Latest News and Updates

01st Sep, 2022

Ind-Ra revises 'Positive' outlook of JK Paper’s long-term bank facilities; stock gains ~1%

Published on: 3:00 pm

  • JK Paper Limited informed that the rating agency India Ratings and Research (lnd-Ra) has revised Company's Outlook to Positive from Stable and affirmed its long-term issuer rating at ‘IND AA-’.
  • The rating agency has affirmed the ‘IND AA-’ rating to company's term loan worth Rs314 crore. It has revised the outlook to ‘Positive’. The amount of the term loan has been reduced from Rs326 crore to Rs314 crore.
  • Ind-Ra reviewed the company’s instruments including fund-based limits worth Rs250 crore, non-fund-based limits worth Rs370 crore, and term deposits worth Rs30 crore. Read more

Seamec's vessel 'Seamec Paladin' completes charter; Stock sheds 1%

Published on: 2:43 pm

  • SEAMEC Limited has informed to the exchanges regardingn deployment status of DSV "SEAMEC PALADIN" vessel.
  • As per the regulatory filing, the company's vessel "SEAMEC PALADIN" (formerly known as SUBTECH PALADIN) has concluded its Charter with Mermaid Subsea Services LLC on August 29, 2022.
  • On Tuesday, at around 2:42 PM, SEAMEC Ltd is currently trading at Rs1,077.20 per share down by Rs10.95 or 1.01% from its previous closing of Rs1,088.15 per share on the BSE. Read more

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IDBI Bank Stake Sale: RBI paves way for divestment of government and LIC's stake

Published on: 2:43 pm

  • In order to lay the groundwork for the sale of LIC and government’s stake in IDBI Bank, RBI has agreed to relax the cap on maximum shareholding. Provided, they submit a phased reduction of an equity plan to the regulator.
  • The central bank has also decided to undertake a ‘fit and proper’ check for those who submit an expression of interest, on the request of investment and public asset management (DIPAM). This will be done before inviting bids from only those who make the cut.
  • Government believes that the bank has been reorganized and holds a strong investment opportunity for potential investors. Following recent roadshows, it anticipates considerable investor interest. In reality, some of the exemptions sought are a result of input received during these interactions. Read more

India's power consumption in August at 130.35 billion units

Published on: 2:21 pm

  • According to figures from the electricity ministry, India's annual power consumption increased just 0.9% to 130.35 billion units (BU) in August 2022. August of last year had power usage of 127.88 BU, up from 109.21 BU in August of 2020.
  • The biggest demand for electricity ever satisfied, which is also the highest supply in a day, was 194.94 gigawatts in August 2022. (GW). In August 2021 and August 2020, the highest electricity supply was 196.27 GW and 167.52 GW, respectively. In August 2020, lockdown measures that were put in place to stop the coronavirus's spread had an influence on power demand and consumption. Read More

UPI processed 6.5 billion transactions totaling Rs1.72 lakh crore in August

Published on: 2:02 pm

  • Both in terms of transaction volume and value, the Unified Payments Interface (UPI) set yet another record high in August. On a month-over-month (MoM) basis, there were 6.57 billion transactions totaling Rs10.72 trillion, an increase of 4.62 % and 0.95 %, respectively. The National Payments Corporation of India (NPCI) reported that the value of transactions increased by 67.85% while the volume increased by 85% year over year (YoY).
  • UPI's volume levels surpassed 6 billion for the first time since the company's founding in 2016 last month. UPI facilitated over 45 billion transactions totaling Rs 77.94 trillion in 2022. Additionally, UPI has recorded over 30 billion transactions totaling Rs51.74 trillion in FY23 (as of August). This represents roughly 65% of the transactions recorded for the whole FY22. Additionally, UPI transactions in the first five months of FY23 are about 1.35 times higher than those reported in FY21. Read more

Ruchira Papers board recommends 1:10 bonus issue; Stock dips 1%

Published on: 1:34 pm

  • The board of directors of Ruchira Papers Ltd at its meeting held on Tuesday, August 30, 2022, has considered and approved the issue of bonus shares in the ratio of 1:10 i.e., 1(One) new fully paid-up equity share of Rs10/- each to be issued for every 10 (Ten) equity shares held, subject to approval of shareholders of the Company at ensuing AGM.
  • As per the filing, the Board has fixed Monday, October 10, 2022, as record date for the purpose of determining the members entitle to receive bonus shares provided, if the bonus as recommended by the board of directors is approved at the AGM. Read More

Zydus Lifesciences secures two final approvals from USFDA; stock slips ~1%

Published on: 1:32 pm

  • Zydus Lifesciences Limited (previously Cadila Healthcare Limited) received the final USFDA approval to market Venlafaxine Extended-Release Tablets, USP 37.5 mg, 75 mg, 150 mg, and 225 mg, and Pregabalin Extended-Release Tablets, USP 82.5 mg, 165 mg, and 330 mg.
  • Venlafaxine is a medication that is prescribed to treat depression, anxiety, panic attacks, and social anxiety disorder. It is anticipated to boost patients' mood and energy levels. It is also believed that the medicine would reduce fear, anxiety, undesirable thoughts, and the number of panic episodes. The medicine would be produced at the group's formulation manufacturing plant in Ahmedabad Special Economic Zone, India. Read more

Brightcom Group to foray into ‘Quantum Computing’ with new division

Published on: 1:04 pm

  • Brightcom Group has chosen to enter the field of "Quantum Computing." As a first step, it would establish a dedicated lab in the San Francisco Bay Area, California, with a global team of Quantum Technology specialists.
  • The goal is to enhance Quantum computing technology for the company's AdTech and other digital marketing needs.
  • Company's President of Group Strategy, Peshwa Acharya, an IIT Engineering graduate, will lead this new division called ‘BRIGHTCOM QUANTUM’. Read more

Gujarat Mineral Development Corporation aims to make Gujarat a Rare Earth processing hub in India

Published on: 1:00 pm

  • Gujarat Mineral Development Corporation (GMDC), a leading mining PSU enterprise and the largest lignite seller in the country announced on Thursday that they are keen to establish a Rare Earth Elements (REE) Processing Plant in India as REEs are necessary for developing green energy technologies like permanent magnets for e-vehicles & wind turbines and LEDs, thereby helping India reduce carbon footprint.
  • The Country is looking at transitioning to green energy across various segments, and it is here that GMDC is looking at conducting a scoping study to determine the economic viability of the project and outline at least one opportunity to develop the processing plant for the deposit at Ambadongar, Chotaudepur District located in Gujarat. Read more

Tata Sons approves amendment that prohibits same individual from heading both Tata Sons and Tata Tru

Published on: 12:49 pm

  • At its annual general meeting (AGM) on Tuesday, Tata Sons unanimously approved every motion, including the change to Article 118 of the Articles of Association that will prevent the same individual from leading the group's holding company and its largest shareholder. According to the modified article, a selection committee shall be established to recommend both the appointment and removal of the current chairman. The appointment of a person as the chairman of Tata Sons also requires the positive vote of all directors nominated in accordance with Article 104B.
  • Tata Trusts, the largest shareholder in Tata Sons, is seeking legal advice to investigate the feasibility of putting a condition in the trust deeds prohibiting the same individual from leading both Tata Sons and its largest shareholder entity while upholding the founders' wishes. Read more

At the AGM, Tata Sons approves amending the articles of association

Published on: 12:49 pm

  • At its annual general meeting (AGM) on Tuesday, Tata Sons unanimously approved every motion, including the change to Article 118 of the Articles of Association that will prevent the same individual from leading the group's holding company and its largest shareholder. According to the modified article, a selection committee shall be established to recommend both the appointment and removal of the current chairman.
  • The appointment of a person as the chairman of Tata Sons also requires the positive vote of all directors nominated in accordance with Article 104B. Read more

ZEE inks pact with Disney Star for TV rights of ICC Men's events

Published on: 12:41 pm

  • ZEE Entertainment Enterprises Ltd. (ZEE) and Disney Star has announced that they have entered into a strategic licensing agreement by way of which Disney Star will license the television broadcasting rights of the International Cricket Council’s (ICC) Men’s and Under-19 (U-19) global events for a period of 4 years, to ZEE.
  • Disney Star will continue to be the exclusive home for streaming of all ICC tournaments through its digital platform - Disney+ Hotstar. ICC has in-principle approved this arrangement.
  • This collaboration enables ZEE to be the exclusive television rights holder of ICC men’s events, including the coveted ICC Men’s T20 World Cup (2024, 2026), ICC Men’s Champions Trophy (2025), and the ICC Men’s Cricket World Cup (2027) along with major ICC Under-19 events. Read more

Trigyn Technologies rallies ~6% as subsidiary bags multi-year contract worth $5 million

Published on: 12:32 pm

  • Trigyn Technologies Limited’s wholly owned subsidiary has received a contract with a maximum value of $5 million dollars by the State of Vermont, Agency of Digital Services, to provide Business Analysts, IT Project Managers, and other IT Professional Staff to support the implementation of Vermont's Medicaid Enterprise Systems (MES).
  • The company will also be providing support for Medicaid Enterprise Systems Component Projects, including Vermont Health Connect (VHC), Health Information Exchange (HIE/HIT), Integrated Eligibility (IE), and Medicaid Management Information System (MMIS).
  • The award has a potential duration of four years. The initial term is two years, with two one-year extensions at the State's discretion. Read more

US regulators can see audited financial statements of Chinese companies listed in US, as per new agr

Published on: 12:18 pm

  • Among other U.S.-listed Chinese companies, US regulators have chosen e-commerce giants JD.com Inc. and Alibaba Group Holding Ltd. for audit investigations beginning next month.
  • The choice comes as Beijing and Washington struck a historic audit agreement on Friday that lets US authorities inspect the accounts of firms in Hong Kong and the PRC. This might put an end to a protracted battle that had threatened to bar more than 200 Chinese companies from US stock exchanges. Read more

Somany Ceramics infuses Rs39.99 crore in subsidiary Somany Max; stock rises

Published on: 12:03 pm

  • Somany Ceramics Limited informed that out of the approved investment of up to Rs170 crore in one or more tranches, it has now invested Rs39.99 crore in M/s Somany Max Private Limited. The investment is towards the subscription of equity shares by way of a right issue on August 30, 2022.
  • Company’s board of directors in their meeting held on February 2, 2022, approved an investment not exceeding Rs170 crore in one or more tranches in Somany Max by way of a combination of subscription/acquisition of equity shares and inter-corporate loan, as and when required.
  • The purposes and impacts of acquisition through a right issue of equity shares are to promote SMPL's business objectives. Read more

Escorts Kubota logs 7.3% yoy rise in tractor sales to 6,111 units in August 2021

Published on: 11:43 am

  • Escorts Kubota Limited Agri Machinery Segment in August 2022 sold 6,111 tractors registering a growth of 7.3% as against 5,693 tractors sold in August 2021.
  • Domestic tractor sales in August 2022 stood at 5,308 tractors registering a growth of 7.9 percent as against 4,920 tractors sold in August 2021. 
  • During the August month, some regions of the country have received heavy rainfall affecting ground activations and general movement. Some parts are still rain deficient and it remains to be seen how monsoon behaves in September month. Read more

After FY23, Inox Leisure will add 834 screens

Published on: 11:39 am

  • According to the company's most recent annual report, multiplex operator Inox Leisure is confident in following an expansion strategy and has a pipeline of 834 additional screens after FY23.
  • By the conclusion of the current fiscal year, the company, which had 692 screens running across 73 cities in India as of June 30, 2022, expects that number to rise to 752.
  • Inox Leisure stated, "We are confident about moving on with our expansion strategy and we continuously seek to increase the number of screens across the country and enhance our balance sheet." Read more

MOIL slashes price of Ferro grades of manganese ore by 15%; stock climbs ~2%

Published on: 11:37 am

  • MOIL Limited has announced that in accordance with its business practice of fixing/revising the pricing of Manganese Ore and other goods, the Company has fixed/revised the prices of various grades of Manganese Ore and other products, effective September 1, 2022.
  • The company informed that the prices of all Ferro grades of manganese ore with a manganese concentration of Mn-44% and higher have been reduced by 15% over the current prices. New prices are effective from September 1, 2022.
  • Further, the company outlined that the price of all other Ferro grades of manganese ore with manganese concentration less than Mn-44%, SMGR (Mn-30% & Mn-25%), Fines, and Chemical grades have been reduced by 10%. Read more

Best Agrolife stock soars by 37% in just 2 days

Published on: 11:27 am

  • In intraday trading on Thursday, shares of Best Agrolife rose 15% to Rs 1,268.90 on the National Stock Exchange (NSE). After investor Ashish Rameshchandra Kacholia purchased a 1% share in the firm through the open market, the stock soared 37% during the previous two trading days.
  • According to the bulk deal data, on August 30, 2022, Ashish Rameshchandra Kacholia paid Rs 30 crore on the NSE for 318,000 equity shares, or 1.3% of Best Agrolife. According to exchange statistics, Ashish Kacholia purchased shares at a price of Rs940.88 per share. Best Agrolife traded 13% higher at Rs1,238 at 10:34 a.m. compared to a 0.60 % fall in the Nifty 50. On November 4, 2021, the stock had previously reached a record high of Rs1,400. Read more

Goa Carbon temporary shuts down operations for maintenance work at Bilaspur Unit

Published on: 11:16 am

  • Goa Carbon Limited has informed to the exchanges regarding temporary shut-down for maintenance work at Bilaspur Unit.
  • As per the regulatory filing, the company said, "further to the last shut down of the Company's Bilaspur Unit located at 34-40, Sector B. Sirgitti Industrial Area, Bilaspur (Chhattisgarh) on August 19, 2022 and the resumption of the same on August 25, 2022 after examining the initial production output we have observed a necessity of further minor engineering up-gradation of the kiln." Read more

ONGC-Indian Oil consortium, GAIL, and MCPI place bids to take over JBF Petro

Published on: 11:12 am

  • ONGC-Indian Oil Consortium, GAIL India, and Kolkata-based MCPI have presented formal bids to take over JBP Petrochemicals, a Mangalore-based bankrupt company.
  • Three others who had submitted expressions of interest - Reliance Industries, a consortium of HPCL-Mittal Energy, and BC Jindal Group's Jindal Poly Films backed off from placing formal bids for the chemicals company, stated sources.
  • GAIL is India's major gas trading, transmission, and petrochemicals corporation, accounting for 70% of the country's gas transmission industry. Read More

Stelis Biopharma's flagship facility receives USFDA approval for Drug Product Capabilities

Published on: 10:54 am

  • Stelis Biopharma Limited and the biologics arm of Strides Pharma Science Limited has announced that it received the Establishment Inspection Report (EIR) from U.S. Food and Drug Administration (USFDA) for the Drug Products (DP) facility inspection that was completed at its flagship manufacturing site (Unit 2) located at Bengaluru, India.
  • This outcome for the DP facility comes after the USFDA on-site Pre-Approval Inspection (PAI) at Stelis flagship manufacturing facility for several product submissions by the partners to the agency. The Unit 2 facility has high-end automated DP lines integrated with isolators to convert drug substances (DS) into stable formulations and will finish within the same facility in all injectable formats, including cartridges, pen devices, auto-injectors, pre-filled syringes, liquid, and lyophilized vials. Read more

Glenmark Pharma-led Hikma launches RYALTRIS seasonal allergic rhinitis nasal spray in US

Published on: 10:29 am

  • The multinational pharmaceutical company Hikma Pharmaceuticals PLC (Hikma, Group) and Glenmark Specialty S.A., a subsidiary of Glenmark Pharmaceuticals Ltd. has announced the launch of RYALTRIS (olopatadine hydrochloride and mometasone furoate nasal spray) in the US market. 
  • The RYALTRIS drug is approved by the US Food and Drug Administration (FDA) for the treatment of symptoms of seasonal allergic rhinitis (SAR) in adult and pediatric patients of 12 years age and older.
  • As per the press release, this launch builds upon Hikma’s leading position as one of the largest US providers of nasally administered medicines used for treating seasonal allergies and advances its objective of growing its specialty business in the US. Read more

Lloyds Metals and Energy gets Environmental Clearance for Sponge Iron Plant; Stock up 3%

Published on: 10:10 am

  • Lloyds Metals and Energy Limited has received an Environmental Clearance certificate ("EC") for its proposal to install a Sponge Iron Plant of Capacity 190 TPD (75,000 MTPA), Captive Power Plant (4MW WHRB) and 90,000 TPA Iron ore Beneficiation Plant at Konsari, Gadhchiroli District located in Maharashtra.
  • "The company hopes to commence trials for the Sponge Iron Plant & WHRB by March'2023", said  Llyods Metals in a regulatory filing. Read More

NSE-backed NSDL and IDBI Bank may choose seven investment banks for the 2023 IPO

Published on: 10:10 am

  • NSDL (National Securities Depository Limited), the nation's first depository services company, which is backed by important investors like IDBI Bank & NSE, is likely to shortlist seven investment banks as advisors as it gets ready to launch an IPO in 2023.
  • NSDL would become the second depository services company to be listed on the domestic bourses if the listing plans are successful, following the successful market debut of rival CDSL (Central Depository Services Limited) in 2017.
  • Several banks had pitched for this contract, and NSDL is expected to go ahead with ICICI Securities, Axis Capital, HSBC Securities, Motilal Oswal Investment Advisors, SBI Capital, HDFC Bank, and IDBI Capital. Read More

IndiGo would codeshare with Virgin Atlantic and serve seven Indian cities

Published on: 10:01 am

  • The announcement of a codeshare agreement between IndiGo and Virgin Atlantic allows each company to sell seats on the other's flights.
  • Currently, the British airline offers two daily flights between London (Heathrow airport) and Delhi and one daily flight between London (Heathrow airport) and Delhi..
  • Currently covering seven Indian locations, the codeshare between IndiGo and Virgin Atlantic will later this year be expanded to encompass nine more. Read more

Facebook to give EMI payment option to advertisers in India

Published on: 9:53 am

  • For firms that advertise on its social media platform, Meta has introduced an equated monthly installment (EMI) program, a first for India. It will enable firms, especially small ones, to spread out the payment of their advertising expenses across three months.
  • The free EMI option from Meta will let platform advertisers spread out their expenses over three months through participating banks. The three-month EMI's interest payment will be made by Meta. Read more

Cantabil Retail India stock rallies 3% as it opens 6 new showrooms across India in August 2022

Published on: 9:51 am

  • Cantabil Retail India Ltd stocks rally in the market on Thursday's trading session despite weak cues.
  • The Company inforemd that it has opened 6 New Showrooms / Shops at different locations in India during the month of August 2022.
  • With this, the total number of Showrooms / Shops of the Company stands at 414 in count, the company said in a regulatory filing. Read more

Bharat Innovation Fund and other investors help Human Edge raise $1.5 million

Published on: 9:47 am

  • The longevity science firm Human Edge announced that it had secured fresh equity financing totaling more than $1.5 million.
  • Bharat Innovation Fund, Lead Angels, Force Ventures, as well as a number of strategic angel investors from Singapore, the United States, and India led the investment.
  • With the investment, Human Edge will be able to optimize their platform and launch their first enterprise-wide mobile app specifically for white-collar workers. The business will also increase sales in the global market by focusing on multinational corporations. Human Edge received advice from Ashika Capital during this procedure. Read more

Prices of petrol and diesel on September 1

Published on: 9:46 am

  • On September 1, petrol prices nationwide decreased by 10 to 15 paise after remaining stable for seven days in a row. On the first day of the month, the cost of fuel was also reduced by 14 to 15 paise The cost of gasoline and diesel in Delhi was reduced by 15 paise apiece. With this change, the retail price of gasoline in the nation's capital fell to Rs101.34 per liter and that of diesel to Rs88.77.
  • Similar trends in fuel costs were seen in Mumbai. A liter of gasoline now costs Rs107.39 after the price of gasoline was reduced by 13 paisas. On May 29, the financial center became the first metro area in the nation where gasoline was being sold at more than Rs100 per liter. In Kolkata, the cost of gasoline and diesel decreased by 10 and 14 pence, respectively. With the price reduction, a liter of gasoline now costs Rs 101.72 in the city, while a liter of diesel costs Rs 91.84. Read more

Electrifuel raises Rs 1.8 crore from Indian Angel Network

Published on: 9:41 am

  • With the help of lead investors Vishnuraj Kunjur, Sahil Kejriwal, and Pradeep Gupta, the Indian Angel Network (IAN) has invested Rs1.8 crore in the electric vehicle (EV) technology business Electrifuel.
  • The business stated that it will use the capital to boost production by expanding its staff and hiring for several positions as well as investing in R&D. Read More

Gold and silver prices decline in early trade

Published on: 9:39 am

  • Early on Thursday, gold and silver prices dropped. 10 grams of 24-carat yellow metal were trading for Rs51,270, a reduction of Rs270. The price of silver, on the other hand, has decreased by Rs 3,200 to Rs50,800 per kg.
  • After falling by Rs250, ten grams of 22-carat gold are now retailing at Rs47,000. The price of 10 grams of 24-carat gold in Mumbai and Kolkata is Rs51,270, while the price of 10 grams of 22-carat gold is Rs47,000. 24- and 22-carat gold is now selling in Delhi for Rs51,440 and Rs47,150 per 10 gm, respectively. Read more

Zomato’s Deputy CFO Nitin Savara tenders resignation; stock adds ~1.5%

Published on: 9:34 am

  • Zomato informed the exchanges and investors that Nitin Savara, Deputy CFO of the Company tendered his resignation on August 31, 2022.
  • The submission highlighted that Nitin is leaving the company to start something on his own.
  • Nitin has not held the KMP position in the company.
  • Savara was associated with the company for a very short stint. He joined the company in December 2021. Read more

Zomatos Deputy CFO Nitin Savara tenders resignation; stock adds ~1.5%

Published on: 9:34 am

  • Zomato informed the exchanges and investors that Nitin Savara, Deputy CFO of the Company tendered his resignation on August 31, 2022.
  • The submission highlighted that Nitin is leaving the company to start something on his own.
  • Nitin has not held the KMP position in the company. Read more

Gross Merchandise Value of B-2-B e-commerce in India will touch $100 billion by 2030, says Redseer r

Published on: 9:32 am

  • The gross merchandise value (GMV) of India's B2B e-commerce market, which is led by companies like Udaan and Jiomart, will reach $90-100 billion by 2030, according to a report released on Wednesday. Research by Redseer Strategy Consultants predicts that the B2B general commerce market in India would reach $1.2 trillion by 2030, with eB2B emerging as a potential digital procurement option.
  • Comparing industrialized countries like the US and the UK, India has the greatest stake in general commerce at 84%. The retail sector in India is being driven by the unorganized general trade channel, which is expected to keep expanding and double in size from $0.7 trillion to $1.4 trillion over the next five years. Read more

GAIL India entrusts additional charge of Chairman & MD to M.V. Iyer

Published on: 9:26 am

  • GAIL India Limited informed that the Competent Authority has approved the proposal for the entrustment of additional charge of the post of Chairman & Managing Director (C&MD) of GAIL (India) Limited to M.V. Iyer, Director (BD).
  • The company stated that this is in reference to the notice received from the Ministry of Petroleum & Natural Gas dated August 31, 2022, regarding the entrustment of the additional charge of the post of Chairman and Managing Director (C&MD). Read more

Bike Bazaar receives investment of Rs170 crore from Women's World Banking Management

Published on: 9:26 am

  • The two-wheeler finance start-up Bike Bazaar has raised Rs170 crore in equity capital from previous investors, Elevar Equity and Faering Capital, with the help of Women's World Banking Asset Management (WAM).
  • Elevar, who made the first investment in Bike Bazaar, still owns the majority of the company.
  • The company wants to use the capital to expand both its marketplace business for the sale and acquisition of secondhand two-wheelers as well as its operations in rural India. Read more

India's fiscal deficit during April - July at 20.5% of FY23 target

Published on: 9:22 am

  • According to official figures issued on Wednesday, the central government's budget deficit reached 20.5% of the annual target in the four months leading up to July 2022 as opposed to 21,3% a year earlier, demonstrating progress in public finances.
  • The fiscal deficit, or discrepancy between revenues and expenditure of the government, was really Rs3.41 trillion from April through July of the current fiscal year.
  • The amount of market borrowings by the government is reflected in the fiscal deficit. According to information provided by the Controller General of Accounts (CGA), the government received 7.85 trillion rupees (or 34.4% of the BE for 2022–23) in total revenues, including taxes. It was almost identical at 34.6% during the same time last year. Read more

Powergrid Corporation emerges as successful bidder under TBCB

Published on: 9:21 am

  • Power Grid Corporation of India Limited has been designated as the winner in a tariff-based competitive bidding (TBCB) process to develop an inter-state transmission system for the "System Strengthening Scheme for Eastern and North Eastern Regions" on a build, own, operate, and transfer (BOOT) basis.
  • The company received the Letter of Intent on August 30, 2022.
  • The company stated that the project entails upgrading a 132kV substation to a 220kV substation, installation of 220kV DIC transmission lines, and expansion of bays in Bihar, Assam, and Arunachal Pradesh. Read more

Markets in a bloodbath; Sensex tanks over 700 pts, Nifty below 17,600

Published on: 9:20 am

  • Equity benchmark indices started Thursday's session on a bearish note amid selling pressure in Reliance and IT stocks and also negative global cues. Meanwhile, disappointing GDP data of India also added to the woes.
  • Broader markets are mixed as the smallcap index rose and the midcap index declined. Among sectors, IT, banks, auto and metal indices witnessed selling, while media, PSU banks, realty indices are in the green.
  • At around 09:36 AM, Sensex was trading at 58,804.27 down 732.8 points or 1.23%. Nifty 50 performed at 17,541.65 lower by 217.65 points or 1.23%. Read more

Havells India to invest Rs300 crore to set up cable manufacturing unit at Tumakuru land

Published on: 9:19 am

  • Havells India Limited has announced that Karnataka Industrial Areas Development Board had allotted land to the Company at Vasanthanarasapura Industrial Area, Tumakuru located in the state of Karnataka for establishing a manufacturing unit.
  • As per the regulatory filing, the Company is now beginning to setup a Cable manufacturing unit in the above said region for a proposed annual capacity of 3,48,000 kilometer with an estimated investment of Rs300 crore excluding the value of existing land of the Company at Tumakuru. 
  • Further, the entire investment will be funded through internal accruals and the production at the proposed unit at Tumakuru is expected to start by March 2024. Read more

Inox Wind board approves fund raising of upto Rs800 crore; Stock surges near 3%

Published on: 9:18 am

  • Inox Wind Limited informed that the Board of Directors has approved to raise funds up to Rs800 crore by way of issuance of 0.01% Non-Convertible Non-Cumulative Participating Redeemable Preference Shares of face value of Rs10 each of the Company ('NCPRPS'), fully paid up, at par, for cash consideration, on private placement basis, including shareholders' approval and statutory and regulatory approvals, as may be required, to 'Promoter or Promoter Group' entities viz. Inox Leasing and Finance Limited, Promoter Group entity, of up to Rs600 crore and Inox Wind Energy Limited, Promoter Company, of up to Rs200 crore.
  • The funds raised through the issuance of NCPRPS shall be used inter-alia for repayment of the debt, the company said. Read more

NTPC receives approval from shareholders to issue bonds for up to Rs12,000 crore

Published on: 9:18 am

  • In order to fund up to Rs12,000 crore through the issue of non-convertible debentures on a private placement basis, NTPC has received the permission of its shareholders. The resolution was approved during the annual general meeting on Tuesday with the required majority.
  • According to the notice for the AGM, the money to be obtained in one or more tranches (not to exceed 12) would be used for capital Read more

Infosys sells its stake in US-led Trifacta for $12 million; Stock tumbles 2.4%

Published on: 9:17 am

  • Infosys Ltd has informed to the exchanges that the tech-giant company had earlier made minority investment of US$10.0 million during 2016-2019, in Trifacta Inc, a data engineering software company headquartered in San Francisco, USA.
  • Now, the Company has divested its entire holding in Trifacta Inc for ~US$12.0 million. The transaction was completed on August 29, 2022, the company informed in a regulatory filing. Read more

Dennis Woodside is appointed President of Freshworks

Published on: 9:17 am

  • Software-as-a-Service (SaaS) provider Freshworks Inc., which is listed on the Nasdaq, announced that president Dennis Woodside would start on September 1 as a member of the executive leadership team. In the newly created position, he will report to Girish Mathrubootham, the CEO and founder of Freshworks.
  • Woodside will be in charge of directing FreshWorks' international business operations and strategy. His most recent position was president of Impossible Foods, where he spent more than three years overseeing operations, production, supply chain, sales, marketing, and other areas. He was Dropbox's chief operational officer prior to that. Read more

KP Energy, Aditya Birla Group to develop wind power project worth Rs222 crore; stock spurts ~5%

Published on: 9:16 am

  • KP Energy announced its partnership with Aditya Birla Group, a worldwide conglomerate based in Mumbai, for the building of a wind power project at the Bhungar and Fulsar Site in Mahuva, near Bhavnagar, Gujarat, in accordance with the Gujarat hybrid power policy 2018.
  • The parties have executed final contracts for the development of the Project with Aditya Birla Renewables Solar Limited and AB REL Solar Power Limited (Aditya Birla Group) and will continue to negotiate contracts for the project's phased development.
  • KP Energy will provide a fully - integrated balance of plant solution for the Project, which will include wind site locations, obtaining necessary approvals and development permits, wind data management, an electrical line network, windfarm development works, and complete power evacuation capacity from the Pooling substation to the GETCO (Gujarat Energy Transmission Corporation) substation. Read more

Rama Steel Tubes bags additional orders of Rs14.7 crore from Himachal Pradesh

Published on: 9:16 am

  • Rama Steel Tubes Ltd (RSTL) one of the leading manufacturers of Steel Pipes and Tubes, has secured orders from Jal Shakti Vibhag of Himachal Pradesh of ~Rs14.7 crore in addition to previous orders worth ~Rs33.4 crore aggregating to the tune of Rs48.1 crore.
  • RSTL felt proud in having a healthy track record of being associated with prestigious projects earlier. Also, the above orders will further strengthen RSTL's order book and credibility in the market.
  • Commenting on the announcement, Richi Bansal, Executive Director, Rama Steel Tubes Limited, said, "Our sustained relation and credibility has yet again fructified in bagging us new prestigious orders. The Company has been associated with many State Corporations, even in the past and shares a strong bond with them. Read more

Ashok Leyland wins large order for 1,400 school buses in the UAE

Published on: 9:11 am

  • The Hinduja Group's main brand, Ashok Leyland, revealed on Wednesday that it has received orders from significant fleets for 1,400 school buses in the United Arab Emirates, the company's largest-ever supply of school buses in this nation. Swaidan Trading - Al Naboodah Group, a Chennai-based partner in Ashok Leyland's UAE distribution, has won the order for the whole fleet of buses built in the GCC. 
  • According to a corporate statement, Emirates Transport and STS Group will get the majority of the goods. The order's amount wasn't made public, though. The 55-seater Falcon bus and the 32-seater Oyster bus will be supplied from Ashok Leyland's US$50 million state-of-the-art manufacturing facility in Ras Al Khaimah, United Arab Emirates, the only certified local bus manufacturing facility in the entire Gulf Cooperation Council (GCC) region, according to the fourth-largest bus manufacturer in the world. Read more

Markets may start the day in red today

Published on: 8:49 am

  • Indian markets may start the day in red today. Global cues from other equity markets are negative today. US markets closed in red yesterday. Asian markets have opened in red today. US economy added 5,28,000 jobs in July. This is higher than the market expectations. This increases the fear that the US central bank may pursue more agressive interest rate hikes in the coming months  to control inflation. Stocks of oil & gas companies such as Reliance and ONGC may see some selling today. Windfall tax has been increased once again by the government on exports of diesel and ATF. Tax has also been increased on domestically produced crude oil.
  • US markets saw more pain yesterday. Dow Jones closed with losses for 4 days running as jobs numbers beat expectations on the upside. Bond yields rose to 3.18% on 10 year bonds. Oil prices fell over 3% to below US$ 89 per barrel for WTI crude. Nasdaq closed lower with technology stocks bearing the brunt of the sell off. Read more

Due to low base effect, Indias GDP growth rate in June quarter at 13.5%

Published on: 8:35 am

  • Due to improved performance in the agriculture and services sectors, India's GDP expanded by 13.5% from April to June of this fiscal year, the quickest rate in the previous four quarters, according to government figures released on Wednesday. India continued to have the fastest-growing major economy, whereas China only saw 0.4% growth in the April to June 2022 quarter.
  • According to information provided by the National Statistical Office, the Indian economy expanded by 20.1% between April and June 2021–22. (NSO). The GDP increased by 8.4% from July to September 2021, 5.4% from October to December 2021, and 4.1% from January to March 2022. Read more

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