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02nd Aug, 2022

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Larsen & Toubro Infotech expands strategic collaboration with Microsoft

Published on: 3:22 pm

Larsen & Toubro Infotech Limited has announced to the exchanges the expansion of its partnership with Microsoft.
This partnership is to focus on developing high-value cloud solutions for enterprises. As part of this deal, the company has launched a dedicated Microsoft business unit that develops and offers end-to-end digital transformation solutions.
Through this collaboration, LTI will also train 12,000 professionals from its existing workforce on various Microsoft technologies by 2024 to enable skill development of LTI employees. Read More

HG Infra receives completion certificate for Rs997.11 crore project; stock skids ~3%

Published on: 3:10 pm

H.G. Infra Engineering Limited informed that it received the completion certificate for the construction of a Eight Lane Carriageway starting at the Haryana-Rajasthan border and ends at Junction with SH44 (km 78+800 to km 115+700) Section of Delhi – Vadodara Green Field Alignment (NH-148N) on EPC Mode under Bhartmala Pariyojna (Pkg-4) in Rajasthan.
The certificate of completion has been issued by the authority dated on August 01, 2022, and the project has been declared fit for entry into operation on June 26, 2022. Read more

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Goodyear India surges ~6% on exceptional Q1FY23 growth numbers

Published on: 2:53 pm

Goodyear India Limited reported its results for the first quarter of the fiscal year 2023. The company’s first-quarter revenue stood at Rs823 crore, up 53% on a y-o-y basis.
PBT margin was marginally lower at 6.1% compared to 6.7% in PY, due to increased raw material prices across all categories.
The company stated that it continues to focus on tight cost management to offset macro headwinds. Read more

Datamatics signs technology partnership deal with Apromore

Published on: 2:46 pm

Datamatics, a Global Digital Technologies, Operations, and Experiences Company, has announced that it has signed a technology partnership with Apromore, the leading provider of process mining and predictive process monitoring technology.
The partnership will fast-track process discovery for enterprises by identifying and seeing business processes as they are not as they seem to be. The discovered models can be used in digital transformation initiatives to make informed decisions about what processes to prioritize for automation using Datamatics Intelligent Automation Platform for optimized business performance. Read more

WardWizard clocks 160% yoy growth for July 2022; Sells 2,458 units of electric two-wheelers

Published on: 2:35 pm

WardWizard Innovations and Mobility Ltd, manufacturer of country’s one of leading electric two-wheeler brand ‘Joy e-bike’, sold 2,458 units of electric two-wheelers in July 2022. With this, the company registered a year on year growth of 160% as compared to July 2021, when it had sold 945 units of electric two-wheelers.
Noteworthy, the company has already sold more than 10K units of electric two wheelers in the first four months (April-July 2022) of this financial year, witnessing the growth of 263% as compared to same period (April-July 2021) of last financial year. Read more

Maruti Suzuki climbs 2% on sale of 1,84,890 units in July 2022

Published on: 2:33 pm

Maruti Suzuki India Limited reported its sales figures for the month of July 2022.
The company reported a total sale of 1,84,890 units in July 2022 as against 1,70,719 units in July 2021, up by 8.3% on a y-o-y basis.
Company stated that the shortage of electronic components had a minor impact on the production of vehicles during July 2022. Read more

Kuku FM now has 30000 content creators; 13 lakh premium listeners

Published on: 2:17 pm

The creator economy is outpacing all indicators in India, where content consumption is undergoing a churn. Kuku FM, a podcast platform, is reinventing conventional radio by offering a wider variety of audio material.
Kuku FM is now collaborating with more than 30,000 content producers, authors, and voiceover artists all over the country. The station has more than Rs1 crore listeners and creators, more than Rs13 lakh premium listeners, and is available in nine languages. Read More

GST e-invoicing turnover threshold lowered to Rs10 crore from October 1st

Published on: 1:57 pm

By decreasing the required turnover level under the Goods and Services Tax (GST) regime from Rs20 crore to Rs10 crore, the government has expanded the scope of electronic invoicing for enterprises. October 1 marks the start of the new threshold.
The change aims to digitize a larger number of transactions, increase sales reporting transparency, lessen mistakes and mismatches, automate data input labor, and boost compliance.
According to sources, the government would also extend it to companies with an Rs5 crore annual income in an effort to stop tax leakage and simplify compliance. In accordance with the GST Council's recommendations, the Central Board of Indirect Taxes and Customs (CBIC) issued the regulation late on Monday. It modifies the present threshold. Read more

Tata Power and JLL sign MOU for promoting green energy solutions

Published on: 1:48 pm

Tata Power Company Limited announced that it signed a Memorandum of Understanding (MoU) with JLL India to promote green energy solutions in the realty space.
The company emphasized that as the real estate sector contributes about 40% of all greenhouse gas emissions, this is the high time to think green and to drive the realty sector towards green energy adoption.
JLL is India's largest and most prestigious professional services firm specializing in real estate and investment management. It has over 415 million square feet of space under its management across the country. Company marks its presence in 11 cities, 17 offices, and over 135 client locations. Read more

Spandana Sphoorty allots NCDs aggregating Rs23 crore on private placement

Published on: 1:31 pm

Spandana Sphoorty Financial Ltd has informed to the exchanges regarding allotment of Non-Convertible Debentures on a private placement basis.
As per the filing, the Board of Directors of the Company on August 01, 2022, has approved and allotted 230 Secured, Rated, Listed, Redeemable, Transferable, Non-convertible Debentures having face value of Rs10,00,000/- (Rupees ten lakh only) each, at par, on a private placement basis in demat form, in consideration of an aggregate amount of Rs23,00,00,000/- (Rs23 crore). Read more

Krsnaa Diagnostics commences operations under Punjab Radiology and Pathology Project; stock tumbles

Published on: 1:26 pm

Krsnaa Diagnostics Limited informed that as part of its agreement with the Government of Punjab for procurement, the company has operationalized diagnostics centers at three more locations.
The said agreement with the Government of Punjab includes the procurement, operation, and maintenance of 24 new CT Scanners, 6 new MRI Machines, 30 Pathological Laboratories, 1 Referral Laboratory, and 95 Collection Centers across the State of Punjab. Read more

Ajmera Realty spurts ~4% on acquisition of property in Pantnagar & Ghatkopar

Published on: 1:11 pm

Ajmera Realty & Infra India Limited informed that its 100% subsidiary, Shree Yogi Realcon Private Limited acquired the property from Tata Communications Limited, the property is owned by MHADA.
The company executed a Tripartite agreement dated August 1, 2022.
The acquired land spans 1,721 sq.mt., on which a residential property with a potential carpet area of 95,000 square feet is to be built, with a sales value of Rs250 crore expected over three years at conservative price points. Read more

EaseMyTrip commences Travel Carnival Sale from August 1-10, 2022

Published on: 12:52 pm

EaseMyTrip has announced in a press release, the commencement of its premium festive season offers package. The travel carnival sale is live on EaseMyTrip from Monday onwards. The sale will run from August 1-10th, 2022 and will be the home to some spectacular deals. Furthermore, some select bank offers on flights, hotels, buses and holidays packages can be availed starting from August 3-7, 2022 from EaseMyTrip Website and App.
As per the filing, to book a domestic flight, the customer can avail 12% off up to Rs2500 and 10% off upto Rs7500 on international flights. For Hotel bookings, a discount of 20% off, up to Rs5000 and 7500 can be availed on Domestic and International hotels respectively.
The company is also offering 15% off on Bus Booking up to Rs500 and Rs5000 on Holiday bookings to give a plethora of options to the travellers. Read more

Monetary policy expectations: Knight Frank India

Published on: 12:40 pm

"With the consumer inflation still above tolerance level, even while some key components like crude oil have improved, keeping a check on the liquidity and expenditure is going to be the RBI’s priority. Given this, we expect the RBI to revise the policy interest rates yet again. We anticipate the upwards revision to be in the range of 35 to 40 basis points, taking the total change since May 2022 to 125-130 basis points.
From the real estate sector’s standpoint, an upward revision will impact the sentiments of home buyers, who have remained positive despite the last set of revisions that led to a rise in home loan interest rates Read more

FM says Government working with RBI to increase foreign currency inflows

Published on: 12:40 pm

The finance minister stated on August 2 that the Reserve Bank of India and the Indian government are examining methods to increase foreign investment. Nirmala Sitharaman responded to a query from a politician in the upper chamber of parliament by saying, "There are a lot of ways we want to strengthen having foreign money coming into India, and RBI and the ministry are pretty active in it.
The minister said, "The government and the RBI are in dialogue to examine how best we may have many such initiatives through which we are able to collect foreign remittances directly," but he insisted that the RBI would have the final word. Read more

Barbeque Nations jumps 2% on acquisition of further 6.34% stake in Red Apple Kitchen

Published on: 12:39 pm

Barbeque Nation Hospitality Limited informed that the Board of Directors has approved the acquisition of equity shares constituting 6.34% Paid-up Share Capital of Red Apple Kitchen Consultancy Private Limited (Toscano) a Subsidiary of the Company.
The acquisition is from the existing shareholders of Toscano for a total consideration of Rs7.66 crore.
Company has increased its shareholding from existing 68.82% to 75.16% by acquiring 400 equity shares. Read more

Adani Enterprises becomes the 4th firm in the group to reach Rs 3 trillion in m-cap

Published on: 12:31 pm

The fourth member of the Gautam Adani Group to surpass a market capitalization of Rs3 trillion is Adani Enterprises (AEL) (market-cap). In intraday trading on Tuesday, the stock rose 1% on the BSE to a new record high of Rs2,693.30.
As opposed to the S&P BSE Sensex's 9.4% increase during the past month, the stock price of AEL has increased by 20%. Furthermore, during a period of six months, the stock has surged 52% compared to a 3% fall in the benchmark index.
One of the companies with the highest rate of growth and the broadest range of goods and services is AEL. The firm acts as an incubator, launching new ventures in the transportation and logistics, energy, and utility sectors, as well as placing a greater emphasis on direct-to-consumer enterprises. Read more

Pfizer completes sale of Upjohn Business to Mylan for Rs180.48 crore; stock rises

Published on: 12:05 pm

Pfizer Limited informed that Mylan Pharmaceuticals has received the requisite regulatory approvals for purchasing Pfizer’s Upjohn business. It further added that both the parties have completed the conditions precedents set out in the BTA.
The company informed that this is in pursuance of its intimation letter dated October 1, 2021, for the transfer of certain primarily off-patent branded and generic established medicines business (Upjohn Business) as a going concern to Mylan. This transaction was subject to certain conditions, which have been met by both companies now.
Pfizer has received a purchase consideration of Rs180.48 crore from Mylan and transferred its Upjohn Business, which included six brands such as Lyrica, Viagra, Celebrex, Amlogard, Daxid, and others. Read More

5G Spectrum Auction: Vodafone Idea acquires 3300MHz band in 17 priority circles

Published on: 11:44 am

Vodafone Idea Limited announced its active participation in the just concluded 2022 spectrum auction conducted by the Department of Telecommunications (DoT), Govt. of India.
The telecom operator informed that it successfully acquired mid-band 5G spectrum (3300 MHz band) in its 17 priority circles and mmWave 5G spectrum (26 GHz band) in 16 circles. This will enable the company to offer a superior 5G experience to customers along with strengthening company’s offerings and opening doors for new opportunities for business growth in the emerging 5G era.
The company further stated that it will continue its collaboration with enterprise customers and partners to prioritize and develop 5G use cases for deployments in the real world. Read More

RattanIndia Enterprises' drone company TAS approved for 'Aero' Domain; Stock gains ~3%

Published on: 11:34 am

Rattanindia Enterprise Ltd (REL) has announce that its subsidiary Throttle Aerospace Systems (TAS) has bagged an approval to migrate its website to Aero Domain. The first top level domain based on a single industrial theme was created in 2002 and operated by SITA, ‘aero’. The domain is reserved for the companies, organizations, government agencies including any association reserved in the aerospace-related fields.
As per the filing, Rattanindia Enterprises had recently acquired a controlling interest in India’s leading drone company, Throttle Aerospace Systems Private Limited (TAS), by acquiring majority of shareholding through NeoSky India Limited. Read More

Kaya's consolidated revenue grows 40% yoy at Rs92.8 crore; Stock dives 1%

Published on: 11:03 am

Kaya Limited posted consolidated Revenue from Operations of Rs92.8 crore for the quarter ended June 30, 2022, a growth of 40% over corresponding quarter ended June 30, 2021.
India business registered Revenue growth of 124% and international business growth increases 7% over corresponding quarter in previous year. Read more

GMM Pfaudler skyrockets ~8% as USA arm approves a JV with JDS Manufacturing

Published on: 10:52 am

GMM Pfaudler Limited informed that its subsidiary GMM Pfaudler US Inc., USA has approved the execution of a joint venture agreement with JDS Manufacturing (JDS), USA.
GMM Pfaudler USA will acquire a 51% stake in the said Joint Venture for a consideration of US $0.5 million (approx. Rs3.90 crore).
JDS Manufacturing is a glass-lined spare parts, components, and re-glassing services provider. Read more

5.83 Cr income tax forms were submitted until July 31

Published on: 10:40 am

On the final day for submitting income tax returns, July 31, a record 72.42 lakh forms were submitted, bringing the total to 5.83 crore, which is about the same as the previous year.
Income tax return (ITR) filing started off slowly, but as the deadline approached, it gained speed. Read More

SML ISUZU stock jumps 2% after sales rise 85% yoy to 1020 vehicles during July 2022

Published on: 10:39 am

SML ISUZU Ltd has released its monthly sales data for July month 2022.
The company has sold 1020 vehicles during July 2022, as compared to 551 vehicles during July 2021, increase of 85%.
As a result total combined sales from April to July is 4531 vehicles which was 1363 units during 2022-23, increase of 232% in sales. Read more

SpiceJet zooms ~3% on clearing all outstanding dues of Airports Authority of India

Published on: 10:31 am

SpiceJet Limited informed that it has entered into a full and final settlement with the Airports Authority of India. Pursuant to this, the aircraft operator has cleared all outstanding principal dues of the airport operator.
With this, SpiceJet will not be required to remain on ‘cash and carry' at AAI-run airports across the country and will set back its position to advance the payment mechanisms for daily flight operations. Read more

GoM considers eliminating the 12 % GST slab

Published on: 10:29 am

The Goods and Services Tax Council assigned a committee of ministers to examine rate rationalization, and they are now considering eliminating the 12 percent slab while keeping the 18 percent and 28 percent slabs.
Thanks to the source, People with knowledge of the situation, told ET that the majority of the group's members believed that the 12 % slab, which makes up around 8% of the overall GST income, might be eliminated. "One of the choices is this. The 12% slab now makes up the smallest portion of revenues. It would be simplest to get rid of it, "said one of the individuals previously cited. Read More

CRISIL revises Paushak rating outlook to 'Positive', reaffirms rating; Stock jumps ~1%

Published on: 10:23 am

Paushak Limited has informed that CRISIL Ratings has revised the company's outlook on the long-term facilities to ‘Positive’ from ‘Stable’ while reaffirming the rating at ‘CRISIL A-’.
As per the rating rationale report, the revision in outlook reflects the strengthened business risk profile with scale-up in operation post completion of capital expansion for upstream and downstream capacities. Read more

Hero MotoCorp's July Sales down by ~2% y-o-y at 4,45,580 units; stock slips ~3%

Published on: 9:58 am

Hero MotoCorp reported a marginal decline of 1.94% yoy in its sales during the month of July 2022 at 4,45,580 units, as against 4,54,398 units in July 2021.
Sequentially, the company witnessed a steady growth, it sold 18,35,773 units of motorcycles and scooters so far (April-July) in FY23. This reflects a double-digit growth of 24.10% against the previous corresponding period of FY22, at 14,78,905 units sold.
Company outlined that India’s monsoon season, and the resulting agricultural harvest, on top of the upcoming festive season, are expected to keep sentiments positive and help build momentum. Read More

IRDAI may tighten anti-money laundering framework in the context of insurance

Published on: 9:56 am

Anti-money laundering regulations in the context of insurers are set to be tightened by the insurance regulator.
The regulations released to update and consolidate anti-money laundering regulations replace the several regulations established in 2013. The primary modification is the elimination of corporate exclusions and waivers from the rules. Therefore, no life, general, or health insurer may request any exceptions from the Reserve Bank of India's money-laundering regulations. Read more

Cantabil Retail India opens 7 new showrooms across India in July 2022

Published on: 9:47 am

Cantabil Retail India Ltd stocks will be in focus as the company announced its monthly bsuiness update for July month 2022.
As per the regulatory filing, the company has opened 7 New Showrooms/ Shops at different location in India during the month of July 2022 and now the total number of Showrooms of the Company stands at 408. Read more

Fin Min dismisses concerns about recession and stagflation

Published on: 9:43 am

Finance Minister Nirmala Sitharaman stated in Parliament that there is no chance of India entering a recession or stagflation as the opposition pressed the administration on the recent spike in inflation.
While denying the claim that it was keeping the cost of necessities in check, Sitharaman claimed that the administration had successfully handled the nation's debt and had also successfully managed inflation.
During a discussion on price increases in the Lok Sabha, the finance minister stated that "India's general debt is also in a favorable condition compared to many other nations." Despite revised estimates, India is still acknowledged as having the fastest-growing economy, said Sitharaman. Read more

Markets trade volatile amid mixed global cues; FMCG rises; IT, auto, metals worst hit

Published on: 9:35 am

Indian markets traded on a muted level led by Asian counterparts having mixed sentiments on Tuesday. Back at home, Sensex and Nifty 50 were dragged by broad-based selling pressure amid monthly business performance and June 2022 quarterly earnings. Meanwhile, India's Manufacturing PMI has risen to a 8-month high in July this year gives hope to boost the markets outlook. Also, GST collection jumped 28% yoy in July to second highest ever at Rs1.49 trillion.
Furthermore, Consolidation is expected in domestic equities today with weak global cues due to cautious tone from investors.
At around 9:36 AM, Sensex is trading at 58,026.91 down 88.59 points or 0.15%. Nifty 50 performed at 17,296.80 down by 43.25 points or 0.25%. Read more

PDS Limited logs ~141% y-o-y growth in Net Profit for Q1FY23; stock adds ~1%

Published on: 9:35 am

PDS Limited, one of the leading global fashion infrastructure platforms, announced its results for the quarter ended June 30, 2022.
Company logged revenue from operations of Rs2,340 crore in Q1FY23, registering a growth of 44% on a y-o-y basis against Rs1,626 crore in the previous corresponding quarter.
Further, it reported a gross profit of Rs372 crore in the current quarter. Read more

In early trade gold prices decline

Published on: 9:21 am

The price of gold decreased by Rs 110 per 10 grams on Tuesday, with 24-carat gold trading at Rs 51,380. On the other side, the cost of silver dropped by Rs 400 per kilogram to Rs 58,000.
The price of 10 grams of 22-carat gold is now Rs 47,100 on Tuesday, down Rs100. As of 00:44 GMT, spot gold was up 0.4% at $1,778.69 per ounce, its highest level since July 5. The price of US gold futures increased by 0.2 cents to $1,791.10 per ounce.
Spot silver decreased 0.5% to $20.22 for an ounce. Since dropping on July 21 to its lowest point in more than a year, gold, which typically appreciates on forecasts of lower interest rates, has rebounded close to $100. Read more

Vaibhav Global allots over 1.80 lakh equity shares under ESOP; Stock up 3%

Published on: 9:19 am

Vaibhav Global Limited has informed that the Company has allotted 1,80,729 Equity Shares of Rs. 2/- each on August 01, 2022 to "Vaibhav Global Employee Stock Option Welfare Trust" under VGL Employees Stock Option Plan (As Amended) - 2006 and Vaibhav Global Limited Restricted Stock Unit Plan-2019.
As per the filing, consequent to the said allotment, the paid up Equity Share Capital of the Company has increased to Rs32,90,88,564 consisting of 16,45,44,282 Equity Shares of Rs. 2/- each, the company said. Read more

Carborundum Universal stock under pressure despite positive Q1FY23 numbers

Published on: 9:18 am

Carborundum Universal Ltd has informed that The Board of Directors approved the results for the quarter ended June 30, 2022.
Financial performance
Consolidated sales for the quarter, increased by 60 percent to Rs1129 crore from Rs706 crore in last year, driven by steady performance across business segments and additional sales of Rs181 crore from newly acquired subsidiaries. At standalone level, sales grew by 29 percent to Rs600 crore from Rs465 crore. Read more

Reliance Jio all-set to roll out World’s Most Advanced 5G Spectrum

Published on: 9:17 am

Reliance Industries’ telecommunication arm ‘Jio’ announced the acquisition of spectrum in 700MHz, 800MHz, 1800MHz, 3300MHz, and 26GHz bands in the auctions conducted by the Department of Telecommunications, Government of India.
This acquisition will enable the telecom provider to build the world’s most advanced 5G network and bolster India’s global leadership in wireless broadband connectivity.
Jio’s 5G network will unlock the next generation of digital solutions which will help in accelerating India’s AI-driven rally towards becoming a $5 trillion economy. Read more

Balkrishna Paper Mills' Ambivali plant still under shutdown for annual maintenance; stock gains ~5%

Published on: 9:17 am

Balkrishna Paper Mills Limited has informed to the exchanges regarding shutdown of plant at Ambivali, Kalyan for Annual Maintenance.
As per the filing, the company has announced that the plant at Ambivali is still under shutdown for 'Annual Maintenance and Boiler Passing' and it will remain shutdown for another 7 to 10 days continue from Monday ie August 01, 2022. Read more

Prudent Corporate Advisory Services' PAT rises 25% yoy to Rs15.6 crore in Q1FY23

Published on: 9:16 am

Prudent Corporate Advisory Services Limited has announced that the Board of Directors have approved the Un-audited Financial Results (standalone and consolidated) for the first quarter ended on June 30, 2022.
Key Result Highlights
Equity AUM at Rs43,618 crore, up by 43% yoy
Revenue stood at Rs128.3 crore, higher by 43% yoy
EBITDA stood at Rs32.1 crore, up by 54% yoy Read more

Fuel Prices as of August 2

Published on: 9:13 am

According to the most recent price notice sent out by fuel dealers, the price of gasoline and diesel remained stable on August 2.Fuel prices have not changed in more than a month.
Mumbai residents pay Rs106.31 for a litre of gasoline and Rs94.27 for a litre of diesel. In Delhi, a litre of gasoline costs Rs96.72 and a litre of diesel costs Rs89.62. Diesel and gasoline cost, respectively, are Rs102.63 and Rs94.24 and Rs106.03 and Rs92.76 in Chennai and Kolkata. Read more

Transport Ministry relaxes rules for laying of telecom/ optical cables along highways

Published on: 8:46 am

The transport ministry has loosened rules on clearances needed from the Highway Administration in an effort to hasten the deployment of telecom and optical fibre cables. It has been determined that it is no longer necessary to discuss various safety approvals. Additionally, the application must only include information on the licence obtained from the telecom authorities.
The applicant was required to provide information regarding previous safety clearances from organisations like the State/Central Pollution Control Board, the Directorate of Electricity, the Chief Controller of Explosives, the Petroleum and Explosives Safety Organization, the Oil Industry Safety Directorate, and others. Read More

In July, TVS Motor sales increased by 13%

Published on: 8:44 am

On Monday, TVS Motor Company said that its overall sales for July increased by 13% to 3,14,639 units. In the same month last year, the business reported total sales of 2,78,855 units, according to a statement from TVS Motor Company.
Sales of two-wheelers as a whole increased by 14% last month to 2,99,658 units from 2,62,728 units in July 2021, it continued. Read More

Railway reduces discount on haulage of empty containers from 25% to 15%

Published on: 8:42 am

By lowering the discount it provides, the Indian Railways has increased the fee it imposes for transporting empty containers and flat carriages. It has lowered discount on haulage of empty containers and flat carriages by 10 percentage points.
This is a decrease from a 15% discount on the haulage fee for moving empty flat waggons and containers (TEU). A common unit of measurement for containers is the TEU.
These updated fees will be in effect from August 1 to October 31, 2022. Read More

India's power usage increased by 3.8% to 128.38 billion units in July

Published on: 8:40 am

In July, despite heavy rains around the nation, India's electricity consumption increased slightly, year over year, by 3.8% to 128.38 billion units (BU), according to figures from the power ministry.
The amount of power consumed in July of last year was 123.72 BU, which was more than the 112.14 BU consumed in the same month of 2020.
But throughout July, the highest supply in a day—the peak power demand—dropped to 190.38 GW. In July 2021, the highest electricity supply was 200.53 GW, whereas, in July 2020, it was 170.40 GW. Read more

5.83 crore Income Tax returns were filed up until July 31; the last day saw a record 72.42 lakh

Published on: 8:36 am

On the final day for submitting income tax returns, July 31, a record 72.42 lakh forms were submitted, bringing the total to 5.83 crore, which is about the same as last year.
Income tax return (ITR) filing started out slowly, but as the deadline approached, it gained speed.
According to an official release, the increase in ITR filing "peaked on July 31, 2022 (due date for salaried taxpayers and other non-tax audit cases) with over 72.42 lakh ITRs being filed on a single day." Read more

Indian equity markets very likely to open in Red today

Published on: 8:29 am

Indian markets are very likely to start the day in Red. Some heavy profit booking may be seenUS markets saw another volatile day with Dow Jones swinging over 332 points in intra-day trade before closing lower by 47 points. Nasdaq also gyrated over 228 points before closing lower by 22 points .Oil prices traded near US $93. Bond yields hit 4 month lows of 2.54%.
Asian markets have opened weakly as profit booking is being seen across the board, led by the Japanese 'Nikkei' which is down over 350 points in early trade. Yesterday, the data from Hong Kong pointed to another recession as GDP contracted for 3rd straight quarter. Chinese stocks listed in Hong Kong have been under pressure and may continue to underperform.
Nifty saw another super day with foreign buying lifting the sentiment as the feeling of missed out saw fence sitters join the rally. Nifty closed higher by another 180 points, above 17340 mark. Bank Nifty also closed with gains of 411 points with mid caps seeing huge outperformance. Nifty smallcap 100 index closed higher by 1.81%. Read more

Top 10 Stocks for today

Published on: 8:14 am

The Nifty futures contract on the Singapore Exchange fell 64.5 points, or 0.37%, to trade at 17,328.5, indicating that the markets will begin Tuesday with a loss. The following 10 stocks may see movement in today's market:
1)Jio, Airtel & Vodafone Idea:
The largest ever telecom spectrum auction in India attracted a record number of bids totalling Rs1.5 lakh crore, with Mukesh Ambani's Jio winning nearly half of the airwaves sold with a bid of Rs88,078 crore. Bharti Airtel submitted a winning bid of Rs43,084 crore, while Vodafone Idea paid Rs18,799 crore to purchase spectrum. Read more

Union Bank anticipates recovery of Rs15,000 crore from bad loans this financial year

Published on: 7:56 am

During the current fiscal year, Union Bank of India anticipates recovering Rs15,000 crore from bad loan accounts, the majority of which will come from accounts going through bankruptcy resolution.
The bank’s CEO stated during an analysts conference call following the release of the June 2022–23 quarter earnings last week that it anticipates making recovery worth Rs10,000 crore from accounts under the National Company Law Tribunal (NCLT) for the resolution of bad debts in 2022–23.
A Manimekhalai, managing director and chief executive officer, responded to a question about recovery projections for the entire fiscal year 2022–2023 by stating: "The recovery will be around Rs15,000 crore." Read More

Zomato Q1 Results: Revenue increases 67% YoY, net loss reduces to Rs186 crore

Published on: 7:54 am

Compared to the March quarter's net loss of Rs359.70 crore and the June quarter's net loss of Rs360.70 crore, Zomato reported a lowering of its overall net loss to Rs186 crore on Monday.
The combined operating revenue increased 67.44% year over year to Rs1,413.90 crore from Rs844.40 crore in the same quarter last year. According to a BSE filing by the company, Ebitda loss was decreased to Rs150 crore.
According to Zomato, their meal delivery service saw a 15% sequential increase and adjusted Ebitda break-even. Read More

As the former Gazprom facility reduces supplies, GAIL is rationing gas

Published on: 7:49 am

After imports were restricted as part of its agreement with a former division of the Russian energy giant Gazprom, the largest gas distributor in India, GAIL (India) Ltd, began gas rationing, restricting supply to fertilizer and industrial clients, according to news reports.
News Reports stated that lower gas supply will have an impact on India's urea production and that a sustained cut will increase imports of the soil fertilizer.
The now-Gazprom Germania subsidiary Gazprom Marketing and Trading Singapore (GMTS) has failed to deliver certain liquefied natural gas (LNG) cargoes to GAIL and has indicated that it might not be able to meet its obligations under their long-term agreement. Read more