Latest News and Updates

23rd May, 2022

Markets end the day marginally in the red

Published on: 4:12 pm

  • Indian markets ended the day today, marginally in the red. NSE Nifty closed the day, down by 51.4 points. BSE Sensex closed the day down by 37.7 points. Top gainers today were M&M , Maruti, and HUL. Top losers today were Tata Steel, JSW Steel, and Divi’s Laboratories.
  • The news of Indian government cutting down excise duty on diesel and petrol did not seem to have any significant positive impact on market sentiments today. Steel stocks were the major losers today because of government’s decision to levy export duty on a number of iron and steel  products that are manufactured in India. On 8 products in the iron and steel intermediate products category, fresh export duty of 15% has been imposed. Read more

Netomnia and STL to collaborate for testing of programmable FTTx in live networks

Published on: 3:40 pm

  • STL, one of the industry’s leading integrators of digital networks, today announced that it will test its programmable FTTx (pFTTx) software solution with Netomnia for their live networks in the UK.
  • With experience in optical connectivity for more than 25 years, STL is bringing software-defined networking to largescale fibre to the home, cell sites and business networks through pFTTx. The Company recently announced general availability for pFTTx, a software-defined, open, and disaggregated Passive Optical Network (“PON”) solution that is intended to make fibre networks intelligent and agile. pFTTx offers core benefits like scalability, enhanced and detailed Telemetry reports, open community alignment (ONF/BBF/ITU-T), onboarding of third party Quality of Experience (QoE) applications, providing a better customer experience along with faster time-tomarket and reduced total cost of ownership. Read More

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Gulf Oil Lubricants posts marginal growth in Q4 & FY22 numbers; stock ends lower

Published on: 3:33 pm

  • Gulf Oil Lubricants Limited, a Hinduja group company, has reported its Audited financial results (Standalone) for the financial year ended March 31, 2022.
  • During the quarter ended March 31, 2022, the company has logged a Net Revenue of Rs638.93 crore, and PAT of Rs63.39 crores as compared to a Net Revenue of Rs517.43 crore and PAT of Rs59.79 crore respectively in the quarter ended March 31, 2021. Read more

US Corporate debt spreads increase

Published on: 3:16 pm

  • Corporate debt spreads in United States increase after quantitative tightening by US Federal Reserve. Corporate debt spread is the extra interest rate that companies have to pay on their debt, over the risk free rate of interest.
  • This increase in spread will further increase the stress on US companies. Read more

Premco Global hits new 52-week low post flop Q4FY22 show

Published on: 3:15 pm

  • Premco Global reported Consolidated Net Sales at Rs25.94 crore in Q4FY22, down by 25.26% from Rs34.71 crore in Q4FY21. While Standalone Net Sales stood at Rs18.32 crore in the quarter ended March 2022, as compared to Rs20.59 crore in Q4FY21, down by 11.03% yoy.
  • Revenue for FY22 was reported at Rs131.91 crore as compared to Rs102.69 crore in FY21, up by 28.45% yoy. Read more

DJ Mediaprint & Logistics empanelled by LIC of India, Divisional Office, Bardhaman

Published on: 3:15 pm

  • DJ Mediaprint & Logistics Ltd has informed that the Company is empanelled with LIC of India, Bardhaman Divisional Office for Advertisement and Publicity Work.
  • At around 3:17 PM, DJ Mediaprint was trading at Rs58.15 per piece higher  by 5.73% against previous closing of Rs55 per piece on the BSE. Read more

Mindteck posts 28.72% yoy growth in PAT at Rs10.98 crore for FY22; stock plunges 5%

Published on: 2:53 pm

  • Mindteck (India) Limited, the global engineering and technology solutions company with niche knowledge and expertise in the storage, medical device, semiconductor, and analytical instrument industries, reported its audited financial results for the year ended March 31, 2022.
  • The company’s consolidated revenue for the year ended March 31, 2022, stood at Rs298.78 crore, as compared to Rs286.72 crore for the previous year ended March 31, 2021. The company reported a consolidated net profit of Rs33.31 crore (including an exceptional item of Rs18.18 crore) for the year ended March 31, 2022, as compared to a consolidated net profit of Rs10.86 crore for the previous year ended March 31, 2021. Read more

NTPC updates on Kayamkulam Floating Solar PV Project; Stock up ~1%

Published on: 2:51 pm

  • NTPC Ltd stocks in focus on Monday after the declaration of Commercial Operation of second part capacity of 35 MW out of 92 MW Kayamkulam Floating Solar PV Project
  • In a regulatory filing, the company said that consequent upon successful commissioning, second part capacity of 35 MW out of 92 MW Kayamkulam Floating Solar PV Project at Kayamkulam, Kerala, is declared on commercial operation w.e.f. 06:00 Hrs. of  May 19, 2022. Read more

Capri Global clocks growth of 53.6% yoy in PAT at Rs41.80 crore for Q4FY22; stock climbs 5%

Published on: 2:40 pm

  • Capri Global Capital Limited posted a consolidated PAT of Rs41.80 crore in Q4FY22, up by a sharp 54% yoy but lower by 36% over a stronger Q3FY22 PAT of Rs64.90 crore.
  • Its quarterly disbursements crossed the 10-billion mark for the first time and stood at Rs1,040.60 crore as compared to Rs928.70 crore in Q4FY21, up by 12% yoy. Read  more

Salzer Electronics nosedives ~11% on logging sharp decline in Q4FY22 numbers

Published on: 2:35 pm

  • Salzer Electronics’ counter dipped nearly 11% in today’s trade at Rs172.80 on National Stock Exchange as the company posted its results for the quarter and financial year ended March 31, 2022.
  • Its Net Revenue in Q4FY22 was Rs228.02 crore as compared to Rs189.69 crore in Q4FY21, yoy growth of 20.21%, on account of an increase in volumes coupled with higher product prices. Read more

GAIL inaugurates Gas Receiving Station at Bathinda, incurs cost of Rs142 crore

Published on: 2:31 pm

  • Taking a major step to ensure the availability of natural gas for large customers, GAIL (India) Limited has laid a dedicated pipeline to supply the fuel to HPCL Mittal Energy Ltd.'s (HMEL) refinery here.
  • The dedicated pipeline, which will supply 1 MMSCMD gas to HMEL, has been laid for Rs142 crore. The 44.26 Km pipeline of 12-inch diameter (total capacity - 5 MMSCMD) is a spur line of the 500 Km Dadri - Bawana - Nangal Pipeline (DBNPL). The natural gas supply tap-off is taken from GAIL receiving terminal at NFL, Bathinda. Read more

Jindal Drilling & Industries bags contract from ONGC for deployment of Jack-up Rig 'Jindal Star'

Published on: 2:23 pm

  • Jindal Drilling & Industries Ltd has informed that Oil and Natural Gas Corporation Limited (ONGC) has awarded Contract to the Company for deployment of Jack-up Rig “Jindal Star” on charter hire for a period of three years at EDR of USD 42,750.
  • As per the filing,  the above Jack-up Rig “Jindal Star” is currently operating under an existing contract, awarded by ONGC to the Company and would be de-hired in November 2022. Read More

Tata Motors, Tata Power join hands to install 7 MWp solar rooftop expansion project in Pune

Published on: 1:32 pm

  • Reaffirming Tata Group’s commitment towards sustainable manufacturing The Tata Power Company Limited (Tata Power) and Tata Motors Limited (Tata Motors) have joined hands for the development of a 7 MWp solar rooftop project at Tata Motors’ Passenger Vehicle Plant in Chikhali, Pune.
  • This is the third phase of a joint 17 MWp on-site solar project developed by the two companies, of which a 10 MWp has been installed earlier. With this latest installation, the Tata Motors PV manufacturing unit, installed by Tata Power, will become home to India’s largest on-site solar project. Read more

Government may sell its entire stake in Hindustan Zinc and ITC soon

Published on: 12:26 pm

  • Indian Government is considering selling its entire stakes in Hindustan Zinc and ITC. The government holds 29.4% stake in Hindustan Zinc and 7.9%  stake in ITC.  At the current market price of Hindustan Zinc, at around Rs 297.8 per share, the government’s stake is worth Rs 37,452 crore.
  • At the prevailing market price of ITC at around Rs 275 per share, the government’s stake in it is worth Rs 26,522 crore. Read More

CRISIL reaffirms credit ratings on Kopran's bank facilities; Stock rises

Published on: 12:02 pm

  • CRISIL Ratings has reaffirmed its ‘CRISIL BBB+/Stable/CRISIL A2’ ratings on the bank loan facilities of Kopran Limited (Kopran; part of the Kopran group).
  • As per the rating rationle report, the ratings continue to reflect the extensive experience of promoters in the pharmaceutical industry, and healthy financial risk profile. These strengths are partially offset by the working capital-intensive operations, and susceptibility of operating profitability to volatility in raw material prices. Read More

Q4FY22 Preview: Apollo Hospitals: Revenues seen at Rs36,715 million, PAT at Rs2,089 million

Published on: 11:30 am

  • Result date: 25th May, 2022
  • Recommendation: Buy
  • Target price: Rs5,400
  • Apollo Hospitals Enterprise (Apollo) could post 68% bed occupancy rates for the March 2022 quarter. With volumes of inpatient and outpatient segments growing 17% and 20%, respectively over the year-ago quarter; average revenue per occupied bed (ARPOB) could improve 10%. Pharma and hospital business could post robust revenue growth, taking overall growth in topline to 28%. Read more

Ami Organics appoints Bhavin Shah as Chief Financial Officer; Stocks surges over 1%

Published on: 10:46 am

  • Ami Organics Limited has announced the appointment of Bhavin N. Shah as Chief Financial Officer of Company, effective June 01, 2022. Bhavin will take charge from serving CFO Abhishek Patel who will move on to take over his family business after a tenure of 4 years at AMI Organics. Bhavin N. Shah joined AMI Organics in March 2022 as Deputy Chief Financial Officer.
  • Bhavin, a qualified Chartered Accountant, brings more than 18 years of expertise in consulting, corporate accounts, and finance. Prior to joining AMI Organics, Bhavin was the Deputy General Manager in Sun Pharma Advanced Research Co. Ltd. (SPARC) where he was responsible for leading Accounts, Finance, Taxation, Banking Relations, and Fundraising. He has also led the finance team at Unimark Remedies and worked as a consultant with Deloitte Haskins & Sells. Read more

Asahi Songwons board approves Rs9.60 crore buyback plan; stock adds ~1%

Published on: 10:18 am

  • In its filing with the exchanges, Asahi Songwon Limited has approved the buyback of 2,40,000 equity shares, which does not exceed 25% of the total equity shares of the company.
  • The aggregate maximum amount of the Buyback is Rs9.60 crore, which does not exceed 10% of the aggregate of the paid-up capital and free reserves as per the last audited financial statements (on both standalone and consolidated basis) of the Company as of March 31, 2022.
  • The equity shares will be bought back for Rs400 per equity share. Read more

JK Cement zooms ~1% as board nods Rs500 crore fund raise

Published on: 10:02 am

  • JK Cement’s counter showed positive cues for the investors in Monday morning trade as the board informed exchanges of approval of a fund-raise plan worth Rs500 crore.
  • JK Cement informed that the board had recommended the approval of the shareholders' resolution to raise funds from the date of passing of the resolution in the 28th Annual General Meeting till one year after the issue of secured/redeemable non-convertible debentures in one or more series/tranches on private placement basis for an amount upto Rs500 crore at an interest rate that the prevailing money market conditions will determine at the time of borrowing. Read more

ICICI Bank allots over 3.32 lakh equity shares under ESOS; Stock up 1.5%

Published on: 9:56 am

  • ICICI Bank has allotted 332,659 equity shares of face value of Rs2 each on May 20, 2022 under the Employee Stock Option Scheme (ESOS).
  • Recently, ICICI Bank raised interest rates on Golden Years FD for senior citizens effective May 21, 2022. Read more

Markets trade flat amid volatility; Nifty below 16,250 dragged by metals

Published on: 9:34 am

  • Indian markets traded flat amid high volatility during opening bells on monday tracking mixed global cues. On domestic front, auto index soared 1% to support the broader markets while metal stocks tumbled 8% during early trading deals.
  • The market performance comes after the government announced an excise duty cut on petrol by a record Rs8 per litre and that on diesel by Rs6 per litre.  Read more

Hindustan Foods achieves Rs2,000 crore revenue milestone for FY22; Stock zooms 5%

Published on: 9:21 am

  • Hindustan  Foods  Limited,  India’s  most  diversified  FMCG  contract  manufacturers has announced  their  audited financial results, for the quarter and year ending March 31, 2022 .
  • Key Standalone Financial Highlights for FY22 are as follows:
  • Revenues increased by 44% to Rs2,026.0 crore in FY22 from Rs1,409.9 crore in FY21
  • EBITDA grew by 30% to Rs120.4 crore in FY22 from Rs92.8 crore in FY21
  • PBT increased by 41% to Rs76.9 crore in FY22 from Rs54.5 crore in FY21 Read more

Infosys reappoints Salil Parekh as MD and CEO

Published on: 9:17 am

  • The Board of Directors of Infosys Ltd in their meeting held on May 21, 2022, based on the recommendations of the Nomination and Remuneration Committee (NRC) have approved the reappointment of Salil Parekh as Chief Executive Officer and Managing Director of the Company from July 1, 2022 to March 31, 2027, subject to the approval of shareholders.
  • Salil Parekh, has been the Chief Executive Officer and Managing Director of Infosys since Jan 2018 and has successfully led the Company over the last 4 years. Read more

Arvind SmartSpaces logs strong FY22 numbers led by robust growth in fresh sales at Rs601 crore

Published on: 9:16 am

  • Arvind SmartSpaces Limited (ASL), one of India’s leading real estate development companies announced its financial results for the quarter and the year ended on March 31, 2022.
  • The Company reported strong momentum in fresh sales with Rs150 crore for the quarter aided by strong traction for luxury villas at its existing project in Ahmedabad. The Company also reported a jump of 20% in its net collections of Rs160 crore for the quarter versus the same quarter of the previous year. Net Interest bearing funds to equity ratio of the Company stands at (0.26) as on Mar-22 vis-à-vis 0.46 as at Mar-21. Read more

Markets may open in the green

Published on: 9:01 am

  • SGX Nifty has opened the day in the green. At 9:05 a.m. Indian time it was at 9.88 SGD.
  • US markets saw another day of very volatile trade on Friday as expiry of derivative contracts saw Dow Jones recover from a 650-point decline during the day to close in the green. Nasdaq also recovered from an intra-day decline of 350 points to close just 30 points down from the previous day’s closing. This happened amidst S&P 50 index touching bear market territory, as it is now down by 20% from its January highs. US bond yields closed near 2.78%, the lowest yield level in over 2 months. Oil prices remain near US$ 108. Read more

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