Latest News and Updates

09th Sep, 2022

Lupin launches Generic Suprep Bowel Prep Kit in US

Published on: 3:15 pm

  • Lupin Limited has announced the launch of Sodium Sulfate, Potassium Sulfate and Magnesium Sulfate Oral Solution, 17.5 g/3.13 g/1.6 g per 6 ounces, having received an approval from the United States Food and Drug Administration (USFDA).
  • As per the pregulatory filing, Sodium Sulfate, Potassium Sulfate and Magnesium Sulfate Oral Solution, 17.5 g/3.13 g/1.6 g per 6 ounces is a generic equivalent of Suprep Bowel Prep Kit Oral Solution, 17.5 g/3.13 g/1.6 g per 6 ounces, of Braintree Laboratories Inc. Read more

Mahindra & Mahindra reveals first electric SUV ‘XUV400’

Published on: 3:03 pm

  • Mahindra & Mahindra, India's largest SUV manufacturer, on the eve of World EV Day, ripped the covers off the entertaining and fast XUV400 electric SUV for personal automobile consumers willing to embrace the future.
  • The XUV400 is the first EV from Mahindra to have the twin peaks emblem with a matte copper finish, giving it a distinct presence on the road. It is part of the Mahindra EV famous brand XUV, which was recently unveiled in the UK.
  • The XUV400 is a large electric SUV with cutting-edge technology, strong features, and exciting performance. Read more

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CRISIL upgrades rating of Safari Industries’ bank facilities worth Rs150 crore; stock slips ~1%

Published on: 2:57 pm

  • Safari Industries Limited informed that the rating agency CRISIL Ratings has upgraded the ratings assigned to the bank facilities of the company.
  • CRISIL has upgraded long-term ratings to ‘CRISIL A’ from the existing ‘CRISIL A-’. While it has revised the outlook to ‘Stable’ from ‘Positive’.
  • Company’s short-term rating has been upgraded to ‘CRISIL A1’ from the existing ‘CRISIL A2+’.
  • The bank facilities include fund-based facilities from Axis Bank, Citi Bank, HDFC Bank, IndusInd Bank, and non-fund-based limits from Axis Bank. Read more

Ind Ra assigns Punjab National Bank's AT1 Bonds 'AA+/Stable', affirms existing ratings

Published on: 2:44 pm

  • India Ratings and Research (Ind-Ra) affirms ratings on Punjab National Bank (PNB) credit facilities.
  • Long term ratings has been affirmed at "IND AAA/Stable" while short-terem ratings affirmed at "IND A1+."
  • The rating agency assigned rating to AT1 bonds at "IND AA+/Stable."
  • According to the rating agency report, the Long-Term Issuer Rating factors in PNB’s systemically important position and the likelihood of the bank continuously receiving the support from the government of India (GoI). Read more

Trident announces additional 25% discount offers exclusively for its shareholder

Published on: 2:34 pm

  • Celebrating the 1st Anniversary of mytrident.com, an e-commerce website of the home brand of Ludhiana-based textile giant, Trident Group has announced additional discount of 25% applicable on the existing sitewide offers for its Shareholders on all its products on mytrident.com.
  • Establishing a stronger foothold among its patrons, the brand has emerged as a one-stop solution provider for home décor by launching rugs,TOB, cushions and more. This special offer will be valid till 11th September, 2022.
  • The company said, "Blended with fun, vivid, and modern aesthetic for a vibrant every day, the collection caters to our daily household needs. The website has been designed primarily to help customers transition from offline to online, so that they shop at best prices, without having to deal with hassles of driving and parking, thus saving time." Read more

Karur Vysya Bank inaugurates new personal banking branch in Hyderabad

Published on: 2:32 pm

  • Karur Vysya Bank, which has been expanding year on year, inaugurated its first High Net Worth   Individuals (HNI) Branch opened in Banjara Hills, Hyderabad, yesterday. This will be the 792nd branch that will only deal with retail assets and personal banking services. As part of its retail banking services, this branch will accept deposits and provide loans.
  • The newly inaugurated branch is located at H. No. 8-2-269/10, Plot No. 2/A, Ground Floor, Trendset Towers, Road No. 2, Banjara Hills, Hyderabad – 500034.
  • Sunil Narang, MD, AMB Cinemas, inaugurated the branch, and Namrata Shirodkar, Director, AMB Cinemas, lit the auspicious lamp. Read more

Aurionpro acquires majority stake in Toshi Automatic Systems; stock surges ~2%

Published on: 2:00 pm

  • Aurionpro Solutions Limited announced the completion of the acquisition of a majority stake (51%) in Toshi Automatic Systems (TAS).
  • TAS is a Delhi-based company that provides innovative products and solutions in the Mass Transit, Industrial, and Public Safety segments.
  • Aurionpro has placed itself as a major worldwide provider of next-generation solutions in the Mass Transit arena, and this purchase will considerably strengthen its capabilities to be a fully integrated end-to-end provider across the value chain. Read More

India is "a bright spot" in the world economy, says IMF chief

Published on: 1:54 pm

  • The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, stated on Thursday that India's economy remains a bright light despite global uncertainties and challenges.
  • The IMF restated its support for India's bid for the 2019 G-20 presidency, which she announced during her meeting with Finance Minister Nirmala Sitharaman. According to a series of tweets from the Finance Ministry, both presidents were concerned about major cross-border repercussions caused by the geopolitical environment, tighter financial conditions, and big downside threats to the global economy.
  • Sitharaman and Georgieva acknowledged that low-income nations have been particularly affected by the effects of rising global inflation brought on by increases in food and energy costs as well as by international debt. The Finance Minister emphasized the need of guaranteeing everyone's access to energy security. Read more

Lyra gets payment aggregator license from RBI

Published on: 1:50 pm

  • Reserve Bank of India (RBI) granted a Payment Aggregator licence to Lyra Network Private Limited, a fintech and paytech solutions platform.
  • According to Rajesh Desai, co-founder, CEO, and MD of Lyra Network India, the Indian fintech industry is constantly evolving with new trends and technologies. Recognized as the fastest and safest online payment solution provider, Lyra intends to help India transition from a less cash-dependent economy to a cashless one by providing solutions that will increase the penetration of digital payments across the country. Read more

Central government and the state governments must work together to bring inflation down, says FM

Published on: 1:36 pm

  • States and the federal government must work together to combat inflationary pressure, according to finance minister Nirmala Sitharaman. In a conference on taming inflation sponsored by the Indian Council for Research on International Economic Relations, Sitharaman said, "Now, if states' inflation is also to be ascribed to the government of India, we need to establish a mechanism in which we work together to tackle inflationary concerns" (ICRIER).
  • According to her, there have been several conversations regarding the devolution of taxable income, and similarly, there are sufficient grounds to comprehend how governments likewise control their inflation. Read more

Rain Industries stock tumbles 7% as the subsidiary temporary closes unit in Europe

Published on: 1:22 pm

  • Rain Industries stock tumbles over 8% as its wholly-owned subsidiary Rain Carbon Inc announced that it has temporarily closed an operating unit in Europe and is developing additional energy-related contingency plans for its other European production units.
  • The temporary closure of unit is in anticipation of potential natural gas shortages and price spikes during the upcoming winter months resulting from the unprecedented and unpredictable geopolitical environment, the company said in a regulatory filing.
  • “As Europe is witnessing severe natural gas situation, the expected decrease in consumer demand during the cold winter months for certain products and the risk of continued rise in gas prices we have conducted a thorough analysis of the energy-intensity of each production unit at our European plants and are closely evaluating whether it makes economic sense to temporarily reduce or shut down additional production lines in the event the situation worsens,” said Gerry Sweeney, President of Rain Carbon. Read more

Zydus Lifesciences acquire rights to market MonoFerric injections in India and Nepal

Published on: 1:12 pm

  • Zydus Lifesciences Ltd., a worldwide life sciences company focused on innovation, announced that it has acquired the rights to sell MonoFerric in India and Nepal from Pharmacosmos A/S based in Denmark.
  • MonoFerric, iron isomaltoside 1000 injection/infusion solution, is a fast, single dose IV iron (up to 20 mg/kg body weight) created to minimise the number of infusions needed to accomplish iron correction while maintaining a strong safety profile.
  • MonoFerric is used to treat iron deficiency in adults when oral iron preparations are inefficient or cannot be administered, or when there is a clinical requirement for iron to be delivered quickly. MonoFerric is accessible in over 30 countries, including the United States and Europe, and more than 28 million doses have been provided since its introduction. Read more

Adani Group receives modest response for ACC and Ambuja Cement open offer

Published on: 12:54 pm

  • Adani Group's launch of Rs31,000 crore open offer for acquisition of 26% stake in ACC and Ambuja Cement have received modest response from investors so far. The open offer by the Gautam Adani-owned conglomerate to buy 26% of public shareholders in the two cement makers, was started on August 26 and will close on September 9 i.e. on Friday.
  • Out of the 4.9 crore ACC shares that the Adani Group offered to buy, 25.31 lakh shares were tendered as on Thursday. This amounts to 5.17% of the shares that it is prepared to buy. For Ambuja Cement, 5.66 lakh shares, or 0.11% of the company's shares, were tendered as on September 8.
  • According to the shares tendered yesterday, Adani Group will have to shell out Rs604 crore for the open offers from the Rs31,140-crore they had set aside. Read more

Bharat Biotech's nasal Covid vaccine gets approval

Published on: 12:41 pm

  • India now has access to the most recent immunization method, which has been hailed as a game-changer in the treatment of the disease, with the introduction of Bharat Biotech's nasal vaccine against Covid-19.
  • The Indian pharma regulator has given the nasal vaccine made by Bharat Biotech, known as iNCOVACC, permission for "Restricted Use in Emergency Situation" in those 18 years of age and older. Nasal drops can be used to deliver intranasally using iNCOVACC, which has been specially formulated to do so. According to the Hyderabad-based company, the nasal delivery device has been built to be affordable in low- and middle-income nations.
  • The World Health Organization (WHO) stated last month that the current generation of vaccinations was created with the intention of preventing serious illness and death and that they have been successful in doing so, saving millions of lives. They haven't, however, significantly lessened transmission. New and hazardous strains of the virus are developing as it spreads extensively, some of which are reported to decrease the effectiveness of immunizations. Read more

SEBI asks pharma companies to share price-sensitive details: Report

Published on: 12:29 pm

  • The Securities and Exchange Board of India (SEBI) has discovered some details from several pharma major companies on public disclosures that are stock price sensitive. The enquiries are part of the capital market regulator's checks on these companies' disclosure practices and whether the pharma entities have promptly disseminated such information.
  • According to the report published on "The Economic Times" the Capital market regulator has asked these companies the details of disclosures made regarding new drug launches, pending patents, sourcing of input materials and new collaborations entered and other details, said the sources having direct knowledge of this matter. Read more

In early trade, gold and silver prices rise

Published on: 12:28 pm

  • Early on Friday, gold and silver prices increased. 10 grams of Gold (24-carat) was trading for Rs50,890, up Rs270. Silver's price increased by Rs 1,400 per kilogram, reaching Rs54,200.
  • Ten grams of 22-karat gold are now selling for Rs46,650, an increase of Rs250. In Mumbai and Kolkata, 10 kilos of 24-carat gold cost Rs50,890, while 10 grams of 22-carat gold cost Rs46,650. Currently, Delhi is charging Rs51,040 and Rs46,800 per 10 gm for 24- and 22-carat gold, respectively. Read More

Tata Motors to launch electric Tiago

Published on: 12:24 pm

  • Later this month, listed Indian multinational automaker Tata Motors will introduce the electric version of its entry-level model Tiago, becoming the third EV it has produced after the Nexon and Tigor.
  • Currently, Xpres T serves the fleet industry, while Nexon EV and Tigor EV serve the personal segment. Read more

UK’s longest-serving Monarch for 70 years, Queen Elizabeth II, dies at 96

Published on: 12:19 pm

  • Queen Elizabeth II, the United Kingdom's longest-reigning queen for 70 years, died on Thursday at Balmoral Castle in Scotland. She died at the age of 96.
  • Her death puts an end to the longest reign in British history, as well as one of the longest reigns by any head of state.
  • According to Buckingham Palace, she rested eternally at Balmoral Castle, her summer residence in Scotland, where royal family members turned to her aid as her condition deteriorated. Read more

Early trading saw rupee rise 8 paise to 79.61 / $

Published on: 12:17 pm

  • In early trading on Friday, the rupee strengthened 8 paise to 79.61 against the US dollar, following the dollar's decline against its major peers and foreign fund inflows. The domestic unit began trading at 79.66 against the dollar on the interbank foreign exchange, touching 79.61 in early deals, gaining 8 paise from its previous close.
  • The rupee gained 26 paise on Thursday to settle at a week-high of 79.69 versus the dollar. As markets processed yet another hawkish Fed statement, the dollar index, which measures the strength of the dollar against a basket of six currencies, dropped 0.72 % to 108.92.
  • Jerome Powell, the chairman of the US Federal Reserve, declared on Thursday that he is "fully committed" to battling inflation. The European Central Bank increased its benchmark interest rates by a record-breaking 75 basis points in the meanwhile. Read more

Apple to start assembling iPhone 14 in India

Published on: 12:11 pm

  • Apple will begin producing the iPhone 14 in India next quarter, which will be the country's fastest-ever local production launch in India.
  • By December, it anticipates that the Made-in-India products will be offered for purchase.
  • They'll be made at the Foxconn facility close to Chennai. Read more

Vodafone Idea stocks in focus as Centre plans to acquire its stake after price stabilizes

Published on: 12:06 pm

  • Vodafone Idea Limited (VIL) stocks in focus on Friday's trading session after the announcement that the government will acquire a stake in debt-ridden telecom firm.
  • Accordingly, the telecom-industry has decided to opt for converting about Rs16,000 crore of interest liability payable to the government into equity which will amount to around 33 % stake in the company while promoters' holding will decline to % from 74.99%.
  • Notably, the Central Government will acquire th stake after the share price of the company stabilises at Rs10 or above. The board of Vodafone Idea has offered a stake to the government at a par value of Rs 10 per share. Also, the finance ministry had cleared the proposal to acquire stake in VIL in July. Read more

Ayekart raises $5.5 million in funding 

Published on: 11:59 am

  • Fintech platform for businesses in the agri-food value chain and farmers Ayekart is a firm that was established in December 2020 to assist traditional businesses involved in agriculture and food to digitise their operations, obtain financing, and manage their supply chain.
  • Ayekart has raised $5.5 million in investment, which is made up of equity and loans from Siply and corporate lender Caspian Debt. Read more

European Central Bank raises interest rate by 0.75%

Published on: 11:54 am

  • Following the U.S. Federal Reserve and other central banks in a global frenzy of swift rate rises intended to snuff out record inflation that is pinching consumers and driving Europe toward recession, the European Central Bank raised interest rates to their highest level ever on Thursday.
  • The bank's 25-member governing council increased its important criteria for the 19 nations that utilize the euro by unprecedented three-quarters of a percentage point. Since the introduction of the euro in 1999, the ECB has never lifted its benchmark rate for bank lending by three-quarters of a point. Rate changes are typically one-quarter of a point. Read more

Blackstone is planning the IPO of Nexus Malls

Published on: 11:51 am

  • Blackstone Inc. is aiming to file as soon as next month an initial public offering (IPO) of its Indian shopping mall unit. The IPO may garner approximately $500 million.
  • A real estate investment trust will list in Mumbai, and the private equity group has been recruiting advisors.
  • Blackstone's Nexus Malls unit, which holds the Indian retail portfolio, may be worth roughly $2.5 billion. As early as 2023, the REIT could be listed. Read more

Tanla Platforms' to do Rs 170 crore share buyback

Published on: 11:48 am

  • On September 8, Tanla Platforms announced that its board has authorized a plan to repurchase shares for Rs 170 crore through a tender offer at a price of Rs 1200 per share. The record date for eligibility, according to the corporation, will be disclosed later.
  • Tanla Platforms stock rose 5% to close at Rs836.35 per share on the BSE, sending shares of the company higher. Its stock, which has increased more than 15% during the previous five trading days thanks to the repurchase plan, is down 54% for the year. Read more

Dunzo Daily’s delivery executives on strike; operations under halt

Published on: 11:40 am

  • Dunzo’s quick commerce activities under Dunzo Daily have come to a standstill in Bengaluru, its largest market, for the last two days as its delivery executives have gone on strike to oppose modifications to its delivery policy, according to sources.
  • As of Thursday afternoon, Dunzo Daily, the 20-minute delivery service, was still unavailable in many parts of Bengaluru. "Dunzo Daily will be back in a while," flashed on its app.
  • Dunzo Daily’s operations had a severe impact in the last two days following the protests by its delivery executives at its office premises in Bengaluru, stated sources. However, later it managed to regain its operations partially in certain areas of Bengaluru. Read More

Lido Learning files for bankruptcy

Published on: 11:37 am

  • The edtech company Lido Learning, which had previously considered the possibility of merging, has started bankruptcy proceedings as it struggles to pay its former employees and teachers due to financial difficulties.
  • At the company's extraordinary general meeting, the board decided to apply Section 10 of the Insolvency and Bankruptcy Code, as per the documents submitted to the Ministry of Corporate Affairs (MCA). Read more

YES Bank's shares up 35% in the past three months

Published on: 11:35 am

  • In Thursday's intraday session, shares of YES Bank reached a 20-month high of Rs18, up 4% on the BSE thanks to robust activity. The private sector lender's stock has increased 35% over the last three months due to an improved outlook. The S&P BSE Sensex, on the other hand, has increased by 8.4% over the same time frame.
  • YES Bank has reached its highest point since January 2021 thanks to today's gains. The stock increased by 3% to Rs17.75 at 01:46 PM, outpacing the benchmark Sensex's 0.7% gain. With a combined 252 million equity shares passing hands on the NSE and BSE, the counter's average trading volumes increased by 1.8 times. Read more

Aprameya Engg files DRHP for IPO

Published on: 11:15 am

  • Aprameya Engineering, a medical equipment producer, has filed preliminary paperwork with capital markets regulator SEBI to raise funds via an initial public offering (IPO).
  • The IPO would consist of a fresh issue of up to 50 lakh equity shares of the firm, with no offer for sale (OFS) component, according to a draft red herring prospectus (DRHP) submitted with SEBI on Thursday.
  • The funds will be utilised for working capital and other company purposes. Read more

Devika Bulchandani to be Ogilvy's new Global CEO

Published on: 11:09 am

  • Devika Bulchandani has been promoted to the position of global CEO of Ogilvy less than two years after joining the company as its global president and CEO of North America. The success of the MasterCard advertising concept as a successful global corporation was greatly aided by "Dev," as she is known in the advertising community, who worked for McCann for more than 20 years.
  • At Oglivy, Bulchandani takes over from Andy Main, who, after stepping down as Global CEO, will serve as senior advisor till the end of 2022. In her new role, she will be responsible for the agency’s businesses across 131 offices in 93 countries across advertising, public relations, experience, consulting, and health. Read more

Hindustan Zinc incorporates wholly-owned subsidiary for fertilizers business

Published on: 10:53 am

  • Hindustan Zinc Limited has formed a wholly-owned subsidiary in the name and style of 'Hindustan Zinc Fertilisers Private Limited' on September 7, 2022 in the state of Rajasthan vide certificate of incorporation granted by Central Registration Centre, Manesar.
  • Hindustan Zinc Fertilisers Private Limited having an authorized share capital of Rs10,00,000/- divided into 1,00,000 equity shares of Rs10/- each.
  • The new wholly-owned subsidiary will carry on in India & elsewhere the business of manufacture, sale and dealing of multiple grades of nitrogenous, phosphatic, potassic fertilizers; chemical & other allied items. Read more

GMR Power’s stepdown subsidiary to restructure debt via Resolution Plan; stock jumps ~1%

Published on: 10:47 am

  • GMR Power and Urban Infra Limited informed that its step-down subsidiary GMR Warora Energy Limited has entered into definitive agreements with the lenders for restructuring of its debt by way of Resolution Plan (RP) as per the RBI guidelines related to Prudential Framework for Resolution of Stressed Assets dated Jun 07, 2019.
  • CRISIL and CARE Ratings have assigned an RP4 rating to the proposed RP, which is at par with the regulatory requirements.
  • SBI (lead bank), Axis Bank (lead bank for WC), and other lenders have approved the resolution plan. It shall be effective from April 1, 2021, and will be considered implemented upon completion of the required actions as per RBI guidelines and the terms of the RP stated the company in a regulatory filing. Read More

Bank of Maharashtra raises Rs710 crore via bonds; Stock marginally up

Published on: 10:29 am

  • Bank of Maharashtra has successfully raised Capital of Rs710/- Crore (Rupees Seven Hundred Ten Crore only) through private placement of BASEL III Compliant Additional Tier I Bonds.
  • The Bank received total bids of Rs1088/- crore, out of which Bank accepted bid of Rs710/- crore (full issue size) at coupon rate of 8.74%.
  • The said Bonds will be listed on the Wholesale Debt Market segment of the BSE Limited, the company said in a filing. Read more

Uber Eats and Nuro enter into partnership for using robots for food delivery

Published on: 10:28 am

  • The collaboration will begin this autumn in Houston and Mountain View, California, and subsequently spread to additional regions, such as the larger Bay Area.
  • In recent years, Nuro has been successful in establishing collaborations with several well-known businesses, including Walmart and Kroger. However, this most recent agreement signals an expansion of Nuro's business objectives. Read more

Myntra will hire 16,000 workers to prepare for the holiday season

Published on: 10:17 am

  • During the holiday season, Myntra, Flipkart's online fashion division will add over 16,000 jobs for positions in delivery, logistics, and warehouse handling.
  • The business plans to hire 10,000 workers, making this the most hiring it has ever done during a holiday season (1,000 of whom will work in contact centers). Read more

3i Infotech unveils Malaysia's first-ever Zero Trust Sovereign Cloud; stock zooms ~3%

Published on: 10:10 am

  • 3i Infotech, a global information technology player, announced the introduction of NuRe 3i+ powered by Oracle, Malaysia's first Zero Trust Sovereign Cloud, which is expected to revolutionise the way SMBs and corporations embrace transformation.
  • The Zero Trust Sovereign Cloud platform will include data and operational sovereignty, ensuring compliance for firms wishing to keep data within the country's boundaries.
  • NuRe 3i+ powered by Oracle, as a managed services provider, will provide clients with a comprehensive stack of cloud services across IaaS and PaaS, enabling cloud-native apps as well as mission-critical applications and performance-heavy (HPC, GPU) workloads.
  • NuRe 3i+ meets stringent data residency, security, and latency standards in Malaysia. Read more

Powerplay raises $7.14 million

Published on: 10:04 am

  • Powerplay, a company in construction management, has raised $7.14 million (about Rs56 crore) from investors to expand.
  • The platform's most recent Series-A round, which was headed by Accel and included Sequoia Surge, India Quotient, and the Snapdeal founders, raised $7.14 million.
  • However, considering this is the startup's second fundraising in the past 13 months, the firm will use the money to expand its primary business. Read more

ICICI Bank allots over 5.28 lakh equity shares under ESOS; Stock rises

Published on: 9:48 am

  • ICICI Bank has informed to the exchanges regarding allotment of equity shares under ESOS.
  • As per the regulatory filing, the Bank has allotted 528,089 equity shares of face value of Rs2 each on September 8, 2022 under the Employee Stock Option Scheme (ESOS).
  • Recently, ICICI Bank has also revised its interest rates on the fixed deposits.The Bank will provide an interest rate of 6.05%. Fixed deposits maturing in 5 years 1 day to 10 years will now fetch an interest rate of 5.90%. Read more

Markets on a bull run; Sensex tops 60k; Nifty around 17,900

Published on: 9:40 am

  • Indian markets traded on a bullish note during Friday's opening bell amid broader positive global cues. Also, investors reacted to the US Federal Reserve's hawkish comments on interest rates hike. Back at home, a broad-based buying was witnessed across sectoral indices with banking and metal stocks outperforming and substantial gains recorded in auto, financial, IT and media stocks.
  • At around 09:36, Sensex was trading at 59,979.58 higher by 291.36 points or 0.49%. The index has touched an intraday high and low 60,119.80 and 59,959.28 respectively.
  • Nifty 50 performed at 17,888.65 up 89.90 points or 0.51%. The index has touched an intraday high and low of 17,925.95 and 17,887.35 respectively.
  • In terms of sectoral indices, on NSE, the Banking index jumped more than 300 points. Meanwhile, the Metal index climbed over 1%. IT and Auto stocks also surged marginally. Read more

Harsha Engineering will launch its IPO on 14 September

Published on: 9:34 am

  • On Wednesday, September 14, subscriptions for Harsha Engineers International's initial public offering (IPO) will begin.
  • The firm will price its shares between 314 and 330 rupees each.
  • Existing shareholders and promoters will sell shares worth Rs300 crore through an offer for sale(OFS), while new equity shares worth Rs455 crore will be issued as part of the IPO. Read more

PNC Infratech spurts ~3.5% on bagging project worth Rs1,458 crore from NHAI

Published on: 9:28 am

  • PNC Infratech Limited announces the signing of a concession agreement between the National Highways Authority of India and the Company's Special Purpose Vehicle for the implementation of the following Hybrid Annuity Mode (HAM) Project Package on September 8, 2022.
  • The company stated that it has received the order for Four Laning of Sonauli - Gorakhpur section of NH-29E from Design Ch. 0+000 to Design Ch. 79+540 on Hybrid Annuity Mode in the state of Uttar Pradesh.
  • Company will execute this project through its SPV Sonauli Gorakhpur Highways Private Limited. Read more

Vesuvius to infuse Rs57 crore in incorporation of wholly-owned subsidiary; stock gains ~1%

Published on: 9:24 am

  • Vesuvius India Limited informed that the Board of Directors of the Company at its meeting held on September 8, 2022, has approved the incorporation of a new wholly owned subsidiary.
  • This will be a Private Limited company, which is to be funded through internal accruals of Vesuvius.
  • The investment would be around Rs57 crore for the establishment of a new manufacturing plant in Vizag. Read more

Tata Power RE to set up 100 MW Solar Power project for Viraj Profile

Published on: 9:20 am

  • Tata Power Company Limited informed that its subsidiary Tata Power Renewable Energy Limited (TPREL), one of India's major integrated renewable energy firms, has partnered with Viraj Profile Private Limited, India's premier stainless-steel producer, to establish a 100 MW captive solar project.
  • Tata Power RE will develop the facility at Nandgaon at its Nasik site to power up Viraj Profile’s Tarapur Plant.
  • Viraj will be one of the first Stainless Steel Long Products manufacturing firms in India to use Solar Energy to power its factory. Viraj Profile's reliance on non-renewable energy supplies will be decreased by around 50% with the activation of this facility. The project will be completed by July 2023. Read more

SBC Exports bags order from NICSI; Stock gains 7%

Published on: 9:19 am

  • SBC Exports Limited has announced that a Work Order for providing Office Support, Project Management Support and Rollout Services has been awarded to it by National Informatics Centre Services Incorporated (NICSI), New Delhi vide Work Oder No. M2203123.
  • The purchase order cost of the said Work-Order is Rs57,88,115/- (Rupees Fifty Seven Lakh Eighty Eight Thousand One Hundred and Fifteen only). Read more

Panacea Biotec Pharma's Baddi plant classified as OAI by USFDA

Published on: 9:18 am

  • Panacea Biotech Limited's material wholly-owned subsidiary Panacea Biotec Pharma Limited ("PBPL") has now received a communication from the USFDA indicating the inspection classification as "Official Action Indicated" (OAI). 
  • The OAI classification implies, that the USFDA expects further corrective actions and may withhold approval of any pending product applications or supplements filed from this facility till the outstanding observations are resolved.
  • PBPL is working closely with USFDA to close these observations and the closure of Warning Letter issued by the USFDA earlier on September 24, 2020. Read more

Lemon Tree Hotels signs new hotel in Erode, Tamil Nadu; Stock up 1.5%

Published on: 9:17 am

  • Lemon Tree Hotels Limited has announced its latest signing with Lemon Tree Hotel, Erode. The property is expected to be operational by next December 2023, and shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary and the management arm of Lemon Tree Hotels Limited, the company said.
  • The property will feature 64 well-appointed rooms and suites, complemented by a restaurant, a bar and a meeting room.
  • Mahesh Aiyer, CEO - Carnation Hotels Private Limited - commented, “We are happy to expand our reach in Tamil Nadu with our valued partner, Hotel Le Jardin. This will be our sixth property in the state and will help us grow our footprint in a state famous for its tourism and business potential. Read more

Samvardhana Motherson inaugurates wiring harness facility in Serbia; stock adds ~1%

Published on: 9:16 am

  • Samvardhana Motherson Limited informed that Aleksandar Vui, President of Serbia, and V C Sehgal, Chairman of Motherson, inaugurated its new facility in Poarevac.
  • This is Motherson's third location in Serbia, and it will produce wire harnesses for Daimler vehicles. The new plant will help Motherson service its commercial vehicle clients and will provide exciting job possibilities for over 1000 employees in the region.
  • The cutting-edge facility will help the wiring harness division's global expansion goal. The emphasis will be on making this facility self-sufficient and offering complete system solutions. Read More

Mahindra Logistics inaugurates 1 lakh sq ft warehouse in Nashik

Published on: 9:16 am

  • Mahindra Logistics Ltd. (MLL) has inaugurated 1 lakh sq. ft. of warehouse on Thursday designed with a sustainable warehousing architecture including multi-client capabilities, renewable energy, resource conservation and green cover as well.
  • "This state-of-art warehouse will play a prominent part of Company's pan-India network of multiuser facilities that provide support to customers inbound to manufacturing and fulfilment operations", the company said.
  • Further, the facility will support e-commerce, consumer, and manufacturing & engineering industries. The built-to-suit (BTS) facility is designed in line with MLL's sustainability standards, which includes usage of recycled construction material, liquid discharge management, renewable energy and waste management requirements and state-of-the-art automation. The facility has its onsite solar power generation capabilities to cater to the entire energy requirements and is equipped for solar charging for cargo vehicles and personal mobility also. Read more

M-cap of BSE-listed companies touched Rs 282 lakh crore yesterday

Published on: 8:59 am

  • On Thursday, a comeback in stocks helped the market capitalization of companies listed on the BSE hit an all-time high of Rs282.66 lakh crore. After declining in the previous two trading days, the 30-share BSE Sensex increased by 659.31 points, or 1.12%, to close at 59,688.22.
  • The market capitalization of companies listed on the BSE increased to Rs2,82,66,696.92 crore thanks to the recovery in equity markets. On Thursday, investor worth increased by Rs1.79 lakh crore. Read more

Markets likely to open in Green today

Published on: 8:52 am

  • Indian markets may open the day in green today. US markets closed the day in green yesterday. Asian markets have opened in green today. SGX Nifty is up by 0.59% since morning. Oil prices increased marginally yesterday. But with global economic slowdown worsening, oil prices are unlikely to rise significantly, at least in the foreseeable future.
  • US markets closed in green yesterday. Dow Jones ended the day, up by 0.61%. Nasdaq was up by 1.07%. NYSE composite was up by 0.79%. Oil prices increased marginally yesterday. US inventory of oil has increased significantly.
  • Asian markets have opened in the green today. Nikkei is up by 0.34%. South Korean Kospi is up by 0.33%. Taiwan index is up by 1.20%. Shanghai is up by 0.37%. Read more

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