Latest News and Updates

20th May, 2022

Q4FY22 Preview: Powergrid Corporation of India: Revenues seen at Rs10,680 crore, PAT at Rs3,827 cror

Published on: 4:20 pm

  • Result date: 21st May, 2022
  • Recommendation: Buy
  • Target price: Rs250
  • Source: IIFL Research
  • Powergrid Corporation of India (Powergrid) is set to post stable performance in the March 2022 quarter. Asset capitalization to the tune of Rs4,000-5,000 crore will be a key driver of this performance. Read more

Markets see a day in green

Published on: 3:51 pm

  • After a day in red, today was a day in green for Indian equity markets. NSE Nifty ended the day up by more than 450 points. BSE Sensex ended the day up by more than 1500 points. Dr Reddy, Adani Ports,  JSW Steel, and Reliance Industries were the top gainers today.  Shree Cement and UPL were the top losers today.
  • Markets rose today on the back of some strong buying after the sharp fall of yesterday. Many must have thought buying at the current levels a good decision for future. Nothing else changed in economic fundamentals that could be attributed as the reason for the sharp rally seen today.  Over the next few days markets may follow a similar pattern of rising on one day and then falling on the other.  This pattern also reflects the current uncertainty and anxiety regarding the state of global economy and Indian economy. Read more

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Hero MotoCorp launches new edition of Splendor Motorcycle

Published on: 3:45 pm

  • Hero MotoCorp the world’s largest manufacturer of motorcycle and scooters, has launched the new edition of iconic motorcycle Splendor – the Splendor+ XTEC.
  • Progressive and innovative, offering everyday practicality, the new Hero Splendor+ ‘XTEC’ is packed with features such as Full Digital Meter with Bluetooth connectivity, Call & SMS alert, RTMI (Real Time Mileage Indicator), low fuel indicator, LED High Intensity Position Lamp (HIPL) and exclusive graphics. Additionally, it also comes with an Integrated USB Charger, Side-Stand Engine Cut-off and Hero’s revolutionary i3S Technology, (Idle Stop-Start System). Read more

Fitch Rating: Rising sales of popular UVs in India to support automakers’ profitability

Published on: 3:36 pm

  • Utility vehicles’ (UV) share of new car sales in India will continue to rise amid their high popularity as automakers reduce focus on compact hatchbacks amid rising production costs, says Fitch Ratings. The increasing share of higher-margin UV sales will help carmakers cushion the impact of high commodity prices and additional vehicle safety standards on production costs.
  • UV’s volume share in overall car sales increased to 49% in the financial year ended March 2022 (FY22) from 28% in FY19, according to Society of Indian Automobile Manufacturers (SIAM) data. This underscores the rising popularity of UVs over hatchbacks and sedans, whose combined share dropped from 66% to 48%. Read more

EaseMyTrip inks MoU with Saudi Tourism to drive Inbound Tourism; Stock hits 5% upper circuit

Published on: 2:58 pm

  • The Saudi Tourism Authority and EaseMyTrip have signed a Memorandum of Understanding to boost inbound tourism to Saudi Arabia by leveraging EaseMyTrip’s extensive travel network.
  • Through this MoU, EaseMyTrip and Saudi Arabia Tourism will explore opportunities to jointly collaborate on key initiatives and undertake various activities to promote and develop quality tourism experiences in Saudi Arabia and expand its presence in the Indian market. Read More

Alliance Integrated Metaliks receives work order from Patel Infra; Stock gains 2%

Published on: 1:54 pm

  • Alliance Integrated Metaliks Limited has received a work order from Patel Infra Ltd for the project named as "Delhi - Mumbai Expressway" for the location Vadodara, Gujarat.
  • As per the regulatory filing, the Project envisages to construct Eight Lane access controlled expressway from a junction near Baletiya village of Panchmahal District to a junction near Pratap Nagar Village of Vadodara District. This Project comes under Bharatmala Pariyojana in the State of Gujarat. The Company scope of work includes Fabrication, Metalizing, Painting, transportation and launching of Steel Truss & Plate Girders, said company. Read more

Welspun Corp stock hits 52-week high after Rs5000 crore plus order win in US

Published on: 12:22 pm

  • Welspun Corp Ltd has announced winning the single largest order in its history for supply of pipes valued at Rs5000 + crore (approx) in the United States.
  • This order is for supply of 325,000 MT (approx) of large diameter coated pipes for transporting natural gas from the Permian Basin to Houston. The pipes for this order will be produced from our Little Rock plant in the US and the same will be executed over a period of 12 months, commencing H2 of FY 23. Read more

Quadrant SPARK Matrix recognizes Intense Technologies for Customer Communication Management, 2022

Published on: 11:14 am

  • Intense Technologies has been recognized in the 2022 SPARK Matrix for Customer Communication Management by Quadrant Knowledge Solutions.
  • The study conducted by Quadrant Solutions provides a comprehensive market analysis of the global CCM market, opportunities, emerging technology trends, market trends, future market outlook, and overall market adoption rate. An extensive and rigorous survey lead to the results and the review of Intense Technologies adds one more feather to the cap. Read more

Wipro launches new tech innovation studio in Austin; Stock soars over 1.5%

Published on: 10:38 am

  • Wipro Limited has announced the launch of its latest Innovation Studio in Austin, TX.
  • Situated in a brand new 40,000 sq. ft. Class-A office building in Austin’s premier technology and research park, Wipro’s Innovation Studio is designed to be a productive, state-of-art collaborative space of 36 huddle rooms, 12 conference rooms and 330 individual think spaces, energizing community spaces, and areas for focused collaboration.
  • The Innovation Studio will leverage Wipro’s deep reservoir of IPs, patents, and innovation DNA and will draw from a diverse portfolio of transformative technologies including artificial intelligence, 5G, mixed reality/metaverse, blockchain, tokenization, multi cloud & edge computing, crowdsourcing, and robotics in collaboration with leading technology partners to experiment new solutions and serve clients. Read more

Glenmark Pharmaceuticals gets USFDA nod for Abiraterone Acetate Tablets; Stock surges 2%

Published on: 10:22 am

  • Glenmark Pharmaceuticals Inc., USA (Glenmark) has received final approval by the United States Food & Drug Administration (U.S. FDA) for Abiraterone Acetate Tablets USP, 500 mg, the generic version of Zytiga Tablets, 500 mg, of Janssen Biotech Inc.
  • According to IQVIATM sales data for the 12 month period ending March 2022, the Zytiga Tablets, 500 mg market2 achieved annual sales of approximately $260.2 million. Read more

Arbitration award for an amount of Rs8.46 crore in favour of Vedavaag Systems; Stock gains near 4%

Published on: 9:47 am

  • Vedavaag Systems Limited has announced that it has received an arbitration award in its favour from Hon'ble Arbitral Tribunal, Bhopal for a claim of Rs8.46 crore (including interest till the date of award) on Aadhar (UIDAI) project executed for Madhya Pradesh State Electronics Development Corporation Limited, Madhya Pradesh.
  • At around 9:51 AM, Vedavaag Systems was trading at Rs50.90 apiece up by Rs1.85 or 3.77% from its previous closing of Rs49.05 apiece on the BSE. Read more

Markets bullish; Sensex tops 900 pts; Metal, Auto outperforms; Tata Motors, JSW Steel lead

Published on: 9:34 am

  • Indian Market shrugged off the brunt of sell-off and was trading on a positive note during Friday's session with Sensex eyeing to reclaim 54,000-mark. Nifty 50 races towards 16,100-level. A broad-based buying was recorded across sectoral indices. The corporate earnings season continues to remain in focus.
  • At around 9:35 AM, Sensex is trading at 53,716.06 up by 923.83 points or 1.75%. Nifty 50 was trading at 16,094.85 higher by 285.45 points or 1.81%. Read more

Vipul Organics hires chemicals industry veteran Milin Purohit as Head of Sales and Marketing

Published on: 9:19 am

  • Vipul Organics Limited, leading Specialty Chemicals company in the pigments and dyes segment, has announced that they have hired a senior Chemicals Industry hand, Milin Purohit, to head their sales and marketing. The appointment is important as Vipul Organics is looking at diversifying its products portfolio and focusing on new categories of business.
  • “Vipul Organics is very happy to welcome Purohit on board. He is a recognized expert in distribution and has opened up new avenues and channels in all the companies that he has been associated with. Read more

IRB Infra SPV gets appointed date from NHAI for Pathankot Mandi HAM project in Himachal Pradesh

Published on: 9:17 am

  • The Pathankot Mandi Highway Pvt. Ltd., an SPV of IRB Infrastructure Developers Ltd. has received an Appointed Date May 18, 2022 from the National Highway Authority of India (NHAI).
  • With this the Company is now set to commence construction activity on the project soon. Read more

Ajmera Realty & Infra achieves revenue growth of 39% yoy for FY22; Stock soars 3%

Published on: 9:16 am

  • Ajmera Realty & Infra India Ltd, a leading real estate company with pan India and international presence has announced its quarter & year ended March 31, 2022 financial results on Thursday.
  • Key Highlights for FY22:
  • Sale Value at Rs431 crore; 344 Number of units sold
  • Collections at Rs394 crore
  • Revenue at Rs489 crore; up 39% yoy Read more

SGX Nifty rising marginally in early trade

Published on: 8:48 am

  • SGX Nifty was at 9.86 SGD at around 8:50 a.m. Indian time. This is above its closing price yesterday of 9.68 SGD.
  • US markets saw another day of volatile trade with indices ending in the red but above the lows touched during the day. Dow Jones closed lower by 230 points while Nasdaq closed down by 29 points. Bond yields closed near 2-month low at 2.82%, while crude oil also saw minor fall, to trade near US$108. Read More

Ethos IPO subscribed 44% on Day 2; Retail portion booked 68%

Published on: 7:52 am

  • The Initial Public Offering (IPO) of Chandigarh-based Ethos Limited ("Company"), one of 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, received bids of 17,61,557 shares against the offered 39,79,957 equity shares, at a price band of ₹836-878, according to the data available on the stock exchanges. Overall the issue was subscribed 0.44 times on the first day of bidding.
  • Retail investors portion was the most subscribed with 0.68 times, followed by non-institutional investors which witnessed a subscription of 0.25 times. Portion set aside for Qualified institutional investors was subscribed 0.19 times. The issue kicked off for subscription on Wednesday, May 18 and will be open till Friday, May 20. Read more

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