Latest News and Updates

13th Jul, 2022

Artificial Intelligence company, Attentive gets $5 million in funding from Sequoia, InfoEdge

Published on: 3:52 pm

  • Artificial Intelligence company, Attentive, has got $ 5 million in venture capital funding.
  • This funding has been provided by Sequoia India's Surge fund and InfoEdge Ventures. Attentive provides an SaaS AI software.
  • This software is a sales automation software for outdoor services industry. Many of the manual workflows in the sales process of sectors such as pest control, paving, landscaping etc can be automated by using this AI software of Attentive. Read more

Brickworks upgrades TVS Electronics’ long-term rating to ‘BWR A’; stock surges ~1.5%

Published on: 3:44 pm

  • TVS Electronics Limited informed that M/s Brickwork Ratings India Private Limited vide their letter dated 12th July, 2022 have upgraded the ratings -with revision in outlook.
  • The rating agency has upgraded the long-term rating to ‘BWR A’ from existing ‘BWR A-’. Further, it has revised the outlook from Positive to Stable. Read more

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Aurionpro Solutions' subsidiary wins order in Latin America; Stock skyrockets 11%

Published on: 3:20 pm

  • SC SOFT PTE LTD (SC Soft), an Aurionpro subsidiary in Singapore has expanded its footprints in Latin American markets with the announcement of an order win in Ecuador.
  • The order is under the project for upgradation of the Metro de Quito, also known as Quito Metro, underground rail mass transit system in Quito, the capital of Ecuador.
  • Further, the present order covers first metro line in Quito, the capital of Ecuador is a 22.5km line from Quitumbe to El Labrador has 15 stations, including five intermodal interchanges. Read more

HCL Tech hits 52-week low post Q1FY23 earning release

Published on: 3:15 pm

  • HCL Technologies Limited reported a 2.11% jump in its consolidated profit after tax (PAT) at Rs3,281 crore, compared to Rs3,213 crore reported in the corresponding quarter a year ago. Sequentially, the profit recorded a decline of 8.83% from Rs3,599 crore reported in the quarter ended March 2022.
  • The consolidated revenue of HCL Tech increased by 16.92% to Rs23,464 crore from Rs20,068 crore the previous year. Revenue jumped 3.83% sequentially compared to Rs22,597 crore reported in the previous quarter.
  • The company also announced a dividend of Rs10 per share. Read more

There is a "core" issue with RBI's efforts to attain lower inflation: Nomura

Published on: 3:14 pm

  • Although the most recent retail inflation reading for the month of June may have remained unchanged at 7%, a closer examination of the data reveals a sticky core that makes the RBI's battle against increasing prices challenging.
  • With the exception of June, when the government intervened on the budgetary front by decreasing gasoline taxes, the trend of total inflation remains unpredictable. Fears that aggressive central bank actions may push the advanced countries into a recession are a major source of global anxiety. Read more

Trade gap between India and China grows as commodity prices decline

Published on: 2:55 pm

  • As imports increased and exports decreased in the first two months of the current fiscal year, India's trade imbalance with China worsened significantly.
  • As concerns about a worldwide recession increased, commodities prices fell precipitously, which negatively impacted exports. The reduction was mostly caused by the COVID-19 limitations and sluggish Chinese demand. Exports of iron ore and copper specifically declined. Read more

RITES and CRIS enter a contract to create intelligent IT solutions for railroad industry

Published on: 2:45 pm

  • In a deal announced on Wednesday (13-07-2022), RITES Ltd and the Centre for Railway Information Systems will work together to provide innovative IT solutions for railroad operations. Additionally, they will endeavor to update current technologies and communications in the railway industry.
  • The Indian Railways' consulting company is called RITES. According to a regulatory filing, the Memorandum of Understanding (MoU) would enable both parties to make use of one another's experience and work together to advance digitalization in railway systems. Read more

Torrent Pharma allots over 16.92 crore bonus equity shares; Stock trades higher

Published on: 2:40 pm

  • Torrent Pharmaceuticals Ltd has inform that the Company has allotted 16,92,22,720 Bonus equity shares of Rs5/- each on Wednesday.
  • The shares are allotted in the ratio 1: 1 i.e. 1 new fully paid-up equity share of Rs5/- each for every 1 fully paid-up equity share of Rs5/- each held by the members whose name appears in the Register of Members or in records of National Securities Depositories Limited or Central Depositories Services (India) Limited as the beneficial owners as on July 11, 2022, the Record Date fixed for this purpose .
  • Accordingly, the paid-up share capital of the Company has increased as follows: Read more

Debasish Nanda joins Coal India as Director of Business Development

Published on: 2:31 pm

  • Coal India Limited informed that it has appointed Debasish Nanda as the Director of Business Development of the company, effective from July 11, 2022.
  • Previously, he worked for Indian Oil Corporation as Executive Director (Gas).
  • Nanda is a mechanical engineering graduate from UCE Burla, Sambalpur University, as well as a postgraduate in production engineering from REC Rourkela and a Masters in International Business from IIFT, New Delhi. Read more

Bharat Forge forms wholly-owned subsidiary 'Kalyani Lightweighting Technology Solutions'; Stock gain

Published on: 2:20 pm

  • Bharat Forge Ltd has informed that the company has incorporated a wholly-owned subsidiary in the name of "Kalyani Lightweighting Technology Solutions Limited" on July 12, 2022.
  • As per regulatory filing, KLTSL has been incorporated with a view of creating a separate vertical for aluminium business and for light weighting technology. Read more

Nomura lowers India's 2023 GDP growth forecast to 4.7%

Published on: 2:06 pm

  • As concerns about a global recession increase in an atmosphere of rising prices, analysts at Nomura have lowered India's growth prediction for 2023 from 5.4% to 4.7% because they anticipate a slowdown in growth over the coming year.
  • "Medium-term obstacles include higher inflation, tighter monetary policy, stagnant private capex growth, the power squeeze, and a decline in global GDP. Consequently, we decreased from 5.4 percent our 2023 GDP growth forecast "Aurodeep Nandi and Sonal Varma wrote a note for the company that said that it had a profit margin of 4.7%.
  • They forecast GDP growth of 7.0% for FY23 and 5.5% for FY24. Read more

Navin Flourine inaugurates Dahej Plant for manufacture and supply of Hydrofluoroolefins

Published on: 2:04 pm

  • Honeywell and Navin Fluorine, a subsidiary of the Padmanabh Mafatlal Group, held an opening ceremony on July 12, 2022, at a plant in Dahej, Gujarat, where Honeywell's Solstice zd is now being manufactured.
  • The plant was virtually inaugurated by Shri Bhupendrabhai Patel, Chief Minister of Gujarat, and Ken West, President of Honeywell Advanced Materials; Rajesh Rege, President of Honeywell India; Vishad Mafatlal, Executive Chairman of Navin Fluorine; and Radhesh Welling, Managing Director of Navin Fluorine were in attendance, along with other dignitaries.
  • Solstice zd is a hydrofluoroolefin (HFO) with a variety of applications, including foam insulation blowing agents and chiller refrigeration liquid. Read more

TCS launches Pace Port Toronto to help customers scale innovation programs with digital technologies

Published on: 2:03 pm

  • Tata Consultancy Services has launched TCS Pace Port Toronto, its fifth global research and co-innovation centre, to help Canadian companies bring digital innovations to life faster.
  • Located on the top floor of 400 University Avenue and spanning 16,000 square feet, Pace Port Toronto provides companies with access to the latest technologies and breakthrough thinking from TCS Research labs, start-ups, VCs, entrepreneurs, and academia – including the University of Toronto – as well as TCS’ network of Pace Ports in New York, Pittsburgh, Amsterdam, and Tokyo.
  • Plugging into this collective ecosystem of innovators and intellectual property through TCS’ Co-Innovation Network (COINTM) will enable Canadian companies to embrace a hybrid approach to collaborative innovation to set the pace of transformation in their industry. Read More

15% tariff reduces finished steel exports by 50% in June

Published on: 2:02 pm

  • Following the imposition of a 15 % charge on exports of some steel products by the government in a bid to boost domestic supply and lower inflation, India's exports of finished steel more than halved in June compared to the same month the year before.
  • According to statistics from the steel ministry gathered by SteelMint, Indian steelmakers exported 0.64 million tonnes of the alloy this month compared to 1.37 million tonnes in the same period the previous year. Compared to the previous month, the export was down 19%. Read more

Jio may commit up to Rs60,000 crore for 5G auctions; Airtel Rs50,000 crore

Published on: 1:31 pm

  • According to news reports, Reliance Jio Infocomm and Bharti Airtel are anticipated to submit bids for 5G spectrum valued at Rs55,000–60,000 crore and Rs45,000–50,000 crore, respectively, in the airwaves sale beginning on July 26.
  • In turn, the cash-strapped Vodafone Idea (Vi) and the Adani group, through its subsidiary Adani Data Networks, may submit bids for spectrum valued at Rs13,000–15,000 crore and Rs5,000–6,000 crore, respectively.
  • Experts anticipate a competitive three-way battle for 5G airwaves between India's top telco Jio, Airtel, and newcomer Adani, especially in the sought-after but pricey 3.3-3.67 GHz band, often known as the C-band or mid-band. This can raise the cost of the band by 10% over the initial base price of Rs317 crore per unit. Read More

RBI levies penalty of ~Rs1.70 crore on Ola Financial Services for breaching KYC & other norms

Published on: 1:27 pm

  • The Reserve Bank of India (RBI) fined Ola Financial Services Private Limited Rs1.68 crore for failing to comply with certain provisions relating to pre-paid payment instruments and Know Your Customer norms.
  • "The RBI has imposed a monetary penalty of Rs1.68 crore on Ola Financial Services Private Limited as it did not comply with certain provisions of the Master Directions on PPIs issued on August 27, 2021 and the Master Direction - Know Your Customer (KYC) Direction, 2016, issued on February 25, 2016" stated the central bank in a statement.
  • Ola Financial Services Private Limited, a subsidiary of the ride-hailing app ‘Ola’, provides financial services such as two-wheeler and four-wheeler lending, personal loans, and insurance products. Read more

Real Estate firm Signature Global files Rs1000 crore IPO papers with SEBI

Published on: 1:06 pm

  • Real Estate firm Signature Global (India) Ltd has filed initial papers with capital markets regulator Securities and Exchange Board of India (SEBI) to raise Rs1,000 crore through an initial public offering (IPO).
  • According to the draft red herring prospectus (DRHP) filed on Tuesday, the IPO consists of a fresh issue of equity shares worth up to Rs750 crore and an Offer for Sale (OFS) of up to Rs250 crore.
  • As a part of the OFS, promoter Sarvpriya Securities and World Bank's International Finance Corporation will sell equity shares worth up to Rs125 crore each. Read more

Through these centres, BLS will also provide a variety of B2C services to citizens.

Published on: 12:48 pm

  • The Directorate of Electronic Delivery of Citizen Services (EDCS); DPAR (Department of Administrative Reforms) (e-Governance), Government of Karnataka has chosen BLS International Services Ltd. as its exclusive operations partner for two divisions, Mysore and Kalburgi, which include 15 districts.
  • In this project, BLS will collaborate with the Government of Karnataka to provide currently available 798 government services from 78 different government agencies and departments via the SEVA SINDHU PORTAL by establishing Grama One Centres at the Gram Panchayat level.
  • Grama One is intended to be a single point of contact for all citizen-centric activities at the village level, including Government to Citizen (G2C) and Business to Customer (B2C) services. Read more

RITES signs MoU with CRIS to explore rail tech opportunities; Stock marginally up

Published on: 12:14 pm

  • RITES Ltd., the leading Transport Infrastructure Consultancy and Engineering company has signed a memorandum of understanding (MoU) with Centre for Railway Information Systems (CRIS), to explore information technology-based opportunities in the railway sector and new-age areas.
  • According to the filing, the MoU will facilitate both entities to leverage each other’s expertise and collaborate to drive digitalization in railway technologies. Together, CRIS and RITES will be working on national and international projects.
  • "With this partnership, the parties will devise smart, intelligent IT solutions for railway operations, apart from modernizing existing technology and telecommunication in the sector", the  company said. Read more

Sterling & Wilson nosedives ~6% as net loss widens to Rs356 crore

Published on: 12:07 pm

  • Sterling & Wilson Renewable Energy Limited announced its results for the quarter ended June 30, 2022. The company reported a Net Loss of Rs355.99 crore for the quarter under review, as against a loss of Rs76.02 crore in the previous corresponding quarter.
  • The loss during the quarter widened on account of increased input costs, stated the company in its filing.
  • The company informed that there has been a significant increase in total expenses to Rs1,568.92 crore in Q1FY23 as against Rs1,313.94 crore in Q1FY22. Read more

ICRA revises long-term rating of Tata Metaliks’ bank facilities worth Rs230 crore; stock zooms ~2%

Published on: 11:45 am

  • Tata Metaliks Limited informed that the rating agency, ICRA Limited, revised the credit rating assigned to long-term fund-based limits of the company.
  • ICRA has revised the long-term rating to ‘ICRA AA’ from the existing ‘ICRA AA-’. The amount of fund-based instruments has been revised to Rs230 crore from the existing Rs318 crore. Further, the rating continues to be under rating Watch with Developing Implications.
  • The rating of Non-fund-based facilities worth Rs428 crore has been reaffirmed at ‘ICRA A1+’ and it continues to be under rating Watch with Developing Implications. Read more

HCL Tech completes acquisition of Quest Informatics; Stock hits 52-week low

Published on: 11:40 am

  • HCL Technologies Ltd has informed to the exchanges regarding acquisition of Quest Informatics.
  • As per the regulatory filing, the company had earlier announced the acquisition of 100% stake in Quest Informatics Private Limited incorporated in India ("Quest"). The aforesaid acquisition has been completed effective July 12, 2022, the company updated.
  • Today, the company's share price hits new 52-week low after its Q1 numbers missed street expectations. HCL Tech posted an 8.6% sequential drop in net profit to Rs3,283 crore for Q1FY23. Read more

Infosys bags Google Cloud Specialization Partner of the Year Award for its Cloud Migration

Published on: 11:24 am

  • Infosys Limited announced that it has received the 2021 Google Cloud Specialization Partner of the Year award for Cloud Migration.
  • Infosys received recognition for its achievements in the Google Cloud ecosystem, which have resulted in seamless transitions and accelerated workload migrations to Google Cloud.
  • The award takes into consideration the deep expertise and capabilities developed as part of Infosys Cobalt in collaboration with Google Cloud, which resulted in the creation of a scalable, on-demand cloud model that will assist enterprises in navigating digital transformation and adopting a cloud-first strategy. Read more

Rail Vikas Nigam secures contract worth Rs1844.77 crore from NHAI; Stock rises

Published on: 11:15 am

  • Rail Vikas Nigam Limited (RVNL) has informed  that the company in named RVNL - SP Singla Constructions Pvt. Ltd. (Consortium) has been awarded Letter of Acceptance (LoA) by National Highways Authority of India (NHAI) on July 11, 2022.
  • The LoA is awarded regarding Construction of 4 laning of NH-5 from Kaithlighat to Shakral Village (Shimla Bypass Package I: from Km 128.835 to Km 146.300 for Design Length = 17.465 km) in Himachal Pradesh on Hybrid Annuity Mode, the company informed in a regulatory filing.
  • The total estimated cost of the project is Rs1844.77 crore. Read more

Following Indigo, Go First maintenance workers took sick leave to protest inadequate pay

Published on: 11:14 am

  • According to news reports, a sizable portion of Go First aviation maintenance technicians (AMTs) has taken sick leave over the previous three days in protest of their low pay. This occurs shortly after a sizable number of IndiGo AMTs in Hyderabad and Delhi took sick leave due to a related issue, resulting in disciplinary action being taken against them by the airline.
  • The concerned technicians have been instructed by IndiGo to visit the airline's doctor along with the required medical records to confirm whether they were genuinely ill. Read more

Flipkart introduces new policies to build a more inclusive e-commerce ecosystem

Published on: 10:50 am

  • Flipkart has announced its continued commitment to sellers with a slew of new marketplace policies and capabilities to enable greater ease of doing business online.
  • The initiatives aim to provide sellers a smooth and convenient experience on its platform with a host of new capabilities, programs and benefits to nurture their growth.
  • These new features and capabilities focus on ease of doing online business for MSMEs and supporting their sustainable growth. They include Easy Settlements, Simplified Rate Card, Single Final Settlement Value for the sellers, Reduction in the Platform Fee, growth programs - Flipkart Ignite and Business Experts to hand-hold sellers; AI-led cataloging support and other policies to drive more profitably for them on the Flipkart platform. Read more

Bajaj Healthcare forays into Opiate Processing Business for Government of India; stock climbs ~3%

Published on: 10:32 am

  • Bajaj Healthcare Limited (BHL), a leading manufacturer of APIs, Intermediates, and Formulations, has received two tenders from the Government of India, Department of Revenue, Office of Chief Controller, Govt. Opium & Alkaloid Factories, GOI for manufacturing Concentrated Poppy Straw (CPS) and Alkaloids/Active Pharmaceutical Ingredients (APIs) from unlanced poppy capsules along with straw through CPS-Reg and Opium Gum.
  • Both tenders will be carried out at the company's API manufacturing facility in Savli, Gujarat, India.
  • The APIs will be manufactured under highly regulated conditions and in strict accordance with the Government of India's protocols. With capacity enhancement capabilities, the unit is well-positioned to cater to all mandated quality checks and controls. Read more

Tata Tele Business Services honored with 'Asia Pacific Stevie Award 2022' for innovative use of tech

Published on: 10:19 am

  • Tata Tele Business Services (TTBS), one of India’s leading enabler of connectivity and cloud solutions for businesses has won the prestigious ‘Asia Pacific Stevie Award’- Silver for innovative use of technology in customer service.
  • The award recognizes the new ideas and developments within customer service that enabled organizations to meet the needs of their customers more effectively, leading to increased satisfaction and loyalty.
  • The Asia-Pacific Stevie Awards are the only business awards program to recognize innovation in the workplace in all 29 nations of the Asia-Pacific region. The Stevie Awards are widely considered to be the world's premier business awards, conferring recognition for achievement in programs such as The International Business Awards for 20 years. Read more

Zontes will introduce three additional bikes, including a naked sports model, in India

Published on: 10:16 am

  • On Tuesday, the 350cc-class bikes from the Chinese niche motorcycle manufacturer Zontes were announced as part of the company's product lineup for the domestic market. Zontes, which was founded by Guangdong Tayo Motorcycle Technology Co in 2003, made its entry into the Indian market earlier this month in association with Hyderabad-based Adishwar Auto.
  • The brand is already well-known in 55 nations, including, among others, the UK, Italy, Spain, France, Belgium, Brazil, Malaysia, and Thailand.
  • The firm had previously stated that the brand intended to introduce an attractive portfolio of five goods in India, each of which would have a wide dealer network. Read more

Syngene International to acquire 26% equity stake in Ampyr Renewable Energy Resources Eleven

Published on: 10:04 am

  • Syngene International Limited has informed that the Company has entered into an agreement for the purpose of acquisition of renewable power by acquiring equity stake up to 26% in Ampyr Renewable Energy Resources Eleven Private Limited (“AREREPL”), Special Purpose Vehicle formed by Ampyr India Asset Holdings Private Limited, for generation and supply of solar power.
  • As per the regulatory filing, the objective of acquisition is to enhance the renewable based power consumption, Syngene International Limited will acquire and maintain 26% stake in AREREPL throughout the term of the Power Purchase Agreement to maintain captive status. Read more

Borosil Renewables completes set up of SPV ‘Laxman AG’ in Liechtenstein; stock rises

Published on: 9:55 am

  • Borosil Renewables Limited informed that it has completed the set-up of its special purpose vehicle in Liechtenstein namely ‘Laxman AG’.
  • The entity incorporated does not have any business operations and is only a special purpose vehicle.
  • This entity is incorporated in order to effectively manage the acquisition of Interfloat, and to enable the Company to explore additional business opportunities and partnerships in Europe.
  • Earlier in April 2022, the company agreed to acquire 100% stake in Interfloat and GMB Glasmanufaktur Brandenburg each. Read more

In early trading, gold falls; silver rises

Published on: 9:54 am

  • Early on Wednesday (13-07-2022), gold prices decreased by Rs 156, and 10 grams of 24-carat yellow metal are now selling for Rs 51,054. On the other side, the price of silver increased by Rs 5,300 per kg from the day's closing price, selling for Rs 62,500 on Wednesday.
  • The price of 10 grams of 22-carat gold is currently Rs 46,800, down from Rs 150 on Wednesday.
  • As investors awaited monthly US inflation statistics for clues on the direction the Federal Reserve's monetary policy will take, gold prices in the US remained close to a more than nine-month low on Wednesday. The dollar continued to weigh on the demand for bullion. Read more

IIP growth at 19.6% in May 2022, due to favorable base effect of May 2021

Published on: 9:44 am

  • According to statistics issued on July 12 by the Ministry of Statistics and Programme Implementation, India's industrial growth increased to 19.6% in May from 7.1 % in April, according to the Index of Industrial Production (IIP).
  • Despite being boosted by a favorable base effect, the pace of industrial growth in May was the highest in a year at 19.6 %. Read more

Anand Rathi Wealth logs ~34% yoy growth in PAT at Rs39.70 crore; stock adds ~1%

Published on: 9:34 am

  • Anand Rathi Wealth Limited has announced its results for the quarter ended June 2022 and has achieved significant growth on consolidated financial results for the quarter.
  • The company has reported total revenue of Rs133.50 crore in Q1FY23 as against Rs98.40 crore in Q1FY22, up by 35.70% on yoy basis. On a sequential basis, the company logged growth of 16.40% in revenue at Rs114.80 crore in Q4FY22.
  • Company’s Profit After Tax stood at Rs39.70 crore in Q1FY23, as compared to Rs29.70 crore in Q1FY22, registering a growth of 33.60% yoy. Sequentially, PAT grew by 14.80% at Rs34.60 crore in Q4FY22. Read more

Markets trade higher amid Q1 earnings, Nifty above 16,100 led by banking stocks

Published on: 9:34 am

  • Indian markets began trading session on a positive note on the back of mixed global cues despite concerns over rising rrecession and inflation continues to play a spoilsport for markets outlook globally. Investors focus has now shifted towards earnings reports for June 2022 quarter. In both benchmarks Sensex and Nifty 50, a broad-based buying has been recorded with banking, auto and realty stocks outperforming. 
  • At around 09:31 am, Sensex was trading at 54,087.61 up by 201 points or 0.37%. Nifty 50 performed at 16,113.80 higher by 55.50 points or 0.35%.
  • In the early deals, Sensex has touched an intraday high of 54,211.22, while Nifty 50 climbed to the day's high of 16,139.60. Read more

Meena Hemchandra appointed part-time chairperson of Karur Vysya Bank

Published on: 9:29 am

  • The Reserve Bank of India (RBI) has accepted the nomination of former RBI officer Meena Hemchandra as the bank's part-time chairman for a period of three years, private sector lender Karur Vysya Bank announced on Tuesday. Hemchandra's application for the position of non-executive independent (part-time) chairperson of the bank had been recommended by the bank to the RBI in May.
  • In a regulatory filing, Karur Vysya Bank stated, "We desire to inform...Reserve Bank of India via their letter dated July 11, 2022, given their consent for the appointment of Meena Hemchandra as part-time chairperson of the bank."
  • It further stated that Hemchandra's (64) term was accepted for a duration of three years beginning on the day he assumed leadership. Read more

HKG acquires sugar mill, ethanol plant through auction; Stock gains 3%

Published on: 9:19 am

  • HKG Limited has announced to the exchanges that it has successfully participated in the auction conducted towards Shri Shivsagar Sugar and Agro Products Limited, udapudi on July 11, 2022.
  • The Company participated in the auction to acquire Sugar Mill, Co-Gen Plant, Ethanol Plant, Office Building, Godown and Guest House from The Belagavi District Central Co-Operative Bank Ltd (Bank) and Bank has awarded us in-principle letter dated July 11, 2022 for the same, the company said in a regulatory filing on Tuesday. Read more

New A8 L sedan from Audi to cost Rs 1.29 crore in India

Published on: 9:19 am

  • The new A8 L, a premium sedan from German luxury automaker Audi, went on sale Tuesday in two variations, with the celebration edition costing Rs1.29 crore and the technology edition costing Rs1.57 crore.
  • This is the company's second launch of the year.
  • The Audi A8 L is a symbol of transportation without compromise, according to Balbir Singh Dhillon, head of Audi India. The newest variant adds even more glitz, comfort, and technology. We are giving our discerning clients more options and scope for customization with the new Audi A8 L. Read more

Raymond appoints consumer industry veteran Atul Singh as Executive Vice Chairman

Published on: 9:17 am

  • India’s leading textile, apparel, retail and real estate conglomerate Raymond Limited on Wednesday has announced the appointment of Atul Singh to lead the Group, signalling a significant step towards creating a future ready organisation. The company is on a transformation journey by strengthening its leadership by bringing in diverse experience on board.
  • The Nomination and Remuneration Committee of Raymond Limited has recommended his appointment as Executive Vice Chairman to the Board of Raymond Limited subject to and post securing necessary regulatory clearances. Read more

Shilpa Medicare's Unit VI, Bengaluru facility has been issued UK MHRA GMP; Stock soars 3%

Published on: 9:16 am

  • Shilpa Medicare Limited has informed that the Company’s newly commissioned facility for manufacture and testing of Orodispersible films and Transdermal systems situated at Dabaspet, Bengaluru, Karnataka State, has been issued GMP Certificate by UK MHRA.
  • The facility was inspected by MHRA from April18, 2022 to April 20, 2022.
  • In a regulatory filing, the company sid, "The facility has capabilities of manufacturing and testing specialized dosage forms like Orodispersible Films and Transdermal systems. It is backed up with strong Research and Development of challenging orodispersible films and transdermal technologies. The GMP facility is equipped with state of art infrastructure to meet commercial requirements from a global perspective." Read more

Marksans Pharma’s Board approves Rs60 crore Buy Back Plan

Published on: 9:16 am

  • Marksans Pharma Limited announced that the Board of Directors of the company has approved the buyback by the company of its own fully paid-up equity shares of Rs1 each, up to a maximum price of Rs60 per share.
  • The aggregate buyback consideration would not exceed Rs60 crore, payable in cash.
  • At the buyback price of Rs60 per share and maximum offer size of Rs60 crore, the indicative maximum number of Equity Shares proposed to buyback would be 1 crore Equity shares. Read more

Customs Authorities can place tracking devices on shipments of gold, silver etc. under Controlled De

Published on: 9:09 am

  • The so-called Controlled Delivery (Customs) Regulations, 2022, by the government, are intended to track down individuals engaged in the transportation of products like gold, silver, precious and semi-precious stones, currency, antiques, and various other goods.
  • Narcotic drugs, psychotropic substances, precursor chemicals, restricted substances, or their substitutes are also included, as are alcohol and other intoxicating beverages, fake money or negotiable instruments, cigarettes, tobacco, and tobacco products, as well as wildlife goods. Read more

RBI met with bank managers to get an idea of market sentiments: Reports

Published on: 9:04 am

  • On Tuesday, as the rupee hit a new low and investors became hesitant to purchase additional government bonds after suffering losses from rising yields, the Reserve Bank of India met with senior executives of major banks and treasury managers to gauge market sentiment.
  • This coincides with the rupee's decline, which has prompted a flurry of regulatory measures aimed at restoring foreign inflows and reducing dollar payments tied to imports.
  • According to the reports, the central bank also requested feedback on its decision to liberalize foreign exchange inflows on July 6.
  • About 18 institutions, including public, private, and foreign lenders, were represented at the conference, which was reportedly presided over by an executive director of the RBI. Read more

CCI nods Shrem InvIT's acquisition of ten road infra projects from Dilip Buildcon

Published on: 8:57 am

  • The Competition Commission of India (CCI) has approved acquisition by Shrem InvIT of equity in ten road infrastructure projects (Target SPVs) from Dilip Buildcon Limited (DBL) and its associates.
  • As per the released government data, the Proposed Combination involves an acquisition of 100% of the equity in the Target SPVs by the Acquirer. It also entails issue of certain of units of Shrem InvIT to DBL and its associates as consideration for the acquisition.
  • Shrem InvIT is a trust registered under the Indian Trusts Act, 1882 and with SEBI under InvIT Regulations 2014. It has been set-up for the purpose of carrying on the activity of an infrastructure investment trust. Read more

Agriculture public-private partnership formal framework is being developed by the government

Published on: 8:31 am

  • According to news reports, the government wants to work with businesses to develop a PPP model that is not only highly replicable and upgradable but also highly viable over the long term. The proposal to formally bring in additional businesses to the sector comes six months after the Centre, under public pressure, abolished the three contentious agricultural legislation.
  • The government is eager to develop a formal, comprehensive framework for public-private partnership (PPP) for the agriculture sector with an emphasis on securing greater investments and expertise from private participants in the area.
  • Manoj Sinha, the agriculture secretary, said that work on the framework was still in progress and that commercial companies were welcome to contribute. Read more

OECD says India's growth outlook is stable

Published on: 8:26 am

  • Amid high inflation, poor consumer confidence, and falling stock prices, the GDP estimate for the US has been revised downward from "steady growth" to "growth losing pace."
  • According to a report on the Composite Leading Indicator (CLI) issued by the Organization for Economic Co-operation and Development, the economic growth in India is stable while it is ebbing in most other major nations, such as the US and China (OECD).
  • From "steady growth" in last month's release to "growth losing momentum" this month, the growth outlook for the US has been lowered. Read more

RBI Governor says that economic growth sacrifice will be kept at tolerable level

Published on: 8:23 am

  • Shaktikanta Das, governor of India's central bank, stated that monetary policy is sensitive to the demands of the economy's growth.
  • His remarks came during a fireside chat on Tuesday at an event hosted by the Singapore Indian Chamber of Commerce and Industry in the city-state as inflationary concerns and pressure on the Reserve Bank of India to tighten policy are growing due to rising global price pressures and a weaker currency.
  • Data released on Tuesday revealed that prices kept rising at rates that were higher than the central bank's tolerance limit of 6%.
  • "We always account for the need for economic growth, and the growth sacrifice should be kept to a tolerable level," Das said. The policy shouldn't cause the economy to experience a "major slowdown." Read more

Top 10 stocks for today

Published on: 8:20 am

  • The Singapore Exchange's Nifty futures traded 41 points, or 0.26%, higher at 16,101, indicating that the markets will have a good start on Wednesday. The following twelve stocks may be the ones that are likely to see most movement in the markets today.
  • Here are the stocks with major news in them and the potential to move the markets:
  • HCL Technologies: Read more

Indian markets may start the day in Green today

Published on: 8:05 am

  • After the sell-off seen yesterday, Indian equity markets may start the day in Green today. Investors are likely to do more value buying today than profit booking. SGX Nifty is also in the green today. It is up by 0.37% since morning. US June inflation data will come later in the evening today. Markets seem to have factored in another high rate of inflation in June in US. India's Industrial Production grew year-on-year by 19.6% in May 2022. But this high growth rate is mainly because of the low base effect of May 2021.
  • US markets ended in the red as participants got cautious before the inflation number expected today in US. Inflation in June is expected to be near 8.8%.Dow Jones fell 190 points after seeing intra day swings of over 486 points. Nasdaq lost 100 points after seeing swings of 278 points. Oil prices slid over 9% to close near US$93. Bond yields declined to close near 2.95%. Read More

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Disclaimer : All estimates (1 year forward) are based on Consensus View provided by Refinitiv.

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