Latest News and Updates

17th Aug, 2022

Ind-Ra upgrades IRB Infrastructure’s long-term issuer rating to ‘IND AA-’; stock slips ~1%

Published on: 3:39 pm

  • IRB Infrastructure Developers Limited informed that India Ratings and Research (Ind-Ra) has upgraded its Long-Term Issuer Rating to ‘IND AA-’ from ‘IND A+’. The rating agency assigned a Stable outlook.
  • Company’s non-fund-based facilities are worth Rs1200 crore. Ind-Ra has reaffirmed the short-term rating at ‘IND A1+’, while the long-term rating upgraded.
  • Instruments reviewed also include Non-Convertible Debentures (NCDs) worth Rs400 crore. Read more

CRISIL reaffirm ratings on GMM Pfaudler’s facilities worth Rs200 core; stock up ~1%

Published on: 3:24 pm

  • GMM Pfaudler Limited informed that CRISIL Ratings has reaffirmed its long-term rating as ‘CRISIL AA-’. Further, the rating agency has given a Stable outlook on long-term facilities.
  • GMM Pfaudler’s short-term bank facilities are rated as ‘CRISIL A1+’.
  • Total facilities reviewed by the rating agency stood at Rs200 crore.
  • As per the rating rationale shared by CRISIL, the ratings continue to reflect the company's leadership position in the glass-lined equipment (GLE) market, as well as the Pfaudler group's strong technical expertise and market presence in international markets. Read more

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Sai Capital's material subsidiary acquires Butterfly Ayurveda; Stock down 4.5%

Published on: 3:16 pm

  • Sai Capital Ltd has informed that Health Care Energy Foods Private Limited, material subsidiary of the company, has acquired 100% equity of Butterfly Ayurveda Private Limited.
  • Accordingly, Butterfly Ayurveda Private Limited has become a wholly owned subsidiary of Health Care Energy Foods Private Limited and a step down subsidiary of the Company. Read more

RateGain Travel skyrockets ~10% as Air India selects its AirGain Product

Published on: 3:05 pm

  • RateGain Travel Technologies Limited (RateGain) announced that Air India, India's flagship carrier owned by India's largest conglomerate the Tata Group, has chosen its - AirGain product to dynamically adjust prices with real-time, accurate, and high-quality airfare data, allowing it to compete globally with leading airlines.
  • At around 2.55 PM, RateGain’s counter was trading 9.60% higher at Rs313.95, against the previous close of Rs286.45 on NSE. So far, it hit intraday high and low of Rs324 and Rs289.30 respectively.
  • As a flagship carrier, Air India connects to nearly 90 destinations in over 30 countries across Asia, Europe, the United States, Canada, and Australia. Read more

Graas raises $40 million

Published on: 2:52 pm

  • On Wednesday, Graas, a provider of solutions for the e-commerce sector, said that the first close of a financing round had brought in over $40 million.
  • Galaxy (Kejora-led SPV), Performa (multi-billion European Asset Manager-led SPV), Integra Partners, Yuj Ventures (Xander Group), and AJ Capital took the lead in the Series A investment. The round also included angel investors from India and Southeast Asia.
  • Shoptimize Inc., a data specialist located in Pune, and SELLinALL, a Southeast Asian market authority, were two companies that Graas purchased with some of the money raised. The founders of the two businesses have joined the Graas board and will remain a member of the new organization. The funds from the initial round of funding will be used by Graas to strengthen its personnel and promote expansion throughout Southeast Asia. Read more

UPL announces collaboration with Oro Agri for co-distribution of Orange Oil

Published on: 2:18 pm

  • UPL Limited announced a new collaboration with Oro Agri, a Rovensa company, to co-distribute and further develop Orange Oil, a bio-solution effective against a wide range of pests and diseases.
  • Oro Agri created Orange Oil as a residue-free bio-solution with fungicidal, insecticidal, and acaricidal properties, as well as excellent adjuvant properties. Orange Oil is already registered in over 30 countries and has over 140 crop and pest combinations.
  • Now, it has joined Natural Plant Protection - NPP's biosolutions portfolio, allowing farmers to embrace more sustainable agriculture. Read more

Jindal Poly Films forms Universus Commercial Properties as wholly-owned subsidiary; Stock surges 2%

Published on: 2:13 pm

  • Jindal Poly Films Limited has made investment into Equity Shares of Universus Commercial Properties Limited ("UCPL") on its incorporation. Consequently, the Company now holds 100% of the total paid up Equity Share capital of UCPL.
  • On August 06, 2022, JPFL has invested Rs5,00,000 by subscribing 50,000 equity Shares of Rs. 10/- each at par in the Share Capital of UCPL. Total paid up Equity Share Capital of UCPL as on date is Rs5,00,000 (Rupees Five Lakh Only). UCPL has yet to start the commercial operations, the company said. Read more

Rupee gains 44 paise to reach 79.30 / $

Published on: 2:00 pm

  • In the early trade of the day on Wednesday, the rupee strengthened 44 paise to 79.30 against the US dollar, mostly due to inflows of foreign capital. In addition, favorable domestic stock market opening despite easing inflationary pressures, according to FX traders, bolstered investor morale.
  • A boost of 44 paise over the previous close was recorded by the rupee at the interbank foreign exchange, which saw it start off significantly higher versus the dollar at 79.32 before moving further up to 79.30. The rupee lost 12 paise to settle at 79.74 versus the US dollar on Friday during the previous session. Read More

Astra Microwave’s JV to take up development of Electro Optic Systems; stock climbs ~2%

Published on: 1:57 pm

  • Astra Microwave Limited informed that its Joint Venture company M/s. Astra Rafael Comsys Private Limited will take up the development, manufacture, integration, customization, and product support of Electro-Optic (EO) systems in addition to its existing business line.
  • The company further stated that EQ systems are technologically complex high-value Optical and Infrared Imaging systems. These are used in military and homeland security applications around the world to provide enhanced situational awareness on the ground, airborne, and sea-based platforms. Read more

Ratan Tata invests in Goodfellows

Published on: 1:54 pm

  • On August 16, businessman Ratan Tata revealed his interest in the senior dating firm Goodfellows, which was launched by Shantanu Naidu, a manager in his office.
  • Goodfellows, a paid service created to connect older residents with recent graduates, has finished its beta phase in Pune during the previous six months. Now, the business wants to expand its offerings in Mumbai, Chennai, and Bengaluru.
  • The relationships that Goodfellows has forged between the two generations are very significant and are assisting India in addressing a significant societal issue. The 84-year-old Tata stated, "I hope the investment helps the young team at Goodfellows thrive." Read more

LNG prices rise in Asia, on fear of shortage in the coming winter

Published on: 1:53 pm

  • Asian gas prices reached their highest level in five months as a result of a worldwide rush to obtain liquefied natural gas cargoes for the upcoming winter. Tuesday saw a surge in the benchmark spot LNG price for Asia, approaching $60 per million BTUs, the highest level since early March when Russia's invasion of Ukraine upended the energy markets.
  • The decision by Russia to reduce gas imports to Europe is driving up the cost of heating fuel and electricity globally. In order to acquire LNG spot cargoes for delivery during the peak winter consumption season, utilities in Asia and Europe are stepping up their efforts, which is causing scarcity and driving up costs.
  • According to traders with insider information, some Japanese utilities are now shopping for additional LNG supplies that will start arriving in December. The largest fuel consumer in the world, Korea Gas Corp., is also looking to acquire additional winter supplies, according to dealers. Read more

Exponent Energy receives $13 million in investment from Lightspeed, others

Published on: 1:46 pm

  • Exponent Energy, a business that provides rapid charging for electric vehicles (EVs), has raised $13 million in investment, led by Lightspeed Venture Partners, with participation from already established institutional investors including YourNest VC, 3one4 Capital, and AdvantEdge VC.
  • This is Lightspeed's initial EV-related investment.
  • A system created by Exponent Energy claims to fully charge a car in 15 minutes, a significant reduction from the usual duration of at least three hours. Read More

Gorani Industries to consider merger of Blow Hot Kitchen Appliances; Stock jumps 5%

Published on: 1:25 pm

  • A meeting of the Board of directors of Gorani Industries Ltd will be held on Friday, August 19, 2022 to consider and approve the Scheme of Amalgamation between Blow Hot Kitchen Appliances Private Limited which is a Transferor Company and Gorani Industries Limited ("Transferee Company") subject to necessary approval and permissions of the shareholders of the Company and others as may be applicable.
  • At around 1:27 PM, Gorani Industries Ltd was trading at Rs168.10 per share up by Rs8 or 5% from its previous closing of Rs160.10 per share on the BSE. Read more

Titagarh Wagons names Prithish Chowdhary as Marketing & Business Development Director; stock gains ~

Published on: 1:17 pm

  • Titagarh Wagons Limited informed that the Board of Directors has appointed Prithish Chowdhary as a Whole-time Director of the Company designated as Director (Marketing & Business Development) with effect from August 13, 2022.
  • Since his appointment to the Titagarh Board of Directors as a Non-Executive Director on January 1, 2021, the Company has experienced rapid growth and built up a robust order book in all of its verticals, namely Freight Rolling Stock, Passenger Rolling Stock, Shipbuilding, Bridges, and Defence, necessitating the appointment of a Whole-time Director to augment the growth momentum. Read more

Techno Electric & Engineering skyrockets 7.5% after securing new orders for Rs1,455 crore

Published on: 12:48 pm

  • Techno Electric & Engineering Company Limited stocks run bullish on Wednesday's trading session after the announcement of receipt of major order.
  • It has recently secured prestigious new orders for FGD totalling to Rs1,455 crore. The details are as follows
  • Rajasthan Rajya Vidyut Utpadan Nigam LTD – Kota – Rs666 crore (1x210 MW +2X 195 MW) 
  • Rajasthan Rajya Vidyut Utpadan Nigam LTD – Jhalawar – Rs789 crore (2x 600 MW) Read more

Yields on government bonds go down; rupee gains, as crude oil price decline

Published on: 12:23 pm

  • On Wednesday, the rupee recorded significant gains, and government bond rates fell substantially as worries about rising domestic inflation and India's trade imbalance were allayed by a strong drop in crude oil prices during the previous several days, according to traders. According to dealers, a drop in domestic headline retail inflation to a five-month low in July increased demand for bonds.
  • The yield on the benchmark 10-year 6.54 % 2032 paper was 7.21 percent at the last check, 8 basis points less than the previous closing. The movement of yields and bond prices is the opposite. A decrease of one basis point in the yield on the 10-year bond translates into an increase in the price of about 7 paise. Read more

Bharti Airtel mulls to raise Rs3,000 crore via Commercial Papers

Published on: 12:19 pm

  • Bharti Airtel Limited is planning to raise up to Rs3,000 crore in short-term debt from the local money market to make the initial payment to the government for the 5G airwaves it purchased in the recently concluded auction, as per the sources.
  • Bharti Airtel is set to issue Commercial Papers having maturities of up to 12 months. SBI Mutual Fund has agreed to subscribe to nearly Rs1,000 crore of Airtel’s debt via subscription to CPs maturing in February next year, carrying an interest rate of 6.53% p.a.
  • The company’s first installment of spectrum payment is due on Wednesday. Read more

Bharti Airtel pays Rs8,312.40 crore for 5G spectrum to DoT; pre-paid four years of spectrum dues

Published on: 12:19 pm

  • Bharti Airtel Limited India's leading digital communications solutions provider, announced today that it has paid the Department of Telecom (Government of India) Rs8,312.4 crore in dues for spectrum acquired in the recently concluded 5G auctions.
  • Airtel has pre-paid four years of 2022 spectrum dues. The company believes that this upfront payment, combined with a four-year moratorium on spectrum dues and AGR related payments, will free up future cash flows and allow Airtel to devote resources solely to the 5G rollout.
  • Airtel has also cleared Rs24,333.7 crore of deferred spectrum liabilities in the last year, well ahead of scheduled maturities. Read more

Compuage Infocom posts 42% yoy growth in total income in Q1FY23

Published on: 12:17 pm

  • Compuage Infocom Limited has announced its unaudited Standalone and Consolidated results for the quarter ended June 30, 2022.
  • Q1FY23 Consolidated Financial Highlights:
  • Total Income stood at Rs943.1 crore, up by 42% on yoy basis 
  • EBITDA stood at Rs26.4 crore, up by 52% on yoy basis
  • PAT stood at Rs6.2 crore, up by 502% on yoy basis Read more

Facebook to not allow any new political advertisements on its website in the last week before US mid

Published on: 11:57 am

  • A week before the US midterm elections in November, Meta (previously Facebook) stated that it would ban new political, electoral, and social issue advertisements.
  • During this time, advertisements that have already run before the restricted period will be permitted to run again.
  • According to Meta, hundreds of individuals are working on the midterm elections across more than 40 teams, and $5 billion was spent internationally on safety and security just last year. Read More

SBI moves to NCLT for insolvency proceedings against Bajaj Hindusthan Sugar

Published on: 11:57 am

  • Following the classification of the company's loans as non-performing assets (NPA) last month, the State Bank of India (SBI) has moved an insolvency petition against Bajaj Hindusthan Sugar.
  • As per a rating report by CARE Ratings dated December 24, 2021, the sugar manufacturer owes Rs6,090.58 crore to the bank. The company received an NPA tag as a result of a default on loans worth Rs4,814 crore.
  • Bajaj Hindusthan is one of India’s largest sugar manufacturers, having a strong network of 14 mills across Uttar Pradesh. It has an aggregate sugarcane crushing capacity of 136,000 tonnes crushed per day (TCD) and an alcohol distillation capacity of 800 kilolitres per day (KLD). The company also manufactures ethanol. Read more

Listed SMEs perform better than unlisted ones, says RBI study

Published on: 11:55 am

  • Recently, as many prices of IPOs of larger firms have crashed on listing day, an RBI study finds that SME IPOs preceded by a boom market period are more underpriced making a case for more equity funding for SMEs though it might be worth investing in small and medium (SME) enterprises rather than lending to them. 
  • Moreover, firms listed in SME exchanges have higher profitability, liquidity and asset utilization ratio as compared with other unlisted SMEs.
  • Contrary to the common perception, it has been observed that the extent of underpricing in both the SME exchanges is lower when compared to the respective main boards and over time the extent of underpricing has decreased in SME platforms. Read more

CoinSwitch comes with $10 million Web3 discovery fund

Published on: 11:50 am

  • Early-stage companies from India in this industry continue to draw money from investors despite the massacre in the cryptocurrency market and doubts about the usefulness of web3 solutions.
  • CoinSwitch Kuber has introduced a $10 million Web3 Discovery Fund. For entrepreneurs in the industry's services, goods, and infrastructure, it will issue checks ranging from $25,000 to $250,000. Read more

Private fuel retailers' market share slips by 50–80% in a year

Published on: 11:30 am

  • The total market share of private players such as Reliance, BP, Shell, and Rosneft-backed Nayara Energy has decreased by 50–80% year over year.
  • According to statistics gathered from oil firms, the three private operators collectively had a 2.3% share of the domestic retail market for diesel in July, down from 2.9% in June and 10.6% in July 2021. Their market share for gasoline decreased to 5% in July from 9.8% in July of the previous year and 5.6% in June of this year. Read more

SBI opens first start-up branch

Published on: 11:00 am

  • According to Khara, who inaugurated Koramangala in Bengaluru as SBI's first startup branch, debt is not a source of funding for companies. He said that after being turned down for bank financing, founders frequently sell their stake to investors at a discount. Read more

NXTDigital’s board nods merger with Hinduja Leyland Finance; stock zooms ~3%

Published on: 10:49 am

  • NXTDigital Limited's Board of Directors approved the proposed Scheme of Arrangement between the company and Hinduja Leyland Finance Limited (HLFL) and their respective Shareholders, subject to regulatory and shareholder approvals.
  • The proposed HLFL merger scheme will take effect once the ongoing scheme of transferring the "Digital Media & Communications Business undertaking" into Hinduja Global Solutions Limited (HGSL) is completed.
  • With an AUM of over Rs29,000 crore and a pan-India presence in 1,550 locations across 23 states and two union territories, HLFL is one of India's leading finances NBFCs. Read more

Ashok Leyland board gives approval for merger with NXTDigital; latter's stock zooms ~3%

Published on: 10:49 am

  • Board of Directors of Ashok Leyland have approved the proposed Scheme of Arrangement between NXTDigital and Hinduja Leyland Finance Limited (HLFL) and their respective Shareholders, subject to regulatory and shareholder approvals.
  • The proposed HLFL merger scheme will take effect once the ongoing scheme of transferring the "Digital Media & Communications Business undertaking" into Hinduja Global Solutions Limited (HGSL) is completed.
  • With an AUM of over Rs29,000 crore and a pan-India presence in 1,550 locations across 23 states and two union territories, HLFL is one of India's leading finances NBFCs. Read more

Nikhil Joy joins Tortoise Savings as co-founder

Published on: 10:39 am

  • The Tortoise fintech app, created in 2021 by Vardhan Koshal and Surya Harsha Nunnaguppala, promotes saving money for major expenditures. By setting up a savings plan, users of the Tortoise app may save funds for upcoming purchases while also earning incentives.
  • Nikhil Joy, the head of fintech products at Tortoise, has joined the Save Now, Buy Later (SNBL) company as a co-founder. Before joining Tortoise, Roy served as vice president and head of product at ZestMoney, where he was in charge of accelerating the startup's development. Joy's new position would involve managing the expansion and development of products. Read more

Vaibhav Global-led Shop LC (USA) receives LEED Gold Certification for two buildings in Texas

Published on: 10:33 am

  • Vaibhav Global Limited's US-based subsidiary, Shop LC Inc. has win LEED Gold certification under ‘v4.1 Operations and Maintenance: Existing Buildings’ category for both of its buildings situated in Texas. Earlier, VGL’s manufacturing unit at SEZ located in Jaipur had also received LEED Platinum certification.
  • LEED certifications assess buildings on various verticals like water efficiency, energy efficiency, carbon emission reduction, etc. Shop LC fulfilled all the required details of certification established by US Green Building Council which were duly verified by Green Business Certification Inc. Read more

Rupee expected to strengthen in line with decline in oil prices; gains might be limited by US rates

Published on: 10:26 am

  • On Wednesday, the Indian rupee is anticipated to open higher against the dollar, following a decrease in oil prices to their lowest level since mid-February on worries about the future of global economic development. After a four-day holiday, trade is expected to reopen with the rupee expected to start at 79.25–79.30 per dollar, up from 79.6550 on Friday.
  • On Tuesday, traders were waiting for clarification on discussions to resurrect an agreement that may allow for additional Iranian oil shipments as Brent crude prices dropped around 3% to tumble to close to $92 a barrel amid worries about a probable global economic downturn. Concerns over India's record trade imbalance and inflation forecast are anticipated to diminish if oil prices decline to levels last seen before to Russia's invasion of Ukraine. Read more

Techno Electric stock gains after the company gets order of Rs1,455-crore

Published on: 10:12 am

  • In Wednesday's intraday session, shares of Techno Electric & Engineering Business rose 13% to Rs314.50 on the BSE after the company said that Rajasthan Rajya Vidyut Utpadan Nigam has placed new orders worth Rs1,455 crore for flue gas desulfurization (FGD).
  • The Rajasthan Rajya Vidyut Utpadan Nigam, Kota, and the Rajasthan Rajya Vidyut Utpadan Nigam, Jhalawar have placed orders worth Rs666 crore and Rs789 crore, respectively. The engineering, designing, and building company's shares were up 9% at Rs306.10 at 09:29 AM. The S&P BSE Sensex, in contrast, was up 0.27 % at 60,021. On July 7, 2022, the stock reached a 52-week high of Rs319.90. Read more

GPT Infraprojects stock zooms near 5% on Rs152 crore order win

Published on: 10:01 am

  • GPT Infraprojects Limited (GPT) has bagged an order valued at Rs152 crore from Office of the General Manager, Maharashtra Rail Infrastructure Development Corporation Limited (MRIDC), Mumbai.
  • As per the filing, the order is for Construction of Cable Stayed Road Over Bridge (ROB) between Ghatkopar and Vikhroli station in Mumbai Division of Central Railway. Read more

Pioneer Embroideries’ Q1FY23 PAT declined 98% y-o-y owing to higher crude prices

Published on: 9:53 am

  • Pioneer Embroideries Limited (PEL), one of the key players in the Specialized Polyester Filament Yarn (SPFY) and Embroidery & Laces in India, announced that its performance was affected considerably in Q1FY23 owing to higher crude-linked input costs.
  • Company’s Income from operations for Q1FY23 jumped by 31% to Rs8,660 lakh. While SPFY business contributed Rs7,540 lakh, up by 24% yoy. The Embroidery & Laces business contributed Rs1,050 lakh to the Total Income, expanding by about 107% on a yoy basis.
  • Even though the company managed to increase its revenue in the quarter, its profit declined severely by 98% on a y-o-y basis. PAT stood at Rs60 lakh in Q1FY23 as compared to Rs300 lakh in Q1FY22. Read more

Adani Green Energy gets provisional clearance for two wind power projects in Sri Lanka

Published on: 9:53 am

  • According to Sri Lanka's Energy Minister Kanchana Wijesekara, Adani Green Energy has received preliminary clearance for two wind power projects in the country's northern district that would cost more than $500 million.
  • Wijesekara said in a tweet that he had met with representatives of the Sustainable Development Authority and the Ceylon Electricity Board (CEB) on Tuesday to talk about the advancement of renewable energy projects. According to him, Adani Green Energy received preliminary permissions for two wind projects totaling 286 MW in Mannar and 234 MW in Pooneryn, each requiring an investment of more than $500 million. Read more

NTPC commissions 56 MW Kawas Solar PV Project in Gujarat; Stock surges 3%

Published on: 9:46 am

  • NTPC Limited has informed to the exchanges regarding declaration of COD of third part capacity of 21 MW out of 56 MW Kawas Solar PV Project
  • As per the filing, consequent upon successful commissioning, third part capacity of 21 MW out of 56 MW Kawas Solar PV Project at Kawas, Gujarat, is declared on Commercial Operation w.e.f. 15.08.2022. Now, the full capacity of 56MW has been commissioned by the company. Read more

T-Hub to mentor entrepreneurs in semiconductor segment

Published on: 9:45 am

  • The semiconductor cohort of the AIC T-Hub Foundation program has been  started by technology incubator T-Hub to promote innovation and entrepreneurship among startups in the semiconductor industry.
  • The program will help entrepreneurs negotiate the difficulties of expanding their firm through expert-led seminars, specialized mentoring, market access, and investor and industry relationships.
  • Through this initiative, T-Hub and AIC are collaborating with other ecosystem enablers to connect semiconductor entrepreneurs with the appropriate mentors, financing sources, and networking opportunities. Read More

Samsung and Paytm collaborate for payments at authorized retailers

Published on: 9:36 am

  • To give customers the ability to use smart payments and the Paytm Postpaid (buy now, pay later option) service, Paytm has partnered with Samsung-authorized retailers in India to deploy point of sale (PoS) devices.
  • In addition to the main debit cards, credit cards, and prepaid cards, customers may pay for Samsung devices from their authorized retailers using the various payment options provided by Paytm, including Paytm UPI, and Paytm Wallet, and Paytm Postpaid.
  • A monthly credit limit of up to Rs 60,000 would be provided to those choosing Paytm Postpaid, which is given in conjunction with banking partners, and may be utilized to make purchases at these authorized retailers. Customers can pay back their credit using low-interest EMIs. Read more

Markets trade flat amid mixed global cues; Auto, metal stocks drive

Published on: 9:35 am

  • The Indian market was in a volatile session and trading flat on Wednesday tracking mixed global cues. Except IT and media stocks, all other sectoral indices were trading in the green with banking, financial and auto stocks outperforming the most. However, domestic equities likely to pick up the pace with signs of inflation coming down, and global oil prices on a week footing.
  • At around 09:36 AM, Sensex was trading at 59,928 up by 85.93 points or 0.14%. Meanwhile, Nifty 50 performed at 17,844.95 higher by 19.70 points or 0.11%.
  • In terms of sectoral indices, except IT and media all the major indices trading in the green where auto and metal index were marginally higher. Read more

Hariom Pipes gained 3% on NSE yesterday after strong June quarter numbers

Published on: 9:32 am

  • Following the announcement of a healthy profit, Hariom Pipes Industries Ltd's stocks has gained more than 3% on NSSE yesterday. On the NSE, the company's shares closed at Rs.257.15 on August 16th after rising 7.60 or 3.05 % . On August 10, the business announced that its net profit for the first quarter of FY23 increased by 68% over the same period last year, reaching Rs9.54 crore. Read more

Apple shifting more of its production from China to Vietnam

Published on: 9:28 am

  • Suppliers of Apple Inc. are considering starting production of the Apple Watch and MacBook in Vietnam.
  • Apple's Chinese suppliers, Luxshare Precision Industry, and Foxconn have begun producing Apple Watch and MacBook prototypes in Northern Vietnam. Read more

Sona BLW collaborates with Israel-based innovation hub ‘Drive TLV’; stock under pressure

Published on: 9:21 am

  • Sona BLW Precision Forgings Ltd. (Sona Comstar) has joined forces with Drive TLV (DRIVE), an Israel-based innovation hub focused on smart mobility solutions.
  • Sona Comstar will gain access to Israel's high-tech mobility start-up ecosystem through its partnership with DRIVE.
  • Drive TLV works with a select group of mobility industry partners. Its partners rely on DRIVE to bring them top emerging technologies and tailor solutions to their specific requirements. Read more

Cipla appoints Ashish Adukia as Global CFO and KMP; stock rises

Published on: 9:19 am

  • Cipla Limited informed that the Board of Directors of the company has approved the appointment of Ashish Adukia as the Global Chief Financial Officer and Key Managerial Personnel of the Company.
  • The company further stated that Ashish’s appointment will release Dinesh Jain from the additional responsibility of interim Chief Financial Officer. However, he will continue his position as Senior Vice-President & Head-Corporate Finance.
  • Ashish’s appointment shall be effective from August 16, 2022. Read more

Borosil to shift operations of factory at Tarapur to Bharuch, Gujarat; Stock rises

Published on: 9:18 am

  • Borosil Ltd has informed that its factory at Tarapur is engaged in manufacturing products pertaining to the Scientific and Industrial Products business.
  • As per the filing, to have better integration and operational efficiencies, the Company is shifting the entire operations of Tarapur factory to its other factory situated in Bharuch, Gujarat. It is also involved in manufacturing similar products that manufactured in Tarapur. Read more

PhonePe to focus more on e-commerce

Published on: 9:18 am

  • In preparation for its integration with the government's Open Network for Digital Commerce (ONDC) initiative, the digital payments business PhonePe is developing a comprehensive strategy to support its e-commerce objectives.
  • However, the financial company's goals for internet commerce are nothing new. The company previously made an effort with products like Switch, which was loosely based on the idea of a super app, and Stores, which was designed to make it easier for customers to find local businesses. Read More

Sun Pharma gets OAI from USFDA for Halol facility

Published on: 9:17 am

  • Sun Pharmaceutical Industries Limited has received a communication from the USFDA indicating the inspection classification of Halol at Gujarat facility as "Official Action Indicated" (OAI).
  • The OAI classification implies that the US FDA may withhold approval of any pending product applications or supplements filed from this facility till the outstanding observations are resolved. The Company continues to manufacture and distribute the existing products for the US market, thereby not likely to have any material adverse impact on current business from the Halol facility. Read more

Rajoo Engineers Q1 revenue increases at Rs18 crore; Stock gains 1%

Published on: 9:16 am

  • Rajoo Engineers Limited has announced its unaudited financial results for the First quarter ended June 30, 2022. These financial numbers are as per the IND AS accounting guidelines.
  • Key Highlights:
  • Q1 FY23 Revenue from operations at Rs18.00 crore 
  • Q1 FY23 EBIDTA (excluding Other Income) at Rs0.59 crore 
  • Q1 FY23 EBIDTA Margin (excluding Other Income) at 3.30% 
  • Q1 FY23 Net Profit at Rs0.75 crore 
  • Q1 FY23 Net Profit Margin at 4.14% 
  • Q1 FY23 Basic EPS at Rs0.12 Read more

Indoco Remedies to acquire 26% stake in Kanakal Wind Energy; stock adds ~1%

Published on: 9:16 am

  • Indoco Remedies Limited informed that in order to comply with the regulatory requirements for being a ‘captive user’ under Indian Electricity laws, the company has entered into Share Purchase and Shareholder’s Agreement along with the Power Purchase Agreement.
  • The agreements are for the acquisition of a 26% stake in Kanakal Wind Energy Private Limited, for setting up Solar Power Plant at Akkalkot, Solapur District, Maharashtra.
  • Under this agreement, the company plans to establish the Solar Power Plant at Akkalkot, Solapur District in the state of Maharashtra. As per the captive rules, the power generated will be supplied exclusively to Indoco Remedies Limited. Read more

Fidelity and BlackRock again reduce valuation of financial behemoth Ant

Published on: 9:00 am

  • Global investors who purchased private shares before Ant Group Co.'s postponed initial public offering reduced the company's worth even again.
  • At the end of May, Boston-based Fidelity Investments reduced its Ant estimate to $70 billion, based on calculations made by Bloomberg using filings. That's down from $235 billion shortly before authorities scuttled Ant's IPO in November 2020 and $78 billion in June of last year.
  • BlackRock Inc. reduced the value from $174 billion to $151 billion as of March, while T. Rowe Price Group Inc. reduced it from $189 billion to $112 billion as of May. Read more

Indian markets may again start the day on a positive note

Published on: 8:49 am

  • Indian markets may start the day on a positive note today. Walmart reported yesterday its June quarter sales. Its sales were higher than expectations. This may give hope to some investors that the consumption-driven US economy has started the path of recovery. A prolonged slow down in the US economy will hurt Indian economy too. Oil prices gained yesterday on the back of expectations of increase in demand and lowering of US oil inventory.
  • US markets saw another strong day yesterday. Dow Jones climbed over 230 points. Nasdaq closed lower by 25 points on profit booking. Consumer stocks led the gainers with Walmart leading the winners. Bond yields traded higher at 2.82%. Oil traded near 6 month lows.
  • Asian markets have opened mixed with the Japanese 'Nikkei' trading higher by over 200 points. ASX & other indices are trading lower on profit booking.US dollar has become stronger. This could see Asian currencies see profit booking. Chinese stocks continue to see profit booking after being laggards in this rally. Read more

Meta brings the metaverse of Horizon Worlds to new nations in Europe

Published on: 8:48 am

  • For individuals in France and Spain who are 18 years old or older, Meta (formerly Facebook) wants to bring the Horizon Worlds metaverse experience to other nations in Europe.
  • Mark Zuckerberg, the company's founder, and CEO said in a blog post that he anticipates "seeing people create and explore virtual worlds, as well as bringing this soon to other nations." We always aim to provide new tools and features that enable users to personalize their own experiences because we want everyone to have control over their time in Horizon Worlds." Read more

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