Latest News and Updates

21st Jul, 2022

TMRW partners with TCS to bring digital solutions for K-12 education

Published on: 3:49 pm

  • Edtech company TMRW has entered into a partnership with TCS to provide digital learning systems for K-12 education in Indian schools. K-12 education means school education, from primary to higher intermediate level. The partnership is meant to capitalize on the opportunity that has come because of the experience during the pandemic.
  • TMRW has an integrated Learning Operating System (LearnOS). Partnership with TCS will help TMRW in integrating its LearnOS with the systems of different schools. A large number of schools in India have outdated IT system capabilities. Integrating education software platforms with these systems can be a challenge, especially in small towns. Read more

AU Small Finance Bank's Q1FY23 net profit grew by a whopping 32% yoy at Rs268 crore

Published on: 3:31 pm

  • AU Small Finance Bank reported a 32% yoy increase in net profit for the June quarter to Rs 268 crore, as compared to Rs203 crore in the previous corresponding quarter. This growth in profit is owing to higher net interest income and a sharp drop in provisions.
  • AU SFB reported a marginal decrease in quarterly net interest margin to 5.9% from 6% in the same quarter the previous year. However, net interest income during Q1FY23 witnessed a growth of 35% yoy at Rs976 crore as compared to Rs924 crore in Q1FY22.
  • The bank reported an improvement in its asset quality, with the Gross NPA ratio falling to 1.96% at the end of June against 4.3% in the previous corresponding quarter. Read more

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IT-Major Wipro reports ~21% decline in PAT at Rs2,563.60 crore in Q1FY23

Published on: 3:16 pm

  • Wipro Limited reported a fall of 20.60% in its Net Profit at Rs2,563.60 crore in the first quarter ended June 30, 2022, as compared to Rs3,232 crore in the previous corresponding quarter. It also witnessed a downfall of 16% in net profit against the previous quarter.
  • However, the company recorded a 17.90% yoy jump in revenue at Rs21,529 crore.
  • Company stated that the decline in net profit was due to increased investment and elevated employee costs, as well as a higher base in the previous year on account of a one-time settlement. Read more

Mahindra Finance board approves allotment of debt securities worth Rs80 crore

Published on: 3:15 pm

  • Mahindra & Mahindra Financial Services Ltd has informed that a meeting of the Committee of Directors, as authorized by the Board, was held on Thursday, July 21, 2022 from 11:30 a.m to 11:45 a.m., wherein the Committee has approved the allotment of 80 Unsecured Redeemable Non-Convertible Subordinated (Tier II) Debentures (“NCDs”) of the face value of Rs1 crore each, aggregating to Rs80 crore, through private placement.
  • Accordingly, tenure of the instrument is 10 years from the date of the allotment where the date of allotment is July 21, 2022 and date of maturity is July 21, 2032. Read more

Aurionpro Solutions announce multiple order wins; join hands with leading DC Service Providers

Published on: 2:56 pm

  • Aurionpro Solutions Ltd announced large order wins in the Indian markets, providing a significant boost to its Data Center (DC) business.
  • The first win came in the form of a prestigious order to set up DC and DRC for Surat Diamond Bourse (SDB) inside the newly constructed campus, which will also serve as the world's largest diamond trading hub. This is an expansion of the DC service line to Tier 2 and Tier 3 Indian cities. The DCB order will be implemented in FY23 and is worth approximately Rs7.5 crore. Read more

Marksans Pharma receives USFDA approval for Pregabalin Capsules; Stock surges 2%

Published on: 2:45 pm

  • Marksans Pharma Limited has received final approval from US Food & Drugs Administration for its Abbreviated New Drug Application (ANDA) for Pregabalin Capsules, 25 mg, 50 mg, 75 mg, 100 mg, 150 mg, 200 mg and 225 mg, 300 mg.
  • According to the regulatory filing released on Thursday, the product is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Lyrica Capsules, 25 mg, 50 mg, 75 mg, 100 mg, 150 mg, 200 mg and 225 mg, 300 mg, of Upjohn US 2 LLC. Read more

Dhampur Sugar receive ratings from CARE & Ind-Ra on various bank facilities; stock soars ~5%

Published on: 2:42 pm

  • Dhampur Sugar Mills Limited informed that the rating agencies CARE Ratings Limited and India Ratings & Research have affirmed the ratings assigned to company’s various bank facilities.
  • CARE Ratings has reaffirmed the rating assigned to the company’s Long Term Bank Facilities at ‘CARE A+’ with a Stable outlook on the same. Further, CARE reaffirmed the rating assigned to company’s Fixed Deposit at ‘CARE A+’ as well.
  • The company informed that its long-term bank facilities and fixed deposits have been removed from credit watch with developing implications and assigned a Stable outlook instead by CARE. Read more

Q1FY23 Preview: JSW Steel: Revenue seen at Rs 402,201 million; PAT at Rs19406 million

Published on: 2:29 pm

  • Results date: 22nd Jily
  • Recommendation: Reduce
  • Target Price: Rs557
  • JSW Steel's forecasted sales in 1st Quarter of 2022-23 is Rs 402,201 million.  Year-on-Year growth in revenues is forecasted at around 38.9%. EBITDA is likely to be at Rs 59687 million. This will be a year-on-year growth of -41.9%. Profit after tax is likely to stand at around at Rs 19406 million. This will be a year-on-year growth of around -67.1%. Read more

CEAT clocks 47.80% yoy growth in revenue at Rs2,818 crore for Q1FY23; stock jumps ~2%

Published on: 2:26 pm

  • CEAT Limited announced its results for the first quarter ended June 2022 and has reported mixed numbers during the quarter.
  • The company reported consolidated revenue of Rs2,818 crore for the quarter under review, as compared to Rs1,906 crore during the previous corresponding quarter.
  • However, CEAT reported a massive decline of 61% yoy in net profit at Rs9 crore during Q1FY23, as against a profit of Rs23 crore in the same quarter last year. Read more

FICCI lowers India's FY23 growth prediction to 7%

Published on: 2:22 pm

  • The Federation of Indian Chambers of Commerce and Industry's economic outlook study reduced the estimated gross domestic product growth for 2022–23 from 7.4 % to 7 % due to ongoing geopolitical instability.
  • According to the industry association, "there was a universal agreement among the participants that even if the Indian economy is projected to undergo a downturn in the near-to-medium term, it would nevertheless expand continuously to emerge as the fastest growing economy in the world." Read more

LTI wins Honda Supplier of the Year Award 2022; Stock up 1.1%

Published on: 1:55 pm

  • Larsen & Toubro Infotech Limited has won the ‘Supplier of the Year’ award at the Honda Indirect Procurement Supplier Conference in Dublin, OH. 
  • LTI has also won the ‘Challenging Spirit’ award for the third consecutive year, a title that recognizes commitment to Honda’s core value of embracing a challenging spirit ‘above and beyond’ expectations.
  • LTI belongs to a stellar list of 22 suppliers that were selected from more than 5,000 North American indirect procurement suppliers supporting Honda’s U.S. business operations. Read more

PNC Infratech's SPV to execute contracts worth Rs1,623 crore for NHAI

Published on: 1:44 pm

  • PNC Infratech Limited announced signing of Concession Agreements between the National Highways Authority of India and the Company's Special Purpose Vehicles for the implementation of the two Hybrid Annuity Mode (HAM) Projects on July 20, 2022.
  • The first agreement entered into by the company is for Four Laning of NH 530B from Mathura Bypass to Gaju Village in the State of Uttar Pradesh (Package-1B). The order is to be executed by the company’s SPV Yamuna Highways Private Limited for a bid price of Rs885 crore. The total length of the project is 32.98 Kms. Read more

Rama Steel Tubes zooms ~4% on securing 2 new orders worth Rs26.40 crore

Published on: 1:18 pm

  • Rama Steel Tubes Limited (RSTL), one of the leading manufacturers of Steel Pipes and Tubes informed that it has received orders worth Rs26.40 crore from Jal Shakti Vibhag (Himachal Pradesh).
  • The orders are received from H.P. State Civil Supplies Corporation Limited for its Jal Shakti Vibhag, Himachal Pradesh under the Jal Jeevan Mission Project in India.
  • The order received is for the supply of ERW Galvanized Pipes. Read more

McNally Bharat Engineering gains 5% on winning Rs242.07 crore arbitration award

Published on: 1:17 pm

  • McNally Bharat Engineering Company Ltd has informed that in the matter of arbitration between the company and Singareni Collieries Company Limited (the “Respondent”), the Arbitral Tribunal has published and delivered the Award at Delhi on July 19, 2022.
  • As per the Award, the company is awarded a total sum of Rs242,07,98,614 and the Singareni Collieries is directed to pay the same within one month from the date of the Award, the company said. Read more

IndusInd Bank skyrockets ~8% on posting Q1FY22 robust numbers

Published on: 12:58 pm

  • IndusInd Bank emerged as the bigger gainer today as the company posted its results on Wednesday.
  • At around 12.43 PM, IndusInd Bank was trading 8.32% higher at Rs952.50 against the previous close of Rs879.30 on NSE. So far, it hit an intraday high of Rs962 and a low of Rs892.60.
  • IndusInd Bank logged a 60.50% yoy jump in net profit at Rs1,631.02 crore for the quarter ended June 30, 2022, as compared to Rs1,016.11 crore in the previous corresponding quarter. The surge in profit was mainly on the back of a significant fall in bad loans. Read more

Stylam lndustries stock zooms 6% on commencement of expansion to increase capacity by 40%

Published on: 12:48 pm

  • Stylam Industries Limited has announced to the stock exchanges that the company has reached about 80% capacity utilization in the laminates business.
  • Further, Stylam Industries has now started modular expansion at the existing facilities that will further increase the capacity by 40% and the expansion shall entail a total investment of Rs40 crore, the company said on Wednesday. Read more

Zydus gets final USFDA approval for Norepinephrine Bitartrate Injection

Published on: 12:26 pm

  • Zydus Lifesciences Limited has received final United States Food and Drug Administration (USFDA) approval to market Norepinephrine Bitartrate Injection USP,4 mg/4 mL (1 mg/mL) Single-Dose Vial. (USRLD: Levophed).
  • According to the regulatory filing, Norepinephrine Bitartrate is indicated for restoration of blood pressure in adult patients with acute hypotensive state. 
  • Further, the drug will be manufactured at the group’s topical injectable manufacturing facility located at Jarod, India. Read more

Tata Croma receives a 3.09 lakh square foot warehouse lease from ESR in Gurgaon

Published on: 12:26 pm

  • Tata Croma has leased 309,000 square feet of warehouse space from logistics development platform ESR at Gurgaon's Sohna logistics park. This will be the company's largest distribution centre in North India, according to ESR's CEO Abhijit Malkani.
  • The distribution centre for Croma is housed in the 76.84-acre ESR Sohna Logistics Park, which is inside the KMP circle. It will lessen and improve the retailer's last-mile delivery difficulties in Delhi and the surrounding areas.
  • In a future-proof, sustainable setting, "this Grade A green facility will let Croma scale its operations in north India, deploy automation, and develop a long-term value chain," claimed Malkani. Read more

Q1FY23 Preview: Reliance Industries: Revenues seen at Rs2,275 billion, PAT at Rs234 billion

Published on: 12:24 pm

  • Result date: 22nd July, 2022
  • Recommendation: Buy
  • Target price: Rs2,873
  • Source: IIFL Research
  • Reliance Industries (RIL) is all set to post a healthy performance for the June 2022 quarter. Higher refining margins, tariff hikes and new store openings could drive performance of the refining, telecom and retail businesses; respectively. Read more

IndusInd Bank launches co-branded credit card in partnership with EazyDiner

Published on: 11:58 am

  • IndusInd Bank Limited today announced a partnership with EazyDiner, India's leading table reservation, food discovery, and restaurant payment platform, to launch an EazyDiner IndusInd Bank Credit Card.
  • This collaboration aims to recreate the dining experience for our customers, who relish trying new restaurants. The all-new card will include a complimentary EazyDiner Prime membership, which will provide customers with a guaranteed discount of up to 25% at select restaurants.
  • This discount can be combined with an additional 25% discount of up to Rs1000 every time a customer pays on the EazyDiner app via PayEazy. Customers can also use PayEazy to instantly redeem their reward points while paying their bills. Read more

13-year-old ED ruling against Sterlite Industries overturned by the Bombay High Court

Published on: 11:58 am

  • A 13-year-old Enforcement Directorate (ED) order that had fined Sterlite Industries (India) Ltd. and its promoter Anil Agarwal Rs25.20 crore for allegedly breaking foreign exchange laws when acquiring Monte Cello BV, a company that owned copper mines in Australia, has been overturned and overturned by the Bombay High Court.
  • In 2000, Monte Cello Corporation NV and Sterlite entered into a transaction for a price of Rs203.82 crore ($43.5 million at the time).
  • Later, in June 2008, the Special Director of Enforcement sent the firm and its promoter a show-cause notice, stating that they had broken the Foreign Exchange Management Act, 1999, when they sent $43.50 million for the purchase of the two copper mines. Read more

NRAI to inform members about service fee disclosure on menus, in-store displays, and tables soon

Published on: 11:51 am

  • The National Restaurants Association of India (NRAI), the umbrella organization for Indian restaurants, will issue directives to its 5 lakh members requiring them to make it clear in all of their establishments that they charge a service fee on customer bills, menus, posters inside the establishments, and tent cards on tables.
  • This is in accordance with the Delhi High Court staying directives issued by the Central Consumer Protection Authority (CCPA), which forbade hotels and restaurants from adding service fees to customer invoices.
  • "We are advising all NRAI members to declare upfront that they levy service charge on not only the menu, as instructed by the Delhi High Court today, but also put-up posters and tent cards about the service charge on tables so customers are fully aware before they place orders," said Riyaaz Amlani to ET, managing director of Impresario Handmade Restaurants, which runs Social and Smoke House Deli. Read More

Q1FY23 Preview: UltraTech Cement: Revenue seen at Rs141,651 million, EBITDA at Rs25,023 million

Published on: 11:48 am

  • Result date: 22nd July, 2022
  • Recommendation: Buy
  • Target Price: Rs6,325
  • Analysts at IIFL Securities forecast revenue growth of 23.4% for Ultratech Cement in the first quarter of FY23. Revenue is forecasted to be at Rs141,651 million. EBITDA is forecasted to come down year-on-year by 21.1% to Rs25,023 million. EBITDA per tonne in June quarter is likely to come down year-on-year by 31.5% to Rs1,059/ tonne. Read more

Ashiana Housing board allots NCDs worth Rs26.4 crore on private placement; Stock up 1%

Published on: 11:35 am

  • Ashiana Housing Ltd has announced that the Executive Committee of Directors on July 20, 2022 have allotted 264 Un-Secured, Redeemable, Non-Convertible Debentures on Private Placement basis for an amount of Rs26.40 crore.
  • As per the filing, the tenure of the issue is 20 years and rate of interest is 8% subject to reset process as per terms of debenture trust dated June 21, 2022. Read more

Ador Welding bags order worth Rs145 crore from ONGC, Uran; stock gains ~1%

Published on: 11:21 am

  • Ador Welding Limited informed that the company has received a Letter of Award (LOA) of Rs145 crore inclusive of all taxes, duties & levies including GST @ 18%, from ONGC, Uran.
  • The scope of work includes Design, Engineering, Supply, Erection & Commissioning of the Demountable Flare Stack Project at their (ONGCs) Uran Plant.
  • The order is expected to be completed within a period of 30 months. The order received is an LSTK order, which is domestic in nature. Read more

Strong operational performance by Shriram Properties for Q1

Published on: 11:21 am

  • For the quarter that ended on June 30, 2022 Q1, Shriram Properties (SPL) announced impressive growth in sales, collections, and construction.
  • The company increased its sales by 20% year over year (YoY) to 0.66 million square feet in the first quarter of FY23 from 0.55 million square feet in the first quarter of FY22. In Q1, total sales value increased from Rs248 crore in Q1FY22 to Rs313 crore, a 26% YoY increase.
  • In comparison to Q1FY22, when total collections were Rs242 crore, they increased by 34% year over year to Rs324 crore in Q1FY23. Strong collections are a reflection of the company's focus on execution progress on the ground. Read more

ONGC Videsh appoints Rajarshi Gupta as its new managing director

Published on: 11:18 am

  • The state-owned Oil and Natural Gas Corporation's overseas investment arm, ONGC Videsh Ltd (OVL), has a new managing director: Rajarshi Gupta (ONGC). He takes over for Alok Gupta, who retired last month.
  • "Rajarshi Gupta has more than 33 years of varied experience in supervisory, managerial, and strategic planning capacities in domestic and foreign operations of ONGC and ONGC Videsh," the corporation stated in a statement, noting that he assumed his new position on July 19.
  • He formerly served as ONGC's Executive Director and Chief of Corporate Strategy & Planning.
  • His primary competencies include mergers and acquisitions, strategic planning, and man management, according to the statement. He also has good business knowledge of the oil and gas industry. Read more

CRISIL reaffirms rating on Sundram Fasteners' credit facilities; Stock soars over 1.5%

Published on: 11:16 am

  • Sundram Fasteners Ltd (SFL) has informed that CRISIL Limited, credit rating agency, on July 19, 2022 has re-affirmed the rating for the following instruments of the Company.
  • CRISIL has reaffirmed its 'CRISIL A1+' rating on the short-term debt and commercial paper programme of the company. Read more

HDFC MF’s Prashant Jain becomes first fund manager of Rs1 lakh crore equity assets

Published on: 11:01 am

  • Prashant Jain of HDFC MF is the first fund manager in India to manage Rs 1-lakh-crore equity assets as the market rallied on Tuesday, increasing the total AUM of funds managed by him.
  • Jain oversees the Balanced Advantage, Flexi Cap, and Top 100 funds at HDFC MF, as well as an India-specific scheme with an exclusive mandate from a sovereign wealth fund.
  • According to sources, the total AUM (assets under management) of the above-stated funds combined, crossed the Rs1 lakh crore mark on Tuesday. Read more

Wipro appoints Paivi Rekonen as Independent Director on the Board

Published on: 10:55 am

  • Wipro Limited has appointed Paivi Rekonen as Independent Director to its Board for five years effective October 1 , 2022, subject to the approval of shareholders.
  • Paivi Rekonen has experience of over 25 years in technology as well as in banking and services. She is Chair of The Board of Directors of SEBA Bank AG in addition to being a Member of the Board at Konecranes Pie, WithSecure Pie, and Efecte Pie. 
  • Rekonen performed leadership roles in functions such as technology, human resources, and consulting at global organizations including international giants like Nokia, Cisco, Credit Suisse, Adecco, and UBS. Read more

No changes in petrol and diesel prices in the past 1 month

Published on: 10:53 am

  • The most recent price notifications from fuel dealers indicated that the price of gasoline and diesel remained stable on July 21. More than a month has passed with no adjustment in fuel prices.
  • Eknath Shinde, the chief minister of Maharashtra, has already proposed a VAT reduction of Rs 5 per liter for gasoline and Rs 3 per liter for diesel. Following a state cabinet meeting on July 14, the CM announced the price reduction. The decision, according to deputy chief minister Devendra Fadnavis, is "a big relief to Maharashtrian and Marathi Manus." Read more

Havells' Q1 net profit at Rs243 crore

Published on: 10:45 am

  • On July 20, Havells India Ltd. reported a rise in consolidated net profit of 3.13 % to Rs 243.16 crore for the June quarter despite negative margin effects from fluctuating commodity costs.
  • According to a regulatory filing by Havells, the manufacturer of consumer electrical items reported a consolidated net profit of Rs 235.78 crore in the April-June quarter of last year. Read more

GoM on GST on Casinos will hear industry stakeholders on 23rd and 24th July

Published on: 10:41 am

  • On July 23 in Bengaluru and on July 24 in Goa, the ministerial panel on casinos, racetracks, and internet gaming will convene in order to hear from the gambling and horse racing industries on the taxes of their respective industries.
  • The GoM will likely hear from Bangalore Turf Club about a variety of racing-related topics, including GST-related concerns. According to individuals who spoke with FE, the GoM would likely visit casinos in Goa to have a firsthand look at how the industry runs.
  • On July 12, the GoM submitted tax concerns brought up by representatives of the sector over the anticipated tax rate rise on online skill gaming from 18 percent to 28 percent and concerns regarding casinos. Read more

Gensol Engineering crosses significant milestone of Rs100 crore revenue in Q1FY23; stock climbs ~2%

Published on: 10:28 am

  • Gensol Engineering Limited that is has crossed the important revenue milestone of Rs100 crore for Q1FY23, which is a strong harbinger of growth, given that the company reported a total standalone revenue of Rs155.85 crore for the entire FY22.
  • Gensol Engineering saw record quarterly revenues in Q1FY23 as a result of its unwavering commitment to quality, customer delight, and strong collaboration with vendors, as well as its continued strong focus on service quality.
  • The Company believes that the solid results demonstrate the sector's ongoing positive momentum and is optimistic about the remainder of the fiscal year. The Company continues to expand its national footprint while increasing project sizes, demonstrating its sharpening project delivery skills. Read more

Insecticides India forms 'IIL Biologicals' as wholly-owned subsidiary; Stock gains 1%

Published on: 10:25 am

  • Insecticides India Ltd has incorporated a wholly-owned subsidiary namely 'IIL Biologicals Limited' on July 15, 2022.
  • According to the regulatory filing. the wholly owned subsidiary company is a related party of the company wherein Rajesh Aggarwal, Managing Director of the Company and Sansakar Aggarwal (Promoter Group of the Company) are the Directors on the Board of the newly incorporated wholly owned subsidiary. Read more

Som Distilleries spurts ~5% as board approves Rs28.80 crore preferential issue

Published on: 10:14 am

  • Som Distilleries & Breweries Limited informed that in the board meeting of the company held on July 20, 2022, the board of directors considered and approved raising funds by issuing up to 40,00,000 Convertible Equity Warrants to the Promoters, Promoter’s Group, and Other Public Investors on a Preferential Basis in one or more tranches, at a price of Rs72 (including premium of Rs67) for each warrant.
  • These warrants will be convertible into equity shares of Rs5 each of the Company. The issue is further subject to necessary shareholders/regulatory approvals, as applicable.
  • The total amount of such issue aggregates to Rs28.80 crore. Read more

Shriram Properties' sales bookings increase by 26% in Q1

Published on: 10:10 am

  • On July 20, Shriram Properties Ltd. said that stronger demand and a low base effect has led to a 26% increase in sales bookings for the June quarter, totaling Rs 313 crore.
  • According to a press release from the Bengaluru-based firm, sales bookings in volume terms increased by 20% to 0.66 million square feet in the first quarter of the 2022–23 fiscal year from 0.55 million square feet in the same quarter last year. Read more

$10 billion tender for 50000 electric buses may come soon

Published on: 9:59 am

  • India's attempts to decarbonize public transportation and assist the country to achieve net zero emissions will be driven by a $10 billion tender for 50,000 electric buses being organized by the state-controlled Convergence Energy Services Ltd.
  • Such tenders are starting to resemble infrastructure projects, according to CESL Managing Director Mahua Acharya, and local manufacture of electric buses is anticipated to increase in line with demand. Read more

Spandana Sphoorty appoints Amid Anand as Chief Risk Officer

Published on: 9:54 am

  • Spandana Sphoorty Financial Ltd has informed that Board of Directors of the Company on July 20, 2022 have approved the appointment of Amit Anand as the Chief Risk Officer of the Company for a period of 5 years with effect from July 18, 2022.
  • As per the filing, Amit Anand holds a Master’s degree in Finance from ICFAI Business School, Hyderabad and a Bachelor’s degree in Economics from Magadh University. Read more

Nykaa inks pact with Estée Lauder Companies to launch BEAUTY&YOU India; stock rises

Published on: 9:51 am

  • The Estée Lauder Companies (ELC) and Nykaa (FSN E-commerce) launch BEAUTY&YOU India. B&Y India, created by ELC's New Incubation Ventures and launched in collaboration with NYKAA, aims to discover, spotlight, and propel the next generation of Indian beauty brands.
  • Through a competitive application process, the programme will back India-focused businesses and entrepreneurs.
  • Awards for both pre-launch and in-market premium beauty concepts will be announced in November 2022, based on applications submitted by September 30, 2022, via the website beautyandyouawards. Read more

IndusInd's stock rises 3% as Q1 profits increase by 60%

Published on: 9:49 am

  • A day after the business released its June quarter earnings, IndusInd Bank's share price increased 3% in early trade on July 21.
  • On July 20, IndusInd Bank announced a net profit increase of 60.5 % year over year to Rs 1,631.1 crore for the quarter ended in June, above analyst expectations of Rs 1,423.5 crore. Read More

Markets in a volatile session; IT stocks under pressure; IndusInd Bank jumps 4% post Q1

Published on: 9:44 am

  • Indian markets logged a volatile performance during Thursday's opening bell as Asian counterparts turned back to red led by selloffs recorded in Japanese shares. A lacklustre movement was witnessed in benchmarks Sensex and Nifty, however, the bears were kept at bay aided by metal, bank and auto stocks. IT and Pharma were laggards in the early session. In today's trade, expect consolidation ahead of the ECB and Fed meetings due on July21 and  27, 200 respectively which could see volatility before the weekend.
  • At around 09.40 AM, Sensex was trading at 55,367.02 down by 30.51  points or 0.06%. The index has touched an intraday high and low of 55,446.51 and 55,270.75, respectively.
  • Nifty 50 performed high by 8.20 points or 0.05% at 16,529.05. The index has clocked an intraday high and low of 16,538.30 and 16,483.90 respectively. Read more

Gold prices rise, Silver fall in early trading

Published on: 9:40 am

  • In the opening hours of trading on Thursday, gold prices increased marginally by Rs 10. The current price of ten grams of 24-carat gold is Rs 50,630. The price of ten grams of 22-carat gold is Rs 46,410.
  • On the other side, the price of silver decreased by Rs 300 from the day before. At the moment, one kilogram of silver costs Rs 55,600. As a result of the strong dollar and the likelihood of further interest rate increases by major central banks to tackle growing inflation, gold prices in the US plummeted on Thursday to their lowest level in over a year. Read more

Abhijit Kabra appointed as new CEO of Sasken Technologies; stock tumbles ~8%

Published on: 9:30 am

  • Sasken Technologies Limited, a leading product engineering and digital transformation solutions provider, appointed Abhijit Kabra as Chief Executive Officer, reporting to Rajiv C Mody, Chairman & Managing Director.
  • Abhijit will work to scale the company, both organically and inorganically significantly.
  • His track record of building businesses that use technology as a growth enabler will be invaluable in accelerating Sasken's business transformation journey. Read More

Newgen Software Tech's Q1 revenue increases 18% yoy to Rs188 crore; Stock plunges 3.3%

Published on: 9:23 am

  • The management of Newgen Software Technologies Ltd has announced results for the quarter ended June 30, 2022 at its Board Meeting held on July 20, 2022.
  • Key Highlights for Q1 FY23 v/s Q1 FY22
  • Revenues stood at Rs188 crore (18% Q1 yoy growth).
  • Subscription Revenues increases at Rs71 crore (33% Q1 yoy growth)
  • Annuity Revenues is at Rs131 crore (25% Q1 yoy growth) Read more

BIGBLOC Construction to start commercial productions in Wada, Palghar; Stock under pressure

Published on: 9:19 am

  • BIGBLOC Construction Limited has announced that its wholly-owned subsidiary 'Bigbloc Building Elements Private Limited' has received finance sanctioned from the Bank for upcoming expansion at Wada, Palghar.
  • Moreover, Construction for factory building is proceeding as per the schedule, the company said in a regulatory filing. Also, the company has placed orders for majority of the machines and shall start receiving machines at the site by September/October, it further added. Read more

NHPC inks pact with Damodar Valley for setting up hydro power projects

Published on: 9:17 am

  • NHPC Limited has announced to the stock exchanges regarding signing of Memorandum of Understanding (MoU) with Damoder Valley Corporation (DVC).
  • According to the government released data, the Company has signed MoU with Damoder Valley Corporation (DVC) on July 20, 2022 to Explore formation of Joint Venture company (JVC). The JVS is for exploring and setting up Hydropower and Pump Storage Projects. Read more

Virinchi board allots 1.80 lakh equity shares under ESOP

Published on: 9:16 am

  • Virinchi Limited has informed to the exchanges regarding allotment of Equity Shares under ESOP.
  • As per the regulatory filing, the Company has allotted on Wednesday 10,80,000 Equity Shares under Virinchi Employees Stock Option Scheme, 2018 to the eligible employees of the Company pursuant to the exercise of options granted.
  • Consequently, the issued and Subscribed Share Capital of the Company stands increased to Rs82,94,04,680 divided into 8,29,40,468 Equity Shares of Rs.10/- each, the company said on Wednesday. Read more

Hatsun Agro's sales cross Rs 2,000 crore in June quarter

Published on: 8:25 am

  • For the first time, dairy product manufacturer Hatsun Agro Products said that its revenues for the quarter ending June 30, 2022, exceeded Rs2,000 crore.
  • For the quarter ending June 30, 2022, the city-based company posted revenues of Rs 2,014.60 crore, up from Rs 1,538.78 crore in a similar quarter the previous year.
  • According to a statement from the company's chairman, RG Chandramogan, the domestic market's strong sales rebound following the COVID-19 epidemic and strong summer sales contributed to the quarter's biggest sales volume ever. Read more

Markets may see profit booking today

Published on: 8:23 am

  • Indian markets are likely to see some profit booking in early trading hours today. Some investors will sell and book profits at higher prices after the gains of yesterday. Oil prices came down marginally yesterday. Inflation and rupee depreciation are major dampeners for Indian equity markets. They may wipe out the gains of the past few days in the next few days. Stock of Wipro may see some movement. The company reported a 21% year-on-year decline in its net profit yesterday. 
  • US markets saw another day of gains. Dow Jones closed higher by 50 points. Nasdaq jumped over 180 points. It is now up by more than 12% over the lows of June.Bond yields remained near 3% . Crude dipped further to trade near US$ 99. Read more

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