Latest News and Updates

16th Aug, 2022

Concord Biotech files a DRHP for an IPO with backing from Rare Enterprises and Quadria Capital

Published on: 3:49 pm

  • In order to raise money through an Initial Public Offering (IPO), Concord Biotech Limited, one of the top global developers and producers of specific fermentation-based APIs across immunosuppressants and oncology in terms of market share in 2021, has filed its Draft Red Herring Prospectus (DRHP) with the markets regulator, Securities and Exchange Board of India (SEBI).
  • The offering, which has a face value of Re1 per equity share, is a full offer for sale (OFS) by Helix Investment Holdings Pte. Limited, totaling 20,925,652 equity shares. The offer also permits qualified employees to reserve a subscription. Read more

Techno Electric & Engineering secures new orders for Rs680 crore

Published on: 3:15 pm

  • Techno Electric & Engineering Company Limited has recently secured prestigious new orders for transmission totalling to Rs680 crore. The details are as follows:
  • Khavda Bhuj Transmission Limited (KBTL) – Transmission - Rs233 crore
  • PGCIL - Transmission – i) Nizamabad – Tuticorin - Rs126 crore ii) MohanlaGanj - Rs175 crore Read more

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Go Digit submits DRHP for IPO

Published on: 3:13 pm

  • The general insurance company Go Digit, which is supported by Fairfax Canada, has submitted its draught red herring prospectus (DRHP) in an effort to earn around Rs 5,000 crore through an initial public offering (IPO), which would also comprise a new issue of equity shares and an offer-for-sale.
  • For the first time in five years, a general insurer will be listed on the stock exchanges. The IPOs of New India Assurance and ICICI Lombard General Insurance took place in 2017. The organization, formerly known as Go Digit General Insurance, plans to raise Rs1,250 crores in new stock, with 109.4 million equity shares being offered for sale by the company's promoters and selling shareholders. Read more

Samvardhana Motherson surges ~5% as board approves 1:2 bonus issue

Published on: 3:12 pm

  • Samvardhana Motherson International Limited, formerly Motherson Sumi Systems, announced that its board of directors has recommended issuing bonus shares in the ratio of 1 bonus equity share for every 2 existing equity shares.
  • Following this development, the company’s counter surged nearly 5% in today’s trade at Rs128.90, against its previous close of Rs122.75 on NSE. Read More

Mastek’s Evosys chosen by Durham University, UK for its Oracle Cloud Migration Journey

Published on: 2:57 pm

  • Mastek Limited informed that Durham University, UK, one of the global top 100 universities, has chosen Evosys, a leading Oracle Cloud Partner, for its Oracle E-Business Suite (EBS) to Oracle Cloud Migration Journey.
  • With this agreement, Evosys, a Mastek company, will deliver Oracle ERP and SCM solutions (Cloud Financials, SCM, EPM, and Integration) to Durham University to assist them in implementing an agile system that allows better management of cost centres, general ledger & analysis codes, automatic posting rules, a better control system, improved reporting, and the development of their people in analytical and digital skills. Read more

IndoStar Capital may sell stake in housing finance business

Published on: 2:57 pm

  • The private equity-backed company's capacity to continue as a going concern is an issue that IndoStar Capital Finance is looking to resolve by potentially selling a portion of its investment in a home lending subsidiary.
  • The business, in which private equity investors Brookfield, Everstone, and others retain controlling ownership, stated in a BSE filing that the board of directors must approve its monetization strategy for IndoStar Home Finance Private before it can proceed. Read more

BOB launches 'Baroda Tiranga Deposits' offering higher interest rates

Published on: 2:45 pm

  • Bank of Baroda announced the launch of the Baroda Tiranga Deposit Scheme, a special term deposit product offering higher interest rates. The Baroda Tiranga Deposits are available in two tenor variants– offering interest rates of 6.00% p.a. for a period of 555 days, and 5.75% p.a. for a period of 444 days.
  • The scheme opens for subscription on August 16, 2022, and will remain open till December 31, 2022. The said scheme is applicable for retail deposits below Rs 2 crore.
  • Further, the scheme aims to provide an additional 0.50% p.a. to Senior Citizens, so the effective rate becomes 6.25% for callable deposits. While Non-Callable Deposits will be given 0.15% p.a. extra. Read more

RMC Switchgears stock zooms 7% on receipt of order worth Rs9 crore

Published on: 2:31 pm

  • RMC Switchgears Limited (RMC) stock zooms around 7% during Tuesday's afternoon trade after the announcement of receipt of major order.
  • As per the regulatory filing, the company has received an order of Rs900 lakh (Rs9 crore) from a reputed EPC company APEPDCL. The supplies will be made within next 2 quarters, the company said. Read more

Tilaknagar Industries logs 48% y-o-y growth in Q1FY23 Revenue; stock slips ~3%

Published on: 2:17 pm

  • Tilaknagar Industries Limited announced its results for the quarter ended June 30, 2022.
  • The leading Indian-Made Foreign Liquor (IMFL) manufacturer, has clocked a 48% y-o-y rise in revenue at Rs481.19 crore in Q1FY23, up from Rs324.34 crore in the previous corresponding quarter.
  • The company’s Profit After Tax (PAT) stood at Rs1.04 crore in the quarter ended June 2022, up by 189.19% yoy as against a net profit of Rs0.37 crore in the previous corresponding quarter. Read more

Maithan Alloys skyrockets ~7% as arm bags MoEF&CC approval to set up Ferro Alloy Plant

Published on: 2:01 pm

  • Maithan Alloys Limited informed that the company’s subsidiary Maithan Ferrous has submitted a proposal for installation of a Ferro Alloy Plant of 4x16.5 MVA Submerged Arc Furnaces along with Sinter & Briquette Plant at District Bankura, West Bengal.
  • The proposal was submitted to the Ministry of Environment, Forest and Climate Change (MoEF&CC).
  • In this regard, MoEF&CC on August 11, 2022, communicated the Minutes of the Expert Appraisal Committee held from August 1 to August 3, 2022, to MFPL recording the recommendation for the grant of Environment Clearance under the provisions of EIA Notification, 2006 to the instant proposal of MFPL. Read more

CARE reaffirms Fairchem Organics’ long-term ratings; stock spurts ~4%

Published on: 1:44 pm

  • Fairchem Organics Limited informed that CARE Ratings Limited (CARE), post annual review, has reaffirmed/assigned the ratings for various long-term/short-term credit facilities.
  • The rating agency has reaffirmed the ‘CARE A+’ rating for the company’s long-term Bank Facilities worth Rs123.99 crore. Further, it has assigned a Stable outlook to the same.
  • For Long Term/Short Term Bank facilities worth Rs2.25 crore, CARE has reaffirmed the ‘CARE A+/CARE A1+’ rating, with a Stable outlook. Read more

Unichem Lab receives USFDA approval for Quetiapine Extended-Release Tablets

Published on: 1:43 pm

  • Unichem Laboratories Limited has received ANDA approval for its Quetiapine Extended-Release Tablets USP, 50 mg, 150 mg, 200 mg, 300 mg, and 400 mg from the United States Food and Drug Administration (USFDA) to market a generic version of SEROQUEL XR (Quetiapine) Tablet, Extended Release, 50 mg, 150 mg, 200 mg, 300 mg, and 400 mg of AstraZeneca Pharmaceuticals LP.
  • According to the filing, Quetiapine Extended-Release tablets are indicated for the treatment of Schizophrenia, Bipolar disorder and adjunctive treatment of Major Depressive Disorder (MDD). The product will be commercialized from Unichem’s plant situated at Goa, the company said. Read More

Balaji Solutions files DRHP for IPO

Published on: 1:32 pm

  • Balaji Solutions, a provider of mobile accessories and IT gear, has submitted preliminary paperwork to Sebi, the regulator of capital markets, in order to raise money through an IPO (IPO).
  • The draught red herring prospectus states that the public offering would be made up of a fresh issue of equity shares up to the value of Rs 120 crore and an offer-for-sale (OFS) of up to 75 lakh equity shares by the promoter and promoter group entities (DRHP). Read more

Wholesale price inflation at 13.93% in July

Published on: 1:17 pm

  • Inflation in wholesale prices has now exceeded 10% for 16 consecutive months thanks to another month of double-digit growth in July.
  • According to information issued by the commerce ministry on August 16, India's inflation based on the Wholesale Price Index (WPI) decreased to 13.93% in July.
  • The WPI inflation rate dropped from a record-breaking 16.63% in May to 15.18% in June. Read more

California IT companies increasing awareness about caste based discrimination

Published on: 1:04 pm

  • Apple is emerging as an early leader in plans to free Silicon Valley of a strict hierarchy that has separated Indians for years. America's tech titans are getting a modern-day crash course on India's historic caste system.
  • The largest publicly traded business in the world, Apple, revised its general employee behavior code around two years ago to specifically forbid discrimination based on caste, adding caste to the list of categories already in place, including race, religion, gender, age, and ancestry.
  • It goes above US discrimination statutes, which do not specifically forbid casteism, to include the new category, which has not before been recorded. Read more

Info Edge (India) board approves investment of Rs300 crore in SIHL

Published on: 1:01 pm

  • Info Edge (India) Ltd has informed that the Company has agreed to invest an amount of Rs300 crore in Startup Investments (Holding) Ltd., wholly owned subsidiary of the Company.
  • As per the filing, the Company already holds 100% stake in SIHL on a fully converted and diluted basis. Accordingly, the transaction is done at Arm’s Length basis. Read more

Alibaba and Tencent disclose algorithm information to Chinese regulators

Published on: 12:58 pm

  • According to China's top internet watchdog, digital behemoths like Tencent Holdings and Alibaba Group have provided information on the algorithms used in some of their products, complying with efforts by the government to strengthen oversight of platform algorithms.
  • The regulations are a part of Beijing's extensive regulatory campaign against the country's once-free-wheeling technology sector. Internet service providers were allegedly utilizing algorithms to compromise users' privacy and influence their decisions, according to state media. Read more

Refurbished smartphones see strong rise in demand as prices of new ones continue to rise

Published on: 12:41 pm

  • In the first half of 2022, demand for refurbished smartphones increased strongly  as the prices of new devices continued to rise.
  • According to researchers and business leaders, the refurbished phone market is now experiencing more funding and new entrants as it diversifies beyond smartphones and into the offline market, stated a report by ET.
  • According to estimates, the global smartphone market declined 1% year over year in the first half of 2022. Read more

Arman Financial hits 52-week high as board approves Rs66.30 crore fund-raise

Published on: 12:40 pm

  • Arman Financial Limited informed that the Board of Directors has approved the issuance of Compulsorily Convertible Debentures and Cumulative Non-participating Optionally Convertible Redeemable Preference Shares of the Company.
  • At around 12.27 PM, Arman Financial’s counter was trading 12.65% higher at Rs1,382.15 per piece, against the previous close of Rs1,226.90 on NSE.
  • It hit a new intraday high of Rs1418.05 so far in today’s trade. Read more

August sees further decline in India's fuel demand, mainly due to monsoon

Published on: 12:37 pm

  • According to preliminary industry statistics released on Tuesday, diesel demand in India decreased for a second consecutive month as the arrival of the monsoon reduced consumption in crucial industries like agriculture.
  • The demand for gasoline and diesel decreased month over month in July. While the first half of August has seen essentially no change in the amount of gasoline consumed, the demand for diesel, the most popular fuel in the nation, fell 11.2% from August 1 to 15, from 3.17 million tonnes to 2.82 million tonnes. Read more

Farhan Hazarika joins Teachmint as Head of Talent Management

Published on: 12:21 pm

  • In a statement released statement, edtech company Teachmint announced the hiring of Farhan Hazarika as the head of talent management to oversee personnel strategy.
  • Hazarika, who has over 14 years of expertise in human resources in startups, ITeS, manufacturing, co-working, and e-commerce businesses, will be essential to the company's goal of creating a highly effective workforce that will change the global education environment. Read more

Sheetal Cool Products adds ~1% on signing MoU with IRM Energy

Published on: 12:14 pm

  • Sheetal Cool Products Limited informed that it has signed a Memorandum of Understanding (MoU) with IRM Energy.
  • The company has agreed to set up Sheetal outlets at the IRM Energy Pumps of Gir-Somnath.
  • Sheetal Cool Products is one of India’s fastest growing companies in the FMCG sector with a specialization in Fryums, Ice Creams, Wafer, Frozen Items, Milk & Milk Products, and Namkeen. Read more

RPP Infra Projects wins new order worth Rs399.33 crore; Stock surges 2.8%

Published on: 12:06 pm

  • RPP Infra Limited stocks rally in the market on Tuesday after intimation regarding receipt of work order.
  • In a regulatory filing, the announced a new order with worth Rs399.33 crore. Read more

Sorterz purchases B2B laundry division of Maxclean

Published on: 12:01 pm

  • For an unknown price, premium online laundry startup Sorterz has acquired the business-to-business (B2B) division of competitor app-based laundry company Maxclean. Both are firms with offices in Bengaluru that use technology to expand their operations.
  • Sorterz offers wet and dry cleaning services with a focus on the medical and hotel industries. With the most recent deal, Maxclean, which runs a facility in the rural Bengaluru area of Doddaballapur, has left the business-to-business or industrial sector. Read more

Raghav Productivity inks pact with NowPurchase to grow Silica Ramming Mass business in Eastern India

Published on: 11:52 am

  • NowPurchase, a Kolkata-based tech-enabled procurement platform, collaborates with Raghav Productivity Enhancers to provide ramming mass to foundries and casting units in the country's Eastern Region via its robust tech-based supply chain platform.
  • The tech-enabled procurement company has made silica ramming mass for foundries, premixed with Boron Oxide/Boric Acid, available on their platform as a result of this collaboration.
  • "Through our partnership with NowPurchase, we strive to establish our foundry clientele in East India," Raghav Kabra, COO of Raghav Productivity Enhancers, commented. Read more

Swiggy integrates moonlighting in its HR policy

Published on: 11:44 am

  • Swiggy introduced India's first moonlighting policy earlier this month, allowing all staff members to perform compensated outside jobs. The outside initiatives must not conflict with Swiggy's operations and must take place on the weekends or after regular work hours.
  • Around 5,000 people work for the Bengaluru-based food delivery startup, which also employs over 300,000 people in its fleet. The policy is reportedly open to all full-time staff members of Bundl Technologies, the parent business of Swiggy, as well as its subsidiaries, affiliates, associates, and group companies. Read more

Veranda Learning Solutions stock sheds 3% despite healthy Q1FY23 performance

Published on: 11:26 am

  • Veranda Learning Solutions Limited (“Veranda”), a public listed edutech company has announced its financial results for the quarter ended June 30, 2022.
  • Key Consolidated Financial Highlights for Q1FY23:
  • Revenue from operations stood at Rs286.32 million in Q1FY23 compared to Rs48.68 million in Q1FY22; a growth of 488.17% year on year, though on a lower base.
  • The Gross Profit stood at Rs120.86 million with a Gross Profit margin of 42.21% in Q1FY23.
  • The total number of enrolments stood at 18,261 for the quarter.  Read More

Adani Logistics acquires inland container depot for Rs835 crore

Published on: 11:11 am

  • Adani Logistics has paid Navkar Corporation Rs 835 crore to purchase the "Tumb" inland container terminal in Vapi. A notable Indian inland container depot is ICD Tumb. Its 0.5 million TEU capacity places it in between the Hazira and Nhava Sheva ports.
  • In exchange for the agreement, Adani Logistics would purchase the in-use inland container depot, which has the ability to store 5 lakh 20-foot equivalent units. According to a news statement issued by the Adani Group on August 16, the transaction is pending routine regulatory and lender clearances and is anticipated to conclude in the second quarter of 2022–2023 Read more

Peloton to retrench staff, reduce number of its stores

Published on: 11:05 am

  • In its most recent effort to turn a profit and free up cash, Peloton is firing staff members and boosting prices on certain of its equipment.
  • The modifications were announced to the company's staff in a message from Barry McCarthy, the new CEO of the manufacturer of high-end exercise bikes and treadmills. In addition to eliminating 784 positions, Peloton will terminate its North American distribution network and outsource its delivery operations.
  • The 86-store North American shop base will be "substantially" reduced, according to the New York-based firm. The number of closing locations was not specified, though. Read More

Aurobindo Pharma-led arm bags USFDA Approval for Vasopressin Injection USP; stock under pressure

Published on: 10:59 am

  • Aurobindo Pharma Limited announced that its wholly-owned subsidiary company, Eugia Pharma Specialties Limited, has secured the final approval from the US Food & Drug Administration (USFDA) for manufacturing and marketing Vasopressin Injection USP, 20 Units/mL Multiple-Dose Vials.
  • The company stated that Vasopressin Injection USP, 20 Units/mL Multiple-Dose Vials, are to be bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Vasostrict Injection, 20 units/mL of Par Sterile Products, LLC (Par).
  • The company is planning to launch the product immediately. Read more

Forbes & Company hits 52-week high post incorporation of wholly-owned subsidiary

Published on: 10:51 am

  • Forbes & Company Ltd hits 52-week high on Tuesday's trading session as it has informed that the Board of Directors of the Company at their meeting held on August 13, 2022 have approved in principle, a proposal to incorporate a wholly owned subsidiary to inter-alia deal in current and new technologies in existing range of its businesses.
  • As per the filing, the Company would subscribe to initial capital/shares to be issued under rights issue. The Company would infuse up to Rs5 lakhs in Share Capital in one or more tranches. Read more

Prices of petrol, diesel remain stable

Published on: 10:39 am

  • According to the most recent price notice sent out by fuel dealers, the price of gasoline and diesel remained stable on August 16. Over a month has passed with no change in pricing.
  • The price of a liter of gasoline in Mumbai is Rs106.31, whereas the price of a liter of diesel is Rs94.27. Petrol and diesel are priced at Rs96.72 and Rs89.62, respectively, in Delhi. These prices are in comparison to Chennai and Kolkata, respectively, which charge Rs102.63 and Rs94.24 for gasoline and diesel, respectively. Read more

Adani Logistics enters ~Rs835 crore deal to acquire ICD Tumb from Navkar Corporation

Published on: 10:28 am

  • In its filing with the exchanges, Adani Ports & SEZ Limited informed that Adani Logistics Limited (ALL), a wholly-owned subsidiary of the Company has considered and approved the acquisition of title, rights, interest, ownership, and the operations of business undertaking of Navkar Corporation Limited situated at Tumb Village, Dist Valsad, Gujarat as a going concern, on an "as is where is" basis.
  • The acquisition is priced at Rs835 crore based on the land value and replacement cost of existing assets, implying an EV/EBITDA multiple of 7.8x (based on FY23(E) EBITDA).
  • The transaction includes the acquisition of an operational Inland Container Depot (ICD) with a capacity of 0.5 million TEUs. As additional industrial corridors and logistic parks are built along these DFC routes, the associated 129 acres of land will provide an additional expansion path to increase capacity and cargo in the near future. Read more

Prices of cryptocurrencies on August 16

Published on: 10:27 am

  • The worldwide crypto market value fell 2.90 % to $1.15 trillion from the previous day, causing major cryptocurrencies to trade in the red early on August 16. On the other hand, the overall volume of the crypto market during the previous 24 hours increased by 21.48 % to $77.99 billion.
  • DeFi's entire 24-hour volume was $6.03 billion, or 7.74 %, of the overall crypto market volume. A total of $71.28 billion worth of stable currencies were traded, accounting for 91.40 % of the 24-hour volume of the whole crypto market. Read more

USFDA issues Form 483 with 6 observations to Sun Pharma's Mohali facility; Stock under pressure

Published on: 10:24 am

  • Sun Pharmaceuticals Industries Limited has updated on US FDA Inspection at Mohali Facility.
  • As per the filing, the US FDA has conducted an inspection of Mohali manufacturing facility (Punjab, India) of Sun Pharmaceutical Industries from August 3, 2022 to August 12, 2022. At the conclusion of the inspection, the USFDA issued a Form-483, with 6 observations. 
  • The Company is preparing the response to the observations, which will be submitted to USFDA within the stipulated timeline., the  company said. Read more

Telangana's per-capita power consumption up by 69% in the past 8 years

Published on: 10:17 am

  • Telangana's per-capita electricity consumption, a measure of a state's progress, grew from 1196 units in 2014 to 2021 units annually. A sum of Rs36,918 crores was invested in the state's transmission and distribution network when it was formed in 2014, and starting in 2018, power would be provided 24 hours a day to 26.90 lakh agriculture pump sets, ending the farmers' desperation, according to an official announcement. Read more

Generic Engineering Construction and Projects logs robust growth of PAT by 22% yoy in Q1FY23

Published on: 10:07 am

  • Generic Engineering Construction and Projects Limited, has announced its un-audited financial results for the quarter ended June 30, 202
  • Performance highlights for Q1FY23
  • Total Revenue Revenue for Q1FY23 stood at Rs70.06 crore as compared to Rs52.54 crore in Q1FY22. Growth 33.35% as compared to Q1FY22.
  • EBIDTA EBITDA was Rs7.64 crore as compared to EBITDA of Rs6.84 crore in Q1FY23. Growth 11.70% as compared to Q1FY22. 
  • PAT PAT stood at Rs3.14 crore, as against PAT of Rs2.57 crore in Q1FY22. Growth 22.18% as compared to Q1FY22. Read more

Paytm to deploy smart PoS devices & 'Buy Now, Pay Later' facility at Samsung Stores

Published on: 10:01 am

  • One 97 Communications Limited (Paytm), the pioneer of QR and mobile payments, India's leading digital payments and financial services company, announced its partnership with Samsung authorized stores across India.
  • This partnership will enable smart payments as well as Paytm Postpaid (Buy Now, Pay Later) at Samsung’s retail outlets through the deployment of PoS devices.
  • With this collaboration, Paytm will consumers could be able to make digital payments at Samsung Authorized Stores across the country. Read more

Tencent to stop selling NFTs on its app

Published on: 9:58 am

  • As regulatory scrutiny of non-fungible tokens (NFTs) increases in China, Tencent Holdings' non-fungible token (NFT) platform Huanhe will no longer offer digital collectibles to the general market.
  • The Huanhe app will stop providing new NFTs to users as of Tuesday, according to the Shenzhen-based startup. Owners of current collectibles, according to the firm, will be able to keep, exhibit, or request a refund for their items.
  • One of the largest NFT sites in China is Huanhe, where new items sometimes sell out right away after being on sale. Read more

Apple lays off contract recruiters

Published on: 9:48 am

  • Apple fired a large number of its contract-based recruiters in the past week as part of an effort to cut back on the tech giant's recruiting and expenditure.
  • The world's most valuable corporation let go of about 100 contract workers in an unusual action. The layoffs indicate that the economy is slowing down at the company because the recruiters were in charge of hiring new staff for Apple. Read more

Mishtann Foods to launch Rock Salt across markets in Pan India; Stock gains over 5%

Published on: 9:45 am

  • Mishtann Foods Ltd. has announced that it is launching Rock Salt (Himalayan Pink Salt) across Various Markets on a Pan-India basis. The company already has a wide network of more than 70,000 distributors/retailers all over India. The company has bagged several large quantity orders from major retailers around the country.
  • MFL earlier launched Edible Common Salt under its name and has successfully executed these orders. It is receiving a good response of its Edible Common salt. The Himalayan Pink Salt popularly known as Rock Salt or Sendha Namak is known to contain many minerals like manganese, copper, iron, zinc and cobalt, which have several health benefits. Read more

SpiceJet locks settlement agreement with Aircraft Lessors; stock climbs ~2%

Published on: 9:38 am

  • SpiceJet Limited announced that it has entered into a settlement agreement with aircraft lessor Goshawk Aviation Limited and its affiliated leasing entities namely Wilmington Trust SP Services (Dublin) Limited, Sabarmati Aviation Leasing Limited, and Falgu Aviation Leasing Limited.
  • The settlement is related to two Boeing 737 MAX aircraft and one Boeing 737-800 NG aircraft.
  • Both the parties have agreed to settle all their disputes under and related to the aircraft lease agreements for 3 aircraft.
  • The agreement, the terms of which are confidential, puts an end to all litigation between the parties. Read more

Markets bullish with Nifty 50 around 17,800; Auto stocks drive

Published on: 9:36 am

  • The trading begins with a positive note as Sensex and Nifty 50 benchmarks were trading bullish on Tuesday tracking broader positive global cues. Sensex and Nifty 50 had a steep rally amid broad-based buying with auto and realty stocks outperforming. In the opening bell, Sensex has advanced by nearly 300 points so far while the 50-scrip benchmark has risen by at least nearly 80 points.
  • According to the government release data, Retail inflation dropped to a five-month low of 6.71% in July 2022. Meanwhile, industrial output growth moderated to 12.3% in June from a year ago, compared with a 12-month high of 19.6% in May 2022.
  • At around 09:36 AM, Sensex was trading at 59,771.95 up 309.15 points or 0.52%. Nifty 50 surged by 76.05 points or 0.43% and was trading at 17,774.20. Read more

M&M and Volkswagen in talks for collaboration in EVs

Published on: 9:33 am

  • Mahindra & Mahindra, a leading Indian SUV manufacturer, has opened an exploratory dialogue with Volkswagen Group, the largest automaker in Europe, to lead the electric vehicles movement in India and expand it to international markets, according to a report by ET.
  • This would hasten the company's goal of selling two lakh electric vehicles by 2027, which could potentially result in income for EV, its subsidiary, of roughly Rs50,000 crore, while VW might benefit from localization of parts to lower costs in India. With access to the most recent VW technologies, M&M should be able to deploy its own Born Electric vehicles more quickly and for less money. Read more

In early trade gold and silver prices remain unchanged

Published on: 9:31 am

  • Early on Tuesday, the price of gold and silver remained steady, with 10 grams of yellow metal (24-carat) retailing at Rs52,530. Silver is currently being sold for Rs59,300 per kilogram.
  • On Monday, ten grams of 22-carat gold were going for Rs48,150. While 22-carat gold is now retailing at Rs48,150 per 10 gram in Mumbai and Kolkata, 24-carat gold was selling for Rs52,530 per 10 gram in those locations. On Monday, the price of 10-gm pieces of 24- and 22-carat yellow gold in Delhi was respectively Rs52,690 and Rs48,300. Read more

KEC International bags new orders worth Rs1,313 crore

Published on: 9:23 am

  • KEC International Ltd., an RPG Group Company, has received new orders totaling Rs1,313 crore across its various businesses.
  • The company has secured new orders for T&D projects in India, the Middle East, and the Americas.
  • This includes a 400 kV Transmission line order in India, from Power Grid Corporation of India Limited (PGCIL). Another two orders are for the Supply of towers in the Middle East, secured by its subsidiary in UAE, and the Supply of towers, hardware, and poles in the Americas, secured by its subsidiary, SAE Towers. Read more

Kinetic Engineering to expand its business activities into EV opportunities; Stock soars ~4%

Published on: 9:19 am

  • Kinetic Engineering Limited (KEL) has announced the formation of a subsidiary company which will focus on the growing EV Market. The new entity will be a subsidiary of Kinetic Engineering in which the company will own more than 51% stake. The company will have an authorized capital of up to Rs25 crore.
  • The decision was taken in the board meeting of the company where the board members laid a clear focus on the growing EV sector. KEL is developing several products such as axles for electric three wheelers, gear boxes for electric two wheelers as well as three wheelers, frames for electric two wheelers, chassis for electric three wheelers.  Read more

EV maker Faraday Future plans to raise up to $600 million

Published on: 9:19 am

  • In order to launch its FF 91 premium automobile later this year, electric vehicle company Faraday Future Intelligent Electric Inc. plans to raise up to $600 million in investment..
  • As part of a new financing agreement, the firm will get an initial commitment of $52 million in funding. Read more

Indostar Capital Finance board to raise up to Rs3,000 crore via NCD issue; Stock gains 2.4%

Published on: 9:18 am

  • Indostar Capital Finance Limited has announced to the exchanges regarding fund raising  proposal by the Board of Directors.
  • As per the filing, the Board of Directors of the company has approved the Issue of Non-Convertible Debentures (NCDs) for an amount not exceeding Rs3,000 crore on private placement basis, during a year from the date and subject to approval of the shareholders of the Company, and authorized the Debenture Committee to determine and approve the detailed terms and conditions of the NCDs to be issued, the company said. Read more

Lupin gets USFDA approval for Meclizine Hydrochloride Tablets

Published on: 9:17 am

  • Global pharma major Lupin Limited has announced that it has received approval for its Abbreviated New Drug Application (ANDA), Meclizine Hydrochloride Tablets USP, 12.5 mg, 25 mg, and 50 mg, from the United States Food and Drug Administration (USFDA) to market a generic equivalent of Antivert Tablets, 12.5 mg, 25 mg, and 50 mg, of Casper Pharma LLC. 
  • As per the filing, this product will be manufactured at Lupin’s facility located in Goa, India. Read more

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