Latest News and Updates

25th Jul, 2022

Sportking India clocks ~35% yoy growth in revenue at Rs606 crore in Q1FY23; stock dips ~5%

Published on: 3:46 pm

  • Sportking India Limited, one of India’s leading textile companies announced its Financial Results for the Quarter ended on June 30, 2022.
  • The company reported a revenue of Rs606 crore in Q1FY23, up by 34.90% yoy against Rs450 crore in the previous corresponding quarter.
  • Company’s EBITDA for the quarter under review stood at Rs134 crore as compared to Rs125 crore in Q1FY22, up by 7.3% yoy.
  • During Q1FY23, company reported PAT of Rs83 crore as compared to Rs79 crore, registering a growth of 5.2% yoy. Read more

Aurionpro Solutions skyrockets ~9% on exceptional Q1FY23 performance; logs a whopping 60% yoy growth

Published on: 3:34 pm

  • Aurionpro Solutions Limited reported its results for the quarter ended June 30, 2022 on July 25, 2022.
  • Following this, company’s counter added 9.27% in today’s trade at Rs315.95, against its previous close of Rs289.15 on NSE. So far, it hit an intraday high of Rs325.
  • The company stated that Q1FY23 saw a robust growth on a yoy in numbers. Read more

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Shiva Texyarn launches Seamless Saree Shape wear; Stock under pressure

Published on: 3:20 pm

  • Shiva Texyarn Limited has launched launched Seamless Saree Shape wear.
  • As per the filing, the product caters to domestic market, the company said.
  • At around 3:15 PM, Shiva Texyarn was trading at Rs171.55 per share down by Rs1.3 or 0.75% from its previous closing of Rs172.85 per share on the BSE. Read more

Reliance Industries skids ~3.5% as Q1FY23 numbers miss expectations

Published on: 3:19 pm

  • Reliance Industries Limited reported a 46.29% yoy growth in consolidated net profit for the June 2022 quarter, at Rs17,955 crore, as compared to Rs12,273 crore in the same quarter last year.
  • However, the analysts have anticipated the profit figure at Rs24,311 crore.
  • Revenue registered an increase of 54.54% to Rs2,23,113 crore for the quarter under review, up from Rs1,44,372 crore in the same quarter last year as against a predicted sales figure of Rs2,44,244 crore. Read more

Equitas SFB inks pact with HDFC Securities to offer Demat and Trading Services; stock spurts ~4%

Published on: 3:02 pm

  • HDFC Securities Limited, a subsidiary of HDFC Bank and a leading stock broking company, announced its partnership with Equitas Small Finance Bank, one of the leading SFBs, to provide its clients with a Demat account and broking/investment services.
  • Equitas Small Finance Bank will be able to offer its customers a 3-in-1 account that allows them to access HDFC Securities' services as a result of this collaboration. From account opening to regular share transactions, the leading stock broker will make the entire process easier for Equitas customers.
  • With its new partnership with Equitas, HDFC Securities has taken another step toward empowering Indians to achieve their financial goals, shortly after announcing the launch of digital centres across the country. All Equitas Small Finance customers will be able to open a Demat and trading account to buy and sell shares, trade Futures & Options/ commodities, and even trade currencies. Read More

TCS now offers Innovative Solutions on Microsoft Cloud to help enterprises transform to Net-Zero

Published on: 2:50 pm

  • Tata Consultancy Services (TCS) announced that it will now offer its suite of innovative sustainability solutions on the Microsoft Cloud for Sustainability to assist clients in planning, designing, and implementing their ESG strategies.
  • TCS will assist its clients in realizing the benefits of the Microsoft Cloud for Sustainability by leveraging its deep contextual knowledge of their business and technology landscapes. TCS will use its native capabilities to break down data silos, unify data intelligence, and enable near real-time visibility into emissions.
  • It will also assist clients in integrating its own as well as third-party solutions for carbon reduction, replacement, and removal with their existing systems, allowing them to test, refine, and scale their sustainability initiatives. Read more

Add Shop E-Retail launches new products of spices, tea & coffee; Stock gains 1.6%

Published on: 2:45 pm

  • Add-shop E-Retail Ltd has announced that in a couple of months it is going to launch a complete range of spices including the taste of every corner of the country with tea & coffee from Kashmir to Kanyakumari and from Gujarat to Assam under one brand name ADD-SHOP E-RETAIL LIMITED.
  • The R&D team has already started working on it and it has applied for the FSSAI license provided by the government of India for manufacturing food products.
  • "We are hoping for tremendous results towards company form this product which are used on daily bases by peoples and our customers", the company said. Read more

KMEW stock up by 20% today

Published on: 2:41 pm

  • On Monday, shares of Knowledge Marine & Engineering Works (KMEW) rose 20% amidst significant activity in an otherwise sluggish market, setting a new high of Rs 392.40 on the BSE. In the last two trading days, the shipping company's stock has soared by 44%. The S&P BSE Sensex, in contrast, was down 0.7% at 55,680 at 11:52 AM.
  • The number of equity shares traded on the counter increased by approximately 16 times, from 16,000 on average each day over the previous two BSE trading weeks to 251,000. Read more

Gokaldas Exports' stock rises on the back of strong June quarter results

Published on: 2:31 pm

  • Gokaldas Exports reported solid performance in the June quarter (Q1FY23), despite a tough macro-economic business environment, which led to a rise in the company's shares of 7% to Rs384.40 on the BSE on Monday. Shares had increased by 8% over the last two trading days. The management expects solid growth in FY23 and a rise from FY24 despite short-term obstacles.
  • From its most recent low of Rs315.90 on July 13, 2022, the stock of a maker of clothing and apparel has increased by 20%. The stock increased 5.5% during the past month, compared to the S&P BSE Sensex's 5.6% increase. The stock saw a 38% correction from the record high level of Rs520 reached on May 18, 2022. Read more

Crude oil prices decline; rupee gains 9 paise to 79.81 in early trade

Published on: 1:59 pm

  • Early on Monday, the reduction in crude oil prices helped the rupee gain 9 paise to 79.81 against the US dollar. The Indian rupee's opening rate on the interbank foreign exchange was 79.86 to the US dollar. In the first round of trading, the local currency saw a high of 79.81 and a low of 79.87 in relation to the US dollar.
  • The rupee had a prior session closing value of 79.90 versus the dollar. The dollar index, which measures how strong the dollar is relative to a basket of six different currencies, decreased 0.10 % to 106.62. Brent crude futures, the benchmark for all crude oil, decreased 0.54 percent to USD 102.62 a barrel. Read more

Strong demand drives Tata Housing's Q1 revenue to Rs 623 crore

Published on: 1:48 pm

  • From April through June 2022–23, Tata Housing's sale bookings increased fivefold to Rs 623 crore due to robust demand for all of its residential projects.
  • One of the top participants in the country's real estate market, Tata Housing is a wholly owned subsidiary of Tata Sons Pvt Ltd and is building projects in several of the country's main cities. Read More

Vodafone Idea Board allots warrants worth Rs436.21 crore on preferential basis; Stock rises

Published on: 1:42 pm

  • Vodafone Idea stocks in focus today as the company announced the allotment of Warrants on preferential basis to Promoter.
  • As per regulatory filing, further to the meeting of the Board of Directors of the Company held on June 22, 2022 and July 22, 2022, approving issuance of securities on Preferential Basis, the Capital Raising Committee of the Board of Directors has at its meeting held today, i.e., July 25, 2022, considered and approved the allotment of 42,76,56,421 Warrants to Euro Pacific Securities Ltd (a Vodafone Group entity and promoter of the Company) for cash at an issue price of Rs10.20 per Warrant, against receipt of 100% of the issue price received upfront, aggregating to ~ Rs436.21 crore, with a right to the Warrant Holder to apply for and be allotted 1 Equity Share of face value of Rs10/- each of the Company at a premium of Re. 0.20 (i.e. twenty paise) within a period of 18 months from the date of allotment. Read more

Karnataka Bank tumbles ~4% owing to marginal growth numbers in Q1FY23

Published on: 1:41 pm

  • Karnataka Bank Limited’s Board has approved the financial results for the quarter ended June 30, 2022.
  • The bank has reported a profit of Rs114.05 crore in Q1FY23 as compared to Rs105.91 crore in the previous corresponding quarter, up by 7.69% yoy.
  • Bank’s operating profit stood at Rs412.65 crore in Q1FY23. Further, Net interest income during Q1FY23 reported a growth of 19.62% yoy at Rs687.56 crore against Rs574.79 crore in the previous corresponding quarter. Read more

Cryptocurrency prices decline on Monday

Published on: 1:12 pm

  • On Monday, the price of cryptocurrencies declined as concerns about inflation and an economic downturn reappeared, dampening demand for riskier assets.
  • The dread is still present, according to the cryptocurrency Fear & Greed index, which has improved recently. On the other hand, all eyes will be on this week's monetary policy meeting of the US Federal Reserve. Read more

Dhruv Consultancy receives LOI for appointment as Project Management Consultancy; Stock dips 1%

Published on: 1:10 pm

  • Dhruv Consultancy Services Limited has informed to the exchanges regarding receipt of Letter of Acceptance ("LOA") for Project Management Consultancy services in Andhra Pradesh.
  • The project work is for upgradation of New NH 216E, starting from its junction with NH 216 near Amalapauram connecting Palivela and terminating at its junction with NH 216A at Ravulapalem in Andhra Pradesh", from the Government of Andhra Pradesh AP PWD (R&B) Department through letter dated July 19, 2022 as received on July 22, 2022 directly by the Company i.e. Dhruv Consultancy & in association with KAIUS Consulting Private Limited. Read more

Intellect Design’s iGCB chosen by Mineral Development Bank to transform banking solutions; stock jum

Published on: 12:46 pm

  • Intellect Global Consumer Banking (iGCB), the consumer banking arm of Intellect Design Arena Limited, announced that Mineral Development Bank has chosen iGCB’s Intellect Digital Core to revolutionize its banking solutions.
  • Mineral Development Bank, with the help of iGCB’s Intellect Digital Core, will be able to improve the customer experience by using relationship-based pricing, better product cross-sell and upsell recommendations, and so on. By utilizing the product configurator, it can launch new products in days rather than months.
  • Further, it will enable real-time international and domestic payment processing with high volume capability, provide a centralized limit for loans, trade finance, overdraft, and will derive several other benefits. Read more

Q1FY23 Preview: Larsen & Toubro: Revenue seen at Rs343,826 million, PAT at Rs16,771 million

Published on: 12:39 pm

  • Result date: 26th July, 2022
  • Recommendation: Buy
  • Target price: Rs1,799
  • Source: IIFL Research
  • Larsen & Toubro (L&T) is set to post a mixed set of results for the June 2022 quarter. While growth is likely to be strong on a year-on-year basis, sequentially revenue, EBITDA as well as Profit After Tax (PAT) are likely to decline. Read more

Nihar Info Global announces renewal of FSSAI license for healthcare products

Published on: 12:37 pm

  • Nihar Info Global Ltd has informed that it has renewed FSSAI (Food Safety and Standards Authority of India) License under FSS Act, 2006 as a Marketer, Retailer, Distributor, Exporter and Importer for a period of 1 year.
  • The Company with its presence into Healthcare segment has collaborated with various Healthcare Brands for Sale of various Healthcare products through online platforms. Being a premium seller, Nihar Info Global is selling various Healthcare products through Amazon and Flipkart e-commerce platforms.
  • The Healthcare Products include products like Nutraceuticals, Health Supplements, Orthopedic Aids, Healthcare Devices, Herbal Products and Sports related products. Read more

Coforge receives Great Place to Work Certification for second consecutive year; stock climbs ~2%

Published on: 12:04 pm

  • Coforge Limited, a global provider of digital services and solutions, has been awarded the prestigious Great Place to Work Certification in India for the period July 2022-July 2023.
  • The company has been Great Place to Work-Certified for the second year in a row.
  • The Great Place to Work Certification is given to companies that have best-in-class people practices and provide exceptional employee experiences. The assessment is based on the Great Place to Work Institute's Great Place to Work Model, which includes the Trust Index Survey and the Cultural Audit, with a minimum of 70% positive responses required for the survey. Read more

Cressanda Solutions inks MoU with South Africa's Buffshelfco 59 for providing IT services; Stock shi

Published on: 11:45 am

  • Cressanda Solutions Limited recently on July 18, 2022 has entered into a Memorandum of Understanding with Buffshelfco 59 (Pty) Ltd. South Africa for providing IT Infrastructure Services, Super App Services, Digital Services and Marketing Services. Buffshelfco 59 (Pty) Ltd. with a Consortium which specializes in Consulting, Networking, IT Infrastructure, Digita l Solutions, E-Commerce and Digital Marketing.
  • The MoU is for a three-year period to provide cutting-edge user experience by delivering superior services in the domains of IT Infrastructure, Super App development. Buffshelfco and Cressanda's partnership eyes to create a dependable, technologically advanced, and smooth consumer experience across India. Read more

Anupam Rasayan logs ~31% yoy growth in Operating Revenue at Rs306.60 crore; stock gains ~1%

Published on: 11:33 am

  • Anupam Rasayan India Ltd., one of India’s leading custom synthesis and specialty chemical players, announced its financial results for the quarter ended June 30, 2022.
  • The company logged Operating Revenue at Rs306.60 crore in Q1FY23, up by 31.19% yoy as compared to Rs233.70 crore in Q1FY22.
  • The company reported total revenue of Rs297.10 crore during the quarter under review as compared to Rs238 crore in Q1FY22, up by 25% yoy. Read more

Q1FY23 Preview: Asian Paints: Revenue seen at Rs80,988 million, PAT at Rs9,534 million

Published on: 11:24 am

  • Result date: 26th July, 2022
  • Recommendation: Reduce
  • Target price: Rs2,800
  • Strong growth in the waterproofing category due to seasonal factors will propel performance of Asian Paints during the June 2022 quarter. The company’s volume growth (in domestic decorative paints segment) is pegged at ~25% over the year-ago quarter. Overall, revenue is likely to grow 45% over the year-ago quarter. Read more

Ind Ra upgrades Omax Autos ratings to 'IND B' with Stable outlook; Stock trades flat

Published on: 11:18 am

  • India Ratings and Research (Ind-Ra) has upgraded Omax Autos Limited’s (Omax) Long-Term Issuer Rating to ‘IND B’ from ‘IND D (ISSUER NOT COOPERATING)’. The Outlook is Stable.
  • According to the rating rationale report, the upgrade reflects Omax’s regularisation of payments on its interest-free loans from Pradeshiya Industrial & Investment Corporation of U.P. Ltd. (PICUP) on January 28, 2022 from asset sale proceeds.Read more

Natco Pharma bags USFDA approval for Cabazitaxel Intravenous Solution; stock rises

Published on: 10:56 am

  • The United States Food and Drug Administration has approved Natco Pharma Limited's partner Breckenridge Pharmaceutical Inc's Abbreviated New Drug Application for Cabazitaxel Intravenous Powder (generic for Jevtana Kit) in the 60mg/1.5mL (40mg/mL) strength.
  • Breckenridge and Natco are unable to comment further on the product's launch date because it is confidential and cannot be disclosed at this time. Read more

Q1FY23 Preview: Bajaj Auto: Revenue seen at Rs77,237 million, PAT at Rs11,433 million

Published on: 10:48 am

  • Result date: 26th July, 2022
  • Recommendation: Add
  • Target price: Rs3,860
  • Sales volume of Bajaj Auto fell by 7% over the year-ago quarter and 4% sequentially during the June 2022 quarter. This decline is largely on account of chip shortage which has impacted sales of premium motorcycles and three wheelers. Export markets are also witnessing some pressure. The company’s revenue could grow 4% over the year-ago quarter and decline 3.1% on a sequential basis. Read more

Olectra Greentech secures order worth Rs500 crore for 300 Electric Buses; stock adds ~1.5%

Published on: 10:40 am

  • Olectra Greentech Limited informed that Evey Trans Private Limited (EVEY) has secured a Letter of Award (LoA) from one of the State Transport Corporations for 300 Electric Buses under the FAME-II scheme of the Government of India.
  • This 12-year contract for the supply of 300 electric buses is based on a Gross Cost Contract (GCC) / OPEX model (Contract Period).
  • These buses will be purchased by EVEY from Olectra Greentech Limited (Olectra) and delivered over a 20-month period. During the Contract Period, Olectra will also be responsible for the maintenance of these buses. Read more

Panache Innovations bags Rs5.61 crore order from AGS Transact Technologies

Published on: 10:39 am

  • Panache Innovations Limited has received purchase order of Rs5.61 crore from AGS Transact Technologies Limited (AGS TTL).
  • The work order is for Supply, Install and Commissioning of Security Kit for ATM and Batteries-1000 units over a period of 3 months. Read more

Jagatjit Industries to set up 200 KLPD grain based Ethanol Plant in Punjab; Stock jumps 4%

Published on: 10:18 am

  • The Board of Directors of Jagatjit Industries Limited at their meeting held on July 22, 2022, have approved the proposal for setting up 200 KLPD Grain based Ethanol Distillery Plant at Hamira, Distt. Kapurthala, Punjab.
  • Accordingly, the capacity will be added within 12 months from the date of in-principle approval from the concerned Ministry and sanction of loan.
  • The estimated investment required is for the project is Rs200 crore and Rs185 crore will be financed from Banks - Project Loans and Rs15 crore from internal sources. Read More

Dr Reddy’s launches first-to-market store-brand equivalent of Allegra-D 24 HR in the U.S. Market

Published on: 9:57 am

  • Dr Reddy's Laboratories announced the first-to-market release of Fexofenadine HCl 180 mg and Pseudoephedrine HCl 240 mg Extended Release Tablets, USP, the store-brand equivalent of Allegra-D 24 HR in the United States, as approved by the Food and Drug Administration (USFDA).
  • Marc Kikuchi, CEO, North America Generics, Dr. Reddy’s Laboratories commented, "This first-to-market launch demonstrates our extensive capabilities and our ongoing efforts to provide high-quality, low-cost store-brand alternatives for our customers and patients." Read More

Active Clothing stock surges 5% on agreement with Japan-led Shima Seiki for import of machinery

Published on: 9:51 am

  • Active Clothing Company Limited stocks rally in the market on Monday's trading session after the announcement of Capital Expansion to become a Dominant Player in India in it's category.
  • According to the regulatory filing statement, the company has inked an agreement with Shima Seiki Mfg. Ltd, Japan. Read More

Fertilizer subsidies likely to touch all time high this financial year

Published on: 9:49 am

  • Due to rising fertilizer and natural gas prices in the international market as well as higher expenses for the main feedstock, natural gas, the government may need to modify the budget estimate (BE) for fertilizer subsidies by almost 140 percent to Rs 2.5 trillion for the current fiscal year. This will be the greatest fertilizer subsidy expenditure in history.
  • Last year, there was a subsidy on agriculture fertilizers of Rs. 1.6 trillion (updated estimate). Mansukh Mandaviya, the minister of chemicals and fertilizers, recently said that the government will not pass on the cost of the increase in world prices to farmers. As the retail price of the fertilizer is set, the government has been increasing the urea subsidy in line with the increase in expenses. Read more

Arihant Superstructures zooms ~5% as board nods Rs500 crore fund raising plan

Published on: 9:37 am

  • Arihant Superstructures Limited informed that in their meeting on July 23, 2022, the Board of Directors granted their consent for an enabling resolution pertaining to raising funds by issuance of securities through one or more permissible mode(s), including but not limited to a private placement, preferential issue, qualified institutions placement, follow-on public offering (FPO), or a combination thereof, as the Board may deem appropriate.
  • The board has approved raising funds up to Rs500 crore, subject to shareholder approval and regulatory and other approvals as may be required. Read More

Markets open lower on weak global cues; Nifty below 16,700

Published on: 9:37 am

  • Domestic markets opened in the red on Monday morning tracking weak global markets as investors fret about the impact of inflation on global growth and waiting for the Fed commentry on rate announcement on July 27. In the opening bell, the S&P BSE Sensex was down nearly 120 points while the Nifty 50 was below 16,700 as the IT, auto, FMCG, pharma stocks were among the top laggards however metal and banking stocks outperform the counterparts to trade in the green.
  • Currently at around 9:36 AM, the BSE Sensex was trading at 55,955.46, lower by 116.77 points or 0.21% and the NSE Nifty was 16,696.10 down 23.35 points or 0.14%.
  • NSE gainers were at this hour – Apollo Hospitals rose 2.2%, ICICI Bank, UPL, Tata Steel and Kotak Bank were up over between 0.8-2%. Read more

PVR Limited’s shareholders dismiss special incentive resolution for Chairman & Joint MD

Published on: 9:24 am

  • PVR Limited's shareholders rejected two resolutions last week seeking approval for special incentives for its chairman and managing director Ajay Bijli and joint managing director Sanjeev Kumar for FY22.
  • The company sought approval from shareholders to pay a special incentive of Rs6 crore to Bijli and Rs4 crore to Kumar. This is in addition to Bijli's fixed pay of Rs6.42 crore and Kumar's fixed pay of Rs4.43 crore for FY22.
  • Around 52% of institutional investors and 25% of non-institutional public investors voted against PVR's two senior executives receiving special incentives. The resolution received approximately 64% shareholders’ votes in favour. Read more

Oil declines further on economic recession worries due to Fed rate hike

Published on: 9:23 am

  • On Monday, oil prices declined, erasing previous gains but extending a recent losing streak, on worries that the world's largest oil consumer, the United States, may see a slowdown in the growth of fuel demand due to an anticipated rise in interest rates.
  • Brent oil futures for September settlement were down a further 48 cents, or 0.5 %, at $102.72 a barrel at 02:05 GMT. West Texas Intermediate (WTI) oil futures in the United States for September delivery decreased by 65 cents or 0.7 percent to $94.05 a barrel, falling for a fourth straight day. Read more

Granules Pharma gets six observations from USFDA; Stock under pressure

Published on: 9:20 am

  • Granules India Limited has informed that the USFDA has concluded an inspection of the facility of Granules Pharmaceuticals, Inc., a wholly-owned foreign subsidiary of the Company.
  • The mentioned foreign subsidiary is located in Chantilly, Virginia, the USA and observation was held on July 22, 2022 with six (6) observations. 
  • Granules Pharmaceuticals, Inc. will respond to these observations within the stipulated time period, the company said in a filing statement. Read more

Menon Bearings surges 1% on strong Q1FY23 earnings

Published on: 9:19 am

  • Menon Bearings Limited (MBL) has reported its unaudited financial results for the quarter ended June 30, 2022 on July 20, 2022.
  • Key Highlights:
  • Total Income of Rs6,297.28 lakhs, yoy growth of 34%
  • EBITDA of Rs1,427.06 lakhs, yoy growth of 29%
  • PAT of Rs877.17 lakhs, yoy growth of 34%
  • Declared Interim dividend of Rs2.00 per share (i.e. 200% of paid up share capital of the Company) of face value of Re. 1/- each Read more

SRF to setup new facility at Dahej for Rs250 crore; Stock climbs near 1%

Published on: 9:17 am

  • SRF Limited has announced to the exchanges regarding capital expenditure proposal approved by the Board.
  • As per the filing, the Board of Directors at its meeting held on July 21, 2022 has approved project to setup a new and dedicated facility at Dahej, Gujarat to produce advanced intermediates for Agrochemicals at a cost of Rs250 crore.
  • Further, the proposed capacity addition is 1000 MTPA and to be commissioned by May 31, 2023, company informed in a filing. Read more

L&T selling 8 highways to Edelweiss Infrastructure

Published on: 9:17 am

  • According to news reports, engineering giant Larsen & Toubro (L&T) is selling its eight operational highway properties, which the company built and managed, to Edelweiss Infrastructure Yield Plus, an infrastructure fund, for Rs7,000 crore.
  • The Nationwide Highways Authority of India (NHAI) and the Securities and Alternate Board of India (Sebi) are yet to approve the transaction before it can be made public, reports continued. One asset for energy transmission is also included in the sale. Read More

Ultratech Cement stock declines 2% post Q1FY23 numbers

Published on: 9:16 am

  • UltraTech Cement Limited, an Aditya Birla Group company has announced its financial results for the quarter ended June 30, 2022.
  • In a regulatory filing the company said, "After a good financial year of FY22, cement demand was greatly impacted by overall inflationary trends and lower labour availability in May 2022. However, cement demand picked up pace in month June 2022 on construction on pre-monsoon activity. Read more

Panattoni to invest $200 million in constructing 4 logistics parks in India

Published on: 9:11 am

  • In an effort to meet the rising demand for warehouse space across major cities, US-based Panattoni has expanded into India and will invest USD 200 million to build four industrial and logistics parks.
  • With its introduction to India, Panattoni, a global pioneer in the construction of industrial and logistics real estate, made its debut in the Asian market. Bengaluru serves as the corporate office for the Indian company Panattoni India Development Pvt Ltd. Read More

Trust-based taxation system is enhancing collections, says Finance Minister

Published on: 9:02 am

  • The government's trust-based taxes system, according to finance minister Nirmala Sitharaman, has enhanced collections and increased the number of return files.
  • The finance minister expressed hope that the trend will continue in the upcoming fiscal year in her statement on the 163rd Income Tax Day, praising the department for collecting the most income ever—more than Rs14 lakh crore—during the previous fiscal year. Read more

SEZ draft bill may release underutilized real estate

Published on: 9:01 am

  • According to analysts, the government's initiative to modernise special economic zones (SEZs) will revive interest in the commercial hotspots, make them more inclusive in terms of economic activity, and fetch a good price for real estate in these areas.
  • It is anticipated that a draftt Bill to transform SEZs into Development of Enterprise and Service Hubs (DESH) will permit partial denotification of these hubs to release underutilised regions. Information technology SEZs that have requested partial denotification of unoccupied spaces will appreciate the proposal that the built-up area in a services hub need not be contiguous. Read more

Reliance expects Government to increase upper price cap on domestically produced gas

Published on: 8:58 am

  • Reliance Industries Ltd. anticipates a hike in natural gas prices in India in October but opposes government-imposed limitations in an effort to bring domestic prices in line with international energy costs.
  • Sanjay Roy, senior vice-president for exploration and production, stated in an investor call held on Friday after the company's quarterly earnings were released that the conglomerate—controlled by billionaire Mukesh Ambani—expects the price cap for its KG-D6 gas sales to increase over the current USD 9.92 per million British thermal units. Read more

Large FMCG firms start entering plant-based meat substitute segment

Published on: 8:56 am

  • Along with a sizable population of vegetarians, huge FMCG businesses are targeting non-vegetarian consumers who are looking for an alternative to animal protein. Several firms, including the Shaka Harry and Blue Tribe-funded by Virat Kohli, and Anushka Sharma, have joined the market for this plant-based meat substitute.
  • Products in the plant-sourced meat category are already available at e-commerce platforms and sizable retail chains in major metro areas. The segment, which just two years ago opened up, is predicted to reach about USD one billion by 2030. Read more

Piyush Goyal bats for branding of Indian cotton

Published on: 8:53 am

  • On Sunday, Piyush Goyal, the union minister for commerce and industry, urged the corporate sector to support productivity research, farmer education, and the branding of Indian cotton. He emphasized the necessity of adopting the highest global standards for cotton productivity.
  • It is time for India to adopt global standards in cotton production, Goyal, who also holds the portfolio of the Ministry of Textiles, said during an interactive discussion with stakeholders of the cotton textile value chain held at Vanijya Bhawan in New Delhi. To increase cotton productivity in India and increase farmer incomes, all stakeholders must exchange best practices. Read more

Weekly forecast: What to expect from Indian equity markets this week?

Published on: 8:51 am

  • This week Indian equity markets may remain in the volatile territory. Federal Reserve decision on interest rate hike will come on July 27th. It is expected that the US Central Bank will increase interest rate by 75 basis points. 1 basis point equals .01%. Foreign Portfolio Investors are likely to be net sellers at least on some days of the week. Further decline in the value of rupee will be a negative for market sentiments. Corporate results of companies that will report their results this week will also affect market sentiments.
  • On the technical front, the suggestion is to remain cautious. Support is seen for Nifty 50 at 16300 level. Resistance is seen at 17000 level.  Financial Services stocks and FMCG stocks are exepected to remain bullish this week. Read more

ONGC to sell gas from upcoming Khubla station to GAIL and AGCL

Published on: 8:48 am

  • An official announced on Saturday that the ONGC has signed gas selling contracts with GAIL India and Assam Gas Company Ltd (AGCL) to monetize its forthcoming field at Khubal in the North Tripura area. According to the agreement, Khubal Gas Gathering Station (GGS) would supply 50,000 standard cubic meters of gas to both GAIL and AGCL.
  • Khubal will be ONGC's 10th producing field in Tripura once it begins production. According to him, Khubal GGS will have the ability to process 0.44 MMSCMD (4,40,000 standard cubic metres) of gas, and construction of the facility has already begun. Read more

HDFC Ltd to raise up to Rs11000 crore through private placement of bonds

Published on: 8:45 am

  • The private placement bond issuance by Housing Development Finance Corporation (HDFC) is aimed to raise up to Rs11,000 crore.
  • In a regulatory filing on Friday, HDFC stated that the secured redeemable non-convertible debentures of the business have a base issue size of Rs4,000 crore and an option to retain an oversubscription of up to Rs7,000 crore. Read more

Gold and silver prices remain unchanged in early trade

Published on: 8:45 am

  • In early Monday’s trade, neither gold nor silver prices increased; 10 grams of 24-carat yellow metal are now trading at around Rs51,160. On the other side, silver was sold for Rs55,100 per kilogram.
  • In the meantime, the price of 10 grams of 22-carat gold on Monday is Rs46,900. On Monday, the price of gold fell 0.14 % to $1,724.05 an ounce. 10 grams of 24-carat gold are selling for Rs51,160 in Delhi, Mumbai, and Kolkata.  Read more

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