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26th Jul, 2022

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Hero Motocorp launches all new Super Splendor Canvas Black edition

Published on: 3:33 pm

Hero MotoCorp Limited, the world's largest manufacturer of motorcycles and scooters, today launched the Canvas Black Edition of the iconic Super Splendor, reaffirming its commitment to providing customers with stylish, modern, and cutting-edge motorcycles.
The new Hero Super Splendor Canvas Black Edition boasts a premium bold design and updated technology, as well as the triple promise of Super - Power, Super - Mileage, and Super - Comfort. It has a 13% increase in fuel efficiency, with best-in-segment mileage of 60-68 kmpl, and is packed with exciting new features such as a new Digi Analog Cluster, an Integrated USB Charger, Side-Stand Engine Cut-off, and a refreshed look. Read more

Astec Lifesciences tumbles ~5% as Net Profit declines 12.20% yoy in Q1FY23

Published on: 3:19 pm

Astec Lifesciences Limited announced its results for the quarter ended June 30, 2022. However, the company reported a decline in its net profit.
Following this, the company’s counter plunged 4.90% at Rs1,840.05 per piece, against its previous close of Rs1,934.90 on the National Stock Exchange.
Company reported a total income of Rs187 crore in Q1FY23, up by 44.40% against Rs129.50 crore in the previous corresponding quarter. Read More

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Patel Engineering board allots over 2.39 crore equity shares on preferential basis

Published on: 3:16 pm

Patel Engineering Ltd has informed that the allotment Committee of the Company has approved the allotment of 2,39,61,525 Equity shares of face value Re1 each for cash at par.
Accordingly, the allotment is Preferential allotment of Equity shares where 2,39,61,525 Equity shares allotted to Patel Engineering Employee Welfare Trust under Patel Engineering Employees’ Stock Option Plan 2007 (ESOP Plan 2007). Read more

In Q1 2023, the top 5 Indian IT businesses hired 59,704 people on net basis

Published on: 3:14 pm

In the first quarter of the 2023 fiscal year, hiring and attrition problems persisted for information technology (IT) organizations due to the continuous competition for IT talent.
In the three months that ended in June, the top five IT firms—Tata Consultancy Services (TCS), Infosys, Wipro, HCL Technologies, and Tech Mahindra—added a net of 59,704 new staff, including freshmen and lateral hires. Read more

Macrotech Developers clocks an exceptional ~190% yoy growth in PAT at Rs355 crore

Published on: 2:59 pm

Lodha (Macrotech Developers), India's largest real estate developer, has released its financial results for the fiscal quarter ending June 30, 2022. In comparison to Q1FY22, the company reported its best-ever Q1 pre-sales performance, with 194% yoy growth in pre-sales and 53% yoy growth in collections.
The company reported a growth of 194% yoy in Pre-Sales at Rs2,814 crore in Q1FY23. While collection stood at Rs2,616 crore, up by 53% yoy.
Company’s revenue from operations during the quarter jumped 67% yoy at Rs2,676 crore. Read more

Gujarat Polysol gets IPO approval

Published on: 2:58 pm

Gujarat Polysol Chemicals has received approval from SEBI for its IPO.
The IPO will raise up to Rs414 crore. This will include sale of fresh equity shares of up to Rs 87 crore. Offer-for-sale (OFS) will involve sale of shares of up to Rs327 crore from the promoters of the company.
The company will use the proceeds from the IPO for paying its debt and for general corporate purpose. Read more

Ahead of Federal Reserve meeting, rupee declines marginally; bond yields remain stable

Published on: 2:57 pm

In anticipation of the results of the U.S. Federal Reserve's policy meeting late on Wednesday, investors watched the Indian rupee's performance versus the dollar on Tuesday. Bond rates were barely altered.
The Fed is expected to announce a 75 basis point (bps) rate increase for its meeting on July 26–27, despite statistics released last week indicating that June's inflation rate touched 9.1 percent year-over-year boosting the prospect of a bigger 100 bps increase later this year. Read more

TCS partners with AEMO to transform Energy Market in Australia

Published on: 2:42 pm

Tata Consultancy Services (TCS) has helped Australian Energy Market Operator (AEMO), design and implement a futuristic solution that powers the Five-Minute Settlement (5MS) Program, creating a more efficient energy market in the country with better out comes for energy producers, distributors and consumers as well.
AEMO is an independent organization that manages all electricity and gas systems and markets across Australia. It is responsible for the settlement of the National Electricity Market which connects the grids of eastern and southern Australian states to create a wholesale energy market for them.
TCS has worked with AEMO to design and deliver a cloud-based platform-, leveraging DevOps, automated testing, and agile practices. The intelligent platform imparts data ingestion, calculation, and reporting capabilities.Read more

KPIT Technologies zooms ~1.5% on appointing Chinmay Pandit as an Executive Director

Published on: 2:40 pm

KPIT Technologies Limited informed that the Board of Directors of the company approved the appointment of Chinmay Pandit as an Additional and Executive Director (Whole-time Director) of the Company, effective from July 26, 2022.
Chinmay Pandit is the Executive Vice President and a member of the Board of Directors. He is the Head of Geography (Americas) and the Commercial Vehicle vertical. He is responsible for the overall strategy and growth plan of the company as the Geography head.
His role includes executive contact with key client leadership, business development, geographic operations, people development, and the organization's branding and positioning as a key technology expert. Read more

Q1FY23 Preview: Maruti Suzuki: Revenue seen at Rs257,586 million; PAT at Rs15,614 million

Published on: 2:24 pm

Result date: 27th July
Recommendation: Buy
Target price: Rs10,800
Anaysts at IIFL Securities forecast revenue of Rs257,586 million in the June quarter for Maruti Suzuki. This will be a year-on-year growth of 45% in revenues of the company. This will be on the back of 32.3% year-on-year growth in volumes. Read more

Share India Securities plunges ~2% as Audit Committee approves issue of MLDs worth Rs150 crore

Published on: 2:15 pm

Share India Securities Limited informed that the Audit Committee of the Company has vide its resolution dated July 25, 2022, approved the issue of 1500 listed, secured, redeemable, principal-protected Market Linked Non-Convertible Debentures (MLDs) of the face value of Rs10,00,000.
The issue aggregates to Rs150 crore on a private placement basis including a green shoe option of Rs50 lakh.
The maturity period will be 547 days (18 months) from the allotment date. Read more

Hatsun Agro to increase milk collection network in Andhra Pradesh, Telangana and Maharashtra; stock

Published on: 1:53 pm

Hatsun Agro Product Ltd. (HAP), a leading private sector dairy company in India with brands such as 'Arokya,' 'Hatsun,' and 'Arun Icecreams,' has announced expansion plans in Andhra Pradesh, Telangana, and Maharashtra.
HAP has over 3100 milk collection centres that benefit farmers in Andhra Pradesh, Telangana, and Maharashtra. HAP intends to aggressively expand its network of milk collection centres in these three states in order to effectively serve over one lakh farmers.
Hatsun Agro Product buys all of its milk directly from farmers and has invested heavily in procurement infrastructure over the years to effectively handle large volumes of milk. Read more

Archit Organosys to incorporate wholly-owned subsidiary; Stock jumps 14%

Published on: 1:44 pm

Archit Organosys Limited has informed that the Board of Directors on July 25, 2022 has approved to incorporate a wholy-owned subsidiary in the name of 'Archit Lifesciences Limited'.
As per the filing, the newly incorporated company shall be engaged primarily in the business of manufacturing chemicals namely ethyl acetate, butyl acetate, propyl acetate, acetaldehyde and acetic anhydride. The subsidiary is yet to commence its business. Read More

Ashish Rai joins Aurionpro Solutions as Vice Chairman & President

Published on: 1:01 pm

Aurionpro Solutions Ltd has announced the appointment of Ashish Rai as the Vice Chairman & President of the company.
Ashish is a Fintech industry veteran, bringing with him an impressive 22+ year’s track record of building enterprise software businesses for global markets. At Aurionpro, Ashish will be the part of the leadership team. Read more

Securekloud’s Healthcare Triangle to debut in Singapore to bolster healthcare in Asia Pacific market

Published on: 12:47 pm

Securekloud Technologies Limited's Healthcare Triangle Inc., a leading provider of cloud transformation, managed services, and data analytics platforms for healthcare and life sciences, announced its launch in Singapore with the goal of bolstering digital healthcare in the city-state and throughout the Asia Pacific (APAC).
Healthcare Triangle expects to invest up to USD 25 million in Singapore over the next five years, creating over 500 jobs.
The event was presided over by Guest of Honor P. Kumaran, the High Commissioner of India, and other dignitaries. Read more

Union Bank of India allots additional tier-1 bonds aggregating to Rs1,320 crore

Published on: 12:06 pm

Union Bank of India has announced the allotment of Basel III Compliant Additional Tier-1 Bonds.
According to the filing, The Bank has allotted Unsecured, Subordinated, Non-Convertible, Taxable, Perpetual, Fully Paid-Up Basel III Compliant Additional Tier- 1 Bonds in the nature of Debentures eligible for inclusion in Tier 1 Capital (“Bonds”) Series XXXV aggregating to Rs1320 crore on July 25, 2022, Monday Read more

10000 MSMEs shut down between 2019 and 2022

Published on: 11:50 am

According to a parliamentary response dated July 25, about 10,000 micro, small, and medium-sized businesses (MSMEs) closed their doors between 2019 and 2022.
Bhanu Pratap Singh Verma, the minister of state for MSMEs, responded in writing to a question from a legislator in the upper chamber of parliament that 9,667 MSMEs have closed since 2019 based on information from the former Udyog Aadhaar and Udyam. Read more

PTC Industries acquire Vacuum Arc Remelter to manufacture Titanium ingots; stock dips ~2%

Published on: 11:47 am

PTC Industries Limited announced the strategic acquisition of Vacuum Arc Remelter (VAR) for the production of Titanium ingots through its wholly owned subsidiary "Aerolloy Technologies Limited (ATL)."
This facility will be built on ATL's 50-acre plot of land in the Lucknow node of the UP Defence Industrial Corridor.
This acquisition of a Vacuum Arc Remelter is a significant step forward in the company's efforts to bring best-in-class technologies to India and to establish a fully integrated material manufacturing capability of all exotic materials, including Titanium ingots and recycling facility, Cobalt, and Nickel Superalloys, in three phases at this facility. Read more

Omaxe incorporates Omaxe New Amritsar Developers as wholly-owned subsidiary; Stock down 2%

Published on: 11:18 am

Omaxe Limited has inform that the Company has incorporated a Wholly-Owned Subsidiary in the name of M/s Omaxe New Amritsar Developers Private Limited vide Certificate of Incorporation dated July 23, 2022.
As per the filing, the objective of incorporation is Construction & Real Estate Activities. However, M/s Omaxe New Amritsar Developers Private Limited is yet to commence its business operations as it is newly incorporated on July 22, 2022.
At around 11:19 AM, Omaxe was trading at Rs106.15 per share down by Rs2.2 or 2.03% from its previous closing of Rs108.35 per share on the BSE. Read more

PSP Projects secure new work orders worth Rs257.27 crore; stock gains ~1%

Published on: 11:03 am

PSP Projects Limited informed that the company received two new work orders worth Rs257.27 crore, exclusive of GST.
The work orders received include two work orders (WO) from repeat clients i.e., Development of Ahmedabad Airport in Institutional Segment and one Pharmaceutical Project in Industrial Segments worth Rs128.01 crore and Rs98.99 crore. Further, the company received remaining orders worth Rs30.26 crore from the Precast segment. Read more

LKP Securities board allots 59,88,023 warrants; Stock gains 4%

Published on: 11:00 am

LKP Securities Limited stocks in the fast lane post announcement of allotment of 59,88,023 warrants by the company.
Pursuant to the approval granted by the Shareholders at their Annual General Meeting held on June 20, 2022, the Board of Directors of the company has allotted 59,88,023 convertible Warrants at an issue price of Rs16.70/- per warrant aggregating upto Rs10 crore to 3 allottees - LKP Finance Limited-Promoter Group (29,94,011), Bhavana Holdings Private Limited-Promoter Group (11,97,605) and Mahendra V. Doshi-Promoter (17,96,407). Read more

Krsnaa Diagnostics wins tender worth ~Rs75 crore from Maharashtra Government; stock adds ~1.5%

Published on: 10:49 am

Krsnaa Diagnostics Limited informed that it secured one of the largest tenders in Public-Private Partnerships for providing CT Scan Services by Commissionerate of Health Services, Maharashtra.
The contract includes the installation and/or operation of 39 CT Scanners across 39 District / Sub District Hospitals in Maharashtra, with an estimated project value of Rs75 crore.
This will allow Krsnaa Diagnostics to broaden its footprint and strengthen its presence in major cities, as well as Tier II and Tier Ill locations throughout Maharashtra. Read more

Jindal Steel to acquire remaining 74% stake in Jindal United for Rs958 crore; stock slips ~1%

Published on: 10:34 am

Jindal Steel & Power Limited informed the investors and exchanges that the Board of Directors of the company at its meeting held on July 25, 2022, considered and approved making Jindal United Steel Limited a wholly owned subsidiary of the Company.
The company intends to acquire 34,15,89,879 equity shares comprising 74% of the paid-up equity share capitalof JUSL, subject to requisite approval(s).
The transaction as stated is for an aggregate consideration of Rs958 crore. Read More

Bajaj Finserv stock surges over 2% post announcement of stock-split, bonus issue

Published on: 10:33 am

Bajaj Finserv stocks rally in the market on Tuesday's trading session after notifying the date of meeting of the Board of Directors, i.e. July 28 2022, scheduled to consider and approve the unaudited financial results for the quarter ended June 30, 2022.
As per the filing, the Board of Directors will also consider a proposal for the below mentioned items at the said meeting:
Sub-division (stock-split) of equity shares of the Company of face value of Rs5
Issue of fully-paid bonus equity shares to the members of the Company. Read more

Sonata Software logs 24% yoy growth in PAT at Rs107.80 crore in Q1FY23; revenue jumps 40% yoy

Published on: 10:16 am

Sonata Software Limited has announced its results for the quarter ended June 2022 and reported exemplary growth during the period.
The company has reported consolidated revenue of Rs1,778.90 crore in Q1FY23 as compared to Rs1,268.50 crore in the previous corresponding quarter, registering a growth of 40% yoy. It grew 22% sequentially against revenue at Rs1,463.60 crore in quarter ended March 2022.
Company’s Consolidated EBITDA during the quarter under review stood at Rs159.80 crore, as against Rs129.10 crore in the quarter ended June 2021, clocking a growth of 24% yoy, and 4% on a QoQ basis. Read more

Net tax receipts in June quarter go up by 24% to Rs7 lakh crore

Published on: 10:13 am

According to information provided by the government in answer to a question in the Lok Sabha on July 25, the Center's net tax receipts in the first quarter of FY23 were close to Rs7 lakh crore, up 24% over the same period last year.
Net indirect tax receipts in April through June were Rs3.44 lakh crore, up 9% from the same period last year. Net direct tax receipts for the quarter were Rs3.55 lakh crore, a remarkable increase of 41%. Read more

GlaxoSmithKline Pharma stock under pressure post Q1FY23 result announcement

Published on: 10:00 am

GlaxoSmithKline Pharmaceuticals Limited has declared its financial results for the quarter ended June 30, 2022.
As per the filing, Revenue (from continuing operations) for the quarter came in at Rs729 crore. Profit After Tax (from continuing operations) at Rs116 crore recorded a growth of 8%. EBITDA margins (from continuing operations) improved by 1.5%.
Sridhar Venkatesh, Managing Director, GlaxoSmithKline Pharmaceuticals Limited, said, "Our results reflect high momentum across general medicines and vaccines during this fiscal quarter. Read more

Hero Motocorp launches a series of projects for Ecological Welfare & Healthcare in Rajasthan

Published on: 9:45 am

Hero MotoCorp Ltd., the world's largest manufacturer of motorcycles and scooters, has launched a series of projects in the state of Rajasthan as part of its long-term commitment to promoting environmental development and prosperity.
Hero MotoCorp has launched an Agroforestry project for the people of Jahota village in Amer Tehsil near Jaipur as part of the 'Hero Green Drive' initiative under the company's corporate social responsibility (CSR) platform 'Hero WeCare.' More than 20,000 fruit-bearing trees will be planted and maintained in partnership with 101 farmers in the village as part of this project.
The company also installed drip-irrigation facilities across all planting sites. Read more

Rama Steel Tubes bags new order worth Rs9.9 crore; Stock sheds 1.5%

Published on: 9:41 am

Rama Steel Tubes Ltd (RSTL) has received new order from Himachal Pradesh State Electricity Board Limited total aggregating to ~Rs9.9 crore. This order will further strengthen RSTL's order book and credibility in the market, the company said.
Commenting on the announcement, Richi Bansal, Executive Director, Rama Steel Tubes Limited, said "We are proud to announce that the Compony has received order from Himachal Pradesh State Electricity Board Limited. Our sustained relation and credibility hos yet again fructified in bogging us new prestigious order. Read more

Central Government's liabilities likely to stand at Rs155 lakh billion in FY23

Published on: 9:40 am

In a written response to a question in the Lok Sabha on July 25, Minister of State for Finance Pankaj Chaudhary stated that the overall liabilities of the Central government are anticipated to increase to Rs155.33 lakh crore in FY23.
This will be a rise of Rs138.88 lakh crore or 12% from the FY22 total. In FY23, the Center plans to issue bonds to raise a record-breaking gross borrowing amount from the market of Rs14.95 lakh crore. As of July 25, the federal government has 84.45 lakh crore worth of outstanding securities. Read more

Sonata Software’s board approves 1:3 bonus issue; stock skids ~2%

Published on: 9:30 am

Sonata Software Limited informed that the board of directors of the company has considered, approved, and recommended a bonus issue of 1 equity share for every 3 equity shares held by the shareholders as on the record date.
The bonus issue of equity shares will be subject to Shareholder approval via postal ballot, as well as any other applicable statutory and regulatory approvals.
Once allotted, the bonus shares will rank pari-passu and have the same rights as the existing equity shares, and they will be entitled to participate in full in any dividend and other corporate action recommended and announced after the new equity shares are allotted. Read more

Markets extend free fall; Sensex sheds over 200 pts, Nifty 50 scraps 16,600; Auto stock underperform

Published on: 9:29 am

Investors selling bias in Indian equities was extended to Tuesday tracking weak Asian cues. A broad-based sell-off was witnessed in benchmarks Sensex and Nifty 50 during the opening bell. The 30-scrip index scrapped 55,600-level, while the Nifty 50 erased 16,600-mark. Media stocks outrun the bears that dragged broader sectoral indices with auto stocks being the worst hit.
In the early deals, Sensex has touched an intraday high and low of 55,834.38 and 55,483.37. While Nifty 50 clocked the day's high and low of 16,636.10 and 16,570 respectively. Read More

India's economy would reach $30 trillion in the next 30 years, says Piyush Goel

Published on: 9:28 am

According to Piyush Goyal, the minister of commerce, India is on track to increase its economy to USD 30 trillion in the following 30 years.
Speaking at an event hosted by the Ficci Ladies Organization, he stated that India's GDP is presently worth between USD 3-3.5 trillion and would soon reach USD 5 trillion.
"We are ideally positioned to reach a $30 trillion economy in 30 years once we reach $5 trillion. No rocket science is required. All that is required is for them to comprehend the strength of our demographic dividend, the youth, and the force of democracy, which India proudly embodies "he stated. Read more

Government intends to increase the proportion of natural gas in the energy mix to 15%

Published on: 9:27 am

According to a news statement from the government, the goal is to increase the proportion of natural gas in the energy mix from the current 6.3 percent to 15 percent by 2030.
Rameswar Teli, the Minister of State for Petroleum and Natural Gas, said that numerous measures have been done in this regard. Read more

Indian Energy Exchange achieves 11% yoy consolidated PAT growth in Q1FY23

Published on: 9:19 am

Indian Energy Exchange Limited (IEX) has announced its financial results for the quarter ended June 30, 2022.
The key highlights of the unaudited consolidated financial results as declared by the Company on July 25, 2022, are as below:
IEX culminates the first quarter of FY23 with 23.35 BU volume across all market segments despite tough market conditions; achieved 10% yoy growth Read more

In early trade, gold price remains flat

Published on: 9:19 am

Early on Tuesday, gold prices held the same. A 10-gram piece of 24-carat yellow metal is now selling for Rs 51,160. On the other side, silver's price per kilogram fell by Rs 200, selling for Rs 54,900.
A 10-gram piece of 22-carat gold is now selling on Tuesday for Rs 46,900. The price of an ounce of gold was essentially unchanged globally. Read more

Daily shipment of e-commerce goods may increase by 20% in the current year

Published on: 9:18 am

Following several peaks and valleys since the start of the Covid-19 outbreak in India, leading industry executives and experts told ET that consumption growth is moderating across categories, particularly sectors seen as discretionary.
PGA Labs, a market research company, predicts that daily shipments for e-commerce will increase by 20% yearly during the current fiscal year. This is a lower rate of annual growth than the previous two fiscal years when the e-commerce sector encountered lockdown-related challenges yet experienced at least a 25–30% annual growth due to greater shopper migration to online platforms following the virus outbreak. Read more

Ahluwalia Contracts India bags orders worth Rs1,129.80 crore

Published on: 9:17 am

Ahluwalia Contracts (India) Limited has recently awarded with new projects worth Rs1129.80 crore.
The secured new orders are as under:
Infrastructure for Construction New Medical College & Hospital, Bongaigaon (Assam) - Government of Assam office of the Chief Engineer: PWD Building: Assam, Guwahati-3 - Rs422.16 crore. Read more

Strides Pharma Science board approves NCD issue to raise Rs150 crore

Published on: 9:16 am

Strides Pharma Science Ltd has informed to the exchanges regarding outcome of the meeting of Board of Directors held on July 25, 2022.
The duly authorized Committee of Directors of the company at its meeting held on Monday, July 25, 2022 considered and approved offering for subscription, on a private placement basis, up to 1,500 senior, secured, rated, unlisted, redeemable, Non-Convertible Debentures (NCDs) of face value Rs10 lakh each aggregating up to Rs150 crore. Read more

Lupin bags USFDA approval for Azilsartan Medoxomil Tablets; stock rises

Published on: 9:15 am

Lupin Limited announced that the United States Food and Drug Administration (FDA) has approved its Abbreviated New Drug Application (ANDA), Azilsartan Medoxomil Tablets, 40 mg, and 80 mg, to market a generic equivalent of Azurity Pharmaceuticals, Inc.'s Edarbi Tablets, 40 mg, and 80 mg. Lupin's facility in Nagpur, India, will manufacture the product.
In the United States, Azilsartan Medoxomil Tablets (RLD Edarbi) had an estimated annual sale of USD 101 million as per IQVIA MAT March 2022. Read more

UP RERA extends construction deadline for Utopia Estate to December 2023

Published on: 9:15 am

A group housing project in Ghaziabad that was affected by the pandemic and was supposed to be finished in 2022 has had its completion date extended by the Uttar Pradesh Real Estate Regulatory Authority (RERA) until December 2023, according to officials.
According to a formal statement, the RERA noted that construction on Utopia Estate began in April 2016 but was unable to be finished by the promoter M/s Sai Adhiraj Land & Promoters Pvt Ltd within the allotted period, which concluded on March 28, 2022.
According to the site inspection report, just 40% of the project has actually been physically completed as of this writing, according to the RERA. Read more

Indian cement industry could increase capacity by 80-100 mt by FY25, says K.M. Birla

Published on: 9:14 am

According to Aditya Birla Group Chairman Kumar Mangalam Birla in the most recent annual report of UltraTech Cement, India's cement sector would add 80-100 million tonnes (mt) of capacity by 2024-25 (FY25), spurred by higher expenditure on housing and infrastructure.
Birla serves as chairman of UltraTech, the largest cement producer in the nation. The business, according to Birla, 55, who spoke to shareholders, is devoted to meeting the cement demands throughout several regions, especially the eastern and central sections, where new facilities have just been put into service in Bihar, West Bengal, and Uttar Pradesh. Read more

TRAI performs 5G readiness testing in Bhopal and Delhi

Published on: 9:12 am

The project was completed at eleven places in Bhopal. The city has become the first smart city in the country to test 5G readiness for the usage of street furniture such as Traffic signal poles, Street light poles, etc. with radiation and testing of 5G small cells by telecom service providers under the pilot.
The Telecom Regulatory Authority of India (TRAI) started pilot testing of 5G networks in four places with the major telecom service providers like Bharti Airtel, Reliance Jio, Vodafone ldea, and BSNL ahead of the 5G spectrum auctions beginning on Tuesday, July 26. Read more

Tech Mahindra's Q1 profit declines

Published on: 9:09 am

The fifth-largest IT exporter in the nation, the Mahindra Group company, reported a net profit of Rs1,353 crore during the last 12-month period.
Tech Mahindra revealed on Monday that its consolidated net profit for the quarter ending in June 2022 fell by 16.4% to Rs1,132 crore.
The fifth-largest IT exporter in the nation, the Mahindra Group company, reported a net profit of Rs1,353 crore during the last 12-month period. Read More

Following spot checks on 48 SpiceJet aircraft, the DGCA discovers no safety violations

Published on: 8:57 am

V K Singh, the minister of state for civil aviation, reported on Monday that the DGCA's 53 spot checks on 48 SpiceJet aircraft between July 9 and July 13 did not uncover any significant safety infractions.
However, as a safety precaution, the Directorate General of Civil Aviation (DGCA) instructed SpiceJet to only operate with specifically designated aircraft (10) after demonstrating to the regulator that all reported flaws and malfunctions had been fixed.
At least eight mechanical fault occurrences involving SpiceJet aircraft occurred over the course of 18 days beginning on June 19, and as aresult, the DGCA issued a show-cause notice to the airline on July 6. Read More

Canara Bank's net profit grows y-o-y by 72% in June quarter

Published on: 8:54 am

During the quarter, core income from interest generation climbed by 8.3% to Rs18,176.64 crore
On the back of strong core income growth and a decline in bad loans, Canara Bank reported a roughly 72% increase in standalone net profit for the June 2022–2023 quarter, coming in at Rs2,022.03 crore.
Around the same time last year, the bank reported a net profit of Rs1,177.47 crore. According to a regulatory statement by Canara Bank, total revenue increased to Rs23,351.96 crore in April–June 2022–23 from Rs20,940.28 crore in the same period the previous year. Read more

Q1FY23 Preview: Tata Motors: Revenue seen at Rs709,233 million, Net loss at Rs20,695 million

Published on: 8:52 am

Result date: 27^th July, 2022
Recommendation: Buy
Target price: Rs550
It is likely to be a mixed performance for Tata Motors during the June 2022 quarter. Company has seen healthy traction in its India business with strong growth in passenger vehicles and commercial vehicles. Domestic business volumes have surged 102% over the year-ago quarter partly due to a low base effect. Sequentially, though, volumes are down 5%. Volumes of JLR remained weak owing to chip shortages. Consolidated revenue could grow 6.8% over the year-ago quarter and decline 9.6% sequentially. Read more

Adani Enterprises gets 17.3 million ton coal import order from NTPC

Published on: 8:48 am

According to news reports, the New Delhi-based NTPC has placed orders for 20 million tonnes of imported coal for the fiscal year that ends in March, of which over 17.3 million tonnes have been given to Adani Enterprises Ltd.
The reports claimed that NTPC had already received nearly 7 million tonnes of foreign coal at its plants this year. Read More

8 PSUs to surrender 11 coal mines

Published on: 8:44 am

On Monday, the Parliament was notified that eight public sector corporations had submitted proposals to turn over 11 inactive coal mines as part of an amnesty program. In response to a query in the Rajya Sabha, Minister of Coal Pralhad Joshi stated that since the policy's issuance, the government has received petitions for the surrender of 11 coal blocks assigned to three Central PSUs and five State PSUs.
According to Joshi, "the Ministry of Coal has established an amnesty scheme in May 2022 offering a one-time window to allottee government corporations to surrender non-operational coal mines without penalty."
Prior to this, the government has given PSUs permission to give up inactive mines without providing a justification. Read more

PKH Ventures gets IPO approval

Published on: 8:44 am

Mumbai-based Construction and hospitality firm PKH Ventures Ltd has received Securities & Exchange Board of India (SEBI) approval for its initial public offering (IPO).
According to the draft papers, the IPO comprises equity shares of face value of Rs5 each, with a fresh issue up to 1,82,58,427 equity shares and an offer for sale of up to 98,31,461 equity shares by Promoter Pravin Kumar Agarwal (“Promoter Selling Shareholder”).
Additionally, the company, which has a diversified undertaking business in three verticals, namely, Construction & Development, Hospitality and Management Services in consultation with the lead bankers to the issue may consider a pre-ipo placement of up to 15 lakh equity shares. If such placement is completed, the fresh issue size will be reduced, the draft red herring prospectus (DRHP) said. Read more