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20th Jul, 2022

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Galactico Corp to acquire Beembox Technologies for Rs60 million; stock soars ~3%

Published on: 3:44 pm

Galactico Corporate Services Limited announced that it has decided to acquire a controlling stake in Beembox Technologies Private Limited, a fantasy gaming application firm. The transaction will be an all-cash deal worth Rs60 million.
Beembox Technologies will help the company to promote and develop a variety of fantasy gaming applications.
"We have seen a tremendous change in the way sports have become a part and parcel of our life," commented Vipul Lathi, Chairman of Galactico Corporate Services Ltd. Read more

Maruti Suzuki introduces ‘Grand Vitara’ featuring NEXA’s signature design language

Published on: 3:29 pm

Maruti Suzuki Limited unveiled its game-changing SUV, the Grand Vitara, today to commemorate NEXA's 7th anniversary.
The Grand Vitara is a multi-product offering that is set to disrupt the country's SUV market, embodying NEXA's value statement "Create. Inspire."
The premium SUV is featured with NEXA's signature design language ‘Crafted Futurism’. Read more

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Info Edge (India) invests Rs15 crore in wholly-owned subsidiary Smartweb Internet Services

Published on: 3:18 pm

Info Edge (India) Limited has informed that the Company has invested an amount of Rs15 crore in Smartweb Internet Services Ltd., wholly owned subsidiary of the Company.
According to the filing, the Company already holds 100% stake in Smartweb on a fully converted and diluted basis. Accordingly, it is a wholly owned subsidiary of the Company and hence falls in the category of a related party as on the date of making this investment. Read more

RBI may sell an additional $100 billion to prevent further decline in Rupee

Published on: 3:07 pm

According to a senior source familiar with the central bank's thinking, India's central bank is willing to sell a sixth of its foreign exchange reserves to protect the rupee from a sharp decline after it hit historic lows in recent weeks.
On Tuesday, the rupee plummeted past the crucial mark of 80 against the dollar, losing more than 7% of its value in 2022, but the source said that the collapse would have been much greater if the Reserve Bank of India (RBI) had not intervened to stop the slide. Read more

Intellect Design Arena’s iGTB ranked No. 1 for Transaction Banking by IBS Intelligence; bags 96% NPS

Published on: 2:56 pm

Intellect Global Transaction Banking (iGTB), the transaction banking specialist from Intellect Design Arena Limited, announced phenomenal success - overwhelmingly positive feedback and a massive NPS score of 96% - on the successful completion of its seventh edition of the iGTB Oxford School of Transaction Banking, the new Advanced Programme this time, for senior leaders.
This by-invitation-only school, led by Andrew England, Strategy Director, iGTB, attracted a cohort of senior bankers, including CEOs from 30 banks worldwide, who will join the existing community of over 200 alumni.
Thirty session leaders were featured in the Advanced Programme, who gave an insight into real-life case studies organized around the six key KPIs for corporate banking CEOs, as well as group work with a "Dragon's Den" enactment. Read more

Rupee declines 4 paise to 79.96 against the dollar due to increased demand from oil importers

Published on: 2:43 pm

The demand for the dollar from oil importers and rising crude oil prices caused the rupee to weaken 4 paise to 79.96 against the US dollar in Wednesday's opening trading.
Forex dealers claimed that strong dollar demand from countries that import oil, high crude oil prices, and worries about an expanding trade imbalance dampened investor enthusiasm. Read more

Securekloud Tech stock rallies over 3% on launch of AI powered data analytics platform 'DataEdge'

Published on: 2:42 pm

SecureKloud Technologies on Wednesday has launched a cloud-based data analytics and AI engineering platform named DataEdge, that enables enterprises to power insight-driven decision-making capabilities.
The DataEdge platform signifies highly modular, scalable, and API-driven results to unlock data-powered insights. Configured to HITRUST norms, DataEdge is a zero-code platform, that can be easily deployed in hours with zero development time.
As highly growing number of enterprises look toward harnessing the full potential of their data, they are looking for easy-to-use, highly flexible, and scalable infrastructure platforms to speed up their data-driven digital transformation journey. As in demand, DataEdge platform’s advanced analytics capabilities allow the users to process even the most complex queries in minutes rather than days. Read More

Foxconn teams up with NXP Semiconductors to develop an EV

Published on: 2:34 pm

The iPhone assembler from Taiwan, Foxconn, said on Wednesday that it has joined up with chipmaker NXP Semiconductors to create platforms for electric cars, adding to a string of similar agreements the company has made as it enters the auto industry.
With agreements with Indian behemoth Vedanta Ltd. and American upstart Fisker Inc., Foxconn, best known for producing Apple's iPhones, has recently diversified into EVs and semiconductors. Read more

Ramco Systems skyrockets ~14% on expanding presence in F&B Industry with Kudu Company

Published on: 2:27 pm

Ramco Systems Limited, a leading global payroll software provider, expands its presence in the food and beverage industry by partnering with a food transformation pioneer.
Ramco announced that its Global Payroll & HR Solution will be implemented at Kudu Company for Food and Catering, a leading restaurant chain in the Kingdom of Saudi Arabia.
Ramco Systems is a preferred global payroll software provider for many internationally and regionally recognized companies, including Americana Restaurants and Herfy Foods. Read more

Visaka Industries begins commercial production at new panel unit in Tamil Nadu; Stock soars near 4%

Published on: 2:10 pm

Visaka Industries Limited stocks rally during the Wednesday's market session after the announcement of commencement of commercial production by the company.
As per the regulatory filing, the company informed that it has started its commercial production at its new panel unit (Panels Division - III) situated at Udumalpet Village, Tirpur Dist., Tamilnadu, with an installed capacity of 10,000 MT per annum effective from July 20, 2022. Read More

Krsnaa Diagnostics secures order from Rajasthan govt; Stock plunges over 5%

Published on: 1:55 pm

Krsnaa Diagnostics Limited has informed that "Rajasthan Medical Education Society (Directorate of Medical Education), Government of Rajasthan" has awarded a supply tender to t he company.
As per the filing, the tender for supply, installation, operation and further maintenance of CT Scan Center at Raj-MES Medical College located at Churu, a small city in Rajasthan on Public Private Partnership (PPP) basis.
"The nature of this tender is domestic and will be supply, installation, operation & maintenance of 64-Slice-CT-Scanner Machine at the above mentioned location", said the company. Read more

Rallis India logs ~18% yoy decline in PAT at Rs67 crore; stock slips ~1.5%

Published on: 1:28 pm

Rallis India Limited, a TATA Enterprise and a major player in the Indian agricultural inputs industry, announced its financial results for the first quarter of the fiscal year beginning April 2022.
The Company recorded revenues of Rs863 crore for the quarter ending June 30, 2022, registering a growth of 16.5% yoy against Rs741 crore in the previous corresponding quarter.
However, company’s Profit before tax (before exceptional items) for Q1FY23 stood at Rs90 crore as against Profit before tax (before exceptional items) of Rs109 crore in Q1FY22, registering a decline of 17.43% yoy. Read more

Techno Electric commences buyback worth Rs130 crore from July 20

Published on: 12:52 pm

Techno Electric & Engineering Company Limited informed that the company has initiated buyback of equity shares from the members of the company today i.e., July 20, 2022, in pursuance of the public announcement published by the company on July 13, 2022.
The company stated that such buyback will close on the earlier of either i) 6 months from the date of the Buyback's commencement; or (ii) when the Company completes the Buyback by deploying the amount equivalent to the Maximum Buyback Size; or (iii) at such earlier date as may be determined by the Board or its Committee of Directors. Read more

Rane Engine Valve stock declines over 3% post Q1FY23 numbers

Published on: 12:51 pm

Rane Engine Valve Limited, a leading manufacturer of Engine Valves, Guides and Tappets on Wednesday has announced financial performance for the first quarter (Q1 FY23) ended June 30, 2022.
Q1 FY23 Performance
Tota revenue was Rs115 crore for Q1FY23 as compared to Rs76 crore in the corresponding year, which is increased by 51.3%
EBITDA stood at Rs2.3 crore compared to Rs(2.3) crore during Q1FY22
EBITDA Margin at 2.0% for Q1 FY23 against -3.0% in Q1FY22
Net Loss stood at Rs3.1 crore for Q1FY23 compared to Loss of Rs5.8 crore in Q1FY22 Read more

Hatsun Agro declares interim dividend of Rs6 for FY23; stock skids ~2%

Published on: 12:11 pm

Hatsun Agro Limited informed that the board of directors of the company in its meeting held on July 19, 2022, approved the interim dividend for FY 2022-23.
The company declares an interim dividend of Rs6 per equity share (600%) on the fully paid-up equity shares of the face value of Rs1 per share.
This is the first interim dividend declared by the company for the financial year 2022-23. Read more

Palred Tech’s pTron launches 2 new next-gen TWS earbuds on Flipkart; stock under pressure

Published on: 11:51 am

Palred Technologies Limited’s subsidiary Palred Electronics Private Limited announces that pTron, India's fastest growing and leading manufacturer of affordable digital lifestyle and audio accessories, has unveiled its newest additions to the Basspods series, the Basspods P251+ and Basspods P11.
The newest pTron earbuds, which carry the lineage of the massively successful pTron Bassbuds series, are aimed at Gen-Z consumers in Tier 1 and Tier 2 cities.
Both earbuds are powered by the latest and most advanced BT5.1 chipset, which provides faster pairing, a more stable connection, and low power consumption. The earbuds have an IPX4 rating for sweat and splash protection and weigh about 4gms each. Read more

Manappuram Finance board gives nod for fund raising up to Rs770 crore via allotment of debt securiti

Published on: 11:50 am

Manappuram Finance Ltd has informed that Financial Resources and Management Committee of the Board of Directors of the Company at its meeting held on July 20, 2022 approved the allotment of MIBOR LINKED SECURED UNRATED UNLISTED REDEEMABLE NON CONVERTIBLE DEBENTURES (NCDs) of face value of Rs10 lakh each for an amount of Rs770 crore on private placement basis.
According to the filing, tenure of the allotment is 3 years where date of allotment is July 20, 2022 and date of maturity is July 20, 2025.
"The Debentures are secured by a first ranking pari passu charge by way of hypothecation over the Receivables", the company said on Wednesday. Read more

Hindustan Unilever appoints Yogesh Mishra as Executive Director, Supply Chain; Stock climbs 1.5%

Published on: 11:45 am

Hindustan Unilever Limited (HUL) has announced in a press release on Tuesday the appointment of Yogesh Mishra as Executive Director, Supply Chain, HUL and Head – Supply Chain, Unilever South Asia with effect from September 1, 2022.
"Yogesh takes over charge from Willem Uijen who has been elevated as the Chief Procurement Officer for HUL, globally', the company said.
Yogesh, presently the Vice President – Supply Chain, Beauty & Personal Care, joined HUL in 1990 and has had a robust track record performance over the last 32 years. Read more

Citroen launches its brand-new C3 in India for a starting price of Rs5.7 lakh

Published on: 11:35 am

Wednesday saw the introduction of Citroen India's brand-new C3, with prices beginning at Rs 5.7 lakh (ex-showroom). With its new offering, the company, which is a part of the Stellantis group created by the union of two major global automakers, FCA and Groupe PSA, has entered the quickly expanding sub-4 metre category.
The C3's 1.2-liter petrol engine is priced between Rs5.7 lakh and Rs. 8.05 lakh.
Two trim levels of the model have been released by the company: the 1.2 Puretech 82 with a five-speed manual transmission and the 1.2 litre Puretech 110 with a six-speed manual transmission. Read more

Robert Gilby joins Dentsu as CEO of Asia Pacific from Nielsen

Published on: 11:24 am

Robert (Rob) Gilby has been appointed as the chief executive officer of the Japanese media agency network Dentsu International's Asia Pacific division. From Nielsen, where he most recently served as president of APAC, he joins. Ashish Bhasin left the role last year.
Taking over on September 5 is Gilby. He will be located in Singapore and answer to Wendy Clark, Dentsu International's global CEO. He will become a member of the management team of Dentsu International.
Rob is an extraordinarily well-rounded leader who has a progressive outlook and a strong understanding of chances for growth for our team members, clients, and business, according to Clark. Read more

Trident Group to shut major operations owing to ‘Punjab Morcha’; stock zooms ~5%

Published on: 11:23 am

Trident Limited announced that the company intends to temporarily shut operations as a precautionary measure to avoid disruption due to the ‘Punjab Morcha’ announced by Bhartiya Kisan Union (Ekta-Ugrahan).
The company informed that to ensure the safety and security of our workforce as well as the protection of its assets, the Company's Management has decided to proactively close, lockdown, and suspend its major operations in Punjab beginning the intervening night of July 20 to July 21, 2022. Read more

Osiajee Texfab's wholly-owned subsidiary starts plantation of Poplar and Eucalyptus trees

Published on: 11:12 am

Osiajee Texfab Limited has informed to the exchanges regarding commencement of new operations by company's wholly-owned subsidiary Osiajee Agro Farms Limited.
As per the regulatory filing, it is informed that the wholly owned subsidiary has started the plantation of Poplar and Eucalyptus trees and cultivation of other crops (fruits and vegetables) over a land parcel of about 150 acres in Hoshiarpur district of Punjab.
"This is in line with the planned agro farming initiative of the subsidiary company which forecasts to plant around 5.5 lakh trees in a duration of 2 years on the above mentioned land", the company said. Read more

Artson Engineering bags new order from Hindalco Industries; stock gains ~1%

Published on: 10:48 am

Artson Engineering Limited informed that it received a Purchase Order (PO) for Rs6.76 crore, inclusive of GST.
The company has received this order from India's largest aluminium manufacturer and the world's largest flat-rolled products company, Hindalco Industries Limited.
The order received is for the manufacturing of two Heat Exchangers for their Dahej Plant. Read More

CSL Finance opens new branch in Gurugram, Haryana; Stock jumps ~6%

Published on: 10:44 am

CSL Finance Limited has announced to the exchanges regarding opening of a New Branch in Gurugram, Haryana.
As per the regulatory filing, CSL Finance Limited has opened a new branch in “Gurugram” (Haryana) with address Shop No. 425, Ganpati Arcade, Gurugram, Haryana-122001.
At around 10:40 AM, CSL Finance was trading at Rs235 per share higher by 5.93% as against previous closing of Rs221.85 per share on the BSE. Read more

Hindustan Unilever stock climbs over 1% after net profit rises 11% in Q1FY23

Published on: 10:11 am

Hindustan Unilever Limited stocks rally during Wednesday's market session after the announcement of its results for the quarter ended June 30, 2022.
June Quarter 2022: Robust performance in a challenging environment During the quarter, our Turnover grew 19% with Underlying Volume Growth of 6%. We continued to grow significantly ahead of the market, gaining value and volume market shares.
EBITDA margin at 23.2% remained healthy despite unprecedented inflationary headwinds. Profit After Tax before exceptional items (PAT bei) grew 17% and Profit After Tax (PAT) grew 11% Read more

Liberate Foods raises $2 million in seed funding

Published on: 10:07 am

Better Bite Ventures, Blue Horizon, and Panthera Peak led a $2 million seed fundraising round for the plant protein startup Liberate Foods Pvt. Ltd., which also produces the Shaka Harry brand of meat substitutes.
Dexler Holdings, Chef Manu Chandra, a collection of domestic family offices, and angel investors are among the additional investors, according to the company. "We are already the highest performing brand in the online retailers where we have a presence," said Anand Nagarajan, co-founder of Shaka Harry. Compared to the competition, our goods perform noticeably better in terms of flavor and consumer opinion. Read more

Grasim Industries to infuse upto Rs2,000 crore into new B2B e-commerce platform for building materia

Published on: 9:55 am

Grasim Industries’ Board of Directors approved a Rs2,000 crore investment in a B2B e-commerce platform for the Building Materials segment over the next five years. This investment introduces a new high-growth engine with clear adjacencies within Grasim's standalone businesses, as well as those of its subsidiaries and associate companies.
Over the last three years, the overall building materials procurement segment in India has grown at a CAGR of 14%. This industry is valued at USD 100 billion, with a current digital penetration of only 2%. Grasim's digital platform will address a variety of issues within the current supply chain. Read more

Mahindra Finance partners with Credgenics to boost its Digital Collections

Published on: 9:41 am

Mahindra & Mahindra Financial Services Limited has announced a partnership with Credgenics, a leading provider of SaaS (Software As A Service) based collections and debt resolution technology platform. With this association, Mahindra Finance plans to digitally empower its retail loan collections.
The Credgenics platform will enable Mahindra Finance in streamlining and digitizing borrower communications including litigation modules across the loan portfolio. By consolidating capabilities distributed across multiple vendors, the Credgenics platform will reduce the processing time and provide comprehensive tracking and monitoring capabilities at pincode & village level to the loan teams. Read more

Kerala will not subject small shops, Kudumbashree shops to 5% GST imposition

Published on: 9:40 am

The Kerala government on Tuesday stated it did not intend to charge goods sold by organizations like Kudumbashree, or tiny retailers in 1 or 2kg packages, in the midst of mounting protests over the application of Goods and Services Tax (GST) on necessities.
K N Balagopal, the state's finance minister, told the Kerala Assembly that while the choice would cause problems with the federal government, the state was unwilling to make concessions. Read more

Vedanta spurts ~3.5% as board announces second Interim Dividend of Rs19.50

Published on: 9:39 am

Vedanta Limited, one of the world's leading miners, has cheered investors with its latest dividend announcement.
At around 9.34 AM, Vedanta’s counter was trading 3.20% higher at Rs246.40 against its previous close of Rs238.75 on NSE. So far, it hit an intraday high of Rs249 after making entry at Rs248.
This was following the company’s announcement that the Board of Directors of the company via a resolution passed by circulation on July 19, 2022, has approved the second interim dividend of Rs19.50 per equity share of Rs1 each. Read more

Ather Energy introduces a new Ather 450x model with a 105 km range

Published on: 9:36 am

The third-generation version of Ather Energy's flagship scooter, the Ather 450x, was unveiled on Tuesday. It features a larger battery, new tyres, updated software, and other tweaks like improved mirrors and a larger boot.
The cost of the new EV in Bengaluru would be Rs155,657 ex-showroom. Starting on July 20, it will be offered at all Ather experience centres for Rs5,000 more than the 450x's prior price.
According to co-founder Tarun Mehta telling ET, the company's flagship model accounted for around 80% of sales. Read more

Markets bullish; Sensex tops 600 pts, Nifty 50 above 16,500; RIL, ONGC in lead

Published on: 9:35 am

Indian markets are trading bullish on Wedensday with benchmark Sensex rising to at least over 55,523 and Nifty 50 nearing the 16,565-mark. The domestic equities tracked bullish global cues as investors concerns cooled down from positive US corporate earnings.
Back at home, a broad-based buying was recorded across sectoral indices with banking, IT and metal stocks outperforming.
India's volatility index nosedived by more than 2%. Read more

India's bioeconomy may touch $300 billion by 2030

Published on: 9:33 am

According to research released on Tuesday, India's bio-economy would likely reach $150 billion by 2025 and $300 billion by 2030.
The Biotechnology Industry Research Assistance Council released the India BioEconomy Report 2022 based on information about the economic impact of the biotech sector (BIRAC). Read more

Sameer Mistry joins Jet Freight Logistics as VP for Technology and Business Excellence; stock climbs

Published on: 9:23 am

Jet Freight Logistics Limited, a technology-driven integrated logistics solutions provider, has appointed Sameer Mistry as Vice President of Technology and Business Excellence to their executive leadership team. He will be based at the company's headquarters in Mumbai.
Sameer will be in charge of Jet Freight's Technology and Business Excellence. Sameer will lead and drive technology innovations in this role, as well as improve the digital platform for customers, develop strategies to support the launch of new business products, and deliver critical solutions for the organization's operational teams. Read more

Palm, sunflower, and soyabean oil prices will soon be reduced by Rs10-15/litre by Patanjali Foods

Published on: 9:20 am

To pass on the benefits of the decline in worldwide commodity pricing, Patanjali Foods Ltd. would shortly reduce the price of soyabean oil, sunflower oil, and palm oil by Rs10-15 per litre, a top company official announced. The food ministry had earlier this month instructed edible oil companies to lower their pricing to reflect the decline in international rates.
As instructed by the Centre, Mother Dairy and Adani Wilmar have lowered their rates by up to Rs14 per litre and Rs30 per litre, respectively.
In a day or two, we will drop the price of palm oil, sunflower oil, and soyabean oil by Rs10-15 per litre each.
"In a day or two, we'll drop the cost of palm oil, sunflower oil, and soy oil by Rs10-15 per litre each. However, the overall decrease over the past 45 days will be Rs 30-35 per litre "Sanjeev Asthana, CEO of Patanjali Foods, told PTI. Read More

Polycab India net profit jumps 202% yoy to Rs222 crore in Q1FY23; Stock rises

Published on: 9:19 am

Polycab India Limited has announced its consolidated results for the first quarter ended June 30, 2022.
Commenting on the performance, Inder T. Jaisinghani, Chairman and Managing Director, Polycab India Limited, said: “We have started the fiscal year 2023 on solid footing, with top line growth of 48% fuelled by strong performance across B2B and B2C categories.
Furthermore, we recorded the highest 1st quarter top-line in the history of the company which underlines our strategy to be agile, focus on robust execution and consistently deliver the best quality of products to our customers. Profitability was supported by better operating leverage and various strategic initiatives implemented over the past few quarters. We will strive to continue the path of profitable and sustainable growth and contribute to the success of all our stakeholders.” Read more

Mindtree and Rubrik partner to launch a unified cyber-recovery platform

Published on: 9:17 am

Mindtree, a global technology services and digital transformation company has announced that it has partnered with Rubrik, the Zero Trust Data Security™ Company, to launch a unified cyber-recovery platform named MINDTREE VAULT.
The platform combines Mindtree’s program management, cloud, data, and cybersecurity capabilities, best practices, and accelerators, with Rubrik’s data resilience, data observability, and data recovery capabilities. It enables organizations to work through the full scope of recovery, including assessment, discovery, migration with ongoing management services, and pilots for proof-of-concept projects. Read more

Hindustan Organic Chemicals announces temporary shutdown at Kochi plant

Published on: 9:16 am

Hindustan Organic Chemicals Ltd has informed to the exchanges regarding temporary shutdown of Company’s Kochi plant from July 19, 2022 onwards.
"Our Company’s Kochi Plant will be temporarily shutdown from July 19, 2022 onwards due to unviable market conditions. Re-opening of Kochi Plant shall be intimated separately to the Stock Exchange", the company said in a regulatory filing on Tuesday. Read more

Lupin Diagnostics opens its First Reference Laboratory in Ranchi; stock rises

Published on: 9:16 am

Lupin Limited (Lupin) announced the opening of Lupin Diagnostics' first Reference Laboratory in Ranchi. Ranchi's new Reference Laboratory can perform a wide range of routine and specialized tests in molecular diagnostics, cytogenetics, flow cytometry, histopathology, cytology, microbiology, serology, hematology, immunology, and routine biochemistry.
Lupin Diagnostics will provide accurate diagnoses to doctors throughout the patient journey by leveraging innovative technologies for enhanced patient care. Preventive health check-ups, home collection, and testing centres are now available in Jharkhand at ten locations.
"We are excited to expand our diagnostics services, which include an exhaustive range of tests and curated health check packages, to the Jharkhand market," said Ravindra Kumar, Vice President, and Head - of Lupin Diagnostics. Read more

India's exports of passenger cars grow steadily, up 26% from April to June

Published on: 8:54 am

According to data by SIAM, passenger car shipments increased to 1,60,263 units in the April to June fiscal quarter from 1,27,083 units in the corresponding quarter of 2021–22.
The second wave of COVID-19 in the most recent fiscal year caused difficulties in the auto industry.
Van exports fell from 588 units in the same period of the previous fiscal to 316 units in April–June. Read more

India receives $343.64 million FDI equity inflow in R&D sector in 2021

Published on: 8:51 am

India attracted USD 343.64 million FDI equity inflow in R&D sector during C.Y. 2021 (Calendar Year) which is 516% higher as compared to previous C.Y. 2020 (USD 55.77 million), said government released data. FDI is permitted under 100% automatic route in R&D sector subject to applicable laws/regulations, security and other conditionalities.
Karnataka is the top FDI Equity recipient state in R&D during C.Y. 2021 followed by Telangana and Haryana. The following states showed growth of more than 250% during C.Y. 2021 compared to previous C.Y. 2020: Telangana, Karnataka, Haryana, Andhra Pradesh & Tamilnadu.
Singapore is the top investing country in R&D during C.Y. 2021 with 40% share of total FDI Equity in R&D followed by Germany (35%) and U.S.A (11%). Further, FDI Equity inflow from several countries like Germany, Mauritius, France, Singapore, Oman and U.S.A. showed an increase of more than 200% as compared to previous C.Y. 2020. Read more

Urban Co-operative Banks would have a four-tiered regulatory structure, says RBI

Published on: 8:48 am

A four-tiered regulatory framework with differentiated regulatory prescriptions will be implemented by the Reserve Bank in an effort to improve the financial soundness of the current urban cooperative banks (UCBs).
For Tier-I UCBs operating in a single district, the banking regulator has set a minimum net worth requirement of Rs2 crore, and Rs5 crore for all other UCBs (of all tiers). This is anticipated to increase the banks' capacity to finance their growth and raise their financial resilience. In its statement, RBI said.
According to the information provided to RBI by the USBs, the majority of UCBs have already complied with the requirement as of March 2021. According to the RBI, those who don't satisfy the criterion will be given a glide path of five years with interim milestones to help them migrate smoothly to the new standards. Read more

FMCG firms see some signs of recovery in rural demand

Published on: 8:41 am

A number of manufacturers of consumer goods claimed that in recent weeks, there have been signs of a recovery in rural consumption, with volume sales of daily necessities and groceries increasing and helping to drive their own sales increase. In the past four to five weeks, sales volumes of value packs of biscuits have increased by 10% at Parle Products, India's largest biscuit manufacturer, while growth rates for small packs of premium range have increased by 5%. For the previous three to four quarters, these two segments experienced growth of 3% and 1-2%, respectively.
The edible oil and packaged commodity company Adani Wilmar has so far claimed a 10–12% increase in sequential growth in July compared to June. The rebound will pick up steam immediately, according to executives of Emami and RSPL Group, which owns the Ghari brand of detergent and Venus soap. Read more

Canara Bank raises Rs2,000 crore through bonds

Published on: 8:34 am

Canara Bank announced on Tuesday that it had raised Rs2,000 crore this month by issuing extra tier I bonds that complied with Basel III.
On July 15, 2022, the bank announced the issuing of Rs2,000 crore in new tier-I bonds.
Canara Bank stated in a regulatory filing that it got a total bid amount of Rs5,719 crore, of which the complete issuance of Rs2,000 crore was accepted at 8.24%.
The state-owned lender claimed that on July 19, 2022, it distributed 2,000 bonds to 21 recipients. Read more

Amul's sales at Rs61,000 crore in 2021-22

Published on: 8:27 am

According to Tuesday's announcement from the Gujarat Cooperative Milk Marketing Federation (GCMMF), the Amul cooperative's group turnover increased 15% year over year to Rs61,000 crore in 2021–22.
According to GCMMF, which sells goods under the Amul brand, it generated a turnover of Rs53,000 crore in the prior fiscal.
The GCMMF and the unions that make up the federation reported a combined group turnover of Rs61,000 crore in 2021–22, an increase of Rs8,000 crore from Rs53,000 crore in 2020–21.
Due to a quick post-pandemic rebound in out-of-home consumption and demand from restaurants, catering, travel, and hospitality areas, GCMMF reported revenue of Rs46,481 crore in 2021–22, an increase of 18.46% over the previous financial year, it added. Read more

Top 10 stocks for today

Published on: 8:23 am

The Singapore Exchange's Nifty futures traded 139.5 points, or 0.85%, higher at 16,477, indicating that equity markets may have a good start on Wednesday.
The following 10 stocks may be the most popular ones in today's market:
Reliance & ONGC:
Less than three weeks after they were implemented, India reduced windfall taxes on other fuels and removed a tax on gasoline exports, providing relief for Reliance Industries & ONGC. Read more

Markets look set to start the day in Green

Published on: 8:13 am

Indian markets may begin the day in Green today. US markets ended the day yesterday on a high note. Asian markets have also begun the day today in Green. SGX Nifty is up by 1.33% since morning. Oil prices posted some mild increases yesterday. FIIs were net buyers yesterday in the Indian markets. Government has reduced export taxes that it levied on export of petroleum products, three months ago. So stocks of index heavy weights such as Reliance Industries may see some gains today.
US markets saw another big day yesterday. Dow Jones gained over 750 points. Nasdaq climbed over 350 points or 3.5% to record its best month since October .US bond yields also saw uptick, closing near 3.02%. Oil prices saw mild gains, closing near US $100. Read More