Latest News and Updates

07th Sep, 2022

Tamilnad Mercantile Bank IPO subscribed 2.52x by the end of the 3rd day

Published on: 2:52 pm

  • By 3:00 PM on September 7, the IPO for Tamilnad Mercantile Bank was subscribed 2.52 times. By September 7, 2022, the public offering had received 5.53 times as many subscriptions from retail buyers, 1.47 times from QIBs, and 2.60 times from NIIs.
  • 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

Cipla bags USFDA approval for generic version of Revlimid; stock surges ~2%

Published on: 2:43 pm

  • Cipla Limited announced that the United States Food and Drug Administration (USFDA) has granted final approval to its Abbreviated New Drug Application (ANDA) for Lenalidomide Capsule 5 mg, 10 mg, 15 mg, and 25 mg.
  • Cipla's Lenalidomide Capsules are an AB-rated generic version of Bristol Myers Squibb's (Celgene) Revlimid (Lenalidomide) Capsules.
  • Lenalidomide is an immunomodulatory prescription medicine that is used to treat multiple myeloma, myelodysplastic syndromes, mantle cell lymphoma, follicular lymphoma, and marginal zone lymphoma in adults. Read more

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Ashiana Housing receives 59 bookings in Phase I of 'Ashiana Malhar'

Published on: 2:41 pm

  • Ashiana Housing Limited has informed to the exchanges on Wednesday regarding bookings at “Ashiana Malhar” Project at Pune (Maharashtra).
  • In a regulatory filing, it is informed that the company has launched total 220 units in Phase 1 of the project ‘Ashiana Malhar’, and received 59 bookings as on date being 68,702 sq. ft., as area booked out of the total saleable area of 2,62,267 sq. ft.
  • “Ashiana Malhar” project consists of 2 BHK and 3 BHK units and is located at village Marunji Taluka Mulshi, Pune- 411057 (Maharashtra), the company said in a filing. Read more

Ind Ra affirms SAIL credit ratings at 'IND AA' with Stable outlook

Published on: 2:40 pm

  • India Ratings and Research (Ind-Ra) has affirmed Steel Authority of India Limited’s (SAIL) Long-Term Issuer Rating at ‘IND AA’. The Outlook is Stable. Further, commercial papers worth Rs800 crore  affirmed at 'IND A1+'.
  • According to the rating rationale report, Ind-Ra continues to take a consolidated view of SAIL and its subsidiaries, SAIL Refractory Company Limited (100% stake owned by SAIL) and Chattisgarh Mega Steel Limited (74%), and has also factored in the availability of support to the company from the government of India (GoI).  Read More

Karnataka Bank becomes part of Khajane - II IFMS, GoK

Published on: 2:25 pm

  • Karnataka Bank is now a participant of the Treasury Department's Khajane-II (K2) integrated financial management system (IFMS) for implementing the Single Nodal Agency (SNA) account system for Centrally Sponsored Schemes (CSS).
  • Mahabaleshwara M S, Managing Director & CEO, commented on the event, saying, "Since its appointment as an Agency Bank by the Reserve Bank of India (RBI), Karnataka Bank has been actively engaged in government business."
  • He added, “Now, with this Khajane-II (K.2) integration in an automated environment, the Bank will be bolstering the Government's efforts to execute different sponsored programmes for direct credit in a safe, secure, and faster way to the targeted beneficiaries' bank accounts.” Read more

Nokia ties with TCS to enrich employee experience with new cloud-based HCM

Published on: 2:21 pm

  • Tata Consultancy Services Limited has been selected by Nokia to reimagine the employee experience for the company’s global workforce in more than 130 countries of operation.
  • In 2021, Nokia launched its ‘One Nokia Digital’ strategy to support the company's competitiveness by digitalizing its operations. As part of these efforts and to help deliver Nokia’s new people strategy, Nokia is replacing its on-premise HR systems with a new cloud-based Human Capital Management platform (HCM) to standardize HR processes on a common data platform.
  • This will enable Nokia to provide a consistent employee experience across teams and more easily manage and scale HR services globally. Nokia hasselected TCS as its transformation enabler to reimagine its human resources processes and enable seamless personalized employee journeys. Read More

CARE revises ‘Positive’ outlook on Faze Three’s bank facilities worth Rs155 crore; stock skids ~2.5%

Published on: 2:18 pm

  • Faze Three Limited informed that CARE Rating Limited has re-affirmed the credit rating with a revision in outlook to Positive.
  • CARE has given a 'CARE A-/CARE A2+' rating to the Company's Long-term/short-term bank facilities of Rs155 crore.
  • The reaffirmation of Faze Three Limited's (FTL) rating with a positive outlook is based on the improvement in the scale of operations based on almost full utilisation of the former capacity and the significant improvement in FY22 over FY21 and in Q1FY23 results over Q1FY22 (growth in revenue of 55.82% in FY22 over FY21). Read more

Google to release new Pixel 7 smartphone and Pixel smartwatch on October 6th

Published on: 1:25 pm

  • On October 6, Google will unveil the Pixel Watch and new Pixel 7 smartphones with second-generation chips.
  • The hardware launch event, dubbed "Made by Google," will feature new products that the firm previewed at its I/O developer conference earlier this year.
  • Google has stated that the second-generation "Tensor G2" chip will power the Pixel 7 Series. Read more

Spatial Access’ founder Meenakshi Menon is the new Chairperson of icogz

Published on: 1:18 pm

  • Meenakshi Menon, the founder of India's first marketing audit and consultancy firm Spatial Access, has been appointed as the Chairperson of the business intelligence platform ‘icogz’.
  • icogz's mission is to assist organisations in increasing profitability via improved performance. The objective is to assist company leaders in making decisions by synthesising fragmented data, which business owners find difficult to deal with.
  • icogz collects data from various platforms, harmonises it, and delivers a real-time unified picture of the complete brand footprint, allowing brand managers to take significant steps toward developing the business or maintaining better margins. Read more

Meenakshi Menon appointed Chairperson of icogz

Published on: 1:18 pm

  • Meenakshi Menon, the founder of India's first marketing audit and consultancy firm Spatial Access, has been appointed as the Chairperson of the business intelligence platform ‘icogz’.
  • icogz's mission is to assist organisations in increasing profitability via improved performance. The objective is to assist company leaders in making decisions by synthesising fragmented data, which business owners find difficult to deal with.
  • icogz collects data from various platforms, harmonises it, and delivers a real-time unified picture of the complete brand footprint, allowing brand managers to take significant steps toward developing the business or maintaining better margins. Read more

RITES secures new order worth Rs92.70 crore from GMRC; stock soars ~2.5%

Published on: 1:12 pm

  • RITES Limited informed that it has received new business order. The order received is for Appointment as General Engineering Consultant for Ahmedabad Metro Rail Project, Phase-ll.
  • Under this contract, RITES will be the lead member of the consortium, holding a 45% stake in the consortium.
  • The price of RITES’ share of the contract has been estimated as Rs92.70 crore.
  • The company has received this order from Gujarat Metro Rail Corporation (GMRC) Limited. Read more

CashFlo raises $8.7 million in funding

Published on: 1:07 pm

  • CashFlo has raised $8.7 million (about Rs70 crore) as part of its second round of capital raising, which was spearheaded by General Catalyst.
  • Elevation Capital, an existing investor, took part in the fundraising. Famous angels like Jitendra Gupta from Jupiter, Amrish Rau from Pine Labs, Nitin Gupta from Uni, and Atrium Angels all took part.
  • Elevation had already contributed to CashFlo's initial 2019 fundraising effort. Read More

WardWizard Innovations displays range of electric two-wheelers at EV India 2022

Published on: 1:00 pm

  • WardWizard Innovations and Mobility Ltd has showcased its entire range of marque electric two-wheelers at the EV India 2022 at India Expo Center at Greater Noida.
  • The Company's Joy E-bike being the title sponsor of the EV India 2022 has created awareness towards green mobility through social awareness activities. Being at the forefront of the EV revolution in India, the company also showcased its electric three-wheeler which is scheduled to be launched in the second quarter of the current fiscal year. Read more

NILE board approves corporate guarantee of Rs40 crore to subsidiary

Published on: 12:50 pm

  • NILE Limited has informed that the Board of Directors of NILE Ltd have approved to provide Corporate Guarantee up to an aggregate sum of Rs40,00,00,000/- (Rupees Forty Crores only) on behalf of its wholly-owned subsidiary namely, Nile Li-Cycle Private Limited, to Axis Bank Limited.
  • On Tuesday, at around 12:50 PM, NILE Ltd is currently trading at Rs599.90 per share up by Rs5.2 or 0.87% from its previous closing of Rs594.70 per share on the BSE. Read more

Daalchini raises $4 million in a series A round funded by Unicorn India Ventures

Published on: 12:32 pm

  • Daalchini, a company in retail technology, raised $4 million in a series A round that was led by Unicorn India Ventures. Artha Venture Fund, Ajay Kaul (former CEO of Dominos India), VSS Investco (the investment arm of Vijay Shekhar Sharma, the CEO of Paytm), and other well-known and established investors also participated in the round. This is the biggest round a company has raised so far in the market for smart vending machines.
  • The majority of the capital raised in this round will be used to increase the company's technical skills and market reach in the business. The company seeks to make its solutions asset-efficient and available to 450+ F&B D2C companies and 10 million retail locations in India. Read more

CARE reaffirms rating of HUDCO’s bank facilities worth ~Rs25,000 crore; stock adds ~1%

Published on: 12:24 pm

  • Housing and Urban Development Corporation Limited (HUDCO) informed that the rating agency CARE Ratings Limited reaffirmed its surveillance credit rating.
  • The rating agency has reaffirmed the long-term rating at ‘CARE AAA’ and has given a Stable outlook to the same.
  • Further, the rating on short-term bank facilities was reaffirmed at ‘CARE A1+’.
  • The rating agency has reviewed total bank facilities worth Rs25,000 crore of HUDCO. Read more

Salasar Techno Engineering board allots 3 crore equity shares to QIBs; Stock gains 2%

Published on: 12:10 pm

  • Salasar Techno Engineering Ltd has informed that the Fund Raising Committee of the Board of Directors of the Company at its meeting held on September 06, 2022 has inter alia approved the issuance and allotment of 3,00,00,000 Equity Shares to qualified institutional buyers in present tranche at the issue price of Rs27.30 per Equity Share (including a premium of Rs26.30 per Equity Share), aggregating to Rs81,90,00,000 (Rupees Eighty One Crore Ninety Lakh).
  • As per regulatory filing, pursuant to the allotment of Equity Shares in the Issue, the paid-up Equity Share capital of the Company stands increased from Rs28,57,05,280 to Rs31,57,05,280. Read more

Lupin and DKSH locks deal to market 5 biosimilar candidates in Philippines; stock rises

Published on: 11:35 am

  • Lupin Limited (Lupin) and DKSH, a prominent partner for healthcare firms looking to expand their business in Asia and beyond, announced the signing of an exclusive licensing and supply deal to commercialise five of Alvotech's planned biosimilars in the Philippines.
  • This agreement calls for the development of biosimilars for Prolia (denosumab 60mg/ml), Xgeva (denosumab 70 mg/ml), Simponi (golimumab), and Eylea (aflibercept), as well as two unnamed potential biosimilars for immunology and oncology.
  • According to the agreement, Lupin's subsidiary in the Philippines, Multicare Pharmaceuticals, would seek marketing clearance and will be responsible for the biosimilars' distribution and commercialization if authorised. Read more

S Jebaraj has been re-appointed as Deputy MD of IDBI Bank

Published on: 11:27 am

  • The board of directors of IDBI Bank has approved the reappointing of Samuel Joseph Jebaraj as deputy managing director for a three-year term beginning September 20.
  • Jebaraj manages verticals for large and mid-sized corporations, trade finance, and NPAs (non-performing assets), and he has served on internal committees for over a decade. Read more

Airtel dips ~2% as 10.4 crore shares change hands in multiple block deals

Published on: 11:16 am

  • In Wednesday’s trade, Bharti Airtel’s counter fell up to 2% after multiple block deals led to a change of hands in 1.9% equity of the company.
  • As per the sources, earlier today, 10.4 crore shares changed hands, aggregating to 1.9% equity of the company.
  • On August 25, Singtel announced that will offload about 3.3% stake in Bharti Airtel to Bharti Telecom for an aggregate consideration of $1.6 billion.
  • The share sale was scheduled to be completed in 90 days. Following the conclusion of the share sale, Bharti Telecom would own 38.75% of Airtel, up from 35.44% in August. The Mittals and Singtel will retain 50.56% and 49.44% of Bharti Telecom, respectively, following the transaction. Read more

HDFC Bank raises Rs3,000 crore via AT1 bonds at 7.84%

Published on: 11:16 am

  • HDFC Bank, India's largest private sector lender, on Tuesday, sold extra tier-1 (AT-1) bonds worth Rs3,000 crore at a cut-off rate of 7.84%. This rate is lower than the 7.88% cut-off established for Bank of Baroda's AT-1 bond sale of Rs2,474 crore on August 30.
  • As public sector banks are regarded as having sovereign support, debt offered by them are typically at lower rates than those of their private sector peers.
  • The bond offering marks the first time in the current fiscal year that a private bank has tapped the debt capital markets by issuing AT-1 bonds. It is also the first time HDFC Bank has issued AT-1 bonds since 2017. Read more

StayVista gets Rs40 crore in funding

Published on: 11:03 am

  • StayVista, a luxury villa rental business, has raised Rs40 crore in funding led by DSG Consumer Partners, with participation from Capri Global and CA Holdings.
  • The investment will help the brand expand to nearly 2,500 villas across the country.
  • .After the investment round, the startup was worth Rs220 crore. Read more

Max Ventures & Industries-led Max Estates forms new wholly-owned subsidiary; Stock gains over 1.5%

Published on: 10:56 am

  • Max Estates Limited, wholly owned subsidiary of Max Ventures and Industries Limited has incorporated a wholly owned subsidiary in the name of Max Estates Gurgaon Limited on September 5, 2022.
  • As per the regulatory filing, Max Estates Gurgaon Limited has been incorporated with an object to focus on real estate business of the Company.
  • However, the newly-incorporated subsidiary is yet to commence its business operations, the company said in a filing. Read more

Tamilnad Mercantile Bank IPO subscribed 1.68x at 10.50 am day 3

Published on: 10:46 am

  • The Tamilnad Mercantile Bank (TMB) IPO was subscribed 1.68 times on September 7th at 10:50 am. The public issue had been subscribed 4.18 times in the retail category, 0.98 times in the QIB category, and 1.40 times in the NII category.
  • The lot size for this IPO is 28 shares. An individual retail investor may apply to up to 13 lots (364 shares).
  • 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

Zuari Industries, Envien enter MoU to build and operate a biofuel distillery; stock soars ~3%

Published on: 10:40 am

  • Zuari Industries Limited announced the signing of a Memorandum of Understanding (MoU) with Envien International Limited, Malta (EIL) and Zuari Envien Bioenergy Private Limited (ZEBPL) to construct and operate a biofuel distillery, as well as further explore organic and inorganic business opportunities in the biofuel space in India.
  • To accomplish this goal, the Company and EIL have agreed to form a 50:50 joint venture to design, build, commission, and manage a 150-kilo litres per day (KLPD) ethanol distillery and sell it to Oil Marketing Companies (OMCs) to satisfy their blending needs.
  • The distillery will also be able to change the product mix and produce Extra Neutral Alcohol (ENA) or any other acceptable product based on market demand. Read more

Byju's will announce its financial results for 2020-21 next week

Published on: 10:39 am

  • After meeting with shareholders, edtech giant Byju's is set to release financial results for 2020-21 next week.
  • In July, the company informed the Ministry of Corporate Affairs (MCA) that it will release its financial results on September 6.
  • However, the MCA had notified the firm about the delay in filing the financial results. Read more

Acuite reaffirms ratings of Apollo Micro Systems' credit facilities; Stock rises

Published on: 10:19 am

  • Acuité has reaffirmed its long-term rating of ‘ACUITE BBB’ and short-term rating reaffirmed 'ACUITE A3+'on the Rs210 crore bank facilities Apollo Micro Systems Limited (AMSL). The outlook is 'Stable'. 
  • Further, Acuité has assigned its long-term rating of ‘ACUITE BBB’ on the Rs50 crore bank facilities Apollo Micro Systems Limited (AMSL). The outlook is 'Stable'. 
  • According to the rating rationale report, the rating reaffirmed, follows the significant improvement in business risk profile followed by the healthy revenue growth in FY2022 backed by the continued healthy operating margin. Read more

Mahindra Agri offloads entire 91.59% stake in Merakisan Private; stock under pressure

Published on: 10:11 am

  • Mahindra & Mahindra Limited informed that its subsidiary Mahindra Agri Solutions Limited (MASL) has agreed to divest its entire 91.59% stake in paid-up Equity Share Capital of Merakisan Private Limited (MKPL), a subsidiary of MASL.
  • The company will sell the entire stake to MKPL’s promoter Prashant Patil.
  • Following the sale, MASL's stake in MKPL would be Nil, and MKPL would no longer be a subsidiary of MASL, and therefore the Company. Read more

Adani Transmission's subsidiary incorporates wholly-owned subsidiary; Stock dips 1%

Published on: 9:59 am

  • Adani Transmission Limited has informed to the exchanges regarding incorporation of a step-down Wholly Owned Subsidiary (“WOS”).
  • According to the said regulatory filing, the Company's wholly-owned subsidiary Adani Transmission Step-Two Limited has incorporated its WOS in the name of Adani Transmission Mahan Limited (“ATML”) on September 05, 2022 with an initial authorised and paid-up capital of Rs1 lakh each.
  • The objective of incorporation is to carry on the business of transmission, distribution and supply of power and other infrastructure services relating thereto. ATML will commence its business operations in due course, the company said on Tuesday. Read more

Reliance Retail and Jio have raised Rs8,500 crore through CPs

Published on: 9:58 am

  • This week, Reliance Retail Ventures and Reliance Jio have raised about Rs8,500 crore in working capital loans using short-term money market instruments.
  • Both corporations most likely have sold commercial papers (CPs) that offered 5.99% and 5.92%, respectively, with maturities of roughly 90 days.
  • However, commercial papers are short-term debt securities issued by firms having maturities of up to 12 months. Read more

Alphalogic Industries stock rallies over 3% on major order win

Published on: 9:47 am

  • Alphalogic Techsys Limited stocks in the fast lane on Wednesday's trading session after the order won by its subsidiary company.
  • As per the regulatory filing, Alphalogic Industries Limited, the subsidiary of the company of has won the order to supply Mobile Compactor Storage Systems to Wilo Mather & Platt Pumps Pvt Limited for their factory unit based in Chinchwad, Pune.
  • The fulfillment of this order is expected in the month of September 2022, the company said. Read more

Bears hover on markets amid weak cues; Sensex drops 300 pts, Nifty 50 around 17,550; Banking, IT wor

Published on: 9:40 am

  • The start of Wednesday's trading session began with bears taking control and sweeping off super gains of benchmarks Sensex and Nifty 50 from last day. The downside was on an expected line amid weak global cues. A broad-based sharp sell-off was witnessed across sectoral indices on Wednesday with banking stocks taking the worst coupled with IT stocks that also weighed down substantially.
  • Weak global cues further added to the selling pressure for equities back at home. So far in the early deals, Sensex has nosedived by at least 400 points, while Nifty 50 has plunged by nearly 136 points.
  • At around 09.35 am, Sensex was trading at 58,846.02 down 350.97  points or 0.59%. Nifty 50 performed at 17,551.60 lower by 104 points or 0.59%. Read more

Paras Defence inks Exclusive Teaming Agreement with ‘ELDIS Pardubice’; stock zooms ~4%

Published on: 9:36 am

FinAGG, a fintech startup, has raised $3 million in funding

Published on: 9:34 am

  • FinAGG Technologies, which provides cash-flow-based supply chain financing, has secured $3 million in a funding round led by venture capital company BLinC Invest.
  • The FinAGG team has an outstanding track record and is well-positioned to develop innovative financing solutions for the ecosystem as a whole. Read more

Hindustan Aeronautics supplies general electric Gas Turbines for INS Vikrant; stock climbs ~2.5%

Published on: 9:25 am

  • Hindustan Aeronautics Limited informed that it has partnered with IAC-1 Vikrant, India's first indigenously designed and built aircraft carrier, which was recently commissioned as INS Vikrant by the Prime Minister in Kochi.
  • HAL supplied four General Electric LM2500 Gas Turbines to power IAC. HAL's specialised facility in Bangalore was used to assemble and test these gas turbines. With 88 MW of electricity and a peak speed of 28 knots, INS Vikrant significantly improves India's maritime capacity.
  • HAL executed crucial efforts to prepare IAC for basin experiments. In the absence of foreign OEM personnel, HAL's crew was actively involved in the integration of the power plant to the IAC and was onboard IAC for all sea trials, significantly contributing to the Make-in-India initiative. Read More

SoftBank Vision Fund will be investing in GoMechanic

Published on: 9:24 am

  • SoftBank, Malaysia's sovereign wealth fund Khazanah Nasional Berhad, and Norwest Venture Partners are negotiating a $75 million investment in GoMechanic, India's largest aftermarket vehicle servicing  and maintenance platform.
  • SoftBank is considering a $30 million investment in GoMechanic. Read more

Wipro expands alliance with Palo Alto to deliver network transformation solutions

Published on: 9:21 am

  • Wipro Limited, a global tech services and consulting company, today announced an expanded collaboration with Palo Alto Networks to deliver managed security and network transformation solutions for global enterprises such as SASE (Secure Access Service Edge), cloud security, and next-generation SOC (Security Operations Center) solutions based on Zero Trust principles.
  • Wipro combines consultancy and managed security services in an integrated delivery model to improve enterprise end-to-end security.
  • Wipro's IPs and accelerators, such as CARG (Cloud Applications Risk Governance) and WANFreedom, along with an automation framework, assist organisations in swiftly and flawlessly adopting these services across their IT and user landscapes. Read More

Anmol Singh Jaggi purchases 2,128 equity shares of Gensol Engineering

Published on: 9:17 am

  • Gensol Engineering Limited has informed to the exchanges that Promoter and Managing Director of the Company Anmol Singh Jaggi held 26,52,794 (Twenty-Six Lakhs Fifty-Two Thousand Seven Hundred Ninety-Four) Equity shares of the company amounting to 24.26% of the total shareholding of the company.
  • Further, as per the regulatory filing, the guidance and trust of the promoters feeds new energy in the company. In line with that one of the promoter Anmol Jaggi has invested more in the company through acquisition of 2,128 (Two Thousand One Hundred Twenty-Eight) Equity shares of the company from open market which will increase his stake, by 0.02% in the company. Read more

Mazagon Dock Shipbuilders to launch two warships on Sep 11

Published on: 9:16 am

  • The first quarter for Mazagon Dock Shipbuilders Ltd (MDL) kick started with the launch of two frontline warships namely Udaygiri - the second Stealth Frigate of Nilgiri Class and Suratthe fourth Missile Destroyer of Visakhapatnam class.
  • The second quarter will be marked by the launching of the third ship of Project 17A 'Taragiri and Yard 12653, Taragiri is scheduled to be launched on September 11, 2022. Read more

Servotech Power bags 4.1MW Solar Rooftop Project from UPNEDA; stock spurts ~5%

Published on: 9:16 am

  • The Uttar Pradesh New & Renewable Energy Development Agency (UPNEDA) has awarded Servotech Power Systems a large-scale, state-spanning grid-interactive rooftop solar power plant project.
  • The project entails the construction of 4.1 MW of solar power plants around the state. The overall contract value of the entire project is around Rs23.50 crore, and it will be finished within 4 months of the deal being received.
  • The project sites in Uttar Pradesh will encompass secondary school buildings in various locations around the state as part of the UP government's Samagra Shiksha Abhiyan. Read more

Flipkart launches new hotel booking service 

Published on: 9:02 am

  • Flipkart is launching a new hotel booking service to strengthen its position in the tourism sector.
  • The e-commerce firm has collaborated with travel website Cleartrip and promises "better service."
  • Flipkart Hotels will offer room reservations at over 3 lakh domestic and international hotels. Along with it, they will provide users with additional features such as flexible travel and booking policies, as well as simple EMI alternatives. Read more

Markets look set to open in red

Published on: 8:56 am

  • Indian markets look set to open in red today. US markets closed in red yesterday. Most Asian markets have opened in red today. Oil prices came down yesterday as economic slowdown spreads from one country to another. SGX Nifty is down by 1.08% since morning.
  • US markets continued their losing streak yesterday. Nasdaq has been on the decline for the past 8 days. Such a consecutive period of decline was last seen in November 2016. Bond yield rose to hit 3.33%, the highest in over 5 months. US dollar hit fresh new all -time high, with dollar index at 110.3. Oil prices fell over 3% on expectations of lower demand due to a faltering European economy. Read More

In early trade, gold and silver prices rise

Published on: 8:47 am

  • Early on Wednesday, gold and silver prices increased. 10 grams of 24 Carat yellow metal were trading at Rs51,160, up Rs160. Silver's price increased by Rs680 per kilogram to Rs53,900.
  • The price of ten grams of 22-carat gold has increased by Rs150 to Rs46,900 today. The price of 10 grams of 24-carat gold in Mumbai and Kolkata is Rs51,160, while the price of 10 grams of 22-carat gold is Rs46,900. 24- and 22-carat gold is now selling in Delhi for Rs51,320 and Rs47,050 per 10 gm, respectively.
  • Gold in Chennai is now selling for Rs51,820 for 24 Carat and Rs47,500 for 22 Carat. On Tuesday, gold prices declined from a one-week high reached earlier in the session as the dollar and Treasury rates rose on anticipation that major central banks will aggressively tighten monetary policy. Read more
 

Adani Power to start exporting power to Bangladesh from December

Published on: 8:41 am

  • Tycoon Gautam Adani plans to start exporting power from a coal-fired facility in eastern India to Bangladesh by the end of the year, alleviating Bangladesh's energy challenges.
  • Adani Power Ltd. declared on Twitter that it will start up a 1.6-gigawatt plant in the state of Jharkhand and a specific transmission line for the exports by December 16 after having a meeting with Bangladesh's Prime Minister Sheikh Hasina in New Delhi late on Monday. Read more

Indian Railways on fast lane to achieve record production in 2022-23: Centre

Published on: 8:38 am

  • Production unit of Indian Railways are on the fast track to achieve record production in 2022-2023. Indian Railways Production Units that include Integral Coach Factory (ICF), Chennai, Rail Coach Factory (RCF) at Kapurthala, Modern Coach Factory (MCF) at Rae Bareli, Chittaranjan Locomotive Works (CLW) at Chittaranjan, Banaras Locomotive Works (BLW) at Varanasi, Rail Wheel Factory (RWF) at Bengaluru, Patiala Locomotive Works (PLW) at Patiala and Rail Wheel Plant at Bela are on fast lane to achieve record production for the year, said official data by the Central Government.    
  • All Production Units of Railways are performing excellently as they are supplying the ever-increasing requirement of Rolling Stock for Indian Railways. Read more

Government, LIC could sell 60% stake in IDBI Bank; EoI likely to be made public by October

Published on: 8:38 am

  • According to a September 6 report from CNBC-TV18, the central government and Life Insurance Corporation (LIC) of India are set to sell a 60% stake in IDBI Bank. By October, and will be inviting Expressions of Interest (EoI) for the divestiture process.
  • According to prior reports, the government and LIC may sell up to 65% of their equity in IDBI Bank. As of June 30, the two owned over 94% of IDBI Bank, of which the Center owned 45.48%. Read more

Aster unveils its 200th drugstore, the stock strikes a 52-week high

Published on: 8:32 am

  • After Aster DM announced that it had launched the 200th drugstore in the nation, the company's shares soared in the morning trade on September 6 and reached a 52-week high of Rs261 on the BSE. According to a press statement from the firm, its retail chain across the nation increased from 1 to 200 in just 18 months.
  • The 58th Aster Pharmacy in Kerala was inaugurated with the most recent one. Dr. Azad Moopen, the founder-chairman and managing director of Aster DM Healthcare, said that the company is expanding its network of pharmacies as part of its effort to bring omnichannel healthcare delivery to people's homes. The network already includes hospitals, labs, clinics, and an online consultation platform. Read more

GroMo secures a $11 million series A round-headed by SIG Venture Capital

Published on: 8:29 am

  • SIG Venture Capital, the Asian venture capital branch of SIG, a worldwide proprietary trading and private equity investment business, led the $11 million Series A fundraising round for GroMo, a FinTech platform for the distribution of financial goods. Y-Combinator, Das Capital, Goodwater Capital, Beyond Next Ventures, Soma Capital, Ace & Company, and Hauz Khas Ventures are a few other important investors.
  • Important angel investors including Kunal Shah (Cred), Niraj Singh (Spinny), Ramakant Sharma (Livspace), Alok Mittal (Indifi), Utsav Somani (iSeed, AngelList India), Ashish (Innoven), Abhishek Goyal (Tracxn), and Nitin Gupta have also contributed to the company's finance (Uni Cards). Read more

Coal production from captive & commercial blocks increases 58% in April-August

Published on: 8:28 am

  • Coal production from coal blocks during April-August for the current fiscal 2022-23 has been reviewed by the Additional Secretary & Nominated Authority, of the Ministry of Coal, in the presence of project proponents.
  • Coal production achieved during April-August, 2022-23 is 43.93 million ton which is 57.74 % higher than 27.85-million-ton coal produced during the same period last year.
  • According to the government released data, two mines auctioned in 2021 under commercial auction reforms have become operational and produced 2.36-million-ton coal in April-August, 2022-23. At present, 37 captive and commercial mines are under production, and it is expected that at least 11 more new mines will start its production during the current year to meet coal demand in the country. Read More

Suzlon receives a 180.6 MW energy project from Green Infra Wind Energy of Sembcorp

Published on: 8:27 am

  • Suzlon Energy, a provider of renewable energy solutions, announced on Tuesday that Sembcorp's subsidiary Green Infra Wind Energy Ltd. has given it the go-ahead to establish a 180.6 MW wind energy project.
  • The development of a 180.6 MW wind power project for Sembcorp's renewables subsidiary Green Infra Wind Energy Limited was announced by Suzlon Group, India's leading provider of renewable energy solutions, according to a BSE filing. Read more

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