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29th Jul, 2022

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Nestle India’s net profit plunges 4% yoy at Rs515 crore in Q1FY23; stock adds ~1%

Published on: 3:22 pm

Nestle India Limited reported a 4.32% decline in net profit during Q1FY23 at Rs515.34 crore as compared to Rs538.58 crore in the previous corresponding quarter.
The profit missed the target of Rs517 crore set by the analysts.
Company reported a 15.68% jump in revenue for Q1FY23 at Rs4,055.94 crore as against Rs3,506.17 crore in the same quarter last year. Read more

Aleor Dermaceuticals gets USFDA final approval for Diclofenac Sodium Topical Gel, 3%

Published on: 3:00 pm

Alembic Pharmaceuticals Limited on Friday announced that its wholly owned subsidiary, Aleor Dermaceuticals Limited (Aleor) has received final approval from the US Food & Drug Administration (USFDA) for its ANDA (Abbreviated New Drug Application)for Diclofenac Sodium Topical Gel, 3%.
As per the filing, the approved ANDA is therapeutically equivalent to the reference listed drug product (RLD) Solaraze Topical Gel, 3%, of fougera Pharmaceuticals Inc. (Fougera). Diclofenac Sodium Topical Gel, 3% is for the topical treatment of actinic keratoses. Sun avoidance is indicated during therapy. Read more

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Talbros Automotive zooms ~2.5% on securing multi year orders worth Rs400 crore

Published on: 2:57 pm

Talbros Automotive Components Limited has received new multi-year orders up to Rs400 crore from both domestic and international customers across all divisions and segments.
These orders will be fulfilled over the next 4-6 years, spanning the company's product lines of gaskets, heat shields, forgings, chassis, and rubber.
The order includes newly invested technologies such as heat shields, for which we have secured new domestic PV customers. Read more

ICRA assigned credit rating to Dodla Dairy’s bank facilities worth Rs250 crore

Published on: 2:24 pm

Dodla Dairy Limited informed that ICRA Limited reviewed the ratings assigned to the company’s bank facilities.
ICRA has reaffirmed the long-term rating outstanding on bank facilities worth Rs250 crore at ‘ICRA AA-’. Further, it has given a Stable outlook on the same.
It has assigned a short-term rating of ‘ICRA A1+’ to the captioned line of credit of Rs40.50 crore. Read more

Polyspin Exports to partially stop production in FIBC division; stock gains

Published on: 2:07 pm

Polyspin Exports Ltd has decided to partially stop the production in the FIBC Division on July 29, 2022 and July 30, 2022 due to low order book position.
Accordingly, the company said that there will be a minor impact on the production activities of the Company in the near future until the position improves. However, the normal production will be resumed on August 1, 2022, the company said.
At around 2:05 PM, Polyspin Exports was trading at Rs60.90 per share up by Rs0.4 or 0.66% from its previous closing of Rs60.50 per share on the BSE. Read more

Equitas Small Finance Bank’s net profit jump 8-folds at Rs97 crore; stock tumbles ~4%

Published on: 1:44 pm

Equitas Small Finance Bank announced its results for the quarter ended June 30, 2022, and reported a significant growth in profit during the period under review.
The Small Finance Bank reported a 708% yoy growth in Net Profit at Rs97 crore in Q1FY23, as compared to Rs12 crore in the previous corresponding quarter.
Bank reported a 15% surge in its interest income at Rs940.40 crore. While other income witnessed a jump of 28% yoy at Rs133 crore.
During the quarter, the bank’s operating profit registered a growth of 63% yoy at Rs268 crore. Read more

Glenmark Pharma USA bags ANDA approval for Norethindrone Acetate and Ethinyl Estradiol Capsules

Published on: 1:26 pm

Glenmark Pharmaceuticals Limited informed that USA arm Glenmark Pharmaceuticals Inc., has received final USFDA approval for Norethindrone Acetate and Ethinyl Estradiol Capsules and Ferrous Fumarate Capsules, 1 mg/20 mcg, the generic version of Allergan Pharmaceuticals International Limited's Taytulla 1 Capsules.
Taytulla Capsules market 2 achieved annual sales of approximately $85.9 million, according to IQVIATM sales data for the 12-month period ending May 2022.
Glenmark's current portfolio includes 177 products that are authorized for distribution in the United States, as well as 47 ANDAs that are awaiting FDA approval. Read more

RITES reports 68.80% yoy rise in Revenue at Rs637 crore; stock gains ~1%

Published on: 1:13 pm

RITES Ltd., a leading Transport Infrastructure Consultancy and Engineering firm, announced its standalone and consolidated financial results for the quarter ended June 30, 2022.
Company reported total consolidated revenue of Rs637 crore in Q1FY23, up by 68.80% yoy against Rs377 crore in the previous corresponding quarter.
Its operating revenue stands at Rs605 crore in Q1FY23, registering a growth of 70.40% yoy against the same quarter last year at Rs355 crore. Read more

PNC Infratech stock surges 3% on signing concession agreement with NHAI

Published on: 1:02 pm

PNC Infratech Limited has informed signing of Concession Agreement between National Highways Authority of India and the Special Purpose Vehicle incorporated by the Company for implementation of the Hybrid Annuity Mode (HAM) Project, on July 28, 2022.
As per the filing, the project is "Improvement and upgradation of existing road to four lane with paved shoulders, from end of Hardoi bypass to end of Hardoi district of NH-731 (Pkg-III) in Uttar Pradesh."
Further, the bid project cost is Rs864 crore and project length is 53.99 km. Read more

GHCL logs a whopping 300% y-o-y growth in PAT for Q1FY23; revenue jumps by 96% yoy at Rs1,371 crore

Published on: 12:29 pm

GHCL Limited, India’s leading Chemical & Textile Company, today announced its results for Q1FY23. The company delivered a strong performance during the period under review.
Company reported 96% yoy growth during Q1FY23 at Rs1,371 crore as compared to Rs699 crore in the previous corresponding quarter.
EBITDA of the company jumped by 169% yoy at Rs429 crore as against Rs159 crore in the same quarter previous year. Read more

Aban Offshore receives LOA for jack-up rig ABAN III from ONGC; stock marginally down

Published on: 12:02 pm

Aban Offshore Limited informed that it received a Letter of Award for the deployment of jack-up rig ABAN III from ONGC.
The company stated that LOA received is for a firm period of three years.
The company expects to commence the deployment during the first quarter of the calendar year 2023. Read more

Gujarat Poly Electronics announces business update; Stock gains 1.5%

Published on: 11:48 am

Gujarat Poly Electronics Ltd has entered into Deed of Assignment for Plot No. B-17/P/1 situated at GIDC, Gandhinagar, Gujarat.
From Gujarat Industrial Development Corporation (GIDC), the Company has achieved provisional transfer order (PTO) granting its permission to transfer and assign the leasehold rights, title and interest in respect of the said Sub-Plot. Read more

Cochin Shipyard successfully delivers first indigenously made aircraft carrier ; stock climbs ~2%

Published on: 11:18 am

Cochin Shipyard Ltd (CSL), the largest public sector shipyard and the only shipyard under the Ministry of Ports, Shipping, and Waterways, delivered the Indian Navy's first indigenously built Aircraft Carrier (IAC-1).
The ship's handover ceremony took place today at CSL's Cochin headquarters.
The acceptance form was signed by Madhu S. Nair, Chairman and Managing Director of CSL, and Commodore Vidhyadhar Harke, VSM, the vessel's Commanding Officer (Designate). Read more

Kalpataru Power secure orders worth Rs1,842 crore on a Consolidated basis; stock under pressure

Published on: 10:56 am

Kalpataru Power Transmission Limited (KPTL), a global EPC player in the power and infrastructure contracting sectors, along with its subsidiaries have secured new orders/notification of awards totaling Rs1,842 crore at a consolidated level.
The company has received an Order for Metro Rail Electrification in India, secured through a joint venture/consortium. It further received another Composite Railway Project in India through its Joint Venture.
The company also informed that it bagged new orders in overseas markets for its T&D business. Read more

Apple, Amazon deliver expectation-topping results in a sombre earnings season

Published on: 10:47 am

Tech Giants Amazon and Apple announced their results on Thursday. The companies delivered results beating expectations for the period, lifting up the earnings spirit weighed down due to inflation, economic turmoil, and war conditions.
A crowded period of results from the world's largest tech firms has been marked by misses and uncertainty, indicating that the pandemic-era boom has peaked.
Amazon reported sales of $121.2 billion during the quarter, registering 7% growth against $113.10 billion in the previous corresponding quarter. The company’s scrip witnessed nearly a 12% jump following its results announcement. Read more

Prism Johnson commissions capex of ~Rs25 crores; Stock rises

Published on: 10:26 am

Prism Johnson Limited has informed that the Company has set up a new manufacturing facility for Industrial Products & Natural Resources (IPNR) products at Dewas, Madhya Pradesh, on existing land available at the Company's tile manufacturing facility, for a capex of approximately Rs25 crore, funded primarily through internal accruals.
IPNR is a business vertical of the H & R Johnson (India) (HRJ,) Division of the Company. IPNR includes manufacturing of products such as Ceramic Tiles, Sanitaryware, Glass, Lead-acid Batteries, Plastics, Cement, Paints etc. Read more

Markets likely to maintain their positive momentum today

Published on: 10:19 am

Indian equity markets are likely to maintain their positive momentum today. Global cues from other equity markets are positive. Today may be a good day to sell stocks that were bought at lower valuations when the market was at its lows recently, for those with a short term trading horizon.
US markets saw another big day as Dow Jones closed higher by 320 points. Nasdaq gained over 140 points. Nasdaq has gained over 15% from June lows to see the best monthly rally since October last year. US bond yields dipped to hit 2.68%, the lowest level since early May.
Asian markets have opened in the green with US cues seeing gains in almost all Asian indices, led by the ASX & Taiwan markets. The weaker US dollar bodes well for Asian currencies, bonds & equities. This could see more ETF flows headed into Asian markets. Chinese stocks will also see action as yesterday the US rally was led by auto stocks and Chinese reopening. This should see more action in stocks. Read more

JMC Projects spurts ~6% on securing new order worth Rs631 crore

Published on: 10:11 am

JMC Projects (India) Limited, a leading Civil Engineering and EPC Company announced that its has secured new orders of Rs631 crore.
The company has received B&F projects in India worth Rs631 crore.
S. K. Tripathi (CEO & Managing Director) commented on the order receipt, “We are overjoyed with the new orders received in our B&F division. These new orders will help us to expand our client base and strengthen our B&F order book. Our strong order book and established capabilities reaffirm our belief in our ability to achieve targeted growth in the future.”
JMC Projects (India) is a subsidiary of Kalpataru Power Transmission Limited, and a leading civil construction and infrastructure EPC company with over three decades of experience in India. Read more

H G Infra Engineering's subsidiary gets financial closure for NHAI road project

Published on: 10:06 am

H G Infra Engineering Limited has announced the achievement of Financial Closure by H.G. Khammam Devarapalle Pkg-2 Private Limited.
H.G. Khammam Devarapalle Pkg-2 Private Limited, a wholly owned subsidiary of H.G. Infra Engineering Limited has received letter from National Highways Authority of India (NHAI) for noting of financial close w.e.f. July 20, 2022.
The Company gets financial closure for construction of 4 lane Access Controlled New Greenfield Highway Section of NH-365BG (Khammam-Devarapalle) of length 29.513 kin from Somavaram village to Chintagudem village (Design Chainage. Kin 33+604 to kin 63+117) under Inter Corridor Route under Bharatmala Pariyojana on Hybrid Annuity mode in the state of Telangana and Andhra Pradesh (Package-II) Read more

SBI Cards and Payment’s net profit logs 106% y-o-y growth in Q1FY23; stock zooms ~2.5%

Published on: 9:53 am

SBI Cards and Payment Services Limited announced its results for the quarter ended June 30, 2022, and has reported exceptional performance during the quarter.
The company posted total revenue of Rs3,263 crore in Q1FY23, up by 33% yoy as compared to Rs2,451 crore in the previous corresponding quarter.
Earnings before credit costs reported a jump of 22% yoy at Rs1,291 crore for Q1FY23 as compared to Rs1,056 crore for Q1FY22 and up by 10% as compared to Q4FY22 at Rs1,172 crore. Read more

TCPL Packaging further invests in rights issue of its subsidiary 'Creative Offset Printers'

Published on: 9:44 am

TCPL Packaging Limited has informed that it further invested in Rights Issue of its subsidiary company viz Creative Offset Printers Private Limited (COPPL) and has been allotted 53,101 partly paid-up equity shares, aggregating to Rs3 crore.
As per the terms of Rights Issue, the consideration of Rs60.00 Lakhs were payable on application and balance of Rs2.40 crore are payable on calls, the company said in a regulatory filing. Read More

Markets bullish; IT, Metal, Auto outperform; SBI Life, Bajaj twins lead

Published on: 9:39 am

Indian markets are trading bullish on Friday with benchmark Sensex rising to at least over 57,477.06 and Nifty 50 nearing the 17,118.75-mark. The domestic equities tracked bullish global cues as investors concerns cooled down from positive US corporate earnings and fed policy outcome.
Back at home, a broad-based buying was recorded across sectoral indices with banking, IT and metal stocks outperforming.
At around 09.36 AM, Sensex was trading at 57,410.45 up by 552.66 points or 0.97%. While, the Nifty 50 was performing at 17,0.95.45 higher by 165.85 points or 0.98%. Read more

Jubilant FoodWorks acquires 40% stake in Roadcast Tech Solutions; stock slips ~1%

Published on: 9:25 am

Jubilant FoodWorks Limited informed that it has entered into a Share Subscription Agreement, Shareholders’ Agreement, and Share Purchase Agreement dated July 28, 2022, for the acquisition of a 40% stake in Roadcast Tech Solutions Private Limited.
This investment reflects the Company's intention to make strategic investments in promising start-ups and emerging businesses, and it is consistent with the Company's stated goal of building a multi-brand, multi-country food business powered by technology.
The said transaction is for an all-cash consideration of Rs14.98 crore. Read more

Bajaj Finserv announces stock-split, bonus issue; Stock rallies over 3.5%

Published on: 9:20 am

Bajaj Finserv Limited has announced the sub-division of each existing equity share of face value of Rs5/- into Five equity shares of face value of Rs1/- fully paid- up. The Company will complete corporate action on or before September 26, 2022. subject to necessary approvals.
Further, the Board approves issue of One bonus equity shares of face value of Rs1/- for every 1 fully paid-up equity share of Rs1/-.
Total number of securities proposed to be issued are 7,96.404,635 nos. of equity shares of Rs1/- each fully paid up.
Rationale behind the split and issue of bonus shares is that the Company and it's subsidiaries have grown significantly, in terms of business and performance, over the years. This is reflected in the share price of the Company, which touched a peak of Rs19,325 in October 2021. The price since then has hovered around Rs12,200. Read more

Shriram Transport Finance board to consider fund raising proposal via debt securities; Stock tumbles

Published on: 9:19 am

Shriram Transport Finance Company Ltd has informed to the exchanges regarding intimation of Committee meetings for raising funds.
As per regulatory filing, the Company will consider raising of funds by way of issue of redeemable non-convertible debt securities including bonds in onshore/offshore market on private placement basis, subject to market conditions and in this regard, the meeting of the concerned committees viz. the Banking and Finance Committee, Debt Issuance Committee and Allotment Committee- NCDs will be held to consider and approve the issue and allotment of redeemable non-convertible debt securities / bonds during the month ending August 31, 2022, the company said. Read more

Chalet Hotels bags LOI by Delhi International Airport to maintain a Terminal Hotel; stock under pres

Published on: 9:18 am

Chalet Hotels Limited informed that it executed acceptance of the Letter of Intent to Award by the Delhi International Airport Limited.
The LOA is with regard to designing, developing, financing, operating, managing, and maintaining of a terminal hotel at a site opposite to Terminal 3, at the IGI Airport, New Delhi.
The company aims to develop the project on a land parcel spread across 2.65 acres. Read more

ADF Foods stock plunges over 3% post Q1FY23 numbers

Published on: 9:17 am

ADF Foods Limited, one of the leading manufacturer of prepared ethnic food has announced Financial Results for the Quarter ended June 30, 2022.
Key Highlights (Consolidated Financials)
Revenue in Q1 FY23 increased by 12.4% y-o-y to Rs97.2 crore
Gross Margins for Q1 FY23 increased by 26.9% to Rs47.9 crore Read more

NIIT revenue increases 34% yoy to Rs404.8 crore in Q1FY23

Published on: 9:16 am

NIIT Limited, a leading global talent development corporation, today reported the results for its first quarter ending June 30, 2022. During the quarter, the company recorded Net Revenue of Rs404.8 crore, up 34% YoY and 8% QoQ. EBITDA was Rs74 crore, up 5% YoY and the EBITDA margin stood at 18.3%. Profit After Tax was recorded at Rs44.3 crore. EPS stood at Rs3.3.
Key Highlights:
Q1 Revenue at Rs404.8 crore, up 34% YoY, 8% QoQ
EBITDA at Rs74 crore, up 5% YoY, with 18.3% EBITDA Margin
Profit After Tax of Rs44.3 crore; EPS at Rs 3.3 Read more

In early trade, gold and silver prices surge

Published on: 9:05 am

Early on Friday, the price of gold increased by Rs 700 per 10 grams, to Rs 51,380 for 24-carat gold. On the other side, the price of silver increased by Rs 1,900 per kilogram to Rs 56,500 on Friday.
10 grams of 22-carat gold are currently going for Rs 47,100, up Rs 650 from yesterday. The price of 10 grams of 24-carat gold in Mumbai and Kolkata is Rs. 51,380, while the price of 10 grams of 22-carat gold is Rs. 47,100 in each city. The price per 10 gram of 24- and 22-carat yellow gold in Delhi is respectively Rs 51,550 and Rs 47,250. Read more

Parle Products leader among FMCG brands in terms of customer reach points, says Research

Published on: 8:59 am

According to Kantar India research, Parle Products has topped the lists of the most popular FMGG products for a record-breaking 10 years in a row. According to the most recent 2021 research, which lists the most popular FMCG brands based on consumer reach points, it is followed by Amul, Britannia, Clinic Plus, and Tata Consumer Products (CRPs).
Parle is in first place with a CRP score of 6,531,000,000. According to the report, CRPs have grown from 89 billion to 98 billion, with a growth rate that increased from 3% in 2020 to 9% in 2021. Read more

Shell announces $6 billion share buyback after record-breaking earnings

Published on: 8:48 am

As a consequence of robust gas trading and a doubling of refining profit, Shell's second-quarter earnings of $11.5 billion broke the record it established only three months earlier on Thursday.
The business did not increase its 25-cent per share dividend but did launch a $ 6-billion share repurchase program for the current quarter. According to the statement, shareholder returns will continue to be "above 30% of cash flow from operational activities". Read more

Oil prices climb 1.1% in early trade due to renewed supply fears

Published on: 8:24 am

U.S. West Texas Intermediate (WTI) crude futures for September delivery were up $1.09, or 1.1%, to $97.51 per barrel, rebounding losses from the previous session when confidence was dampened by worries about an American recession.
The price of a barrel of Brent crude futures for September settlement, which are expected to expire on Friday, increased by 86 cents (0.8%) to $108.00. October's more active contract increased by 87 cents, or 0.9%, to $102.70.
While WTI is expected to rise about 3% this week, making up for losses from the prior week, Brent is expected to jump over 5% for the week, marking its second consecutive weekly gain. Read more

Vedanta’s Q1 net profit at Rs4421 crore

Published on: 8:13 am

Major mining and metals company Vedanta announced a total net profit of Rs4,421 crore for the quarter ending in June 2022, up 4.66 percent year over year (YoY). However, according to Bloomberg, this was less than street predictions, which were Rs4,572 crore. Vedanta's net profit fell 23.7% sequentially from Rs5,799 crore.
The company's consolidated revenue for the first quarter totalled Rs38,251 crore, up 36.10% YoY, thanks to increasing sales volume across all sectors, rising commodity prices, and successful strategic hedging. Revenue was estimated by Bloomberg to be Rs37,698 crore.
However, revenue decreased by 3% from Rs39,342 crore sequentially. Read More

TVS Motor Company's net profit at Rs305.37 crore in June quarter

Published on: 8:10 am

Due to an increase in sales volume, Chennai-based TVS Motor Company, a leading manufacturer of two and three wheels, reported a consolidated net profit of Rs305.37 crore during the first quarter of the financial year 2022–23 (Q1FY23), compared to a loss of Rs10.55 crore during the April–June quarter of 2021–22 (Q1FY22).
The company's operating revenue was $7,315.7 billion, up 56% from $4,689.34 billion in the same period last fiscal year. In comparison to the first quarter of 2021–2022, it recorded a profit after tax (PAT) of Rs321 crore as opposed to Rs53 crore. Read more

PNB's quarterly profit drops by 70% to Rs308 crore

Published on: 8:07 am

The state-owned Punjab National Bank (PNB) stated on Thursday that its standalone net profit for the three months ending in June fell by 70% to Rs308.44 crore.
At the same time last year, the bank reported a net profit of Rs1,023.46 crore. The same was Rs201.57 crore in the March quarter.
The first quarter of the current fiscal year saw a decrease in total revenue to Rs21,294 crore. According to a regulatory filing, it was Rs22,515 crore during the same time last year. The lender's interest income decreased from Rs18,921 crore in the same quarter last year to Rs18,757 crore this quarter. Read More

Top 10 stocks for today

Published on: 8:05 am

The Singapore Exchange's Nifty futures traded 193.5 points, or 1.14%, higher at 17,140.5, indicating that the markets will have a good start on Friday. The following 10 stocks may be the most popular ones in today's market:
SBI Life Insurance:
Despite significant investment losses countering the strong premium growth, the largest private sector life insurer recorded an 18% increase in net income at Rs263 crore in the April-June quarter. It said that from Rs8,312.5 crore a year earlier, its net premium income increased to Rs11,036 crore in the reporting period. Read more

Data for Agricultural census will be gathered through smartphones, tablets

Published on: 8:02 am

The eleventh agricultural census, which will gather information on a variety of factors including operating holdings, was officially launched on Thursday by Agriculture Minister Narendra Singh Tomar. The data will be gathered via smartphones and tablets for the first time.
According to a statement from the agriculture ministry, fieldwork for the Eleventh Agricultural Census (2021–22) will begin in August 2022. Every five years, the agriculture census is conducted; it is now being completed after a delay caused by the corona pandemic.
The ministry is putting its 1970–1971 farm census plan into action. The reference year used for the census' ninth iteration was 2015–16. Read more