Latest News and Updates

06th Jul, 2022

CARE upgrades long-term rating of Orient Electrics instruments worth Rs470 crore; stock zooms ~3%

Published on: 3:45 pm

  • Orient Electric Limited informed that CARE Ratings Limited upgraded the rating for its Long- term/Short- term bank facilities from ‘CARE AA-/CARE A1+’ to “CARE AA /CARE A1+. The outlook for these instruments has been kept as ‘Stable’.
  • While the rating agency has reaffirmed the short-term rating at ‘CARE A1+’.
  • Total bank facilities reviewed by the rating agency include Long- term/Short- term bank facilities worth Rs470 crore, and short-term facilities worth Rs103.30 crore. Read more

CARE revises outlook of Piramal Enterprises’ Long-term instruments to ‘Stable’

Published on: 3:29 pm

  • Piramal Enterprises Limited informed that the rating agency CARE Limited has reaffirmed the ratings assigned to the company’s bank facilities.
  • CARE has reaffirmed the long-term rating at ‘CARE AA’, and has revised the Outlook to ‘Stable’ from the existing ‘Credit under watch with developing implications.’
  • Further, the rating agency has withdrawn the credit rating assigned to Short Term Non-Convertible Debentures as there is no outstanding amount against the said instrument. Read more

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Aiwa India expects sales of Rs 8,000 crore over the next 5 years

Published on: 3:28 pm

  • Aiwa India, a consumer electronics company, said on Wednesday (05-07-2022) that it expects to generate Rs 8,000 crore in sales over the next 4–5 years and that it will initially invest roughly Rs 160 crore to grow its business in India. Aiwa, a company founded in Japan in 1951, has joined up with Dixon Technologies to produce televisions in India, according to Ajay Mehta, managing director of Aiwa India.
  • "Over the next 4-5 years, we want to generate about Rs 8,000 crore in income. We anticipate making about Rs 400 crore in income from the sale of television and audio items this year. To reach the bigger goal, we will diversify our portfolio "explained Mehta. He continued by saying that the business will spend Rs 160 crore on marketing over the following two years, concentrating on social media to further its campaign. Read more

Aurobindo Pharma's arm Eugia Pharma gets USFDA nod for Triamcinolone Acetonide Injectable Suspension

Published on: 3:19 pm

  • Aurobindo Pharma Limited has announce that its wholly owned subsidiary company, Eugia Pharma Specialities Limited, has received a final approval from the US Food & Drug Administration (USFDA) to manufacture and market Triamcinolone Acetonide Injectable Suspension 200 mg/5 mL & 400 mg/10 mL.
  • Triamcinolone Acetonide Injectable Suspension USP, 200 mg/5 mL (40 mg/mL) Multiple-dose vials and 400 mg/10 mL (40 mg/mL) Multiple-dose vials, to be bioequivalent and therapeutically equivalent to the RLD, Kenalog-40 Injectable Suspension, 40 mg/mL, of Bristol-Myers Squibb Company. The product is being launched this month. The approved product has an estimated market size of around US$ 73 million for the twelve months ending May 2022, according to IQVIA. Read more

Govt announces procedural modifications to GST mechanism

Published on: 3:17 pm

  • Small businesses will find it easier to comply with the law as a result of the government's notification of some procedural modifications to the GST laws, particularly those relating to the threshold for filing yearly reports for 2021–22 fiscal. The Goods and Services Tax (GST) Council reviewed the modifications at its meeting last week.
  • Businesses may now pay taxes on the GSTN site using the IMPS and UPI payment methods according to changes announced by the Central Board of Indirect Taxes and Customs (CBIC). Read more

NHAI InvIT seeks to raise up to Rs4,000 crore in two tranches

Published on: 3:12 pm

  • National Highways Authority of India is seeking to raise up to Rs4,000 crore for its Infrastructure Investment Trust (InvIT), which is expected to speed up road asset acquisition by forming a new special purpose vehicle within the trust structure.
  • According to people familiar with the matter, half of the funds may be raised by selling units in the National Highway Infra Trust to existing investors such as Canadian pension funds CPPIB and OTPP, while the other half is likely to come from a public bond sale in the local market where retail investors can buy.
  • Existing offshore funds are not yet formally intimated about the plan. Read More

HDFC join hands with Salesforce to support growth; stock climbs over 1%

Published on: 2:53 pm

  • On Tuesday, HDFC Limited has announced its collaboration with Salesforce, a leader in Customer Relationship Management (CRM) services, to support its growth priorities.
  • Mulesoft, according to HDFC, will help the company innovate quickly around connecting systems and creating new experiences with its innovative API-led integration approach and low code integration capabilities.
  • In a digital-first world, organizations can revolutionize their customer experiences, find and use insights from their data, and provide employees with the tools and training they need to build incredible careers, stated CEO of Salesforce India, Arundhati Bhattacharya. Read more

Price of gold futures gains on the back of strong demand in spot market

Published on: 2:51 pm

  • On Wednesday (06-07-2022), gold prices rose by Rs 83 to Rs 51,385 per 10 grams in futures trade as investors opened new positions in response to strong spot demand. Gold futures for August delivery traded at Rs 51,385 per 10 grams on the Multi Commodity Exchange, up Rs 83, or 0.16 percent, in a transaction of 10,240 lots.
  • According to experts, players' new holdings were what caused gold prices to increase. Globally, the price of gold was up 0.22% at USD 1,767.70 per ounce in New York. Read more

NRAI reiterates its position that charging a service charge is permissible

Published on: 2:41 pm

  • On Wednesday, the National Restaurant Association of India (NRAI) restated its position on the subject of service charges, claiming that the CCPA's new guidelines were causing unneeded customer confusion and disrupting restaurant operations. The repeated directives, according to NRAI, were an attempt to launch an unjustified campaign against a practice in the restaurant business.
  • According to NRAI, it is also important to mention that many other companies, including some government institutions, impose additional fees. The rules, however, are solely applicable to the restaurant business. According to NRAI, the service charge is a component of the owner's discretion or choice on the total amount a customer will be required to pay for the sale or servicing of a product. It is one of the costs that go into the final cost of the goods. Read more

Tata Steel intends to reopen NINL steel plant in the next 3 months

Published on: 2:39 pm

  • According to Tata Steel's CEO and MD T V Narendran, the company plans to restart the 1 million tonnes (MT) NINL steel plant within the next three months.
  • Through its subsidiary business Tata Steel Long Products (TSLP), Tata Steel completed the acquisition of NINL on Monday for a price of Rs 12,000 crore. The facility in Odisha has been shut down for over two years.
  • When asked about the company's future plan for the recently purchased steel factory, Narendran told PTI that Tata Steel's next step would be to assume ownership of NINL and work hard with the company's staff and other stakeholders to realize the asset's full potential. Read more

Infosys leads CRISIL’s ESG scores for second year in a row; stock adds ~1%

Published on: 2:28 pm

  • Infosys Limited announced that for yet another year, it has topped CRISIL's ESG scores in their latest report, 'CRISIL Sustainability Yearbook, 2022.' The yearbook assigned an overall score of 76 on 100 to Infosys in the Leadership category (the score was assigned on a scale of 1-100, with 100 denoting best-in-class ESG performance).
  • Infosys received an environmental score of 81, as well as social and governance scores of 62 and 80, respectively.
  • The study evaluated 586 companies in India across 53 sectors based on publicly available ESG information for three years (up to and including fiscal 2021), taking into account both quantitative and qualitative disclosures of companies. Read more

Thomas Cook targets students looking to study overseas with their Foreign Exchange Services

Published on: 2:17 pm

  • Thomas Cook (India) Limited - India’s leading omnichannel forex services company has launched an attractive contest with a host of assured prizes for students.
  • According to the press release on BSE, Every month, three lucky winners get a chance to win flight tickets to their study destination; with one student winning a pair of bluetooth earpods daily. Additionally, every forex transaction comes with special discounts on select partner brands. The Study Buddy contest is live across Thomas Cook India’s hybrid omnichannel network (online forex store, call center, or extensive retail presence - over 100 stores in 65 cities across India) till September 30, 2022. Read more

Securekloud’s Healthcare Triangle enables secure data sharing for drug discovery via Neutral Zone

Published on: 2:03 pm

  • Securekloud’s Healthcare Triangle Inc. allows for collaborative data sharing and analysis via a "neutral zone" Personalized medicine in healthcare and life sciences is being revolutionized by a neutral zone for data collaborative research.
  • From the discovery of a key enzyme that allows DNA sequencing to the discovery of a "treasure trove" of DNA clues about what causes cancer, reflects that medical Science advancements have the potential to propel personalized medicine.
  • The key to this effort is the ability to share data among competitors in order to fuel healthcare innovation. The use of a "neutral zone," supported by DataEz, a third-party secure data platform provider for collaborative data sharing and analysis, now allows organizations to collaborate on medical discovery without jeopardizing PHI security. Read More

GE commissions 180 MW hydro project in Bajoli

Published on: 1:47 pm

  • The 180 MW Bajoli Holi Project in Himachal Pradesh has been put into operation by GE Renewable Energy's hydropower division, which is a division of GE Power India Ltd (GEPIL). Since the project's connection to the grid in March 2022, three units of 60 MW each have been producing power, according to a company statement.
  • The 180 MW run-of-the-river power plant, which features a head race tunnel longer than 16 km, was built on the Ravi River in the Himachal Pradesh district of Chamba. Read more

Tejas Networks acquires 62.65% stake in Saankhya Labs at Rs276.24 crore; Stock down 1%

Published on: 1:46 pm

  • Tejas Networks Limited had earlier announced to the exchanges regarding execution of the share purchase agreement with Saankhya Labs Private Limited for the acquisition of 62,51,496 equity shares, in one or more tranches, which would result in the Company holding 64.40% of the equity share capital of Saankhya, on a fully diluted basis and also the shareholders' agreement ("SHA") with the continuing shareholders of Saankhya.
  • Accordingly, the Company as of July 4, 2022 has acquired 60,81,946 equity shares through secondary purchase at a price of Rs. 454.19/- per equity share amounting to 62.65% of the equity share capital of Saankhya, on a fully diluted basis for a consideration of Rs276.24 crore. Read more

Axilor Ventures to raise $100 million new fund

Published on: 1:43 pm

  • Axilor Ventures, an early-stage venture capital firm, said that it intends to raise a $100 million (Rs 770 crore) fund, which is nearly four times larger than its initial fund of Rs 200 crore that was introduced in 2018.
  • Axilor's first fund has invested in 54 businesses during the course of its four years of operation, spanning industries including enterprise SaaS, B2B supply chain, consumer tech, fintech, and health-tech.
  • According to the VC business, 97 percent of its initial fund has already been invested, and the remaining 3 percent will be over the course of the following month. It anticipates receiving regulatory approvals for its new fund by the end of August. Read more

Hercules Hoists announces shifting of commercial operations; Stock trades higher

Published on: 1:10 pm

  • Hercules Hoists Ltd has informed to the exchanges regarding shifting of Commercial Operations of the company.
  • As per the filing, the Company has shifted its manufacturing activities carried out at its manufacturing unit situated at Gat No. 446/3, Nighoje (Chakan), Rajgurunagar, Pune 410501 to a manufacturing unit at Gat No. 118/17, Wasuli, Chakan MIDC Phase-2, Pune, Maharashtra on lease rental basis.
  • Further, the Company will continue to manufacture, assemble, test, maintain and repair material handling equipment including electrical & non-electrical hoists, trolleys, cranes etc. at the new premises and the production capacity will remain the same, the company said. Read more

IndusInd Bank partners with MoEngage to deliver a differentiated digital customer experience; stock

Published on: 1:05 pm

  • In its press release today, IndusInd Bank announced a strategic partnership with MoEngage to deliver a differentiated digital experience across multiple customer journeys.
  • Under this partnership, IndusInd Bank will make use of Mengele’s Technology platform for delivering ‘Gen Z’ digital banking experience to its customers. The bank will be able to create personalized content and recommendations across channels where the customers spend most of their time.
  • "IndusInd Bank has always been at the forefront of driving responsive innovation; with this factor at the core, we have on-boarded MoEngage as it has the ability to drive personalization through real-time and actionable insights," said Charu Mathur, Head - Digital Banking & Strategy, IndusInd Bank. Read more

Rupee declines by 41 paisa to 79.36/$

Published on: 1:05 pm

  • After the trade imbalance reached a record high in June, the rupee's value against the US dollar plunged to a new low on Tuesday (05-07-2022) as investor mood became negative.
  • On Tuesday, the rupee fell 0.5% to end the day at a new low of 79.36 per US dollar. The rupee's last closing low occurred on July 1 at 79.04 to the US dollar. The rupee's problems have been made worse by unabated withdrawals of foreign investment from Indian equities markets. Given the unfavorable prognosis for the current account amid high oil prices, dealers expect further deterioration for the currency in the future. Read more

Goldstone Tech completes acquisition of Equitas Technologies; Stock jumps 5%

Published on: 12:32 pm

  • Goldstone Technologies Ltd has completed the acquisition of Equitas Technologies Private Limited ("ETPL") (popularly known as "Wow trucks") by acquiring the equity shares from Equitas Holdings Limited in terms of the Share Purchase Agreement and other related documents which were executed between the Company, Equitas Technologies Private Limited and Equitas Holdings Limited".
  • Therefore, pursuant to the acquisition of 2,49,99,999 equity shares (99.62% stake) by the company from Equitas Holdings Limited, and balance 96,000 equity shares (0.38% stake) from an Individual shareholder MVP Mohan Sharma, Equitas Technologies Private Limited ("ETPL") has become Wholly-Owned Subsidiary of the Company i.e. Goldstone Technologies Limited. Read more

Hester Biosciences’ CEO Rajiv Gandhi nominated as a member of National Advisory Committee for Animal

Published on: 12:16 pm

  • Hester Biosciences Limited informed that its Founder, CEO & Managing Director, Rajiv Gandhi has been nominated as a member of the National Advisory Committee for Animal Husbandry and Dairying Sector, constituted by The Government of India.
  • This committee, chaired by Hon'ble Union Minister (FAHD) Shri Parshottam Rupalaji, was formed to recommend, prescribe, and advise on policies concerning cattle and dairy development, feed and fodder, poultry, piggery, sheep, goat, and animal health.
  • This initiative by the government to involve the private sector in policy formation will help the animal husbandry sector in India to grow significantly. Read more

Prescription sunscreen cream sales go up

Published on: 12:15 pm

  • Because of this year's high heat, consumers are slathering on sunscreen like never before to shield themselves from the sun's harmful rays.
  • The Times of India reported that prescription sunblock sales surged by more than 55% in May compared to 2020, based on the most recent statistics gathered by research firm IMS.
  • Unlike medicated sunscreens, which are made by pharmaceutical businesses, conventional sunscreens are cosmetic in nature and prepared without the use of any chemicals. Read more

Happiest Minds Tech recognized as finalist for Microsoft Partner of the Year Awards 2022

Published on: 11:57 am

  • Happiest Minds Technologies Limited has announced being named a finalist for the 2022 Microsoft Partner of the Year Awards in the Business Applications Power Automate category.
  • The company was honored among a global field of top Microsoft partners for demonstrating excellence in innovation and implementation of customer solutions based on Microsoft technology.
  • Rajiv Shah, Executive Board Member & CEO, Digital Business Services (DBS), Happiest Minds Technologies said “We are delighted to be named a finalist in the Business Applications Power Automate category of the 2022 Microsoft Partner of the Year Awards. Read more

TCS introduces ESG Integration Solution on AWS to accelerate sustainable investing; stock gains ~1%

Published on: 11:56 am

  • Tata Consultancy Services (TCS) has launched its ESG Integration Solution on the Amazon Web Services (AWS) platform to assist financial institutions in measuring the impact of environmental, social, and governance (ESG) factors in their investment analysis more easily and accurately.
  • The solution, which consists of a cloud-native ESG data ingestion platform and a custom ESG scoring model, is integrated with AWS Data Exchange and provides greater transparency and flexibility in aligning investment portfolios with ESG criteria and measuring them against quantifiable and standardized sustainability benchmarks. Read more

Ujjivan Small Finance Bank announces loan growth of 38%; decline in NPA

Published on: 11:52 am

  • According to Ujjivan Small Finance Bank, its asset quality improved sequentially with the help of consistent payback collections, and its gross advances increased by 38% year over year to Rs19409 crore.
  • The business reports easing of concerns about a potential downturn in business as a result of increasing inflation and increases in interest rates to combat it.
  • The micro banking segment's loans increased by 39%, reaching Rs13,364 crore. The affordable housing and enterprise loan books also had comparable growth prints, though on a lower base, which helped the bank's overall loan growth. Its enterprise loans increased to Rs1,767 crore, while its affordable housing loans reached Rs2,905 crore. Read more

Kirloskar Ferrous Industries resumes operations of MBF-II at Koppal Plant

Published on: 11:34 am

  • Kirloskar Ferrous Industries Limited has informed to the exchanges that the upgradation of the Mini Blast Furnace II ('MBF-II') situated at Koppal plant, Karnataka has been completed and the operations of MBF-II have resumed from July04, 2022.
  • As per the filing, after upgrade of MBF-II, the manufacturing capacity of pig iron in respect of MBF-II has increased from 1,80,000 Metric Tonne per annum to 2,17,600 Metric Tonne per annum and consequently, total manufacturing capacity of pig iron at company level has increased to 6,09,000 Metric Tonne per annum. Read more

Tata Steel logs production volume of 4.92 million tons in Q1FY23; stock skids ~2%

Published on: 11:34 am

  • Tata Steel India Limited reported crude steel production of 4.92 million tons in Q1FY23, registering a growth of 6% yoy.
  • Deliveries stood at 4.06 million tons, declining by 2% yoy due to moderation in exports following the imposition of 15% export duty. However, Domestic deliveries were ramped up leveraging the company’s strong marketing network & agile business model and clocked growth of 5% yoy.
  • Tata Steel Europe steel production jumped 5% QoQ but was marginally lower on yoy basis. Total deliveries stood at 2.16 million tons and declined on yoy basis trailing the production. Read more

Adani Power to enter into a related party deal worth Rs5,000 crore; stock trades flat

Published on: 11:12 am

  • On Tuesday, Adani Power Limited informed that it will obtain shareholders’ approval in its ensuing general meeting on July 27, 2022, for the proposed related-party transaction worth up to Rs5,000 crore with Adani Connex Private Limited.
  • The ACPL is an indirect associate company of APL, and both companies are related parties as of the date of this AGM notice, it said, adding that the transaction is worth up to Rs5,000 crore and will take place during FY23.
  • According to the notice for AGM, the transaction involves Adani Power (APL) selling its SPVs (Special Purpose Vehicles)/ subsidiaries in which APL has acquired ownership and/or leasehold rights in land or land parcels to its related party ACPL. Read more

Stock prices of HUL, Britannia, and Godrej Consumers rise as palm oil prices go down

Published on: 11:11 am

  • Over the past few weeks, the price of crude palm oil futures on international marketplaces has plummeted by more than 35%.
  • On July 6, as the price of crude palm oil fell further, shares of Hindustan Unilever, Godrej Consumer Products, and Britannia Industries all saw an increase in their prices.
  • The resumption of Indonesian exports, as well as worries about the state of the world's demand, have caused a more than 35% decline in the price of crude palm oil futures on international exchanges in recent weeks. Read more

Satia Industries bags order worth Rs105 crore from NCERT; Stock shines 4%

Published on: 11:00 am

  • Satia Industries Limited (SIL), one of the largest Wood and Agro-based paper manufacturers in India with a fully integrated manufacturing facility, has received an order worth Rs105 crore from National Council of Educational Research and Training (NCERT) for the supply of 11,000 tons of Maplitho paper of 80 GSM in sheets and reels for printing of text books.
  • Commenting on the order received, R. K. Bhandari, Joint Managing Director said, "We are pleased to announce the receipt of this order from NCERT placing their trust in our ability to deliver both quality and quantity well in time for completion of their timebound printing schedule. Read more

Government to receive $12 billion from tax on crude in remaining fiscal year: Moody's

Published on: 10:59 am

  • According to Moody's Investors Service, taxes levied on domestic crude oil and fuel exports will bring in close to $12 billion (roughly Rs94,800 crore) for the government in the remaining months of the current fiscal year, even as it lowered its profit projections for ONGC and Reliance Industries Ltd.
  • Despite the rupee's decline, the country still has ample foreign exchange reserves to cover any potential problems with debt service, it said.
  • The extra income will assist in reducing the negative effects of the decrease in excise duties for gasoline and diesel that was announced in late May to rein in skyrocketing inflation. It stated that "much additional tax revenue will counteract fiscal strain on the sovereign." Read more

Tide partners with Transcorp to roll-out RuPay powered Expense Card

Published on: 10:35 am

  • Tide, the UK’s leading SME-focused business financial platform that began setting up operations in India in 2020, has announced that it has partnered with Transcorp International Limited, a 27-year-old Reserve Bank of India (RBI) regulated Authorised Dealer Category II and perpetual Prepaid Payment Instrument (PPI) license holder, to launch co-branded prepaid cards (Tide Expense Card) as an entry product.
  • This roll-out stems from Tide’s expansion strategy in India, its first international market outside the UK, and a pillar of its global ambitions. Read More

Fiscal deficit in FY23 may be less than expected: ING

Published on: 10:30 am

  • Given that the nominal GDP is expected to be higher than anticipated, India's fiscal deficit for the fiscal year 2022–2023 may be lower than the budget objective of 6.4 percent of GDP, according to ING Bank's report on July 5.
  • According to Robert Carnell, Regional Head of Research, Asia-Pacific at ING, "If our estimates for GDP, inflation, rates, and bond yields play out, and revenues and expenditures change accordingly, then we may even see the deficit coming in lower than 6.3 percent." Read more

KPI Green Energy spurts ~5% on bagging its largest solar power project order

Published on: 10:16 am

  • KPI Green Energy Limited informed that it has secured the biggest order for the execution of a solar power project.
  • The project is for the execution of 23.60 MW capacity from M/s Nouveau Jewellery LLP, and 3 MW capacity from M/s Nouveau Diamonds Manufacturing India LLP.
  • Total capacity under the said projects aggregate to 26.60 MW under the Captive Power Producer (CPP)' segment of the Company. Read more

PLI plan might boost GDP by 4% annually

Published on: 10:15 am

  • According to research, the production-linked incentives (PLI) plan, which aims to increase manufacturing in strategic regions by paying over Rs 2.4 lakh crore in incentives over the next five years, can generate additional income that can add 4% annually to the GDP. According to Emkay Investment Managers, the initiative has thus far had the best response from the electronics, auto components, and pharmaceutical industries.
  • According to the analysis presented on Tuesday, the PLI plan has the potential to generate additional money that, if fully realized, would increase GDP by around 4% annually. The number of new manufacturing businesses registered shows that manufacturers are expanding their capacity as a result of strong returns. Read More

Rategain Travel Tech allots over 1.54 lakh equity shares under ESOP; Stock sheds 1%

Published on: 10:06 am

  • Rategain Travel Technologies Ltd has informed that Nomination and Remuneration Committee of the Company have passed a resolution by circulation on July 04, 2022 has allotted 1,54,290 Equity Shares of face value of Re1/- each to the eligible employees of the Company, who have exercised their options, under RateGain Employee Stock Option Scheme – 2015 (‘ESOP 2015’).
  • Further, Consequent to the aforesaid allotment, the paid-up equity share capital of the Company has increased from Rs108,035,312 /- (108,035,312 Equity Shares of Re1/- each) to Rs108,189,602 divided into (108,189,602 Equity Shares of Re1/- each). Read more

Unemployment rate in June touches 7.8%: CMIE

Published on: 10:02 am

  • According to figures issued by the economic think tank Centre for Monitoring Indian Economy (CMIE), the nation's unemployment rate went up to 7.80% in June due to the loss of 13 million jobs, mostly in the agriculture sector. 
  • The sharp increase in the unemployment rate in rural regions, which rose to 8.03% in June from 6.62 percent in May, was what caused the sharp decline in employment last month. According to the CMIE statistics, it was somewhat better in urban areas, at 7.30% compared to the 7.12% recorded in May. Read More

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