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05th Jul, 2022

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Indian Energy Exchange logs 8267 MU volume in June 2022; stock skids ~2.5%

Published on: 3:31 pm

Indian Energy Exchange recorded 8267 MU volume in June'22, with 7058 MU in the conventional power market, 536 MU in the Green Power Market, and 673 MU (6.73 lac Certificates) in the REC Market, representing a 17% yoy growth in the volume across all market segments.
Prices in the Day-Ahead market fell to Rs6.49 per unit in June 22 from Rs6.76 in May 22, on the back of improved supply-side availability.
According to the National Load Dispatch Center's power demand data, during June 22, energy consumption stands at 134 BU increased by 17% yoy on a high base, while the national peak demand was at 212 GW increasing by 11% yoy. Read more

Euro falls to $1.0325, a two-decade low, as economic worries grow

Published on: 3:22 pm

On Tuesday, the euro hit a two-decade low versus the dollar as data revealed a severe slowdown in euro zone company growth in June and a new spike in natural gas prices rekindled concerns about the health of the eurozone economy.
The euro saw its worst decline versus the dollar since December 2002, falling 0.9 percent to $1.0325. Its value against the Swiss franc fell 0.7 percent to 0.9941 francs, the lowest level since 2015. Read More

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Intellect Quantum Central Banking Solution chosen as Digital Transformation partner for Bank of Maur

Published on: 3:16 pm

Intellect Design Arena Ltd, a cloud-native, future-ready multi-product FinTech company for the world’s leading banks, financial services and insurance companies, has strengthened its global presence as a preferred Digital Transformation partner for Central Banks after being chosen by the Bank of Mauritius, one of Africa’s leading central banks, for the transformation of its central banking operations including the IT infrastructure.
Expressing his excitement on this project, Rajesh Saxena, CEO, Intellect Global Consumer Banking, said, “We are deeply honored to work for the Bank of Mauritius. Our Quantum Central Banking platform is a combination of innovation, technology optimization and transformational customer experience that helps clients meet the challenges of technology and emerging global dynamics, and keep pace with digital transformation.” Read more

Ujjivan SFB logs 38.3% yoy growth in Advances for Q1FY23; stock trades higher

Published on: 3:10 pm

Ujjivan Small Financial Bank reported its results for the quarter ended June 2022 and has logged substantial growth during the quarter.
It has reported a 38.30% yoy growth in Advances during the quarter at Rs19,409 crore as against Rs14,037 crore in the previous corresponding quarter.
Further, it has witnessed a significant reduction in PAR and GNPA from March 2022. Its GNPA for the quarter reduced to 5.9% and PAR at 7.9%, down from 9.6% and 7.1% respectively as of Mar’22. Read more

IIM survey: Businesses' estimates for inflation fell below 6% in May

Published on: 2:59 pm

One-year ahead inflation estimates of Indian firms drastically decreased to 5.58 percent in May from 6.02 percent in April, according to the Business Inflation Expectations Survey (BIES) by the Indian Institute of Management-Ahmedabad (IIM-A), which was published on July 5.
According to the survey study, there are early indications that corporate inflation expectations will begin to decline after staying near to or over 6 percent from January to April 2022.
However, the Monetary Policy Committee (MPC) of the RBI stated that "calibrated monetary policy action is needed to keep inflation expectations anchored and control the expansion of price pressures" in its statement on June 8 when it announced a 50-basis-point rise in the repo rate. Read more

PTC India Financial rallies ~20% on receiving satisfactory report by Agency for Specialized Monitori

Published on: 2:53 pm

PTC India Financial Services’ counter jumped nearly 20% in today’s trade as the company received a satisfactory report by Agency for Specialized Monitoring (ASM) appointed by lenders.
The ASM report highlighted that the company is maintaining the required levels of transparency in terms of data submission to the lenders as stipulated at the time of sanction.
"The cash flows for the review period were normal, and no funds were diverted in any way. The loan funds obtained by the company from banks/FIs have been used for the intended purpose," it stated further. Read more

Chartis recognizes Aurionpro-led Integro Technologies as leader in Credit Lending Operations

Published on: 2:49 pm

Integro Technologies, an Aurionpro Solutions subsidiary, has announced that it is recognised as a global category leader in the Credit Lending Operations area in the latest industry report by Chartis, an eminent research and analysis organization for Risk Technologies.
The research report outlines Chartis' perspective on the market and vendor landscape for credit lending operations in the banking book. This includes loan origination systems, limits management systems, and collateral management systems.
Integro Technologies has a diverse product portfolio for lending operations, with marquee clientele spread across many countries. Recently, the company announced the launch of ‘SmartLender Cloud', a cloud offering of its Lending Product Suite which is available on both public and hybrid clouds. Read more

Indian currency falls to historic lows

Published on: 2:38 pm

In Tuesday's afternoon session, the Indian rupee lost more ground versus the dollar, reaching a new record low as worries over a growing current account deficit increased in light of the nation's record-high trade deficit in June.
Data released late on Monday indicated that India's June trade imbalance increased to a record $25.63 billion from $9.61 billion a year earlier, driven by an increase in crude oil and coal imports. Read more

CARE reaffirms rating on IOL Chemicals’ bank facilities; stock rises

Published on: 2:29 pm

CARE Ratings Limited, a rating agency has reaffirmed the rating assigned to IOL Chemicals and Pharmaceuticals Limited’s long-term and short-term bank facilities.
Rating on Long-term facilities worth Rs140 crore has been reaffirmed at ‘CARE A+’, with a Stable outlook.
Company’s short-term facilities worth Rs410 crore (enhanced from RS210 crore) have been assigned (reaffirmed) a ‘CARE A1+’ rating. Read more

Sigachi Industries ventures into human nutritional segment; Stock gains near 1%

Published on: 2:21 pm

Hyderabad’s homegrown Sigachi Industries Limited, India has ventured into the human nutritional segment, with a prime focus on B2B markets, in India and across the globe.
The company is driving the Indian growth story in the microcrystalline cellulose category with its continuous focus on innovation and quality within the industry. Alongside pharma, Sigachi will be now expanding its horizon by exploring nutritional markets in India and across 45 countries, where it currently exports.
The product portfolio will widely incorporate spray-dried ingredients, micronutrient premixes, encapsulated ingredients, granulated ingredients, and triturates. With these ingredients, Sigachi is looking to deepen its relationship with its current customers in Nutraceuticals, Bakery, Dairy, Infant and Medical Nutrition, Confectionery, Savoury and Snacks, and Beverages sectors. Read more

Mastek ranks #36 in Fortune India 'Next 500' 2022 list

Published on: 2:15 pm

Fortune has listed Mastek in its prestigious‘Next 500’ list, a yearly ranking of top businesses. The only IT Company to be listed, Mastek recorded vociferous growth in total income during FY21 among otherIT companies in The Next 500-Fortune India's list of India's largest emerging companies.
Mastek was among the awardees at Fortune India’s gala event held on 24 June at The Lalit, Barakhamba Avenue, New Delhi. Chief Guest Mr Sarbananda Sonowal, Union Minister of Ports Shipping and Waterways & Union Minister of Ayush and Guests of Honour Mr Arjun Ram Meghwal, Union Minister of State for Parliamentary Affairs and Union Minister of State for Culture and Mr Amitabh Kant, CEO, NITI Aayog presented the awards to the winners Read More

As China announces a $75 billion infrastructure fund, the metal index up by 0.85%

Published on: 1:58 pm

The Omicron variant epidemic in 2022 has severely harmed the Chinese economy, which has been made worse by the nation's divisive "zero COVID" policy. The Chinese economy is in shambles, and the nation's goal of 5.5% growth in 2022 is now in doubt due to the widespread lockdowns that have affected major industrial centres.
The administration recently unveiled a host of initiatives to support economic activity, with a focus on the economy's ailing real estate and infrastructure sectors.
A prospective uptick in infrastructure spending in the second-largest economy in the world could serve as a catalyst for a new rally in commodities prices, which have been under pressure due to worries about a slowdown in the world economy headed by the US. Read More

Varun Beverages awarded PepsiCo's Best Bottler in AMESA sector of the year 2021

Published on: 1:50 pm

Varun Beverages Limited has announced that it has received an award from PepsiCo for the ‘Best Bottler in Africa, Middle East and South Asia (AMESA) sector’ of the year 2021. This award is an annual recognition conferred upon PepsiCo’s bottling partner for its quality standards, commitment towards sustainability, support to local community, customer service, and volume performance among other parameters.
Commenting on the development, Ahmed El Sheikh, President, PepsiCo India BU, said, “We are pleased to name VBL as AMESA Bottler of the year 2021. Varun Beverages’ strong business processes, governance, and ability to execute in the marketplace at scale by delivering key price pack initiatives while delivering on its sustainability goals was recognised and rewarded by the AMESA sector”
Ravi Jaipuria, Non-executive Chairman, Varun Beverages Ltd. said, “We are honored to receive such esteemed recognition from PepsiCo. The award is a testament to VBL’s operational expertise, end-to-end execution capabilities, governance practices, and its strong performance track record. We are confident that our initiatives towards improving competencies, strengthening operations, and integrating sustainability will further augment our position in the global beverage industry, going forward.” Read more

Marksans Pharma skyrockets ~15% ahead of board meeting to consider Buy Back

Published on: 1:31 pm

Marksans Pharma’s counter jumped nearly 15% so far in today’s trade as the company informed investors and exchanges that its board is to consider a proposal for share buyback.
At around 1.27 PM, it was trading at Rs49.60, up by 14.55% against its previous close of Rs43.30 on the National Stock Exchange.
Marksans stated in its filing that, "A meeting of the Board of Directors is scheduled to be held on Friday, 8 July 2022 for considering the proposal for Buy-Back of fully paid-up equity shares of the company." Read more

Mazagon Dock Shipbuilders launches Fuel Cell Electric Vessel prototype

Published on: 1:08 pm

Mazagon Dock Shipbuilders Limited, Mumbai has successfully launched a Fuel Cell Electric Vessel(FCEV) prototype being the first Indigenous Hydrogen Powered Electric Boat on 01 July 2022.
VAdm Narayan Prasad (IN Retd.), Chairman and Managing Director, Mazagon Dock Shipbuilders Limited (MDL) successfully launched Fuel Cell Electric Vessel prototype, FCEV MDL on 01 July 2022.
The function was attended by Cdr Jasbir Singh (IN Retd.), Director (Submarine and Heavy Engineering), Shri Sanjeev Singhal, Director (Finance), Shri Biju George, Director (Shipbuilding) and Cdr Vasudev Puranik (IN Retd.), Director (Corporate Planning and Personnel) along with the senior executives from Tata Advanced Systems Ltd. and MDL. Read More

CARE revises ratings of Globus Spirits’ bank facilities worth Rs311 crore; stock soars ~4%

Published on: 1:07 pm

Globus Spirits Limited informed that CARE Ratings has revised the credit ratings assigned to the company’s long-term and short-term bank facilities worth Rs311 crore.
The rating agency has revised the rating of long-term bank facilities worth Rs294 crore to ‘CARE A+’ from the existing ‘CARE A’. The outlook has been reaffirmed as ‘Stable’.
It has also revised the rating of Long Term/Short Term Bank Facilities worth Rs17 crore from ‘CARE A; Stable/CARE A1’ to ‘CARE A+; Stable/CARE A1+’. Read more

Acrysil expands dealer network from 1500 to 1880 PAN India; stock marginally up

Published on: 12:41 pm

Acrysil Limited, a global manufacturer of "Composite Quartz Kitchen Sinks" in India using German technology, has increased its dealer network from 1500 to 1880 in the last three months, representing a 25% increase in dealer network PAN India.
Furthermore, the company intends to increase its dealer base to 3000 by the end of the fiscal year 2023. The Company's position in the domestic market will be strengthened further as its dealer network expands.
"Acrysil Limited plans expansion of its presence across the country. The expansion of our dealer network reflects the acceptability of our brand and the future potential of our products. This dealer network expansion will aid Acrysil's market penetration and reach throughout India, as well as improve brand visibility. Read more

Government may offer excise discount on gasoline blended with ethanol

Published on: 12:31 pm

In order to lower the cost of the fuel and hasten the process of blending to attain the 20% objective by 2025–2026, the government is likely to offer an excise concession on 12% and 15% ethanol-blended gasoline.
According to ET NOW, the excise reduction might also be applied to high-speed diesel that has been blended with 20% biodiesel.
India recently exceeded its 10% ethanol blending goal by five months, and it is now working toward a 20% blending goal that will be reached by 2025–2026.
India has saved close to Rs41,000 crore in foreign money thanks to the 10% blending. The decision becomes significant at a time when India's rupee is losing value and needs to conserve foreign currency to support the currency. Read more

Krsnaa Diagnostics surges ~1.5% on receiving Tender from Govt of NCT, Delhi

Published on: 12:26 pm

Krsnaa Diagnostics Limited informed that The Office of Medical Director, India Gandhi Hospital, Government of NCT of Delhi has received a Tender for the establishment, operation, and management of the Radiology Unit in the Department of Radiology in the premises of lndira Gandhi Hospital, Dwarka, Sector- 9, New Delhi on Public-Private Partnership (PPP) basis.
Krsnaa Diagnostics has now expanded its footprints in the Capital of India.
The Company will install one MRI 3T machine and one CT Scan Machine 128 slice Scanner at Indira Gandhi Hospital, Dwarka, Sector-9, New Delhi. Read more

PMI for services increases to 59.2 in June

Published on: 12:12 pm

The S&P Global India Services Purchasing Managers' Index (PMI), which was published with data on July 5th, indicated that services activity in India increased once more in June.
The June services PMI is the highest since April 2011, coming in at 59.2. The services PMI for May was 58.9. A reading above 50 denotes increased activity, while a print below 50 suggests decreased activity.
"At the conclusion of the first fiscal quarter, services businesses noticed a significant increase in new work intakes, with the rate of increase rising to the best in more than 11 years. Members of the poll commented on improving demand circumstances, expanding customer bases, and successful marketing where growth was indicated "said S&P Global in a release. Read more

Affle appoints four additional directors to its Board; Stock trades flat

Published on: 12:09 pm

Affle (India) Limited (“Affle”), a consumer intelligence driven global technology company, has announced the appointment of four additional Directors further strengthening its Board structure.
As per the regulatory filing, the additions are designed to support Affle’s accelerated global growth momentum, provide greater accountability to the senior leadership and reflect upon the company’s commitment to maintain the highest standards of Corporate Governance with enhanced depth of expertise. Read more

150 new branches can be opened by Muthoot Finance in India, after gaining approval from the RBI

Published on: 12:07 pm

The Reserve Bank of India (RBI) has given the gold loan NBFC Muthoot Finance permission to build 150 new branches throughout the country.
With the RBI's approval, the company's growth momentum will be boosted, and it will be easier for new consumers to make use of the company's other services and to add them to their client base.
There was reportedly a rise in credit demand as a result of the pandemic's difficulties. Given the difficulties the underbanked experience accessing credit, NBFCs and gold loan financiers have become a reliable choice for borrowers to meet their cash needs for personal or business purposes. Read more

Moschip Technologies’ Board approves fund raise; stock zooms ~3%

Published on: 12:04 pm

Moschip Technologies Limited informed that the board of directors of the company has approved the proposal for raising funds for an amount of Rs11 crore by way of issuing 1,801,801 Equity shares having face value of Rs2 each at an issue price of Rs61.05.
The company will utilize the said proceeds for working capital purposes.
The meeting of the Board of Directors was held on July 4, 2022. Read more

Shelly Kohli to head Legal & Compliance division at United Breweries

Published on: 11:57 am

Shelly Kohli, Head Legal Counsel for the Beauty & Personal Care and Homecare divisions of Unilever, the manufacturer of Lux, Surf, and Pepsodent, will soon lead United Breweries Ltd's legal and compliance vertical.
According to news reports, Kohli would be in charge of all corporate compliance and legal matters at the BSE-listed United Breweries (UBL). She will be stationed in Bengaluru, India, at the company's headquarters. UBL is the owner of Kingfisher brand.
She began her career with ARA Law after graduating from the New York University School of Law and the University of Mumbai in the 2003 and 1999 batches, respectively. She then joined companies like Crawford Bailey & Co, Trilegal and Wadia Ghandy & Co. Read More

BLS International inks pact with Royal Thai Embassy to provide Visa services in Kenya; stock climbs

Published on: 11:40 am

BLS International Limited announced that the Royal Thai Embassy has authorized the company to provide Visa Services in Kenya. BLS has initiated accepting visa applications on behalf of the Royal Thai Embassy from July 1, 2022.
The company will provide assistance to the applicants to fill out their forms. Several value-added optional services such as form filling assistance, printing and photocopying, SMS tracking, and courier services are available for the applicant's convenience.
“We are pleased to strengthen our ongoing relationship with the Royal Thai Embassy. In addition to our contract with them for processing visa applications in India, we are now honoured to have been chosen for Kenya as well. We will continue to provide best-in-class services while also strengthening our existing partnerships. Read more

Outokumpu partners with TCS on its cloud-first transformation journey

Published on: 11:36 am

Tata Consultancy Services has been selected by Outokumpu, the global leader in sustainable stainless steel, to transform its IT landscape with an agile and secure cloud-based digital core to reduce its carbon footprint and support its strategic aspirations.
Headquartered in Finland and operating in more than 30 countries with around 9,000 employees, Outokumpu aims to strengthen its industry leadership and competitive differentiation. Towardsthis goal, it has embarked on a cloud transformation journey, entering into a multi-year strategic partnership with TCS to build a next-generation hybrid cloud platform.
TCS will use its deep industry knowledge of the steel sector to supportOutokumpu in building a new digital core using advanced digital technologies such as cloud, data analytics and Artificial Intelligence (AI). Read More

Newgen, Coforge form alliance to provide low code digital solutions

Published on: 11:36 am

Newgen and Coforge have formed an alliance to provide scalable, low code digital solutions to companies around the world. Low code solutions are software solutions that have little or no coding in them.
Instead of relying on complex software programming, these solutions rely on simple programming and use of tools such as visuals.
The advantage of low code solutions is that they are cheaper and technologically easier to maintain. Read more

Arvind Kothari, smallcase manager & Founder, Niveshaay Investment Advisors

Published on: 11:36 am

How do you identify stocks that will benefit from energy transition and green energy adoption?
Post COVID-19, we witnessed a very strong trend in clean energy ETFs worldwide. The idea was to identify financial opportunities from the renewable energy sector development which is a large emerging global trend and there wasn’t any instrument designed in India to properly play on it. We met the best entrepreneurs working in this space in our country. Our scuttlebutt approach helped us to identify few companies in this space. The idea of green energy small case was generated from a visit to a solar module manufacturer in Surat. Our green energy smallcase plays on clean energy, emerging electric vehicle sector, improving energy efficiency either through reduction in electricity consumption or having recyclability quotient. Here, also our core approach of second order thinking on identifying companies remain the same. Read more

RBI gives Go-ahead for HDFC Bank and HDFC Ltd merger

Published on: 11:23 am

On Monday (04-07-2022), HDFC Bank announced that the RBI has approved its parent company HDFC Ltd.'s petition to combine with itself. A $40 billion acquisition between HDFC Bank and the largest domestic mortgage lender was announced on April 4 and is being hailed as the largest transaction in the corporate history of India. This would create a financial services behemoth.
The Reserve Bank of India (RBI) sent a letter to HDFC Bank on July 4th, 2022, in which it stated that it had "no problem" with the Scheme as long as certain requirements were met, the bank stated in a regulatory filing. According to the statement, the merger proposal is still pending approval from a number of statutory and regulatory bodies, including the National Company Law Tribunal (NCLT), the Competition Commission of India (CCI), and other relevant agencies as well as the respective shareholders and creditors of the two companies. Read more

Tata Motors envisages to produce up to 50,000 units in FY23; stock jumps ~2%

Published on: 11:12 am

Tata Motors Limited expects to sell 50,000 electric vehicles (EVs) in the fiscal year ending March 31, and to double that number in 2023/24, highlighted Chairman N Chandrasekaran at a shareholders’ meeting on Monday.
Tata Motors logged sales of 19,105 EVs in 2021-22, clocking a growth of 353% against the previous year.
Chandrasekaran also stated that his company's performance in this fiscal year is expected to enhance on the back of improvements in the overall supply situation, including that of semiconductors, is gradually improving and commodity prices stabilize. Read more

According to an unnamed official source, India will address the issue of rupee's volatility

Published on: 10:51 am

A government official said on Monday (04-07-2022) that India is attempting to "address volatility" in the Indian rupee, which has fallen to record lows against the dollar in recent weeks on worries about a growing trade imbalance and the selling of assets by foreign investors.
Due to widespread dollar strength and investors' flight from the local stock markets, the rupee has lost 6 percent of its value versus the dollar this year.
In contrast, rising commodity prices caused India's trade deficit to reach a monthly record high of $24.3 billion in May. Read more

Brent increases as a strike in Norway threatens to hamper oil and gas production

Published on: 10:46 am

Following a 2.4% gain on Monday, Brent crude futures increased by 82 cents, or 0.7%, to $114.32 a barrel.
U.S. West Texas Intermediate crude increased $2.58, or 2.4%, from Friday's closing to $111.01 a barrel. Due to the U.S. vacation on July 4, there was no WTI settlement on Monday.
Norwegian offshore workers started a walkout on Tuesday that will lower the amount of oil and gas produced, the union in charge of the industrial action told Reuters. Read More

EaseMyTrip expands its international presence to New Zealand; Stock soars ~1.5%

Published on: 10:40 am

EaseMyTrip, India’s second-largest online travel platform, has expanded its international footprint by incorporating a wholly-owned foreign subsidiary in New Zealand as part of its global expansion strategy. The company has forayed into New Zealand anticipating a huge pent-up global demand for the travel and tourism sector in the coming months.
As a part of this new phase of expansion, the company will launch a localized travel search engine in New Zealand to enable the customers in the region to enjoy the value-based services of EaseMyTrip.
The subsidiary will also replicate the lean and cost-effective operating model with no minimum paid-up capital. The brand has successfully adopted a similar model in India for over 14 years and will continue to pass on maximum benefits to customers in the respective region. Read more

Coal India's production sets record increase of 29% yoy at 36 MT in Q1FY23

Published on: 10:15 am

Coal India Limited (CIL) has ended April-June quarter FY’23 capping a historic high of 29% yoy output growth, compared to same quarter FY’22.
According to the BSE release data, CIL produced 159.8 million tonnes (MTs) of coal as of Q1 end, which is 35.8 MTs more than the 124 MT output of April-June’22. All the coal companies of CIL have registered growth.
At around 10:16 AM, Coal India was trading at Rs183.90 per share up by Rs1.8 or 0.99% from its previous closing of Rs182.10 per share on the BSE. Read more

Marico acquires further 4.14% stake in Apcos Natural; stock slips ~1%

Published on: 10:15 am

Marico Limited has acquired a further 4.14% stake in Apcos Naturals Private Limited, an entity that owns the brand “Just Herbs”.
Post this acquisition, the company’s total stake in the company increased to 56.52%.
Earlier on July 14, 2021, the company entered into definitive agreements to make a strategic investment in Apcos Naturals. Pursuant to this, it has completed the acquisition of a 52.38% stake in the company.
As Apcos Naturals is a subsidiary of the Company, the acquisition of an additional stake is a related party transaction. Read more

Marksans Pharma stock up by 14% as board considers share buyback

Published on: 10:13 am

The decision to examine a share buyback proposal by the business board caused the share price of Marksans Pharma to increase by more than 14% in early trading on July 5.
The stock reached its 52-week high on July 6, 2021, at Rs93.50, and its 52-week low on June 20, 2022, at Rs38.70.
On Friday, July 8, 2022, a board of directors meeting of Marksans Pharma is planned to take place to discuss the proposal for the repurchase of fully paid-up equity shares of the company up to the total amount of the company's equity share capital and free reserves that the board may determine. The company informed about this in its press release. Read more

National Fertilizer records total fertilizer sale of 15.58 lakh MT in Q1FY23

Published on: 9:52 am

National Fertilizer Ltd (NFL) has clocked a growth of 47% in total Fertilizer Sale during April- June 2022.
As per the filing, "the Company reported total sale of 15.58 Lakh MT compared to CPL Y of 10.62 Lakh MT which is best ever in its history. A major push to sale growth has been received from sale of non-urea Fertilizers like DAP, Bentonite Sulphur, Bio fertilizers, PDM and micro nutrients", the company said. Read more

Satin Creditcare spurts ~3% ahead of Board Meeting to consider fund raise up to Rs5,000 crore

Published on: 9:40 am

Satin Creditcare Network informed that the meeting of the Board of Directors will be held on Monday, July 11, 2022, to discuss and consider the proposal for raising of funds by way of issuance of Non-Convertible Debentures up to Rs5,000 crore.
The NCDs will be issued on a private placement basis, in one or more tranches, subject to applicable laws and necessary approvals from shareholders, and any statutory authorities as may be required/applicable. Read more

KEC International hopes to multiply its civil contracts revenue to Rs4,000 crore

Published on: 9:40 am

The civil contracts sector is where KEC International, a worldwide infrastructure engineering, procurement, and construction company, is placing its bets in an effort to more than double its revenue this fiscal year.
The entire income of the RPG Group company climbed by 5% to Rs13,700 crore in the most recent fiscal year that concluded on March 31, driven by expansion in the civil, railroads, and cables industries. The civil business contributed Rs1,900 crore to the company's revenue.
With orders totalling more than Rs8,000 crore for the civil business, KEC has 290 projects in India and abroad that are either already in the works or in a queue. More than Rs29,000 crores worth of orders are currently on file with the company. Read more

Markets trade higher amid mixed global cues; Nifty above 15,900 led by metal stocks

Published on: 9:37 am

Markets traded between flat to slightly higher on Tuesday tracking mixed global cues. A broad-based buying across the sectoral indices lifted Sensex and Nifty 50, however, at a slower pace. The 30-scrip index has risen to nearly 53,530 but restrained itself from touching the 54,000 mark. Meanwhile, the 50-scrip index jumped at a maximum of 15,935 level in the opening bell, however, refrained to reach the 16,000-level.
As per the data released by the Commerce and Industry Ministry on Monday, India's merchandise trade deficit rose to $25.6 billion in June 2022, 62% higher than June 2021 as a continuing global commodity supercycle kept the prices of key energy and metal imports high.
At around 09.42 AM, Sensex was trading at 53,522.88 up by 288.11 points or 0.54%. Nifty 50 was trading at 15,925.20 higher by 89.85 points or 0.57%. Read more

Tata Steel’s step-down subsidiary completes acquisition of stake worth Rs12,100 crore in Neelanchal

Published on: 9:24 am

Tata Steel Limited informed that its listed subsidiary, Tata Steel Long Products Limited has completed the acquisition of stake in Neelachal Ispat Nigam Limited on July 4, 2022.
The company has completed the transaction for an aggregate consideration of Rs12,100 crore in compliance with the terms & conditions of the Share Sale and Purchase Agreement entered into by the Company.
Tata Steel Long Products has acquired a 93.71% stake in 1 million tons per annum Neelanchal Ispat Nigam. Read more

TCS's fine in the Epic Systems case has been halved to $140 million

Published on: 9:21 am

On July 4, Tata Consultancy Services said that the $140 million punitive damages assessed against the corporation in the EPIC Systems Corporation case in the US had been reduced.
TCS stated in a stock exchange statement that the Western District of Wisconsin US District Court "issued an order decreasing the jury verdict of punitive damages to $140 million and directed the Clerk of the Court to publish an amended judgment accordingly."
In 2014, Epic System launched a trade secret lawsuit against TCS and Tata America International Corp, alleging that the Tata group companies had stolen its intellectual property in order to create their own product. TCS, who had been recruited to deploy healthcare software, was accused by Epic of stealing 6,000 files while posing as a staff person rather than a consultant and using a fake ID. Read More

The next round of RBI's manufacturing sector survey has begun

Published on: 9:20 am

The Reserve Bank said on Monday that the second round of its order books, inventories, and capacity utilization survey (OBICUS) of manufacturing enterprises has begun. The survey's findings serve as important inputs for the formation of monetary policy. The 58th round of the OBICUS will take place from April to June 2022.
The RBI will contact chosen manufacturing businesses to conduct the survey, according to the central bank. Quantitative data on new orders received during the reference quarter, order backlog at the start of the quarter, pending orders at the conclusion of the quarter, total inventories with a breakdown between completed items, and other information are among the data collected in the survey. Read more

Tata Power inks MoU worth Rs3,000 crore to set up solar manufacturing plant in Tamil Nadu

Published on: 9:19 am

Tata Power, one of India's largest integrated power companies, has signed a Memorandum of Understanding (MoU) with the Tamil Nadu Government to invest approx. Rs3,000 crore for setting up a greenfield 4GW Solar Cell and 4GW Solar Module manufacturing plant in Tirunelveli District of Tamil Nadu.
The MoU outlines the commitment made by both parties to stimulate clean energy transition and employment in the state. The investment in the plant will be made over a period of 16 months and will directly or indirectly create over 2,000 employment opportunities with majority of them being women employees.
The MoU was signed by Thiru S. Krishnan IAS, Additional Chief Secretary to Government of Tamil Nadu, Industries Department, and Dr. Praveer Sinha, CEO & MD, Tata Power in the presence of Honourable Chief Minister of Tamil Nadu, Thiru M. K. Stalin and other senior officials of the state during the Tamil Nadu Investors’ First Port of Call, Investment Conclave 2022. Read more

Sudhir Chaudhary steps down as Zee Media CEO; Stock gains 2.5%

Published on: 9:17 am

Zee Media Corporation Ltd has informed to the exchanges that Sudhir Chaudhary has resigned from the position of Chief Executive Officer ('CEO') of the Company with effect from the close of business hours of July 1, 2022. Consequently, he also ceases to be the Key Managerial Personnel of the Company.
The Company has initiated the process for nomination of Abhay Ojha, Chief Business Officer of the Company as a key managerial personnel in place of Sudhir Chaudhary, the company informed in a regulatory filing. Read more

Adani Enterprises emerges lowest bidder out of 11 bidders for Coal India’s import tender; stock adds

Published on: 9:17 am

Coal India Limited floated its first import tender on behalf of power companies, with Adani Enterprises Limited emerging as the lowest bidder.
According to the report, the company quoted Rs4,033 crore for the supply of 2.416 million tonnes of coal on a freight-on-road (FOR) basis.
Mohit Minerals and Chettinad Logistics followed Adani in the bidding process, quoting Rs4,182 crore and Rs4,222 crore, respectively. The bidding process opened on Friday.
The bidding process was joined by a total of 11 importers and some overseas traders have also shown interest in the tender during the pre-bid meeting, commented Coal India earlier. Read more

NTPC achieves over 21.7% growth in power generation in Q1FY23; Stock rises

Published on: 9:16 am

NTPC group companies recorded a generation of 104.4 BU in the first quarter from April to June 2022, registering an increase of 21.7% from 85.8 BU generated in the corresponding quarter last year. In the month of June’22, generation was 34.8 BU, higher by 29.3% compared to 26.9 BU in June’21 indicating improved performance and an increase in demand for power in the current year, as per the released data.
Accordingly, NTPC Talcher Kaniha (3000 MW) in Orissa is the top performing thermal power plant with 94.2% Plant Load Factor (PLF) between April to June 2022.
Overall Plant Load Factor of NTPC Coal stations was 80% from April to June 2022 vis-a-vis 69% in the same period last year, a testimony to the high levels of operational excellence and the expertise of NTPC in Operation and Maintenance of the power plants. Read more

Silver and Gold prices remain unchanged in early trade

Published on: 9:09 am

Early trade on Tuesday shows little change in the price of gold or silver, with 10 grams of 24-carat yellow metal selling for Rs 52,340. While ten grams of 22-carat gold are being offered for Rs 48,000.
Silver prices, on the other hand, were steady on Tuesday, with one kilogram of the precious metal selling at Rs 57,800, the same price as the day before.
On Tuesday, gold prices in the US fell marginally as a result of a strengthening currency and a rise in Treasury rates from their one-month lows reached last week. The price of 10 grams of 24-carat gold is Rs 52,340 in Delhi, Mumbai, and Kolkata. On the other side, Delhi, Mumbai, and Kolkata are offering ten grams of 22-carat gold for Rs 48,000. Read more

India's merchandise exports rise by 16.8% to $37.9 billion in June 2022

Published on: 9:00 am

India has achieved a monthly value of merchandise export in June 2022 amounting USD 37.94 billion, an increase of 16.78% over USD 32.49 billion in June 2021. India’s merchandise export in April -June 2022-23 was USD 116.77 billion with an increase of 22.22% over USD 95.54 billion in April -June 2021-22.
Value of non-petroleum exports in June 2022 was 30.12 USD billion, registering a positive growth of 5.53% over non-petroleum exports of USD 28.54 billion in June 2021.
Further, the cumulative value of non-petroleum exports in April -June 2022-23 was USD 92.49 billion, an increase of 11.92% over USD 82.65 billion in April -June 2021-22. Read more

Magicbricks says demand for residential real estate has gone up

Published on: 8:54 am

Between April and June of this year, the demand for residential real estate increased by 16.9% on a quarterly basis and by 27.7% on an annual basis, according to a report.
According to the Magicbricks Prop Index study, the supply (listings) increased by 16.2% year over year and 2.9% quarter over quarter.
The survey, which looked at trends in 13 cities across the nation, noted that Delhi (47.2%) had the biggest QoQ growth in residential demand, followed by Ahmedabad (21.4%), Kolkata (21.2%), Noida (20.6%), and Bengaluru (18.8%).
Delhi led the list for supply on a QoQ basis with 10.8%, followed by Bengaluru (6.7%), Gurugram (6.6%), Chennai (5.1%), and Kolkata (5.1%). Read More