Latest News and Updates

29th Jun, 2022

Ind Ra reaffirms JSW Energy-led Jaigad PowerTransco's bank loans at 'AA/Stable'

Published on: 3:15 pm

  • JSW Energy Limited has informed that India Ratings and Research (Ind-Ra), on June 28, 2022, has reaffirmed the rating of the long term fund based working capital facilities of Jaigad PowerTransco Limited (JPTL), a subsidiary of the Company.
  • As per the press release the ratings are reaffirmed as 'IND AA/Stable' and Ind Ra has withdrawn JPTL’s term loan rating.
  • The affirmation reflects JPTL’s robust availability track record since the commencement of operations in 2010, along with a comfortable financial performance with stable EBITDA and receivable days at FYE22. Read more

ICRA revises outlook of V-Mart Retail’s long-term rating; stock rises

Published on: 3:06 pm

  • V-Mart Retail Limited informed that the rating agency ICRA Limited has reaffirmed the long-term rating at [ICRA]AA- and short-term rating at [ICRA]A1+ for the captioned line of credit.
  • The Outlook on the long-term rating has been revised as Positive from Stable.
  • The rating agency has reviewed total bank facilities worth Rs195 crore. This includes Long-term facilities worth Rs132.43 crore, short-term facilities worth Rs16.57 crore, and unallocated facilities worth Rs46 crore. Read more

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Axis Bank and Airtel Payments Bank collaborate to digitize last-mile cash collection

Published on: 3:01 pm

  • In order to digitize the cash collection mechanism in India's Tier III cities and semi-urban areas, Airtel Payments Bank has teamed with Axis Bank. Airtel Payments Bank will help Axis Bank digitize last-mile cash collections by utilizing the broad reach of its digital-led neighbourhoods banking concept.
  • This collaboration will aid Axis Bank in streamlining its cash management operations. Additionally, it is anticipated to shorten the payment cycle and free up bandwidth for the nation's field agents. Read more

Al Faisal Holding Company selects Ramco Systems to enhance its HR and payroll systems

Published on: 2:50 pm

  • Al Faisal Holding, one of Qatar’s largest privately held diversified groups, announces that it has chosen to implement Ramco Systems' Global Payroll & HR Solution to streamline and automate the HR and payroll operations for more than 5,000 of its employees in over 55 organisations across diversified business sectors. It will also implement Ramco’s touchless, facial recognition-based Time & Attendance system for real-time tracking of the employees.
  • With modules for Payroll, Core HR, Employee Benefits and Time & Attendance, Al Faisal Holding will also leverage Ramco’s Self Explaining Payslips feature, a smart AI-based service that will allow Al Faisal’s employees to receive explanations of their remuneration and payslip via the Ramco CHIA virtual assistant.
  • Kashif Fateh Dad, Chief Information Officer, Al Faisal Holding Company, said, “Focusing on digital and innovative transformations is an important aspect of Al Faisal Holding’s IT strategy to enhance all aspects of the business. The pandemic has accelerated the adoption of the gig working model. Read more

Indian coal ministry asks World Bank for aid in repurposing closed mines

Published on: 2:48 pm

  • India's coal ministry announced on Wednesday (29-06-2022) that it has asked the World Bank and other international organizations for help in repurposing its closed coal mines so that they would be ecologically sound and acceptable for commercial use.
  • The Ministry of Coal is a division of the Indian government with its main office in New Delhi. Pralhad Joshi, a Cabinet Minister, is in charge of the portfolio.
  • The Ministry of Coal is ultimately responsible for formulating policies and plans for the exploration and development of coal and lignite deposits, approving significant projects with high economic value, and making decisions about all pertinent matters. Read more

Where will oil prices go in the near future?

Published on: 2:47 pm

  • Oil prices continue to be much above the $100 per barrel mark. There is some hope that with global economic slowdown worsening in the coming days, demand for oil will go down. This will start bringing oil prices down.
  • On the other hand, shortage of spare production capacity with OPEC countries means that these countries will not be able to increase their production of oil in the near term. So if demand does not come down signicantly, in the absence of significant increase in supply, oil prices are more likely to remain at the present levels than come down significantly. Read more

Ind-Ra upgrades CreditAccess Grameen’s Debt instruments’ rating to ‘IND AA-’; stock marginally down

Published on: 2:38 pm

  • CreditAccess Grameen Limited informed that the rating agency India Ratings and Research Private Limited has upgraded the ratings assigned to the company’s debt instruments.
  • The company has upgraded the rating of long-term bank loans worth Rs2,000 crore to ‘IND AA-’, and has given a Stable outlook for the same. Further, it has also upgraded the rating of Non-Convertible Debentures worth Rs100 crore to ‘Ind AA-’ and a Stable Outlook.
  • CA Grameen's improved geographical diversification, ability to manage asset quality as demonstrated during the pandemic and other systemic events in recent years, and the tailwinds of a supportive regulatory environment all contribute to the upgrade in the rating. Read more

Acrysil commissions 1,60,000 units of Quartz Kitchen Sinks at Bhavnagar plant; Stock rallies 7%

Published on: 2:22 pm

  • Acrysil Limited has announced to the exchanges that the company's capacity expansion of 160,000 units of Quartz Kitchen Sinks at its Bhavnagar plant in Gujarat has been completed. The commercial production of additional 160,000 units has commenced from June 28, 2022.
  • Further, the manufacturing capacity of Quartz Kitchen Sinks has increased from 840,000 units to 1,000,000 units per annum, the company said in a regulatory filing. Read more

SBI, ICICI Bank acquires 9.54% stake in Perfios AA for Rs4.03 crore each

Published on: 2:09 pm

  • State Bank of India and ICICI Bank Limited informed that they have entered into an agreement dated June 28, 2022, to make an investment in the equity shares of Perfios Account Aggregation Services Private Limited (Perfios AA).
  • Perfios AA is an RBI-registered NBFC-Account Aggregator engaged in providing account aggregation services.
  • State Bank of India (SBl) and its associates/subsidiaries, in the normal course of business, may have business dealings with Perfios AA at arm's length. Read more

Fitmint, a fitness app, secures a $1.6 million investment round from General Catalyst

Published on: 1:51 pm

  • With built-in social-fi and NFT gaming features, Fitmint is a "Move-to-Earn" startup where users can earn rewards in crypto/NFTs by exercising physically, such as walking, running, or working out.
  • Fitmint, a business with offices in Bengaluru, announced on Wednesday that it has secured $1.6 million in a seed fundraising round headed by General Catalyst. With built-in social-fi and NFT game features, Fitmint is a "Move-to-Earn" business where users may earn incentives in
  • crypto/NFTs by exercising physically, such as walking, jogging, or working out.
  • According to a release from the fitness app, "Bengaluru-based Move-to-Earn startup Fitmint has announced raising seed funding of $1.6 million from different VCs and institutional investors." Fitmint rewards users for exercising. General Catalyst, an international startup capital firm, led this round of seed funding. Other investors were iSeed, Kearny Jackson, Dweb3, and 1947 Rise. Read more

Hindalco’s board nods acquisition of 26% stake in Cleanwin Energy; stock trades flat

Published on: 1:49 pm

  • Hindalco Industries Limited’s Board of Directors has approved to make an investment in the equity share capital of M/s Cleanwin Energy SIX LLP.
  • Cleanwin Energy belongs to the Renewable Energy generation industry. It is a registered Limited Liability Partnership (LLP) for the generation of wind power of 5 MW.
  • The company is looking into ways to reduce energy costs, and one option is to open up access to renewable energy generators in captive mode. Given this, the company intends to invest in a wind power generator Cleanwin Energy LLP. Read more

Shri Bajrang Alliance stock zooms 7% after signing contract with Abu Dhabi-based LULU Group Internat

Published on: 1:46 pm

  • Shri Bajrang Alliance Limited (GOELD) have signed the contract with LULU Group International LLC, Abu Dhabi for supply of GOELD Frozen Food Items in their middle East Markets (UAE, KSA etc.) and also through their Indian network.
  • The Purchase orders for the first 2 lots have been received, the company said.
  • As per the filing, LULU GROUP INTERNATIONAL (LuLu Group) is a highly diversified conglomerate with successful business entities in strategic locations wortdwide Founded by the acclaimed business visionary Yusuff Ali M.A, LuLu Group has become a key contributor in the Gulf region's economic standing with an annual turnover worth USD 8 billion. Read more

Persistent recognized amongst Top Companies in Institutional Investor’s 2022 Asia Executive Team Awa

Published on: 1:34 pm

  • Persistent Systems Limited has been named an 'Honored Company' by highly regarded sell-side analysts in the '2022 Asia Executive Team - Small and Mid-Cap' rankings (ex-Japan) for the Technology IT Services and Software industry, one of seven such companies across Asia (ex-Japan).
  • The Company received this honour as a result of multiple published rankings, including first place in the Investor Relations (IR) Team category and third place for its Investor Relations Program.
  • Furthermore, Sandeep Kalra, Persistent's Chief Executive Officer, and Executive Director was ranked second among CEOs, and Saurabh Dwivedi, Persistent's Head - Investor Relations, was ranked first in the IR Professional category. Read more

Orient Bell stock skyrockets 16% on completion of two projects involving capex of Rs20 crore

Published on: 1:07 pm

  • Orient Bell Limited stock skyrocketed over 17% on Wednesday as the company announced on-time completion of two of its projects involving CAPEX of ~Rs20 crore:
  • GVT Tile plant at Sikandrabad (U.P.) – increase in capacity by 0.7 MSM p.a.
  • Conversion of Dora plant (Bharuch District, Gujarat) from Ceramic Floor to Vitrified Floor – incremental volume potential being ~1.2 MSM p.a. Read More

Reliance stock target price is raised by Bernstein, predicts a 34% surge

Published on: 1:04 pm

  • The research firm maintained a "outperform" rating while raising its stock target price from Rs 2,830 to Rs 3,360.
  • Reliance Industries is expected to grow by 34%, according to Bernstein Research, which also notes that the company is displaying growth across all of its segments. It believes that the potential for earnings growth is more than what the consensus estimates imply.
  • The research firm has maintained a "outperform" rating on the company while raising its target price from Rs2830 to Rs3,360. Based on
  • FY23 estimated earnings per share of Rs154, which is 29% more than consensus projections, the company has been valued. Read more

Global food security can be ensured by India's agri-expertise, PM tells G7

Published on: 12:55 pm

  • The G7 was informed by Prime Minister Narendra Modi that India's experience in agriculture could be used to maintain food security. He also urged the group to secure regular fertilizer deliveries, which have been hampered by the conflict in Ukraine. He demanded that the war be ended via discussion, pointing out that it had an international influence.
  • Can the G7 provide a formal framework for the extensive use of Indian agricultural skills in its member nations? The Prime Minister made the comment on Monday during a discussion on food security that was conducted in conjunction with the G7 conference in Germany. "Food security for G7 nations would be maintained with the assistance of traditional farming ability of Indian farmers." Read more

India Cements completes acquisition of Springway at Rs182.89 crore; stock climbs ~3.5%

Published on: 12:47 pm

  • India Cements Limited informed that Springway Mining Private Limited (SMPL) became a subsidiary of the company. The company has completed the acquisition of the entire paid-up equity and preference share capital of SMPL.
  • SMPL is currently constructing a cement plant in Madhya Pradesh.
  • The entire share capital comprising of 10,000 equity shares of Rs10 each and 2,00,00,000 9% Non-convertible Cumulative Redeemable Preference Shares of Rs10 each are acquired in tranches constituting 100% of the paid-up equity and preference share capital of SMPL. Read more

In the NSE dark fibre case, SEBI finds NSE, Chitra Ramakrishna, and 16 other individuals guilty of c

Published on: 12:37 pm

  • The 18 entities together received a penalty from the capital market regulator totalling Rs 43.8 crore, with the NSE receiving the largest sanction of Rs 7 crore.
  • On June 28, the Securities and Exchange Board of India (SEBI) found 18 parties guilty of cooperation in the 2015 dark-fibre case, including former National Stock Exchange CEO Chitra Ramakrishna, NSE COO Anand Subramanian, and the NSE.
  • The 18 businesses have been penalised a total of Rs 43.8 crore by the capital market regulator, with the NSE receiving an Rs7 crore charge on its own. Ravi Varanasi, the NSE's chief business development officer, was fined Rs5 crore, and Ramakrishna received an Rs5 crore penalty. Read more

India's imports of refined petroleum products increase

Published on: 12:31 pm

  • The world's energy markets, which have already seen several oddities in 2022 as flows are redirected and prices rise, have now encountered a new one: India, traditionally Asia's top supplier of refined petroleum products, has increased its imports of these products.
  • According to Vortexa Ltd., gasoline imports increased to around 13,000 barrels per day in the first half of June, a seven-month high. Meanwhile, according to tenders by Indian Oil Corp. and Bharat Petroleum Corp. as well as estimates from Vortexa, diesel imports are expected to rise to their highest level since February 2020 at over 48,000 barrels per day. Read more

Shree Ram Proteins spurts ~5% on plans to set up new factory at Tambov, Russia

Published on: 12:22 pm

  • Shree Ram Proteins Limited informed that the company will be diversifying its operations and setting up a new Sunflower Oil Processing Factory at Tambov Russia, with a capacity of 500 tons per day of raw material.
  • To set up the proposed factory, the company has taken Land on a Lease of 99 years.
  • Further, the company has also acquired 469 hectares of Tea Garden Area in Silchar, Assam. Read more

Ascensive Educare bags work order of Rs3.11 crore; Stock surges 3.5%

Published on: 12:13 pm

  • Ascensive Educare Ltd stocks in the fast lane as the company received a Work Order from Apparel Made-ups & Home Furnishing Sector Skill Council, National Skill Development Corporation, New Delhi.
  • According to the regulatory filing, the project is for an amount of approximate Rs3.11 crore, received on Monday, June 20, 2022 under Skill based Training of Mission Shakti Women Self Help Scheme. Read more

Helicopter with 9 passengers makes emergency landing near ONGC offshore rig; 4 die

Published on: 12:01 pm

  • A helicopter carrying 9 people on board, including two pilots, made an emergency landing on the Arabian Sea around 11.45 A.M. on June 28, 2022, one nautical mile away from the ONGC offshore rig Sagar Kiran.
  • The Regional Contingency Plan (West) (RCP) was immediately activated, and the incident was reported to the Indian Navy and Coast Guard. ONGC vessels stationed nearby were mobilized for a search and rescue operation.
  • One person was rescued by a lifeboat launched from the ONGC Rig Sagar Kiran, and four others were rescued by the ONGC stand-by vessel Malviya16. Despite the inclement weather, the rescue operations were completed quickly. Read More

CRISIL upgrades rating on Pudumjee Paper Products' bank loan facilities; Stock climbs 3.4%

Published on: 11:47 am

  • CRISIL Ratings has upgraded its ratings on the bank loan facilities of Pudumjee Paper Products Limited (PPPL) to ‘CRISIL A/Stable/CRISIL A1’ from ‘CRISIL A-/Positive/CRISIL A2+’.
  • CRISIL Ratings has also migrated its rating on the fixed deposit programme of PPPL from ‘FA/Positive’ to ‘CRISIL A-/Positive’ and then simultaneously upgraded to 'CRISIL A/Stable' from ‘CRISIL A-/Positive’.
  • According to the rating rationale report, the upgrade reflects sustained improvement in business risk profile supported by recovery in demand and increased realizations during FY22 and continuation of enhanced operating margin during FY22.Read more

Infosys bags Microsoft’s 2022 Modern Endpoint Management Partner of the Year Award

Published on: 11:27 am

  • Infosys Limited, a global leader in next-generation digital services and consulting, announced today that it has been named Microsoft's Modern Endpoint Management Partner of the Year for 2022.
  • In addition to showcasing Infosys' diverse and comprehensive capabilities through Infosys Cobalt across Microsoft Cloud, Infosys announced that it has been named a Finalist in five additional Microsoft Partner of the Year Award categories. It includes Analytics, Cloud-Native App Development, Dynamics 365 Sales, Dynamics 365 Supply Chain Management and Intelligent Order Management (IOM), and Dynamics 365 Commerce. Read more

H P Cotton Textile Mills forms wholly-owned subsidiary; Stock jumps ~2%

Published on: 11:21 am

  • H P Cotton Textile Mills Limited has informed to the exchanges that it has incorporated a wholly-owned subsidiary in the name of "HP MMF TEXTILES LIMITED" on June  24, 2022.
  • As per the regulatory filing, the new subsidiary will carry out the business in the field of textiles.
  • Further, the objective of incoporation is to manufacture all kinds of textiles, yarns, fabrics, garments and other related products. HP MMF is yet to commence its business operations. Read more

Nykaa announces Bhumi Pednekar as Brand Ambassador for ‘Nykd’; stock adds ~1.5%

Published on: 11:07 am

  • Nykd by Nykaa (FSN E-commerce) has partnered with a popular voice of reason, the uninhibited Bhumi Pednekar to launch its new campaign.
  • Bhumi, who is well-known for using her voice and influence in relevant conversations, is now extending her commitment to another cause close to her heart: women's everyday comfort! Through this campaign, she hopes to remove the discomfort and awkwardness associated with discussing basic, real-life issues that women face on a daily basis, particularly when it comes to wardrobe essentials like bras.
  • The brand has found true synergy in Bhumi, as they set out to bring women's comfort and relationship with bras to the forefront. Read more

Gold price remains unchanged, silver down by Rs 300 per kg

Published on: 10:54 am

  • Early on Wednesday (29-06-2022), gold prices were constant, with 10 grams of the 24 karats precious metal trading at Rs 51,980 and 10 grams of 22 karat gold at Rs 47,650. Silver's price fell by Rs 300 on Wednesday, when it traded for Rs 60,000 per kilogram.
  • In the meanwhile, gold prices in the US were confined to a narrow range on Tuesday as the possibility of rising interest rates constrained the safe-haven appeal of metal but recession worries increased it. Read more

Vedanta seeks LIC’s support for ~Rs5,000 crore fund raise; stock slips ~1%

Published on: 10:52 am

  • Vedanta Limited, a mining major, has locked a direct deal with the Life Insurance Corporation of India (LIC) to raise Rs4,809 crore through its 10-year bonds.
  • "It's a structured transaction with LIC that Vedanta is doing. The company has AA rating bonds. It is a ten-year paper. It's a direct trade with non-coupon bidding and is open bidding," a senior Treasury official explained.
  • "Pricing is at 10-year G-sec plus 100 basis points - probably around 8.50%," the source said. Read more

Star Housing Finance plans to expand presence in Pune region; Stock trades lower

Published on: 10:44 am

  • Star Home Finance Limited, a BSE listed rural focused housing financing company has announced that it intends to penetrate deeper into existing geographies as part of its expansion strategy to meet the housing finance needs of the rural populace.
  • With an existing presence in Pune, Star HFL intends to expand into other locations in the region, and has identified Baramati, Mahad, Poladpur, Nashik, Ahmednagar and Pimpri-Chinchwad locations to be present over the next 12-18 months through physical and digital offices.
  • These locations, post getting operational shall be manned with officers having housing finance experience and local know how thereby enabling credit access to prospective borrower towards purchase/construction of own home in the form of low-cost housing units. Read more

India pushes hard for Andaman deep water basin oil and gas exploration

Published on: 10:39 am

  • According to media reports, India is actively pursuing oil and gas development in the Andaman deep water basin with the government preparing to fund an ONGC-led drilling effort and to ease approvals.
  • The government's aim to increase domestic production of oil and gas and reduce imports at a time when high fuel costs are punishing consumers is centred on accelerating exploration.
  • After the monsoon, ONGC intends to begin the drilling campaign in the Andaman offshore, and it is now in negotiations with ExxonMobil and Shell to include them in the project, according to the company. Under the unique government-funded programme in the Andaman Sea, ONGC anticipates drilling three to four wells, each of which will cost between Rs350 and Rs400 crore. Read More

Early trading sees historic lows for the Indian rupee

Published on: 10:33 am

  • In the first hour of trading on Wednesday (29-06-2022), the rupee lost 11 paisas, falling to a new low of 78.96 versus the US dollar. This decline was caused by an ongoing capital flight from India.
  • The rupee depreciated 11 paise from the previous close to quote at 78.96, its all-time low, at the interbank foreign exchange, after beginning on a shaky note at 78.86 versus the American dollar.
  • To reach a record low of 78.85 versus the US dollar on Tuesday, the rupee fell by 48 paise. According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the rupee started off Wednesday's trading session down versus the dollar as the dismal economic outlook came back into the spotlight. Read more

15 more firms have been chosen for PLI for white goods sector

Published on: 10:27 am

  • The government declared on Tuesday (28-06-2022) that 15 businesses, with committed investments totaling Rs 1,368 crore, have been provisionally selected as recipients under the production-linked incentive (PLI) scheme for the white goods sector. These businesses include Adani Copper Tubes, LG Electronics, and Wipro Enterprises.
  • 42 businesses, including Daikin, Panasonic, Syska, and Havells, with a pledged investment of Rs 4,614 crore, were chosen in November of last year.
  • After getting interested from a number of companies, the government reopened the application window for its Rs. 6,238 crore PLI program for air conditioners (ACs) and LED lights in March of this year in an effort to accommodate more enterprises. For this round, 19 firms submitted applications. Read More

Buyers in P2P virtual asset sales must deduct tax: CBDT

Published on: 10:21 am

  • The Central Board of Direct Taxes said on Tuesday (28-06-2022) that both the buyer and the seller would be required to withhold taxes on transactions involving the exchange of one virtual asset for another.
  • In a new set of clarifications, the CBDT stated that in a peer-to-peer transaction of virtual digital assets, the buyer will be required to deduct tax in accordance with section 194S of the I-T Act (VDA).
  • Therefore, the buyer (i.e., the person paying the consideration) is obligated to deduct tax under section 194S of the Act in a peer-to-peer transaction (i.e., a buyer to a seller without going via an Exchange), according to the CBDT. Read more

According to Moody's, Indian banks would experience a jump in margins in FY23

Published on: 10:19 am

  • In the current fiscal year (FY23), net interest margins (NIMs) at Indian banks may increase, according to research released on Monday by Moody's Investor Service.
  • The net interest margin (NIM) is the difference between interest received and interest paid by a bank to its interest-earning assets.
  • Recent interest rate increases made by the Reserve Bank of India (RBI) to control inflation are to blame for the widening of these disparities.
  • The analysis also suggested that higher policy rates and advantageous finance arrangements may have an impact on the bigger margins. Read more

Global Surfaces files draft red herring papers with SEBI for IPO

Published on: 10:10 am

  • Global Surfaces Ltd- engineered Quartz stone manufacturer & suppliers in India has filed introductory papers with Sebi to mop up funds through an initial public offering (IPO).
  • According to the filed DRHP (draft red herring prospectus), the IPO comprises fresh issuance of 85.20 lakh equity shares and an offer-for-sale (OFS) of up to 25.5 lakh equity shares by promoters i.e. Mayank Shah and Sweta Shah.
  • In addition to the filed DRHP, the funds raised through fresh issuance of equity shares will be used for setting up the company's proposed facility- Global Surfaces FZE, located in Dubai. Read more

Bertelsmann VC's Indian arm fetches $500 million for investment in Indian companies

Published on: 10:10 am

  • Bertelsmann India Investments (BII), Bertelsmann's investment division, has raised $500 million to make new and follow-on investments in India over the next few years.
  • While the venture capital (VC) firm will continue to invest primarily in mid-stage companies — startups in Series B and Series D — it also plans to fund select Series A new-age companies, which it has not done previously.
  • When asked how BII would select companies for this pool, Makkar stated, "We want to invest in companies that leverage technology to solve problems in a highly unorganized market." Read more

Credit card usage surpassed Rs1.13 trillion in May

Published on: 10:07 am

  • According to figures from the RBI, credit card expenditure in May exceeded Rs1.13 trillion, up from Rs1.05 trillion in April of this year. Increased card usage is a sign of increased economic activity.
  • The amount spent through swipes at Point of Sale (PoS) machines reached Rs42,266 crore in May, according to RBI statistics, while the amount was paid online by 7.68 lakh credit card holders was about Rs71,429 crore.
  • In terms of transactions, there were somewhat fewer credit card payments made online (11.5 crore against 12.2 crore using PoS machines or offline). Online purchases made by credit card users were Rs65,652 crore, while purchases made at physical Point of Sale (PoS) terminals totaled Rs39,806 crore in April. Additionally, the pattern shows that cardholders do more expensive purchases online than they do physically. Read More

RBI data: Bank deposit growth slowed to 10% in March 2022

Published on: 9:58 am

  • According to Reserve Bank of India (RBI) statistics, Scheduled Commercial Banks' (SCBs') deposit growth slowed to 10% year over year in March 2022 from an increase of 11.9% in the previous month. 
  • RBI reported that during 2021–2022, growth in current, savings, and term deposits was 10.9 percent, 13.3%, and 7.9%, respectively. The RBI published information on Scheduled Commercial Bank Deposits - March 2022 on Tuesday.
  • The information demonstrated that interest rates on term deposits continued to decrease over the fiscal years 2021–2022, consistent with the monetary and liquidity conditions. Read more

After Mukesh Ambani’s resignation, Akash Ambani named Chairman of Reliance Jio

Published on: 9:57 am

  • Mukesh Ambani has resigned from his position as Director of Reliance Jio Infocomm, the firm announced on Tuesday, with effect as of the end of business on June 27. According to a regulatory filing, Reliance Industries Ltd.'s (RIL) telecom division also stated that its board has authorized the nomination of Akash Ambani, a non-executive director of the business, as its Chairman.
  • Mukesh Ambani will continue to serve as the Chairman of Jio Platforms Ltd, the parent corporation of all Reliance Jio digital services brands.
  • "At their meeting on June 27, 2022, the board of directors approved the appointment of Akash Ambani, a Non-Executive director, as Chairman of the board of directors of the company, and noted Mukesh D. Ambani's resignation as a Director of the company effective as of the close of business on June 27, 2022 "Reliance Jio, the telecom division of Reliance Industries Ltd (RIL), an oil-to-retail conglomerate, announced in a BSE filing on Tuesday. Read more

Delhi International Airport raises Rs1,000 crore debt from Barclays, Aditya Birla Finance, NIIF

Published on: 9:54 am

  • On Tuesday, financial services majors Barclays Bank, Aditya Birla Finance and a fund owned by National Investment and Infrastructure Fund (NIIF) have provided a Rs1,000-crore debt facility to Delhi International Airport Ltd (DIAL), people connected with this transaction said to "Economic Times".
  • As per the news, these associated financial companies invested in five-year bonds of the GMR Group-promoted company wherein 9.52% coupon would be paid for the first three years and 9.98% for the remaining two years, they said. Read more

RP Tech plans to raise Rs1,000 crore via IPO

Published on: 9:52 am

  • RP Tech (Rashi Peripherals Pvt. Ltd), a PAN-India distributor for AMD, Nvidia, JBL, Lenovo, Fitbit, and Dell, is planning an Initial Public Offering (IPO) to raise up to Rs1,000 crore.
  • RP Tech, founded in 1989 by Krishna Choudhary and Suresh Pansari, is one of India's five largest IT distributors and service providers. The company collaborates with over 30 of the world's leading technology companies. It serves over 9,000 dealers across the country through a network of 50 branches and 50 service centres. Read More

Sourcewiz raises Rs20 crore in funding round led by Matrix Partners India

Published on: 9:35 am

  • Matrix Partners India led a Rs20 crore funding round for Sourcewiz, a business-to-business (B2B) digitization platform.
  • The round was also accompanied by the angel investors namely Aniket Deb, co-founder of B2B packaging firm Bizongo; Wami Capital, Transworld Group's family office; and Rohit Kapoor, global chief marketing officer of Oyo.
  • Sourcewiz strives to utilize the fund for the expansion of its team to more export hubs across India. Currently, it is operating in hubs across Panipat, Jaipur, Agra, and Karur.
  • The company also envisages its expansion to other geographies like Turkey, Pakistan, and Bangladesh. Read more

Markets trade lower amid weak global cues; Nifty around 15,700 dragged by banking stocks

Published on: 9:34 am

  • Indian markets opened on a negative note tracking weakness in global markets as over concerns about rising inflation, interest rates hikes and potential damage to global economic growth. Investors are also tracking news flow on G7 Summit, GST Council, brent crude oil prices which makes market nervous. Also, rupee hits new low on capital outflows added to the negative woes.
  • At home, all the sectoral indices were in the deepred territory. Sensex has dipped to as much as below 52,600 and Nifty 50 even erased 15,750-level during early deals on Wednesday. Read more

Tax exemptions on some items are removed by the GST Council

Published on: 9:33 am

  • On Tuesday, the GST Council authorized adjustments to some of the tax rates on goods and services with the goal of rationalizing the charge, even as non-BJP-ruled states prepared for a potential conflict with the federal government over the issue of a bigger part of tax income.
  • Numerous concerns relating to procedural compliance for GST-registered firms were discussed on Day 1 of the two-day meeting of the panel, which was presided over by Union Finance Minister Nirmala Sitharman and included representatives from all states and UTs, according to authorities. Read more

Route Mobile’s Board green signals Rs120 crore Buy Back plan; stock tumbles ~5%

Published on: 9:21 am

  • In its filing with the exchanges, Route Mobile Limited informed that the board of directors of the company has approved the buyback by the Company of its fully paid-up equity shares having a face value of Rs10 each at a price not exceeding Rs1,700 per Equity Share and for an aggregate amount not exceeding Rs120 crore.
  • The Buy Back will be via the Open Market route through the stock exchange mechanism and consideration shall be payable in cash.
  • The indicative maximum number of Equity Shares bought back at the Maximum Buyback Price and Maximum Buyback Size would be 705,882, which is 1.12% of the total number of paid-Up Equity Shares of the Company. Read More

Maruti Suzuki introduces EECO CARE Ambulance Shell; Stock under pressure

Published on: 9:18 am

  • Maruti Suzuki India Ltd has informed that EECO CARE Ambulance Shell is now available across all Maruti Suzuki ARENA dealerships.
  • The Company said in a press release, "EECO CARE Ambulance Shell comes without Stretcher, Rail assemble & Oxygen clamps. This 'Shell' vehicle wiil need to be fabricated by a fabricator of customer's choice as per AIS-125 compliance, to be registered as an Ambulance."
  • Moreover, the EECO CARE Ambulance Shell will be available at Ex-showroom price of Rs590,000/- (Ex-Showroom, Delhi))
  • The same shall be effective from June 28, 2022, it further added Read more

Hazoor Multi Projects receives work order worth Rs14.11 crore; Stock soars 3%

Published on: 9:17 am

  • Hazoor Multi Projects Ltd has informed to the exchnages regarding  receipt of  work order on Tuesday.
  • As per the filing, the company has received work order from Nagpur Mumbai Super Communication Expressway Ltd for execution of change of scope work from ch.502.698 to ch.532.094 (Village Dhotre to Village Derde Korhale) in District Anmednagar of package-11 on EPC mode for Rs14.11 crore. Read more

Tata Motors to increase price by up to 2.5% of commercial vehicles effective July 1

Published on: 9:16 am

  • Tata Motors, India’s largest commercial vehicle manufacturer, has announced on Tuesday an impending price hike of its commercial vehicle range.
  • An increase in price in the range of 1.5-2.5%, will come into effect from July 01, 2022 across the range, depending upon individual model and variant, the compant said in a regulatory announcement.
  • "While the company takes extensive measures to absorb a significant portion of the increased input costs, at various levels of manufacturing, the steep rise in overall input costs makes it imperative to pass on a residual proportion via a minimised price hike", it further added. Read more

This year, 16 companies raised Rs40,311 crore through IPOs

Published on: 9:08 am

  • 16 firms have raised up to Rs40,311 crore through initial public offerings (IPOs) so far this year, according to statistics compiled by the PRIME Database. The amount raised this year is 43% more than the same period last year, when Rs17,496 crore was raised.
  • In addition, information from the Securities and Exchange Board of India (SEBI) and media reports suggest that up to 52 companies have already submitted their draft red herring prospectus (DRHP) to the market regulator this year. This is the most since 121 businesses submitted their DRHPs in 2007.
  • Life Insurance Corporation IPO took the lion’s share of the IPO funds with a staggering Rs20,500 crore IPO. Read more

Top 10 stocks for today

Published on: 8:29 am

  • Here are the major stocks with news in them and the potential to move the markets:
  • State Bank of India:
  • The largest lender in the nation has agreed to invest Rs4 crore in equity shares of NBFC account aggregator Perfios Account Aggregation Services Private Limited. RBI permission would be required for this investment. 9.54% of Perfios Account Aggregation Services will be owned by SBI. Read More

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