Latest News and Updates

12th Aug, 2022

Omaxe receives a two-notch credit upgrade by CARE Ratings; Stock gains 1.5%

Published on: 3:16 pm

  • Omaxe Limited has been assigned a credit rating of CARE BBB-/Stable by CARE ratings limited. The revised stable outlook is a testimony to the company's constant effort towards optimising their financials. It also depicts the company's strong positioning and footprint in the real estate industry.
  • Commenting on the assigned rating Atul Banshal, Finance Director - Omaxe Limited said, "We are pleased that Omaxe has received a BBB- credit rating from CARE Ratings. The upgrade in credit rating has come at a time where the company has a strong business pipeline and robust cash flow visibility for the short-midterm period. It reflects the management's aspiration to progress towards reinstating company's intrinsic value and strengthen the balance sheet. Read more

ICRA reaffirms rating for Mahindra & Mahindra’s BLR, NCD

Published on: 2:50 pm

  • Mahindra & Mahindra Limited informed that ICRA Limited reaffirmed the ratings on company’s bank facilities worth Rs2,742.50 crore.
  • ICRA has reaffirmed the ‘ICRA AAA’ rating on the company’s Non-convertible Debenture Programme, Fund Based Term Loan, and Long-term, Non-fund Based Facilities. All these instruments are assigned a Stable outlook.
  • The ratings outstanding on the Rs1,000 crore commercial paper (CP) programme stand reaffirmed and withdrawn as there are no obligations outstanding against the rated instrument. Read more

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Jindal Stainless clarifies on media buzz titled 'Jindal Steel to set up green hydrogen plant'

Published on: 2:25 pm

  • Jindal Stainless Limited has given clarification on media report titled “Jindal Steel to set up green hydrogen plant”.
  • In this regard, the company informed that it has not entered into any partnership to install green hydrogen plant as mentioned in few media reports. Read more  

Trent clocks 303% y-o-y growth in Q1FY23 PAT at Rs180 crore; stock jumps ~3%

Published on: 1:58 pm

  • Trent Limited announced its financial results for the quarter ended June 30, 2022.
  • The company reported revenue of Rs1,756 crore in Q1FY23, up by 408% yoy against Rs345 crore in the previous corresponding quarter.
  • Company’s Profit from Operations for Q1FY23 was reported at Rs180 crore, up by 303% yoy against a loss of Rs89 crore in Q1FY22. Read more

Ind Ra upgrades Xpro India to 'IND BBB+' with Stable outlook; Stock zooms 4.5%

Published on: 1:30 pm

  • India Ratings and Research (Ind-Ra) has upgraded Xpro India Limited (XIL)’s Long-Term Issuer Rating to ‘IND BBB+’ from ‘IND BBB’. The Outlook is Stable.
  • As per the rationale report, the upgrade reflects a growth in XIL’s scale of operations in FY22, driven by an increase in sales volumes and realisations resulting from improved demand for Biax di-electric films. Read more

Cost of fuel on August 12

Published on: 1:24 pm

  • The most recent price notice from fuel merchants indicated that the price of gasoline and diesel remained stable on August 12.  Mumbai charges Rs106.31 for a litre of gasoline and Rs94.27 for a litre of diesel. Delhi charges Rs96.72 for gasoline and Rs89.62 for diesel per litre, respectively.
  • In Chennai, the cost of gasoline and diesel is Rs102.63 and Rs94.24; in Kolkata, it is Rs106.03 and Rs92.76. Read more

Greaves Cotton reports highest consolidated revenue of Rs660 crore in Q1FY23; stock surges ~5%

Published on: 1:23 pm

  • Greaves Cotton Limited announced consolidated revenues of Rs660 crore for the quarter ended June 30, 2022, representing a healthy 188% year-on-year jump over Q1FY22.
  • Company’s profit growth was improved, with EBITDA of Rs38 crore and profit after tax at Rs16 crore.
  • Company’s new businesses continue to grow rapidly, accounting for 56% of total revenue in Q1FY23. The retail sales of the E-Mobility business were 29,577 units this quarter, registering a growth of 19% from Q4FY22. Read more

Balaji Speciality Chemicals submits draft IPO documents

Published on: 1:17 pm

  • Incorporated in 2010, Balaji Speciality Chemicals is a division of Balaji Amines Ltd. It is the sole producer of specialized chemicals using the monoethanolamine (MEA) process, including ethylene diamine (EDA), piperazine anhydrous (PIP), and diethylenetriamine (DETA), aminoethyl ethanolamine (AEEA), and aminoethyl piperazine (AEP).
  • The firm produces chemicals that serve as import substitutes for a variety of sectors, including medicine, agrochemicals, and specialty chemicals. Some of its principal clients are Aarti Drugs Ltd., Dr. Reddy's Laboratories Ltd., Korea India Ltd., UPL Ltd., and Nanjing Union Chemical Co. Ltd.
  • However, on August 12, Balaji Speciality Chemicals, a specialty chemical firm based in Solapur, submitted preliminary documents for an initial public offering (IPO) to the Securities and Exchange Board of India (SEBI). Read more

Teenage use of Facebook has dramatically decreased in the past 7 years

Published on: 1:07 pm

  • The percentage of American teenagers (aged 13 to 17 years) who use social media has dropped from 71% in 2014–15 to 32% as of right now, according to a recent Pew Research Center poll, which is concerning for Mark Zuckerberg's Facebook.
  • TikTok, a Chinese platform for short videos, has rapidly gained popularity and is currently one of the top social networking sites for teenagers. Read more
  

IIAS urges shareholders to reject the CEO's re-appointment, Paytm's stock drops by 5%

Published on: 12:58 pm

  • After proxy advisory firm, Institutional Investor Advisory Services India (IIAS) recommended shareholders of Paytm parent to vote against Vijay Shekhar Sharma's reappointment as its chief executive and against his salary, shares of One 97 Communications fell more than 5% in Friday's trading.
  • According to IIAS, Vijay Shekhar Sharma has already made a number of promises to turn the business profitable, but none of them have materialized. Read More

Apollo Hospitals plunges ~3% on sluggish growth numbers in Q1FY23

Published on: 12:53 pm

  • Apollo Hospitals Enterprises Limited reported consolidated revenue of Rs3,796 crore in Q1FY23, up by 7% sequentially.
  • Further, the company reported an EBITDA of Rs626 crore in the quarter ended June 30, 2022, clocking 14% growth over the last quarter.
  • Company reported a consolidated PAT of Rs317 crore, after a deferred tax reversal of Rs147 crore. While Adjusted PAT stood at Rs171 crore in Q1FY23 against Rs178 crore in Q4FY22.
  • "The first quarter of the new fiscal year saw a significant increase in demand for non-CO VID health services, which bodes well for growth this fiscal year,” commented Prathap C. Reddy, Chairman, Apollo Hospital Group. Read More

Rupee falls 9 paise to 79.71 / dollar

Published on: 12:32 pm

  • The rupee lost 9 paise to 79.71 against the US dollar in Friday's opening trading, following the strength of the US dollar on the international market and rising crude oil prices.
  • At the interbank foreign exchange, the rupee began at 79.67 versus the dollar before falling further to 79.71, losing 9 paise from the previous level. To end the day at 79.62 versus the US dollar, the rupee lost 37 paise on Thursday.
  • Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, reports that despite a decline in the dollar index and an increase in Asian currencies, the Indian rupee declined on Thursday due to the government, defense, and oil industries' significant purchases of the US dollar. Read more

Happiest Mind Tech brings in ‘Identity Vigil 2.0’ powered by OneLogin

Published on: 12:18 pm

  • Happiest Minds Technologies Limited today announced the launch of Identity Vigil 2.0 – a next-gen signature IDaaS MSSP solution powered by OneLogin.
  • Happiest Minds' Identity Vigil is a copyrighted Identity Management Managed Services Platform. The innovative 360-degree platform is highly scalable and provides secure access to SaaS and enterprise apps across roles and privileges.
  • OneLogin is a cloud-based identity and access management (IAM) provider, that designs and develops secure and unified access management (UAM) platforms. Read more

Ind Ra affirms Equitas Small Finance Bank's short-term issuer rating at 'A1+'

Published on: 12:14 pm

  • Equitas Small Finance Bank Ltd stocks trade flat at Rs43.60 per share on Friday after the India Ratings and Research (Ind-Ra) has affirmed its credit facilities.
  • According to the rating rationale report, Ind Ra has affirmed Equitas SFB's Short-term Issuer Rating at 'IND A1+':
  • The Chennai-based Equitas is a small finance bank, with 876 banking outlets and presence in 18 states and union territories at Q1FYE23. Read more

Wonderla Holidays spurts ~4% on magnificent performance in Q1FY23

Published on: 12:03 pm

  • Wonderla Holidays Limited, India's largest amusement park chain, has released its financial results for the first quarter of the fiscal year 2022. The company registered several firsts in this blockbuster quarter.
  • Company’s Gross Revenue for Q1FY23 stood at Rs152.30 crore as compared to Rs5.43 crore during the previous corresponding quarter.
  • It reported an EBITDA of Rs94.20 crore in the quarter ended June 30, 2022, as against Rs9.05 crore in the same quarter last year. Read more

SEBI to introduce strict eligibility criteria for stocks inclusion in F&O segment: Report

Published on: 11:52 am

  • Capital market regulator The Securities and Exchange Board of India (SEBI) is planning to introduce new rules to strict the eligibility criteria for the inclusion of stocks into the equity derivatives segment, the "Economic Times" reported on Friday, citing sources in the know of the development.
  • Accordingly, the proposes stricter rules could restrict the entry of various thinly-traded stocks into futures and options, they said.
  • SEBI may propose that for being eligible for inclusion or to remain in the derivative segment, the average daily delivery value of a share should be at least Rs10 crore to Rs20 crore in the previous six months on a rolling basis, the report noted. Read more

Shapoorji Pallonji proposes to shed 1.25% stake in Sterling & Wilson; stock dips ~4%

Published on: 11:48 am

  • Shapoorji Pallonji and Company Private Limited have proposed selling its 1.25% stake in green energy company Sterling and Wilson Renewable Energy Ltd. (SWREL).
  • Shapoorji anticipates selling up to 23,70,787 equity shares having a face value of Rs1 each, representing 1.25% of the total issued and paid-up equity share capital of the company. Read more

Venture capitalist Prashanth Prakash to sponsor geriatrics section at IISc Medical School

Published on: 11:47 am

  • In an agreement with the Indian Institute of Science (IISc), the chairman of Karnataka Startup Vision Group and venture capitalist Prashanth Prakash promised to establish a geriatrics section at the hospital that would be built on the IISc's expansive Bengaluru campus.
  • The contribution's dollar value was not disclosed. Its opening is targeted at the beginning of 2025 under the name Shantha & Prakash Geriatrics Wing. State-of-the-art amenities will be available in the wing. Read more

Adani Group mulls Rs57,575 crore investment for Alumina and Iron Ore Projects in Odisha

Published on: 11:33 am

  • The Adani Group, India's fastest-growing diversified portfolio of infrastructure, energy, and utility businesses, will invest Rs57,575 crore in Odisha.
  • The Odisha government's High-Level Clearance Authority (HLCA), led by Chief Minister Naveen Patnaik, approved the Adani Group's proposal to build two projects: a 4 MMTPA Integrated Alumina Refinery and a 30 MMTPA Iron Ore (Value Addition) Project.
  • "Odisha is one of the nation's most proactive states, and we are thankful for the assistance we have received from the Hon'ble Chief Minister, Naveen Patnaik," said Gautam Adani, Chairman of the Adani Group. Read more

TagZ Foods will make cookies with hemp

Published on: 11:28 am

  • The snack company TagZ Foods says it is actively extending its product line and has introduced cookies made with hemp. With this move, TagZ Foods joins a growing number of international and more recent direct-to-consumer businesses that provide items made with hemp.
  • It said in a statement that starting next week, the goods, which are known to improve heart health, will be available on Swiggy Instamart and its portal. Read more

CDG Petchem announces closure of existing safety net manufacturing unit

Published on: 11:05 am

  • CDG Petchem Limited stocks in focus after the announcement of closure of existing Safety net manufacturing unit and adoption of new business line.
  • As per the filing, the company informed that the board of directors at their meeting held on August 10, 2022 has decided to Close the existing Safey net manufacturing unit due to non-viability of business and to avoid losses. Read more

Ashoka Buildcon receives LOI for project worth Rs254.50 crore; stock soars ~2%

Published on: 10:58 am

  • Ashoka Buildcon Limited informed that it has submitted its bid to Provident Housing Limited.
  • The bid is for the Project Civil and Structural Finishes work for Provident Palmvista Residential Project, at Kalyan.
  • The company has received the Letter of Intent from the Provident in this regard. Read more

EarlySalary is in discussions with TPG and Norwest to raise about $100 million

Published on: 10:38 am

  • EarlySalary is completing a $100 million fundraising round that is being spearheaded by private equity fund TPG and Norwest Venture Partners. In the upcoming days, the round is anticipated to get an official announcement.
  • EarlySalary, a Pune-based company founded in 2015, gives salaried people immediate loans of up to Rs5 lakh that are disbursed straight into their bank accounts. These loans often have terms of three to 24 months. The firm also collaborates with businesses to assist staff members in receiving a salary advance in their bank accounts for financial assistance with school costs and medical situations. Currently, it has more than 700 corporate partnerships. Read more

Five Star Bank partners with TCS to drive digital transformation and enhance customer experience

Published on: 10:31 am

  • Tata Consultancy Services (TCS) has partnered with a subsidiary of Financial Institutions, Inc. 'Five Star Bank' on its digital transformation journey, enabling it to determine lending risk and deliver hyper-personalized customer experiences using the TCS Customer Intelligence & Insights (CI&I) analytics platform.
  • Accordingly, across Central and Western New York, Five Star Bank is a premier provider of consumer and commercial lending services. The bank was seeking for a solution that provides contextual customer insights to help them better meet customer expectations.
  • TCS will leverage the AI-powered CI&I platform’s real-time contextual engagement capabilities to help the bank gain insights to avoid attrition blind spots and drive omnichannel customer personalization. Read more

Paytm logs total loan value of Rs2,090 crore in July; stock tumbles ~5%

Published on: 10:30 am

  • One 97 Communications Limited (Paytm) announced that its Loan distribution business scales to 2.9 million total loan disbursals during the month of July 2022, up by 296% y-o-y. This sums up to a total loan value of Rs2,090 crore ($264 million) during the month, reflecting a y-o-y growth of 512%.
  • Company stated in its filing, “Our loan distribution business is annualizing a run-rate of ~Rs25,000 crore, and we believe there is ample opportunity for upselling in this business. We are being conservative on the quality of the book (especially given the possibility of macro headwinds).” Read more

Reena Chhabra, CEO of Nykaa's cosmetics private label, steps down

Published on: 10:29 am

  • Reena Chhabra, the CEO of Nykaa's private label, resigned on Thursday, the beauty e-commerce business announced to the market. On August 16, she will officially quit.
  • Chhabra formerly served as a chief operating officer for the cosmetics company Colorbar, where he helped the business increase its value to Rs 1,000 crores in 2015. She has also served as the marketing director at Kaya Skin Care and the business head at Unilever's Lakme Beauty Services. Chhabra joined Nykaa in 2016 and played a key role in expanding distribution and bringing the company's private label to more homes. Read more

Alicon Castalloy rallies near 3% after delivering healthy performance in Q1FY23

Published on: 10:01 am

  • Alicon Castalloy Ltd (Alicon), one of the leading integrated manufacturers of aluminum castings in India has announced its financial results for the quarter ended June 30, 2022.
  • Performance Review for Q1FY23 vs. Q1FY22
  • Total Income at Rs344 crore compared to Rs211.68 crore 
  • EBITDA at Rs37.95 crore compared to Rs18.03 crore
  • PBT at Rs15.91 crore as compared to Rs(-3.20) crore 
  • Profit after Tax at Rs10.77 crore compared to Rs(-4.20) crore Read more

Google does not support the idea of an Indian self-regulatory organization

Published on: 9:54 am

  • American technology giant Google has voiced concerns with the design, make-up, and operation of the self-regulatory grievance appellate committee (GAC) proposed by Twitter, Meta Inc., and the Internet and Mobile Association of India (IAMAI), and social networking platform Facebook.The consumer internet industry group IAMAI, the three businesses, and others have met informally over the past several days to discuss the fundamentals. Read more

Gold price holds steady, silver price declines in early trade

Published on: 9:54 am

  • Early on Friday, gold prices were steady at Rs51,650 for 10 grammes of the 24-carat yellow metal. Silver's price on Friday decreased by Rs7,250 per kilogramme to Rs51,650.
  • The price of ten grammes of 22-carat gold on Friday is Rs47,350. The price of 10 grammes of 24-carat gold in Mumbai and Kolkata was Rs51,650, while the price of 10 grammes of 22-carat gold was Rs47,350. On Friday, the price per 10 gm of 24- and 22-carat yellow gold in Delhi was Rs51,870 and Rs47,550, respectively. Read more

Bata India’s Q1FY23 revenue jumps ~253% y-o-y at Rs943 crore

Published on: 9:51 am

  • Bata India Limited, a major footwear company, announced its quarterly financial results. Revenue from Operations stood at Rs943 crore for the quarter ended June 30, 2022, compared to Rs267 crore for the quarter ended June 30, 2021.
  • The company has recorded the highest ever quarterly sales, showcasing significant momentum across all sales channels.
  • Company’s Profit before tax was reported at Rs159.70 crore in Q1FY23 as against a loss of Rs94.90 crore in the previous corresponding quarter. Read more

Coal Production jumps 11.37% to 60.42 MT in July: Centre

Published on: 9:46 am

  • During July, 2022 the overall coal production has increased by 11.37% to 60.42 million ton (MT) from 54.25 MT as against July 2021. 
  • According to the provisional statistics of the Ministry of Coal, during July 2022 Coal India Ltd (CIL), Singareni Collieries Company Ltd (SCCL) and captive mines/others reported a growth of 11.12% and 44.37% by producing 47.33 MT and 9.80 MT coal respectively. However, SCCL registered a negative growth of 32.51% during July. Read more

Markets trade flat as IT stocks extend losses; Nifty around 17,650 levels

Published on: 9:37 am

  • The Indian market was in a volatile session and trading flat on Friday tracking weak global cues. All the major sectoral indices were trading lower with banking, financial and IT stocks underperforming the most. The volatility in Indian equities also traced mixed global cues as investors became cautious on Fed's interest hike rate strategy.
  • Benchmarks heavyweight ONGC will be in focus ahead of its June 2022 quarterly result scheduled for later today.
  • Other stocks that will be in focus ahead of its June 2022 quarterly result today are - Life Insurance Corporation, Hero MotoCorp, Grasim industries, Divis Labs, Zee Entertainment, Apollo Tyres, Astral, Bajaj Electricals, Bharat Dynamics, Campus Activewear, Dilip Buildcon, Hindustan Aeronautics, Indiabulls Real Estate, Muthoot Finance, Info Edge India, Sun TV Network, Timeken India and Wockhardt. Read more

Before the US midterm elections, Twitter reintroduces its election misinformation guidelines

Published on: 9:36 am

  • Twitter Inc. announced that it would bring back tools on the social media platform to encourage accurate information regarding the November US midterm elections and crack down on false and misleading remarks. Civil rights advocates and experts on internet misinformation claim that social media and tech companies are failing to do enough to stop the spread of false information, such as the claim that President Joe Biden did not win the 2020 election.
  • On November 8, when all 435 members in the U.S. House of Representatives and nearly a third of the 100 seats in the U.S. Senate are up for election, Twitter will implement its civic integrity policy, which was first proposed in 2018.The policy forbids users from uploading deceptive material meant to discourage people from voting as well as assertions meant to erode public trust in an election, including erroneous claims regarding the results of elections. Read more

Cummins India introduces ‘Retrofit Emission Control Device' for Genset Users

Published on: 9:33 am

  • Cummins India Limited, a leading power solutions company that designs, manufactures, distributes, and services engines and related technologies, has collaborated with PI Green Innovations Pvt. Ltd. to launch an innovative clear air solution - Retrofit Emission Control Device (RECD).
  • Shveta Arya, Vice President - Distribution Business & New and Recon Parts Organization (DBU & NRPO) Cummins India, and Irfan Pathan, Founder & CEO, PI Green Innovations launched the product at the Cummins India Office Campus in Pune. Read more

Customers can now remit their GST through Karur Vysya Bank

Published on: 9:19 am

  • Customers of Karur Vysya Bank can now remit their GST payments through the Bank. KVB has been authorized as one of the Banks that can accept GST remittances.
  • GST payments can be made through the Internet Banking facility of KVB as well as over the counter modes, the Bank said in a filing.
  • KVB is already an authorized bank for collection of taxes. The Bank is already authorized to receive customs duty payments online through ICEGATE. Read More

Quess Corp PAT rises 52% yoy during Q1FY23; Stock jumps near 2%

Published on: 9:18 am

  • Quess Corp, India’s leading business services provider has announced its Q1 FY23 financial results.
  • Financial Highlights
  • Q1 FY23 revenue up by 33% YoY driven by General Staffing (up 34%), QITS (up 33%), and ConneQt (up 33%)
  • EBITDA from operations for Q1 FY23 is up 4% YoY to Rs153 crore.
  • YoY PAT is up by 52%
  • Q1 FY23 OCF / Operating EBITDA conversion stood at 56% Read more

Uflex posts 46.5% yoy growth in revenue at Rs4045.8 crore in Q1FY23

Published on: 9:17 am

  • UFlex Ltd, India's largest multinational in flexible packaging materials and solutions has announced its business performance results for the first quarter of FY2022-23.
  • The company posted consolidated EBITDA at Rs725 crore for Q1 FY22-23, up by 44.3% YoY whereas the consolidated Net Profit stood at Rs374.5 crore, witnessing a gain of 41.9% YoY. The consolidated Revenue registered a rise of 46.5% YoY to reach Rs4045.8 crore in the said quarter. EBITDA margin for Q1FY23 was 17.9%. Read more

Antony Waste Handling logs 19% yoy revenue growth at Rs156 crore in Q1FY23

Published on: 9:16 am

  • Antony Waste Handling Cell Limited (AWHCL), leading player in the Indian Municipal Solid Waste Management industry has announced its financial results for the quarter ended June 30, 2022.
  • Record high Total Operating Revenue of Rs156 crore; YoY growth of 19% 
  • EBITDA of Rs49 crore, YoY growth of 17%
  • EBITDA Margin of 20.3% Read more

Sinclairs Hotels logs 530% y-o-y jump in Total income for Q1FY23; stock zooms ~2%

Published on: 9:15 am

  • Sinclair Hotels Limited announced its results for the quarter ended June 30, 2022.
  • The company posted a Total Income of Rs1,868.08 lakh, recording a 530% yoy jump over Rs296.34 lakh for the corresponding quarter in the previous year.
  • EBIDTA for the quarter ended June 30, 2022, stood at Rs890.36 lakh as against Rs27.19 lakh in Q1FY22. Profit Before Tax stood at Rs755.54 lakh as against a loss of Rs125.66 lakh in the previous corresponding quarter. Read more

Oil prices poised for a weekly gain as recession worries subside

Published on: 9:07 am

  • Due to conflicting opinions from OPEC and the International Energy Agency (IEA), oil prices fell in early trade on Friday, although benchmark contracts were on track to post weekly gains as recession worries subsided.
  • At 01:12 GMT, the price of Brent oil futures dropped 34 cents, or 0.3%, to $99.26 per barrel, while the price of U.S. West Texas Intermediate (WTI) crude futures down 34 cents, or 0.3%, to $94.00 per barrel. Read more

Top 10 stocks for today

Published on: 9:01 am

  • Here is the list of top 10 stocks that are likely to see movement in their prices today.
  • 1. Hero MotorCorp : The company will declare its June quarter result today.
  • 2. ONGC: Oil prices rose by 1% yesterday. International Energy Agency has raised its oil demand forecast for 2022. Increase in oil prices will benefit ONGC.
  • 3. Newgen : MIT has bought shares of the company in open market transactions. Read more

Apollo Hospitals' net profit drops y-o-y by 35% to Rs323.78 crore in the June quarter

Published on: 8:52 am

  • In comparison to the same period last year, Apollo Hospitals Enterprise's net profit for the April to June quarter of the financial year 2022–23 fell by 35% to Rs323.78 crore, from Rs500.68 crore.
  • During the reviewed quarter, the company's operating revenue slightly decreased by 1% to Rs3,795.60 crore from Rs3,760.21 crore. After reversing deferred taxes by Rs154 crores, the net profit was calculated. During the quarter, Apollo's overall costs grew slightly by 2% to Rs3,545.36 crore from Rs3,475.58 crore during the same time last year. Read more

Markets may start the day on a red note

Published on: 8:51 am

  • Indian equity markets may start the day in red today. After the gains of yesterday, markets may see some profit booking by domestic investors. Foreign Investors have turned net buyers over the past few days. This is a good thing for the Indian markets. Oil prices rose yesterday by around 3%. This is a negative development for Indian markets. Stocks of companies such as Hero MotorCorp, Wockhardt etc will see movement today. These companies will be declaring their June quarter results today. 
  • US markets saw profit booking yesterday after the stupendous run of the previous day. Dow Jones closed up by 27 points. Nasdaq closed lower by 74 points. During the intra-day period Dow Jones went up by over 330 points before closing flat as last hour profit booking saw all the gains get wiped out. Bond yields hardened to 2.88%. Read more

By the end of October, India and the UK hope to finalize their FTA

Published on: 8:41 am

  • The commerce and industry ministry said in a statement on Thursday that India and the UK intended to complete the free trade agreement by the end of October this year.
  • The ministry also stated that the two nations wrapped up the fifth round of negotiations for the accord on July 29. Read more

Aurobindo Pharma's Q1 net profit down y-o-y by 32.4%

Published on: 8:39 am

  • Aurobindo Pharma, a pharmaceutical business, reported on Thursday that its consolidated net profit for the three months ended June 30 was down 32.4% to Rs 520.5 crore from Rs 770 in the first three months of the previous fiscal year.
  • In the discussed quarter, operating revenue increased by 9.4% to Rs 6,236 crore from Rs 5,702 crore in the preceding quarter. Read more

Jet Airways reports loss of Rs390 crore in the June quarter

Published on: 8:36 am

  • On August 11, Jet Airways announced a stand-alone net loss of Rs390.1 crore for the three months that ended in June. This figure was more than twice what it had revealed for the same time last year. The full-service airline disclosed a loss of Rs129 crore for the quarter ending in April-June of last year.
  • According to the airline's regulatory statement to the BSE, the bankrupt carrier's revenue from operations decreased by 83 % to Rs12.53 crore during the quarter under review. As Jet Airways recalled its aircraft and began testing them to resume operations in India, the company's income fell mostly as a result of fewer proceeds from aircraft leases. Read more

ADIA to invest Rs665 billion for a 9.99% stake in Aditya Birla Health Insurance

Published on: 7:51 am

  • Aditya Birla Capital and Aditya Birla Health Insurance's boards have accepted a proposal for a capital injection of Rs665 crore from an affiliate of the Abu Dhabi Investment Authority (ADIA), the firm announced in a late-night statement.
  • ADIA will hold 9.99 % of Aditya Birla Health Insurance after the transaction closes, while Aditya Birla Capital and MMH will own 45.91 % and 44.10 % of the company, respectively, subject to receiving all necessary legal and regulatory approvals, including those from the Insurance Regulatory and Development Authority of India (Irdai). Read more

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