Latest News and Updates

12th Sep, 2022

Ramkrishna Forgings to raise Rs94.30 crore via Preferential Issue; stock jumps ~2%

Published on: 3:16 pm

  • Ramkrishna Forgings Limited, a prominent producer of rolled, forged, and machined products, has approved an Rs94.30 crore fund raise through a preferential issue of 46 lakh warrants.
  • These warrants shall be convertible into equivalent equity shares of Rs2 each at a price of Rs205 per warrant.
  • Following the issuance of these warrants, the company will get Rs23.60 crore within the current year, while the remaining Rs70.70 crore will be received throughout the next 18 months from the date of warrant allotment. Read more

Gujarat Sidhee Cement to stop Clinker unit at cement plant temporarily; Stock gains 2%

Published on: 3:15 pm

  • Gujarat Sidhee Cement Limited has informed to the exchanges regarding stoppage at its factory at Sidheegram, Gujarat.
  • As per the filing, the cement plant of the Company at Sidheegram shall be under temporarily shutdown of the Clinker Unit from September  11, 2022.
  • The temporary shutdown is for a period of 20 days, the company said in a regulatory filing on Monday. Read more

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TCS enables end-to-end business transformation of 'Penumbra'

Published on: 2:53 pm

  • Penumbra, a global healthcare company, successfully completed the first stage of its cloud transformation journey with the help of Tata Consultancy Services by redesigning its order management, finance, and accounting systems procurement functions being replaced with a new digital core.
  • Penumbra has pursued a technology-enabled growth strategy, growing its line of devices that address difficult medical diseases through scale innovation, and expanding its reach in new countries.
  • TCS was chosen as the healthcare company's strategic partner to modernise its key operations utilising digital technology to assist its growth trajectory. Read more

NTPC pays final dividend to for FY22 of Rs2,909 crore

Published on: 2:39 pm

  • For 2021–2022, NTPC has distributed its shareholders a final dividend of Rs2,908.99 crore. An Indian public sector enterprise that generates energy and conducts related business is NTPC Limited, formerly known as National Thermal Power Corporation Limited.
  • According to an NTPC statement, the final dividend represents 30% of the paid-up equity share capital of the firm. With this, the total dividend for 2021–2022 will be Rs.6,787.67 crore, or 42% of the PAT (profit after tax) for the previous fiscal year. Read more

DJ Mediaprint stock hits 10% upper circuit after securing order from IDBI Bank

Published on: 2:34 pm

  • DJ Mediaprint & Logistics Limited has announced that the Company has secured orders from IDBI Bank Limited.
  • As per the filing, the said order is for printing of Bank Stationery, the company said.
  • "This gives a major boost to the company to operate and penetrate in its regional markets", it aded in a regulatory filing on Monday. Read more

FPIs net buyer of Rs 5,600 crore in Indian equities in the first 10 days of September

Published on: 2:31 pm

  • Due to anticipated increases in consumer spending over the holiday season and stronger economic fundamentals than in other developing countries, foreign investors have invested about Rs5,600 crore in domestic equities markets so far this month.
  • This follows astonishing net investments of Rs51,200 crore in August and around Rs5,000 crore in July, according to depositories' statistics. Since July, when foreign investors resumed buying in India after nine consecutive months of significant net outflows that began in October of last year, there has been a clear trend reversal in FPI (Foreign Portfolio Investment) flows. Read more

Zydus Lifesciences bags USFDA final approval for Cariprazine Capsules; stock adds ~1%

Published on: 2:30 pm

  • The United States Food and Drug Administration (USFDA) has granted final approval to Zydus Lifesciences Limited's (previously Cadila Healthcare Limited) U.S. subsidiary Zydus Pharmaceuticals (USA) Inc. to commercialise Cariprazine Capsules, USP 1.5 mg, 3 mg, 4.5 mg, and 6 mg.
  • Zydus was among the first ANDA applicants to file a substantially complete ANDA with a paragraph IV certification for Cariprazine Capsules, 1.5 mg, 3 mg, 4.5 mg, and 6 mg, making it eligible for 180 days of shared generic drug exclusivity for Cariprazine Capsules, 1.5 mg, 3 mg, 4.5 mg, and 6 mg.
  • Cariprazine is an atypical antipsychotic that is used to treat schizophrenia as well as acute manic or mixed episodes associated with Bipolar I disorder. The medicine would be produced at the group's formulation manufacturing plant in Ahmedabad Special Economic Zone, India. Read more

Lemon Tree's stock price has increased 100% in the past 1 year

Published on: 2:16 pm

  • Shares of Lemon Tree Hotels hit a three-year high of Rs82.65 during the BSE's intraday session on Monday, rising 3% on the back of strong trading. Over the past two weeks, the stock has increased by 21.5%. Lemon Tree Hotels operate in the upper-midscale, midscale, and economy segments of the mid-market, which includes both posh and mid-market categories.
  • The stock has risen 106% over the past year, outpacing the 3% growth of the S&P BSE Sensex. Since April 2019, the price has not been this high. The stock is now trading close to the Rs91 record high that it attained on April 23, 2018. In comparison to the 0.72 % increase in the S&P BSE Sensex at 10:13 am, Lemon Tree Hotels traded 2% higher at Rs81.80. 4.38 million equity shares, or 0.55 % of the company's total equity, were traded on the NSE and BSE together. Read More

JSW Steel logs 22% y-o-y growth in August’22 Crude Steel Production; stock under pressure

Published on: 1:46 pm

  • JSW Steel Limited recorded standalone Crude Steel output of 16.76 lakh tonnes in August 2022, a 22% increase year on year. Crude steel production in August 2021 was reported at 13.77 lakh tonnes.
  • Company reported standalone production of Rolled Products (Flat) at 12.01 lakh tonnes in August 2022, up by 34% y-o-y against 8.99 lakh tonnes in August 2021.
  • While production of Rolled Products (Long) stood at 3.75 lakh tonnes in August 2022, as compared to 3.01 lakh tonnes in August 2021.
  • During August '22, the average capacity utilisation was 87.4%, owing to a lack of iron ore in both Karnataka and Odisha. Read more

Ajanta Pharma stock tumbles 1% after USFDA issues form 483 to Dahej facility

Published on: 1:34 pm

  • Ajanta Pharma Limited stock tumbles nearly 1% on Monday's trading session after it informed to the exchanges regarding USFDA inspection of Company's Dahej facility.
  • In a regulatory filing, the company informed that its formulation facility at Dahej was inspected by USFDA from September 05, 2022 to September 09, 2022.
  • At the end of the inspection, Form 483 was issued with 2 procedural observations, the company said. Read more

H G Infra Engineering's subsidiary completes road project in Haryana; Stock surges ~2%

Published on: 1:22 pm

  • H G Infra Engineering Limited has informed to the exchanges regarding receipt of completion certificate for the project in the state of Haryana.
  • H.G. Ateli Narnaul Highway Private Limited, a wholly owned subsidiary of HG INFRA has received the completion certificate for the project "Construction of proposed Narnaul Bypass (Design Length 24.00 km) & Ateli Mandi to Narnaul section of NH-11 from Km 43.445 to km 56.900 (Design Length 14.00 kin) as an economic corridor-feeder route Pkg-II in the State of Haryana on Hybrid Annuity Mode".
  • The HG INFRA bid project cost is Rs952.11 crore.
  • Furthr, the completion certificate has been issued by the Independent Engineer and the project has been declared fit for entry into commercial operation on March 11, 2022, the company said in a regulatory filing. Read More

Yulu secures $82 million in funding 

Published on: 1:22 pm

  • Yulu, an electric vehicle startup, has raised $82 million (Rs653 crore) in capital from a group of existing investors led by Magna International Inc. of the US.
  • The startup will use the money to expand its battery-swapping and mobility services.
  • The company will also utilize the money to buy more than 1 lakh electric two-wheelers and install 500 or more battery charging and switching stations throughout the following year. Read More

Adani Ports' stock rises by 3%, hitting a new high

Published on: 1:17 pm

  • In intraday trading on Monday, shares of Adani Ports Special Economic Zone (APSEZ) reached a record high of Rs934, up 3% on the BSE. On the strength of a better business outlook and good results in the current fiscal year's June quarter, the stock has increased 10% in the last week and 19% in the past month (Q1FY23). The S&P BSE Sensex, in contrast, gained 1% throughout the month.
  • With a record cargo volume and the greatest quarterly EBITDA ever, Q1FY23 was the best quarter in APSEZ's history. On the strength of revenue growth for the ports and logistics division, the firm recorded a record EBITDA of Rs3,005 crore, up 11% year over year (YoY).
  • The management said that the firm maintained its impressive performance in July and accomplished a first by moving 100 MMT of freight through-put in the first 99 days of FY23. Given the Rs725 crore reduction in income from the SEZ business sector, the company's consolidated revenue (excluding Gangavaram) was, according to the statement, nearly flat YoY at Rs4,638 crore. Read more

Mensa acquires MYFITNESS

Published on: 1:11 pm

  • Mensa Brands, a direct-to-consumer (D2C) business, announced on Monday that it has acquired health food startup MyFitness for an undisclosed fee to grow the brand to Rs 1,000 crore in the following three to four years.
  • The acquisition will assist Mensa Brands in expanding to international markets, scaling D2C, launching new categories, and investing in brand-building. Read more

Shaadi.com intends to bring its IPO in the next one year

Published on: 12:59 pm

  • People Group, which runs Shaadi.com, intends to bring its initial public offering (IPO) in the upcoming fiscal year. The online matchmaking site is also considering introducing more verticals in the upcoming weeks, it was noted.
  • Additionally, the business intends to provide Shaadi Live as a new platform vertical. It will bring a platform where potential matches can virtually meet and communicate on a platform chosen by the internal team at Shaadi.com. Read more

Swiggy rolls out dine out program in more cities

Published on: 12:43 pm

  • Swiggy, a leader in hyperlocal e-commerce, has begun testing its integration with the restaurant table reservation service Dineout in Mumbai, Bengaluru, and several other cities. Customers of its loyalty program Swiggy One are eligible for a 30% discount at eateries through this new scheme.
  • The National Restaurant Association of India (NRAI) and eateries have been harshly critical of Zomato and Swiggy's new dine-in programs over the past few weeks for, among other things, charging exorbitant commissions and weekly payments.
  • Swiggy will charge restaurants an 8% commission under this arrangement, pay eateries once every week, and provide at least 10% in savings. Read more

Nikon India expects revenue of Rs1,000 crore by FY'24

Published on: 12:34 pm

  • Nikon India expects revenue of Rs 900 crore this fiscal year, owing to a strong sales recovery as the COVID-19 pandemic fades.
  • The company aspires to reach $1 billion in sales by the 2023–2024 fiscal year (FY24)
  • Despite pressure on margin and supply chain due to rising expenses, the company has not increased the prices of its items to keep holiday season sales strong. Read more

Happiest Mind Tech to expand Noida facility ‘Smiles 5’; stock climbs ~3%

Published on: 12:32 pm

  • Happiest Minds Technologies Limited, a 'Born Digital, Born Agile' digital transformation, and IT solutions company, announced the expansion of its Noida facility 'Smiles 5' to increase delivery capacity and leverage the area's varied high-technology talent pool. With the addition of the new plant, the Company will have 450 employees in the NCR region.
  • This launch comes on the heels of Happiest Minds' announcement in July of a new office space acquisition in Bengaluru of a grade A 1,600-seater building, as well as an expansion in fresh areas such as Bhubaneswar, anticipated later this year.
  • Venkatraman Narayanan, Happiest Minds Technologies' MD & CFO, stated, "NCR is a digital centre with a strong eco-system of lively start-ups, successful corporations, and education hubs, which makes it a key talent source for us while dovetailing perfectly with our overall expansion plan." Read more

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

Published on: 12:25 pm

  • Indian markets may remain more in the positive territory than in the negative one this week. What has started working in the favor of Indian equity markets is that Foreign Portfolio Investors are continuing to be net buyers. This is happening in spite of rising US interest rates. FPIs are now assuming that Indian economy will perform better than other major economies such as China and those in the Euro zone in the near and medium term. Oil prices are coming down as global economic slowdown worsens. Dollar remains strong against major currencies. European Central Bank has raised interest rates by 0.75%. Canadian central bank has also raised interest rate by 0.75%. 
  • On the technical front, support level for Nifty 50 this week is likely to be at 17500. Resistance is likely to be at 18000. Bank Nifty is likely to see support at 39600. Resistance can be seen at 41300. Based on technical indicators, IT stocks are likely to do well this week. Read More

CertifyOS raises $14.5 million in funding

Published on: 12:23 pm

  • General Catalyst led a $14.5 million (about Rs115 crore) Series A round of funding for US-based health tech firm CertifyOS.
  • Upfront Ventures, Max Ventures, and Arkitekt Ventures—previous backers—took part in the round as well.
  • CertifyOS offers payors, providers, health systems, and digital health firms in the US API-first credentialing, licensing, enrolment, and network monitoring services. It was started by Anshul Rathi and is based in India. Read more

Ujjivan Small Finance Bank raises Rs75 crore via Tier 2 capital; Stock gains 5%

Published on: 12:14 pm

  • The Committee of Directors of Ujjivan Small Finance Bank Ltd on September 09, 2022 has approved the re-issuance/further issue and allotment of 7,500 (Seven Thousand Five Hundred) subordinated, rated, unlisted, unsecured, transferable, redeemable, fully paid up, non-convertible debentures, denominated in Indian Rupees, having a face value of Rs1,00,000 (Indian Rupees One Lakh) each and an aggregate face value of Rs75,00,00,000 (Indian Rupees Seventy Five Crore), in the form of subordinated debt eligible to be classified as Tier II Capital in accordance with the Reserve Bank of India's "Master Circular - Prudential Guidelines on Capital Adequacy and Market Discipline-New Capital Adequacy Framework (NCAF)" dated July 1, 2015, on a private placement basis.
  • Care Ratings Limited on July 04, 2022 has assigned its CARE A+; Stable rating on the Subordinated Non-Convertible Debentures of Rs500 crore (Rupees Five Hundred Crores Only) of the Bank and the same rating has been revalidated by Care Ratings Limited vide its letter dated August 24, 2022.
  • The Coupon/Interest Offered is 11.95% (eleven decimal nine five percent) per annum ("Interest Rate"), the company informed in a regulatory filing. Read more

TVS Motor's stock soars 109% from its March'22 low

Published on: 11:52 am

  • On Monday's intraday session, shares of TVS Motor Company reached a record high of Rs1,071, up roughly 2%, in anticipation of rapid profit growth. The stock price of the two- and three-wheeler manufacturer soared 109 percent from its March 7, 2022, low of Rs513. As opposed to the S&P BSE Sensex's 1% gain over the previous month, the stock has increased by 12%.
  • Following a rapid increase in the company's stock price, TVS Motor Company's market capitalization (m-cap) surpassed the Rs50,000 crore threshold. According to BSE statistics, TVS Motor Company's market capitalization at 10:59 AM it was Rs50,312 crore.
  • The business only last week unveiled the brand-new "TVS Apache RTR 180" and "TVS Apache RTR 160" motorbikes for 2022. In the meanwhile, TVS Motor expressed confidence in the market for two-wheelers as we approach the holiday season. Additionally, the business is prepared to satisfy the accumulated demand once the semiconductor scarcity subsides. Read More

Go First postpones its IPO

Published on: 11:44 am

  • Go First, a company controlled by the Wadia Group has once more postponed its initial public offering (IPO) till November due to lukewarm consumer sentiment for aviation stocks.
  • The firm has been urged to hold off on issuing its IPO until the new ATF pricing structure has been implemented. It is anticipated that the new ATF pricing method will improve the aviation industry's mood. Read more

Muthoot Capital raises Rs92.22 crore via portfolio securitization

Published on: 11:38 am

  • Muthoot Capital Services Limited announced that it completed a securitization transaction of Rs92.22 crore on September 09, 2022.
  • The company stated that this is the third securitization/direct assignment transaction carried out by it during the FY 2022 - 2023.
  • Muthoot further outlined that the entire pool is from the non-priority sector. It has duly considered the guidelines prescribed by the Reserve Bank of India in this regard. Read more

Over 500,000 offenders listed on India's first narcotics record site

Published on: 11:26 am

  • India's register of drug traffickers, the National Integrated Database on Arrested Narco-offenders (Nidaan), has logged over 500,000 identities in the first month since its introduction, according to The Economic Times on Monday.
  • Nidaan is a first-of-its-kind database of arrested drug offenders from states and union territories that was created by the Narcotics Control Bureau. According to officials, Nidaan gets its data from the e-Prisons repository and the ICJS (inter-operable criminal justice system), and it will eventually be integrated with the crime and criminal tracking network system, or CCTNS.
  • ICJS, a project of the Supreme Court e-committee, was developed to facilitate data and information sharing among the various components of the criminal justice system, including courts, police, jails, and forensic science labs, from a single platform. Read more
 

Engineers India zooms ~2.5% on bagging contract worth Rs249 crore from ONGC

Published on: 10:58 am

  • Engineers India Limited informed that Oil and Natural Gas Corporation Limited (ONGC) has commissioned the Project for Restoration of Gas Terminal, Phase-I (Part-A) at the ONGC, Hazira facility to be carried out on an EPC Reimbursable basis (Open) to the company.
  • The estimated value of the order is Rs249 crore, which is to be completed within a period of 33 months.
  • Engineers India Limited is a government-owned engineering consultancy company in India. It is under the ownership of the Government of India's Ministry of Petroleum and Natural Gas. It was established in 1965 with the mission of delivering indigenous technical solutions for hydrocarbon projects. Read More

Goa Carbon resumes operations at Paradeep unit; Stock marginally up

Published on: 10:42 am

  • Goa Carbon Limited stocks in focus today as it informed to the exchanges regarding resumption of operations at the Company's Paradeep Unit.
  • As per regulatory filing, the periodical maintenance at the Company's Paradeep Unit located at vill. Udayabata, Paradeepgarh, Dist.Jagatsinghpur, Odisha is duly completed and the production at the Paradeep Unit has been resumed on September 9, 2022.
  • On Monday, Goa Carbon Ltd is currently trading at Rs445.50 per share up by Rs2.35 or 0.53% from its previous closing of Rs443.15 per share on the BSE, at around 10:44 AM. Read more

Andrew Cloke to be the new COO of Kovai.co

Published on: 10:36 am

  • Andrew Cloke has been appointed as the Chief Operating Officer of Kovai.co, an enterprise software and B2B SaaS firm with offices in Coimbatore, India, and London, United Kingdom 
  • With 34 years of experience working with cross-functional teams, Cloke will make sure Kovai.co has the necessary systems, processes, policies, and procedures in place to continue our lucrative path. Additionally, he will assist in creating and disseminating budgets for various departments and assisting them in cost management to adhere to the established strategy. Read More

Venus Pipes receives first-ever BIS approval for stainless steel seamless; stock hits fresh high

Published on: 10:27 am

  • Venus Pipes & Tubes Limited, a prominent producer of stainless pipes and tubes, announced that they are the first Indian firm to be accredited by the Bureau of Indian Standards (BIS) for stainless steel seamless and welded pipes and tubes. This AIF Circular was allotted to the Rajkot Branch in accordance with IS 17876: 2022 and IS 17875: 2022.
  • Following this development, company’s counter hit a new 52-week high of Rs469.10.
  • Arun Kothari, Managing Director of Venus Pipes & Tubes Limited, commented on the company's achievement, "We are extremely delighted and proud to announce that your company has received an All India First (AIF) Manufacturer to receive Bureau of Indian Standards (BIS) approval for Stainless Steel Seamless and Welded Pipes & Tubes." Read More

Reliance Industries to shutdown one Crude Distillation Unit for maintenance

Published on: 10:20 am

  • Reliance Industries Limited has informed that it is planning to undertake shutdown of one Crude Distillation Unit (CDU) and Fluidized Catalytic Cracker (FCC) of its SEZ refinery at Jamnagar for routine maintenance and inspection activities.
  • According to the filing, the duration of shutdown is expected to be about 3 to 4 weeks for CDU starting from September 18, 2022 and 4 to 5 weeks for FCC starting from September 10, 2022. Read more

Ashish Kumar appointed new CFO of SpiceJet

Published on: 10:13 am

  • SpiceJet has announced that Ashish Kumar will take over as the organization's new  CFO.
  • Kumar formerly held the positions of vice president and director of corporate finance at Interglobe Enterprise, the business that holds a roughly 37% share in the competitor airline IndiGo.
  • Prior to that, Ashish served as Head of Finance at Suzlon Infrastructure and Tata Value Homes.
  • Last Monday, the business announced the resignation of its CFO Sanjeev Taneja. Read more

ICRA reaffirms ‘ICRA A1+’ rating on TCI Express’ CP worth Rs25 crore; stock rises

Published on: 9:59 am

  • TCI Express Limited informed that the rating agency ICRA Limited has reaffirmed the credit rating in respect of the company’s commercial programme.
  • The rating has been reaffirmed at ‘ICRA A1+’. The Commercial Paper Programme reviewed is worth Rs50 crore.
  • TCI Express Limited (TCI Express) continues to benefit from its established brand strength, regional diversity, integrated operations, and continuous focus on infrastructure and technology investment in the express delivery industry stated ICRA in rating reaffirmation. Read More

KCD Industries India board approves rights issue to raise Rs49 crore; Stock soars 5%

Published on: 9:55 am

  • The Board of Directors of KCD Industries India Limited at its meeting held on Saturday, September 10, 2022 at 1:30 p.m. have considered and approved the increase in the Authorized Share Capital of the Company from Rs2,50,00,000/- (Rupees Two Crore Fifty Lakh Only) to Rs20,00,00,000/- (Rupees Twenty Crores only) and consequent alteration of the Memorandum of Association of the company, subject to the approval of members.
  • The board also approved proposal to raise up to Rs49,00,00,000/- (Rupees Forty-Nine Crores only) through Rights issue of Equity Shares, the company informed in a regulatory filing. Read more

Signpost India wins two awards at global Digital Signage Awards 2022, London

Published on: 9:47 am

  • Signpost India has announced that it has won two prestigious awards at the global Digital Signage Awards 2022 held recently in London. The global Digital Signage Awards are the annual international search for outstanding campaigns, creative executions and technical innovations, and remarkable media or placement solutions in the fields of digital signage, DOOH advertising and digital visual experiences.
  • The global Digital Signage Awards are completely independent and over the last twelve years, have recognised great companies, projects, content, campaigns and products from across the world. The awards are supported by leading companies keen to promote excellence and innovation throughout the sector.
  • Signpost India received awards for Engineering Design for Installed Projects and a High Commendation in the category of Technical Response for Covid-19 for the project – ‘The Tiffin Towers’, implemented with the support of the Adani Airport Team under the Mumbai International Airport Limited media asset program. Read more

Markets bullish with Nifty 50 around 17,900; IT index outperforms

Published on: 9:44 am

  • Indian markets kick-started this week's trading session on a bullish note led by positive global cues. Benchmarks Sensex made a stellar upside by adding nearly 300 pts in early deals, while Nifty 50 also added nearly 90 points on Monday. The Mid Cap and SmallCap stocks outperformed. Meanwhile, IT and metal stocks led the bull charge with significant contributions made by auto, realty, pharma stocks in the winning streak.
  • At around 09.40 am, Sensex was trading at 60,006.60 higher by 213.46 points or 0.36%. Nifty 50 performed at 17,908.95 up by 75.60 points or 0.42%.
  • In the early deals, Sensex hit intraday high of 60,111.38. Whereas, the Nifty 50 has hit an intraday high of 17,925.75. Read More

Sunteck Realty acquires ~7.25 acres land parcel in Beverly Park, Mira Road

Published on: 9:33 am

  • Sunteck Realty Limited, India's top luxury real estate developer, has acquired a 7.25-acre upscale land block in Beverly Park, Mira Road, using the JDA model.
  • The project is anticipated to have a development potential of around 2.5 million square feet of built-up area and a revenue potential of approximately Rs3,000 crore.
  • The project is in a fantastic location, Beverly Park on Mira Road. Sunteck intends to build magnificent houses that will combine quality shopping with an exceptional lifestyle. The well-connected infrastructure contributes to a more holistic way of life. Read more

Sonjoy Mohonty, new Director General of ISMA

Published on: 9:30 am

  • Sonjoy Mohonty has been appointed as the Director General of Indian Sugar Mills Association.
  • He takes over from Abinash Verma, who left a few months ago.
  • Mohonty was earlier the secretary general of the International Spirits and Wines Association of India. He has worked for almost 35 years in businesses related to oil and gas, microfinance, healthcare, telecom, and durables. Read more

ONGC to invest Rs15,000 crore for 6 contracts secured in DSF-III bid round

Published on: 9:20 am

  • ONGC (Oil and Natural Gas Corporation) has secured six contracts in the DSF-III bid round of discovered small fields (DSF) offshore, with 3 contracts each in the Arabian Sea and Bay of Bengal.
  • These contracts include 4 areas as a sole bidder and 2 contracts in partnership with Indian Oil Corporation (IOCL).
  • The company also bagged 2 contracts for Fields under the Special Bid round 2021 blocks in Jharkhand and Madhya Pradesh. Read more

Market capitalization of top seven valuable companies crossed Rs 1.33 trillion last week

Published on: 9:20 am

  • Tata Consultancy Services (TCS), Reliance Industries, and Infosys led the pack of gainers last week as the total market valuation of seven of the top 10 most valuable companies increased by Rs 1,33,746.87 crore.
  • The BSE benchmark increased by 989.81 points, or 1.68 %, last week.  TCS's market value increased by Rs32,071.59 to Rs11,77,226.60.  Reliance Industries increased its valuation to Rs17,37,717.68 crore by adding Rs26,249.1 crore.
  • The market value of ICICI Bank increased by Rs20,471.04 crore to Rs6,27,823.56 crore, while that of Infosys increased by Rs24,804.5 crore to Rs6,36,143.85 crore. State Bank of India's market capitalization (Mcap) increased by Rs15,171.84 crore to Rs4,93,932.64 crore, while Adani Transmission's Mcap increased by Rs7,730.36 crore to Rs4,38,572.68 crore. Read more

Gujarat Industries Power awards EPC contract to KEC International

Published on: 9:18 am

  • The Board of Directors of Gujarat Industries Power Company Ltd, at its meeting held on September 09, 2022, approved the award of EPC Contract to KEC International Limited.
  • In a regulatory filing, the company said that the award of EPC contract is at the cost of Rs244.00 crore (Rupees Two Hundred Forty Four Crores) approximately for Pooling Sub-station 400/33 KV, 1200 MW (PSS-1, Phase-1 & Phase-II of 600 MW each) of Solar / Wind / Hybrid RE Park of 2375 MW capacity at Great Rann of Kutch area, Gujarat..
  • At around 9:18 AM, Gujarat Industries Power Co Ltd is currently trading at Rs95.70 per share up by Rs2.1 or 2.24% from its previous closing of Rs93.60 per share on the BSE. Read More

Anupam Rasayan suffers fire incident at Sachin GIDC plant; Stock plunges 4.5%

Published on: 9:17 am

  • Anupam Rasayan Limited informed to the exchanges that there was a fire incident at company's plant in Sachin GIDC on September 10. The fire took place in one of the manufacturing block of the factory at Unit-6 of the Company. The company's fire response team and the local fire brigade brought the fire under control in around one hour. 
  • As per the filing, the cause of the incident is being investigated. There are 4 fatalities reported, and 20 people are injured and are receiving treatment at the local hospital. Company's priority is currently its workers and employees. The company stands with affected people and their families, said Anupam Rasayan. Read more

Arrow Greentech-led Avery Pharma starts commercial production of unit at Sanand; Stock jumps 12%

Published on: 9:16 am

  • Arrow Greentech Limited's Wholly Owned Subsidiary (WOS) Company Avery Pharmaceuticals Private Limited has started the commercial production of pharmaceutical & nutraceutical products in its manufacturing unit situated at Sanand, Ahmedabad on August 17, 2022.
  • As per the regulatory filing, this plant is dedicated for Mouth dissolving strip (MOS) manufacturing and Avery is a MOS manufacturing company to have signed an MOU at Vibrant Gujarat and has been appreciated by the Gujarat Government to launch Novel technology and raise standards of Drug delivery system. Read More

Govt of Italy to acquire 30.30% strategic stake in Titagarh Wagons’ Italian subsidiary; stock spurts

Published on: 9:15 am

  • Titagarh Wagons Limited (TWL) notified all stakeholders that the Government of Italy, through its investment arm - Invitalia, has acquired a strategic position in Titagarh Firema Spa (TFA), the subsidiary of Titagarh Wagons Limited, in a key milestone transaction.
  • The Italian government will thereafter control 30.30% of Titagarh Firema for an investment of Euro 10 million.
  • Their investment was followed by an investment from Hawk Eye DMCC, a private equity fund located in the UAE. It spent Euro 4.5 million and purchased 13.64% of the Company's equity share capital. Read More

Top 10 stocks for today - 12th September 2022

Published on: 9:11 am

  • Here are some stocks that may see significant movement in their prices today.
  • 1.Reliance Industries :
  • Reliance Industry will be shutting down one crude distillation unit at its Jamnagar refinery for 3-4 weeks for maintenance.
  • 2.HG Infra Engineering :
  • Its subsidiary has received certificate of completion for a road project in Haryana. Read more

Oil prices touch a 7 month low

Published on: 9:08 am

  • Despite oil prices touching a 7 month low, India's state-owned fuel retailers have not cut down prices.
  • The price of international benchmark Brent crude this week fell below USD 90 a barrel for the first time since early February as demand declined due to recessionary concerns. It has now recovered and is sold for USD 92.84 a barrel, which is the lowest price in the preceding six months. Read more

MBSI will invest Rs5,000 crore over the next 3 years

Published on: 9:06 am

  • By the end of 2025, Moto Business Service India (MBSI), a Yamaha Motors company that leases vehicles, plans to invest around Rs5,000 crore to assemble an inventory of nearly 300,000 units.
  • By the end of this year, MBSI hopes to increase its fleet of 3,300 units to 9,500 units.
  • Twelve businesses, including Rapido, Rentelo, Zypp Electric, and Fullfily, have teamed with MBSI, which has leased its vehicles to them or their drivers. Read more

Reliance Infra files for Rs 13400 crore claim against Adani Transmission

Published on: 8:47 am

  • Reliance Infrastructure Ltd. filed an arbitration claim for Rs13,400 crore in connection with an agreement to sell Adani Transmission Ltd. its Mumbai power distribution business.
  • According to a stock exchange filing, Reliance Infrastructure said that an agreement from December 2017 had been broken and submitted its statement of claim to the Mumbai Centre for International Arbitration. The disagreement was not further discussed. Read more

Indian equity markets may start the day in green

Published on: 8:41 am

  • Indian markets may start the day in green today. However, markets may see some selling pressure later in the day. US dollar has weakened marginally against some currencies. Crude oil prices declined yesterday. This is a favorable development for the Indian economy. 
  • US markets ended the week with sharp gains. Dow Jones closed higher by 340 points. Nasdaq closed up  by 2.11% or 250 points. Bond yields remained near 3.30%. Oil prices remained lower .WTI crude is trading near US 85.5. US dollar is seeing weakness. Dollar index closed below 109.  This saw sharp pullback in other emerging market equities.
  • Asian markets have opened in the green today, led by the Japanese "Nikkei'. Nikkei is trading higher by over 350 points in early trade. Most other markets in Asia are closed for a holiday including that in China, Hongkong & South Korea. ASX & Taiwan are also seeing gains as weakness in US dollar bodes well for Asian stocks. Read more

Indian Railways revenue rises 38% yoy to Rs95,486.58 crore till August 2022: Centre

Published on: 8:25 am

  • The overall revenue of Indian Railways at the end of August 2022 was Rs95,486.58 crore, showing an increase of Rs26271.29 crore (38%) over the corresponding period of last year.
  • The revenue from passenger traffic was Rs25,276.54 crore with an increase of Rs13,574.44 crore (116%) against last year. Passenger traffic also climbed as compared to last year in both the reserved as well as unreserved segments. The growth from the long-distance reserved mail express trains has been stronger than the same in passenger & suburban trains. Read more

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