Latest News and Updates

22nd Aug, 2022

CRISIL says Plant Load Factor of coal based power plants will be highest in five years in FY 23

Published on: 3:21 pm

  • According to a CRISIL Rating estimate, the plant load factor (PLF) of Indian coal-based power plants will increase by over 300 basis points (bps) to 62% this fiscal, which will be the highest in the previous five fiscals. This improvement will be fuelled by strong demand growth and limited capacity addition in the sector.
  • The operating profit of private generating firms (gencos) with a capacity of one-third (25 GW) will likely reach a five-year high as a result of this, according to the report. Read More

Godrej Agrovet signs agreements with NE states to cultivate oil palms

Published on: 2:59 pm

  • Godrej Agrovet, a diversified agribusiness, announced on Monday that it had signed three Memorandum of Understandings (MoUs) with the state governments of Assam, Manipur, and Tripura for the development and promotion of oil palm cultivation in the area under the National Mission on Edible Oils-Oil Palm (NMEO-OP) scheme.
  • The largest oil palm processor in India, Godrej Agrovet, works closely with farmers throughout the whole lifecycle of their crop. The MoUs are consistent with Godrej Agrovet's long-term plan to double farmer income and sustainably increase oil palm production as part of India's oil mission. Read More

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Advait Infratech's stock zooms up by over 100% in 5 days

Published on: 2:26 pm

  • On Monday, Advait Infratech shares reached a new high since its market debut in September 2020 when they were stuck at the 10% upper circuit at Rs411.10 on the BSE. The stock has soared 109 percent in the last five trading days from a base of Rs197. The S&P BSE Sensex, in contrast, fell by around 1% at that time.
  • The unexpected increase in the business's stock price, according to Advait Infratech, is unrelated to the company and is solely the result of market forces. "We are unaware of what has caused the price of our shares to change significantly. The share price fluctuation is entirely determined by the market and may be influenced by a number of variables, including market conditions. The company's management has no interest in how the share price is fluctuating "On Friday, Advait Infratech provided clarification. Read More

ITC sock rises on the back of sales and profit growth momentum

Published on: 1:22 pm

  • ITC, a diversified fast-moving consumer goods (FMCG) company, saw its stock achieve a new 47-month high on Monday, rising 1.5% on the BSE during substantial trading volume in an otherwise sluggish market.
  • Since September 3, 2018, the stock was trading at its highest level. On July 3, 2017, ITC reached a record high of Rs 353. Read More

Tesla's Full Self-Driving software priced at $15,000

Published on: 12:10 pm

  • Elon Musk, CEO of electric vehicle manufacturer Tesla, has stated that upon its widespread release, the cost of its Full-Self Driving (FSD) software will rise to $15,000.
  • Musk said that the increased price will take effect in North America on September 5 in a tweet on the microblogging site Twitter. Read More

Warner Bros Discovery postpones launch of HBO Max in India

Published on: 12:03 pm

  • HBO Max, a well-known American subscription video-on-demand (SVOD) service, will not be launched in India by Warner Bros. Discovery at this time. Instead, the business is looking at worldwide cost-cutting measures and trying to merge Discovery+ with HBO Max in the existing countries.
  • The action forced HBO Max's head of programming for India, Saugata Mukherjee, to resign after only a year on the job.
  • Mukherjee, who joined HBO Max as content head in November of last year, is anticipated to return to SonyLIV. Read More

DoorDash to end its delivery partnership with Walmart

Published on: 11:53 am

  • After more than four years of delivering groceries and other items from the retail chain to clients, online delivery platform DoorDash has made the decision to end its partnership with Walmart.
  • Early this month, DoorDash informed Walmart of its decision, claiming that the arrangement was no longer advantageous to both parties and that it wanted to concentrate on its long-term client relationships.
  • DoorDash gave Walmart a 30-day notice, thus the collaboration will stop in September. Read more

Tencent lays off 5500 employees after posting first y-o-y decline in revenues

Published on: 11:48 am

  • Chinese corporation Tencent has laid off 5,500 workers after reporting $19.8 billion in revenue for the June quarter, a 3% decrease that was the company's first drop in sales since going public.
  • According to the South China Morning Post, the country's biggest video game and social media company cut over 5,500 jobs in the second quarter due to the weakening economy. Read More

There is no plan to charge for UPI services: Finance Department

Published on: 11:44 am

  • The United Payments Interface (UPI) is a digital public good, according to the Finance Ministry, and no taxes are being considered by the government for this. This assertion allays concerns raised by the RBI's discussion paper on fees in the payment system, which raised the possibility that UPI payments would be subject to a tiered fee structure depending on different amount ranges.
  • At this time, there are no fees associated with UPI transactions. Read More

Shalev Hulio, CEO of the Israeli spyware company NSO Group, resigns

Published on: 11:39 am

  • Israeli spyware company NSO Group said on Sunday that Shalev Hulio, its chief executive, is resigning with immediate effect. Yaron Shohat, the company's chief operating officer, has been hired to oversee a reorganization of the business before a replacement is chosen.
  • Approximately 100 people will be let go as part of the company's reorganization. Shohat will serve as CEO until the board names a new one.
  • The surveillance company that creates Pegasus software has been dealing with legal action as a result of claims that governments and other organizations used its capabilities improperly to hack mobile phones. Read More

Fundamentum, run by Nandan Nilekani, raises $227 million for a second fund

Published on: 11:09 am

  • Fundamentum Partnership, a venture capital firm run by Nandan Nilekani, has secured $227 million for its second fund, a substantial portion of which came from regional business owners and their private investment firms.
  • In 2017, Nilekani founded Fundamentum alongside Sanjeev Aggarwal of Helion. Nilekani is also the co-founder and board chairman of Infosys NSE-0.32%.
  • Its initial fund had a value of roughly $100 million. Caisse de dépôt et placement du Québec (CDPQ), a Canadian pension fund and institutional investor, invested as a limited partner (LP) in it in 2018. Read More

Adani Power to acquire DB Power's thermal power assets in Chhattisgarh; stock up by more than 4% tod

Published on: 10:58 am

  • Shares of Adani Power rose 4% during intraday trading on Monday to a new high of Rs428.20 after the firm announced its agreement to purchase DB Power's thermal power assets for an estimated Rs7,017 crore. Adani Power traded 3% higher at Rs423.50 at 09:32 a.m., while the S&P BSE Sensex fell 0.7% during the same period.
  • In Chhattisgarh's District Janjgir Champa, DB Power owns and runs a functioning 2x600 MW thermal power plant with an estimated revenue of Rs3,488 crore for the fiscal year 2021–2022. (FY22). With fuel supply agreements with Coal India and long- and medium-term power purchase agreements covering 923.5 MW of its capacity, DB Power has been successfully running its facilities. Read More

Stripe lays off acquired TaxJar's employees

Published on: 9:58 am

  • Several of the staff members supporting TaxJar, a tax compliance business that Stripe purchased last year, have been let go by the digital payments platform.
  • Stripe's decision to wind down TaxJar-focused go-to-market operations in late July is what led to the layoffs that took place over the past month.
  • Additionally, the employment cut would affect between 45 and 55 people, some of whom were given the opportunity to apply for internal Stripe jobs for 30 days. Read More

New ride hailing apps trying to create competitive advantage over Uber by offering more benefits to

Published on: 9:55 am

  • With the promise of treating drivers better than Uber and Lyft, a number of new ride-hailing apps are competing.
  • One of them is Dallas-based Alto, which employs drivers as employees and pays them annually. 100% of the cab fares are given to the driver by Austin, Texas-based Wridz and McLean, Virginia-based Empower. A portion of the income is guaranteed by the New York City Drivers' Cooperative. Read More

Reliance Industries lodges a contempt complaint against SEBI

Published on: 9:50 am

  • Reliance Industries has filed a contempt petition with the Supreme Court against the Securities and Exchange Board of India (SEBI), accusing it of "wilful disobedience" with regard to an order from the high court ordering the capital market regulator to grant the nation's most valuable company access to certain documents in a two-decade-old stock allotment case.
  • The action is being taken as SEBI prepares to seek the Supreme Court for a review of the August 5 judgement that favoured the corporation in gaining access to the necessary papers. Reliance has also submitted a letter to the Supreme Court's registrar asking for an immediate hearing of the case on August 22 before Chief Justice of India NV Ramana.
  • On August 5, the Supreme Court ordered SEBI to deliver copies of Justice (retired) BN Srikrishna's first and second views as well as the report of YH Malegam to Reliance over a case that had been pending for 20 years. Read More

UPI services are "digital public goods," says government

Published on: 9:48 am

  • Four days after the Reserve Bank of India (RBI) released a discussion paper on levying fees on payment systems, including the UPI, NEFT, and IMPS, the Finance Ministry on Sunday referred to UPI services as a "digital public good" and stated that the government is not considering charging for them.
  • Officials who were privy to the discussions that went into the central bank's discussion paper claimed that the idea was only to assist companies that provide UPI services recover their operational costs, possibly by levying a charge as low as one or two paise per transaction. However, the Ministry claimed that these concerns could be resolved by other means. Read More

Institutional investors oppose generous ESOPs at listed startups

Published on: 9:44 am

  • Institutional investors, particularly foreign funds, are opposed to plans by publicly traded new age companies to provide some of their best staff with generous stock options and compensation packages. Investors are raising a red flag about these stock option issuances, according to people with direct knowledge of the situation, because the prices are much below those of the present market..
  • Investors rejected a plan for Employee Stock Options (ESOPs) put out by the company late last month by an 82% margin. Read More

Some more details about the DreamFolks IPO

Published on: 9:31 am

  • On Wednesday, August 24, Dalal Street will open for subscriptions for the airport service aggregator platform DreamFolks Services' initial public offering (IPO).
  • In its inaugural stake sale, the corporation would offer its shares for sale between Rs308 and Rs326. There is still time to subscribe to the proposed primary offering through August 26. (Friday).
  • The promoters, Liberatha Peter Kallat, Dinesh Nagpal, and Mukesh Yadav, are offering up to 1,72,42,368 equity shares with a face value of Rs2 apiece as part of the first public offering (IPO). Read more

Zomato apologizes for the ad featuring Hrithik Roshan

Published on: 9:30 am

  • App for food delivery Zomato apologized for their most recent commercial with Hrithik Roshan and claimed they didn't mean to offend anyone.
  • The corporation issued a statement on Twitter saying, "We extend our heartfelt apologies, for the purpose here was never to damage anyone's beliefs and sentiments."
  • The company released a statement in response to demands from priests and followers of Shree Mahakaleshwar Temple, a well-known temple in Ujjain, for the advertising featuring Hrithik ordering meals from "Mahakal" when he felt like a "thali" to be immediately pulled. Read More

Sunstone raised $28 million from WestBridge capital, others

Published on: 9:19 am

  • Ed-tech Sunstone that provides higher education programmes has raised $35 million in a round that was mostly led by WestBridge Capital, an existing investor.
  • The Gurgaon-based startup raised $28 million from investors led by WestBridge Capital a year prior to this round, which also included Alteria Capital.
  • According to Ashish Munjal, cofounder of Sunstone, who spoke to ET, the new funding would be utilised to expand into newer educational fields, with a particular emphasis on undergraduate tech programmes. Read More

Khagorijan oil field begins production after 15 years

Published on: 9:11 am

  • On Saturday, the Khagorijan oil field held by the government-controlled Oil India Limited (OIL) in Dibrugarh, eastern Assam, began production after nearly 15 years.
  • Himanta Biswa Sarma, the chief minister of Assam, was present at the ceremony marking the restart of OIL's Khagorijan oil field in Rohmoria, whose operations had been halted since November 2007 due to logistical and environmental concerns.
  • Oil was found in the area in November 1998, and according to the Chief Minister, four wells were sunk. Production began in December 2004, and one of those wells, Khagorijan, is located 1.8 kilometers from the Brahmaputra. Read More

Market forecast - What to expect this week?

Published on: 9:05 am

  • Indian markets are likely to have a mixed week. On some days in the week, the markets are likely to be in the green; on other days in red. Investors will do well if they buy and sell with a short term perspective. Inflation and economic slowdown will  remain a major concern. Negative global cues may dampen sentiments in the Indian markets. Britain's consumer inflation rate touched 10.1% in July. This is the highest inflation rate that the country has seen, since 1982. On a quarter-on-quarter basis, Britain's economy shrank by 0.1% in the June quarter. Price of natural gas is rising again in Europe.
  • Saudi Aramco, the oil company owned by the government of Saudi Arabia, has posted a record year-on-year growth of 90% in its profit in the June quarter. Its net profit in the June quarter stood at $ 48 billion. This indicates that the Saudi Government has little incentive to increase the production and supply of oil. Read More

PharmEasy postpones its IPO and hopes to achieve EBITDA breakeven by the following year

Published on: 8:55 am

  • PharmEasy has withdrawn its DRHP. People in the know indicated that e-pharmacy startup PharmEasy has opted to delay its IPO goal until next year. The company will till then focus on  reducing cash burn and has set the objective of achieving Ebitda breakeven in a year.
  • Earnings before interest, taxes, depreciation, and amortization (Ebitda) has emerged as a key priority for investors and technology entrepreneurs as a result of a global funding slowdown. Read More

In early trade, gold prices remain unchanged

Published on: 8:48 am

  • In the opening hours of trading on Monday, the price of 10 grams of 24-carat gold remained constant at Rs52,150. Silver's cost decreased by Rs100 to Rs55,500 per kilogram.
  • On Monday, ten grams of 22-carat gold were selling for Rs47,800. In Kolkata and Mumbai, 24-carat gold is being sold for Rs52,150 per 10 grams, while 22-carat gold is being sold for Rs47,800 in each city. Gold in Delhi is currently selling for Rs52,310 per 10 gm for 24-carat gold and Rs47,950 for 22-carat gold. Read more

Vijay Shekhar Sharma reappointed as MD & CEO by Paytm shareholders

Published on: 8:45 am

  • The parent company of digital payments solutions provider Paytm, One 97 Communications Ltd., reported that 99.67% of its shareholders who cast ballots supported the resolution to re-appoint founder Vijay Shekhar Sharma as managing director of the business for another five years, from December 19, 2022, to December 18, 2027.
  • According to Paytm, all seven resolutions were duly approved with more than 94% of the voting. Among them were Sharma's pay for the following three fiscal years, the reappointment of Madhur Deora as executive director, president, and chief financial officer of the company, and Ravi Adusumalli, co-managing partner of early investor Elevation Capital, as a director of the company. The AGM did not cover these topics. Read More

Markets may start the week in Red

Published on: 8:40 am

  • Indian markets may start the day in red today. Most Asian markets have opened in the red today. Profit booking may take place in some stocks today. Dollar has strengthened further. Oil prices have declined further. The concern that US Federal Reserve may go for a substantial rate hike in September have increased. 
  • US markets saw weakness on triple witching day as the largest ever option expiry saw pressure on indices. Dow Jones closed lower by 280 points. Nasdaq fell over 250 points. Bond yields hardened to 1 month high at 2.98%. Crude traded near $89 per barrel. US dollar index spiked to 2 month high at 108. This appreciation in dollar against major currencies may result in weakness in global equities. Read more

Central Bank of India likely to leave the RBI PCA framework, suggest news reports

Published on: 8:22 am

  • Following an improvement in its financial situation, the Central Bank of India, the sole public sector lender subject to the RBI's prompt corrective action (PCA) framework, may soon be released from limitations.
  • According to news reports, the bank has already submitted a representation to the Reserve Bank of India (RBI) based on the steady improvement in financial indicators over the last five quarters.
  • Reports claim that the RBI is reviewing the bank's proposal and may shortly provide a decision based on both quantitative and qualitative criteria. Read more

LIC's mortality claims down 20%in Q1 FY23

Published on: 8:16 am

  • Despite the COVID impact appearing to be waning, the insurance giant LIC saw a drop in death claims of about 20% in the first quarter of the current fiscal year, according to news reports. However, the amount is still higher than pre-2020 levels.
  • According to LIC Chairman M R Kumar, who talked to ET, the amount for death claims settled in the June quarter of the last fiscal year was Rs7,111 crore, while it was Rs5,743 crore in the first quarter of this year. Read more

IndiGo flight lands safely at Kolkata Airport, after false smoke alert

Published on: 8:11 am

  • False smoke alert in the plane's cargo hold, forced an emergency landing in Kolkata for an IndiGo flight from Delhi to Kolkata. There are no reports of any passenger injuries, and all passengers are said to be safe.
  • After spotting smoke, the IndiGo flight 6E-2513's pilots requested an urgent landing from Kolkata ATC. The airport fire department was informed by Kolkata Air Traffic Control (ATC) to ensure the flight's safe landing.
  • "The pilots prioritized the landing in Kolkata and adhered to their Standard Operating Procedures (SOPs). Inspections that were required were performed after arrival. The warning was determined to be false. Corrections to the detection system that are required are being made, " IndiGo said in a statement. Read More

FPIs net buyers of Rs 40,000 crore worth of shares in August till now

Published on: 8:08 am

  • Foreign investors are turning out to be the biggest bulls on the Indian stock market, at least for the time being, as domestic institutional investors are busy collecting the harvest. According to NSDL data, FIIs have purchased stocks worth more than Rs40,770 crore so far this month.
  • According to news reports, FIIs are returning to emerging markets (EMs) like India as US inflation shows indications of peaking and the future strength of the US dollar is uncertain. Read More

DICGC to pay depositors of 17 cooperative banks

Published on: 8:04 am

  • In October, reimbursements would be made to qualified depositors of 17 cooperative banks, including eight from Maharashtra, by the Deposit Insurance and Credit Guarantee Corporation (DICGC). In July, the RBI placed severe limitations on deposits from these 17 banks due to their poor financial situations, including a prohibition on withdrawals.
  • The RBI's wholly-owned subsidiary DICGC offers bank deposit insurance coverage up to Rs5 lakh
  • Eight cooperative banks are located in Maharashtra, four in Uttar Pradesh, two in Karnataka, one in New Delhi, one in Andhra Pradesh, and one in West Bengal, out of the 17 cooperative banks. Read More

Top 10 stocks for today

Published on: 8:00 am

  • The Singapore Exchange's Nifty futures traded 74 points, or 0.42%, lower at 17,670, indicating that the stock market may have a  start in red to the week. The following 10 stocks may be the most traded ones in today's market:
  • Larsen & Toubro:
  • The engineering major is dedicated to working along the entire value chain of green energy and has plans to invest up to $2.5 billion over the following three to four years. The market's development will determine whether such a significant amount of investment is made in the green energy sector. Read More

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