Latest News and Updates

07th Jul, 2022

FabIndia IPO likely to see strong demand, when it comes to the market

Published on: 4:14 pm

  • Popular clothing brand, FabIndia's IPO, has received approval from SEBI. The IPO is likely to hit the markets soon. The expected size of the IPO is Rs 4000 crore. The company is likely to issue 7.75 lakh shares to artisans and farmers associated with it, as part of the IPO. 
  • In the past few years, FabIndia has emerged as a very popular brand in India. Its clothes have distringuished themselves because of their natural fabrics, colors and ethnic designs.  The company operates more than 300 stores in India. It also has around 14 international stores. Around 50,000 artisans make the products that are sold in the stores of the company. This network of 50,000 artisans is a very strong capability of the company.  Besides clothes, home decor products and ethnic furniture products are also sold in its stores. Read more

RattanIndia Enterprises' Drone company TAS approved for PLI Scheme

Published on: 3:25 pm

  • RattanIndia Enterprise Ltd (REL) has announced that Throttle Aerospace Systems Private Limited (TAS) has been shortlisted for the PLI (Production Linked Incentive) scheme for Drones and Drone components by Govt. of India. Ministry of Civil Aviation (MoCA) made the announcement on the beneficiaries of the PLI scheme on the 6th of July’2022.
  • RattanIndia Enterprises Ltd (REL) had recently acquired majority of shareholding in India’s leading drone company Throttle Aerospace Systems Private Limited (TAS) through NeoSky India Limited, a wholly owned subsidiary of REL, the  company stated in a press release on Thursday. Read more

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TVS Motor launches first modern-retro motorcycle ‘TVS RONIN’

Published on: 3:19 pm

  • TVS Motor Company, a globally renowned manufacturer of two-wheelers and three-wheelers, today announced its entry into the premium lifestyle segment with the introduction of the industry's first 'modern-retro' motorcycle, the TVS RONIN.
  • Designed from the ground up, the TVS RONIN is a lifestyle statement that draws inspiration from the modern, new-age rider. The TVS RONIN is designed to promote an unscripted lifestyle through its style, technology, and riding experience.
  • TVS Motor's 110-year legacy of leading technology and innovation will now be carried forward with the launch of TVS RONIN, a new way of life. It marks the company's entry into the premium lifestyle motorcycling segment, and is an extension of the company's commitment to introducing a new way of riding. Read more

CRISIL reaffirms rating of Coromandel International’s bank facilities worth Rs11,500 crore; stock un

Published on: 2:59 pm

  • Coromandel International Limited informed that CRISIL Ratings has reaffirmed its 'CRISIL AA+’ rating on the long-term bank facilities of the company. It has assigned a ‘Positive’ outlook on the same.
  • Further, it has reaffirmed the short-term rating at ‘CRISIL A1+’.
  • The rating agency has also reaffirmed the credit rating of the company’s commercial papers worth Rs2,000 crore at ‘CRISIL A1+’. Read more

RailTel finalizes agencies to execute Video Surveillance System project at 756 major stations

Published on: 2:50 pm

  • RailTel Corporation of India, a Mini Ratna Central Government PSU under Ministry of Railways, entrusted with the implementation of Video Surveillance System (VSS) project (CCTV cameras network) under Nirbhaya Fund at Railway Stations has taken a major step by finalizing the agencies for executing the job.
  • First phase of the project will cover major stations of category A1, A, B,C numbering 756 (The list of stations is attached) and is likely to be completed by January 2023. The remaining stations will be covered in phase-2 of implementation. Safety and security of passengers is one of the key focus areas of Ministry of Railways. Read more

Gap returns to India

Published on: 2:48 pm

  • To introduce the American clothing retailer to India, Reliance Retail and Gap Inc. have agreed to a franchise arrangement. After parting ways with Arvind Fashions in 2020, Gap will visit India once more.
  • The design house's official retailer in India will be Reliance Retail, which will combine upscale shops with online marketplaces. Reliance Retail stated in a press release about the long-term deal that "the partnership is aimed at leveraging Gap's position as a leading casual lifestyle brand and Reliance Retail's established competencies in operating robust omnichannel retail networks, scaling local manufacturing, and driving sourcing efficiencies." Read more

Nykaa launches men’s innerwear and athleisure brand GLOOT; stock soars ~4%

Published on: 2:41 pm

  • FSN E-Commerce (Nykaa) introduces a multi-brand e-commerce fashion offering with its first underwear and athleisure brand for men, GLOOT. Nykaa Fashion's new brand aims to redefine an often-ignored space when it comes to men's needs by combining comfort and technology in an environmentally friendly way. Underwear starts at Rs499 and athleisure starts at Rs899.
  • Most men's underwear options available today are unsettling and uncomfortable. Everyday issues such as underwear riding up, odour and hygiene, or even a lack of options in the active underwear category have made this the norm.
  • Everyday comfort will not be a luxury with a range of innerwear and outerwear that includes Daily Chill with cool mesh zones. The new ergonomic pattern at the crotch and back allows it to stay in place after testing the reimagined product pattern on various body types. Read more

Ind Ra assigns JSW Energy (Kutehr)'s rupee term loan final at 'A+/Stable'

Published on: 2:28 pm

  • India Ratings and Research (Ind-Ra) has rated JSW Energy-led JSW Energy (Kutehr) Limited’s (JSWEKL) debt facilities.
  • Ind Ra has assigned a final rating as ‘IND A+/Stable’ of the rupee term loan and bank guarantee facilities of ‘JSW Energy (Kutehr) Limited’, a subsidiary of the Company. Further, bank gurantee has been assigned at 'IND A+/Stable'. Read more

Fin Min meets  bank CEOs to discuss performance and governance changes in RRBs

Published on: 2:17 pm

  • Later on Thursday (07-07-2022), Finance Minister Nirmala Sitharaman will meet with the heads of public sector lenders to address a number of topics and assess the status of different government programs pertaining to agricultural and associated industries. The conference is anticipated to evaluate governance improvements in Regional Rural Banks, according to sources (RRBs).
  • Public Sector Banks support RRBs, which are crucial for agricultural finance (PSBs). Currently, the Centre owns 50% of RRBs, while the relevant sponsor banks own 35% and the state governments own 15%, respectively. Read more

Euro volatility at its highest level since March 2020

Published on: 2:16 pm

  • On Thursday, the euro made a small gain thanks to increased risk appetite, but it is still close to hitting a two-decade low as rising energy costs stoke concerns about an impending recession.
  • Implied volatility in the forex market, which measures market jitters, was still at 11.2%, its highest level since late March 2020. This is because investors are watching the euro/dollar parity. Stocks managed to post modest gains as traders considered the possibility of a recession and a suspension in interest rate hikes.
  • After plunging to a two-decade low on Wednesday at 1.01615, the euro rose 0.1% to 1.019. The dollar index, which compares the value of the dollar to six other currencies, decreased 0.1% to 106.97, retreating from Wednesday's high of 107.27, a level not reached since late 2002. Read more

Add-Shop E-Retail stock spurts over 4% on launch of new online platform

Published on: 2:12 pm

  • Add-Shop E-Retail Ltd has announced the launch of new online platform for its customers across the india.
  • As per the filing, "the company has launched its new updated version of websites and its ecommerce application. Now the new version is live with added features of e-commerce. Anyone can reach us by this platform. We have more simplified our e-commerce platform by adding new features", said company.
  • It further added, "Now ADD-SHOP is reachable for anyone from any corner of the country. Our customer can also download our mobile app from Play store or App store." Read more

Auto Insurance rules to get change: Vehicle usage, driving behaviour to determine premium

Published on: 1:58 pm

  • Insurance Regulatory and Development Authority of India (IRDAI) on Wednesday has allowed general insurance companies to introduce tech-enabled concepts of “pay as you drive” and “pay how you drive” for “own damage (OD) cover”.
  • Also, vehicle owners can now buy cheaper insurance policies based on their driving behaviour, general upkeep of vehicle, mileage and usage pattern, the regulator said in a recent notification.
  • With a view keeping pace with new developments in the market, especially involving the use of technology, and in order to provide more options for policyholders, IRDAI permits general insurance to introduce the following concepts for the Motor Own Damage (OD) cover through the filing of appropriate add-ons to the basic OD policy on an annual basis: Read more

Shriram Transport gets creditors, shareholders’ go ahead for proposed merger

Published on: 1:53 pm

  • Shriram Transport Finance Company Limited (STFC) announced that the proposed merger with Shriram City Union Finance has been approved by equity shareholders, and secured & unsecured creditors.
  • According to a vote count at the company's National Company Law Tribunal-convened meeting on 4 July, 97% of the equity shareholders and 99% of the secured and unsecured creditors voted in favour of the deal.
  • According to the company, the anticipated merger will transform STFC from a pure-play commercial vehicle lending business to a diversified lender with products ranging from two-wheelers to MSME, gold finance, and commercial vehicle lending. Read more

JSW Steel Group logs 5.88 million tonne Crude Steel Production in Q1FY23; stock marginally up

Published on: 1:40 pm

  • JSW Steel Limited reported 5.88 million tonnes of combined crude steel production for Q1FY23, a 16% increase on a year-on-year basis, including production at jointly controlled entities.
  • JSW Steel Indian Operations reported a decline of 2% QoQ at 5.62 million tonne production in Q1FY23 as against 5.71 million tonnes in the quarter ended March 2022. Further, on a yoy basis, it registered a growth of 37% against Q1FY22 at 4.10 million tonnes.
  • Production of Indian Operations including Joint Control stood at 5.72 million tonnes in the quarter under review as against 5.88 million tonnes in the previous quarter, registering a decline of 3% QoQ, and a growth of 16% on yoy basis. Read more

GE Healthcare opens its first 5G Innovation Lab in the country

Published on: 1:39 pm

  • On Thursday, GE Healthcare announced the opening of its first 5G Innovation Lab outside of the United States in India.
  • According to the business, 5G has the ability to disrupt the patient care continuum by reshaping diagnosis, therapy, and prognosis. It has the advantage of large capacity, fast data rates, low latency, and very reliable connectivity.
  • According to a business release, "The 5G Innovation Lab is designed to position GE Healthcare at the forefront of these innovative advancements in patient care, including potentially bringing cutting-edge technology to rural and suburban communities." Read more

3i Infotech launches NuRe Park, Centre of Excellence in Tirunelveli; stock gains ~2%

Published on: 1:25 pm

  • 3i Infotech Limited informed that the company has launched a pathbreaking initiative deep South, in Tirunelveli.
  • It announced setting up of NuRe Park, its First Centre of Excellence (COE) – Hub & Spoke Network across India, for Oracle Applications development as well cloud, security, application, and analytics across Oracle.
  • This COE is a 100-seat facility at Tiliconveli Tech Park in Tirunelveli, created in collaboration with Mikro Grafeio Services Private Limited, a leading Workspace & Workforce Solution provider. With this COE under Oracle's aegis, these young students from the region will gain experience working on projects for global clients, preparing them for job readiness - acting as a bridge from campus to corporate. Read more

The share price of Tata Motors surges, feeds optimism for JLR as China market recovers

Published on: 12:54 pm

  • On July 7, Tata Motors' stock increased as a result of the day's previous significant advances for Chinese automakers.
  • Chinese auto and auto-related stocks surged today after government officials there pledged to continue to boost the nation's vehicle demand. Due to the extraordinary lockdowns in several areas of the country brought on by a new Covid-19 outbreak and the ongoing semiconductor shortage, the Chinese auto industry faced a number of difficulties in 2022.
  • According to news articles, the country's State Council Information Office had earlier in the day emphasized the value of encouraging the sales of new-energy vehicles and prolonging the exemption of purchase tax on electric automobiles.Read more

TCS recognized as Leader in Healthcare Payer Digital Services by Everest Group

Published on: 12:52 pm

  • Tata Consultancy Services has been positioned as a Leader in Everest Group’s PEAK Matrix for Healthcare Payer Digital Services.
  • According to the report, TCS has a strong portfolio of industry-specific proprietary IPs (e.g., TCS Enrollment 360, TCS Health 360, and Claims Denial Analytics platform) that enables clients to unlock use cases across the payer value chain such as member engagement, care delivery, and claims management.
  • It goes on to say that the company’s compelling focus on tangible business outcomes has helped it win end-to-end transformation deals with large healthcare payer accounts. Read more

Punjab National Bank allots Basel III Compliant Additional Tier-I Bonds worth Rs2,000 crore; stock j

Published on: 12:38 pm

  • Punjab National Bank issued and allotted Basel III Compliant Additional Tier-I Bonds at a coupon of 8.75% p.a. aggregating to Rs2,000 crore on a private placement basis.
  • The bank has issued 8.75% Unsecured, Subordinated, Non-Convertible, fully paid-up, Taxable, Basel III Compliant Additional Tier I Bonds which will qualify as Tier I Capital of Rs1 crore each. Read more

Canara Bank raises the MCLR and RLLR on loans: EMIs will increase

Published on: 12:33 pm

  • According to a statement released with BSE, Canara Bank has increased the marginal cost of funds-based lending rate (MCLR) and repo-linked lending rate (RLLR) across tenors with effect from July 7, 2022.
  • Across all tenures, the bank increased MCLR by 10 basis points. The bank's website states that the current overnight MCLR is 6.75%. The MCLR will be 6.75% for one month. The MCLRs for the three and six months are 7.05 and 7.45%, respectively. Numerous consumer loans are related to the one-year MCLR, which is now 7.50%.
  • The above MCLR is only applicable to new loans/advances sanctioned the first disbursement made on or after July 7, according to the Canara Bank website. Read more

Gujarat Alkalies inks pact with NTPC Renewable Energy to explore opportunities in field of Renewable

Published on: 12:26 pm

  • Gujarat Alkalies and Chemicals Limited informed that it has signed a Memorandum of Understanding (MoU) with NTPC Renewable Energy Limited (NTPC-REL), a wholly-owned subsidiary of NTPC Limited.
  • The company has executed this MoU to explore business opportunities that are beneficial for both in the areas of renewable energy sourcing up to 100 MW and to collaborate on the production of Green Chemicals such as Methanol and Ammonia for GACL's captive use.
  • This is a first-of-its-kind novel initiative between a leading CPSE and a State Government Promoted Company to support the country's commitment to meeting renewable energy targets and lowering greenhouse gas emissions. Read more

Eldeco Housing & Industries incorporates two wholly-owned subsidiaries; Stock jumps 3%

Published on: 12:07 pm

  • Eldeco Housing & Industries Ltd has announced the incorporation of Wholly Owned Subsidiary Companies namely Proficiency Real Estate Private Limited and Ascendancy Constructions Private Limited.
  • According to the regulatory filing, both the companies are incorporated as wholly-owned subsidiaries to carry out the real estate activities.
  • Further, Proficiency Real Estate has been incorporated on July 01, 2022 while Ascendancy Constructions  has been incorporated on July 05,2022. Read More

Sobha gains 8% after posting its highest quarterly sales volume ever, in Q1

Published on: 12:05 pm

  • Following the presentation of the company's operating report for the quarter ending June 30, 2022, shares of Sobha Limited soared more than 8% in Thursday's (07-07-2022) trading.
  • Sobha, a midcap business with a market cap of Rs 5,920.28 crore and active in the real estate industry, was founded in 1995.
  • The business said in a press statement sent to exchanges that its quarterly sales volume of 1.36 million square feet, up 51.7% year over year, was the largest ever (YoY). The company reported a 67.7% YoY increase in overall sales value to Rs 11.45 billion. It also stated that its portion of sales value, at Rs 9,517 million, was the largest ever. Read more

BHEL achieves another milestone by commissioning India’s largest 100 MW floating Solar PV plant; sto

Published on: 12:00 pm

  • Bharat Heavy Electricals Limited (BHEL) announced the successful commissioning of India's largest Floating Solar PV plant, NTPC Ramagundam in Telangana, with a capacity of 100 MW. The plant is built across a natural raw water reservoir, conserving valuable land resources as well as water by reducing evaporation.
  • The plant will maintain the aquatic ecosystem while producing clean power by using innovatively engineered layouts and arrangements for the solar PV modules, electricals, and floaters.
  • All major components of the solar power plant, namely Solar PV modules, floaters, bio-degradable natural ester oil-filled inverter-duty transformers, switchgear, SCADA, and cables are all made in India, supporting the government's 'Make in India' initiative. Read more

UP government to target higher tax revenues

Published on: 11:44 am

  • For the fiscal year 2022–2023, the Uttar Pradesh government is anticipated to boost its income collection target from Rs 98,107 crore to Rs 1.50 lakh crore, which would represent an increase of roughly Rs 57,000 crore. "GST revenue is being collected in the state with increasing regularity. In 2021–2022, a total of Rs 98,107 crore in taxes was collected. It must be raised further higher.
  • With a goal of 1.50 lakh crore for the years 2022–2023, planned efforts should be done in mission mode "Chief Minister Yogi Adityanath made this statement on Wednesday (07-07-2022) while presiding over a high-level review meeting with the Department of Revenue. Read more

Rama Steel Tubes acquire multiple stakes in lieu of fresh Equity shares; stock slips ~1%

Published on: 11:39 am

  • Rama Steel Tubes Limited (RSTL), one of India's leading manufacturers of Steel Pipes & Tubes and G.l. Pipes, has acquired a 51% stake in M/s Ashoka lnfrasteel, a partnership firm, and a 50% stake in M/s Hagar Mega Mart Pvt. Ltd through the issuance of new company shares.
  • Rama Steel will acquire the said 51% stake in Ashoka Infrasteel in lieu of fresh equity shares of RSTL to be allotted to the partners. The fair value of the firm has been estimated at Rs550 million.
  • The acquisition of Ashoka Infrasteel is expected to provide RSTL with access to its vast distribution network across the country and timely market intelligence to aid product innovation and development. Read more

KPI Green Energy bags order of 2 MWdc solar power plant; Stock surges 1%

Published on: 11:34 am

  • KPI Green Energy Limited (Formerly known as KPI Global Infrastructure Limited) has informed to the exchanges regarding receiving a new order of 2 MWdc Solar Power Plant under Captive Power Producer ('CPP') Segment.
  • In a  regulatory filing, the company said, "We are glad to inform that KPI Green has received the order for executing solar power project of 2 MWdc capacity from Pashupati Cotspin Limited under 'Captive Power Producer (CPP)' segment of the Company."
  • On Thursday at around 11:37 AM, KPI Green Energy was trading at Rs779 per share higher by 0.97% as against previous closing of Rs771.50 per share on the BSE. Read more

Niyo, a platform for consumer neo-banking, appoints new HR Lead Jagadish B

Published on: 11:17 am

  • According to a statement released today, Jagadish B has been named the chief of human resources at consumer neo-banking platform Niyo.
  • Jagadish has over 25 years of leadership experience in human resource management. He was a partner with Thinksynq Solutions during his prior employment. He has previously served in senior HR roles at Vodafone and Bharti Airtel.
  • He will be instrumental in moving the company's effort to create a comprehensive digital banking solution forward for its 4 million+ retail and SME customers. Along with leading internal communication, compliance, health and safety conditions, people management and development, and stakeholder engagement, he will also be in charge of these areas. Read more

Escorts Kubota to hike tractor price from July 10; Stock climbs 2%

Published on: 11:07 am

  • Agri Machinery, division of Escorts Kubota Limited has announced on Thursday that  it shall be increasing the prices of its tractors effective July 10, 2022
  • As per the regulatory filing, there has been a steady rise in commodity prices necessitating a price hike to partially offset the rise in input cost due to continuing inflation.
  • The increase in prices would vary across models and variants. Read More

Lupin’s Somerset Manufacturing Plant secures EIR from USFDA; stock rises

Published on: 11:02 am

  • Lupin Limited announced today that it has received the Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA) for its Somerset, NJ manufacturing facility, following an inspection in March 2022.
  • The USFDA has determined that the facility's inspection classification is Voluntary Action Indicated (VAI). Read more

Mahindra Lifespaces launches Pune’s first Biophilia-inspired homes in Pimpri

Published on: 10:50 am

  • Mahindra Lifespace Developers Ltd., the real estate and infrastructure development arm of the Mahindra Group, through its wholly owned subsidiary, Mahindra Bloomdale Developers Ltd, has launched Pune’s first Biophila-inspired homes in Pimpri. Inspired by human beings’ instinctive connection with nature, called biophilia, the elements of the project are influenced by natural materials, textures, patterns and shapes that rekindle old memories while building a sustainable future.
  • Through these associations, homes at Mahindra Nestalgia will nurture an active and healthy lifestyle reminiscent of one’s childhood and enable residents of younger generations to experience a similar living and community experience. Read More

Setu receives in-principal approval from RBI to function as an account aggregator

Published on: 10:45 am

  • Through Setu's subsidiary Agya Technologies, the Account Aggregator licence acquired an in-principal approval. The Reserve Bank of India (RBI) has granted in-principal approval for the subsidiary of fintech infrastructure expert Setu, Agya Technologies, to function as an account aggregator (AA).
  • The company will be able to introduce its own AA platform thanks to the permission, which was received on July 4. The business has previously developed the user interface for Onemoney, a licenced AA and one of the first to offer an app.
  • In addition to its expansion plans for the Open Network for Digital Commerce (ONDC) area and Open Credit Enablement Network (OCEN) framework, the AA licence was one of Setu's primary offerings during its sale to merchant payments and lending platform Pine Labs. Read More

Grovy India signs agreement of construction project in South Delhi; Stock sheds 2%

Published on: 10:23 am

  • Grovy India Limited stocks in focus as the announcement of signing business agreement.
  • According to the regulatory filing, the company has signed an agreement for construction of a new project in South Delhi.
  • At around 10:24 AM, Grovy India was trading at Rs66 per share lower by 2.15% as against previous closing at Rs67.45 per share on the BSE. Read more

Axilor opens a second $100 million fund

Published on: 10:22 am

  • Axilor Ventures, a seed-stage investor, is launching Axilor Technology Fund - II (ATF-II), its second technology fund, worth $100 million, to increase its investments in Indian entrepreneurs while maintaining its focus on seed possibilities.
  • ATF-II anticipates closing by the end of September and is seeking permission from the Securities and Exchange Board of India (Sebi).
  • This occurs as the eight-year-old fund, which was created by former Infosys cofounders Kris Gopalakrishnan and SD Shibulal, as well as other top technologists have invested in almost 54 companies, supporting 90% of its initial fund (ATF-I), worth Rs200 crore.
  • The launch of Axilor's new fund coincides with a decline in overall startup funding in India, which fell to $6.9 billion from $11 billion in the April to June period. Further, the investments and values of technology companies continue to suffer from the effects of the global macroeconomic downturn. Read more

PVR Cinemas remodels Ghatkopar Property in a New Avatar; strengthens presence in Maharashtra

Published on: 10:15 am

  • PVR Cinemas, India's largest and most prestigious film exhibition company, has renovated its four-screen multiplex at the PVR R Odeon Mall in Ghatkopar East, Mumbai. The renovated PVR property, which is strategically located, is loaded with the latest technology and features and can accommodate 976 guests.
  • PVR Cinemas consolidated its foothold in Maharashtra with 137 screens in 29 properties and 233 screens in 51 properties in the West, with this launch.
  • The 4-screen property is outfitted with cutting-edge cinematic technologies such as 2K projectors, Next Gen 3D, and advanced Dolby 7.1 sound to provide an unparalleled captivating and immersive experience. Read more

Bookmyshow supports a D2C marketplace company and plans to list it there

Published on: 10:09 am

  • According to regulatory records obtained from business intelligence platform Tofler, Popclub, a new direct-to-consumer marketplace firm, has received an investment of about Rs10 crore from online movie tickets and events platform Bookmyshow (BMS).
  • According to people with knowledge of the situation, the business, which is part of Preebee Lifestyle Pvt Ltd, would rely on BMS' substantial user base to source visitors to the marketplace.
  • According to current conversations, BMS will probably also add a link to its platform just for Popclub that would point consumers  to the new market. Read more

Veljan Denison shoots up ~13% on acquisition of 100% stake in Adan Holdings

Published on: 10:03 am

  • Veljan DenIson Limited informed that it has signed a share purchase agreement on July 6, 2022, to acquire 100% shareholding in Adan Holding Limited.
  • At around 9.55 AM, Veljan’s counter was trading 12.88% higher at Rs1,199 against its previous close of Rs1,062.15 on BSE.
  • The company informed that the cost of said acquisition is Euro 14,00,000 (approx. Rs112.87 crore). The 100% consideration for this acquisition will be payable in cash.
  • It will complete the 100% acquisition of shares by August 2022. Read more

Havells to set-up new manufacturing facility in Andhra Pradesh; Stock soars 1%

Published on: 10:00 am

  • Havells India Limited had earlier informed that the Company was planning to set-up a new facility to manufacture Air conditioners at Sri City, Chittoor District in the state of Andhra Pradesh.
  • Further, Havells informed now that the project has been initiated, however certain changes have been made in the timelines and other parameters assimilating to the post Covid business environment. The revised details are furnished hereunder: Read more

Ethos signs Exclusive Distribution Partnership with Jacob & Co. for Indian markets; stock jumps ~1.5

Published on: 9:44 am

  • Ethos Limited has entered into an exclusive distribution agreement with Jacob & Co., a globally globally-renowned watch and jewellery brand. This partnership will provide access to the brand’s unique collections for Ethos’ Indian customer base.
  • Jacob & Co. is a watchmaker known for creating Haute Horlogerie pieces, and Ethos will now make its treasured watches available to the Indian market as its exclusive retailer.
  • "Jacob & Co., one of the most talked-about watch brands, has gained a lot of attention among watch collectors in recent years, with their high-complication timepieces and dramatic displays. We are delighted to be the ones who introduce the brand to the Indian market," commented Yashovardhan Saboo, Chairman of Ethos Limited, on this new collaboration. Read more

Markets rally amid mixed global cues; Nifty above 16k led by auto, metal stocks; Titan in lead

Published on: 9:33 am

  • Indian markets trade on a positive note during Thursday's session amid broad-based buying and mix trends in global cues after FOMC meeting showed US policymakers anticipate a 50 or 75 basis points hike in the next meeting. 
  • Consumer Durables, Auto and metal stocks outperformed, while banking and IT stocks further contributed to the winnings. The performance in benchmarks Sensex and Nifty is expected to have more intraday swings amid  mixed global cues.
  • Asian markets opened muted with the Japanese 'Nikkei' trading higher by 70 points along with the South Korean 'Kospi' which was higher by 1% after the bi sell off in the last few days. Read more

Dredging Corporation suspends Aswini Sreekanth on pending disciplinary proceedings

Published on: 9:29 am

  • Dredging Corporation Limited informed that pending disciplinary proceedings contemplated against K Aswini Sreekanth, who is a Compliance Officer and Key Managerial Personnel in the company, is identified as an officer of doubtful integrity.
  • Considering this, the company has ordered the suspension of Sreekanth with immediate effect from July 5, 2022, and will remain suspended until further orders are received from MD & CEO.
  • It is also ordered that he should not leave the headquarters without the written permission of his immediate supervisor or reporting authority during the period that this order is in effect. Read more

Deep Industries skyrockets ~8% on bagging order worth Rs150.24 crore from ONGC

Published on: 9:19 am

  • Deep Industries Limited informed that it has received a Letter of Awards (LoA) from ONGC Limited for charter hiring of 02 Nos, of 1000 HP Mobile Drilling Rigs for Ahmedabad Asset for a period of 3 years.
  • The company estimates the value of such Awards at USD 19.02 million equivalent to approximately Rs150.24 crore.
  • Deep Industries is a leading player in the service sector of Oil & Gas fields, and mainly Gas Compression. It is India's largest private sector company, operating the most compressors and stocking more than 20 gas and air compressors. Read more

Roto Pumps bags major purchase order worth Rs2.29 crore; Stock jumps 1.5%

Published on: 9:18 am

  • Roto Pumps Ltd has informed to the exchanges regading receipt of work order.
  • According to the regulatory filing, the company has received a major Export Order from Hungary for supply of single screw pumps amounting to ~ Rs2.29 crore (USD 289,600). The supply of the said order is to be completed in by February, 2023, the company mentioned in a filing. Read more

Titan records 205% yoy jump in Q1FY23 sales on low base; Stock zooms 7%

Published on: 9:17 am

  • Titan Company Limited has announced that Q1FY23 was a near normal first quarter after a gap of 2 years and Sales in Q1FY23 grew 205% YoY on a low base and clocked 3-year CAGR of 20.5% over Q1FY20, the only non-disrupted first quarter in the last 3 years.
  • The network expansion and campaigns continued to progress well throughout the quarter, the company said.
  • Jewellery:
  • The Division had a good start to FY23 with robust sales on the auspicious occasion of Akshaya Tritiya (AT) in May month after 2 years of Covid induced lockdowns in this period. On a low YoY base, Revenues nearly tripled, clocking a growth of 207%. Both walk-ins and buyers grew in-line with Revenues whereas ticket size marginally improved compared to Q1FY22. Read more

GAIL to invest in start-ups operating in focus areas; Stock gains over 1%

Published on: 9:16 am

  • In a bid to support the Start-Ups operating in identified Focus Areas, GAIL (India) Limited has planned to invest in such companies through its Start-Up initiative 'Pankh'.
  • As per the press release on Wednesday, GAIL has now opened a fresh round for solicitation of Investment Proposals from the Start-Ups operating in focus areas which mainly includes Natural Gas, Petrochemicals, Energy, Project Management, Logistics, Electric Mobility, Bio Manure Marketing, Nano Materials, IoT and Data Mining, Environment, Health and Social, etc. Further details of focus areas are available on GAIL website under the 'GAIL Pankh' Section. Read more

Burnpur Cement NPA account put up for sale by PNB

Published on: 9:09 am

  • In order to recover a debt balance of more than Rs 50 crore, the West Bengal-based Burnpur Cement account of the state-owned Punjab National Bank (PNB) has been placed up for sale. 
  • ARCs are welcome to submit offers. PNB stated that the business owes a debt of Rs. 50.18 crores while placing the Non-Performing Account (NPA) up for sale. The lender has set a reserve price of Rs 20 crore for the sale of the account to ARCs or approved transferees. Read More

Power Grid Board approves raising of Rs11000 crore through debt

Published on: 9:04 am

  • The board of Power Grid has approved raising of Rs 11,000 crores through the domestic market and in part through the approval of a rupee term loan, according to a release from Power Grid Corporation of India Limited.
  • The next financial year 2023–2024 will see the issuance of secured unsecured, non-convertible, noncumulative cumulative, redeemable, taxable/tax-free debentures/bonds under the private placement, raising a total of Rs. 6,000 crores from the domestic market in twenty tranches, according to the press release. Read more

Centre releases Rs7,183.42 crore as revenue deficit grant to 14 states

Published on: 8:54 am

  • The Department of Expenditure, Ministry of Finance, has on Wednesday released the 4th monthly instalment of Post Devolution Revenue Deficit (PDRD) Grant of Rs7,183.42 crore to 14 States. The grant has been released as per the recommendations of the Fifteenth Finance Commission. 
  • The Fifteenth Finance Commission has recommended a total Post Devolution Revenue Deficit Grant of Rs86,201 crore to 14 States for the financial year 2022-23. The recommended grant is released by the Department of Expenditure to the recommended States in 12 equated monthly instalments. With the release of 4th instalment for the month of July, 2022, the total amount of Revenue Deficit Grants released to the States in 2022-23 has gone up to Rs28733.67 crore. Read more

Profit margins of FMCG, Electronic manufacturers may increase

Published on: 8:52 am

  • Given the recent declines in the prices of major commodities like copper, steel, aluminium, palm, and crude oil over the past three to four weeks, packaged consumer goods and consumer electronics companies may experience an improvement in their profit margins in the September quarter for the first time in two years.
  • However, they said that they are actively monitoring macro and geopolitical concerns and that it is still important to sustain the downward adjustment in these commodities. Company executives and experts stated that they expect margin pressures to ease down.
  • Because major suppliers like Malaysia and Indonesia are now competitive in the export market, the prices of palm oil, which is used in soap, biscuits, and noodles, have fallen by 10%. Since Indonesian exports have resumed, crude palm oil prices have dropped by more than 35% in recent weeks. Read more

Low demand in international markets starts hitting Indian exporters

Published on: 8:42 am

  • As stockpiles build up in major export destinations due to sluggish demand, order books of Indian exporters have started to contract. For leather and footwear, order books have declined by 15-20%, while for yarn, volumes have dropped dramatically by 70%.
  • The take-off of cotton yarn, ready-made clothing, leather goods, and handicrafts was hampered by high inflation in the US and the EU, which had an effect on the rate of India's exports in June, which climbed 16.8% on year at $37.9 billion, less quickly than 20.5% in May.
  • In June, exports of yarn, fabric, made-ups, and handloom items fell by 22.54%.
  • Orders for ready-made clothing have been delayed due to slow retail sales in the US and the EU, and yarn exports have completely stopped, according to exporters. Read more

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