Latest News and Updates

01st Jul, 2022

Weekly Wrap-up - What to expect next week?

Published on: 3:40 pm

  • Indian equity markets ended the last day of the week marginally in red. Top Gainers on Friday included ITC, Bajaj Finance, Bajaj Finserv. Top Losers on Friday included ONGC, Reliance, Power Grid.
  • Next week too there is no hope of receiving any positive news on the economic front. Chairman of US Federal Reserve Jerome Powell has accepted that the risk of economic recession is high because of increase in interest rates by central banks to control inflation. Many analysts are now saying that by the end of this year the economic situation will turn so bad that beginning 2023, central banks including Federal Reserve will have to cut down interest rates. Read more

India's electricity usage increased 17.2% in June to 134.13 billion units

Published on: 3:32 pm

  • In June, the nation's power consumption increased by 17.2% year over year to 134.13 billion units (BU), due to extreme heat and a surge in economic activity.
  • According to data from the electricity ministry, power consumption in June of last year was 114.48 BU, higher than 105.08 BU in the same month of 2020.
  • Additionally, in June of this year, the peak power demand met, which is the maximum supply in a day, stayed at an all-time high of 209.80 GW (on June 8). In June 2021, the highest electricity supply was 191.24 GW, whereas, in June 2020, it was 164.98 GW. Read more

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Maruti Suzuki records sale of 1,55,857 units in June 2022; stock slips ~1%

Published on: 3:20 pm

  • In June 2022, Maruti Suzuki India Limited sold 155,857 units as compared to 147,368 units in June 2021, up by 5.76% yoy.
  • Domestic sales totaled 125,710 units in the month, with 6,314 units sold to other OEMs and 23,833 units exported. Whereas in June 2021, Domestic sales were 1,26,196 units, sale to other OEMs was 4,152 units, and export sales were 17,020 units.
  • The lack of supply of electronic components had a minor impact on vehicle production, primarily in domestic models.
  • The Company took all possible measures to minimize the impact. Read More

Datamatics recognized in 2022 Gartner Magic Quadrant for Finance and Accounting BPO

Published on: 3:18 pm

  • Datamatics, a global Digital Operations, Technologies and Experiences company on Friday has announced that Datamatics has been positioned by Gartner as a Niche Player in the Magic Quadrant for Finance and Accounting BPO. The evaluation was based on specific criteria that analyzed the company’s overall Completeness of Vision and Ability to Execute.
  • Datamatics FAO solution enables finance leaders go deeper in digital finance by streamlining and automating CFO back-office operations.
  • This enables finance leaders to respond with greater agility to changes in the business environment. Datamatics Intelligent Automation (IA) suite of products combines the capabilities of Datamatics TruBot RPA and TruCap+ IDP products along with artificial intelligence (AI), machine learning (ML), and natural language processing (NLP) models, allowing superior financial control through automation, insights, and predictions. Datamatics enables enterprises to manage larger transactional volumes with leaner teams, optimize cash flows while lowering revenue leakages, and adopt a highly systematic approach to maintain accurate documents for financial auditing. Read more

CRISIL lowers India's GDP growth forecast to 7.3% from 7.8%

Published on: 3:17 pm

  • As the rest of the globe struggles with inflation and escalating recessionary worries, CRISIL cut down India's real GDP growth forecast for 2022-23 to 7.3% from 7.8%.
  • S&P Global's Indian division did add that there might be other downside risks to its outlook. According to CRISIL, India's economy is affected by a wide range of issues. Read more

GST improved "Ease of Doing Business," says PM Modi

Published on: 3:12 pm

  • The Goods and Services Tax (GST) was lauded by Prime Minister Narendra Modi on Friday as a significant tax reform that advanced "Ease of Doing Business" and realized the goal of "One Nation, One Tax." The Goods and Services Tax (GST) was implemented on July 1, 2017, at the stroke of midnight.
  • In a tweet, Modi said that "we honor #5YearsofGST, a significant tax reform that advanced "Ease of Doing Business" and realized the goal of "One Nation, One Tax." Read More

Government slaps a windfall tax on crude oil production, stocks of ONGC and Oil India fall

Published on: 3:08 pm

  • On July 1, after the government levied a special additional excise levy of Rs23,250 per tonne of crude oil production, shares of Oil and Natural Gas Corporation and Oil India fell.
  • The government levied special excise duties or a windfall gains tax on the oil and gas industry in a broad notification that aimed to limit some of the excessive benefits enjoyed by local oil producers and crude oil refiners.
  • The increased profits from increased global crude oil prices will be significantly curtailed by the introduction of the additional excise levy for businesses like ONGC and Oil India. Read more

Meja Urja Nigam gets Rs.250 crore short-term loan from PNB

Published on: 3:07 pm

  • Punjab National Bank (PNB) has provided Meja Urja Nigam Private Limited with the financial support of Rs 250 crore, a business official announced on Friday (01-07-2022).
  • The money, according to its Additional General Manager (AGM), Amit Rautela, would be used to pay off current loans. Meja Urja Nigam Private Limited (MUNPL) and PNB have partnered to provide a 250 crore rupee short-term credit. According to him, it has been raised with the intention of lowering the company's financing costs, which would ultimately allow all beneficiaries and stakeholders to gain. Read More

Kia India sells more than 24000 units in June

Published on: 2:55 pm

  • On Friday, Kia India reported its highest-ever monthly sales at 24,024 units in June, representing a 60% increase over the same month last year. In June 2021, the carmaker delivered 15,015 cars to dealers.
  • The automaker claimed that it dispatched 1,21,808 units in the domestic market during the first half of 2022, surpassing the milestone of one lakh sales. With 8,388 and 7,895 units, respectively, Seltos and Carens continued to be the top contributors to Kia's overall sales in June.
  • "The enormous love we are receiving from the people of India is the result of the firm foundation of Kia in the country, supported by thorough research and customer-centricity," Sonet and Carnival contributed 7,455 and 285 units, respectively. Read more

Gross GST receipts for June at Rs1.45 trillion

Published on: 2:54 pm

  • Gross Goods and Services Tax (GST) receipts increased by 56 percent from a year earlier to Rs 1.45 lakh crore, the second-highest monthly total. Since March, monthly GST receipts have been above the 1.40 lakh crore mark, reaching Rs 1.41 lakh crore in May.
  • At a celebration marking five years of the GST, Finance Minister Nirmala Sitharaman stated, "We are now proving that the GST collections remain over 1.40 lakh crores." Following April, June saw the second-highest gross GST collection. Read more

EIL, CSIR-CSIO ink agreement for joint commercialization of Earthquake Warning System

Published on: 2:45 pm

  • Engineers India Limited (EIL), New Delhi & CSIR-CSIO, Chandigarh on Friday signed an agreement for joint commercialization of Earthquake Warning System.
  • Engineers India Limited (a Navratna PSE under Ministry of Petroleum and Natural Gas) is engaged by CSIR-CSIO as the technology commercialization partner for next five years on 30.06.2022.
  • The MoA cum Transfer of Technology (ToT) Agreement was signed on June 30, 2022 in the presence of Vartika Shukla, C&MD, EIL and Prof. S. Anantha Ramakrishna, Director, CSIR-CSIO. Read more

Punjab National Bank revises MCLR and Base Rate; stock adds ~1%

Published on: 2:41 pm

  • Punjab National Bank informed that it has revised the Marginal Cost of Funds Based Lending Rate (MCLR) with effect from July 1, 2022.
  • The new MCLR for overnight tenor has been revised to 6.90% as against the existing 6.75%. One-month tenor rate is increased to 6.95% against 6.80%.
  • The bank has made an effective 15 bps increase in the rates. Read more

Coal India hits new record increase of 36 MTs in Q1FY23 production; stock plunges over 2%

Published on: 2:27 pm

  • Coal India Limited (CIL) ended the April-June quarter FY23 with a historic high of 29% output growth compared to the same quarter FY22, continuing to accelerate its production pace during the current fiscal year.
  • CIL produced 159.8 million tonnes (MTs) of coal as of the end of the first quarter, which is 35.8 MTs more than the 124 MT output from April to June of this year. All the coal companies CIL witnessed growth during the quarter.
  • "Such massive growth has never been seen in any Q1 since CIL's inception. Our first-quarter production surge of nearly 36 MTs exceeded the entire annual increase of 26.4 MTs in FY22," said a senior official of the company. Read more

TTK Prestige concludes long-term settlement with Uttarakhand factory workers

Published on: 2:21 pm

  • TTK Prestige Ltd has informed that the company has successfully concluded a long-term settlement covering its permanent workmen at the Uttarakhand unit of the Company.
  • "This settlement provides for improved productivity commensurate with the increased benefits extended to the workmen", as stated by the  company in a regulatory filing.
  • At around 2:23 PM, TTK Prestige was trading at Rs824.10 per share down by Rs7.35 or 0.88% from its previous closing of Rs831.45 per share on the BSE. Read More

SEBI imposes Rs40 lakhs fine on Kotak AMC

Published on: 2:12 pm

  • SEBI has imposed a fine of Rs 40 lakhs on Kotak Asset Management Company (AMC). A fine of Rs 30 Lakhs has been imposed on Nilesh Shah, its MD. Another fine of Rs 25 lakhs has been imposed on Laxmi Iyer, its chief investment officer for debt category.
  • The above fines have been levied for violation of mutual fund rules and not acting in the interest of investors. SEBI has said that Kotak AMC did not act in the interests of its investors when it entered into an agreement with the promoters of Essel Group to extend the maturity of the company's debt securities in which Kotak AMC had invested in, to 30th September 2019. Due to this extension, investors were not paid the full Net Asset Value (NAV) that was due at the time of original maturity. Read more

The Man Company becomes subsidiary of Emami as it increases holding to 50.40%; stock jumps ~2%

Published on: 2:04 pm

  • Emami Limited has informed that its stake in Helios Lifestyle Private Limited (The Man Company) has increased from 49.53% to 50.40% as a result of the allotment of 4,639 Equity Shares by Helios to Emami Ltd.
  • Consequently, Helios has become the subsidiary of the company effective from July 1, 2022.
  • Currently, the Company holds a 49.53 % stake in Helios. Post allotment of 4,639 equity shares, Emami's stake in Helios has been increased to 50.40% on an Issued & Paid-up capital basis. Read more

Hikal restarts manufacturing activities at Taloja plant; Stock under pressure

Published on: 2:01 pm

  • Hikal Limited has informed to the exchanges that in view of the Order of the Hon'ble Bombay High Court dated June 23, 2022, the MPCB has on 29 June, 2022 granted permission to the Company, to re-start manufacturing activities at its Plant located at MIDC Taloja. The Company has commenced manufacturing at the Plant in a phased manner.
  • "Hikal being a Responsible Care Certified company stands by its commitment to long term sustainability and ethical way of doing business", the company said in a regulatory filing  on Thursday. Read more

Bad loans at banks expected to decline further

Published on: 1:37 pm

  • On the strength of increased lending and a trend toward reducing NPA stock, the Reserve Bank of India stated on Thursday (01-07-2022) that bad loans at banks are anticipated to continue to decrease, from a six-year low to 5.3% of total advances by March 2023.
  • It did issue a warning, though, that if the macroeconomic climate deteriorates, the share of subprime loans may rise. In March 2022, banks' gross non-performing asset (GNPA) ratio dropped to a six-year low of 5.9%. In March 2021, the GNPA ratio of scheduled commercial prohibitions (SCBs) was 7.4%. Read more

Route Mobile partners with Coca-Cola UAE to automate customer experience; stock zooms ~2%

Published on: 1:35 pm

  • Route Mobile Limited, a leading CPaaS (Communication Platform as a Service) provider to enterprises, over-the-top (OTT) players, and mobile network operators, announced that Route Mobile LLC, a step-down subsidiary of Route Mobile, has enabled Coca-Cola UAE to connect with their customers and make ordering their favourite beverage online easier.
  • Customers will also be able to pay for their order through Coca-Cola's Payment Gateway without leaving the WhatsApp chatbot, ensuring a seamless end-to-end experience. Read more

GetVantage raises $36 million

Published on: 1:35 pm

  • GetVantage, a Mumbai-based lending platform for small and medium-sized businesses (SMEs), announced on June 30 that it had raised $36 million in funding, with the help of existing investors Chiratae Ventures and Dream Incubator Japan as well as Varanium Nexgen Fintech Fund, DMI Sparkle Fund, and others.
  • Between the company's Seed and Series A rounds, the round included investors like Haldiram's Family Office, InCred Capital, and Sony Innovation Fund.
  • GetVantage, founded in 2020 by former EbixCash executives Bhavik Vasa and Amit Srivastava, enables startups to get loans from lending partners between $10,000 and $500,000 within days, based on the sales success of these businesses. Read more

SEBI fines NSE, former CEO in co-location case

Published on: 1:23 pm

  • SEBI has imposed a fine of Rs 7 crore on National Stock Exchange (NSE) in dark fibre case. A fine of Rs 5 crore has also been imposed on NSE's former CEO, Chitra Ramakrishna.
  • A fine of Rs. 6 crore has also been imposed on brokerage firm, Way2Wealth Brokers.
  • Fines of Rs 5 crore each have also been levied on two former officials of NSE. These former officials are Anand Subramanian and Ravi Varanasi. Read more

New credit card rules applicable from July 1

Published on: 1:23 pm

  • The Reserve Bank of India had earlier issued revised rules for the issue and closure of credit and debit cards, as well as rules for billing and directions for issuing agencies. These new rules will come into effect from July 1, 2022. "These rules will apply to scheduled banks (barring payments banks, state co-operative banks and district central co-operative banks)", RBI stated in the notification.
  • Some new credit card rules you need to know: Read more

TDS on cryptocurrency transactions; tax on gifts received by social media influencers

Published on: 1:23 pm

  • There is a lot occurring in July, including cryptocurrency transfers, gifts for social media celebrities, IT returns, mutual fund investments, etc.
  • The operational and statutory changes you should be aware of are listed below.
  • There are several significant financial developments that will have an impact on your money in July, regardless of whether you invest in mutual funds, love cryptocurrencies, or pay income taxes. Continue reading to learn what they are.
  • TDS for transactions of cryptocurrencies Read more

The pace of factory output slows marginally in June

Published on: 1:19 pm

  • The S&P Global India Manufacturing Purchasing Managers' Index (PMI) fell in June to 53.9, the weakest pace of growth since last September, from 54.6 a month ago.
  • This is the manufacturing PMI's 12th print of 50 or above in a row. A reading above 50 denotes increased activity, while a print below 50 suggests decreased activity.
  • Strong local and foreign customer demand helped the Indian manufacturing sector's economic recovery continue in June, according to S&P Global. "However, despite significant pricing pressures, growth of overall sales and output slowed down." Read more

Tribunal allows Hero MotoCorp to use ‘Hero’ trademark for its EV Segment; stock trades higher

Published on: 1:17 pm

  • Hero MotoCorp Limited informed that the Arbitration Tribunal ruled out on Thursday that the company can use the ‘Hero’ trademark for selling its Electric Vehicles.
  • Hero Electric had sought an injunction against Hero MotoCorp for using the 'Hero' trademark for its electric vehicles.
  • The Arbitration Tribunal emphasized Hero MotoCorp Ltd.'s significant investments of Rs400 crore in the business of electric vehicles and expenses of nearly Rs7,000 crore in ‘Hero’ brand building over the last ten years. Read more

CRISIL lowers India's GDP prediction for FY23 by 50 basis points

Published on: 1:01 pm

  • From 7.8% earlier in the year, CRISIL has decreased its prediction for India's real gross domestic product (GDP) growth to 7.3% for the current fiscal year.
  • The main pull factors, according to the report, are "increasing oil costs, slower global demand for India's exports, and higher inflation." "Inflation lowers purchasing power and would have an adverse effect on a recovery in consumption, which makes up the majority of GDP and has been declining for some time. A typical monsoon forecast and a recovery in contact-intensive services are anticipated to provide some relief. Read more

RBI Report warns mark-to-market losses for banks as bond yields rise

Published on: 12:57 pm

  • The Reserve Bank of India’s (RBI) Financial Stability report warns, "Hardening of government bond yields in the face of additional borrowing may result in mark-to-market losses for banks.”
  • Banks are vulnerable to trading losses as rising interest rates erode the value of their bond positions.
  • If banks' appetite for holding sovereign debt wanes in such a scenario, negative feedback could ensue. Read More

Healthvista India submits preliminary IPO documents to raise ~Rs1,000 crore

Published on: 12:55 pm

  • The market regulator Securities and Exchange Board of India - SEBI has received preliminary paperwork from Healthvista India Limited for an initial public offering that would raise roughly Rs1,000 crore.
  • The business offers healthcare services outside of hospitals under the Portea name. According to the Draft Red Herring Prospectus (DRHP), the IPO - Initial Public Offering consists of a fresh issue of equity shares totaling up to Rs200 crore and an Offer For Sale (OFS) of up to 56,252,644 shares by selling shareholders.
  • Shares will be sold under the OFS by Qualcomm Asia Pacific Pte Ltd, Accel India V (Mauritius), Ventureast Life Fund III LLC Limited, MEMG CDC Ventures, Accel Growth III Holdings (Mauritius) Limited, and Sabre Partners Trust. Read more

PNB Housing Finance looking to raise Rs 12000 crore through debt

Published on: 12:48 pm

  • At its Annual General Meeting, on 26th July, PNB Housing Finance will seek the approval of shareholders for raising Rs 12000 crore through debt.  This debt will be issued through non-convertible debentures. Debentures mean secured bonds. This means that the money raised through debentures is secured aginst specific assets. If the company defaults on payments due on debentures, then the secured assets are sold to pay the bond holders. Non-convertiblde debentures mean that these debentures cannot be converted into equity.
  • PNB Housing Finance will issue these debentures on a private placement basis. Private placement means that these debentures will not be issued through the public route. They will be sold privately to investors such as large financial institutions.  These non-convertible debentures will be issued in one or more tranches. Tranch means the portion of the money that will be raised in one go through the issuance of debentures. The specific purpose for which the money raised through these debentures has not been explicitly stated by PNB Housing Finance. But it will probably be used by the company to give out more housing loans to its customers. Read more

Swiggy begins ESOP liquidity program worth $23 million

Published on: 12:45 pm

  • Indian online Foodtech platform Swiggy on Thursday has announced that it has started its $23-million employee stock option program (ESOP) buyback as part of the planned liquidity program to incentivize 900 employees.
  • The food delivery app had rolled out a two year ESOP liquidity program worth $35-40 in October 2021. Under its two year ESOP liquidity program, Swiggy has rolled out a new program — build your own dollar (BYOD), wherein employees across the company can choose to invest in company ESOPs.
  • ESOPs were earlier offered to employees above a certain grade and/or based on performance. BYOD program will be open to all its permanent employees. Read more

GIC, a sovereign wealth fund from Singapore, adds $400 million to the joint venture with Phoenix Mil

Published on: 12:36 pm

  • GIC, the sovereign wealth fund of the Singaporean government, increased its total investment to Rs1,511 crore by making an Rs400 crore investment in three subsidiaries of The Phoenix Mills by purchasing an equity position in these companies through a private placement.
  • The investment is the second instalment of the strategic relationship between GIC and India's top developer and operator of retail-led mixed-use assets, with the goal of establishing a joint venture to create, own, and manage retail-led mixed-use complexes throughout the country.
  • By investing a total of Rs1,111 crore in the Phoenix Mills' chosen portfolio last year, GIC gained an ownership share of almost 26.44%, or Rs5,500 crore. The Singapore government entity now controls 32.90% of each of these subsidiaries, with Phoenix Mills holding the remaining 67.10%. Read more

IRB Infra's SPV gets completion certificate for its highway project in UP; Stock trades flat

Published on: 12:28 pm

  • IRB Hapur Moradabad Tollway Ltd., the Special Purpose Vehicle of IRB Infrastructure Developers Ltd., which is now a part of IRB Infrastructure Trust – Private InvIT, has received completion certificate from NHAI for its Hapur to Moradabad six laning highway project in the State of Uttar Pradesh, the company announced in a press release.
  • Consequently, the Company can now collect toll at higher tariffs, increasing by approximately 65% over existing toll tariffs.
  • Commenting on this development, Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd. said “We are pleased to announce completion of the Hapur - Moradabad six lane highway project in UP. This is a remarkable feat for us and signifies strength of our team to successfully manage and overcome challenges posed during unforeseen pandemic period. Read more

NTPC successfully commissions 20 MW of 100 MW Ramagundam Floating Solar PV Project

Published on: 12:20 pm

  • NTPC Limited informed that it has successfully commissioned the last part capacity of 20 MW out of the 100 MW Ramagundam Floating Solar PV Project at Ramagundam, Telangana.
  • Post successful commissioning, the project becomes operational effective from July 1, 2022.
  • As a result, NTPC's standalone installed and commercial capacity has increased to 54,769.20 MW, while its group installed and commercial capacity has increased to 69,134.20 MW. Read more

By 2040, the space sector might be worth a trillion dollars: Pawan Kumar Goenka

Published on: 12:19 pm

  • According to Pawan Kumar Goenka, chairman of IN-SPACe, the global space business is anticipated to generate $1 trillion in revenues annually by 2040 with the involvement of more private firms.
  • India accounts for less than two percent of the $450 billion global space industry, or $7 billion, and Goenka stated that "we need the private sector to come in and use the potential of the space economy." Read more

At 4,503 units, MG Motor India's June retail sales increased 27%

Published on: 12:18 pm

  • MG Motor India stated on Friday that its retail sales increased by 27% to 4,503 units in June. 3,558 units had been sold at retail by the corporation during the same month last year.
  • The company said in a statement that the sales momentum (seen across all models) is the result of some improvement in chip availability, despite the fact that the prognosis is still limited due to supply-chain bottlenecks and significant logistical challenges.
  • With continuous monthly bookings of over 4,000 and 1,000 units, respectively, the company's flagship brands, the Hector SUV and electric SUV ZS EV, continue to enjoy high consumer demand. Read more

Bajaj Auto logs marginal growth in Sale at 3,47,004 units in June 2022; stock dips ~3%

Published on: 12:08 pm

  • Bajaj Auto Limited has reported its Sales figures for the month of June 2022. The company has logged a total sale of 3,47,004 units in the period under review, as compared to 3,46,136 units in June 2021, up by 0.25% yoy.
  • Sale of 2-wheeler products stood at 3,15,948 units in June 2022, up by 1.73% against 3,10,578 units in June 2021.
  • The company reported sale of 31,056 units of Commercial Vehicles in June 2022 as compared to 35,558 units in June 2021, down by 12.66% yoy.
  • YTD (Apr-June) Sale of commercial vehicles was reported at 86,488 units in June 2022 as compared to 1,06,709 units in June 2021, down by 19% yoy. Read more

Jubilant HollisterStier to expand its CMO manufacturing facility at Montreal, Canada

Published on: 12:02 pm

  • Jubilant Pharmova Limited’s wholly owned subsidiary Jubilant Pharma Limited, through one of its wholly owned subsidiaries, Jubilant HollisterStier General Partnership, (JHS) a leading Canada-based pharmaceutical contract manufacturer has announced that the Government of Quebec, through its agent Investissement Quebec, is granting a loan of CAD 25 million, which includes a forgivable portion of CAD 6.3 million to fund the CAD 100 Mn capacity expansion at the CMO Montreal facility.
  • The loan disbursement is subject to final agreement to be signed between the two parties.
  • Further, this investment aims to modernize and augment the drug production capacity by over 100% at the Montreal, Canada facility. As part of this initiative, Jubilant HollisterStier will acquire new specialized equipment and equip the plant with a single-use sterile preparation room to maximize the filling process linked to the production of liquid sterile products. Read more

Govt increases export duty on crude oil, refined petroleum products

Published on: 11:44 am

  • On Friday (01-07-2022), the government increased the export tax on fuel by Rs. 13/liter and on gasoline by Rs. 6/litre.
  • ATF, often known as jet fuel, now has a Re 1/litre higher export tariff. The goal of raising taxes, according to the finance ministry, is to make petroleum more widely available domestically. However, according to the statement made, it will not have an effect on domestic costs.
  • According to a separate government announcement, the government also imposed an extra tax of Rs 23,230 per tonne on locally produced crude oil to offset producers' windfall profits from high international oil prices. Read more

SRF commissions expansion project worth Rs405 crore; Stock plunges near 4%

Published on: 11:42 am

  • SRF Ltd has informed that  the Board of the company had earlier approved for a project to create MPP4 plant at Dahej at a cost of Rs375 crore.
  • Finally, the said project has been commissioned and capitalized on June 29, 2022 at an aggregate cost of Rs405 crore, the company said in a regulatory filing.
  • At around 11:43 AM, SRF was trading at Rs2,164.45 per share down by Rs84.9 or 3.77% from its previous closing of Rs2,249.35 per share on the BSE. Read more

Cabinet abrogates Government's role in Oil Allocation effective from Oct 1; Vedanta, ONGC gets marke

Published on: 11:27 am

  • The Union Cabinet has given domestic crude oil producers a thumbs up to sell their output to buyers of their choice in the country, effectively ending the government's role in the allocation of crude to refiners and bringing more investment into the sector.
  • According to an official statement, the Cabinet Committee on Economic Affairs (CCEA) has approved the plan to end crude oil and condensate allocations on October 1.
  • It is worth noting that the latest decision is expected to benefit major crude oil producers such as the state-run Oil and Natural Gas Corporation (ONGC) and Oil India, as well as private sector majors such as Vedanta's Cairn Oil and Gas. Read more

Maruti Suzuki launches all new feature-packed Brezza 2022

Published on: 11:07 am

  • Maruti Suzuki has announced the launch of an All New feature packed Hot and Techy avatar of the country’s most loved compact SUV - Brezza.
  • The All New Hot and Techy Brezza is equipped with a bouquet of cutting-edge technologies along with next-gen comfort and convenience features. Taking a major leap forward, this city-bred SUV offers a stylish & exciting new design, powerful performance and is packed with advanced safety features.
  • As per the press release, Brezza is India’s most loved compact SUV. Brezza has always been a popular compact SUV not just in Maruti Suzuki's portfolio but also in its own category. And now it's back in an all new avatar. It is loaded with hi-tech features that come really handy for all your city adventures. Read More

Zydus Lifesciences bags USFDA nod for Lacosamide Injection; stock marginally up

Published on: 11:04 am

  • The United States Food and Drug Administration (USFDA) has granted Zydus Lifesciences Ltd. (formerly Cadila Healthcare Ltd.) final approval to market Lacosamide Injection USP, 200 mg/20 mL (10 mg/mL) single-dose vials (US RLD: Vimpat).
  • The injection of lacosamide is used to treat partial-onset seizures. It is also used in the treatment of primary generalized tonic-clonic seizures in conjunction with other medications. It reduces the number and severity of seizures by acting on the Central Nervous System (CNS).
  • The medication will be produced at the group's injectables manufacturing facility in Jarod, India. Lacosamide Injection has a market value of USD 50 million (according to IQVIA MAT May 2022). Read more

Mtar Technologies bags orders worth Rs174.60 crore in Clean Energy Segment; stock slips ~2%

Published on: 10:51 am

  • Mtar Technologies Limited, Hyderabad informed that it has received orders worth about the US $22.12 million (approx. Rs174.60 crore) in the Clean Energy Segment.
  • The company is expected to execute the projects between Jan 2023 to June 2023.
  • Mr. Parvat Srinivas Reddy, Managing Director & Promoter, MTAR Technologies, stated, "The Clean Energy sector is poised to grow at an accelerated pace in the face of global carbon emission reduction targets. Read more

Lupin gets USFDA nod for Paliperidone Extended-Release Tablets

Published on: 10:31 am

  • Global pharma major Lupin Limited has announced that it has received approval from the United States Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA), Paliperidone Extended-Release Tablets 1.5 mg, 3 mg, 6 mg, and 9 mg, to market a generic equivalent of Invega Extended-Release Tablets, 1.5 mg, 3 mg, 6 mg, and 9 mg, of Janssen Research and Development, LLC.
  • The product will be manufactured at Lupin’s facility in Goa, India, said the company.
  • Further, Paliperidone Extended-Release Tablets (RLD Invega) had estimated annual sales of USD 152 million in the U.S. (IQVIA MAT March 2022). Read more

In early trading, gold and silver prices decline

Published on: 10:26 am

  • Early on Friday (01-07-2022), gold prices decreased by Rs 110 from the previous day's pricing, with 10 grams of 24-carat yellow metal going for Rs 50,890. On Friday, 10 grams of 22-carat gold was selling for Rs 46,650 after depreciating by Rs 100.
  • In the meanwhile, silver prices decreased by Rs 800 per kg in early trade on Friday, bringing the precious metal's price to Rs 58,600 per kg.
  • A hawkish tone from central banks throughout the world has diminished attraction for the non-yielding commodity, and gold prices in the US are on track for their worst quarter in five years. Read more

Import duty on on Gold increased from 7.5% to 12.5%

Published on: 10:11 am

  • The government increased the standard import duty on gold from 7.5 percent to 12.5%. As the rupee fell to a historic low, this action was taken in an effort to reduce imports.
  • As demand increased due to the pandemic, India imported the most gold in ten years last year.
  • Leading jewellers in the nation petitioned the government to decrease the import duty on gold from 7.5% to 4% in Budget 2022 to stop gold smuggling earlier this year. Read more

Escorts Agri Machinery sells 10,051 tractors in June 2022; Stock dips ~1%

Published on: 10:06 am

  • Escorts Kubota Limited has informed on Friday that its Agri Machinery Segment (EAM) in June 2022 sold 10,051 tractors as against 12,533 tractors sold in June 2021.
  • As per the filing, Domestic tractor sales in June 2022 were at 9,265 tractors as against 11,956 tractors sold in June 2021. Industry wholesales were impacted during month of June 2022 due to high base of last year.
  • "With onset of monsoon, and likely record kharif crop production, rural liquidity and farmer sentiments are expected to gradually improve", the company said. Read more

Last quarter was the worst for metals since 2008

Published on: 10:00 am

  • London Metal Exchange Index has fallen 25% since the end of March.
  • Base metals experienced their greatest quarterly decline since the global financial crisis of 2008 as worries about a worldwide recession increased and China's economy very slowly recovered.
  • Although the decrease has been accentuated by price spikes that month as a result of Russia's invasion of Ukraine, the London Metal Exchange Index has fallen 25% since the end of March. Tin has fared the worst, falling 38%, followed by a 31% decline in aluminum and a 20% decline in copper. Since the beginning of the epidemic, it was the entire index's first quarterly decrease. Read more

Bharat Road Network skyrockets ~15% on completing sale of 67-km road project stake to CDPQ

Published on: 9:56 am

  • Bharat Road Network Limited, one of India's leading road developers, has completed the sale of its entire stake in Shree Jagannath Expressways Pvt Ltd to India Highway Concession Trust, a Caisse de dépôt et placement du Québec (CDPQ) infrastructure investment trust.
  • SJEPL operates a 67-kilometer toll road in Odisha from Bhubaneshwar to Chandikhole.
  • BRNL received the consideration, which was used to repay the respective debts, and is entitled to its proportionate share of the Rs700 crore in claims currently under conciliation with NHAI. Read more

CCI approves Google's proposed 1.28% stake purchase in Bharti Airtel

Published on: 9:50 am

  • The Competition Commission of India has approved a combination involving Google International LLC’s proposed acquisition of a minority and non-controlling stake of 1.28% of equity capital of Bharti Airtel Limited (target).
  • Google International LLC (Acquirer) is a wholly owned subsidiary of Google LLC. Google LLC is a Delaware limited liability company and wholly owned subsidiary of Alphabet Inc.
  • Google offers various products and services, including its flagship search service, its Android operating system, and its Play app store. Read more

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