Latest News and Updates

26th Aug, 2022

Maruti Interior Products to become dealer of Albatur Endustri SA, Turkey

Published on: 3:15 pm

  • Maruti Interior Products Limited is going to commence business with Albatur Endustri SA, a Turkey Company as Dealer for its Door sliding system. The Albatur Endustri SA is a manufacture of Door sliding system.
  • The Maruti Interior Products Limited is a sole dealer of Door sliding system manufactured by Albatur Endustri SA in India. Read more

Brickworks downgrades rating of Dredging Corporation’s Free Bond issue worth Rs58.88 crore

Published on: 3:05 pm

  • Dredging Corporation of India Limited informed that Brickwork Ratings has downgraded the rating with a revision in the outlook for the outstanding Tax-Free Bond issue of Rs58.88 crore of the company.
  • Brickworks has revised the rating to ‘BWR A+’ with a Negative outlook.
  • BWR has downgraded ratings due to continued subdued margins with frequent losses in the last three fiscals, less-than-anticipated improvement in profitability over the last two years, and frequent short-term liquidity constraints due to the company's inability to generate sufficient cash flow through operations to cover its operating expenses on time. Read more

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Ind-Ra affirms Spandana Sphoorty’s NCDs and Bank Loans at 'IND A/Stable’; stock jumps ~2%

Published on: 2:58 pm

  • Spandana Sphoorty Financial Limited informed that India Ratings and Research Private Limited (Ind-Ra) has affirmed Company's NCDs and Bank Loans at 'IND A/Stable’.
  • Principal protected-market linked debentures (PPMLDs) worth Rs1300 crore have been assigned an ‘IND PP-MLD Aemr/Stable’ rating. Outlook has been kept off Rating Watch Negative (RWN).
  • Company’s non-convertible debentures worth Rs200 crore were reviewed by Ind-Ra.
  • Further, Ind-Ra reviewed the company’s bank loans worth Rs500 crore. Read more

ICICI Bank allots over 6.30 lakh equity shares under ESOS

Published on: 2:21 pm

  • ICICI Bank has allotted 6,30,935 equity shares of face value of Rs2 each on August 26, 2022 under the Employee Stock Option Scheme (ESOS).
  • Recently, NMDFC signs deal with ICICI Bank for development of banking software, app.
  • According to the official statement said, ICICI Bank will design, develop and deploy the application for NMDFC, provide source code and executable database information among others. Read more

Indiabulls Housing completes disposal of 100% stake in four of its subsidiaries for Rs580 crore

Published on: 2:06 pm

  • Indiabulls Housing Finance Limited informed that with the satisfactory completion of closing conditions and transfer of the Company’s 100% shareholding/stake in said subsidiaries, the Transaction got concluded on August 25, 2022.
  • This announcement is in furtherance of the notification dated January 25, 2022, in relation to the sale of the Company's 100% stake in its subsidiaries, namely Airmid Developers Limited, Mariana Developers Limited, Albina Properties Limited, and Flora Land Development Limited to an independent third-party buyer 'Elan Limited' for an aggregate sale consideration of Rs580 crore, subject to necessary closing adjustments.
  • Flora Land Development owns the land parcel at Village Pawala Khusrupur, Sector 106, Tehsil, and District Gurugram, Haryana. Read more

Adani group to acquire additional 26% stake in ACC, Ambuja Cements via Rs31,000 crore Open Offer

Published on: 1:45 pm

  • Adani Group announced an open offer of Rs 31,000 crore on Friday to purchase a 26% interest in Swiss business Holcim's two Indian listed firms, ACC Limited and Ambuja Cements.
  • In May of this year, the Adani Group announced a deal to acquire a controlling stake in Holcim Ltd.'s Indian businesses for USD 10.5 billion.
  • Last week, market regulator Sebi approved the open offer. If fully subscribed, the open offer is worth more than Rs31,000 crore. Read more

Shukra Pharmaceuticals board approves rights issue worth Rs19 crore; Stock climbs 3.4%

Published on: 1:40 pm

  • Shukra Pharmaceuticals Limited has informed to the exchanges that the Board of Directors has considered and approved fund raising proposal by way of offer and issue of equity shares to the existing members of the Company on rights basis (Rights Issue), at such price and right entitlement ratio as may be decided by the Board members, for an amount aggregating up to Rs19 crore, subject to necessary approvals and consent as may be necessary.
  • The board has also approved appointment of GYR Capital Advisors Private Limited (Merchant Banker) as lead manager to carry out all the obligations with the right issue of equity shares and seek listing permission from BSE platform. Read more

Lupin gets UK MHRA Approval of ‘Lutio’ for Treatment of COPD; stock slips ~1.5%

Published on: 1:03 pm

  • Lupin Limited (Lupin) today announced that its UK subsidiary, Lupin Healthcare (UK) Limited, has obtained Medicines and Healthcare products Regulatory Agency (MHRA) authorization to commercialize a generic version of Spiriva.
  • When made available to UK patients, Lutio has the potential to provide considerable cost reductions.
  • Tiotropium is used to treat wheezing, shortness of breath, coughing, and chest tightness in people who have a chronic obstructive pulmonary disease (COPD), which includes chronic bronchitis and emphysema. Read more

Granules India gets USFDA approval for Guaifenesin and Pseudoephedrine Hydrochloride Extended-Releas

Published on: 12:34 pm

  • Granules India Limited announced on Friday that the US Food & Drug Administration (US FDA) has approved its Abbreviated New Drug Application (ANDA) for Guaifenesin and Pseudoephedrine Hydrochloride Extended-Release (ER) Tablets, 600 mg/60 mg and also 1200 mg/120 mg (OTC). It is bioequivalent to the reference listed drug product i.e Mucinex D Extended-Release Tablets, 600 mg/60 mg and 1200 mg/120 mg also, of RB Health (US) LLC.
  • Guaifenesin and Pseudoephedrine Hydrochloride ER Tablets are basically used to loosen phlegm (mucus) and thin bronchial secretions to rid the bronchial passageways of bothersome mucus and make coughs more productive. It uses for temporarily relieve nasal congestion due to common cold, hay fever, upper respiratory allergies; temporarily restores freer breathing through the nose; promotes nasal and/or sinus drainage; and temporarily relieves sinus congestion and pressure. Read more

EasyMyTrip to co-sponsor Asia Cup 2022

Published on: 12:16 pm

  • EaseMyTrip, one of India's major online travel tech companies, is the Asia Cup Cricket 2022's official co-powered sponsor. EaseMyTrip is participating in the Asia Cup for the first time.
  • This collaboration will provide enormous awareness to the brand participating in the cricket event, which has an estimated cumulative reach of more than $4.94 billion.
  • The brand's emblem will be shown in several locations, including the space behind the wicket pitch mat, the trophy table, and so on. Read more

Alliance Integrated Metaliks receives new major work order; Stock gains 1%

Published on: 11:57 am

  • Alliance Integrated Metaliks Limited informed to the exchanges that it has received a work order from VRC Constructions (I) Pvt. Ltd. for the project named as "Dabwali-Chautala Project" for the location Dabwali (Haryana).
  • The Company's scope of work includes Fabrication, Metalizing, Painting, transportation, Erection and launching of Steel Truss Girder Canal Bridge. This major order has reinforced the credentials of Alliance Integrated Metaliks as a leading player in the Fabrication and Erection segment. Read more

Dev IT, JG University collaborates to upskill IT students & IT professionals; stock zooms ~3%

Published on: 11:36 am

  • Dev Information Technology Limited (Dev IT) has partnered with JG University in Ahmedabad to provide IT students and professionals with job prospects.
  • DEV IT aspires to give ambitious individuals with a one-of-a-kind chance by delivering job-oriented bespoke devoted courses and growing their careers in their desired industrial sector.
  • They will provide essential training and skill enhancements. Read more

GAIL India fixes record date for 1:2 bonus issue; stock climbs ~2%

Published on: 11:02 am

  • GAIL India Limited informed that it has fixed September 7, 2022, as the Record Date for the purpose of ascertaining the eligibility of shareholders for the issuance of bonus shares.
  • The company has ascertained a bonus issue in the ratio of 1:2, i.e., one new bonus equity share of Rs10 each for every two existing equity shares of Rs10 each.
  • The bonus issue is subject to the approval of shareholders in the ensuing 38 Annual General Meeting. Read more

Goa Carbon resumes operations at Bilaspur unit; Stock rallies near 4%

Published on: 10:59 am

  • Goa Carbon Limited has informed to the exchanges regarding resumption of operations at the Company's Bilaspur Unit.
  • As per the filing, it is informed that the operations at the Company's Bilaspur Unit located at 34-40, Sector B, Sirgitti Industrial Area, Bilaspur (Chhattisgarh) has resumed.
  • The Kiln has been lit up from Thursday i.e. August 25, 2022. After preliminary heat up and initiation of feeding of raw material, normal production is likely to resume shortly, the company said in a filing. Read more

Gensol Engineering locks Rs153 crore deal to build 55.8 MWp solar power projects; stock spurts ~5%

Published on: 10:49 am

  • Gensol Engineering Limited has secured orders to construct solar power plants with a total capacity of 55.8 MWp.
  • In the normal course of business, Gensol Engineering Limited received purchase orders from reputable clients in the month of August 2022 for the development of solar power projects totalling approximately 55.8 MWp in the states of J&K, Gujarat, Punjab, Rajasthan, Tamil Nadu, and Telangana.
  • Five of the seven transactions concluded by Gensol are full turn-key EPC projects, while the other two are Balance of System (BoS) projects. Similarly, while four projects will be built on land, the remaining three will be built on the rooftops of the clients' factories. Read more

Retail portion of the DreamFolks Services IPO subscribed 26.43 times on day three

Published on: 10:37 am

  • The 9.84 times subscription rate for Dreamfolks Services IPO. For instance, at 11:43am  August 26, 2022, the public offering had received subscriptions in the retail category 26.43 times, the QIB category 1.37 times, and the NII category 15.71 times.
  • 9,483,302 equity shares were issued in the public offering of Dreamfolks Services. Retail investors can purchase 1,724,236 shares, while qualifying institutional buyers can purchase 5,172,711 shares and non-institutional investors can purchase 2,586,355 shares. Read more

TCS to launch Research and Innovation Hub to digitally transform CPG Companies

Published on: 10:25 am

  • Tata Consultancy Services has announced that it is launching an advanced research and innovation hub in Hyderabad, for incubating digital solutions for Consumer Packaged and Goods (CPG) companies, using SAP solutions.
  • The TCS CPG Innovation Hub will address the industry-specific use cases around Industry 4.0 and the digital supply chain, catering to the needs of clients looking to speed up and scale up their innovation activities. It will provide a structured framework for clients to work better on creative solutions  and achieve their purpose-driven goals.
  • TCS will leverage a consumer-centric industry template on SAP S/4HANA which is integrated with SAP Digital Supply Chain, SAP Customer Experience and SAP Trade Management solutions to help CPG companies make the most of their SAP investments and achieve superior business outcomes. Read more

Star Housing Finance opens new office in Udaipur; stock under pressure

Published on: 10:24 am

  • Star Housing Finance Limited (Star HFL), a rural-focused HFC, has changed its address. This office will serve as a zonal office for Rajasthan.
  • The new office address is: 1179, 2nd Floor, Sector 11, Opp. Agarwal Dharamshala, Udaipur 313001.
  • This office will serve as a primary hub for all other operational sites in the state, and it will be prepared to manage higher volumes as the firm seeks to expand its book over the following 24-36 months. Read more

Syrma SGS Technology lists at a 19% premium

Published on: 10:09 am

  • Syrma SGS Technology made a great first impression on Dalal Street when it was listed at Rs262, a premium of 19% above its BSE issue price of Rs220.
  • The company is listed on the National Stock Exchange at a premium of 18%, at Rs260 (NSE).
  • Shares of Syrma SGS Technology were trading at a premium of Rs55–60 a day before becoming public, indicating a successful listing for the business. Read more

Kesoram Industries allots over 6.61 crore shares on conversion of OCRPS

Published on: 10:07 am

  • The Board of Directors of Kesoram Industries Ltd at its Meeting held on August 25, 2022 has approved allotment of 6,61,19,874 fully paid-up Equity Shares of the Company of face value of Rs10/- each at a pre-determined price of Rs65/- per share upon conversion of 4,29,77,918 Zero Coupon Optionally Convertible Redeemable Preference Shares ("OCRPS") of face value of Rs100/- each to the OCRPS holders who have opted for conversion as on August 24, 2022, which is the Record Date fixed for the purpose.
  • Further, these equity shares are proposed to be listed on BSE Limited, National Stock Exchange of India Limited and The Calcutta Stock Exchange Limited. Read more

Prices of petrol and diesel on August 26th

Published on: 10:07 am

  • On August 26, the nation's gasoline and diesel prices stayed unaltered as oil marketing organizations choose to halt before making any additional adjustments. Diesel and gasoline or petrol are still being sold in Delhi for Rs88.92 and Rs101.49 per liter, respectively.
  • As a result, the cost of gasoline remained constant and was retailed in Mumbai at Rs107.52 a liter. On May 29, the financial center became the first city in the nation to sell gasoline for more than Rs100 a liter. The price of a liter of fuel in the capital of Maharashtra is Rs96.48.
  • Kolkata's gasoline and diesel rates per liter remained the same at Rs101.82 and Rs. 91.98, respectively. A liter of gasoline costs Rs99.20 in Chennai. Last week, the DMK-led government in Tamil Nadu promised a reduction in fuel taxes of Rs3 per liter. The capital of Tamil Nadu's diesel price remained steady at Rs93.52 per liter. Read More
 

Nelco skyrockets ~10% on agreement with Intelsat Commercial Aviation

Published on: 10:05 am

  • Intelsat, the world's largest integrated satellite and terrestrial network operator and leading provider of inflight connectivity (IFC), announced the launch of Intelsat's inflight connectivity services in Indian skies through an agreement with India's leading satellite communication service provider, Nelco Limited.
  • This arrangement is good news for Intelsat's airline partners and travellers since it provides end-to-end broadband coverage on local and international flights travelling to or from an Indian airport, as well as aircraft flying over India.
  • The Intelsat IFC service provides airplane passengers with seamless at-home and in-office connections. Furthermore, it enables an airline to distinguish itself by improving the customer experience, increasing passenger loyalty, and streamlining flight operations. Read more

IDBI CEO says bad loans worth Rs 19,500 crores can be recovered

Published on: 10:02 am

  • In his pitch to prospective purchasers as part of India's planned auction of the company, the chief executive officer of IDBI Bank Ltd. stated that the lender is likely to recover 195 billion rupees ($2.4 billion) of bad loans.
  • In a Mumbai interview, Rakesh Sharma claimed, "We are sitting on roughly 780 billion rupees of completely provisioned for bad loans, including written-off loans, and around 25% is expected to be recovered." "This hidden asset will directly increase the bottom line and is not represented in our existing valuation."
  • In what is expected to be the largest sale of the government's share in a lender in decades, Indian government is considering selling at least 51% of the $5 billion bank, according to people familiar with the situation. Read more

Granules India updates on US-led GPI facility; Stock trades higher

Published on: 9:39 am

  • Granules India Limited has further informed regarding the US FDA inspection of Granules Pharmaceuticals, Inc. (GPI), a wholly-owned foreign subsidiary of the Company located in Chantilly, Virginia, USA and issuance of Form 483 with 6 observations.
  • It is informed that the GPI has received a communication from the US FDA indicating the inspection classification as “Voluntary Action Indicated.” (VAI). 
  • Further, the VAI inspection classification indicates that the US FDA will not take or recommend regulatory or enforcement action because the observations do not meet the threshold for action at this time, the company said. Read more

Nykaa to launch Actress Priyanka Chopra’s ‘Anomaly’ brand in India; stock adds ~1%

Published on: 9:37 am

  • Anomaly, the creation of global celebrity Priyanka Chopra Jonas, makes its India premiere exclusively on Nykaa, the country's most considerable beauty and lifestyle dealer.
  • Anomaly was founded by actress, producer, activist, and author Priyanka Chopra Jonas in collaboration with global beauty incubator Maesa. With its clean, performance-driven formulas and eco-conscious packaging, Anomaly has disrupted the haircare aisles globally and now brings its powerful hair solutions to Priyanka's home country.
  • Anomaly, which launches exclusively on Nykaa on August 26, was founded on the belief that everyone should have access to exceptional hair care without sacrificing choice, affordability, or the environment. Read more

Markets trade bullish on positive cues; IT, metals, banking and auto stocks in fast rally

Published on: 9:33 am

  • The last day of this week began on a bullish note for Indian markets with Sensex climbing nearly 520 points and Nifty 50 surging by at least 140 points during the opening bell of Friday. Positive global cues lifted the markets sentiments. Sensex and Nifty 50 both recorded a broad-based buying sentiments with IT stocks outperforming. Expect some consolidation in the markets today with volatility being the key ahead of Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole symposium.
  • At around 09:35 AM, Sensex was trading at 59,218.92 up by 444.2 points or 0.76%. The index has touched an intraday high and low of 59,290.56 and 59,049.19 respectively.
  • Nifty 50 traded at 17,654.70 above 132.25 points or 0.75%. The index has clocked the day's high and low of 17,667.55 and 17,613.75 respectively. Read more

Thermax stock price up by 9% in the past two days on the back of strong order book position

Published on: 9:27 am

  • On the BSE, Thermax shares reached a record high of Rs2,450 on Thursday during intraday trading, rising 5%. The stock has increased 9% in the last two days.
  • Thermax has increased by 19% so far this month of August after reporting a 36 % year-over-year (YoY) increase in order booking at Rs2,310 crore in the April-June quarter (Q1FY23), as opposed to Rs1,669 crore in Q1FY22. The order balance for the quarter was Rs9,554 crore at the end of June 2022, up 56% YoY from Rs6,109 crore in the same quarter last year. In contrast, the S&P BSE Sensex has gained 2.8% so far this month. Read more

USFDA inspects Gland Pharma's Dundigal Facility in Hyderabad

Published on: 9:19 am

  • Gland Pharma Limited has informed to the exchanges regarding USFDA Inspection at Dundigal Facility, Hyderabad.
  • It is informed that the Office of Medical Device and Radiological Health Operations (OMDRHO), United States Food and Drug Administration (US FDA) conducted Pre-Market Inspection covering US FDA’s Quality System/Current Good Manufacturing Practice regulations for Medical Devices (21 CFR Part 820) at the Company’s Dundigal Facility at Hyderabad from August 22, 2022 to August 25, 2022.
  • Now, the Company has received 1 (ONE) observation on Form 483 with respect to ANDA filed for the product to be manufactured at the said Facility. There is no data integrity observation as for now, the company said. Read more

Dr Reddys Lab gets EIR for Srikakulam facility from USFDA

Published on: 9:18 am

  • Dr Reddy's Laboratories Limited has further informed to the exchanges on the inspection conducted by the United States Food & Drug Administration (USFDA) at its formulations manufacturing facility (FTO 11) in Srikakulam, Andhra Pradesh.
  • The company informed that it has received the Establishment Inspection Report (EIR) from USFDA for its Srikakulam facility. 
  • It further informed that now, the Agency has concluded that the inspection is finally 'closed'. Read more

UNO MINDA to invest ~Rs300 crore to expand manufacturing capacity

Published on: 9:17 am

  • Uno Minda Limited (formerly known as Minda Industries Limited), has informed that it is investing around Rs300 crore in expanding its manufacturing capacity of 4W Alloy Wheels and 4W Automotive switches to meet rising demand.
  • Minda Kosei Aluminum Wheel Private Limited, a subsidiary of Uno Minda will be expanding its 4W Alloy wheel capacity by 60,000 wheels per month to 240,000 wheel per month at its plant in Bawal, Haryana. The additional capital expenditure for the aforesaid capacity expansion will be Rs190 crore. 
  • Further, the expansion is expected to be commissioned in two phase with first phase of 30,000 wheel per month in December 2023 and remaining in June 2024.  Read more

Eicher Motors CFO Kaleeswaran Arunachalam steps down to join Crompton Greaves; stock slips ~1%

Published on: 9:16 am

  • Eicher Motors Limited informed that Kaleeswaran Arunachalam has tendered his resignation as the Global CFO of the company.
  • Kaleeswaran’s last working day with Eicher Motors will be September 2, 2022.
  • According to the filing, Arunachalam has over two decades of expertise in corporate finance, financial planning and analysis, business partnership, and investor relations.
  • Kaleeswaran has resigned from his position with Eicher Motors to join future endeavors with Crompton Greaves effective from September 5, 2022. Read more

Ayush Gupta assumes charge as Director, Human Resources at GAIL

Published on: 9:16 am

  • Ayush Gupta has assumed charge as Director (Human Resources) of GAIL (India) Limited. Previously, he was working as Chief General Manager of Human Resource Development in the organization.
  • He is an Electrical Engineer of the 1992 batch from IIT Roorkee and completed MBA in Operations Management having 30 years of varied and rich experience in the fields of Training and Human Resource Development, Leadership Development, Performance Management, HRD Initiatives, Project Management and Operations & Maintenance. He is currently also on the Board of Directors of GAIL Gas Limited which is a wholly owned subsidiary of GAIL.
  • Ayush Gupta has successfully led the improvements in various HRD system, process and practices including the digital initiatives for better engagement and enhancement of employee experience.  Read more
  

Pepperfry acquires Brandmakerr

Published on: 9:08 am

  • Pepperfry has acquired the interior design firm Brandmakerr for an undisclosed sum.
  • Rahul Kapuria, the founder of Brandmakerr, has been appointed as Pepperfry's vice president as part of the agreement. Kapuria will work out of Pepperfry's Mumbai headquarters, leading the startup's turnkey solutions, civil and interior design, and commercial interior designing teams.
  • With this acquisition, Pepperfry will work on projects for the banking, retail, and HORECA industries. In addition, Pepperfry will now be in charge of Brandmakerr's projects, which were previously managed by the online furniture marketplace. Read more
 

Indian Oil to spend $25 billion on becoming carbon neutral by 2046

Published on: 9:02 am

  • The largest refiner in the nation, Indian Oil Corp., stated that it will invest $25 billion, or 2 trillion rupees, to become carbon neutral by 2046.
  • Shrikant Madhav Vaidya, chairman of the state-owned refiner and gasoline retailer, said on Thursday that the firm will focus on Scope 1 and 2 emissions as part of its net zero goal. According to Vaidya, the organisation intends to reach 60% of its objective through mitigation and the other 40% through offsets, including the purchase of carbon credits. Read more

In the next three years, SaaS Unicorn LeadSquared plans to go public

Published on: 9:00 am

  • LeadSquared, a platform for sales and marketing automation that recently joined the unicorn club, wants to go public in the next three to four years while also expecting to generate $200 million in revenue during that time.
  • Privately held startups valued at $1 billion or more are known as unicorns.
  • In the next three to four years, we plan to establish a $200 million firm, and I believe there will be another two to three rounds of investment. Speaking during a conference hosted by Exfinity Ventures, co-founder and chief operating officer Prashant Singh stated, "When we have the line of sight for $200 million, we will consider an IPO as well." Read More

RBI Data: Bank credit growth increased to 14.2% in the June quarter

Published on: 8:56 am

  • According to RBI statistics released on Thursday, bank credit growth increased from 6% in the same quarter last year to 14.2% in the quarter that ended in June 2022.
  • Bank credit has increased by 10.8% in the three months that ended in March 2022. On Thursday, the Reserve Bank of India (RBI) published the "Quarterly Statistics on Deposits and Credit of SCBs for June 2022." This information is gathered from all scheduled commercial banks (SCBs), which also include small financing banks (SFBs), regional rural banks (RRBs), and payment banks (PBs). Read more

~10% of Go Digit-Life Insurance will be purchased by HDFC Bank

Published on: 8:46 am

  • On August 25, HDFC Bank said that it will invest between Rs49.9 crore and Rs69.9 crore in Go Digit-Life Insurance in two installments to purchase up to a 9.94 % ownership investment in the business.
  • An "indicative and non-binding term sheet with Go Digit-Life Insurance" was signed, according to the private lender. The Insurance Regulatory and Development Authority of India (IRDAI) must first award the insurance firm a certificate of registration before it may conduct life insurance business in India, according to a statement from HDFC Bank. Read more

Government exempts clothing and hosiery from six crucial statements when sold loose

Published on: 8:44 am

  • On Thursday, the government announced that it had exempted loose or open clothing and hosiery from six declarations, including "best before use" and "consumer care address."
  • Following several representations, the consumer affairs ministry amended the Legal Metrology (Packaged Commodities) Rules 2011 to reflect this, according to a statement.
  • Only four essential pieces of consumer-relevant information must now be provided, it was added. Read More

Rajiv Dadlani Group and Blume Ventures provide HealthAssure with Rs50 crore

Published on: 8:43 am

  • On August 25, the Rajiv Dadlani Collection, a group of angel investors, led a pre-series B investment round for the health tech firm HealthAssure, which raised Rs50 crore (about $6.2 million). The venture capital company Blume Ventures, the US-based impact fund Leo Capital, family offices, and high-net-worth individuals also participated in the round.
  • The firm stated in a statement that it plans to use this money to improve its product, enhance distribution, hone its outpatient department (OPD) insurance network, and invest in cutting-edge primary healthcare technologies. Additionally, HealthAssure stated that during the next three years, it plans to generate ten times its present income. Read more

Markets may start the day on a positive note today

Published on: 8:41 am

  • Indian markets may start the day in green today. US markets ended the day in green yesterday. Asian markets have opened in the green today. SGX Nifty is up by 0.56% since morning. Oil prices eased yesterday on the expectation that Iran will get to export more oil, after the conclusion of a possible nuclear deal. This is a positive development for Indian equity markets.
  • US markets saw a smart rally yesterday as oversold markets reacted positively to results from Software & Banks. Dow Jones gained over 330 points. Nasdaq rallied over 200 points or 1.7% . Bond yields eased to 3.04%. Oil also saw mild decline to US$94 per barrel.
  • Asian markets have opened in the green led by the Japanese 'Nikkei'. Nikkei is trading higher by over 270 points in early trade. The Hong Kong index "Hang Seng '' is seeing its best rally in over 3 months as easing of policy rates by the Chinese Central Bank has caused banks & realty stocks to outperform. Read more

Two board members reclassified by the Yes Bank board as nominated directors

Published on: 8:41 am

  • Following a resolution adopted at its EGM, Yes Bank announced on Thursday that it had reclassified two of its non-executive non-independent directors as nominee directors on its board. With effect from July 15, 2022, the private sector lender named T Keshav Kumar and Sandeep Tewari to its board of directors as non-executive non-independent directors.
  • According to recommendations from SBI and a resolution adopted at the Extraordinary General Meeting (EGM) held on August 24, 2022, the board of directors has approved reclassifying Kumar and Tewari as nominee directors, effective August 25, 2022, according to a statement released by Yes Bank.
  • Tewari, SBI's deputy managing director for internal audit, is an expert in risk management, business operations review, and strategic governance. Read More

LIC trims ownership in Nagpur Power & Industries

Published on: 8:38 am

  • Through open market sales, LIC reduced its ownership of Nagpur Power & Industries by almost 2%, bringing its stake to 8.33%. The government-owned giant of life insurance reported on Thursday that its ownership in Nagpur Power & Industries had decreased from 10.56% (13,82,743 shares) to 8.33% (10,90,747 shares) of the company's paid-up capital.
  • From September 30, 2021, to August 24, 2022, holdings decreased by 2% at an average price of Rs58.94, according to LIC.
  • When there is a change of 2% or more in the shareholding, listed firms are required to notify it. The sale is valued at Rs1.72 crore based on an average price of Rs58.94 per share. Read More

PVR shares sold by BNP Paribas Arbitrage for Rs74 crore

Published on: 8:34 am

  • On Thursday, BNP Paribas Arbitrage sold 4.05 lakh shares of PVR Ltd, a multiplex movie theatre firm, on the open market for more than Rs74 crore.
  • BNP Paribas Arbitrage sold 4,05,183 shares of the company, as per BSE bulk trade data.
  • At an average price of Rs1,841.14 per share, the shares were sold, bringing the total transaction value to Rs74.59 crore. Read more

Since January, Google has removed over 2,000 lending apps from the India Play Store

Published on: 8:32 am

  • Between January and June, Google India banned up to 2,000 credit disbursement apps for breaking Play Store norms, Reserve Bank of India and law enforcement agency regulations regarding money lending, as well as user comments.
  • A tougher set of guidelines for listing loan offering apps on the Play Store is currently being implemented by the search engine giant. The modifications would make such programs much more subject to examination. Read more

Since January, Google has removed over 2,000 lending apps from the India Play Store

Published on: 8:32 am

  • Between January and June, Google India banned up to 2,000 credit disbursement apps for breaking Play Store norms, Reserve Bank of India and law enforcement agency regulations regarding money lending, as well as user comments.
  • A tougher set of guidelines for listing loan offering apps on the Play Store is currently being implemented by the search engine giant. The modifications would make such programs much more subject to examination.
  • A new Play Store regulation that Google India implemented in May mandates that apps that offer loans of any kind publicly identify for users the bank that underwrites these loans, the user-specific interest rate being offered, and additional information Read more

Partnering towards the adoption of electric two-wheelers are Hero Electric and Jio-bp

Published on: 8:30 am

  • Jio-bp and Hero Electric will collaborate to allow Hero Electric customers access to Jio-open-to-all-vehicles bp's charging and swapping network.
  • Under the name Jio-bp pulse, Jio-bp is operating its EV charging and switching stations.
  • "Both companies will bring the best of their global electrification learnings and apply them to the Indian market to create a differentiated customer experience that delights the consumer," said Jio-bp in a statement. "In addition to creating solutions for seamless customer journey on Hero Electric and Jio-bp apps." Read more

Jackett, an edtech firm, secures $1 million in investment from Forge Ventures

Published on: 8:28 am

  • The $1 million seed round of funding for the edtech startup Jackett was headed by Forge Ventures, Entrepreneur First, and Epic Angels Network. Siu Rui Quek, the co-founder of Carousell, and Projjal Ghatak, the CEO of OnLoop, were among the angel investors who took part.
  • Launched earlier this year, Jackett offers teachers an operating system with AI and machine learning capabilities for automating time-consuming processes like creating, grading, and customizing tests. Read More

GIC Housing Finance would issue bonds to generate up to Rs2,500 crore

Published on: 8:27 am

  • In order to increase its capital resources, GIC Housing Finance has stated that it is considering raising up to Rs2,500 crore by issuing bonds on a private placement basis.
  • In its annual report for 2021–2022, GIC Housing Finance stated, "Seeing the long-term borrowing requirement of the company and to augment resources at a cheaper rate of interest, approval is sought to mobilize some more funds by way of issue of redeemable NCDs/bonds on private placement basis."
  • The upcoming annual general meeting will be held on September 23, 2022, and the housing financier will ask its shareholders for approval of the capital raise plan at that time. Read more

By December 2025, Boeing 787 aircraft must be compatible with the GAGAN navigation system

Published on: 8:25 am

  • According to news reports, significant design adjustments would be necessary, thus the government has given Boeing until the end of December 2025 to ensure that its 787 Dreamliners are compliant with the GAGAN navigation system.
  • Indian Space Research Organization (ISRO) and the Airports Authority of India have collaboratively developed GPS Aided Geo Augmented Navigation, or GAGAN (AAI).
  • According to a statement released on August 18 by the civil aviation ministry, Boeing 787 aircraft is free from the GAGAN compliance requirement until December 31, 2025. Read more

Ultraviolette Automotive raises funds to increase sales of its electric bikes in the domestic market

Published on: 8:23 am

  • Ultraviolette Automotive, an electric bike manufacturer supported by TVS Motor, announced on Thursday that it had secured finance from Exor Capital, which was for an unknown sum.
  • The latest investment, which comes before the country's introduction of the company's fast e-bike F77, is claimed to be a part of the current Series-D round of fundraising led by Ferrari-backed Exor Capital.
  • The company stated that the funding from Exor will be used to increase sales of its electric bikes in the domestic market before moving into other markets outside of India. Read more

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