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05th Aug, 2022

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MeitY Startup Hub and Recur Club team up to improve investments in tech start-ups

Published on: 3:54 pm

To create a thriving start-up environment in India, Ministry of Electronics and Information Technology Startup Hub (MSH) has teamed with Recur Club Technologies Private Limited, a top finance platform. This partnership intends to provide instant non-dilutive growth funding to startups and small enterprises in IT/ITes and Electronics that are tackling real-world issues using technology and innovation.
Recur Club and MSH will develop an awareness program for upskilling start-ups and small enterprises. Additionally, they will support and nurture start-ups that focus on growth strategy, effective capital management, monitoring key performance indicators, and alternative funding options. The combined efforts of the two organizations will support Indian startups in their endeavors and provide unparalleled value to the nation's entire startup ecosystem. Read more

Walmart, Flipkart to help MSMEs in Assam go digital

Published on: 3:24 pm

Walmart Vriddhi Supplier Development Programme (Walmart Vriddhi) offers small firms and entrepreneurs a complete learning platform and supports expansion with the necessary tools and abilities needed to establish and extend their business, together with free training and in-depth expert advice. To aid small and medium-sized businesses in expanding and improving, training seminars and mentorship sessions are frequently offered.
A Memorandum of Understanding (MoU) was also signed by Walmart and Flipkart with the Assam Government to establish an ecosystem that promotes and aids regional MSMEs in going digital. Read more

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NTPC declares commercial operation of fifth part capacity of 48.8 MW out of 296 MW Fatehgarh solar P

Published on: 3:15 pm

NTPC has informed to the exchanges regarding declaration of commercial operations of solar PV project.
As per the filing, consequent upon successful commissioning, fifth part capacity of 48.8 MW out of 296 MW Fatehgarh Solar PV Project at Jaisalmer, Rajasthan, is declared on Commercial Operation w.e.f. 00:00 Hrs. of 05.08.2022. Now, full capacity of 296 MW has been commissioned. Read more

Windlas Biotech posts single-digit growth numbers in Q1FY23; stock slips ~2%

Published on: 3:13 pm

Windlas Biotech Limited, one of India's top five players in the domestic pharmaceutical formulations CDMO industry, released its audited financials for the quarter ended June 30, 2022.
Company’s consolidated revenue from operations stood at Rs119.9 crore in Q1FY23 as compared to Rs111 crore in Q1FY22, clocking a growth of 8.1% yoy.
Consolidated EBITDA came in at Rs13.8 crore in Q1FY23 as compared to Rs12.4 crore in Q1FY22, up by 11.4% on a y-o-y basis. It achieved an EBITDA Margin of 11.5%. Read more

Tata Motors aspires to grow Kerala sales by more than 40% during Q2 FY22

Published on: 2:59 pm

In anticipation of the impending Onam season, domestic automaker Tata Motors intends to boost Kerala sales by 40% in the second quarter of the fiscal year 2022.
According to Rajan Amba, Vice President of sales, marketing, and customer service at Tata Motors Passenger Automobiles Ltd., Kerala is a significant market for the hatchback and SUV classes of vehicles. Read more

Q1FY23 Preview: SBI: NII seen at Rs323.1 billion; PAT at Rs107.8 billion

Published on: 2:54 pm

Result Date: 6th August
Recommendation: Buy
Target Price: Rs620
State Bank of India (SBI) could post a moderate Q-o-Q loan growth of 2% for the June 2022 quarter. As compared to the year-ago quarter, loans could grow ~15%. Net Interest Income (NII) growth is pegged at 17% over the year-ago quarter and 4% sequentially. Read more

Computer Age Management skids ~2% as board approves interim dividend of Rs6.75

Published on: 2:49 pm

Computer Age Management Services Limited informed that the board of directors of the company has approved the payment of an Interim Dividend of Rs6.75 per equity share.
The company further stated that the record date for the purposes of payment of dividends has been fixed as August 17, 2022. The stated dividend shall be paid to the shareholders whose names will be appearing in the register of members as of the record date.
The company expects to disburse the dividend on or before September 10, 2022. Read more

PhonePe releases Smart Speakers for digital payment alerts at shops

Published on: 2:48 pm

For accurate and convenient payment tracking at merchant locations, the global leader in digital payments PhonePe has released its Smart Speaker. Additionally, the Smart Speaker has been introduced in 8 cities and PhonePe merchant partners have already started using over 100,000 units.
According to the company, the product provides payment alerts in 11 Indian languages, does indeed have a battery life of up to 4 days along with doorstep installation for just Rs 50 as a one-time setup fee, and a low monthly subscription of Rs50. Read more

Adani Group to buy Macquarie Asia Infra Fund’s India Toll Roads in AP and Gujarat for Rs3,110 crore

Published on: 2:23 pm

Adani Enterprises Ltd (AEL) has informed that its wholly-owned subsidiary Adani Road Transport Ltd (ARTL) has entered into a definitive agreement to acquire Gujarat Road and Infrastructure Company Ltd (GRICL) (owned 56.8% by Macquarie Asia Infrastructure Fund) and Swarna Tollway Private Ltd (STPL) (which owned 100% by Macquarie Asia Infrastructure Fund).
Accordingly, ARTL will acquire 56.8% in GRICL and 100% stake in STPL subject to regulatory approval. The transaction is expected to close in September 2022, the company said.
Swarna Tollway has two stretches of toll roads in the state of Andhra Pradesh: Read more

Biocon Biologic’s Malaysian arm recognized as largest integrated insulin manufacturer by MBR

Published on: 2:20 pm

Biocon Limited announced that Biocon Biologic's subsidiary Biocon Sdn. Bhd., Malaysia has entered the prestigious Malaysia Book of Records (MBR).
MBR recognised the company’s 562,000 sq. ft. facility as the first and largest integrated insulin manufacturer in Malaysia. MBR officially recognises record-breaking and record-creating achievements in Malaysian fields such as human endeavour, building & structures, transportation, arts & entertainment, business, sports & games, science & technology, nature, and so on.
Biocon Biologics has established an insulin Center of Excellence (CoE) in Malaysia, with end-to-end capabilities to manufacture a diverse portfolio of regular, basal, and rapid insulins. Read more

Q1FY23 Preview: BPCL: Net Loss seen at Rs23.37 billion

Published on: 2:07 pm

Result Date: 6th August
Recommendation: Buy
Target Price: Rs424
Ramp up of utilization at the Kochi refinery could aid Bharat Petroleum Corporation (BPCL)'s refinery throughput in the June 2022 quarter. Sales volumes of marketing as well as exports segments is likely to grow at a healthy pace. Read more

Venky’s India nosedives ~10% on muted Q1FY23 financial performance

Published on: 1:59 pm

Venky’s India Limited announced its results for the quarter ended June 30, 2022.
Company's counter took a plunge as it disclosed single-digit decline in Net profit on a y-o-y and sequential basis.
At around 2.02 PM, Venky's India was trading 10.17% lower at Rs2,154.55 per piece, as against previous close of Rs2,398.50 on the National Stock Exchange. So far, it dipped to a low of Rs2,139.95. Read more

Ind Ra affirms Mangalam Cement's CP at 'IND A1+'; Stock surges 1%

Published on: 1:35 pm

India Ratings and Research (Ind-Ra) has affirmed Mangalam Cement Limited’s (MCL) commercial paper (CP) rating worth Rs750 crore at 'IND A1+'.
At around 1:37 PM, Mangalam Cement was trading at Rs314.90 per share up by Rs2.9 or 0.93% from its previous closing of Rs312 per share on the BSE.
The scrip opened at Rs312 and has touched a high and low of Rs320 and Rs310.10 respectively so far today. The current market cap of the company is Rs857.92 crore. Read more

Havells launches its innovative Crabtree Signia switches in Kochi; stock slips ~1.5%

Published on: 1:35 pm

Havells India Limited, a leading Fast Moving Electrical Goods (FMEG) company, launched its innovative Crabtree Signia switches in Kochi today.
The range is categorized into mart and luxury switches (Signia Smart and Signia Grande), both of which feature high-end aesthetics and technology designed in-house at Havells' R&D centre.
Customers can select from smart and mechanical switches in the same design and match them to the décor of their homes. Read more

Zilingo - This time in the news for wrong reasons

Published on: 1:06 pm

Zilingo is in the news these days for wrong reasons. The company started as a platform for business and technology in the fashion sector. Ankiti Bose and Dhruv Kapoor launched the Singapore-based firm in 2015.
It started by helping small merchants in cities like Bangkok and Jakrata set up an e-commerce presence. It later became a B2B marketplace.
The company now has operations around the world in Indonesia, Hong Kong, Thailand, the Philippines, Australia, and the United States. Read more

Dhanuka Agritech Q1FY23 PAT rises 1.05% yoy to Rs49.11 crore; Stock rises

Published on: 1:04 pm

Dhanuka Agritech Limited, one of the leading agri input companies in India has reported financial results for the first quarter of 2022-23 financial year.
Gurugram-headquartered firm clocked Rs49.11 crore profit during April-June quarter of FY23, up 1.05 per cent from the same quarter of the previous fiscal year.
As per the filing, Total income grew 10 per cent to Rs409.58 crore in the first quarter of this fiscal from Rs371,54 crore in the corresponding period of FY'22. Read more

Why has the RBI not lowered its GDP and Inflation estimates for FY23?

Published on: 12:46 pm

In its MPC meeting today, RBI has raised repo rate by 50 basis points to 5.4%. One basis point is .01%. Repo rate is the rate at which RBI lends to banks. It acts as the effective benchmark interest rate in India. The interest rate that banks charge from their borrowers is based on the repo rate.
RBI has also increased Standing Deposit Facility (SDF) rate to 5.15% from 4.65%. SDF is the rate that RBI pays to banks when they deposit their excess liquidity with it. By raising SDF too, RBI is trying to give a further push up to interest rates. Read more

USFDA completes inspection at Aurobindo Pharma's Unit VII in Hyderabad

Published on: 12:23 pm

Aurobindo Pharma Ltd has informed to the exchanges regarding completion of USFDA Inspection at its registered Unit VII.
According to the filing, the Company's Unit VII, an oral manufacturing facility situated at Jedcherla, Hyderabad, received an Establishment Inspection Report (EIR) mentioning the inspection a Voluntary Action Initiated (VAl) from the USFDA and with this inspection is concluded, the company said. Read more

ABB’s OPT800 Lime APC solution preferred by Andhra Paper; stock jumps ~2%

Published on: 12:20 pm

ABB India Limited informed that Andhra Paper Limited (APL), India's largest integrated pulp and paper manufacturer, has installed an ABB advanced process control (APC) solution in their lime kiln at their Rajahmundry mill.
ABB India has integrated their OPT800 Lime APC solution into APL's existing ABB Ability System 800xA distributed control system to assist in reducing the energy demands of the highly interactive lime kiln production process (DCS).
OPT800 Lime allows for greater control over the lime production process. Lime mud is calcined into quick lime, which is then processed to produce white liquor in the kraft recovery process. Because the process is endothermic, a significant amount of energy is required in the calcination process, which is one of the major contributors to the mill's energy costs. Read more

Ind-Ra upgrades long-term issuer rating of Panchmahal Steel to ‘IND BBB’

Published on: 11:59 am

Panchmahal Steel Limited informed that India Ratings and Research (Ind-Ra) has upgraded the Long-Term Issuer Rating to ‘IND BBB’ from ‘IND BBB-’.
Ind-Ra has given an ‘IND BBB/IND A3+’ rating to the company’s Fund-based working capital limit worth Rs55 crore. The outlook has been kept as ‘Stable’.
Ind-Ra has upgraded the rating to ‘IND A3+’, assigned to the company’s non-fund-based working capital limit worth Rs92 crore. Read more

DCM Shriram inks pact with ReNew Power to set up 50MW hybrid project in Gujarat

Published on: 11:46 am

DCM Shriram Ltd, India’s leading renewable energy company, has announced signing of two Captive Power Agreements (CPAs), to supply 50 MW of renewable energy from its two upcoming projects in Bhavnagar in Gujarat, to DCM Shriram’s Chlor-Alkali manufacturing facility unit in Bharuch district, Gujarat.
As per the filing, the combined transaction is one of the largest corporate renewable power supply deals in India under an OpEx (operating expenses) with a captive model.
Speaking on the occasion, Ajay S. Shriram, Chairman and Sr. Managing Director, DCM Shriram Ltd. said, “Our group is committed to improve our energy presence all over and this is a crucial step in that direction. We are super happy to partner with ReNew Power for our Chlor-Alkali manufacturing facility at Bharuch.” Read More

EaseMyTrip-led Thai arm to bolster SpiceJet’s Sales in Thailand

Published on: 11:33 am

EaseMyTrip’s wholly-owned arm, EaseMyTrip Thai, signs an exclusive General Sales Agreement with SpiceJet Airline to sell, promote and market passenger tickets and other services to passengers in Thailand effective September 1, 2022.
To provide a strong market share, EaseMyTrip Thai seeks to extend operations of SpiceJet with the opening of an independent branded office and to mark the presence of airlines in Phuket, Bangkok, and other locations in an attempt to serve larger travel markets.
This is the first-of-its-kind agreement entered into by EaseMyTrip Thai. This agreement extends to 2 years exclusively with SpiceJet as a strategic intervention which is an attempt for both companies to grasp a strong foothold in the Thai Market. Read more

HDFC locks Landmark USD 1.1 billion Syndicated Social Loan Facility

Published on: 11:04 am

HDFC Limited announced closing of the USD 1.1 billion Syndicated Social Loan Facility to finance affordable housing in India. The loan has been priced competitively at a margin of 90 bps over SOFR (Secured Overnight Financing Rate).
The company highlighted that the said transaction represents several significant milestones, namely, India's largest social financing issuance, the largest social loan globally, the first social ECB loan originated outside of India, and the largest ECB loan deal initiated by a Housing Finance Company/private NBFC in India.
This historic financing advances HDFC's long-standing goal of becoming India's leading housing finance provider. Read more

IndusInd Bank partners with M2P to offer digital first and digital only products

Published on: 10:33 am

IndusInd Bank has partnered with M2P Fintech, global leader in embedded API infrastructure to roll out path breaking customer value propositions across payments and lending solutions.
Last year, the Bank has announced its ideas to launch a unique, personalized experience led customer value proposition as part of ‘IndusInd Bank - Digital 2.0’ strategy. accordingly, the Bank is continuing its focus on building digital first and digital only business models further expanding its digital suite of products.
The Bank will leverage M2P’s cutting-edge technology backed by analytics to deliver hyper-personalized offering across payments and lending, making these solutions a first of their kind in India. Read More

Adani Ports SEZ, AD Ports Group to make Joint Infrastructure investment in Tanzania

Published on: 10:32 am

AD Ports Group and Adani Ports and SEZ Ltd., have signed a Memorandum of Understanding (MoU) for joint strategic investments in end-to-end logistics infrastructure and solutions in Tanzania, including rail, digital services, port operations, maritime services, an industrial zone, and the establishment of maritime academies.
The two companies entered into the alliance kicking off a series of potential country-level investments to build, improve, and promote an end-to-end maritime and logistics ecosystem that will position Tanzania as an African hub. Read more

Adani Enterprises & Israel Innovation Authority sign MoU to develop cutting-edge tech solutions

Published on: 10:10 am

Adani Enterprises Ltd (AEL), the business incubation subsidiary of the Adani Group, has inked an MoU with the Israel Innovation Authority (IIA), the premier public-funded agency overseeing Israel's innovation policy, for cooperation in technological innovation between Adani Group and Israeli companies.
This cooperation will deepen the existing partnerships that Adani has already established over the past six years in Israel, the company reported.
Accordingly, the MoU will lead to the creation of a cutting-edge innovation platform that will allow Adani businesses to access tech solutions provided by Israeli start-ups whereby selected innovation projects will be supported by the partnership. The collaboration will span climate change, cyber, Al, 5G, agriculture, all of which are core businesses for Adani. Read more

Cipla’s UK arm to acquire additional 19.16% stake in JV Cipla Maroc

Published on: 9:50 am

Cipla Limited informed that its wholly-owned UK arm, Cipla (EU) Limited, has agreed to acquire an additional 19.16% stake in Cipla Maroc SA, a joint venture and subsidiary of Cipla EU in Morocco.
Cipla Maroc SA is a joint venture between Cipla EU Limited, The Pharmaceutical Institute (PHI), and Societe Marocaine De Cooperation Pharmaceutique (Cooper Pharma) with 60%, 24.20%, and 15.80% stakes respectively.
The JV Co. has enabled Cipla to establish a front-end participation in Morocco's pharmaceutical market, serving as the launch vehicle for Cipla's portfolio while leveraging partners' commercial strengths. Read more

Captain Polyplast empaneled as EPC vendor by Madhya Gujarat Vij Company; Stock trades flat

Published on: 9:43 am

Captain Polyplast Limited has announced that it has been empaneled as an EPC vendor by Madhya Gujarat Vij Company Ltd (MGVCL) under MNRE / Surya Gujarat scheme.
As per the filing, the company has been allocated initial target for installation of 4.3 MW of residential rooftop projects. The complete execution of the allocated target could generate revenue of Rs18 crore. Read More

Markets in green ahead of RBI policy; Nifty above 17,400 led by financials and realty stocks

Published on: 9:38 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 in the green led by broad-based buying across sectoral indices with banking, financials, realty, IT and metal stocks were marginally higher. A scattered trend was seen in global cues while a volatile session is expected in the indian markets in the day ahead.
The Reserve Bank of India (RBI) is set to present India's third bi-monthly monetary policy for 2022-23 today. Markets, economists and investors are expecting yet another interest rate hike to tame inflationary pressure. Read more

Choice International’s board approves 1:1 bonus issue

Published on: 9:30 am

Choice International Limited informed that the board of directors of the company recommended a bonus issue in the ratio of 1:1. This means shareholders will be issued one equity share for each fully paid up equity share held as on record date fixed for the purpose.
On completion of the bonus issue, the total paid-up share capital will increase to Rs99.52 crore from the existing Rs49.76 crore.
However, the bonus issue is yet subject to the approval of shareholders at the 29th Annual General Meeting and any other applicable statutory and regulatory approvals, as may be required. Read more

Kalpataru Power’s Q1FY23 PAT jumps 13% y-o-y at Rs88 crore; stock under pressure

Published on: 9:21 am

Kalpataru Power Transmission Limited (KPTL), a leading global infrastructure EPC company, announced its results for the first quarter ended June 30, 2022.
The company reported a 15% yoy growth in consolidated Revenue at Rs3,677 crore in Q1FY23. The company’s consolidated EBITDA logged a 6% yoy growth at Rs315 crore. It achieved an EBITDA margin of 8.6%
Kalpataru recorded a growth of 13% on a y-o-y basis in consolidated PAT at Rs88 crore in Q1FY23. Read more

Pioneer Embroideries sells Coimbatore unit for Rs13 crore; Stock gains 2%

Published on: 9:19 am

The Board of directors of Pioneer Embroideries Ltd has approved the sale of its Coimbatore unit.
As per the filing, the Company has sold the factory land & building/structure situated at Coimbatore unit at total consideration amounting to Rs13,00,05,000/- vide Sale Deed dated August 03, 2022.
The Company shall use the sale proceeds towards greenfield embroidery facility at Shree Ganesh Textile Park, Degaon, Dhule, Maharashtra, the company said. Read more

Rane Holdings stock rallies over 3% post healthy Q1FY23 numbers

Published on: 9:18 am

Rane Holdings Limited, the holding Company of Rane group has announced financial performance for the first quarter (Q1FY23) ended June 30, 2022.
Group Aggregate Performance - Q1 FY23
Total Revenue was Rs1,624.3 crore in Q1 FY23 compared to Rs1,096.4 crore in Q1 FY22, an increase of 48.1%
EBITDA stood at Rs119.7 crore compared to Rs64.1 crore during Q1 FY22, an increase of 86.8%
EBITDA Margin at 7.4% for Q1 FY23 against 5.8% in Q1 FY22
PBT stood at Rs50.3 crore for Q1 FY23 compared to Rs27.2 crore in Q1 FY22, an increase of 84.6% Read more

Choice International's revenue rises 24% yoy to Rs74.5 crore in Q1FY23

Published on: 9:17 am

Choice International Limited, one of the leading financial conglomerate providing technology led financial solution across India has announced its results for quarter and period ending June 30, 2022.
Consolidated Q1 FY23 Financial Highlights
Revenue Growth of 24.1% yoy to Rs745 million
EBITDA of Rs176 million; Margin of 22.3%
Net Profit of Rs77 million; Margin of 9.8%
61% revenue share form broking service compared to 27% from Advisory and 12% from NBFC Read more

GAIL logs 161% y-o-y growth in Q1FY23 Revenue at Rs37,572 crore; stock skids ~3%

Published on: 9:17 am

GAIL (India) Limited announced its results for the quarter ended June 30, 2022. The company recorded a 116% yoy increase in Revenue from operations at Rs37,572 crore in Q1FY23 as compared to Rs17,387 crore in the corresponding quarter of the previous financial year.
Company’s Profit after Tax (PAT) jumped 91% y-o-y to Rs2,915 crore in Q1FY23 as compared to Rs1,530 crore in the corresponding quarter of last fiscal.
The company outlined that the positive results were mainly on account of increased gas marketing and transmission volumes, better marketing spread, and higher product prices. Read more

Kalyan Jewellers logs PAT of Rs108 crore with revenue growth of 104% yoy in Q1FY23; Stock soars 2.7%

Published on: 9:16 am

Kalyan Jewellers India Limited has witnessed continued robust momentum in both footfalls and revenue across markets in India and in the Middle East during recently concluded quarter i.e. June 30, 2022.
The Company registered consolidated revenue of Rs3,333 crore for Q1FY23, a growth of 104% as compared to Rs1,637 crore in the corresponding quarter of the previous year. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was recorded at Rs264 crore, a growth of 283% as compared to Rs69 crore in the same quarter of the previous year. Read more

SBI Ecowrap: India's FY23 fiscal deficit may be approximately 6.5%

Published on: 8:37 am

The report stated that the fiscal deficit is projected to be around 6.5% of GDP (Budgeted: 6.4% of GDP) because greater nominal GDP will act as a cushion.
In comparison to Q1 FY22, where the fiscal deficit was 18.2% of the annual objective, Q1 FY23's fiscal deficit was 21.2%. A record amount of GST income has been generated, and this substantial tax collection has been made possible by increased compliance and increasing economic activity.
In terms of spending, the government has increased capital expenditure (23.4% of BE in FY23 versus 20.1% of BE during the same period in FY22), which is positive for our economic potential. Read more

Indian markets may start the day on a cautious note

Published on: 8:33 am

Indian equity markets may start the day today on a cautious note. RBI is all set to announce interest rate hike today. Further increase in interest rate will slow down the economy but the Central Bank is focussing on controlling inflation. Rupee's continued decline remains a major concern for Indian equity markets. Oil prices declined further. This is a positive factor for the markets. Some amount of selling is also expected to take place today before the monetary policy decision.
US markets saw another volatile day yesterday with profit booking being seen in Dow Jones after the stellar rally of the previous day. It closed lower by 85 points. Nasdaq continued to go higher as it entered a new bull market phase, gaining over 20% from June lows. US bond yields traded lower near 2.67% . Oil prices hit 6 month lows with WTI crude hitting US$ 87. Read more

Dabur India sees 50% sequential surge in Consolidated Profit After Tax

Published on: 8:33 am

In comparison to the same period last year, Dabur India Ltd. declared a flat consolidated Profit After Tax (PAT) for the quarter ended June 2022 (Q1FY23) at Rs441 crore on August 4. The PAT increased slightly from Rs438 crore last year by 0.6%. It increased by 50% sequentially from the Rs294 crore PAT registered in the preceding quarter.
The total income for the quarter increased 8% from the prior year to Rs2.822 crore. Revenue climbed 12% sequentially.
Strong 180% YoY growth in its retail division and strong double-digit growth in its food and other companies both contributed to revenue growth. Sequentially, the food industry saw a 69 percent growth in revenue, followed by increases of 37% and 15% in the other and retail industries. Read More

Adani Total Gas posts a flat performance for Q1FY23

Published on: 8:10 am

The company increased sales of piped cooking gas and CNG. According to a statement from the company, net profit for April through June was unchanged from the same period last year at Rs138 crore.
The company, a joint venture between the Adani Group and TotalEnergies of France for city gas, saw CNG sales to autos jump 61% to 109 million standard cubic meters (mmscm) in the quarter and piped cooking gas sales to households rise 3% to 74 mmscm.
The cost of obtaining natural gas, which is transformed into compressed natural gas (CNG) for sale to autos and delivered to homes for cooking purposes, tripled to Rs785 crore in the first quarter of the current fiscal year from Rs245 crore the previous year, negating this. Read more

Moody's upgrade outlook for Yes Bank to "stable"

Published on: 8:06 am

Following the announcement of Yes Bank's proposal to raise equity capital last week, Moody's said on Thursday that it has raised the bank's rating while changing the outlook to "stable." The private sector lender's long-term foreign currency issuer rating and long-term foreign and local currency back deposit ratings have been raised by the global rating agency to "Ba3" from "B2."
Additionally, it has modified the Baseline Credit Assessment (BCA) to 'b1' from 'b3' and changed the outlook on Yes Bank's ratings from 'positive' to 'stable'. Read more

Loan growth and recoveries drive six folds increase in LIC Housing's earnings

Published on: 8:03 am

In the quarter that ended in June 2022, LIC Housing Finance's profit after tax multiplied six times to Rs925 crore from Rs153 crore, driven by an increase in individual loans, lower impairment charges as a result of declining non-performing assets (NPAs), and a rise in net interest margin (NIM).
At the end of June, the value of home loans to people increased by 15% year over year, reaching Rs2.09 lakh crores.
Profits increased as impairment expenses dropped 63% to Rs308 crore from Rs830 crore a year earlier. Gross NPAs decreased from 5.93% as of June 30, 2021, to 4.96%. Read more

Bank of England is preparing to sell QE bonds

Published on: 8:00 am

With a 40-billion-pound ($49 billion) sales programme due to begin next month, the Bank of England is poised to make history as the first major central bank to sell some of the government bonds it acquired over more than a decade of quantitative easing.
The Monetary Policy Committee of the Bank of England stated on Thursday that it was "provisionally minded" to begin sales in the second half of September, pending market and economic conditions as well as an affirmative vote at its upcoming meeting on September 15.
At a press conference, Deputy Governor Dave Ramsden stated that once the programme had started, there would be a "high bar" to changing gilt sales owing to market conditions. Read more

Top 10 stocks for today

Published on: 7:58 am

The Singapore Exchange's Nifty futures traded 51.5 points, or 0.30%, higher at 17,448.5, indicating that the stock market may have a positive start on Friday. The following 10 stocks may be the most traded ones in today's market:
Axis Bank:
The private lender will close its UK unit after the deal to sell OpenPayd Holdings 100% of the stake was terminated. Axis Bank told the exchanges in March 2021 that it has entered into a share purchase agreement with OpenPayd Holdings for the sale of a 100% stake in Axis Bank UK. Read more

As competition increases, Russia undercuts Saudi oil in India

Published on: 7:41 am

Russia has lowered the price of oil from its OPEC+ ally Saudi Arabia, opening the door for Moscow to increase market share in one of the largest crude importers. A tough competition is developing in India as a result.
Between April and June, Russian barrels were less expensive than Saudi crude, with the difference growing to roughly $19 per barrel in May, according to calculations made by Bloomberg using information from the Indian government. In June, Russia eclipsed the monarchy to take over second place behind Iraq as India's largest supplier. Read more

FMCG sales decline by 8% in July

Published on: 7:39 am

The value of the fast-moving consumer goods (FMCG) market in India declined by 8%, but sales of electronic items like air conditioners and refrigerators remained unchanged from June to July, showing that rising prices are still having an impact on demand.
According to the most recent study by Bizom and industry estimates, the sales of consumer electronics have nearly stopped declining, but FMCG has had three straight declines.
However, compared to a year before, grocery sales increased by 5%. Companies reported that they are beginning to notice signs of demand recovery and anticipate a steady improvement in the current quarter, particularly for staples. Read more

Tiger Global sells 2.34% stake in Zomato

Published on: 7:37 am

Tiger Global announced on Thursday that it has sold a 2.34% stake in Zomato, or 184.4 million shares, between July 25 and August 2, following Moore Strategic Ventures and Uber Technologies.
Tiger Global owned 5.11% of the company before this transaction, per an exchange filing. The percentage of its shares has now dropped to 2.77%.
Tiger Global purchased Zomato shares in two instalments, the first in September 2020 at a $3.4 billion valuation. Zomato raised $250 million later in February 2021 from a number of investors, including Tiger Global, for an estimated valuation of $5.4 billion. Read More