Latest News and Updates

11th May, 2022

Arvind SmartSpaces introduces industry-first end-to-end digital sales platform for customers

Published on: 4:10 pm

  • Arvind SmartSpaces Limited (ASL), one of India's leading Real Estate development company, is set to revolutionize home buying by creating a completely seamless and transparent home buying experience through digital innovation by embedding transparency and self-sufficiency into the process for the customers.
  • The real estate brand today announced the launch of its digital sales platform which, in an industry first move, will enable customers not only to view entire inventory listings but also can get complete information of the price per unit. Arvind SmartSpaces, in a move to ensure the best customer experience along with best in class transparency, is leveraging technology to provide customers with the option to choose their homes, buy their dream home, and monitor the progress of the project, at anytime from anywhere in the world. Read more

Alembic Pharma gets USFDA final nod for Arformoterol Tartrate inhalation solution

Published on: 3:45 pm

  • Alembic Pharmaceuticals Limited on Wednesday has announced that it has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Arformoterol Tartrate Inhalation Solution, 15 mcg (base) /2 ml Unit-dose Vial.
  • The approved ANDA is therapeutically equivalent to the reference listed drug product (RlD), Brovana Inhalation Solution, 15 mcg/2 ml, of Sunovion Pharmaceuticals Inc. Arformoterol Tartarate Inhalation Solution is a long-acting beta2-adrenergic agonist (beta2-agonist) indicated for long-term, twice daily (morning and evening) administration in the maintenance treatment of bronchoconstriction in patients with chronic obstructive pulmonary disease (COPD), including chronic bronchitis and emphysema. Read More

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Q4FY22 Preview: Tech Mahindra: Revenues seen at Rs121,073 million, PAT at Rs14,250 million

Published on: 3:23 pm

  • Result date: 13th May, 2022
  • Recommendation: Buy
  • Target price: 1,800 
  • Tech Mahindra is likely to post constant currency revenue growth of 5.6% on a sequential basis, driven by inorganic contribution and seasonality in the communication vertical.
  • Its EBIT margin could shrink 60 basis points sequentially, as operational improvements are offset by the lack of one off benefits on SG&A expenses (which were present in the December 2021 quarter). Read more

MEP Infrastructure step-down subsidiary Bhalaji Toll Road bags LoA from NHAI

Published on: 3:13 pm

  • MEP Infrastructure Developers Ltd's step-down subsidiary viz. Bhalaji Toll Road Private Limited (BTRPL) has signed the Contract Agreement on May 10, 2022 with National Highways Authority of India ("NHAI").
  • The contract agreement is for the project of collection of user fee for NALAVADI (Km 161.200) FEE PLAZA for section from Hubballi Hospet Section of NH-63 from Design Chainage Km 128.850 to Km 272.571 (Existing Km 129. 549 to Km 267.000) in the state of Karnataka. Read more

Gulshan Polyols signs contract with Meghna Pulp & Paper Mills; Stock slips 2%

Published on: 2:26 pm

  • Gulshan Polyols Ltd has signed and executed a Contract with Meghna Pulp & Paper Mills Limited, received on May 09, 2022.
  • As per the filing, the contract is for supplying of GCC, GCC Coating plant, Vibrator Separating Machine with standard accessories including motor, conveyor, panel etc. and spare parts for GCC & GCC Coated machine to Meghna Pulp & Paper Mills Limited. Read more

GACL, GAIL join hands to set up 500 KLD Bioethanol plant in Gujarat

Published on: 1:40 pm

  • Gujarat Alkalies and Chemicals Limited (GACL) and GAIL (India) Limited (GAIL) have joined hands to set-up a Bioethanol plant of 500 KLD capacity.
  • A Term Sheet for setting up a Bioethanol plant in Gujarat was signed by Harshad R Patel, lAS, Managing Director of GACL and R K Singhal, ED (BD & E&P) of GAIL, in the presence of M V Iyer, Director(Business Development) of GAIL, at New Delhi, on May10, 2022. Read More

Kalyan Jewellers India delivers PAT of Rs224 crore with revenue growth of 26% yoy in FY22

Published on: 12:41 pm

  • Kalyan Jewellers India Limited recorded a consolidated revenue of Rs10818 crore, the highest revenue in the history of the company so far despite disruptions to business due to COVID 2nd and 3rd waves during the year. The consolidated PAT for FY2022 was Rs224 crore. The PAT for the last three quarters was Rs275 crore.
  • Consolidated revenue for Q4FY22 was Rs2857 crore as against Rs3057 crore in the corresponding quarter of the previous year. The company recorded Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of Rs 218 crores during Q4 FY22 compared to Rs 228 crores in the same quarter of the previous year. Read more

Cera Sanitaryware to invest Rs197 crore in sanitaryware, faucetware expansion; Stock zooms 4.5%

Published on: 12:04 pm

  • Cera Sanitaryware Ltd has informed that the Board of Directors at their meeting held on May 10, 2022 has approved the Project Capex for the expansion of Greenfiled Sanitaryware plant and Brownfield faucetware plant.
  • As per the filing, the present capacity of the Sanitaryware is 25 Lacs pieces p.a. and of Faucetware is 30 Lacs pieces p.a., which will vary from different products produced from time to time.
  • The Board of Directors has approved the capex of Rs197 crore for the company'sexpansion plans and the mode of financing will be from Internal Accruals only, no debt raising is envisaged, said company. Read More

CRISIL reaffirms 'A1+' rating on Prince Pipes and Fittings' commercial paper worth Rs50 crore

Published on: 11:31 am

  • CRISIL Ratings has upgraded its ratings on the Rs668 crore bank facilities and Rs50 crore commercial paper program of Prince Pipes and Fittings Limited (PPFL) to ‘CRISIL A+/Stable/CRISIL A1+’ from ‘CRISIL A/Positive/CRISIL A1’.
  • The upgrade reflects the sustained improvement in the company’s business risk profile driven by the healthy revenue growth and operating efficiencies.Read more

Dr Agarwal’s Health Care raises over Rs1000 crore funding from TPG Growth and Temasek

Published on: 11:04 am

  • Chennai-based Dr. Agarwal’s Health Care Ltd. (DAHCL) has closed a landmark fund raise of Rs1,050 crore from TPG Growth, the middle market and growth equity platform of alternative asset firm Texas Pacific Group which is one of the leading investment firms based out of the US, and from existing investor Temasek, a global investment company headquartered in Singapore.
  • The investment round, which is India’s largest fund raise in the eyecare space, will also provide significant capital to fuel the company’s expansion plans and pave the way for an exit for existing investor, ADV Partners. The company also raised Rs270 crore investment from Temasek in 2019. Read more

Q4FY22 Preview: Larsen & Toubro: Revenues seen at Rs33,000 crore, PAT at Rs2,980 crore

Published on: 10:59 am

  • Result date: 12th May, 2022
  • Recommendation: Buy
  • Target price: Rs2,260
  • Source: IIFL Research
  • Larsen & Toubro (L&T) witnessed EPC order inflows between Rs9,000-22,000 crore (ex-services segment) during the March 2022 quarter. These inflows encompassed segments of railway, hydrocarbon, power T&D, water treatment, heavy engineering and buildings & factories. Healthy order inflow is commendable given the challenging macro environment. Read more

Power Finance Corporation arm incorporates three wholly-owned subsidiaries; Stock down 1.5%

Published on: 10:38 am

  • Power Finance Corporation has informed to the exchanges regarding incorporation of three wholly-owned subsidiaries by the company.
  • As per the filing, following three Special Purpose Vehicle (SPV) Companies have been incorporated as wholly-owned subsidiaries of PFC Consulting Limited ( a wholly owned subsidiary of Power Finance). Read more

Q4FY22 Preview: Adani Ports and Special Economic Zone: Revenues seen at Rs3,711 crore, PAT at Rs1,17

Published on: 10:15 am

  • Result date: 11th May, 2022
  • Company’s port revenues could remain flattish during the March 2022 quarter. Increased commodity prices, ports congestion and geo-political tensions are affecting the global container market. Lower coal offtake (elevated international prices and higher supply of domestic coal) could add to the pressure. The company’s revenue could inch up 3% over the year-ago quarter.
  • EBITDA too is likely to grow in low-single digit over the year-ago quarter. Profit After Tax (PAT) could fall 10% as compared to the year-ago quarter. Read More

Wipro extends agreement with Crédit Agricole CIB to support IT infrastructure transformation

Published on: 10:12 am

  • Wipro Limited has announced that it has extended its strategic agreement with Crédit Agricole CIB, the corporate and investment bank division of Crédit Agricole Group, to fuel Crédit Agricole CIB’s next stage of growth.
  • The engagement builds on Crédit Agricole CIB and Wipro’s decade-long relationship and will provide the Bank with a larger team of Wipro experts who will operate a robust and secure infrastructure. Read more

MTAR gets board's approval for acquisition of Gee Pee Aerospace & Defence; Stock plunges 3.5%

Published on: 9:57 am

  • The Board of Directors of MTAR Technologies Ltd have approved the acquisition of shares of Gee Pee Aerospace & Defence pvt. Ltd., an MSME Company for a consideration of Rs8.82 crore.
  • The Management is currently in discussion with the shareholders of Gee Pee Aerospace & Defence Pvt. Ltd. on the terms and conditions. This acquisition is expected to provide a wide array of benefits under MSME category including the increased potential of entering into offset partnership with global OEMs as foreign partners get an offset credit of up to 1.5 multiple on Indian content. Read more

MTAR gets board's approval for acquisition of Gee Pee Aerospace & Defence; Stock plunges 3.5%

Published on: 9:57 am

  • The Board of Directors of MTAR Technologies Ltd have approved the acquisition of shares of Gee Pee Aerospace & Defence pvt. Ltd., an MSME Company for a consideration of Rs8.82 crore.
  • The Management is currently in discussion with the shareholders of Gee Pee Aerospace & Defence Pvt. Ltd. on the terms and conditions. This acquisition is expected to provide a wide array of benefits under MSME category including the increased potential of entering into offset partnership with global OEMs as foreign partners get an offset credit of up to 1.5 multiple on Indian content.
  • Further, "the public procurement policy mandates procurement of up to 20% of requirements of Gott departments through MSMEs, which is expected to augment our customer base. In addition, this shall enhance our capacity that enables us to address more orders, thereby expanding our product portfolio", said the company. Read more

Markets trade higher amid volatility; Metals, oil & gas stocks outperformed while IT, pharma, FMCG d

Published on: 9:46 am

  • Indian markets traded on a positive note during Wednesday's opening bell amid mixed global markets as investors awaited key inflation data from the US due later in the day. The domestic equities recorded a broad-based buying with metal and oil & gas stocks outperforming. Pharma stocks was the only laggard during the early trade.
  • However, concerns about inflation, rising interest rates and the possibility of worldwide recession continue to remain in focus as corporate earnings also play a role in swaying investors sentiments. Read more

Aurobindo Pharma gets six observations from USFDA for Unit VII; Stock sheds 2%

Published on: 9:22 am

  • The United States Food and Drug Administration (US FDA) inspected Aurobindo Pharma Ltd's Unit VII, an oral manufacturing facility situated at Jedcherla, Hyderabad, from May 02-10, 2022.
  • "At the end of the inspection, we have been issued a ‘Form 483’ with six observations", said pharma major in a regulatory filing on Tuesday. Read more

Q4FY22 Preview: Tata Motors: Revenues seen at Rs784,930 million, Net loss at Rs12,134 million

Published on: 9:19 am

  • Result date: 12th May, 2022
  • Recommendation: Buy
  • Target price: Rs580
  • Tata Motors’ consolidated revenue for the March 2022 quarter is expected to fall 11.4% over the year-ago quarter amid weakness in the JLR volumes. Standalone revenue though could grow 32% over the year-ago quarter, fueled by sharp 27% jump in volumes. Read More

Chalet Hotels stock marginally higher post Q4 numbers

Published on: 9:17 am

  • Chalet Hotels Limited, owner, developer, and asset manager of highend hotels in key metro cities of India, announced its results for the fourth quarter and year ending March 31, 2022.
  • Highlights for Q4FY22:
  • Total Income grew by 55% to Rs1,535 million as compared to Q4FY21
  • EBITDA (from continuing operations) was at Rs369 million as compared to Rs61 million in Q4FY21
  • Hospitality segment performance YoY:
  • Revenue growth for Q4FY22 was 75% Read more

Shreeji Translogistics registers 52% yoy revenue growth in Q4FY22; Stock dips 1%

Published on: 9:16 am

  • Shreeji Translogistics Limited, which has grown to become one of the largest integrated national logistical solution providers in India, has announced its financial results for the quarter and year ended March 31, 2022.
  • Key Highlights:
  • Revenue of Rs16657.78 lakh, yoy growth of 52%
  • EBITDA of Rs2019.47 lakh, yoy growth of 164% Read More

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