Latest News and Updates

05th Sep, 2022

Tamilnad Mercantile Bank IPO receives 39% subscription applications on 1st day

Published on: 3:22 pm

  • On September 5 at 3:30 pm, 0.39 times the IPO target was subscribed for Tamilnad Mercantile Bank. By September 5, 2022, the public offering had received 1.01 times the retail, 0.32 times the QIB, and 0.11 times the NII subscription rates.
  • The IPO lot size for Tamilnad Mercantile Bank is 28 shares. An individual retail investor may apply to up to 13 lots (364 shares, or $191,100).
  • The IPO bid date for Tamilnad Mercantile Bank is from September 5, 2022, from 10:00 A.M. until September 7, 2022, at 5:00 P.M. The UPI Mandate confirmation deadline is noon on the day after the issue's closing day. Read more

Indiabulls Housing Finance's public issue of non-convertible debentures opens up

Published on: 3:14 pm

  • Indiabulls Housing Finance Limited, a non-deposit taking housing finance company registered with the National Housing Bank and with its headquarters in New Delhi, has announced the public issue of secured, redeemable, non-convertible debentures with a face value of Rs1,000 each (collectively, "NCDs"). The opening and closing dates for the Tranche II Issue are Monday, September 5, 2022, and Thursday, September 22, 2022.
  • The Tranche II Issue (also known as the "Tranche II Issue") has a base issue size of Rs100 crores and an option to retain oversubscription up to Rs900 crores, totaling up to Rs1,000 crores. The coupon rates for the different series of NCDs available for subscription in the Tranche II Issue range from 8.33% to 9.55% annually. The National Stock Exchange of India (NSE) and BSE Limited, collectively referred to as the "Stock Exchanges," are proposed venues for the listing of NCDs, with BSE serving as the designated stock exchange for the Tranche II Issue. The NCDs have received ratings of [ICRA]AA (Stable) and CRISIL AA/Stable from ICRA Limited and CRISIL Ratings, respectively. Read more

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Action Construction Equipment stock up by 39% in the past one month

Published on: 3:08 pm

  • Action Construction Equipment (ACE) stock reached a new high on Monday at Rs306.95, rising over 7% on the BSE during intraday trade, extending its surge on a positive outlook for the economy. Construction Equipment and Material Handling Company's stock has increased 39% over the past month, while the S&P BSE Sensex has only increased by 1.7%.
  • In Faridabad, Haryana, ACE has eight production facilities and one R&D facility. Over 60% of the crane market is controlled by the corporation, which also accounts for 70% of total revenue. Infrastructure, construction, power projects, ports & shipyards, dams, metro rail, roads, mining, steel industry, engineering industry, railways, cement, petroleum, defense, chemicals & fertilizer plants, warehousing, logistics, building construction, and many other industries utilize the company's equipment. Read more

Indian Energy Exchange logs 7805 MU volume in August’22; stock jumps ~2%

Published on: 3:00 pm

  • The Indian Energy Exchange, India's largest energy exchange, clocked 7805 MU volume in August'22, a 9% increase from the previous month.
  • The conventional electricity market logged 6517 MU, the green power market logged 437 MU, and the REC market received 851 MU (8.51 lac Certificates).
  • The overall volume in August'22 was 18% lower on a year on year basis. Read more

Blue Jet Healthcare files DRHP for IPO

Published on: 2:59 pm

  • In order to raise money through an initial public offering (IPO), Blue Jet Healthcare Limited, a specialty pharmaceutical and healthcare ingredient and intermediate company, has filed its Draft Red Herring Prospectus (DRHP) with the markets regulator, Securities and Exchange Board of India (SEBI). The company offers niche products targeted towards innovator pharmaceutical companies and multi-national generic pharmaceutical companies (IPO).
  • The complete offer-for-sale (OFS) of up to 21,683,178 equity shares by the promoter and selling shareholders, which includes up to 18,366,311 equity shares from Akshay Bansarilal Arora and up to 3,316,867 equity shares from Shiven Akshay Arora (collectively, "Selling Shareholders"), is being made in the public offering with a face value of Rs2 per equity share. Read more

CARE Ratings gets shareholders’ nod for buyback worth Rs121.95 crore

Published on: 2:40 pm

  • CARE Ratings Limited informed that the members have approved the buyback by passing a Special Resolution through a postal ballot.
  • The shareholders approved a buyback of up to 23,68,000 fully paid-up equity shares of the face value of Rs10 each, representing 7.99% of the total issued and paid-up equity share capital of the Company.
  • The buyback price has been fixed at Rs515 per share payable in cash. Read more

Vedavaag Systems announces allotment of 984 CSP centres by SBI

Published on: 2:38 pm

  • Vedavaag Systems Limited has informed that the company has been allotted additional 984 Customer Service Point (CSP) outlets by State Bank of India as their National Business Correspondent, which would be established and become functional in following two quarters of this financial year.
  • "With the allotted additional 984 CSP codes to the existing 2338 CSP codes, our CSP network (Varishta Centres) exclusively for State Bank of India would reach to total of 3300+ CSP codes", the company said in a regulatory filing on Monday. Read more

Rupee rises to 79.82/$

Published on: 2:27 pm

  • Early on Monday, the rupee strengthened 5 paise to 79.82 versus the US dollar in line with an uptick in local markets. The strengthening of the US dollar in foreign exchange markets and rising crude oil prices, according to forex dealers, are dampening investor morale and causing the rupee to trade in a limited range.
  • The rupee gained 5 paise from the previous close to start trading at the interbank foreign exchange at 79.84 versus the dollar in early dealings.
  • The rupee's closing value versus the dollar on Friday was 79.87. The dollar index, which measures the value of the dollar relative to a basket of six different currencies, increased by 0.39 % to 109.95. Read more

Waaree Technologies to acquire Lithium Battery Business; Stock jumps 5%

Published on: 1:41 pm

  • Waaree Technologies Limited has informed that the Board of Directors at its meeting have approved the acquisition of the Lithium Battery Business Undertaking from related party WAAREE ESS Pvt Limited together with all its assets and liabilities as the Board may deem fit at a consideration which would be restricted to a maximum sum of Rs20,00,00,000/- (Rupees Twenty Crores Only) i.e. an amount of Rs20,00,00,000/- is an estimated maximum amount of the consideration and the exact consideration will be determined based on the net value of assets and liabilities forming part of the Undertaking of the Seller as on the Effective Date i.e. October 01, 2022.
  • As on July 31, 2022, WAAREE ESS Private Limited has a turnover of Rs10,25,68,250/- (Ten Crores Twenty-Five Lakhs Sixty-Eight Thousand Two Hundred and Fifty only). The net worth of the Lithium Battery Business Undertaking of the Seller as on July 31, 2022 is Rs11,43,40,023/- (Eleven Crores Forty-Three Lakhs Forty Thousand and TwentyThree Only) and of the Seller (as a whole) is Rs1,31,87,352/-(One Crore Thirty-One Lakhs Eighty-Seven Thousand Three Hundred and Fifty Two Only). Read More

Government to stick to its borrowing plan in September

Published on: 1:31 pm

  • Despite implementing a number of budgetary measures to reduce inflation, three officials told Reuters that Indian government will keep to its yearly market borrowing plan when the government unveils its October-March fiscal calendar at the end of this month. The government would borrow 8.45 trillion Indian rupees ($105.82 billion) by the end of September, which is less than the record-breaking borrowing amount of 14.31 trillion rupees ($179.20 billion) for the 2022–23 fiscal year beginning on April 1.
  • "We probably won't increase borrowing this year. We should be able to absorb the income-expenditure we've already done while staying within the allocated budget, "The decision has not yet been made public, according to a senior government official who declined to provide his name. Despite implementing a number of budgetary measures to reduce inflation, three officials told news sources that India will keep to its yearly market borrowing plan when the government unveils its October-March fiscal calendar at the end of this month. Read more

Federal Bank calls merger talks ‘Speculative’; stock hits fresh 52-week high

Published on: 1:17 pm

  • Federal Bank’s counter hit a new 52-week high after it calls a media report suggesting the bank’s merger with Kotak Mahindra Bank as Speculative.
  • At around 1.09 PM, the counter was trading 3.26% higher at Rs123.45, against the previous close of Rs119.55. In today’s trade, it hit a new 52-week high of Rs129.75 on NSE.
  • Federal Bank stated in an exchange filing that it wishes to clarify categorically that the media reports anticipating a merger between Federal Bank and another private bank is ‘speculative in nature’. Read more

Dixon Technologies, Google inks pact to sub-license Android & Google TV rights; stock climbs ~2%

Published on: 12:57 pm

  • Dixon Technologies (India) Limited is India's largest manufacturer of LED TVs, with an annual capacity of 6 million units, and the first contract manufacturer in India to have sub-license rights for Android and Google TV.
  • This new agreement will allow the firm to provide a cost-effective, consistent, high-quality, out-of-the-box experience to existing customers and prospective new brands, further solidifying the company's market leadership in the LED TV category.
  • Atul B. Lall, Vice Chairman & Managing Director, commented on this occasion, "Google is a legendary corporation, and I am happy and inspired by the faith they have placed on Dixon. As the streaming environment evolves, consumer requests for more options increase and Dixon's product portfolio are ready to meet those desires.” Read more

Puravankara board fixes Sep 16 as record date for final dividend; Stock soars 1.5%

Published on: 12:53 pm

  • Puravankara Limited has informed to the exchanges that the Board of Directors has fixed record date as September 16, 2022, for the purpose of payment of Final Dividend, of Rs5.00/- (Rupee Five only) (100% of paid-up value) per equity share to the shareholders if declared, at the 36th Annual General Meeting ('AGM') of Puravankara Limited to be held on Tuesday, September 27, 2022.
  • On Monday, at around 12:55 PM, Puravankara Ltd is currently trading at Rs110.35 per share up by Rs1.8 or 1.66% from its previous closing of Rs108.55 per share on the BSE. Read More

GAIL India emerges as top bidder for debt-ridden JBF Petrochemicals

Published on: 12:19 pm

  • GAIL India has emerged as the highest bidder for the acquisition of debt-ridden JBF Petrochemicals, with an Rs1,800-crore resolution plan that is the finest of the three proposals submitted for the insolvent business at the expiry of the August 30 bid deadline, stated sources.
  • GAIL has been concluded as the winner amongst an ONGC-Indian Oil consortium and Kolkata-based MCPI.
  • Earlier, seven giants submitted expression of interests for the acquisition of JBF Petrochemicals. This includes Reliance Industries, a consortium of HPCL-Mittal Energy, and BC Jindal Group's Jindal Poly Films. Read More

Kreon Finnancial zooms ~5% on logging 351% y-o-y jump in August 2022 loan disbursals

Published on: 11:48 am

  • Kreon Finnancial Services Limited informed that its loan distribution business consistently witnessed accelerated growth with disbursements through its platform.
  • The number of loans disbursed in August 2022 jumped 348.13% year on year, while the value of loans disbursed climbed 350.67% on a y-o-y basis.
  • Furthermore, the company continues to anticipate sufficient growth and upsell prospects in this industry and is focused on book quality. Read more

Tilaknagar Industries appoints Ahmed Rahimtoola as Chief Marketing Officer

Published on: 11:45 am

  • Tilaknagar Industries Limited (TI) has announced the appointment of Ahmed Rahimtoola as the Chief Marketing Officer (CMO) of the Company effective immediately. With over 25 years of work experience, Rahimtoola will be responsible for leading the entire marketing function at the company which is known for manufacturing India’s largest selling brandy, Mansion House.
  • According to the press release, Ahmed will be spearheading consumer marketing in order to further strengthen the company’s regional presence, aid expansion and drive growth of its brands, across geographies.
  • Recently, the company unveiled India’s first premium flavoured brandy under its flagship brand, Mansion House and plans to further expand its basket of premium brandy offerings across markets. Read more

Wardwizard Innovations incorporates wholly-owned subsidiary in Singapore

Published on: 11:20 am

  • WardWizard Innovations Limited has informed that the Company has incorporated a Wholly Owned Subsidiary (WOS) in Singapore in the name and style of “WARDWIZARD GLOBAL PTE. LTD.” which is in to manufacturing of secondary batteries etc. and that the said WOS has received Incorporation Certificate dated August 19, 2022.
  • As said in a regulatory filing, Yatin Sanjay Gupte is a promoter and Managing Director of the Company. The Subsidiary company is yet to commence its business operations Read More

Three of the top ten companies lose Rs1.22 trillion in market capitalization, last week

Published on: 11:02 am

  • Three of the ten most valuable domestic companies had a total market value decline of Rs 1,22,852.25 crore last week, with Reliance Industries emerging as the largest loser. The large IT companies Infosys and Tata Consultancy Services (TCS), are the other two bluechip companies that saw their valuations decline.
  • Contrarily, the winners were HDFC Bank, Hindustan Unilever, ICICI Bank, State Bank of India, HDFC, Bajaj Finance, and Adani Transmission. They made a total profit of Rs62,221.63 crore. The BSE benchmark Sensex fell 30.54 points or 0.05% over the holiday-shortened week.
  • The BSE benchmark Sensex fell 30.54 points or 0.05% over the holiday-shortened week. Reliance Industries market value decreased by Rs60,176.75 crore to Rs17,11,468.58 crore. TCS' market capitalization (mcap) decreased by Rs33,663.28 crore to Rs11,45,155.01 crore, and Infosys' mcap decreased by Rs29,012.22 crore to Rs6,11,339.35 crore. Read more
 

Info Edge subsidiary Allcheckdeals India invests Rs90 crore in 4B Networks

Published on: 10:55 am

  • Allcheckdeals India Pvt. Ltd. ("ACD"), a wholly-owned subsidiary of Info Edge India Limited has invested an amount of about Rs90 crore, in 4B Networks Private Limited.
  • Given, 4B is a subsidiary of ACD. Accordingly, 4B is a step-down subsidiary of the Company and hence falls in the category of a related party, Info Edge said in a filing.
  • 4B is engaged in the business of enabling real estate developers and brokers to communicate with each other and conduct their business via the Broker Network Platform. It helps Brokers conduct site visits and provide home loan related services to their customers. Read more

KPI Green Energy to develop 16.10 MW Hybrid Power Project at Bhavnagar, Gujarat

Published on: 10:45 am

  • KPI Green Energy Limited informed that it is adding a power project to its own power-generating asset portfolio. The company is seeking to develop a Hybrid Power Project of 16.10 MW, which comprises 16.10 MW wind and 10 MWdc solar capacity.
  • The project is to be developed at the Bhungar site in Mahuva, at Bhavnagar, Gujarat, under the Gujarat hybrid power policy 2018.
  • The company stated that it has already achieved the requisite financial closure of Rs132 crore from the State Bank of India (SBI). Furthermore, the company has arranged long-term PPAs in advance with various corporate parties for the sale of power generated out of the hybrid power project upon commissioning. Read more

India is likely to become world's third-largest economy by 2029, says SBI

Published on: 10:45 am

  • According to a State Bank of India (SBI) research paper, a significant structural change that has occurred since 2014 would likely cause India to surpass China as the third-largest economy in the world by 2029. The analysis indicated that based on India's trajectory since 2014 and its current ranking of 10, the country will likely be the third-largest economy in 2029. In 2014, India was rated 10th.
  • A growth rate of 6–6.5% is the new standard for the global economy, according to the research, which focused on impending risks. According to the analysis, if growth continues at its current rate, India would certainly exceed Japan by 2029 and Germany by 2027. According to the study, India's proportion of global GDP is currently 3.5%, up from 2.6 % in 2014, and is predicted to reach four percent in 2027, matching Germany's present share. Read more

Tamilnad Mercantile Bank IPO opens up

Published on: 10:45 am

  • On September 5 at 11:00, 0.24 times the IPO target was subscribed for Tamilnad Mercantile Bank. By September 5, 2022, the public offering had received subscriptions in the retail, QIB, and NII categories totaling 0.37, 0.30, and 0.01 times, respectively.
  • The IPO lot size for Tamilnad Mercantile Bank is 28 shares. An individual retail investor may apply to up to 13 lots (364 shares, or $191,100).
  • The IPO bid date for Tamilnad Mercantile Bank is from September 5, 2022, from 10:00 A.M. until September 7, 2022, at 5:00 P.M. The UPI Mandate confirmation deadline is noon on the day after the issue's closing day. Read More

CARE Ratings puts NDTV’s bank facilities on ‘Credit watch with Developing Implications’; stock ralli

Published on: 10:40 am

  • NDTV Limited informed that CARE Ratings Limited has assigned the rating basis to the bank facilities of the company.
  • The rating agency has assigned a ‘CARE BB+’ rating to the company’s long-term bank facilities worth Rs42.14 crore. CARE has placed these instruments on Credit watch with Developing Implications.
  • Further, company’s short-term bank facilities worth Rs4 crore have been reaffirmed at ‘CARE A4+’ and placed on Credit watch with Developing Implications. Read more

SIS Australia-led subsidiary to acquire 85% shareholding in Safety Direct Solutions

Published on: 10:33 am

  • SIS Limited has informed to the exchanges regarding agreement to acquire shareholding of Safety Direct Solutions Pty Ltd by SIS Australia Group Pty Limited, a subsidiary of the Company.
  • In a regulatory filing, the company said that its subsidiary SIS Australia Group Pty Limited on August 31, 2022, signed Share Purchase Agreement for acquisition of 85% shareholding in Safety Direct Solutions Pty Ltd.
  • Strategic fit and complementary to the “Strategic Medical” business of SIS Group in Australia will make SIS Group Australia's largest Emergency Services provider, the company added. Read more

Klub completes raising of Rs200 crore for its fund

Published on: 10:31 am

  • The first Rs200 crore revenue-based loan fund for Klub, a revenue-based financing platform supported by Sequoia Capital, to support consumer technology startups ahead of the holiday season, has reached its final close.
  • Launched in December of last year, Acceler8 is a Category II Alternative Investment Fund registered with SEBI (Securities and Exchange Board of India). To date, Acceler8 has invested in about 33 businesses, including BluSmart, Ben Franklin, Bewakoof, Furlenco, and SMOOR Chocolates, among others, the Sequoia-backed company said in a statement on September 5. Klub also said that 30% of the total value had been spent. Read more

Price of fuel on September 5

Published on: 10:24 am

  • According to the most recent price notice sent by fuel merchants on September 3, the price of gasoline and diesel remained stable throughout major cities.
  • No change in fuel pricing has been made in more than a month. In Delhi, a liter of gasoline costs Rs96.72 and a liter of diesel costs Rs89.62. In Mumbai, the price of diesel is Rs94.27 and that of gasoline is Rs106.31 a liter. While the prices for gasoline and diesel in Chennai are Rs102.63 and Rs94.24, respectively, and Rs106.03 and Rs92.76 in Kolkata. Read more

Shadowfax to raise $75-$100 million

Published on: 10:16 am

  • Hyperlocal logistics startup Shadowfax is in discussions to raise $75–100 million in a mix of primary and secondary finance.
  • The Mumbai-based investment fund A91 Partners is in talks to finance the main component. On the condition of anonymity because the discussions are secret, they added that the deal is presently in the due diligence phase.
  • The early supporter of Shadowfax, Eight Roads Ventures, which is supported by Fidelity, is anticipated to sell a portion of its holdings in the secondary share sale. Read more

HBL Power Systems zooms 8% on bagging contracts for 'Kavach'

Published on: 10:11 am

  • HBL Power Systems Ltd (HBL) as the lead member of a consortium with Siemens, signed its first contract under Mission Raftar project, with Eastern Railway.
  • As per the filing, the contract is for deployment of Kavach (TCAS - Train Collision Avoidance System) over 260 kms of track and 120 locomotives, from Howrah to Pradhankhanta. The contract price is Rs286.69 crore including taxes of which HBL's work share is Rs205.88 crore; the contract is scheduled to be completed in 700 days, the company said.
  • Integral Coach Factory (ICF) is manufacturing the Vande Bharat trainsets, which is designed to run at 160 kmph. HBL received a purchase order from ICF for the supply of 46 sets of Kavach, to be installed at the time of manufacture of the trainsets, at a total price of Rs31.66 crore including taxes. Deliveries begin in November 2022 and is scheduled to be completed by July 2023. Read More

Gold and silver prices remain unchanged in early trading

Published on: 10:10 am

  • Early on Monday, gold and silver prices were stable, with 10 grams of 24 Carat yellow metal trading at Rs50,890. Silver, on the other hand, is currently selling for Rs 52,500 per kilogram.
  • Ten grams of 22-carat gold are now selling for Rs46,650. The price of 10 grams of 24-carat gold in Mumbai and Kolkata is Rs50,890, while the price of 10 grams of 22-carat gold is Rs46,650. 24- and 22-carat gold is now selling in Delhi for Rs51,050 and Rs46,800 per 10 gm, respectively.
  • Gold in Chennai is now selling for Rs51,510 for 24 Carat and Rs47,220 for 22 Carat. Silver was going for Rs 52,500 a kilogram in Delhi, Mumbai, and Kolkata. Silver is being sold for Rs58,200 a kilogram in Chennai, Bengaluru, Hyderabad, and Kerala. Read more

Prosus may invest in upcoming venture, Virgio

Published on: 10:09 am

  • Prosus Ventures, the venture investment division of Prosus (previously Naspers), is in advanced discussions to participate in the capital round of Amar Nagaram's new business.
  • After the investment, the worth of Nagaram's new business, a rapid fashion platform for Gen Z, is estimated to range between $150 to 160 million, according to these sources. Nagaram, who resigned as the CEO of Flipkart-owned Myntra in December, is slated to announce the venture later this month under the name Virgio, which will be a division of Ameyam Enterprises. Read more

Reliance Power & subsidiaries enter MoU with Varde Partners to raise Rs1200 crore; stock skyrockets

Published on: 9:56 am

  • Reliance Power Limited and its subsidiary signed an indicative Memorandum of Understanding (MoU) with Varde Partners to raise debt of up to Rs1,200 crore (US$ 150 million) for the settlement and discharge, as well as the acquisition and restructuring, of certain financial obligations obtained by RPL.
  • The debt will be drawn down subject to the finalisation and signature of binding papers, as well as all necessary approvals, including regulatory approvals in accordance with relevant rules/laws/regulations.
  • Once the parameters of the proposed financing are finalised and the definitive papers relating to the proposed financing are completed, the stock exchanges will be updated, said the company in its filing. Read more

Kimia Biosciences launches new logo, new website

Published on: 9:51 am

  • Kimia Biosciences Limited has announced to the exchanges regarding launch of its new Logo and the website of the Company.
  • As per the filing, the new logo signifies the moto of the Company Ambition, Agility and Resilence. It has added more focus on human well-being with chemical innovation.
  • The new logo is modern with key elements that convey company's mission to deliver high quality chemistry solutions, by blending empathetic research expertise with agile production and delivery activities. Read more

Mahindra Lifespace sees 2.5 times increase in demand over the next 3 years

Published on: 9:50 am

  • On the strength of improved home demand, real estate developer Mahindra Lifespace Developers Ltd. plans a 2.5-fold increase in annual sales reservations to Rs2,500 crore over the next three years, according to MD and CEO Arvind Subramanian.
  • Mahindra Lifespace, a company situated in Mumbai, had revenue bookings of Rs1,028 crore during the previous fiscal year. We have begun the first quarter with an incredibly excellent performance on all fronts, the company's Managing Director (MD) and Chief Executive Officer (CEO) Arvind Subramanian said in an interview with PTI. Read more

Reliance in talks for acquisition of Garden Namkeens et al.

Published on: 9:46 am

  • To bolster its fast-moving consumer goods (FMCG) play, Reliance Industries Ltd.  is in talks to purchase brands from CavinKare; Garden Namkeens; in addition to other brands like Lahori Zeera and Bindu Beverages.
  • In a deal worth an estimated 22 crore rupees, Reliance purchased the soft drink brand Campa from the Delhi-based Pure Drinks Group.
  • With all three businesses, Reliance is in "advanced stage" of negotiations. Read more

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

Published on: 9:42 am

  • Markets may remain volatile this week. This kind of volatile behavior is expected given the prevailing economic scenario. The hawkish stand taken by heads of central banks at their recent meeting has made market participants nervous. Sharp rise in inflation in Germany and other Eurozone countries has added to the nervousness.
  • European Central Bank is expected to go for a sharp interest rate hike soon. Gazprom, the Russian gas supplier, has cut down gas supplies to Germany. This will further increase gas prices. India's trade deficit in August has widened. Read more 

Gensol Engineering all geared up to commence production of EVs in January 2023

Published on: 9:41 am

  • Gensol Engineering Limited informed that it has achieved a major milestone in the manufacturing of EVs, as part of its Advanced Product Quality Planning (APQP) process.
  • APQP is an organized process that encompasses crucial functions from idea approval through production and, fundamentally, attempts to create and manufacture goods that fulfill client needs with all vendors and suppliers.
  • The "Tooling Design Release," which the company was able to achieve for their anticipated EV, is a critical element of the APQP process. Read more

Markets trade higher amid mixed global cues; Nifty above 17,550; Paytm stocks in focus

Published on: 9:41 am

  • Markets trade higher despite a mix tone in global cues on Monday led by broad-based buying with banking and metal stocks outperforming and substantial contributions made by IT and realty, media stocks. In the opening bell, Sensex has jumped by at least 200 points with an intraday high of 59,148.67, meanwhile, Nifty 50 climbed more than 70 points with the day's high of 17,617.70. The upside in domestic equities is ahead  of festive season and foreign inflows.
  • At around 09:42 AM, Sensex was trading at 58,976.23 up 172.9 points or 0.23%. Nifty 50 traded at 17,584 higher by 44.55 points or 0.25%.
  • In terms of sectoral indices, on NSE, the banking index advanced nearly 300 points, while the financial, metals index climbed between 1-1.5%.  IT index soared by 0.5% to support the market sentiments. Read more

Sebi looking into the extent to which bank owned mutual funds rely on their parents for sales

Published on: 9:40 am

  • The capital markets regulator is looking into the selling procedures of mutual funds owned by banks. According to two people with knowledge of the situation, the Securities and Exchange Board of India (Sebi) is investigating the extent to which mutual funds rely on the branch network of their parent banks to market goods to investors and whether this results in misselling.
  • The regulator has asked bank-sponsored mutual funds for information on how much of their sales come from their parents, their policy for paying distributor fees, and the commission structures for parent banks in comparison to other distributors. Senior mutual fund industry officials claimed that Sebi's request for this data from these asset management firms reflects the regulator's dissatisfaction with certain of these banks' lack of "open architecture" models. Sebi did not provide any explanation for this request in its email. Corporate agents like banks sell goods from several insurers under the open architecture distribution model used for insurance. Read more

SBI, HDFC Bank to raise up to Rs10,000 crore through perpetual bonds

Published on: 9:34 am

  • Bellwether lenders HDFC Bank and (SBI) intend to raise up to 10,000 crore together this week through sales of perpetual bonds, citing burgeoning credit demand in a recovering economy that is currently the fifth largest in the world.
  • The largest mass financier and the nation's most valuable lender will be able to increase their respective capital adequacy ratios by up to 30 basis points each thanks to perpetual, or Additional Tier 1 (AT-1), bonds. This will give them more room to advance money to eager borrowers, both retail and institutional. 0.01% is one basis point. Read More

Petronet to spend Rs40,000 crore over the next 5 years

Published on: 9:33 am

  • In order to increase profitability to Rs 10,000 crore, Petronet LNG Ltd, India's largest gas importer, would invest Rs 40,000 crore over the next five years in both increasing import infrastructure and entering a new industry.
  • According to the most recent annual report from the company, Petronet, which manages two liquefied natural gas (LNG) import facilities in Kochi, Kerala, and Dahej, Gujarat, is considering entering the petrochemicals industry. For exponential expansion and diversification, the organisation has developed a "1-5-10-40" plan. Read more

Ind-Ra assigns ‘IND A1’ rating to Orient Bells’ short-term facilities; stock spurts ~4%

Published on: 9:22 am

  • India Ratings & Research (Ind-Ra) has assigned a Short-Term Credit Rating of IND A1 to Orient Bell Limited’s facilities.
  • CRISIL upgraded the Company's Long Term and Short-Term ratings to CRISIL A/Stable and CRISIL A1, respectively, on June 28, 2022.
  • "Apart from a recent upgrade by CRISIL, a comparable revalidation of the company’s credit ratings from India Ratings indicates the sustained operational and financial improvement at our company, over the previous several years," said Himanshu Jindal, the Company's CFO. Read More

Railway's freight revenue increases y-o-y by 18.9% in August

Published on: 9:20 am

  • Indian Railways' freight revenues reached Rs12,926 crore in August, helped by increased coal supplies to fulfill the record-breaking demand for electricity.
  • The national transporter moved 119 million tonnes (mt) of commodities and raw materials in the previous month, an increase of 7.9% compared to the same period last year (YoY). This occurs despite the fact that floods and heavy rains caused damage to the railway system and states that produce coal.
  • With this, the national transporter's freight operations have brought in Rs66,658 crore till now in the current fiscal year. Read more

NATCO Pharma to sell stake in Nativita and assets of Pharma division

Published on: 9:19 am

  • The Board of Directors of NATCO Pharma Limited at their meeting have considered and approved the proposal to sell the investment of 15% of shareholding in Joint Limited Liability Company (JLLC) "Nativita", a Company which is registered under the Companies Law of the Republic of Belarus for an amount of 3,45,000 (three lakh forty five thousand only) Euros to "Pharmasyntez-Nord" Joint Stock Company, a legal firm under the laws of the Russian Federation.
  • Further, the board approved the proposal to assign the leasehold land wherein the Company's Pharma Division is situated i.e., Plot No. 19 and Plot No. 18-A situated at Pharma City, SIIDCUL, Selaqui, Tehsil - Vikasnagar, Dehradun located at Uttarakhand, India and sell the buildings, plant, machinery and fixtures constructed in Plot No. 19 to Odon Lifesciences Private Limited for an amount of Rs15.73 crore (Rupees Fifteen Crores Seventy Three Lakhs only) which is subject to the approval of State Infrastructure and Industrial Development Corporation of Uttarakhand Limited ("SIIDCUL"), other Statutory and Regulatory Authorities. Read more

IndusInd Bank, ADB partners for Rs560 crore deal to support supply chain financing

Published on: 9:18 am

  • IndusInd Bank has announced a strategic partnership with Asian Development Bank (ADB) to support and promote Supply Chain Finance (SCF) solutions in India. 
  • The Bank has entered into a partial guarantee programme with ADB with an initial outlay of USD 70 million (Rs560 crore), exclusively towards promoting Supply Chain Finance solutions in India.
  • IndusInd Bank plans to grow its presence in MSME financing, and this partnership will further strengthen various initiatives of the Bank in this domain. Read more

DCB Bank announces revision in Marginal Cost of Funds based Lending Rate

Published on: 9:18 am

  • DCB Bank announced that it has revised MCLR across all tenors. The bank has revised the rates effective from September 5, 2022.
  • Bank’s overnight MCLR has been revised to 8.72%. While One-month MCLR has been increased to 8.72% as well.
  • Bank’s 3-month MCLR has been revised to 9.42%.
  • It has increased the 6-month MCLR to 9.62%. While the highest one-year MCLR has been revised to 9.67%. Read more

Olectra Greentech receives Rs151 crore order for 100 e-buses; Stock rallies 3%

Published on: 9:17 am

  • Olectra Greentech Limited has received Letter of Award from one of the State Transport Corporations for 100 Electric Buses.
  • As per the filing, this order for supply of 100 Electric Buses is on outright sale basis and which shall be delivered over a period of 9 months. The company shall be responsible for maintenance of these buses for a period of 5 years.
  • The value of these 100 Buses supply would be approximately Rs151 crore for Olectra, the company said in a filing. Read more

WardWizard sells 1,729 units of electric two-wheelers in August 2022

Published on: 9:16 am

  • WardWizard Innovations and Mobility Ltd, the maker of the country's leading electric two-wheeler brand 'Joy e-bike,' sold 1,729 units in August 2022. Comparatively, the company sold 2,001 electric two-wheelers in August of last year (2021).
  • The company sold 12,454 electric two-wheelers from April-August 2022.This records a 158% growth over the same period (April-August 2021) of the previous fiscal year when the company sold 4,835 units of electric two-wheelers.
  • Yatin Gupte, Chairman & Managing Director, Wardwizard Innovations & Mobility Ltd., said, “The industry is growing faster than ever as many states are coming up with policies to minimize carbon emissions and promoting electric mobility globally. Read more

Serentica Renewables to receive Rs350 crore from Hindustan Zinc

Published on: 9:16 am

  • Hindustan Zinc and Serentica Renewables India 4 Private Limited signed a long-term renewable power delivery agreement (PDA) with a capacity of 200 MW.
  • To meet the long-term power needs of Hindustan Zinc under PDA, the company will invest Rs350 crore for 26% ownership in the special purpose vehicle (SPV), which was established on February 18.
  • Hindustan Zinc will own a total of 26% of the ownership in Serentica Renewables, with related entities owning the remaining equity. According to the company's BSE registration, a debt to an equity funding ratio of 70:30 will be used for the project. Read more

Actor Ranveer Singh invests in Sugar Cosmetics

Published on: 9:14 am

  • The latest investment in the Indian startup scene is the Bollywood superstar Ranveer Singh, who has invested in the cosmetics brand Sugar Cosmetics. The investment's financial specifics were kept a secret.
  • Singh's announcement nearly matches the $50 million in series D funding that the business raised in June of this year.
  • Sugar Cosmetics began in 2015 as a direct-to-consumer brand and soon expanded into offline trade in 2017. With a physical presence of 45,000+ retail contact points spread across more than 550 locations, the brand now generates yearly sales of more than Rs 550 crore. Read more

Morgan Stanley buys 9.4 lakh ACC shares

Published on: 9:10 am

  • Morgan Stanley Asia on Friday bought 9.4 lakh shares of cement company ACC Ltd for about Rs215 crore in an open market transaction.
  • The National Stock Exchange (NSE) has bulk trade data that shows Morgan Stanley Asia (Singapore) Pte bought 9,41,557 shares of the company.
  • The average price paid for the shares was Rs2,290, making the total transaction amount Rs215.61 crore. Read more

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