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18th May, 2022

Indian Equity Markets end the day in red

Published on: 4:14 pm

  • After starting the day in green, Indian equity markets ended the day in red. NSE Nifty closed 19 points lower than the previous day. BSE Sensex closed 109 points lower than the previous day. Stocks that were top gainers today included Tata Consumer, HUL, Ultratech etc. Stocks that were top losers  included Tech Mahindra, PowerGrid, BPCL etc.
  • Some of the negative news on WPI inflation, oil prices soaring etc. that came yesterday might have dampened market sentiments a bit today. US Federal Reserve Chairman Jerome Powell’s hawkish statement on raising interest rates to control inflation may also have affected market sentiments. Profit booking by some investors to take advantage of the rise seen yesterday and earlier today might have also caused the markets to lose early gains. Read more

Zydus Lifesciences' board meeting on May 20th to decide on share buyback

Published on: 3:25 pm

  • Zydus Lifesciences’ board will meet on May 20th to take a decision regarding share buyback. If the decision is taken in favor of share buyback, then the company will pay out some of the cash to its shareholders through the share buyback. Its number of outstanding shares will also go down because of the share buyback. This will increase its Earnings Per Share. Due to increase in Earnings Per share after the buyback, share price of the company may go up. Read More

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Unsustainably low tariffs seem to be the real problem with Indian telecom companies

Published on: 3:09 pm

  • The tariff increase that Bharti Airtel implemented in November 2021 has enabled the company to increase its net profit by three times in the March 2022 quarter, when compared to the March 2021 quarter. This also shows that one of the real problems that were plaguing top telecom companies was tariffs that were unsustainably low.  
  • With the entry of Reliance Jio, established players such as Vodafone and Bharti Airtel were hesitant in increasing prices. Competition in  telecom industry then turned into a price-driven one. This resulted in bleeding losses or a sharp reduction in profits for telecom companies. Read More

TVS Motor launches new TVS iQube e-scooter with a host of exciting features

Published on: 3:06 pm

  • TVS Motor has announced the launch of the new TVS iQube Electric scooter in three avatars that come loaded with best-in-class on-road range of 140 km on a single charge.
  • They will offer a host of intelligent connected features such as 7” TFT touchscreen and clean UI, infinity theme personalisation, voice assist and TVS iQube Alexa skillset, intuitive music player control, OTA updates, fast charging with a plug-and-play carry along charger, vehicle health and safety notifications, multiple Bluetooth and Cloud Connectivity options, 32 litre storage space, and much more. Read more

Now Britain’s inflation touches 40 year high

Published on: 2:55 pm

  • UK’s inflation in April was 9%. This is 40 year high inflation rate that the country has seen. This means that at least since 1982, the country has not seen this high level of inflation. A large part of this increase in inflation is because of inflation in electricity and gas prices.
  • What is the role of Russia – Ukraine war in causing this rise in inflation? Between 1982 and 2022, UK got directly involved in three major wars. The 1982 Falklands war between UK and Argentina; 1992 Gulf war; and the 2003 invasion of Iraq by US , UK and other allies.  But inflation did not touch the peaks then that it is touching now. So all the inflation rise that UK is seeing now cannot be attributed solely to factors relating to ongoing Ukraine war. Also, inflation had started rising in UK much before the war in Ukraine started.
  • A large part of the inflation rise that UK is seeing currently has been caused by supply chain disruptions that were caused by Covid lockdowns. This is also getting reflected in high food price inflation that UK has seen in the past one year. Reduction in investments in exploration and production of conventional fuel sources such as oil in the past few years to reduce carbon emissions has reduced supply of conventional fuel. Natural gas is considered to be a cleaner fuel than oil. Over the years UK and other countries have increased the use of natural gas by substituting oil with it. This has resulted in sharp increase in demand for natural gas. Rise in natural gas prices is a major factor that has caused the inflation surge that UK is seeing currently. Read more

RBL Bank raises $100 million through issuance of Tier 2 notes

Published on: 1:50 pm

  • RBL Bank Limited has announced that it has completed its first issuance of Basel III compliant unsecured and subordinated Tier 2 Notes aggregating to US$ 100 million with a tenor of 117 months to United States International Development Finance Corporation (“DFC”), America’s development finance institution.
  • The Tier 2 issuance increases the Bank’s Total Capital Adequacy Ratio to 17.85%, enhancing the Bank’s overall capital adequacy. Read more

Nelco and Telesat complete successful LEO demonstrations in India

Published on: 1:49 pm

  • Nelco and Telesat have successfully conducted their first in-orbit demonstration of high-speed broadband connectivity in India with Telesat's Phase 1 Low Earth Orbit (LEO) satellite, marking yet another milestone for bringing next-generation satellite communication technologies to the country.
  • The testing campaign was conducted from April 25th to 29th 2022 at Nelco’s Mahape teleport and leveraged an 85-cm Intellian parabolic antenna to connect to Telesat’s Phase 1 LEO satellite. Read More

Jerome Powell targets Inflation control, whatever the cost

Published on: 1:35 pm

  • The global economies are in a state of flux and that has largely been driven by the extreme hawkishness shown by the US Fed, especially its chairman Jerome Powell. It is therefore obvious that every public statement of Jerome Powell is now being scanned with a fine toothed comb to look for implications. Fortunately, Powell has been quite often blunt and straight in his talk, rather than giving across very subtle hints.
  • The latest statement was made during Powell’s address at the Wall Street Journal’s “Future of Everything Festival”. Powell underlined that the Fed would hike rates as long and as much as required to ensure that inflation is brought under control. Powell did not mince words in stating that the Fed would be even OK with taking the rate of interest to 4% instead of 3% over the next 12 to 18 months.
  • The impact was visible immediately after this statement. Dollar Index (DXY) bounced back from 103 to 103.50 while the bond yields once again bounced back to 2.98%. But the real effect was seen in the upward shift in probabilities of the CME Fedwatch.
  • CME Fedwatch sees probability of rate hikes shifting higher Read More

Tata Communications launches integrated platform 'DIGO' for converged and contextual conversations

Published on: 12:44 pm

  • Tata Communications, a global digital ecosystem enabler, today launches DIGO, an in-network, cloud communications platform to power up customer engagement for digital-first businesses.
  • The platform offers a full suite of device-agnostic communications tools to seamlessly integrate into an enterprise's current applications, enabling it to bring intelligent, 360-degree human-to-everything (H2X) interactions for its users. Read more

Ethos Ltd raises Rs141.69 crore from 9 anchor investors

Published on: 11:31 am

  • Chandigarh-based Ethos Limited, one of the country's largest luxury and premium watch retail player with 13% share of the total retail sales in premium and luxury segment and a share of 20% in exclusively luxury segment in the financial year 2020, has garnered Rs 141.69 crore from 9 anchor investors ahead of its initial share sale that opens for public subscription on Wednesday. The company informed the exchanges that it has allocated 16,13,725 shares at Rs. 878 per share on Tuesday, May 17, 2022 to anchor investors.
  • ICICI Prudential FlexiCap Fund, Jupiter India fund, Saint Capital Fund, Cohesion MK Best Ideas Sub-Trust, Jupiter South Asia Investment Company Limited- South Asia Access Fund, Coeus Global Opportunities Fund, Alchemy Leaders of Tomorrow- Closed ended fund Series 2, UPS Group Trust, Nomura Singapore Limited ODI are amongst the investors that participated in the  anchor book. Read more

Greaves Cotton announces key hires, appoints Dr Arup Basu as Deputy Managing Director

Published on: 11:12 am

  • Greaves Cotton Limited, one of India’s leading engineering companies has announced the appointment of veteran executive leaders Dr. Arup Basu as Deputy Managing Director of Greaves Cotton Ltd and its EV subsidiary GEMPL announced the appointment of Sanjay Behl as CEO & Executive Director of Greaves Electric Mobility.
  • The strengthening of leadership comes on the heels of highest-ever consolidated quarterly revenue of Rs621 crore reported for quarter ending March 31, 2022. Read more

PG Technoplast inaugurates flagship AC manufacturing facility in Ahmednagar

Published on: 10:48 am

  • PG Technoplast Private Limited, a wholly owned subsidiary of PG Electroplast Limited (PGEL), has announced the formal inauguration of its flagship AC Manufacturing facility in Supa, Ahmednagar by Baldev Singh, Additional Chief Secretary, Government of Maharashtra.
  • The factory began commercial production earlier this year in January and is the first greenfield facility to come online under the PLI scheme for AC components. The facility is manufacturing all kinds of Split ACs ranging from 0.75T to 2.0T with installed annual capacities of 1.5 million IDUs and 1 million ODUs. Read more

Coastal Corporation inks MoU with Central Institute of Brackish Water Aquaculture; Stock soars ~2.5%

Published on: 10:35 am

  • Coastal Corporation Ltd has informed that the Company has entered into an MOU with the Central Institute of Brackish water Aquaculture of Indian Council of Agricultural Research, having its office at 75, Santhome High Road, Raja Annamalai Puram, Chennai-600028, with a view take up the business of Shrimp Larva Feed Production.
  • At around 10:39 AM, Coastal Corporation was trading at Rs333.55 apiece up by Rs7.85 or 2.41% from its previous closing of Rs325.70 apiece on the BSE. Read more

Datamatics Global signs automatic fare collection contract for Delhi-Meerut RRTS Corridor of NCRTC;

Published on: 9:58 am

  • Datamatics, a global Digital Operations, Technology, and Experiences company, has announced that it has signed contract for design, supply, installation, testing, commissioning and comprehensive annual maintenance of EMV based open loop Automatic Fare Collection (AFC) system for Delhi-Ghaziabad-Meerut RRTS corridor of NCRTC (National Capital Region Transport Corporation). NCRTC issued the Letter of Acceptance to Datamatics in January 2022.
  • As part of this project, Datamatics will be responsible for deploying AFC system for the nearly 82 km long Delhi-Meerut Corridor passing through one of the most densely populated sections of the National Capital Region connecting Delhi to Uttar Pradesh. Datamatics in consortium with AEP Ticketing Solutions, will implement the AFC solution with complete responsibility of supplying and implementing the system consisting of contactless ticket readers, smart gates, ticket vending machines, add value machines, point of sale terminals, and computing & communication infrastructure along with the complete device software suite. Read more

Markets maintain rising spree; Sensex tops 360 pts, Nifty 50 above 16,300; Pharma stock outperforms

Published on: 9:36 am

  • Indian markets continued their winning streak on Wednesday with Sensex reclaiming over 54,500-level and Nifty 50 earmarking above 16,300-mark. The domestic equities tracked mixed global cues as investors weighed the pace of growth as economies reopen in China against the resurgence in the Coronavirus pandemic. A broad-based buying was recorded on Indian exchanges with pharma, banking and financial stocks outperforming.
  • Also, WPI inflation (Wholesale Price Index) rose to a record high of 15.08% in April from 14.55% on the back of rising commodity prices, food and fuel prices fuelled by the Russia-Ukraine war and breakdown in global supply chains due to Covid lockdown in China. Read more

Kimia Biosciences gets permission for Bemopedoic acid bulk drug; Stock gains near 3%

Published on: 9:18 am

  • Kimia Biosciences Ltd has been granted permission to manufacture and marketing of Bemopedoic acid Bulk Drug under New Drug and Clincial Trials Rules, 2019, under Drug & Cosmetics Acts, 1940 for manufacture and market of Bempedoic acid Bulk Drug.
  • As per the filing, the permission has been granted by Directorate General of Health Services Central Drugs Standard Control Organisation (New Drug Division) vide letter dated May 17, 2022. Read More

HCL Technologies launches Kubernetes Migration Platform to accelerate application modernization

Published on: 9:17 am

  • HCL Technologies (HCL), a leading global technology company, has launched its Kubernetes Migration Platform (KMP) to help organizations accelerate application modernization.
  • HCL KMP is an automated solution that helps organizations migrate workloads from legacy on-premises and Cloud Foundry environments to modern Kubernetes-based platforms. KMP’s repeatable, reliable, and cost-effective approach enables organizations to reduce risk and complete migrations up to 120 times faster compared to manual alternatives. Read More

Compuage Infocom posts 21% yoy growth in EBITDA in FY22, PAT increases 29% yoy

Published on: 9:16 am

  • Compuage Infocom Limited has announced its audited Standalone and Consolidated results for the quarter & year ended March 31, 2022.
  • Q4FY22 Consolidated Financial Highlights
  • Total Income stood at Rs1,292.0 crore, up by 19% on yoy basis
  • EBITDA at Rs36.1 crore, up by 10% on yoy basis
  • PAT stood at Rs10.4 crore, up by 38% on yoy basis Read more

SGX Nifty marginally above its closing price yesterday

Published on: 8:23 am

  • SGX Nifty is marginally above its closing price  yesterday. At 8:27 a.m. Indian time it was at 9.75.
  • US markets saw superb rally as Dow Jones gained over 430 points while Nasdaq climbed 330 points as short covering/value buying saw stocks rising globally.  Bond yields climbed to 2.98%, while crude prices rose in tandem with equities. China reopening saw metals lead the global rally.
  • Asian indices opened mixed after seeing a superb past 2 days with the Japanese 'Nikkei' trading higher by 170 points in early trade. Taiwan & South Korean markets also traded in the green even as Chinese stocks see profit booking. The Hong Kong index was the big gainer yesterday, rising over 650 points and could see profit booking in early trade today. Read More

Q4FY22 Preview: Dr. Reddy’s Laboratories: Revenues seen at Rs50,746 million, PAT at Rs6,253 million

Published on: 7:51 am

  • Result date: 19th May, 2022
  • Recommendation: Buy
  • Target price: Rs5,000
  • Dr. Reddy’s Laboratories (Dr. Reddy’s) could witness 3% sequential growth in its US revenues during the March 2022 quarter. It has captured ~13.5% market share in Vascepa during the quarter under review, up from ~9% in December 2021, i.e. its market share has almost trebled from ~4.5% in the June 2022 quarter. According to IU data, Dr. Reddy’s launched Vasostrict AG in February 22 and has garnered ~8% market share in the Vasostrict injectable vials market. This product will be key to the growth of US revenues during the quarter. Read more

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