Latest News and Updates

16th Sep, 2022

Harsha Engineers' IPO receives 57.37 times subscription applications, a few hours before its closing

Published on: 3:02 pm

  • By September 16 at 03:04 p.m., Harsha Engineers' IPO was subscribed 57.37 times. Retail category subscription stood at 16.18 times, the QIB category at 124.33  times, and the NII category at 65.33 times.
  • The IPO lot size for Harsha Engineers is 45 shares. An individual retail investor may apply for up to 13 lots. The IPO opened for subscription on September 14, 2022, and ends on September 16, 2022. 
  • 16,863,795 equity shares were issued in the public offering of Harsha Engineers. The offering includes 3,594,780 shares for non-institutional investors, 4,792,950 shares for qualified institutional buyers, and 8,387,730 shares for retail investors. Read more

Zydus receives USFDA tentative approval for Sugammadex Injection; Stock drops ~3%

Published on: 2:23 pm

  • Zydus Lifesciences Limited’s (formerly known as Cadila Healthcare Limited) announced on Friday that its US-based subsidiary Zydus Pharmaceuticals (USA) Inc. has received tentative approval from the United States Food and Drug Administration (USFDA) to market Sugammadex Injection USP 200 mg/2 mL (100 mg/mL) and 500 mg/5 mL (100 mg/mL), Single-Dose Vial (US RLD: Bridion).
  • As per the filing, Sugammadex is indicated for the reversal of neuromuscular blockade induced by rocuronium bromide and vecuronium bromide in adults undergoing surgery. The drug will be manufactured at the group’s injectables manufacturing facility located at Jarod, India.
  • According to IQVIA MAT July 2022 data, Sugammadex Injection had annual sales of USD 772 mn in the United States. Read more

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Gautam Adani becomes second richest person in the world

Published on: 2:10 pm

  • Indian billionaire Gautam Adani, chairman of the Adani Group, has overtaken Jeff Bezos of Amazon to take second place in the world's wealth rankings. According to Forbes' real-time statistics, he is currently only behind Tesla CEO Elon Musk, who is still the richest person in the world with a net worth of $273.5 billion, according to LiveMint.
  • A significant increase in the value of the Adani Group equities propelled Adani's wealth, making him the second richest person in the world. Adani's net worth was $155.7 billion as of September 16, 2022, up $5.5 billion or over 4%, according to the Forbes real-time billionaires list. Gautam Adani's real-time net worth reflected the increase in the stock market as Adani Group equities Adani Enterprises, Adani Port, and Adani Transmission all reached new highs on the BSE in early Friday trading. Read more

Visaka Industries to close AC unit at Patancheru, Telangana; Stock under pressure

Published on: 1:09 pm

  • As a part of strategic business plan, Visaka Industries Ltd has announced the closure of manufacturing activities of AC unit situated at Patancheru at Sy No. 315, Yelumala (V), Hyderabad, Telangana with immediate effect.
  • The unit had contributed Rs66.84 core (4.8% of the Total Turnover of the Company) turnover in 2021-22.
  • In a regulatory filing, the company said on Thursday, "Due to changing market dynamics over the years, the Company has reoriented itself to address the high potential markets." Read more

Sale of Ambuja and ACC to Adani Group completed

Published on: 1:06 pm

  • The sale of Ambuja Cement and ACC (Ambuja's subsidiary) to the Adani Group has been completed by Swiss company Holcim, generating cash proceeds of $6.4 billion. The business stated in a statement that the purchase "strengthens Holcim's balance sheet and enables the company to continue its acquisition strategy, building on previous investments of over CHF 5 billion in solutions & products."
  • I want to express my gratitude to the 10,700 Indian employees who have helped our business expand over the years with their knowledge and unwavering dedication. According to me, the Adani Group is the perfect environment for them and our clients to move forward and develop, said Jan Jenisch, CEO of Holcim. Read more
 

Tata Metaliks inaugurates ductile iron pipe Plant No.2; stock spurts ~4%

Published on: 12:53 pm

  • On September 15, 2022, Mamata Banerjee, Hon'ble Chief Minister of West Bengal, inaugurated Phase-I of Tata Metaliks Limited's Ductile Iron (DI) Pipe Plant expansion project at Kharagpur.
  • This Rs Rs600 crore expansion project would increase the Company's Ductile Iron Pipe factory capacity to nearly 4 lakh tonnes per annum.
  • The new factory is one of the most sophisticated DI Pipe factories, with high levels of automation and robots to ensure safe and efficient operations. Read More

Canara Bank raises Rs2,000 crore via Basel III Tier I bonds

Published on: 12:49 pm

  • Canara Bank Limited informed that the bank has successfully raised Basel III Compliant Additional Tier I Bonds, Series II.
  • The bank came out with the issuance of Rs2,000 crore of Additional Tier I bonds on September 14, 2022.
  • The bank stated that it received a total bid amount of Rs5,825 crore, out of which all Rs2,000 crore was accepted.
  • The bonds are accepted at 7.99% and have been made to 17 allottees. Read more

IndusInd's stock up by 53% in the past three months

Published on: 12:06 pm

  • In an otherwise sluggish market on Friday, shares of IndusInd Bank reached an intraday high of Rs1,238.15 on the BSE on the anticipation of positive future developments. The price of the private lender's shares reached its highest level since November 2, 2021, and on October 28, 2021, it reached a 52-week high of Rs1,241.85.
  • At 10:01 am, IndusInd Bank traded 2% higher at Rs1,217, outperforming the S&P BSE Sensex's 1.3% fall. It has increased dramatically over the last three months by 53%, compared to a 15% increase in the benchmark index. Sumant Kathpalia was reappointed as managing director and chief executive officer for three years, beginning on March 24, 2023, by IndusInd Bank on Thursday. Read More

Som Distilleries & Breweries resumes supply of beer and IMFL brand

Published on: 12:05 pm

  • Som Distilleries & Breweries Ltd has informed to the stock exchanges that the supplies of its brands of Beer and IMFL have resumed under the new excise policy of the Delhi State Government.
  • "We are hopeful of meaningful contributions coming in from the Delhi market for the remaining part of the financial year", the company sain in a regulatory filing on Thursday.
  • At around 12:06 PM, Som Distilleries & Breweries Ltd is currently trading at Rs98.85 per share down by Rs0.05 or 0.05% from its previous closing of Rs98.90 per share on the BSE. Read more

Indo Borax & Chemicals to install new manufacturing plant at Pithampur; Stock climbs over 4%

Published on: 11:40 am

  • Indo Borax & Chemicals Limited has informed to the exchanges regarding establishment of new plant.
  • As per the regulatory filing, the board of directors of the company at their meeting held on Thursday i.e. September 15, 2022 proposed to install a new plant at existing plant location at Pithampur for manufacturing of Boric Acid derivatives and related products.
  • The project will be funded by internal accruals, the company said. Read more

Ind-Ra upgrades Jubilant Ingrevia’s rating to ‘Ind AA+’; limit enhanced

Published on: 11:33 am

  • Jubilant Ingrevia Limited informed that India Ratings and Research Private Limited has, by its rating letter dated September 14, 2022, upgraded the company’s Long-Term Issuer Rating to ‘IND AA+’ from ‘IND AA’. The Outlook is Stable.
  • Ind-Ra has reviewed fund-based limits worth Rs550 crore, which has been enhanced from Rs440 crore.
  • Company’s non-fund-based facilities reviewed are worth Rs1,135 crore. Read more

Ester Industries completes sale of engineering plastics business for Rs289.33 crore

Published on: 11:26 am

  • On May 6, 2022, Ester Industries Limited entered into a final agreement to sell its Engineering Plastic Business to Radici Plastics India Private Limited in an all-cash slump sales deal valued at Rs289.33 crore.
  • The divestment of Ester Industries' Engineering Plastics Business to Radici Plastics India Private Limited was finalised and concluded on September 15, 2022, according to the company.
  • This strategic divestment will not only strengthen Ester Industries' balance sheet but will also provide the necessary expansion capital for scaling up its capacity in business sectors where the Company thinks there is a chance to increase shareholder value. Read more

Ind Ra assigns Crompton Greaves Consumer Electricals' credit rating at 'AA+/Stable'

Published on: 10:46 am

  • India Ratings and Research (Ind-Ra) has assigned Crompton Greaves Consumer Electricals Limited (CGCEL) a Long-Term Issuer Rating of ‘IND AA+’. The Outlook is Stable. Similarly, the short-term ratings affirmed at 'IND A1+'.
  • Further, the commercial paper worth Rs1200 crore also affirmed at IND A1+.
  • According to the rating rationale report, Ind-Ra continues to take a consolidated view of CGCEL and its wholly-owned subsidiaries while arriving at the ratings due to strong operational and strategic linkages among them.  Read more

Godrej Properties achieves sales of over Rs1,200 crore from two project launches in Mumbai

Published on: 10:36 am

  • Godrej Properties Ltd. (GPL), on Friday has announced that it has achieved record sales worth Rs1,210 crore through the simultaneous launch of two new projects, Godrej Ascend located at Kolshet Road, Thane and Godrej Horizon located at Dadar-Wadala, Mumbai. 
  • The company has cumulatively sold 700+ homes accounting for an area of over 8.08 lakh square feet for both projects launched in Q1 FY 23.
  • Mohit Malhotra, MD & CEO, Godrej Properties, said, “We are happy with the overwhelming response received for Godrej Ascend and Godrej Horizon. We will do our best to deliver an outstanding project for all the residents of these projects.” Read more

Argentinian central bank raises interest rate to 75%

Published on: 10:33 am

  • The Central Bank of Argentina increased its benchmark interest rate on Thursday in an effort to support the peso and slow the country's rapidly rising inflation.
  • According to a statement sent through email, the Central Bank raised its benchmark Leliq rate by 5.5 % to 75 %. The action was taken after statistics revealed that consumer prices rose at the quickest rate in 30 years in August, climbing about 79 %. It was the ninth rate increase this year by the bank. The bank's board of directors also stated in the press release that it plans to lower the amount of short-term debt held by the Central Bank. However, it omitted more details. Read more

UPL to acquire 26% stake in Clean Max Kratos; stock skids ~2%

Published on: 10:26 am

  • UPL Limited informed that it has acquired 26% shareholding in Clean Max Kratos Pvt. Ltd. as per the definitive agreement.
  • As per the agreement, Clean Max Kratos would build and operate a hybrid 28.05 MW solar and 33.00 MW wind power facility under the captive model allowed by the Electricity Laws. This initiative will allow UPL to expand its renewable energy usage from 8% to 30% of total worldwide power consumption.
  • As per the company, no governmental or regulatory approvals are required for the investment. Read more

Godawari Power & Ispat receives consent to operate Iron Ore Pellet Plan at enhanced capacity

Published on: 10:21 am

  • Godawari Power & Ispat Limited informed that it has received the Chhattisgarh Environment Conservation Board’s consent to operate for enhanced capacity of the Iron Ore Pellet Plant, situated at Siltara Industrial Complex, Raipur, Chhattisgarh.
  • The capacity has been enhanced from 24,00,000 to 27,00,000 tons per annum with immediate effect.
  • Godawari Power & Ispat Ltd is an integrated steel producer and the flagship company of Raipur-based Hira Group of Industries. The company's major activities include power generation, iron ore mining, and the production of Sponge Iron, Iron Ore Pellets, Steel Billets, Ferro Alloys, and H.B. Wire. Read more

Adani Enterprises' market capitalization touches 4.31 lakh crore

Published on: 10:17 am

  • After a significant rally in the companies owned by Gautam Adani's Group, Adani Enterprises surpassed the state-owned insurance giant Life Insurance Corporation of India (LIC) and the fast-moving consumer goods (FMCG) company ITC to claim the title of most valuable stock in terms of market capitalization (market cap).
  • According to the BSE statistics, Adani Enterprises had a market capitalization of Rs. 4.31 trillion at 9:30 am, placing it in 12th place overall. Data indicates that ITC is ranked 14th (market size of Rs. 4.13 trillion) while LIC is ranked 13th (market cap of Rs. 4.23 trillion).
  • Adani Enterprises stock rose 3% intraday on Friday, reaching a fresh high of Rs 3,865.60 as the company's shares continued to increase. Following that, the stock started to reduce its gains and was up 0.2% at Rs3,757.55 while the S&P BSE Sensex was down 0.54 %. Read more
 

3i Infotech bags order worth Rs4.20 crore from ONGC Petro-Additions

Published on: 10:06 am

  • 3i Infotech Limited has informed that the company is in receipt of Notice of Award from ONGC Petro-additions Limited.
  • The contract is for FMS for IT & Non-IT (Walkies/Radios/IS Mobile) and AMC for IT Assets at Dahej, Vadodara & RO locations.
  • Further, in addition to this, the total contract value is approximately Rs4.20 crore plus GST. Read more

Prices of fuel on September 16

Published on: 9:51 am

  • The most recent price announcement made by fuel merchants on September 16 indicated that the price of gasoline and diesel remained stable throughout metro areas.
  • More than a month has passed since there was a price adjustment for petrol. A litre of petrol costs Rs 96.72 in Delhi, and a litre of diesel costs Rs 89.62. Diesel costs Rs94.27 and gasoline costs Rs106.31 per litre 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.
  • Early Friday trading saw a decline in oil prices that extended the week's losses as rising supply concerns were tempered by worries that surprise interest rate increases would hurt the global economy and fuel demand. Read more

Mindtree develops digital command and control solution for L&T’s green hydrogen plant

Published on: 9:50 am

  • Mindtree Limited, a global technology services, and digital transformation company, designed and implemented a digital command and control solution for Larsen & Toubro (L&T), an Indian multinational engaged in EPC projects, high-tech manufacturing, and services, for the company's recently commissioned Green Hydrogen Plant in Hazira, Gujarat.
  • The cutting-edge solution, built with Mindtree NxT's Insights NxT IoT and data analytics platform, enables remote monitoring and control of all services at the plant to help optimize operational and energy costs and drive effective utilization of resources such as solar energy and battery energy storage systems.
  • The system includes preventative and predictive data analytics capabilities, allowing customers real-time insights into plant performance and data-driven decision-making. By enhancing electrolyzer efficiency and decreasing downtime, will assist lower the plant's carbon footprint and increasing operational agility. Read more

USFDA inspects Alkem Lab's manufacturing facility at St Louis, USA

Published on: 9:44 am

  • Alkem Laboratories Limited has informed that USFDA had conducted a Pre-Approval inspection at the Company’s manufacturing facility located at St. Louis, USA.
  • The inspection was held from September 06, 2022 to September 14, 2022. At the end of the inspection, the Company has received Form 483 with two (2) observations. There is no data integrity observation, the company said on Thursday.
  • It further added, "This Pre-Approval Inspection is part of the routine business operations and the Company shall submit to US FDA within the stipulated timeline, a detailed response to close out the said observations." Read More

Markets nosedive on broad-based selloff; Sensex slips 330 pts, Nifty 50 below 17,800; IT stocks wors

Published on: 9:38 am

  • Indian markets opened on a negative note tracking weakness in global markets as over concerns about rate tightening and sharp recession period has dampened the sentiments of investors. Investors are also tracking news flow on next week's Fed comments which makes market nervous.
  • At home, IT stocks weigh down the most and sheds 400 points. Sensex has dipped to as much as below 59,395.81 and Nifty 50 even erased 17-800 level during early deals on Friday.
  • Moreover, globally, US markets US markets witnessed volatility as fear over Federal Reserve rate action sees money exit equities & enter fixed income. Also, Bond yields hit 3.45%. Read More

Adani Ports-led arm to enhance capacity of Haldia Dock in Bengal

Published on: 9:30 am

  • Adani Ports and Special Economic Zone Limited's (APSEZ) wholly-owned subsidiary HDC Bulk Terminal Limited (HBTL), India's biggest integrated transport utility and part of the Adani Group, has signed a Concession Agreement with Syama Prasad Mookerjee Port, Kolkata (SMPK) for the automation of Berth No. 2 at Haldia Port. This follows SMPK's earlier selection of APSEZ as a winning bidder in February.
  • According to the Concession Agreement signed between SMPK and HBTL, the Special Purpose Vehicle (SPV) formed to implement the project will have the rights to design, build, finance, operate, maintain, and manage the bulk terminal with a capacity of 3.74 million tonnes per year at Haldia Dock Complex in Haldia for a 30-year concession period.
  • The Haldia Dock Complex comprises numerous bulk handling facilities at Haldia that are managed by SMPK. The Haldia Dock Complex serves a huge hinterland that includes Bengal, Bihar, Uttar Pradesh, Jharkhand, Assam, the Northeastern Hill States, and Nepal, a landlocked bordering nation. Read more

Trigyn Technologies’ WOS secures multi-year deal from New York City DoITT; stock rallies ~13%

Published on: 9:25 am

  • Trigyn Technologies Limited informed that its wholly-owned subsidiary Trigyn Technologies, Inc. received an Enterprise Task Order Agreement for Citywide Systems Integration Services (SI), Class I, by the City of New York (City), Department of Information Technology & Telecommunications (DoITT).
  • The award is for a maximum period of six (6) years, beginning January 1, 2023, and ending December 31, 2029, with an initial three (3) year term and one (1) three (3) year extension at the option of the City. Read more

NTPC commissions entire capacity of 20MW auraiya floating solar project

Published on: 9:19 am

  • NTPC has informed to the exchanges regarding Declaration of COD of entire capacity of 20 MW Auraiya Floating Solar PV Project.
  • As per the regulatory filing, consequent upon successful commissioning, entire capacity of 20 MW Auraiya Floating Solar PV Project at Auraiya, UP, is declared on Commercial Operation with effect from September 16, 2022.
  • With this, standalone installed and commercial capacity of NTPC will become 57489 MW, while group installed and commercial capacity of NTPC will become 70084 MW, the company said on Thursday. Read more

Mtar Tech clinches order worth Rs560 crore in clean energy segment; stock climbs ~2%

Published on: 9:19 am

  • Mtar Technologies Limited has received orders totaling Rs540 crore in the Clean Energy sector, which includes civil nuclear power.
  • "We are thrilled on receiving new order inflows in the Clean Energy industry." MTAR Managing Director Parvat Srinivas Reddy stated. "The organisation is looking forward to strengthening the Clean Energy vertical even further to power a safer future."
  • MTAR has developed into a large group with cutting-edge facilities and an unrivalled track record of contributing to India's civil nuclear power programme, Indian space programme, Indian defense, a global defense, and global clean energy sectors. Read more

Uday Jewellery Industries bags bulk export order for Studded Precious Gemstones Jewellery collection

Published on: 9:18 am

  • Uday Jewellery Industries Ltd has received an export order for supplies in bulk quantity of approximately 11.4 Kgs valuing about Rs5 crore from well-known Jewellery Brand in Dubai and the order has been dispatched on September 14, 2022 by the Company from Hyderabad. 
  • The ordered Jewellery collection is unique and offers opulent choices as designed by skilled jewelry designers. The Company has received positive response to the new range which is very encouraging, and the Company is receiving good number of sale orders across Country and abroad, and it has started dispatching export orders. Read more

STL gets 'Zero Waste to Landfill' certification for all its manufacturing facilities in India and It

Published on: 9:17 am

  • STL, one of the industry’s leading integrators of digital networks, has announced Zero Waste to Landfill (ZWL) for all its optical fibre and cable facilities across India and Italy. 
  • Earlier in 2020, STL became the world's first optical fibre and cable manufacturer to attain the ZWL certificate for its Indian plants in Maharashtra, India. Since then, the company has improved its waste diversion rate and extended these best practices to its remaining plants in India and Optical cable and interconnect facilities in Italy. This makes STL’s optical solutions one of the most sustainable across India and Europe.
  • The World Bank predicts that annual waste generation will increase by 73% to 3.88 billion tonnes by 2050. STL’s Zero Waste to Landfill initiatives, a part of the company's larger goal to be Net-Zero by 2030 aim to repurpose ~99% of the industrial by products back into the production cycle. Since 2018, STL has diverted 1,75,000+ Metric Tonnes (MT) of waste away from landfills, including 42,000+ MT in FY22. Read More  

VRL Logistics to sell its bus operations business; Stock soars 1%

Published on: 9:16 am

  • The Board of Directors of VRL Logistics Ltd at its meeting held on September 15, 2022 have, approved the sale/transfer of its Bus Operations undertaking by way of slump sale on a going concern basis to the firm which is owned and controlled by the promoters of the Company.
  • The Bus operations Division recorded revenue of Rs20,483.75 Lakhs which contributes 8.50% of the total revenue of the company. The Net Worth of the Bus Operations Division as of March 31, 2022 was ~Rs3,452.09 lakhs as against the overall net worth of Rs65,163.07 lakhs being 5.30% of the Net Worth.
  • The approved sale consideration for the said transaction is Rs23,000 lakhs (Rupees twenty-three thousand lakhs) which would be subject to closing date adjustments as mutually agreed between the parties in the BTA, the company said. Read more

Markets may see heavy selling in early trade

Published on: 8:37 am

  • Indian markets are likely to see selling in early hours. US markets ended in red yesterday. Asian markets too have opened the day today on a negative today. Economic slowdown is spreading fast globally. Fitch has lowered India's GDP growth forecast for FY23 to 7% from 7.8%. Oil prices came down by more than 2% yesterday on fears of a worsening economic slowdown.
  • US markets saw another volatile day yesterday ending in losses. Fear over Federal Reserve rate action saw money exit equities and enter fixed income assets. Bond yields hit 3.45%. US dollar index closed unchanged near 109.5. Oil prices slipped further after one day pullback rally. 
  • Asian markets have opened in the red today.  Japanese 'Nikkei' is down by 200 points. Weekend blues are keeping investors on the sidelines. Taiwan & South Korean markets are also trading lower . Chinese stocks are also seeing subdued trade.  Read more

Top 10 stocks for today - 16th September, 2022

Published on: 8:00 am

  • The Singapore Exchange's Nifty futures traded 99 points, or 0.55% lower at 17,780, indicating that stock markets may have a bad start on Friday. The following stocks may have notable price movement in today's market. To check more hot stocks, click at : https://www.indiainfoline.com/markets/hot-stocks
  • Adani Ports and SEZ:
  • Due to a concession deal that its subsidiary HDC Bulk Terminal signed with Syama Prasad Mookerjee Port, Kolkata, for the mechanization of Berth No. 2 at Haldia port, Adani Ports would increase the capacity of Haldia Dock in Bengal.
  • UPL
  • The company has purchased 26% stake in CleanMax Enviro. Read more

Tata Power Solar Systems wins bid for 100MW project in Gujrat

Published on: 7:37 am

  • A 100 MW ground-mounted solar project for SJVN Limited (SJVN) in Gujarat will be installed by Tata Power Solar Systems Limited (TPSSL), a wholly owned subsidiary of Tata Power Renewable Energy Limited (TPREL), for a cost of Rs612 crore.
  • SJVN is a public sector enterprise with operations in hydro, thermal, solar, wind, power transmission, and power trading in India. The governments of India and Himachal Pradesh are partners in this endeavour.
  • The project was granted through tariff-based competitive bidding after bids for plot C of the Raghanesda solar park in Gujarat were invited earlier this year. Within 11 months of obtaining the letter of award, the project will be given the go-ahead. Read more

SBI says it is not nodal bank for transactions with Russia

Published on: 7:35 am

  • The largest lender in India, State Bank of India (SBI), stated on Thursday that it has not been designated as a nodal bank for handling transactions relating to Russia.
  • The bank provided the statement in response to media reports claiming that it had been designated as the nodal bank for handling transactions involving Russia.
  • "Regarding the news that was reported in the media today about SBI being designated as the nodal bank for managing transactions relating to Russia, SBI would like to make it clear that the RBI authorized all Indian banks, including the State Bank of India, to open Special Rupee Vostro accounts in order to encourage invoicing in Indian Rupee through its circular on July 11, 2022. Read more

In Samarkand, talks on energy security etc. will be held at SCO summit

Published on: 7:31 am

  • The Shanghai Cooperation Organization (SCO) summit in Uzbekistan will include discussions on energy security, according to India's Foreign Secretary Vinay Kwatra on Thursday, reported by ET.
  • Prime Minister Narendra Modi, Chinese Premier Xi Jinping, Russian President Vladimir Putin, Pakistani Prime Minister Shehbaz Sharif, and others will attend the two-day meeting in the Silk Road city of Samarkand.
  • It occurs at the same time as a substantial increase in Russian oil, coal, and fertilizer imports into India, a crucial market for Moscow as it looks to expand after Western sanctions were put in place as a result of the invasion of Ukraine. Read More

Domestic air traffic touched 1.02 crore in August

Published on: 7:28 am

  • Domestic air passenger traffic increased by 5% to 1.02 crore in August, and rating agency ICRA predicts a rapid recovery in the traffic this fiscal year as a result of normal airline operations and increased vaccine coverage.
  • ICRA further stated that foreign traffic for Indian carriers exceeded the pre-COVID figure of around 19.8 lakh by 32% when it released the monthly domestic air passenger traffic data for August on Thursday.
  • Domestic passenger traffic is anticipated to have increased by over 13% year over year and reached nearly 5.24 crore in the first five months of this fiscal. Read more

Government focusing on increasing domestic coking coal production

Published on: 7:26 am

  •  According to a senior government official on Thursday, the government is trying to enhance domestic coking coal production as the nation strives to reach a 300 million tonne steel production capacity by 2030–31. Coking coal is a crucial component in the production of steel, and the nation continues to rely on imports to supply 85% of its coking coal requirements.
  • Steel Secretary Sanjay Kumar Singh stated that by reducing the tax on coking coal to zero, the government has made a significant choice.
  • "Although there have been concerns about rising prices in this region (coking coal), they have recently decreased dramatically. Of course, when coking coal is produced to our specifications domestically, as the Ministry of Coal is attempting to do, that will be the whole solution "He spoke to PTI. Read More

Regional Rural Banks should have net worth of at least Rs 300 crore in past 3 years for IPO listing

Published on: 7:23 am

  • By releasing a full draft of the criteria recommended for them to acquire capital and placing the responsibility for selecting suitable RRBs on their sponsor banks, the government has started the process of listing regional rural banks (RRBs).
  • According to the draft guidelines published on Wednesday, RRBs wishing to raise capital through an IPO must have had a net worth of at least Rs300 crore during the previous three years. Additionally, they must have capital adequacy beyond the legal requirement of 9%.
  • Additionally, the sponsor banks were urged by the Ministry of Finance to identify RRBs that could raise money. Read More

Myntra to focus on D2C and foreign brands this festival sale season

Published on: 7:21 am

  • Flipkart-owned Myntra is banking on foreign and direct-to-consumer (D2C) brands, as well as fresh categories such as Gen Z and teenage fashion, to drive growth and provide a competitive advantage during the forthcoming holiday season sales.
  • The fashion marketplace "Big Fashion Festival" sale would begin on September 23, aligning with parent company Flipkart's "Big Billion Days" and Amazon India's "Great Indian Festival Sale," both of which begin on the same day.
  • Myntra anticipates that around six million unique customers will shop online during the forthcoming sale event. Read More

Ximkart raises $ 2.4 million in funding

Published on: 7:19 am

  • Ximkart, a cross-border raw material sourcing business, announced a $2.4 million investment round headed by Matrix Partners India.
  • Multiply Ventures, Better Capital, and Citius Ventures also contributed to the fundraising. Famous angel investors included Udaan's Sujeet Kumar, GGV's Hans Tung, and the creators of Ula, OfBusiness, and Zetwerk.
  • The money will be used to boost the startup's position in existing categories, create new categories, and expand to newer locations in procurement, sales, technology, and operations. Read more

Ethereum moves to new blockchain transaction verification system to reduce energy consumption

Published on: 7:18 am

  • The Merge, a crucial reworking of Ethereum's blockchain network, was completed as part of the most comprehensive software upgrade in the cryptocurrency world. The second-largest cryptocurrency token has switched from the Proof-of-Work (PoW) to the Proof-of-Stake (PoS) mechanism.
  • This is the first time a live, active blockchain has taken this action. After that, Ethereum's energy use will significantly decrease by 99.9%.
  • The network, which supports a $60 billion ecosystem of crypto exchanges, lending organizations, non-fungible token (NFT) marketplaces, and other apps, will now be more secure and scalable, according to Ethereum developers. Read More

Dubdub.ai raises $1 million in funding

Published on: 7:17 am

  • Waveform Ventures and Accel Atoms have invested $1 million in DubDub.AI, an AI-powered dubbing platform.
  • The new investment will assist the firm in developing technical knowledge in its workforce and validating multiple use cases for worldwide customers.
  • Forward Slash Capital, Force Ventures, Aprameya Radhakrishna (Founder, Koo), Nishant Mungali (Founder, Mindtickle), Deepak Anchala (Founder, Slintel), Swati Mohan (Ex-Head of Marketing, Netflix), and others are among the other investors. Read more

UpGrad acquires Centum in a share swap deal

Published on: 7:15 am

  • Upgrad, an EdTech company, has acquired Centum learning in a share swap deal. 
  • Centum is expected to generate Rs 170 crore in revenue in FY23.
  • Additionally, Upgrade just raised $210 million from prominent investors in a new round of fundraising valued at $2.25 billion. Read More

Union Power Secretary confident of no coal shortage in power plants this festive season

Published on: 7:15 am

  • According to Union Power Secretary Alok Kumar, India won't have a power shortfall this festive season due to a lack of coal at thermal plants because 20 million tonnes of coal have already been imported.
  • Around this time last year, the nation had a power crisis caused by a lack of coal at thermal facilities. The Centre responded by taking a variety of steps to increase supply and handle the issue in 2021.
  • "It (the power crisis brought on by a lack of coal) won't occur this time (during festival season). This fiscal year, we have consumed 15 million tonnes of the 20 million tonnes of coal we have already imported "On the side-lines of the INSIGHT2022 conference on green mobility, Kumar spoke with the media. Read more

Redington and Google Cloud India enter into strategic alliance

Published on: 7:14 am

  • To encourage small and medium enterprises (SMBs) in the nation to utilize the cloud, Redington Limited, an IT technology company, has established a strategic alliance with Google Cloud India.
  • Redington will spearhead the distribution and uptake of Google Workspace and Google Cloud among SMBs, the education and public sector, mid-market companies, and corporate segments as part of the collaboration.
  • Additionally, the business will manage the distribution and uptake of Google Chrome Enterprise. Read more

JWS Paints disagrees with CCI's findings in favor of Asian Paints

Published on: 7:11 am

  • JSW Paints has contested the Competition Commission of India's (CCI) decision from last week clearing rival Asian Paints of accusations of anti-competitive trading practices and stating that it will take the necessary actions to preserve a free and fair market.
  • Based on a complaint from the JSW Group company, the competition commission has opened an investigation into the suspected exploitation of Asian Paints' dominating market position. According to the investigation's findings, CCI issued its order last week, concluding that Asian Paints had not broken any laws.
  • AS Sundaresan, the joint managing director of JSW Paints, stated in a statement on Thursday, "We do not agree with the commission's judgment that Asian Paints has not misused its dominant position.”
  • "We are presently examining the order and will take the necessary actions to defend our customers' and dealers' interests in a free and fair market," the statement reads. Read more

Bond investors may face losses if India is not included in JP Morgan's emerging markets debt index

Published on: 7:07 am

  • Indian bonds are receiving a flood of foreign investment, placing the instruments in danger of losses if a long-awaited inclusion into international indexes is once again delayed.
  • The value of bonds bought by international funds using the so-called Fully Accessible Route in August increased to Rs4,200 crore ($529 million), the highest amount since January. In September, they already purchased more securities for Rs3,100 crore.
  • Optimism that JPMorgan Chase & Co. may announce the inclusion of Indian debt in its emerging-markets index as early as this month's middle has fuelled a bond rally that has led to foreign capital inflows. Read more

Air India aims for 30% market share of domestic air travel market in the next 5 years

Published on: 6:59 am

  • Air India's chief executive officer Campbell Wilson stated on Thursday that the airline plans to take 30% of India's domestic aviation market in the next five years, which is a blatant indication of the Tata Group consolidating its airline business. To enhance its share of foreign traffic, it also intends to create additional hubs across cities and double the number of its fleet.
  • The plans are a part of the group's transformation plan, "Vihaan," which aims to make Air India a profitable airline in five years. Following a meeting with the airline's senior management in Delhi on Wednesday, the plan was finalized by Tata Sons chairman N Chandrasekaran.
  • The salt-to-steel conglomerate presently operates three airline brands - Air India, Vistara, and AirAsia India - with an 83% stake, along with Air India Express, making it one of the largest airlines in the international market. As of July, IndiGo has a 59% market share, making it the biggest domestic carrier. Read more

Paytm and Flipkart to collaborate on Big Billion Days Sale

Published on: 6:57 am

  • One97 Communications Limited, the parent company of Paytm, announced its agreement to serve as the payment partner for The Big Billion Days, the premier Flipkart sales event.
  • Customers who shop on Flipkart during The Big Billion Days will receive an instant payback of 25 rupees on purchases of 250 rupees or more when paying with Paytm UPI and an instant cashback of 50 rupees on purchases of 500 rupees or more when paying with Paytm Wallet. Read more

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