Latest News and Updates

12th Jul, 2022

CARE reaffirms ‘CARE A3+’ rating to Khadim India’s short-term facilities; stock skids ~2%

Published on: 3:18 pm

  • Khadim India Limited informed that CARE Ratings have reaffirmed the ratings assigned to the company’s bank facilities worth Rs194.37 crore.
  • This includes long-term bank facilities worth Rs162.87 crore and short-term bank facilities worth Rs31.50 crore.
  • The rating agency has assigned a ‘CARE BBB’ rating to long-term facilities along with a Stable Outlook on the same.
  • Further, the rating of short-term facilities has been reaffirmed at ‘CARE A3+’. Read more

Moneybox Finance opens 4 new branches in Madhya Pradesh; Stock soars 2%

Published on: 3:16 pm

  • Moneyboxx Finance Limited has opened four new branches in Madhya Pradesh. Taking forward the commitment to widen its footprint and come closer to customers, the new branches in Madhya Pradesh will address the unmet credit needs of underserved micro-enterprises.
  • The company is also set to open a branch in Bhopal by the end of July 2022 and with that, it will have 12 branches in Madhya Pradesh. The move is in line with the company’s focus to tap potential regions and cater to unmet credit needs of customers from smaller cities and towns in India.
  • Until now, Moneyboxx has transformed the lives of more than 15,000 borrowers out of which about onethird were women entrepreneurs and one-third were first-time borrowers with cumulative disbursements of over Rs230 crore up to June’22. Read More

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Ind-Ra assigns credit rating to Rossell India’s facilities worth Rs225.90 crore; stock soars ~5%

Published on: 2:51 pm

  • Rossell India Limited informed that its credit rating, in respect of various Credit facilities provided by Banks worth Rs225.90 crore, has been completed by India Rating and Research.
  • India Rating and Research is a Fitch group company and has reviewed various financial instruments of Rossell to assign a suitable rating.
  • The Rating Agency assigned ‘IND A-/Stable/IND A2+’ rating to the company’s fund-based facilities worth Rs187 crore.
  • Further, it has assigned an ‘IND A2+’ rating to the company’s non-fund based facilities worth Rs4 crore. Read more

Industrial production data will come out today

Published on: 2:47 pm

  • The government will issue the much anticipated manufacturing output figures for the month of May on Tuesday (12-07-2022) evening. The Index of Industrial Production (IIP), which had been flat for the previous seven months, increased by 7.1% in April of this year.
  • August of the previous year saw a 13% increase in industrial production. Following that, the IIP growth stayed below 4.4% (in September) and fell to its lowest point of 1% in both November and December of the previous year. IIP increase was 27.6% in May of last year, mostly as a result of the low-base impact. Read more

June saw Rs32722 crore net outflow from debt mutual funds

Published on: 2:41 pm

  • In June, mutual funds that specialize in investing in fixed-income securities saw a significant outflow of Rs92,248 crore due to the macroeconomic environment's uncertainty, which was fuelled by predictions surrounding an escalating rate cycle, rising commodity prices, and a slowdown in GDP.
  • The Association of Mutual Funds in India (Amfi) data available at the time revealed a net outflow of Rs32,722 crore in May and an inflow of Rs54,756 crore in April.
  • In the month under review, 14 of the 16 fixed-income or debt fund categories had net outflows. categories like overnight, liquid, and ultrashort-term duration funds had significant withdrawals. The 10-year gilt funds and long-duration funds were the only categories to see inflows. Read more

Government allays concerns over external currency debt saying its share is only 21%

Published on: 2:38 pm

  • Concerns regarding India's foreign debt were dispelled by the Centre, which noted that the Center only has a portion of $130.8 billion, or 21%, of the country's total external debt burden of $620.7 billion.
  • The Special Drawing Right (SDR) allotment to India is also included. According to a source who spoke with ET, "the myth going around that the central government is saddled with debt is untrue," and that more than 40% of the debt is held by non-financial firms.
  • Officials highlighted the debt situation in response to worries over India's external debt given that repayments of $267 billion are due in less than a year. Read more

Star Housing Finance hits new 52-week high on Q1FY23 results; logs 474% yoy growth in PAT

Published on: 2:25 pm

  • Star Housing Finance Limited announced results for the quarter ended June 30, 2022, and has reported the highest-ever quarterly disbursements.
  • At around 2.18 PM, Star Housing’s counter was trading 8.10% higher at Rs153.55 against its previous close of Rs142.05 on BSE. It hit a new 52-week high of Rs159.30 so far in today's trade.
  • The company has logged the highest quarterly disbursements of Rs22.56 crore during the quarter. Expansion across operational geographies in the form of physical offices, with employee induction across functions and locations to facilitate growth. Eyeing the growth of AUM at a CAGR of 100% and significantly increasing the company's market cap. Read more

CRISIL reaffirms rating on Prima Plastics' bank facilities; Stock jumps 5%

Published on: 2:22 pm

  • CRISIL Ratings has reaffirmed its ‘CRISIL BBB/Stable/CRISIL A3+’ ratings on the bank facilities of Prima Plastics Ltd (Prima; part of the Prima group).
  • According to the rating rationale report, the ratings continue to reflect the group's healthy financial risk profile, promoters’ extensive experience in the plastic-moulded furniture industry and healthy relationships with customers and suppliers.
  • These strengths are partially offset by large working capital requirements and susceptibility to volatility in raw material prices and to intense competition in the domestic market. Read More

M&M Financial Services stock touches 52-week high 

Published on: 2:22 pm

  • A robust business outlook caused shares of Mahindra & Mahindra Financial Services (MMFSL) to rise 3% in Tuesday's (12-07-2022) sluggish trading to a 52-week high of Rs 206.85 on the BSE. 
  • The Mahindra Group Company's shares increased over the previous record high of Rs. 206.40 sets on November 9, 2021. The S&P BSE Sensex, in contrast, was down 0.50 percent at 54,125 points at 11:49 a.m.
  • MMFSL has gained 18% so far in July (during the previous eight days), vs a 2% increase in the S&P BSE Sensex. With the help of macroeconomic tailwinds, the firm increased disbursement at close to Rs 3,750 crore by 115% year over year and 27% sequentially month over month in June 2022. Read more

Exports likely to expand at a healthy rate in 2022–2023: Goyal

Published on: 2:16 pm

  • Despite the global trade concerns, the country's exports are anticipated to expand by a "decent amount" in the current fiscal year, according to Commerce and Industry Minister Piyush Goyal.
  • There are unmistakable indications of a slowdown in global commerce, and India is keeping a "watchful" check on the situation by speaking with all the export promotion councils and major exporters as well as consulting with Indian embassies overseas, the official said.
  • In the circumstances that exist now, "Our exports will be judged on the basis of their affordability and quality. Based on the actual situation, we will calibrate our export aspirations "told PTI, the minister. Read more

Yash Pakka stock gains over 1% on announcement of expansion at Ayodhya facility

Published on: 1:52 pm

  • Yash Pakka Limited has awarded contract for conducting Basic Engineering study for Integrated Brownfield Expansion Project at their Ayodhya Facility to AFRY. AFRY is the top Integrated Project Consulting in the world for Pulp & Paper industry.
  • The framework of the Project is given below:
  • Specialty Paper Machine of 100 MT per day to lead towards flexible packaging with furnish, utilising max strength of Agro residue bagasse; Read more

Ajay Singh, the CEO of SpiceJet, arrested for allegedly scamming a businessman in Gurugram

Published on: 1:50 pm

  • According to authorities, the managing director of SpiceJet airline was arrested for defrauding a businessman out of lakhs of rupees on the pretense of giving him company stock. According to the complainant, Ajay Singh has committed similar fraud against other people.
  • Ajay Singh allegedly gave Amit Arora a phoney depository instruction paper (DIS) for shares worth Rs10 lakh in exchange for services rendered, according to Amit Arora's complaint.
  • According to him, Singh promised to provide him Spicejet shares worth Rs10 lakhs in exchange for the assistance Arora gave him when he took over the airline from the promoters. Read more

NMDC fixes Lump Ore prices at Rs3,900 per ton; stock slides ~5.5%

Published on: 1:43 pm

  • NMDC Limited informed that it has revised the Iron Ore prices effective from July 12, 2022.
  • The company has fixed the Lump Ore (65.5%, 6-40 mm) prices at Rs3,900 per tonne. Further, prices for Fines (64%, -10 mm) are fixed at Rs2,810 per tonne.
  • The prices mentioned are excluding Royalty, DMF, NMET, Cess, Forest Permit Fee, and other taxes. Read more

Arohan Financial Services gives up IPO plan; to raise Rs 1900 crore through private equity route

Published on: 1:01 pm

  • Microfinance institution Arohan Financial Services  is in talks with various private equity investors for raising up to Rs 1900 crore.
  • This comes after the company gave up its plan to raise money through the IPO route.
  • The company has cited weak conditions in equity markets for its giving up the IPO plan. Read more

CCI nods acquisition of Solenergi Power by Shell Overseas from Actis Solenergi

Published on: 1:01 pm

  • The Competition Commission of India (CCI has approved acquisition of Solenergi Power Private Limited by Shell Overseas Investments B.V.’s from Actis Solenergi Limited on Monday.
  • As per the government releases data, the proposed combination pertains to acquisition of 100% shareholding and sole control of the Target by the Acquirer.
  • Shell Overseas is a company incorporated in the Netherlands and is a part of the Shell group. It is a holding company. Shell Plc is the ultimate holding company and directly and indirectly owns investments in various companies (Shell Group). Shell Plc’s shares are listed on the London Stock Exchange, Euronext Amsterdam and the New York Stock Exchange. Read more

Metro's India wholesale unit is reportedly up for grabs with billionaires competing for it

Published on: 1:01 pm

  • According to news articles, Reliance Industries Ltd. and Charoen Pokphand Group Co. are two potential suitors for German retailer Metro AG's wholesale operations in India as the businesses look to expand their retail portfolios in one of the largest consumer markets in the world.
  • Both the Indian conglomerate backed by billionaire Mukesh Ambani and the Thai conglomerate headed by tycoon Dhanin Chearavanont have made non-binding offers, the report claimed. The second-richest man in the world, Jeff Bezos, the founder of Inc., is reportedly thinking about making a bid as well. Read more

Dhruv Consultancy receives LOA for Engineering Services for Sikar - Bikaner Section of NH-11; stock

Published on: 12:54 pm

  • Dhruv Consultancy Services Limited informed that it has received the Letter of Acceptance (LOA) for the Independent Engineering Services during the Development and Operation of Sikar - Bikaner Section of NH-11.
  • It extends from Km. 340.188 of NH-11 to Km. 557.775 of NH-11 via Sikar Bypass and Bikaner Bypass. Further, from Km. 553.869 of NH-11 to Km. 267.325 of NH-89 by two-laning with a paved shoulder in the state of Rajasthan via a Public-Private Partnership on Design, Finance, Build, Operate, and Transfer (the DBFOT), from the office of the Chief Engineer.
  • The fees for Individual Engineering Services for the said project will be Rs4.15 crore, excluding taxes. The contract period is expected to be completed within a period of 36 months. Read More

Mastek achieves UiPath Services Network (USN) Status

Published on: 12:48 pm

  • Mastek, a global turnkey Digital Engineering & Cloud Transformation specialist, has announced that it has achieved the highest level of UiPath technical accreditation by receiving UiPath Services Network (USN) certification.
  • In achieving UiPath USN status, Mastek has proven expertise and advanced delivery skills required to build and scale end-to-end automation for their clients.
  • The UiPath Services Network Program provides a framework offering partner differentiation, resources, training, and certifications to ensure mutual customer success. UiPath USN status allows Mastek to gain a competitive edge and provide opportunities for continued growth and certification. It also helps UiPath leverage Mastek’s capabilities to build industry-specific digital solutions powered by the UiPath platform to solve customer problems. Read more

Ramco Systems gone live at Air Asia Company; stock marginally up

Published on: 12:30 pm

  • Ramco Systems Limited, a global aviation software provider, announced that its Aviation M&E MRO Suite V5.9 has successfully gone live at Air Asia Company Limited (AACL), Taiwan's first privately-owned aircraft maintenance company catering to aircraft maintenance of commercial aircraft, helicopters, military, and a designated 'Government-owned contractor operated facility' (GOCO), automating and digitally transforming AACL's business processes.
  • Ramco Aviation Suite V5.9, with modules for Production Planning, Commercials, Maintenance Execution, and Supply Chain Management, replaced AACL's existing legacy system for proposal management, heavy maintenance process for commercial aircraft, production planning, and interfaces with AACL's inventory management solution. Read more

Cosmo Films renames as 'Cosmo First'; Stock sheds near 3%

Published on: 12:17 pm

  • Cosmo Films Ltd, a global leader in Films for packaging, labelling, lamination and synthetic paper and an emerging player in Specialty Chemicals, Polymers & Pet Care has announced its new brand identity, Cosmo First Limited - Ahead always!
  • The strategic decision comes considering the company's business activities have expanded beyond films into specialty chemicals (master-batches, coatings, and textile chemicals) and D2C Pet care, the company said in a regulatory filing. Read more

Vaibhav Global publishes first Integrated Report and Annual ESG Report

Published on: 11:54 am

  • Vaibhav Global Limited (VGL) announces the release of its first Integrated Report prepared in accordance with the International Integrated Reporting Council framework (IIRC). VGL also announces the release of its first Annual ESG Report, which highlights its sustainability initiatives with a future roadmap, as well as detailed initiatives to propel its ESG journey forward.
  • We are pleased to announce the release of our First Integrated Report and Annual ESG Report for the VGL Group for the fiscal year 2021-22," says Mr. Sunil Agrawal, Managing Director of Vaibhav Global Limited.
  • "We believe value creation and sustainability are mutually reinforcing goals. These reports reflect our ongoing efforts to create value through increased transparency, strong governance, and ethical business practices." Read More

Sunteck Realty records 89% yoy jump in Q1 pre-sales at Rs333 crore

Published on: 11:40 am

  • Sunteck Realty Limited stocks in focus on Tuesday as the company announced the key operational updates for Q1 FY23:
  • Pre-Sales: The Company had pre-sales of ~Rs333 crore in Q1 FY23, up 89% on YoY basis.
  • Collections: The Company had collections of ~Rs285 crore in Q1 FY23, up 66% on YoY basis. Additionally, collections efficiency for Q1 FY23 stood at 86%. Read More

Spandana Sphoorty ends FY22 with a positive growth trajectory; logs AUM of Rs6,581 crore

Published on: 11:29 am

  • Spandana Sphoorty Limited announced its audited financial results for the quarter and financial year ended March 31, 2022.
  • The company has reported Assets Under Management (AUM) of Rs6,581 crore in the quarter and fiscal year ending March 31, 2022. Further, the company’s gross disbursements during the quarter stood at Rs1,385 crore, and Rs3,373 crore in FY22.
  • Gross Total income of the company for FY22 was reported at Rs1,480 crore, and Rs299 crore for Q4FY22.
  • Company reported a PAT of Rs120.40 crore for FY22. While PAT for Q4FY22 was reported at Rs74.70 crore. Read more

June's retail inflation data for India to come out today

Published on: 11:26 am

  • The Reserve Bank's next bi-monthly monetary policy will be issued in early August, and it will take into account the vital statistics on June retail inflation that the government will provide on Tuesday (12-07-2022).
  • Retail inflation has been above 6% since January of this year, causing the central bank to raise policy rates twice in a row (repo).
  • Given the high commodity prices brought on by the ongoing Russia-Ukraine war, retail inflation based on the Consumer Price Index (CPI), which was 7.04% in May, is unlikely to fall below the Reserve Bank of India's comfort level of below 6 percent anytime soon. Read more

Bank of Baroda hikes MCLR by up to 15 bps; Stock gains

Published on: 11:13 am

  • Bank of Baroda has approved the revision in Marginal Cost of Funds Based Lending Rate (MCLR) w.e.f. July 12, 2022 as under:
  • The Overnight MCLR and One Month MCLR have been retained at 6.80% and 7.20% respectively.
  • Further, the Three Month MCLR has been increased from 7.25% to 7.35%. Read more

Bank of Baroda to increase business loans as return ratios rise

Published on: 11:12 am

  • Bank of Baroda, the second-largest state-owned lender in India, is re-entering the corporate lending market with an eye on robust growth driven by a recovery in the capex cycle. The bank plans to treble the rate of expansion this fiscal year after increasing business loans by 3% last year.
  • Corporate loans are a lucrative industry thanks to a rising interest rate cycle, broader spreads, better quality assets, and risk-return measures, managing director Sanjiv Chadha told ET.
  • The rate normalization cycle, according to Chadha, "allows us to have decent growth along with decent profitability; therefore, we expect that corporate loans will rise substantially quicker for us as compared to the previous year." Read more

HDFC Life invests in the Z3Partners Tech Fund

Published on: 10:56 am

  • The life insurance company HDFC Life has invested in Z3Partners' new Venture Capital (VC) fund, "Z3Partners Tech Fund," which focuses on technology and digital investments.
  • Cyfirma, DealShare, Gramophone, Shipsy, and True-Fan are just a few of the firms that Z3 Partners has already sponsored. Z3 Partners is now raising money to the tune of Rs500 crore.
  • Gautam Patel, who previously invested in BigBasket, MedGenome, OFBusiness, Pepperfry, etc., created Z3Partners. Last year, the Fund announced the second close of Rs250 crore and is on schedule to complete the third close this year. Read More

SecureKloud’s Healthcare Triangle announces $6.5 million Private Placement; stock jumps ~1.5%

Published on: 10:46 am

  • SecureKloud Technologies' Healthcare Triangle Inc. announced that it has entered into a definitive agreement with a single institutional investor for the issuance and sale of 6,097,561 shares of common stock (or common stock equivalents in lieu thereof) in a private placement.
  • The Company will also issue unregistered preferred investment options (the investment options) to the investor to purchase up to 6,097,561 shares of common stock.
  • The cost of one share of common stock (or its equivalent) and one investment option to buy one share of common stock is $1.066. Read more

Techno Electric & Engineering board approves buy back via open market route; Stock tumbles 6%

Published on: 10:43 am

  • The Board of Directors of Techno Electric & Engineering Company Limited at their meeting held on July 11, 2022 approved the proposal to buy back fully paid-up Equity Shares of the Company of face value of Rs. 2 each from the members of the Company (other than the promoters, promoter group and persons in control of the Company) payable in cash, for an amount aggregating up to Rs130 crore at a price not exceeding Rs325/- per Equity Share through the open market route through the stock exchanges where the equity shares of the Company are listed.
  • According to the regulatory filing, the Maximum Buyback Size represents 7.26% & 7.25% of the aggregate of the fully paid-up share capital and free reserves as per the Standalone and Consolidated Audited accounts of the Company for the financial year ended 31st March, 2022 respectively which is not more than 10% of the fully paid-up share capital and free reserves of the Company. Read more

Titagarh Wagons' stock climbs by 26% in just two weeks on increased order flows

Published on: 10:43 am

  • In (12-07-2022) Tuesday's sluggish market, shares of Titagarh Wagons (TWL) rose 3% to a four-year high of Rs 127.60 on the BSE. The stock has outperformed the market over the last two weeks, rising 26% on a healthy order book position. Trading had reached its highest point since March 2018. The S&P BSE Sensex, in contrast, was down 0.36 percent at 09:37 am.
  • In comparison to Sensex's 3.5% increase during the same period, the stock has increased by 75%. On July 1st, 2017, it reached a record high of Rs 190. Read more

In early trading, Rupee declines 13 paise to 79.58/$

Published on: 10:19 am

  • Early on Tuesday (12-07-2022), the rupee dropped 13 paise to 79.58 versus the US dollar as investor mood was dampened by the strong US dollar abroad and declines in local stock prices.
  • Additionally, ongoing withdrawals of foreign funds and high crude oil prices maintained pressure on the local currency, according to forex brokers.
  • The rupee depreciated 13 paise from its previous close to quote at 79.58 at the interbank foreign exchange, down from 79.55 when it first started. The beginning trading of the local currency versus the US dollar saw a high of 79.55 and a low of 79.62. Read more

WhatsApp’s UPI transactions jump six-fold in June owing to Cashback trick

Published on: 10:05 am

  • WhatsApp has reported a six-fold increase in its Unified Payment Interface (UPI) transactions driven by the Cashback trick adopted by the company in June 2022.
  • The company has logged 23.04 million transactions in June as compared to 3.48 million transactions in May 2022. While, the value of transactions registered a growth of 45% to Rs429 crore as against Rs295 crore in May 2022, as per the data released by the National Payments Corporation of India (NPCI).
  • With this, the company’s share of total UPI Payments increased to 0.39% in June as against 0.05% in May. Read more

Supreme Court sentences Vijay Mallya to 4 months in prison for contempt

Published on: 10:05 am

  • The Supreme Court on 11-07-2022 handed down a four-month prison term and an Rs.2,000 fine to Vijay Mallya for a 2017 contempt of court case.
  • In 2017, he was found guilty of contempt for giving his children $40 million against court restrictions. The court ordered that the fine be paid to the Supreme Court legal services authority within four weeks or else an additional two-month term will be added.
  • Judges stated, "We must administer sufficient punishment in order to protect the grandeur of justice". Read more

In Q1FY23, NBFCs & HFCs securitization volumes almost doubled to Rs33,000 crore: Report

Published on: 10:02 am

  • Securitisation volumes originated by Non-Banking Financial Companies (NBFC)s and Housing Finance Companies (HFC)s have almost doubled to around Rs33,000 crore in the first quarter of the current financial year, a report said on Monday. The volume of such transactions is expected to cross Rs1.5 lakh crore in FY23, Icra Ratings said in a report.
  • In addition to this, "the growth in volumes reflects a 1.9 times increase when compared to Rs17,200 crore of securitised assets in Q1FY22 and a 4.4 times increase compared to Rs7,500 crore in Q1 FY2021", the report said.
  • "With the growth in credit demand, the disbursements picked up for NBFCs and HFCs in Q4 FY22 and have remained buoyant in Q1 FY23, thereby resulting in higher funding requirements which have been partly met through the securitisation of their retail loans," the agency's Vice President and Group Head (structured finance ratings) Abhishek Dafria said in a report. Read more

Oil & gas supply crunch likely worsen, says IEA's Fatih Birol

Published on: 9:50 am

  • The president of the International Energy Agency believes that the debilitating shortages and skyrocketing gasoline and electricity costs caused by a worldwide strain on energy supply may worsen.
  • At a global energy meeting in Sydney on Tuesday, IEA Executive Director Fatih Birol stated, "The world has never faced a catastrophic energy crisis of this depth and complexity." "This is affecting the entire planet; we may not have seen the worst of it yet." Read more

RBI now permits cross-border rupee payments

Published on: 9:44 am

  • On Monday (11-07-2022), the Reserve Bank of India (RBI) approved rupee invoicing and payments for foreign commerce, possibly allowing more bilateral trade with Russia, which is subject to a number of Western sanctions and is essentially blocked off from conventional cross-border payment systems.
  • According to the RBI, this is done to encourage the growing interest of the international trading community in INR as well as to promote "the expansion of global commerce with a focus on exports from India." Read more

Markets trade lower amid weak cues; Metals under pressure

Published on: 9:38 am

  • Equity benchmark indices traded in the negative zone amid mixed trend in Asian peers. On the sectoral front, metal stocks was the worst hit dragged by 1%. The Auto, banking stocks on NSE was lower by 0.56% each on the other hand, the Nifty IT index was on muted level after Tech giant TCS's Q1 results indicate margin pressure for the industry, the index has turned weak.
  • At around 09.36 AM, Sensex was trading at 54,132.42 lower by 262.81  points or 0.48%. The Nifty 50 was trading at 16,140.40 below 75.60  points or 0.47%
  • Among Nifty stocks, Hindalco Industries, JSW Steel, Tata Steel, Titan Company and HCL Technologies were among major losers to drag the overall markets, while gainers were Coal India, NTPC, Bharti Airtel, Adani Ports and TCS. Read more

HFCL secures Purchase Order worth Rs59.22 crore from leading telecom operator; stock climbs ~7%

Published on: 9:35 am

  • HFCL Limited informed that the company has received the Purchase Order from one of the leading Private Telecom Operators in the Country.
  • The company has received this order for providing Services to roll out their Fiber to the Home (FTTH) Network and Long-Distance Fiber Network in various Telecom Circles. The order received is worth Rs59.22 crore.
  • The order received is to be executed domestically. Read more

Satin Creditcare’s board nods fund raise worth up to Rs5,000 crore

Published on: 9:27 am

  • In its regulatory filing, Satin Creditcare Limited informed that the Board of Directors of the company has considered and approved the proposal for raising of funds by way of issuance of Non-Convertible Debentures (NCDs).
  • The board is considering a fund-raise up to worth Rs5,000 crore on a private placement basis, in one or more tranches, within a period of 1 year from the date of shareholders’ approval, to eligible shareholders.
  • The fund raise is subject to the approval of shareholders in the ensuing Annual General Meeting (AGM) to be held on Wednesday, August 10, 2022, through Video Conferencing (VC)/Other Audio-Visual Means. Read more

Brigade El Dorado wins prestigious PMAY Award

Published on: 9:23 am

  • Brigade Group-led Brigade El Dorado, located in North Bengaluru has won the Pradhan Mantri Awas Yojna Award under the Affordable Housing projects developed in Partnership with Public & Private sectors category in the PMAY- Empowering India Awards 2022 held in New Delhi on July 08, 2022.
  • The award was handed over by Shri Kaushal Kishore, Honorable Minister of State for Housing and Urban Affairs, Government of India.
  • The PMAY- Empowering India Awards 2022 seeks to recognize the sincere efforts and contributions of the Central and State Government Agencies and Private Developers in achieving Hon’ble Prime Minister's dream of “Housing for All by 2022” through different PPP models and promoting affordable housing Read more

Minda Industries board allots over 28.58 crore bonus equity shares

Published on: 9:19 am

  • The Board of Directors of Minda Industries Ltd at its meeting held on July 11, 2022, have considered and approved the allotment of 28,58,76,442 Bonus Equity Shares of Rs. 2 each.
  • According to the regulatory announcement, the Board of Directors of the Company had earlier recommended issue of Bonus Shares in the ratio of 1:1 i.e. 1 bonus equity shares for every 1 equity share, held by the shareholders as on the Record Date, subject to the approval by the shareholders. Read more

Eureka Forbes appoints Pratik Pota as MD & CEO; stock spurts ~4%

Published on: 9:19 am

  • Eureka Forbes Limited informed that the board of directors of the Company, in their meeting held on July 11, 2022, has approved the appointment of Pratik Pota as Managing Director and Chief Executive Officer of the Company. His appointment is for a term of 5 years effective from August 16, 2022. However, his appointment is subject to the approval of the shareholders of the company.
  • Prior to this, Pratik was the CEO of Jubilant Foodworks Ltd., where he led the company to a comprehensive turnaround and transformation.
  • Pratik significantly accelerated the Domino's franchise's growth and increased EBITDA margins to record highs while at JFL. Under his leadership, JFL expanded its brand portfolio and entered new markets, including Bangladesh and Turkey. Pratik also led JFL's major digital transformation, which helped Domino's become India's largest D2C brand. JFL's market capitalization increased tenfold during Pratik's tenure. Read more

Star Health, CSC partner to make health insurance accessible in rural India; Stock gains 1%

Published on: 9:17 am

  • Star Health and Allied Insurance Co. Ltd., one of the leading standalone health insurance companies in the country, and Common Services Centers (CSC), under Ministry of Electronics & Information Technology, have partnered to provide over 5 lakh CSCs access to a select range of Star Health insurance products, specially designed to meet the needs of rural customers, across tier-II, tier-III cities and rural markets pan India.
  • Accordingly, the CSCs will provide a host of special features to the rural customers, including a large bouquet of eservices though a single delivery platform, localized help-desk support, and sustainability of VLEs through a maximum commission sharing model of operation.
  • A self-sustaining network of over 5 lakh CSCs in Gram Panchayats that are managed by Village Level Entrepreneurs (VLEs) will enable easy access to health insurance products at the last mile. Through its network, CSC will offer a series of beneficial products for the rural markets like Family Health Optima Insurance Plan, Accidental Care Individual Policy, Star Micro Rural and Farmers Care, and other such products to meet the health insurance needs in these regions. Read more

Gold nears 9-month low as dollar rises on looming interest rate hike

Published on: 9:17 am

  • In the wake of positive U.S. labor market statistics last week that increased the prospect of another interest rate hike by the Federal Reserve, gold weakened and came close to hitting a nine-month low on Monday.
  • By 11:08 GMT, spot gold was down 0.3% at $1,736.63 per ounce. To $1,734.00, U.S. gold futures saw a 0.5 percent decline. Read more

Pennar Industries bags orders worth Rs688 crore; Stock marginally up

Published on: 9:16 am

  • Pennar Group, a leading value-added engineering products and solutions company has bagged orders worth Rs688 crore across its various business verticals, the company announced on Monday.
  • As per the regulatory filing, the verticals and its belonging customers' list is as  follows:
  • PEB - Siemens, Annora Pharma, Zim Laboratories, S R Ashok & Associates VK Udyog Pvt Ltd, Anthe Pharma, Tycon Infra, Expon Polymers and TPL First Solar
  • Ascent Buildings, USA - Summit Building Systems, T&D Concrete, 84 Lumber, Bear IC, Hale Construction. Woodland Construction, Wakestone Corporation, Crescent Structures. Read more

Ahluwalia Contracts zooms ~4% on bagging new order worth Rs150 crore

Published on: 9:15 am

  • Ahluwalia Contracts Limited informed that it has received a new order worth Rs150 crore from Ritnand Salved Education Foundation.
  • This order has been received for the Construction work of Amity Campus Bangaluru.
  • Post this order, the total order inflow during the FY2022-23 stands at Rs863 crore. Read more

RBI fines three cooperative banks

Published on: 9:07 am

  • Maharashtra State Cooperative Bank, Mumbai has been fined Rs37.50 lakh by the RBI, according to a release, for failing to follow the directives given by Nabard on "Frauds - Guidelines for Classification, Reporting, and Monitoring."
  • Nasik Merchant's Co-operative Bank was fined Rs50 lakh, according to a separate statement, for breaking RBI guidelines regarding "Placing deposits with other banks" and "Interest Rate on Deposits." Read more

New Range Rovers from Jaguar Land Rover are now being delivered in India

Published on: 9:00 am

  • The new Range Rover has begun to be delivered in the nation, according to Jaguar Land Rover (JLR), which announced this on Monday. The model has a selection of six and eight-cylinder engines that range in price from Rs2.38 crore to Rs3.43 crore (ex-showroom).
  • Engines for the new Range Rover are 3 liters each for gasoline and diesel.
  • Additionally, the variant has a larger 4.4-liter petrol engine. Read more

In H1 of 2022, luxury vehicle sales increased at a double-digit rate in India

Published on: 8:54 am

  • According to industry estimates, 17,000 luxury automobiles were sold in the nation between January and June 2022, a 55% increase over the 11,000 units sold during the same time last year. The demand, according to senior industry officials, is forcing businesses to work hard to scale up production throughout the forthcoming holiday season and ease supply bottlenecks.
  • Mercedes-Benz India reported its highest-ever second-quarter sales thanks to the introduction of new products and persistent demand for current models. The record sales last quarter were accomplished despite substantial hurdles, such as persistent supply-side issues on a worldwide scale that prolong waiting times and steadily raise operational expenses. Read More

Indian markets may start the day in red

Published on: 8:23 am

  • Indian markets are likely to open in the red today. US inflation data will come tomorrow.  There is high expectation that inflation rate in US for June will also be high. This can result in US Federal Reserve making some more drastic interest rate hike. This expectation may cause increased selling in Indian equity markets today. However, US Federal Reserve is also concerned about the recession in the US economy. So in spite of higher inflation rate, it may be less hawkish in increasing interest rates.
  • US markets saw profit booking before latest inflation data is released on Wednesday. Expectations of higher inflation saw profit booking in technology stocks. This dragged the Nasdaq down by over 2.2%. Dow Jones closed lower by 160 points. Nasdaq lost 260 points. Bond yields closed lower at 2.97%. Crude oil prices fell closer to US$ 102.  
  • Asian markets have opened in the red driven by the bout of profit booking in the US markets as investors lighten up before the key inflation data due on Wednesday.The Japanese 'Nikkei' which was a key gainer yesterday was trading lower by over 450 points in early trade.Most other Asian indices traded lower with the Hang Seng seeing pronounced weakness 3rd day running as closures of Macau Casinos sees listed plays on Hang Seng get hit.  Alibaba stock on Nasdaq fell over 8%. Read more

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