Latest News and Updates

15th Sep, 2022

Aster DM Healthcare's subsidiary acquires additional 2% stake in Medcare Hospital

Published on: 3:14 pm

  • Aster DM Healthcare FZC, a material step-down subsidiary of Aster DM Healthcare Limited has acquired additional 2% stake in Medcare Hospital LLC, a material step-down subsidiary of the Company on September 14, 2022.
  • Consequent to the said acquisition, legal shareholding of Aster DM Healthcare FZC in Medcare Hospital LLC shall increase from 73% to 75% and effective (beneficial) shareholding from 85% to 87%. Read more

Ambuja Cements, Eicher Motors enter the Rs1 trillion market cap group

Published on: 2:53 pm

  • As their respective stock prices reached all-time highs on Thursday, the market capitalizations (m-cap) of the vehicle manufacturer Eicher Motors and the cement manufacturer Ambuja Cements surpassed Rs 1 trillion.
  • According to statistics from the BSE, Ambuja Cements was ranked 100th overall by market cap with a value of Rs 1.05 trillion. In intraday trading, shares of the cement manufacturer rose 1% on the market to a new all-time high of Rs 531.70. Read more

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Rupee gains 5 paise to touch 79.47 / $

Published on: 2:43 pm

  • Early on Thursday, the rupee traded in a narrow range as the support from strong local stocks was countered by a solid dollar and worries of a hawkish US Federal Reserve. The local unit started off at 79.53 versus the dollar on the interbank foreign exchange, touching 79.47 in the first trades, gaining 5 paise over its previous finish.
  • On Wednesday, the rupee lost 35 paise to end the day at 79.52 versus the US dollar. The dollar index, which compares the value of the dollar to a basket of six other currencies, increased 0.06 % to 109.72. The international oil benchmark, Brent crude futures, dropped 0.11 % to USD 94 per barrel. Read more

Tata Sons' to take $500 million offshore loan from BoA, Standard Chartered et al.

Published on: 2:27 pm

  • According to The Economic Times on Thursday, which cited persons familiar with the situation, Tata Sons will seek $500 million in offshore borrowings backed by Bank of America, SMBC of Japan, and Standard Chartered Bank as the business rolls over debt used to pay Tata Teleservices some years ago.
  • In the upcoming weeks, it is anticipated that the loan agreement, whose term will probably be five years, will be finalized. According to ET, the price will probably be 110–120 basis points more than the Secured Overnight Financing Rate (SOFR). In order to reduce debt at telecom business Tata Teleservices, Tata Sons took out three loan tranches in 2018. The company also apparently previously received a one-time exemption for the use of money, according to the report. Read more

ICRA reaffirms rating on Godrej Properties’ bank facilities worth Rs7,000 crore

Published on: 2:22 pm

  • Godrej Properties Limited informed that rating agency ICRA Limited has reaffirmed the ratings assigned to the company’s bank facilities.
  • ICRA reaffirmed the ‘ICRA AA+’ rating on total bank facilities worth Rs7,000 crore.
  • Total facilities reviewed include long-term fund-based facilities worth Rs1,900 crore, and non-fund-based facilities worth Rs350 crore.
  • Limit of long-term/short-term unallocated instrument’s value enhanced from Rs250 crore to Rs2,250 crore. Read more

David Atkinson to lead Tata Consumer Products in UK and Ireland

Published on: 2:22 pm

  • David Atkinson was appointed Senior Vice President and Head of the UK and Ireland Business by Tata Consumer Products (TCP), the FMCG division of the Tata Group, on Thursday. Atkinson will be in charge of managing the company and teams throughout the UK and Ireland in his new position as country head, according to a statement from TCP.
  • The announcement is in line with TCP's aim to bolster operations in significant international markets, the company said, adding that he will be located in London and report to President of International Business Gharry Eccles. Read more

BPCL divestiture not on cards, says Central Government

Published on: 2:12 pm

  • According to Minister of Petroleum and Natural Gas Hardeep Singh Puri on Thursday, the sale of Bharat Petroleum Corporation Limited is not an option right now.
  • The Centre earlier in August informed Parliament that it would decide whether to restart the BPCL strategic sale process based on an evaluation of the circumstance in due course.
  • The pandemic, problems with the energy transition, and geopolitical circumstances, according to state minister of finance Bhagwat Kishanrao Karad, had an impact on a number of global industries, particularly the oil and gas sector. Read more

Saudi Arabia was second largest supplier of crude oil to India in August

Published on: 1:55 pm

  • After a three-month lull, Saudi Arabia has supplanted Russia as India's second-largest oil importer, even as New Delhi's proportion of OPEC oil fell to a 16-year low of 59.8% as it reduced imports from Africa.
  • According to statistics from industry and trade sources cited by Reuters, India, the third-largest importer and consumer of crude oil, imported 863,950 barrels per day (bpd) of crude from Saudi Arabia, up 4.8% from the previous month, while purchases from Russia declined 2.4% to 855,950 bpd.
  • August's top oil supplier to India was still Iraq. Read more

How effective SaaS-based tech integration can be the key to navigating Cold Supply Chain Disruptions

Published on: 1:42 pm

  • Cold Supply Chain networks are at the core of food and pharma supply chains and are vital in ensuring optimal temperature-controlled environments are provided during the storage and movement of these goods. While the cold supply chain in the country has been developing at a steady rate, with a good deal of tech adoption in the past few years, there are still a lot of challenges which need to addressed so as to make it more effective and seamless.
  • For starters, lack of real time update or regular monitoring of the temperature, which are the basics for an efficient cold chain infrastructure, remains as major challenge. A lot of inefficiencies are also related to factors like disrupted, unorganised cold chain managed by unskilled staff, temperature fluctuations, and lack of transparency. Even with tech adoption, most of it may be done sporadically, like only installing a stock WMS for cold storage, is failing to enhance the effectiveness as it is not accurately integrated with the rest of the cold chain network, especially during the transportation and handling. Read More

Larsen & Toubro construction arm bags contract for its water & effluent treatment biz

Published on: 1:34 pm

  • Larsen & Toubro Limited has announced that the Water & Effluent Treatment Business of L&T Construction has bagged a repeat order from the Department of Water Resources of Odhisha Government, to execute a Pressurized Underground Pipeline Irrigation Network System for the Right Command of Lower Suktel Irrigation Project.
  • Accordingly, the project envisages to provide water to irrigate 27,000 Ha of Culturable Command Area (CCA) in the Balangir district of Odisha.
  • The project scope involves Survey, Design, Engineering, Supply, Laying, Installation & Commissioning of MS, DI & HDPE pumping main & distribution network with all allied electromechanical & automation works, the company informed. Read More

Wardwizard Foods acquires Yeppy Foods and Safpro to expand product portfolio

Published on: 1:24 pm

  • Wardwizard Foods & Beverages Ltd (previously known as Vegetable Products) intends to join the high-quality food and beverage market as a strategic step, and the firm is active in the process of purchasing two established and extremely successful new food brands, Yeppy Foods and Safpro.
  • Ward Wizard is dedicated to growing its business and becoming a participant in the food and beverage sector by developing a market presence.
  • The purchase of these two companies will allow Wardwizard to expand its product offerings and extensively penetrate markets, allowing it to reach more customers and provide them with greater access to even more high-quality food goods. Read more

Veranda Learning Solutions to raise funds via preferential issue; Stock tumbles ~9%

Published on: 12:40 pm

  • The Board of Directors of Veranda Learning Solutions Limited in its meeting held on September 14, 2022 has considered and approved the fund raising proposal through preferential issue of shares and warrants to non-promoters and promoters.
  • As per the filing, the board approved proposal to issue and allot 77,97,718 equity shares of face value of Rs. 10/- each fully paid-up to certain Non-Promoters entities, on a preferential basis, at a price of Rs307/- per Equity Share, subject to the approval of regulatory / statutory authorities and the shareholders of the Company.
  • The board approved proposal to issue and allot 20,00,000 Convertible Warrants, each Warrant convertible into one Equity Share to Promoters of the Company, on a preferential basis, at a price of Rs307/- per Warrant, subject to the approval of regulatory / statutory authorities and the shareholders of the Company. Read more

Ind Ra affirms Marksans Pharma long-term issuer rating at 'A/Positive'

Published on: 12:20 pm

  • India Ratings and Research (Ind-Ra) has affirmed Marksans Pharma Limited’s (Marksans) Long-Term Issuer Rating at ‘IND A’.  The Outlook is Positive.
  • Accordingly, the short-term rating has been affirmed at 'IND A1'.
  • According to the rating rationale report, the agency continues to take a consolidated view of Marksans and its subsidiaries while arriving at the ratings because of the strong strategic, operational and legal linkages among them. Read more

Billionaire Venture Incubation and DBS bank sign MOU for promoting start-ups

Published on: 12:15 pm

  • A Memorandum of Understanding (MoU) has been signed between Chennai-based Billionaire Venture Incubation and DBS Bank. This venture will do investments in India's rapidly expanding startups through a Special Purpose Vehicle (SPV) .
  • In the beginning, the newly established joint venture will allocate $200 million in cooperation with DBS Bank to provide finance for more than 150 companies in Tamil Nadu, Karnataka, and Maharashtra. Additionally, the company has plans to later expand to the country's north.
  • The venture will realize the desire of many young entrepreneurs to support other startups like this in the nation and generate millions of jobs in the years to come, in addition to creating thousands of jobs through this initial endeavor. Read more

Lumax Industries acquires 100% stake in Czech Republic-based 'Damberty Real'; stock soars ~3%

Published on: 12:07 pm

  • Lumax Industries Limited informed that it has acquired a 100% equity stake in a Czech Republic-based Company, named Damberty Real s.r.o, whose name has been changed to Lumax Industries Czech s.r.o.
  • Consequently, Lumax Industries Czech s.r.o became a wholly-owned subsidiary (WOS) of the company.
  • The objectives of the WOS have been altered to Manufacturing, trade, and services relating to the automotive sector. Read more

Rainmatter and Supermorpheus provide seed funding to MyLang

Published on: 11:53 am

  • MyLang Creators, a digital publishing start-up based in Bengaluru,  has raised an undisclosed sum in a seed round of funding, which was led by Rainmatter and included Supermorpheus and other investors.
  • The Indian regional language material is the exclusive focus of the digital publishing start-up's efforts to develop a tech-enabled publishing platform.
  • The firm, which began in Kannada, intends to increase regional awareness by bringing the same experience to other Indian languages with a fresh infusion of funding. Read more

Adani Enterprises’ promoter acquire its shares worth Rs175 crore; stock hits fresh high

Published on: 11:50 am

  • On September 13, an Adani Group promoter company acquired shares of Adani Enterprises worth Rs175 crore from the open market, according to sources.
  • According to the insider trading reports, Spitze Trade and Investment, the promoter group firm, purchased 500,000 shares in an open market transaction.
  • On September 7, another promoter firm, Gelt Bery Trade, and Investment purchased 140 Adani Enterprises shares. Read more

Palm Jewels skyrockets ~10% on bagging orders worth Rs5 crore during IIJS Exhibition

Published on: 11:19 am

  • Palm Jewels Limited informed that it has been able to accomplish internal growth and profitability targets successfully. As a result, the company is planning expansion outside Gujarat to Chennai, Coimbatore, Tirupur, and other places in Tamil Nadu.
  • The company also informed that it has received new orders recently from clients based outside Gujarat. It has established a leading position in gold and silver ornaments in Gujarat and is now targeting regions across India. Read more

S H Kelkar and Company invests in Keva Europe BV; Stock dips 1.5%

Published on: 11:18 am

  • S H Kelkar and Company Limited has informed to the exchanges regarding equity investment in Keva Europe BV.
  • As per the filing, the company has made an investment of Euro 49,99,998.06 in Keva Europe BV, a wholly owned subsidiary by way of contribution to the equity capital of Keva Europe BV by subscribing to 24,15,458 ordinary Equity shares with nominal value of EUR 1 each of Keva Europe BV at EUR 2.07 per share.
  • "Requisite consents and approvals with respect to the said investment has been obtained", the company said in a filing. Read more

Tata Steel would issue NCDs to raise Rs2,000 crore

Published on: 11:13 am

  • On Wednesday, Tata Steel said that it will issue non-convertible debentures in a private placement to raise Rs2,000 crore.
  • The steel giant reported that its committee of directors, which was established by the board of directors on September 14, had approved the issuance of debt instruments in the form of NCDs. Tata Steel stated that the issue is split into two series. 5,000 NCDs with a face value of Rs10,00,000 each would be issued in series one to raise a total of Rs500 crore. The date of allotment for first series is September 20, 2022 and its date of maturity is September 20, 2027. Read more

Government expects GST collection to cross Rs 1.5 lakh crore mark from October onward

Published on: 11:01 am

  • According to government authorities, the Central Board of Indirect Taxes & Customs (CBIC) would be able to collect more than Rs 1.5 trillion in goods and services tax (GST) revenues each month starting in October. This happens at a time when GST revenues have been behind for the previous four months, with a total shortfall of Rs 1.5 trillion.
  • "Over the last several months, we have made a lot of effort to accomplish the Rs1.5 trillion milestones. However, we have occasionally fallen short by Rs2,000 crore or Rs6,000 crore. Our income for October will be received on November 1st. At a Mumbai event, Tarun Bajaj, the revenue secretary, declared, "I am confident that the CBIC would get Rs1.5 trillion in income for the government from that month on." Read more

Balaji Amines zooms ~4% on completion of Phase 1 of Greenfield Project

Published on: 10:56 am

  • Balaji Amines Limited (the firm) announces the completion of a greenfield project as well as the building of two more units.
  • Following this development, the company’s counter was trading 3.53% higher at Rs3,810, against the previous close of Rs3,680.15 on NSE.
  • The DMC/PC and PG Plant will be ready to begin commercial production by the end of September 2022, once Phase 1 of the 90-acre Greenfield Project (Unit IV) is completed.
  • This is expected to result in a capacity of 15,000 tonnes of Di-methyl Carbonate (DMC)/Propylene Carbonate (PC) and 15,000 tonnes of Propylene Glycol per year (PG). Read More

Harsha Engineers IPO subscribed 4.89 times at the start of day 2

Published on: 10:56 am

  • On September 15 at 11:34 a.m., Harsha Engineers' IPO was subscribed 4.89 times. Retail category subscription stood at 5.19 times, the QIB category at 0.09 times, and the NII category at 10.60 times.
  • The IPO lot size for Harsha Engineers is 45 shares. An individual retail investor may apply to up to 13 lots. The IPO opened for subscription on September 14, 2022, and ends on September 16, 2022. Read more

C E Info Systems to acquire 26.37% stake in 'KOGO' platform for Rs10 crore

Published on: 10:44 am

  • The Board of directors of C E Info Systems Limited has considered and approved the acquisition of 26.37% stake on fully diluted basis of Kogo Tech Labs Private Limited for Rs10 crore, with an option to raise the stake to 50% within 2 years.
  • MapmyIndia offers to Automotive OEMs its Mappls N-CASE (Navigation, Connected Vehicle, ADAS & Autonomous Safety, Shared Mobility & Electric Mobility) Suite including its maps, software & IoT that goes built-in to their vehicles, companion apps and cloud back-end systems.
  • Millions of vehicles, across 4-wheelers and 2-wheelers, including newage EVs, have been going built-in with MapmyIndia's Mappls N-CASE solution already through MapmyIndia's partnership with almost all leading Automotive OEMs. Read more

Investors' wealth dropped by Rs76,196 crore on Wednesday due to market decline

Published on: 10:41 am

  • On Wednesday, investors' wealth decreased by Rs76,196.54 crore as the market saw a sell-off due to growing worries about potential aggressive interest rate rises to control soaring inflation. The market value of BSE-listed businesses, a measure of investor wealth, fell by Rs76,196.54 crore to Rs2,85,94,997.40 crore as the 30-share Sensex fell by 224.11 points, or 0.37 %, to reach 60,346.97 points.
  • The market valuation on Tuesday, when the markets had risen for the fourth consecutive day, was Rs2,86,71,193.94 crore. The 30-share index gained over 1,200 points from the lows in the early going before concluding at 60,346.97 points, a decrease of 224.11 points or 0.37 % from Tuesday's closing level.
  • The larger NSE Nifty ended the day at 18,003.75 points, down 66.30 points or 0.37 %. Following significant losses in US markets, the Sensex had fallen 1,150 points to a low of 59,417.12 points, while the Nifty had fallen to a low of 17,771.15 points in early trade on Wednesday. Read more

SBI's market capitalization crossed Rs 5 lakh crore on Wednesday

Published on: 10:36 am

  • State Bank of India (SBI), a government-owned institution, crossed the Rs5 lakh crore mark in market capitalization on Wednesday as its shares reached a record high of Rs564.45.
  • ith this market capitalization, SBI was ranked sixth in terms of market capitalization. SBI has overtaken the market valuation of Rs5 lakh crore, making it the third lender in the nation to do so. Read More

DASH raises $1 million by selling its recurring revenue on Recur Club

Published on: 10:32 am

  • DASH, a tech-driven go-to-market channel for brands in Tier-III markets, has received a line of credit of $1 million in non-dilutive capital through Recur Club, a financing platform that assists in converting recurring income streams of businesses into immediate and upfront funding.
  • DASH is a technological platform that, through its network of digitally interconnected demand aggregators and fulfillment partners, makes the Tier-III market more accessible for brands in the FMCG and food commodities categories. More than 200 brands are presently using it to improve their market penetration in Tier-III. 2000+ partners have been onboarded by DASH in 5 locations, and orders are delivered to their doorstep within 24 hours. Read more

BOB hikes interest rates by 0.20% for deposits under Rs2 crore

Published on: 10:29 am

  • Retail term deposits under Rs2 crore now have interest rates up to 0.20% higher thanks to Bank of Baroda. Starting on September 13, 2022, the new rates will be in effect. The interest rate on domestic and NRO (Non-Resident Ordinary) term deposits with a one-year maturity will increase to 5.50% from 5.30%, the bank announced on Wednesday.
  • Deposits with terms longer than 400 days and up to three years will now receive 5.50% instead of 5.45%. The new rate is 5.65%, up 0.15%, for terms longer than three years and up to ten years. Senior people will now get a higher rate of interest on one-year deposits, up from 5.80% to 6%. Similar to other tenors, the revised rates for resident elderly persons will vary from 6-6.65% as opposed to 5.95-6.50%. Read more

Tamilnad Mercantile Bank shares list at Rs495 with a 3% discount

Published on: 10:24 am

  • Tamilnad Mercantile Bank (TMB) shares had a quiet launch on Dalal Street on Thursday, with the private lender listing for Rs495 on NSE, a 3% reduction to its issue price of Rs510 per share. Meanwhile, its shares were listed on the BSE at par.
  • The Rs807.85 crore initial public offering (IPO) of Tamilnad Mercantile Bank, which was issued at a price band of Rs500-525 per share, was subscribed 2.86 times by investors. It showed a dull response from investors.
  • A day before listing, shares of Tamilnad Mercantile Bank were trading in the grey market at a premium of Rs10-12, indicating a flat listing of the business. Read more

TCS launches Mobility Cloud Suite to supercharge the future of automotive enterprises

Published on: 10:20 am

  • Tata Consultancy Services (TCS) has announced the launch of TCS Mobility Cloud Suite, a rich toolbox of cloud-enabled software to help automotive manufacturers and suppliers adapt to the rapid changes in their industry and accelerate the expansion of their ecosystems.
  • The advancement of digital technologies, increasing consumer expectations, and electrification of vehicles— not to mention the ongoing supply chain disruptions and sustainability imperatives—are blurring the traditional boundaries within the industry and forcing automakers and suppliers to work differently to accelerate automotive enterprise transformation. 
  • In fact, 71% of senior automotive executives assumes that, by 2025, more than a quarter of their revenue will come from industries and digital ecosystems they don't operate in today, according to TCS’ 2021 Global Leadership Study. Read More

Awiros, a deep tech firm, raises $7M

Published on: 10:17 am

  • Startup company Awiros has received $7 Mn series A funding led by Inflexor Ventures and Exfinity Venture Partners. Other participants in this round of funding included Veda VC, family offices and ultra-high-net-worth individuals (UHNIs). 
  •  This round of funding will help Awiros to expand its teams in India and the United States, both in terms of technology and sales.
  • Vikram Gupta and Yatin Kavishwar founded Awiros in 2015 as a device-independent operating system (OS) for the quick creation and distribution of video AI apps. Read more

Vedanta named as top bidder for 2 coal mines in Odisha; stock jumps ~2%

Published on: 10:05 am

  • On the second day of the commercial coal mines auction, Vedanta Limited emerged as the highest bidder for two coal mines in Odisha.
  • It has emerged as the top bidder for Ghogharpalli and its Dip Extension coal block, located in Sundargarh district, Odisha under Tranche V of the commercial coal block auction conducted by the Ministry of Coal.
  • The company believes this coal block is an optional fit for the Company’s Jharsuguda smelter given its logistical location and annual capacity. The mine has total reserves of 1,288 million tonnes. Read more

Food & grocery delivery apps focusing on night delivery segment

Published on: 10:03 am

  • Food and Grocery delivery apps are focusing more on the night delivery segment.
  • Swiggy Instamart, the grocery delivery division of the restaurant delivery and search aggregator, has expanded grocery delivery hours until the early hours, beginning with certain markets—a first for the sector.
  • "We're open till 3 a.m. now... "Get all your 3 a.m. needs met," Instamart advised customers in texts received over the weekend. Read More

Prices of fuel on September 15

Published on: 10:01 am

  • The cost of gasoline and diesel in all metro regions was unchanged on September 15 according to the most recent price notice distributed by fuel retailers.
  • More than a month has passed since there was a price adjustment for petrol. A litre of petrol costs Rs96.72 in Delhi, while a liter of diesel costs Rs89.62. Diesel costs Rs94.27 and gasoline costs Rs106.31 per liter in Mumbai. In Chennai, the prices for gas and diesel are Rs102.63 and Rs94.24, while in Kolkata, they are Rs106.03 and Rs92.76. Read more

Indiabulls Housing Finance increases lending rates by 10 basis points; Stock rises

Published on: 9:59 am

  • Indiabulls Housing Finance Ltd. (IBHFL) revises its reference rates for all loans by 10 basis points, the company announced on Thursday morning.
  • As per the regulatory filing, the new rates will be applicable for new customers from September 15 onwards, and for existing borrowers, effective from next payment cycle of October, the company said. Read more

Centricity, a startup in wealth technology, has raised $4 million

Published on: 9:51 am

  • Centricity, a B2B wealth tech firm, has raised $4 million from investors including the Burman family office, Shantanu Agarwal of the LNJ Bhilwara group, and Arun Jain, founder of Polaris Software Labs.
  • Angel investors such as Devesh Sachdev of Fusion Microfinance, Devtron Labs’ Rajesh Razdan, TBO cofounder Ankush Nijhawan, Filatex Group’s Purrshottam Bhaggeria, Abhay Agarwal of the Burman family office as well as Pravin Jain and Navin Jain from the Supercircle family office also participated in this round of funding.
  • Centricity, which was founded last year by former senior private bankers, wants to create a technology solution for the most disorganized independent financial adviser (IFA) community and former private wealth professionals. The startup provides "employee to entrepreneur" (E2E) migrations with plug-and-play solutions. Read more

Shri Dinesh Mills sells leasehold plot for Rs12.90 crore

Published on: 9:43 am

  • Shri Dinesh Mills Ltd informed to the stock exchanges that it has executed the Deed of Assignment-Cum-Conveyance on Wednesday for sale of Leasehold Plot situated at Makarpura G. I. D. C., Vadodara admeasuring 6438.20 Sq. Meters land along with Shed thereon, being the surplus immoveable properties, for a lump sum sale consideration of Rs12,90,00,000/- (Rupees Twelve Crores Ninety Lakhs only) pursuant to the Term Sheet executed on April 28, 2022.
  • On Thursday at around 9:41 AM, Shri Dinesh Mills Ltd is trading at Rs690.65 down by Rs16.45 or 2.33% from its previous closing of Rs707.10 on the BSE. Read more

Early trade sees decline in gold and silver prices

Published on: 9:42 am

  • Early on Thursday, gold and silver prices declined. 10 grams of gold (24-carat) changed hands for Rs50,620, a decrease of Rs360. Silver's price has changed by Rs 600 to Rs 56,400 per kilogram.
  • Ten grams of 22-carat gold are now being sold for Rs46,400, a drop of Rs330. In Kolkata and Mumbai, 24-carat gold is being sold for Rs56,400 per 10 grams, while 22-carat gold is being sold for Rs46,400 in each city. The price per 10 gm of 24- and 22-carat gold in Delhi is Rs50,780 and Rs46,550 rupees, respectively. Read more

Softbank may set up Vision Fund 3

Published on: 9:37 am

  • According to The Wall Street Journal on Wednesday, Japan's SoftBank Group Corp. is debating creating a third Vision Fund and will likely do so using its own funds. A decision will be made in the coming months.
  • The size of a new fund could not be determined, according to the publication, which also stated that SoftBank might increase its investment in Vision Fund 2. Read more

KPI Green Energy gets new 4.20 MW wind-solar hybrid power project; stock spurts ~4.5%

Published on: 9:30 am

  • KPI Green Energy Limited informed that it has received a new order for executing the Wind-Solar Hybrid Power Project of 4.20 MW.
  • The 4.20 MW order comprises of 4.20 MW Wind Turbine and 3 MWdc Solar capacity.
  • The company has received this order from Nouveau Jewellery LLP, Surat. The company has received this order under its 'Captive Power Producer (CPP)' business segment. Read more

GMDC revamps customer segmentation policy to boost MSME Sector

Published on: 9:22 am

  • Gujarat Mineral Development Corporation (GMDC), a prominent mining PSU and the country's largest lignite supplier announced customer segmentation based on the MSME status of business units.
  • Previously, customer segmentation was based on lignite lifting capabilities. However, financial aptitude will be taken into account in the improved client segmentation. Customers' "Udyam Aadhar" certificates have been acquired in order to map business units to their relevant MSME status.
  • MSMEs, as supplementary units, support big industries, and this sector contributes significantly to the country's socioeconomic growth. Read more

Jungle Ventures to expand its investment team in India by three times

Published on: 9:20 am

  • In the upcoming six months, Singapore-based Jungle Ventures will increase by triple its investment team in India.
  • The business, which closed its fourth $600 million fund in May, has a group of four experts in both Bengaluru and New Delhi.
  • In 2023, the company expects a faster pace of capital deployment. Read more

Markets trade positive; Sensex climbs 230 pts, Nifty 50 above 18k

Published on: 9:19 am

  • Indian markets traded on a positive tone on Thursday led by broad-based buying with all stocks in the green. The domestic equities rallied despite mixed global cues. Among the sectors, auto, financials and power inched higher while the midcap and smallcap indices added over half a percent each.
  • In the early openings, Sensex hit an intraday high of 60,676.12, while Nifty 50 rose to at least the day's high of 18,092.35.
  • Both the benchmarks were trading near the record levels ahead of festive season. Read more

RattanIndia launches its cutting-edge advanced drone 'Defender'; Stock gains over 2%

Published on: 9:18 am

  • RattanIndia Enterprises Ltd. (REL), has announced the launch of ‘Defender’ by its company TAS (Throttle Aerospace Systems). 
  • Defender is an indigenously developed tracking and capturing system for rogue drones. Defender is loaded with 13 AI features to neutralize the rogue drones. With rising instances of drone-based aerial threats to restricted installations under defence and private airspace, this solution will provide a first-of-a-kind capability to the Indian defence establishment to get rid of drones flying over unauthorized airspace.
  • TAS product is developed with AI (artificial intelligence) capabilities to take real-time decisions to facilitate the capture and subsequent retrieval of drones. Defender employs a soft kill approach wherein a net capture mechanism is utilized. Defender is thus able to instantaneously neutralize emergent threat before it can render any harm.  Read more

HFCL secures advance purchase orders worth Rs447.81 crore; stock zooms ~2%

Published on: 9:18 am

  • HFCL Limited informed that it has received advance purchase orders (APO) aggregating to Rs447.81 crore.
  • These consists of APO worth Rs341.26 crore from Bharat Sanchar Nigam Limited (BSNL) for supply, installation, commissioning, operation, and maintenance of CUPS BNG (Control Plane User Plane Separation Broadband Network Gateway) and associated subscriber Policy Manager & Authentication platform on turnkey basis. This order is expected to be completed within a period of 240 days from the date of PO. Read more

G R Infraprojects' subsidiary receives licence from CERC; Stock sheds 4%

Published on: 9:17 am

  • G R Infraprojects Limited has informed to the exchanges regarding receipt of Transmission Licence by Rajgarh Transmission Limited, wholly-owned subsidiary of the Company.
  • Rajgarh Transmission Limited has received transmission licence from Central Electricity Regulatory Commission vide order on September 13, 2022 for its project "Establishment of Transmission system for evacuation of power from RE projects in Rajgarh (2500 MW) SEZ in Madhya Pradesh", subject to the fulfilment of the certain conditions throughout the period of licence. Read More

Tata Power to develop 4 MWp solar project at Tata Motors' Pune plant

Published on: 9:16 am

  • Tata Motors and Tata Power have entered into a Power Purchase Agreement (PPA) to develop a 4 MWp on-site solar project at Tata Motors’ Pune located commercial vehicle manufacturing facility. The installation is collectively expected to generate 5.8 million units of electricity, mitigating over 10 lakh tonnes of carbon emission which is equivalent to planting over 16 lakh teak trees over a lifetime.
  • “It has been our continuous efforts to reduce greenhouse gas emissions to achieve Net Zero Emission goal. We have been exploring different avenues and business models for using renewable energy to promote sustainable business growth", said Alok Kumar Singh, Plant Head, Commercial Vehicle Manufacturing Facility, Plant of Tata Motors.
  • He further added, "In FY22, the total renewable energy contribution at our CV Pune plant was 32%. With this agreement, we reaffirm our commitment to moving closer to our goals of cultivating 100% renewable energy capacity.” Read more

Jubilant Pharmova appoints Jaidev Rajpal as head of Generics business

Published on: 9:14 am

  • Jubilant Pharmova Limited, an integrated global pharmaceutical company, announced that Jaidev Rajpal would join the company as Head of Generics business on October 11, 2022.
  • Jaidev has been named Managing Director and CEO of the Company's wholly-owned subsidiary, Jubilant Generics Limited, which is involved in the development, production, and distribution of formulations to US and non-US markets, as well as the India Branded Pharmaceuticals business.
  • Jaidev has more than two decades of expertise in management consulting, advising, and reforming top generic pharmaceutical firms in India and throughout the world. Read more

Another day in red likely for Indian equity markets

Published on: 8:47 am

  • Indian equity markets are likely to see another day in red today. US inflation rate of 8.3% in August has resulted in the likelihood that Federal Reserve may go for a 100 basis point hike in interest rate next week.  Crude oil prices also increased by around 1% yesterday. FPIs were net sellers of around Rs 1670 crore worth of equities in Indian markets yesterday.
  • US markets saw a flat day yesterday as markets consolidated after the huge sell off from the day before.  Market participants are divided now on the possibility of 100 basis points rate hike by the Federal reserve next week. Bond yields closed near 3.44%. Oil prices rose over 2% . US dollar index closed lower at 109.5. Read more

NSDF inks MoU with NTPC and REC to receive Rs215 crore support for sports development in India

Published on: 8:34 am

  • In the presence of Union Minister of Youth Affairs & Sports Anurag Singh Thakur and Union Minister of Power and New and Renewable Energy RK Singh, the National Sports Development Fund (NSDF) of Department of Sports, Ministry of Youth Affairs and Sports  signed a Memorandum of Understanding (MoU) with two Public Sector Undertakings (PSUs) with NTPC (National Thermal Power Corporation) Foundation and REC (Rural Electrification Corporation) Foundation on Wednesday in New Delhi for development of sports in India.
  • The financial support to be given by NTPC is Rs115 crore over the next 5 years and they will be supporting Archery discipline in India. 
  • Similarly, REC Foundation has also committed an amount of Rs100 crore over 3 years to support Women’s Hockey, Athletics and Boxing. The support towards NSDF has come through their Corporate Social Responsibility (CSR) mandate. Read more

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