Latest News and Updates

27th Jul, 2022

Q1 FY 23 Preview: Dr Reddy's: Revenue seen at Rs54128 million; PAT at Rs6790 million

Published on: 4:07 pm

  • Results Date: 28th July
  • Recommendation: Buy
  • Target price: Rs4,800
  • Source: IIFL Research
  • June 2022 quarter revenue of Dr Reddy's is forecasted at Rs54,128 million. This will be a y-o-y growth of 10.8%. PAT is forecasted at Rs6,790 million. This will be a y-o-y growth of 19.8%. Demand for drugs in areas such as Dermatology and Nephrology are expected to be higher in the June quarter. Read more

3M India's parent '3M' to spin-off Health Care Business; stock slips ~2%

Published on: 3:27 pm

  • In its latest press release, 3M India informed that 3M, Minnesota declared its intention to spin off its Health Care business, creating two world-class public companies well positioned to pursue their respective growth strategies.
  • The New 3M will continue to be a global material science innovator serving customers in a variety of industrial and consumer end markets, while Health Care will be a global diversified healthcare technology player centered around wound care, healthcare IT, oral care, and biopharma filtration. Read more

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Tata Investment Corp spurts ~3% as Profit soars 66% y-o-y in Q1FY23

Published on: 3:06 pm

  • Tata Investment Corporation logged a net profit of Rs89.74 crore in the quarter ended June 30, 2022, registering a growth of 66% yoy against Rs53.89 crore in the previous corresponding quarter.
  • Due to strong operating performance and a healthy topline, the company's net profit increased by 343% QoQ from Rs20.23 crore in the previous quarter.
  • Total revenue from operations registered a growth of 64.5% on a yoy basis to Rs102.08 crore for the quarter ended June 2022, as compared to Rs61.98 crore in June 2021. Read More

Union Bank logs 32% yoy growth in Net Profit for Q1FY23; stock gains ~1%

Published on: 2:47 pm

  • Union Bank of India’s net profit registered a growth of 32% on y-o-y basis, fueled by an 8% increase in net interest income (NII), on the back of loan growth from both retail as well as corporate segments even though total provisions declined.
  • Company’s Net profit jumped to Rs1,558 crore in the quarter ended June 2022 from Rs1,181 crore the previous year, owing to a 13% increase in advances.
  • NII, or the difference between loan interest and deposit interest, witnessed a growth of 8% yoy at Rs7,582 crore in Q1FY23, as against Rs7,013 crore in the previous corresponding quarter. However, Other income grew marginally by 1% yoy, mainly due to a 64% decline in treasury income to Rs395 crore in Q1FY23 against Rs1,100 crore in the same quarter previous year. Read more

Nokia extends strategic partnership with Wipro for five years

Published on: 2:46 pm

  • Wipro Limited has announced a new five-year strategic engagement with Nokia, the world’s leading multinational, networking, telecommunications and consumer electronics company. This new agreement builds on a partnership that  was originally established over 20 years ago.
  • Wipro will deliver global business services in support of Nokia’s renewed operating model across order management supply chain, finance, and accounting operations. Read more

TCS to provide Human Resource Management software service to Marks & Spencer

Published on: 2:32 pm

  • The top software exporter in the nation struck a multi-year, multi-million dollar agreement with Marks & Spencer on Wednesday in order to overhaul the British retailer's human resource management. Abhijit Niyogi, the company's business head of retail in Europe, told PTI that despite macro headwinds like inflation, rate tightening, political unrest in the UK, and the current Russian invasion of Ukraine, demand for IT services is still high in Europe and the UK.
  • According to a senior official, TCS anticipates that the USD 1 billion retail sector business in the UK and Europe would expand faster than the company's entire revenue. This is due to the high demand for IT services. Read more

Q1 FY23 Preview: SBI Life Insurance: APE seen at Rs28.0 billion; VNB at Rs7.3 billion

Published on: 2:31 pm

  • Result date: 28th July
  • Recommendation: Buy
  • Target Price: Rs1510
  • Analysts at IIFL Securities forecast Annualized Premium Equivalent of Rs28 billion for SBI Life Insurance in the June quarter. This will be a y-o-y growth of 73%. Value of New Business (VNB) is forecasted at Rs7.3 billion. This will be a y-o-y growth of 86.8%. VNB margin is forecasted to stand at 26%. This will be a y-o-y increase of 190 basis points. Retail non-participatory savings plans and group protection plans are likely to be the key drivers of growth for the company. Read more

Day 2 of 5G spectrum auction today; Day 1 brought bids of Rs1.45 lakh crore

Published on: 2:11 pm

  • The 5G spectrum auction opened its second day on Wednesday with the start of the fifth round after receiving bids worth more than expected (Rs1.45 lakh crore) on the first day. The e-auction to purchase fifth-generation (5G) airwaves is being attended by businesses owned by businessmen Mukesh Ambani, Sunil Bharti Mittal, and Gautam Adani as well as Vodafone Idea.
  • Following the conclusion of the four rounds of spectrum bidding on the first day on Tuesday, the government received verified spectrum bids totaling Rs 1.45 lakh crore. The 5G spectrum can enable billions of linked devices to communicate data in real-time and delivers ultra-high speeds (about 10 times faster than 4G). Read more

SIS appoints Uday Singh as Independent Director on board; stock dips ~1%

Published on: 2:05 pm

  • SIS Limited informed that based on the recommendation of the Nomination and Remuneration Committee, recommended the appointment of Uday Singh as an Independent Director on the Board of the company for a period of 5 consecutive years.
  • His appointment will be effective from July 26, 2022, subject to the approval of shareholders in the ensuing Annual General Meeting.
  • Uday Singh is currently appointed as Non-executive Director on the Company's board. He joined the company in 2002 and has served as CEO since 2004, as well as Whole-Time Director and CEO from August 2012 to April 2018. Following that, he will serve on the board in a non-executive capacity. Read more

Indrayani Biotech's subsidiary to acquire Vaasan Medical Center India through IBC

Published on: 2:03 pm

  • Indrayani Biotech Limited (IBL) has informed that it's wholly-owned subsidiary IBL Healthcare Limited has been declared as the successful resolution applicant by the Committee of Creditors for acquisition of Vaasan Medical Center (India) Private Limited on July 21, 2022, subject to obtaining necessary regulatory approvals including NCLT (National Company Law Tribunal) approval.
  • As per the filing, IBL Healthcare Limited has accepted the Letter of Intent ('LoI') for acquisition of Vaasan Medical Center (India) Private Limited under the Corporate Insolvency Resolution Process ('CIRP') of the Insolvency and Bankruptcy Code 2016 ('IBC').
  • Vaasan Medical Center (India) Private Limited is a company established in March 31, 2010 and it is running a chain of pharmacy retail stores under the name and style of "Vasan Medical Hall" in Trichy and neighboring districts of Tamil Nadu. Read more

Shoppers Stop hits new 52-week high owing to exceptional Q1FY23 performance

Published on: 1:54 pm

  • Shoppers Stop Limited, an Indian department store chain operator, announced its results for the quarter ended June 30, 2022. The company has recorded exceptional performance during the quarter with attractive growth numbers.
  • Shoppers Stop’s counter skyrocketed nearly 11% in today’s trade to hit a new 52-week high of Rs605.
  • The company logged a 383% yoy growth in revenue at Rs1,190 crore for Q1FY23, as compared to Rs246 crore in the previous corresponding quarter. Read more

TCS’ Quartz recognized as Best Performing Fraud Management Solution; stock zooms ~2%

Published on: 1:32 pm

  • Tata Consultancy Services Limited (TCS) announced that its ‘Quartz’ was named an Industry Special Leader and ranked as the number one Fraud Management solution in the IBS Intelligence Sales League Tables (SLT) for 2022.
  • The IBS SLT is the outcome of an annual benchmarking exercise in which global banking technology suppliers are ranked across 22 system categories based on the number of new customer contracts signed in a given calendar year.
  • It has been in operation for over 21 years and has evolved into a barometer for financial technology supplier sales performance across the banking and financial services industries. Read more

New UK parliamentary group formed to promote trade and investment with India

Published on: 1:32 pm

  • With support from the British Indian think tank 1928 Institute, a new cross-party parliamentary group in the UK has been established to promote trade, investment, and people-to-people links with India.
  • 25 members of Parliament and Lords with various political allegiances make up the India (Trade and Investment) All Party Parliamentary Group (APPG), which was formally established last week as part of the 75th anniversary of India's independence. Read more

CARE revises rating on Adani Wilmar’s bank facilities worth Rs15,711 crore

Published on: 1:14 pm

  • Adani Wilmar Limited informed that the credit rating agency CARE Limited revised the rating assigned to the company’s long-term bank facilities.
  • CARE has revised the long-term rating to ‘CARE AA-’ from the existing ‘CARE A+’, with a Stable outlook on the same.
  • Rating on Short-term bank facilities of the company reaffirmed at ‘CARE A1+’. Read more

Q1 FY23 Preview: Shree Cement: Revenue seen at Rs40,563 million; EBITDA at Rs8,084 million

Published on: 1:07 pm

  • Results date: 28th July
  • Recommendation: Reduce
  • Target Price: 19,300
  • Analysts at IIFL Securities forecast a y-o-y increase of 17.6% in the revenues of Shree Cement to Rs40,563 million in the June quarter. Realization per ton will be at Rs5,380. This will be a y-o-y increase of 6.7%. EBITDA is expected to stand at Rs8,084 million. This will be a y-o-y decline of 20.2%. The decline in EBITDA will be mainly because of higher input costs. Both power and fuel costs have risen for the company. Read more

Hindustan Media acquires ~7.4% stake in Sanjeevani Dairy Farms; stock under pressure

Published on: 12:55 pm

  • Hindustan Media Ventures Limited informed that it has invested in the equity shares and Optionally Convertible Preference Shares (OCCPS) of Sanjeevani Dairy Farms Private Limited (Sanjeevani).
  • The company stated that the Board of Directors of the Company at its meeting held on November 1, 2019, has approved an investment of up to Rs16 crore, in two equal tranches of up to Rs8 crore each, in equity shares and/or convertible equity-linked instrument of Sanjeevani.
  • As per the agreement terms, the company on July 25, 2022, asked Sanjeevani to convert the aforesaid OCCPS into equity shares and consequent upon such conversion, the holding of the Company in Sanjeevani shall be in excess of 5% of its total shareholding. Read more

Symphony board to purchase remaining 5% stake in Australia-led Symphony AU subsidiary

Published on: 12:49 pm

  • Symphony Limited has informed that the Board of Directors at its meeting held on July 26,2022, have inter-alia approved purchase of 920,000 ordinary s PM, hares of Symphony AU Pty Limited (representing 5% of share capital) from its existing shareholder thereby making Symphony AU Pty Limited a wholly owned subsidiary of the Company for a pre decided consideration of 45800,000 (equivalent to Rupees Four Crores Forty Five Lacs only). 
  • The newly owned subsidiary is a SPV Company formed for the purpose of acquisition of CTPL which is in the business of air coolers and heaters in Australia and USA. Read more

Alphabet's revenue growth slows down

Published on: 12:49 pm

  • Google's parent company, Alphabet, has posted weaker-than-anticipated earnings and sales for the period from April to June (Q2). The company's search business experienced strong growth. Compared to the same quarter last year, revenue growth dropped to 13% from 62%. Revenues for the quarter increased 13% to $69.7 billion, according to the business.
  • According to Pichai, the business will keep making long-term, responsible investments in deep computer science. Travel and retail inquiries helped Google's Search and Other income increase to $40.69 billion from $35.85 billion the previous year, according to the firm. Read More

Delhivery completes largest logistics integration in India with Spoton; stock climbs ~2%

Published on: 12:38 pm

  • In August 2021, Delhivery Limited acquired Spoton with the goal of strengthening its position in the Express Part Truckload market.
  • Following the integration of the two companies' systems and organizations, in April 2022, it initiated infrastructure, network, and operations integration to fully combine into a single network. This communication is intended to provide an update on the integration's status and the next steps.
  • The overall integration process necessitated the integration of 2,000+ Spoton team members, 5,500+ customers, and a 2.5M sq ft infrastructure spread across 350 operating facilities. Read more

Serum Institute eyes for potential partners to develop Monkeypox Vaccine: Report

Published on: 11:42 am

  • World's largest vaccine manufacturer, Serum Institute of India (SII) has initiated discussions with potential partners to develop vaccine against monkeypox, reported The Economic Times.
  • In a conversation with Economic Times, CEO Adar Poonawalla said that although they are talking with partners to develop a vaccine, there is no urgent need as they are assessing the situation first.
  • Amid the recent monkeypox cases in India, fresh cases have been suspected in many regions of the country including Bihar, Delhi and Telangana. The news flash rapidly after a 34-year-old man from Delhi with no history of foreign travel tested positive for the monkeypox virus.Read more

IMF lowers its prediction for India's GDP growth to 7.4% in FY23

Published on: 11:41 am

  • The Gross Domestic Product (GDP) estimate for India's economic growth for the fiscal year 2022–2023 was further reduced by the International Monetary Fund (IMF) on Tuesday by 80 basis points to 7.4%.
  • India's growth forecast was revised downward by the International Monetary Fund in April from 9% to 8.2%. In addition, the institution lowered its prediction for the nation's growth to 6.1% for the fiscal year 2023–2024.
  • Although a global recession in 2022 is predicted to occur due to growth of 3.2%, according to the IMF's World Economic Outlook (April edition), the balance of risks is heavily skewed to the downside due to a variety of factors that could have a negative impact on the performance of the global economy. Read more

Exterro eyes IPO in 2023 post achieving over $1 billion valuation

Published on: 11:39 am

  • Exterro, a legal governance, risk, compliance software, and portfolio company of Leeds Equity Partners, stated that it secured an undisclosed amount of equity capital commitment, taking the company’s valuation at over $1 billion.
  • The funding round was jointly led by institutional investors Coller Capital and Glendower Capital. Leeds Equity also made a significant new equity commitment from its latest fund Leeds Equity Partners VII to the company.
  • The company intends to utilize these resources to streamline more resources for the growth of company’s Legal GRC portfolio of products via M&A and product development. Read more

ONGC inks pact with Greenko ZeroC to pursue opportunities in Green Hydrogen; stock rises

Published on: 11:00 am

  • Oil and Natural Gas Corporation Limited (ONGC) and M/s Greenko ZeroC Private Limited (Greenko) have signed a Memorandum of Understanding (MoU) to jointly pursue opportunities in Renewables, Green Hydrogen, Green Ammonia, and other derivatives of green hydrogen.
  • The MoU, which is valid for two years, was signed on July 26, 2022, in New Delhi by ONGC Director Onshore Anurag Sharma and Greenko CEO & Managing Director Anil Kumar Chalamalasetty, in the presence of Union Minister of Petroleum and Natural Gas & Urban Affairs Hardeep Singh Puri, Secretary (MoP&NG) Pankaj Jain, ONGC CMD Alka Mittal, ONGC Director (Finance). Read more

Sumeet Industries resumes plant operation after shutdown due to technical fault

Published on: 10:53 am

  • Sumeet Industries Limited has informed to the exchanges regarding resumption of plant operation after shutdown due to technical fault
  • As per the filing, earlier the company informed on July 08, 2022 with respect to shutdown of the plant due to major technical fault and now operation of the plant has been resumed successfully where normal production expected to be reached in next 24 hours, the company said on Tuesday. Read More

SIS logs 12.6% yoy growth in Q1 revenue at Rs2,678 crore

Published on: 10:26 am

  • SIS Ltd. has announced its Unaudited Financial Results for the quarter ended June 30 , 2022.
  • Key Highlights:
  • Consolidated Revenue for Q1 FY23 at Rs2,678 crore; 12.6% YoY growth
  • Consolidated EBITDA for Q1 FY23 at Rs121 crore
  • Sound Return Ratios - RONW at 18% Read More

Zydus bags final USFDA approval for Bisoprolol Fumarate Tablets; stock adds ~1%

Published on: 10:05 am

  • The United States Food and Drug Administration (USFDA) has given Zydus Lifesciences Limited (formerly Cadila Healthcare Limited) final approval to market Bisoprolol Fumarate Tablets USP 5 mg and 10 mg.
  • Bisoprolol Fumarate Tablets are used to treat hypertension. To lower blood pressure, they can be used alone or in combination with other high blood pressure medications. Viona Pharmaceuticals Inc. will distribute the drug, which will be manufactured at the group's formulation manufacturing facility in SEZ, Ahmedabad, India. Read More

Andhra Paper plans annual maintenance outage at Rajahmundry plant from July 30

Published on: 10:03 am

  • Andhra Paper Limited has informed that an Annual Outage (maintenance) has been planned from July 30, 2022 to August 10, 2022 (both days inclusive) in the manufacturing facility located in Rajahmundry, East Godavari District, Andhra Pradesh. 
  • The estimated loss of production would be around 505 Metric Tons per day, the company said in a regulatory filing. Read more

Evexia Lifecare updates on business of Heemsol Energy System; Stock down 4%

Published on: 9:52 am

  • Evexia Lifecare Ltd has informed that earlier it had acquired 50% stake in Heemsol Energy System Private Limited. Now Heemsol Energy System has received order of Rs4.64 crore from Suryanand Solar Cluster Association, Latur, Maharashtra, for delivery of solar system and for that Company has received advance of Rs35 Lakh.
  • Further, Heemsol had applied to Madhya Gujarat Vij Company Limited (MGVCL) - Rural of All over Gujarat Residential Project up to 700MW for supply of Solar system. The company was selected and now the company is one of the agency for supply of the Solar system to (MGVCL) - Rural. Read more

United Spirits clocks a massive 204% yoy growth in PAT for Q1FY23 at Rs210 crore; stock slides ~4%

Published on: 9:47 am

  • United Spirits Limited announced its results for the quarter ended June 30, 2022, and reported a significant jump in profit during the period.
  • The company reported a 204% yoy increase in PAT for Q1FY23 at Rs210 crore as compared to Rs69 crore in the previous corresponding quarter.
  • Company witnessed a growth of 34.30% in sales against a low base the previous year and higher sales of premium brands. Read more

Markets trade flat amid weak global cues; Nifty below 16,500 dragged by banking and financials

Published on: 9:41 am

  • The Indian market was in a volatile session and trading flat on Wednesday tracking weak global cues. After clocking over 55-380-mark in the early deals, the benchmark Sensex scrapped gains and were on a muted stance. Similarly, Nifty 50 which was above 16-500, has now slipped into the red. All the sectoral indices were trading lower with banking, financial and metal stocks underperforming the most. The volatility in Indian equities also traced mixed global cues as investors became cautious ahead of Fed announcement on interest rates expected late tonight.
  • Benchmarks heavyweight Maruti Suzuki will be in focus ahead of its June 2022 quarterly result scheduled for later today. Read More

Q2CY22 Preview: Nestle India: Revenue seen at Rs38,259 million, PAT at Rs5,644 million

Published on: 9:32 am

  • Result date: 28th July, 2022
  • Recommendation: Add
  • Target price: Rs18,300
  • Nestle India will announce its results for the June 2022 quarter on July 28th. The company is likely to witness continued strength in sales of key products. Share of out-of-home products is likely to improve in the quarter. Revenue is estimated to grow 10.5% over the year-ago quarter. Read more

Tata Power reports an exemplary 90% yoy growth in PAT at Rs884 crore in Q1FY23; revenue jumps to Rs1

Published on: 9:29 am

  • Tata Power Limited announced its results for the quarter ended June 30, 2022, and company has posted robust numbers during the quarter.
  • Company’s Consolidated PAT (before Exceptional Items) registered growth of 90% yoy at Rs884 crore in Q1FY23 against Rs466 crore in Q1FY22 on the back of improved performance across all businesses mainly profit from Coal Companies. Standalone PAT recorded a growth of 19% yoy at Rs421 crore as compared to Rs354 crore in Q1FY22.
  • Tata Power’s consolidated Revenue jumped by 48% yoy at Rs14,776 crore as against Rs9,974 crore in the previous  corresponding quarter. Read more

HDFC Bank's two day window to offer 6.8% interest rate on NRE deposits

Published on: 9:25 am

  • HDFC Bank, the largest private lender in India, has established a two-day window for Non-Resident External (NRE) deposits that offer interest rates that are much higher than those that are already offered, as per the sources.
  • The window, which is open on Wednesday and Thursday, provides an annual rate of 6.80% on NRE deposits with denominations ranging from Rs 2 crore to less than Rs 150 crore and terms of 12 to 15 months. According to information on the lender's website, HDFC Bank is now offering 6.25 percent on domestic deposits with a value between Rs 2 crore and Rs 5 crore and a maturity between one year and less than 15 months. Read more

Rane Brake Lining reports 45% yoy rise in Q1FY23 revenue to Rs141 crore

Published on: 9:20 am

  • Rane Brake Lining Limited has announced financial performance for the first quarter (Q1FY23) ended June 30, 2022.
  • Q1 FY23 Performance
  • Total Revenue was Rs141.9 crore for Q1 FY23 compared to Rs97.9 crore in the Q1 FY22, an increase of 44.9% 
  • EBITDA stood at Rs12.5 crore compared to Rs7.2 Crore during Q1 FY22, an increase of 73.4% 
  • EBITDA Margin at 8.8% for Q1 FY23 against 7.4% in Q1 FY22 
  • PAT stood at Rs5.8 crore for Q1 FY23 compared to Rs1.7 crore in Q1 FY22 Read more

Aether Industries records 17.7% qoq increase in PAT during Q1FY23

Published on: 9:18 am

  • Aether Industries Limited, India’s leading specialty chemical manufacturer has announced its financial results for the first quarter ended on June 30, 2022.
  • Q1FY23 vs Q1FY22 Highlights –
  • Revenue from operations stood at Rs160 crore in Q1FY23 as against Rs150 crore in Q1FY22
  • EBITDA reported at Rs48.6 crore in Q1FY23 as compared to Rs47.5 crore in Q1FY22 
  • Profit Before Tax stands at Rs41.2 crore in Q1FY23 as against Rs40.4 crore in Q1FY22 
  • Profit After Tax reported was at Rs30.6 crore in Q1FY23 as against Rs32.3 crore in Q1FY22 
  • EPS stands at Rs2.46 (basic) and Rs.2.46 (diluted) Read more

Sanofi India declares one-time Special Interim Dividend of Rs193 for FY22; stock slips ~2%

Published on: 9:17 am

  • Sanofi India Limited informed that the board of directors in their meeting held on July 26, 2022, has declared a One-Time Special Interim Dividend of Rs193 per equity share of Rs10 each for the financial year ended December 31, 2022.
  • The company earlier informed that it has fixed August 8, 2022, as the record date for the purpose of payment of the One-Time Special Interim Dividend.
  • The company intends to pay the said dividend on or after August 22, 2022. Read more

Bharat Forge's arm incorporates wholly-owned subsidiary 'Electroforge'

Published on: 9:17 am

  • Bharat Forge Limited has informed to the exchanges that its wholly-owned subsidiary Kalyani Powertrain Limited ("KPL") has incorporated a wholly-owned subsidiary in the name of 'Electroforge Limited' on July 25, 2022.
  • As per the filing, EFL will engage in activities related to e-mobility including design, development, manufacture, sales and distribution of electric drive units, electric motors, electric vehicles and certain forged components in the e-mobility sector. Read more

Indian Metals & Ferro Alloys surges 1.5% amid robust Q1FY23 earnings

Published on: 9:16 am

  • Country's leading producer of ferro alloys, Indian Metals & Ferro Alloys Ltd (IMFA) has announced Q1 FY23 results today for the period ending June 30th, 2022.
  • Highlights of Q1 FY23 vs Q1 FY22
  • Revenues of Rs743.42 crore vs Rs537.86 crore
  • Exports of Rs710.53 crore vs Rs498.18 crore
  • EBITDA of Rs224.67 crore vs Rs177.01 crore
  • PAT of Rs133.83 crore vs Rs98.57 crore Read more

Every fiscal year, RBI requests that UCB Boards evaluate their loan policies

Published on: 9:04 am

  • "It is advised that the loan policy of the bank shall be reviewed by the Board at least once in a financial year" the RBI stated in a notification on Tuesday. "This is to ensure that the loan policy reflects approved internal risk appetite and remains in accordance with the extant legislation." The aforementioned directives are effective right away, according to RBI.
  • The banking regulator emphasized that not only do these policies not provide complete coverage, but they also don't call for regular reviews, as has been seen in several UCBs. According to the RBI's April master guidelines, UCBs are required to establish transparent policies and guidelines for credit dispensation in respect of each major category of economic activity, with the approval of their boards, while taking into account the credit exposure norms and various other guidelines periodically issued by the Reserve Bank. Read more

Unclaimed deposits on the rise, RBI starts a campaign to raise awareness

Published on: 9:02 am

  • The eight states with the most unclaimed deposits have been the focus of a national effort by the Reserve Bank. As a result, the monetary authority has started a campaign in Hindi, English, and the languages of these eight states.
  • According to the central bank's annual report, the number of unclaimed deposits in banks has drastically increased to Rs48,262 crore in FY22 from Rs39,264 crore in the previous fiscal.
  • According to an RBI official, the majority of this money is held by banks in Tamil Nadu, Punjab, Gujarat, Maharashtra, Bengal, Karnataka, Bihar, and Telangana/Andhra Pradesh. Read more

Gold and Silver prices fall in early trade

Published on: 9:00 am

  • Early on Wednesday, gold prices decreased by Rs 380 per 10 grams, with the price of 24-carat gold standing at Rs 50,780. On the other side, the price of silver decreased by Rs 400 per kilogram, selling for Rs 54,500.
  • The price of 10 grams of 22-carat gold is now down by Rs320, selling at Rs46,580 on Wednesday. Gold grew somewhat in international commerce while the dollar slightly declined. By 00:41 GMT, spot gold had increased 0.1% to $1,718.97 per ounce, while US gold futures had decreased 0.1% to $1,716.70. The spot price of silver increased 0.4% to $18.68 per ounce. Read more

L&T Q1 Results: Profit up 45% year over year to Rs1,702 crore; sales up 22%

Published on: 8:58 am

  • Larsen & Toubro (L&T) said on Tuesday that its consolidated net profit for the June quarter increased by 45% year over year (YoY), to Rs1,702.07 crore, compared to Rs1,174.44 crore in the same quarter last year.
  • Consolidated sales increased 22% year over year to Rs35,853 crore during the quarter as a result of excellent infrastructure execution and ongoing growth momentum in the IT&TS portfolio.
  • At Rs13,235 crore for the quarter, international revenue represented 37% of overall revenue. Read more

Shoppers Stop's Q1 net profit at Rs22.83 cr

Published on: 8:54 am

  • Shoppers Stop Ltd., a retail chain, said on Tuesday that its combined net profit for the first quarter that ended on June 30, 2022, was Rs. 22.83 crores.
  • According to a regulatory filing by Shoppers Stop, the business reported a net loss of Rs 104.89 crore during the April-June quarter of last year. Its operating revenue for the reviewed period was Rs 948.44 crore, more than four times its pandemic-impacted preceding quarter's lower base. In Q1/FY 2021–22, it was Rs 205.23 crore. Read more

In April and May, India increased its imports of Russian oil by more than 400,000 bpd

Published on: 8:50 am

  • Thanks to a price discount, India increased its imports of Russian oil by 4.7 times in April through May, or by more than 400,000 barrels per day (bpd), year over year, the Russian central bank reported on Tuesday.
  • Since sanctions were placed against Moscow for what it refers to as a "special military operation" in Ukraine, Indian refiners have been buying up relatively inexpensive Russian oil, which has been spurned by Western companies and nations. Read more

Greenforest New Energies' purchase of a stake in Tata Power Renewable is approved by CCI

Published on: 8:47 am

  • The purchase of a stake by Greenforest New Energies Bidco in Tata Power Renewable Energy Ltd (TPREL) has been given the Competition Commission's approval.
  • The proposed deal relates to Greenforest New Energies Bidco, a joint venture between BlackRock and Mubadala Investment Company, buying up to 11.43% of TPREL.
  • The Competition Commission of India (CCI) announced on Twitter on Tuesday that it has given the go-ahead for BlackRock and Mubadala to indirectly purchase a stake in Tata Power Renewable Energy Ltd. Read more

India is fifth largest market of Coca-Cola

Published on: 8:46 am

  • The largest producer of soft drinks in the world, Coca-Cola Company, reported on Tuesday that its India division saw the fastest volumetric increase ever in the second quarter.
  • It reported increased unit case volume in the June quarter, which was aided by its portfolio of effervescent soft drinks and the fruit drink brand Maaza. The Atlanta-based Coca-Cola Company reported on Tuesday that its sparkling soft drink sales increased by 8% in the second quarter, "mainly driven by India, Mexico, and Brazil."
  • India is included in the Asia Pacific Market, where Coca-unit Cola's case volume increased by 11%. The fifth-largest market for Coca-Cola worldwide is India. Read more

As power firms and refiners transition to alternate fuels, the demand for natural gas declines

Published on: 8:45 am

  • India is consuming less natural gas as refineries, power plants, and petrochemical facilities use less of the expensive fuel.
  • According to figures from the oil ministry, domestic consumption decreased by 2.5% year over year in the first quarter of FY23 while gas imports decreased by 10%. Over the year, consumption dropped 4% in June.
  • Rising domestic output, which increased by 5% over the year during April–June, partially offset the fall in imports. Reduced capacity utilization at gas import terminals is another effect of this. Read more

Markets may see continued selling by Foreign Investors today

Published on: 8:40 am

  • Indian markets are likely to remain the Red territory today. Foreign Portfolio Investors are likely to remain net sellers today. This is because of some anxiety coming out from Federal Reserve's decision on interest rate hike that will come later in the evening today. Stocks of companies such as Maruti Suzuki will see movement. Their June quarter results will come today.
  • US markets saw pullback yesterday ahead of big earnings and Federal Reserve meet today.  Dow Jones lost 220 points. Nasdaq closed lower for 3rd straight day, losing over 216 points. Bond yields closed near 2.75%, the lowest in over 2 months. Oil prices saw mild uptick.
  • Asian markets  have opened muted. With the Federal Reserve meet tonight, all investors will await the direction of its action & talk to chart the course going ahead. The Japanese 'Nikkei' is trading down 50 points with most other Asian indices trading flat to slightly negative even though US futures were higher after good results from Amazon, Texas Instruments and Microsoft. Read more

Crude Oil prices increase as US crude stock declines

Published on: 8:40 am

  • Early on Wednesday in Asian trading, oil prices increased as industry data revealed a larger-than-anticipated reduction in U.S. crude stockpiles.
  • By 67 cents or 0.7%, U.S. West Texas Intermediate (WTI) crude increased to $95.65 a barrel. The price of Brent crude futures increased by 33 cents, or 0.3%, to $104.73 a barrel.
  • The American Petroleum Institute, an industry body, said that US oil stocks dropped by 4 million barrels last week after settlement on Tuesday. In a Reuters poll, economists predicted a fall of 1 million barrels, so this is four times that amount. Read more

Spotnana raises $75 million in series B funding round

Published on: 8:40 am

  • An investment round headed by Durable Capital Partners LP and including current investors Madrona Venture Group, Blank Ventures, ICONIQ Growth, and Mubadala Capital garnered $75 million for the cloud-based travel technology platform Spotnana.
  • The Travel-as-a-Service Platform, which offers cloud-based technologies to businesses, travel management organizations, suppliers, and technology providers, will help Spotnana recruit new employees and promote itself, according to the company. In only two years, Spotnana has raised more than $100 million, and the number of its employees has more than quadrupled to over 200 since 2021. Read more

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