Latest News and Updates

08th Sep, 2022

CARE Ratings reaffirms rating on Bank of Baroda’s bank facilities worth Rs8,756.50 crore; stock spur

Published on: 2:52 pm

  • Bank of Baroda informed that CARE Ratings Limited reaffirmed the rating on the bank’s facilities. The rating agency reviewed bank facilities worth Rs8,756.50 crore.
  • The rating has been reaffirmed at ‘CARE AAA’ with a Stable outlook.
  • The ratings continue to take into account majority ownership, demonstrated and expected continued support from the Government of India (GoI). Read more

Singtel sells 1.76% stake in Bharti Airtel for Rs 7,128 crore

Published on: 2:36 pm

  • According to reports, Singtel companies sold a 1.76 % share in Bharti Airtel for a total of roughly Rs7,128 crore. In an open market deal, Bharti Telecom Ltd, the promoter of Bharti Airtel, paid Rs6,602 crore for a 1.63 % interest from Pastel Ltd, a Singtel subsidiary.
  • Bharti Telecom acquired 9,62,34,427 shares, or 1.63 % of the firm, according to bulk trade data made available by the National Stock Exchange (NSE). The average price per share paid for the shares brought the transaction value to Rs6,601.68 crore.
  • Singapore Telecommunications Ltd.'s Pastel Ltd., a division, sold the shares of Bharti Airtel Ltd. (Singtel). Sources claim that Viridian also sold over 1 crore shares. "On Wednesday, Singtel group companies collectively sold 1.76 % of their shares; Bharti Telecom purchased 96 million of those shares, while the general public purchased about 7 million of the shares. Read more

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Websol, AMP Energy to form JV for manufacturing of 1.2 GW monocrystalline PERC solar cells; stock ra

Published on: 2:25 pm

  • Websol Energy Systems Limited has agreed to a Term Sheet with AMP Energy India to create a Joint Venture for the manufacturing and production of up to 1.2 GW monocrystalline PERC solar cells and modules in two stages of 600 MW each at their current factory in Falta, West Bengal.
  • It is proposed to establish the unit under a joint venture business in which Websol would own 51% and AMP will own the other 49%.
  • The project will be funded using a combination of debt and equity, and an offtake agreement with AMP Energy India Pvt Ltd for up to 50% of output will be in place. Read more

Pennar Industries climbs ~2% on securing orders worth Rs511 crore

Published on: 1:38 pm

  • Pennar Group, a prominent provider of value-added engineering goods and solutions, has received orders aggregating to Rs511 crore across its several business verticals.
  • The company has secured orders across its verticals namely, PEB, Ascent Buildings, USA, ICD, Railways, Tubes, and Steel.
  • Company’s top customers include Reliance, Yamaha, Venus, Fujitech, Integral Coach Factory, ALF Engineering, Hindalco, L&T, Saint Gobain, etc. Read more

Genus Power Infra incorporates two-wholly owned subsidiaries; Stock rises

Published on: 1:34 pm

  • Genus Power Infrastructures Ltd has informed to the exchanges that wholly-owned subsidiary companies of the Company in the name of “Hi-Print Energy Solutions Private Limited” and “Hi-Print Infra Private Limited” have been incorporated on August 31, 2022 and September 02, 2022.
  • As per the regulatory fling, both the wholly-owned subsidiaries belong to Power Distribution business.
  • Furyther, they are incorporated in order to bid separately across varied smart meter tenders. Read more

Online sales this festival season may touch $11.8 billion, says report

Published on: 1:26 pm

  • Online sales in India are anticipated to hit $11.8 billion during the holiday season, a 28% rise from the previous year, according to research released on Thursday. The first sales event and roughly up until Diwali week are considered to be the beginning of the holiday month.
  • Redseer Strategy Consultants predicts that sales will climb by 28% from the previous year's $4.8 billion to $5.9 billion during the first week of the holiday season. The survey anticipates a 3 times increase in the gross merchandise value (GMV) of online holiday sales this year compared to pre-pandemic sales in 2018. Read more

Ashwani Ghai assumes charge as Chief Operating Officer of LIC Housing Finance; stock gains ~1%

Published on: 1:22 pm

  • LIC Housing Finance Limited informed that with reference to the Succession planning policy of the company and good governance practices, Ashwani Ghai has been appointed as the Chief Operating Officer of the company.
  • LIC Housing Finance Limited is one of India's leading housing finance mortgage lending organizations, with headquarters in Mumbai. LIC HFL is a subsidiary of LIC. Read more

Ajooni Biotech successfully develops Lumpy Skin Disease Medicine for Cattle

Published on: 1:22 pm

  • Ajooni Biotech Ltd has successfully developed lumpy skin disease medicine for Cattle.
  • According to the regulatory filing, the company is constantly experimenting and working on research-based different health care solutions by a strong Research & Development team, working closely with leading research agencies, universities and independent scientists for product and process development.
  • "Its focus is to develop cost effective solutions to improve animal health, sustainable productivity of dairy and poultry farm, and thereby, the profitability of farmers", the company said on Thursday. Read more

TVS Motor launches all new 2022 TVS Apache RTR 160 and RTR 180; stock rises

Published on: 1:00 pm

  • TVS Motor Company, a recognized producer of two-wheelers and three-wheelers around the globe, announced the all-new 2022 TVS Apache RTR 180 and TVS Apache RTR 160 motorbikes, building on 40 years of racing history and a 4.8 million TVS Apache customer base.
  • They now come with a fresh new style and feature improvements for an unrivalled riding experience. The increased power, along with weight reductions of 2 kg in the Apache RTR 160 and 1 kg in the Apache RTR 180, has resulted in an improved power-to-weight ratio for both motorcycles, providing an enthralling riding experience.
  • Since its introduction in 2005, the TVS Apache Series has been at the forefront of technology and innovation, and they continue to set the standard in the performance market. Read more

Bond yields decline as oil prices touch a 7-month low

Published on: 12:53 pm

  • Early Thursday trading saw a reduction in Indian government bond yields as worries about inflation and more interest rate hikes were reduced by a strong decline in global oil prices.
  • The benchmark yield on a 10-year government bond was 7.1372%. On Wednesday, the yield had a final value of 7.1844%. After finishing at 7.1279% on Wednesday, the 10-year 7.26% 2032 bond yield was at 7.0814% on Thursday.
  • The benchmark Brent crude contract fell below levels last seen before Russia invaded Ukraine on Wednesday as disappointing Chinese trade data fuelled investor concerns about the possibility of a recession. Read More

Sonata Software turns ex-bonus; stock skyrockets ~8%

Published on: 12:44 pm

  • Sonata Software's counter rallied nearly 8% so far in Thursday’s trade as the smallcap IT service provider traded ex-bonus.
  • The software and consultancy firm announced the issuance of bonus shares in a 1:3 ratio, which implies that an eligible shareholder would get one share for every three shares held as of the record date.
  • The corporation has set September 10, 2022, as the record date for determining eligibility for the bonus share issue. Bonus shares will be awarded to investors who have the stock in their Demat account as of the record date. Read more

Wow! Momo raises Rs125 crore in funding

Published on: 12:40 pm

  • Wow! Momo Foods has raised Rs125 crore in capital from private equity firm Oaks Asset Management, valuing the company at Rs2,125 crore.
  • The funding is part of a two-tranche fundraising effort, with the second one scheduled with another private equity firm. Momo's target is Rs100 crore.
  • Oaks Asset Management is a consumer-focused mid-market private equity fund that collected Rs1,000 crore for its second fund's initial closure in June. Private equities and sovereign funds have grown increasingly active as late-stage tech investing by venture capitalists such as Tiger Global and SoftBank have slowed. Read more

Strides Pharma allots 1,50,830 equity shares to Karuna Business Solutions

Published on: 12:28 pm

  • Strides Pharma Science Ltd has informed that the Management Committee of the Board of Directors of the Company in their meeting held on Thursday have allotted 1,50,830 equity shares of face value of Rs10/- each to Karuna Business Solutions LLP (Warrant Holder) upon conversion of equivalent number of warrants to equity shares.
  • These shares shall rank in pari passu with the existing equity shares of the Company in all respects, the company said in a regulatory filing. Read More

Bank of Maharashtra raises Rs710 crore through perpetual, callable bonds

Published on: 12:19 pm

  • The state-owned Bank of Maharashtra (BoM) raised Rs710 crore in bonds to fund commercial expansion. The Rs710 crore fund was raised using Basel III-compliant Additional Tier 1 (AT1) bonds (with a green shoe option of Rs610 crore) at a coupon rate of 8.74%.
  • The issuance received a tremendous reaction from investors, with subscriptions exceeding ten times the amount of the original issue of Rs100 crore. Read more

ITC to pursue "asset-right" strategy in its hotel business

Published on: 12:09 pm

  • ITC Ltd. would follow an "asset-right" strategy for its hotel division to guarantee that the diverse company remains competitive and current while delivering excellent performance.
  • The multi-conglomerate located in Kolkata, which operates hotels under brand names such as ITC and Welcome, also stated that it is looking into global markets for its hospitality industry.
  • The tourism and hotel industry is recovering from the epidemic, and the corporation will move forward with the demerger process and investigate other structures. Read more

C E Info Systems acquires stake in Nawgati Tech; Stock rises

Published on: 12:01 pm

  • C E Info Systems Limited has informed to the stock exchanges regading acquisition of stake in Nawgati Tech Private Limited.
  • As per the regultory filing, the company had earlier informed about acquisition of 3% stake in Nawgati Tech Private Limited by CCPS. 
  • In addition to this, it further announced that the said acquisition is completed and has acquired 342 shares of face value of Rs10 each for Rs1 crore in Nawgati Tech Private Limited. Read more

Recovery rate of insolvency cases resolved at NCLT stood at 30.6% in June quarter

Published on: 12:01 pm

  • According to research, insolvency case recoveries increased slightly from 26% in Q1 of the previous fiscal to 30.6% in Q1 of the current fiscal, although the number of insolvency cases filed/admitted increased by 23.5% during this time.
  • The total amount of financial creditors' acknowledged claims increased from Rs6,84,901.3 crore in March 2022 to Rs7,67,384.9 crore in June 2022, although the liquidation value of these cases remained essentially the same at Rs1,31,447.9 crore and Rs1,31,468.6 crore, respectively. According to a Care Ratings research, the realisable value of financial creditors (FCs) increased from Rs2,25,293.8 crore to Rs2,35,093.6 crore, or 32.9 and 30.6 %, respectively. Better than the prior rate of about 26%, the overall recovery rate up to Q1FY23 was 30.6%. Read more

NDTV slumps ~5% on Adani Group fixing Oct 17 as Open Offer date

Published on: 11:58 am

  • NDTV dipped 5% in today’s trade soon after JM Financial filed a draft letter of offer (DLOF) on behalf of Adani entities with SEBI. The DLOF filed is for the proposed open offer of a 26% stake in NDTV.
  • At around 11.52 AM, NDTV was trading 4.99% lower at Rs468, against the previous close of Rs492.60 on NSE. So far, it hit an intraday high and low of Rs468.
  • The deadline for the public announcement of competing proposals is September 21, and assuming everything goes well, the bidding process for the open offer will begin on October 17.
  • The company wants to make a cash offer for up to 16,762,530 shares, representing a 26% interest, at a price of Rs 294 per share. Read more

RateGain’s PULSE Report insights: a booming Festive Season awaits Indian Travel Industry

Published on: 11:26 am

  • RateGain Travel Technologies, a worldwide SaaS supplier for travel and hospitality, has revealed forward-looking data centered on the demand for travel over the forthcoming holiday season in its newest edition of the PULSE report.
  • With India's economy expanding at its sharpest rate in the April-June quarter and pricing limitations on airline tickets lifted, demand for travel remains robust, outlined the report.
  • Instead of focusing on worldwide patterns from the previous month, the newest version of the PULSE study focuses on the next three months of travel demand to and from India. Read more

Coal India hopeful of achieving its FY23 H1 production target

Published on: 10:57 am

  • If heavy rains this month do not significantly disrupt its mining sites, state-owned Coal India Ltd. (CIL) will achieve its FY23 H1 production target of 306 million tonnes.
  • CIL produces more than 80% of domestic coal.
  • In just five months and four days of the current fiscal year, Coal India's output grew by 44.6 million metric tons (as of September 4).
  • The firm's progressive production reached 259.6 MT on September 4, up from 215 MT on the same date the previous year. Read more

Early trade sees decrease in gold and silver prices

Published on: 10:51 am

  • Early on Thursday, gold and silver prices fell. 10 grams of gold was trading for Rs50,620, down Rs540. Silver is now retailing at Rs52,800 per kg, down Rs1,100 from its previous price.
  • Ten grams of 22-carat gold are currently going at Rs46,400, down Rs500 from yesterday. The price of 10-gram pieces of 24- and 22-carat gold in Mumbai and Kolkata is Rs50,620 and Rs46,400, respectively. The price per 10 gm of 24- and 22-carat gold in Delhi is 50,770 and 46,550 rupees, respectively. Read more

Zydus achieves positive Proof-of-Concept in its Phase 2 clinical study of ZYIL1

Published on: 10:50 am

  • Zydus Lifesciences Limited (previously Cadila Healthcare Ltd.), a global Lifesciences business focused on the discovery, announced that it has achieved a favourable Proof-of-Concept in its Phase 2 clinical trial of ZYIL1.
  • CAPS is an orphan illness caused by NLRP3 activating mutations and is a rare, life-long auto-inflammatory disorder. Chronic inflammation caused by IL-1beta secretion causes urticaria-like rash, fever, arthralgia, and an elevated risk of amyloidosis in CAPS patients.
  • Sensorineural hearing loss, migraine, headache, aseptic meningitis, and myalgia are other common neurological problems in CAPS patients. The most severe form of CAPS, Neonatal Onset Multisystem Inflammatory Disease (NOMID), has been linked to bone abnormalities and neurological deficits. Read more

DJ Mediaprint & Logistics stock hits 10% upper circuit after securing order from HUL

Published on: 10:49 am

  • DJ Mediaprint & Logistics Limited stocks hit 10% upper circuit on Thursday's early morning session after receipt of work order from Hindustan Unilever Limited (HUL).
  • As per the filing, it is informed that the Company has secured orders from Hindustan Unilever Limited (HUL) for Scanning and Digitization of records.
  • "This gives a major boost to the company to operate and penetrate in its regional markets", the company said in a regulatory filing on Wednesday.Read More

ZippMat raises $10 million in debt and equity funding

Published on: 10:47 am

  • ZippMat, a construction supply chain service platform, has secured $10 million in an equity and loan round headed by Matrix Partners India.
  • Investment firm Zephyr Peacock also contributed to the equity fundraising, while HDFC Bank and TradeCred contributed to the debt financing.
  • The additional investment will be used by the Bengaluru-based firm to expand its user base, digitize the supply chain, bring in product innovation, and expand its workforce from the existing 25 workers.
  • The debt component will allow the firm to supply contractors with working capital solutions. Read more

Gangwal family to sell 2.8% stake in Indigo

Published on: 10:37 am

  • The family of IndiGo co-founder Rakesh Gangwal is attempting to sell a block transaction on a 2.8 % interest in InterGlobe Aviation, the holding firm that controls IndiGo airlines.
  • A block offer was announced for the sale by Morgan Stanley, one of the investment banks overseeing the sale of the Gangwal family's share in InterGlobe. 10.8 million shares belonging to the Gangwal family have been put for sale for Rs19.96 billion as part of the block deal, the investment bank announced in a statement to the stock markets. Read More

Evolve raises Rs 3 crore in funding

Published on: 10:36 am

  • Rajesh Ranavat, executive director of Fund Strategic Holdings, led a Rs 3 crore fundraising round for mental health startup Evolve.
  • Dineout founders Ankit Mehrotra and Nikhil Bakshi, as well as senior global executives from Meta and McKinsey, took part in the round.
  • Evolve, launched in 2020 by Anshul Kamath and Rohan Arora, has over 250,000 users worldwide. The software and its proprietary UI provide users with a virtual safe place as well as personalized, evidence-based therapies to help them improve their mental health. Read more

Indian Hotels' stock has increased by 109% over its December 2021 rights issue price

Published on: 10:31 am

  • Indian Hotels Company (IHCL) shares increased by about 3% on the BSE in Wednesday's quiet market, reaching a record high of Rs313.70. The company's stronger business prospects brought on the increase.
  • As opposed to the S&P BSE Sensex's 0.87 % during the previous week, the stock of the Tata Group company has increased by 10%. IHCL has outpaced the market over the last three months, rising 35% vs a 7% increase in the Sensex. Additionally, it has increased by 65% over the past six months compared to the benchmark index's rise of 12%. Read more

Linc shifts production facility from Falta SEZ to other facilities; Stock dips 1.5%

Published on: 10:26 am

  • Linc Ltd informed to the exchanges that it has shifted its production facility from Falta SEZ to the other two manufacturing units of the Company at Serakole, West Bengal and Umbergaon, Gujarat.
  • "The shifting will not have any impact on the production capacity of the Company", Linc said in a regulatory filing on Wednesday.
  • On Thursday, at around 10:23 AM, Linc was trading at Rs285 per share lower by 1.52% on the BSE. Previously, the scrip ended at Rs289.40 per share. Read more

Venture Catalysts collaborates with Credai

Published on: 10:26 am

  • To invest in real estate companies, the Confederation of Real Estate Developers' Associations of India (Credai) and startup incubator and accelerator Venture Catalysts have teamed together.
  • The fund will invest in early- to growth-stage firms that serve all major real-estate categories, including residential, commercial, institutional (hotels, schools, and hospitals), and industrial (warehouses, factories). Read more

Sona Comstar achieves milestone of 1,00,00 EV traction motor production

Published on: 10:23 am

  • Sona BLW Precision Forgings (Sona Comstar), one of India's premier automotive technology businesses, has produced 100,000 electric vehicle traction motors. Company’s in-house R&D team created and developed the EV traction motors, which went into production in 2020.
  • In November 2020, the company began manufacturing these indigenous traction motors at the Chennai factory. While the company took 17 months to achieve 50,000 in total output, it managed to double it in just four months.
  • We appreciate our consumers' continuous faith in our products. We reiterate our commitment to inventing and providing our selective consumers with cutting-edge technologies, stated company in media reports. Read more

Goyal launches SETU initiative

Published on: 10:16 am

  • Piyush Goyal, the Commerce and Industry Minister, has launched a program called SETU (Supporting Entrepreneurs in Transformation and Upskilling) to connect Indian companies with US-based investors.
  • SETU is designed to eliminate the geographical barrier between US mentors who are eager to invest in entrepreneurship and emerging firms in India. Read more

Telecom industry to reach landmark revenue of Rs10 lakh crore by 2023: Report

Published on: 10:07 am

  • The telecom industry is set to cross the Rs 10 lakh crores landmark in 2023 and by 2025 is expected to cross Rs13 lakh crore with 5G services expected to go live by the end of 2022 and scaling to several cities and towns of the country in 2023 and beyond, as per a report by tech consultancy Techarc.
  • The report titled, “India Smartphone-Big Picture 2025” outlines the outlook, key trends and challenges that are expected to be faced by the smartphone industry in India and is based on the analyses done by Techarc along with interactions done with the ecosystem leadership representing the smartphone OEMs, channel partners, component suppliers and other key enablers of the smartphone industry in India.
  • “Smartphones will continue to be the jewel of the telecom industry in India even as 5G goes commercially live in India anytime now. While 5G is poised to improve the overall health of the telecommunications sector, the significance of the smartphones industry is only going to embolden in the 5G era,” Faisal Kawoosa, Chief Analyst Techarc said at the fourth anniversary of Techarc where the special edition report was launched. Read more

Infosys enters five-year agreement with Spirit AeroSystems for co-innovation

Published on: 10:02 am

  • Infosys Limited, a worldwide leader in next-generation digital services and consultancy, announced a five-year deal with Spirit AeroSystems, Inc., one of the world's major makers of commercial airplanes, defense platforms, and business/regional jets.
  • Infosys will work with Spirit AeroSystems to deliver aerostructure and systems engineering services for commercial, business jet, and emerging aircraft product development, as well as Maintenance, Repair, and Overhaul (MRO) services.
  • This strategic alliance builds on the two companies' 16-year engagement, during which Infosys has delivered creative design solutions for some of Spirit's aerostructure products. Read more

Pepsico collaborates with Airtel to offer recharge coupons for beverage brands

Published on: 10:00 am

  • PepsiCo India has collaborated with Bharti Airtel to offer mobile recharge coupons to customers who purchase packaged bottles of its various beverage brands, including Pepsi, Mountain Dew, 7UP, Mirinda, Slice, and Tropicana.
  • However, with each purchase, buyers could receive Airtel recharge coupons worth Rs10 to Rs20, and the coupon number will be written on the reverse side of the packaged bottle labels. Read more

Vivo aims to increase its exclusive store count in India to over 650 this year

Published on: 9:57 am

  • By the end of this year, smartphone manufacturer Vivo India aims to have over 650 exclusive stores across the country.
  • Currently, the company owns more than 600 exclusive outlets and more than 20 experience centers across the nation.
  • Recently, the firm inaugurated its first experience center in Gurgaon, which was opened by Haryana's government. Read more

Aditya Vision expands its showroom market in Jharkhand; Stock sheds 1.6%

Published on: 9:49 am

  • Aditya Vision Limited stocks in focus today as the company announced the opening of its 88th showroom in Jharkhand on wednesday.
  • As per the regulatory filing, the company has opened its 88th Showroom at S.S.Tower, Purulia Road, Dangra Toli, Ranchi, Jharkhand-834001.
  • At around 9:49 AM, Aditya Vision was trading at Rs1370 per share lower by 1.67% on the BSE. Read more

Adani Group to construct three gigafactories

Published on: 9:42 am

  • Adani Group, a port-to-power conglomerate, plans to establish three gigafactories to produce solar panels, wind turbines, and hydrogen electrolyzers as part of a $70 billion investment in sustainable energy by 2030.
  • Adani Group is improving its investments across the green energy value chain to become the world's leading producer of renewable energy by 2030. 
  • Additionally, the factories will contribute 45 GW of renewable energy capacity to the Adani Group's existing 20 GW capacity, as well as 3 million tons of hydrogen. Read more

Markets rally on broad-based buying; Sensex tops 500 pts; RIL, TCS, Infosys drive

Published on: 9:39 am

  • Indian markets kick-started Thursday's trading session on a bullish note led by positive global cues. Benchmarks Sensex made a stellar upside by adding more than 500 pts in early deals, while Nifty 50 also added nearly 135 points. The Mid Cap and SmallCap stocks outperformed and added half a percent each. Meanwhile, banking and IT stocks led the bull charge with significant contributions made by auto, power, financial and metal stocks in the winning streak.
  • Auto stocks are in focus as the total vehicle retail for the month of August 2022 saw a robust growth of 8% yoy. Two-wheeler sales rises by 8.5% at 10,74, 266. Also, Three-wheeler sales jump by 83% yoyto 56,313, as per data released by FADA.
  • At around 09:36 AM, Sensex was trading at 59,427.2 higher by 398.51 points or 0.68%. Nifty 50 performed at 17,742.90 up by 118.50 points or 0.67%. Read more

Wipro unveils co-creation space in Brazil focused on ServiceNow

Published on: 9:28 am

  • Wipro Limited, a prominent provider of technology services and consulting, has announced the introduction of the @nowStudio in Brazil. The centre is intended to speed up clients' digital journeys and improve the ServiceNow developer and user community. This is the second @nowStudio that has been launched as part of Wipro's worldwide strategy.
  • The area is part of Wipro's newest office in So Paulo, which is housed in the EZ Towers building in the state capital's south zone. The @nowStudio uses the ServiceNow Platform's digital workflows and optimised procedures to give customised services and solutions to businesses in a number of sectors.
  • The location will be frequented by the community of developers, partners, and consumers, directly contributing to the certification of new experts, improving skills, developing innovative solutions, and driving the two organizations' local operations. Read More

HDFC Bank increases its MCLR by 10 basis points

Published on: 9:22 am

  • With effect from September 7, the biggest private sector lender in the nation, HDFC Bank, raised its marginal cost of funds-based lending rate (MCLR) by 10 basis points (bps). The Reserve Bank of India (RBIsix-member )'s rate-setting committee raised the benchmark repo rate by 50 basis points to 5.40 %, resulting in the second rate increase by the private sector lender in just two months.
  • The current range of the MCLR at HDFC Bank is 7.90 to 8.40 %. The MCLR for the overnight and one-month periods is 7.90%. The MCLR for the first three months is 7.95%, while the MCLR for the first six months is 8.05%. The rates for one year, two years, and three years are 8.20%, 8.30%, and 8.40%, respectively.
  • Just after the repo rate increase last month, the lender increased its MCLR across all loan tenures by 5–10 basis points (bps). Since May, the repo rate has been raised by 140 bps in an effort to reduce headline inflation, which has long been close to the RBI's tolerance level. Read More

Dr Reddys Laboratories to launch Lenalidomide Capsules in the U.S. Markets

Published on: 9:21 am

  • Dr Reddys Laboratories announced the introduction of Lenalidomide Capsules in the United States, a therapeutic comparable generic version of REVLIMID (lenalidomide) Capsules approved by the United States Food and Drug Administration (USFDA).
  • Dr Reddys is eligible for first-to-market, 180-day generic medication exclusivity for Lenalidomide Capsules in 2.5 mg and 20 mg strengths with this volume-limited launch.
  • In order to satisfy all remaining claims in its case, Celgene agreed to provide Dr Reddys a license to distribute volume-limited amounts of generic lenalidomide capsules in the United States. Read More

Schneider Electric Infra board approves expansion project worth Rs138 crore; Stock gains 2.5%

Published on: 9:18 am

  • The Board of Directors of Schneider Electric Infrastructure Limited at their meeting held on September 6, 2022, have considered and approved, enhancing the production capacity of Vacuum Interrupters & Vacuum Circuit Breakers by setting up a manufacturing unit in Kolkata, the company informed.
  • As per the regulatory filing, the existing capacity of 80k MV Vacuum Interrupters is at ~90% capacity utilization. The capacity will be increased by 180k MV Vacuum Interrupters and MV Vacuum Circuit Breakers assembly lines at an outlay of Rs138 crore or 1380 MINR to be incurred over a period of 3 years. The funding will be done through internal accruals and/or borrowings, the company further added. Read more

Jyothy Labs increases stake in Jyothy Fabricare Services to 100%

Published on: 9:17 am

  • The Board of Directors of Jyothy Labs Limited at its meeting held on Wednesday have approved proposal to accept 32,40,000 equity shares of Rs10/- each from K. Ullas Kamath and 10,000 equity shares of Rs10/- each from Gayathri Kamath of Jyothy Fabricare Services Limited (JFSL).
  • In a regulatory filing, the company said on Wednesday, "By virtue of this transaction, the Company's shareholding in JFSL has increased from 84.18% to 100% and accordingly JFSL has become the Wholly Owned Subsidiary of the Company."
  • JFSL was incorporated on March 18, 2008 and is engaged in the Laundry and Dry-Cleaning Service Business. Read More

Spandana Sphoorty Financial board approves issue of NCDs for Rs60 crore

Published on: 9:16 am

  • The Management Committee of the Board of Directors of Spandana Sphoorty Financial Limited at its meeting held on Wednesday, September 07, 2022 has considered and approved the fund raising proposal.
  • As per the filing, the Board of Directors appoved the issuance of 400 (Four Hundred) Secured, Senior, Redeemable, Transferable, Listed, Principal Protected, Market Linked, Rated, Non-Convertible Debentures of face value of Rs. 10,00,000/- (Rupees Ten Lakhs only) each, aggregating up to Rs. 40,00,00,000/- (Rupees Forty Crores only) on a private placement basis with a green shoe option up to Rs20,00,00,000/- (Rupees Twenty Crores only) in the form of Secured, Senior, Redeemable, Transferable, Listed, Principal Protected, Market Linked, Rated, Non-Convertible Debentures of face value of Rs10,00,000/- (Rupees Ten Lakh only) each on private placement basis. Read More

IRCTC successful bidder in Rs229.11 crore e-auction for Commercial Built-up space

Published on: 9:16 am

  • Indian Railway Catering and Tourism Corporation (IRCTC) has emerged as the successful bidder in the e-auction held on September 9, 2022, for unit no. D-200 & D-300 in Tower-D at WTC Nauroji Nagar, New Delhi.
  • IRCTC is requested to deposit the 2nd installment payment within 72 hours of the close of the e-auction.
  • The company was asked to deposit 10% of the highest bid price. Read more

Axis Bank to collaborate with PayNearby to increase lending to key sectors

Published on: 9:08 am

  • A top executive of Axis Bank stated that such alliances will help the private lender achieve its lending goals for key sectors on Wednesday as the company announced a collaboration with branchless banking network PayNearby.
  • If there is a gap in meeting our own company's priority sector objectives, we must make up the difference using PSLCs (priority sector lending certificates) or another method. It is making sure we comply with the bank's criteria," said Munish Sharda, group executive and head of Bharat Banking. Read more

Government asks banks to accelerate opening of vostro accounts

Published on: 8:47 am

  • On Wednesday, the Reserve Bank and the Finance Ministry invited bank executives and representatives of trade associations to promote rupee-based export and import operations.
  • Sources added that during the conference, it was emphasized that banks should interact with their international counterparts to create special rupee vastro accounts to allow cross-border trading in Indian currency rather than the more common manner of the dollar. Read more

Sterlite Power's transmission lines in Gujarat become operational

Published on: 8:41 am

  • Gujarat's 400kV Banaskantha, Kansari, and Vadavi Transmission Lines have been put into service by Sterlite Power's Mumbai Urja Marg Transmission Ltd (MUML).
  • According to a business statement, the high voltage transmission line would aid in the transfer of about 1000 MW of renewable energy from the pooling station at Bhuj in northern Gujarat to the national grid.
  • Furthermore, the transmission line, which was completed four months earlier than expected, would greatly increase the state's available power transmission capacity, increasing it from 9300 MW to 11200 MW. Read More

Markets look set to begin the day on a positive note

Published on: 8:40 am

  • Indian equity markets look set to start the day today on a positive note. Most other Asian markets have opened in green. US markets closed yesterday on a positive note. SGX Nifty is up by 0.69% since morning. Oil prices came down below $90 per barrel yesterday. This happened because of expected exacerbation of global economic slowdown in the coming days. 
  • US markets bounced back from oversold territory as markets now already discount Federal Reserve’s expected move on interest rate at the end of September. Dow Jones gained over 430 points. Nasdaq climbed over 240 points. Oil prices fell to lowest since December 2021 as demand contraction saw fall in prices. US dollar also saw profit booking after hitting 24 year highs versus Euro to close at the index level of 109.45 Read more

SBI and BoM sell AT1 bonds worth over Rs7,500 to meet rising credit demand

Published on: 8:37 am

  • Together, State Bank of India (SBI) and the Bank of Maharashtra (BoM) generated Rs7,582 crore through perpetual bond offerings, preparing for increased credit demand as the recovery gains momentum.
  • The Pune-based bank raised Rs710 crore while the nation's largest lender raised Rs6,872 crore at 7.75%. On Wednesday, bids were accepted for bond sales.
  • According to reports, private banks including Axis Bank, ICICI Bank, and Kotak Mahindra Bank purchased those extra tier 1 (AT-1) SBI bonds since they had the best spread compared to government bonds of a comparable term. Read More

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