Latest News and Updates

30th Aug, 2022

Zydus announces Phase IV trial of Desidustat

Published on: 3:15 pm

  • Zydus Lifesciences Ltd. has announced the commencement of Phase IV clinical trial for Desidustat in patients with Chronic Kidney Disease (CKD) induced anemia
  • CKD is predicted to become one of the most common causes of premature death by 2040 globally. 
  • The Phase IV DREAM-CKD trial will enrol 1004 CKD patients in India, including 502 dialysis dependent, 502 dialysis independent CKD patients with anemia. Read more

Shivalik Bimetal’s board approves 1:2 bonus issue; stock dips ~4%

Published on: 3:09 pm

  • Shivalik Bimetal Limited informed that the Board of Directors of the Company in its meeting held on August 30, 2022, has considered and approved the issue of bonus shares in the ratio of 1:2.
  • The ratio indicates that 1 share of Rs2 each will be issued for every two fully-paid shares of Rs2 each held in the company.
  • The company proposes to issue Rs3.84 crore divided into 19,20,1400 Equity Shares of Rs2 each. Read more

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CARE reaffirms rating on Cera Sanitaryware’s bank facilities worth Rs100 crore; stock rises

Published on: 3:06 pm

  • Cera Sanitaryware Limited informed that the rating agency CARE Rating Limited has reaffirmed the ratings assigned to the company’s bank facilities worth Rs100 crore.
  • CARE ratings reaffirmed the ‘CARE AA’ rating on the company’s long-term facilities worth Rs56 crore. The outlook assigned is ‘Stable’.
  • Further, ratings to the short-term bank facilities have been reaffirmed at ‘CARE A1+’. These facilities are worth Rs44 crore. Read more

TATA AIA Life Insurance to give bonus of Rs861 crore to qualified participating policy holders

Published on: 3:01 pm

  • One of the fastest-growing private life insurers, Tata AIA Life Insurance Co. Ltd. (Tata AIA), has announced a bonus of INR 861 crores for FY2022 to all qualified participating policyholders. This is the fifth year in a row that bonuses have been given out, which are 20% higher than in FY2021.
  • This annual bonus will be added to the benefits of all participating policies still in effect as of March 31st, 2022. The effectiveness of participating products in assisting customers in reaching their financial objectives is demonstrated by the Company's consistent awarding of higher bonuses to participating policyholders. This has been made possible by the Company's strong fund management capabilities combined with effective risk management procedures. Read more

Coforge to open centre of excellence for Metaverse and Web3; stock jumps ~2%

Published on: 2:30 pm

  • Coforge Limited announced the opening of its center of excellence (CoE) for the Metaverse and Web3.
  • The institution will encourage multidisciplinary research and discover multiple use cases for the metaverse and its interaction with digital technologies such as blockchain, smart contracts, AI, ML, cognitive, data & analytics, and integration with other corporate systems.
  • Coforge aspires to be at the top of its game of the immersive experience, real-time presence, decentralised control, and possibilities that the metaverse and Web3 provide. In addition, the firm strives to train and upskill approximately 1000 personnel in order to meet its clients' Metaverse and Web3 requirements. Read more

IRIS Business Services wins recognition as India's best Fintech

Published on: 2:24 pm

  • Navi Mumbai based IRIS Business Services Limited has won recognition as India’s best Fintech Company.
  • Last Friday, the company received an award from Union Finance Minister, Nirmala Sitaraman anointing it India’s best fintech in Mumbai. The Award has been instituted by Financial Express which is a part of the Indian Express group. Read more

Bond yields on government bonds come down marginally on Tuesday

Published on: 2:00 pm

  • Indian government bond yields decreased on Tuesday as traders closed off short bets in advance of Wednesday's important economic growth data release.
  • The benchmark 10-year government bond yield increased three basis points on Monday to end at 7.2534%, and it was up to 7.2221%. After reaching 7.2347% on Monday, the new 10-year 7.26% 2032 bond yield stood at 7.2083% on Tuesday.
  • On Wednesday, when markets will be closed for a festival, India is set to announce data for the period of April to June's economic growth. Read more

Piramal Enterprises' stock price down by 44% on the first day of trading post de-merger with Piramal

Published on: 2:00 pm

  • With effect from today, the shares of Piramal Enterprises Ltd (PEL) began trading after the demerger with Piramal Pharma. By 3 p.m. PEL's stock price was down by more than 44%.
  • 3.23 million equity shares, or 1.36 % of the company's total equity, changed hands on the NSE and BSE, more than double the trading activity on the counter. The S&P BSE Sensex, in contrast, was up 1.2% at 58,678 points. For the purpose of issuing and allocating 4 equity shares of Piramal Pharma (PPL) worth Rs10 each for every equity share worth Rs2 granted to PEL shareholders, the record date is set as September 1, 2022. Read more

In FY23 Grasim assigns Rs3,117 crore Capex for existing business lines

Published on: 1:59 pm

  • Grasim Industries Limited, the flagship company of the Aditya Birla Group, announced that it will spend Rs3,117 crore on its existing operations in FY23. The company will utilize this investment toward capacity expansion and plant modernization.
  • He described the company's "strategic push" into paints and B2B e-commerce as "decisive steps" toward significant development.
  • He further added that the board has approved a total Capex of Rs10,000 crore for its paints business, out of which, it has spent Rs605 crore in FY22 so far. Read more

Andhra Petrochemicals to resume plant operations from Sep 1; Stock surges 2.7%

Published on: 1:23 pm

  • The Andhra Petrochemicals Ltd has announced in a regulatory filing that its Plant will resume operations from September 01, 2022.
  • The company had earlier announced the shut down of plant operations at Visakhapatnam from July 21, 2022 in order to carry out Annual Maintenance Work.
  • On Tuesday, at around 1:26 PM, Andhra Petrochemicals Ltd is currently trading at Rs85.65 per share up by Rs2.25 or 2.7% from its previous closing of Rs83.40 per share on the BSE. Read more

IRCTC withdraws e-tender for appointment of consultant for data monetisation

Published on: 1:13 pm

  • IRCTC Limited highlighted that the e-tender for the recruitment of a consultant for data monetization of Indian Railways, which was published by IRCTC on July 29, has been withdrawn as a result of the government of India's withdrawal of the Personal Data Protection Bill 2018.
  • Earlier on August 18, the corporation stated that it was in the early stages of floating the offer and soliciting bids from qualified consultant candidates.
  • The consultant will advise IRCTC and Indian Railways on the monetization value of digital assets by observing various acts or laws such as the IT Act 2000 and its amendments, user data privacy laws such as GDPR (General Data Protection Regulation) and the current 'Personal Data Protection Bill 2018 of India, said IRCTC. Read more

CRISIL revises YES Bank rating outlook to 'Positive', upgrades rating

Published on: 12:41 pm

  • CRISIL Ratings has upgraded the rating on Tier-II bonds (under Basel III) and Infrastructure Bonds of YES Bank Limited to 'CRISIL A-' from 'CRISIL BBB+’ and has revised the outlook to ‘Positive’ from ‘Stable’ outlook. CRISIL Ratings has also upgraded the rating on the Rs20,000 crore certificates of deposit (CD) of the bank to ‘CRISIL A1+’ from ‘CRISIL A1’ rating.
  • According to the rating rationale report, the rating action reflects the expectation of continued improvement in the performance of the elite bank.
  • For arriving at the ratings, CRISIL Ratings has combined the business and financial risk profiles of the Bank and its owned subsidiaries, because of the majority shareholding, business and financial linkages, and shared brand, the rating agency said. Read more

Granules India bags USFDA ANDA approval for Loperamide Hydrochloride and Simethicone Tablets

Published on: 12:39 pm

  • Granules India Limited has received the Abbreviated New Drug Application (ANDA) approval from US Food & Drug Administration (USFDA) for Loperamide Hydrochloride and Simethicone Tablets, 2 mg/125 mg (OTC).
  • It is bioequivalent to the reference mentioned drug product, Johnson & Johnson Consumer Inc., McNeil Consumer Healthcare Division's Imodium Multi-Symptom Relief Tablets, 2 mg/125 mg.
  • Loperamide Hydrochloride and Simethicone Tablets are used to treat diarrhoea as well as bloating, pressure, and cramping, which are all symptoms of gas. Read more

Mahindra Electric launches all-new cargo electric three-wheeler ‘Zor Grand’; stock zooms ~2.5%

Published on: 12:14 pm

  • Mahindra Electric Mobility Limited (MEML), a subsidiary of the Mahindra Group, has unveiled the ‘Zor Grand’, an all-new cargo electric three-wheeler.
  • The premium Mahindra model is reasonably priced, beginning at Rs3.60 lakh ex-showroom Bangalore.
  • Mahindra has over 12000 Zor Grand reservations through strategic Memorandums of Understanding with major logistics businesses like as Mahindra Logistics, Magenta EV Solutions, MoEVing, EVnow, Yelo EV, Zyngo, and others. Read more

Ramkrishna Forgings stock jumps 3% on winning Rs20.5 crore worth export order

Published on: 11:41 am

  • Ramkrishna Forgings Limited, one of the leading suppliers of rolled, forged and machined products has informed that a market leader in rubber tracks for farm equipment and snowmobiles, as well as in solid and bias tyres for material handling equipment, has awarded us a large business of Metal Bars worth Rs20.5 crore (USD 2.58 million) per year. 
  • It is also one of the top 3 construction market players for track and tyre solutions for small heavy equipment. This work order has a potential to become an annual business of Rs80 crore (USD10 million). Read more

Prasol Chemicals gets SEBI go ahead for its IPO

Published on: 11:28 am

  • The SEBI has approved Mumbai-based Prasol Chemicals Limited's Initial Public Offering (IPO). Prasol Chemicals Limited is one of India's top forward-integrated producers of acetone derivatives and phosphorous derivatives.
  • A fresh issue of equity shares with a face value of up to Rs250 crore and an offer-for-sale (OFS) of up to 9,000,000 equity shares by existing shareholders make up the initial share sale, which has a face value of Rs2 per equity share. The offer is being made through the book building process, in which not less than 15% of the offer must be made available to non-institutional bidders, not less than 35% of the offer must be made available to retail individual bidders, and not more than 50% of the offer must be allocated to qualified institutional buyers. Read more

Manoj Sharma assumes charge as Power Finance Corporation’s Commercial Director; stock gains ~1%

Published on: 11:03 am

  • Power Finance Corporation Limited informed that Manoj Sharma has assumed the charge of Director (Commercial) on the company’s board.
  • His appointment is pursuant to the order of the Ministry of Power, Government of India.
  • Manoj’s appointment is effective from August 29, 2022.
  • Shri Manoj Sharma, 56, is a chartered accountant with a law degree (LLB). He joined PFC in 1990 as Executive Director (In Charge) of the Commercial Division before becoming Director (Commercial), PFC. Read more

Eiko Lifesciences signs MoU with Delicare Lifesciences; Stock trades lower

Published on: 10:54 am

  • Eiko Lifesciences Limited has signed a Memorandum of Understanding ("MOU") with Delicare Lifesciences Private Limited.
  • According to the filing, this MOU provides for use of existing and future manufacturing facilities of Delicare Lifesciences Private Limited and Eiko Lifesciences in mutual interest of both the Companies. 
  • Further, this MOU provides for assistance in the form of efficient working Capital Management, development and commercialization of new products, logistic supply chain management support etc. This will also benefit the Company in the smooth management of its day-to-day operation including manufacturing facilities at Badlupur, DistThane, Maharashtra and operational cost reduction of the company. Read more

EarlySalary raises $110 million in a $300 million Series D financing

Published on: 10:36 am

  • The largest investment round for consumer loan platform EarlySalary, which was led by Norwest Venture Partners and TPG's The Rise Fund, garnered $110 million at a valuation of $300 million.
  • Piramal Capital & Housing Finance Limited made an investment in Series D, which included both primary and secondary share sales. Within the next 12 months, the company intends to scale its operations using the funds raised. Read More

Dhruv Consultancy bags contract worth Rs5.41 crore in Andhra Pradesh; stock adds ~1%

Published on: 10:35 am

  • Dhruv Consultancy Limited informed that it has received a Letter of Acceptance (LOA) for the work of Consultancy Services.
  • The contract is to provide consultancy services for the Authority Engineer for Supervision of Rehabilitation and upgradation of NH-1678 from Km. 143/320 (Malakonda) to 189/050 (Singarayakonda) (on NH16) to two lane with paved shoulders in Andhra Pradesh through the EPC mode of Contract.
  • The LoA is received from the office of the Chief Engineer Government of Andhra Pradesh Roads & Buildings Department.
  • The order received is in association with KAIUS Consulting Private Limited. Read more

LIC slips off the list of top 10 companies in terms of market capitalization

Published on: 10:30 am

  • Bajaj Finance and Adani Transmission have replaced LIC on the list of India's 10 most valuable firms by market capitalization.
  • At 9.30 am, the market capitalization of LIC was Rs4.26 lakh crore, up 0.6% from its previous close, and it was trading on the BSE at Rs 674.
  • The value of the insurer's shares has decreased by 30% from their initial issuance price of Rs 949, or Rs1.75 lakh crore. Read More

Bosch India and PTV Group to collaborate for developing digital mobility solutions

Published on: 10:20 am

  • Bosch India, a major supplier of automotive components, and PTV Group, a mobility and logistics software company located in Germany, announced their collaboration on digital mobility solutions.
  • Software and Application Programming Interfaces (APIs) from PTV Group will be accessible via Bosch's "Mobility Marketplace," a one-stop shop for all digital and physical assets related to mobility. Read More

Lyka Labs board to consider land sale on Sep 5; Stock marginally up

Published on: 10:17 am

  • Lyka Labs Limited has informed to the exchanges that a meeting of the Board of Directors of the company is convened on Monday, September 5, 2022 though Video Conferencing and Other Audio Visual Means (VC/OAVM).
  • The meeting of Board of Directors is convened to consider and approve the sale of Land at Dharampur, Valsad and premises situated at Shivshakti Industrial Estate, Andheri East, the company said in a regulatory filing on Monday.
  • On Tuesday, at around 10:17 AM, Lyka Labs Ltd is currently trading at Rs148.50 per equity share up by Rs0.85 or 0.58% from its previous closing of Rs147.65 per equity share on the BSE. Read more

ICICI Bank and NPCI collaborate to launch RuPay credit cards

Published on: 10:14 am

  • A number of credit cards are being launched by ICICI Bank in collaboration with the National Payments Corporation of India (NPCI) on the domestic payments platform Rupay.
  • The first card, the ICICI Bank Coral RuPay Credit Card, is a contactless card that offers customers various rewards points on daily transactions, including groceries, utility bills, free domestic airport and train lounge access, and savings on dining and movie tickets, among other things. Additionally, it provides 24-hour concierge services and accidental insurance protection. Read more

Shree Pushkar Chemicals and Fertilizers suffers major breakdown of machineries at Unit 1

Published on: 10:04 am

  • Shree Pushkar Chemicals and Fertilisers Ltd has announced about the incident of a major breakdown of one of the machineries at its plant in Unit 1 - B-102/103, MIDC, Lote Parshuram, Dist. Ratnagiri, Maharashtra.
  • "There has been no casualty and all the staffs and labours were unaffected and the emergency response teams are handling the situation diligently", the company said in a regulatory filing on Monday. Read more

Merak establishes a $100 million startup fund

Published on: 10:02 am

  • Merak Ventures, an early-stage venture capital firm, announced the opening of a new fund on Monday with a $100 million target corpus. Over the next three to four years, the VC firm intends to invest in 18 to 20 firms.
  • Manu Rikhye and Sheetal Bahl, who cofounded Merak, will invest in B2B and emerging digital businesses. Although the fund will continue to be sector-neutral, it will actively explore certain investment themes, including insurtech, enterprise SaaS, and climatetech (which includes agritech, mobility, carbon, climate finance, and digital solutions). Read More

Nazara Tech mulls acquisition of WildWorks to amplify gamified learning segment; stock climbs ~1.5%

Published on: 9:56 am

  • Nazara Technologies Limited, India-based diversified gaming, and sports media company announced the acquisition of WildWorks, a leading U.S. children's interactive entertainment company.
  • WildWorks' revenues in CY21 were $13.8 million and $5.8 million in H1CY22, with EBITDA of $3.1 million in CY21 and $1.6 million in H1CY22.
  • WildWorks, founded in 2003, is one of the most successful and established gaming companies focused on the children's market for ages 8-12, with the #1 Grossing app in its category. Read more

Clariant Chemicals India to change name as Heubach Colorants India

Published on: 9:49 am

  • Clariant Chemicals Limited has announced to the exchanges that consequent to acquisition of the Company by SK Capital and Heubach Group, the Board of Directors of the Company, through Circular Resolution dated August 29, 2022, have granted their approval for the change of name of the Company.
  • As per the filing, the company's name will be change from "Clariant Chemicals (India) Limited" to "Heubach Colorants India Limited", subsequent to the alterations in the Memorandum of Association and Articles of Association of the Company, subject to approval of Shareholders through Postal Ballot.
  • At around 9:49 AM, Clariant Chemicals (India) Ltd is currently trading at Rs428.35 per share up by Rs0.35 or 0.08% from its previous closing of Rs428 per share on the BSE. Read more

Zomato CEO says app will not be rebranded as Eternal

Published on: 9:48 am

  • Zomato's cofounder and CEO, Deepinder Goyal, stated he has no plans to step away from the day-to-day operations of the food-delivery business. He was responding to concerns expressed by investors after Zomato announced it would change its name to "Eternal."
  • "If not more, I'm thrilled about carrying on with building Zomato. I consider Zomato to be my life's work, and I still have the toughest (and most rewarding) leg of the journey ahead of me. The CEO of Zomato stated in a letter to the exchanges that "this announcement does not change anyone's roles and obligations (including and notably mine) at Zomato." Read More

Markets bullish with Nifty 50 above 17,400; Banking index outperforms; RIL in focus today

Published on: 9:42 am

  • The day begins with a positive note as Sensex and Nifty 50 benchmarks were trading bullish on Tuesday tracking mixed global cues. Sensex and Nifty 50 had a steep rally amid broad-based buying with banking, auto and metal stocks outperforming. In the opening bell, Sensex has advanced over 400 points so far while the 50-scrip benchmark has risen by at least nearly 130 points.
  • However, the market expect some consolidation on behalf of hawkish Fed rhetoric. Further, announcement of temporary shut down of China's electronic wholesale hub Huaqiangbei market to curb Covid19 outbreak also dampened the sentiments of investors globally.
  • At around 09:40 AM, Sensex was trading at 58,370.94 up 398.32 points or 0.69%. Nifty 50 surged by 141.15 points or 0.82% and was trading at 17,454.05. Read more

After a 17-month wait, BYJU's receives a clean FY21 audit from Deloitte

Published on: 9:42 am

  • BYJU's, the most valuable edtech startup in India, will present its FY21 financial statements to the board of directors this week and to equity and debt investors the next week after finally receiving a 'unqualified' audit report from Deloitte.
  • An "unqualified" report signifies that the company's financial statements are honest and open and are supported by extensive investigation, putting to rest any rumors concerning BYJU's dire financial situation. Read more

JioMart on Whatsapp: Reliance Jio & Meta’s new strategic alliance

Published on: 9:35 am

  • Meta and Reliance Jio Platforms announced the debut of the first-ever end-to-end shopping experience on WhatsApp, allowing customers to purchase from JioMart directly from their WhatsApp chat.
  • JioMart on WhatsApp, a global first, will allow customers in India, including those who have never shopped online before, to explore JioMart's entire food inventory, add goods to basket, and make the payment to finish the transaction - all without leaving the WhatsApp chat.
  • The launch is part of Meta and Jio Platforms' strategic collaboration to accelerate India's digital transformation and give individuals and companies of all sizes with new ways to interact and drive economic growth in the country. Read more

Venkatesh Viswanathan steps up as new group CEO of ICRA

Published on: 9:30 am

  • ICRA Limited informed that the Board of Directors has approved the appointment of Venkatesh Viswanathan as a Group Chief Financial Officer and Key Managerial Personnel of the company, effective from August 30, 2022. He is also designated as the Chief Investor Relations Officer of the company.
  • The company further stated that Amit Kumar Gupta, the Chief Financial Officer of the Company, appointed for an interim period, has stepped down as Chief Financial Officer. Although, Gupta will continue to hold his current key managerial position of General Counsel of the company.
  • Venkatesh brings to the company over 20 years of expertise in finance, accounting, auditing, taxation, financial risks and controls, treasury, and internal auditing. Read more

P&G Health board recommends final dividend of Rs11.50

Published on: 9:19 am

  • The Board of Directors of Procter & Gamble Health Ltd at its meeting held on Monday, have recommended a final dividend of Rs11.50 per equity share, for the financial year ended June 30, 2022.
  • The dividend shall be paid between November 28, 2022 to December 18, 2022, on approval of the Members at the 55th Annual General Meeting, the company said.
  • On Monday, P&G Health Limited announced its financial results for the quarter and fiscal year ended June 30,2022 where it recorded sales of Rs1,092 crore, up by 10% Vs year ago. Profit After Tax (PAT) for the year stood at Rs193 crore, up by 9%, despite unprecedented commodity inflations during this fiscal. Read more

HFCL secures purchase orders aggregating to Rs97 crore; Stock soars near 2%

Published on: 9:18 am

  • HFCL Limited along with its material subsidiary, HTL Limited, has received the Purchase Orders aggregating to -Rs97 crore, from one of the leading Private Telecom Operators of the Country.
  • As per the filing, the project is for supply of Optical Fibre Cables ("OFC") and the order will be executed by March 2023, said the company in a regulatory filing. Read more

EaseMyTrip, magicpin form partnership to bring the best of travel and local shopping offers

Published on: 9:17 am

  • EaseMyTrip, and magicpin, India’s largest platform for local shopping and savings, form a unique partnership to bring delightful customer experiences for their users.
  • As part of the collaboration, EaseMyTrip and magicpin are launching a suite of products and services that will bring travel and shopping experiences together through cross promotion.
  • This alliance will have unique and specially curated offerings on each other’s platforms, mutually benefiting both parties and consumers as well.  Read More

Sonata Software ties with Deccan Heritage Foundation India for restoration of British era Rang Mahal

Published on: 9:16 am

  • A global IT services and technology solutions company, Sonata Software and Deccan Heritage Foundation (DHF) India announced a multi-year partnership for the restoration of Hyderabad's 19th century British-era Rang Mahal Gardens and Pavilion, which is now part of the Telangana Mahila Vishwavidyalayam (Women’s University) campus, formerly the University College for Women, Osmania University.
  • Almost three thousand years of rich and ancient tradition, the Deccan region of South India has seen the rise and fall of one powerful kingdom after another.
  • The DHF is a non-profit organization founded by Dr. Helen Philon, an authority on Deccani Sultanate architecture & art, along with Dr George Michell, one of the most distinguished architectural scholars on South Asian architecture alive today. Read more

KIMS Hospital to acquire majority 51% stake in Kingsway Hospitals, Nagpur

Published on: 9:15 am

  • Krishna Institute of Medical Sciences (KIMS) revealed that it has entered into a formal agreement to buy a majority stake of 51% in M/s SPANV Medisearch Lifesciences Private Limited, Nagpur, which operates a multi-specialty hospital called "Kingsway Hospitals" with over 300 beds.
  • Existing promoters and stockholders will retain 49% ownership of the company. The hospital will be renamed "KIMS Kingsway Hospitals" upon the acquisition.
  • The existing hospital facilities provide the potential to increase bed capacity as needed in the future with minimum capital expenditure. Read more

In January through March, Axis Bank could pay Citibank Rs12,325 crore

Published on: 9:12 am

  • In order to finalize the acquisition by the end of this fiscal year, Axis Bank plans to pay Citibank the Rs12,325 crore it will need for the purchase of the US bank's consumer business in India during the January-March quarter.
  • The agreement was made public in March of this year. Even though Citi lost market share for credit cards in India, according to Axis Bank, attrition of workers and clients in the company it was buying remained controllable.
  • According to Axis Bank deputy managing director Rajiv Anand, "we are currently working towards what is called legal date one, which is when the balance sheet, people, and clients migrate to us and we will pay the consideration to Citibank." "We anticipate completion somewhere in the final quarter of FY23, which is January through March of 2023." Read More

Tamil Nadu Mercantile Bank IPO to open on 5th September

Published on: 9:04 am

  • On Monday, September 5, the initial public offering (IPO) of private lender Tamilnad Mercantile Bank (TMB) will open.
  • The company will sell its shares for between Rs. 500 and Rs. 525 a share. Subscriptions for the anticipated primary offering are accepted through September 7th.
  • The initial public offering (IPO) is a wholly new issue of up to 1,588,400 equity shares with a face value of Rs 10 apiece, totaling Rs 831.6 crore. Read more

The third-richest person in the world, Gautam Adani, is the first Asian to do so

Published on: 8:57 am

  • Just a few years ago, Gautam Adani was mostly unknown outside of India. But last week, the Indian billionaire, a dropout from college who initially tried his luck as a diamond trader before switching to coal, became the third-richest person in the world.
  • It's the first time an Asian has entered the top three of the Bloomberg Billionaires Index; Jack Ma of China and fellow citizen Mukesh Ambani have never done so. With a fortune of $137.4 billion, Adani has surpassed Bernard Arnault of France and is now just behind US billionaires Elon Musk and Jeff Bezos in terms of wealth. Read more

Some corporate snippets for today

Published on: 8:57 am

  • Tuesday has a ton of board meetings and business events planned.
  • The companies that will have their shares become ex-dividend today include Benares Hotels (Rs10 per share), Bengal & Assam Company (Rs 15 per share), Genus Power Infrastructures NSE 0.67% (Re 0.25 per share), Heidelberg Cement (Rs 9 per share), JK Agri Genetics (Rs 1.5 per share), Kakatiya Cement Sugar NSE 0.94% (Rs3 per share), Lambodhara Textiles NSE 0.96%, Bombay Rayon Fashions NSE-4.29%, The Orissa Minerals Development Company NSE-0.94%, McDowell Holdings NSE-3.87%, Shreyas Intermediates NSE-4.29%, and MMTC Read More

Markets may start the day in green

Published on: 8:38 am

  • Indian equity markets may start the day in green today. Other Asian markets have started the day in green. SGX Nifty is up 0.43% since morning. Later in the day the markets may see some selling pressure from FPIs. FPIs were net sellers again yesterday. 
  • US markets saw another weak day yesterday. Collateral selling against expected higher rates saw money exit equity & buy bonds. Oil prices rose over 3% as demand/supply mismatch & coming winter led to expectations of increase in demand. Bond yields settled near 3.05%. US$ closed lower near 108.5 
  • Asian markets have opened in the green after yesterday's sharp sell off. Japanese 'Nikkei'  is trading higher by over 1% or nearly 300 points. Most other Asian indices are also trading higher by 0.50% to 1.5% as oversold indices see buying interest. Chinese stocks will also see outperformance as realty & banks see renewed buying interest. Read More

Rupee ends at 79.94 / $ on Monday

Published on: 8:36 am

  • The US dollar's resilience and the stability of crude oil prices caused the rupee to somewhat recover its losses and close the day on Monday 10 paise down at 79.94 (provisional) against the US dollar. On the interbank foreign exchange market, the local currency started trading at 80.10 and fell to an intraday low of 80.15 against the US dollar.
  • The local currency ultimately ended at 79.94 per dollar, down 10 paise from its previous closure of 79.84. Read more  

Yields on Indian government bonds rise

Published on: 8:27 am

  • On Monday, Indian government bond yields increased in tandem with U.S. Treasury yields as the U.S. Fed emphasised that it will continue raising rates to control inflation. At the close, the benchmark yield on 10-year government bonds was 7.2534%. The yield dropped seven basis points on Friday. Following a Friday close of 7.2049%, the new 10-year 7.26% 2032 bond yield ended at 7.2347%.
  • Jerome Powell, the chair of the U.S. Federal Reserve, said on Friday that rates will be maintained higher for longer to reduce inflation, which has raised fears about similar actions by the Reserve Bank of India domestically (RBI). Early on Monday, the yield on the 10-year U.S. Treasury increased to 3.11%, while the yield on the two-year Treasury shot up to 3.4702%, its highest level in over 15 years. Read more

SEBI extends the deadline for public comments on the blue bonds consultation paper

Published on: 8:16 am

  • The deadline for public comments on the consultation paper on blue bonds as a sustainable method of finance has been extended by the regulator of capital markets, the SEBI, until the end of September.
  • Oceanic resource extraction and sustainable fishing are just two examples of blue economy-related activities that can be funded with blue bonds.
  • August 31 is the cut-off date for submitting public comments on the consultation paper that was circulated on August 4. Read More

Equity investors wealth came down by Rs2.39 trillion because of the decline on Monday

Published on: 8:15 am

  • In accordance with a deteriorating trend in the world equities markets, investors' wealth decreased by Rs2.39 trillion on Monday. The BSE Sensex fell 861.25 points or 1.46 %, closing at 57,972.62 on the BSE. It lost 1,466.4 points, or 2.49 %, throughout the day to reach 57,367.47.
  • Market capitalization of BSE-listed companies decreased by Rs2,39,781.58 crore to Rs2,74,56,330.02 crore, mirroring the decline in global equities. With a 4.57 %, Tech Mahindra led all Sensex laggards. Infosys, Wipro, HCL Technologies, Tata Consultancy Services, Kotak Mahindra Bank, Tata Steel, Axis Bank, ICICI Bank, and State Bank of India were the next worst performers. Read more

SSBA Innovations abandons its IPO preparations and withdraws draft papers

Published on: 8:14 am

  • TaxBuddy has decided to cancel its initial public offering of Rs105 crore (IPO). This business is now the fourth this year to give up on its intended initial public offering.
  • Earlier, Uma Converter, Nandan Terry, a member of the Chiripal group, and Stitched Textiles—the owner of prominent menswear fashion brand Barcelona—had abandoned their planned initial share sales.
  • The IPO for SSBA Innovations was planned to be a completely new issue of equity shares for up to Rs105 crore, according to the draught filings. Read more

Santosh Iyer appointed as the new MD and CEO of Mercedes-Benz India

Published on: 8:12 am

  • Mercedes-Benz, a German automobile manufacturer, on Monday named Santosh Iyer the Managing Director and CEO of the Indian business, effective January 1, 2023.
  • Iyer, 46, would be the first Indian to serve as the head of Mercedes-Benz India operations. He now holds the position of Vice President, Sales & Marketing.
  • Martin Schwenk, who will take on the role of President and Chief Executive Officer of Mercedes-Benz Thailand, will be replaced by Iyer. Read More

Reliance to invest Rs75,000 crore in increasing petrochemical production, setting up new UAE facilit

Published on: 8:10 am

  • Mukesh Ambani, the chairman of Reliance Industries, announced a petrochemical investment of Rs75,000 crore over the following five years.
  • At the 45th AGM, Ambani announced that fresh investments will go toward establishing a PTA factory, increasing polyester production, tripling vinyl chain production, and building a chemical facility in the United Arab Emirates.
  • The news shows Reliance's dedication to the O2C (oil-to-chemicals) market at a time when the group has been concentrating on diversifying its telecom, retail, and new energy businesses. Read More

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