Latest News and Updates

24th May, 2022

Uncertain times see another day in red in the markets

Published on: 4:42 pm

  • Indian markets ended the day in red today.  NSE Nifty came down by 89.5 points over the previous day’s close. BSE Sensex came down by 236 points.  Top gainers today were Dr Reddy, HDFC and Kotak.  Top losers today were Divi’s Lab, Tech Mahindra and Grasim. Delhivery’s shares today got listed at a premium of 1.68 % over their IPO issuance price.
  • It can be seen that many of the stocks that were among the gainers the previous day, turned out to be among the losers the next day, and vice-versa. This indicates that much of the market movement currently is driven by the intention to take advantage of price movements to book profits. The long term investment perspective may be missing from the market. This is a natural market response to ongoing uncertainty and negativity regarding the state of Indian and global economy. Read more

Ramco Cements clocks revenue of Rs6,011 crore in FY22; stock skids ~3%

Published on: 3:45 pm

  • Ramco Cements Limited has announced results for the quarter and fiscal year ended March 31, 2022. Company’s Net revenue for the FY22 stood at Rs6,011 crore as against Rs5,303 crore during PY with a growth of 13%.
  • EBIDTA for FY22 is Rs1,314 crore as against Rs1,583 crore during PY with a de-growth of 17%, mainly due to a sharp increase in fuel price and weak cement prices. Read more

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Pitti Engineering logs 80.30% yoy growth in FY22; stock ends ~4% lower

Published on: 3:28 pm

  • Pitti Engineering Limited has declared its financial results for the Quarter and Year ended March 31, 2022.
  • Revenue from operations for Q4FY22 was at Rs271.39 crore, as compared to Rs170.34 crore in Q4FY21, registered a growth of 59.32% yoy. Whereas, revenue from operations for FY22 stood at Rs953.82 crore, clocking a growth of 84.07% yoy as compared to Rs518.17 crore in FY21. Read more

Vaibhav Global tumbles over 7% post Q4FY22 numbers

Published on: 3:05 pm

  • Vaibhav Global Limited’s counter reflected low investor sentiment in today’s trade post the company’s announcement of results for the financial year and quarter ended March 31, 2022.
  • The company’s revenue for Q4 and FY22 grew by 2.9% and 8.4% yoy respectively. The digital revenue mix continuously increasing, now at 37% of total retail revenue. Read more

Aditya Birla Fashion to raise Rs2,195 crore of primary capital from GIC; stock under pressure

Published on: 2:13 pm

  • The board of Aditya Birla Fashion and Retail Limited in its meeting today approved the raising of up to Rs2,195 crore by way of preferential issue of equity and warrants to an affiliate of GIC, Singapore’s sovereign wealth fund.
  • GIC will infuse Rs770 crore now towards subscription of equity and warrants, followed by up to Rs1,425 crore in one or more tranches within 18 months upon exercise of warrants. Read more

BLS International signs contract to process German visas in North America & Mexico

Published on: 2:09 pm

  • BLS International, a trusted global tech-enabled services partner for governments and citizens, announced today that it has signed a 7-year contract to process short-term and long-term visas for Germany in North America and Mexico regions.
  • BLS will be starting operations with two centres in Mexico and eight centres in North America in cities including Boston, Chicago, Houston, Los Angeles, Miami, New York, San Francisco and Washington D.C within six months. Read more

Ramco systems extends Aviation, Aerospace and Defense software service to Brunei Shell

Published on: 1:08 pm

  • Global aviation software provider Ramco Systems Limited announced that it will implement its Aviation, Aerospace, and Defense software for Brunei Shell Petroleum Co. Sdn. Bhd. (BSP), Brunei’s largest oil and gas company. Ramco’s full suite Aviation, Aerospace, and Defense Software will fully integrate and automate aviation operations at BSP.
  • Ramco’s Aviation Software will offer BSP modules covering Maintenance, Maintenance Inventory for Aviation, Flight Operations, Safety & Quality, CAMO, and Technical Records, providing BSP with a next-gen digital platform for real-time data visibility across organization and aircraft readiness management. The solution will also provide an in-depth analysis of BSP’s complex helicopter operations. Read More

Rupa & Company’s stock plummets ~14% post Q4FY22 lackluster numbers

Published on: 1:00 pm

  • Rupa & Company Limited, one of the leading and largest knitwear brands in India, engaged in the manufacturing, marketing, selling and distribution of men's and women's innerwear, thermal wear and fashion wear announced its Financial Results for the Quarter and year ended on March 31, 2022.
  • The company has achieved a revenue of Rs455.50 crore in Q4FY22 as compared to Rs454 crore in Q4FY21, up by 0.30% yoy. For FY22, revenue stood at Rs1,474.10 crore, up by 12.30% yoy, against Rs1,312.70 crore in FY21. Read more

Kaveri Seed Co's stock jumps ~1.5% as loss narrows in Q4FY22; achieves revenue of Rs54.56 crore

Published on: 12:18 pm

  • Kaveri Seed Company Limited, a leading seed company, has declared its financial results for the Quarter and Year ended March 31, 2022.
  • The company has logged revenue of Rs54.56 crore in Q4FY22 as compared to Rs55.08 crore in Q4FY21. While revenue for FY22 dipped 7.29% yoy at Rs915 crore as compared to Rs986.98 crore in FY21.
  • Company’s EBITDA for Q4FY22 was reported at a negative Rs7.10 (-7.10) crore as compared to negative Rs7.77 (-7.77) crore in the previous corresponding quarter. For FY22, EBITDA was reported at Rs238.41 crore as compared to Rs334.89 crore in FY21, down by 28.81% yoy. Read More

Sansera Engineering logs 21% yoy decline in PAT for Q4FY22; stock plunges ~4%

Published on: 11:57 am

  • Sansera Engineering Limited has posted its results for the quarter and fiscal year ended March 31, 2022.
  • The company has logged revenue of Rs580.80 crore in Q4FY22 against revenue of Rs496 crore in Q4FY21, up by 17% yoy. Revenue for FY22 stood at Rs2,004.50 crore as compared to Rs1,572.40 crore in FY21, up by 27% yoy. Read more

Q4FY22 Preview: Coal India: Revenues seen at Rs31,119 crore, PAT at Rs6,023 crore

Published on: 11:46 am

  • Result date: 25th May, 2022
  • Recommendation: Buy
  • Target price: Rs550
  • Source: IIFL Research
  • Coal India is reported coal offtake of 180 million tonne (MT) in the March 2022 quarter, up 9% over the year-ago quarter and 4% sequentially. The company’s consolidated could grow 17% on a year-on-year basis. Read more

Natco Pharma sheds ~1.5% as FMC Corporation files suit for process patent

Published on: 11:40 am

  • Natco Pharma Limited informed the exchanges that FMC Corporation has filed a Suit against NATCO for a Process Patent No. IN 298645 in the Delhi High Court.
  • Patent IN 298645 covers a Process to prepare CHLORANTRANILIPROLE (CTPR) that is set to expire on December 6, 2025.
  • NATCO has submitted to the Court that its CTPR process does not infringe IN 298645 and that it will launch its CTPR product after August 13, 2022, when the CTPR product patent expires with a non-infringing process. Read more

Q4FY22 Preview: BPCL: Revenues seen at Rs14,38,159 million, PAT at Rs31,748 million

Published on: 11:21 am

  • Result date: 25th May, 2022
  • Recommendation: Buy
  • Target price: Rs550
  • Source: IIFL Research
  • Bharat Petroleum Corporation (BPCL) could post crude throughput of 8.1 MMT for the March 2022 quarter, up 1.9% sequentially. Volume growth of marketing segment is pegged at ~4% both sequentially as well as over the year-ago quarter. Marketing margins though could remain weak amid rising crude oil prices. Losses in marketing are likely to be offset by inventory gains on oil stocks. Read more

IndiaMart InterMesh completes acquisition of 51.09% stake in Finlite; stock slips ~1%

Published on: 11:18 am

  • IndiaMart InterMesh Limited on Monday has completed the acquisition of a stake in Finlite Technologies Private Limited.
  • The company stated in its filing, “This is in continuation to our earlier intimation dated March 25, 2022, regarding disclosure in terms of Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 regarding proposed acquisition of 51.09% (on a fully diluted basis) of the share capital of Finlite Technologies Private Limited.” Read more

ICRA: Massive five-fold increase in capacity in Indian Data Centres with investments of Rs1.05 to 1.

Published on: 11:08 am

  • The Indian data centres (DC) market is witnessing healthy growth primarily driven by large hyper-scalers like Amazon web services, Google, Microsoft, Facebook, IBM, Uber, Dropbox etc. who are outsourcing their storage needs to third party DC providers.
  • To cater to the increasing demand, Indian corporates like the Hiranandani Group, Adani Group; foreign investors viz. Amazon, EdgeConnex, Microsoft, CapitaLand, Mantra Group have started investing in Indian Data Centres. Along with them, existing players like NTT, CtrlS, Nxtra, STT India are also expanding their capacities. Overall, 3900-4100 MW of capacity involving investments of Rs. 1.05 – 1.20 lakh crore are likely to get added in the next five years. Read More

Birlasoft’s board nods buyback plan worth Rs390 crore; stock marginally up

Published on: 11:07 am

  • Birlasoft Limited Board of directors has approved a buyback plan of upto 7,800,000 fully paid equity shares of Rs2 each.
  • In the regulatory filing, the company has informed that it has approved the Buyback upto 7,800,000 fully paid equity shares of Rs2 each (being 2.79% of the total paid-up equity capital of the Company) at a price of Rs500 per Equity Share, for an aggregate amount not exceeding Rs390 crore. This buyback size is less than 25% of the total paid-up equity capital and free reserves of the Company as of March 31, 2022, both on a standalone and consolidated basis. Read More

Marico acquires 53.98% stake in HW Wellness; stock adds ~1%

Published on: 10:54 am

  • Marico Limited has made a strategic investment and acquired a stake in HW Wellness Solutions Private Limited, a leading Digital-first brand in the healthy breakfast and snack segment under the brand name “True Elements”.
  • Under the aforesaid transaction, the Company has acquired 53.98% of the paid-up share capital of HW Wellness and it has accordingly become a subsidiary of the Company. Read more

Ujjivan Small Finance Bank increases interest rate on Regular TD and Platina FD

Published on: 10:53 am

  • Ujjivan Small Finance Bank  said in the press note that the interest rate on Fixed Deposits has been increased by 75 basis points to 6.75% p.a. for 15 months 1 day to 18 months’ tenure; and by 35 basis points to 7.1% p.a. for 990 days.
  • For Platina Fixed Deposit, the interest rate has been increased by 35 basis points (vs the regular Fixed Deposit) to 7.45% p.a. for 990 days; while for Senior Citizens the rate of interest will now be as high as 7.95% p.a. for the same tenure. Read More

Market trades lower amidst mixed global cues; Nifty below 16,150 points

Published on: 10:21 am

  • Indian markets opened in green amid high volatility on Tuesday driven by mixed global cues. However, soon the global indices lost momentum and erased all early morning gains.
  • During opening bells, Sensex was 164.93 points or 0.30% higher at 54,453.54 and Nifty added 35.65 points or 0.22% at 16,250.35 points.
  • At around 10.09 AM, BSE Sensex was trading 188.01 or 0.35% lower at 54,100.60 points. NSE Nifty was trading 71.15 or 0.44% lower at 16,143.55 points. Read more

Olectra Greentech’s stock spurts ~5% on bagging order worth Rs3,675 crore

Published on: 9:55 am

  • In its filing with the exchanges, Olectra Greentech Limited informed that against the tender where Evey Trans Private Limited (EVEY) has been declared as L- 1 (Least Quoted) bidder, as per the disclosure given on May 7, 2022, now it is awarded with Letter of Award for 2,100 Electric Buses from one of the State Transport Undertakings.
  • The said order is received for the supply of the 2,100 Electric Buses is on the Gross Cost Contract (GCC) / OPEX model for a period of 12 years being the contract period. Read more

Steel Exchange India welcomes revision of import and export duties

Published on: 9:46 am

  • Government of India has announced the Reduction of Import Duties on coking coal (high energy coal) and Coke and semi-Coke. Further to the above, the Government of India has also announced the levy of Export Duty on Pellets Nil to 45% and increased the Duty on Iron Ore lumps from 30% to 58%. Also, an Export Duty of 15% was announced on the Export of Pig Iron.
  • BSE and NSE listed Steel Exchange India Ltd has welcomed the decision of the Government of India which will ease the Raw Material procurement and also reduce the cost. Coal and Iron Ore are the key Raw Materials in the manufacturing of Billets and Rebars Read more

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