Latest News and Updates

03rd Aug, 2022

Twid raises $12 million in funding

Published on: 3:21 pm

  • In a fundraising round headed by Rakuten Capital, reward point-based payment solutions start-up Twid said on Wednesday that it had secured $12 million.
  • Google, ICMG Partners, JAFCO Asia, January Capital, Reddy Futures Fund, as well as current investors BEENEXT and Sequoia India's Surge, participated in the Series A round. According to Twid, the money will be used for employment, technological development, product launch, and merchant network expansion. Read more

Inox Wind bags order of 200 MW from NTPC Renewable Energy; Stock soars near 4%

Published on: 3:21 pm

  • Inox Wind, India’s leading wind energy solutions provider has secured an order for a 200 MW wind power project from NTPC Renewable Energy Limited, a wholly owned subsidiary of NTPC Limited, to be commissioned Gujarat.
  • As per the filing, the Project will be executed on a turnkey basis at Dayapar site, Kutch District in the state of Gujarat and is scheduled to be commissioned by January 2024.
  • Commenting on the occasion, Kailash Tarachandani, CEO of Inox Wind, said, "We are excited to secure this major 200 MW project from NTPC; the largest order awarded by a PSU in the recent past. In the recent past, this is the second project awarded by NTPC to to the company, post a 150 MW order received last year. This reflects their faith in our capabilities and credentials." Read more

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CRISIL downgrades ratings assigned to DFM Foods’ facilities worth Rs100 crore; stock slips ~2%

Published on: 3:12 pm

  • DFM Foods Limited informed that the rating agency CRISIL Limited has downgraded the ratings assigned to the company’s bank facilities.
  • CRISIL has downgraded the long-term rating to ‘CRISIL BBB+’ from the existing ‘CRISIL A-’. The outlook has been revised to Stable from Negative.
  • Further, the rating agency has also downgraded the rating assigned to the company’s short-term bank facilities. It has been assigned a new rating of ‘CRISIL A2’ from the previous ‘CRISIL A2+’ rating. Read more

Services see contraction in July when compared to June

Published on: 3:09 pm

  • After reaching a record high in June of almost 11 years, India's services sector fell to a four-month low in July. In the month of July, the S&P Global India Services Purchasing Managers' Index (PMI) fell from 59.2 to 55.5. However, it is clear that activity increased because a reading above 50 denotes expansion in activity while a print below 50 denotes contraction.
  • According to Pollyanna De Lima, assistant director of economics at S&P Global Market Intelligence, "there was...a clear loss of momentum for the Indian service economy as demand was considerably restricted by competitive pressures, rising inflation and unfavorable weather. Read more

7.7 million people declared annual income between 10 lakhs and 1 crore in AY 2022

Published on: 2:52 pm

  • According to a survey released on Wednesday, there were roughly 131,000 crorepatis in India in FY22. A year ago, this amount was somewhere between 125,000 and 135,000. As per data from the Finance Ministry, there was also a considerable increase in the number of persons who reported income between Rs10 lakh and Rs1 crore.
  • An overview of tax filers with gross incomes between Rs10 lakh and Rs1 crore and over Rs1 crore in the assessment years 2021–22 and 2020–21 was provided by Pankaj Chaudhary, Minister of State for Finance, in a written submission to the Rajya Sabha. According to the data, from 7.3 million people in AY21 to 7.7 million in AY22, there were people with total incomes between Rs 10 lakh and Rs 1 crore. Read more

Karnataka Bank appoints 5 new deputy General Managers; stock under pressure

Published on: 2:50 pm

  • Karnataka Bank Limited informed that it has promoted five of its Assistant General Managers viz., Raghuram HS, Srinivas S Dandapur, Keshava Kumara S, Jagadeesha D G, and Vinay Kulkarni as Deputy General Managers.
  • Raghuram HS began his career with the bank in 1994 and has over two and a half decades of experience in banking service.  He will head the Risk Management Dept. at Head Office and the Bank's Chief Risk Officer (CRO) after being promoted to Deputy General Manager.
  • Srinivas S Dandapur joined the bank in 2022 and has over two decades of banking experience. He will be promoted to Deputy General Manager, Credit Sanctions Department at the Bengaluru - Bull Temple Road Office. Read more

Indian rupee declines in afternoon trade

Published on: 2:43 pm

  • As concerns about the nation's worsening external balance increased in the wake of a record trade deficit, the Indian rupee saw a significant decline in value during Wednesday's afternoon session. Losses in the local stock market also contributed to the decline.
  • At 08:00 GMT, the partly convertible rupee was trading at 79.04 per dollar, up from Tuesday's finish of 78.7125. According to a government official, India's preliminary trade deficit for July increased from $10.63 billion to $31.02 billion, driven by an increase in imports of coal and crude oil. Read more

CRISIL revises Titagarh Wagons' rating outlook to 'Positive', reaffirms rating

Published on: 2:12 pm

  • Titagarh Wagons Limited (TWL) has informed that CRISIL Ratings has revised the outlook on the long-term bank facilities to ‘Positive’ from ‘Stable’. The rating agency also reaffirmed the rating at ‘CRISIL A-’ while the short-term rating is reaffirmed at ‘CRISIL A2+’.
  • The revision in outlook reflects CRISIL's expectation that the credit risk profile of the company may improve in the near term on account of higher revenue visibility from new orders.
  • As per the rating rationale report, the ratings continue to factor in company's established market position in the wagon manufacturing industry. Read more

ISG’s IoT report recognizes Cyient as 'Rising star' for Managed Services in US

Published on: 2:01 pm

  • Cyient Limited announced that it has been named a 'Rising Star' For Managed Services in the US region in the ISG Provider Lens 2022 report on the Internet of Things - services and solutions.
  • The report emphasized Cyient's adaptability through usage-based modular services. Cyient's recognition as a "Rising Star" is based on its suite of managed services offerings, which enable remote monitoring, predictive analytics, lifecycle cost modeling of IoT devices, and a range of offerings through strategic acquisitions. Read more

Persistent Systems partners with UK’s Monument Bank to create New Digital Banking Infra; stock zooms

Published on: 1:43 pm

  • Persistent Systems Limited partners with Monument Bank, UK to support the bank’s ongoing operations.
  • Monument's target clients are typically time-constrained and frequently find themselves underserved and undervalued by other banking providers. Monument's mission is to assist its clients in prospering and optimizing their time by providing smart, efficient, and adaptable solutions.
  • Persistent was involved in the design and planning of Monument's technology systems and later assisted in the construction of the Bank's tailor-made systems architecture through the use of a flexible building block approach. Read more

Subex skyrockets ~20% on partnership with Reliance Jio for its 5G product line

Published on: 1:20 pm

  • Subex Limited announced its partnership with Reliance’s Jio Platforms Limited, for its AI Orchestration Platform, HyperSense, which can help telcos deliver on the promise of AI across the data value chain.
  • Post this development, Subex's counter surged 20% at Rs33.30 against its previous closing of Rs27.75 on the BSE. The scrip touched today's high and low of Rs33.30 and Rs32.40 respectively.
  • As per the agreement, PL will provide its Cloud Native 5G Core to telcos worldwide, along with Subex's HyperSense, to enable closed-loop network automation, product performance, and customer analytics experience. Read more

Blue Dart reappoints Balfour Manuel as Managing Director for another term of five years

Published on: 12:57 pm

  • Blue Dart Express Limited has re-appointed Balfour Manuel as Managing Director for another term of 5 years with effect from May 16, 2022. At the recently held Annual General Meeting, the shareholders of the Company approved his re-appointment.
  • Balfour Manuel has contributed a lot in the success of Blue Dart since its inception. He has been with the organization since its initial days in 1983 and has played a major role in focusing its 'People Centric' philosophy.
  • He is responsible for the organization's market-differentiating capabilities that includes an extensive ground network and strong air network as well supported by the organization's own fleet of aircraft and an extensive reach of over 55,000 locations across the country. Read more

Jay Bharat Maruti’s board approves fund-raise up to Rs150 crore; stock plunges ~4%

Published on: 12:44 pm

  • Jay Bharat Maruti Limited informed that the company’s board of directors has considered the proposal for the issuance of securities for an amount not exceeding Rs150 crore.
  • The company stated that the board has approved the proposal for the issuance of securities in terms of sections 42, 61 & 71 of the Companies Act, 2013. However, the proposal is subject to the approval of shareholders in the ensuing Annual General Meeting of the company. Read more

Q1 FY23 Preview: Britannia Industries: Revenue seen at Rs36,871 million; PAT at Rs3,869 million

Published on: 12:44 pm

  • Result Date: 4th August, 2022
  • Recommendation: Add
  • Target Price: Rs3,600
  • Analysts at IIFL Securities forecast revenue of Rs36,871 million for Britannia in  the June quarter of FY23. This will be a y-o-y growth of 10%. EBITDA is forecasted at Rs5,622 million, up 1.5%. Profit After Tax (PAT) is forecasted at Rs3,869 million.  This will be a y-o-y decline of 0.7%. Overall consumption environment is  expected to have been weak. Increase in input costs is expected to have some adverse impact on the company's margins. Read More

Piramal Capital: Bad loans worth Rs4,451 crore sold at a discount

Published on: 12:29 pm

  • At a significant discount, two people with knowledge of the situation told ET, that Piramal Capital and Housing gave VSJ Investments troubled mortgage portfolios totaling Rs4,451 crore.
  • The financial services company sold its troubled portfolio in two tranches: Rs2,748 crore for Rs275 crore, which is equivalent to a rupee restoration of 10 paise, and Rs1,467 crore for Rs270 crore, which is equivalent to a rupee restoration of 18 paise.
  • Both tranches were made available for upfront cash funds during the first quarter of the current year. Read more

River raises $11 million in Chris Sacca’s Lowercarbon Capital-led funding round

Published on: 12:20 pm

  • Bengaluru-based Electric scooter startup ‘River’ raised $11 million from investors in the funding round led by US entrepreneur Chris Sacca's Lowercarbon Capital. Toyota’s early-stage Venture Capital firm, Toyota Ventures, also participated in the funding round.
  • "Out of the four vehicles sold in India, three are two-wheelers, but what we own today are loud, dirty, and gas-burning engines from the last century,” commented Sacca, an investor in Twitter, Uber, and Instagram.
  • “River’s electric two-wheelers are the new go-to for Indian riders as they are lighter, faster, tougher, and cooler compared to other products in the market,” he added further. Read more

Zomato - a year since the glorious IPO!

Published on: 12:18 pm

  • On July 14, 2021, restaurant aggregator and food delivery company Zomato opened its Initial public offering (IPO). The price range of the IPO was between Rs 72-76 per share, with a face value of Rs 1 per share. The much-anticipated IPO from the Indian startup closed on July 16 with a 35 times oversubscription.
  • The stock opened at Rs 116 on the National Stock Exchange (NSE) on July 23, 2021, a 52.63 % valuation premium to its issue pricce of Rs76. On the BSE, the stock closed at Rs 125.85, up 65.59 percent from the issue price, while on the NSE, the stock closed at Rs 125.30, up 64.87 percent from the issue price of Rs 76, at the end of first day of its trading. Additionally, on the BSE on November 16, 2021, Zomato's share price reached a record level of Rs 169.10 per share. Having followed that, the stock price dropped gradually, eventually closing at Rs 137.45 per share towards the end of 2021. Read more

In July, trade deficit reached a record high of $31 billion

Published on: 12:11 pm

  • As of July, India's goods trade imbalance surged to a new record high of $31.02 billion, according to BVR Subrahmanyam, the commerce secretary, who spoke on August 2. The previous record high for the trade imbalance was reached in June when it was $26.18 billion. At $10.63 billion, the deficit in July 2021 was almost a third less than it was the previous month.
  • According to preliminary figures issued by the trade ministry, July's merchandise imports were $66.26 billion, up from $46.15 billion in the same month of 2016. During $35.24 billion, July's exports were "nearly steady" compared to the same month last year, according to Subrahmanyam, who spoke at a briefing. Read more

Early trading sees the rupee losing 27 paisa to the US dollar

Published on: 12:04 pm

  • Following a flat trend in local stocks, the rupee lost 27 paise to begin at 78.80 versus the US dollar on Wednesday. The rupee depreciated by 27 paise over the previous closing at the interbank foreign exchange, starting the day at 78.70 versus the US dollar and ending the day at 78.80.
  • The rupee increased by 53 paise on Tuesday, the greatest one-day rise in more than 11 months, to close at a more than one-month high of 78.53 versus the US dollar. The dollar index, which measures how strong the dollar is relative to a basket of six different currencies, decreased 0.07 % to 106.16. Benchmark Brent crude futures for the world's oil market fell 0.42 % to USD 100.12 a barrel. Read more

Centre relieves norms for blending of imported coal for power producers

Published on: 11:56 am

  • The Indian Government has relaxed norms and regulations for blending of imported coal by power generation companies and allowed states and independent power producers to import the fuel as per their requirements.
  • The Indian Government has left on states and Independent Power Producers (IPPs) as well as the coal ministry to decide the percentage of imported coal for blending purpose, according to the Power Ministry notice on Tuesday.
  • Accordingly, Independent power producers (IPPs) and State gencos were asked to import 10% coal for blending in April month due to high demand, dwindling coal supplies at power plants, and Ministry of Coal supply projections. Read more

Ronnie Screwvala's upGrad purchases Exampur, a Noida-Based company

Published on: 11:49 am

  • UpGrad, a portal for higher education, has purchased Noida-based Exampur, an edtech that provides exam preparation for government jobs. This transaction occurs shortly after the business pays $38 million to acquire the online learning provider Harappa Education.
  • This acquisition's deal value wasn't made public.
  • Vivek Kumar and Vardan Gandhi co-founded Exampur in 2018, which provides more than 200 test-prep courses for candidates looking to work in the government. This covers the UPSC, SSC, military, financial, educational, and other state-level administrative fields. Read More

India’s UPI transactions surpass significant 6-billion mark in July

Published on: 11:49 am

  • India’s flagship digital payments platform logged over 6 billion Unified Payments Interface (UPI) transactions in July. This is the highest ever transaction recorded by the company.
  • As per data released by the National Payments Corporation of India (NPCI), the total 6.28 billion transactions recorded by the company are valued at approximately Rs10.62 trillion.
  • On a y-o-y basis, the transaction volume almost doubled while the value of transactions added nearly 75%. Sequentially, transaction volume witnessed a surge of 7.16% while value increased by 4.76%. Read More

According to Commerce Minister Piyush Goyal, 75,000 startups now call India home

Published on: 11:41 am

  • The Minister of Commerce and Industry stated in a tweet "These figures demonstrate the strength of a vision. a desire to see growth driven by enterprise and innovation." In his tweet, Mr. Goyal stated that "India is now home to 75,000 startups in the 75th year of Independence and this is merely the beginning."
  • The minister recently stated that the nation hopes to have the world's largest startup ecosystem.
  • Goyal had previously urged startups to incorporate and list in India rather than leaving the nation "simply for few bucks extra." Read more

CCI approves amalgamation between Shriram Group Companies

Published on: 11:31 am

  • The Competition Commission of India (CCI) has approved the Composite Scheme of Arrangement and Amalgamation between Shriram Group Companies.
  • According to the press release, the proposed combination involves composite scheme of arrangement and amalgamation (Scheme) between Shrilekha Business Consultancy Private Limited (SBCPL), Shriram Capital Limited (SCL), Shriram Financial Ventures (Chennai) Pvt. Ltd (SFVPL), Shriram Transport Finance Company Limited (STFC), Shriram City Union Finance Limited (SCUF), Shriram GI Holdings Pvt. Ltd (SGIH), Shriram LI Holdings Pvt Ltd (SLIH) and Shriram Investment Holdings Ltd i.e. (SIHL). Read more

Over 5% of CredAble will be acquired by Axis Bank for Rs55 crore, stock down 0.17%

Published on: 11:27 am

  • On Tuesday, Axis Bank said that it will pay Rs55 crore to acquire a 5.1% share in the fintech platform CredAble.
  • For Rs55 crore in CredAble, the bank will purchase 8,921 equity shares, or 5.09%, with a face value of Rs10 apiece. By September 30, 2022, is when the transaction is anticipated to be finished, according to Axis Bank's regulatory filing.
  • Through its network of financial institutions, the fintech platform CredAble provides working capital loans to vendors, distributors, dealers, and retailers. Additionally, it provides financial institutions with a technology license as a co-branding option. Read more

eClerx Services board to consider bonus issue on August 9; Stock zooms 5.5%

Published on: 10:50 am

  • eClerx Services Ltd, business process management, analytics and automation services firm has informed to the exchanges that it will announce its first quarter FY23 results on Tuesday, August 9, 2022.
  • Further, the earnings call for the results would be held on Wednesday, August 10, 2022 at 5:00 PM (IST). Read more

Aurobindo Pharma’s Unit XI receives ‘Form 483’ with 3 observations from USFDA; stock slips ~3%

Published on: 10:35 am

  • Aurobindo Pharma Limited informed that the United States Food and Drug Administration (US FDA) inspected the Company's Unit XI, an API non-antibiotic manufacturing facility situated at Pydibhimavaram, Srikakulam District, Andhra Pradesh, between the period July 25 to August 2, 2022.
  • On May 17, 2019, the said Unit was classified as OAI, and USFDA issued a warning letter to the company on June 20, 2019.
  • The Company has replied to the warning letter and made the corrections mentioned in the letter. The facility received inspection from USFDA authorities between July 25 to August 2, 2022. Read more

Shivalik Rasayan signs marketing agreement with China Chinopharma; Stock climbs 2.5%

Published on: 10:23 am

  • Shivalik Rasayan Ltd has informed to the exchanges that it has entered into a long term marketing agreement with China Chinopharma Limited (CSC) to supply DMF grade BUSALFAN, API.
  • As per the filing, the CSC shall hold Market Authorization (MA) to sell SRL's BUSALFAN, API exclusively in China territory, the company said.
  • Notably, the CSC is a leader and pioneer who specializes in dealing with Pharmaceutical products having more than 20 years of experience. Read more

Nir Efrat joins OnMobile Global as CEO of ONMO Inc; stock under pressure

Published on: 10:21 am

  • OnMobile Global Limited announced the appointment of Nir Efrat as the Chief Executive Officer of ONMO Inc, its direct-to-consumer social esports mobile gaming company. His appointment shall be effective from August 2, 2022.
  • Nir Efrat brings over 25 years of experience to ONMO Inc., as a seasoned software and product development leader. Of his total work experience, he spent 12 years leading gaming businesses across Europe, Asia, and the US, growing franchises, launching titles, and generating revenue in hundreds of millions. Read more

Kernex Microsystems spurts ~5% on securing order worth Rs26.74 crore from Integral Coach Factory, Ch

Published on: 10:17 am

  • Kernex Microsystems (India) Limited informed that it has been awarded an order from Integral Coach Factory, Chennai.
  • The order received is worth Rs26.74 crore for the Supply, Installation, and Commissioning of the Train Collision Avoidance System (TCAS) (KAVACH).
  • The order states that 39 units of Train collision avoidance system (TCAS) are to be supplied, installed, and commissioned on or before July 31, 2023, to DEPOT/ICF, Chennai, Office of DY.CMM/FD, Furnishing Depot, Integral Coach Factory, Chennai. Read More

Shyam Metalics slips ~2% as PAT dips 9.6% y-o-y in Q1FY23

Published on: 10:10 am

  • Shyam Metalics and Energy Limited (SMEL) announced its Financial Results for the quarter ended June 30, 2022.
  • The company registered a 31% yoy growth in revenue at Rs3,223 crore in Q1FY23, as against Rs2,465 crore in Q1FY22. It further recorded a sequential growth of 12.8% yoy against Rs2,857 crore in the previous quarter.
  • However, despite recording a higher revenue, company’s PAT dipped 9.6% on a y-o-y basis at Rs414 crore in Q1FY23. It recorded a PAT of Rs458 crore in Q1FY22 and Rs433 crore in Q4FY22. Read more

Indus Towers tumbles ~7% on lackluster numbers in Q1FY23

Published on: 10:05 am

  • Indus Towers Limited announced its consolidated results for the quarter ended June 30, 2022. However, company’s performance was impacted mainly due to prudent accounting practice that reflects stress on receivables from one of its major customers.
  • The company reported a revenue of Rs6,897 crore in Q1FY23, marginally up against Rs6,797 crore in Q1FY22.
  • Indus Towers reported a 34% yoy decline in EBITDA of Q1FY23 at Rs2,322 crore as compared to Rs3,529 crore in the previous corresponding quarter. Read more

Early trading sees gold prices up, that of silver remain unchanged

Published on: 10:05 am

  • Early on Wednesday, the price of gold increased, rising by Rs270 per 10 grams, to Rs51,650 for 24-carat gold. On the other side, the price of silver stayed constant on Wednesday and was selling at Rs58,000 per kilogram.
  • In the meantime, the price of 10 grams of 22-carat gold on Wednesday has increased by Rs250 to Rs47,350. As of 01:05 GMT, spot gold was down 0.2% at $1,757.08 per ounce after reaching a nearly one-month high of $1,787.79 on Tuesday. US gold futures were down 0.9% to $1,772.80/ounce. Read more

Jubilant Pharmova gets 6 USFDA observations for its solid dosage manufacturing facility at Roorkee;

Published on: 10:04 am

  • Jubilant Pharmova Limited has announced that the United States Food and Drug Administration (USFDA) has recently concluded audit of the Solid Dosage Formulations facility at Roorkee, India of Jubilant Generics which is a subsidiary of its wholly-owned subsidiary Jubilant Pharma Limited.
  • As per the filing, the USFDA has issued six observations pursuant to the completion of the audit. The company will submit an action plan on the observations and will engage with US FDA for next steps, the company said. Read More

Voltas updates on business transfer agreement; Stock declines over 3.5%

Published on: 9:44 am

  • Voltas Limited stocks in focus today amid announcement of financial results for the quarter ending June 30, 2022.
  • Further, the company informed to the exchanges that upon satisfactory completion of 'Conditions Precedent' as stipulated in the Business Transfer Agreement (BTA), earlier executed on March 24, 2021 between the Company and Universal MEP Projects & Engineering Services Limited (UM PESL), a wholly-owned subsidiary of Voltas, the transaction has been consummated on August 01, 2022, being the 'Closing Date' for transfer of domestic B2B businesses.Read more

Markets in volatile trade amid mixed global cues; Metals, IT rise while banking, auto under pressure

Published on: 9:36 am

  • Indian markets were green, however, a cautious note was witnessed as traders prepare for RBI's monetary policy on Friday. Both benchmarks Sensex and Nifty 50 traded flat led by mixed global cues. A scattered trend was seen in global cues with Asian stocks trading mixed and shrugging off rallies of Wall Street. A volatile session is expected in the day ahead.
  • Furthermore, investors focus has also shifted on RBI who will begin their three-day monetary policy meet from today onward for deciding key rates. The final print of the monetary policy will be presented on August 06.
  • At around 09.34 AM, Sensex was trading at 58,228.50 up 92.14 points or 0.16%. Meanwhile, Nifty 50 performed at 17,358.80 up by 13.35 points or 0.08%. Read more

Shakti Pumps India invests in subsidiary 'Shakti Green Industries'

Published on: 9:19 am

  • Shakti Pumps India Ltd has informed to the exchanges that it invested Rs5,40,00,000/- (Rupees Five Crores Forty Lacs Only) in its wholly owned subsidiary i.e. Shakti Green Industries Private Limited by subscribing to 54 lakh Equity Shares of Rs10/- (Rupees Ten only) each.
  • As per the filing, the consolidated investment is Rs6,66,00,000/- (Rupees Six Crore Sixty Six Lacs Only) after subscribing aforesaid equity shares. Shakti Green Industries Private Limited is into the business of manufacturing of EV Chargers, EV Motor and controllers, the company said. Read more

Data Patterns India Q1FY23 revenue increases 86% yoy to Rs70.08 crore

Published on: 9:18 am

  • The Board of Directors at Data Patterns (India) Limited has approved the limited review financial results for the quarter ended June 30, 2022.
  • Q1 (2022 – 2023)
  • Total Revenue for Q1 increased by 86% from Rs37.65 crore in quarter ended June 30, 2021 to Rs70.08 crore in quarter ended June 30, 2022.
  • The Company’s Earnings before Interest, Tax, Depreciation and Amortization (Operational EBITDA) increased by 23% from Rs17.27 crore for the quarter ended June 30, 2021 to Rs21.25 crore in corresponding quarter ended June 30, 2022.
  • Profit Before Tax (PBT) improved from Rs14.04 crore for the first quarter of FY22 to Rs19.42 crore in the first quarter of FY23
  • Profit After Tax (PAT) increased by 37% from Rs10.30 crore in first quarter of FY 2022 to Rs14.23 crore in the fist quarter of FY 2023. Read more

Prakash Industries achieves net sales of Rs895 crore led by robust performance in Q1FY23

Published on: 9:17 am

  • Prakash Industries Limited has announced the financial performance for the quarter ended on June 30, 2022.
  • As per the regulatory filing, During the quarter, the Company has achieved Net Sales of Rs895 crore and EBITDA of Rs103 crore. Profit after Tax for the quarter stood at Rs43 crore.
  • "With high inflation pressure including coal prices hike, rising interest rates and Russia-Ukraine war, there has been a challenging quarter for the Global and Indian economy", the  company said. Read more

J Kumar Infraprojects' PAT rises 93% yoy to Rs62 crore in Q1FY23

Published on: 9:16 am

  • J. Kumar Infraprojects Limited (JKIL), has announced its Unaudited Financial results for the quarter ended June 30, 2022.
  • Performance highlights for Q1 FY23
  • Revenue from Operations for Q1 FY23 grew by 47% to Rs994 crore as compared to Rs675 crore in Q1 FY22.
  • EBIDTA for Q1 FY23 stood at Rs140 crore as compared to Rs97 crore in Q1 FY22. EBIDTA margin for Q1 FY23 stood at 14.1%.
  • PBT for Q1 FY23 grew by 96% to Rs84 crore as compared to Rs43 crore in Q1 FY22. PBT margin for Q1 FY23 stood at 8.4% as compared to 6.3% in corresponding year. Read more

Adani Group forays into the industrial 5G spectrum market, to create a super app

Published on: 9:14 am

  • The Adani group announced its entry into the industrial 5G market after winning 400 MHz of spectrum in the Monday-ending 5G airwaves auction.
  • The Adani group announced on Tuesday that it would digitally integrate its businesses, connect its data centres, create the largest industrial cloud operation in the world, and create a super app to provide a range of services to its 400 million customers.
  • The Adani group announced its entry into the industrial 5G market after winning 400 MHz of spectrum in the Monday-ending 5G airwaves auction. The group purchased millimetre wave (26 GHz) band spectrum for Rs212 crore. Read more

Indian equity markets may start the day in Green

Published on: 8:36 am

  • Indian equity markets are likely to start the day in Green today. But as the day progresses, markets are likely to swing between value buying and profit booking. India's trade deficit in July stood at $31.02 billion. This is the highest ever monthly trade deficit that the country has ever recorded. Imports increased while exports remained flat. Stocks of companies such as Indigo, Adani Power, Zuari AgroChemicals, Chambal Fertilizers, Tata Coffee, Vodafone Idea etc will see movement today. These companies will be announcing their June quarter results today. 
  • US markets saw profit booking as geopolitical tensions rose between Taiwan and China, with acrimony reaching 1996 levels. Dow Jones fell over 400 points. Nasdaq surprisingly held ground to close lower by 20 points. Oil prices fell to US$ 93. Bond yields rose to close near 2.72%. Read more

Voltas' revenue up 55% to Rs2,768 crore in April-June, but PAT down 10.5% to Rs109.6 crore

Published on: 8:29 am

  • Voltas Ltd, a provider of engineering and air conditioning services, stated on Tuesday that its consolidated net profit for the first quarter ended June 30, 2022, fell by 10.47% to Rs109.62 crore.
  • According to Voltas' regulatory filing, the Tata group company reported a combined net profit of Rs122.44 crore in the April-June fiscal quarter.
  • However, compared to the equivalent period of the prior year, its revenue from operations climbed by 55.05% to Rs2,768 crore during the period under review, or Rs1,785.20 crore. Read more

Thermax's net profit increases by 39% in the June quarter

Published on: 8:27 am

  • Thermax Ltd. reported on Tuesday that an increase in revenue caused its consolidated net profit to increase by 39% to Rs58.95 crore for the quarter ended in June. According to a regulatory filing, the company's combined net profit during the prior fiscal year was Rs42.40 crore.
  • Thermax, an engineering solutions company with headquarters in Pune, has production facilities throughout Southeast Asia, China, Europe, and India.
  • The company's overall revenue increased in the first quarter of the current fiscal year to Rs1,675.02 crore. It was Rs1,077.75 crore during the same time frame the previous year. Read more

TCI's profit after tax increases y-o-y by 58.4% to Rs77 crore

Published on: 8:23 am

  • Logistics firm TCI on Tuesday recorded a 58.4% year-on-year improvement in standalone profit after tax at Rs77 crore in the June quarter. In the first quarter of FY22, the company had reported a standalone Profit After Tax (PAT) of Rs48 crore.
  • According to a statement from TCI, operating revenue for the quarter increased 32.2% to Rs807 crore from the same period last year.
  • In the April-June quarter, EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was Rs115 crore as opposed to Rs82 crore in the same period last year. Read more

In March 2022, RBI's financial inclusion index increased to 56.4

Published on: 8:21 am

  • The Reserve Bank of India's composite financial inclusion index (FI-Index), which measures the extent of financial inclusion nationwide, increased across all metrics in March 2022 and reached 56.4.
  • The index was 53.9 in March of the previous year. For the five years ended in March 2017, it was at 43.4, indicating a significant increase in the accessibility of financial services.
  • The index records data on various facets of financial inclusion in a number ranging from 0 to 100, where 0 denotes total financial exclusion and 100 denotes complete financial inclusion. Read more

India backs down from its targets for coal imports for utilities, a notification reveals

Published on: 8:15 am

  • According to a notice from the power ministry reviewed by Reuters, India has relaxed coal import requirements for utilities, leaving aside a target for them to import 10% of their coal needs and signalling yet another change in energy policy.
  • The notice, which was given to government officials and commercial utilities on August 1, instructs them to independently determine how much coal they must import. State government-run utilities and private power providers should do the same.
  • After evaluating the availability of domestic coal supply, states/independent power producers and the ministry of coal will now be able to set the blending proportion, according to the power ministry. Read more

Higher urban spending helps the FMCG sector rebound, NielsenIQ report

Published on: 8:13 am

  • According to a report, India's FMCG sector experienced a value growth of 10.9% in the June quarter, boosted by increased consumption even if the rural markets remained weak in non-food segments.
  • According to NielsenIQ, a data analytics company, the total consumption has picked up as unit volume climbed sequentially in the April-June quarter. On an annual basis, it saw negative growth of 0.7% in the most recent quarter under review.
  • While the rural markets experienced a negative increase of 2.4% over the period of April to June 2022, the urban markets recovered with positive volume growth of 0.6%. Read more

Laxmi Villas Bank acquisition hits DBS' profit in FY22

Published on: 8:11 am

  • DBS Bank India's net profit decreased by 87% year over year as a result of lower trading income and greater costs associated with the bank's acquisition of Lakshmi Vilas Bank (LVB).
  • In the fiscal year that ended in March 2022, net profit decreased to Rs167 crore from Rs312 crore, primarily as a result of a 54% increase in operating expenses, which went from Rs1719 crore to Rs2652 crore. The bank estimated that the "annual pre-tax" drag from the LVB purchase would increase from Rs341 crore to Rs669 crore in fiscal 2022 because that will be when it will be felt the most. DBS purchased the struggling LVB in November 2020. Read more

BOI's profit after tax in June quarter goes down y-o-y by 22% to Rs561.5 crore

Published on: 8:08 am

  • Due to a significant decline in treasury revenues, the state-owned Bank of India recorded a 22% decline in net profit at Rs561.5 crore for the June quarter. At the same time a year before, the net profit was Rs720 crore.
  • According to bank managing director AK Das, the bank's net interest income increased by about 30% to Rs4,072 crore in the reporting quarter from Rs3,145 crore a year earlier, but the decline in profit was caused by a 50% decline in non-interest income, which includes earnings from the sale of investments. Read More

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