Latest News and Updates

23rd Jun, 2022

Infosys honored with HFS OneOffice Awards in the Sustainability & Innovation Ecosystem Categorie

Published on: 3:43 pm

  • Infosys, a global leader in next-generation digital services and consulting, has announced that it has won two HFS OneOffice Awards in the ‘Sustainability’ and ‘Innovation Ecosystem’ categories. The recognition by HFS Research, a leading global analyst firm, attests to Infosys’ overall environmental, social, and governance (ESG) leadership across both its own internal and ecosystem sustainability along with the ability to meet clients’ complex needs through Infosys' Fintech Ecosystem.
  • Infosys was recognized as a winner among 200 entries for demonstrating excellence and consistency in driving unmatched value for its clients while making a positive impact on both global and local environments, communities, societies, and economies. Read more

Xi's swipe at the US, UK during the BRICS Summit: "Sanctions are a double-edged sword"

Published on: 3:19 pm

  • In his remarks on Wednesday at the BRICS Summit, Chinese President Xi Jinping took aim at US and EU sanctions against Russia, stating that they "are a boomerang and a double-edged sword."
  • "Politicizing, instrumentalizing, and weaponizing the global financial system using a powerful position to arbitrarily impose sanctions will only injure others as well as oneself, leaving people suffering throughout the world," Xi said at the BRICS Business Forum. Read more

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BCL Industries to inaugurate greenfield distillery plant at Kharagpur tomorrow; Stock soars nearly 3

Published on: 2:50 pm

  • BCL Industries Ltd has announced the inaugural ceremony (Hawan Puja) of the greenfield distillery plant of its subsidiary Svaksha Distillery Limited, in Kharagpur, West Bengal on June 24, 2022. BCL Industries has around 75% stake in the Svaksha Distillery subsidiary.
  • This new state-of-the-art grain-based distillery unit has a capacity of 200 KLPD to manufacture both ENA and Ethanol. All work at plant has completed and the company has received all the required necessary permissions for the commencement. Read more

Pine Labs acquires Setu, a fintech infra startup for $70-75 million

Published on: 2:48 pm

  • Ahead of its intentions to list in the United States, merchant payments and lending platform Pine Labs has acquired fintech infrastructure expert Setu for $70-75 million, the firm announced on June 23. This move will bolster its varied online payments and lending capabilities.
  • Setu was founded in 2018 by Nikhil Kumar and Sahil Kini, the startup provides API integration for fintech businesses to connect with regulated organizations including banks, NBFCs, and others.
  • In a statement to the media, the founders of Setu stated that they would continue to be in charge of the business and brand while also operating independently. Read more

GST Council will debate the sales tax on cryptocurrencies next week

Published on: 2:44 pm

  • People with knowledge of the situation indicated that an Indian cabinet panel will meet next week to talk about imposing a goods and services tax on crypto transactions.
  • The council, made up of the finance ministers of the federal government and the states, is looking to expand the tax net in order to more effectively track transactions involving virtual digital assets, according to the persons, who declined to be named due to restrictions on speaking with the media. Beginning on June 28, the panel will convene for two days in Chandigarh, in northern India. Read more

Reports: Uber explored the sale of its Indian ride-hailing arm

Published on: 2:33 pm

  • According to sources familiar with the situation, Uber Technologies Inc. looked at possibilities for its Indian ride-hailing service, including a sale, but discussions were put on hold as tech startup values plummeted.
  • After seeing its limited prospects for profitable development in the nation, the US corporation started considering alternatives and contacted many interested parties, according to the persons, who asked not to be identified since the material is private. Before a worldwide equity market collapse derailed preparations, it considered a stock swap with local businesses or possibly a withdrawal, the sources said. According to the sources, an equity arrangement was preferred in the first discussions since it would allow Uber to maintain a presence in India. Read more

Binny to sell 600 acres windmill lands for Rs36 crore; Stock under pressure

Published on: 2:32 pm

  • Binny Ltd has approved the proposal for the sale of 600 acres of Company’s Windmill lands located at Perungudi and Veppilangulam villages, Tirunelveli District for a total sale consideration of Rs36 crore (Rs.6 Lakh per acre).
  • On Thursday at around 2:32 PM, Binny was currently trading at Rs232.25 per share down by Rs2.1 or 0.9% from its previous closing of Rs234.35 per share on the BSE. Read more

June 2022 MPC minutes calls a halt to accommodation

Published on: 2:26 pm

  • In the recent meeting of the Monetary Policy Committee (MPC) concluded on 08th June, the RBI raised repo rates by another 50 basis points from 4.40% to 4.90%. It must be noted here that in May 2022, the RBI had an unscheduled MPC meet where the rates were hiked by 40 bps to 4.40%. At that point, The RBI had also hiked the CRR by 50 bps from 4.00% to 4.50%, soaking up liquidity of Rs87,000 crore in the process.
  • If May 2022 marked a total shift of the monetary stance, June has underlined that trend. One of the most important documents is the minutes of the Monetary Policy Committee meeting, which highlights the arguments and perceptions of the six members of the MPC. The minutes of the June policy were published by the RBI on the evening of 22nd June. Needless to say, the vote for the 50 bps rate hike and the vote on the monetary stance was unanimous. Here is a gist of the discussion of MPC members during June 2022 policy meet. Read more

What the Big-3 Mutual Funds bought and sold in May 2022

Published on: 2:14 pm

  • For the month of May 2022, the data released by AMFI shows there was a sharp increase in equity fund inflows as well as SIP inflows. However, debt funds continued to remain under pressure. Among equity funds, all categories saw net inflows in May 2022. The big question then is; with so much of flows, what did these mutual funds do in equity markets? We will look at the 3 largest funds by equity AUM viz SBI MF, ICICI Prudential MF and HDFC MF. But, first let us start with a picture of the equity fund AUM of the top-10 funds in India.
  • Equity AUM managed by the big league MFs in May 2022 Read more

Gujarat Sidhee Cement stops Kiln due to high inventory; Stock gains over 3%

Published on: 2:05 pm

  • Gujarat Sidhee Cement Limited has announced that the Kiln for the cement plant of the Company located at Sidheegram, Gujarat has been stopped from June 22, 2022  for a period of 15 to 20 days.
  • As per the regulatory filing, the reason is due to high clinker inventory. However, cement grinding and despatches will be continued, the company said. Read more

Large cap, mid-cap and small caps that MFs traded in May 2022

Published on: 1:57 pm

  • When mutual funds invest in stocks, they normally spread it across large caps, mid-caps and small caps. While the large caps give the beta and the stability to the portfolio, it is the mid-caps and the small caps that normally give them the alpha. Of course, we are talking about the diversified and multi-cap funds. However, there are dedicated mid-cap and small cap funds that specialize only in these categories.
  • May 2022 has been another month of robust flows into equity funds with SIPs back to robust March 2022 levels. The logical question is; what did it translate into? One of the reasons stock markets have not fallen vertically, despite heavy FPI selling, is that domestic mutual funds provided support to the markets while FPIs were selling. That comes from the strength of flows into equity funds. But it is now time to scratch the surface and look at what these funds actually bought and sold across various capitalization categories. Here we specifically focus on the mutual fund buy and sell action in May 2022 across large caps, mid-caps and small caps; with each segment looked at separately. Read More

TCS’ Quartz named best new post trade solution by Financial Technologies Forum; stock climbs ~3%

Published on: 1:49 pm

  • Tata Consultancy Services Limited announced that Quartz for Markets was named the Best New Post Trade Solution at the 2022 FTF News Technology Innovation Awards.
  • The Financial Technologies Forum established the awards to recognize professionals, financial technology vendors, service providers, industry bodies, and regulators who made significant strides and notable achievements during the year. This year's competition winners were determined by votes cast online by FTF News readers and industry participants.
  • TCS was recognized for introducing an outstanding offering, Quartz for Markets. To drive future growth, the offering includes end-to-end services around tokenized securities to Market Infrastructure Institutions (MIIs) – exchanges, depositories, central banks, payment infrastructures, as well as private banks, custodians, and issuers. Read more

Chaayos raises $53 million to expand its operations

Published on: 1:21 pm

  • Chaayos, a network of tea shops, announced on Thursday that it has secured USD 53 million (about Rs414 crore) for store expansion, hiring, and tech improvements as part of its aim to open 100 new locations by the end of the year.
  • According to the company, Elevation Capital, Tiger Global, and Think Investments were all present in the investment round, which was led by Alpha Wave Ventures.
  • According to a release, new cash would be used for tech improvement, hiring, and shop expansion. Nitin Saluja and Raghav Verma founded Chaayos in 2012; it currently operates 190 outlets across 6 cities and expects to add another 100 by the end of 2022. Read more

Bajaj Auto jumps ~2% ahead of share buyback proposal on June 27

Published on: 1:09 pm

  • Bajaj Auto Limited informed the investors and exchanges that its board would convene a meeting on June 27, 2022, to consider the share buyback proposal.
  • The company stated in its filing, “A meeting of the Board of Directors of the company is scheduled to be held on Monday, June 27, 2022, inter-alia to consider the proposal for buyback of fully paid-up equity shares of the company as per the provisions of Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018.” Read More

L&T Technology placed as a leader in Digital Engineering Services by ISG; stock marginally up

Published on: 12:55 pm

  • L&T Technology Services Limited announced today that it has been positioned as a 'Leader' in all 5 quadrants for the North American market in the 2022 ISG report.
  • ISG acknowledged LTTS' leadership capabilities in Design and Development (Products Services, Experience), Connected and Intelligent Operations - Discrete Industries, and Connected and Intelligent Operations - Process Industries. LTTS has also been named a 'Leader' in North America for Integrated Customer/User Engagement & Experience and Platforms & Application Services. Read more

SC Soft signs multiple deals under California Integrated Travel Project (Cal-ITP); Stock zooms 4%

Published on: 12:52 pm

  • SC Soft Pte Ltd (SC Soft), an Aurionpro Solutions-led subsidiary, recently had announced empanelment under the California Integrated Travel Project (Cal-ITP), an alliance of transit agencies in the state of Calfornia, USA.
  • This is a multi-year, multi-million-dollar opportunity as it has opened for us the market consisting more than 300 transit agencies in the city and counties in the state of California. SC Soft has announced first wins under Cal-ITP with orders from the below transit agencies providing multiple modes of transport services: Read more

Macrotech Developers targets sales of Rs 1200 crore in its first project in Bengaluru

Published on: 12:46 pm

  • Macrotech Developers Ltd, a significant player in the real estate industry, stated on Thursday that it was entering the Bengaluru market and that it has established a joint venture to build its first housing project, with an expected sales booking value of Rs 1,200 crore.
  • The company said in a regulatory filing that it would purchase all of the shares in G Corp Homes in order to enter the Bengaluru market.
  • Pune and the Mumbai Metropolitan Region are important markets for Macrotech Developers, which sells its real estate under the Lodha brand. According to Macrotech, "the company's first project in Bengaluru has been signed through the JDA (joint development agreement) route by purchasing 100% equity shares of a company named G Corp Homes Pvt Ltd." Read more

CARE reaffirms credit rating of Gujarat Alkalies’ bank facilities worth ~Rs769 crore

Published on: 12:36 pm

  • Gujarat Alkalies & Chemicals Limited informed that the rating agency CARE Ratings Limited has reaffirmed the credit rating assigned to the company’s long-term and short-term bank facilities.
  • The rating agency has reviewed the total bank facilities of the company worth Rs768.98 crore.
  • CARE has reaffirmed the long-term ratings of the company to ‘CARE AA+’ and has assigned a Stable outlook to the same.
  • Short-term ratings assigned to bank facilities worth Rs45 crore have been reaffirmed at ‘CARE A1+’. Read more

With a virtual collaborative hub, consulting firm KPMG enters the metaverse

Published on: 12:21 pm

  • The creation of a metaverse collaboration centre by KPMG US and Canada, the consultant's entry into virtual reality, was announced on June 22 as the "next stage in both companies' journeys to lead their people and clients into Web 3.0."
  • The hub aims to connect, engage, and explore prospects for growth across industries and sectors among employees, clients, and communities. A metaverse, which seems to be the upcoming big thing, is being aggressively funded by Facebook, Epic Games, and other businesses.
  • The debut comes after recent announcements made by both firms about Web 3.0 and cryptocurrencies. Read more

Suraj Industries appoints Sanjai Kapoor as Chief Financial Officer; stock adds ~1%

Published on: 12:18 pm

  • Suraj Industries Limited informed that the board of directors of the company has approved the appointment of Sanjai Kapoor as a Chief Financial Officer of the company effective from June 22, 2022.
  • Sanjai Kapoor, 62, is a dynamic professional. He earned a bachelor's degree in commerce from the Shri Ram College of Commerce at Delhi University before becoming a Chartered Accountant in 1985.
  • Sanjai brings in 30 years of extensive experience in the liquor segment to the company. Read more

Mahindra Finance's Insurance arm collaborates with BigHaat; stock soars ~3%

Published on: 12:04 pm

  • Mahindra Insurance Brokers Limited (MIBL), a subsidiary of Mahindra & Mahindra Financial Services Limited (Mahindra Finance), announced a collaboration with BigHaat, India's leading Agri Digital Platform, today. This collaboration will provide financial solutions to India's informal Agri workforce.
  • BigHaat and Mahindra Insurance Brokers will work together to promote the Government of India's goal of increasing insurance penetration in rural India.
  • Under this collaboration, Mahindra Insurance Brokers Limited will provide health and auto insurance policies. BigHaat customers will be able to purchase the health insurance policy through the BigHaat website and mobile application. Available in various combinations (Self/Spouse/Children/Parents), this policy will provide a Sum Insured of up to Rs5 lakh. Read more

Wipro wins Google Cloud Specialization Partner of the Year award for Application Development

Published on: 12:01 pm

  • Wipro Limited, a leading technology services and consulting company has announced that it has received the 2021 Google Cloud Specialization Partner of the Year award for Application Development for the second consecutive year.
  • Wipro was recognized for its strong product offerings and capabilities in the Application Development category and the extraordinary transformation that Wipro helped their customers achieve with increased agility, adaptability and a razor sharp focus on business outcomes.
  • Wipro FullStride Cloud Services combined industry-leading business solutions with a high-touch, business outcome based approach to help customers maximize the true transformative potential of Google Cloud’s unmatched portfolio of cloud capabilities. Read more

Indian currency bounces back from record low

Published on: 11:59 am

  • The rupee increased 9 paise to 78.23 versus the US dollar in early morning trade on Thursday (23-06-2022), rebounding from its record low. At the interbank foreign exchange, the rupee was first quoted at 78.26 versus the US dollar before edging up to 78.23, up 9 paise from the previous close.
  • The rupee lost 19 paise on Wednesday (22-06-2022), reaching an all-time low of 78.32 versus the US dollar. The dollar index, which measures the strength of the dollar against a basket of six different currencies, was trading 0.5% down at 104.14 at the time. Read more

NSE ban list for today's F&O trading

Published on: 11:53 am

  • The National Stock Exchange has added Sun TV Network, a media firm, to the list of companies that are subject to the F&O restriction for June 23 after the stock exceeded the market-wide holding limit by 95%.
  • Among 122 equities, Sun TV saw the largest short build-up. It retreated by about 9% to settle at Rs. 408 in heavy trading on the NSE. Given that the closing was far below the starting levels, there was a huge bearish candle formation on the technical front. Read more

RateGain chosen by Grupo Posadas to bolster recovery in Latin America; stock surges ~3%

Published on: 11:49 am

  • RateGain Travel Technologies Limited (RateGain), a global SaaS company for travel and hospitality, announced today that it has been chosen by Posadas, the parent company of Live Aqua, Gamma, Grand Fiesta Americana, Fiesta Americana, Fiesta Inn, The Explorean, IOH, and one Hotels, to provide business intelligence solutions, rate parity technology, and data intelligence to increase profitability and forecasting functionalities.
  • As Mexico's largest and most internationally renowned hotelier, founded four decades ago with an impressive history of business growth and brand expansion, the company is poised for an excellent growth recovery as Latin American travel demand recovers and tourists flock to Mexico as an alluring travel and vacation destination. Read More

GMR Power & Urban acquires 100% stake in GMR Green Energy; Stock jumps 5%

Published on: 11:41 am

  • GMR Power & Urban Infra Ltd has acquired 100% stake in GMR Green Energy Private Limited ("GGEPL") from GMR Solar Energy Private Limited ("GSEPL") a fellow subsidiary
  • As per the filing, the Company has acquired entire 50,000 equity shares of GGEPL at face value of Rs. 10/- each for an aggregate cash consideration of Rs5 lakh on June 21, 2022.
  • GGEPL was incorporated during the year 2022 with the objective to pursue opportunities in the Green Energy business and is yet to commence commercial operations, the  company said. Read More

Automobile sales may increase by as much as 25% in June

Published on: 11:39 am

  • According to media reports, insiders in the industry predict that between 321,000 and 325,000 passenger vehicles will be delivered from manufacturing plants to dealerships in June, up roughly 25% from the 255,743 units that were sold during the same time last year.
  • As consumer demand remains robust and the components shortage that had hampered production for the majority of the previous year eases, passenger vehicle manufacturers in the local market are expected to announce one of their highest-ever monthly sales in June.
  • If market leader Maruti Suzuki hadn't scheduled a week-long maintenance stoppage, volumes would have undoubtedly exceeded previous records. Sales of passenger cars, sedans, and utility vehicles reached record highs of 334,311 units in October 2020 and 321,794 units in March 2022, respectively. Read more

Larsen & Toubro bags ‘Large’ order for its Hydrocarbon Business; stock zooms ~2%

Published on: 11:29 am

  • A prestigious overseas client has awarded three offshore packages to Larsen & Toubro Energy's Hydrocarbon division. Engineering, procurement, construction, and installation of various new offshore jacket structures are part of the scope of work. L&T Energy Hydrocarbon (LTEH) has previously executed orders for this client, and repeat business demonstrates L&T's "Execution Par Excellence" philosophy.
  • In terms of order book, ‘Large’ orders have an estimated revenue between Rs2,500 crore to Rs5,000 crore for the company. Read more

GPT Infraprojects stock skyrockets near 15% on bagging order worth Rs292 crore

Published on: 11:17 am

  • GPT Infraprojects Ltd has informed to the exchanges that the company has bagged an order valued at Rs292 crore.
  • As per the regulatory filing, the order from Office of the ECOR-CONST-HQ-ENGG, 2nd Floor, North Block, Rail Sadan, Samanta Vihar, Chandrasekarpur, Bhubaneswar, Odisha. Read more

Vodafone Idea exercises the option to postpone paying its Rs 8,837 crore additional AGR liability

Published on: 11:17 am

  • Debt-ridden The telecom company Vodafone Idea has made the decision to postpone for four years the payment of additional adjusted gross revenues totalling Rs 8,837 crore.
  • The DoT upped its adjusted gross revenue (AGR) demand on June 15 for an additional two financial years beyond 2016–17, which were not covered by the Supreme Court's judgment on statutory dues, according to the firm in a late-night filing on June 22. Read more

Crisil assigns long term credit rating of A- to Minova Runaya

Published on: 11:02 am

  • Ratings agency Crisil has given A- long term rating to Minova Runaya Private Limited. The outlook has been kept at Stable. Stable outlook means that the rating agency does not expect the creditworthiness of the company to deteriorate in the foreseeable future.  Short term rating given to the company by Crisil is A2+.
  • Minova Runaya Private Ltd is a joint venture between Minova Minetek Pvt Ltd and Runaya Metasource LLP.  Minetek holds 51% stake in this venture while Runaya holds 49%. The company manufactures ground support equipment that is used in tunnels and mines. Its manufacturing plant is located in Bhilwara in Rajasthan.  Runaya Metasource LLP is a subsidiary of Vedanta. Read More

BLS International inks agreement with directorate of registration & stamp revenue, West Bengal g

Published on: 10:52 am

  • BLS International Services Ltd, a trusted global tech-enabled services has partnered for governments and citizens, having an impeccable reputation for setting benchmarks in the domain of visa, passport, consular, citizen, e-governance, attestation, biometric, e-visa and retail services since 2005.
  • Commenting on this, Shikhar Aggarwal, Joint Managing Director, BLS International said, “We are delighted to sign this agreement with Government of West Bengal and expand our footprint in the eastern region. This is a great opportunity for BLS International to strengthen its specialized verticals in citizen services/E-governance which is an amalgamation of best-in-class technology and well-defined process to front-end these services.” Read more

HDFC Life Insurance board raises Rs350 crore via NCDs; Stock gains 1%

Published on: 10:35 am

  • HDFC Life Insurance Company Limited has informed to the exchanges that the Capital Raising Committee (“CRC”) of the Board of Directors on June 22, 2022, allotted 3,500 unsecured, rated, listed, subordinated, redeemable, fully paid-up, non-convertible debentures, each having a face value of Rs10,00,000/- (“Debentures”), for an aggregate nominal value of Rs350 crore for cash, at par, in dematerialised form, on private placement basis.
  • As per the regulatory filing, the Debentures shall be listed on the WDM segment of the National Stock Exchange of India Limited, within 4 trading days from the deemed date of allotment or such period as may be prescribed by SEBI, from time to time, said company. Read more

Ola Electric receives government notice to explain e-scooter fires

Published on: 10:30 am

  • According to media reports, Ola Electric has received a notice from the Central Consumer Protection Authority (CCPA), which is a division of the Union Consumer Affairs Ministry, about the recent events involving electric scooter fires.
  • Ola Electric has been given 15 days by the CCPA to respond to the notification, according to media reports. Midway through June, the notification was given. Following the explosion of their e-scooters last month, the CCPA sent notifications to Pure EV and Boom Motors.
  • According to several persons acquainted with the development, the consumer watchdog has urged Ola Electric to explain the causes for the fire and provide the specifics of quality standards after suo moto became aware of incidences of fires being recorded in electric vehicles. Read more

Allsec Technologies announces merger with Quess Corp; stock climbs ~6.5%

Published on: 10:22 am

  • Allsec Technologies Limited and Quess Corp Limited, in their respective meetings held on June 22, 2022, have approved the Amalgamation Scheme which provides for the merger of Allsec into Quess Corp.
  • The merger is subject to approval by Quess and Allsec's respective shareholders and creditors, stock exchanges, SEBI, the National Company Law Tribunal, and any other regulatory authorities that may be required. Quess and Allsec will continue to operate independently until the Scheme takes effect.
  • Quess is a leading business service provider in India that uses technology to drive productivity for clients. It has deep expertise in three synergistic platforms: workforce management, global technology solutions, and operating asset management. Read more

IRB Infra gets arbitration award Rs419 crore from IRB Pathankot Amritsar Toll Road; Stock skyrockets

Published on: 10:15 am

  • IRB Infrastructure Developers Ltd., India’s first multinational infrastructure player in the highways development sector, has received Rs308 crore towards part payment i.e., 75% of the total Arbitration Award from the National Highway Authority of India (NHAI).
  • Commenting on the development, Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd. said, “We deeply appreciate the steps taken by the Cabinet Committee on Economic Affairs for providing interim cashflow access to developers in clear award scenarios till a final verdict is closed.”
  • He further added, “Huge opportunities are lined up in the sector and we look forward to participating and investing in the same to  our best capabilities.” Read more

Silver and gold prices decline in early trading

Published on: 9:58 am

  • Early on Thursday (23-06-2022), gold prices decreased by Rs 220 from the previous day's pricing. The price of 10 grams of 24-carat gold is Rs 51,760. In contrast, 10 grams of 22-carat gold are being offered for Rs 47,450.
  • In the meantime, the price of silver has decreased by Rs 500 from the previous day. Silver costs Rs. 60,500 for 1 kilogramme.
  • Following the U.S. Federal Reserve chairman's reiteration of the central bank's commitment to combating inflation, gold prices were forced to decline somewhat in early trade on Thursday. Gold witnessed minor increases after Powell's remarks as Treasury rates took the brunt of it. Gold is sometimes seen as a hedge against inflation and a safe refuge during economic crises, such as recessions. Read more

Acrysil skyrockets ~11% on doubling the supply of Quartz Kitchen Sinks to IKEA’s Switzerland arm

Published on: 9:54 am

  • Acrysil Limited, a global manufacturer of "Composite Quartz Kitchen Sinks" in India using German technology, announces doubling the supply of Quartz Kitchen Sinks to IKEA Supply AG (Switzerland), a subsidiary of the International IKEA Group Sweden, for their global requirement.
  • IKEA specializes in the distribution and supply of home improvement products.
  • The production of the aforementioned additional "Composite Quartz Kitchen Sinks" for IKEA will begin in late July 2022, with deliveries kicking off in August 2022. Read more

Salasar Techno Engineering board nods fund raising of Rs200 crore; Stock up 1%

Published on: 9:51 am

  • The Board of Directors of Salasar Techno Engineering Limited at their meeting held on June 22, 2022 has considered and approved the raising of funds by issuance and allotment of equity shares for up to an aggregate amount of up to Rs200 crore by way of a preferential allotment and/or through QIP, FCCB, ADRs.
  • GDRs issues, or to the existing shareholders on right basis, or in any combination thereof, in one or more tranches, on such terms as may be decided by the Board or its duly empowered Committee, from time to time, the company said in a regulatory filing.
  • Further, the board decided to appoint various intermediaries, merchant bankers, advisors, legal counsel etc., and constituted a Board's Fund-Raising committee for proposed fund raising program. Read more

Markets trade positive; Sensex zooms 300 pts, Nifty 50 around 15,500; IT, Auto outperform

Published on: 9:43 am

  • Indian markets traded on a positive note during Thursday's opening bell amid  mixed global cues. The domestic equities recorded a broad-based buying with IT stocks outperforming. Oil & gas stocks was the only laggard during the early trade. Notably, on global front, increasing probability of US economy falling into recession is also a fear of concern worldwide led by fluctuating crude oil price.
  • Moreover, globally UK consumer inflation hit a new 40-year high amid warnings of global recession which is also the key factor to impact indian financial markets today.
  • At around 09.46 AM, Sensex was trading at 52,117.48 higher by 294.95 points or 0.57%. The index has touched an intraday high of 52,168.61 in early trade. Read More

Asian stocks struggle, oil prices drop as recession worries persist

Published on: 9:41 am

  • The largest MSCI index of shares outside of Japan from the Asia-Pacific region reversed previous advances to trade mainly flat in Asia. South Korean stocks fell, while the Nikkei in Japan was largely unchanged.
  • Following the announcement that Chinese President Xi Jinping presided over a top-level conference on Wednesday that approved a strategy for the healthy development of China's large payment enterprises and fintech industry, Hong Kong's Hang Seng Index increased by 0.6%.
  • In testimony to the U.S. Senate Banking Committee, Fed Chair Jerome Powell conceded that a recession was "definitely a possibility," but said the Fed was not seeking to orchestrate one. This caused the dollar and U.S. Treasury yields to drop overnight. Read more

IndusInd Bank raises its MCLR

Published on: 9:34 am

  • On Wednesday (22-06-2022), the private sector bank IndusInd Bank increased its marginal cost of funds-based lending rates (MCLR) across all tenures by 15 basis points (bps). According to data on the lender's website, the bank's one-year MCLR now stands at 9 percent. In June, the bank raised its one-year MCLR by 25 basis points.
  • Compared to the rises the bank announced in other months, the MCLR increase in June is more pronounced. The bank increased the MCLR by 5 bps in each March and April and then increased lending rates by 20 bps in May in response to the Reserve Bank of India's 40 bps increase in the repo rate at an off-cycle meeting that same month. The central bank then increased the repo rate by 50 basis points during a scheduled meeting in June. Read More

GAIL to debut in distributed LNG production business; stock slips ~2%

Published on: 9:32 am

  • GAIL (India) Limited plans to enter into distributed Liquefied Natural Gas (LNG) production in a first-of-its-kind venture in the country, with the goal of meeting demand from off-grid locations and transportation sector.
  • GAIL has placed an order for two small-scale liquefaction skids capable of pilot-scale LNG production. Liquefaction will be accomplished using mobile liquefaction skids based on proprietary technology. These plants will aid in natural gas distribution by liquefying gas in new CGD areas, liquefying gas in isolated fields, and assisting in the establishment of LNG fuelling stations and bunkering. GAIL will be first-of-its-kind in the country to introduce portable and scalable liquefaction units. Read more

Greenlam Industries spurts ~6% on acquisition of Laminate Manufacturing Facility in Gujarat

Published on: 9:24 am

  • Greenlam Industries Ltd., one of the world's top three laminate manufacturers, consolidates its position as the laminate industry's leader by acquiring the laminate manufacturing facility of Gujarat-based Bloom Dekor Limited for Rs36 crore.
  • Upon completion of this acquisition, Greenlam will have four strategically located laminate manufacturing facilities in India, including Behror (Rajasthan), Nalagarh (Himachal Pradesh), Naidupeta (Andhra Pradesh – Under Construction), and now Prantij (Gujarat).
  • With a total capacity of 24.521 million sheets, this acquisition will strengthen Greenlam's position as India's market leader in the laminate industry. Read more

PM Modi: India's economy would increase by 7.5 % in FY23

Published on: 9:18 am

  • According to Prime Minister Narendra Modi, who spoke to the BRICS Business Forum remotely on Thursday (23-06-2022), India's real gross domestic product (GDP) is expected to rise by 7.5% in the current fiscal year (FY23), making it the world's fastest-growing major economy.
  • The government hasn't previously forecast real GDP growth for the year during the ongoing current fiscal year. The nominal GDP statistic is disclosed in the Union Budget, and the government often bases its decisions on the Reserve Bank of India's real GDP prediction, which for FY23 stands at 7.2%. Read more

USFDA inspection at Glenmark Pharma's Baddi, India Facility; Stock sheds 2%

Published on: 9:16 am

  • Glenmark Pharmaceuticals Ltd has informed that U.S. FDA has issued Form 483 with six observations after an inspection at the Company’s formulation manufacturing facility based out of Baddi, India between June 13, 2022 and June 22, 2022.
  • As per the regulatory filing, the Company is committed to undertake all necessary steps required to address their observations at the earliest. The Company is committed to maintaining the highest quality manufacturing standards at all of its facilities across the globe, said Glenmark Pharma. Read more

Sebi cannot bring legal action against corporations under the IBC: Panel

Published on: 9:12 am

  • The Securities and Exchange Board of India (Sebi) should not have any particular exemption from the Insolvency and Bankruptcy Code's (IBC) moratorium provision, according to the Insolvency Law Committee's recommendation.
  • The regulations provide that if a firm is declared insolvent under the code, a general moratorium takes effect that prevents authorities from starting any further legal actions against the corporation. According to those with direct knowledge of the situation, Sebi has requested an exception to this regulation from the central government and the subject has been sent to the Insolvency Law Committee. Read more

India's current account deficit in March 2022 quarter is $13.4 billion

Published on: 8:42 am

  • According to data issued by the Reserve Bank of India (RBI) on June 22, India's current account deficit (CAD) decreased from $22.2 billion from October to December 2021 to $13.4 billion from January to March 2022.
  • Between January and March 2021, the deficit was $8.1 billion. In terms of a percentage, the CAD fell from 2.6 percent of GDP in the preceding quarter to 1.5 percent of GDP in January–March 2022.
  • The central bank stated that the sequential reduction in the CAD in Q4:2021–22 (January–March) was primarily due to a stabilization in the trade deficit and a smaller net outgo of primary income. Read more

Domestic air traffic increased by 11% to 1.2 crore in May

Published on: 8:38 am

  • According to figures released by the Directorate General of Civil Aviation (DGCA) on June 22, domestic air passenger traffic increased to 1.2 crore in May 2022, an increase of 11% from the month before.
  • According to the statistics, domestic carriers transported a combined 1.22 crore passengers in May 2022, bringing air traffic closer to its pre-pandemic level.
  • IndiGo's passenger load factor increased to 81% over the past month from 78.7% in April 2022. SpiceJet's passenger load factor increased from 85.9 percent in April 2022 to 89.1 percent in May 2022. Read more

In Rs 34,615 crore bank scam, CBI books DHFL's former CMD and director

Published on: 8:13 am

  • According to authorities, the CBI has filed a new case against DHFL's Kapil and Dheeraj Wadhawan for allegedly defrauding a group of 17 banks headed by the Union Bank of India out of Rs34,615 crore, making it the largest banking fraud the agency has looked into.
  • The CBI is conducting searches at 12 different sites in Mumbai at the homes of the case's accused. Dewan Housing Finance Corporation Ltd. (DHFL), Kapil Wadhawan, the former CMD, Dheeraj Wadhawan, the director, and six real estate firms were all charged by the agency for allegedly participating in a criminal conspiracy to defraud the Union Bank of India-led consortium of Rs34,615 crore, according to the officials. Read more

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