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15th Jul, 2022

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Market weekly round up

Published on: 3:49 pm

Indian equity markets have ended the week in Green. Nifty closed the week up by 110.5 points.
Sensex closed the week up by 344.63 points. Top Gainers on the last day of the week were Tata Consumer, Titan and Hindustan Unilever.
Top losers on the last day of the week include Tata Steel, Power Grid, HCL Technologies. Sensex started the week at 54223.59 and ended it at 53760.78. Nifty 50 started the week at 16158.60 and ended it at 16049.20. So overall it was a week in Red for the markets. Read More

Happiest Minds Technologies announce launch of ‘Happiest Health’

Published on: 3:30 pm

Happiest Minds Technologies Limited's Exceutive Chairman announced the launch of ‘Happiest Health’.
Happiest Health is a health & wellness knowledge enterprise promoted by Ashok Soota, Executive Chairman of the company.
Furthermore, Soota outlined that Happiest Minds has the potential to become a significant player in the healthcare space, owing to the domain knowledge gained through his work for Happiest Health and SKAN, a not-for-profit medical research Trust launched last year.
He further stated that all of this work is being done, and will continue to be done, under arm's length agreements approved by the Board of Happiest Minds. Read More

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TCS once again becomes UK’s #1 Software and IT Services Company

Published on: 3:16 pm

Tata Consultancy Services has been ranked number one by revenue among the Top 30 Suppliers of Software and IT Services (SITS) to the UK Market by industry analyst firm, TechMarketView.
The report is compiled through a detailed analysis of UK revenues of over 200 publicly quoted and privately held companies. TCS has retained its position as the UK’s largest SITS provider. The company also performed very well in the revenue rankings by sub-category, topping the chart for Applications Operations, ranking #2 in IT/BP Services, and #3 in the Consulting and Solutions categories. Read more

Muralikrishnan B appointed President of Xiaomi India

Published on: 3:10 pm

Xiaomi, a Chinese smart gadget manufacturer, has elevated Muralikrishnan B to the position of president to lead its India operations. Since 2018, Muralikrishnan has led the business as its chief operating officer. From August 1, he will be in charge as president of Xiaomi India.
"Muralikrishnan B will be responsible for daily operations, services, public affairs, and strategic projects in his new role as President of Xiaomi India," the company said in a statement. "He will also continue to work towards strengthening the company's commitment towards the Make in India and Digital India initiative." Read more

Rupee settlement is not expected to be used frequently, says Capital Economics

Published on: 3:05 pm

According to Capital Economics, the Reserve Bank of India's most recent method of settling international commerce directly in rupees, which aims to increase interest in the currency among traders worldwide, is unlikely to be extensively adopted.
"We don't think the new system will significantly increase the amount of commerce concluded in rupees. Since other currencies are typically more expensive to use, the majority of international commerce is handled in dollars and euros rather than other currencies, Assistant Economist Adam Hoyes noted in a note. Read more

Compuage Infocom enters into Distribution Agreement with Lexar; stock marginally up

Published on: 3:01 pm

Compuage Infocom Limited informed that it has entered into a Distribution Agreement with Lexar Co. Limited for offering memory and storage products to suffice the growing needs of the Indian market for these products having regard to the increasing demand for computers and their components.
For over 25 years, Lexar has been a trusted global brand name in flash memory solutions, with an award-winning lineup that includes memory cards, USB flash drives, solid-state drives, card readers, and DRAM. The company is dedicated to providing customers with appropriate solutions that meet their needs. Read more

Torrent Power bags Rs2600 crore wind power project from SECI; Stock soars over 1%

Published on: 2:40 pm

Torrent Power Limited has informed to the exchanges that pursuant to competitive bidding process, Solar Energy Corporation of India Limited (SECI) has granted a Letter of Award to Torrent Power for Wind Power Project of 300 MW and confirming long-term Power Purchase Arrangement for the power generated from the proposed project.
According to the said filing, the estimated project cost is Rs2,600 crore and estimated date of commissioning is 24 months from the execution of PPA, the company said. Read more

Finance Ministry wants input on revisions to the monthly GST payment form

Published on: 2:32 pm

Finance Minstry published a document on Friday that suggested adjustments to the monthly GST payment form and requested feedback from the industry by September 15.
The GST Council proposed during its meeting last month that the modifications to the GSTR-3B, or monthly tax payment form, be made public in order to solicit feedback and ideas from the stakeholders. Read more

Rupee increases by 7 paisas to 79.92 per dollar in early trade

Published on: 2:21 pm

Early on Friday, the rupee rose versus the US dollar by 7 paise to 79.92 as a strong trend in local stocks and new foreign capital inflows boosted investor confidence.
The advances of the local currency were nonetheless restrained, according to forex dealers, by a strong dollar in international markets. At the interbank foreign exchange, the rupee began trading at 79.95 to the dollar before strengthening further to trade at 79.92 in early trades, gaining 7 paise from the previous close. Read more

ED freezes bank deposits of West Bengal based group, after raids

Published on: 2:15 pm

As part of a money laundering inquiry, the Enforcement Directorate on Friday announced that it had raided numerous locations belonging to the West Bengal-based Rashmi group of enterprises and frozen bank accounts totalling nearly Rs95 crore.
In a case where the company and its promoters "deliberately mis-declared the facts and mis-utilized the dual freight policy of the Indian Railways to avail wrongful benefits of a lower tariff of freight for transportation of iron ore," the ED is looking into the loss of Rs73.40 crore to the public exchequer. Read More

RateGain’s June PULSE Report anticipates surge in Asian Travel demand Despite New Variant

Published on: 2:12 pm

RateGain Travel Technologies Limited, a global SaaS provider for travel and hospitality, shares insights in its June edition of the PULSE report by analyzing demand from over 1,91,000 hotels and monitoring future travel demand from more than 60 cities.
According to the report, while month-on-month travel bookings in Europe and the Americas have decreased as summer travel begins, demand in Asia has increased, with travelers from Europe and the Americas booking trips to India, the UAE, Thailand, and Indonesia for September.
China, the world's largest outbound market, began relaxing restrictions in June, and it is expected that more than one-quarter of outbound travel from China will begin to recover slowly. Read more

Inflation rate rising in 22 of the 38 states

Published on: 2:12 pm

The majority of states and union territories (UTs) experienced an acceleration in the rate of price increases, despite the fact that the headline retail price inflation rate in June reduced somewhat from the previous month to 7.01 %.
The consumer price index (CPI)-based inflation rate increased in as many as 22 of the 38 states and UTs between May and June. Additionally, Sikkim, one state, saw the same 8.28% inflation rate in June as it did in May.
This indicates that less than 40% of the states and UTs saw reduced inflation in June compared to May. In May, the national average was 7.04 %. Read more

Syngene stock zooms over 4% on signing 10-year biologics manufacturing agreement with Zoetis

Published on: 2:04 pm

Syngene International Limited has announced the signing of a 10- year agreement with leading animal health company, Zoetis, to manufacture the drug substance for Librela (bedinvetmab), a first in class monoclonal antibody used for treating osteoarthritis in dogs.
Launched in Europe, the UK and Switzerland, the product won ‘Best new companion animal product’ by IHS Markit Connect in 2021 for its transformational impact on pain relief for canines suffering from this debilitating condition. Read more

Sebi orders attachment of personal assets of Shree Ramkrishna Electro Controls' former MD

Published on: 1:54 pm

In the case of Shree Ramkrishna Electro Controls Ltd., Sebi has mandated the attachment of a person's bank accounts as well as shares and mutual fund holdings in order to collect around Rs18 crore.
According to a Thursday attachment notice from Sebi, Chandrakant Bhargav Gole has been ordered to pay back the firm the sum of Rs5.74 crore plus 15% interest per year, or Rs12.53 crore, that was obtained through the sale of redeemable cumulative preference shares (RCPS) to investors. Read more

Federal Bank logs highest-ever PAT of Rs601 crore in Q1FY23; stock zooms ~2%

Published on: 1:48 pm

Federal Bank Limited announced its unaudited financial results for the quarter ended June 30, 2022 today.
The company reported a 64% yoy jump in PAT at Rs601 crore during the quarter under review, as against Rs367 crore in Q1FY22.
Bank’s total income for Q1FY23 is reported at Rs4,081 crore as compared to Rs4,004 crore in the previous corresponding quarter, up by 2% yoy.
Federal Bank’s Net Interest Income for the quarter came in at Rs1,605 crore, up by 13% yoy against Rs1,418 crore in the previous corresponding quarter. Read more

REC suggests transferring PFC's ownership of Co. to PGCIL, both stocks down

Published on: 1:42 pm

The government should think about selling Power Finance Corporation's interest in the company to Power Grid Corp. of India, according to the state-run REC Ltd.
In the last week of June, REC proposed that a non-banking public sector business buy out PFC's ownership part in the company in a presentation to the power ministry.
The possibility of PGCIL acquiring PFC's stake in REC was considered at the meeting, which was presided over by RK Singh, minister of power and renewable energy. Read more

Tata Steel Long slips ~4% on posting loss of Rs331.09 crore in Q1FY23

Published on: 1:20 pm

Tata Steel Long Products Limited reported a net loss of Rs331.09 crore in the June 2022 quarter dragged down by heavy expenses during the period, as compared to a Profit of Rs331.60 crore in the previous corresponding quarter.
The company reported a jump of 24.78% yoy in income at Rs2,154.78 crore for Q1FY23 as compared to Rs1,726.82 crore in the previous corresponding quarter.
Total expenses during the quarter increased to Rs2,489 crore, up from Rs1,282.59 crore in the same quarter previous year. Read more

USFDA removes Jubilant Generics' three products from expected products list; Stock dips 2%

Published on: 12:58 pm

Jubilant Pharmova Limited’s stock dips nearly 2% during Friday;'s trading session as its wholly owned subsidiary Jubilant Pharma Limited, has announced that its subsidiary Jubilant Generics Limited (JGL) received a communication from the USFDA through which the latter intimated that it has decided to remove olanzapine orally disintegrating tablets, spironolactone tablets, and valsartan tablets from the list of excepted products from the Import Alert at the Roorkee facility of JGL.
As per the filing, the USFDA mentioned its review of the product supply situation in the market and company’s compliance status as the reasons for this decision. The current revenue from these three products is less than 1% of the consolidated revenues of the Company. Read more

Tata Elxsi clocks 30% yoy growth in Revenue at Rs725.90 crore for Q1FY23; stock climbs ~4%

Published on: 12:55 pm

Tata Elxsi Limited delivered strong growth during the first quarter of the financial year ended June 30, 2022.
The company has reported revenue from operations at Rs725.90 crore in Q1FY23, registering a sequential growth of 6.5% and a year-on-year growth of 30%.
EBITDA for Q1FY23 registered a growth of 7.6% on a sequential basis. While it jumped by a whopping 58.8% yoy at Rs238.20 crore against the previous corresponding quarter. Read more

Adani Ports and Gadot Group wins tender to privatise Israel’s Haifa Airport; stock rises

Published on: 12:20 pm

Adani Ports and Special Economic Zone Ltd (APSEZ) and Israel's Gadot Group have won the tender to privatize the Port of Haifa, Israel's second largest port, despite stiff competition from local and international players.
The Adani-Gadot consortium won the right to buy 100% of Haifa Port Company Ltd. through the winning bid. The Port of Haifa's concession period runs until 2054.
Haifa Port Company Ltd (HPC) is one of Israel's two largest commercial ports. The port, which handles nearly half of Israel's container cargo, is also the country's main passenger and cruise ship port. Read more

FM bats for evidence-based policymaking

Published on: 12:20 pm

India's long-term economic prospects are built into public capital investment programs, according to Finance Minister Nirmala Sitharaman on Friday.
Evidence-based policymaking is essential for robust economic systems, according to Sitharaman, who was speaking at the third G20 Finance Ministers and Central Bank Governors (FMCBG) conference in Bali, which was hosted by Indonesia. Read more

Along with its airports, Adani Group intends to build aero cities

Published on: 11:52 am

In addition to its aeronautical and non-aeronautical (terminal) operations, Adani Group wants to develop real estate projects alongside its airports in the nation, according to a report by ET.
According to their statement, Adani Airports' portfolio of city-side developments calls for the building of over 70 million square feet on more than 500 acres of land across all of its airports.
These "aero cities" will include a variety of accommodations, convention centres, shopping, entertainment, and healthcare facilities, as well as logistics, business offices, and other related real estate sectors. Read more

Q1FY23 Preview: HDFC Bank: Net Interest Income seen at Rs195 billion, PAT at Rs92 billion

Published on: 11:52 am

Result date: 16^th July, 2022
Recommendation: Buy
Target price: Rs1,800
Country’s largest private bank, HDFC Bank is all set to report its performance for the quarter ending June 30, 2022.
The bank reported a sequential growth of 1.9% in its loans, lagging behind industry growth. This is largely due to muted growth of wholesale loans. Over the year-ago quarter, its loans grew 21.6%. Deposits grew 19.3% over the year-ago quarter and 3% sequentially. However, the bank’s CASA (current account savings account) ratio declined to 45.8%, down 240 basis points sequentially. Read more

GMM Pfaudler board nods allotment of over 2.92 crore bonus equity shares; Stock marginally up

Published on: 11:50 am

The Allotment Committee of the Board of Directors of GMM Pfaudler Ltd at their meeting held on July 14, 2022 have approved allotment of 2,92,35,000 Equity Shares.
As per the filing, the board approves allotment of equity shares having face value of Rs2/- each as fully paid-up Bonus Equity Shares, in the ratio of 2:1 i.e. 2 Equity Shares having face value of Rs2/- each for every 1 equity share having face value of Rs2/- each held, to the eligible Shareholders whose names appear in the Register of Members and the list of beneficial owners as on July 12, 2022, being the record date fixed for this purpose. Read more

TCS’ new study reveals Cyber Threats within Digital Ecosystems May Be an Enterprise Blind Spot

Published on: 11:40 am

Tata Consultancy Services Limited announced the findings of its TCS Risk & Cybersecurity Study, which reveal that cyber executives may not be prioritizing threats from vulnerabilities within the value chain, beyond their own organizations' immediate boundaries.
When asked where companies will see the most cyberattacks between now and 2025, ecosystem partners came in last (10th).
TCS' survey found that, at a time when businesses are increasingly relying on digital ecosystems for growth, only 16% of chief risk officers (CROs) and chief information security officers (CISOs) ranked digital ecosystems as a concern when assessing expected cyber targets, and only 14% ranked such ecosystem risks as the top priority arising from board-level discussions. Read more

Tata Power arm TP Saurya secures LoA to set up 600MW hybrid project for SECI at Karnataka

Published on: 11:13 am

TP Saurya Limited (TPSL), a wholly owned subsidiary of Tata Power has received the 'Letter of Award' (LoA) from Solar Energy Corporation of India (SECI) for setting up a 600 MW hybrid (wind and solar) power project in Karnataka.
The letter was awarded through tariff-based competitive bidding followed by an e-Reverse auction. The project will be commissioned within 24 months from the PPA execution date, the company said.
Speaking on the project win, Dr. Praveer Sinha, CEO & MD Tata Power, said "We are enthused with the win of 600MW hybrid project for SECI as it reaffirms Tata Power's commitment to building a sustainable ecosystem for transitioning towards a greener future. Renewable hybrid projects are a game changer in India as they can generate round-the-clock power with high reliability levels to help meet country's decarbonisation goals." Read more

Yes Bank selects JC Flowers ARC as its joint venture partner to sell impaired debts totaling Rs48,00

Published on: 11:11 am

According to a stock exchange statement on Friday, private lender Yes Bank has inked a term sheet with JC Flowers Asset Reconstruction (ARC) for the sale of identified stressed loans of up to Rs48,000 crore.
According to the statement, "the bank has signed a binding term sheet with JCF ARC LLC and JC Flowers Asset Reconstruction Private Limited ("JC Flowers ARC") for strategic partnership in relation to the sale of identified stressed loans of the bank. This was done in accordance with the enabling approval of the Board of Directors on May 6, 2022, and the final approval from the Board Credit Committee on July 13, 2022. Read more

Senco Gold gets IPO approval

Published on: 10:58 am

Jewellery retail chain Senco Gold has got approval from SEBI for its IPO. The IPO will raise up to Rs 525 crore. Fresh issuance of shares in the IPO will amount up to Rs 325 crore. Offer for Sale will amount up to Rs 200 crore. Offer for Sale will involve selling of shares by its existing shareholder, SAIF Partners India.
Senco runs a chain of around 170 stores in the country. These stores sell gold, diamond, silver jewellery and jewellery made from other valuable items. The company is headquartered in Kolkata. Some of its stores are owned and operated by its franchise partners. Read more

Kotak Mahindra Bank completes direct tax payments integration

Published on: 10:55 am

One of the first private banks to be fully integrated with the new Income Tax department portal is Kotak Mahindra Bank, which has merged with the new e-filing system for taxes.
According to a press statement from the bank, Kotak clients can now pay their direct taxes online through the e-pay tax page of the portal using Kotak Net Banking or by going to a branch.
Following the announcement allowing all banks to engage in government operations, Kotak Bank became the first Scheduled Private Sector Bank to be approved as a partner in tax collecting in October 2021. Read more

Kanani Industries secures contract worth Rs13 crore from International clients

Published on: 10:45 am

Kanani Industries Ltd has informed to the exchanges regarding export order received by the company.
In a regulatory filing, the company announced that it has received additional Export Orders worth of Rs13 crore from its international clients for supply of diamond studded Jewelry. Read more

Matrimony.com receives final SEBI observation for Rs75 crore buyback plan; stock spurts ~3%

Published on: 10:44 am

Matrimony.com Limited received final observation from the Securities and Exchange Board of India (SEBI) through its later dated July 12, 2022, on the Draft Letter of Offer for the Buyback dated June 30, 2022.
In accordance with SEBI (Buy Back of Securities) Regulations, 1998, the Company will send the Letter of Offer for the Buyback to eligible shareholders who own Equity Shares on the record date, July 4, 2022.
The Buyback offer will begin on Tuesday, July 26, 2022, and will end on Monday, August 8, 2022. Read more

Florintree purchases the bulk of Avasarala Tech's shares, which is based in Bangalore

Published on: 10:36 am

In a combination of primary and secondary investments, Mathew Cyriac, the former head of Blackstone India, owns Florintree Advisors, an alternative asset management company that has purchased a 72% share in Avasarala Technologies (ATL).
According to a press release issued on Thursday, Florintree has acquired a 45% share in the Bengaluru-based company with interests in nuclear power and aerospace from the current private equity investor and the remaining portion through primary investment. Read more

ACC logs 60% decline in Net Profit at Rs227 crore in Q2FY22

Published on: 10:21 am

ACC Limited announced its results for the quarter and half year ended June 30, 2022.
The company reported net sales of Rs4,393 crore in the quarter under review, as compared to Rs3,810 crore in Q2FY21. Sales for the half year stood at Rs8,715 crore as against Rs8,024 crore in the previous comparable period.
Company reported an EBITDA of Rs426 crore in Q2FY22, as compared to Rs869 crore in the previous corresponding quarter, down by 51% yoy. Half-yearly EBITDA stood at Rs1,061 crore as compared to Rs1,730 crore in the previous comparable period. Read more

Vedanta board to consider 2nd interim dividend on July 19; Stock rises

Published on: 10:19 am

Vedanta Limited has informed to the exchanges that the Board of Directors of the Company on Tuesday, July 19, 2022, will consider and approve Second Interim Dividend on equity shares, if any, for the Financial Year 2022-23.
"The record date for the purpose of determining the entitlement of the equity shareholders for the said dividend, if declared, is being fixed as Wednesday, July 27, 2022", the company said in a regulatory filing on Thursday.
At around 10:19 AM, Vedanta was trading at Rs228.50 per share up by Rs0.65 or 0.29% from its previous closing of Rs227.85 per share on the BSE. Read more

LIC's embedded value is estimated to be Rs5.42 lakh crore

Published on: 10:13 am

The value of the new business (VNB) for FY22 increased by about 83%, according to the Life Insurance Corporation of India (LIC), which also revealed that its Indian embedded value has been estimated at Rs5.42 lakh crore.
The VNB was Rs7,619 crores, up from Rs4,167 crores in the previous fiscal. When compared to the previous fiscal year, the VNB margin increased to 15.1% in FY22 from 9.9%.
The insurer that went public this year reported that, as of the end of March, its Indian embedded value was Rs5.42 lakh crore, about six times higher than it was a year prior. In comparison to the same period last year, the return on embedded value was 11.9%, down from 36.9%. The value was revealed after it was supposed to be announced with quarterly results moving forward. Read more

Consumer Sentiment still weak: CMIE

Published on: 10:11 am

The consumer sentiment index increased by 1.1 percent in June 2022, indicating that consumer mood is still weak. It has drastically slowed down from 4-5 percent in January and February to 3 percent in March and April, the Centre for Monitoring Indian Economy reported, however, it is still better than the 0.8 percent growth in May.
The Index of Consumer Expectations (ICE) expanded at a far slower rate of 13.2 percent between January and June 2022, CMIE estimates, compared to the Index of Current Economic Conditions (ICC), which increased by 28.1%. Read more

Welspun Corp's associate company bags SAR 324 million contract in Saudi Arabia

Published on: 10:01 am

Welspun Corp Ltd's associate company, East Pipes Integrated Company for Industry (EPIC) in the Kingdom of Saudi Arabia (KSA), has been awarded with a contract by SWCC for manufacture and supply of steel pipes, the company informed on Thursday.
As per the regulatory filing, the contract is valued at SAR 324 million (approximately) including value added tax & the same will be executed in this financial year.
"This is in addition to the recent award of an SAR 490 million contract in May 2022 and SAR 497 million contract in March 2022, both of which were also awarded by SWCC", the company said. Read More

GTPL Hathway logs revenue of Rs645.40 crore in Q1FY23; stock skids ~3%

Published on: 9:57 am

GTPL Hathway Limited reported consolidated revenue of Rs645.40 crore in Q1FY23, registering a growth of 10% yoy, as compared to Rs584.30 crore in Q1FY22.
While subscription revenue in Q1FY23 of the company jumped 3% yoy at Rs272.70 crore, against Rs264.10 crore in Q1FY22.
The company reported a broadband revenue of Rs113.90 crore in Q1FY23, up by 24% yoy against Rs91.8 crore in Q1FY22. Read more

ARC, backed by Kotak Bank, purchases L&T Finance's loan portfolio for Rs1,470 crore

Published on: 9:53 am

According to reports from ET, Kotak Mahindra Bank-backed Phoenix Asset Reconstruction Company (ARC) had bought a distressed loan portfolio totaling Rs1,470 crore rupees from L&T Finance, including two blocked advances to Future Group firms.
Precision Realty Developers and Future Entertainment Ltd. are businesses that make up the Future Group.
According to the individuals mentioned above, L&T Finance recovered roughly 66% when it sold the portfolio of four accounts for Rs980 crore. The other two accounts belong to the engineering, procurement, and construction firm C&C Construction and the real estate developer Sky One Corporate Park. Read more

Sebi did surprise inspections of hedge funds and private equity firms

Published on: 9:43 am

According to news reports, the capital markets regulator recently conducted a number of surprise inspections at the offices of at least 20 AIFs, including domestic private equity and hedge funds, to determine whether these investment managers are fully compliant with the law. Lawyers and market players claimed that these unforeseen regulatory examinations at AIF offices are a recent occurrence because Sebi has recently received complaints about these funds.
According to information obtained from these inspections, Sebi verified that the funds had complied with all applicable securities regulations. This involves adhering to standards for portfolio concentration and promptly informing investors.
In the past, Sebi informed market institutions in advance of the examination, often ten days in advance. According to those in the know, the regulator has suddenly shifted course and is using its authority to unexpectedly turn up at market participants' registered offices. Read more

Markets in green; Nifty 50 around 16,000 level; FMCG stocks outperform

Published on: 9:36 am

Indian markets traded on a positive note with Sensex maintaining over 53,500-mark. Nifty 50 performing around 16,000-level. However, the upside was at a marginal pace. FMCG, Auto and consumer durables stocks outperformed, while metals witnessed lackluster demand. The domestic equities tracked a mixed global cues as regulation concern increases over next US Fed meeting which will held on July 27.
At around 09:35 AM, Sensex was trading at 53,667.21 up by 251.06 points or 0.47%. Nifty 50 was performing at 16,010.30 higher by 71.65 points or 0.45%.
Top gainers on Nifty were – Hindustan Unilever surged more than 2% while Bharti Airtel, Britannia, Tata Consumers, Adani Ports soaring more than 1% each. L&T, Asian Paint, Titan, Shree Cement, Bajaj Auto and Reliance climbed between 0.5-1%. Read more

BluSmart to raise $250 million

Published on: 9:32 am

BluSmart Electric Mobility, an Indian ride-hailing start-up, is reportedly on the verge of obtaining $250 million from investors, including the venture capital arm of BP.
Anmol Jaggi stated that BluSmart, which operates an all-electric vehicle (EV) fleet, anticipated closing transactions with impact funds and private equity investors within the next two months.
"Bp Ventures will be one of the key investors in this round and already owns an interest in BluSmart. Global investors headquartered in the U.S. and Europe would provide the majority of the remaining cash, "Wednesday, he spoke with Reuters. Read more

Angel One appoints Dinesh Radhakrishnan as Chief Product & Technology Officer; stock slips ~1%

Published on: 9:30 am

Dinesh Radhakrishnan has been appointed as Chief Product & Technology Officer (CPTO) of Angel One Limited.
Dinesh will be in charge of Angel One's technology, product, and design teams. He joins Angel One after a successful stint as CTO at Ola Electric, where he led the software engineering arm and helped launch the ecosystem to web sell as well as build and support software features on the Ola S1 scooter.
While leading the Ola infrastructure team, he was also in charge of establishing the software functions for pre-owned Cars and Dash (Quick Commerce). Read more

Cipla Health signs agreement to acquire nutritional supplement brand 'Endura Mass'

Published on: 9:17 am

Cipla Limited has announced that Cipla Health Limited (CHL), wholly owned subsidiary and consumer healthcare arm of the Company has signed definitive agreements for acquisition of Endura Mass, a renowned nutritional supplement brand in the category of weight gain from Medinnbelle Herbalcare Private Limited.
Endura and all other associated trademarks would be part of the acquisition.
As per the Lancet Journal(Study from 1975 - 2014), India has approximately 20 crore adult (male & female) population who are underweight. Endura Mass has a legacy of over 20 years in providing solutions for consumers actively looking to gain weight. It has a range of proven, efficacious, and safe range of weight gainers that help to gain weight in a healthy way. Read more

Spark Minda launches 17 helmet models with 145 variants

Published on: 9:16 am

Minda Corporation Limited, the flagship company of the Spark Minda Group, launched 17 helmet models with 145 variants in the Indian retail market. The launch marks Spark Minda’s foray into the B2C space at a time when India is emerging as the largest and fastest growing helmet market globally.
During the next few years, the company plans to add 200+ distributors and open exclusive Spark Minda branded outlets across the country, making the distribution network more robust. The Protective Head Gear will be available across three customer segments- Economy (Knight series), Mid (Garrison series) and the Premium (Armored series) category. Read more

Flipkart joins hand with Nothing to host an NFT-drop on FireDrops

Published on: 9:02 am

Flipkart has announced a partnership with Nothing for the very first NFT drop at FireDrops.
Flipkart customers who have pre-booked and subsequently purchased a Nothing phone during the pre-book sale period would be airdropped Nothing Community Dots, which will enable access to unlock special perks, including early access to new products and offline events. The Community Dots is hosted on Polygon, the leading Web3 infrastructure enabling users to have a low carbon footprint minting experience.
FireDrops is Flipkart's excursion into Web3. Earlier, with the launch of Flipkart Labs, the company announced its intention to explore NFT-related use cases to redefine the shopping experience of its users and incubate solutions at the intersection of technology and e-commerce. With FireDrops, Flipkart wants to bring the value of NFT and, by extension, Web3 to a wider audience. Read more

Deposits grow by 9.77%; bank credit by 13.29% in the fortnight ending on July 1st

Published on: 8:38 am

In the fortnight that ended on July 1, according to data from the RBI, bank credit increased by 13.29% to Rs123.81 lakh crore and deposits increased by 9.77% to Rs169.61 lakh crore.
According to the Scheduled Banks' Statement of Position in India as of July 1, 2022, which was announced on Thursday, bank advances in the fortnight ended June 2, 2022, were Rs109.28 lakh crore, and bank deposits were Rs154.51 lakh crore. Read more

Top 10 stocks for today

Published on: 8:28 am

The Singapore Exchange's Nifty futures traded 56.5 points, or 0.35%, higher at 15,990, indicating that Indian equity markets are likely to have a good start on Friday. The following ten stocks may be the most popular ones in today's market:
Bharti Airtel:
The telecom company announced that it has allotted internet giant Google more than 7.1 crore equity shares for Rs734 each. The allocation is a component of Google's agreement to invest $1 billion with Airtel, which also includes a $700 million, or roughly Rs 5,224 crore, equity investment in the company. Read more

Markets may start the day in Green

Published on: 8:12 am

Indian equity markets may start the day in Green today. SGX Nifty, the derivatives contract listed at Singapore Stock Exchange on India's Nifty 50, is up by 0.42% since morning. Data on India's current account in June came yesterday. Trade deficit widened to $26.8 billion in the month. US Federal Reserve is now expected by many to go for a 100 basis point hike in interest rates on 27th July. Oil prices are now at around $95 per barrel. The cocktail of all these factors give much uncertainty to the equity markets. But it still is a good time to buy stocks at cheaper prices, for those who want to invest for the long term.
US markets saw another inside day with Dow Jones closing lower by 140 points after being down by over 650 points in early trade.Nasdaq closed in the green, recovering over 260 points from the lows for the session. Bond yields closed near 2.95% while oil prices hit US$90 in early trade and recovered to close near US$95. Read more