Latest News and Updates

27th Jun, 2022

Sentiments improve somewhat on manufacturing and services: Survey

Published on: 3:20 pm

  • The pent-up demand for services and increased production from the industry as pandemic restrictions were lifted continued to fuel India's economy's growth in May.
  • The needle on a dial measuring so-called "Animal Spirits" moved up from 5 to 6 for the first time since July and the first time in more than a year as five of the eight high-frequency indicators collated by Bloomberg News improved. To reduce volatility in the single-month readings, the gauge is based on the three-month weighted average scores. Read more

GHCL inaugurates new spinning unit at Manaparai, Tamil Nadu; Stock hits 5% upper circuit

Published on: 3:15 pm

  • GHCL, India's leading Chemical & Textile Company, has inaugurated its new spinning unit at Manaparai in Madurai district of TamilNadu.
  • GHCL's new unit at Manaparai is the latest addition to the yarn division. The unit is equipped with 39600 ring spindles to produce synthetic and synthetic blend compact yarn and has a production capacity of 23 tons per day. The unit is equipped with state-of-the-art textile machinery and the latest on-line quality control equipment combined with computerized information systems to enhance productivity and product quality.
  • The unit will produce Cotton/Polyester blend yarn; Cotton/Modal & Cotton/Excel blend yarn; Supima/Modal & Supima/Tencel yarn; 100% VSF, Micro Modal and Tencel yarn; 100% Bamboo and its blend yarn; Tri blend yarns (Cotton/Polyester/Cellulosic). Read more

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Battery Smart raises USD 25 million in Series A funding

Published on: 3:07 pm

  • Battery Smart has completed its USD 25 million series A round. According to a release, Blume Ventures and Orios Ventures also took part in the investment round, which was headed by Tiger Global.
  • According to Battery Smart, the money will be used to enter new markets, improve battery assignment technology, and grow the staff in order to keep expanding operations. The platform collected USD 7 million in a pre-series A financing last November that was sponsored by angel investors and headed by Blume Ventures and Orios Ventures. Read more

SEBI issues a "warning letter" to Aurobindo Pharma over USFDA audit row

Published on: 2:59 pm

  • On June 27, the pharmaceutical company Aurobindo Pharma told the stock markets that it had received a "warning letter" from the Securities and Exchange Board of India (SEBI) over the controversy surrounding the US Food and Drug Administration (USFDA) audit at its Hyderabad facility.
  • Hyderabad, India's HITEC City serves as the corporate headquarters for the worldwide pharmaceutical manufacturing business Aurobindo Pharma Limited. The business produces both active medicinal components and generic medications. Read more

India records 9.36 billion transactions totaling Rs. 10.2 trillion through UPI in Q1

Published on: 2:51 pm

  • According to a recent survey released on Monday (27-06-2022), Unified Payment Interface (UPI) was the preferred payment method in India for 9.36 billion transactions totaling Rs 10.25 trillion in the first quarter (January-March timeframe).
  • According to a survey by Worldline, a pioneer in the global payments sector, UPI P2M (person to merchant) transactions have become the most popular payment method among consumers, with a market share of 64% in volume and 50% in value. Read more

The Bajaj Auto board authorized a share buyback of up to Rs2,500, share up 0.67%

Published on: 2:38 pm

  • A share repurchase amounting to up to Rs2,500 crore, or 9.61% of the total paid-up share capital, has been approved by the board of directors of Bajaj Auto, the company announced on Monday.
  • Bajaj Auto stated in a filing to the BSE that a buyback price not to exceed Rs4,600 had been approved.
  • The buyback price is higher by 20.64% over the closing price of Rs3,812.80 on Friday.
  • The business stated that the share repurchase will be done in the open market using a stock exchange method and would be for current shareholders only, excluding promoters, promoter groups, and anyone in control of the company. Read more

Waltham Forest Council selects Mastek’s Evosys as Cloud Application Partner; stock climbs ~3%

Published on: 2:33 pm

  • Mastek Limited informed that Waltham Forest Council, based in East London, England has chosen Evosys’ Oracle Fusion Cloud Applications Suite to streamline operations.
  • The Council will be able to improve insights, reduce costs, and improve employee experience by utilising Oracle Fusion Applications for finance, procurement, and HR. Evosys, a Mastek company, will deliver the implementation as an Oracle Partner Network (OPN) member.
  • Waltham Forest Council's ageing on-premises business systems had created time-consuming manual processes for employees as well as rigid reporting structures that impacted overall decision making. The Council chose Oracle Fusion Applications to replace its highly customised on-premises SAP ERP system in order to streamline and standardise data across critical departments and automate processes in order to increase efficiency, improve accuracy, and improve employee experience. Read more

In Hong Kong, China Evergrande is being sued for winding up

Published on: 2:18 pm

  • According to the website of the judiciary, a winding-up petition has been filed at the Hong Kong high court against the troubled property developer China Evergrande Group.
  • According to the website, the petition was submitted by "Top Shine Global Limited of Intershore Consult (Samoa) Limited," and a hearing will take place on August 31.
  • Evergrande's offshore debt is regarded as being in default after late last year's missed payment requirements. Evergrande is grappling with more than $300 billion in liabilities. Read More

CSL Finance appoints Chander Subhash and Parmod Bindal on Board; stock skids ~1%

Published on: 2:14 pm

  • CSL Finance Limited informed that on the recommendation of the Nomination and Remuneration Committee, the Board of Directors appointed Chander Subhash Kwatra and Parmod Bindal as Additional Directors in the capacity of Non-executive Independent Director on the board of the company.
  • The company further stated that Manoj Gupta has tendered his resignation as Independent Director of the company with immediate effect.
  • The appointment of directors on the board shall be effective from June 27, 2022. Read more

Dwarikesh Sugar Industries commissions 175 KLPD distillery in Bareilly; Stock trades lower

Published on: 2:11 pm

  • Dwarikesh Sugar Industries Limited has announced the commissioning of its 175 KL per day distillery at its Dwarikesh-Dham (Faridpur) unit in Bareilly district.
  • According to the regulatory filing, the plant was commissioned on June 24, 2022 and will use cane juice syrup and ‘B’ heavy molasses as feedstock for producing ethanol. The commissioning is within the scheduled time and is in line with the lofty traditions of ‘on-time’ commissioning of all its plants.
  • The setting up of the distillery is an important milestone in the annals of Dwarikesh Sugar as the company’s distillery capacity now stands enhanced at 337.5 KL per day. It will result in recalibration of its revenue stream. While ethanol production will be  doubled, sugar production will be moderated. Read more

Free trade negotiations between India and the EU have resumed after a 9-year pause

Published on: 2:08 pm

  • After a nine-year hiatus, India and the European Union started talking about a free trade agreement on Monday as Western nations try to wean New Delhi away from its tight economic ties to Russia.
  • India, which former US President Donald Trump dubbed the "tariff king," has recently shown a greater willingness to remove trade barriers and is currently discussing agreements with a number of other nations.
  • Even as it ups its oil imports from its longtime strategic partner and top armaments supplier, the Asian powerhouse has declined to denounce Russia's invasion of Ukraine. Read more

Nitin Gupta to be the next CBDT Chairman

Published on: 1:15 pm

  • According to a recent government directive, Nitin Gupta, an IRS officer, has been chosen to serve as the new central board of Direct Taxes (CBDT) chairman.
  • Who is Gupta?
  • Gupta, a member of the Board who was hired by the Indian Revenue Service (IRS) in 1986 and belongs to the Income Tax cadre, would retire in September of the following year. Read More

Punjab proposes an expansionary budget of Rs1.56 lakh crore for FY23

Published on: 1:00 pm

  • For this fiscal year 2022–2023, the state has requested a budget of Rs1.56 lakh crore, an increase of 14.2% from the prior fiscal.
  • According to the budget address on June 27, the Punjab administration has proposed an expansive budget with a focus on infrastructure.
  • For this fiscal year 2022–2023, the state has requested a budget of Rs. 1.56 lakh crore, an increase of 14.2% over the prior fiscal. The state's effective outstanding debt to GSDP is anticipated to be 45.23%, while its fiscal deficit as a percentage of GSDP for the fiscal year is 3.78%.
  • The planned revenue expenditure for the state for the fiscal is Rs 1.08 lakh, up 5.35% year-on-year, while the estimated capital expenditure is Rs10,981 crore, up 8.95% year-on-year. Read more

Dr Reddy's Lab stock gains over 1% on acquisition of Eton Pharma's injectable portfolio

Published on: 12:40 pm

  • Dr. Reddy's Laboratories Ltd. has announced that it has acquired a portfolio of branded and generic injectable products from Deer Park, Illinois, based Eton Pharmaceuticals, Inc.
  • The portfolio includes the Biorphen (phenylephrine hydrocholoride) Injection and Rezipres (ephedrine hydrochloride) Injection NDAs with nine separate combinations of strengths and presentations and one first-to-file approved ANDA for Cysteine Hydrochloride for the U.S. One strength each of Biorphen and Rezipres are currently commercially available in the U.S. The acquisition will complement Dr. Reddy's U.S. institutional business with limited competition injectable products. Read More

Thomas Cook India launches FX-Now, New Corporate booking tool; stock slips ~1%

Published on: 12:36 pm

  • Thomas Cook (India) Limited, India's leading omnichannel forex services company, announced the launch of FX-Now, a game-changing digital tool that provides its corporate segment with convenient, customizable, and contactless end-to-end foreign exchange services.
  • Foreign exchange procedures necessitate meticulous documentation and approvals, resulting in complex/time-consuming procedures. Thomas Cook India's FX-Now introduces a digitized foreign exchange model that ensures speed, accuracy, and seamless services for its on-the-go business travellers in an effort to simplify the process while maintaining necessary checks and balances.
  • "The pandemic has served to accelerate India's digital evolution, and this is especially true for our corporate travellers - a critical segment for our Forex business," commented Deepesh Varma, Senior Vice President, Foreign Exchange of Thomas Cook. Read more

Kia's poor performance in the world's crash safety rankings brings to light the MNC carmakers' contr

Published on: 12:27 pm

  • The South Korean automaker joins other international automakers whose goods for India receive subpar safety ratings thanks to the 3-star Global NCAP rating for the Kia Carens and Seltos. It's "a matter for concern," according to Global NCAP.
  • The most recent vehicle to undergo crash testing by Global NCAP as part of its "SaferCarsForIndia" campaign was the India-built Kia Carens. 54 safety tests of automobiles sold and made in India have been completed by Global NCAP as of the testing of the Carens.
  • The Carens, the newest MPV from Kia, has seven seats and was tested with just six airbags (two frontal, two side body and two head protection airbags). Six airbags were installed, but they didn't significantly raise the vehicle's safety rating, casting doubt on the government's proposed six airbag rule. Read more

As people await the new 2022 Mahindra Scorpio-N, stock up 0.99%

Published on: 12:21 pm

  • Today is the official launch day for the 2022 Mahindra Scorpio-N in India. One of the most eagerly awaited debuts from Mahindra this year is the updated incarnation of the classic Scorpio SUV. The Indian automaker has been teasing the vehicle for a while, and today (June 27) at 5:30 pm IST, it will officially unveil the new 2022 Mahindra Scorpio-N. After the XUV 700 SUV, the Mahindra Scorpio-N will be the second vehicle to feature the new brand logo.
  • The new Scorpio-N will be marketed in the nation alongside the current model, the automobile manufacturer has already stated.
  • A fully new design is present on the Mahindra Scorpio-N in 2022. The new SUV's front grille is the first thing you'll notice. A new front grille for the new Scorpio has been meant to resemble the one on the XUV 700. A redesigned Mahindra emblem, twin-pod LED projector headlamps, LED fog lamps, and C-shaped LED DRLs are further features of the vehicle. Read more

TTK Prestige collaborates with Ultrafresh Modular Solutions; stock jumps ~1%

Published on: 12:17 pm

  • TTK Prestige Limited, India's leading kitchen appliance company, recently announced that it has taken major steps on strategic investment and business collaboration with Ultrafresh, a provider of end-to-end modular kitchen solutions.
  • TTK Prestige's overall goal of becoming a total kitchen solutions brand is reflected in this initiative. TTK Prestige has taken a strategic stake of more than 40% in Ultrafresh's equity in order to forge a business collaboration between TTK Prestige and Ultrafresh.
  • The company revealed at a press conference in Bengaluru that it is paving its way to achieving double-digit growth, having made inroads through innovative products in multiple categories such as cookers, cookware, gas stoves, and appliances. Read more

Ashoka Buildcon executes contract agreement for project in Guyana; Stock surges ~1.5%

Published on: 11:51 am

  • Ashoka Buildcon Limited has informed to the exchanges that the Company has executed a Contract Agreement with Government of the co-operative Republic of Guyana on June 24, 2022, for the Project viz. 'Request for Proposal for Procurement of Phase 1: East Bank-East Coast Road Linkage Project (Ogle to Haags Bosch, Eccles)'.
  • "The accepted Bid Project Cost for the Project is USD 106,383,954.52", the company said in a regulatory filing.
  • Further, the Construction period is 730 days from the commencement date. Read More

NSDL expected to raise Rs. 4500 crore from IPO

Published on: 11:43 am

  • National Securities Depository (NSDL), the first and largest provider of depository services in India, aims to generate Rs 4,500 crore through its initial equity sale.
  • Indian central securities depository National Securities Depository Limited - NSDL is headquartered in Mumbai. It was launched in August 1996 and is India's first nationwide computerized securities depository.
  • According to The Mint, which cited two persons with knowledge of the situation, NSDL has started discussions with investment banks about conducting an initial public offering (IPO). Read More

AMCs all set to introduce new mutual fund schemes from next month as SEBI restrictions to end

Published on: 11:31 am

  • Following a brief pause, Asset Management Companies (AMCs) are preparing to launch new mutual fund schemes as capital markets regulator SEBI's three-month ban on the introduction of new fund offerings comes to an end.
  • Furthermore, AMCs have a portfolio of passive funds on the fixed income and equity sides, as well as selective launches in specific categories to fill product gaps.
  • The Securities and Exchange Board of India (SEBI) had suspended the launch of NFOs until the new pool account systems were determined, and the regulator had set July 1 as the deadline for the new system's implementation. Read more

Oriental Rail Infra's arm secures new order worth Rs17.84 crore; Stock sheds 1%

Published on: 11:27 am

  • Oriental Foundry Private Limited has informed that its Wholly-Owned Subsidiary of Oriental Rail Infrastructure Ltd secured an order worth Rs17.84 crore from 'Braithwaite & Co. Limited (A Govt. India undertaking), Ministry of Railway' for manufacturing and supplying 'Bogie'.
  • As per the filing, with the bagging of this order, the Company's total order book stands at Rs1,841.09 crore and is the highest ever order book value on consolidated basis in the history of the Company, the company said. Read more

Mamaearth targets valuation of $3 billion in IPO, likely in 2023

Published on: 11:12 am

  • Indian skincare startup Mamaearth is planning to raise at least $300 million in a planned IPO next year and is seeking a valuation of around $3 billion, media reports suggest.
  • Mamaearth, which was founded in 2016, has gained popularity in India for its line of "toxin-free" products such as face washes, shampoos, and hair oils. In the booming personal care industry, Mamaearth competes with Unilever's India unit, Hindustan Unilever NSE, and Procter & Gamble Co.
  • The company was last valued at $1.2 billion in January of this year when it raised new funds from investors such as Sequoia and Sofina of Belgium. Read more

Since the Great Recession, metals have not fallen this dramatically

Published on: 11:08 am

  • It represents a sharp reversal from the previous two years when metals rose on a wave of confidence following the shutdown, inflationary projections, and supply bottlenecks. Currently, there is inflation and a shortage of supplies.
  • As prices are decimated by recession fears, industrial metals are on track to have their worst quarter since the financial crisis of 2008. Tin just fell 21% in its worst week since a crisis in the 1980s that shut down London trading for four years, while copper, the great economic barometer, has recoiled into a bear market from a record four months ago.
  • It represents a sharp reversal from the previous two years when metals rose on a wave of confidence following the shutdown, inflationary projections, and supply bottlenecks. Currently, there is inflation and a shortage of supplies. Prices, however, are falling as concerns about a slowdown in industrial activity across major nations coincide with weakening Chinese demand. Read More

Bonds for Tata Motors and Adani Green fall as a weak rupee hurts India's credit

Published on: 10:53 am

  • There were a few Indian corporations whose bonds fell as the rupee fell to a record low last week, including Tata Motors, which owns Jaguar, and mining behemoth Vedanta Resources Ltd.
  • In addition to those two-dollar notes that will be due in 2024, the foreign currency bond for Adani Green Energy and the debt for GMR Hyderabad due in 2026 both experienced declines, according to data compiled by Bloomberg.
  • These declines occur at the same time that the rupee reaches its lowest level against the dollar, making it more difficult for Indian businesses—which are already contending with the problem of rising interest rates—to pay their existing international debt or offer new bonds in other currencies. Read More

IMF's 17.7 billion SDR hides the decline in reserve pile-up in FY'22

Published on: 10:42 am

  • Last fiscal year, India contributed $47.5 billion to its foreign exchange reserves, a decrease from the previous year by almost half. However, a closer look at the data indicates that the IMF's approval of Special Drawing Rights and the revaluation of gold holdings were responsible for roughly $26 billion of those additional reserves. Only $4 billion worth of hard foreign currency assets, net of value losses, were added to the FX pool.
  • The IMF increased the reserves by $17.7 billion in terms of SDR allocation and by about $9 billion in terms of gold value. The increases in foreign currency assets total $20 billion, even after eliminating the SDR gains ($17.4 billion), which are one-time, and movements in gold ($8.67 billion). Read more

ICRA upgrades Outlook of Edelweiss’ Retail NCD Programme; stock adds ~1%ICRA upgrades Outlook of Ede

Published on: 10:41 am

  • Edelweiss Financial Services Limited (EFSL), announced that ICRA, one of India’s leading credit rating agencies, has upgraded the outlook from Negative to Stable for the Retail NCD Programme of the Company.
  • Further, the rating agency has re-affirmed the credit rating assigned to the programme to ‘ICRA A+’.
  • According to ICRA, the reaffirmation of the rating considers the Group's established position in the financial services industry, its long-standing experience in the capital market related business, its diversified business profile with a footprint in the asset reconstruction, asset management segment, and a healthy stream of fee and advisory income. Read More

Reliance, PremjiInvest, CP Group, Swiggy potential bidders for Metro India unit

Published on: 10:40 am

  • Reliance Retail, Thailand’s largest conglomerate Charoen Pokphand (CP) Group and food and grocery online delivery platform Swiggy are competing with PremjiInvest, a private equity fund owned by Azim Premji, to buy the Indian cash-and-carry operations of German retailer Metro AG, said a news report stated by "Economic Times".
  • In addition to this, the Tata Group and private equity fund Bain Capital are evaluating the $1-1.5 billion buyout opportunity but are yet to firm up any plans.
  • As per the media report, "The submission of non-binding offers is scheduled for this week. Flipkart-Walmart, DMart and Amazon have for the moment opted out of the race. Detailed due diligence will start after the non-binding offers are received with firm offers expected in two months." Read more

Leadership, trustworthiness helped India grow: Piyush Goyal

Published on: 10:29 am

  • According to Union Minister for Commerce, Industry, and Textile Piyush Goyal, India's economy has expanded as a result of its dependability, decisive leadership, and democratic system that encourages openness at all levels. 
  • Goyal said during an exclusive interaction meeting with members of CII on Saturday evening in association with the Department for Promotion of Industry and Internal Trade (DPIIT), the Government of India, and Invest India that the country, which is now a $3 trillion economy, has announced a stable policy framework and respected every investment made across sectors. Read More

Want to invest in banking stocks? Invest in ICICI Bank, according to Jeffries

Published on: 10:26 am

  • One of the top banks in the world with the strongest risk-reward ratio and a 50% upside potential over the next 12 months, according to international brokerage firm Jefferies, is ICICI Bank.
  • "ICICI Bank offers among the best risk/reward ratios among global banks in terms of RoA (return on assets) and PB (price to book) in FY23/CY22, according to the comparison. As its one-year forward core banking PB of 2x is fully supported by its RoA of 1.8-1.9%, which also has a possible upside risk, it trades at 1.1x on PB/RoA, according to the brokerage.
  • In reality, it said in a report, "ICICI Bank offers among the greatest RoA among global banks that are near 1x on PB/RoA." Read More

Zomato considers acquisition of Blinkit for Rs4,447 crore in all-stock deal; stock tumbles ~5%

Published on: 10:23 am

  • Food Delivery Giant, Zomato Limited announced the acquisition of Blinkit (formerly Grofers), in an all-stock deal worth Rs4,447 crore on Friday.
  • Zomato said it would buy up to 33,018 equity shares in Blink Commerce Pvt Ltd from its shareholders for a total consideration of Rs4,447.48 crore, or Rs13.45 lakh per equity share. The decision was made today at a board meeting.
  • "This acquisition is consistent with our investment strategy in the quick commerce business," stated the company in media reports. Read more

TDS on cryptocurrency transfers starts July 1

Published on: 10:15 am

  • TDS of 1% on cryptocurrency transfers is expected to be into effect on July 1. Depending on the type of transaction, the buyer, crypto exchanges, and brokers will each be responsible for withholding this tax, according to CBDT.
  • Come July 1, your cryptocurrency sales will be subject to a 1% tax deducted at source (TDS).
  • This rule will apply to any transfers of virtual digital assets (VDAs) worth more than Rs10,000, such as those involving cryptocurrencies and non-fungible tokens (NFTs). Read more

Kiri Industries to acquire 81% stake in Indo Asia Copper; Stock rises

Published on: 10:11 am

  • Kiri Industries Limited has informed to the exchanges that  it is acquiring 81% Equity stake of Indo Asia Copper Limited. Accordingly, Indo Asia Copper Limited become a wholly owned subsidiary of the Company.
  • As per the filing, the prospective intent is for manufacturing of Copper & allied products as well as Fertilizers.
  • After acquisition of 8100 equity Shares of Rs. 10/- each, equity stake of the Company in IACL will be 100% and IACL become wholly owned subsidiary. Read More

Bajaj Auto board to discuss share buybacks; dividend payout of Rs140 per share

Published on: 9:53 am

  • The proposal for the buyback of equity shares will be discussed at today's board meeting of Bajaj Auto.
  • In an exchange filing on June 22, Bajaj Auto stated, "We desire to tell you that a meeting of the board of directors of the company is planned to hold on June 27 to further discuss the proposal for buyback of fully paid-up equity shares of the company."
  • After this meeting, the buyback's price and other specifics will be made public. Read more

Hero MotoCorp launches Passion 'XTEC'; Stock jumps 1.5%

Published on: 9:46 am

  • Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, has introduced the new Passion ‘XTec’.
  • According to the press release, available at Hero MotoCorp dealerships across the country at an attractive price of Rs. 74590/- (drum variant) and Rs. 78990/- (disc variant), the Passion XTec comes with a 5-year warranty, reiterating the brand’s trust and reliability. (Ex-Showroom Delhi)
  • The new Hero Passion ‘XTec’ is a perfect combination of style, safety, connectivity and comfort. The motorcycle is packed with features such as the First-in-Segment Projector LED Headlamp, Full-Digital Instrument Cluster with Bluetooth Connectivity, SMS and Call Alerts, Real-Time Mileage Indicator, Low-Fuel Indicator, Side-Stand Engine Cut-Off and Service Reminder. Read more

Read about the latest proposal from the GST Council

Published on: 9:27 am

  • Prior to the next round of revisions in the indirect tax regime, which will complete five years of implementation on July 1, the Goods and Services Tax (GST) Council is set to take up a proposal for tougher examination and verification of high-risk taxpayers.
  • Ajit Pawar, the finance minister for Maharashtra, is leading a group of ministers (GoM) that will present the council with a report on GST system reforms. The GoM has recommended, among other things, that information about phony traders who are not registered be made public and that banks be required to provide information on transactions made through Point of Sale (POS). Read more

Top 10 stocks for today

Published on: 9:26 am

  • Here are the top 10 stocks in news today:
  • Dr.Reddy’s Labs:
  • From the US-based Eton Pharma, Dr Reddy's Labs purchased their line of branded and generic injectable products. It paid the Eton's portfolio a $5 million cash down payment upfront, plus potential future payments of up to $45 million. Read more

Hindustan Copper zooms ~3% as board mulls fund raise upto Rs500 crore

Published on: 9:22 am

  • The board of directors of state-owned Hindustan Copper Ltd will meet next week to consider a proposal to raise up to Rs500 crore through the issuance of debentures.
  • "On June 30, 2022, a meeting of the board of directors of Hindustan Copper Limited (HCL) will be held to consider and recommend resolutions seeking approval of the company's shareholders to authorize the board of directors to offer, issue, and allot secured or unsecured non-convertible bonds," stated the company in its filing.
  • The board will also consider raising funds through qualified institutional placement, according to the statement. Read more

Markets on a bull run; Sensex climbs 600 pts, Nifty 50 around 15,900; IT outperforms; Tech Mahindra,

Published on: 9:20 am

  • Indian markets are on a bull run on Monday tracking sharp gains of global cues as worries over recession, US inflation pulls back and focuses on technology stocks' economic growth emerges.
  • All sectoral indices were in the green with PSU Bank, Auto, financials, metal and IT stocks outperforming. 
  • At around 09.46 AM, the Sensex was trading at 53,334.55 up by 606.57 points or 1.15%. The 30-scrip index has touched a new 52-week high of 53,509.50 in the opening bell. Read more

Welspun Corp secures new orders worth Rs600 crore; stock gains 2%

Published on: 9:19 am

  • Welspun Corp Ltd. (WCL) has secured various orders to be executed from India and the USA across the Oil & Gas and Water sector, of —47,000 MT amounting to -—Rs600 crore.
  • As per the regulatory filing, these include, receipt of an order for the supply of onshore coated pipes and bends for a pipeline project in Australia. This is a prestigious order for the manufacture and supply of —19,700 MT of pipes and 180 bends for transportation of gas.
  • This export order will be executed from WCL’s plant at Anjar, India in H2 F122-23. The challenging specifications of the pipes to be supplied, shows the confidence of the customers on WCL’s engineering quality and technical excellence, the company said. Read more

Tata Power Solar commissions India's largest floating solar power project in Kerala

Published on: 9:17 am

  • Tata Power Solar Systems Limited (Tata Power Solar), a wholly-owned subsidiary of Tata Power, has accomplished a remarkable feat by commissioning India's largest floating solar power project in Kayamkulam, Kerala on a 350-acre water body, backwaters area, having an installed capacity of 101.6 Megawatt Peak.
  • This installation was completed within the stipulated period, despite the arduous challenges of variable water depths, high sea tides, and severe water salinity concerns faced throughout the project's construction duration.
  • Tata Power Solar successfully built a scaffolding platform on the water body to make the entire solar plant float on water. This project is the first one in the Floating Solar Photovoltaic (FSPV) through Power Purchase Agreement category. This plant boasts a floating inverter platform having a 5 Megawatt (MW) capacity. Read more

Adani Group achieves financial closure of Kutch Copper project, raises entire debt of Rs6,071 crore

Published on: 9:16 am

  • According to the press release, Kutch Copper Limited (KCL), a subsidiary of Adani Enterprises Ltd (AEL), is setting up a greenfield copper refinery project for production of refined copper with 1 MTPA (million tons per annum) in two phases.
  • For the phase1 capacity of 0.5 MTPA, KCL has achieved financial closure through a syndicated club loan for the greenfield copper refinery project at Mundra, Gujarat, with the execution of financing documents with the consortium of banks led by State Bank of India (SBI). The other consortium members are Bank of Baroda, Canara Bank, EXIM Bank of India, Indian Bank, Punjab National Bank, and Bank of Maharashtra. The consortium of banks has sanctioned and signed agreement for the entire debt requirement of Rs 6071 Cr for the Phase1 of the KCL Project. Read more

Egypt will purchase 180000 tonnes of wheat from India

Published on: 9:16 am

  • The pact, which is a part of Egypt's efforts to diversify its wheat sources, calls for Egypt to purchase 180,000 tonnes of wheat from India, down from the previous agreement, Supply Minister Aly Moselhy announced on Sunday.
  • One of the top wheat importers in the world, Egypt, are searching for alternatives to the Black Sea grain supplies that are being disrupted by Russia's invasion of Ukraine.
  • Egypt's primary wheat suppliers have been Russia and Ukraine. Egypt, which massively subsidizes bread for its 70 million citizens, has also seen an increase in import costs as a result of the Ukraine conflict. Read more

GoM proposes 28% GST on Casinos, online gaming, horse races

Published on: 8:51 am

  • A proposal from the group of state finance ministers to collect a 28% GST on online gambling, casinos, and horse racing is expected to be reviewed by the GST Council at its meeting this week, according to sources. 
  • Online gaming should be taxed at the entire value of the consideration, including the contest entrance fee paid by the player upon participation in the game, according to a recommendation made by the Group of Ministers led by Meghalaya Chief Minister Conrad Sangma.
  • The GoM has proposed that GST be applied to the whole amount of bets placed with bookmakers and pooled in totalisators on racetracks. Read more

What to expect this week in the Indian equity markets?

Published on: 8:14 am

  • Indian equity markets are likely to see another volatile week. Economic news will remain in the negative zone. Inflation is taking its toll in India and in other major countries. In US hike in interest rates has started getting reflected in rising home loan interest rate. Latest data shows that sales of houses has started declining in USA. In a number of companies, including at Rolls Royce in UK, workers' unions have started disrupting work as they demand increase in wages. The spiral of wage cost inflation has started. Wage cost inflation spiral means higher prices leading to increase in wages, which in turn increases prices further as higher wages get reflected in prices.
  • Prices of some soft food commodities came down last week. Oil prices are also coming down because of concerns about recession. But oil is still trading in the high zone. For India relief has come from increased import of Russian oil. Russion oil is currently trading at a much cheaper price than Brent Crude or WTI crude. Read More

Indian equity markets likely to begin the week in Green

Published on: 8:06 am

  • Indian equity markets are likely to start Monday in the Green. Global cues are all positive today. US markets ended on a high positive note on Friday. Asian markets have opened in the Green today. SGX Nifty is up by 1.13% since morning. Oil prices have slipped further but are still in the high zone.
  • US markets saw a superb comeback on Friday with the best in week rally in over 2 months. Dow Jones closed higher by over 800 points. Nasdaq gained nearly 400 points. Bond yields closed lower at 3.10%. Oil prices saw weakness as supply/demand equilibrium got momentum with Iran supply getting ready to hit the market by next month.
  •   Asian markets have opened in the green across the board with all indices trading in the green led by the ASX index which is up by over 1.5%. The Japanese 'Nikkei' & Taiwan index also are gainers with both indices up by over 1.25%. Chinese stocks could see more ETF flows as the index could 4 weeks of gains heading into a holiday shortened week. Read more

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Disclaimer : All estimates (1 year forward) are based on Consensus View provided by Refinitiv.

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