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24th Jun, 2022

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Within the next three years, Raymond hopes to have no net debt

Published on: 3:26 pm

According to the company's most recent annual report, Raymond wants to be net debt-free in the next three years and is concentrating on managing liquidity through cost-cutting efforts and working capital optimization.
Raymond's net debt has been reduced to Rs1,088 crore for the fiscal year that ended March 31, 2022. In FY21, it was Rs1,416 crore, while in FY20, it was Rs1,859 crore.
According to the research, the top Indian branded fabric and fashion retailer's net debt-to-equity ratio decreased from 0.8 in FY20 to 0.4 in FY22. Read more

Aurionpro wins order from Rajasthan Govt to further expand 3D City platform in Jaipur

Published on: 3:15 pm

Aurionpro Solutions Ltd has pioneered the implementation of 3D Cities in India and first of such state of the art project is being implemented by Aurionpro in the city of Jaipur, Rajasthan. 3D City platform, which creates digital twin of the city, has transformed the way urban planners approach planning and development of the cities.
Aurionpro announced that the Government of Rajasthan through RajCom Info Services, has now expanded the coverage of the project and has placed an additional order to cover more parts of the city of Jaipur on 3D City Platform.
The new work order is valued close to Rs25 crore and will be implemented over 7 months. Read More

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Automobiles in India will be assessed based on a Crash test: Nitin Gadkari

Published on: 3:07 pm

The new vehicle evaluation program, Bharat NCAP, according to Union Minister Nitin Gadkari on Friday, proposes a system wherein vehicles in India would receive "Star Ratings" depending on how well they do in crash testing.
In a series of tweets, Gadkari claimed that the Bharat New Car Assessment Programme (Bharat NCAP) will act as a platform focused on the needs of consumers, allowing customers to choose safer cars based on their Star Ratings and encouraging original equipment manufacturers (OEMs) in India to produce safer cars. Read more

Suven Life Sciences to raise up to Rs 400 crore through rights issue; stock slips 0.72%

Published on: 3:02 pm

The board of Suven Life Sciences approved funding up to Rs400 crore through the issuance of equity shares on a rights basis, the company announced on Friday.
Suven Life Sciences stated in a regulatory filing that the company's board has approved raising money through the issuing and allotment of equity shares with a face value of Re 1 a piece up to a total of Rs400 crore on a rights basis.
A duly formed committee of the board would later select the terms and conditions for such a rights issue to qualified equity shareholders of the company. Read more

Chidambaram slams the government for the status of the economy

Published on: 2:59 pm

P Chidambaram, a senior member of the Congress, criticized the administration on Friday for the condition of the Indian economy, questioning whether it was in "pink of health" in light of the country's large fiscal deficit, rising inflation, and declining rupee's value. The government's "backsliding on the budget deficit objective for the current year," he also questioned.
"The administration is reversing course just months after establishing the FD target at 6.4% for 2022–2023. The government is now pledging to "attempt to keep the FD at 6.7%," the same level as in 2021–2022, the former finance minister said on Twitter. Read more

French investor Proparco invests $15 million in Annapurna finance

Published on: 2:55 pm

The Bhubaneswar-based microlender Annapurna Finance raised $15 million in equity from French investor Proparco, making it the company's fourth capital round in the previous 15 months.
The private funding division of the French government's Agence Française de Développement Group is called Proparco (AFD Group).
The money will be used by Annapurna to increase its loan book, make technology investments, and broaden its geographic reach, the firm announced on Friday. It provides micro-credit loans, home improvement loans, and MSME loans to individuals and small enterprises with a pan-India rural distribution network and a multi-product strategy. Read more

Weekly round up of Indian equity markets

Published on: 2:46 pm

Indian markets have ended the week in green. This week was one of net gains for Indian equity markets. BSE Sensex started the week at 51500. It ended the week at 52727.63. This is a weekly gain of 2.38%. NSE Nifty started the week at 15657.40. It ended the week at 15697.75. This is a weekly gain of .25%. Top gainers at the end of the week included M&M, IndusInd Bank, Hero Motors. Top Losers at the end of the week included Tech Mahindra, Infosys, TCS etc.
This week foreign portfolio investors remained net sellers on every day. Selling by foreign investors continued to put pressure on Indian equity markets. The trend of investors going for short term value buying and short term profit booking continued. A global recession looked all the more probable this week. Depreciation of rupee against the dollar continued, with some minor respite in between. FMCG companies such as HUL recognized the challenging environment that they are facing because of higher input prices and lower demand. Oil prices declined a bit because of expectations of a global recession. On the technical front it cannot be said that the markets have found a stable support level for the near term.Read More

TCS OmniStore wins Omnichannel Technology of the Year Award

Published on: 2:40 pm

Tata Consultancy Services has announced that TCS OmniStore has won the Omnichannel Technology of the Year award for delivering a seamless omnichannel customer experience across channels.
The Retail Systems Awards recognize technology excellence and innovation within the retail sector. TCS OmniStore was awarded for enabling frictionless, personalized, and unified shopping experiences regardless of where, how, or when customers choose to engage with retailers. Read more

Soft commodity prices back to pre-war levels

Published on: 2:32 pm

After a turbulent first half of 2022 marked by the supply disruptions and inflationary shocks caused by Russia's attack on Ukraine, soft commodity prices fell back to pre-Ukraine conflict levels.
Crop products like wheat are down 26.4%, corn is down 14.5%, and sugar is down 9.4%. On worries about demand, cotton futures fell to a 3-month low. On concerns about the recession, raw sugar fell to a 6-week low.
Earlier, the Department of Food and Public Distribution made a suggestion that falling worldwide rates and prompt government intervention would lead to a drop in the price of edible oil. Read more

Key takeaways from the Jerome Powell testimony

Published on: 2:11 pm

When the Fed concludes its bi-monthly FOMC meet, the Fed statement and the Fed minutes are important documents. One more thing that has a strong bearing on market sentiments is the testimony of the chair. Normally, the Fed chairperson testifies before the Senate and later in front of the Congress. On 22nd June, Jerome Powell completed his testimony before the Senate and the Congress testimony is scheduled for 23rd June. However, it is the Senate testimony that actual contains key insights into the thinking of the Fed.
Major takeaways from Jerome Powell’s Senate testimony
Here is what manifests when you read between the lines of the Senate testimony of Jerome Powell on 22nd June. Read more

Route Mobile up by more than 7% as board considers share repurchase

Published on: 2:02 pm

In Friday's trading, shares of Route Mobile percent increased 11%. This took place after its board of directors resolved to hold a meeting on June 28 to discuss a share repurchase.
"A meeting of the Board of Directors of the Company is scheduled to be held on Tuesday, June 28, 2022, inter alia, to consider a proposal for the buyback of fully paid-up equity shares of the Company, in accordance with the applicable provision under the Companies Act, 2013," the company stated in a filing to the BSE post market hours on Thursday.
The stock increased 10.55% in response to the news, reaching a high of Rs1315.90. Despite this, the stock has lost 28% so far this year. Read more

An analysis of India's current account deficit in the March quarter

Published on: 1:56 pm

On 22nd September, RBI published the current account numbers for the fourth quarter ended March 2022 and also for fiscal year FY22. Surprisingly, the current account deficit narrowed from $22.16 billion in December 2021 quarter to $13.40 billion in March 2022 quarter. This was largely on account of moderation of the trade deficit and lower net outgo of primary income (which is largely the interest costs). We will come back to this point later.
In the last 12 quarters, India reported a current account deficit in 8 quarters and a current account surplus in 4 quarters. Three out of these four quarters of current account surplus were at the peak of the COVID crisis when the imports had sharply dipped amidst zero economic activity in India. The other time India had reported a current account surplus was in June 2021 when COVID had reared its head violently. Ironically, in India, current account surplus has been synonymous with bad times while a current account deficit has been synonymous with relatively better times. Read more

Malpani Group completes acquisition of Imagicaaworld Entertainment; Stock jumps 10%

Published on: 1:28 pm

Malpani Group (MPG), a Maharashtra based diversified business group with leading presence in amusement park business, has acquired majority stake and control in Imagicaaworld Entertainment Ltd.
The lenders to the Company have completed a debt resolution for Rs575 crore, which includes assignment of their debt to Aditya Birla ARC for Rs500 crore and lenders were also issued equity shares by way of conversion of debt aggregating to Rs75 crore by the Company.
The acquisition was consummated through a debt resolution process outside of NCLT, in accordance with the RBI’s Prudential Framework for Resolution of Stressed Assets. Read more

Monetary policy measures likely to be more restrained in India: Patra

Published on: 1:13 pm

According to deputy governor Michael Patra, the Reserve Bank of India (RBI) is optimistic that the necessary monetary policy actions would be more restrained than in the rest of the globe and there are signs that inflation is peaking.
When inflation rises beyond 6 percent, growth is unmistakably hampered according to Patra. Since core inflation measures are generalizing, monetary action is unquestionably necessary. Read more

A look into what is happening in the Japanese markets

Published on: 11:49 am

On Friday, Japanese shares increased as technology stocks followed overnight gains on Wall Street, with the mood boosted by the nation's lax monetary policy. The Nikkei share average was up 0.8% at 26,372.16. It is expected to climb 1.6% this week and decline 3.28% so far this month.
The Topix (Tokyo Price Index) as a whole increased 0.35% to 1,858.16 and is on pace to advance 1.23% for the week.
Overnight, Wall Street's major indexes saw significant increases, supported by defensive and technology companies' robust performance, which overcame drops for economically sensitive groups as concerns about a potential recession lingered. Read more

Toyota & Suzuki to start production of SUV model in India from August

Published on: 11:36 am

Toyota Motor Corporation (Toyota) and Suzuki Motor Corporation (Suzuki) signed a memorandum of understanding for a business alliance in 2017. Since then, the two companies have been bringing together Toyota’s strength in electrification technologies and Suzuki’s strength in technologies for compact vehicles for joint collaboration in production and in the widespread popularization of electrified vehicles.
Toyota and Suzuki are promoting mutual supply of vehicles globally, which is one of the collaborations in the business partnership, and the two companies will now start production of a new SUV model developed by Suzuki at Toyota Kirloskar Motor Pvt. Ltd. (TKM) from August.
Maruti Suzuki India Limited and TKM will market the new model in India as Suzuki and Toyota models, respectively. Furthermore, the two companies are planning to export the new model to markets outside India including Africa. Read more

Macrotech Developers enters into Bengaluru Housing Market; Stock under pressure

Published on: 11:11 am

Macrotech Developers Limited has announced its entry into the Bengaluru housing market after completing a detailed evaluation which was ongoing for last 9 months. The key drivers of the decision are:
Fragmented market with top 5 players having market share of around 30%
Steady volumes of end use demand
Importance of the tech industry to the Indian economy and Bengaluru's position as the core hub for technology in India. Read More

As markets rise, Tata Power gains 1.3%

Published on: 11:07 am

At 10:50 am on Friday, the benchmark Sensex on the BSE was up 355.5 points at 52621.22, but shares of Tata Power Company were trading 1.31% higher at Rs205.6. The stock had a prior session closing price of Rs 202.95.
The stock's 52-week high and low were respectively Rs298.0 and Rs118.25.
According to BSE records, the total volume traded on the counter as of 10:50 AM (IST) was 10:50 AM shares, with a value of Rs10.94 crore. Read more

Government may own up to 33% stake in Vodafone Idea: Reports

Published on: 10:43 am

According to a government official who spoke to CNBC-TV18 on June 24, the government may own a 33 % share in the financially troubled cellular provider Vodafone Idea. Once Vodafone Idea's balance sheet improves, the government will reduce its stock investment in the firm, according to sources speaking to CNBC-TV18.
The final permission from capital markets regulator Securities and Exchange Board of India (SEBI) is sought before the interest payments of Vodafone Idea worth Rs 16,000 crore be converted into government equity. Read more

Indian currency bounces back from record low

Published on: 10:36 am

Despite crude oil prices declining, the rupee opened Friday at 78.20 against the US dollar, 12 paise higher than its record low.
The opening rate for the rupee at the interbank foreign exchange was 78.20 versus the US dollar. The local currency's value versus the US dollar ranged from 78.19 to 78.24 in the opening trading. Read More

Limited supply, unclear inventory putting upward pressure on oil prices

Published on: 10:35 am

Early Friday morning Asian trading saw a modest increase in oil prices as countries work to address the world's restricted crude oil and fuel supplies.
While U.S. West Texas Intermediate (WTI) crude futures increased by 37 cents, or 0.4%, to $104.31 a barrel at 00:12 GMT, Brent crude futures increased by 39 cents or 0.4%.
In place of the previous agreement to increase output by 432,000 barrels per day a month over three months until September, the group known as OPEC+ decided at its most recent meeting on June 2 to increase output by 648,000 barrels a day in July or 7% of world demand, and by the same amount in August. Read more

G K P Printing & Packaging acquires land in Vapi for expansion; Stock rises

Published on: 10:32 am

G. K. P. Printing & Packaging Ltd has announced regarding acquisition of land measuring 43,234 sq. ft. situated in Vapi for shifting of existing Manufacturing facilities and expansion of Business.
As per the regulatory filing, the company has received Permission to Construct on Land measuring 43,234 sq. ft. situated in Vapi for New Expansion of Business from Town Planning Authority dated June 22, 2022. Read more

MosChip Technologies appoints DVR Murthy as Vice President of Strategic Initiatives

Published on: 10:13 am

MosChip Technologies, a semiconductor and system design services and IP company has announced that DVR Murthy has joined as “Vice President of Strategic Initiatives”. DVR will lead the execution of MosChip’s strategic programs for SerDes IP, ASIC platforms for RISC-V and Edge Artificial Intelligence (AI) and other emerging technologies.
MosChip has over a twenty-year track record in designing semiconductor IP, products and SoCs for IoT, networking, storage and consumer applications.
“MosChip is very well positioned to address the emerging markets in semiconductor and system design,” said DVR. “MosChip’s analog / mixed signal IP design capability, high-speed serial interfaces IP portfolio with proven RTL to Silicon, and system bring-up expertise is perfectly positioned to take advantage of the growing need of system-optimized solutions/services for Edge AI ASICs.” Read more

Commerce Ministry for ONDC pilot focused on non-digital traders, artisans

Published on: 10:02 am

Open networks for the exchange of goods and services through digital or electronic networks are promoted by ONDC. Open networks are gaining pace in the continuing pilot program that kicked out on April 29, according to a statement from Goyal's ministry.
Seven businesses have accepted the ONDC standards and created their own functional applications: one buyer-side app, five seller-side apps, and one logistics service provider app. In the grocery and food and beverage categories, the pilot was launched in five cities: Bengaluru, New Delhi, Bhopal, Shillong, and Coimbatore. Read more

Gold prices rise, Silver prices decline

Published on: 9:56 am

Early on Friday (24-06-2022), gold prices rose, rising 230 rupees from the previous day's rate to a high of 51,990 rupees for 10 grams of 24-carat gold. The price of 10 grams of 22-carat gold has decreased by Rs 200 to Rs 47,650.
On the other side, silver's costs decreased by Rs 300, with the precious metal now retailing at Rs 60,200 per kg.
Gold prices remained unchanged on Friday but were headed for their second consecutive weekly decrease due to concerns that major central banks may raise interest rates significantly to combat hyperinflation. Read more

ONGC Videsh announces new oil discovery in Colombia

Published on: 9:49 am

ONGC Videsh Limited (OVL), the wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Ltd. (ONGC), the National Oil Company of India, has made an oil discovery in the recently drilled well, Urraca-IX, in CPO-5 block, Llanos Basin, Colombia.
The company said in a press release that the well, Urraca-1X was spudded on April 20, 2022 and drilled to target depth (TD) of 10956 ft., encountering 17 ft thick oil-bearing sands at a depth from 10201ft -10218 ft. During initial testing with Electrical Submersible Pump (ESP), fluid flowed @ approx. 600 bbl./day with around 40-50% W/C and oil of 16oAPI. Oil discovery in the Lower Mirador play in this well opens up new areas for further exploration in the northern part of the block.
ONGC Videsh has earlier discovered commercial oil in the Lower Sand pay in Mariposa and Indico fields in the block in 2017 and 2018 respectively, which are currently commercially producing @ 20,000 bbl oil per day. Read More

Accenture's Q3 revenue of $16.2 billion exceeds expectations

Published on: 9:49 am

On Thursday, June 23, US-based IT giant Accenture released its results for the third fiscal quarter of 2012, surpassing sales projections for the period ending May 31. Accenture reported $16.2 billion in revenues, an increase of 22% from the previous year (YoY).
Operating income for the major IT company increased by 23% to $2.6 billion, and its operating margin was 16.1%. Additionally, the business posted the second-highest bookings ever at $17 billion. Instead of 24-26%, it now anticipates revenue growth for 2022 to be in the range of 25.5-26.5%. Read more

Markets trade bullish as banking, auto, IT stocks drive; Sensex up over 500 pts, Nifty 50 around 15,

Published on: 9:40 am

Indian markets trade in the green led by broad-based buying and positive global cues. All sectoral indices were trading on a positive note. Domestic equities were on the upside as US-based IT majors indicate continued robust demand for IT.
At around 09:40 AM, Sensex was trading at 52,862.29 up by 596.57 points or 1.14%. The index was trading near the day's high of 52,909.87.
Meantime, Nifty 50 surged by 147.45 points or 0.95% and was trading at 15,704.10. The index was also near the day's high of 15,725.85.
In terms of sectoral indices, Nifty Consumer Durables, Nifty Media, Nifty Realty, Nifty IT, Nifty FMCG and Bank Nifty gained between 0.5-1%. Read more

Statiq gets $25.7 million in funding from Shell Ventures, other investors

Published on: 9:28 am

In a fundraising round headed by Shell Ventures, the start-up electric car charging network Statiq said on Thursday (23-06-2022) that it had raised USD 25.7 million (more than Rs 200 crore). According to a statement from Statiq, the business would utilize the Series A capital largely to invest in network infrastructure and product engineering.
By investing in product engineering and network infrastructure as well as strengthening the core team, the Series A investment will help accelerate efforts to expand and realize value from the contract portfolio, it was said. Read more

M3M stopped from adding new tower in Gurugram project by NCDRC order

Published on: 9:23 am

Since the building was not originally included in the layout plan, the National Consumer Disputes Redressal Commission (NCDRC) has ordered real estate developer M3M to stop construction on one of the residential towers of the M3M Merlin project in Gurugram.
Approximately 300 homebuyers had complained to NCDRC. Those who received residences in the first 10 approved towers filed the complaint.
The order states, "We consider the building of Tower 11 to be illegal in light of the aforementioned talks and direct the parties not to proceed with its construction." Read more

Vinati Organics to expand ATBS capacity to 60000 MT

Published on: 9:18 am

Vinati Organics Ltd has announced that given the strong demand outlook of ATBS, the company will be expanding ATBS capacity from 40000 MT to 60000 MT. This would entail a capex of Rs300 crore which will be funded by internal accruals and is expected to get commissioned by December 2023.
Further according to the regulatory filing, the capital expenditure in Veeral Organics Private Limited (fully owned subsidiary of Vinati Organics Limited) is under progress. The total capex is approximately Rs280 crore and the products include 2000 MT of MEHQ & Guaiacol and 30000 MT of Iso Amylene.
These products are used in polymerization inhibitors, flavours, fragrances, pharmaceuticals and pesticides. The commissioning is expected by September 2023. Read more

Greaves completes growth capital infusion with Abdul Latif Jameel; Stock gains 2.4%

Published on: 9:17 am

Greaves Electric Mobility Private Limited, a subsidiary of Greaves Cotton Limited, announced the completion of allotment of equity shares to Abdul Latif Jameel, an independent, family-owned, diversified global investor and operator following the announcement made in early June.
The Company has allotted 68,35,450 equity shares of face value Rs10 each representing 35.80% shareholding in the Company on a fully diluted basis, to Abdul Latif Jameel, by way of preferential allotment through private placement basis for a share subscription consideration of Rs1,171 crore (USD 150 million).
Following the allotment, the Company continues to be a subsidiary of Greaves Cotton Limited and the resultant shareholding of Greaves Cotton Limited in the Company on a fully diluted basis is now 61.38% Read more

Officers Committee recommends postponing the decision to impose GST on crypto, digital assets

Published on: 9:17 am

The GST Council has been advised to postpone a judgment regarding the taxability of cryptocurrencies and other virtual digital assets by the officer's committee on GST.
Legislation governing cryptocurrencies is expected, according to the Fitment Committee's recommendation to the GST Council, and it would be crucial to identify all pertinent suppliers connected to the crypto-ecosystem in addition to classifying them as products or services. Read more

Hero MotoCorp to hike motorcycle, scooter prices by up to Rs3000 from July 1

Published on: 9:16 am

Hero MotoCorp has announced that it will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from July 1, 2022.
As per the regulatory filing, the price revision will be up to Rs3000. The exact quantum of increase will be subject to the specific model and market. Read more

GST Council is considering requiring e-way bills for precious stones, gold

Published on: 9:12 am

The GST Council is likely to explore mandating the use of an e-way bill for intrastate transportation of precious stones or gold valued at more than Rs 2 lakh, as well as e-invoicing for some B2B transactions.
The report of the panel of state finance ministers on the viability of implementing an e-way bill requirement for the movement of gold and precious stones is likely to be taken into consideration by the council at its meeting on June 28-29. Read more

BRICS nations to continue to debate the process of expansion: Declaration

Published on: 9:06 am

The presidents of the BRICS nations—Brazil, Russia, India, China, and South Africa—said on Thursday (23-06-2022) that they will keep talking about whether or not to allow additional nations to join the club of five on the basis of "complete consultation and consensus."
A statement released at the conclusion of a BRICS virtual summit held by China said, "We note with pleasure the progress made in BRICS institutional development and underline that BRICS cooperation needs to accept changes and remain ahead of the times." Read more

3 projects in India will get $ 562 million in World Bank funding

Published on: 9:00 am

The World Bank announced on Thursday (23-06-2022) that it had authorized three loans totaling USD 562 million (about Rs 4,393.70 crore) to support projects for education in Gujarat, social protection in Tamil Nadu, and the rehabilitation of the fisheries industry after the epidemic.
The Outcomes for Accelerated Learning (GOAL) initiative, which aims to enhance educational outcomes for kids throughout the state of Gujarat, received extra funding of USD 250 million from the World Bank Board of Executive Directors, according to a statement. Read more

HUL chairman warns that the company is facing one of the toughest economic situations

Published on: 8:44 am

India is experiencing the most challenging economic circumstances, according to Nitin Paranjpe, chairman of Hindustan Unilever. He added that the ongoing inflationary pressures are starting to weigh on demand.
Due to a time of price stickiness, which the business defined as "rare," certain consumers of fast-moving consumer items have temporarily reduced their purchases.
"India is perhaps experiencing the most challenging economic position right now. High inflation exists. We are likely approaching a point where double-digit wholesale price inflation has occurred for 14 consecutive months "During his annual address on Thursday, Paranjpe essentially informed the shareholders. "I'm not sure when we last saw something like. FMCG markets, which have historically been robust for a long time, are beginning to feel the effects of this." Read more

Top 10 stocks for today

Published on: 8:22 am

Here are the stocks with major news that have the potential to move the markets on Friday.
Hero MotoCorp:
Beginning on July 1, Hero MotoCorp will raise the price of motorcycles and scooters. The business is set to raise the ex-showroom prices of its bikes and scooters to partially offset the inflationary trend in input costs. The price revision can be as high as Rs3,000 on certain models. The unique model and market will determine the precise amount of increase. Read more

Indian equity markets may again start the day in Green

Published on: 8:17 am

Indian markets may start the day today in Green. Global cues today are slightly positive for opening hours trade. US markets ended on a positive note yesterday. Asian markets too have opened in the Green today. SGX Nifty is up by .39% since morning. Oil prices are on a bit of a decline.
US markets saw a positive session for all indices with Dow Jones closing higher by 194 points. Nasdaq jumped over 179 points as technology stocks lead the gainers. Bond yields closed near 3.10%, the lowest in the last 2 months. Crude prices remained weak, closing the session near US$105. Read More