Latest News and Updates

08th Jul, 2022

Weekly market round-up

Published on: 3:46 pm

  • Indian markets have ended the week in Green. At the end of trading today, Nifty was up by 87.7 points. Sensex was up by 303.38 points. Top Gainers today were Larsen & Toubro, Power Grid and Tata Motors.
  • Top losers today were Maruti, Hindalco, Tata Steel. The markets saw more days in Green this week than in the past few weeks. Net selling by FIIs came down this week.
  • On one day this week, FIIs were actually net buyers in the market.  This happened after almost two months. Read more

Hudle gets $1 million in funding

Published on: 3:31 pm

  • Sports app company, Hudle has raised $1 million in Series A funding. Inflection Point Ventures, India Angel Network and Survam Partners have provided this funding. Series A funding means initial round of funding.
  • Hudle's app can be used by users for booking sports venues for playing the sport  that they want to play. They can also book tickets to sporting events through the app. Read more

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Happiest Minds ties with CloudFabrix’s Robotic Data Automation Fabric to deliver Next-Gen Managed Se

Published on: 3:15 pm

  • Happiest Minds Technologies Limited on Friday has announced a strategic partnership with CloudFabrix’s Robotic Data Automation Fabric (RDAF), the world’s first data fabric designed to unify Data Observability, AIOps, and Automation.
  • "RDAF consolidates your disparate data sources, converges on the root cause by applying dynamic AI/ML pipelines, and concludes by remediating with intelligent automation", the company said in a regulatory filing.
  • Rambabu Pothu, GM, Head of Infrastructure Consulting Services, Happiest Minds Technologies, said, “The industry has adopted modern hybrid-IT environments that are complex in nature and require a combination of toolsets managed by multiple vendors. These tools generate a humongous rate of alerts and events, and most of them are not actionable. Read more

Coforge forms a Global Strategic Alliance with Newgen to Accelerate Digital for Organizations

Published on: 3:13 pm

  • Newgen Software, a global provider of a low code digital transformation platform, announced a collaboration with Coforge Limited, a global provider of digital services and solutions, to empower leading insurance firms, public sector organizations, and others in the United States, Europe, and the rest of the world.
  • This collaboration combines Coforge's expertise and implementation resources with Newgen's business insights and NewgenONE, a robust, secure, and scalable low-code digital transformation platform. Read more

Diabetes drug Januvia's patent protection ends; more generic versions coming soon

Published on: 3:01 pm

  • Januvia, a popular brand of diabetes drug from Merck's, is seeing its patent protection coming to an end.
  • The chemical name of Januvia is Sitagliptin. This means that generic versions of this drug will come in the markets soon. When  a company loses patenet protection for its drug, any company can launch a similar drug with the same components.
  • These drugs that are launched once the patent on a patented drug expires are known as generic versions of the drug. Patent protection is awarded to a company that first invents a drug, for a limited period of time. Read more

Post consolidation into one Council, MCD introduces new property tax rates

Published on: 2:47 pm

  • Following the consolidation of civic organizations in the nation's capital, the Municipal Corporation of Delhi (MCD) has imposed new rates of property tax to provide consistency to the rates.
  • The new rates of property tax will be in effect starting on July 16; those who have already paid their taxes will not be subject to an extra surcharge, providing they did not misjudge the amount of taxes due.
  • Additionally, in order to boost the corporation's revenue, orders have been given to all Regional Property Tax Officers to create an online database of all the properties that are subject to taxation as soon as possible. Read more

Tata Motors’ Jaguar Land Rover logs 37% decline in retail sales in Q1FY23; stock soars ~2%

Published on: 2:38 pm

  • Tata Motors-owned Jaguar Land Rover reported sales volume for the Quarter ended June 2022.  Despite a record order book, sales remain constrained by a global chip shortage, which has been exacerbated by the exhaustion of the previous model Range Rover Sport, with deliveries only now beginning, and the impact of Covid lockdowns in China.
  • Retail sales for the quarter under review stood at 78,825 vehicles, broadly flat (183 units lower) compared with the previous quarter ending March 31, 2022, and down 37% yoy (46k units) from the previous corresponding quarter.
  • Compared to the quarter ended March 31, 2022, the company logged higher retails in the UK (+10%) and Europe (+49%) but were lower in China (-5%), North America (-30%) and Overseas (-10%) reflecting the transition to new models and delivery times to these markets. Read More

Innoviti gets $25 million more in venture capital funding

Published on: 2:37 pm

  • Innoviti, a fintech firm with a focus on payments, has completed its Series D investment with an extra $25 million from investors led by Panthera Growth Partners of Singapore. A top official told ET that this brings the Series D financing to $45 million overall.
  • Along with new investors Alumni Ventures, Patni Family Office, and previous investors FMO and Bessemer Venture Partners, Panthera has contributed $15 million from its recently revealed Fund II.
  • Rajeev Agrawal, co-founder, and chief executive stated without providing the precise figure that its worth had climbed three times since its Series C investment the previous year. Read more

TCS recognized as Leader in IoT Consultancies in Asia Pacific by Independent Research Firm

Published on: 2:35 pm

  • Tata Consultancy Services has been recognized as a Leader in The Forrester Wave: Internet of Things (IoT) Consultancies in Asia Pacific (APAC), Q2 2022.
  • According to the report, “TCS’ strong vision and innovation roadmap express its aim to enable adaptable, resilient enterprises. The firm’s (TCS’) APAC market approach is a strength, rooted in its presence in all APAC subregions.” The report goes on to say “TCS has strong client engagement capabilities, particularly for innovation and business transformation. It also has an extensive solutions and breadth of technology coverage. TCS has strong advanced capabilities, bringing AI, security, and emerging  technologies into IoT engagements.” Read More

Campus fund raises $10 million for investments in pre-seed stage firms

Published on: 2:06 pm

  • For its second fund, which will invest in pre-seed stage firms in India, venture capital firm Campus Fund has raised $10 Mn (almost Rs75 Cr).
  • According to ET, IIFL Wealth, Omidyar Network India, Bharat Shah of HDFC Securities, Jaimin Bhatt of Kotak, Kanwajit Singh of Fireside Ventures, and Shivkumar Janardhanan of Essilor India all participated in the round.
  • Richa Bajpai founded the student-led venture capital firm in Bengaluru and Mumbai in 2020, and it primarily invests in student-led startups. It asserts to have collaborated with more than 60 students from throughout India who helped scout and evaluate more than 1600 student-led enterprises over the course of the previous two years. Read more

Mitsu Chem Plast files DRHP for IPO worth Rs125 crore

Published on: 2:05 pm

  • Mitsu Chem Plast, a packaging solutions provider, has filed preliminary papers with capital markets regulator SEBI and seeks to raise Rs125 crore through an Initial Public Offering (IPO). According to the Draft Red Herring Prospectus (DRHP), the IPO is an entirely new issue of "equity shares aggregating up to Rs12,500 lakh".
  • The proceeds of the offering will be used to repay debt, fund the company's working capital requirements, and for general corporate purposes.
  • Mitsu Chem Plast is a packaging solutions provider that manufactures polymer-based moulded products that are primarily used for industrial packaging in industries such as chemicals, agrochemicals, pharmaceuticals, lubricants, food, and edible oil. Read More

Hero MotoCorp launches 'Hero Dirt Biking Challenge'

Published on: 1:53 pm

  • Hero MotoCorp - the world’s largest manufacturer of motorcycles and scooters has announced Hero Dirt Biking Challenge (HDBC) - the first-of-its-kind pan-India talent-hunt program by an OEM (original equipment manufacturer).
  • The Hero Dirt Biking Challenge is aimed at providing the much-awaited platform for budding riders, enthusiasts and amateurs who want to pursue their passion in off-road racing and make a name for themselves in the field.
  • Making it truly pan-national by spanning across the nook and corner of the country, the HDBC will reach as many as 45 cities to find India’s top amateur off-road riders. The winner and two runners-up will receive the popular Hero Xpulse 200 4V motorcycle and sponsorships contracts from Hero MotoCorp worth Rs20 lakh. Read more

Refinitiv report : India I-banking fees decreased by 25% in H1CY2022 despite record M&A and IPO

Published on: 1:41 pm

  • According to a research titled "India Investment Banking Review First Half 2022" by Refinitiv, a business of the LSEG (London Stock Exchange Group), investment banking fees in India's transaction landscape during the first half of 2022 decreased by 25% compared to the same period the previous year.
  • This is true despite the period seeing an all-time high in M&A activity (led by the massive HDFC Bank-HDFC merger, valued at $60.4 billion), both in terms of value and announced deals as well as IPO proceeds. According to the Refinitiv data, domestic investment banking activities produced total fees of $377 million, which was the lowest first-half period since 2016.
  • The segment breakdown is shown below. Underwriting fees for the equity capital market fell by 33.4% to $94.9 million. DCM underwriting fees came to $81.4 million, a decrease of 8.5% from the previous year. Completed M&A consulting fees were $145.9 million, a 1.5% increase from the previous year. Syndicated loan fees earned $54.7 million in the first half of 2022, a 57.4% decrease from the same time the previous year. Read more

Indian startups raised $6.9 billion in June quarter, a 33 % sequential decline

Published on: 1:39 pm

  • In Q2CY22 (April–June), Indian startups raised $6.9 billion in 409 funding rounds. According to Tracxn Geo Quarterly Report: India Tech Q2 2022, the amount of financing raised during the quarter fell by 33% from the $10.3 billion raised in Q1CY22.
  • Additionally, start-up financing fell from $10.1 billion on a year-over-year (YoY) basis. According to the Tracxn analysis, the slowdown in fundraising activities has caused market participants to agree that there is currently a "winter of financing," or a decline in investors' confidence and mood towards investing in start-ups. Due to the market lull and economic turbulence brought on by the present geopolitical and macroeconomic circumstances, which are escalating inflation, interest rates, and commodity prices, funding winter is a challenge. Read more

iD Fresh Food announces seventh round of ESOP worth Rs46 crore

Published on: 1:36 pm

  • On Thursday, iD Fresh Food announced the seventh round of its employee stock option plan (ESOP) tranche. The company has estimated a total cost of Rs46 crore for 27 employees.
  • Since 2016, it has granted around Rs300 crore worth of ESOPs to its staff across functions. The company has disbursed about 54% of the total issue to the junior management.
  • Our most recent ESOP grant is a small gesture to express gratitude to employees for their invaluable contributions. We are excited to expand our 2,000+ workforce in the coming months as we explore new markets. Our goal is to help create a minimum of 100 crorepatis in the next three years by offering high-value shares at Rs10 each, attracting the best talent from the market, and retaining/rewarding the existing ones," commented co-founder and CEO Musthafa. Read more

Your auto insurance rate may soon be determined by how often and how much you drive

Published on: 1:26 pm

  • The Insurance Regulatory and Development Authority of India (Irdai) has allowed general insurance companies to introduce ideas like "pay as you drive," "pay how you drive," and floater policies for vehicles belonging to the same individual owner of two-wheelers and private cars as add-ons in motor own damage (OD) policies. This is done to facilitate technology-enabled insurance covers.
  • The motor OD policy can be customized with these add-ons to provide the best features based on customer driving habits, vehicle usage, and other factors. These are anticipated to give insurers improved rating criteria, allowing them to distinguish between excellent and bad drivers and affecting premiums appropriately.
  • Previously there was no way to separate different types of drivers, but now it is possible, and customers who actually merit a bigger discount will be appropriately rewarded. Given that third-party (TP) liability coverage is required and that most people choose it, this is also anticipated to lower the cost of OD coverage. Read more

Tata Motors-led subsidiary Tata Technologies plans mega IPO: Report

Published on: 1:24 pm

  • Tata Motors-led subsidiary Tata Technologies, a global product engineering and digital services company, has initiated preliminary steps to evaluate an initial public offer (IPO) on the back of accelerated demand in the electric vehicles zone and the aviation segment, industry sources related to the matter told to "Moneycontrol".
  • As per the report, If the plan came into process, it would arguably be the first IPO from the diversified conglomerate since tech behemoth TCS in 2004 and also the first under the tenure of Tata Group chairman N Chandrasekaran who took over in January 2017, said the report. To be sure, Tata Autocomp Systems shelved a $260 mn IPO in 2011 and Tata Sky ( now Tata Play) is also weighing a listing, according to reports.
  • "The IPO process for Tata Technologies kicked off recently and investment bank Citi is on board. These are early days for the deal and there is no clarity yet on the proposed issue size or structure," said one of the persons known to this matter. Read more

Rakesh Jhunjhunwala backed Akasa Air gets license to fly

Published on: 1:16 pm

  • On July 7, Akasa Air said that it had been granted an Air Operator Certificate (AOC) by the DGCA, the aviation regulatory agency and that it will soon begin conducting commercial flights.
  • According to a statement from Akasa Air, receiving the AOC signifies that all regulatory and compliance criteria for the airline's operational preparedness have been satisfactorily met.
  • The airline successfully completed many proving flights with the help of the DGCA - Directorate General of Civil Aviation towards the end of the procedure, it said. Read more

Razorpay, Pine Labs among firsts to receive RBI in-principle approval for payment aggregator license

Published on: 1:16 pm

  • Online payment providers Razorpay and Pine Labs are among the top names that received an in-principle nod from the Reserve Bank of India (RBI) last night for a payment aggregator license.
  • As the central bank was holding presentations with payment gateways and other fintech firms which applied for a payment aggregator license, it now nods for the license.
  • Now, it is expected that RBI will soon roll out a complete list of companies who have been approved to operate as payment aggregators, stated the sources. Read more

Life insurance business growth story for June 2022

Published on: 1:07 pm

  • The IRDAI normally announces the monthly insurance business numbers at the start of the subsequent month. For the month of June 2022, the nodal regulator (IRDAI) has just put out the monthly business numbers. Here are some broad takeaways in terms of numbers.
  • Needless to say, LIC still dominates the life insurance market but its clout is reducing. If you look at the premium income for June 2022, it was Rs31,255 crore overall, out of which LIC accounted for Rs20,644 crore and private life insurers accounted for Rs10,611 crore. In terms of premium earned, LIC had a market share of 66.05% while private insurers had a market share of 33.95%.
  • Let us now turn to the mix of the premium collected. In terms of premiums collected in June 2022, LIC had a market share of 79.50% in group single premium and 96.42% in group non-single premium. However, if you look at individual non-single premiums, private insurers had a market share of 62.29% and even in individual single premium, their market share was impressive at 43.69%. Read more

Tata Power plans Rs75,000 crore capex investment in green energy in five years

Published on: 1:05 pm

  • Tata Power Company announced on Thursday that it has clocked a capital expenditure of more than Rs75,000 crore over the next five years and aims to have an electricity generation capacity of 30 GW during the same period.
  • "The company is considering to increase its green energy share to 60% over the next five years. Further, an amount of Rs10,000 crore would be spent in 2022-23 (FY23) to take the total capital expenditure (capex) during the financial year to Rs14,000 crore", Tata Power Chairman Natarajan Chandrasekaran said at the company’s 103rd annual general meeting on Thursday, which was held virtually.
  • Chandrasekaran, also the chairman of Tata Sons, the holding company of the Tata group, said Tata Power was taking a “pragmatic” approach to achieving its renewable energy targets and had added 707 megawatts (MW) of renewable capacity in 2021-22 (FY22). Read more

CESL says Delhi Government paying higher price for e-buses

Published on: 12:42 pm

  • According to news reports, Convergence Energy Services Ltd (CESL), the business in charge of managing the purchase of electric vehicles under central programmes, discovered in a tender that Delhi's transport department is buying electric buses at a price significantly higher than that in the .
  • In comparison to the lowest bid of Rs47.49 per km in a CESL tender published in January of this year for 5,450 buses, the Delhi government will pay over Rs61.15 per km for 330 vehicles, both including power rates.
  • The tariff for the Delhi tender rises to over 68 per kilometre after accounting for a greater bus subsidy. At this rate, compared to the price discovered in the CESL tender, the cost of operating these buses over a ten-year period would be Rs500 crore more. Read more

BII to invest $250 million in Mahindra's new EV company

Published on: 12:18 pm

  • Mahindra & Mahindra raised Rs1,925 crores (USD 250 million) on Thursday from British International Investment for a new 4 Wheel Passenger Electric Car Co. that will be established by Mahindra & Mahindra Ltd. with a goal of investing over $1 billion in electric vehicle ambition.
  • Mahindra & Mahindra (M&M) and British International Investment (BII), the UK's Development Finance Institution and impact investor, signed a legally binding agreement to invest up to Rs1,925 crores each into a newly created fully owned subsidiary of M&M called "EV Co."
  • At a value of up to Rs70,070 crores, BII will invest up to Rs1,925 crores in the form of mandatory convertible instruments, giving it a 2.75% to 4.76% stake in the EV Co. It is anticipated that the first wave of BII's capital investment will be finished by June 2023, subject to the fulfillment of prerequisite requirements, and the balance after the accomplishment of specific milestones in FY24. Read More

Pricol inks pact with BMS PowerSafe for Manufacturing Battery Management System; stock zooms ~2%

Published on: 12:14 pm

  • Pricol Limited informed that it has entered into a Licensing Agreement with BMS PowerSafe SAS, Merignac, France (the brand of Startec Development Group) on July 7, 2022, for providing Battery Management System to the OEMs in India market and international markets, across all vehicle segments.
  • Pricol is authorized to manufacture, distribute, and sell the Battery Management System to customers for integration into their battery pack or storage system. BMS PowerSafe SAS will develop software and provide its BMS platform to PRICOL Limited as per the requirements of customers.
  • Pricol and BMS PowerSafe SAS will collaborate to determine the customer requirements and specifications in order to deploy end-to-end solutions. Read more

Telecom Industry offering higher salary hikes as demand for talent increases

Published on: 12:06 pm

  • According to employment companies, the telecom sector, which includes big operators Reliance Jio, Bharti Airtel, and Vodafone Idea, is offering salary increases of 10–12% on average for this fiscal year. This is a huge increase from the average increment of 7.5% last year.
  • The typical increments, according to the three telcos, are 8–12%.
  • The majority of businesses have informed their staff members about salary increases. According to the hiring firms, some employers have already started paying out the higher rates, while others anticipate doing so starting in July. Read more

Royal Orchid & Regenta Hotels launch two more hill station hotels in Manali & Shimla

Published on: 11:46 am

  • Royal Orchid Hotel's Ltd-led Royal Orchid & Regenta Hotels, India’s fastest-growing hospitality chain with a diverse portfolio of hotels now operates 75+ hotels across 48+ locations in India. The brand last month opened two new hotels i.e, Manali & Shimla.
  • As per the filing, the newly launched hotels are located in the beautiful locations of two hill station destinations, Regenta Place Green Leaf Manali and Regenta Place Hilltop Shimla.
  • Regenta Place Green Leaf, Manali - with 37 well-designed rooms & many amenities. Property is hosted in the lap of nature, with a cascading water stream, apple orchards, and the majestic ‘Hamta’ range and pass covered with sheets of snow, nearby. Read more

Anuj Kathuria joins JK Tyre & Industries as President (India); stock skids ~2.5%

Published on: 11:33 am

  • JK Tyre & Industries Limited appointed Anuj Kathuria as President (India), reporting to Chairman & Managing Director, Raghupati Singhania and Anshuman Singhania, Managing Director, based out of Delhi.
  • Anuj brings 31 years of rich experience, having worked in senior management positions in leading and reputable automobile companies such as Ashok Leyland and Tata Motors. He is a Harvard Business School alumnus and an engineer with a postgraduate degree in marketing and finance. In addition, he has held senior management positions in the auto industry overseas.
  • JK Tyre is a leading tyre company with well-known brands such as JK Tyre, Vikrant, Tornel, and others. It has presence in more than 105 countries across six continents, with 12 globally benchmarked sustainable manufacturing facilities (9 in India and 3 in  Mexico) with a capacity of more than 32 million tyres per year. Read more

Kalpataru Power’s Sweden arm completes acquisition of 15% stake in Linjemontage Grastrop; stock jump

Published on: 11:14 am

  • Kalpataru Power Transmission Limited informed that Kalpataru Power Transmission Sweden AB (KPT Sweden), its Wholly Owned Subsidiary in Sweden has completed the acquisition of the remaining 15% equity stake of Linjemontage i Grastrop AB, a Swedish EPC Company headquartered in Grastrop, Sweden. LMG also has two wholly-owned subsidiaries.
  • The company completed the acquisition of the balance 15% stake on July 7, 2022.
  • The estimated consideration for the 15% stake shall be approximately USD 11.5 million (approx. Rs91.13 crore). Read more

Exchange rate for calculating import duty increased to Rs 79.90/ dollar

Published on: 11:02 am

  • For the purpose of calculating import duties starting on July 8, the Finance Ministry set the exchange rate for the dollar at Rs 79.90 on Thursday (07-07-2022), up from Rs 78.95 two weeks prior.
  • The steep revision results from the rupee's devaluation against the dollar as a result of capital flight brought on by a variety of external causes, including the world's rising interest rates. Read more

CII certifies ABB India as 'Responsible Export Organization'; Stock climbs 1.6%

Published on: 11:00 am

  • Confederation of Indian Industry - Institute of Quality (CII-IQ) awarded the ‘Responsible Export Organization’ compliance certificate to ABB India’s Electrification Distribution Solutions (ELDS) business in April 2022.
  • The certification encompasses all business operations related with design, manufacture, marketing, retrofit and services of switchgear products and solutions of medium voltage and low voltage switchgear, relays and other automation solutions. This certification applies to ABB India’s ELDS plants in Nasik and Vadodara.
  • ABB India’s Distribution Solutions division successfully qualified CII - IQ’s screening and assessment processes through scientific checks across levels and parameter aspects including leadership and governance, supply chain development and alignment, asset/ resource management and other performance metrices. ABB has been recognized for its effective operations and management systems. Read more

FM asks NITI Aayog to create an elaborate industrial activity map of India

Published on: 10:53 am

  • Fin Min Nirmala Sitharaman, requested on Thursday (07-07-2022) that the Niti Aayog create a report outlining all industrial activity, including corridors, logistics parks, and pharma hubs, so that they may be included in the government's PM Gati Shakti plan.
  • She also recommended that the shipping ministry examine the connections between the nation's seaports and its industrial corridors.
  • During the inaugural meeting of the Apex Monitoring Authority for the National Industrial Corridor Development Program, the minister developed seven action items, of which these ideas were one. Read more

In the June quarter, production from captive, commercial coal mines increased by 79%

Published on: 10:52 am

  • In the June quarter, the production from captive and commercial coal blocks climbed by 79% to 27.7 Million Tonnes (MT). The coal ministry also expressed optimism that the target production of 32 MT from commercial and captive mines will be met during the second quarter of FY23.
  • "On July 6, 2022, in the presence of the project proponents, the Additional Secretary and Nominated Authority, Ministry of Coal, assessed the production from coal blocks during the first quarter of the fiscal year 2022–23. 27.7 MT of coal were produced during the first quarter, which is 79% more than the 15.5 MT produced during the same period in FY 2021–2022 "In a statement, the coal ministry stated.
  • The efforts of the owners of coal blocks in generating such substantial development were also recognized by the government. Read more

GAIL launches first-of-its kind initiative to run boats on clean fuel

Published on: 10:51 am

  • In a far-reaching move to clean up the holy river Ganga, Hon'ble Prime Minister Shri Narendra Modi today dedicated to the nation 500 boats converted to run on environmentally friendly Compressed Natural Gas (CNG) rather than petrol and diesel.
  • GAIL (India) Limited built India's first floating CNG station at Namo Ghat, which supplies CNG to these boats.
  • Under GAIL's Corporate Social Responsibility initiative, in collaboration with Varanasi Nagar Nigam, the conversion of petrol/diesel-powered boats to CNG-powered vessels (VNN) was also carried out. Read more

Lowest bidder in the CIL coal import tender was an Indonesian company called Bara Daya Energi

Published on: 10:43 am

  • The leading candidate to win Coal India Ltd.'s (CIL) largest coal import tender is Bara Daya Energi India.
  • The next-lowest bid was made by Adani Enterprises. Due to insufficient paperwork, CIL had last week rejected the company during technical examination for a different tender for the importation of 2.4 million tonnes of coal.
  • Adani Enterprises had won the contract by submitting the lowest proposal, beating out Mohit Minerals and Chettinad Logistics. Coal India opened the bids on Thursday for the delivery of 6 MT of imported coal through the eastern and western coasts. The only bidders for the two tenders were Bara Daya and Adani. Read more

In early trading, Indian rupee declines 12 paise to 79.25/ $

Published on: 10:43 am

  • In early trade on Friday (08-07-2022), the rupee lost 12 paise to trade at 79.25 against the US dollar, following the strength of the American currency and ongoing outflows of foreign capital.
  • At the interbank foreign exchange, the rupee was first quoted at 79.20 versus the US dollar before losing momentum and closing at 79.25, down 12 paise from the previous level.
  • The rupee's closing value versus the dollar on Thursday was 79.13. The dollar index, which measures the value of the dollar against a basket of six different currencies, was trading 0.5% down at 107.07. Read more

WhiteOak Capital Mutual Fund goes live

Published on: 10:35 am

  • On July 7, WhiteOak Capital Mutual Fund became live, marking the debut of the fund house's first flexicap fund. The fund house was renamed Whiteoak Capital Mutual Fund after the WhiteOak Capital Group got SEBI clearance for its acquisition of Yes MF at the end of the previous year.
  • Prashant Khemka, a former CIO and chief portfolio manager for GS India equity and international emerging markets at Goldman Sachs Asset Management, formed the fund company. Read more

Copper futures prices rise

Published on: 10:28 am

  • Due to increased spot demand, copper prices in the futures market increased by 0.82 % on July 7 to Rs 650.45 per kilogram.
  • On the Multi Commodity Exchange, copper futures for July delivery gained Rs 5.30 (0.82 percent) to Rs 650.45 per kg, with 5,954 lots changing hands. Read more

China's share in India's imports comes down to 15.4%

Published on: 10:13 am

  • According to reports, the proportion of Chinese imports in the whole country's inbound shipments has decreased from 16.5% in 2020–21 to 15.4% in 2021–22. They added that the main goods brought into India from China are to supply industries like telecom and power.
  • Citing a few instances, they said that imports of Active Pharmaceutical Ingredients (APIs) and medication formulations give the Indian pharmaceutical sector the raw materials it needs to produce final products that are also exported. Read more

Glenmark launches Sitagliptin and its fixed dose combinations in India

Published on: 10:10 am

  • Glenmark Pharmaceuticals Limited, an innovation-driven global pharmaceutical company has launched sitagliptin and its Fixed Dose Combinations (FDCs), at affordable price for adults with Type 2 diabetes in India.
  • The company has introduced 8 different combinations of sitagliptin based drugs under the brand name SITAZIT and its variants at affordable price.
  • Glenmark’s SITAZIT and its variants will play an instrumental role in raising accessibility of sitagliptin to type-2 diabetic patients, which is considered as the gold standard molecule in DPP4 inhibitor therapy. It will help the patients to manage their glycemic level effectively and bring better compliance. Read more

Rs 80,000 crore set aside by Center for interest free loans to States

Published on: 10:03 am

  • For states carrying out capital projects in the current fiscal year, the Center has set aside Rs 80,000 crore as interest-free loans. The "Special Assistance to States for Capital Investment" program, which will provide states with total financial assistance of Rs. 1 lakh crore in the form of 50-year interest-free loans for capital investment projects, was introduced by Finance Minister Nirmala Sitharaman during her speech on the 2022–23 Budget.
  • The finance ministry stated that Rs 80,000 crore is set aside for capital works to be carried out by the states when it released the rules for executing the plan. Read more

Adani Ports & SEZ appoints D. Muthukumaran as CFO; stock adds ~1%

Published on: 9:52 am

  • Adani Ports & SEZ Limited informed that on the recommendation of the Nomination and Remuneration Committee and Audit Committee, the Board of Directors has considered and approved the appointment of D. Muthukumaran as the Chief Financial Officer and Key Managerial Personnel of the Company, effective from July 25, 2022.
  • Mr. D Muthukumaran is a 1995 batch Chartered Accountant and Cost Accountant. He has over 25 years of relevant experience in various finance and accounting disciplines. He has extensive experience driving various businesses, M&A transactions, and raising debt and equity funds.
  • Muthukumaran's areas of expertise include structured finance, leveraged buyouts, and regulatory and tax structuring. Read more

Gold and silver remain unchanged in early trade on Friday

Published on: 9:47 am

  • Early on Friday (08-07-2022), gold and silver prices were stable, with 10 grams of 24-carat yellow metal trading at Rs 51,110. The price of 10 grams of 22-carat gold on Friday is Rs 46,850. On Friday, silver is being sold for Rs 57,000 per kilogram.
  • Gold prices rose on Friday as the dollar dipped slightly from its two-decade highs, but bullion was still on pace for its worst weekly decline in almost a month as demand was negatively impacted by the strong currency. By 01:06 GMT, spot gold increased 0.3% to $1,744.07 per ounce. The price of US gold futures increased 0.2% to $1,742.50. Read more

Insecticides India bags prestigious GLP Certification by DST, Govt of India; stock climbs ~3%

Published on: 9:39 am

  • Insecticides (India) Limited (IIL), the country's leading crop protection company, has received the prestigious GLP (Good Laboratory Practice) compliance certification for one of its Research Labs in Chopanki, Rajasthan, from the National Good Laboratory Practice (GLP) Compliance Monitoring Authority (NGCMA) of the Department of Science & Technology (DST), Government of India.
  • This is a highly coveted accreditation that has only been granted to 51 labs in India so far. The IIL lab in Chopanki, Rajasthan, is now the 52nd in India to receive this certification.
  • Insecticides (India) Limited’s three QA (Quality Assurance) Labs & QC (Quality Control) at Chopanki, Dahej, and Samba have already been recognized by the National Accreditation Board for Testing and Calibration Laboratories (NABL) which shows its adherence to the standards and process in the pursuit of the best quality products. Read more

MG Motors India planning to raise funds locally for its expansion plans

Published on: 9:37 am

  • Great Wall Motor, China's leading SUV manufacturer, was forced to abandon its $1 billion India development plan. At the same time as MG Motor, Shanghai Automotive's Indian affiliate, is working extra hard to raise money locally to begin the next stage of its expansion in the nation.
  • Due to the Indian government's opposition to its proposal to bring in foreign direct investment from China, MG Motor has already begun discussions with almost a dozen fund houses to finance $300–600 million locally. According to news reports, the acquisition will probably be finalized before the end of the fiscal year.
  • The MG Hector manufacturer's next phase of growth comprises boosting production capability and tripling the product lineup to 10 models, with a strong emphasis on electric vehicles and extensive localization. The required investment will be close to Rs5,000 crore. It has hired a UK-based consultancy company to assist with capital raising. Read more

Markets trade higher; Nifty above 16,200 led by auto, banking stocks

Published on: 9:32 am

  • Indian markets trade in the green led by broad-based buying and firm global cues. Major sectoral indices were trading on a positive note. Domestic equities were on the upside as markets expect a soft landing by the Federal Reserve on rates as it controls inflation & tries to avoid recession.
  • At around 09:31 am, Sensex was trading at 54,434.68 up by 256.22 points or 0.47%. The index was trading near the day's high of 54,627.14.
  • Meantime, Nifty 50 surged by 78.90 points or 0.49% and was trading at 16,211.80. The index was also near the day's high of 16,275.50. Read more

GMR Infra’s JV with Angkasa Pura II assumes operational charge of Medan Airport

Published on: 9:23 am

  • Angkasa Pura Aviasi (APA), a joint venture company of GMR Airports Limited (Subsidiary of GMR Infrastructure Limited) and Indonesia's state-owned airport operator Angkasa Pura II (AP2), announced that it has taken over operational responsibility of the Kualanamu International Airport in Medan, Indonesia (Medan Airport).
  • In the presence of Budi Karya Sumadi, Minister of Transportation (MOT), Erick Thohir, Minister of State-Owned Enterprises (MSOE), Edy Rachmayadi, Governor of North Sumatra, and Muhammad Awaluddin, President Director, Angkasa Pura 2, the joint venture formally took over the operations of Medan airport today.
  • The GMR Group has thus expanded its international footprint. It is the only airport operator in India with a significant presence in South-East Asia and Europe. GMR currently operates the Mactan Cebu International Airport (MCIA) in the Philippines and recently completed the construction of Clark Airport in the Philippines. Read more

USFDA inspects Alkem's manufacturing facility located at Indore; Stock under pressure

Published on: 9:20 am

  • USFDA had conducted a GMP and Pre-Approval inspection at Alkem Laboratories Limited's manufacturing facility located at Indore from July 01, 2022 to July 07, 2022.
  • At the end of the inspection, the Company has received Form 483 with one observation with respect to ANDA filed for the products to be manufactured at the said plant. There is no data integrity observation, the company informed.
  • Further as per the filing, this GMP and Pre-Approval Inspection is part of the routine business operations and the Company shall submit to USFDA within the stipulated timeline, a detailed response to close out the said observation. Read more

Dr Reddy's Lab gets two observations for Andhra plant from USFDA

Published on: 9:19 am

  • Dr Reddys Laboratories Ltd has informed that the United States Food & Drug Administration (USFDA) on Thursday completed a Pre-Approval Inspection (PAI) at its formulations manufacturing facility FTO 11 in Srikakulam, Andhra Pradesh.
  • According to the said filing, the inspection was conducted from June 30, 2022 to July 07, 2022.
  • "We have been issued a Form 483 with two observations, which we will address within the stipulated timeline", the company said. Read more

In the next five years, Tata Power expects to invest Rs75,000 crore in renewable energy

Published on: 9:18 am

  • In the next five years, Tata Power intends to invest more than Rs75,000 crore in renewable energy. During that same time, the company expects to have 30 GW of power generation capacity, with more than half coming from clean energy sources.
  • Tata Power currently has a generation capacity of 13.5 GW, with 34% coming from renewable energy sources.
  • On July 7, the company's Chairman Natarajan Chandrasekaran stated at the annual general meeting that it has "planned a capex of over Rs75,000 crore in renewables in the next 5 years." He was answering a shareholder's question regarding the company's future prospects. Read more

Gensol Engineering to pick up majority stake in US-based EV manufacturing startup; Stock hits 52-wee

Published on: 9:17 am

  • Gensol Engineering Limited has signed a termsheet to pick up majority stake in a US-based electric vehicle manufacturing startup. The investment is intended to accelerate Gensol’s plan to deliver a robust domestically manufactured EV in India. With this deal Gensol foresees an increment in revenue by Rs500-600 crore for FY-24.
  • As per the filing, Gensol aims to set up its R&D center for technology development and a start of production (SOP) in the first quarter of 2023 in Pune, India with a capacity of 12000 cars/year in the first phase. The company is also hiring a team of more than 150 automobile engineers & designers for this venture. Read more

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