Latest News and Updates

01st Aug, 2022

NCC surges ~5% on securing 4 new orders worth Rs1,645 crore

Published on: 3:30 pm

  • NCC Limited, a leading infrastructure player, announced that it received 4 new orders aggregating to Rs1,645 crore (exclusive of GST) in July 2022.
  • The company informed that out of the 4 orders received, one order worth Rs945 crore relates to its Building division.
  • The other two orders worth Rs619 crore are received by NCC's Water & Environment Division. While, balance orders worth Rs81 crore are received by the Electrical Division. Read more

Add-shop E- Retail opens 4 new C&F and 26 new franchises; stock plunges to new 52-week low

Published on: 3:14 pm

  • Add-shop E-Retail Ltd announced that it opened 4 new C&F stores and 26 new franchises in Karnataka during July 2022, as the state has a lot of potential for the company’s business.
  • The company stated that this will boost its retail operations. It is currently experiencing a positive response towards its products. The company further noted a fantastic response towards both ayurvedic healthcare products and our agricultural products. Read more

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The lending rate at ICICI Bank is increased by 15 bps

Published on: 2:55 pm

  • The RBI is expected to boost interest rates later this week, therefore ICICI Bank, the second-largest lender in the private sector, increased its lending rates on Monday by 0.15 % across all tenors.
  • Under the marginal cost of the funds-based lending rate (MCLR) regime, rates have gone up for all tenors, making EMIs more expensive for borrowers whose loans were benchmarked against MCLR. Read more

IFSCA regulatory framework now includes Infosys Finacle as part of its trade finance blockchain solu

Published on: 2:47 pm

  • Infosys Finacle has been accepted into the International Financial Services Centres Authority's (IFSCA) regulatory framework in order to test its blockchain-based trade finance solution.
  • In the initial stage of the framework, Federal Bank, HDFC Bank, HSBC, ICICI Bank, RBL Bank, and State Bank of India are working with Infosys Finacle. The partnership will test the blockchain-based Buyers Loans solution, which provides short-term foreign currency credit for trade financing and import payments. Later, the service would be made accessible to all banks serving customers from Gujarat's GIFT City as a SaaS-based product. Read more

In July, UPI records 6 billion transactions

Published on: 2:42 pm

  • The number of transactions recorded by India's leading digital payments network, Unified Payments Interface (UPI), in July exceeded 6 billion, reaching a record high since the platform's launch in 2016.
  • According to information provided by the platform's operator, the National Payments Corporation of India (NPCI), UPI reported 6.28 billion transactions totaling Rs10.62 trillion. The number of transactions was up 7.16% month over month, while the value was up 4.76%. The volume of transactions almost quadrupled year over year (YoY), while the value of transactions increased by 75%. Read more

Welspun Enterprises surges ~5% on receiving completion certificate for Project in Amravati, Maharash

Published on: 2:37 pm

  • Welspun Enterprises Limited informed that it has received the Completion Certificate in respect of the Hybrid Annuity Model project for Two Laning of Road with paved shoulder Package No. AM 2 under Public Works Circle, Amravati in the State of Maharashtra from PWD Maharashtra on July 30, 2022.
  • Earlier, the company declared November 11, 2021, as the Provisional Commercial Operation date, with the first annuity payable in May 2022, i.e., six months later.
  • As per the company, the completion cost is around Rs1,719.20 crore. Read more

On Day 7 of 5G spectrum auction Jio and Airtel continue their fierce competition for UP East

Published on: 2:33 pm

  • Monday marked the start of the seventh day of India's first-ever 5G spectrum auction, which saw competitors like Jio and Airtel engaged in fierce competition for prized 1800 Mhz frequencies, mostly for the UP East region.
  • On Sunday's sixth day of bidding, the whole spectrum sale passed the Rs 1.50 lakh crore milestone. After things calmed down a little the day before, the bidding price and demand for spectrum in the UP East circle flared up once more on Sunday. Read more

Astral unveils first display center for its bathware range in Ahmedabad; stock climbs ~4%

Published on: 2:08 pm

  • Astral Limited announced the launch of its first display center for its bathware range. It is a massive 2400 square feet state-of-the-art showroom that will exhibit Astral’s faucets and sanitaryware exclusive product collection with an aim to enhance the customer experience at the most premium location in Ahmedabad.
  • Apart from this, the company also took over an existing ready-to-use bathware manufacturing unit to facilitate timely production to smoothen product availability across the country.
  • This display center embarks Astral’s first of many such exclusive showrooms in India. Additionally, the company envisages setting up multiple channel-partnership-based showrooms in major cities over the coming years. The company believes that the Faucet & Sanitaryware division has a market potential of nearly Rs15,000 crore in India. Read more

According to the OECD, developed countries contributed $83.3 billion to climate financing

Published on: 1:41 pm

  • According to a new OECD estimate released on Friday, rich countries will have contributed and mobilized $83.3 billion in climate funding for climate action in poor nations by 2020.
  • This is an additional 4% rise from 2019, which came after a 1% increase from 2018 to 2019. The ambition of rich nations to contribute and mobilize $100 billion annually for poor countries by 2020 is yet unmet. Public flows increased, which was the main factor behind the growth in 2020 climate financing. Read more

Filatex India starts pilot plant for recycling of polyester waste at Dahej

Published on: 1:22 pm

  • Filatex India Limited has informed that its pilot plant for recycling of polyester waste of 1500 kgs per day for recycled polyester at Dahej unit has successfully been commissioned w.e.f. July 29, 2022.
  • Also, as per the filing, the upgradation of existing POY lines at Dadra unit has been completed. The Company started trial production runs in the month of June 2022 and the lines have successfully been commissioned on July 29, 2022, the company said. Read more

Deepak Fertilizers and Petrochemicals’ net profit jumps 223% y-o-y in Q1FY23; stock spurts ~5%

Published on: 1:18 pm

  • Deepak Fertilisers and Petrochemicals Corporation Limited, among India’s leading producers of industrial chemicals and fertilizers, announced its results for the quarter ending June 30, 2022.
  • The company reported a 59% yoy jump in consolidated revenue in Q1FY23 at Rs3,031 crore as compared to Rs1,902 crore in the previous corresponding quarter.
  • It reported a consolidated operating EBITDA of Rs740 crore during the quarter under review, up by 155% yoy against Rs290 crore in the previous corresponding quarter. Read more

Home loans would cost more after a 25-bps lending rate increase by HDFC

Published on: 12:52 pm

  • Mortgage lender, HDFC Ltd. raised its benchmark lending rate by 25 basis points on Saturday, making loans more expensive for both current and potential consumers.
  • Before the Monetary Policy Committee (MPC) meeting of the RBI scheduled for next week, the rate was raised. The committee raising interest rates is generally forecasted in order to control extreme inflation.
  • According to a statement from the firm, "HDFC increases its Retail Prime Lending Rate (RPLR) on housing loans, on which its Adjustable-Rate Home Loans (ARHL) are benchmarked, by 25 basis points (bps), with effect from August 1, 2022." Read more

Lifestyle and Grocery retailers added 490,000 employees in FY22, says TeamLease study

Published on: 12:37 pm

  • As per TeamLease's latest hiring outlook study, Lifestyle and grocery retailers seem to be reversing the trend witnessed in FY21, where most brands preferred layoffs or froze hiring owing to declining sales and lockdowns. In a recent update, about eight lifestyle and grocery retailers added 1,80,000 employees during the last fiscal.
  • It includes top retailers like Shoppers StopBata, Reliance Retail, RaymondTitanTrentPage Industries, and Avenue Supermarts. As per their latest annual reports, above-stated companies added nearly 4,90,000 employees, witnessing a 57% surge in their combined workforce.
  • The surge in staff count was mainly seen across permanent and contractual employees as companies restored operations and made aggressive expansions in their store network last year. Read more

Rajesh Exports to manufacture batteries under Rs18,000-crore PLI scheme

Published on: 12:26 pm

  • Rajesh Exports Ltd. has been selected by the Government of India for production of Advanced Chemistry Cells (Energy Storage Lithium lon Cells) for the Rs18,100 crore Production Linked Incentive scheme with other two being Reliance Industries and Ola Electric.
  • In this regard Rajesh Exports signed a Programme Agreement with the Ministry of Heavy Industries, Government of India on July 28, 2022 at New Delhi for manufacture of Advance Chemistry Cell under the production linked incentive scheme. Read more

Indian Bank logs 3% yoy growth in net profit at Rs1,213 crore during Q1FY23

Published on: 12:10 pm

  • Indian Bank has announced the financial results for the quarter ended on June 30, 2022.
  • Key Highlights (quarter ended Jun'22 over Jun'21)
  • Net Profit up by 3% YoY at Rs1213 crore in Jun'22 from Rs1182 crore in Jun'21
  • Operating profit for Jun'22 up by 4% YoY at Rs3564 crore from Rs3416 crore in Jun'21
  • Net Interest income increased by 13% YoY to Rs4534 crore in Jun'22 from Rs3995 crore in Jun21
  • Fee based income grew by 35% to Rs627 crore in Jun'22 Read more

RBI may increase repo rate by as much as 50 bps

Published on: 11:57 am

  • According to the majority of market experts surveyed by ET in a survey of 22 participants, the Reserve Bank of India is likely to increase its key policy rate by up to 50 basis points this week as Europe's unexpected decision to increase the cost of funds for the first time in a decade highlights the stickiness of a global price spiral that prompted the second disproportionate increase in US benchmark rates in as many months. 0.01 percent is represented as one basis point.
  • More than half of the respondents, who included bankers, traders, analysts, and fund managers, also expected RBI to go from an "accommodative" to a "neutral" attitude. Yes, Mint Street is already concentrating on the removal of financial accommodations. Read more

Escorts Kubota’s July Sales down by 18.3% y-o-y at 5,360 tractors; stock slips ~1%

Published on: 11:52 am

  • Escorts Kubota Limited announced its July 2022 sales today. Following this, company's counter witnessed a decline of nearly 1% so far, and was last trading at Rs1,714.70 per share, against its previous close of Rs1,733 on the National Stock Exchange.
  • The company’s Agri Machinery Segment reported a sale of 5,360 tractors in July 2022, as compared to 6,564 tractors in July 2021, down by 18.30% yoy.
  • Company’s Domestic Tractor Sales witnessed a decline of 22.30% on a y-o-y basis at 4,704 units in July 2022 as compared to 6,055 units in July 2021. Read more

Apple is going to unveil premium MacBook Pros and a Mac mini with an M2 processor

Published on: 11:44 am

  • Later this year, Apple is anticipated to expand its Mac lineup with high-end MacBook Pros and a Mac mini featuring an M2 silicon processor. The 13-inch MacBook Pro and the updated MacBook Air are currently M2 products.
  • MacBook sales will see a "huge jump," predicts Mark Gurman of Bloomberg. He predicted that when the next Mac minis and high-end MacBook Pros are released later this year, Apple will gain additional momentum.
  • Previous sources stated that MacBook Pro variants with the M2 Pro and M2 Max will be available by the autumn. Instead of undergoing any significant modifications, the new Mac models will have improved internal specs. Read more

In early trade, Rupee climbs 13 paise to 79.11

Published on: 11:39 am

  • In Monday's opening trading, the rupee appreciated 13 paise to 79.11 against the US dollar. As the dollar continued to decline due to a less aggressive US Fed and decreasing crude oil prices, forex dealers said that the rupee opened higher.
  • The rupee rose 13 paise from the previous close to starting trading at the interbank foreign exchange, where it hit 79.11 versus the US dollar. The rupee had a prior session closing value of 79.24 versus the US dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.14 % to 105.75. Read more

Godrej Properties acquires land parcel for a luxurious residential project in Mumbai; stock adds ~1%

Published on: 11:27 am

  • Godrej Properties Limited informed that it has acquired a land for the development of a luxury project near Carmichael Road, a posh residential area in Mumbai.
  • The company plans to develop the project across an area of approximately 0.5 acres.
  • The project site is India’s one of the most sought-after and prestigious residential locations. The company has acquired this land parcel from Karam Chand Thapar (KCT) Group. Read more

Market forecast: What to expect this week?

Published on: 11:25 am

  • Indian equity markets may see some more gains this week. But things may turn other way too if foreign selling intensifies due to some reason. In the absence of any positive fundamental news on the economoic front, investors will also do some short term profit booking. Investors will maintain a very short term perspective this week too. 
  • So some days are likely to be in the Red too. Monetaty policy meeting of RBI will take place from 3rd to 5th August. Its interest rate hike decision during this meeting will also impact market movement and sentiment this week. Read More 

Torrent Power acquires Wind Two Renergy; Stock trades lower

Published on: 11:09 am

  • Torrent Power Ltd has acquired 3,25,10,000 equity shares of Wind Two Renergy Private Limited ("WTRPL") at a face value of Rs10 each aggregating to Rs32.51 crore representing 100% of paid-up capital of WTRPL from Inox Green Energy Services.
  • As per the regulatory filing, WTRPL has implemented 50MW Wind Power Project at Dayapar Village, Lakhpat Taluka, Kutch District of Gujarat.
  • Further, the Project comprises of 25 Wind Turbine Generators of Inox DF/2000/113 with an individual capacity of 2MW each. The electricity generated from the Project is supplied under a 25 years Power Purchase Agreement (PPA) with PTC India Limited, the company said. Read more

MOIL slashes Manganese Ore prices by 10%; stock rises

Published on: 11:05 am

  • MOIL Limited informed that in line with the company’s business policy of fixing/revising prices of Manganese Ore and other products, it has made a revision in prices of different grades of Manganese Ore and other products effective from August 1, 2022.
  • The company has decreased the prices of all Ferro Grades manganese ore with Manganese content of Mn-44% and above by 10%, effective from August 1, 2022. Read more

In the early trade price of gold and silver remains unchanged  

Published on: 11:01 am

  • The price of 24-carat gold remained constant on Monday, trading at Rs51,490. Due to the metal's current selling price of Rs 58,400 per kilogram, the price of silver also remained stable for the day. Currently, the price of 10 grams of 22-carat gold is Rs47,200. Among the main metropolitan areas, the southern cities of Chennai, Coimbatore, and Madurai are selling 10 grams of 24-carat gold for Rs52,530 while doing the same with 22-carat gold for Rs48,150.
  • In Mumbai and Kolkata, a gram of 24-carat gold costs Rs 51,490, while a gram of 22-carat gold costs Rs47,200. The price per 10 gm of 24- and 22-carat yellow gold in Delhi is Rs51,660 and Rs47,350, respectively. Read more

NTPC board to raise up to Rs12,000 crore through NCDs; Stock under pressure

Published on: 10:55 am

  • NTPC Limited stocks will be in focus as the Board approved the raising of funds through issue of Non-Convertible Debentures.
  • As per the regulatory filing, the Board of Directors of the Company have, subject to the approval of the shareholders, approved issue of secured/ unsecured, redeemable, taxable/tax-free, cumulative/non-cumulative, non-convertible debentures up to Rs12,000 crore in one or more tranches/series not exceeding 12, through private placement in domestic market during the period commencing from the date of passing of Special Resolution till completion of one year thereof or the date of next Annual General Meeting in the financial year 2023-24 whichever is earlier, the company said. Read More

Infosys opens Sydney Living Lab to accelerate innovation in NSW; stock under pressure

Published on: 10:24 am

  • Infosys Limited announced the opening of its Sydney Living Lab, a high-tech co-creation space for digital innovation that is part of a global network of over 20 locations, including Melbourne.
  • The company made the announcement during New South Wales Premier Dominic Perrottet's visit to Infosys headquarters in Bengaluru, India. The Premier toured the 81-acre Infosys Bengaluru Campus and immersed itself in digital experiences at the Infosys Bengaluru Living Lab.
  • The Cybersecurity Command Centre, SUPRAP, Metaverse Foundry, and Digital Twin experiences were included. Read more

Suven Pharma-led Casper Pharma completes USFDA pre-approval inspection

Published on: 10:11 am

  • Suven Pharmaceuticals Ltd has announced that the US Food and Drug Administration (USFDA) completed a pre-approval inspection at manufacturing facility of Suven Pharmaceuticals Limited Hyderabad, India 'Casper Pharma Private Limited' (Casper Pharma) at GMR Hyderabad SEZ.
  • The inspection was conducted from July 25 -July 29, 2022. 
  • As per the filing, the audit is part of the agency’s inspection for three product applications filed and slated to be manufactured at this site, the company said. Read more

Tejas Networks bags Rs298 crore optical network contract from Power Grid Corporation; stock climbs ~

Published on: 9:52 am

  • Tejas Networks Limited announced that it received a contract worth Rs298 crore for the supply, installation, commissioning, and support of its state-of-the-art optical networking equipment, to augment PGCIL’s pan-India telecom backbone and access networks.
  • Under this contract, Tejas will deploy a diverse range of its versatile products, including TJ1600 multi-terabit OTN cross-connects and 100G/200G DWDM systems with advanced Flex-grid ROADM functionality, TJ1400P series MPLS-TP/Carrier Ethernet switches, and TejNMS, its universal, multi-technology network management system, to develop a scalable and high-capacity network for PGCIL.
  • "We are thrilled to be selected by PGCIL for the expansion of their nationwide backbone and access network, which further strengthens our position as a leading trusted telecom equipment provider for the most crucial infrastructure segment," commented Sanjay Nayak, Managing Director and CEO of Tejas Networks. Read more

Markets trade higher; Nifty above 17,200 led by auto and metal stocks

Published on: 9:45 am

  • Indian markets commenced this week's trading session on a bull wagon tracking positive cues on Monday as investors took a breather from concerns over China-Taiwan geo political tension and positive US cues.
  • Back at home, a broad-based buying is witnessed with auto and metal outperforming. 
  • At around 09.44 AM, Sensex is trading at 57,828.03 up by 257.78 points or 0.45%. Nifty 50 performed at 17,234.90 higher by 76.65 points or 0.45%. Read more

Inox Wind-led arm transfers SPV on successful commissioning of 50 MW of SECI -1; stock zooms ~3%

Published on: 9:37 am

  • Inox Wind Limited, one of India's leading wind energy solution providers, informed that its arm Inox Green Energy Services Limited (IGESL) sold the entire equity shareholding in Wind Two Renergy Private Limited, a special purpose vehicle (SPV) that commissioned 50 MW of the total 250 MW that it had successfully won under Tranche 1 of Solar Energy Corporation of India Limited's (SECI -1) bids for wind power projects at Dayapar, Gujarat connected on the grid.
  • IGESL will be providing long-term operations and maintenance services for this project. Read more

Top cryptocurrency prices for August 1: Polkadot is up, while Bitcoin is down

Published on: 9:24 am

  • Early on August 1, major cryptocurrencies had a mixed trend. The market capitalization of all cryptocurrencies is $1.09 trillion, down 0.79 % from the previous day. The entire volume of the cryptocurrency market during the last 24 hours was $72.17 billion, a 6.89% decline.
  • DeFi had a $9.22 billion 24-hour volume total or 12.78 % of the whole crypto market. All stable currency volume is currently $67.31 billion, or 93.28 % of the 24-hour volume of the whole crypto market. Read more

Prestige Estate acquires further 10% stake in Prestige Sterling Infra for Rs117.57 crore

Published on: 9:19 am

  • Prestige Estates Projects Limited informed that it acquired a 10% equity stake in Prestige Sterling Infraprojects Private Limited on July 29, 2022.
  • With the completion of these acquisitions, the company will hold 90% equity shares in Prestige Sterling Infraprojects.
  • The said transaction does not fall under related party transactions, stated the company.
  • Prestige Estates will acquire 2,75,00,000 equity shares aggregating to a 10% stake in Prestige Sterling Infraprojects. The company has agreed to a consideration of Rs117.57 crore, payable in cash. Read More

Star Housing Finance raises $2.7 million through preferential allotment of shares

Published on: 9:18 am

  • Star Housing Finance Limited (Star HFL), a rural focused HFC has raised $2.7 million capital through preferential allotment and has increased the net worth to more than Rs85 crore, the company informed in a filing. 
  • This equity infusion is a part of series of fund raise. This was last being done in FY22 and was subscribed by retail investors, mostly professionals from BFSI space, the company said.
  • In a filing, the company further informed that this raise has further strengthened the capital adequacy and has moderated the leverage levels of the Company. This results in further room to increase borrowings and aid in building AUM in line with the Company’s growth rationale. Read more

Rajnish Wellness opens Dava Discount franchisees at five new locations

Published on: 9:17 am

  • Rajnish Wellness Limited (RWL) has initiated Exclusive Dava Discount Franchisee and also discount of Flat 25% on all branded medicine all over India with home delivery.
  • According to the filing, Dava Discount, a brand of Rajnish Wellness has started giving franchisee and also started new franchisees at 5 various locations. Mumbai, Titwala and Bhavnagar (Gujarat) are the current additions of Dava Discount Franchise. Dava Discount has opened Chemist and Druggist shop at the following locations: Read more

Integra Essentia gets supply order of Rs11 crore for infrastructure products segment

Published on: 9:16 am

  • Integra Essentia Limited has informed to the exchanges regarding receipt of fresh orders amounting ~Rs11 crore for supplying Infrastructure Products taking the order book to an unprecedented number of ~Rs29 crore so far in the Q2 of the current fiscal.
  • As per regulatory  filing, the company had recently received orders for ~Rs12 crore for the infrastructure product segment along-with orders of ~Rs6.8 crore form Agro Products business. Read more

For Vande Bharat, Tata Steel to introduce a seating system that will be "First in India" and spend R

Published on: 9:08 am

  • According to news reports, Tata Group is preparing to introduce the "First in India" seating system for Vande Bharat Express trains starting in September 2022 and plans to invest Rs3,000 crore in R&D by FY26.
  • By 2030, the conglomerate hopes to rank among the top 5 technological corporations worldwide in the steel segment.
  • The Vande Bharat Express has placed a large order for Rs145 crore with Tata Steel's Composites business for seating systems. This order calls for the provision of full seating systems for 22 train sets, each consisting of 16 coaches. Read More

Ujjivan to enter gold loan and auto loan markets soon

Published on: 9:05 am

  • Ujjivan Small Finance Bank will soon offer gold loans and extend auto loan options to non-micro borrowers in an effort to expand its secured asset portfolio.
  • As with other small financing banks, the bulk of Ujjivan's clients are microloan borrowers, and up to 70% of its assets are now unsecured or free of collateral. The remaining 30% fall into the category of secured loans. Over the next three years, the management wants to have half of the assets in the secured category.
  • Boosted by the strong increase in disbursals in the June quarter, when its revenues more than quadrupled, the Bengaluru-based microlender-turned-small financing bank expects to attain over 30% growth this fiscal and increase its loan book to about Rs25,500 crore. Read More

Markets may start the day in Green

Published on: 9:04 am

  • Indian equity markets may start the week in Green. Markets may like to continue the positive momentum of the previous week. SGX Nifty is also trading in the Green today. It is up by .07% since morning. Oil prices have declined further before the OPEC meeting due this week.  Oil supply related decisions will be taken this week. Stocks of companies such as ITC and UPL will be in focus today as these companies will declare their quarterly results today.
  • US markets saw another big day with the best month since October 2021 as July saw Nasdaq gain over 15% . Dow Jones saw gains of nearly 10%. Dow Jones rose another 300 points on Friday. Nasdaq closed higher by 200 points. US dollar fell to 1 month low index value of 105.60. Bond yields also traded near 3 month lows at 2.66%. Read More

Bidders for Reliance Capital want more time for submitting a resolution plan

Published on: 9:01 am

  • According to news reports, bidders are requesting more time to finish the due diligence process, therefore the deadline for submitting a resolution plan for the heavily indebted Reliance Capital may be extended further.
  • The administrator has received letters from a select few bidders, including Piramal, Torrent, Oaktree, and IndusInd Bank, asking for the deadline to be extended from the current August 10 to September 15.
  • The deadline for submitting Reliance Capital's resolution plan has already been postponed four times. The deadline for submissions was set for May 26. Read more

After the epidemic, the pet care sector has expanded and is attracting FMCG firms

Published on: 8:57 am

  • As a result of increased pet adoption during the epidemic, big FMCG companies like Nestle India and Emami are entering the pet care market in India, which is expected to reach Rs10,000 crore by 2025.
  • Over the next five years, it is anticipated that the pet food market, which is currently worth about Rs4,000 crore, will expand dramatically. The two biggest businesses in the sector include, among others, Mars Petcare and Himalaya Wellness Company.
  • A division of the world leader in confections, Mars Inc., is Mars Petcare. Read More

PM criticizes state governments for their dues to power distribution companies

Published on: 8:34 am

  • State governments were criticised by Prime Minister Narendra Modi for failing to pay their debts to power distribution firms (discoms), which limited the latter's capacity to invest in new infrastructure. He urged them to make quick payments and reconsider the politics of free electricity.
  • During the closing ceremony of "Ujjwal Bharat, Ujjwal Bhavishya- Electricity 2047," Prime Minister Modi stated that power distribution firms are owed Rs1 lakh crore. States owe discoms Rs60,000 crore and another Rs75,000 crore for the various subsidies they promised to their residents. Read more

IISc and the Indian Navy have signed an MOU for joint aviation research

Published on: 8:30 am

  • In accordance with the objectives of "Atmanirbhar Bharat," the Indian Institute of Science (IISc) and the Indian Navy have signed an MoU to cooperate on aviation research and development and to intensify self-reliance efforts for the Indian Navy.
  • The MoU, which was signed on July 29, gives the Indian Navy a formal framework for communication with pertinent IISc academic members and will support collaborative research initiatives in areas of shared interest, according to a statement from the Bengaluru-based institution. Read more

Chairman: MRPL will increase its network of gas stations in Tamil Nadu, AP, and Telangana

Published on: 8:28 am

  • According to the chairman of Mangalore Refinery and Petrochemicals Ltd, the company wants to extend its network of gas stations in Tamil Nadu, Andhra Pradesh, and Telangana in order to reach markets close to its refinery.
  • The majority of Kerala and Karnataka currently make up the MRPL (Mangalore Refinery and Petrochemicals Ltd) gasoline pump network.
  • The state-owned Oil and Natural Gas Corporation subsidiary has made a limited venture into the selling of petroleum, concentrating on regions that are close to its oil refinery in Mangalore, Karnataka. Read More

Over 63.47 lakh ITRs filed on last day of filing returns

Published on: 8:21 am

  • On Sunday at 10 p.m., the final day for salaried persons to file an ITR for the fiscal year 2021–2022, more than 63.47 lakh returns were submitted, according to the income tax department. For the fiscal year that concluded on March 31, 2022, the deadline for taxpayers who do not need to have their accounts audited was Sunday.
  • More than 5.1 crore tax returns were submitted up to July 30. After accounting for the 63.47 lakh returns submitted on the final day, 5.73 crore ITRs for the 2021–22 fiscal year have been submitted as of 10 p.m. The deadline for ITR filing is midnight, beyond which time tax return filers must incur a late filing charge. Read more

Over one lakh Scorpio-N SUV reservations received by Mahindra & Mahindra

Published on: 8:20 am

  • Mahindra & Mahindra, a major manufacturer of automobiles in India, announced on Saturday that it has moreover one lakh reservations for its brand-new Scorpio-N SUV.
  • The vehicle was introduced on June 27 by M&M Ltd.
  • The company recorded over one million bookings on Saturday within 30 minutes of its official launch, according to news agency PTI. Read more

IOC reports a quarterly loss and sold diesel at Rs14 loss per liter and petrol at Rs10 loss per lite

Published on: 8:18 am

  • The largest oil refining and fuel retailing corporation in India, Indian Oil Corporation, recorded its first quarterly net loss in more than two years during the April–June quarter after selling gasoline and diesel at a loss of Rs10 per litre and Rs14 per litre, respectively.
  • IOC reported a net loss of Rs1,992.53 crore in the April–June quarter as opposed to a net profit of Rs5,941.37 crore and Rs6,021.9 crore in the corresponding January–March quarters, respectively.
  • IOC and other state-owned companies Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd maintained prices on hold despite an increase in input costs, despite the fact that fuel retailers are required to adjust petrol and diesel prices daily in accordance with cost. Read More

India Pharma exports increased by 8% to USD 6.26 billion in Q1

Published on: 8:16 am

  • By the conclusion of FY23, a 10% growth is anticipated, according to the report. According to PTI, which cited Udaya Bhaskar, Director General of the Pharmaceuticals Export Promotion Council of India, the pharmaceutical exports to the European Union and other CIS nations that were affected by the ongoing war in Ukraine and restrictions are expected to improve once the situation returns to normal (Pharmexcil).
  • "We had an 8% increase in exports during the first quarter. Since 30% of our exports travel to the US, we anticipate a growth of 3.6% in the first quarter,” said he.
  • With a 146% increase in exports from April to June 2022 compared to the same period in 2013, Union Minister Mansukh Mandaviya recently stated that "Made in India" pharmaceutical product exports are continuing to reach record highs. Read More

Coal India to use mine developers and operators for increasing production

Published on: 8:14 am

  • According to a top official, Coal India is putting into action a plan to operationalize 14 mines by hiring mine developers and operators (MDOs) in an effort to increase its production. The annual capacity of these mines is 165.58 million tonnes.
  • In the most recent annual report, Coal India Chairman and Managing Director Pramod Agrawal addressed the company's shareholders "In the upcoming years, these mines would make a major contribution to output. Ten of these projects are opencast, with a projected capacity of 161.50 million metric tonnes per year, and four are underground, with a projected capacity of 4.08 million metric tonnes per year."
  • In addition, he explained that six of the successful bids for these MDO projects, which have a combined annual capacity of 96.74 million tonne, have received letters of acceptance. Read more

FPIs turn net buyers in Indian equity markets in July

Published on: 8:12 am

  • Foreign investors became net buyers in July after nine months of nonstop selling, investing roughly Rs5,000 crore in Indian shares as a result of a weaker dollar index and strong corporate earnings.
  • This stands in stark contrast to a net withdrawal from the stock market in June of Rs50,145 crore. According to depositories' data, this was the greatest net outflow since March 2020, when foreign portfolio investors (FPIs) withdrew Rs61,973 crore from stocks.
  • Data from depositories show that in July, FPIs invested a net amount of Rs4,989 crore in Indian shares. In the month, they bought on nine of the days. Read More

384 infrastructure projects have RS4.66 trillion cost overruns

Published on: 8:11 am

  • Cost overruns of more than Rs4.66 lakh crore have affected 384 infrastructure projects, each requiring an expenditure of at least Rs150 crore. Out of 1,514 projects, 384 reported cost overruns, and as many as 713 projects were delayed, according to the Ministry of Statistics and Programme Implementation, which oversees infrastructure projects costing Rs150 crore and above.
  • Earlier in June 2022, the ministry reported that the original cost of implementation of the 1,514 projects was Rs 21,21,471.79 crore, while the estimated completion cost was Rs 25,87,946.13 crore, reflecting an overall overrun of Rs 4,66,474.34 crore (21.99% of original cost). Read more

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