Latest News and Updates

13th Sep, 2022

Ind-Ra assigns ‘IND AA’ rating to Ceat Limited’s NCDs worth Rs150 crore; stock marginally up

Published on: 3:25 pm

  • India Ratings & Research (Ind-Ra) has affirmed the ‘IND AA’ ratings to CEAT Limited's bank facilities. Further, it has also assigned an ‘IND AA’ rating to its proposed NCDs worth Rs150 crore.
  • Ind-Ra has affirmed a Stable outlook on such facilities.
  • Bank facilities reviewed by Ind-Ra include term loans worth Rs2,391 crore, and non-convertible debentures worth Rs250 crore. Read More

Knight Frank forecasts sales in malls in India to touch $39 billion by FY28

Published on: 3:14 pm

  • A property expert predicts that retail sales in the top eight cities would increase by 29% yearly to reach USD 39 billion by the 2027–28 fiscal year, driven by rising consumption and the building of new malls.
  • A paper by Knight Frank titled "Think India, Think Retail 2022 - Reinventing Indian Shopping Malls" was made public on Tuesday at a webinar. The analysis predicted that the organized retail sales volume in the top eight Indian cities would increase at a CAGR of 17% from USD 52 billion in FY 2022 to USD 136 billion by FY 2028.
  • The expert stated that throughout the same time period, potential retail sales in Indian malls are predicted to increase at a CAGR (Compound Annual Growth Rate) of 29%, reaching USD 39 billion by FY2028. Read more

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Health Canada grants approval for Lupin’s Rymti biosimilar etanercept

Published on: 3:08 pm

  • Lupin Limited (Lupin) announced that Rymti, its biosimilar to Enbrel (etanercept), has been approved for use in Canada by Health Canada.
  • Rheumatoid arthritis, juvenile idiopathic arthritis, psoriatic arthritis, axial spondyloarthritis (including ankylosing spondylitis and non-radiographic axial spondyloarthritis), plaque psoriasis, and pediatric plaque psoriasis are all indications for Rymti.
  • "Rymti approval is a critical first step for Lupin's biosimilar franchise in Canada," said Sofia Mumtaz, President - Legal & Compliance for Canada, Australia, and Japan. Read More

Vedanta & Foxconn to invest $19.5 billion in Gujarat chip project

Published on: 3:01 pm

  • To establish a semiconductor facility in Gujarat, the home state of Indian Prime Minister Narendra Modi, Vedanta Ltd., and Taiwan's Foxconn have struck a deal for $19.5 billion (1.54 trillion rupees). Near Ahmedabad, the major city in the western state, they intend to construct separate facilities for semiconductor and display manufacture.
  • Bhupendrabhai Patel, the chief minister of Gujarat, said that the project will generate more than 100,000 employees and that Gujarat was ready to provide whatever assistance necessary for the project, which it narrowly defeated Maharashtra, the richest state in India, to win.
  • While oil-to-metals giant Vedanta is providing the project's finance as part of its effort to expand into the chip manufacturing industry, Foxconn is serving as the project's technical partner. Read more

Adani Enterprises 4th Adani Group company to cross Rs 4 trillion in market capitalization

Published on: 2:46 pm

  • As the stock reached a new high on the BSE during Tuesday's intra-day session, Adani Enterprises became the fourth listed firm of the Gautam Adani Group to cross Rs 4 trillion in market capitalization (market cap).
  • According to statistics, Adani Enterprises was ranked 15th overall in terms of market cap at 01:24 PM on the BSE, with a market valuation of Rs 4.04 trillion. With a market worth of Rs. 4.48 trillion, Adani Transmission tops the list of group firms, followed by Adani Total Gas (Rs. 3.96 trillion), and Adani Green Energy (Rs 3.72 trillion). Read more

Arfin India begins installation of 1.2 MW Solar Power Plant at Tewada village

Published on: 2:44 pm

  • Arfin India Limited informed to the stock exchanges on Tuesday that it has initiated the installation of 1.2 MW Solar Power Plant for captive use at Tewada village of Banaskantha.
  • After successful implementation of Solar Power Plant, the Company will save approx. 100 Lakhs per annum on Electricity / Power Cost.
  • "A transition to renewable energy is good for people and the planet. Together we can be self-reliant in power with our own generation & can contribute in reducing the carbon footprint & making the society green", the company said in a filing on Tuesday. Read more

Hindustan Zinc’s Pantnagar plant to be sourced 100% from Green Power Supply

Published on: 2:14 pm

  • Hindustan Zinc Limited, a Vedanta group firm and India's largest & only integrated producer of zinc, lead, and silver, has made progress toward its ESG objective of achieving Net Zero emissions.  Hindustan Zinc's Pantnagar Metal Plant (PMP) has become Vedanta Limited's first unit to source 100% green power for its operations.
  • The PMP unit signed an agreement with M/s UPCL (Uttarakhand Power Corporation Limited) to provide hydropower-based renewable energy.
  • It is a proud moment for Hindustan Zinc as they move forward by decreasing their carbon footprint in line with their emission control plan. Pantnagar's switch to renewable energy will help cut carbon emissions by 37,936 MT of CO2e, stated company in its media release. Read more

Aurionpro launches Digital Transformation Platform ‘Aurobees’ for SMEs

Published on: 1:47 pm

  • Aurionpro Solutions (Aurionpro), a multinational company headquartered in Mumbai announced the launch of Aurobees, an innovative and comprehensive digitalization, fulfilment, and finance platform aimed at assisting small and medium-sized organisations (SMEs) in transforming their operations for the digital economy.
  • This platform, designed in collaboration with Trejhara Solutions Ltd, helps SMEs to smoothly take their enterprises online by supporting digital presence, webst, and enabling them to conduct their operations.
  • Aurobees is a cloud-native, subscription-based platform that delivers a highly scalable solution for digitization and fulfillment across industries such as manufacturing, trade, distribution, freight forwarding, warehousing, transportation, and e-commerce fulfillment. Read more

Shubham Polyspin board recommends 1:10 bonus issue; Stock plunges 5%

Published on: 1:36 pm

  • The Board of Directors of Shubham Polyspin Ltd in its meeting held on August 13, 2022 recommended issuance of 1 (One) bonus share of Rs10/- each for existing 10 (Ten) equity shares of Rs10/- each fully paid up, subject to the shareholders approval.
  • In addition to the regulatory filing, the company said that the shareholders approval at their meeting held on September 12, 2022 have approved the Bonus issue. Hence, for the purpose of allotment of bonus equity shares 'RECORD DATE' will be Thursday, September 22, 2022. Read More

FM urges companies to clear their dues to MSMEs

Published on: 1:35 pm

  • On Tuesday, Nirmala Sitharaman, the union finance minister, urged large corporations to pay their debts to micro, small, and medium-sized businesses (MSMEs), noting that these companies would require the same level of support from the government and more established companies.
  • Support for MSMEs extends beyond what the government can provide. It most definitely depends on it. Central and state governments, as well as central and state-owned businesses, still owe money. The Union finance minister remarked at the Hero Mindmine Summit, "But I was astonished to see that large outstanding and overdue payments were also from the big companies. Read more

Bajaj Finserv rallies ~4.5% as stock trades ex-date for 1:5 split and 1:1 bonus

Published on: 1:14 pm

  • Bajaj Finserv Limited’s counter was trading about 4.5% higher so far in today’s trade as the company’s shares were trading ex-date for 1:5 stock split and 1:1 bonus share.
  • The company has set September 14, 2022, as the 'Record Date' for identifying members, eligibility for sub-division of existing equity shares, and the issuance of bonus equity shares.
  • On July 28, 2022, the board of directors of Bajaj Finserv approved the split of one existing equity share with a face value of Rs5 into five fully paid-up equity shares with a face value of Rs1. The board also authorized the issuance of one bonus equity share with a face value of Rs1 for every one equity share held in the company with a face value of Rs1. Read more

Ind Ra affirms Network18 Media & Investments' CP at 'IND A1+'; Stock rises

Published on: 1:00 pm

  • India Ratings and Research (Ind-Ra) has affirmed Network18 Media & Investments Limited’s commercial paper (CP) rating at 'IND A1+'.
  • The size of the issue is Rs15 billion and the maturity date 365 days.
  • As per the rating rationale report, to arrive at the rating, Ind-Ra continues to take a consolidated view of Network18 and its subsidiaries, owing to the robust operational and strategic linkages among them. Read more

KRBL's stock gains 17% in just 2 days

Published on: 12:39 pm

  • Shares of KRBL rose 11% in Tuesday's intraday trading in large volumes, reaching a three-year high of Rs355.60 on the BSE. The stock rose over the previous high it had reached on October 14, 2021, of Rs337.45. since June 2019, it traded at its greatest level. On December 21, 2017, the stock had previously reached a record high of Rs673.
  • The stock of the top producer of basmati rice in the world increased 17% during the previous two trading days. The stock price of KRBL has  soared by about 70% in just three months, compared to a 14% increase in the S&P BSE Sensex. KRBL traded 10% higher at Rs353.45, as opposed to the Sensex's 0.67% gain, at 11:50 a.m. As 3.6 million equity shares changed hands on the NSE and BSE collectively, the average trading volumes on the counter increased by double. Read more

EKI Energy zooms ~3% on bagging India’s first Plastic Project from Verra

Published on: 12:32 pm

  • EKI Energy Services Limited (EKI), a market leader in carbon development and management provider worldwide, today announced that it has become the first company to list an Indian Plastic Project under a global accreditation standard.
  • With this, the Indore-based carbon credit expert, who has been working in the field of climate action and offset solutions for the past 14 years across 16 countries, has become the first to list a Plastic Project from India with the goal of generating India's first ever International Plastic Credits.
  • The initiative guarantees that plastic waste, mostly Polyethylene Terephthalate (PET) trash, PET flakes, and chips, is responsibly procured and processed in order to manufacture Recycled Polyester Staple Fibre (RPSF) that may be used to make garments and other fabric-based utility goods in the textile industry. Read more

Zydus Lifesciences bags USFDA final approval for Lenalidomide Capsules; stock under pressure

Published on: 12:32 pm

  • Zydus Lifesciences Limited informed that it has received the final USFDA approval to market Lenalidomide Capsules, USP 2.5 mg, 5 mg, 10 mg, 15 mg, 20 mg, and 25 mg.
  • The company has received final approvals for 5 mg, 10 mg, 15 mg, and 25 mg strengths and tentative approvals for 2.5 mg and 20 mg strength.
  • Lenalidomide is a cancer treatment medication. It functions by slowing or preventing cancer cell proliferation. It's also used to treat anemia in those with blood/bone marrow abnormalities.  The company will manufacture the medicine at the group's formulation manufacturing plant in Ahmedabad Special Economic Zone, India. Read more

Central Bank withdraws insolvency petition against Aban Offshore; Stock dips 1%

Published on: 12:23 pm

  • Aban Offshore Limited stocks in focus  after the announcement of settlement agreement with Central Bank of India - Payment made - Filing of Withdrawal application before NCLT.
  • According to the regulatory filing, pursuant to the execution of settlement agreement with Central Bank of India and payment having been made accordingly, application filed by Central Bank of India against the Company has been withdrawn on Monday, the company said.
  • The company has repaid outstanding principal of Rs121.78 crore to the bank, is in talks with other lenders for debt resolution plan. Read more

TCM increases stake in iSpark Learning Solutions to 76%; Stock gains 3%

Published on: 12:10 pm

  • TCM Limited had earlier announced an investment of Rs10,89,200/- in iSpark Learning Solutions Pvt Ltd, for purchase of 1,08,920 newly issued equity shares at face value of Rs.10/- per equity share, which would result in increase in Company's stake in iSpark Learning Solutions Pvt Ltd from 51% to 76%.
  • The Company has, in line with the approvals granted by the Board of Directors, completed the purchase of 1,08,920 newly issued equity shares of iSpark Learning Solutions Pvt Ltd, resulting an increase in the Company's stake in iSpark Learning Solutions Pvt Ltd from 51% (pre-acquisition) to 76% (post-acquisition), said TCM in a regulatory filing on Monday. Read more

Early trading sees a 28-paise increase in the rupee to 79.25 / $

Published on: 12:00 pm

  • Tuesday's opening trading saw the rupee rise 28 paise to 79.25 vs the US dollar, following the currency's drop against its main rivals and foreign capital inflows.
  • At the interbank foreign exchange, the local unit struck 79.25 in first trades after starting at 79.30 versus the dollar, gaining 28 paise from its previous close. The rupee gained 4 paise on Monday, closing at 79.53 versus the dollar. The dollar index, which measures the strength of the dollar against a basket of six different currencies, decreased 0.12% to 108.20. Read More

Nippon AMC, DWS collaborates to launch European-listed Indian Government Bond ETF

Published on: 11:11 am

  • Nippon Life India Asset Management Limited’s wholly-owned subsidiary Nippon Life India Asset Management (Singapore) Pte. Ltd., and DWS Group partnered to provide portfolio management and investment advisory services to European-listed Indian Government Bond ETF.
  • As of August 2022, the market for securities issued by the Indian government was worth more than $1 trillion, putting the nation in the same league as analogous markets in Canada and Spain. India's treasury market is only second to China's in the emerging market local currency arena. Read more

Dixon Tech's subsidiary Padget Electronics gets approval for disbursement of PLI incentive; Stock ju

Published on: 11:07 am

  • Padget Electronics Private Limited, a Wholly Owned Subsidiary Company of Dixon Technologies (India) Limited has received approval for disbursement of Rs53.28 crore from Empowered Committee of MEITY- Government of India, under Production Linked Incentive Scheme for manufacturing of Mobile Phones (Domestic Companies).
  • Commenting on this development, Atul B. Lall, Vice Chairman & MD, Dixon Technologies (India) Ltd. said, "PLI Schemes are cornerstone for government's push for accomplishing the vision of an 'Atmanirbhar Bharat' and making domestic manufacturing globally competitive.
  • Such flagships schemes help in creating domestic champions, encourage more investments and help in making India a competitive destination of electronics manufacturing. It is a proud moment that wholly owned subsidiary of Dixon is, by far, the first entity to receive disbursement approval from Government of India under PLI scheme. Read more

Tata Investment's stock surges 29% in 2 weeks

Published on: 10:52 am

  • Tata Investment Corporation shares rose 6% during Tuesday's intraday trade to reach a new high of Rs2,072.15 on the BSE. The shares of the Tata Group firm have soared 29% during the last two weeks. It has increased 39% in the past month, compared to the S&P BSE Sensex's increase of 1.8%.
  • Tata Sons are the sponsor of Tata Investment Corporation, an NBFC (non-banking financial institution). The business is listed as an Investment Company with the Reserve Bank of India. Its business includes investing in mutual funds, public and unlisted equity shares, and debt instruments of businesses across a variety of industries.
  • Dividend income and profit from the sale of investments make up the company's main revenue streams. The business is a promoter of the Tata Mutual Fund with Tata Sons. The corporation also holds a majority stake in Tata Securities Ltd, a business that distributes mutual funds and other securities connected to investing. Read More
 

Abrdn to sell 2% stake in HDFC Life Insurance today

Published on: 10:29 am

  • On Tuesday, Abrdn, formerly Standard Life, plans to sell 2% of its share in private insurer HDFC Life Insurance Company through block transactions. In accordance with the term sheet, Abrdn (Mauritius Holdings) has reserved 43 million HDFC Life shares at a price ranging from Rs564.1 to Rs578.55 per share. HDFC Life's shares closed on Monday at Rs580 per share.
  • The UK-based banking giant might get at least Rs2,425.6 crore from the share sale. At the conclusion of the quarter ending in June 2022, the promoter stake in HDFC Life was 51.2%. HDFC Ltd, a mortgage lender, owns 47.79%, and ABRN, 3.7%.
  • In order to fund Rs2,000 crore, HDFC Life recently allocated 37.5 million shares to HDFC on a preferential basis. According to the term sheet, HDFC Life's promoter entities now own a 52.3% share in the insurer, with Abrdn (Mauritius Holdings) holding the remaining 3.7%. Read more
 

Tata Cliq will launch offline shops to offer cosmetics

Published on: 10:23 am

  • As many consumers have turned back to traditional brick-and-mortar stores for their shopping, Tata Cliq, an online retail platform of the Tata Group, wants to open physical locations to sell beauty products all across the nation.
  • The business is negotiating to lease space to put up shops selling cosmetics and beauty products in malls and on busy city streets.
  • With people going back to work, the company believes that the beauty sector is a scalable industry. Additionally, people prefer going into stores rather than shopping online.
  • The difficulty for Tata Cliq would be to set itself apart from competitors like Myntra in the fashion industry and Nykaa in the beauty industry. Tata Cliq may change the focus of its business to luxury or beauty. Read more

Brightcom Group ropes in Nixon Patel on its Advisory Board; stock spurts ~3%

Published on: 10:11 am

  • Brightcom Group announced the appointment of Nixon Patel as an Advisor. He has over 30 years of experience creating, building, and growing startup deep tech firms in Quantum Communications, Quantum Artificial Intelligence, Voice, and Digital solutions. He and his team recently patented 10+ IPs in Quantum Secure Communications and Quantum Memory.
  • Nixon is widely regarded as a quantum communications specialist. Prior to founding Qulabz, he was a serial entrepreneur with a proven track record of creating and commercialising novel ideas into profitable firms such as Yantra Soft, Yantra eSolar, Kovid Analytics, eCom Server, and Bhrigus Soft. Read more

Lords Chloro Alkali to expand Caustic Soda capacity by 42%; Stock hits 52-week high

Published on: 10:07 am

  • Lords Chloro Alkali Ltd stock hits 52-week at Rs364.85 per share on Tuesday as it has informed to the exchanges regarding expansion of production capacity of the company.
  • As per the filing, the company is in the process of expanding its existing Caustic Soda production capacity approximately by 42% i.e. from 210 Tonnes Per Day (TPD) to 300 Tonnes Per Day (TPD) at its plant in Alwar, Rajasthan.
  • The commissioning of the aforementioned projects is expected by September, 2023, the company said. Read more

Mahindra Lifespace Developers to purchase land in Bombay, Pune, MMR

Published on: 9:57 am

  • CEO and Managing Director of the firm, Arvind Subramanian, has stated that the company is aiming to purchase new land parcels for business development in three main cities: Bengaluru, Pune, and the Mumbai Metropolitan Region (MMR).
  • He emphasized that the transaction pipeline is solid and that the business has already bought a land parcel this fiscal with a Gross Development Value (GDV) of Rs1,700 crore. He stated that the new land purchase should cost between Rs3,000 and Rs4,000 crores in terms of GDV and that the company had far exceeded expectations in developing new business prospects. Read more

PharmEasy could raise $250 million, but at half the valuation

Published on: 9:54 am

  • A $250 million investment in API Holdings (the parent company of PharmEasy) is being considered by General Atlantic (GA), the Canada Pension Plan Investment Board (CPPIB), and the Abu Dhabi Investment Authority (ADIA), as per latest news reports.
  • The value of India's largest online pharmacy, which has risen rapidly thanks to VC funding and 11 acquisitions to date, has decreased and may now be worth as little as $2.5-2.75 billion, which is less than half of its pre-IPO valuation of $5.4 billion in October 2021. It was pulled from the IPO around three weeks ago. Read more

Premier Explosives stock spurts 4% after signing contract of Rs19.40 crore

Published on: 9:46 am

  • Premier Explosives Limited in the fast rally on Tuesday's trading session after the announcement of signing contract with Overseas entity.
  • As per the regulatory filing, company signed a contract with an Overseas Entity for supply of Rocket Motors and an amount of USD 2.44 Million (about Rs19.40 crore approx.) received towards production line building and procurement of critical raw material.
  • "None of the promoter / promoter group / group companies has any interest in the entity that awarded the contract", the company said. Read More

Neerja Kapur assumes charge as Chairman & MD of New India Assurance

Published on: 9:42 am

  • The New India Assurance Company Limited informed that it has approved the appointment of Neerja Kapur as Chairman cum Managing Director of the company effective from September 12, 2022.
  • As a result of this appointment, Madhulika Bhaskar's time as a Director on the Company's Board of Directors comes to an end.
  • Neerja Kapur is the General Manager of The New India Assurance Company Ltd. at the moment. Read More

On Monday, the rupee closed the day at 79.52 / $

Published on: 9:42 am

  • The rupee finished at 79.52 in the interbank foreign currency market on Monday, up from 79.58 versus the US dollar.
  • A measure of the strength of the dollar versus a basket of six major currencies is the Dollar Index, which stood at 107.942 on Monday. By the end of the Indian market hours, the price of a barrel of Brent crude oil was $93.78.
  • On Monday, benchmark indexes rose substantially as a result of strong global signals. The Sensex concluded 321.99 points, or 0.54 %, higher at 60,115.13, while the Nifty closed 103.00 points, or 0.58 %, higher at 17,936.35. Up to 2,189 shares increased, 1,394 shares decreased, and 176 shares were flat. Read more

Bulls Magic! Nifty reclaims 18k-level, Sensex tops 300 pts; Bajaj Finserv zooms 5%

Published on: 9:38 am

  • In the opening bell of Tuesday, the benchmark Sensex stretched its momentum and even earmarked more than 60,400-level. Meanwhile, Nifty 50 was also reclaimed 18k-mark for the first time since April, however, the benchmark does have the potential to surprise with further level instead.
  • A broad-based buying was witnessed in broader markets as well as in terms of sectoral indices. Major sectors in the fast lane led by IT, metals, realty, auto and financial stocks outperformed every other counterpart and even benchmarks.
  • On the global front, US markets climbed thirs straight session with Dow Jones closing higher by 239 points while Nasdaq gains over 150 points. Read more

Patanjali Group to come with the IPO of 4 of its companies over the next 5 years

Published on: 9:33 am

  • Ramdev, the yoga guru, plans to come with the initial public offering (IPO) of four of his firms over the next 5 years.
  • The firms are Patanjali Ayurved, Patanjali Wellness, Patanjali Medicine, and Patanjali Lifestyle, respectively. Over the next five years, the companies will list on the stock exchange.
  • Under a settlement process, Patanjali Ayurveda acquired Ruchi Soya for Rs4,350 crore in 2019. However, the company was previously listed on the stock exchange. The business is now known as Patanjali Foods. Read more.

SIS-Australia Group to acquire remaining 15% stake in Safety Direct Solutions

Published on: 9:29 am

  • SIS Australia Group Pty Limited (SIS Australia Group), a subsidiary of SIS Limited, signed a Shareholders' Agreement to acquire an additional 15% interest in Safety Direct Solutions Pty Ltd (SDS).
  • Upon completion of the above acquisition, SIS’ shareholding would increase from 85% to 100%.
  • This acquisition is a strategic fit and complementary to the “Strategic Medical” business of SIS Group in Australia. This acquisition will amount to SIS Group Australia’s largest Emergency Services provider. Read more

Rs 38,155 crore raised through IPOs till date this year

Published on: 9:28 am

  • Research reveals that despite a decline in share sales through IPOs this year, these issues have produced excellent average returns of 50%, while the Sensex only increased by 1.6%. 51 initial public offerings (IPOs) have raised Rs38,155 crore so far in 2022, compared to 55 issues and Rs64,768 crore raised during the same period last year.
  • According to an analysis by Bank of Baroda house economist Dipanwita Mazumdar, there were only eight high-profile issues in 2022, with the over Rs20,500 crore LIC being the largest but one of the worst performers, as opposed to the previous year when 33 companies raised more than Rs1,000 crore each. The IPOs generated a return of 74% through September 2021, while the Sensex gained 20%. However, 16 high-profile IPOs with issue sizes over Rs1,000 crore are currently trading at a loss. Read more

TCS to build AI-Powered distribution model for C&S Wholesale Grocers

Published on: 9:23 am

  • C&S Wholesale Grocers, Inc. (C&S), an industry leader in supply chain solutions and wholesale grocery suppliers in the United States, has chosen Tata Consultancy Services (TCS) to build a new operations platform on Google Cloud to reduce the company's carbon footprint and improve the customer experience.
  • C&S has collaborated with TCS to reinvent its operational systems, which include customer experience and supermarket distribution. TCS will lead the company-wide initiative and assist C&S in developing a new cloud-based architecture to combine its existing systems.
  • C&S' new operations platform will use Artificial Intelligence (AI) and Machine Learning (ML) to monitor traffic patterns and find ideal distribution routes, decreasing food waste and increasing fuel economy. Read more

Air India to take 30 more aircraft on lease

Published on: 9:21 am

  • The leasing of 25 Airbus narrow-body and five Boeing wide-body aircraft by Air India was announced recently. Since Tata Sons acquired the airline last January, this is the first significant fleet expansion.
  • There are five Boeing 777-200 LRs, 21 Airbus A320 Neos, and four Airbus A321 Neos among the fleet. These will start operating in late 2022, expanding the airline's fleet by about 25%.
  • Between December 2022 and March 2023, the B777-200 LR aircraft will be added to the fleet and used on routes between Mumbai and Bengaluru to the United States of America. Flights from Mumbai to San Francisco and the two international airports in New York—Newark Liberty and John F. Kennedy—will be included in this. San Francisco would also be accessible from Bengaluru three times each week. Additionally, Air India has connections to Chicago and Washington, DC. Read more

Skipper's engineering business secures new order of Rs225 crore; Stock soars 2.5%

Published on: 9:18 am

  • Skipper Limited has announced that it has secured fresh new order of Rs225 crore for several Domestic & International T&D projects including Telecom.
  • New Order Details
  • The company’s engineering business has secured export orders of Rs125 crore for several T&D projects across Latin America, Middle East and South Asia markets
  • Bagged a new order of Rs100 crore from Power Grid Corporation of India Ltd (PGCIL), Domestic SEB’s & Telecom Companies
  • Strong Bidding Pipeline:
  • The company bidding pipeline are at its highest ever level of Rs9,500 crore plus and hopes for substantial rise in the volume of international orders in the current fiscal year. Management expects the international business share in order book to rise to 75% in coming 2 years. Read more

SEBI approves Navi Technologies' Rs3,350 crore IPO

Published on: 9:18 am

  • With Sachin Bansal as co-founder, who was also the co-founder of Flipkart, Navi had submitted a draft prospectus to SEBI in March for an Rs3,350 crore Initial Public Offering (IPO) through a new issuance of shares.
  • According to the SEBI website, Navi received an observation letter on September 5. According to the draft filings, Navi is considering a pre-IPO placement of up to Rs670 crore.
  • The proceeds from the IPO are anticipated to be used for general corporate purposes and investments across subsidiaries Navi Finserv Pvt Ltd (NFPL) and Navi General Insurance Ltd (NGIL). Read More

Mazagon Dock Shipbuilders unveils third Stealth Frigate of Project 17A 'TARAGIRI'

Published on: 9:17 am

  • Mazagon Dock Shipbuilders Ltd (MDL) has launched the third Stealth Frigate of Project 17A 'TARAGIRI' on Monday. 
  • The ship was named by Charu Singh, President, NWWA (Western Region), wife of honorable VAdm Ajendra Bahadur Singh, PVSM, AVSM, VSM, ADC, FOC-in-C Western Naval Command who was the chief guest on the occasion in presence of VAdm Narayan Prasad AVSM NM, IN (Retd), Chairman and Managing Director, MDL. VAdm K M Deshmukh AVSM, VSM, CWP&A and other dignitaries were present at the launch event.
  • This ship has been built by using Integrated construction methodology which involves hull blocks construction in different geographical environment and integration/erection on Slipway at MDL. The keel of Taragiri was laid on September 10, 2020, and the ship is expected to be delivered by August 2025, said the company. Read more

Arvind SmartSpaces allots 15 lakh equity shares upon conversion of warrants

Published on: 9:16 am

  • Arvind SmartSpaces Limited has announced that the Kausalya Realserve LLP have exercised their right of conversion in respect of 15,00,000 (Fifteen Lakhs) warrants, each carrying a right to subscribe to one Equity Share per Warrant, by paying 75% of the consideration payable thereon.
  • Consequently, upon receipt of the consideration, the Management Committee of Board of Directors of the Company at its meeting held on September 11, 2022 has allotted to Kausalya Realserve LLP, 15,00,000 (Fifteen Lakhs) Equity Shares of Rs. 10.00 (Rupees Ten Only) each at a premium of Rs92.00 (Rupees Ninety Two Only) per Equity Share. Read more

Pidilite Industries, 100 X.VC collaborates for its CVC initiative

Published on: 9:15 am

  • Pidilite Ventures.
  • Pidilite Industries has been a trusted consumer brand for over 60 years and is India's top manufacturer in speciality chemicals such as adhesives, building chemicals, and sealants. As part of the agreement, 100X.VC will work with Pidilite Ventures to find strategic investment possibilities.
  • Pidilite Ventures will mentor and assist creative firms with synergies with Pidilite's core and adjacent industries. Read more

JPMorgan will expand its payments business by acquiring Renovite, a US firm.

Published on: 9:14 am

  • To grow its payments processing business and take market share in a lucrative sector where large banks face fierce competition from fintech disruptors, JPMorgan has agreed to purchase Renovite Technologies in the United States.
  • The transaction's financial details weren't made public.
  • Renovite is a California-based company with operations in both India and the United Kingdom. It employs about 140 people, 125 of whom are engineers, and offers a variety of products that utilize cloud-native technology to streamline payment processing.
  • The merger will provide JPMorgan access to a larger, more effective payment platform, increasing the number of payment options available to its clients who handle credit and debit card transactions globally. Read more

In the early trade gold price remains unchanged

Published on: 9:10 am

  • Early on Tuesday, the price of gold was constant at Rs51,000 for 10 grams of 24-carat yellow metal. On the other hand, silver now costs Rs55,200 per kg, a rise of Rs200 per kg.
  • The price of ten grams of 22-carat gold is now Rs46,750. In Kolkata and Mumbai, 24-carat gold is being sold for Rs51,000 per 10 grams, while 22-carat gold is being sold for Rs46,750 in each city. Gold in Delhi is now selling for Rs51,150 for 24-carat purity and Rs46,900 for 22-carat purity per 10 gm. Read more

In early trade gold price remains unchanged

Published on: 9:10 am

  • Early on Tuesday, the price of gold was constant at Rs51,000 for 10 grams of 24-carat yellow metal. On the other hand, silver now costs Rs55,200 per kg, a rise of Rs200 per kg.
  • The price of ten grams of 22-carat gold is now Rs46,750. In Kolkata and Mumbai, 24-carat gold is being sold for Rs51,000 per 10 grams, while 22-carat gold is being sold for Rs46,750 in each city. Gold in Delhi is now selling for Rs51,150 for 24-carat purity and Rs46,900 for 22-carat purity per 10 gm. Read more

Retail investors' MF assets surpass Rs20 trillion for the first time

Published on: 8:58 am

  • For the first time, in August, retail investors' assets under management (AUM) that were invested via mutual funds (MF) exceeded Rs 20 trillion.
  • Additionally, more than 50% of the assets in the MF sector are now held by retail investors. The average retail AUM up through August was Rs 20 trillion, or 50.6% of the industry AUM of Rs39.5 trillion.
  • Less than 40% of the industry's AUM was made up of retail assets in April 2020, following the COVID-19 epidemic in the nation. Since then, during a boom in the equity markets, there has been a steady increase in retail flows into MF schemes. Read more

Markets may again begin the day in green today

Published on: 8:50 am

  • Indian equity markets may start the day in green today. Most other Asian markets have begun the day in green today. US markets closed the day yesterday on a positive note. A slight weakness in dollar is still a relief for Indian markets. Industrial growth of India slowed down to 2.4% in July.
  • US markets gained for 3rd straight session. Dow Jones closed higher by 239 points. Nasdaq gained over 150 points. Oil prices saw uptick to close near US$87.  Bond yields closed near 3.34%. US$ saw weakness with dollar index closing near 108. The weakness in dollar resulted in emerging markets and commodities rising in tandem.
  • Asian markets have opened in the green with the Japanese 'Nikkei' trading higher by 100 points after a superb last 7 days for the index. South Korean markets are the star for today. Bears seem to be scampering for cover with the index gaining over 2% in early trade. Chinese stocks will also react positively today as they reopen after a holiday. Read more 

Tata Consumer enters the health supplement market

Published on: 8:39 am

  • Tata Consumer Products announced the launch of a plant-based protein powder, marking the company's entry into the health supplement market.
  • Women's Health Supplement Line Tata GoFit is a plant-based, simple-to-mix product made with the benefit of probiotics that are healthy for the gut.
  • The latest recent release is consistent with TCP's priorities of driving innovation, bolstering its wellness portfolio, and growing its total addressable market. Read More

Google is considering the production of Pixel phones in India

Published on: 8:29 am

  • In response to difficulties in China brought on by COVID-19 lockdowns and Beijing's escalating tensions with the United States, Alphabet Inc. is considering shifting some of the production of Pixel phones to India.
  • For between 500,000 and 1 million Pixel smartphones or 10% to 20% of the device's expected yearly output, Alphabet has requested bids from manufacturers in India. Read more

Sterlite Power commissions 400kV transmission line in Gujarat

Published on: 8:26 am

  • Sterlite Power’s Mumbai Urja Marg Transmission Limited (MUML), has successfully commissioned 400kV Banaskantha, Kansari and Vadavi Transmission line in state of Gujarat.  
  • The high voltage transmission line will help in the evacuation of approx. 1000 MW of renewable power from the pooling station at Bhuj in northern Gujarat to the national grid. Further, the transmission line, which has been commissioned 4 months ahead of schedule, will significantly augment the available power transmission capacity of the state; taking it from 9300 MW to 11200 MW, the company said.
  • This critical transmission line, part of the larger Western Region Strengthening Scheme-XIX (WRSS-XIX) and North-Eastern Region Strengthening Scheme-IX (NERSS-IX), will also decongest the regional network by reducing the burden on existing transmission lines which comprises of 400kV D/C Banaskantha-Veloda, 400kV S/C Bhinmal-Zerda (Kansari) and 400kV S/C Kankroli-Zerda (Kansari). Read more

SEBI approves Navi Technologies' Rs3,350 crore IPO

Published on: 8:18 am

  • With Sachin Bansal as co-founder, who was also the co-founder of Flipkart, Navi had submitted a draft prospectus to SEBI in March for an Rs3,350 crore Initial Public Offering (IPO) through a new issuance of shares.
  • According to the SEBI website, Navi received an observation letter on September 5. According to the draft filings, Navi is considering a pre-IPO placement of up to Rs670 crore.
  • The proceeds from the IPO are anticipated to be used for general corporate purposes and investments across subsidiaries Navi Finserv Pvt Ltd (NFPL) and Navi General Insurance Ltd (NGIL). Read more

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