Latest News and Updates

14th Sep, 2022

Kellogg India logs 42% y-o-y growth in net profit at Rs103 crore

Published on: 3:22 pm

  • According to financial data acquired by business intelligence platform Tofler, breakfast cereal producer Kellogg India Private Limited, which manufactures and promotes ready-to-eat cereal and other convenience foods, recorded a 43% yoy increase in FY22 net profit at Rs103 crore. The company reported a net profit of Rs71.70 crore in the previous fiscal year.
  • Meanwhile, revenue for the fiscal year 2021-22 jumped 14% yoy to Rs1,352 crore, according to data received from Tofler. Total costs for the fiscal year were up 13.1% at Rs1,217 crore.
  • Following the pandemic, demand for packaged goods increased as consumers cooked and consumed more meals at home. Households shifted to branded and packaged goods as well. Read more

Markets recover from early losses to trade flat; Banking stocks outperform

Published on: 3:05 pm

  • Equity benchmark indices recovered from intraday steep losses in the late afternoon session on Wednesday. The domestic bourses, which started on a bearish note, surged gradually as banking and metal indices rises more than 1% each, while IT and realty continues to log profit bookings during highly volatile session.
  • At around 3:00 PM, the BSE Sensex is trading flat at 60,607.89 higher by 36.81 or 0.06% while the broader NSE Nifty advanced 8.40 points or 0.05% higher at 18,078.45.
  • IndusInd Bank is the top Nifty gainer surged more than 4.6% followed by State Bank of India, NTPC, Kotak Bank and PowerGrid climbed between 2-2.5% Read More

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Harsha Engineers' IPO receives 1.67 times subscription applications at the end of Day 1

Published on: 2:58 pm

  • On September 14 at 3:00 pm, Harsha Engineers' IPO received 1.67 times as many subscriptions. By September 14, 2022, the public issue had received 2.15 times the retail category's subscriptions, 0.01 times those of QIB, and 2.79 times that of NII.
  • The IPO lot size for Harsha Engineers is 45 shares. An individual retail investor may apply to up to 13 lots (585 shares, or 193,050).
  • The IPO for Harsha Engineers begins on September 14, 2022, and ends on September 16, 2022. The company's IPO bid date is set for September 14, 2022, from 10:00 a.m. till September 16, 5 p.m. 2022. 12 PM is the deadline for UPI mandate confirmation. on the day after the issue's closing. Read more

KPI Green to sell-off 15.88 MW Wind-Solar Hybrid power projects; stock slips ~2%

Published on: 2:56 pm

  • KPI Green Energy Limited informed that it has signed new long-term Power Purchase Agreements (PPAs) for the sale of a 15.88 MW Wind-Solar Hybrid power project under the Independent Power Producer (IPP) Business Segment of the company.
  • The project has been sold to multiple clients.
  • They will get power from the company’s forthcoming Wind-Solar Hybrid power project of 16.10 MW (comprising 16.10 MW wind and 10 MWd solar capacity) at the Bhungar site, Mahuva, in the Bhavnagar District of Gujarat, as part of the Gujarat Hybrid Power Policy. Read more

Chief Economic Advisor says rupee does not need defending

Published on: 2:37 pm

  • Chief Economic Adviser V Anantha Nageswaran has stated that the Indian government is not "defending" the rupee since it can care for itself.
  • "I don't believe India is protecting the rupee. India only ensures that the currency is moving gently and gradually in the direction that the market forces and economic fundamentals are directing it "Speaking at the 15th Mindmine Summit on September 13, the government's chief economist made the statement. Read more

DJ Mediaprint & Logistics stock zooms 5% after securing order from LIC

Published on: 2:35 pm

  • DJ Mediaprint & Logistics Limited has informed that the company has secured orders from LIC of India-Divisional Office, Raichur..
  • As per the filing, the said order from LIC India-Divisional Office, Raichur is for Printing & Supply of Stationery.
  • "This gives a major boost to the company to operate and penetrate in its regional markets", it aded in a regulatory filing on Wednesday.
  • At around 2:38 PM, DJ Mediaprint in the fast lane on Wednesday and trading at Rs125.65 per share higher by 4.97% on the BSE. Read more

Discoms' regulatory assets stood at Rs 88,720 crore in June

Published on: 2:30 pm

  • According to government statistics, Discoms' regulatory assets totaled Rs88,720 crore by June 30. This shows that the utilities' financial problems go beyond their unpaid state debt, according to a Wednesday article in The Times of India.
  • While data indicates that the sum recognized by state regulators is Rs88,720 crore, industry players fear that this is merely the tip of the iceberg and that the true amount may exceed Rs 1 trillion due to claims that are bogged down in legal tangles at the appeal level or in higher courts. Read more

NCLT reserves one of the 3 petitions filed against Future Lifestyle

Published on: 2:29 pm

  • Debt-ridden Future Lifestyle Fashions Ltd. (FLFL) is facing three petitions from creditors to commence insolvency proceedings before the NCLT, one of which has been reserved for orders, according to the Future Group.
  • According to FLFL's statement on other proceedings under the Insolvency and Bankruptcy Code, three creditors - two financial and one operational - have filed claims aggregating roughly Rs1,100 crore before the National Company Law Tribunal (NCLT).
  • FLFL stated that the company is defending all claims before NCLT, and none of them has been admitted so far by NCLT. Read more

Tata Power Solar Systems gets 125 MWp solar power project from NHDC

Published on: 2:24 pm

  • For the construction of a 125MWp floating solar project in Madhya Pradesh, Tata Power Solar Systems Ltd (TPSSL) has been awarded a letter of award from NHDC for Rs596 crore. According to a statement released by Tata Power Company Ltd. on Wednesday, the state-owned hydropower juggernaut NHPC and the Madhya Pradesh government jointly operate NHDC.
  • The Omkareshwar reservoir project, which would be located in Madhya Pradesh's Khandwa district, was the subject of an early-year NHDC invitation for bids. Competitive tariff-based bidding was used to choose the LoA. The project will be put into operation within 13 months of the letter of award's (LoA) date, and it will supply MP Electricity Management Company with sustainable power. Read more

US inflation rate at 8.3% in August

Published on: 2:15 pm

  • The world's financial markets were shaken on Wednesday by a more persistent US inflation. As consumer demand increases and supply-side bottlenecks remain, there is little chance of a break from the increased pricing. On a year-on-year basis, US inflation rate stood at 8.3% in August. Core CPI inflation rate stood at 6.3%.
  • At its upcoming meeting on September 21, the US Federal Reserve is anticipated to slam the inflation monster with a sledgehammer rate increase of 75 basis points. In the Jackson Hole speech, Federal Reserve chairman Jerome Powell very well stated his plans to combat inflation with full force. Read more

Coromandel International's VC arm invests in drone startup Dhaksha Unmanned Systems

Published on: 2:05 pm

  • Dare Ventures, the venture capital arm of Coromandel International Limited has announced its third investment this year into a differentiated drone startup, Dhaksha Unmanned Systems Private Limited.
  • The company aims to use this funding for talent acquisition, R&D and production scale up.
  • Dhaksha, one of the forerunners in the drone space in India, provides a complete range of Unmanned Aerial Systems (UAS) technology solutions for different applications covering agriculture, defence, surveillance and delivery, among others. Based out of Chennai, the company has over the years developed expertise in drone R&D, testing, manufacturing, and customer support. In addition to having developed capability to manufacture battery-operated drones, Dhaksha is the only company in India to manufacture petrol engine-based drones. Read more

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

Published on: 1:29 pm

  • India Ratings and Research (Ind-Ra) has affirmed SJVN Limited's Long-Term Issuer Rating at ‘IND AA+’. The Outlook is Stable.
  • Also, Ind Ra has withdrawn rating on commercial papers worth Rs900 crore.
  • According to the rating rationale report, Ind-Ra continues to take a consolidated view of SJVN and its subsidiaries and joint ventures while arriving at the ratings, given the moderate-to-strong legal, operational and strategic linkages between them, and for this review, has also included the financials of SJVN’s 100% subsidiary, SJVN Thermal Private Limited (STPL). Read more

Tata Power Solar to set up 125 MWp floating solar project worth Rs596 crore

Published on: 12:41 pm

  • Tata Power Solar Systems Limited (TPSSL), a wholly owned subsidiary of Tata Power Renewable Energy Limited (TPREL), won a 'Letter of Award' (LoA) worth Rs596 crore from NHDC Limited for establishing a 125 MWp floating solar project (NHDC).
  • This is one of India's largest floating solar power projects.
  • NHDC requested bids earlier this year for this one-of-a-kind project in the Omkareshwar reservoir in Madhya Pradesh's Khandwa district.
  • Tata Power holds a 93.94% stake in TPREL. NHDC is a joint venture between NHPC and the Government of Madhya Pradesh. Read more

SAL Steel to borrow Rs125 crore to repay ARC dues

Published on: 12:20 pm

  • The Board of Directors of SAL Steel Ltd have approved secured borrowing of money by way of Inter Corporate Loans for an amount of Rs125,00,00,000/- (One Hundred Twenty five Crores Only) & other working capital for procurement of raw material for production of Ferro Chrome from AIA Engineering Limited.
  • "This shall be utilized for the purpose of repayment of Invent Assets Securitisation and Reconstruction Private Limited as well as for Working Capital & other purposes", the company said.
  • In addition to this, the Board of Directors have authorized the chairman of the Company Rajendra V. Shah to execute and sign all the documents, agreement, deeds and to do all such acts and deeds for and on behalf of the company which shall be necessary for giving effect to the above transaction. Read more

In August mutual funds reduced their stakes in RIL, TCS, Infosys

Published on: 12:17 pm

  • In August, despite significant inflows from foreign portfolio investors, equity mutual funds (MFs) reduced their holdings in prominent companies like Reliance Industries, Infosys, and Tata Consultancy Services (TCS) (FPIs).
  • For the first time in 17 months, MFs sold shares worth Rs1,200 crore last month, turning net sellers. FPIs, on the other side, purchased shares for Rs51,204 crore. From October 2021 to June 2022, FPIs sold more than they bought. During this time, they sold off equities worth Rs3 trillion.
  • Industry insiders claimed domestic funds made the decision to post gains due to valuation issues raised by a significant increase in international inflows. Shares of RIL, Bharti Airtel, and Infosys totaling Rs2,030 crore, Rs1,950 crore, and Rs1,120 crore, respectively, were sold. The other two equities that experienced sales of more than Rs1,000 crore each were HDFC Life Insurance (Rs1,080 crore) and TCS (Rs1,080 crore). Read more

Rupee appreciates marginally to 79.1475 / $

Published on: 12:03 pm

  • Due to foreign investment inflows into regional debt and stock markets, the Indian rupee reached a more than one-month high versus the US dollar on Tuesday.
  • With its strongest session this month, the rupee had a close of 79.1475 against the dollar as opposed to the previous close of 79.5225. The local currency rose to its highest level since August 5 at 79.0350 in the middle of the session. The Chinese Yuan and the Indonesian Rupiah, in contrast, underwent minimal alteration.
  • A trader at a state-run bank in Mumbai claimed that the rupee's ability to open above the crucial 79.40 barriers served as another catalyst for the USD/INR pair's decline toward the 79 levels. The rupee was bolstered by expectations that Indian bonds will be included in international indices as well as by falling oil costs. Read more

Sonata Software allots 35,053,102 bonus shares; Stock sheds over 1.5%

Published on: 11:20 am

  • The Share Allotment Committee of Board of Directors of Sonata Software Limited at its Meeting held on September 12, 2022, allotted 35,053,102 (Thirty-five million and fifty-three thousand one hundred and two) Equity Shares of Re. 1/- (Rupee One only) each, credited as fully paid as bonus equity shares to the eligible Members of the Company whose names appear in the Register of Members of the Company / List of Beneficial Owners as on the Record Date i.e. Saturday, September 10, 2022 in the ratio of 01 (One) new fully paid-up equity share for every 03 (Three) existing fully paid-up equity shares (1:3).
  • Consequently, the paid - up equity share capital of the Company stands increased from Rs105,159,306 divided into 105,159,306 equity shares of Re. 1/- each to Rs140,212,408 divided into 140,212,408 equity shares of Re. 1/- each. The bonus equity shares allotted shall rank pari-passu in all respects with the fully paid-up equity shares of the Company. Read more

Oh! so Bull; KRBL trades at highest levels in over 4 four months

Published on: 11:12 am

  • KRBL Limited, one of India’s largest rice processing players, has witnessed nearly 3% surge so far in today’s trade. This is followed by biggest single-day gain achieved by the company in Tuesday’s trade since May 12, 2022.
  • At around 11.02 AM, the counter was trading at Rs377.45, up by 3.40% against its previous close of Rs365.05 on NSE. KRBL hit a new 52-week high in today’s trade at Rs378.95, and is chasing the highs so far.
  • This may seem like a minor gain for the day but the stock was trading in its highest levels in over 4 months. On Tuesday, the company witnessed exceptional trading with nearly 15% jump in the stock prices. Read more

Procol raises Rs 51 crore in funding

Published on: 11:08 am

  • Procol, a software program for managing purchases, has secured financing from GMO Venture Partners, Alarko Ventures, Esas Ventures, FounderBank Capital, and Anchorage Capital totaling Rs51 crore.
  • Procol is a provider of procurement technology that aids businesses in streamlining their manual purchasing procedures across their dispersed SME supplier base. The funds raised will be used to develop and improve procurement software and a B2B marketplace offered by Procol, helping to solve India's procurement issues.
  • Existing investors Sequoia Surge, Beenext, and Blume Ventures also took part in the fundraising round.  Read more

Krishna Ventures approves expansion projects; Stock declines 5%

Published on: 10:48 am

  • The Board of Directors of Krishna Ventures Limited at its meeting held on Tuesday, September 13, 2022 at 3:00 PM, has discussed, considered and approved the expansion projects.
  • The board has approved Total Capex, on establishing its Plant of HVAC and Sheet Metal at Plot No. 57, Ecotech XII, Greater Noida that is excepted to commence the commercial production from third quarter of 2022, which is estimated to Rs10 crore in First Phase and will be financed partly through internal sources/ Debt.
  • The Company had participated in a Tender from Ordinance Factory Medak Hyderabad for Turret Pneumatic Equipment and has technically qualified as the lowest financial bidder. Read more

Neuland Laboratories’ CFO Deepak Gupta steps down

Published on: 10:47 am

  • Neuland Laboratories Limited informed that its Chief Financial Officer Deepak Gupta has intimated to the company that he would like to pursue career opportunities outside the company and as such has resigned from his position in the company.
  • In this regard, the company has accepted his resignation.
  • However, Deepak shall continue to act as the Chief Financial Officer of the company until the close of business hours on October 13, 2022.
  • Deepak is a finance professional having over 23 years of broad experience in different leadership roles with numerous MNCs. He has worked with Nestle (5+ years), Cola-Cola (11+ years), and Nissin (3+ years) in the past. Read More

Harsha Engineers' IPO subscribed 19% at the start of Day 1

Published on: 10:41 am

  • On September 14 at 10:40 am, 0.19 times subscription applications have been made to Harsha Engineers IPO. By September 14, 2022, the public offering has received 0.32 times the retail subscriptions, 0.00 times the QIB subscriptions, and 0.13 times the NII subscriptions.
  • The IPO lot size for Harsha Engineers is 45 shares. An individual retail investor may apply to up to 13 lots (585 shares, or 193,050).
  • The IPO for Harsha Engineers begins on September 14, 2022, and ends on September 16, 2022. The company's IPO bid date is set for September 14, 2022, from 10:00 a.m. till September 16, 5 p.m. 2022. 12 PM is the deadline for UPI mandate confirmation. on the day after the issue's closing. Read more

Bond yields declined, rupee appreciated marginally on Tuesday

Published on: 10:30 am

  • Government bonds and the rupee both gained significantly on Tuesday as heavy foreign investment in domestic assets was sparked by the excitement around the possibility of including Indian sovereign debt in a global bond index, according to dealers.
  • Bond prices increased despite rising consumer price index inflation in India. The local currency saw its biggest one-day rise since July 27 thanks to a strong dip in the dollar index in expectation of lowering US inflation.
  • The benchmark 10-year bond's yield finished at 7.08 %, down from 7.14 % at the previous closing. The movement of bond prices and yields is the opposite. A 1 basis point decrease in the yield on the 10-year paper results in a price increase of about 7 paise. As opposed to 79.53 per dollar at the previous closing, the rupee finished at 79.15 per dollar. The local currency has lost 6.07 % of its value versus the US dollar so far in 2022. Read more

Mahindra & Mahindra to divest 80% stake in Mahindra Waste for Rs20.25 crore

Published on: 10:26 am

  • Mahindra & Mahindra Limited informed that it has entered into a Share Purchase Agreement and a Shareholders Agreement with Blue Planet Environmental Solutions Pte Ltd. (BPES).
  • As part of the agreement, the company has agreed to acquire the balance 12.61% of the paid-up equity share capital of Mahindra Waste To Energy Solutions Limited (MWTESL) from present and ex-employees of the Company, in one or more tranches.
  • Consequently, post-acquisition of the above stake, it has agreed to sell 80% of the paid-up equity share capital of MWTESL comprising 2,40,00,000 equity shares to BPES or any of its Affiliates. Read more

Apollo Tyres board raises Rs500 crore through NCDs

Published on: 10:11 am

  • Apollo Tyres Limited has informed that the Committee of Directors - NCDs at its meeting held on September 13, 2022, has allotted Non-Convertible Debentures (NCDs) on a Private Placement basis aggregating to Rs500 crore.
  • The meeting of the “Committee of Directors‐ NCDs” commenced at 11:30 AM and concluded at 11:50 AM on Tuesday.
  • According to the regulatory filing, the details of the Total number of securities proposed to be issued are: Read more

Private equity, venture capital investments in India touch 19 month low in August

Published on: 10:04 am

  • According to a study released on Tuesday, investments by private equity and venture capital firms fell by 80% to USD 2.2 billion in August, a 19-month low. According to research by industry lobby IVCA and consulting company EY, the month saw the highest-ever exits at USD 3.1 billion, making it the strongest month from a sell-off viewpoint.
  • According to the monthly report, PEs and VCs spent USD 2.2 billion on 83 acquisitions in August, including five sizable transactions that generated USD 972 million for Indian firms.
  • The amount invested by venture funds in the prior month, July 2022, was USD 4.1 billion, whereas it was USD 11.2 billion in August 2021. Indian PE/VC investment flows have demonstrated tepidness after being resilient throughout the early part of the year, according to Vivek Soni, a partner at the consultancy company, and have fallen to a 19-month low. Read More

SEBI still to give approval to the IPOs of Oyo, Droom, Lava

Published on: 10:02 am

  • The stock market regulator reports that six businesses have yet to receive permission for their initial share sale plans after filing the draft paperwork roughly a year ago.
  • Draft papers were submitted by Lava International, BVG India, and Oyo parent Oravel Stays approximately a year ago, while Droom Technology submitted them 11 months ago. The Securities and Exchange Board of India received the materials 10 months ago from Snapdeal and Protean eGov Technologies. Read more

India's palm oil imports rises 87% mom in August 2022

Published on: 9:55 am

  • India's palm oil imports in August month jumped 87% from a month ago to the highest level in 11 months as a sharp decline in prices prompted refiners to ramp up purchases, a leading trade firm said on Tuesday.
  • Higher palm oil purchases by the world's biggest vegetable oil importer could provide support to palm oil futures and help top producer- Indonesia in bringing down ballooning inventories.
  • India's palm oil imports in August climbed to 994,997 tonnes from 530,420 tonnes in July month, the Solvent Extractors' Association of India said in a statement. Read more

Brightcom gives up plan to acquire MediaMint

Published on: 9:55 am

  • Brightcom, a digital marketing solutions company located in Hyderabad, has opted against completing the Rs566 crore acquisition of MediaMint and would instead form a strategic partnership with it. The Brightcom Group and MediaMint had made arrangements for the former to be purchased for Rs566 crore in cash and stock in December 2022.
  • In this context, they have canceled the definitive share purchase agreement that was entered into on December 7, 2021, according to a regulatory filing. "Brightcom and MediaMint have jointly decided to change their proposed transaction from acquisition to a possible strategic alliance and provide back-end services to Brightcom's future acquisitions," the filing read.
  • Recent customer additions by MediaMint include several companies in the same industry as Brightcom, which might have an effect on the merged company's growth potential. As a result, the businesses decided it would be appropriate to explore separate development avenues, according to the petition. Read more

Prices of petrol and diesel on September 14

Published on: 9:44 am

  • On September 14, state-run oil firms said that the price of gasoline and diesel had stayed the same for the ninth straight day. The prices of gasoline and diesel in Delhi were most recently reduced to Rs101.19 and Rs88.62, respectively. In the nation's capital, prices were unchanged on September 14.
  • Similar trends were seen in Mumbai's fuel pricing. Retail gasoline costs Rs107.26 per liter, remaining constant. On May 29, the financial district created history by becoming the first metropolitan region in the country to sell gasoline for more than Rs100 per liter. Read more

Ravi Ahuja assumes charge as new COO of Brigade Enterprises

Published on: 9:42 am

  • Brigade Group has appointed Ravi S Ahuja as Chief Operating Officer - Commercial (Office Space). Ravi will be in charge of sales, marketing, and strategic planning, as well as driving the company's commercial office business's revenue growth and profitability.
  • He has more than 25 years of real estate expertise in numerous leadership positions. He has performed strategic and general management roles, as well as directed teams across multi-disciplinary asset classes. Ravi has previously worked at L&T Realty, Colliers International, and Cushman & Wakefield.
  • Ravi graduated from Mumbai University with a Bachelor of Commerce and a Master of Management Studies. Read more

Markets in a bloodbath; Sensex tanks 1000 pts, Nifty below 17,900; IT stock plunges 3%

Published on: 9:41 am

  • Indian markets traded on a bearish tone following negative global cues on Wednesday. IT stocks weighed on benchmarks Sensex and Nifty 50. The 30-scrip index has dipped more than 1000 points so far in the opening bell. India's volatility index has climbed nearly 4.7%.
  • A broad-based sell-off was witnessed across sectoral indices with IT stocks taking a steep free fall. Technology stocks witnessed a massive profit booking on Wall Street that can lead to further pressure in Indian IT stocks. 
  • The domestic equities are expected to be volatile due to US hot inflation report, a steep drop in US stocks overnight and concerns about slowing the global economy. Read more

In early trade gold price falls, silver's rise

Published on: 9:32 am

  • Wednesday's early trade saw a modest decline in gold prices, with 10 grams of the 24-karat yellow metal changing hands for Rs 50,980, a decrease of Rs20. On the other side, silver now costs Rs57,000 per kg, a rise of Rs1,800 per kg.
  • Ten grams of 22-carat gold are now being sold for Rs 46,730, a drop of Rs 20. In Mumbai and Kolkata, 10-gram quantities of 24-carat gold are being sold for Rs50,980, while 22-carat gold is being sold for Rs 46,730 in each city. Gold in Delhi is now selling for Rs51,140 for 24-karat purity and Rs46,880 for 22-karat purity per 10 gm. Read more

SEBI has no business to interfere in pricing of IPOs of start-ups, says SEBI chairperson

Published on: 9:29 am

  • Madhabi Puri Buch, Chairperson of the Securities and Exchange Board of India (SEBI), stated that modern tech firms are free to set the price of their shares for an initial public offering (IPO) at whatever level they feel "acceptable."
  • "The Parliament has mandated that we have no position on issue pricing, and you are free to price the issue at whatever price you feel is suitable," she continued. "The days of the CCI (Competition Commission of India) are long gone," she said.
  • Buch spoke at the 19th Capital Markets Summit, which was held in Mumbai and hosted by the industry group Federation of Indian Chambers of Commerce and Industry (FICCI). Read more

KEC International secures new orders worth Rs1,108 crore; stock climbs ~3%

Published on: 9:28 am

  • KEC International Ltd., an RPG Group Company, has received fresh orders totalling Rs1,108 crore across its different businesses.
  • The company has received a 400 kV Transmission line order from Power Grid Corporation of India Limited, 132 kV Underground cabling order from a state utility, 220 kV Transmission line and tower supply orders in the Middle East, secured through its UAE subsidiary, and 330 kV Transmission line order in Africa, for its Transmission & Distribution business. Read more

Bharat Forge, Harbinger Motors form JV to develop electrified drivetrains

Published on: 9:23 am

  • Bharat Forge Ltd.'s wholly owned subsidiary, Kalyani Powertrain Limited (KPTL), a key global provider of crucial chassis & powertrain components, has formed a joint venture with Harbinger Motors Inc. (Harbinger), a business that is transforming the medium-duty commercial electric vehicle sector, to develop electric drivetrain solutions for the commercial vehicle market.
  • The new joint venture, called ElectroForge, will use the capabilities of both partners to produce best-in-class drivetrains for the Class 3 through 8 sectors, offering higher efficiency and cost-effectiveness. The collaboration will properly blend Harbinger's seasoned EV team's forward-thinking innovation with Bharat Forge's extensive product knowledge and scalability. Read more

Filatex India bags patent for recycling of Polyethylene Terephthalate Waste

Published on: 9:19 am

  • Filatex India Limited has informed to the exchanges that a patent has been granted on September 01, 2022 to the company.
  • The obtained patent is for an invention entitled- A PROCESS FOR RECYCLING OF POLYETHYLENE TEREPHTHALATE (PET) WASTE for the period of 20 years with effect from June 02, 2021.
  • The Certificate was received on September 12, 2022 from the Patent Office of Government of India, the company announced in a regulatory filing on Tuesday. Read more

Adani Transmission forms wholly-owned subsidiary for power transmission biz

Published on: 9:18 am

  • Adani Transmission Limited has incorporated its wholly-owned subsidiary in the name of Adani Electricity Jewar Limited ("AEJL") on September 12, 2022 with an initial authorised and paid up capital of Rs1,00,000/- each.
  • As per the filing, the incorporation of subsidiary is to, carry on the business of transmission, distribution and supply of power and other infrastructure services relating thereto.
  • Further, AEJL will commence its business operations in due course. Read more

Maharashtra Scooters declares interim dividend of Rs100; Stock sheds 2%

Published on: 9:17 am

  • The Board of Directors of Maharashtra Scooters Limited at its meeting held on September 13, 2022, considered and declared an Interim Dividend of Rs100 (1000%) per equity share of face value of Rs10, for the financial year ending March 31, 2023.
  • In addition to this, the record date for the purpose of determining the members eligible to receive the Interim Dividend has been fixed as Friday, September 23, 2022.
  • The aforesaid Interim Dividend shall be credited / dispatched on or around Monday, October 10, 2022, the company said. Read more

GPT Infraprojects bags order worth Rs173 crore; Stock down 1%

Published on: 9:16 am

  • GPT Infraprojects Limited (GPT) informed on Tuesday the company has bagged an order valued at Rs173 crore.
  • As per the regulatory filing, the order is secured from Office of Dy Ce/c, Northern Railway for the project of "Doubling of Railway Track between Ludhiana and Kila Raipur (17.174 Km) including 25 kV High Rise OHE Railway Electrification and Signaling & Telecommunication works on EPC (Engineering Procurement & Construction) mode."
  • Further, this Contract is in Joint Venture in which company's share is 51%, said GPT Infraprojects. Read more

Praveg Communications hits the roof on receiving LoA from Varanasi Development Authority

Published on: 9:15 am

  • Praveg Communications Limited informed that it has secured a Letter of Award from Varanasi Development Authority, Varanasi.
  • The LoA is for the development of ‘Tent City’ at the Bank of river Ganges, Varanasi, Uttar Pradesh.
  • Following this development, Praveg Communication hit fresh 52-week high of Rs253.65 in today's trade. Read more

The Amazon and Flipkart holiday sales start on September 23

Published on: 9:15 am

  • Amazon and Walmart-owned Flipkart have both announced the start of their annual holiday deals, which will run from September 23 to September 30.
  • Big-bang discounts and offers are often generated during Flipkart's "Big Billion Days" and Amazon's "Great Indian Festival" promotions across a variety of categories, including apparel, cosmetics, electronics, home goods, and appliances.
  • Both online marketplaces are concentrating on lowering the cost of purchases through simple credit options, providing live commerce features on the platforms, and enhancing order fulfillment capabilities before the sales. Read more

Zomato chairman, former Deputy governor of RBI, join BharatPe board

Published on: 9:07 am

  • BP Kanungo, a former deputy governor of the Reserve Bank of India (RBI), and Kaushik Dutta, the current chairman of food delivery startup Zomato, were appointed as independent directors by the fintech company 
  • BharatPe.
  • The board of directors for the Gurugram-based company now consists of two executive directors—Shashvat Nakrani and Suhail Sameer, CEO—five non-executive directors and two independent directors.
  • While Kanungo will help the fintech develop a successful business, Dutta will play a significant role in taking the company public in the following two to three years. Read more

Top 10 stocks for today - 14th September, 2022

Published on: 8:52 am

Tata Sons will contribute Rs975 crore to the Pune IT City Metro Rail Project

Published on: 8:50 am

  • The Tata group's holding company, Tata Sons, is contributing Rs975 crore to the Pune IT City Metro Rail project, a special purpose vehicle that has been awarded the contract to build, operate, and maintain the city's project connecting Shivaji Nagar and Hinjewadi.
  • 74% of the SPV is owned by Tata, and the other 25% is owned by Siemens Project Ventures.
  • The 23-km, Rs7,420-crore project is being financed with a debt-to-equity ratio of 1.8 times; all of the financings have been secured, and Tata Sons are supporting the planned equity participation. Read more

Markets look all set to open in red

Published on: 8:46 am

  • Indian equity markets look set to start the day in red. US markets closed heavily in the red yesterday. US consumer price inflation for August stood at 8.3%. This may make the Federal Reserve go for higher interest rate hikes next week. Higher interest rate in US may cause significant capital outflows from equity markets of emerging countries such as India. 
  • US markets saw big losses as inflation continued to be sticky with numbers exceeding expectations. This has set the tone for the Federal Reserve to raise rates by 75 basis points next week. Bond yields spurt to close near 4-year highs @ 3.45%. US dollar regained strength. US dollar index close near 109.65. Read more

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Disclaimer : All estimates (1 year forward) are based on Consensus View provided by Refinitiv.

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