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28th Jul, 2022

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IIFL Finance Q1FY23 profit surges 24% yoy at Rs330 crore; Stock ends 2% higher

Published on: 3:46 pm

IIFL Finance Limited has announced its financial results for the quarter ended June 30, 2022.
The Company reported Total comprehensive income (TCI) of Rs332 crore up 33% yoy and net profit after tax of Rs330 crore up 24% yoy. Pre-provision operating profit (PPOP) was Rs674 crore. Loan growth in core products was robust – Gold loans and Home loans AUM grew by 29% and 26% y-o-y respectively. Microfinance and Business loans grew by 43% and 7% y-o-y respectively.
The Company has been on an aggressive expansion spree, adding over 200 branches and about 2,000 manpower. For many loan products, the first quarter of the financial year is seasonally slack, we expect the growth pace to accelerate. While Q1 was impacted by higher provisions for microfinance and other loans, intense competitive pressure on gold yield seems to be easing and demand for home and business loans is seeing positive traction. Read more

Shoppers Stop’s board approves additional investment in WOS Global SS Beauty

Published on: 3:38 pm

Shoppers Stop Limited announced that the Board of Directors of the company approved additional investment in its wholly-owned subsidiary Global SS Beauty Brands Limited.
The investment approved is up to Rs20 crore by way of a combination of Equity shares and Fully Convertible Debentures.
GS BBL is the Company's SPV that will utilize the proceeds for the expansion of its beauty product distribution business. The object is consistent with the Company's beauty products business. Read more

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TCS partners with The Walton Centre NHS Foundation Trust to build Digital Solutions for Patient Care

Published on: 3:24 pm

Tata Consultancy Services has announced its partnership with The Walton Centre NHS Foundation Trust (The Walton Centre), to develop digital solutions that will increase the productivity of specialists, reduce waiting times for patients, and enhance the experience.
At first, the two organizations will focus on transforming the experience for outpatient referrals to neurologists.
As per The Walton Centre, patients with headaches make up the largest number of such referrals, with a three-month average waiting period to be seen by a consultant. Read more

Alan Scott and Nanoveu to set up a new Joint Venture; stock dips ~5%

Published on: 3:08 pm

Alan Scott Industries Limited announced that it signed a Memorandum of Understanding (MoU) to establish a new Joint Venture (JV).
The company highlighted that it has incorporated a new JV company in the name and style of ‘Alan Scott Nanoveu India Ltd.’
In this JV, Alan Scott will hold 51% of its issued, subscribed, and paid-up capital and Nanoveu will hold 35%. Read more

Fino Payments Bank’s throughput value exceeds Rs50,000 crore in Q1FY23; stock surges ~2%

Published on: 2:52 pm

Fino Payments Bank Limited announced its results for the first quarter ended June 30, 2022. The bank's performance in Q1FY23 surpassed that of Q4FY22, a seasonally stronger quarter, indicating the growth trajectory Fino is currently focusing on.
Bank’s overall throughput value surged 45% yoy to Rs60,784 crore. This was the first ever quarter where the physical (non‐digital) throughput crossed Rs50,000 crore.
Bank’s revenue jumped 40% yoy at Rs289 crore, also recording its first-ever sequential growth over the last quarter. Read more

Home First Finance’s PAT soars 46% yoy at Rs51 crore in Q1FY23; stock climbs over 2%

Published on: 2:23 pm

Home First Finance Company India Limited announced its results for the quarter ended June 30, 2022. The company has posted sincere growth during the quarter.
Home First reported a 35.80% yoy jump in AUM for Q1FY23 at Rs5,832 crore as compared to Rs4,294 crore in the previous corresponding quarter.
Company’s disbursements during the quarter under review jumped by 117% yoy at Rs661 crore as compared to Rs305 crore in Q1FY22. Read more

Q1 FY23 Preview: Cipla: Revenue seen at Rs53,720 million; PAT at Rs5,770 million

Published on: 2:23 pm

Result date: 29th July
Recommendation: Buy
Target price: Rs1,075
Source: IIFL Research
During the June 2022 quarter, Cipla's US sales could grow by 20-21%, on the back of new launches and market share gains in gAlbuterol/g-Lanreotide. Domestic formulation sales could decline 15% over the year-ago quarter on a high base Overall revenue is pegged at Rs53,720 million, down 1.8% over the year-ago quarter. Profit After Tax (PAT) is forecasted at Rs5,770 million. This will be a y-o-y decline of 22.7%.Read more

JSW Energy's resolution plan for Ind-Barath approved by NCLT; Stock zooms 5%

Published on: 2:12 pm

JSW Energy Ltd has informed to the exchanges regarding company’s Resolution Plan for Ind-Barath Energy (Utkal) Limited.
According to the regulatory filing, the company has announced that the Resolution Plan submitted by the Company for Ind-Barath Energy (Utkal) Limited ("Ind-Barath"). On October 14, 2019 it was approved by the Committee of Creditors (CoC) and has received the approval of National Company Law Tribunal, Hyderabad on July 25, 2022.Read more

KEC International wins new orders of Rs1,233 crore; Stock surges over 2%

Published on: 2:08 pm

KEC International Ltd, a global infrastructure EPC major, an RPG Group Company, has secured new orders of Rs1,233 crores across its various businesses:
Transmission & Distribution (T&D):
The business has secured various orders for T&D projects in India, Middle East and Americas:
From Power Grid Corporation of India Limited (PGCIL), 765 kV Digital GIS Substation order in India
Supply of towers in Middle East has been secured by company's subsidiary in UAE
Supply of towers, hardware and poles in Americas, secured by company's subsidiary, SAE Towers Read more

Genesys International spurts ~3% on collaboration with Google to introduce Street View in India

Published on: 1:55 pm

Genesys International Corporation Limited, a pioneer in introducing the first street imaging maps in India, announced its partnership with Google, allowing Google Street View to be launched across the country and helping in the advancement of the Indian mapping revolution.
Genesys constellation will now serve to bring to life India's lively streets and lanes, where citizens will be able to explore sites and view man-made wonders using their mobile devices from the comfort of their own homes or anywhere else.
With Genesys' capability and technology, nearly 150,000 unique kms of street imaging data can now be captured. To put this figure into context, Mumbai is a 5000-square-kilometer island city. Read more

CARE revise ratings on Everest Kanto’s bank facilities worth Rs209.55 crore; stock slips ~1%

Published on: 1:15 pm

Everest Kanto Cylinder Limited informed that the rating agency CARE Limited has Reclassified and Revised the ratings assigned to its bank facilities worth Rs209.55 crore.
As per the details, CARE has revised the long-term ratings of bank facilities worth Rs53 crore (enhanced from Rs2.70 crore) to ‘CARE A-’ from the existing ‘CARE A3+’. Further, the rating agency has given a Stable outlook on the same.
While long-term facilities worth Rs81 crore were also assigned a ‘CARE A-’ rating, revised from the existing ‘CARE BBB+’ rating. These facilities are given a Stable outlook by CARE. Read more

RBI discussion paper: Banks and financial organizations may consider opening paperless branches

Published on: 1:00 pm

On Wednesday, the Reserve Bank made the suggestion that banks and other financial institutions think about doing away with paper receipts at their branches and implementing electronic receipts at ATMs.
The Reserve Bank of India (RBI) stated in a discussion paper on "Climate Risk and Sustainable Finance" that it plans to develop a strategy based on best practices from around the world for reducing the negative effects of climate change, as well as lessons learned from participation in standard-setting bodies and other international fora.
A wide directive for all RBI Regulated Entities (REs) to have proper governance, a plan to address climate change risks, and a risk management system to efficiently manage them from a macroprudential viewpoint are all part of the approach, it was stated. Read More

IRDAI may revise startup capital fund for insurers: Report

Published on: 12:56 pm

The Insurance Regulatory and Development Authority of India (IRDAI) has organized a committee to examine the capital needs of different types of insurers to increase the insurance penetration in the country, said a senior official to ET.
Accordingly, the IRDAI is looking at allowing niche insurers like regional, captives, composites, micro and for their subsidiaries.
Currently, as prescribed by the Malhotra Committee on Insurance Reforms, to start a primary insurance company the minimum capital requirement is Rs100 crore and there are some insurance companies who have started operations with a minimum capital over Rs100 crore. Read more

Apple delays opening of 1st India Store owing to pandemic-related issues

Published on: 12:53 pm

Apple’s first physical outlet in India has been delayed owing to the pandemic-related issues faced by the company being inadvertent delays in supplies causing supply disruptions, interior fitting, etc.
The company expressed that the opening of Apple’s flagship retailer outlet in India has been delayed further to the January-March quarter next year. This is the second time the iPhone maker has pushed forward its debut in the Indian markets.
Indian markets much await an official Apple retail store, as it is becoming one of the most sought countries for the iPhone market. Apple’s CEO, Tim Cook, has expressed interest in setting up a base here in India even after the delays. Read more

Ahead of RBI’s policy, banks are seeking relief from falling bond prices and the rupee

Published on: 12:43 pm

Banks have expressed their worries to the Reserve Bank of India in advance of the monetary policy review. The banks are concerned about their bond holdings losing value as a result of the rupee's decline versus the dollar.
Since a lower rupee reduces the returns on local assets for foreign investors, the decline in the currency is discouraging them from purchasing Indian bonds. The rupee has fallen 6.9% so far this year, reaching a record low of 80.06 to the dollar this month. The dollar index, which is correlated to six different currencies, has increased by 11.5% this year. Read More

Shalby Academy announces partnership with Australia-based HealthstaffEd

Published on: 12:39 pm

The healthcare education initiative of Shalby Ltd, India, Shalby Academy, has announced its partnership with HealthstaffEd, New South Wales, Australia on leveraging its capabilities in healthcare education on digital media platform combined with Shalby.
In Western India, Shalby Academy is a leading healthcare education entity offering more than 100 courses in the blended mode in partnership with 12 reputed Universities & institutions in India.
This alliance will cover knowledge sharing on more than 100 healthcare education modules which is very relevant & beneficial for practicing Doctors, Nurses and Paramedics in India. Read More

Birlasoft Adopts RISE With SAP to Migrate their Digital Core to Cloud; stock gains ~1%

Published on: 12:19 pm

Birlasoft Limited, a global digital enterprise and IT services company and part of the USD 2.8 billion diversified CK Birla Group, announced strengthening of its relationship with SAP by leveraging RISE with SAP to transform its digital landscape onto the cloud.
With enterprises adopting a 'Cloud-First' strategy, Birlasoft will be able to significantly accelerate their clients' transformation journeys.
Birlasoft, a global SAP Partner, completed the entire migration from its SAP S/4HANA on-premises instance to SAP S/4HANA Cloud in less than six months across more than 20 countries where it operates. Read more

Q1FY23 Preview: Sun Pharmaceutical Industries: Revenue seen at Rs100,707 million, PAT at Rs16,510 mi

Published on: 11:40 am

Result date: 29^thJuly, 2022
Recommendation: Add
Target price: Rs960
Source: IIFL Research
Sun Pharmaceutical Industries (Sun Pharma) is likely to witness high-single digit sales growth in its US business, as strong execution in specialty sales compensates partly for flattish sales in Taro. Domestic formulation business could witness 9-10% decline in sales as COVID-related sales slowdown. Revenue growth is estimated at 4.2% over the year-ago quarter. Read more

SpiceJet tumbles to new 52-week low as DGCA halves capacity

Published on: 11:31 am

SpiceJet’s counter hit a new 52-week low of Rs34.75 in today’s trade following the aviation regulator DGCA’s direction that the company would operate only 50% of the approved flights for eight weeks.
At around 11.27 AM, SpiceJet’s counter showed some recovery and was trading 5.61% lower at Rs36.15 against its previous close of Rs38.30 on NSE.
The DGCA’s action came after numerous flight safety incidents occurred along with a show-cause notice on the company. Read more

Havells India stock under pressure after fire incident at Neemrana plant, Rajasthan

Published on: 11:23 am

Havells India Limited has informed that a fire incident occurred yesterday night at the Neemrana plant, Rajsthan of the Company.
There has been no human loss or injury, the company said in a regulatory filing on Thursday.
In addition to this, it further added that the cause of the fire and the damage is being currently assessed. Read more

Schaeffler India logs ~42% yoy growth in Revenue at Rs1,748 crore in Q2CY22; stock zooms ~1.5%

Published on: 11:11 am

Schaeffler India Limited announced that the Board of Directors approved the results for the second quarter and six months ended June 30, 2022.
Company reported total revenue of Rs1,748 crore in Q2CY22, up by 41.80% against the previous corresponding quarter, and 11.60% against the previous quarter. Total revenue for the six months ended June 30, 2022, stood at Rs3,316.30 crore, registering an upside of 30.10% yoy than the corresponding period of 2021. Read more

Ind Ra upgrades Yasho Industries' long-term issuer rating to 'BBB+/Stable'

Published on: 11:10 am

India Ratings and Research (Ind-Ra) has upgraded Yasho Industries Limited’s (YIL) Long-Term Issuer Rating to ‘IND BBB+’ from ‘IND BBB’. The Outlook is Stable.
According to the rating rationale, the upgrade reflects a significant increase in YIL’s scale of operations, resulting in an improvement in the EBITDA margins and credit metrics during FY22. Read more

Q1FY23 Preview: NTPC: Revenue seen at Rs337,174 million, PAT at Rs42,882 million

Published on: 11:01 am

Result date: 29^thJuly, 2022
Recommendation: Buy
Target price: Rs200
Source: IIFL Research
NTPC is likely to post ~30% growth in revenue over the year-ago quarter and 5.7% growth sequentially. Read more

Filatex India signs PPA and SHA for Hybrid Wind Solar Power; stock slides ~3%

Published on: 10:49 am

Filatex India Limited informed that under Gujarat's Hybrid Wind-Solar Power Policy 2018, it signed a Shareholder Agreement (SHA) & Power Purchase Agreement (PPA) on July 27, 2022.
The agreements have been signed with FP Crysta Energy Pvt. Ltd. and FPEL Sunrise Pvt. Ltd. respectively, 100% subsidiaries of Fourth Partner Energy Pvt Ltd., to procure renewable energy from their hybrid wind-solar open access power project as a captive consumer. Read more

V-Guard Industries to acquire balance 26% stake in subsidiary Guts Electro-Mech; Stock up 1%

Published on: 10:42 am

V-Guard Industries Ltd has informed that the Board of Directors at their meeting held on July 27, 2022 has approved the proposal for acquisition of balance 26% of equity shares of Guts Electro-Mech Ltd., Subsidiary Company by making call option in accordance with the Share purchase and Subscription Agreement dated August 31, 2017.
According to the regulatory filing, Guts Electro-Mech Ltd. is a subsidiary etc. of the Company in which the Company is presently holding 74% equity investment. The subsidiary is engaged in the business of manufacture and supply of MCB & RCCB, the company said. Read more

Exide Industries-led arm to acquire 80 acres land for Li-ion battery facility; Stock rises

Published on: 10:28 am

Exide Energy Solutions Limited (EESL), wholly owned subsidiary of Exide Industries Limited has executed the lease cum sale agreement on July 26, 2022 for procuring land parcel admeasuring 80 acres at Hitech, Defence & Aerospace Park, Phase-2 in Bengaluru with KIADB (Karnataka Industrial Areas Development Board).
As per the filing, the land will be used to set up state-of-the-art green field multi-gigawatt Li-ion battery cell manufacturing facility for the new-age electric mobility and stationary application businesses in India. Read more

Biocon reports a 71% y-o-y surge in Net Profit for Q1FY23; stock tumbles ~5%

Published on: 10:20 am

Biocon Limited, an innovation-led fully integrated biopharmaceutical company, has announced its results for the quarter ended June 30, 2022.
The company logged a 71% yoy jump in Net Profit during Q1FY23 at Rs144 crore as compared to Rs84 crore in the previous corresponding quarter. This spurt in profit came on the back of robust growth across business verticals.
The company reported total revenue of Rs2,217 crore in Q1FY23, up by 22.62% yoy against Rs1,808 crore in the previous corresponding quarter. Read more

Q1FY23 Preview: HDFC: Net Interest Income seen at Rs46.6 billion, PAT at Rs41.0 billion

Published on: 10:16 am

Result date: 29^thJuly, 2022
Recommendation: Buy
Target price: Rs2,915
HDFC is likely to record AUM growth of 3.6% sequentially, and an improved year-on-year growth of 18% in the June 2022 quarter. Stronger growth in the individual segment will be a key highlight. Read more

Thomas Cook India invests in the growing Overseas Education space; Stock gains near 2%

Published on: 10:10 am

To cater to India’s growing international education segment, Thomas Cook (India) Limited has launched #AllAboutStudyingAbroad – a series of informative videos to guide students aspiring to study overseas.
The Company intends to build the largest comprehensive repository of videos and blogs over the next few months to support its student segment.
Thomas Cook India has collaborated with Industry experts to address frequently asked questions/ challenges that students face via educational yet engaging videos and blogs.Read more

Hero MotoCorp collaborates with Accenture for transformation of Supply Chain

Published on: 10:03 am

Hero MotoCorp Limited announced that it selected Accenture to scale up and enhance its future-ready supply chain.
Under this program, Accenture will provide supply chain strategy, planning optimization, logistics cost optimization, and develop an end-to-end digital supply chain suite. This will enable Hero MotoCorp to manage the increasing complexity in markets, products, and supply chain networks while achieving cost reduction in an inflationary environment.
Hero MotoCorp will leverage Accenture’s zero-based supply chain (ZBSC) approach to facilitate cost optimization efforts across its supply chain. Accenture will also provide a supply chain control tower, powered by data and analytics, to aid in better supply chain and logistics planning. Read more

Equitas Small Finance allots over 2.03 lakh equity shares under ESOP; Stock gains 1%

Published on: 9:52 am

Equitas Small Finance Bank has informed that the Stakeholders Relationship Committee (SRC) of Board of Directors on July 26, 2022, approved allotment of 2,03,222 equity shares of Rs10/- each to the option grantees who have exercised their Employee Stock Options.
According to the filing, the Bank is in the process of applying for listing of the above shares on NSE and BSE to complete the rest of the issue formalities.
The paid up share capital of the Bank accordingly increases from Rs12,53,22,81,990/- to Rs12,53,43,14,210/-, the company informed.
The new equity shares issued shall rank paripassu with existing equity shares, it further added. Read more

Markets trade higher amid positive global cues; Nifty above 16,700 led by IT stocks

Published on: 9:41 am

Indian markets trade on a positive note during Thursday's session amid broad-based buying and bullish trends in global cues. Banking and IT stocks outperformed, while metals and realty stocks further contributed to the winnings. The performance in benchmarks Sensex and Nifty is expected to have more intraday swings as the results beat estimates.
Globally, US markets witnessed sharp gains as the Federal Reserve hikes rates by 75 basis points with September indications of 25 to 50 & also indicating data showing slowdown in consumption.Dow Jones gains over 435 points while Nasdaq gains 470 points or 4.06%.
Back at home, tracking positive cues, Sensex has touched an intraday high of 56,391.41 and Nifty 50 has climbed to the day's high of 16,788.85 in the early deals of the opening bell. Read more

Hindustan Aeronautics inks pact worth $100 million with Honeywell for HTT-40 Engines; stock rises

Published on: 9:24 am

Hindustan Aeronautics Limited announced signing a contract valued at over $100 million. The contract is for the supply and manufacturing of 88 TPE331-12B engines/kits and maintenance and support services to power the Hindustan Trainer Aircraft (HTT-40).
Eric Walters, Sr. Director OE Sales, Honeywell, and B Krishna Kumar, Executive Director (E & IMGT) signed the contract today in the presence of Mr. R Madhavan, CMD, HAL.
"HAL has successfully developed the Basic Trainer Aircraft (HTT-40) to meet the IAF's basic training requirements. A total of 70 aircraft may be required. The contract with IAF is in the final stages of approval," Madhavan stated. Read More

CCEA approves additional investment of $1.6 billion by BPCL's unit in Brazil

Published on: 9:19 am

Bharat Petroleum Corporation Limited (BPCL) has announced that the Cabinet Committee on Economic Affairs has approved additional investment of up to USD 1,600 million (about Rs12,000 crore) by Bharat PetroResources Ltd.(BPRL), a wholly owned subsidiary of the company for development of BM-SEAL-11 Concession Project in Brazil.
As per the filing, BPRL has been associated with exploration and development of the BM-SEAL-11 project in Brazil and has made cumulative investment of USD 976.11 million in Brazilian assets till March 31, 2022. The Participating Interest (PI) is currently held by a joint venture company of BPRL, Petrobras, National Oil Company of Brazil (Operator) and IBV Brazil. Read more

Virinchi-led subsidiary signs lease agreement with Wellcome Hospitals, Visakhapatnam

Published on: 9:18 am

Virinchi Limited has informed to the exchanges regarding signing of Lease Agreement with Wellcome Hospitals Private Limited, Visakhapatnam.
Virinchi Healthcare Private Limited, a 100% subsidiary of the company has signed a lease agreement with Wellcome Hospitals Private Limited, Visakhapatnam to take a purpose-built hospital of 81,000 sqft in a 1.5 acre land parcel, in the heart of Vishakapatnam City, for a period of 20 years, extendible by another 10 years. Read more

Dr Reddy's Lab launches Bortezomib for Injection in US market

Published on: 9:17 am

Dr. Reddy’s Laboratories Ltd has announced the launch of Bortezomib for Injection 3.5 mg, the generic equivalent of Velcade (bortezomib) Injection, in the U.S. market approved by the U.S. Food and Drug Administration (USFDA).
According to IQVIA Health, the Velcade Brand and generic had U.S. sales of ~$1.2 billion MAT for the most recent 12 months ending in May 2022. Read more

TeamLease Services stock surges ~2% post Q1FY23 performance

Published on: 9:16 am

TeamLease Services Limited has announced its results for the first quarter (Q1FY23) of the Financial Year ending March 31, 2023.
Highlights of Q1FY23:
At the group level, headcount and revenue grew over 30% on a YoY basis & 3% QoQ during this fiscal year. PBT improved from Rs24cr in Q1FY22 compared to Rs.28cr in Q1FY23, however, margins have dropped on account of an increase in associate salaries and investments in core teams.
General Staffing: We have added net 13k headcount in Q1FY23 with growth of 6% on QoQ basis and 30% on YoY basis. Revenue up 4% QoQ and 37% on YoY basis. Read More

Gold demand in June quarter down y-o-y by 8%

Published on: 8:45 am

According to the World Gold Council, the second quarter's worldwide gold demand was down 8% from the same time in 2021 due to a substantial decline in investor purchases. In times of unrest, gold is often considered a safe location to store cash, and as Russia invaded Ukraine and inflation shot up quickly early in the year, investment demand skyrocketed.
However, central banks soon started increasing interest rates. This raised the risk of recessions while simultaneously raising bond rates, decreasing the appeal of non-yielding gold, and strengthening the currency, increasing the cost of dollar-priced bullion for buyers using other currencies. Read More

The Union Cabinet endorses a $1.64 trillion plan to revive BSNL

Published on: 8:37 am

As part of a four-year recovery plan, the Union Cabinet on Wednesday approved a package of Rs1.64 trillion for Bharat Sanchar Nigam Ltd (BSNL). A combination of financial assistance, debt restructuring, viability-gap funding, and administrative spectrum allocation is included in the package. These measures could assist the state-owned telecom service provider in de-stressing its balance sheet, enhancing its landline network, and introducing 4G service.
According to Telecom Minister Ashwini Vaishnaw, "BSNL is anticipated to come around and make profit in FY2026-27 with the implementation of this rehabilitation plan." Read more

Through satellite launches, ISRO makes $279 Million

Published on: 8:34 am

According to Union Minister Jitendra Singh, ISRO has launched satellites for international customers, generating 279 million dollars in foreign currency, through its commercial arms, in front of the Lok Sabha on Wednesday.
In a written response to a query, Singh stated that ISRO had successfully launched 345 foreign satellites from 34 nations using the Polar Satellite Launch Vehicle in collaboration with its commercial arms (PSLV). Read more

Markets may start the day in Green but may give up gains later in the day

Published on: 8:31 am

Indian markets may start the day in Green on the back of positive cues from other equity markets. But narkets may see gains getting wiped off later in the day due to likely selling by Foreign Investors. Federal Reserve increased interest rate by 75 basis points yesterday. Federal Reserve said in its statement that fighting inflation is top priority even if it means sustained period of economic slowdown. A recession in US will cause severe economic pains in Indian economy too.
US markets saw big gains as the Federal Reserve hiked interest rate by 75 basis points. Indications were also given by the Federal Reserve that in September it may go for a hike between 25 to 50 basis points. Data showed slowdown in consumption in US economy.Dow Jones gained over 435 points. Nasdaq gained 470 points or 4.06%. US bond yields traded near 2.77%. US dollar saw sharp decline which sent emerging market stocks into top gear. Read more

SEBI updates the operating account settlement rules

Published on: 8:28 am

Regulations governing the settlement of running accounts containing client assets held by stockbrokers have been updated by the Securities and Exchange Board of India (SEBI).
Running accounts for clients who selected monthly settlement should be settled on the first Friday of each month. According to Sebi, if the first Friday is a trading holiday, then such settlement shall take place the day before trading.
Brokers are required by law to execute the settlement of funds and securities in accordance with the client's instructions. They must keep a maximum of 90 or 30 days between two running account settlements, depending on the client's preference. Read more

Availability of semiconductors is improving: CFO of Tata Motors Group

Published on: 8:26 am

According to PB Balaji, the chief financial officer of Tata Motors Group, the problem with the scarcity of semiconductors is improving and should continue to do so as each month goes by.
Due to a semiconductor shortage and the COVID-19 lockout in China, Tata Motors has declared a combined net loss of Rs4,951 crore for the June quarter.
In a telephone conference, Balaji stated: "In terms of the chip scarcity, we can see that things are beginning to loosen up. Domestically in particular, we are not planning for any substantial chip-related challenges".Read more

Uptick in volume drives United Breweries' Q1 net profit to Rs162.5 crore

Published on: 8:25 am

On Wednesday, United Breweries Ltd., a manufacturer of beer, announced a five-fold increase in its consolidated net profit to Rs162.50 crore for the June quarter, mostly due to volume increases.
According to a regulatory filing, the business, which is owned by the Dutch global brewer Heineken NV, reported a net profit of Rs30.94 crore during the previous fiscal year. Read more

SpiceJet's flights are reduced by 50% by the DGCA for eight weeks

Published on: 8:23 am

Following many setbacks, the Directorate General of Civil Aviation (DGCA) on Wednesday ordered SpiceJet to run no more than 50% of its flights for eight weeks.
According to a press release from the DGCA, "SpiceJet's number of departures is restricted to 50% of the number of departures approved under Summer Schedule 2022 for 8 weeks from the date of issue of this order in light of findings of various spot checks, inspections, and reply to show cause notice submitted by SpiceJet." Read more

Microsoft, Alphabet shares rise on positive outlook

Published on: 8:19 am

Heavyweight technology and growth firms, which have driven the US stock market for the past ten years, rallied on Wednesday in response to a positive outlook from Microsoft Corp. and sustained Google ad sales from Alphabet.
The largest online ad vendor, Google, appeared better prepared to weather a recession than its smaller competitors, sending Alphabet shares up 3.5% in premarket trading.
Even though it failed expectations for fourth-quarter results, Microsoft's stock increased by 3.8% as the business stated it anticipates double-digit growth in fiscal revenue, allaying concerns about the impact of rising pricing and slowing growth. Read more

Insufficient board-level, management involvement in environmental issues, according to an RBI poll

Published on: 8:18 am

According to a Reserve Bank poll, banks' top management is "inadequately" involved in discussions about climate risk and sustainable financing, and the lenders must step up their environmental efforts.
Regulators, national authorities, and supranational organizations are all paying attention to climate risk and sustainable finance.
The changes in Earth's climate that have been noticed in every location across the whole climate system were emphasized in the Intergovernmental Panel on Climate Change (IPCC) Report from August 2021. Read more

Cabinet authorizes BPCL unit's $1.6 billion investment plan in Brazil

Published on: 8:08 am

The state-owned Bharat Petroleum Corporation Ltd. (BPCL) was given permission by the Union Cabinet on Wednesday to spend an extra USD 1.6 billion on a Brazilian oil block.
Additional investment by Bharat PetroResources Ltd (BPRL), a fully owned subsidiary of BPCL, for the construction of the BM-SEAL-11 Concession Project in Brazil, has been authorized by the Cabinet Committee on Economic Affairs, which is presided over by Prime Minister Narendra Modi. Read more

Poonawalla Fincorp's consolidated net profit jumps by 118% to Rs141 crore

Published on: 8:04 am

For the first quarter that ended in June 2022 (Q1FY23), Poonawalla Fincorp Ltd, formerly known as Magma Fincorp, reported an increase in net profit of 180% year over year (YoY) to Rs141 crore (NIM).
It reported a combined profit of Rs64.5 crores for the quarter ended June 2021 (Q1FY22) and Rs119 crores for the quarter ending March 2022. (Q4FY22). Its stock increased 3.5% to settle at Rs271.95 a share on the BSE. Read more

In the June quarter, Biocon's net profit soars 71% to Rs144 crore while sales increased by 23%

Published on: 7:59 am

Amid strong growth across all verticals, Biocon, a key player in the biotechnology industry, announced a 71% increase in its consolidated net profit for the June quarter, coming in at Rs144 crore.
In the April through June quarter of the prior fiscal year, the firm reported a net profit of Rs84 crore. In the first quarter, total sales increased to Rs2,217 crore from Rs1,808 crore in the same quarter last year, according to a regulatory filing by Biocon. Read more