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30th Jun, 2022

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Byju's $1 billion deal to purchase US-based 2U

Published on: 3:59 pm

According to media reports, Byju's has made a bid of more than $1 billion to buy the American company 2U. The edtech giant made the board of 2U an offer last week that comes out to about $15 per share.
A deal might not be reached if 2U's board rejects the offer, according to the article, which also noted that the agreement is not final and that negotiations "might yet break apart." The market value of 2U is $717 million, while its total debt and other liabilities come to about $1 billion.
According to the article, Byju's has funding of more than $2.4 billion in place for whichever purchase it ultimately decides to pursue in an effort to quicken its growth and global expansion. Even though debt financing is more expensive than it was three months ago, the article noted that deals are still looking decent and that assets are less expensive. Since reaching a top of $55.55 in early 2021, shares of 2U have dropped by more than 80%. Read more

Nagarnar Steel Plant demerger approved by NMDC creditors and shareholders: CMD Sumit Deb

Published on: 3:48 pm

According to NMDC's Chief Managing Director Sumit Deb, the company's under-construction Nagarnar Steel Plant (NSP) has received approval from its shareholders and creditors to demerge. Deb, who was in the national capital, said that the demerger of NSP from NMDC is proceeding.
CMD Sumit Deb, who was in the capital, told Press Trust of India that the demerger of NSP from NMDC is proceeding as planned.
In response to a question on the demerger, he stated, "We have received approval from (the company's) shareholders and creditors for the demerger process. The CMD said that the approval was given on Tuesday.
To hasten the demerger of NMDC's Nagarnar Steel Plant, the steel ministry called two separate meetings of the company's shareholders and creditors. Read more

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Cantabil Retail opens 7 New Showrooms in June 2022; stock rises

Published on: 3:18 pm

In its regular monthly business updates, Cantabil Retail India Limited has informed that the company has opened 7 New Showrooms/Shops at different locations in India during the June 2022.
Post opening to these showrooms, the total number of showrooms in India stands at 401.
Recently, with the opening of store at the Hatrajganj, Lucknow, the company has marked the milestone of 400 stores. Read more

ITD Cementation secures order worth Rs700 crore; Stock sheds over 1.5%

Published on: 3:15 pm

ITD Cementation India Limited has informed to the exchanges regarding receipt of work order.
In a regulatory filing, the company said that it has received Letter of Acceptance for construction of Wharf and Approach Trestle Works from Bharat Mumbai Container Terminals Private Limited (BMCT) at Jawaharlal Nehru Port worth over Rs700 crore plus applicable taxes.
Further, the company has secured orders worth Rs6000 crore in Q1 FY23. The company's orderbook stands at all time high of ~Rs20,000 crore, thereby providing multi year revenue visibility. Read more

Compared to other global currencies, the Indian rupee is considerably better placed against the doll

Published on: 3:14 pm

The Indian currency is comparably better positioned than other foreign currencies versus the US dollar, according to Finance Minister Nirmala Sitharaman, notwithstanding the rupee's decline against the greenback.
Amid geopolitical tensions following the Russia-Ukraine war, worries about growth, high global crude prices, prolonged inflation, and central banks all over the world adopting hawkish monetary policy approaches, emerging market currencies have been losing value against the dollar.
"We are in a better position than most. We don't have an isolated economy. We live in a globally interconnected world. Thus, the effects of global developments will be felt by us, "On the margins of an event in this location, the finance minister remarked. Regarding the movement of the rupee against the dollar, she was responding to a query. Read more

More liquidity in commodity derivatives likely as FPIs are permitted to enter non-agricultural commo

Published on: 2:59 pm

The market as a whole, as well as the Multi Commodity Exchange (MCX) of India specifically, will benefit greatly from the regulator's approval of foreign portfolio investor (FPI) trading in commodity derivatives, according to analysts.
The Securities and Exchange Board of India (Sebi) approved trading in all non-agricultural commodity futures as well as a few non-agricultural benchmark indices by FPIs on Wednesday. FPIs will initially only be accepted in contracts with a cash settlement.
Previously, trading in commodity futures was only permitted by foreign investors who had direct exposure to Indian physical commodities and wanted to protect themselves against price risk. The system is no longer in place. Read more

Global financial conditions are getting worse as borrowing rates rise and economic growth slows: Moo

Published on: 2:59 pm

According to Moody's Investors Service, the extended war between Russia and Ukraine increased borrowing rates, and weaker economic development has all contributed to a worsening of global financial conditions.
It claimed that the rise in oil and food prices brought on by the situation in Ukraine is eroding consumer buying power, driving up business input costs, and lowering investor confidence.
With rising borrowing costs and economies that have not yet fully recovered from the COVID-19 pandemic crisis, many frontier market sovereigns would find it difficult to service their debt, the report stated. Read more

CRISIL upgrades the rating of long-term facilities of AU SFB to ‘AA/Stable’

Published on: 2:53 pm

AU Small Finance Bank informed that CRISIL Ratings has revised the rating of AU Small Finance Bank Limited's long-term debt instruments to ‘CRISIL AA/Stable’ from ‘CRISIL AA-/Positive.’
The rating of the company’s fixed deposit programme has migrated and been upgraded to CRISIL AA+/Stable from 'FAA+/Positive'.
The bank's short-term instrument rating on Certificate of Deposits has been reaffirmed at CRISIL A1+.
The rating agency has reviewed total bank facilities worth Rs41,885 crore. Read more

PM Modi: Government making essential policy adjustments to support MSME sector

Published on: 2:38 pm

The government is prepared to implement the required policy adjustments to support small business owners, who are essential to the government's "AatmaNirbhar Bharat" (self-reliant) strategy, Prime Minister Narendra Modi informed the MSME sector on Thursday.
In his remarks on the "Udyami Bharat" program, the prime minister urged small business owners to sign up on the GEM site in order to offer items to the government. Read more

Sandeep Singh, COO, SingleInterface

Published on: 2:33 pm

In conversation with Sheetal Agarwal and Ankur Chandra of IIFL, Sandeep Singh, Chief Operating Officer of Single Interface talks about the business model of the company.
Q1. As a hyper-local marketing company, how effective have you found yourself in generating sales for your clients?
As a hyperlocal marketing and commerce platform we have been able to impact the top line for all our customers. Our product intersection happens at the time when the customer is already in the buying mode. He is actively looking for a product or a service. At that moment, if he is able to discover our client's business locations, product / service offering and seamlessly connect with them over the phone, chat or visit the physical location, it increases the likelihood of conversion drastically. Majority of commerce happens within the vicinity of 5-6 km radius of the customer's home or office. If a brand's locations don't get discovered when the customer is looking for information they are missing out massively on new customer acquisition opportunities. Our product stack helps solve that and thus directly impacts the topline. Read more

STL to acquire balance 25% stake in Jiangsu Sterlite Tongguang Fiber

Published on: 2:31 pm

Sterlite Technologies Limited (STL) has signed the definitive agreement to acquire balance 25% stake in Jiangsu Sterlite Tongguang Fiber Co. Ltd. (JSTFCL).
As per the filing, STL's current shareholding in JSTFCL is 75%. Post acquisition of balance 25% stake, JSTFCL will become a wholly owned subsidiary of STL. The closing as per the agreement is subject to the conditions precedents as set out in the agreement for acquisition, the company said. Read more

IOC to invest Rs740 crore to increase the capacity of the Digboi refinery

Published on: 2:23 pm

The capacity of the country's oldest oil refinery, located in Digboi, Assam, will be increased thanks to a $740 million investment by the state-owned Indian Oil Corporation (IOC).
According to a filing with the stock exchange, IOC's board has authorized increasing the capacity of the Digboi refinery from 0.65 million tonnes per year to 1 million tonnes, together with ancillary infrastructure, at an estimated cost of Rs740.20 crore.
It stated, "The project is anticipated to be commissioned by October 2025." The Digboi refinery's profitability would increase as a result of the capacity expansion. The Digboi refinery was established on December 11, 1901, making it the oldest refinery still in operation in both India and the whole globe. Read More

Karnataka Bank surges Deposit Interest Rates by 10 bps; stock marginally down

Published on: 2:15 pm

Karnataka Bank informed that it has increased the interest rates on its Domestic and NRE Rupee Term Deposits for amounts below Rs2 crore.
The bank has increased 10 basis points for 1 to 2 years period deposits as well as above 2 years to 5 years deposits.
Accordingly, the new effective rates for 1-2 years deposits will be 5.35% p.a. For deposits above 2 years to 5 years the new rate will be 5.50% p.a.
Bank has further stated that new rates are applicable from July 1, 2022. Read more

CRISIL reaffirms 'A/Stable' rating on D-Link's long-term bank facility; Stock down 1%

Published on: 2:07 pm

CRISIL Ratings has reaffirmed its ‘CRISIL A/Stable’ rating on the long-term bank facility worth Rs10 crore of D-Link India Limited (D-Link).
The operating performance of D-Link improved, as reflected in 26% revenue growth in fiscal 2022 compared with the previous fiscal, backed by pent-up demand for information technology hardware products following the Covid-19 pandemic.
According to the rating rationale report, the rating continues to reflect the established market position and strong distribution network of D-Link across India, along with a healthy financial risk profile. Read More

ABB India to enable intelligent automation for Think Gas’ Network; stock under pressure

Published on: 2:02 pm

THINK Gas, one of India's fastest-growing city gas distribution companies, has partnered with ABB India Limited to deliver a digital solution to maximize the efficiency, availability, and reliability of its extensive city gas network, which includes multiple remote terminals spread across multiple locations.
ABB has designed a solution that will integrate, monitor, and control day-to-day operations across the enterprise, automating workflows to help operators maximize uptime and improve safety, using its SCADAvantage system deployed in the cloud.
At the heart of the THINK Gas digital architecture, the ABB Ability Genix Industrial Analytics and AI suite, aims to bring together multiple sources of real-time data from THINK Gas's operations across its network. Read More

On Wednesday, the PGCIL board will review plans to raise Rs11,000 crore

Published on: 1:51 pm

On July 6, 2022, the board of the publicly traded Power Grid Corporation of India Ltd (PGCIL), a state-owned corporation, will review and approve two proposals to raise up to Rs11,000 crore through the issue of bonds and term loans.
On July 6, the Board of Directors will meet, according to a BSE filing.
A proposal to raise up to Rs6,000 crore from the domestic market through the issuance of secured/unsecured, non-convertible, non-cumulative, redeemable, taxable/tax-free, debentures/bonds under private placement during the Financial Year 2023–24 in up to twenty tranches/offers will be considered and approved by the board, according to the filing. Read more

Mazagon Dock lays Keel for the fourth stealth frigate of project 17A; stock down by ~2%

Published on: 1:49 pm

Mazagon Dock Shipbuilders Limited announced that RAdm G K Harish, Director General Naval Design- of the Indian Navy laid the keel of the fourth ship (Yard- 12654) of the prestigious P17A class stealth frigates on June 28, 2022.
Pl7A warships are the Shivalik class stealth frigates' successors. This series will consist of seven frigates, four of which will be built by Mazagon Dock Shipbuilders Limited (MDL) and three by GRSE with MDL serving as the lead yard.
The P17A class frigates are built with indigenous steel and outfitted with cutting-edge weapons and sensors, as well as an Integrated Platform Management System. These ships have improved stealth capabilities. Read more

Bitcoin expected to experience its largest quarterly decline in over a decade

Published on: 1:37 pm

As increasingly hawkish central banks and a succession of high-profile crypto blowups crush sentiment, bitcoin is on track for its worst quarter in more than a decade.
The worst decline in the largest cryptocurrency since the third quarter of 2011, when Bitcoin was still in its infancy, is 56%.
Between those milestones, there were multiple booms and busts, with the value of cryptocurrencies rising as they became more widely used and historically low-interest rates encouraged risk-taking. The amount of cryptocurrency leverage that has been unwound, however, makes the present bear market stand apart, as does the regulatory scrutiny being applied to an asset class that many central banks now view as a threat to financial stability. Read more

TCS wins Microsoft Global SI & Advisory Digital Transformation Partner of the Year Award

Published on: 1:18 pm

Tata Consultancy Services (TCS) has won three 2022 Microsoft Partner of the Year Awards in the categories SAP on Azure, Retail & Consumer Goods, and Global SI & Advisory Digital Transformation.
In addition, TCS won the US Advisory Services Award and US Financial Services Award, and was named the Solution Assessments Partner of the Year in Latin America.
The Microsoft Partner of the Year Awards recognize Microsoft partners that have developed and delivered outstanding Microsoft-based applications, services and devices during the past year. Honorees were chosen from more than 3,900 nominations from over 100 countries. Read more

McDonald’s India launches first All-Women Gold Standard Drive-Thru Restaurant

Published on: 1:05 pm

Westlife Development Limited, the owner and operator of McDonald's India West and South, has announced the opening of its first-ever All-Women crew Gold Standard Drive-Thru Restaurant in Ekta Nagar.
This unique McDonald's is located near the state-of-the-art Statue of Unity. The Drive-Thru is spread over 17,000 square feet, seats more than 130 customers, and accommodates 60+ car parking and 50+ bike parking spots. It is strategically located just before the entrance to the Statue of Unity and opposite the Ekta Nagar Railway station.
Westlife now owns and operates 45 restaurants in Gujarat as of this launch. Read more

Bihar, Delhi among states most difficult to do business in India

Published on: 1:03 pm

In the Center's assessment of states on the ease of doing business, seven areas — Andhra Pradesh, Gujarat, Haryana, Punjab, Tamil Nadu, and Telangana — scored more than 90%, taking the top spot.
According to the Business Changes Action Plan (BRAP) 2020 report, these states took the lead in implementing a large number of reforms recommended by the Center to increase investor confidence and citizens' access to public services. Read more

Russian coal is being paid for by UltraTech Cement in Chinese Yuan

Published on: 12:49 pm

According to an Indian customs document examined by Reuters, the largest cement manufacturer in India, UltraTech Cement, is importing a shipment of Russian coal and paying with Chinese yuan, a unique payment option that dealers predict may become more popular.
As per the document, UltraTech is importing 157,000 tonnes of coal from the Russian manufacturer SUEK, which was loaded into the bulk carrier MV Mangas at the Vanino port in the Russian Far East. The value of the shipment, according to a cited invoice dated June 5, is 172,652,900 yuan ($25.81 million). Read more

TCS introduces Servitization Engine to Help Customers Embrace Subscription-First Business Models

Published on: 12:43 pm

Tata Consultancy Services has launched the TCS Servitization Engine on Oracle Cloud, which will assist customers in developing subscription-first business models and providing outcome-based solutions with intelligent service capabilities.
The engine provides an industry package that includes bundled combinations of products, services, support, self-service, and a knowledge base that businesses can use to add value to their core product offerings, as well as robust front-end customer-facing solutions.
Consumer behaviour changes are driving organizations to transition from one-time product sales to subscription-based, as-a-service business models, a trend known as servitization. Read more

Minda Industries acquires 5.24% stake in Germany-based FRIWO AG; Stock rises

Published on: 12:40 pm

Minda Industries Ltd has acquired 4,48,162 equity shares i.e. 5.24% stake in FRIWO AG, Germany, by investing Euro 14.99 million.
As per the filing, the investment has been made in the aforesaid company, after obtaining the requisite approvals including Reserve Bank of India ("RBI") under Overseas Direct Investment ("ODI") guidelines.
FRIWO AG is engaged in the business of designing, development, manufacturing, power supply, chargers, motor control units and other products for various sectors and geographies. Read more

SEBI's new rules regarding investment from pool accounts to come into effect from July 1st

Published on: 12:30 pm

From July 1 onwards, mutual fund investments cannot be initiated from a pool account. As per the Securities and Exchange Board of India (SEBI), first the money has to go from the investor's bank account to the bank account of the mutual fund house. Accordingly, all stock exchanges-led transaction platforms will implement this, which may see some troubling effects initially for investors as well as other stakeholder parties.
SEBI has ordered mutual fund firms to make sure that no mutual fund distributor, online platform, stockbroker, or investment advisor accumulates money from investors in a bank account and then transfers it to the fund house to buy units in schemes for those investors. This is to guarantee that the funds are not misappropriated. Read More

Government and Gennova negotiating a competitive price for mRNA vaccine

Published on: 12:28 pm

The Covid-19 vaccine from Gennova Biopharmaceuticals would be reasonably priced, according to the company, which acquired emergency use authorization (EUA) from India's medicines regulator on Wednesday. The first domestically produced mRNA Covid vaccination is offered by Gennova, a company based in Pune.
The creation of the vaccine had received government assistance. Government price negotiations are still going on, according to chief operating officer Samit Mehta.
"In terms of pricing, there is currently continuous conversation with the government on this subject. We will be considerably more competitive than our international competitors on this platform, I can guarantee with certainty, he added during a press conference. Read more

Carnival Cinemas intends to raise Rs 400 crore from Yes Bank

Published on: 12:26 pm

In order to restructure its debt and expand its screen count, Carnival Cinemas may receive Rs 400 crore from Yes Bank. The firm had announced last year that it was seeking a partnership with a private equity investor to manage its debt issue.
Within 60 to 90 days, the multiplex operator hopes to finish this debt restructuring. According to a source close to the firm, Yes Bank has begun the process of taking shares. Read more

By purchasing the majority of Owndays in Japan, Lenskart becomes the biggest Omnichannel retailer in

Published on: 11:55 am

All of the stock held by a joint venture between a fund connected to Mitsui & Co. and an investment firm connected to LVMH Moet Hennessy Louis Vuitton will be purchased by Lenskart.
By expanding Owndays to 13 markets in Asia, including India, Singapore, Thailand, Taiwan, the Philippines, Indonesia, Malaysia, and Japan, omnichannel retailer Lenskart has become the region's largest eyewear company.
Owndays' co-founders, CEO Shuji Tanaka and COO Take Umiyama, will remain stockholders and head the management team while the brand continues to run autonomously, the firm said in a news release. The Japanese retailer's current largest shareholders, including L Catterton Asia and Mitsui & Co., Principal Investment, will sell their shares. Read more

Infosys to invest upto US $10 million in The House Fund III for minority stake

Published on: 11:55 am

Infosys Limited has entered into an agreement with The House Fund III, L.P., a Venture Capital (VC) fund based out of the US, to invest US $10 million, subject to necessary closing conditions.
Infosys will have a minority holding in the fund not exceeding 20% of the fund size. The company will execute the said agreement by June 30, 2022.
The House Fund invests in AI-focused startups from the UCB ecosystem. Infosys seeks to collaborate with such startups to supplement its organic capabilities and help its clients around the world transform their businesses. Read More

International portfolio investors can now trade in commodity derivatives, MCX stock up 4%

Published on: 11:42 am

After the market regulator Securities and Exchange Board of India (SEBI) permitted foreign portfolio investors (FPIs) to trade in commodity derivatives, shares of Multi Commodity Exchange (MCX) increased by almost 4% on Thursday.
The stock increased by 3.82% to a high of Rs1,324 on the BSE before losing ground and trading at Rs. 1,291.
All non-agricultural commodities futures and a few non-agricultural benchmark indices will be available for trading by FPIs. Following a board meeting, Sebi announced that FPIs would initially only be permitted in contracts with cash settlements. Read more

Manappuram Finance board nods fund raising up to Rs770 crore via debt securities; Stock dips 2%

Published on: 11:35 am

Manappuram Finance Ltd has informed that Financial Resources and Management Committee of the Board of Directors of the Company at its meeting held on June 30, 2022, approved the issuance of Secured, Unrated, Unlisted, Redeemable, Non-Convertible Debentures of face value of Rs10 lakh for a principal aggregate amount of upto Rs770 crore on private placement basis.
On Thursday, Manappuram Finance was trading at Rs84.45 per share down by Rs1.55 or 1.8% from its previous closing of Rs86 per share on the BSE. Read More

Iris Clothings introduces B2B platform for wholesalers; stock skids ~1%

Published on: 11:34 am

Iris Clothings Limited, a readymade garment company that designs, manufactures, brands, and sells children's clothing, has launched a B2B platform for wholesalers and accessories line under the infant wear vertical.
Santosh Ladha, Managing Director of the Company, commented on the Company's business developments, "I am pleased to announce that we launched our B2B platform for wholesalers, giving them real-time access to our inventory and improving the overall turnaround time in the entire order to execution cycle. Read more

Russia seizes market share from OPEC's heavyweights in the Indian oil market

Published on: 11:30 am

Watch out Saudi Arabia and Iraq—Russia is rapidly gaining market share in the Indian oil industry and may soon overtake them as the leading suppliers to the massive Asian consumer.
According to tanker monitoring data collated by Bloomberg and two oil analytics companies, Moscow is on target to deliver between 1 million and 1.2 million barrels per day to the third-largest oil importer in the world this month despite losing many of its typical European customers.
That would put it much ahead of Saudi Arabia and roughly on par with, or slightly above, Iraq. Baghdad in particular will be uneasy about the increase in flows because Iraqi oil has been forced to provide lower prices in order to compete for market share in Asia. Read more

RBI nods term extension of CSB Bank’s Interim MD & CEO Pralay Mondal; stock skids ~3%

Published on: 11:14 am

CSB Bank Limited informed that the Reserve Bank of India (RBI) conveyed their approval for the extension of the term of appointment of Pralay Mondal, Deputy Managing Director as interim Managing Director & CEO of the Bank, for a further period of three months with effect from July 1, 2022, or till the appointment of a regular Managing Director & CEO in the Bank, whichever is earlier.
As per the approval of the RBI via letter dated March 23, 2022, and communicated via the above-mentioned letter dated March 23, 2022, the current term of appointment of Pralay Mondal Deputy Managing Director as interim Managing Director & CEO of the Bank is up to June 30, 2022, thus the extension was sought for continued interim arrangement and received. Read more

Devyani International launches its 1,000th outlet; Stock jumps near 3%

Published on: 11:13 am

Devyani International Limited (DIL), the fastest growing quick-service restaurant (QSR) operator in India, on Thursday has announced the milestone opening of its 1,000th outlet. The company operates restaurants across India, Nigeria and Nepal, and its newest Pizza Hut at Sion, Mumbai, is testament to DIL’s commitment to business growth across geographies.
Ravi Jaipuria, Non-Executive Chairman, Devyani International Limited said, “This is an important milestone in our aspiration of building India’s largest QSR company. From our first restaurant in 1996, today we are a strong team of 12,000 building brands across cities and countries. Read More

AGS Transact infuses US $5 Lakh in Singapore arm Global Transact; stock dips ~3%

Published on: 10:57 am

AGS Transact Technologies Limited informed that pursuant to the approval of the Board of Directors received on March 31, 2021, towards investment up to USD 1,000,000 in its Singapore-based wholly-owned subsidiary i.e. Global Transact Services Pte. Ltd. (WOS), the Company has made an investment up to USD 500,000 in form of Ordinary Shares in its said WOS on June 29, 2022.
GTSL is an investment holding company. The proposed investment is made for WOS’s general corporate purposes/Investment.
Since it is a wholly-owned subsidiary there is no change in the percentage of holding. Read More

UPL partners with Bunge to create Origeo, an innovative company for farmers in Brazil; stock slips ~

Published on: 10:38 am

Bunge, a global leader in agribusiness, food, and ingredients, and UPL Limited, a global provider of sustainable agricultural solutions, have announced a new partnership to increase productivity, profitability, and sustainability for farmers in Brazil.
UPL and Bunge will form Orgeo, a new company that will provide end-to-end solutions to farmers in Brazil's MAPITOBAPA macro-region, drawing on the expertise of its highly qualified technical team to understand each producer's needs from crop planning to harvest. Bunge's expertise in financing, trading, and logistics will be combined with UPL's comprehensive portfolio of sustainable agricultural inputs, solutions, and services.
Seed, pesticide, biosolutions, and fertilizer inputs; crop-planning assistance; agronomical advice; consulting on sustainability and regenerative and low carbon agriculture certification; agricultural financing solutions; and harvest marketing and logistics services will be available through Orgeo. Read More

TTK Healthcare launches e-Superstore 'Love Depot'; Stock trades lower

Published on: 10:34 am

TTK Healthcare Limited has launched a game changing e-store LoveDepot.com. In a press release, the company said that Indians can now have pleasure as they please – attractively packaged and discreetly delivered to their homes, with the launch of LoveDepot.com by TTK Healthcare Ltd. This game-changing e-store – the newest venture in the D2C space – pampers its customers like they have never been done before, making passion products accessible and available to all.
The kick-off could not have been better timed. Observers of the market point out that all surveys of sexual behaviour in India indicate this: that the need-gap is widening. The reason is not hard to find as we witness an increasing number of people - of all gender, orientation and interests – open up to looking for more excitement, more adventure.
Commenting on the launch Vishal Vyas, Head of Marketing, TTK Healthcare Ltd said, “LoveDepot is built on one of the cornerstones of sexual wellness that we often let fall between the cracks: pleasure. Read More

Bajaj Electricals appoints Ravindra Singh Negi as Chief Operating Officer; stock zooms ~2%

Published on: 10:21 am

Bajaj Electricals Limited, India's leading consumer durables company, has appointed Ravindra Singh Negi as Chief Operating Officer (COO) of its Consumer Products Business and Rajesh Naik as Head of the Lighting Business. Anuj Poddar, Executive Director of Bajaj Electricals Limited, will report to both executives.
Negi will join Bajaj Electricals in July 2022, having previously served as President of the Electrical Consumer Durables segment at Havells India Limited. Prior to that, he spent nearly two decades in various roles at Bharti Airtel Limited, the last of which was CEO of the Delhi and NCR telecom circle. Read more

Govt extends deadline to apply for PLI scheme, for Specialty Steel sector

Published on: 10:17 am

The government has extended the application deadline for the production-linked incentive program for specialty steel for a fourth time, this time until July 31, 2022.
Initially, producers had until March 29 to submit their applications for the PLI (Production-Linked Incentive) scheme for specialty steel advantages. Later, it was extended through April 30 and once more through May 31, 2022. It was then extended till June 30. Read More

Dr Reddy's Labs announces conclusion of patent litigation with Indivior

Published on: 10:09 am

Dr Reddy's Laboratories Limited has announced about the conclusion of the patent litigation brought by Indivior Inc. and Indivior UK Limited, and Aquestive Therapeutics, Inc. relating to the Company's generic buprenorphine and naloxone sublingual film, 2 mg/0.5 mg, 4 mg/1 mg, 8 mg/2 mg, and 12 mg/3 mg dosages.
It is a therapeutic equivalent generic version of Suboxone sublingual film in U.S.A.
On June 28, 2022 the U.S. Court dismissed all claims and counterclaims pending in the case with prejudice, pursuant to a joint stipulation of dismissal filed by the parties. Read more

GST rate hike will go into effect on July 18th

Published on: 10:09 am

With the Goods and Services Tax (GST) Council's approval of a rate hike to correct inverted duty structures and the withdrawal of several exemptions, a number of goods and services will cost more starting on July 18. Any rise in GST rates, according to finance minister Nirmala Sitharaman, is meant to make up for "inefficiencies" in the value chain.
She asserted that any rise in GST rates will also compensate for the additional tax burden paid by some other activities in that value chain and that all states are mindful of the possible impact of rate rationalization on inflation. Read more

2.5 million shares of Hikal Ltd. are sold by Smallcap World Fund for Rs. 62 crores

Published on: 10:00 am

On June 29, 2022, Smallcap World Fund Inc. sold 25 lakh shares of the life sciences company Hikal Ltd. for more than Rs 62 crore in an open market transaction.
According to the National Stock Exchange's (NSE) bulk deal statistics, Smallcap World Fund sold 25,00,000 shares at an average price of Rs 249.02 per, valued at Rs 62.25 crore. Read more

Global Surfaces files DRHP for IPO

Published on: 9:55 am

Global Surfaces Ltd., which processes natural stones and creates manufactured quartz, has submitted preliminary paperwork to the SEBI in order to raise money through an initial public offering (IPO).
According to the draught red herring prospectus (DRHP), the IPO consists of a new issue of 85.20 lakh equity shares and an offer-for-sale (OFS) of up to 25.5 lakh equity shares by the founders Mayank Shah and Sweta Shah.
The company's proposed facility, Global Surfaces FZE, would be built in Dubai with money acquired through the fresh issuing of equity shares. Read more

SIS’ board nods Buy Back worth Rs80 crore; stock trades higher

Published on: 9:54 am

SIS Limited informed that the Board of Directors of the company has approved Buy Back of fully paid-up equity shares of the company having a face value of Rs5 each.
The Buy Back amount should not exceed Rs80 crore consisting of 14,54,545 shares. The total Buy Back approved by the Board is 0.99% of the total paid-up capital of the company.
The Buy Back price has been fixed at Rs550 per Equity Share payable in cash. Read more

Large retailers restock in anticipation of a spike in demand

Published on: 9:50 am

When compared to the prior year's quarter, inventory levels at almost a dozen publicly traded Indian retailers increased by an average of 50% as they took precautions against pandemic-related disruptions because they anticipated higher demand following two years of subpar sales performance.
According to media reports, Trent and Go Fashion doubled their inventory levels in the final quarter of FY22, while Page Industries, V-Mart, Relaxo, and Aditya Birla Fashion and Retail raised their stocks by 60–70%. While Vedant Fashions increased its inventory spending by 40% during the quarter, TCNS increased its investment in it by 30%. Read More

Direct selling business generated $3.25 billion in sales in India in 2021

Published on: 9:49 am

According to a study from the World Federation of Direct Selling Associations in Washington, the Indian direct selling sector generated retail sales of USD 3.25 billion (about Rs 27,650 crore) in 2021 and retained its 12th place in the world rankings (WFDSA).
Taking sixth place in the Asia Pacific area, the Indian direct selling market recorded growth of 7.7% in 2021 and a CAGR (Compound Annual Growth Rate) of 15.7% in the last three years from 2018 to 2021, according to the research. Read more

Wonderla Holidays signs land lease agreement with Odisha Govt; Stock zooms 5%

Published on: 9:47 am

Wonderla Holidays Limited has informed to the exchanges that it has signed an agreement with the Government of Odisha on even date for leasing land about 50 acres towards development of amusement park project in Kumarbasta Village, Khorda District, Bhubaneswar, Odisha.
Wonderla Holidays operates three Wonderla brand amusement parks in South India. The company opened its first park in Kochi in 2000, second one in 2005 at Bangalore and the third one in Hyderabad in April 2016. The 3 parks of Wonderla have a variety of rides available for the patrons to enjoy. Read more

Early on Thursday, silver and gold prices dropped

Published on: 9:38 am

The price of 10 grams of yellow metal (24-carat) was Rs 51,000 on Thursday (30-06-2022), while the price of 10 grams of 22-carat gold was Rs 46,750. Silver traded at Rs 59,400 per kilogram on Thursday as prices also dropped.
According to the website good returns, 10 grams of 24-carat gold are trading at Rs 51,050, Rs 51,000, and Rs 51,020 in Delhi, Kolkata, and Bangalore, respectively. 10 grams of 22-carat gold are now selling for Rs 46,750 in Delhi, Rs 46,770 in Kolkota, and Rs 46,770 in Bangalore. Read more

Markets log modest gains as oil & gas, IT, metal stocks drive; Nifty 50 above 15,850-levels

Published on: 9:37 am

Indian markets traded in the green on Thursday recovering from a bearish previous day led by outperformance in oil & gas, metal, IT and auto stocks. The benchmarks Sensex and Nifty 50 tracked mixed global cues as the US economy contracted and China reported stronger factory activity. Back at home FMCG stocks was the only laggard.
In the early opening bell, Sensex has touched the day's high of 53,293.56 and Nifty 50 has climbed to an intraday of at least 15,869.70.
At around 09.41 AM, Sensex was trading at 53,267.89 up by 240.92 points or 0.45%. Nifty 50 was performing at 15,856.50 higher by 57.40 points or 0.36%. Read more