Latest News and Updates

04th Aug, 2022

TCS recognized among Top Industry 4.0 Service Providers by HFS Research

Published on: 3:35 pm

  • Tata Consultancy Services (TCS) was named one of the top Industry 4.0 service providers in a recent HFS Research1 report. TCS was ranked second in Industry Specific Offerings and Expertise, and third in Pricing, out of the 14 service providers evaluated in the report.
  • Manufacturers can orchestrate connected, cognitive, and collaborative ecosystems using TCS' Neural Manufacturing thought leadership framework. A connected ecosystem enabling advanced analytics and creating a roadmap towards autonomous plant operations drives a future manufacturing enterprise powered by AI, 5G, IoT, and cloud.
  • TCS uses its proprietary consulting-led Value Discovery approach to bring together the right business stakeholders from across functional groups of customer organizations in order to realize their digital factory vision, advanced manufacturing strategy, and roadmaps. Read more

India Ratings upgrades Runaya's credit rating

Published on: 3:32 pm

  • Ratings agency, India Ratings and Research has upgraded the long term credit rating of Runaya Refining to IND BBB + from IND BBB.
  • The outlook given on the rating is Positive. Short term credit rating of the company has been upgraded to IND A2. The ratings agency has said that it has upgraded the ratings of Runaya on the basis of improvement in its net leverage position in both the financial year 2022 and in the first quarter of financial year 2023.
  • Improvement in net leverage means that net debt of the company has gone down. The ratings agency has said that dross processing volume and operating profitability of Runaya have improved.Read more

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DCM Shriram & ReNew to set up 50MW hybrid solar projects worth Rs800 crore; stock rallies ~4.5%

Published on: 3:20 pm

  • DCM Shriram Ltd., a leading business conglomerate with a group turnover of Rs9,849 crore, and ReNew Power, India's leading renewable energy company, have signed two Captive Power Agreements (CPAs) to supply 50 MW of renewable energy from their two upcoming projects in Bhavnagar, Gujarat, to DCM Shriram's Chlor-Alkali manufacturing facility in Bharuch district, Gujarat.
  • The combined deal is one of India's largest renewable energy supply deals in terms of OpEx (operating expenses) with a captive model.
  • The 50-MW hybrid project, which has a total capacity of 100 MW of wind and solar generation, is expected to generate 250 million units of renewable energy per year exclusively for the DCM Shriram Ltd, Bharuch facility. The CPAs are valid for 25 years and will aid in reducing 2,25,000 tCO2e (carbon emissions) per year. Read more

LTI ties with Saviynt to deliver intelligent identity solutions to enterprises worldwide

Published on: 3:17 pm

  • Larsen & Toubro Infotech Limited has collaborated with Saviynt, a leading provider of enterprise cloud identity solutions. 
  • The partnership unites Saviynt Enterprise Identity Cloud with LTI’s Active XDR (eXtended Detection & Response) capabilities to provide organizations with improved identity management and security threat protection during digital transformation, the company said on Thursday.
  • According to the said press release, Accelerated cloud adoption and the proliferation of critical applications have transformed today’s business environment.  Read more

Hero MotoCorp launches new-age Phygital avatar of ‘Wheels of Trust’

Published on: 3:00 pm

  • Hero MotoCorp Limited, the world's largest manufacturer of motorcycles and scooters, announced launching a Phygital avatar of its two-wheeler resale platform "Wheels of Trust."
  • The company intends to strengthen its one-stop solution for exchanging existing two-wheelers of any brand by providing the best resale value by offering an integrated omnichannel (digital and on-ground) exchange ecosystem.
  • Prospective customers can get Wheels of Trust DIY (do-it-yourself) valuation from the comfort of their smartphones, which promises to generate a quick and transparent indicative resale value. Read more

NHAI's debt stands at Rs3.5 lakh crore

Published on: 2:54 pm

  • As of March 31, 2022, the National Highways Authority of India (NHAI) has an estimated Rs3.49 lakh crore rupees in unpaid debt, according to information provided to Parliament on Wednesday.
  • Highways Minister Nitin Gadkari stated that the amount of money needed by NHAI for debt servicing years 2022–2023, 2023–2024, and 2024–2025 will be Rs31,282 crore, Rs31,909 crore, and Rs30,552 crore in a written response to a question in the Rajya Sabha. Read more

Russia was India's 3rd largest coal supplier in July

Published on: 2:46 pm

  • According to figures from the Indian consultancy Coalmint, with imports climbing by more than a fifth from June to a record 2.06 million tonnes, Russia overtook China as India's third-largest coal supplier in July. With Mozambique and Colombia alternately appearing in the top five, historically, Russia has been the sixth-largest exporter of coal to India, trailing only Indonesia, South Africa, Australia, and the United States.
  • The recent decision by India's central bank to permit payments for commodities in Indian rupees is expected to provide bilateral trade with Russia a significant boost. Since Russia invaded Ukraine, India has increased its imports from Russia by roughly five times, totaling over $15 billion. Read more

Domino’s India unveils new friendship day campaign ‘TheLastSlice’

Published on: 2:31 pm

  • Jubilant Foodworks' Domino's Pizza, India's largest pizza chain, has launched the new Friendship Day campaign #TheLastSlice. Domino's has always been associated with spending quality time with friends and family. The culinary memories created by Domino's over the years are priceless and play an important role in consumers' friendships.
  • The phrase "last slice" connotes something that must be fought for, won, and earned.
  • Over the years, Domino's has discussed about the magic that happens when you share a slice of pizza with someone special. Read more

States have started fiscal consolidation process, says NIPFP paper

Published on: 2:12 pm

  • A working paper by the National Institute of Public Finance and Policy indicates that Indian governments have resumed the road of fiscal consolidation following the epidemic, and success in meeting income and spending objectives for the current financial year could help them contain deficits and debts.
  • According to Sacchidananda Mukherjee, an associate professor at the institution in New Delhi, "after two years of fiscal crisis, states have again begun pursuing the road of fiscal consolidation by enhancing revenue collection and controlling spending." Read more

BharatPe ropes in SBI Card’s Nalin Negi as CFO

Published on: 2:11 pm

  • In preparation for its initial public offering(IPO), Fintech platform BharatPe announced onWednesday that they have appointed former SBI Card CFO Nalin Negi as their new Chief Financial Officer(CFO).
  • Nalin Negi has led several significant strategic initiatives during his prior employment years, including the SBI Card IPO in March 2020. Additionally, he has worked at ITC, Nestle India, EXL Service, American Express (India), and Nestle.
  • In his newfound position, Negi will be in complete control of New Delhi-based BharatPe's financial operations and seek to get the business operating at a profit by March 2023. Read more

CRISIL reaffirms credit rating on Krypton Industries' bank facilities; Stock up ~2%

Published on: 2:06 pm

  • CRISIL Ratings has upgraded its rating on the long-term bank facilities of Krypton Industries Limited (KIL) to ‘CRISIL BB/Stable’ from ‘CRISIL BB-/Stable’. The short-term rating has been reaffirmed at ‘CRISIL A4+’.
  • According to the rating rationale report, the rating upgrade reflects sustained improvement in the overall credit profile of KIL over the past few fiscals. Read more

Zydus receives final USFDA approval for Ivermectin Cream; stock climbs ~3.5%

Published on: 1:40 pm

  • The United States Food and Drug Administration (USFDA) has given Zydus Lifesciences Limited (formerly Cadila Healthcare Limited) final approval to market Ivermectin Cream, 1%. USRLD: Soolantra.
  • Ivermectin Cream is used in the treatment of rosacea's inflammatory lesions. The medication will be produced at the group's topical manufacturing facility in Ahmedabad, India.
  • According to IQVIA MAT June 2022 data, Ivermectin Cream had annual sales of USD 176 million in the United States.Read more

SSBA Innovations files DRHP for IPO

Published on: 1:39 pm

  • SSBA Innovations has filed its DRHP with Sebi. The company operates the platforms TaxBuddy and Finbingo. Finbingo was established in May 2022 and provides economic solutions, including planning, consulting, and wealth management.  TaxBuddy  provides assisted tax (ITR and GST) planning and filing, advisory, and IT notice management.
  • The Draft Red Herring Prospectus (DRHP) describes the IPO as fresh stock offering with a maximum value of Rs150 crore.65.45 crore rupees of the issue's proceeds will be utilized for customer acquisition and commercial development, 15.22 crore rupees for technological advancement, and the remaining rupees for general corporate purposes. Read more

Genus Power delivers stable Q1 earnings on account of semiconductors shortage; Stock sheds 3.5%

Published on: 1:38 pm

  • Genus Power Infrastructures Ltd has announced its unaudited financial results for the quarter ended June 30th, 2022.
  • Performance Highlights for Q1FY23:
  • Revenue stood at Rs187.0 crore, up by 43%, as compared to Q1FY22 revenue of Rs130.4 crore. Reduced capacity utilization as a result of a lack in supply of semiconductors and other essential electronic components continued to have an adverse impact on revenue growth. Read more

Wipro enters a new 5-year strategic alliance with Nokia

Published on: 1:12 pm

  • Wipro Limited, a leading provider of technology services and consulting, has announced a new five-year strategic partnership with Nokia, the world's leading multinational networking, telecommunications, and consumer electronics company.
  • The new agreement builds on a partnership that began over 20 years ago and demonstrates the strength of the relationship.
  • Wipro will provide global business services to Nokia in support of its new operating model, with a focus on process optimization, touchless processing, and improved user and customer experience across the supply chain, order management, finance, and accounting operations. Read more

India's FDI to GDP ratio in 2021–2022 was 2.7 %

Published on: 1:00 pm

  • According to official data released on Wednesday, India's foreign direct investment to gross domestic product (FDI to GDP) ratio for the fiscal year 2021–22 was 2.7%.
  • The indicator that compares a nation's capital inflows to its gross domestic product is called the FDI to GDP ratio. Som Parkash, the Union Minister of Commerce and Industry, presented the information in the Lok Sabha. The ratio of FDI to GDP in 2021–20 was 3.1%. It was 2.3% in the 2017–18 school year. Read more

Q1 FY23 Preview: Titan: Revenue seen at Rs98,714 million; PAT at Rs7,978 million

Published on: 12:54 pm

  • Result date:  5th August
  • Recommendation: Add
  • Target Price: Rs2,400
  • Titan reported a robust quarter with volume per store normalizing to 90% of long-term average from ~80% in Q4FY22. Jewellery sales was supported by robust growth in both walk-ins and buyers. Studded mix improved both on YoY and pre-COVID basis.  Jewellery sales (ex-bullion) increased by 207% YoY and 23.2% on 3- year CAGR driven by robust sales on the occasion of Akshaya Tritya in May after two years of COVID-induced lockdowns in this period. CaratLane clocked a sales growth of 207% (54%, in terms of 3-year CAGR, versus 38% in the previous quarter). Read more

Q1FY23 net profit of Aditya Birla Capital increases by 42% to Rs429 crore

Published on: 12:44 pm

  • Due to robust performance across all divisions, Aditya Birla Capital Ltd's consolidated net profit after tax increased 42% year over year to Rs429 crore. The company's consolidated revenue increased 26% year over year to Rs5,859 crore.
  • With its diversified business model, the Company, through its subsidiaries, continues to uphold its reputation for providing solid performance through the market and macroeconomic cycles.
  • With a strong focus on retailization and a total active customer base of over 4.8 million, the company's overall lending book increased by 22% year over year to Rs69,887 crore. Read more

Tata Technologies all-geared up to digitize Air India’s operations

Published on: 12:28 pm

  • Leading product and digital player Tata Technologies is prepared to start working on revamping Air India’s operations by digitalizing its fleet and equipment data. As the Tata Group steps forward with the revival of country’s oldest airline, it also plans to introduce digital solutions for maintenance of aircrafts.
  • Tata Technologies’ executive vice-president and head of growth industries, Aloke Palsikar expressed that Air India is not just a business for the Tatas as there is a lot of emotion involved.
  • Tata Group will utilize its entire strength to bring Air India back on its feet, stated Palsikar further. Read more

SEBI to put a cap limit on PMS investments in related entities: Report

Published on: 12:11 pm

  • The capital markets regulator SEBI (Securities and Exchange Board of India) may soon tighten rules on investments by portfolio management service (PMS) firms in their group entities. Accordingly, there could soon be some new limits after the regulator realized that some new entities invest clients’ money in associate firms, reported "The Economic Times".
  • The current policy within Sebi is to cap PMS firms’ investments in all equity and debt securities of related entities put together at 30%. The market regulator is expected to ask portfolio managers to obtain the consent of clients if the money manager wants to invest in related parties, said the associated people cited above. Read more

The RBI MPC meeting has begun; expect another rate hike

Published on: 12:09 pm

  • In unison with the ECB and US Fed's rate hikes, the Reserve Bank of India's Monetary Policy Committee (MPC) is anticipated to raise the main interest rates by 35 to 50 basis points (bps).
  • Since April 2022, the RBI has effectively hiked rates by 130 basis points, favouring inflation over GDP. The RBI is anticipated to increase the repo rate by another 100 basis points in the remaining months of FY23, according to Rajani Sinha, Chief Economist at CareEdge. Read more

Archies opens six new showrooms across India during Q1FY23; Stock gains

Published on: 11:37 am

  • Archies Ltd has announced to the exchanges regarding opening of Archies New Stores at the various states of India.
  • As per the filing, Company has opened six new stores of Gifts and Stationery at the State of Haryana, Uttar Pradesh, Rajasthan, Kerala, Punjab and Delhi from April 1, 2022 to July 31, 2022 (Q1FY23).
  • Further, the company informed that it is in process of opening of four new Stores at the State of Rajasthan, Punjab and Uttarakhand from August, 2022 onwards. Read more

ICRA reaffirms rating of Nelcast’s bank facilities worth Rs480 crore; stock slips ~2%

Published on: 11:32 am

  • Nelcast Limited informed that the company has received a credit rating from ICRA. The rating agency has reviewed various bank facilities of the company.
  • The company informed that the rating agency has reaffirmed the ‘ICRA A’ rating on long-term Term Loans and Long-term fund-based limits worth Rs167.05 crore and Rs150 crore respectively. All the long-term bank facilities were given a ‘Stable’ outlook.
  • Further, ICRA has re-affirmed ‘ICRA A1’ rating to the company’s short-term fund-based limits worth Rs45 crore, and short-term non-fund-based limits worth Rs18 crore. Read more

G R Infraprojects to float Bharat Highways InvIT; Stock gains 1%

Published on: 11:13 am

  • The Board of Directors of G R Infraprojects Limited had earlier approved proposal to set up, create, float and sponsor an Infrastructure Investment Trust.
  • In addition to this, the company informed that Bharat Highways InvIT, sponsored by G R Infraprojects has been granted Certificate of Registration as an Infrastructure Investment Trust by SEBI on August 03, 2022. Read more

Early trading sees a decline in gold price

Published on: 10:49 am

  • Early on Thursday, gold prices collapsed, falling by Rs210 per 10 grams, with 24-carat gold trading at Rs51,440. Silver, on the other hand, saw a 500 rupee drop in price and was trading at Rs57,500 per kg.
  • Following a decline of Rs200, the price of 10 grams of 22-carat gold on Thursday was Rs47,150. At 02:39 GMT, the price of spot gold remained stable at $1,767.39 an ounce. Read more

Karnataka Bank partners with SCHWING Stetter India; stock rises

Published on: 10:48 am

  • Karnataka Bank Limited announced that it signed a Memorandum of Understanding (MOU) with SCHWING Stetter India Pvt Ltd, one of India's major construction equipment manufacturers.
  • The company has collaborated with SCHWING Stetter to broaden its MSME financing prospects.
  • Under this collaboration, both partners will be able to provide consumers with customized financial solutions. Read more

OnMobile Global stock plunges over 3% post Q1FY23 numbers

Published on: 10:41 am

  • OnMobile Global Limited, the global leader in mobile entertainment has announced the financial results for the first quarter of FY23 ended June 30, 2022.
  • Highlights:
  • The Revenue increased by 11% on YoY basis
  • There has been 6.7 million cumulative gross additions of subscribers by June’22
  • Q1FY23 net active base rises to 1.66 million from 1.33 million in Q4FY22 Read more

IEX’s stock under pressure as July Volume dipped 1.7% y-o-y

Published on: 10:22 am

  • Indian Energy Exchange (IEX) Limited informed that it achieved 7,151 MU volume in July 2022, which includes 6,088 MU in the conventional power market, 589 MU in the Green Power Market, and 475 MU in the REC Market. The company reported a decline of 1.7% across all segments on a y-o-y basis.
  • As per the data published by National Load Dispatch Center on power demand, the energy consumption at 128 BU saw 2.3% yoy growth in July 2022. While sequentially, it recorded a decline of 4%. National peak demand declined by 5% yoy and was 10% lower on MoM basis owing to a good monsoon spell. Read more

Vikram Singhvi appointed as new CFO of JMC Projects; stock spurts ~4%

Published on: 10:05 am

  • JMC Projects (India) Limited informed that the Board of Directors approved the appointment of Vikram Singhvi as a Chief Financial Officer of the company with immediate effect. He has also been appointed as the Key Managerial Personnel of the Company.
  • Post this development, JMC Projects’ counter was trading 3.67% higher at Rs83.30, against its previous close of Rs80.35 on the National Stock Exchange. So far in the day, it hit a high of Rs86. Read more

PI Industries stock surges 2.5% on new product launch 'BROFREYA'

Published on: 9:57 am

  • PI Industries Limited stocks rally in the market during Thursday's morning session after the announcement of product launch by the Company.
  • At around 9:56 AM, the company was trading at Rs3103.35 per share higher by Rs76.10 or 2.51% on the BSE. Previously, the scrip ended at Rs3027.25 per share on the BSE paltform.
  • According to the regulatory filing, PI Industries has launched a new product named 'BROFREYA' on August 03, 2022. The category of the product is insecticides and it caters to domestic market, the company said. Read more

KEC International plummets ~3% as PAT for Q1FY23 declines 33% y-o-y

Published on: 9:50 am

  • KEC International Limited announced its results for the quarter ended June 30, 2022.
  • Company’s counter slipped 3.20% in early morning trade as the PAT during the quarter significantly declined.
  • At around 9.38 AM, it was trading at Rs448.50, against its previous close of Rs463.35 on the National Stock Exchange. Read More

G E Shipping delivers old midsize Gas Carrier 'Jag Vijaya'; Stock rallies 2%

Published on: 9:46 am

  • The Great Eastern Shipping Company Limited (G E Shipping) delivered its 1997 built Midsize Gas Carrier 'Jag Vijaya' to the buyers. The vessel was contracted for sale in May 2022.
  • As per the filing, excluding this vessel, the Company's current fleet stands at 44 vessels, comprising 30 tankers (8 crude carriers, 18 product tankers, 4 LPG carrier) and 14 dry bulk carriers with an average age of 12.80 years aggregating 3.55 million dwt.
  • At around 9:47 AM, Great Eastern Shipping Company was trading at Rs524.30 per share up by Rs9.55 or 1.86% from its previous closing of Rs514.75 per share on the BSE. Read more

Markets bullish with Nifty 50 above 17,400; IT stocks drive

Published on: 9:34 am

  • Indian markets rallied on Thursday amid positive sentiments in global cues. Both benchmarks Sensex and Nifty 50 were on a bullish tone led by broad-based buying with IT, metals, banking stocks in the fast lane. However, the realty and oil & gas index were under pressure. Midcap stocks were also active.
  • At around 09:36 AM, Sensex was trading at 58,595.99 higher by 245.46 points or 0.42%. Nifty 50 performed at 17,462.45 up by 74.30 points or 0.43%.
  • In the early trade, Sensex has touched an intraday high of 58,712.66, while Nifty 50 clocked the day's high of 17,490.70. Read more

Lupin reports a net loss of Rs86.80 crore in Q1FY23; stock slips ~1%

Published on: 9:30 am

  • Pharma major Lupin Limited announced its results for the first quarter ended June 30, 2022. However, the company’s performance deteriorated during the period as the company made several strategic decisions to pave the way for building a sustainable and profitable business.
  • The company’s Sales dipped by 14.9% on a y-o-y basis at Rs3,604 crore in Q1FY23 as compared to Rs4,237.40 crore in the previous corresponding quarter. Sequentially, Sales declined by 6.7% against Rs3,864.50 crore in the previous quarter.
  • Company’s EBITDA during the quarter declined by 76% yoy at Rs237.90 crore as compared to Rs992.60 crore in the Q1FY22. On a sequential basis, EBITDA declined by 15.7% against Rs282.30 crore in the previous quarter. Read more

One year since IPO: Car Trade's choppy ride

Published on: 9:27 am

  • Cartrade Tech is an Indian online car marketplace website. It serves as a marketplace for groups and individuals seeking to purchase and sell used automobiles. The corporation was established in 2000 and operates many labels, including CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto, and AutoBiz. 
  • On 9th August 2021, the company opened its Initial Public Offering(IPO) with a Rs 2,999 crore issued amount and Rs10  face value per share. The firm desired to raise Rs2,998.51 crore at the top end of the price range of Rs1,585-1,618 per share The offer, which ended on August 11, 2021, was completely an OFS of 18,532,216 equity shares in which CMDB II (22.64 lakh equity shares), Highdell Investment Ltd (84.09 lakh shares), Macritchie Investments Pte Ltd (50.76 lakh shares), and Springfield Venture International (17.65 lakh shares) unloaded a portion of their holdings. Read more

Som Distilleries reports 75% MoM increase in beer sales in Uttar Pradesh; Stock up 2%

Published on: 9:19 am

  • Som Distilleries and Breweries Ltd has announced that the beer sales in the state of Uttar Pradesh for the month of July, 2022 are nearly up 75% as compared to the month of June, 2022.
  • Accordiing to the filing, this positive development reflects the acceptability of company's brands in a new and competitive market like Uttar Pradesh, the company said.
  • Som Distilleries & Breweries Ltd is an India-based company, which is engaged in the manufacture and sale of beer and Indian-made foreign liquor (IMFL). Read more

Ashoka Buildcon gets LoA from Eastern Central Railway; Stock surges 2.5%

Published on: 9:18 am

  • Ashoka Buildcon Ltd has informed to the exchanges regarding receipt of letter of acceptance (LoA) for a project.
  • As per the filing, the company had submitted its bid to the East Central Railways ("ECR") and it has received a Letter of Acceptance (LOA) from ECR for the Project viz. 'Provision of Train Collision Avoidance System (KAVACH) along with two (twenty four) 24 Fiber OFC backbone in the sections between Pt. Deen Dayal Upadhyay (DDU) and Pradhankhunta (PKA) of the East Central Railway section.'
  • The accepted Bid Project Cost for the said project is Rs208.89 crore. Read more

Ranjith Rath appointed as Chairman & MD of Oil India

Published on: 9:17 am

  • Oil India Limited announced that Ranjit Rath will take over as the Chairman & Managing Director of the company on August 2, 2022.
  • Ranjit Rath, a geoscientist with impeccable experience and expertise of more than 25 years in the field of geosciences, served as the Chairman cum Managing Director of Mineral Exploration & Consultancy Limited under the Ministry of Mines; Chief Executive Officer of Khanij Bidesh India Limited; Managing Director of Bharat Gold Mines Limited and also held other positions prior to joining CMD position at OIL. Read more

Add Shop E-Retail receives FSSAI license for manufactured spices; Stock gains 2%

Published on: 9:17 am

  • Add-shop E-Retail Ltd has announced regarding licensing process ‘for organic spices on few days back.
  • In this regard the company informed that it has got FSSAI license on Wednesday for manufactured spices on organic based products and it is ready to manufacture Organics spices now.
  • "The new range of spices will help the company to grow faster as we are highly optimistic to set a wide range of market for our products in coming future", the company said. Read more

Adani Transmission incorporates wholly-owned subsidiary; Stock under pressure

Published on: 9:16 am

  • Adani Transmission Ltd has informed that the Company has incorporated a wholly-owned subsidiary company in the name of “Adani Transmission Step-Two Limited” (ATSTL) on August 02, 2022.
  • As per the regulatory filing, the company is incorporated by Adani Transmission Limited, for transmission, distribution and supply of power and other infrastructure services relating thereto. Read more

Indian markets likely to begin the day in Green today

Published on: 8:47 am

  • Indian markets are likely to start the day in Green. Other Asian markets have begun the day today in Green. SGX Nifty is up by 0.27% since morning. As the day progresses, markets are likely to see some profit-booking too. RBI's monetary policy meeting is going on. Many investors will sell off their positions before the decision on interest rate hike comes tomorrow. 
  • US markets saw another rip roaring day with Nasdaq jumping over 320 points or 2.6% to hit 12668. Dow Jones jumped over 413 points marking an 11% rally from June lows. Nasdaq entered fresh new bull market marking 20% rally from lows of 10565 in June. Bond yields hit 2.71%. Oil prices hit US$ 91, the lowest in over 6 months. Read More

Expenditure on central government pensioners stood at over Rs2.54 trillion in 2021-22

Published on: 8:34 am

  • The Lok Sabha was informed on Wednesday that over Rs2.54 lakh crore was spent on approximately 70 lakh central government pensioners during 2021–2022.
  • The number of pensioners and family pensioners was 69,76,240. In a written response, Minister of State for Personnel Jitendra Singh listed the following pensions Read more

Fifth revenue deficit grant of Rs7,183 crore released to 14 states

Published on: 8:17 am

  • On Wednesday, the finance ministry distributed the fifth installment of the current fiscal year's Rs7,183 crore revenue deficit assistance to 14 states.
  • The 15th Finance Commission has suggested that the following states get Post Devolution Revenue Deficit Grant period 2022–2023: Andhra Pradesh, Assam, Himachal Pradesh, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, Sikkim, Tripura, Uttarakhand, and West Bengal. Read more

Takkar to take over as Chairman of Vodafone Idea board from August 19th

Published on: 8:14 am

  • Ravinder Takkar, the CEO of Vodafone Idea (Vi), will take over from Himanshu Kapania as the telco's new chairman on August 19.
  • According to a statement released by Vi on Wednesday, "The board unanimously elected Ravinder Takkar, as chairman of the VIL board, effective August 19, 2022...it (also) approved the request of Himanshu Kapania, to stand down as non-executive chairman with effect from August 18. Read more

Top 10 stocks for today

Published on: 8:12 am

  • The Nifty futures contract on the Singapore Exchange rose 71.5 points, or 0.4%, to close at 17,511, indicating that stock markets may open higher on Thursday. The following 10 stocks may be the most traded ones in today's market:
  • Vodafone Idea:
  • Following an increase in interest and finance costs as well as EBIT loss, the telecom operator reported a loss of Rs7,296.7 crore for the quarter ended June 2022 as opposed to Rs6,563.1 crore the prior quarter. The June 2022 quarter's operating revenue increased by 1.6% to Rs10,410.10 crore. Read more

Tata Power Green commissions 225 MW hybrid power project

Published on: 8:09 am

  • A 225MW hybrid power plant in Rajasthan has been commissioned by Tata Power Green Energy Limited (TPGEL), a fully owned subsidiary of Tata Power, the firm announced yesterday.
  • To fulfil its Renewable Purchase Obligation (RPO), Tata Power's mumbai distribution arm will receive the electricity produced by the project through a Power Purchase Agreement (PPA) that is valid for 25 years.
  • The revised power supply portfolio for Mumbai's customers would increase to 38 percent non-carbon power with the addition of 225 MW of hybrid power to Tata Power. The non-carbon supply will be close to 2,000 million units ( MUs) compared to the yearly requirement of over 5,200 MUs. Read more

Inox Leisure posts net profit of Rs57 crore in June quarter

Published on: 8:08 am

  • On Wednesday, Inox Leisure Ltd, a multiplex chain operator, declared a consolidated net profit of Rs57.09 crore for the quarter ended in June, driven by increasing attendance at movie theatres. In the months of April and June of the previous year, the business reported a net loss of Rs122.28 crore, according to Inox Leisure's BSE filing.
  • In comparison to the low base of the corresponding quarter the year prior, when the movie exhibition sector was negatively damaged by the second wave of the COVID-19 epidemic the company generated Rs582.26 crore in revenue from operations during the quarter under review. Read more

Satin Creditcare's net profit at Rs60 crore in June quarter

Published on: 8:07 am

  • In the three months that concluded in June 2022, Satin Creditcare Network reported a net profit after tax of Rs60 crore, driven mostly by increasing credit disbursals. The microlender reported a net loss of Rs71 crore the previous year.
  • According to a press release from the company, net interest income increased to Rs512 crore between April and June of 2022–23 from Rs157 crore during the same period in 2021–22.
  • At the end of June 2022, the company's Assets Under Management (AUM) were lower at Rs6,389 crore. A year ago, the amount was Rs6,444 crore. Read more

Adani Group and Reliance may be investing in setting up biogas units

Published on: 8:03 am

  • According to reports, Adani group and Reliance industries may be investing in setting up compressed biogas units. 
  • According to a senior executive at an oil marketing firm, RIL and Adani both intend to enter the market with multiple units.
  • Municipal trash, sugarcane press mud, and agricultural waste are all decomposed anaerobically to form CBG. Green hydrogen made from CBG is also being studied as a potential replacement for piped natural gas for domestic usage. Read more

As markets rise for the sixth day, investor wealth rises to almost Rs13.5 trillion

Published on: 8:03 am

  • In only six days, investors increased their wealth by nearly Rs13.53 trillion, with equities indexes on a winning streak amid foreign fund inflows and encouraging global indications.
  • On Wednesday, the 30-share BSE Sensex recorded its sixth consecutive session of advances, finishing 214.17 points or 0.37 percent higher at 58,350.53. 3.082.04 points, or 5.57 %, have been added to the standard during this time. Read more

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