Latest News and Updates

06th Sep, 2022

TCS ranks #2 in Capital Markets Services by HFS Research

Published on: 3:15 pm

  • Tata Consultancy Services (TCS) has been ranked number two in the HFS Top 10 for Capital Markets Services. In an assessment of 11 capital markets services providers, TCS was ranked number two for its strategy and vision, and one office alignment, and number three for overall innovation, execution, and voice of the customer.
  • “Intelligent technologies like AI, ML, blockchain, and cloud are redefining the capital markets landscape, bringing in efficiency, service differentiation and improved customer engagement,” said K Krithivasan, President and Business Group Head, Banking, Financial Services and Insurance, TCS. “This recognition by an independent third-party research firm reflects the immense value we deliver to our customers, helping them build resilient and scalable businesses.” Read more

GMM Pfaudler's stock at around 52-week high

Published on: 3:05 pm

  • In Tuesday's intraday session on the BSE, shares of GMM Pfaudler rose 10% amid large volumes, reaching a 52-week high of Rs2,096. A robust growth projection has driven a 26% increase in the industrial equipment company's stock price during the past week. Comparatively, the S&P BSE Sensex fell 0.37 % throughout that time.
  • GMM Pfaudler was up 9.6% at Rs 2,083 at 12:37 p.m., while the S&P BSE Sensex was up 0.20% at the same time. With a combined 1.37 million equity shares changing hands on the NSE and BSE, the average trading volumes on the counter increased by more than four times. On August 12, 2020, the stock increased to a new all-time high of Rs2,305.
  • GMM Pfaudler is a well-known provider of designed products and systems to businesses all over the world for use in crucial applications in the chemical, pharmaceutical, food, and energy industries. Read more

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CARE reaffirms rating on Caprihans India’s bank facilities worth Rs90 crore; stock rises ~2%

Published on: 2:49 pm

  • Caprihans India Limited informed that CARE Ratings Limited has reaffirmed the ratings assigned to the company’s bank facilities.
  • The facilities reviewed by CARE include Long-term/short-term bank facilities worth Rs41.75 crore and short-term bank facilities worth Rs48.25 crore.
  • CARE reaffirmed its long-term rating at ‘CARE A-’ with a Stable outlook. Further, the short-term rating has been reaffirmed at ‘CARE A2+’.
  • The reaffirmation of the ratings assigned to Caprihans India’s bank facilities continues to benefit from its long operational track record in the packaging industry, established procurement and distribution network in domestic and export markets, and long-standing relationships with well-established/reputed clientele. Read More

Ind Ra affirms Polycab India's long-term rating at 'AA+/Stable'

Published on: 2:31 pm

  • India Ratings and Research (Ind-Ra) has affirmed Polycab India Limited’s (PIL) Long-Term Issuer Rating at ‘IND AA+’. The Outlook is Stable. Further, the short-term banking rating and commercial paper has been affirmed at 'IND A1+'.
  • As per the rating rationale report, Ind-Ra continues to take a consolidated view of PIL and its subsidiaries to arrive at the ratings, because of its majority shareholding in these entities.
  • The affirmation reflects the improvement in PIL’s operating performance in FY22, led by healthy growth in cables and wires (C&W) and fast-moving electrical goods (FMEG) segments and its improving business-to-consumer (B2C) focus. Read more

LIC launches new pension plus plan for customers

Published on: 2:11 pm

  • Life Insurance Corporation of India has announced to the exchanges regarding the launch of its new product on September 05, 2022.
  • The name of the product is LIC's New Pension Plus and the date of launch is September 05, 2022.
  • According to the regulatory filing, the category of the new plan is Unit-Linked, Non-Participating, Individual Pension Plan and it caters to domestic market sector. Read more

Suzlon Energy wins new 180.60 MW order from Sembcorp; stock surges ~5%

Published on: 2:09 pm

  • Suzlon Group, India's leading provider of renewable energy solutions, today received a new contract for the building of a 180.6 MW wind power project for Sembcorp's renewables subsidiary Green Infra Wind Energy Limited.
  • Suzlon will deploy 86 wind turbine generators (WTGs) with 2.1 MW rated capacity and a Hybrid Lattice Tubular (HLT) tower. The project would be completed in 2024 and will be located in Kanakagiribad, Bagalkot, Karnataka.
  • Suzlon will supply the wind turbines (equipment supply) and manage the project from start to finish, including installation and commissioning. It will also provide extensive post-commissioning operation and maintenance services. Read more

Coal production increases by 8.2% in August

Published on: 2:06 pm

  • In August 2022, India's coal production increased to 58.33 million tonnes, an 8.2% increase over the 53.88 million tonnes seen during the same time in the previous year.
  • Data from the coal ministry show that Coal India Limited (CIL) and other captive mines produced 46.22 million tonnes and 8.02 million tonnes, respectively, with growth rates of 8.49 and 27.06 %. In August 2022, 63.43 million tonnes of coal were dispatched, up from 60.18 million tonnes in August 2021, a 5.41 % increase. Read More

Prudent Corporate hits the roof on becoming second-largest non-banking MF Distributor

Published on: 1:58 pm

  • According to the most recent data from the Association of Mutual Funds in India (AMFI), Prudent Corporate Advisory Services Limited (Prudent) has become the 5th largest Mutual Fund Distributor in terms of commissions collected during FY2022. It has also surpassed established legacy players to become the second largest non-banking mutual fund distributor (based on commissions collected).
  • Following this development, Prudent Corporate Advisory was trading 7.31% higher at Rs664.95 per piece, against previous close of Rs619.65 on NSE. So far in today's trade, the counter hit a fresh 52-week high of Rs675.
  • Prudent's AUM rose at a CAGR of 41% from FY2017 to FY22, compared to the industry's CAGR of 14.5% over the same time. Commissions climbed at the quickest rate, outpacing the top four players, driven by phenomenal growth in AUM. Read More

EasyMyTrip becomes associate sponsor of South Indian International Movie Awards 2022; stock spurts ~

Published on: 1:25 pm

  • EaseMyTrip, one of India's major online travel tech platforms, has become the official Associate Sponsor of the country's most prestigious South Indian awards. This is the first time EaseMyTrip has participated in the worldwide event, SIIMA.
  • The collaboration is consistent with EaseMyTrip's aim to implement other such marketing activities as part of their local and worldwide development plan.
  • The 10th edition of SIIMA will gather stalwarts of Indian cinema as well as newcomers who are behind blockbuster films each year, honoring the finest in each of its award categories. Read more

Blue Star wins two new major orders worth Rs390 crore

Published on: 1:19 pm

  • Blue Star Limited on Tuesday has announced that the Company has secured two new prestigious orders from Bangalore Metro Rail Corporation Limited (BMRCL) for the upcoming Reach-6 of Bangalore Metro Rail Project Phase-II, also known as the Pink Line that spans a distance of about 21 km, and connects Kalena Agrahara (formerly Gottigere) to Nagawara. 18 metro stations are planned on this line.
  • With a rich heritage of over 78 years, and proven project management capabilities, Blue Star is a leading MEP service provider today with many a landmark achievement to its credit in this area. The Company is renowned for its superior project deliver and is reputed for delivering projects ahead of schedule. Read more

Steelmakers' operating margin may fall 14-16% in H1FY23: CRISIL Report

Published on: 1:05 pm

  • The operating margin of domestic primary steelmakers is estimated to fall to 14-16% in the first half of this fiscal, compared with a decadal high of approx 30% for the whole of last fiscal. This reason for fall is due to high input costs, lower realizations and imposition of export duty on finished steel products, said Crisil Ratings Agency.
  • However, margin pressure is expected to ease in the second half of this fiscal, led by lower production cost because of declining raw material prices and steady realizations backed by robust domestic demand, expected to be lifting it above 25%.
  • Consequently, operating margin will be a robust 22-24% for the full fiscal- a good 700-800 basis points (bps) lower on-year, but higher than the pre-pandemic average of ~20% logged between fiscals 2017 and 2020. Read More

Paytm’s stock rises as merchant payment volumes jumps 72% y-o-y for July-August 2022

Published on: 12:41 pm

  • One97 Communications Limited (Paytm) disclosed its operating performance for July-August 2022 and has reported continued growth in its payments and credit business.
  • Company’s Loan distribution business expands to 6.0 million loan disbursals in the two months ended August 2022 (a 246% year-on-year increase), totaling Rs4,517 crore ($568 million), registering a 484% y-o-y growth.
  • Its Consumer engagement is at an all-time high on the Paytm Super-App, with an average monthly transacting user (MTU) of 78.8 million for the two months ending August 2022, a 40% increase y-o-y. Read More

Vaibhav Jewellers files DRHP for IPO

Published on: 12:24 pm

  • Manoj Vaibhav Gems 'N' Jewellers Ltd., with its headquarters in Visakhapatnam and its presence in 8 towns and 2 cities in the micromarkets of Andhra Pradesh and Telangana, has filed its Draft Red Herring Prospectus (DRHP) with the markets' supervisor, the Securities and Exchange Board of India (SEBI), in order to gain funds through an initial public offering (IPO). 
  • The public issue, with a face value of Rs 10 per equity share, is a fresh issue of up to Rs210 crore in equity shares and an offer for sale of 43,00,000 equity shares by Grandhi Bharata Mallika Ratna Kumari (HUF), the promoter selling shareholder.  Read More

Narayana Hrudayalaya to subscribe Rs80 crore OCDs of Shiva & Shiva Orthopaedic Hospital; stock climb

Published on: 12:11 pm

  • Narayana Hrudayalaya Limited signed an agreement on September 5, 2022, with Shiva & Shiva Orthopaedic Hospital Private Limited and its promoters to subscribe to the Company's Optionally Convertible Debentures (OCDs) in the amount of Rs80 crore.
  • The subscription of OCDs is subject to the agreement's precedent and subsequent conditions. NH will subscribe to the OCDs upon satisfaction of the agreement's conditions, with a closing date scheduled on or about December 31, 2022.
  • Narayana Hrudayalaya Limited has agreed to subscribe to 80,00,000 OCDs with a face value of Rs100 each issued by Shiva & Shiva Orthopaedic Hospital Private Limited for a total of Rs800 crore. Read more

DreamFolks shares rise 56% over the IPO price

Published on: 11:56 am

  • Despite the weak market trend, DreamFolks shares were listed on the stock markets today at a price higher than the IPO price.
  • The company's shares started trading at Rs508 per share on the NSE, up 56% from the IPO price of Rs326 per share, and at Rs505 per share on the BSE, up 55%.
  • The company's market capitalization was Rs2,638.63 crore at the time of listing. From August 24-26, the company opened its Rs562 crore Initial public offering (IPO), which was lapped up by all types of investors. The IPO was subscribed by 56.68 times. The company won't get any money from the IPO proceeds as it was purely an Offer For Sale (OFS). Read more

Tilaknagar Industries launches Mansion House Reserve French Style Brandy

Published on: 11:49 am

  • Tilaknagar Industries Limited (TI) on Tuesday has announced the launch of Mansion House Reserve French Style Brandy, the premium variant of its flagship brand, Mansion House.
  • The special feature of this exclusive Mansion House Reserve French Style Brandy is its blend which is made from special kind of "Ugni Blanc" type of grapes handpicked from the Sahyadris in India that impart a slightly sweetish and lingering taste to the flavour. This premium launch comes right after the launch of India’s first premium flavoured brandy by the Company under its renowned Mansion House brand.
  • In the first phase, the new Mansion House Reserve Brandy will be made available in Tamil Nadu state which is the largest brandy consuming state in India. This will be followed by launch in other prominent markets. Read more

RateGain Travel locks deal with Kuwait’s Jazeera Airways; stock soars ~2%

Published on: 11:03 am

  • RateGain Travel Technologies Limited (RateGain), a global provider of SaaS solutions for travel and hospitality, announced that Jazeera Airlines, Kuwait's second-largest and leading low-cost carrier, has chosen RateGain's AirGain product to dynamically adjust prices using accurate, real-time, and high-quality airfare data.
  • Jazeera, one of the most prominent Middle Eastern airlines, maintains an extensive network of routes linking its destinations in the Middle East and beyond.
  • Jazeera Airways now operates a dependable fleet of Airbus A320 aircraft to 49 destinations. Its commitment to exceptional service and customised flights has made it a popular alternative for individuals seeking trouble-free travel. Read more

Tamilnad Mercantile Bank IPO receives 99% application for subscription by the start of the 2nd day

Published on: 10:31 am

  • On September 6 at 10:30, 0.99 times were subscribed to the Tamilnad Mercantile Bank IPO. By September 6, 2022, the public offering had received 2.04 times as many subscriptions from retail investors, 0.73 from QIB investors, and 0.82 from NII investors.
  • 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

Aurionpro Solutions stock soars 2.5% on acquisition of US-based startup Hello Patients

Published on: 10:26 am

  • Aurionpro Solutions' US-based subsidiary Aurionpro Fintech Inc. has announced acquisition of Real Patient Solutions Inc. d.b.a. Hello Patients Solutions Inc (Hello Patients), a start-up registered in the State of Delaware, USA. 
  • Hello Patients provides a healthcare billing and patients’ management solution that leverages Aurionpro’s technology for payments processing. Aurionpro Fintech Inc. provides technology platform to payments service providers in USA. Read more

In the early trade, Gold and Silver prices increase

Published on: 10:15 am

  • Early on Tuesday, gold and silver prices increased. 10 grams of 24 Carat gold were selling for Rs51,000, a rise of Rs110. Silver's price increased by Rs720 per kilogram to trade at Rs53,220.
  • The price of ten grgramsof 22-carat gold has increased by Rs100 to Rs46,750 today. The price of 10 grams of 24-carat gold in Mumbai and Kolkata is Rs51,000, while the price of 22-carat gold is Rs46,750. 24- and 22-carat gold is now selling in Delhi for Rs51,160 and Rs46,900 per 10 gm, respectively.
  • At the moment, 24 carat gold costs Rs51,660 and 22 carat gold cost Rs47,360 in Chennai. Spot gold rose 0.4% to $1717.2 per ounce as anticipation that the Federal Reserve will slow the pace of rate increases in response to mixed US job data largely countered pressure from a strong dollar. Read more launches new platform for LGBTQIA+ community, eyes for 8-15 million user market

Published on: 10:09 am

  • Matrimony service provider has launched a matchmaking platform called "RainbowLuv" for the LGBTQIA+ community. The company is, reportedly, eyeing the 80-150 lakh user market. 
  • Further, it also belives that the service could find better response from smaller cities where the community meetup opportunities are lesser compared to metro cities.
  • According to the reports, this new idea came from a member of the LGBT community who went up to the company’s chief product officer at a conference urging them to open up matchmaking for the special community. Read more

Kalpataru Power & subsidiaries lock new deals worth Rs1,345 crore; stock skyrockets ~8%

Published on: 10:05 am

  • Kalpataru Power Transmission Limited (KPTL) and its international subsidiaries have received fresh orders/notifications of awards for an aggregate amount of Rs1,345 crore.
  • KPTL has received orders in India and overseas markets in the T&D business. Additionally, it secured orders for Pipeline Laying Works and Metro Rail Electrification in India in Joint Venture or Consortium.
  • Manish Mohnot, Managing Director & CEO of KPTL, commented on the new order announcements, stating, "We are thrilled with the new order wins across our business verticals. Orders in the T&D and pipeline businesses assist us to consolidate our order book and develop leadership in critical sectors.” Read more

Reliance Industries to purchase 79.4% stake in SenseHawk for $32 million

Published on: 9:57 am

  • In a BSE filing, Reliance Industries disclosed that it will be investing $ 32 million in a primary infusion and a secondary purchase that gave them a 79.4% controlling stake in the US company SenseHawk Inc.
  • California-based firm SenseHawk, founded in 2018, develops early-stage software-based management solutions for the solar energy industry. SenseHawk helps solar projects move more swiftly from the design stage to production by supporting businesses in optimising processes and utilising automation. The BSE filing states that it provides a seamless solar digital platform to manage a solar asset's entire lifecycle. Read more

Balaxi Pharma’s stock rallies ~6% as board approves preferential issue worth Rs49.61 crore

Published on: 9:44 am

  • Balaxi Pharmaceuticals Limited has announced that its Board of Directors approved the issuing of 11,00,000 equity shares/warrants on a preferential basis.
  • In accordance with applicable laws, the Board of Directors fixed the price of Rs451 each Equity Share/Warrant, totaling Rs49.61 crore. The Preferential Issue is subject to shareholder approval and any other necessary statutory approvals.
  • The proceeds of the proposed issue would be used to partially fund Balaxi's planned EU GMP-compliant manufacturing facility for Oral Solid Dosages and Liquid Injectables in the TSIIC Pharma Formulations SEZ in Jadcharla, near Hyderabad. The company estimates Capex of Rs90 crore. Read more

Hindustan Aeronautics updates on MoU at Space Expo 2022; Stock trades higher

Published on: 9:44 am

  • Hindustan Aeronautics Limited (HAL) has informed to the exchanges that a formal Contract for Rs860 crore shall be exchanged between NSIL and the company led consortium with L&T on September 05, 2022 during the Inaugural Session of the 7th Bengaluru Space Expo 2022 at BIEC, Bengaluru for realisation of 5 nos. of PSLV-XL Launch Vehicles, said in a regulatory filing on Monday.
  • On Tuesday at around 9:43 AM, Hindustan Aeronautics Ltd is currently trading at Rs2,397.60 per equity share up by Rs21.1 or 0.89% from its previous closing of Rs2,376.50 per equity share on the BSE. Read more

Markets rally on broad-based buying; Nifty 50 tops 17,700; RIL, Tata Motors top bulls

Published on: 9:37 am

  • Indian markets traded on a bullish tone on Tuesday led by broad-based buying with all stocks in the green. The domestic equities rallied despite mixed global cues as traders await US inflation data that could provide some clarity on the timeline for taper stimulus by the Federal Reserve.
  • Back at home, in the early openings, Sensex hit an intraday high of 59,566.67, while Nifty 50 rose to at least the day's high of 17,764.65.
  • Both the benchmarks were trading near the record levels.
  • At around 09:35 AM, Sensex was performing at 59,490.81 up 244.83 points or 0.41%. Nifty 50 traded at 17,737.20 higher by 71.40  points or 0.40%. Read more

NTPC acquires Jhabua Power with installed capacity of 600 MW

Published on: 9:26 am

  • NTPC Limited informed that the resolution plan submitted by the company and approved by NCLT on July 6, 2022, has been implemented. Consequently, NTPC has completed the acquisition of Jhabua Power Limited.
  • The re-constituted board of Jhabua Power Limited has assumed management of Jhabua Power Limited, as suggested under the Plan.
  • Furthermore, with the acquisition of Jhabua Power Limited, which had an installed and commercial capacity of 600 MW, the NTPC Group's installed and commercial capacity has surpassed 70 GW and is presently at 70064 MW. Read more

Sameer Khetarpal assumes charge as CEO & MD of Jubilant Foodworks

Published on: 9:18 am

  • Jubilant FoodWorks Limited, India's largest food service company, announced the appointment of Sameer Khetarpal as its new Chief Executive Officer (CEO) and Managing Director. His appointment also received the shareholders’ approval at the Company's 27th Annual General Meeting on August 30, 2022.
  • During his 25-year career, Sameer has held various senior leadership positions in industries such as e-commerce and management consulting and joins Jubilant from Amazon.
  • He has created, established, and expanded several businesses at Amazon over the previous 6.5 years, including Amazon Fresh, Amazon Food, and Amazon Pharmacy. Read more

Artemis Hospitals opens new centre Daffodils by Artemis in Jaipur

Published on: 9:17 am

  • Artemis Medicare Services Limited-led Artemis Hospitals has carried out its enduring legacy from Gurugram to Jaipur where it has opened a new centre under the brand name, Daffodils by Artemis in Jaipur on September 05, 2022.
  • According to the regulatory filing, Daffodils by Artemis is a premiere luxury birthing centre offering mother and childcare services. Offering comprehensive mother and child care services, the centre will have 40 IP beds including specialised neonatal and paediatric ICUs, state-of-the-art Operation Theatres, emergency room, diagnostics and allied services. Read more

Skipper wins new order of Rs225 crore; Stock gains 1.5%

Published on: 9:16 am

  • Skipper Limited announced to the exchanges that it has secured fresh new order of Rs225 crore for several Domestic & International T&D projects including Telecom.
  • New Order Details
  • The company’s engineering business has secured export orders of Rs125 crore for several T&D projects across Latin America, Middle East and South Asia markets 
  • Secured New order of Rs100 crore from Power Grid Corporation of India Ltd (PGCIL), Domestic SEB’s & Telecom Companies Read more

Tanweer Infra acquires Sembcorp Industries' India division for $1.47 billion

Published on: 9:12 am

  • Sembcorp Industries, a Singaporean utility company, has sold Tanweer Infrastructure all of its shares in Sembcorp Energy India (SEIL), the country's coal-based power-producing division. For a 2.7-gigawatt asset base, the sale value is Rs11,700 crore ($1.47 billion) (Gw).
  • A group managed by private equity investment company Oman Investment Corporation S.A.O.C. (OIC), along with Dar Investment SPC and the Ministry of Defence Pension Fund, one of Oman's major pension funds, indirectly owns Tanweer Infrastructure.
  • In a statement to the public, Sembcorp stated that after this sale, renewable energy will account for 51% of its energy capacity, up from the present 43%. "Sembcorp will have a 14.0 Gw energy portfolio, 7.1 Gw of which will be made up of renewable energy sources including solar, wind, and energy storage on a worldwide scale. "On a pro forma basis, Sembcorp's share of net profit from its portfolio of sustainable solutions would rise to 31% for the first half of 2022," it added. Read More

India's external debt currently is $620.7 billion

Published on: 8:53 am

  • India's external debt, which climbed by 8.2% yearly to USD 620.7 billion as of March 2022, is manageable, according to the finance ministry. The second-highest amount of India's external debt, estimated at 31.2% of it, is in rupees, with 53.2% of it being in US dollars, according to the ministry's status report on the country's external debt.
  • "India still has a tolerable and sustainable level of foreign debt. By the end of March 2022, its value had increased by 8.2% over the previous year to USD 620.7 billion. The ratio of reserves to foreign debt was 978.8%, while the external debt as a proportion of GDP was 19.9% "It read. Read more

Markets may start the day on a flat note

Published on: 8:44 am

  • Indian equity markets may begin the day on a flat note. The momentum of yesterday may be weakened somewhat today by OPEC+ announcement that it will cut oil supply by 100,000 barrels per day. This will put upward pressure on oil prices. This in turn will further put upward pressure on inflation rate in India.
  • US markets were closed for labour day holiday yesterday.  Futures point to gains as markets await Friday inflation numbers before the Federal Reserve meet on 21st September. Oil prices rebounded as OPEC decided to cut production from 1st October. Russian gas embargo saw European stocks correct sharply. Read more

Oil prices rise after OPEC announcement of supply cut

Published on: 8:39 am

  • On Monday, oil prices increased by more than $2 per barrel, extending gains after OPEC+ members decided to lower output  by 100,000 BPD in October, a source said. By 7:24 a.m. ET, November delivery Brent crude futures were up $3.57 to $96.59 a barrel, or 3.8%. (12:24 GMT). After rising by 0.3% the previous day, U.S. West Texas Intermediate crude was up $2.13, or 2.5%, at $89 per barrel.
  • Due to a public holiday, American markets are closed on Monday. An OPEC and non-OPEC ministerial meeting might be called at any moment to discuss market developments, according to the head of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC+. Read more

Indian Railways records best ever freight loading of 119.32 MT in August 2022: Centre

Published on: 8:36 am

  • Indian Railways has recorded best ever August Monthly freight loading of 119.32 MT in August 2022, stated official data of the Government. The incremental loading in the month of August stood at 8.69 MT i.e. a growth of 7.86 % registered over the previous best August figures achieved in 2021. With this, Indian Railways recorded 24 straight months of best ever monthly freight loading.
  • The Railways has achieved an incremental loading of 9.2 MT in Coal, followed by 0.71 MT in Fertilizer, 0.68 MT in Balance other goods and 0.62 MT Containers. Rise in automobile loading has been another highlight of Freight Business in FY23 and 2206 rakes have been loaded in FY 2022-23 till August as against 1314 rakes during the same period of last year i.e. a jump of 68%.
  • The cumulative freight loading from 1st April 2022 to 31st August 2022 has been 620.87 MT as against 562.75 MT achieved in 2021-22 i.e. an incremental loading of 58.11 MT, with a growth of 10.32% over same period last year. Read more

Total trade volume on the Indian Energy Exchange fell by 18% in August to 7,805 million units

Published on: 8:34 am

  • The total trade volume of Indian Energy Exchange (IEX) registered an 18% annual decline in August to 7,805 MU (million units). According to a statement from the IEX, the overall trade volume in August 2021 was 9,538 MU.
  • On a month-over-month basis, though, IEX saw a 9% gain in August. The total volume of power traded in July 2021 was 7,151 MU.
  • According to the statement, out of the 7,805 MU total trade volume in August 2022, 6,517 MU came from the conventional power market, 437 MU from the green power market, and 851 MU (8.51 lakh Certificates) from the REC market.
  • In the Day-Ahead market, the average clearance price increased 2% YoY (year over year), from Rs5.06 per unit in August 21 to Rs5.17 in August 22. Read More

Bank of Maharashtra runs a loan outreach initiative, grants more than Rs1,000 crore

Published on: 8:32 am

  • A credit outreach campaign was set up by the Bank of Maharashtra (BoM), and as a result, loans totalling roughly Rs1,000 crore have been approved.
  • Sanjay Malhotra, the financial services secretary, gave out loan sanction letters to the recipients on Saturday in Pune, according to a statement from BoM.
  • The report stated the secretary also spoke with participants at self-help group kiosks at the event. Read More

India's Tea exports at 96.89 million kg in first 6 months of the year

Published on: 8:30 am

  • In the first half of 2022, from January to June, tea exports grew to 96.89 million kg from 86.46 million kg over the same time in the previous year.
  • According to data from the Tea Board, the CIS block, which has historically been the biggest importer, saw a little decline in exports over the current six-month period, from 21.04 million kg to 20.58 million kg.
  • News reports claim that the crisis between Russia and Ukraine, which has severely impacted shipment operations, is to blame for the reduction in sales. Read More

DreamFolks Services IPO to list on BSE, NSE today

Published on: 8:28 am

  • On September 6, at 10 a.m., Dreamfolks shares will be launched on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). From August 24 to August 26, the company offered its almost Rs562 crore initial public offering (IPO), which saw robust demand from all types of investors. It had been subscribed to 56.68 times over. The current grey market premium (GMP) for DreamFolks' IPO is about Rs105.
  • Retail investor (RII) quota was subscribed 43.66 times, non-institutional investor (NII) quota 37.66 times, and qualified institutional buyer (QIB) quota 70.53 times. Within hours of the IPO's debut on Wednesday, it had received 1.96 times its initial subscription.
  • The issue, which is solely a selling offer, has a size of Rs562 crore at the higher end of the Rs308-326 per share price range. Read more

Sunil Chhetri joins Indian FMCG business Pintola as Brand Ambassador

Published on: 8:27 am

  • Sunil Chhetri, the captain of the Indian football team, has struck a multi-year deal with homegrown superfood company Pintola to serve as the face of its nut butter brand.
  • This will be Chhetri's first partnership with an FMCG company in the nation.
  • Since its 2012 launch, Pintola has grown to be one of the nation's top nut butter brands, offering a diverse selection of nut butters. In terms of online sales across several e-commerce platforms, it ranks among the top companies in its sector. Read More

Coal Production rises 8.27% to 58.33 MT in August 2022: Centre

Published on: 8:26 am

  • India’s overall coal production increased by 8.27% to 58.33 Million Ton (MT) from 53.88 MT during August 2022 as compared to corresponding year. As per the provisional statistics of the Ministry of Coal, during August 2022, Coal India Ltd (CIL) and captive mines/ others registered a growth of 8.49 and 27.06% by producing 46.22 MT and 8.02 MT respectively.
  • However, SCCL registered a negative growth of 17.49% during the month. Of the top 37 coal producing mines in the country, 25 mines produced more than 100 % while the production level of five mines stood between 80 and 100%.
  • At the same time, coal despatch increased by 5.41% to 63.43 MT from 60.18 MT during August 2022 against August 2021. During August 2022, CIL and captive /others registered a growth of 5.11% and 26.29% by despatching 51.12 MT and 8.28 MT respectively. Read more

E-auction of assets brings in Rs844 crore for the railways in three months

Published on: 8:24 am

  • The railways has made Rs844 crore since going live with its commercial earning and non-fare revenue contracts three months ago, with contracts for advertisements on its property, parking spaces, parcel space leasing, and pay-and-use restrooms emerging as the top revenue-generating assets.
  • Railway Minister Ashwini Vaishnaw launched an e-auction for commercial earnings in June to support startups and small business owners. This scheme enables speedy contract completion and re-award in the event of contract failure. Read More

Five more cooperative banks fined over compliance issues

Published on: 8:24 am

  • The Karnataka State Co-operative Apex Bank, Bengaluru, was one of five cooperative banks that the Reserve Bank fined for noncompliance with regulatory requirements, receiving a sum of Rs25 lakh. According to a statement released by the RBI, The Karnataka State Co-operative Apex Bank Ltd. has been penalized for failing to follow instructions on "Housing Finance".
  • According to a separate announcement, Thane Bharat Sahakari Bank Limited, Thane, has been fined Rs15 lakh for failing to follow RBI guidelines on "Customer Protection - Limiting Liability of Customers of Co-operative Banks in Unauthorized Electronic Banking Transactions." Read more

CCI approves PayU's acquisition of BillDesk

Published on: 8:22 am

  • Competition Commission of India (CCI) has approved PayU's $4.7 billion acquisition of online payments company BillDesk. The acquisition was officially announced in August 2021, but PayU, which is owned by Prosus, has had to wait a year to respond to the regulator's inquiries.
  • According to news reports, the deal—which is anticipated to be the second-largest acquisition in the Indian internet sector after Walmart's $16 billion purchase of e-commerce giant Flipkart in 2018—will involve the merger of the payments gateway businesses of two of the largest players in the nation, and getting CCI approval is crucial. Read More

MSBEF rejects public sector banks' "loan melas", cites credit quality issues

Published on: 8:20 am

  • On Monday, the Maharashtra State Bank Employees Federation (MSBEF) expressed concerns against "loan melas" held by state-owned banks, asserting that credit given at such events without due scrutiny results in the accumulation of non-performing assets.
  • Because the loans are given without any due diligence, such "melas" increase the retail Non-Performing Assets (NPAs) for the lenders, according to a statement from MSBEF.
  • The announcement is made on the same day that public sector lenders intend to distribute Rs2,900 crore in loans at a similar mela in Aurangabad, Maharashtra, where Union Minister of State for Finance Bhagwat Karad is present. Read More

Investors start looking away from loss-making startups

Published on: 8:14 am

  • The Good Glamm Group has been on a roll; last year, it closed a number of acquisitions and raised back-to-back fundraising rounds as it pitched investors on its content-to-commerce approach. The Mumbai-based company, valued at $1.2 billion thanks to high-profile investors like Prosus (formerly Napsers) and Warburg Pincus, is now facing a reckoning as late-stage funding dries up and investors increasingly shy away from loss-making software companies.
  • Just a few months ago, TPG Growth, a private equity firm, abandoned Good Glamm's fundraising effort. If the transaction had gone through, the funding would have given the company a value of more than $1.5 billion. Read more

Prices of petrol and diesel on September 6

Published on: 8:14 am

  • The day after rates were reduced, on September 6, fuel costs were unaltered in all major cities. In Delhi, the price of gasoline is now Rs101.19 a liter, while the cost of diesel is Rs88.62 per liter. According to Indian Oil Corporation, the cost of gasoline is Rs107.26 per liter and the cost of diesel is Rs96.19 per liter in Mumbai (IOCL). In Chennai, where gasoline costs Rs 98.96 per liter and diesel costs Rs93.26 per liter, fuel prices are also unchanged.
  • Diesel and gasoline in Kolkata are priced at Rs91.71 and Rs101.62 per liter, respectively. On September 5, Delhi and Mumbai each saw a 15-paise reduction in the price of gasoline. After three days of stability in fuel prices, the modification occurred. After remaining steady for seven days, oil marketing organizations (OMCs) updated fuel prices on September 1. In metro cities, the cost of gasoline was reduced by 10–15 paise, while that of diesel was decreased by 14–15 paise. Read more

Mahesh V Iyer becomes Chairman of Mahanagar Gas Ltd

Published on: 8:11 am

  • Mahesh Vishwanathan Iyer has been named the new chairman of Mahanagar Gas Limited (MGL), a state-run city gas provider.
  • Up until last month, Iyer worked for GAIL (India) Limited as the director of business development. MGL is promoted by Gail.
  • Electrical engineer Iyer has more than 36 years of expertise in the implementation of projects involving gas pipelines, LNG terminals, city gas distribution projects, renewable energy sources, etc., totaling more than Rs40,000 crore. Read More

As per the AWACS data, Indian pharmaceutical market expanded 12.1% in August

Published on: 8:09 am

  • According to market research company AWACS, the Indian pharmaceutical market (IPM) expanded well across all therapy categories in August, growing 12.1% in value and 4.8% in volume.
  • In August, IPM had sales of Rs16,239 crore.
  • The pharmaceutical industry has increased prices for pharmaceuticals subject to price regulation and infectious disorders associated with the monsoon thanks to the wholesale pricing index (WPI) inflation-linked price hike permitted by the government. Read More

As per the AWACS data, Indian pharmaceutical market expanded 12.1% in August

Published on: 8:09 am

  • According to market research company AWACS, the Indian pharmaceutical market (IPM) expanded well across all therapy categories in August, growing 12.1% in value and 4.8% in volume.
  • In August, IPM had sales of Rs16,239 crore.
  • The pharmaceutical industry has increased prices for pharmaceuticals subject to price regulation and infectious disorders associated with the monsoon thanks to the wholesale pricing index (WPI) inflation-linked price hike permitted by the government. Read More

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