Latest News and Updates

23rd Aug, 2022

Godrej Agrovet rallies upto 5% on signing MOUs with 3 States

Published on: 3:32 pm

  • Godrej Agrovet Limited’s counter soared up to 5% in Tuesday’s trade as the company announced the signing of MoUs under the National Mission on Edible Oils-Oil Palm plan with the governments of Assam, Manipur, and Tripura for the development and promotion of oil palm production.
  • According to the agreement, the corporation will be given land in the three states to promote and grow sustainable palm oil plantations in the region.
  • Currently, Godrej Agrovet’s palm oil marks a presence in Andhra Pradesh, Telangana, Tamil Nadu, Orissa, Goa, Maharashtra, and Mizoram. Read More

Gujarat Mineral Development seeks partnership with Technology Consultants; stock rises

Published on: 3:13 pm

  • Gujarat Mineral Development Corporation (GMDC), a significant mining PSU business and the country's largest lignite supplier revealed plans to collaborate with technical consultants on a dry beneficiation technology pyrite/sulphur removal facility.
  • For more than six decades, GMDC, a Government of Gujarat Enterprise, has been a mining pioneer, catering to the demands of minerals and solid fuel for businesses in and outside of Gujarat.
  • The mining operations of GMDC are distributed in the districts of Kutch, Devbhoomi Dwarka, Bhavnagar, Bharuch, Panchmahal, and Banaskantha in Gujarat. It now trades minerals such as lignite, bauxite, fluorspar, manganese, ball clay, silica sand, bentonitic clay, and limestone. Read More

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Amal Limited spurts ~4% on commissioning Sulphuric Acid Plant

Published on: 3:07 pm

  • Amal Limited informed that its newly incorporated subsidiary, Amal Speciality Chemicals Ltd (ASCL) successfully commissions its sulphuric acid plant.
  • The said plant will have a 300 TPD capacity.
  • The sulphuric acid plant also consists of a zero liquid discharge facility. Read more

Bharat Electronics gains 3% on signing deal with NHPC for setting up solar manufacturing facility

Published on: 3:00 pm

  • NHPC and Bharat Electronics stocks in focus after the announcement of signing of Memorandum of Understanding (MoU) for solar equipment manufacturing facility.
  • At around 3:00 PM, NHPC Ltd is currently trading at Rs33.90 per share up by Rs0.1 or 0.3% from its previous closing of Rs33.80 per share on the BSE. However, Bharat Electronics was trading at Rs298.15 per share up by Rs9.05 or 3.13% from its previous closing of Rs289.10 per share on the BSE. Read more

Shreeji Translogistics expands fleet size from 287 trucks to 302 trucks; stock gains ~1%

Published on: 2:52 pm

  • Shreeji Translogistics Limited (STL), an India-based surface logistics and parcel delivery service provider has purchased an extra 15 trucks to cater to the increased domestic demand.
  • With this growth, we will be able to meet the high demand in the Bonded trucking and FTL segments. Furthermore, this fleet expansion is consistent with the Company's plan of growing fleet size by 100-150 trucks over the next 15-24 months.
  • This expansion will allow the organisation to serve more consumers, reach new markets, and create new business prospects. Read more

Ramco Systems to implement ‘Logistics ERP Software’ at Freight Specialists; stock jumps ~1%

Published on: 2:12 pm

  • Ramco Systems Limited announced that it would use its Logistics ERP Software to automate company-wide operations and services at Freight Specialists, a prominent freight and distribution services provider situated in Sydney, Australia.
  • Freight Specialists, a privately held company founded over 30 years ago, is a pioneer in regional storage and distribution across Australia and New Zealand, recognised for high-quality service and long-term client connections.
  • Ramco Logistics ERP Software, which includes modules for Transportation Management, Warehouse Management, Contract and Invoice Management, and Finance and Accounting, will replace Freight Specialists' legacy application, establishing a single, integrated, intelligent cloud ERP platform with mobile and analytics that will provide superior user experience, end-to-end visibility, and control, and enable real-time operational excellence. Read more

CRISIL reaffirms ratings on Rupa & Company's bank loan facilities

Published on: 1:50 pm

  • CRISIL Ratings has reaffirmed its ‘CRISIL AA-/Stable/CRISIL A1+’ ratings on the bank facilities and commercial paper of Rupa & Company Limited.
  • The rating rationale report stated that the ratings continue to reflect the strong business risk profile of the Rupa group on account of its established position in the domestic hosiery industry over the past five decades. 
  • The ratings also reflect robust financial risk profile because of healthy networth, strong gearing, and comfortable debt protection metrics and liquidity.  Read more

McLaren to enter India later this year

Published on: 1:48 pm

  • The British sports car manufacturer McLaren announced on Monday that it was expanding into India, with the opening of its first retail location in Mumbai later this year.
  • Only slightly more than 1% of the approximately 3 million yearly sales in India, which is mostly a low-cost and price-sensitive auto market, are for premium cars. Infinity Cars has been chosen by McLaren as its retail partner in the nation, and the Mumbai location is scheduled to open in October. Read more

Greenply Industries’ board approves acquisition of 3.12% stake in Renew Green Energy; stock slips ~2

Published on: 1:45 pm

  • Greenply Industries Limited informed that the board of directors approved Share Subscription and Shareholders Agreement and Power Purchase Agreement with M/s. Renew Green Energy Solutions Private Limited.
  • Under the agreement, the company will supply hybrid (Solar and Wind) electricity in the Company’s unit at Bamanbore, Gujarat.
  • The Company plans to invest up to Rs60 lakh in shares of Renew Green (GJ Four) Private Limited, a special purpose vehicle (SPV) launched by Renew Green Energy Solutions Private Limited, for a 3.12% stake in the said SPV. Read more

Market capitalization of Eicher Motors nearing the Rs1 lakh crore mark

Published on: 1:39 pm

  • In Tuesday's intraday trade on the BSE, shares of Eicher Motors reached a new high of Rs3,479, rising 3.4%. Since the company released solid earnings for the June quarter two weeks ago, the stock has increased by 12%. (Q1FY23). It exceeded the previous record high of Rs 3,457.70 set on August 19, 2022.
  • The market capitalization (market-cap) of Eicher Motors has increased towards the Rs1 lakh crore mark as a result of a substantial rise in the company's stock price. The market capitalization of Eicher Motors reached Rs 95,135 crore during intraday trading and is 5.2% short of the milestone. The listed parent of Royal Enfield (RE), the market leader in the middleweight motorbike category, is Eicher Motors (250cc - 750cc). The stock has outpaced the market over the last three months, rising 27% as opposed to the S&P BSE Sensex's 9% increase. Read more

Mahindra Finance board approves allotment of debt securities worth Rs275 crore

Published on: 1:31 pm

  • Mahindra & Mahindra Financial Services Ltd (Mahindra Finance) has informed that a meeting of the Committee of Directors, as authorized by the Board of Directors of the Company, was held today, i.e. on Tuesday, August 23, 2022 wherein the Committee has approved the allotment of 2,750 Secured Redeemable Non-Convertible Debentures at a Fixed Coupon of 7.4601% p.a. (“NCDs”) of the face value of Rs10,00,000 each, aggregating to Rs275 crore, through private placement.
  • According to the filing, the tenure of the issue is 1 year and 306 days from the date of allotment i.e. August 23, 2022.
  • Date of maturity is June 24, 2024, the company informed in a regulatory filng. Read more

Price increase will keep decline in profitability of the dairy sector in check : CRISIL

Published on: 1:14 pm

  • Despite a higher-than-anticipated increase in procurement prices, transport costs, and packaging costs this fiscal year, the recent increase in retail milk prices by Rs2 per liter will keep the decline in profitability of the organized dairy sector to 50 basis points (bps) on year, according to CRISIL Ratings on Tuesday.
  • Despite lower profitability, players' credit profiles will remain stable because of sound balance sheets and improved working capital management. This is confirmed by a CRISIL rating examination of 40 rated dairies, which together generate 60% of the revenue for the organized market. Read More

Yields on Indian government bonds rise on inflation, interest rate hike concerns

Published on: 1:02 pm

  • Following the 10-year U.S. Treasury yield crossing the 3% threshold to reach a five-week high, Indian government bond yields increased on Tuesday as market participants worried about ongoing inflationary pressures.
  • Traders are also anticipating debt issuance from states, according to news reports, which plan to sell 10- to 24-year bonds to raise Rs6800 crore. However, the amount raised is less than half of the Rs12000 crore that was anticipated.
  • The benchmark 10-year government bond yield was 7.2960%. The yield reached 7.2702% on Monday after increasing by 9 basis points over the previous three sessions. Read More

Savera Industries sells property in Coimbatore at Rs10.5 crore; Stock dives 3%

Published on: 12:57 pm

  • Savera Industries Ltd has executed Sale Deeds on August 20, 2022, effecting the sale of the Company's property measuring an extent of one acre along with dilapidated building of 10,300 sq.ft. situated at Neelambur Village, Coimbatore, Tamil Nadu for a consideration of Rs10,50,00,000/- (Ten Crores Fifty Lakhs Only) on the terms and conditions.
  • "The buyer is a third party buyer who does not belong to any Promoter or Promoter Group Companies and this transaction does not fall under the ambit of Related Party Transactions", the company said. Read more

Subex to deploy its HyperSense Fraud Management for Ethio Telecom; stock adds ~1.5%

Published on: 12:42 pm

  • Subex Limited, a pioneer in AI-led Digital Trust, revealed that Ethio Telecom has chosen it to install its Fraud Management system.
  • The solution, built on Subex's AI orchestration platform, HyperSense, will replace Ethio Telecom's existing legacy fraud management system, allowing the company to transition from a traditional rules-based approach to an AI-first approach. As a result of this strategy, they will be able to detect new and undiscovered dangers in real-time.
  • With over 50 million users, Ethio Telecom is Ethiopia's top comprehensive telecom solutions provider. The country's telecom provider has just developed a pre-commercial 5G network. Read more

CRISIL reaffirms 'A1+' rating on Sundram Fasteners' short-term debt and commercial paper programme

Published on: 12:33 pm

  • CRISIL Ratings has reaffirmed its 'CRISIL A1+' rating on the short-term debt and commercial paper programme of Sundram Fasteners Limited (SFL).
  • According to the rating rationale, the ratings continue to reflect company's leading market position in the fasteners industry. These rating strengths are partially offset by working capital-intensive operations, and moderate, albeit improving profitability of subsidiaries. Read more

Kings Infra hits the roof on signing agreement with ICAR-CIFT for Technology License

Published on: 11:44 am

  • Kings Infra Ventures Limited signed a memorandum of understanding with the Central Institute of Fisheries Technology to develop ready-to-eat and ready-to-serve fish products using steam or water immersion technology capable of achieving a very long shelf life under normal room temperature without the use of any chemical additives or preservatives.
  • Following this development, company's counter skyrocketed to a new 52-week high of Rs92.45 on BSE.
  • The project's focus would be on safe food items with very extended shelf lives under ambient storage settings, in conformity with the requirements of the USFDA and other regulatory bodies. Read more

Unichem Lab stock zooms 3% after receiving USFDA approval for Carbamazepine Tablets

Published on: 11:43 am

  • Unichem Laboratories Limited has announced that it has received ANDA approval for its Carbamazepine Tablets USP, 200 mg from the United States Food and Drug Administration (USFDA) to market a generic version of TEGRETOL (Carbamazepine) Tablet, 200 mg of Novartis Pharmaceuticals Corp.
  • Carbamazepine Tablets are indicated for use as an anticonvulsant drug and in the treatment of the pain related to true trigeminal neuralgia. The product will be commercialized from Unichem’s plant located at Goa. Read More

Netflix focusing on cloud gaming segment

Published on: 11:40 am

  • The world's largest streaming service, Netflix, has increased its ambition to succeed in the cloud gaming market and is looking for experts to compete with services like Sony PlayStation Now, Google Stadia, Apple Arcade, and Amazon Luna.
  • The streaming service is recruiting for a renderer engineer who can assist Netflix's "cloud gaming service," a security product manager with experience tackling "cloud gaming difficulties," and other relevant positions.
  • Recently, Netflix released "Into the Breach" and "Before Your Eyes" as mobile games. Read More

E-commerce companies increase hiring of delivery personnel before the festival season

Published on: 11:30 am

  • E-commerce businesses in India are rapidly increasing their delivery staff numbers out of concern that they may suffer during one of the busiest shopping seasons of the year, which starts in earnest next month.
  • The decisions were made as the labor market tightened—India's unemployment rate dropped below 7% in July for the first time since January—and inflation remained high, which complicated the outlook for the sector, which has long struggled with chronically high employee turnover. Read More

Ind Ra affirms rating of Yasho Industries's bank facilities at 'BBB+/Stable'; Stock down 1%

Published on: 11:16 am

  • India Ratings gives rating to Yasho Industries’s new limits at ‘IND BBB+’/Stable and also affirms existing ratings.
  • As per the rating  rationale report, Ind-Ra has taken a consolidated view of Yasho Industries and its wholly-owned subsidiary Yasho Industries Europe B.V. (YIEBV) to arrive at the ratings on account of the robust legal, operational and strategic linkages between them.
  • At around 11:18 AM, Yasho Industries was trading at Rs1437.15 per share lower by 0.90% on the BSE. Read more

Bain Capital and Advent in talks to offload stake in Quest Global

Published on: 11:14 am

  • As per sources familiar with the situation, private equity firms Bain Capital and Advent International are planning to exit Quest Global Services six years after investing in the engineering outsourcing business.
  • The two funds hold around a 33% stake in the firm. GIC, a Singapore investment firm with a 2-3% stake, may also join the private equity firms in stake sale.
  • JP Morgan and Barclays are launching a formal share selling procedure exclusively for financial investors, which is likely to begin in the coming weeks. Read more

EPFO opens fraud investigation against some employees in probable Rs1000 crore fraud

Published on: 11:13 am

  • The Employees' Provident Fund Organization (EPFO) has launched a probe into possible fraud by its employees at a suburban Mumbai office that may have caused losses of up to Rs 1,000 crore for the retirement fund organization.
  • The alleged fraud entailed opening fictitious accounts, moving money, or settling disputes with insolvent companies like the erstwhile Jet Airways, which afterwards appealed to the National Company Law Tribunal (NCLT) for an ownership change.
  • According to Prabhakar Banasure, a member of the central board of trustees for EPFO, "the firm expects EPFO losses related to this specific fraud to accumulate up to Rs 1,000 crore, originating across rule infractions and tax evasions." Read More

NTPC commissions first part of Gandhar solar PV project

Published on: 10:49 am

  • NTPC Limited has informed to the stock exchanges regarding declaration of COD of first part capacity of 10 MW out of 20 MW Gandhar Solar PV Project
  • Consequent upon successful commissioning, first part capacity of 10 MW out of 20 MW Gandhar Solar PV Project at Gandhar located in Gujarat, is declared on Commercial Operation w.e.f. August 23, 2022. Read More

Aurionpro announces order win from one of the largest public sector banks; stock skids ~1%

Published on: 10:48 am

  • Aurionpro Solutions Limited (Aurionpro) announced the receipt of an order from one of India's leading public sector banks.
  • The order, which broadens the scope of the company’s present cooperation with the bank, calls for it to provide 24*7 support monitoring services for the Murex Treasury Platform at the bank.
  • Soni Hemnani, Head of Murex Practice at Aurionpro, stated, "We are grateful to the Bank for placing faith in us. Aurionpro is better positioned with this new arrangement to provide end-to-end Treasury Murex Support services with a 24*7 support approach, streamlining current end-of-day operations. Read more

Gail, BPCL announce some key appointments

Published on: 10:35 am

  • New directors have been appointed at the state-run energy firms Gail (India) Ltd and Bharat Petroleum Corporation Ltd (BPCL), respectively.
  • Sukhmal Jain, who previously held the position of Executive Director (ln-Charge) Marketing Corporate, has assumed the position of Director of Marketing, according to BPCL. Arun Kumar Singh, the CMD of BPCL, also served as director of marketing.
  • According to BPCL's statement regarding Jain, "Under his leadership, the gas business unit played an increasingly important role in supporting the government's aim of developing India as a gas-based economy, which augurs for widespread economic prosperity while also reducing the country's dependence on oil imports and helping to reduce carbon emissions." Read more

Tata Power-led arm collaborates with SIDBI to set up 1,000 green energy enterprises; stock adds ~1%

Published on: 10:33 am

  • Tata Power Company Limited’s wholly owned subsidiary TP Renewable Microgrid Limited (TPRMG), and Small Industries Development Bank of India (SIDBI) collaborate to launch an innovative program that will see 1,000 green energy enterprises established throughout the nation.
  • This programme will promote the Government of India's goal of Atmanirbhar Bharat by fostering sustainable entrepreneurship models across the country, resulting in the empowerment of rural entrepreneurs. Read More

Check out the cost of fuel on August 23

Published on: 10:31 am

  • As of August 23, the cost of gasoline and diesel remained steady, according to the most recent price notification that fuel retailers sent out. The pricing has been unchanged for more than a month. Mumbai residents pay Rs106.31 for a liter of gasoline and Rs94.27 for a liter of diesel. A liter of gas or diesel costs Rs96.72 or Rs89.62 in Delhi. Diesel and gasoline costs, respectively, are Rs102.63 and Rs94.24 and Rs106.03 and Rs92.76 in Chennai and Kolkata.
  • For every liter of gasoline and per liter of diesel, oil marketing companies reportedly lose Rs. 13.08 and Rs. 24.09, respectively. The majority of the fuel India needs is imported. After Saudi Arabia said OPEC would cut supply to stop a recent fall in oil futures, oil prices slightly increased on Tuesday. At 00:04 GMT, Brent oil futures rose 32 cents to $96.80 a barrel following a volatile session on Monday in which they dropped more than $4 before cutting losses to trade virtually flat. Read more

Gujarat Alkalies, NALCO JV dispatches 1300 MT of Caustic Soda

Published on: 10:28 am

  • Gujarat Alkalies and Chemicals Ltd (GACL) and National Aluminium Company Limited ("NALCO") informed to the exchanges regarding its Joint Venture Company GACL-NALCO Alkalies & Chemicals Private Limited ("GNAL').
  • The company had formed to set up 800 TPD Caustic Soda Plant along with 130 MW Captive Power Plant at Dahej, Gujarat.
  • GNAL has dispatched 1,300 DMT of Caustic Soda to National Aluminium Company Limited through rail on August 20, 2022 from Ankleshwar, the company said in a regulatory filing. Read more

In early trade gold and silver prices decline

Published on: 10:23 am

  • In early trade on Tuesday, gold prices decreased by Rs220 per 10 grams, bringing the price of the 24-carat yellow metal to Rs51,930. Meanwhile, the cost of silver decreased by Rs400 to Rs55,200 per kilogram.
  • After falling by Rs 200, ten grams of 22-carat gold were trading for Rs47,600 on Tuesday. The price of 10 grams of 24-carat gold in Mumbai and Kolkata is Rs51,930, while the price of 10 grams of 22-carat gold is Rs47,600.24- and 22-carat gold is currently trading in Delhi for Rs 52,100 and Rs47,750 per 10 gm, respectively. Read more

10 things to know about the IPO of DreamFolks Services

Published on: 10:22 am

  • The second initial public offering to be made in August is DreamFolks Services, particularly in light of the improvement in secondary market confidence. Last week, Syrma SGS Technology finished its public offering.
  • Although there was some retracement over the past two days, the benchmark indices recovered more than 18% from their June lows.
  • IPO Schedule
  • The first public offering will begin accepting subscriptions on August 24 and close on August 26. On August 23, the anchor book, if there is one, which is a subset of qualifying institutional purchasers, will be available for one day. Read more

Devyani International's stock down by more than 5% today following bulk deal in its shares

Published on: 10:19 am

  • In Tuesday's intraday session on the BSE, shares of Devyani International (DIL) fell 7% to Rs182.50 after block agreements resulted in the transfer of more than 2% of the company's total stock. Approximately 28.95 million equity shares, or 2.4% of DIL's total equity, were traded on the BSE at 09:15, according to exchange data. It took some time to determine the names of the purchasers and vendors.
  • The promoters owned 62.80 % of DIL as of June 30, 2022. According to data on shareholding patterns, Dunearn Investments (Mauritius) Pte Ltd possessed 98 million shares, or 8.13 % of the firm, among the public shareholders. The stock was trading 4% lower at Rs187.40 at 09:20 AM, while the S&P BSE Sensex was down 0.58 %. On the BSE and NSE, 36.98 million equity shares were traded in total. Read more

UpGrad targets employment for 75000 through its new skill courses for freshers

Published on: 10:04 am

  • Unicorn edtech promoted by Ronnie Screwvala, UpGrad is focusing even harder on building the broadest assortment of upskilling programs. First-time job searchers and working professionals will be able to enroll in their own upGrad-branded courses thanks to the scheme. In one year, upGrad hopes to create 75,000 employment through the new initiative.
  • According to upGrad, 80% of those who enter the workforce find it difficult to land a job. The upGrad course portfolio is dedicated to equipping individuals with the necessary skill sets to find employment. The company claims that corporate hiring costs are rising and that this benefits both the employer and the employee by saving time and money. Read More

Kirloskar Electric terminates JV agreement with Electrodrive Powertrain Solutions; Stock dips 3%

Published on: 10:03 am

  • Kirloskar Electric Company Ltd stocks in focus today as the company announced the termination of joint venture agreement.
  • As per the filing, the company has announced the termination of Joint Venture Agreement dated October 24, 2019 between Kirloskar Electric Company Limited and Electrodrive Powertrain Solutions Private Limited. Read more

Sterling and Wilson Renewable Energy locks deal worth Rs2,200 crore with NTPC; stock zooms ~3%

Published on: 10:02 am

  • Sterling and Wilson Renewable Energy Limited emerged as the L-1 Bidder for the BOS Package. It comprises four (4) blocks of the proposed solar PV plant of NTPC Renewable Energy Limited.
  • The plant is situated at Khavda RE Power Park, Rann of Kutch, Gujarat, and has an annual capacity of ~1570 MW DC. Read More

Individual spending limits may be imposed in online games in new regulatory framework

Published on: 10:02 am

  • Rules restricting the amount of money that individual players spend in a game are likely to be introduced by an inter-ministerial body entrusted with developing a framework to regulate online gaming. The task force established by the Ministry of Electronics and Information Technology (Meity) may also establish a daily cap on the amount of money that gamers may spend on in-game purchases.
  • The draft regulations will likely be finished within the next month and released for public comment after that.
  • The Niti Aayog, along with secretaries from the Ministries of Home Affairs, Revenue, Promotion of Industry and Internal Trade, Ministry of Information and Broadcasting, and Meity, made up the seven-person inter-ministerial task group that was established in May. Read more

Adani Group is now second biggest in terms of total market capitalization of its companies

Published on: 10:00 am

  • The Adani Group has surpassed the Mukesh Ambani Group to become the nation's second-largest business group in terms of market valuation. Currently, Ambani Group Cos' combined Mcap is Rs17.89 trillion, compared to Adani Group Cos' combined Mcap of Rs19.44 trillion. With a total market cap of Rs21.73 trillion on Monday, Tata Group is in first place in the league table.
  • But the businesses in the Adani Group still perform significantly better than those in other business groupings and the overall market on the stock exchanges. The market capitalization of Adani Group companies has increased by nearly Rs 10 trillion in the current calendar year, compared to just Rs 1.61 trillion for Mukesh Ambani Group companies, including Reliance Industries, while Tata Group companies have seen a decline in their combined MCap thus far in the year. Read more

The IPO for DreamFolks Services to open on Wednesday

Published on: 9:56 am

  • On Wednesday, August 24, subscriptions for DreamFolks Services' initial public offering, which aims to generate $562 million, will be available. The range of prices for the offer has been set at 308 to 326 rupees per share.
  • The promoters and selling stockholders are offering up to 1.72 crore shares for sale as part of the first public offering (IPO). There is a minimum bid amount of 46 shares, and bids can be made in increments of 46 shares after that. Up until Friday, August 26th, the planned primary offering is available for subscription. Read more

Goa Carbon to temporary shut down Bilaspur unit for maintenance work

Published on: 9:52 am

  • Goa Carbon Ltd has announced that the operations at its Bilaspur Unit located at 34-40, Sector B, Sirgitti Industrial Area, Bilaspur (Chhattisgarh) has been temporarily shut down for maintenance work from August 19, 2022.
  • Also, the operations at the Company's Paradeep Unit located at Vill. Udayabata, Paradeepgarh, Dist. Jagatsinghpur, Odisha has been temporarily shut-down for maintenance work from August 20, 2022, the company said in a regulatory fling. Read more

Investors' wealth go down by Rs 6.57 lakh crore due to the declines of the past two trading days

Published on: 9:50 am

  • More than Rs 6.57 trillion in investor value has been lost during the course of two declining stock market sessions.
  • The 30-share BSE Sensex fell 872.28 points (1.46%), or 58,773.87 points, on Monday. In two straight days, the benchmark index has dropped 1,524.13 points or 2.52%. Due to the general market's downward trend, the market capitalization of businesses listed on the BSE decreased from Rs6,57,758.04 crore to Rs2,73,95,002.87 crore (about Rs 273.95 lakh crore) in just two days. Read more

ShopX files for bankruptcy

Published on: 9:50 am

  • ShopX, an e-commerce site, has shut down and declared bankruptcy.
  • According to documents filed with the Ministry of Corporate Affairs, the organization, supported by Infosys co-founder Nandan Nilekani, submitted an application under Section 10 of the Insolvency and Bankruptcy Code.
  • Last month, its board approved a special resolution to declare bankruptcy. Read More

Markolines Pavement hits new 52-week high on biggest-ever order win worth Rs325 crore

Published on: 9:45 am

  • Markolines Pavement Technologies Limited (formerly Markolines Traffic Controls) informed that the company has received its biggest ever work order (WO) to date worth Rs325 crore (excluding GST).
  • The order is received from Gayatri - Cresent (JV) for the Construction of a new 6-lane Tunnel in the Khambataki Ghat Section. This includes approaches for the Pune - Satara Section of NH4 in Maharashtra under NHDP Phase -Von EPC mode.
  • This contract will be completed over the next 18-24 months and will be added to the company's current unexecuted order book, bringing the total unexecuted order book to Rs594 crore. Read more

Markets trade lower amid weak global cues; IT stocks under pressure

Published on: 9:45 am

  • Indian markets opened on a negative note tracking weakness in global markets as over concerns about rate tightening has dampened the sentiments of investors. Investors are also tracking news flow on Fed minutes which makes market nervous. 
  • At home, IT stock weigh down the most and sheds 390 points. Sensex has dipped to as much as below 58,172.48 and Nifty 50 even erased 17,350-level during early deals on Tuesday.
  • Moreover, globally, US markets witnessed weakness extend into the new week as expectations of another rate hike in September see yields hit 3% on the 10 year paper. Read more

Rivigo may be looking for a buyer in FirstCry or Flipkart

Published on: 9:42 am

  • Rivigo has discussed a potential transaction with omnichannel baby products store FirstCry and internet marketplace Flipkart. Due to investors' heightened caution as a result of the prolonged economic slump, the unicorn logistics tech company has had difficulty raising new capital.
  • Sources in  the know spoke on the condition of anonymity because the talks around the acquisition of Rivigo are still in the early stages and may or may not result in a deal. They said that Rivigo had considered combining its business with FirstCry's e-commerce-focused logistics company Xpressbees and Flipkart's logistics division e-Kart. Read More

Unicorn India Ventures selling its stake in six startups

Published on: 9:35 am

  • Early-stage investment company Unicorn India Ventures is doubling returns for its limited partners by selling a stake in six firms to a US-based investor for Rs50 crore.
  • Genrobotics, a startup in robotics, Sequretek, a startup in customer experience analytics; Clootrack, Inc42, a startup in digital business publication; Inntot, a startup in digital media; and NeuroEquilibrium, a startup in healthcare, are among the businesses.
  • These investments were from the company's initial round of funding, which totaled Rs100 crore and was made available to 17 early-stage firms in 2016. Read More

Creditors make claims of Rs 21000 crore against Future Retail

Published on: 9:33 am

  • Data provided by the company that is undergoing the corporate bankruptcy resolution process shows that 33 financial creditors have made claims against Future Retail totaling Rs21,057 crore.
  • The interim resolution professional has certified that out of the total claims received, a number of Rs17,511.69 crore (IRP). According to the website of company, claims worth Rs3,546 crore have not yet been validated. Read more

LIC Housing Finance raises prime loan rate by 50 basis points to 8%

Published on: 9:31 am

  • Monday saw a 50 basis point hike in the prime lending rate at LIC Housing Finance. As a result, instead of starting at 7.50 percent as before, the new interest rates on house loans will now begin at 8%. The increased prices will be in effect starting on Monday.
  • The action was in keeping with the central bank's recent monetary policy, which saw a 50 basis point increase in the repo rate in an effort to curb inflation, which has been consistently above the upper tolerance band for several months. Read More

TCS bags contract from Africa’s Absa Corporate and Investment Bank

Published on: 9:28 am

  • Tata Consultancy Services stated that Absa Corporate and Investment Bank has chosen the TCS BaNCSTM Global Securities Platform to reform and modernise its investor services offerings in South Africa, as well as to enhance client experience across the trading and corporate activities lifecycle.
  • Absa Corporate and Investment Bank is a market leader in the African capital markets industry, providing asset managers, pension funds, stockbrokers, and global custodians with operational and administrative assistance for both local and worldwide custody.
  • The bank chose the TCS BaNCS Global Securities Platform, a next-generation post-trade processing solution, as part of its strategic transformation initiative. Read More

RBL Bank's board approves fund raising of Rs3000 crore

Published on: 9:27 am

  • On Monday, RBL Bank announced that its board has authorized funding up to Rs 3,000 crore to support the lender's operational expansion. The bank stated in a regulatory statement that the cash raising will be subject to the shareholders' approval.
  • In addition to the residual/remaining options that are still pending under the ESOP 2018, the board has approved the issuing of1.75 crore additional equity stock options, exercisable into an equivalent number of fully paid up equity shares of Rs10 each. Read more

ICRA expects issuance of AT1 bond issuances to go down in FY2023

Published on: 9:24 am

  • From a record high of around Rs428 billion in FY2022, the extra tier 1 (AT1) bond issuances are probably going to decline sequentially to about Rs 200 billion in FY2023. A majority of the issuances were related to refinancing commitments of issues in FY17, therefore the issuances increased in FY22.
  • The existing AT-I bonds on July 31 totaled Rs. 1.02 trillion, net of additional issues and redemptions between April and July 2022. The outstanding AT-I bonds are anticipated to be over Rs1.1 trillion by March 31, 2023, with roughly Rs200 billion in forecast issuances throughout FY2023 and Rs94.0 billion in anticipated redemptions between August–March 2023. Read more

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