Latest News and Updates

29th Aug, 2022

RIL AGM 2022: Mukesh Ambani shares details about 5G, succession plans

Published on: 3:35 pm

  • Addressing the 45th Annual General Meeting (AGM) of Reliance Industries on Monday, Chairman Mukesh Ambani has announced the much-anticipated Reliance Jio 5G network rollout during the Diwali season in the cities of Delhi, Mumbai, Chennai and Kolkata, adding by December 2023, Jio aims to bring 5G service all over India. Here are the key takeaways from his speech.
  • 1. Jio standalone 5G to be rolled out in specific cities by Diwali, 2022, pan India by December 2023
  • 2. Reliance has committed Rs2 lakh crore investment towards 5G 
  • 3. Jio 5G will be the world’s largest and most advanced 5G network. Jio will deploy the latest version of 5G, called Stand-Alone 5G, which has zero dependencies on company's 4G network Read more

Park+ installs 75th EV charging point in Delhi

Published on: 3:29 pm

  • Park+ has set up the 75th EV charging  point in Delhi. The company aims to install 10,000 EV charging points across India. The company associated the installation of 75th charging point with the 75 years of India's independence.
  • Park + is currently the bggest company in EV charging installation space. Read more

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Lupin bags USFDA tentative approval for Dasatinib Tablets; stock jumps ~2%

Published on: 3:22 pm

  • Lupin Limited (Lupin), in collaboration with Pharmascience Inc., announced that it has received tentative approval from the United States Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA), Dasatinib Tablets, 20 mg, 50 mg, 70 mg, 80 mg, 100 mg, and 140 mg, to market a generic equivalent of Bristol-Myers Squibb Company's Sprycel Tablets, 20 mg, 50 mg, 70 mg, 80 mg.
  • Dasatinib Tablets (RLD Sprycel) has expected annual sales in the United States of USD 1,569 million, as per the IQVIA MAT June 2022.
  • Lupin is a market leader in the cardiovascular, anti-diabetic, and respiratory sectors, as well as in the anti-infective, gastrointestinal (GI), central nervous system (CNS), and women's health segments. Read more

USFDA completes inspection at Aurolife Pharma's Raleigh Unit

Published on: 3:17 pm

  • Aurobindo Pharma Limited informed on Monday that the United States Food and Drug Administration (US FDA) conducted its pre-approval inspection (PAI) and GMP inspection from August 22 to August 26, 2022, of Aurolife Pharma LLC's Unit at Raleigh, North Carolina, USA, established for manufacturing MDI (Metered Dose Inhalers) and Derma products.
  • The Unit has filed 2 Derma products and 1 MDI product. Read more

CRISIL reaffirms 'CRISIL AA/Negative' rating on long-term instruments of Punjab & Sind Bank

Published on: 3:08 pm

  • Punjab and Sind Bank Limited informed that the rating agency CRISIL Ratings reaffirmed its rating on the long-term debt instruments at ‘CRISIL AA/Negative’.
  • CRISIL Ratings has also withdrawn its rating on Rs200 crore of Lower Tier II bonds in accordance with its withdrawal policy.
  • CRISIL received an independent confirmation that these securities have been completely redeemed. Read more

USFDA-RRA for Vadodara facility of Alembic Pharmaceuticals completed with no observations

Published on: 2:53 pm

  • Alembic Pharmaceuticals Limited informed that the Company successfully completed the US Food and Drug Administration (USFDA) Remote Regulatory Assessment (RRA) for its Vadodara-based Bioequivalence Facility, Bio-analytical division, with no observations.
  • The RRA was conducted from August 22, 2022, to August 26, 2022.
  • Alembic Pharmaceuticals Ltd. is a multinational pharmaceutical firm based in Vadodara, India. It is involved in the production of pharmaceutical goods, pharmaceutical ingredients, and pharmaceutical intermediates. Read More

NHPC signs MoU with Himachal Pradesh govt for 500MW Dugar HE Project

Published on: 2:31 pm

  • As per Memorandum of Understanding (MoU) signed between NHPC Limited and Himachal Pradesh Government on September 25, 2019 for execution of Dugar HE Project, an Implementation Agreement for the Project has been signed between the parties on August 26, 2022 at Shimla.
  • The agreement was signed in the presence of Jai Ram Thakur, Hon'ble Chief Minister, Himachal Pradesh, A.K. Singh, Chairman & Managing Director, NHPC Limited and Y.K. Chaubey, Director (Technical), NHPC Limited. The document was signed by Suresh Kumar, General Manager (E) NHPC and Sh Harikesh Meena, IAS, Director (Energy), Directorate of Energy (DoE), Govt. of Himachal Pradesh. Read More

Datamatics collaborates with NASSCOM FutureSkills Prime initiative

Published on: 2:08 pm

  • Datamatics Global Limited, a Global Digital Technologies, Operations, and Experiences Company, announced its partnership with the NASSCOM FutureSkills Prime project to train IT professionals in Intelligent Automation.
  • FutureSkills Prime - A MeitY - NASSCOM Digital Skilling Initiative - is a first-of-its-kind incentive programme designed to make digital skilling and upskilling in new generation technology accessible for anyone, including courses in AI, Big Data, Cloud Computing, Cybersecurity, and more.
  • Under the collaboration, 400,000 learners will have free access to two professional courses that provide comprehensive training on the Datamatics TruBot RPA tool and are aligned with National Occupational Standards (NOS), which describe the knowledge, skills, and understanding required to be competent at a job. Read more

Data Patterns stock has surged 87% over the issue price

Published on: 1:39 pm

  • In intraday trading on Monday, shares of Data Patterns (India) rose about 15% on high volume, setting a new high of Rs1,093.50 on the BSE. The stock had increased in price for five consecutive trading days and had gained 30% during that period. It was up 13% as of 12:26 p.m., compared to the S&P BSE Sensex's 1.3% decrease. With a combined 1.3 million equity shares changing hands on the NSE and BSE, the average trading volumes on the counter increased by more than five times.
  • The stock is now trading on the BSE at a premium of almost 87 % over its initial issue price of Rs585 per share following a recent rapid surge. On December 24, 2021, the firm debuted on the public market. Read more

Sansera Engineering stock zooms 5% post winning Rs50.8 crore repeat order from North America

Published on: 1:34 pm

  • Sansera Engineering Limited informed on Monday that it has received order confirmation for three components from a marquee North American manufacturer of EV passenger cars. 
  • These parts are precision forged and machined components for the passenger vehicles. The annual value of these orders is approximately Rs50.8 crore(based on current forex rate). After successful trials, the mass production of these auto parts will commence during FY24, the company said.
  • Earlier, the Company has been awarded an order worth Rs49.7 crore from the same client and with award of the new orders, the annual order book with this customer has crossed over Rs1,00 crore. Read more

Andhra Paper board approves capex of Rs400 crore; Stock hits 52-week high

Published on: 1:03 pm

  • The Board of Directors of Andhra Paper Limited on August 26, 2022 approved a capital expenditure amounting to Rs400 crore to re-build and upgrade the existing Pulp plant to improve the reliability and efficiency of the Pulp Mill.
  • The Company said in the regulatory filing, "This will help sustain the current levels of production, improve efficiency in Pulp Mill processes and lend flexibility in operations, augment pulp production capacity from existing 550 Tonnes per day to 600 Tonnes per day.
  • Further, the expected completion timeline is November 30, 2023. The proposal shall be funded through mix of debt and internal accruals, the  company added. Read More

Quickheal’s stock under pressure as board fixes record date for Rs109 crore buyback

Published on: 12:57 pm

  • Quickheal Technologies Limited informed that the Company's Buyback Committee has fixed Wednesday, September 14, 2022, as the record date for establishing the entitlement and names of Equity Shareholders who will be entitled to participate in the Company's Buyback.
  • The company has earlier informed the stock exchanges via its letter dated July 21, 2022, that the Board of Directors has approved the buyback of equity shares by the company.
  • Further, the intimation of shareholders' approval was submitted on August 27, 2022. Read more

Some stocks that touched their 52-week lows today

Published on: 12:30 pm

  • Thyrocare Technologies, Krsnaa Diagnostics, and Metropolis Healthcare all hit their respective 52-week lows on the BSE in today's intra-day trade on disappointing results, putting pressure on shares of healthcare service providers on Monday.
  • These stocks have dropped between 10% and 15% over the last three months, while the S&P BSE Sensex has increased by 6%. Additionally, they have lost up to 29% of their value over the last six months, compared to the benchmark index's rise of 3%. As opposed to the Sensex's 3% rise over the past year, these equities have fallen between 48% and 51% in value.
  • Krsnaa Diagnostics, one of the individual stocks, fell 5% to Rs455 during today's intraday trade. It has plummeted 18% over the last month as a result of the company's earnings and margins declining sequentially and year over year (YoY) for the quarter ending in June 2022. (Q1FY23). Read more
 

Zomato tumbles ~4% as Sequoia reduces stake in the company

Published on: 12:29 pm

  • Sequoia Capital, an American venture capital firm, has cut its stake in food tech business Zomato Limited from 6.41% to 4.4%.
  • Sequoia Capital India Growth Investment Holdings I and SCI Growth Investments II sold 171.9 crore shares, or 2.01% of the firm, according to a statement submitted before the stock markets.
  • The deal was completed in two tranches via open market transactions: September 6, 2021, to October 14, 2021, and June 27, 2022, to August 25, 2022. Read more

Adani Enterprises forms subsidiary Raigarh Natural Resources; Stock under pressure

Published on: 12:07 pm

  • Adani Enterprises Limited has announced the incorporation of a Wholly Owned Subsidiary ("WOS").
  • In a regulatory filing, the company said it has incorporated a WOS namely, Raigarh Natural Resources Limited ("RNRL"), on August 26, 2022, with an Initial Authorized Share Capital of Rs10,00,000/- and Paid-Up Share Capital of Rs5,00,000/- each. 
  • The incorporation is done to carry on the business in Mining of Coals and Other Minerals and to do all necessary and incidental activities in this regard. RNRL is yet to commence its business operations in due course. Read more

NHIT to raise Rs2,350 crore through debentures, bank loans for acquisition of 3 projects from NHAI

Published on: 12:04 pm

  • The National Highways Infra Trust (NHIT) intends to buy three road assets from the state-owned National Highway Authority of India for a maximum of Rs 2,350 crore using bank loans and bonds. Agra Bypass, Borkhedi-Wadner-Kelapur part, and Shivpuri-Jhansi section are being sought after by NHIT, a BSE-listed infrastructure investment trust (InvIT), which currently owns five operating properties. It will sign a 20-year concession contract with NHAI on its behalf.
  • Rs850crore would come from long-term bank loans and Rs1,500 crore from non-convertible debentures of the total money to be raised, which is Rs2,350 crore. Both facilities have received a Provisional "AAA" rating from CARE Ratings, with a stable outlook. NHIT has an Rs2,000 crore rupee (20-year) sanctioned loan, of which Rs1,480 crore rupees have been raised as of March 2022. Additionally, the InvIT has raised Rs6,011 crore in capital. Read more

Mahindra Finance and CRIF comes together to enhance customer onboarding experience; stock dips ~3%

Published on: 11:57 am

  • Mahindra & Mahindra Financial Services Limited (Mahindra Finance), a subsidiary of the Mahindra Group and a prominent non-banking finance company in India, announced its collaboration with CRIF Solutions Private Limited (CRIF) to provide a smooth onboarding experience for loan applicants.
  • Through this collaboration, Mahindra Finance will now connect its customer acquisition channels across several retail asset product lines using an automated decisioning platform StrategyOne - a Forrester ranked Enterprise Business Rules Engine delivered by CRIF. By integrating automation and risk analysis, this relationship is intended to promote faster loan approval decisions.
  • "Delivering consistent and convenient client experiences is an all-important success factor for us at Mahindra Finance," stated Ramesh Iyer, VC&MD, Mahindra Finance. Read More

Mazagon Dock stock price rises by 27% in 2 days

Published on: 11:57 am

  • In intraday trading on Monday, shares of Mazagon Dock Shipbuilders Limited (MDL) rose 12.5% on the BSE and reached a record high of Rs397.95 thanks to significant volume. Over the previous two trading days, the stock has increased by 27%.
  • When compared to the S&P BSE Sensex, which fell 1.4% at 10:49 am, MDL traded 13% higher at Rs396. A combined 7.9 million equity shares, or 4% of MDL's total equity, changed hands on the NSE and BSE, more than double the usual trading activity for the counter, according to statistics. The only shipyard in India that produces destroyers and submarines is MDL, one of the country's four key defense shipyards. It is a Ministry of Defence (MoD) -affiliated Defense Public Sector Undertaking (DPSU). Read more

Dhruv Consultancy Services secures LOA for Ganga Expressway project; Stock jumps 8%

Published on: 11:25 am

  • Dhruv Consultancy Services Limited informed that it has received the Letter stating to award the consultancy assignment.
  • As per the filing, the assignment is for "Independent Engineer Services for the Development of Access Controlled Six Lane (expandable to eight lane) Greenfield "Ganga Expressway" (Group IV, from village Sarso Distt Unnao to Village Judapur Dando Distt Prayagraj, Design Length 156.847 Km)" in Uttar Pradesh state on DBFOT Toll Basis under PPP from the office of Chief Executive Officer, Uttar Pradesh Expressways Industrial Development Authority (UPEIDA), Lucknow in JV with Artefact Projects Ltd, associate with Global Infra Solutions. Read more

Silver ETFs now have Rs 1400 crore in AUM

Published on: 11:24 am

  • Following the establishment of the newly established investment asset class by market regulator Sebi in 2021, mutual funds launched a slew of new fund offers in the silver ETF (exchange-traded fund) category this year and have gathered Rs 1,400 crore in assets under management (AUM).
  • According to information with the Securities and Exchange Board of India (SEBI), fund houses, including Kotak Asset Management Company, have also submitted draught paperwork to the market regulator to float silver ETFs as well as silver ETF fund of funds for investors. Following the establishment of the newly established investment asset class by market regulator Sebi in 2021, mutual funds launched a slew of new fund offers in the silver ETF (exchange traded fund) category this year and amassed Rs 1,400 crore in assets. Read more

GMR Infra skids ~2% ahead of board meeting to approve fund raise worth Rs6,000 crore

Published on: 10:54 am

  • GMR Infrastructure Limited informed that a Meeting of the Board of Directors is fixed to be held on Friday, September 02, 2022. 
  • The board meeting will be held to inter-alia consider and approve raising funds of up to Rs6,000 crore in one or more tranche(s) through the issue of securities, including Qualified Institutions Placement and/or Foreign Currency Convertible Bonds.
  • The issue will be as per the requirements of applicable laws, subject to the approval of shareholders and other regulatory and/or statutory approvals as applicable. Read more

RITES stock surges over 4% post securing new order worth Rs361 crore

Published on: 10:46 am

  • RITES Limited stocks rally in the market on Monday's trading session after it has secured a new business order with JV Partner.
  • As per the filing, the work order is for redevelopment of Kollam Railway Station for Rs361.18 crore from Southern Railway, Ernakulam, Kerala.
  • The share of RITES Limited in the order is 51%, the company informed. Read more

Rupee slips to 80.14 / dollar

Published on: 10:42 am

  • In response to Federal Reserve Chairman Jerome Powell's steadfast commitment to combating excessive inflation even at the expense of economic development, the rupee sank to a new low versus the US dollar on Monday.
  • In the initial few minutes of trading on Monday, the rupee lost ground, falling as low as 80.14 to the US dollar as the US dollar index surged far over the 109 level. The rupee's previous all-time low was 80.06 to the dollar on July 19. Due to market interventions by the Reserve Bank of India through dollar sales, the indigenous currency, which had ended Friday at 79.87 to the dollar, gained some ground, according to traders. At 9:30 am IST, the local currency was trading at 80.02 per dollar.
  • At the Jackson Hole Economic Symposium on Friday, Powell said that to restore price stability, "maintaining a restrictive policy posture for some time would probably be essential." The historical data strongly discourages premature policy relaxation. The US dollar index, which compares the dollar to six of its biggest rivals, was last at 109.33, up from 108.20 at Friday's end of the Indian market. The index has increased by more than 14% since the start of 2022. Read more

BOB to raise Rs 500 crore through perpetual bonds

Published on: 10:37 am

  • Bank of Baroda  intends to sell extra Tier I perpetual notes in compliance with Basel III to generate at least 5 billion rupees ($62.52 million). According to investment banks managing the issue, bankers and investors have been asked to submit commitment and coupon offers by the state-run bank.
  • ICRA and India's Ratings have rated the bonds AA+. Subscriptions to the issue expire later this week. At the conclusion of five years, it has a call option and a greenshoe option to keep an additional 20 billion rupees. Read more

L&T Technologies clinches multi-year deal from BMW Group in infotainment domain; stock slips ~2%

Published on: 10:27 am

  • L&T Technology Services Limited, a leading global pure-play engineering services company, announced that it has won a multi-million-dollar 5-year contract from European luxury vehicle maker BMW Group to provide high-end engineering services for the company's suite of infotainment consoles aimed at its hybrid vehicle family.
  • The major contract was awarded to LTTS due to its deep domain understanding and engineering leadership in transportation technology, as well as its demonstrated ability to offer unique options to scale up existing projects and expand to new ones.
  • The LTTS engineering team will provide services like software development and integration, infotainment validation, and defect management. Read more

Adani Total Gas incorporates two wholly-owned subsidiaries

Published on: 10:14 am

  • Adani Total Gas Ltd (ATGL) has incorporated two Wholly Owned Subsidiaries on August 26, 2022.
  • Adani TotalEnergies Biomass Limited ("ATEBL"), with an Initial Authorized Share Capital of Rs1 Lakh and Paid-Up Share Capital of Rs1 Lakh to, carry on the business of developing, establishing and operating Bio-Conversion Plants at various places and to produce Compressed Bio-Gas (CBG) and supplemental products also including Organic Manure and Fertilizer in solid & liquid form and to do all necessary and incidental business activities in this regard.
  • ATEBL will yet to commence its business operations. Read more

Glenmark Pharma updates on Goa facility; Stock sheds 2.5%

Published on: 10:08 am

  • Glenmark Pharmaceuticals Limited has informed to the exchanges regarding the US FDA inspection at Glenmark’s Goa (India) facility from May 12 to May 20, 2022 and issuance of Form-483 by US FDA with five observations.
  • In addition to this, the Company informed that it has received a communication from the USFDA indicating the inspection classification as “Official Action Indicated” (OAI). The OAI classification implies inter-alia that USFDA may withhold approval of any pending product applications or supplements filed from this facility till the outstanding observations are resolved.
  • "Glenmark continues to cooperate with the USFDA agency and is committed to undertake all important steps required to address their observations at the earliest", the company said. Read more

Aster DM-led arm executes ADA with GD Assist to establish pharmacies in Bangladesh; stock skids ~1.5

Published on: 9:59 am

  • Aster DM Healthcare Limited informed that one of its subsidiaries Active Holdings Limited, Dubai, UAE (Franchisor) executed an Area Development Agreement with GD Assist Limited, Bangladesh on August 26, 2022.
  • Under the said agreement, Active Holdings have agreed to grant rights to establish and operate pharmacies under the brand name “Aster Pharmacy” at sites located within the defined geographic areas in Bangladesh.
  • The company further stated that the initial term of the agreement is 10 years starting from August 26, 2022. Read more

SRF commissions expansion project worth Rs446 crore; Stock plunges 1%

Published on: 9:47 am

  • SRF Limited had earlier announced to the exchanges regarding approval for a project for setting-up of a second BOPP Film Line & Metallizer at Indore at an estimated cost of Rs424 crore.
  • As per the filing, now the project has been commissioned and capitalized on August 25, 2022 at an aggregate cost of Rs446 crore. (approx.)
  • On Monday, at around 9:49 AM, SRF Ltd is currently trading at Rs2,370.60 per share down by Rs30.15 or 1.26% from its previous closing of Rs2,400.75 per share on the BSE. Read more

Bloody Monday! Sensex sheds 1000 pts, Nifty 50 drops 350 pts; IT stocks worst hit

Published on: 9:42 am

  • Domestic markets opened in the deep red on Monday morning tracking weak global markets as investors fret about the impact of increased interest rates on global growth and react to the latest decline in Foreign Exchange reserves. In the opening bell, the S&P BSE Sensex was down more than 1200 points or 2%, while the Nifty 50 gave up 17,200 as the IT stocks were among the top laggards. Globally, US markets ended deep in the red as the investors reacted negatively to remarks by Fed Chairman Jerome Powell.
  • In terms of the sectoral front, all the sectoral indices are trading in the red with a steep fall where IT and banks doing the most damage. Meanwhile, India's Volatility Index ((VIX) skyrocketed by over 15% on Monday's trade.
  • Currently at around 9:41 AM, the BSE Sensex was trading at 57,729.21 nosediving by 1104.66 points or 1.88% and the NSE Nifty was 17,204.50 down 354.40 points or 2.02%. Read more

Dixon Technologies, Imagine Marketing forms JV ‘Califonix Tech’

Published on: 9:40 am

  • Dixon Technologies Limited informed that the company along with Imagine Marketing Limited had jointly formed Califonix Tech and Manufacturing Private Limited, as the Joint Venture Company.
  • The two companies have paid the subscription money on August 26, 2022.
  • The said JV has been incorporated to undertake the manufacturing of Bluetooth-enabled audio devices.
  • Dixon Technologies (India) Limited and Imagine Marketing Limited have subscribed for equity shares in exchange for cash. Read more

Singtel is selling a lot of its assets, including Airtel

Published on: 9:36 am

  • Singtel stated last week that it would sell a 3.3% share in India's Bharti Airtel Ltd. (NSE-1.18%) to Bharti Telecom Ltd. for an overall consideration of around USD 1.61 billion, one day after disclosing its first quarter 2022 financial results.
  • The largest telecom company in Southeast Asia based on market capitalization stated that the sale's revenues may be used to pay down debt, fund 5G capital expenditures, and support expansion efforts.
  • This appears odd given that Airtel's financial success was one of the two key factors contributing to a profit increase of over 41% for the fiscal quarter that ended in June. The pre-tax amount that Airtel NSE-1.18% contributed to Singtel's profits increased by 145.6%, from SGD 64 million (USD 46 million) to SGD 156 million (USD 112 million). Only this regional associate had an increase in earnings from the same time last year. Read More

Weekly forecast - What to expect from the markets this week?

Published on: 9:28 am

  • Indian equity markets are likely to see a turbulent week. Federal Reserve Chairman Jerome Powell gave the hawkish statement on Friday that the US Federal Reserve will go all out to control rising inflation even if it meant a prolonged period of economic slowdown. This implied that the Federal Reserve is very likely to go for severe interest rate hikes in the coming months.
  • Interest rate hikes in the US are a negative factor for Indian markets. It will result in appreciation of dollar and increase in required rate of return of FPIs. FPIs may therefore start pulling money out of the Indian markets. On Friday, FPIs turned net sellers after being net buyers for many of the past days. Read more

Realty player Supertech loses Rs500 crore on Twin Tower Demolition

Published on: 9:25 am

  • Supertech Realty stated that the destruction of its Twin Towers in Noida caused a loss of around Rs500 crore, including construction and financing charges.
  • According to R K Arora, the company's Chairman, more than 3,700 kg of explosives were employed in this operation. The destruction alone is likely to cost over Rs20 crore.
  • Apex and Ceyane, two about 100-meter-tall twin skyscrapers, were demolished at 2.30 p.m. on Sunday, after a Supreme Court judgement that ruled their construction inside Emerald Court premises to be in breach of norms. Read more

Rail Vikas Nigam inks MoU With BHEL; Stock dips 2.5%

Published on: 9:19 am

  • Rail Vikas Nigam Ltd has informed to the exchanges regarding signing of MoU with Bharat Heavy Electricals Limited (BHEL).
  • According to the regulatory filing, RVNL has signed an MoU with Bharat Heavy Electricals Limited (BHEL) to jointly work in the field of infrastructure and project execution, in India and abroad, through synergy of their respective capabilities. Read more

HPL Electric and Power bags Empanelment Certificate from Power Ministry

Published on: 9:18 am

  • HPL Electric and Power Ltd announced that it has received the “Empanelment Certificate” from the Power Ministry through its arm, Rural Electric Corporation (REC).
  • HPL Electric is approved as a bidder through tender participation for the appointment of Advanced Metering Infrastructure (AMI) Service Provider for Smart Prepaid Metering in India on a DBFOOT basis (Design, Build, Finance, Operate and Transfer) under the RDSS (Revamped Distribution Sector Reform Scheme). Read more

Cipla receives 6 observations from USFDA for Goa facility; Stock tumbles 2.5%

Published on: 9:17 am

  • Further to United States Food and Drug Administration (USFDA) inspection at Cipla Ltd's Goa manufacturing facility in September 2019 and the warning letter received in February 2020, the Goa plant recently underwent a USFDA inspection from August 16-26, 2022.
  • On conclusion of inspection at Goa facility, the Company has now received 6 observations with some referencing to the observations made during the September 2019 inspection.  Read more

Tata Steel, Punjab Govt inks pact to set up steel scrap based electric arc furnace steel plant

Published on: 9:17 am

  • On August 26, 2022, Tata Steel Limited signed a Memorandum of Understanding (MoU) with the Government of Punjab to establish a 0.75 MnTPA long products steel mill using a scrap-based electric arc furnace (EAF).
  • The Memorandum of Understanding was signed in the presence of Bhagwant Mann, Hon'ble Chief Minister of Punjab.
  • The greenfield project in Kadiana Khurd, Hitech Valley, Ludhiana in Punjab is part of Tata Steel's aim to invest in a circular economy and transition to low-carbon steelmaking via steel recycling. Read more

Lupin launches Desvenlafaxine Extended-Release Tablets in US market

Published on: 9:16 am

  • Global pharma major Lupin Limited (Lupin) has announced the launch of Desvenlafaxine Extended-Release Tablets, 25 mg, having received an approval from the United States Food and Drug Administration (FDA).
  • According to the released data, Desvenlafaxine Extended-Release Tablets, 25 mg is a generic equivalent of Pristiq Extended-Release Tablets, 25 mg of PF PRISM C.V. Read more

GS Sundararajan joins the board of Paytm

Published on: 9:12 am

  • In a stock exchange filing, one 97 communication Ltd., the company that owns Paytm, announced the appointment of GS Sundararajan as an independent director to its board. Sundararajan is a veteran of the financial services industry. Sundararajan has been given a five-year appointment that will end on August 27, 2027. In addition to serving as the CEO and MD of Fullerton India Credit Firm Ltd., a registered non-banking financing company that serves consumers in the retail and commercial mass market, Sundararajan formerly served as the group director of Shriram Group.
  • Sundararajan was the MD of Citibank India's small and medium enterprises (SME) and asset based loan business practice before joining Fullerton. Read more

Prices of petrol and diesel on August 29th

Published on: 9:05 am

  • On August 29, state-run oil firms announced that the price of gasoline and diesel had stayed the same nationwide for the fifth day in a row. On August 24, Delhi's gasoline and diesel prices were lowered to Rs101.49 and Rs88.92, respectively. On August 29, the national capital's pricing stayed the same.
  • Similar trends were seen in Mumbai's fuel pricing. Retail gasoline costs Rs107.52 per liter, remaining constant. The financial center made history on May 29 when it became the first metro area in the nation to sell gasoline for more than Rs 100 a liter. Read more

Three automated fulfillment centers will cost Rs 3,600 billion, according to Flipkart

Published on: 9:02 am

  • The largest online retailer, Flipkart, which is owned by Walmart, will invest more than Rs3,600 crore over the next three years to build 3 enormous automated fulfilment centers. According to Hemant Badri, Senior Vice President and Head of Supply Chain for the Flipkart Group, this includes two new ones that would be built in South and West Bengal, respectively, as well as one in Manesar that is already under construction.
  • The group has previously built one such big box facility, which it claims is the biggest one in Asia, in West Bengal's Haringhata district. In 2024, the Manesar one will be in use. These facilities, according to Badri, provide twice the storage space per square foot, 30-50% more efficiency, lower capital and operating expenses, and shorter shipment times.These buildings will often be 18 meters tall instead of the typical 10 to 12 meters. Read More

In the early trade gold and silver prices remain unchanged

Published on: 8:55 am

  • Early on Monday, gold and silver prices were stable, with ten grams of 24 Carat yellow metal trading at Rs51,600. Silver, on the other hand, was priced per kilogram at Rs54,800. On Monday, ten grams of 22-carat gold were going for Rs47,300.
  • The price of 10 grams of 24-carat gold in Mumbai and Kolkata is Rs51,600, while 22-carat gold is Rs47,300. 24- and 22-carat gold is now selling in Delhi for Rs51,760 and Rs47,450 per 10 gm, respectively. Read More

Aksum Trademart to raise $25 million

Published on: 8:55 am

  • In order to finance its expansion aspirations, Aksum Trademart, a business-to-business (B2B) firm that supplies raw materials to MSMEs, seeks to raise $25 million (about Rs 199 crore) from investors. A boutique investment banking firm has been retained by the business to aid with capital raising.
  • "We intend to raise money in stages to coincide with our growth milestones and for technical developments. In accordance with the growth benchmarks, we intend to fund $25 million over the next 12 months. Co-founder of Aksum Trademart, Sumit Bhatia, stated
  • Ankit Jain, the other co-founder, stated that the business is in talks with family offices and early-stage investors to get the necessary funds. He added that companies will need to outsource or use Supply Chain as a Service because the future digital supply chain will demand it (SCaaS) Read More

Kedaara Capital provides $50 million in funding to Oasis Fertility

Published on: 8:44 am

  • Private equity firm Kedaara Capital has provided $50 million in capital to Oasis Fertility in exchange for a sizable minority ownership in the business.
  • InvAscent, which made an investment in the business in 2016, will be able to exit through the transaction.
  • Additionally, after ASG Eye Hospitals, it was Kedaara's second investment in the single speciality healthcare sector. Read more

Markets all set to open in red

Published on: 8:40 am

  • Indian markets are highly likely to open in red today. US Federal Reserve Chairman Jerome Powell on Friday said that the Federal Reserve will opt for controlling inflation even if it meant prolonged period of economic slowdown. This resulted in US markets seeing one of the biggest falls in the past few months on Friday. Asian markets have opened heavily in red today. Today may be a good time for investors with long term horizon to buy stocks at cheaper valuations.
  • US markets saw the biggest fall in over 4 months, on Friday, as Federal Reserve Chairman’s eight minutes speech rattled the markets. Dow Jones fell 1000 points. Nasdaq fell almost 500 points. Bond yields spiked to 3.06%. Two year bond yields hit 3.40%. Read more

In a test, Zomato incorporates Blinkit grocery delivery into its main app

Published on: 8:24 am

  • In order to "accelerate" the 10-minute delivery platform's Blinkit road to profitability, zomato has started a pilot test of grocery delivery via Blinkit on its main app in Delhi-NCR.
  • In Delhi-NCR, the pilot test is now being conducted in a few select circles. Additionally, it will be expanded to other cities after analyzing the response.
  • Those who are a part of the pilot project can currently order on Zomato's main app for a minimum order value of Rs150 via Blinkit, while on Zomato, it remains at Rs49. Read More

Will audit its financial reports on September 6, Byju's informed debt investors

Published on: 8:19 am

  • Byju's, a leader in educational technology, has told its debt holders that it expects to finalize its audited financial reports for FY21, which auditor Deloitte has accepted, by September 6.
  • A teleconference with investors was set by the online education company earlier this month, but it had to be postponed due to a delay in the official closure of the audited financial reports. Read more

The deadline for Reliance Capital's bids expires on Monday

Published on: 8:12 am

Suzuki would spend Rs30,000 billion on two new units

Published on: 8:11 am

  • The foundation stones for a new car manufacturing facility in Haryana and the forthcoming electric cell plant in Gujarat for Suzuki Motor Corporation were placed by Prime Minister Narendra Modi. Over Rs30,000 crore will be invested in the two projects.
  • At a celebration marking 40 years since Suzuki Motor Corporation of Japan and former Maruti NSE-0.18% Udyog signed a joint venture agreement, officially launching the Japanese automaker's presence in India. In October 1982, the deal was formally signed. Read more

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