Latest News and Updates

22nd Jul, 2022

Meghmani Finchem records highest-ever revenue of Rs533 crore in Q1FY23; PAT jumps by a massive 192%

Published on: 3:45 pm

  • Meghmani Finchem Limited has delivered a strong operating and financial performance in line with its commitment to growth during the quarter ended June 30, 2022.
  • The company logged the highest-ever Revenue of Rs533 crore, registering a growth of 84% yoy on the back of improved realizations and a higher sales volume of 5%.
  • Company’s EBITDA doubled to Rs187 crore, up by 103% yoy against Rs92 crore in the previous corresponding quarter. While EBITDA margin improved to 35% despite high inflationary pressure. Read more

G E Shipping contracts to sell its Aframax Crude Carrier 'Jag Lyall'

Published on: 3:25 pm

  • The Great Eastern Shipping Company Limited (G E Shipping) has contracted to sell its 2006 built Aframax Crude Carrier, Jag Lyall of about 110,531 dwt. The vessel will be delivered to the new buyer in FY2023.
  • Including Jag Lyall,company's current fleet stands at 45 vessels, comprising 31 tankers (8 crude carriers, 18 product tankers, 5 LPG carrier) and 14 dry bulk carriers (2 Capesize, 7 Kamsarmax, 5 Supramax) with an average age of 12.86 years aggregating 3.57 mn dwt. Read more

Get Access to Stock Reports+ And Customised Investment Ideas

EbixCash collaborates with J&K Bank to use 1000-branch network for Money Transfer Services

Published on: 3:24 pm

  • EbixCash appoints the Jammu & Kashmir Bank's entire 1,000-branch network as a sub-agent to facilitate international remittance services for its Ria Money transfer business. EbixCash is a tech-enabled digital provider in the B2C, B2B, and financial technology arenas.
  • The company intends to roll out the Money Transfer functionality on August 15, 2022, coinciding with India’s 75th Independence Day celebrations.
  • Ria Money Transfer, a subsidiary of Euronet Worldwide, Inc., is the world's second-largest consumer remittance company. EbixCash, a subsidiary of Ebix, Inc., is the market leader in India for international remittances on the basis of gross transactional value. With 851 branches in Jammu, Kashmir, and Ladakh, J&K Bank is the largest bank in the Kashmir, Jammu, and Ladakh regions. Read more

Domestic aviation traffic decreases 12.5 % sequentially to Rs1.05 crore in June

Published on: 2:51 pm

  • According to data released by the Directorate General of Civil Aviation (DGCA) on July 22, domestic air passenger traffic decreased to Rs1.0512 crores in June 2022, a decrease of 12.5 % from the previous month.
  • Even while air traffic has gotten a little bit closer to pre-pandemic levels, the sequential decline in passengers in June was primarily caused by seasonality because summer vacations in India typically conclude in May. Read more

IDBI Bank clocks 25% yoy growth in PAT at Rs756 crore; NII reported at Rs2,488 crore

Published on: 2:50 pm

  • IDBI Bank announced results for the quarter ended June 30, 2022, and has reported substantial growth during the period.
  • The company reported a Net Profit of Rs756 crore in Q1FY23, up by 25% yoy against Rs691 crore in the previous corresponding quarter.
  • Company stated that PBT improved by 7% yoy at Rs1,093 crore in Q1FY23 as compared to Rs1,024 crore for Q1FY22. PBT for Q4-2022 stood at Rs844 crore. Read more

Sudarshan Chemical Industries announces listing of NCDs amounting to Rs99 crore; Stock climbs 1%

Published on: 2:45 pm

  • Sudarshan Chemical Industries Ltd informed to the exchanges regarding listing of Non-Convertible Debentures amounting to Rs99 crore issued on Private Placement Basis.
  • Earlier the company informed about approval of the Finance Committee of the Board of Directors for issuance of 99 unsecured, Rated, Listed, Taxable, Redeemable, Non-Convertible Debentures with a Face Value Rs10 lakh each on private placement basis, further it is informed that the aforesaid Non-Convertible Debentures have now been listed on the Wholesale Debt Market Segment of BSE Limited, the company said on Friday. Read more

Ramkrishna Forgings spurts ~3.5% owing to robust performance in Q1FY23

Published on: 2:02 pm

  • Ramkrishna Forgings Limited, one of India’s leading forging players, announced its financial results for the quarter ended June 30, 2022.
  • The company reported a revenue of Rs65,074.59 lakh in Q1FY23, as compared to Rs41,286 lakh in the previous corresponding quarter, clocking a growth of 57.62% yoy.
  • During the current quarter, the company reported an EBITDA of Rs14,369.56 lakh against Rs9,531.91 lakh in Q1FY22, registering a growth of 50.75% yoy. Read more

Commerce Ministry: Govt doesn't keep track of crypto startups leaving India

Published on: 2:02 pm

  • The Ministry of Commerce and Industry informed Rajya Sabha on Friday that the government does not keep records on the departure of cryptocurrency companies from India.
  • The ministry responded when Rajya Sabha member Derek'O Brien asked if the government had noticed that crypto firms were leaving India, their specific reasons, and the effects on the country's economy.
  • The Reserve Bank of India has warned users and dealers of virtual currencies that there are dangers associated with working with crypto startups on the levels of the economy, the law, client protection, and security. Read more

Introduction of 5G connectivity to India will be led by Bharti Airtel: Sunil Mittal

Published on: 1:43 pm

  • According to Bharti Airtel Chairman Sunil Mittal, the business will lead the way in bringing 5G connectivity to India and will have a strong network to serve the nation's digital-first economy.
  • Given that 5G spectrum auctions are about to start, Mittal's remarks gain relevance. The auction, which is set to start on July 26, will feature a total of 72 GHz (gigahertz) of radiowaves valued at at least Rs4.3 lakh crore. The Telecom Department is performing a mock auction (mock drill) ahead of the major event on Friday and Saturday (July 22 and July 23). Read more

USFDA concludes inspection at Indoco Remedies' Anacipher CRO-Hyderabad

Published on: 1:39 pm

  • Indoco Remedies Limited has informed the successful conclusion of the USFDA inspection at its Clinical Research Organization - AnaCipher, conducted between July 11-15, 2022.
  • As per the filing, during the remote record review, the agency did not identify any objectionable conditions and thus, did not have any observations. 
  • In a regulatory filing, the company said that the inspection was conducted by the Division of New Drug Study Integrity, Office of Study Integrity and Surveillance of USFDA. Read more

Ind-Ra revises Campus Activewear’s rating outlook to ‘Positive’; stock under pressure

Published on: 1:23 pm

  • India Ratings and Research (Ind-Ra) has revised Campus Activewear Limited’s (CAL) outlook to Positive from Stable while affirming the Long-Term Issuer Rating at ‘IND A+’.
  • The rating agency has reviewed fund-based limits of the company worth Rs140 crore, which has been enhanced from the existing Rs125 crore. The non-fund-based limits reviewed are worth Rs11 crore, and long-term loans are Rs25.40 crore. Read more

Persistent Systems reports net profit of Rs211.61 crore for Q1FY23; stock gains ~1.5%

Published on: 1:03 pm

  • Persistent Systems Limited announced its audited results for the quarter ended June 30, 2022, as approved by the Board of Directors.
  • The company reported a revenue of Rs1,878.11 crore in Q1FY23, registering a growth of 52.70% on a year-on-year basis, and 17.7% over the last quarter.
  • Persistent’s EBITDA during the quarter under review stood at Rs333.29 crore, up by 65.4% yoy and 18.5% sequentially. Read more

NLC India board approves investment proposals for expansion

Published on: 1:01 pm

  • NLC India Limited has announced that the Board of Directors at its Meeting held on Thursday, July 21, 2022, has accorded approval for the following:
  • investment proposal of establishing Mine III (peak Capacity-11.50 MTPA & Normative capacity- 8.71 MTPA) in Neyveli, Tamil Nadu at an estimated cost of Rs3755.71 crore.
  • investment proposal of establishing TPS II 2nd Expansion Thermal Power Station (2 X 660 MW) Neyveli, Tamil Nadu at an estimated cost of Rs11,189.20 crore.
  • At around 1:01 PM, NLC India was trading at Rs67.60 per share up by Rs0.05 or 0.07% from its previous closing of Rs67.55 per share on the BSE. Read More

GP Petroleums renews agreement with Repsol; Stock trades higher

Published on: 12:43 pm

  • G P Petroleums Limited has informed that the Company has executed a renewal agreement with new terms and conditions for Distribution, Sale and Local Manufacturing of Repsol and ancillary products with Repsol Lubricantes Y Especialidades, S.A., Spain.
  • According to the filing, the renewal agreement has been executed on July 20, 2022 for the period of 5 years effective from January 01, 2022. Read more

Astron Paper Mill cuts down production at Halvad Plant in Gujarat; stock slides ~1%

Published on: 12:42 pm

  • Astron Paper & Board Mills Limited informed that it will reduce production quantity at the plant located in Halvad, Gujarat (Unit 1), due to boiler modification and new upgraded turbine installation.
  • Shifting/Levelling, Alignment, Grouting, Curing, Interconnecting, Flushing, reassembling, instrumentation and electrical work, steam inlet and blowing, Oil Flushing, Voltage Built Up, Power Generation are all part of the boiler modification and new upgraded turbine installation process.
  • This process will lower the company's fuel costs and assist it in maintaining a cleaner environment. Read more

CRISIL announces interim dividend of Rs8 for FY22; stock dips ~2%

Published on: 12:19 pm

  • CRISIL Limited informed that the Board of Directors of the Company, at their meeting held today, has approved the payment of Interim dividend of Rs8 per equity share of the face value of Rs1 each for the financial year ending December 31, 2022.
  • The company stated that the record date for such purposes will be August 18, 2022.
  • CRISIL's consolidated income from operations for the half year ended June 30, 2022 (H122) increased 23.4% to Rs1,263.5 crore, compared to Rs1,023.7 crore in the previous year's corresponding period. Read more

India's Digital Payments Revolution- A Case Study for the World

Published on: 12:09 pm

  • India has made a giant leap from the year 2015 when Prime Minister, Narendra Modi announced the flagship program of Digital India on July 1st, 2015. The start of Digital India which envisioned Digital infrastructure and enhanced internet connectivity has reached a pinnacle with Digital payments driving economic growth and a digital revolution in just 7 years.
  • India emerges as a leader.
  • According to a recent report by ACI Worldwide India leads worldwide in real-time transactions at 48 billion, almost three times to that of China at 18 billion, and 6.5 times greater than transactions of the US, UK, Canada, and Germany. The RBI's Digital Payment Index is based on broad parameters and factors that marked the growth of digitization of payments by almost 40% in September 2021. There is a rapid rise in cashless transactions which constitute a whopping $2 trillion leveraging Point of Sale (PoS), UPI, apps, mobile wallets, and other forms. Read more

Satendra Singh joins Rashtriya Chemicals as Government Nominee Director; stock zooms ~2%

Published on: 12:05 pm

  • Rashtriya Chemicals and Fertilizers Limited informed that the Department of Fertilizers, Ministry of Chemical and Fertilizers, Government of India has appointed Satendra Singh as a Government Nominee Director on the company’s Board.
  • His appointment shall be effective from July 20, 2022.
  • Satendra Singh is a member of the 1995 batch of the Indian Administrative Service (IAS) from the Jharkhand Cadre. He is currently employed as an Additional Secretary and Financial Advisor in the Ministry of Chemicals and Fertilizers' Department of Fertilizers of the Government of India in New Delhi. Read more

Kajaria Ceramics board approves acquisition of 51% stake in South Asian Ceramic Tiles at Rs28.5 cror

Published on: 11:40 am

  • The Board of Directors of Kajaria Ceramics Limited has approved acquisition of 51 % equity shares of South Asian Ceramic Tiles Private Limited, Hyderabad, Telangana ('South Asian') at a consideration up to Rs28.50 crore and accordingly, South Asian will become a subsidiary of the Company, on completion of the above acquisition by the Company.
  • According to the filing, the proposed acquisition is to carry out the business of manufacturing of tiles. Read more

PMAY-Urban Mission may be extended till 2024

Published on: 11:23 am

  • The Ministry of Housing is considering extending the government's premier urban housing program, Prime Minister Awas Yojana (PMAY) Urban, till March 2024.
  • Minister of State for Housing and Urban Affairs Kaushal Kishore said the following in a written response on Thursday in the Lok Sabha: "Consideration is being given to a proposal that would extend the Mission through March 2024, with the goal of finishing all houses authorized under the scheme by March 31, 2022, all while maintaining the current funding structure and implementation strategy. For all verticals with the exception of the Credit Linked Subsidy Scheme, a temporary extension of six months has been approved." Read more

Sharika Enterprises signs Consultancy Service Agreement with LS Cable & Systems, South Korea; Stock

Published on: 11:20 am

  • Sharika Enterprises Limited has signed a Consultancy Service Agreement with LS Cable & System, South Korea for promoting and offering New Cable technologies and solutions - HVDC Cable to Indian Customers.LS Cable & System Ltd. Korea, one of the leading global manufacturer of Cable & accessories up to 500KV Voltage grade.
  • As a part of this agreement, LSCNS has secured “HVDC underground Cable for establishment of +320KV, 1X1000 MW VSC based HVDC Scheme in Mumbai” of Adani Electricity Mumbai Infra Limited (AEMIL).
  • The company will provide support in various stages of project deliverables that includes Marketing & Promotion, Project management & coordination, HVDC Power system solution, Subcontract works.Read More

Mahindra & Mahindra unveils introductory prices for Automatic and 4WD variants of the Scorpio-N

Published on: 11:18 am

  • Mahindra & Mahindra Ltd., the pioneers of the SUV segment in India, announced the introductory prices for the Automatic and 4WD variants of the year's most anticipated SUV, the All-New Scorpio-N.
  • The introductory prices are valid for the first 25,000 bookings and are packed with segment-first technology and features aimed at enhancing the driving experience of the country's new age, authentic SUV enthusiasts.
  • The All-New Scorpio-N will be equipped with the world-renowned AISIN 6-Speed Automatic Transmission. Read more

Tejas Networks acquires further 0.78% stake in Saankhya Labs; stock slips ~1%

Published on: 11:01 am

  • Tejas Networks Limited informed that the company has acquired 75,979 equity shares of Saankhya Labs Private Limited through secondary purchase at a price of Rs454.19 per equity share.
  • This is purchase of a further 0.78% stake in the company for a total consideration of Rs3.45 crore.
  • The total acquisition through secondary purchase (incl. the above acquisition) as on date is 61,57,925 equity shares at a price of Rs454.19 per equity share amounting to 63.43% of the equity share capital of Saankhya, on a fully diluted basis for a consideration of Rs279.69 crore. Read more

Welspun Corp commissions new plant at Anjar, Gujarat; Stock sheds 1%

Published on: 10:41 am

  • Welspun Corp Ltd has announced the commissioning of its state-of-the-art Blast Furnace and Sinter plant, and TMT Bars manufacturing facility at Anjar, Cujarat through its wholly owned subsidiaries.
  • Blast Furnace and Sinter Plant:
  • The Blast Furnace can produce ~500,000 MT of Hot Metal per annum. This will primarily be used for manufacturing Pig Iron and Ductile Iron (DI) Pipes. The trial production for DI pipes has also started and the facility has recently received BIS certification, the company said.
  • Besides a 400,000 MT per annum capacity DI pipe plant, this facility is equipped with the latest cutting-edge technology, and will include Blast Furnace, Sinter Plant, PCI and Oxygen Plant Coke Oven. Read More

IT Giant Coforge logs ~25% yoy growth in Revenue at Rs1,829 crore for Q1FY23; stock slips ~1%

Published on: 10:17 am

  • Coforge Limited announced its results for the quarter ended June 30, 2022, and has reported strong operational and financial performance, highlighted by robust growth, healthy profitability, record order intake, and sustained hiring.
  • The company has reported a revenue of Rs1,829 crore during the quarter ended June 2022, registering 25.20% yoy growth against Rs1,461.60 crore in Q1FY22. While it reported a sequential growth of 4.7% in constant currency terms.
  • Company reported a Net Profit of Rs149.70 crore in Q1FY23 as compared to Rs123.60 crore in the previous corresponding quarter, up by 21.10% yoy. Sequentially, it witnessed a decline of 27.90% as net profit was reported at Rs207.70 crore. Read more

Ashok Leyland and Adani Capital partner for Commercial Vehicles finance

Published on: 10:08 am

  • The Hinduja Group's Ashok Leyland, the second-largest producer of commercial vehicles in India, and Adani Capital have inked a memorandum of understanding (MoU) to collaborate on strategic finance for Ashok Leyland's line of light commercial vehicles.
  • Through this MoU, Ashok Leyland and Adani Capital will be able to provide clients in the small commercial vehicle and light commercial vehicle segments with specialised finance solutions. Read more

SRF board declares interim dividend of Rs3.60; Stock jumps 1.5%

Published on: 10:07 am

  • SRF Limited has informed to the exchanges that the Board of Directors at its meeting held on July 21, 2022 has declared interim dividend @ 36% i .e. Rs3.60 per share on the paid-up equity share capital of SRF.
  • Further, the Interim Dividend would be paid to members whose names appear on the Register of Members and the beneficial owners as on the Record Date i.e., Friday, July 29, 2022. The date of payment of interim dividend will be Thursday, August 18, 2022, informed company in a regulatory filing. Read more

RIL adds 1% today ahead of Q1 results; stock is down 5.5% so far in FY23

Published on: 9:58 am

  • A sneak peek at Reliance Industries (RIL) Q1 results Prior to the release of the company's April-June quarter report (Q1FY23) later today, Reliance Industries shares increased more than 1% to Rs 2,517 per share on the BSE. The shares were trading 0.99% higher at Rs2,512 at 9:20 AM compared to a 0.5% increase in the S&P BSE Sensex.
  • RIL shares have underperformed the market thus far in July, falling 4% on the exchanges compared to a 4.5% increase in the BSE's 30-pack index. Read more

Emami acquires a 30% strategic stake in Cannis Lupus; stock marginally up

Published on: 9:49 am

  • Emami Limited announced that it has acquired a 30% stake in the pet-care start-up Cannis Lupus Services India Private Limited.
  • The company believes that as consumers become more aware of the overall health benefits that natural products provide, they are more likely to use such natural and ayurvedic products. Chemical-free products that are beneficial to humans are also beneficial to pets. This preference for "wellness products" naturally extends to house pets, who are an important part of the family.
  • Cannis Lupus' extensive knowledge and experience in pet care and pet training gained over the years will aid in developing and scaling up the business soon. Cannis Lupus would thus focus on the fast-growing pet care segment with its Ayurvedic range of solutions for common and recurring ailments in pets, particularly dogs, under the brand "Fur Ball Story." Read more

Rane (Madras) reports 58.6% yoy rise in Q1 revenue to Rs550 crore; Stock trades lower

Published on: 9:47 am

  • Rane (Madras) Limited has announced its standalone and consolidated financial performance for the first quarter (Q1FY23) ended June 30, 2022.
  • Standalone Q1 FY23 Performance
  • Total Revenue stood at Rs501.0 crore for Q1 FY23 compared to Rs306.6 crore in the Q1 FY22, an increase of 63.4%
  • EBITDA stood at Rs48.0 crore compared to Rs23.5 crore during Q1 FY22, an increase of 103.9%
  • EBITDA Margin at 9.6% for Q1 FY23 against 7.7% in Q1 FY22
  • PAT stood at Rs20.1 crore for Q1 FY23 compared to Rs3.7 crore in Q1 FY22, an increase of 439.2% Read more

NLC India authorizes investment requests totaling Rs14,945 crore

Published on: 9:44 am

  • On Thursday, NLC India Ltd said that its board has accepted investment requests totaling Rs14,944.91 crore for the construction of mining and power projects in Tamil Nadu. The organization, which reports to the coal ministry, intends to invest more than Rs 43,000 crore in a number of mining and power projects.
  • The board of directors of the firm accepted the investment proposal for the construction of Mine III, which is expected to cost Rs3,755.71 crore and have a peak capacity of 11.50 MTPA and a normal capacity of 8.71 MTPA in Neyveli, Tamil Nadu. Additionally, the board has approved the investment plan to build "TPS II 2nd Expansion Thermal Power Station (2 X 660 MW) in Neyveli, Tamil Nadu, at an estimated cost of Rs11,189.20 crore." Read more

Early trading today sees decline in gold and silver prices

Published on: 9:42 am

  • Gold and Silver prices declined in Friday's opening session, with 24-carat yellow gold now dealing at Rs 50,180, down Rs 440. On the other side, silver was now going for Rs 55,600 a kg following a Rs 300 drop.
  • 10 grams of 22-carat gold are now going for Rs 46,000, down Rs 400. After falling to its lowest level since March 2021 at $1,680.25, spot gold was up 1% at $1,712.61 per ounce by 1636 GMT. US gold futures increased by 0.6% to $1,711.00. Read more

Tata Communications stock up 11% following a good Q1 performance

Published on: 9:41 am

  • After Tata Communication reported its financial results for the quarter ending June 30, 2022, the company's shares soared by over 11%.
  • Its net profit increased by 83.6% from Q1 FY22 to Q1 FY23, reaching Rs544.82 crore (up from Rs296 crore).
  • Compared to June 2021, the company's total revenue increased by 10.4% to Rs4,544.51 crore. Meanwhile, year-over-year growth in operating revenues was 5.1%, rising to Rs4,311 crore from Rs4,102.79 crore. Read more

Markets in green amid broad-based buying; Sensex gains 200 pts, Nifty around 16,700

Published on: 9:37 am

  • Indian markets traded in green despite broader mixed sentiments in Asian markets and volatility of overnight on Wall Street. On Sensex and Nifty 50, a broad-based buying was witnessed with media, banking stocks outperforming. Heavyweight stocks boosted markets outlook amid June 2022 quarterly results.
  • More consolidation is expected in domestic equities as select large-cap banks beat estimates on earnings and could lead the gainers.
  • At around 09:33 AM, Sensex was trading at 55,940.89 up by 258.94 points or 0.47%. The index is near to reclaimed above 56,000-level during the opening bell as it's intraday high stands at 55,980.54. Read more

DHL brings a claim against Eicher Motors before the NCLT

Published on: 9:33 am

  • According to news reports, DHL has filed a complaint at the National Company Law Tribunal (NCLT) against Eicher Motors, the company that makes Royal Enfield motorcycles, over a payment issue.
  • According to DHL, it raised numerous sets of invoices for warehousing and third-party logistics services it rendered to Eicher Motors during the financial year 2020–21. There are unpaid invoices of almost Rs10 crore. Read more

Tube Investments of India to acquire 76% stake in Moshine Electronics

Published on: 9:31 am

  • Tube Investments India Limited informed that it entered into a Share Purchase and Shareholder’s agreement for the acquisition of a 76% stake in the equity share capital of Moshine Electronics Private Limited.
  • The acquisition will be through the purchase of equity shares from the promoter and other exiting shareholders of Moshine for a consideration of up to Rs8.64 crore.
  • Moshine is a company that produces and sells camera modules for mobile phones. Read more

PVR stock climbs over 1% as it clocks over Rs1000 crore revenue in Q1FY23 results

Published on: 9:19 am

  • PVR Limited has announced its unaudited standalone and consolidated financial results for the quarter ended June 30, 2022.
  • For the quarter ended June 30, 2022, Consolidated Revenue, EBITDA and PAT was Rs1,002 crore, Rs362 crore and Rs53 crore respectively as compared to Rs93 crore, Rs(58) crore and Rs(220) crore for the corresponding quarter in FY’22.
  • After adjusting for the impact of IND-AS 116 - Leases, Consolidated Revenue, EBITDA, and PAT of the Company was Rs1,000 crore, Rs208 crore and Rs68 crore respectively as compared to Rs71 crore, Rs(110) crore and Rs(142) crore for Q1 FY’22. Read more

75% of Tesla's Bitcoin holdings are sold by the company leading to poor sentiment

Published on: 9:19 am

  • Tesla Inc. revealed in its earnings for the three months ending in June 2022 that it has reduced its Bitcoin holding by one-fourth.
  • Elon Musk's company shocked the cryptocurrency community by revealing that it had converted nearly 75% of its Bitcoin holding into fiat money, adding $963 million to its balance sheet.
  • However, the large automaker had declared in February 2021 that it had invested around $1.5 billion in Bitcoin, but just two months later, in April, it lost 10% of its position.
  • 75% of Tesla's Bitcoin holdings are sold. Read more

Biocon gets three USFDA observations for Site 3 at Hyderabad; Stock under pressure

Published on: 9:18 am

  • Biocon Limited has announced in a regulatory filing on Thursday that USFDA concluded a pre-approval inspection for Site 3, situated at Hyderabad, Telangana on July 20, 2022.
  • Accordingly, three observations were cited at the end of the Inspection, which we will be addressing within the stipulated time, the company said. Read more

Valiant Organics to resume operations at its Sarigam Plant; Stock soars 2%

Published on: 9:17 am

  • Valiant Organics Limited has given update to the exchanges regarding blast in reactor incident at company's Sarigam Plant.
  • According to the filing, the company has announced that the operational normalcy has been restored at its plant at GIDC Sarigam, Valsad, Gujarat.
  • "All desired permissions, clearances etc. are in place which includes the one from Gujarat Pollution Control Board (GPCB). Moreover, the 'GPCB' on July 21, 2022 given permission to restart the manufacturing activities", the company said on Thursday. Read More

Osiajee Texfab board gives approval for rights issue; Stock gains over 2.5%

Published on: 9:16 am

  • The Board of Directors of Osiajee Texfab Limited has approved the issuance of equity shares of Rs10/- (face value) each of the Company on rights basis to eligible equity shareholders of the Company as on the record date (which to be notified later).
  • Further, the Board has constituted and authorized a ‘Rights Issue Committee’ to decide detailed terms and conditions of the Issue and all other related matters etc. Read more

ABB Group to spin off its turbocharging business ‘Accelleron’; stock under pressure

Published on: 9:16 am

  • ABB India Limited informed the exchanges that ABB Group (Zurich, Switzerland) has announced its decision to spin off Accelleron (formerly ABB Turbocharging) its market-leading turbocharging division, by way of a dividend in kind of Accelleron Industries Ltd.’s shares to ABB’s shareholders.
  • Accelleron's listing on the SIX Swiss Exchange in Zurich is scheduled for October 3, 2022, and is subject to approval by ABB shareholders at an Extraordinary General Meeting on September 7, 2022, among other things. Read more

JSW Energy's net profit rises by 179% to Rs560 crore

Published on: 9:12 am

  • JSW Energy reported on Thursday that greater revenues were mostly to blame for its net profit increase of 189% to Rs560 crore in the June quarter. According to a corporate release, "Profit After Tax (PAT) amounted at Rs560 crore, which was 179% higher YoY (year over year) than a PAT of Rs201 crore in a similar period of the previous year (April-June 2021).
  • Total sales rose 68% YoY to Rs3,115 crore during the quarter from Rs1,860 crore in the first quarter of FY22.
  • The rise is mostly due to increased short-term sales, the expansion of solar capacity in Vijayanagar, and the uprating of 45MW at Karcham Wangtoo, it stated. Read More

ICICI Securities' net income drops by 12% to Rs273 crore

Published on: 9:06 am

  • Despite a rise in sales over the same period, ICICI Securities said on Thursday that its net income for the June quarter fell by 12% to Rs273 crore. According to a statement from the company, the top line increased by 6% to Rs795 crore in the first quarter of this fiscal year due to strong growth in retail allied and distribution income.
  • Institutional equity revenue decreased by 17% during the quarter, or Rs48.6 crore, principally because market volumes and capital market deals were down.
  • The distribution business is still growing successfully, as seen by the revenue of Rs152 crore, which increased by 28% over the same period last year thanks to a good performance from mutual funds, insurance, and other products. Read more

Why is PharmEasy delaying its IPO?

Published on: 9:05 am

  • According to reports, online pharmacy company, PharmEasy, has given up its IPO plan for the time being. Instead, the company is trying to raise $200 million through private placement, and that too at a lower valuation than before. This means that it will shell out a higher stake to investors than before for raising the same amount of money. Some reports say that the company is ready to lower its valuation by as much as 25%.
  • The decision to raise money by lowering valuation once again shows the difficulty that startups are facing in raising capital now. A global recessionary environment has made investors reluctant in investing in startups that have still not turned profitable. PharmEasy's losses in 2022-23 are reported to be around $324 million. Like many internet based business model, startups, PharmEasy is seeing strong sales but even higher expenses. In 2022-23 its sales are reported to be around $700 million. Read more

Carlyle and Advent close to picking up $1 billion stake in Yes Bank

Published on: 8:47 am

  • Following the proposed sale of the lender's stressed assets to JC Flowers Asset Reconstruction Company and the formation of a new board, the effort by Yes Bank to enlist Carlyle and Advent as equity investors for roughly $1 billion has picked up steam, according to news reports.
  • This week, the senior management of Yes Bank and the State Bank of India (SBI), the private lender's largest shareholder, as well as representatives from the Reserve Bank of India (RBI), met with Carlyle's top brass from Hong Kong and Advent's leadership in order to finalize the details of the plan, which will be implemented in stages.
  • The proposed investment may be comparable to Bain Capital's $1.8 billion consortium investment in Axis Bank, which was made by the Boston-based private equity firm. Read more

Hitachi Energy's net profit falls by 92%

Published on: 8:44 am

  • In the June quarter, Hitachi Energy India's net profit decreased by approximately 92% year over year to Rs1.34 crore, mostly as a result of higher commodity prices and supply chain bottlenecks.
  • The company noted that the quarter's margins were impacted by the growing cost of commodities and supply chain constraints.
  • Several methods are being used to lessen the effect, with a focus on semiconductors, in particular, it said.
  • The company reported receiving orders of Rs3,054.6 crore (in April–June), an increase of 309.7% year over year, primarily from utilities as the energy transformation picks up speed. Read more

Hindustan Zinc's net profit increases by 56% to Rs3,092 crore in Q1

Published on: 8:37 am

  • In the June quarter, Hindustan Zinc Ltd (HZL) recorded a consolidated net profit increase of 55.9% to Rs3,092 crore, primarily due to higher metal prices. According to a filing with the BSE, the company reported a combined net profit of Rs1,983 crore in the first quarter of the previous fiscal.
  • According to the report, the consolidated revenue from operations for the months of April through June climbed by 44.8% to Rs9,236 crore from Rs6,378 crore in the same period last year.
  • The company reported a net profit of Rs3,092 crore for the quarter, increasing 5.6% sequentially and 55.9% year over year. Read more

Hindustan Unilever to invest Rs700 crore in Uttar Pradesh by 2025

Published on: 8:32 am

  • Adityanath lauded Bunelkhand's success at the opening of a Hindustan Unilever India facility that produces spray-dried detergent powder, stating that it "is becoming a heaven on earth today" and that it used to be a place "from which investors used to avoid and youngsters used to bolt."
  • The Chief Minister also stated that over the next three years, HUL will generate thousands of direct and indirect job possibilities in the area, according to a representative of the company. Read more

European Central Bank increases interest rate by 50 basis points

Published on: 8:30 am

  • On Thursday, the European Central Bank announced a fresh bond-buying programme and increased interest rates for the first time since 2011. This was done to control borrowing costs for the euro zone's most indebted nations.
  • In an effort to lower the euro zone's record-high inflation rate, the ECB increased its deposit rate by 50 basis points to zero, roughly twice as much as it had suggested following its previous meeting.
  • The rate on its weekly and daily cash auctions was also increased by 50 basis points to 0.50% and 0.75%, respectively, and a signal was given that additional hikes to its three rates were likely to occur this year. Read more

OPEN A DEMAT ACCOUNT & Get
FREE Benefits Worth 5,000

Editors Choice

 

Blogs & Personal Finance

More

Stock View

Refinitiv Logo

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

More
Open ZERO Brokerage Demat Account
Open Demat Account

  • 0

    Per Order for ETF & Mutual Funds Brokerage

  • 20

    Per Order for Delivery, Intraday, F&O, Currency & Commodity