsidiary Parry Chemicals Ltd. The transaction is expected to be completed in the second quarter of FY 2022-23 and is subject to satisfactory completion of conditions precedent as contained in the Agreements. Read more

WardWizard Innovations showcases its entire range of electric two-wheelers at EV Expo Bangalore 2022

Published on: 1:42 pm

  • After receiving an overwhelming response in Kolkata, WardWizard Innovations and Mobility Ltd.– one of the leading manufacturer of electric two-wheeler brand ‘Joy e-bike’ showcased its entire range of marque electric two-wheelers at the EV Expo Bangalore 2022.
  • The home-grown EV OEM is known for its high and low-speed two-wheeler models like Gen Next, Glob, Wolf, E-Monster, which are popular amongst the riders. Being at the forefront of EV revolution in India, Joy-e-bike also showcased its electric three-wheeler that is scheduled to be launched in the second quarter of the current financial year. Read more

HCL Technologies to acquire Digital Banking and Wealth Management Specialist 'Confinale'

Published on: 12:51 pm

  • HCL Technologies UK Limited, a wholly owned subsidiary of HCL Technologies (HCL), a leading global technology company, has signed a definitive agreement for the acquisition of Confinale AG, a Switzerland-based digital banking and wealth management consulting specialist and Avaloq Premium Implementation Partner.
  • Through this strategic acquisition, HCL will increase its footprint in the global wealth management market with emphasis on Avaloq consulting, implementation and management capabilities.
  • On Monday at around 12:56 PM, HCL Technologies was trading at Rs1,073.70 apiece up by Rs23.55 or 2.24% on the BSE. Read more

ICRA: Domestic air travel in April 2022 only 5% lower than pre-Covid levels; rising ATF prices remai

Published on: 12:45 pm

  • Post the waning of Covid-19 infections, domestic passenger traffic has grown ~83% on Y-o-Y basis to ~10.5 million ~ in April 2022 and is only ~5% lower compared to ~11.0 million in April 2019 (pre-Covid level). The airlines’ capacity deployment for April 2022 was ~36% higher than April 2021 (81,777 departures in April 2022 against 59,967 departures in April 2021). On a sequential basis, the number of departures in April 2022 were higher by around 2%, given the near normalcy seen in business operations. However, sequentially, the domestic passenger traffic in April 2022 was almost flat compared to ~10.7 million in March 2022.
  • As per a recent report published by ICRA on Aviation industry, Mr. Suprio Banerjee, Vice President & Sector Head, ICRA said, “For April 2022, the average daily departures were at ~2,726, notably higher than the average daily departures of ~2,000 in April 2021, and higher compared to ~2,588 in March 2022. The average number of passengers per flight during April 2022 was at 128, against an average of 133 passengers per flight in March 2022 and lower than an average of 135 passengers per flight in April 2019. Read more

Lupin receives USFDA approval for Iloperidone Tablets; Stock rises

Published on: 12:31 pm

  • Global pharma major Lupin Limited has announced that it has received approval from the United States Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA), lloperidone Tablets, 1 mg, 2. mg, 4 mg, 6 mg, 8 mg, 10 mg and 12 mg to market a generic equivalent of Fanapt Tablets, 1 mg, 2 mg, 4 mg, 6 mg, 8 mg, 10 mg and 12 mg of Vanda Pharmaceuticals Inc.
  • The product will be manufactured at Lupin's facility in Goa, India. Read more

Q4FY22 Preview: Cipla: Revenue seen at Rs52,586 million, adjusted PAT at Rs5,891 million

Published on: 12:26 pm

  • Result date: 10th May, 2022
  • Recommendation: Buy
  • Target price: Rs1,130
  • Cipla’s domestic formulation revenue is estimated to grow 16.3% over the year ago period, while its US business could grow 11.5% in the March 2022 quarter.
  • Its US business could benefit from steady ramp-up in Albuterol/Brovana and launch of Lanreotide. The company’s market share in the overall Albuterol market has expanded by ~160 basis points from 16% to 17.6% on a sequential basis. In Brovana, steady ramp-up in market share continued during March 2022 quarter. Cipla has captured ~34% market share versus ~30% in the December 2021 quarter. Read more

Mishtann Foods suffers fire accident at its Registered Office in Ahmedabad; Stock dips ~3%

Published on: 11:43 am

  • A major fire broke out at the Registered office of Mishtann Foods Ltd situated at C-808, Ganesh Meridian, Opp. Gujarat High Court, S.G. Highway, Ahmedabad, Gujarat on May 06, 2022 late night.
  • As per the filing, there has been no loss or injury to human life. But as per the pictures available to the company it is estimating the loss of all the office properties, equipments, systems, documents, and internal records since the inception of the Company. Still, the Company is in the process of ascertaining the actual loss caysed by the fire. Read more

Ratnamani Metals secures domestic and export orders aggregating to Rs206 crore

Published on: 11:08 am

  • Ratnamani Metals & Tubes Ltd has informed to the exchanges regarding receipt of new Domestic and Export Orders during the last week.
  • As per the regulatory filing, the Company has received new Domestic Orders aggregating to Rs206 crore, to be executed within the Financial Year 2022-23. Read more

Aditya Vision opens 80th showroom in Jharkhand; Stock tumbles ~3%

Published on: 10:52 am

  • Aditya Vision Ltd has informed to the exchanges that the company has opened its 80th Showroom at Redma Chowk, Janakpuri, Daltonganj Jharkahnd.
  • At around 10:51 AM, Aditya Vision was trading at Rs733.90 per piece lower by 2.81% as agianst previous closing at Rs755.75 per piece on the BSE. Read more

Premier Explosives bags Rs104.84 crore order from Singareni Collieries; Stock soars 1%

Published on: 10:31 am

  • Premier Explosives Ltd stocks rally as the company announced the receipt of orders of Rs104.84 crore.
  • As per the regulatory filing, the company has received an order on May 05, 2022, worth Rs104.84 crore (excluding GST) from Singareni Collieries Company Limited (A Government Company) for supply of SME explosives, LDC Explosives and Accessories for blasting in OB removal at Open Cast Projects of SCCL for a period of 2 years. Read More

Glenmark Pharmaceuticals gets USFDA tentative nod for Calcipotriene and Betamethasone Dipropionate F

Published on: 10:14 am

  • Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted tentative approval by the United States Food & Drug Administration (U.S. FDA) for Calcipotriene and Betamethasone Dipropionate Foam, 0.005%|0.064%, the generic version of Enstilar Foam, 0.005%|0.064%, of Leo Pharma AS.
  • According to IQVIATM sales data for the 12 month period ending March 2022, the Enstilar Foam, 0.005%|0.064% market achieved annual sales of approximately $115.2 million. Read More

Sagar Cements board allots over 1.32 crore equity shares on preferential basis; Stock zooms 4%

Published on: 9:53 am

  • Sagar Cements Limited has announced that its Board of Directors in its meeting held May 07, 2022, allotted 1,32,07,548 equity shares of face value of Rs. 2 each at an issue price of Rs.265/- per share, to PI Opportunities Fund – I Scheme II (“PIOF”), an affiliate of Premji Invest, a leading Private Equity fund in India on a preferential basis in accordance with the approval accorded by the shareholders at their Extra-Ordinary General Meeting held on April 23, 2022.
  • Pursuant to the above allotment, the paid-up equity share capital of the Company stands increased from Rs.23,50,00,000/- to Rs.26,14,15,096/-. Read more

Markets in a bloodbath; Sensex tanks 800 pts, Nifty 50 around 16,200; RIL in focus post Q4

Published on: 9:43 am

  • Indian markets opened on a negative note tracking weakness in global markets as over concerns about rising inflation, interest rates hikes as there was an intense selling pressure by Foreign Institutional Investors (FIIs). Investors are also tracking news flow on the Russia-Ukraine invasion closely which makes market nervous. However, the onset of the corporate earnings season, macro data, FII flows, crude oil and IPOs will be at the centre stage to monitor market developments this week.
  • At home, selloff in banking, auto, financial, IT, consumer durables, pharma and metal stocks pushed benchmarks Sensex and Nifty 50 off the cliff where India Volatility Index surged by 4.5% at 22.21 points. Read more

Pushp Kumar Joshi takes over as Chairman & MD of Hindustan Petroleum Corporation

Published on: 9:20 am

  • Dr. Pushp Kumar Joshi has taken charge as Chairman & Managing Director of Hindustan Petroleum Corporation Ltd (HPCL), a Maharatna Company on May 8, 2022. Prior to this Dr Joshi was Director-HR of the Corporation from August 01, 2012. Dr. Joshi is also holding the Additional charge of Director - Marketing of HPCL.
  • During his career, he had held key portfolios in Human Resources functions viz. Executive Director - HRD and Head - HR of Marketing Division. Read More

SJVN bags 30MW wind-solar hybrid project from SECI

Published on: 9:17 am

  • SJVN Ltd has bagged its first ever 30 MW Wind-Solar Hybrid project through a tender floated by Solar Energy Corporation of India Limited (SECI). The project was bagged @ Rs.2.54/Unit on Build, Own and Operate basis in the Tariff based competitive bidding process.
  • According to the filing, the tentative cost for Construction and Development of project is Rs195 crore and the project is expected to generate 79 MU’s in the 1st year and on cumulative basis approximately 1860 MU’s would be generated over a period of 25  years. Read more

BLS International Services posts revenue of Rs253 crore for Q4FY22, growth of 75.5% yoy; Stock surge

Published on: 9:16 am

  • BLS International, a trusted global tech-enabled services partner for governments and citizens, has released the consolidated financial results for the fourth quarter and full year ended March 31, 2022.
  • For the quarter comparative from January to March FY22 viz FY21:
  • Operational Revenue stood at Rs253.8 crore in Q4 FY22, up by 75.5% from Rs144.6 crore in Q4 FY21
  • EBITDA stood at Rs35.0 crore in Q4 FY22, up from Rs10.1 crore in Q4 FY21
  • PBT is Rs37.3 crore in Q4 FY22 compared to Rs15.6 crore in Q4 FY21
  • Profit After Tax (PAT) for the quarter ended March 31, 2022 is Rs35.2 crore compared to Rs23.0 crore in the same period of last financial year Read more

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