Latest News and Updates

24th Aug, 2022

Aurobindo Pharma’s WOS gets USFDA Approval for Medroxyprogesterone Acetate

Published on: 3:29 pm

  • Aurobindo Pharma Limited announced that Eugia Pharma Specialties Limited, its wholly owned subsidiary has received final FDA clearance to manufacture and commercialize Medroxyprogesterone Acetate Injectable Suspension USP, 150 mg/mL, 1 mL single dose Vial.
  • Medroxyprogesterone Acetate Injectable Suspension USP, 150 mg/mL, 1 mL Single-Dose Vial is bioequivalent and medically equivalent to Pfizer Inc.'s Depo-Provera Injectable Suspension.
  • The product will be available in the third quarter of FY23. According to IQVIA, the authorized product has a market size of roughly US$ 62 million for the period ending June 2022. Read more

Avantel secures order worth Rs11.28 crore from Indian Navy

Published on: 3:12 pm

  • Avantel Limited on Wednesday has received an order for an amount Rs11.28 crore (Rupees. Eleven crore Twenty eight lakh Only) from Indian Navy for Supply of Satcom Equipment.
  • The scrip opened at Rs254 per equity share and has touched a high and low of Rs260.50 per share and Rs251.90 per share respectively so far today. The current market cap of the company is Rs413.40 crore. Read more

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ICRA revises Positive outlook on DLF Limited’s bank facilities worth Rs6,717.52 crore; stock adds

Published on: 3:06 pm

  • DLF Limited informed that the rating agency ICRA Limited has revised the outlook to ‘Positive’ from ‘Stable’, and has reaffirmed the ratings assigned to company’s bank facilities.
  • ICRA has reaffirmed the ‘ICRA AA-’ rating on the company’s non-convertible debentures, Fund-based - Term loan, Fund-based - Working capital facilities, and non-fund based - Working capital facilities/Bank guarantee. However, the outlook on these facilities has been revised from ‘Stable’ to ‘Positive’.
  • Company’s commercial paper has been assigned an ‘A1+’ rating with the same revision in its outlook. Read More

Dreamfolks Services' IPO oversubscribed on 1st day

Published on: 3:02 pm

  • The first day of bidding for the initial public offering (IPO) of airport service aggregator platform Dreamfolks Services began on Wednesday, August 24, 2022, and it was quickly oversubscribed.
  • At 10 am, the issue became up for public subscription. As of 1:36 pm, 1.05 times have subscribed. Data from the National Stock Exchange (NSE) showed that it received total bids for 99,483,328 shares across both stock exchanges versus 94,833,302 shares on offer.
  • The Dreamfolks Services first public offering, worth Rs562.1 crore, will accept subscriptions through Friday, August 26, 2022, and the price range for the business has been set at Rs308–326 per share. Read More

Adani Enterprises-led arm acquires Vishvapradhan Commercial for Rs113.75 crore

Published on: 2:44 pm

  • Adani Enterprises Limited’s wholly owned subsidiary AMG Media Networks has acquired a 100% equity stake in Vishvapradhan Commercial Private Limited (VCPL).
  • The company stated that the acquisition is in accordance with the terms contemplated under the purchase agreement dated August 23, 2022, executed between AMNL, Nextwave Televentures Private Limited (NTPL), and Eminent Networks Private Limited (ENPL).
  • The said acquisition is of strategic nature. Read more

Why did PharmEasy withdraw its IPO?

Published on: 2:43 pm

  • PharmEasy's parent company API Holdings has given market conditions and strategic considerations as reasons for the decision to withdraw its IPO. The company's management probably thought that given the weak market conditions its IPO may not see strong demand at the valiuation it is seeking.
  • Investors' desire for upstart companies, that are finding it difficult to achieve profitability and positive cash flows from operations, has weakened in the post pandemic scenario. The economic devastation caused by Covid restrictions has dried capital flows into upstarts. Investments in upstarts and their shares carry much higher risks. And in this atmosphere of uncertainty, risk appetite of investors has gone down considerably. A number of upstart companies in India and around the world have already filed for bankruptcy protection. Read more

USFDA marks Glenmark Pharma North Carolina Facility’s inspection as ‘Official Action Indicated’

Published on: 2:28 pm

  • Glenmark Pharmaceuticals Limited informed that the Company has received a communication from the US FDA indicating the inspection classification as “Official Action Indicated” (OAI).
  • According to the OAI classification, the USFDA may suspend approval of any pending product applications or supplements filed from this facility until the outstanding observations are rectified.
  • The company added that this further announcement is in continuation of its announcement dated May 20, 2022, regarding USFDA inspection at Glenmark’s Monroe, North Carolina (USA) facility from April 4 to May 19, 2022, and issuance of Form‐483 with 17 observations. Read more

Arunjyoti Enterprises purchases land at East Godavari district in Andhra Pradesh

Published on: 2:06 pm

  • Arunjyoti Enterprises Limited has informed to the stock exchanges regarding purchase of land at East Godavari District, Andhra Pradesh.
  • According to the filing, the Company has purchased land admeasuring 3 acres and 53 cents in Annadevarapeta Village, East Godavari District, Andhra Pradesh. Read More

Indian Bank increases fixed deposit rates by up to 15 bps from today

Published on: 1:52 pm

  • Indian Bank has increased the fixed deposit (FD) interest rates by up to 15 basis points (bps) for select tenors. According to the bank's official website, the new revised interest rates are effective from August 24, 2022 onwards.
  • The bank will now offer interest rates ranging from 2.80 percent to 5.75 percent on fixed deposits, with maturities ranging from 7 days to 10 years term. The bank has raised the interest rate on 1 year fixed deposits by 15 bps to 5.45 percent, which is up from 5.30 percent. Similarly, the interest rate for tenures of more than one year to less than two years has been raised by 10 basis points at 5.50 percent from 5.40 percent. The bank interest rate was raised to 5.55 percent, an increase of 5 basis points on terms of 2 to 3 years. Read more

Ujjivan Financial's stock price soars 102% in 6 months

Published on: 1:51 pm

  • Ujjivan Financial Services (UFSL) shares increased 9% on the BSE during Wednesday's intra-day session on the strength of significant volume, reaching a 52-week high of Rs200.65. The non-banking financing company's (NBFC) stock rose above the previous record high of Rs. 191.80 set on November 1, 2021. The S&P BSE Sensex, in contrast, was up 0.09 percent at 59,081 points at 10:54 a.m.
  • In comparison to their two-week average trading volume, the counter's trading volume substantially doubled. On the NSE and BSE, 2.3 million equity shares were traded in total. With an 83.32 % shareholding, UFSL is a key holding company for Ujjivan Small Finance Bank Limited (Ujjivan SFB). The UFSL has launched its fully owned subsidiary, which started operating as a bank on February 1, 2017, in order to comply with the banking license requirement. In India, Ujjivan SFB is a bank with a mass market focus, committed to promoting financial inclusion and serving underserved and unserved market segments. Read More

Adani Group under pressure after CreditSights’ report warns of ‘deep overleveraging’

Published on: 1:26 pm

  • Adani Group’s 6 out of 7 stocks were trading under pressure after CreditSights issued a report warning that Adani Group is deeply overleveraged.
  • The company’s major stocks were trading negative for the second consecutive day.
  • Adani Power slumped nearly 5% (-4.99%) so far in today’s trade at Rs390.40. Group's heavy-weight, Adani Green, was trading about 3% (-3.09%) lower at Rs2,338.35 per share. Read More

KIOCL temporary suspends operation of Pellet Plant due to export duty levy

Published on: 1:08 pm

  • KIOCL Limited has informed to the exchanges regarding temporary shut-down of Pellet Plant Unit at Mangalore w.e.f. August 23, 2022.
  • In a regulatory filing, the company said that operations of its Pellet Plant at Mangalore has once again been temporarily suspended w.e.f. August 23, 2022 due to shed full condition and resulting out of lack of demand in domestic market, unviability in international market in view of levy of duty on export of Pellets by Indian Government vide its notification dated May 21, 2022. Read more

Nava discontinues conversion agreement with Tata Steel Mining; stock slumps ~2%

Published on: 12:53 pm

  • Nava Limited’s counter was trading under pressure today as the company announced to discontinue the Conversion of High Carbon Ferro Chrome (HCFC) for Tata Steel Mining Limited (TSML).
  • At around 12.53 PM, Nava's stock was trading at Rs248.60, down by 1.87% against the previous close of Rs253.35 on NSE. In today’s trade so far, it touched intraday high and low of Rs257 and Rs245.65 respectively.
  • The company stated that earlier, it has entered into a subsisting Conversion Agreement with TSML, a Tata company, for the production of High Carbon Ferro Chrome (HCFC) in its Odisha Works. The agreement is valid up to March 2025. Read More

Snapchat agrees to pay $35 million for unauthorized US user data collection

Published on: 12:33 pm

  • The parent firm of the photo-sharing service Snapchat, Snap, and the US state of Illinois have settled a class-action lawsuit involving unauthorized user data acquisition for $35 million.
  • The Biometric Information Privacy Act of the state was allegedly broken by Snapchat's filters and lenses, according to the lawsuit (BIPA).
  • According to The Chicago Tribune, the business "stored biometric data without users' authorization." Read More

Flipkart launches first grocery fulfillment center in Vijayawada, Andhra Pradesh

Published on: 12:25 pm

  • E-commerce marketplace Flipkart has launched its first Grocery fulfillment center in Vijayawada, Andhra Pradesh, in the presence of Kakani Govardhan Reddy, Hon’ble Minister for Agriculture & Cooperation, Marketing, Food Processing, Government of Andhra Pradesh and Jogi Ramesh, Hon’ble Minister for Housing, Government of Andhra Pradesh.
  • Situated in Gannavaram in Vijayawada, this new facility will further expand Flipkart’s supply chain network and enable doorstep delivery of groceries across Andhra Pradesh. The new center will create over 1000 local direct and indirect job opportunities to thousands of local sellers, MSMEs, and small farmers in the region. Read More

Tech multinationals analyzing various aspects of upcoming Digital India Act

Published on: 12:18 pm

  • The impending Digital India Act, a law that seeks to address convergence in technologies, services, and devices in the digital ecosystem, has enlisted the help of top technology multinationals in order to assess the potential impact on their operations.
  • Businesses want people who are aware of the development to analyze the impending regulation, anticipate any potential conflicts, and prepare them for them.
  • The Digital India Act (DIA) will, however, be introduced during the winter session of Parliament, according to the administration. Read More

RMC Switchgears bags order worth Rs10.46 crore from Andhra Pradesh Utility

Published on: 12:04 pm

  • RMC Switchgears Limited informed that it has received an order worth Rs10.46 crore from Andhra Pradesh Utility. The company expects to supply the order within the next two quarters.
  • RMC Switchgears made this announcement on the blissful occasion of the corporate anniversary of the company as it completes 28 years of excellence and continues the journey of success with pride.
  • The company outlined that it has transformed a lot since its inception for many good reasons and is continuously working on social values and enhancing the lives of people. Read more

Ex-Salesforce executive Venkata Ramana Sonnathi appointed as Yubi’s group architect

Published on: 11:30 am

  • According to a statement released today, the possibility platform Yubi, which drives credit discovery, investment, and fulfillment, has appointed Venkat Ramana Sonnathi as its global chief architect.
  • In his new position, Sonnathi will be in charge of the overarching technology architecture for all Yubi platforms, including spocto and Corpository. His focus will be on large-scale, always-on, high-performance, and easy-to-expand systems that allow for a speedy go-to-market and customer confidence.
  • He brings to the company over 27 years of experience designing large-scale web-based and distributed platforms that are extremely dependable and efficient. Read more

TCS receives an Overall Positive Vendor Rating from Gartner

Published on: 11:27 am

  • Tata Consultancy Services (TCS) has announced that the the  tech-giant has been recognized with an Overall Positive Rating in the recent Vendor Rating report, based on a holistic evaluation by Gartner Inc.
  • The report gave TCS a robust rating in Technology/ Methodology. Additionally, it has also received Positive Ratings in Product/ Service, Support/ Account Management, Pricing Structure, Strategy and Corporate Viability categories.
  • “We are happy at this outcome of Overall Positive rating for TCS, which is the result of our continued efforts to business innovation, superior execution and leading customer satisfaction across markets,” said N Ganapathy Subramaniam, Chief Operating Officer and Executive Director, TCS. Read more

UGRO Capital stock rallies near 4% as board approves allotment of NCDs worth Rs50 crore

Published on: 10:59 am

  • UGRO Capital Limited stocks rally in the market on Wednesday's late morning session after the announcement of allotment of Market Linked Non-Convertible Debentures.
  • As per the filing, the Committee on Tuesday, August 23, 2022 has, inter-alia, made an allotment of 500 (Five Hundred) Senior, Secured, Rated, Listed, Redeemable, Taxable Principal Protected Market Linked (PP-MLD) Redeemable Non-Convertible Debentures having face value of Rs10,00,000 (Indian Rupees Ten Lakh Only) each, through private placement.
  • The size of the issue is Rs50 crore and the tenure of the allotted securities is 17 months from the date of allotment. Payment of accrued interest and principal shall be made on the maturity i.e. January 23, 2024. Read more

SecMark Consultancy hits new 52-week high as board approves 3:2 bonus issue

Published on: 10:50 am

  • SecMark Consultancy Limited’s counter touched a new 52-week high in today’s trade at Rs250.45, 9.99% higher against its previous close of Rs227.70 on BSE, following the board’s approval for the bonus issue.
  • The company stated that the board has considered and approved a bonus issue in the ratio of three fully paid-up equity shares for every two existing (3:2) fully paid-up equity shares held by the shareholders.
  • The issue is subject to the approval of the shareholders of the company. Read More

Pharma sector to see strong revenue growth of 7-9% in FY23: CRISIL report

Published on: 10:49 am

  • India's pharma industry expects to report moderate revenue growth of 7-9% in current fiscal of FY23, as per the estimates of rating agency CRISIL.
  • The rating agency attributed headwinds in export sales in the regulatory markets and the high-base effect in the domestic formulations business as the major reason for strong revenue growth.
  • As per the estimates by CRISIL, the operating profitability will shrink another 200-250 basis points (bps). Earlier, 130 bps decline was registered in FY22 due to continued pricing pressure in the US generics market amid high input and freight costs which offset moderate revenue growth. Read More

ED investigating into money laundering angle in quick loan disbursal apps

Published on: 10:24 am

  • 365 fintech companies and their non-banking financial companies (NBFCs) partners are the targets of a protracted money laundering investigation by the Enforcement Directorate (ED), which is believed to have discovered criminal proceeds totaling over Rs800 crore.
  • These loan apps grew in popularity during the COVID-19 outbreak, when the nation was put under lockdown and many workers in the blue-collar sector lost their employment. These businesses have been investigated for over a year. Read More

Monarch Networth Capital raises Rs252 crore in its second Cat-3 AIF; Stock surges ~5%

Published on: 10:11 am

  • Monarch Alternative investment Fund (AIF) has successfully raised Rs252 crore in its second closed-ended cat-3 equity AIF fund. This capital has been raised from a set of UHNIs, corporates and family offices. The entire fund raise was through the group's relationships, without appointing any intermediaries, said Vaibhav Shah, MD, Monarch Networth Capital. 
  • He further added that with this launch, we are moving a step closer of foraying into mutual fund business; tile application will be made to SEBI in this financial year. We plans to generate superior risk-adjusted returns for our customers by investing in solid listed franchises which have a proven track record of consistency in cash flow, improving return ratios, healthy balance sheet. The first fund which was launched in October 2020, has been run on the same principles and has established positive track  record. Read more

DreamFolks Services IPO shares trade at 20% premium in grey market

Published on: 10:09 am

  • DreamFolks Services' initial public offering has been getting positive feedback in the grey market as a result of better secondary market sentiment and perhaps as a result of the strong reception Syrms SGS Technology's IPO received.
  • According to analysts speaking to Moneycontrol, equity shares of the airport service aggregator platform traded in the grey market for about a 20% premium over the top end of the issue price band.
  • An unofficial marketplace for trading IPO shares is known as the grey market. Unofficial trading in IPO shares often starts when the firm announces its price band and continues until the company lists its shares on the bourses. Read More

Union Bank puts KSK Mahanadi’s Rs2,077 crore loan on auction

Published on: 10:08 am

  • According to an auction notification, Union Bank of India (UBI), KSK Mahanadi’s second largest creditor, has put its Rs2,077 crore overdue debt on the market.
  • Other lenders, including State Bank of India, Punjab National Bank, Bank of Baroda (BoB), and Axis Bank, have already liquidated their debts in the debt-laden company operating a 3,600 MW power plant.
  • UBI has set a cash reserve price of Rs919 crore for its exposure. It will recoup 44% of the outstanding amount at this price (a 56% decrease). Read more

Maharashtra Seamless gains 1.5% on Rs197 crore order win from ONGC

Published on: 9:49 am

  • Maharashtra Seamless Limited has informed that the Company has received an order with basic value of Rs197 crore for casing pipes from ONGC Ltd.
  • As per the regulatory filing, ONGC will utilize these pipes for its oil and gas exploration activities in Rajasthan, Gujarat, Andhra Pradesh, Assam and Tripura. Read more

Brightchamps acquires Schola for $15 million

Published on: 9:43 am

  • Brightchamps, an edtech business backed by Binny Bansal, co-founder of Flipkart, has acquired Schola, a Singapore-based communication and English-learning platform, for $15 million in cash and stock.
  • According to co-founder and CEO of Brightchamps Ravi Bhushan, all of Schola's staff members, including the original group, have been retained following the acquisition.
  • Bhushan added that the addition of the English speaking and communications vertical will help Brightchamps scale more quickly in its core Southeast Asian regions, including Vietnam, Thailand, and Indonesia. Read More

Arvind Smartspaces, HDFC Capital Fund partners to create Residential Development Platform; stock zoo

Published on: 9:40 am

  • Arvind SmartSpaces Limited, a subsidiary of the Lalbhai Group and a leading Ahmedabad-based real estate developer with a growing presence in Bengaluru and Pune, has announced the signing of an agreement with HDFC Capital Affordable Real Estate Fund - 3 (HCARE - 3) for the creation of a residential development platform with a revenue potential of Rs5,000 crore.
  • This follows an earlier statement of Board approval on August 12, 2022.
  • Arvind SmartSpaces Limited (as a promoter) and HDFC Capital Advisors as Investment Manager of HDFC Capital Affordable Real Estate Fund - 3 (HCARE - 3) will make investments of Rs300 crore and Rs600 crore, respectively, from time to time for the acquisition and construction of real estate projects in India through their wholly owned subsidiary Arvind SmartHomes Private Limited. Read more

Markets trade volatile amid weak global cues; Media, realty rises; Auto, metals under pressure

Published on: 9:36 am

  • Indian markets traded in the green, however, at a slower pace amid the expiry of derivative contracts scheduled on Thursday. Also, the broader markets sentiment globally were in red which further limited buying tones in benchmarks Sensex and Nifty 50. Media and realty stocks were in the fast lane, while the remainder of indices were either in red or marginally up. Furthermore, worries about economic slowdown and tighter monetary policy weighed the sentiments of global investors.
  • At around 09:37 AM, Sensex was trading at 59,060.13 up 28.83 points or 0.05%. The Nifty 50 traded at 17,592.50 higher by 15 points or 0.09%.
  • In the early trade, Sensex and Nifty 50 has gained to an intraday high of 59,113.66 and 17,605.40 respectively. Read More

Chennai Petroleum approves JV to execute 9MMTPA refinery project worth Rs31,580 crore

Published on: 9:26 am

  • Chennai Petroleum Corporation Limited’s board of directors has considered and approved the proposal for the formation of a Joint Venture company.
  • The said JV is to be formed between Chennai Petroleum Corporation, Indian Oil Petroleum Corporation, and other seed equity investors namely, HDFC Life Insurance company, ICICI Bank, SBI Life Insurance Company Limited, Axis Bank, and ICICI Prudential Life Insurance.
  • The purpose of this Joint Venture is to implement the 9 MMTPA Refinery Project at Cauvery Basin Refinery, Nagapattinam District. Read More

Alteria Capital in talks with investors for raising up to Rs 3500 crore for third fund

Published on: 9:23 am

  • According to internal documents viewed by Reuters, Alteria Capital Advisors of India is in discussions with investors to raise up to 35 billion rupees ($438 million) for its third debt fund.
  • The conversations, which take place less than a year after Alteria raised 18.2 billion rupees for its second fund, highlight the enormous interest in venture debt as Indian entrepreneurs continue to attract billions of dollars despite the country's economic difficulties.
  • According to Alteria's presentation deck, which was seen by Reuters, the company plans to raise up to 20 billion rupees for its primary venture debt fund, which will be a part of a dual-fund structure, including overallotment. Read More

SBI to infuse additional capital of Rs67.84 crore in SBI Global Factors

Published on: 9:21 am

  • State Bank of India announced that the Executive Committee of Central Board (ECCB) of the Bank in its meeting held on August 23, 2022, has accorded approval to infuse additional capital of Rs61.95 crore for acquiring the entire stake in SBI Global Factors Limited (SBIGFL).
  • The bank has drawn reference from its communication letter dated March 29, 2022.
  • With this additional investment, the bank seeks to acquire the remaining 13.82% stake of existing shareholders of SBIGFL namely SlDBl, Bank of Maharashtra, and Union Bank of India. Read More

Hindustan Organic Chemicals announces temporary shutdown at Kochi plant; Stock gains 1.5%

Published on: 9:19 am

  • Hindustan Organic Chemicals Ltd (HOCL) has announced to the exchanges regarding temporary shutdown of Company’s Phenol and Cumene plant from August 24, 2022 onwards.
  • As per the filing, Company’s Phenol and Cumene plant located at Kochi will be temporarily shutdown from August 24, 2022 onwards due to unviable market conditions. However, the Hydrogen Peroxide Plant will continue to run, the company said. Read more

Maruti Suzuki to recall 166 Dzire Tour S vehicles amid defective airbag control unit

Published on: 9:18 am

  • Maruti Suzuki India has announced to recall 166 Dzire Tour S vehicles manufactured between August 06, 2022 to August 16, 2022.
  • According to the regulatory filing, the recall is being undertaken to replace Airbag Control Unit, free of cost, in these vehicles. It is suspected that there is a possible defect in vehicles' Airbag Control Unit, which in rare case might result in malfunctioning during deployment. Customers of suspected vehicles are advised not to drive/use the vehicle till the Airbag Control Unit is replaced.
  • "Affected vehicle owners will be receiving communication from Maruti Suzuki authorized workshops for replacement of defective Airbag Control Unit", the company said. Read More

Winuall raises Rs17 crore from investors

Published on: 9:18 am

  • Winuall, a social commerce business, has raised Rs 17 crore from investors including Dream Incubator, Inflection Point Ventures, and Beenext.
  • Winuall, a company founded in 2019 by Ashwini Purohit and Saurabh Vyas, gives educators the resources they need to grow their businesses by offering well-curated online courses. Read More

P&G Health stock sheds near 1.5% amid resilient performance in Q1FY23

Published on: 9:16 am

  • Procter & Gamble Hygiene and Health Care Ltd. has announced its financial results for the fiscal and quarter ended June 30, 2022. Despite unprecedented headwinds from macroeconomic challenges and softening consumption trends, the Company continued to grow and delivered a resilient performance in the fiscal with sales of Rs3,901 crore, up 9% versus year ago, behind the proven superiority strategy and strong brand fundamentals. 
  • Profit After Tax (PAT) was Rs576 crore, down 12% versus year ago, largely behind commodities inflation which was significantly countered by cost productivity and pricing in the current year. Compared to the fiscal two years ago, the Company’s sales are up 30% and Profit After Tax (PAT) is up 33%. Read more

Dunearn Investments offloads 2% stake in Devyani International for Rs482 crore

Published on: 9:15 am

  • Dunearn Investments (Mauritius) Pte Ltd, a subsidiary of Temasek Holdings, pared a 2% share in restaurant operator Devyani International for Rs482 crore in an open market deal on Tuesday.
  • Devyani International is an omnichannel restaurant and the largest Yum Brands franchisee in India.
  • As per the BSE bulk trade data, Dunearn Investments (Mauritius) Pte. Ltd. offloaded 2,63,29,516 shares, representing a 2.18% stake in the firm. Read more

Telegram to integrate Web3.0

Published on: 9:14 am

  • In the upcoming weeks, Telegram's founder and CEO Pavel Durov aims to integrate Web 3.0 into the highly encrypted messaging system.
  • An impartial TON auction for their domain or wallet names intrigued Durov. Casino Ton sold for $244,000 while Wallet Ton went for $260,000.
  • The founder of Telegram claimed that by doing this, a new platform would be created where owners of usernames could transfer them to interested parties in safe transactions, with ownership guaranteed on the blockchain by NFT-like intelligent contracts. Read More

ADB inks $96.3 million loan with Centre to improve water supply in Himachal Pradesh

Published on: 9:07 am

  • The Asian Development Bank (ADB) and the Central Government of India has signed a $96.3 million loan agreement to provide safe drinking water and improve water supply and sanitation services in the state of Himachal Pradesh.
  • The authorities for the Himachal Pradesh Rural Drinking Water Improvement and Livelihood Project were Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, who signed on behalf of Indian Government and Takeo Konishi, Country Director for ADB in India, who signed on behalf of ADB. Read more

Early trade sees decline in the prices of gold and silver

Published on: 9:06 am

  • Early on Wednesday, gold prices decreased by Rs700 per 10 grams, and the 24-carat yellow metal is now worth Rs51,230. Silver's cost decreased by Rs 300 to Rs 54,900 per kilogram. On Wednesday, after falling by Rs600, ten grams of 22-carat gold were trading at Rs47,000.
  • The price of 10-gram pieces of 24- and 22-carat gold in Mumbai and Kolkata is Rs51,230 and Rs47,000, respectively. Gold in Delhi is currently selling for Rs51,4400 per 10 gm for 24-carat gold and Rs 47,150 for 22-carat gold. The price of 24- and 22-carat gold in Chennai is Rs52,400 and Rs48,000, respectively. One kilogram of silver was now selling for Rs54,900 in Delhi, Mumbai, and Kolkata. Silver is available for purchase for Rs60,700 per kg in Chennai, Bengaluru, Hyderabad, and Kerala.Read More

Payment aggregators seeking relief from RBI regarding new digital lending guidelines that eliminate

Published on: 9:06 am

  • Payment aggregators plan to lobby with the Reserve Bank of India (RBI) regarding the new digital lending standards that do away with middlemen.
  • The function of payment aggregators in these transactions has been abolished by the regulator, who has mandated that all loans travel straight from regulated firms to customer accounts. These standards, which endanger the business model, are being pushed for easing by the aggregators and their lobbying organization, the Fintech Association for Consumer Empowerment (FACE). Read more

Canara Bank to issue Basel-III Tier-II bonds to raise up to Rs2,000 crore

Published on: 9:02 am

  • Market participants reported that Canara Bank intends to issue Rs2,000 crore, of which Rs1,000 crore will come from Basel-III Tier-II bonds with a 10-year maturity. On August 25, between 11 a.m. and 12 p.m., the BSE's bidding platform will be open for the bonds' auction.
  • As credit demand increased in recent weeks, the majority of banks raised money through certificates of deposit, fixed deposits, and bonds. Even after the Reserve Bank of India (RBI) recently raised the repo rate by 50 basis points, the rates on these instruments continued to rise. Read More

Hitachi Energy increases production capacity at Bengaluru plant

Published on: 9:01 am

  • In response to rising demand for sustainable solutions and urbanization, Hitachi Energy India has committed Rs 100 crore to increase its current product manufacturing capacity at its site in Doddabalapur, Bengaluru.
  • From 10,000 MVAR (kilowatt ampere reactive), the capacity to manufacture power quality equipment has been increased to 22,000 MVAR.
  • The action will increase production of cutting-edge capacitor units, banks, and power electronic compensators for low, medium, and high-voltage systems utilized in the transportation, industry, and renewable energy sectors. Read More

Deepak Fertilizers jumps 50% in 4 weeks due to strong demand forecast for nitric acid

Published on: 8:59 am

  • In Tuesday's trading, shares of Deepak Fertilizers & Petrochemicals Corporation (DFPCL) were stuck at a 5% upper circuit at Rs974.95, setting a new high. On the NSE and BSE, 810,000 equity shares were exchanged collectively up till 2:33 PM against 70,000 shares of pending buy orders.
  • The stock has increased 50% over the last four weeks due to robust demand expectations and solid results. The S&P BSE Sensex, in contrast, was up 5%. The stock increased by 150% in a single year, compared to a benchmark index rise of only 6%. Read more

WazirX seeking to raise up to $20 million for new blockchain project

Published on: 8:55 am

  • Nischal Shetty, the co-founder of cryptocurrency exchange WazirX, is seeking $17–$20 million for Shardeum, his newest blockchain-based project. According to insiders, the money will raise Shardeum's valuation to around $200 million. Shetty is developing it with blockchain architect Omar Syed, who is located in the US. IANS was informed by Shetty that the business is currently raising seed capital and would soon go official after the round is finished.
  • "We are honored to have the backing of some of the top investors who support our goal of making decentralization available to everyone. As our investment round progresses, we'll be able to share more details about our efforts to speed up Web3 adoption in developing nations like India "Says Shetty. The time to construct the infrastructure to support this growth is now, he continued, since Web3 will surpass 1 billion users over the course of the next five years. Read more

Apple considering production of iPhone 14 in India

Published on: 8:55 am

  • About two months after the product's original availability in China, Apple Inc. intends to begin producing the iPhone 14 in India.
  • The business has been collaborating with suppliers to increase production in India and reduce the customary six- to nine-month delay in the production of new iPhones.
  • Apple may be considering exporting the forthcoming iPhone 14 from India, though, as the US smartphone manufacturer aims to reduce geopolitical risks to the efficiency of its supply chain by establishing production facilities outside of China. Read more

Reliance Retail launches its own private label brands in the FMCG sector

Published on: 8:52 am

  • Reliance Retail has joined the Indian fast-moving consumer goods sector by bringing Reliance Fresh and Reliance Smart, two of its private label brands that are offered in its supermarkets and hypermarkets, to the general public.
  • For the FMCG sector, which would be a part of Reliance Retail's consumer brand division, the company had internally set a target of Rs 50,000 crore in revenue. Read more

Adani Enterprises to acquire 29.18% of NDTV through exercise of warrants by a subsidiary

Published on: 8:48 am

  • The media division of the Adani group announced on Tuesday that it has used its right to convert loans into equity stakes in the NDTV promoter group firm in order to exercise its right to acquire indirect ownership of 29.18% in New Delhi Television (NDTV).
  • Even though the broadcaster claimed its founder-promoters had not agreed to the exercise of rights and that no conversation or input had been made on the topic, the decision has also sparked an open bid for buying a 26% stake in NDTV from its shareholders. Read more

Alteria Capital is in talks to raise up to Rs3,500 crore

Published on: 8:45 am

  • According to internal documents accessed by Reuters, Alteria Capital Advisors in India is in discussions with investors to raise up to Rs 3,500 crore for its third debt fund.
  • The conversations, which take place less than a year after Alteria collected Rs 1,820 crore for its second fund, highlight the enormous interest in venture debt as Indian companies continue to attract billions of dollars despite the country's economic difficulties. Read more

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