Latest News and Updates

19th Aug, 2022

After issuing a tender to monetize rail ticket data, IRCTC stock sees a 5% spike

Published on: 4:20 pm

  • On August 19, after the company announced a tender to monetize its data assets in order to raise income and increase profit, shares of Indian Railway Catering and Tourism Corporation (IRCTC) increased by more than 5%.
  • The BSE started IRCTC shares at Rs.712; so far in the session, they have fluctuated between an intraday high of Rs752.50 and an intraday low of Rs.697.75. Shares of IRCTC traded 5.08 percent higher at Rs749.25 a share on the BSE at 1:05 PM. Read more

ReNew Power posts Rs10.4 crore loss in June quarter

Published on: 3:13 pm

  • ReNew Power announced a loss of Rs10.4 crore for the April–June quarter of FY23 on Friday as a result of some adjustments to one-time expenses. In comparison to a net profit of Rs 425 million (USD 5 million or Rs42.5 crore) for Q1 FY22 (April-June 2021), the company reported that its net loss for the first quarter of FY23 (April-June 2022) was Rs 104 million (USD 1 million or Rs10.4 crore).
  • The company said that the net loss reflects the impact of reclassifying a hedging loss from the balance sheet of Rs2,531 million (USD 32 million or Rs253.1 crore) for the refinancing of dollar bonds with lower cost rupee debt as well as a one-time payment for debt premium. For the first quarter of FY23, total income (or total revenue) was Rs25,007 million (USD 316 million or Rs2,500.7 crore), up 48.8% over the same period in FY22. Read more

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Ind-Ra assigns ‘IND AAA’ rating to IRB InvIT’s proposed rupee term loan

Published on: 3:05 pm

  • IRB InvIT Fund announced that India Ratings and Research (Ind-Ra) has affirmed (IRB InvIT) senior debt rating at ‘IND AAA’. The rating agency affirms Outlook as ‘Stable’.
  • Further, the rating agency has assigned a provisional ‘IND AAA’ rating with a Stable outlook on the company’s Proposed rupee term loan (RTL) worth Rs341 crore. Read more

Aditya Birla ARC purchases the KSK Mahanadi Power loan account from SBI for Rs1,622 crore

Published on: 2:57 pm

  • SBI accepted a haircut of over 58% off the total outstanding when selling the non-performing loan account of KSK Mahanadi Power Company to Aditya Birla ARC for Rs1,622 crore. As of April 2022, KSK Mahanadi Power Company owed the State Bank of India (SBI) a total of Rs3,815.04 crore in loans.
  • SBI announced in a regulatory filing on Thursday that it had "started open offer e-auction toward the sale of fund-based exposure of KSK Mahanadi Power Co. Ltd on 100% cash basis on April 20, 2022, for a reserve price of Rs1,544.08 crore." Read More

Future Enterprises defaults on interest payment of Rs12.68 crore

Published on: 2:49 pm

  • Debt-ridden Future Enterprises Ltd (FEL) reported that it has missed two interest payments totaling Rs12.68 crore on non-convertible debentures. The payment was expected to be made by August 17, 2022, according to FEL's regulatory filing.
  • According to a statement released on Thursday, "the company is unable to fulfill its obligations in respect of the interest on Non-Convertible Debentures (NCDs) due on August 17, 2022." The secured debentures have a coupon rate of 9.60% annually.  It stated that the interest was due from February 16 until August 17, 2022. Read more

TCM incorporates TCM Properties as wholly-owned subsidiary; Stock gains near 1.5%

Published on: 2:48 pm

  • TCM Ltd has informed to the exchanges regarding incorporation of a wholly owned subsidiary- TCM Properties Pvt Ltd.
  • As per the regulatory filing, the said wholly owned subsidiary company is Incorporated on August 18, 2022 in the name of TCM PROPERTIES PVT LTD and the initial subscribed share capital of the said company would be Rs1 lakh, the company said on Friday. Read more

Anti-dumping duty may be imposed on ofloxacin imports from China

Published on: 2:10 pm

  • To protect domestic players from low-cost imports from the neighboring country, the trade ministry has recommended imposing anti-dumping duties on Chinese ofloxacin, a medication used to treat certain illnesses, for five years.
  • After determining through its investigation that the product had been exported to India at dumping prices, which had an effect on the domestic industry, the Directorate General of Trade Remedies (DGTR) has proposed the tariff on imports of "ofloxacin" and its intermediates from China. Read More

Tata Chemicals' stock hits a new high

Published on: 1:59 pm

  • Following a 6% increase on the BSE on Friday due to a positive outlook for the company's future, shares of Tata Chemicals reached a new high of Rs1,182.40. The commodity chemicals company owned by the Tata Group saw its stock rise above the previous high it reached on August 12, 2022, which was Rs1,159.95.
  • After the company reported better-than-expected earnings for the quarter ending in June 2022, Tata Chemicals' market price has increased by 38% over the past month (Q1FY23). In contrast, the S&P BSE Sensex rose 10% throughout that time. Read more

TI India announces termination of GDR Program

Published on: 1:51 pm

  • Tube Investments of India Limited announced the final termination of the Global Depository Receipts Program.
  • The company has made this announcement in continuation to its letter dated May 12, 2022.
  • Company further stated that M/s. BNY Mellon, the depository of TI’s GDR Program vide their communication received by the Company on August 18, 2022, has informed that the GDR Program stands terminated with effect from August 12, 2022. Read more

Ind Ra affirms CSB Bank's Tier II Bonds rating at 'IND A' with stable outlook

Published on: 1:45 pm

  • India Ratings has affirmed CSB Bank’s Tier II Bonds rating at 'IND A' with Stable outlook.
  • According to the rating rationale report, a substantial increase in the franchise, experience in corporate assets, a strengthening and improvement of the deposit profile, especially outside Kerala and Tamil Nadu, a scaling up of non-gold loans materially and consistent return ratios could lead to positive rating action. Read more

Acuite upgrades rating of GRM Overseas’ bank facilities worth Rs238 crore; stock slips ~2%

Published on: 1:16 pm

  • GRM Overseas Limited informed that the rating agency has upgraded the ratings assigned to the company’s various bank facilities.
  • Acuite has upgraded long-term rating to ‘ACUITE BBB+’ from existing ‘ACUITE BB’ on instruments worth Rs19 crore. Outlook on long-term instruments is ‘Stable’.
  • Further, the short-term rating has been upgraded to ‘ACUITE A2’ from existing ‘ACUITE A4+’ on instruments worth Rs201 crore.
  • Acuité has also assigned a short-term rating of 'ACUITE A2' on the Rs18 crore bank facilities. Read more

Paytm's Annual General Meeting today

Published on: 1:01 pm

  • Friday's shareholder vote will determine whether or not the billionaire Paytm founder should continue to lead the fintech pioneer that had one of the worst debuts in Indian IPO history.
  • At the company's annual general meeting, which is being held digitally this afternoon, votes will be cast on several issues, including Vijay Shekhar Sharma's position as CEO. Last week, a proxy advisory firm advised shareholders to remove the founder from his position as CEO due to doubts about his capacity to turn around losses at the payments provider. Read more

Streaming viewership surpasses that of cable TV for the first time in USA

Published on: 12:51 pm

  • Streaming services viewership has surpassed cable usage in the US for the first time due to the slowing of new material on traditional television and the reduction of sports programming.
  • In the US, streaming accounted for 34.8% of all TV viewership in July, up 22.6% from July 2021, according to Nielsen.
  • At 34.4%, cable consumption lagged behind, down 8.9% from the previous year and 2% from June. Read more

DreamFolks' IPO to open on 24th August

Published on: 12:43 pm

  • On August 24, public subscription will start for the maiden share sale of airport loung services aggregator DreamFolks Services Ltd. According to the red herring prospectus, the three-day public offering would end on August 26 and the bidding for anchor investors would start on August 23. (RHP).
  • The promoters, Liberatha Peter Kallat, Dinesh Nagpal, and Mukesh Yadav, are selling up to 1.72 crore equity shares in the first public offering (IPO).
  • DreamFolks helps passengers have a better airport experience. Read more

HDFC Bank allots over 41.73 lakh equity shares under ESOS; Stock dives 1%

Published on: 12:41 pm

  • HDFC Bank has informed to the exchanges regarding allotment of 41,73,730 equity shares under ESOS.
  • The Bank has allotted today 4173730 equity shares to the employees of the Bank pursuant to exercise of options under its Employees Stock Options Scheme (ESOS).
  • As per the filing, the Paid up Share Capital of the Bank will accordingly increase from Rs5557887546 equity shares of Re.1/- each to Rs5562061276 equity shares of Re.1/- each. Read more

South Indian bank makes upward revision in Lending Rates

Published on: 12:35 pm

  • South Indian Bank Limited informed that it has revised the Marginal Cost of Funds Based Lending Rates (MCLR) applicable for multiple tenors.
  • These rates have been revised effective from August 20, 2022.
  • The bank has revised overnight MCLR to 7.85%. While one-month MCLR has been revised to 7.90%.
  • Bank revised the three-month MCLR to 8.00% for the new period. Read more

Snap Inc may not develop flying selfie drone any further

Published on: 12:17 pm

  • The Wall Street Journal reported on Thursday that Snapchat parent company Snap Inc. will no longer be developing its flying selfie drone, the Pixy.
  • The $230 Pixy will continue to be offered in its existing form, the article claims.
  • Nearly four months have passed since the Santa Monica, California-based startup unveiled the pocket-sized camera that can fly a few feet above its operator to capture still images and moving pictures. Read more

Ind Ra affirms ratings of Shree Renuka Sugars and its NCDs at 'A-/Positive'

Published on: 12:14 pm

  • India Ratings and Research (Ind-Ra) has affirmed the long-term issuer rating of Shree Renuka Sugars Limited (SRSL) at ‘IND A-’. The Outlook is Positive.
  • As per the rating rationale report, Ind-Ra continues to factor in SRSL’s strong legal, operational and strategic linkages with its ultimate parent, Wilmar International Limited (Wilmar), and the continued healthy support that it receives from Wilmar to arrive at the ratings. Read more

Southwest Pinnacle bags new export order from DMT Consulting; stock rises

Published on: 12:14 pm

  • South West Pinnacle Exploration Limited (SWPEL), an Integrated Service Provider offering end-to-end natural resource drilling and exploration, has received a new export order from DMT Consulting Ltd, UK.
  • The order includes a Preliminary Study for the Development of Alihat Iron Ore Deposits at Hakimpur in Dinajpur, Bangladesh.
  • As per the company, this is a short-duration project. Read more

China's cyber police desires "warm" relationships with indigenous internet companies

Published on: 12:06 pm

  • In the latest rhetorical reassurance to an industry already on edge following a protracted and brutal regulatory crackdown, a senior official from China's cyberspace agency said  that the country wants to foster an "affectionate" connection between internet firms and the government.
  • The CAC was one of the Chinese authorities who, in late 2020, began an unprecedented campaign against the nation's digital companies. The campaign threw into question long-standing corporate conventions, established new guidelines for how corporations should conduct themselves, and roiled the markets, devaluing the companies by billions of dollars. Read More

MTNL shares soar ~8% as board approves revival plan

Published on: 12:00 pm

  • Mahanagar Telephone Nigam Limited (MTNL) surged nearly 8% so far in today’s trade as the ailing telecom operator made multiple announcements following its board meeting.
  • At around 11.43 AM, MTNL’s counter was trading at Rs25.85, up by 8.39% against the previous close of Rs23.85 on NSE.
  • MTNL’s board conducted a meeting on August 12 and approved the termination of the depository agreement with the bank of New York Mellon (BNYM) and delisting of the company’s American Depository Shares listed in New York, with effect from October 1, 2022.
  • As per the approval by the cabinet for the debt-ridden PSU’s revival plan, the board also considered and approved the issue of sovereign guarantee bonds worth Rs17,571 crore. The board also suggested the merger of Bharat Broadband Network with MTNL. Read more

Strides Pharma's Naproxen Sodium OTC Softgel Capsules gets approval from USFDA; Stock dips 2%

Published on: 11:49 am

  • Strides Pharma Science Limited has announced that its Singapore-led step-down wholly owned subsidiary, Strides Pharma Global Pte. Limited has received approval for Naproxen Sodium Softgel Capsules, 220 mg (OTC) from the United States Food & Drug Administration (USFDA).
  • As per the filing, this product is bioequivalent and therapeutically equivalent to the Reference Listed Drug (RLD), Naproxen Sodium Capsules, 220 mg, of Bionpharma Inc. Read more

Wipro locks multi-year 'Service Integration and Management' contract with HM Treasury

Published on: 11:20 am

  • Wipro Limited has received a multi-year contract to provide Service Integration and Management (SIAM) Services to HM Treasury (HMT).
  • SIAM will allow for the seamless integration of IT services across multi-functional suppliers and partners, hence improving user experience throughout HMT and its Arm's Length Bodies.
  • Wipro and HMT will partner to aid in end-to-end SIAM services, from strategy, design, and implementation to running business-as-usual services such as day-to-day coordination of service integration across HMT’s vendors. Read more

Maximus International board approves stock split of shares; Stock gains over 1%

Published on: 11:07 am

  • The Board of Directors of Maximus International Ltd at its meeting held on Thursday, August 18, 2022 at the registered office of the Company, have considered and approved the sub-division of 1 Equity Share of the Company having face value of Rs10/- each into 10 (Ten) Equity Shares having face value of Re. 1/- each, subject to regulatory / statutory approvals as may be required and the approval of the shareholders of the Company.
  • As per the filing, Consequential amendments in the Capital Clause (Clause V) of the Memorandum of Association of the Company, subject to approval of the Shareholders of the Company. Read more

Printouts will be delivered in 11 minutes via Zomato-owned Blinkit

Published on: 10:53 am

  • Blinkit, a company owned by Zomato, stated that it would send printouts to users' doorsteps in 11 minutes. This move will be helpful for both parents and working adults.
  • The 10-minute delivery platform, which Zomato purchased for Rs 4,447 crore (about $568 million), is now available in select areas.
  • Jitesh Goel, product manager at Blinkit, stated, "I have never had a printer at home and getting it from a cyber cafe, library, neighbor, or office has always been tedious, especially when it's needed at the point of approaching deadlines."
  • The platform's new offering debuts as Zomato prepares to test out cross-leveraging with Blinkit and its user base for Zomato. Read more

Mahindra considers purchasing GM's Talegaon factory

Published on: 10:44 am

  • Soon after another Indian automaker, Tata Motors, decided to take over Ford's plant in Gujarat, Mahindra & Mahindra (Mahindra) began investigating the potential of purchasing General Motors' (GM) factory in Talegaon, Maharashtra.
  • Mahindra is examining a strategic purchase: While declining to comment specifically on Mahindra or MG, a GM India spokeswoman did mention to ET that "GM is continuing to investigate options for the sale of the site."
  • It would be the second instance of a domestic company assisting a US automaker in reducing its investment in India if talks between Mahindra and GM result in an agreement. Ford and GM have both abandoned the Indian auto industry. GM is still looking for a buyer for the site five years after leaving this market, but Ford found a buyer for its facility within a year after its announcement to leave India in September of last year. Read more

7Seas Entertainment skyrockets ~8% on launch of first-of-its-kind mobile app ‘Gamer Shorts’

Published on: 10:40 am

  • 7Seas Entertainment Limited announced the launch of Gamer Shorts. It is a one-of-its-kind mobile application in the world with selected news, analyst perspectives, views on new investments, and innovations.
  • The app contains over 25 similar simple games and is now available on 'Google Play Store.' These games are lightweight for both Android and iOS.
  • As per the Mordor Intelligence Report, the gaming market will have a CAGR of 8.94% from 2022 to 2027 and is expected to reach USD 339.95 billion. Read more

Seacoast Shipping Services board approves 1:1 rights issue; Stock up 5%

Published on: 10:36 am

  • The Board of Directors of Seacoast Shipping Services Limited has approved the right issue on the basis of 1:1 and subject to the increase authorized share capital of the Company as mentioned below. The terms of Right Issue will be decided on next Board Meeting.
  • The Board of Directors has recommended increase authorized share capital of the company from Rs33,66,75,000/- (Rupee Thirty-Three Crores Sixty-Six Lakhs Seventy-Five Thousand Only) divided into 33,66,75,000 equity share of Rs1/- (Rupee One Only) each to Rs68,00,00,000/- (Rupee Sixty-Eight Crore Only) divided into 68,00,00,000 equity share of Rs1/- (Rupee One Only) each subject to approval of shareholder in General Meeting. Read more

Nykaa opens its first lingerie and activewear store in New Delhi

Published on: 10:17 am

  • Nykd by Nykaa, the lingerie and activewear division of Nykaa Fashion, opened its first flagship location in the Rajouri Garden neighborhood of New Delhi.
  • The retailer sells the company's loungewear, athleisure, sleepwear, and undergarments. focusing on immersive, interesting, and technologically advanced shopping experiences.
  • The almost 2,000-square-foot store will provide customized fitting sessions to assist customers in selecting the product most appropriate for their body type. Read more

Nykd by Nykaa unveils first flagship outlet in New Delhi

Published on: 10:13 am

  • Nykd by Nykaa, Nykaa Fashion's lingerie, and the athleisure brand has opened its first-ever stand-alone, physical retail space in New Delhi's Rajouri Garden.
  • The store, which focuses on immersive, engaging, and tech-led shopping experiences, offers a wide range of products from the brand's innerwear, sleepwear, athleisure, and loungewear categories. This store is a step toward empowering women in their lingerie purchasing journey. Read more

Prices of fuel on August 19

Published on: 10:13 am

  • The most recent price notification from fuel dealers indicated that the price of gasoline and diesel remained stable on August 19. For more than a month, the costs have not altered.
  • Mumbai charges Rs106.31 for a liter of gasoline and Rs94.27 for a liter of diesel. Delhi charges Rs96.72 and Rs89.62 a liter for gasoline and diesel, respectively. In Chennai, the cost of gasoline and diesel is Rs102.63 and Rs94.24; in Kolkata, it is Rs106.03 and Rs92.76.
  • According to reports, oil marketing corporations lose 13.08 and 24.09 rupees per liter of gasoline and diesel, respectively. 80 percent of India's gasoline requirements are imported. The cess on crude oil was decreased by the Government of India on August 18 to Rs 13,000/tonne from Rs 17,750/tonne in its third fortnightly review of the windfall gains tax. Read more

NHPC to build a hydropower plant in Nepal

Published on: 10:09 am

  • Years after a Chinese business withdrew, Nepal has inked a deal with an Indian company, NHPC, to build a hydropower project in the country's western region, according to news reports.
  • To expand its economy and export electricity in order to reduce the more than $13 billion trade imbalance, Nepal has opened its rivers to foreign players. The country estimates that these rivers have a combined capacity to produce more than 42,000 megawatts of hydroelectric power.
  • A memorandum of understanding (MOU) was signed on Thursday by India's NHPC Ltd, according to reports, allowing it to assess feasibility, environmental impact, land flooding, and construction costs for two projects: West Seti (750 megawatts), and SR 6. (450 megwatts). Read More

Proposed merger of JSW Ispat and Creixent Special Steels with JSW Steel approved by CCI

Published on: 10:02 am

  • The application to combine Creixent Special Steels and JSW Ispat into JSW Steel was accepted by the fair trade regulator Competition Commission of India (CCI) on Thursday. JSW Steel informed investors about the merger in May.
  • While Creixent Special Steels (CSSL) is engaged in the business of holding investments, JSW Steel and JSW Ispat are engaged in the production and marketing of steel products.
  • The merger of Creixent Special Steels and JSW Ispat Special Products with and into JSW Steel has been given the CCI's approval, the company stated in a tweet on Thursday. Read more

The venture arm of Flipkart will fund six startups

Published on: 10:01 am

  • The e-commerce company's $100 million venture capital arm, Flipkart Ventures, announced that it will invest in six businesses as part of its accelerator program, Flipkart Leap Ahead.
  • These startups include Dopplr, an organization focused on the metaverse; Livwell, an insurtech company; LogisticsNow; and NeuroPixel. Rightbot Technologies is an AI-based robotic fulfillment firm, and Sellerapp is an e-commerce seller-enablement company.
  • The chosen firms will also benefit from a mentorship program created by Bain & Company and an equity investment from Flipkart of up to $500,000. Read more

Rupee depreciates further

Published on: 10:00 am

  • On Friday, the Indian rupee depreciated against the US dollar as Asian currencies declined due to worries that the Federal Reserve could continue to raise rates swiftly.
  • By 03:32 GMT, the exchange rate for the rupee was 79.7675 to the US dollar, down from 79.6725 the previous session. Against the dollar, the offshore Chinese yuan drops to its lowest level in three months. The dollar index reached 107.72 on Friday, its highest level since July 18. Read more

Metropolis Healthcare’s stock under pressure as CEO Vijender Singh goes off-duty

Published on: 9:56 am

  • Metropolis Healthcare Limited’s counter was trading nearly 1% lower in today’s trade as the company announced the resignation of CEO Vijender Singh.
  • The company informed that Vijender Singh has resigned from the position of Chief Executive Officer on July 28, 2022. In that parlance, his last working day with the company was fixed as Wednesday, November 30, 2022.
  • As Vijender requested the company to consider and complete his transition/handover facilities, the company has agreed to release him from the position of CEO and any other office appointments held by him effective from August 17, 2022. Read more

13 states barred from participation in power exchanges over unpaid dues

Published on: 9:55 am

  • The Central Government has barred 13 states from buying or selling electricity on power exchanges until they clear their current bills from power plants. It is a clear signal from Centre that they will have to clear accumulated dues and pay regular bills on time. These states, which include some of the most active ones like Maharashtra, Madhya Pradesh, Karnataka, Tamil Nadu and Rajasthan, could see large-scale power outages if they do not pay up quickly.
  • In addition to this, this move could make power outages more common in the affected states which are Telangana, Tamil Nadu, Rajasthan, Jammu and Kashmir, Andhra Pradesh, and Maharashtra. Also includes, Karnataka, Madhya Pradesh, Jharkhand, Bihar, Chhattisgarh, Manipur, and Mizoram.
  • Accordingly, this move is the result of the rules framed by the Ministry of Power for non-payment of dues by the discoms and gencos. Under the new Late Payment Surcharge (LPS) rules, this action will be applicable from August 19. Read more

Adani Total Gas lowers prices of PNG and CNG

Published on: 9:51 am

  • According to a statement released by the Adani Group company on August 18, Adani Total Gas Ltd (AGTL) has reduced the cost of compressed natural gas (CNG) and piped natural gas (PNG) in 19 of the regions it serves as a result of the government increasing domestic gas allocation and lowering the unified base price.
  • Companies that provide city gas distribution (CGD), including Adani Total Gas, have requested assistance from the Ministry of Petroleum and Natural Gas (MoPNG) due to supply issues that have arisen as they expand their networks. The rules for domestic gas allocation and pricing, which are set by the Administrative Price Mechanism (APM), have since been updated by the government. Read More

Proposed merger of PVR and INOX Leisure now faces opposition

Published on: 9:46 am

  • A protest has been made against the proposed merger agreement between the operators of multiplexes PVR and INOX Leisure by the non-profit organization CUTS, who claim that the arrangement will have anti-competitive implications on the film exhibition business.
  • According to a statement released on Thursday, the Consumer Unity & Trust Society (CUTS) has asked the Competition Commission of India (CCI) to look into the situation. Read More

Windfall profit tax on domestic crude reduced to Rs13,000 per tonne

Published on: 9:42 am

  • Late on Thursday, the government raised the windfall profit tax on diesel export from Rs5 per liter to Rs7 per liter. In addition, the government reinstated a Rs2 per liter tax on the export of aviation turbine fuel.
  • The revised adjustments will take effect on August 19th. However, the windfall tax on domestically produced crude oil has been decreased by the Central Board of Excise and Customs (CBIC) to Rs13,000 per tonne from Rs17,750 per tonne previously. This reduction will be welcome news for producers like ONGC and Vedanta Ltd.
  • The recently implemented windfall tax is currently going through its third amendment. However, there is still no tax on gasoline exports. The change occurs as crude oil prices have fallen to a six-month low of under $90 per barrel on the world market. Read More

Bulk Deal: American Balanced Fund disposes off shares worth Rs1,046 crore of Embassy Office REIT

Published on: 9:41 am

  • In an open market transaction on Thursday, American Balanced Fund marketed 2.9 crore shares of real estate investment trust Embassy Office Parks REIT.
  • The total transaction proceeds aggregated to Rs1,046 crore.
  • American Fund offloaded 2,92,62,468 shares of Embassy REIT under this transaction. Read more

Markets trade flat amid mixed global cues with Nifty around 17,950

Published on: 9:35 am

  • The Indian market was in a volatile session and trading flat on Friday tracking mixed global cues as the market sentiments closely observing dollar and rupee headwinds. Globally, investors are reacting to the concern in China and high dollar strength. Further, oil prices are also trading higher for strong fuel demand. Back at home, banking, FMCG, oil & gas, realty stocks underperforming the most while IT, auto and metal stocks were marginally higher.
  • The June 2022 quarter will also sway the stock performance of market.
  • At around 09:35 AM, Sensex was trading at 60,311.56 up by 13.56 points or 0.02%. Meanwhile, Nifty 50 performed at 17,962.30 higher by 5.80 points or 0.03%. Read more

Tata Motors to supply, operate and maintain 921 electric buses for Bengaluru Metropolitan Transport

Published on: 9:32 am

  • The Bengaluru Metropolitan Transport Corporation (BMTC) ordered 921 electric buses from Tata Motors, which made the announcement on Thursday.
  • Convergence Energy Services Limited just announced a significant tender, and Tata Motors is prepared to deliver, operate, and repair 12-meter electric buses as part of it (CESL). According to the contract, this will take place over the course of 12 years. Read More

Why are prices of petrol and diesel in India not falling?

Published on: 9:31 am

  • Although local retail prices for gasoline and diesel have not changed, global crude oil prices have dropped to a six-month low. This may be due to the fact that Indian fuel retailers break even on gasoline but continue to lose money on diesel.
  • Brent, the most widely used benchmark for crude, was trading at $94.91 a barrel on Thursday after falling to a six-month low of $91.51 the day before due to worries about a worldwide recession.
  • Prior to a few months, when worldwide crude oil prices were rising, Indian fuel dealers were losing between Rs20 and 25 per litre on diesel and between Rs14 and Rs18 per litre on petrol. The decline in oil prices has reduced these losses. Diesel under-recovery is currently Rs4-5 per litre. Read More

Knowledge Marine & Engineering Works acquires new vessel; Stock zooms 5%

Published on: 9:19 am

  • Knowledge Marine & Engineering Works Ltd. “KMEW” has signed a sales deal with Abnco Vie Win Ent Pvt Ltd for purchase of a new vessel i.e. “Self Propelled Hopper Barge M.V. Abnco VI”. The vessel is acquired at a total cost of Rs3.50 crore. The said vessel is built in 2017 year and has a hopper capacity of 886 cubics.
  • Further, the mentioned vessel will be deployed in Mangrol and other fishing harbour for the Capital Dredging Work. Read More

Talbros Engineering commences construction at HSIIDC land, Faridabad; Stock jumps 5%

Published on: 9:18 am

  • Talbros Engineering Limited has announced to the exchanges regarding starting of construction land acquired for setting up new production unit.
  • In a regulatory filing, the company said that it has commenced construction on land acquired admeasuring 2.2 Acre bearing Plot No. 80, Sector 68, HSIIDC, Faridabad for setting up of new production unit. Read more

In early trading gold prices remain unchanged

Published on: 9:18 am

  • Early on Friday, 10 grams of 24-carat gold were trading at Rs52,250, with gold prices remaining steady. Silver is currently going for Rs56,700 per kilogram, down Rs900.
  • On Friday, ten grams of 22-carat gold was going for Rs47,900. The price of 10-gram pieces of 24- and 22-carat gold in Mumbai and Kolkata is respectively Rs52,250 and Rs47,900. Gold in Delhi is currently selling for Rs 52,400 per 10 gm for 24-carat gold and Rs 48,050 for 22-carat gold. Read more

Ashoka Buildcon announces expiry of concession period-Handing over of the toll project at Katni

Published on: 9:17 am

  • Ashoka Buildcon Limited informed that its subsidiary viz. Ashoka-DSC Katni Bypass Road Limited ("SPV") is implementing the Project i.e. "To carry on the business of building and construction, erection, also developing, maintaining and operating the Infrastructure project of Roads and Bridges of Katni Bypass on N.H. 7 from km. 361/2 to 378/6 around Katni town in Madhya Pradesh state, India on BOT basis or any other basis as per various rules and regulations on behalf of MORT&H and State PWD, MP."
  • As per the filing, the SPV has handed over the Project back to the Authority on August 18, 2022, after the expiry of the Concession Period successfully. Read more

Integra Essentia bags order for premium dry fruits worth Rs11 crore

Published on: 9:16 am

  • Integra Essentia Limited has announced to the exchanges regarding receipt of orders for Rs110 million+.
  • The order is for supplying Premium Dry Fruits, supply for these orders shall be completed in next couple of fortnights, which will help the Company in exceeding the targeted sales for the second quarter of FY23.
  • Commenting on the development, the M.D. Vishesh Gupta commented, “While pursuing a refreshed business approach wiz. “Life Essentials”, we are highly committed and focused on developing a strong business in all the targeted segments in next 15-30 months." Read more

Card-fintechs suffer a setback as SBM Bank halts onboarding new users

Published on: 8:59 am

  • One of the most active partner banks for fintech companies, State Bank of Mauritius (SBM) India, has instructed its card-fintech partners to immediately suspend onboarding new users for its co-branded credit prepaid card product.
  • Several start-ups in the industry have been hit by this, including partners Slice, Uni, and LazyPay.
  • All of the partner fintech companies received the note earlier this week. Read More

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