Latest News and Updates

19th Sep, 2022

Embassy REIT launches 'Pedal For The Planet' cyclothon in Bengaluru

Published on: 3:15 pm

  • Embassy Office Parks REIT on Monday launched ‘Pedal for the Planet’, a one of its kind cycling event at Embassy Manyata, Bengaluru.
  • Aimed at promoting cleaner, greener ways of commuting and living, this flagship cycling event witnessed over 1000 avid cyclists from across Bengaluru pedal their way for the cause of the environment, including many Embassy REIT office park users. Located in the heart of North Bengaluru and spread over 120 acres, Embassy Manyata is one of India’s largest office parks with over 14 msf total area.
  • Vikaash Khdloya, CEO, Embassy REIT, said, “ESG is a key priority for us at Embassy REIT, and as we progress in our sustainability journey, our focus is to create and maintain green, wellness-oriented workspaces for our world-class occupiers and to reduce our carbon footprint as part of our net-zero commitment. Through Pedal for the Planet, we are promoting people to contribute to a greener and more sustainable ecosystem.” Read more

TVS Motor company launches 'TVS NTORQ 125 Race XP' in Nepal

Published on: 3:02 pm

  • TVS Motor Company, a world-renowned producer of two- and three-wheelers, today announced the debut of the TVS NTORQ 125 Race XP in Nepal.
  • The TVS NTORQ 125 launched a new age of connection, power, and style in the scooter business, and the new TVS NTORQ 125 Race XP is poised to reinvent it. With 10.2 PS of power, the new TVS NTORQ 125 Race XP is Nepal's most powerful 125 cc scooter. It also has two driving modes and the ground-breaking TVS SMARTXONNECTTM networking technology.
  • TVS Motor Company, which previously established the way for connected mobility with the TVS NTORQ 125 Race XP and its SMARTXONNECTTM connection platform, has set a new industry milestone with the first-of-its-kind Voice Assist feature in TVS NTORQ Race XP. Read more

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Stocks of Triveni Engineering, Hercules Hoists rise sharply on Monday

Published on: 3:02 pm

  • In intraday trading on Monday, shares of Triveni Engineering and Hercules Hoists soared up to 20% on the BSE, propelled by high volumes.
  • Hercules Hoists was restricted to the 20% upper circuit band at Rs217.05 on the BSE. This was also a new 52-week high for the stock. Approximately 1.36 million equity shares had traded hands on the NSE and BSE, more than double the counter's daily average trading volume. According to exchange statistics, there are combined pending purchase orders for 112,479 shares.
  • Material handling equipment and wind turbine power are Hercules Hoists' two primary business sectors. On Friday, September 23, 2022, the board of directors of Hercules Hoists will convene, among other things, to review and adopt a demerger plan and all matters ancillary thereto. The board of the firm had already authorized, on May 26, 2022, an evaluation of the viability of demerging the manufacturing and investment activities. Read more

Power loom weavers' strike costing Rs 35 crore daily loss to Tamil Nadu

Published on: 2:41 pm

  • On Monday, the fourth day of the power looms weavers' strike over the rate increase began with an anticipated daily loss of Rs35 crore. The strikers ar calling for the higher electricity rates to be reversed. The largest concentration of power looms in Tamil Nadu are located in Tiruppur and Coimbatore, two areas that have been impacted by the strike. 1.75 lakh power looms in these two districts are reportedly offline as a result of the strike, according to industry sources.
  • C. Palaniswamy, head of the power loom unit weavers in Coimbatore and Tiruppur, responded to a request for comment by saying, "As of today, the strike is on its fourth day, costing Rs35 crore every day. The strike has also hampered the production of 1 crore meters of fabric." Power looms are located in the Palladam and Somannur regions of the two districts, where there is the highest number of units, employing two lakh people directly and another three lakh indirectly. Read More

Shreeji Translogistics acquires 51% stake in ‘TKD Digitrans’; stock zooms ~3%

Published on: 2:29 pm

  • Shreeji Translogistics Limited (STL), a surface logistics and package delivery service provider located in India, announced the incorporation of TKD Digitrans Tech Private Limited on September 16, 2022.
  • The company stated that one of the key goals of TKD Digitrans is to purchase the recognised assets and liabilities of TKD Communications LLP, which has a Google Play Store app called TKDost that connects Transporters, Truck Owners, and Agents and assists in the arrangement of loads/vehicles from anywhere in India.
  • This app now has over 7,000 active users and over 80,000 load posts. Read more

DotPe raises $54.4 million in funding

Published on: 2:29 pm

  • Google-backed DotPe was formed by Shailaz Nag, a co-founder of PayU India, and has raised Rs 434.5 crore ($54. 4 million) in investment, with Temasek, a Singaporean sovereign wealth fund, serving as the lead investor.
  • DotPe offers a full-stack solution for setting up an online payment and delivery system for small and medium-sized businesses.
  • Additionally, it offers these firms tools for managing their stores and their marketing campaigns. Read more

Adani Green-led arm commissions 325 MW wind power plant in MP; stock jumps ~2%

Published on: 2:24 pm

  • Adani Wind Energy MP One Private Ltd (AWEMP1PL), a subsidiary of Adani Green Energy Limited (AGEL), has commissioned a 324.4 MW wind power plant near Dhar, Madhya Pradesh.
  • SECI has signed two 25-year Power Purchase Agreements (PPAs) with the plant for 274.4 MW and 50 MW, respectively, at Rs. 2.83/kWh.
  • With the successful commissioning of this facility, Adani Green's operational generating capacity has climbed to 6.1 GW. AGEL's overall renewable portfolio of 20.4 GW now puts it on track to meet its objective of 25 GW capacity by 2025. Read more

Rephrase.ai raises $10.6 million in funding

Published on: 2:18 pm

  • Rephrase.ai, a business in artificial intelligence (AI), has raised $10.6 million in investment, with Red Ventures as the primary investor.
  • By combining product experiences, scaling recruiting across the organization, including within the engineering, AI, product, sales, and marketing teams, and increasing its presence in North America, the startup will be able to improve its capabilities. Read More

OFEK Credit Union selects TCS' Banking Service Bureau product

Published on: 2:06 pm

  • Tata Consultancy Services (TCS) has announced that Israel’s OFEK Credit Union (OFEK) has selected TCS’ Banking Services Bureau (BSB), powered by TCS BaNCS, to achieve its growth and transformation goals.
  • OFEK was formed in year 2012 with the goal to achieve households and small businesses in Israel with easy access to credit through peer-to-peer lending while also promoting sustainability and social value. More recently, OFEK obtained a formal license to supply banking services which has given further impetus to its strategic objectives.
  • OFEK selected TCS’ BSB powered by TCS BaNCS, to quickly launch its operations and offer innovative and contextual digital banking services. TCS BaNCS’ market-ready banking and securities solution and rich set of APIs delivered on a SaaS model, will help OFEK connect to and integrate with the market ecosystem and build a vibrant and comprehensive digital financial offering for its customers. Read more

DJ Mediaprint spurts ~5% on tie up with NSDL for various services

Published on: 1:53 pm

  • DJ Mediaprint & Logistics Limited informed that it has been appointed by the NSDL Database Management Limited for providing various services.
  • The said services include Designing & Variable Data Processing for investor communications, Dispatch of documents through post/courier, Printing of Dividend Warrants, ECS Intimations, letters & communications, and Digitization & Record Management Services, etc.
  • DJ Mediaprint is a supplier of Integrated Printing Logistics and Courier solutions in India and beyond, with well-connected transport operations and pre-eminent quality standards, methods, and operations. Read more

PSP Projects receives new work orders worth Rs167.35 crore

Published on: 1:36 pm

  • PSP Projects Limited informed that the company has received work orders worth Rs167.35 crore (excluding GST) in the Industrial, Precast, and Residential segments.
  • The said orders include a major order to construct Phase 2 of the Noodle Factory from the company’s repeat client.
  • The company highlighted that after receipt of the said order, the total order inflow for the financial year 2022-23 to date stands at Rs1,511.58 crore. Read more

Nakoda Group of Industries gets notice from Maharashtra Pollution Control board; Stock surges ~3%

Published on: 1:16 pm

  • Nakoda Group of Industries Limited has received a Notice on September 15, 2022 from Maharashtra Pollution Control board Department Nagpur regarding water pollution and hence given directions for disconnection of electricity supply, water supply and closure direction of the factory unit of the company.
  • As per the filing, the factory unit of the company is still in running condition till now and the company has submitted all the necessary documents with the concern department in compliance of their rules and regulations.
  • Nakoda Group is also in process to file Appeal with the higher authorities i.e. with National Green Tribunal regarding stay / withdrawal of the said direction of MPCB department. Read more

Rupee gains 14 paise to 79.64 / dollar

Published on: 1:16 pm

  • In line with its Asian counterparts and as the US dollar dropped from its high levels, the rupee strengthened 14 paise to 79.64 in early trade on Monday. The local unit hit 79.64 against the dollar at the interbank foreign exchange, up 14 paise from its previous closing, after starting the day at 79.70 against the dollar.
  • The rupee fell 7 paise on Friday to end the day at 79.78 versus the dollar. Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, noted that Asian currencies were slightly more robust than on Friday as a result of Asian equities opening flat or higher, the dollar index at 109.80, US Treasury yields at 3.45 %, and Asian equities slightly stronger than on Friday.
  • "The range for the day is projected to be 79.50 to 80," Bhansali continued. "RBI will be closely watched as they attempt to maintain the 80 levels." The dollar index, which compares the value of the dollar to a basket of six other currencies, increased 0.09 percent to 109.80. Global oil benchmark Brent crude futures increased by 0.62 percent to USD 91.92 per barrel. Read more

Alpha Alternatives raises Rs 130 crore in 2nd round of funding

Published on: 12:47 pm

  • The second round of investment for Mumbai-based Alpha Alternatives raised Rs130 crore, valuing the company at almost $200 million.
  • The company said in a statement that the current round of financing included several of the current investors as well as several new prominent family offices.
  • By selling minority ownership to a number of investors, Alpha was able to raise Rs115 crore in its first round of funding in 2020.
  • According to Naresh Kothari, managing partner at Alpha Alternatives, who told ET, the money will be used to extend the company's operations across asset classes. Read More

Welspun receives order for a carbon capture pipeline project in US; stock up 3%

Published on: 12:42 pm

  • Following the allotment of a US order, shares of Welspun Corp, a division of Welspun Group, increased by roughly 5% in early trading on Monday.
  • Welspun Corp. announced in a regulatory filing that it has received a sizable order for a carbon capture pipeline project in the United States.
  • The filing also stated that the order was for the provision of 100,000 MT (roughly) or 785 miles (1,256 km) of high-frequency induction welding (HFIW) pipes, which would be used to transport captured carbon dioxide. Read More

Archit Organosys begins expansion projects at Bhavnagar and Naroda GIDC

Published on: 12:41 pm

  • Archit Organosys Ltd has announced regarding expansion/diversification, backward and forward integration at its existing factory plot situated at Bhavnagar and also at Naroda GIDC, Ahmedabad.
  • As per the filing, the expansion projects are now fully operational in Bhanvagar unit and stabilized. The Company expects to start yielding favourable results from the same.
  • "The futuristic vision of the management to expand and diversify into a new product ranges will be synergizing its present business and also placing the Company into an accelerated tra jectory of the next level of the business growth", said Archit Organosys in a filing. Read more

Gensol Engineering’s orders-in-hand inflate to Rs531 crore in September; stock zooms ~5%

Published on: 12:28 pm

  • Gensol Engineering Limited reported that, in the usual course of business, it closed orders from several reputable clients for the construction of solar power projects valued over Rs531 crore until September 18, 2022.
  • These projects would be constructed across the states/UTs of Andhra Pradesh, Gujarat, Haryana, Jharkhand, Karnataka, Ladakh, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Tamil Nadu, Telangana, and Uttarakhand, totaling more than 121 MWp.
  • Braithwaite & Co. Limited (BCL), a leading Engineering Company under the Ministry of Railways and a privately-owned leading manufacturer and supplier of industrial gases, Singareni Colleries Company Limited (SCCL), a coal mining company jointly owned by the Government of Telangana and the Government of India, are among the major additions to the Company's esteemed client list. Read more

To increase scooter sales, Ola Electric will create "experience centers"

Published on: 12:01 pm

  • As sales of its signature Ola S1 Pro electric scooter decline, Ola Electric is creating "experience centers" throughout the nation.
  • In a tweet, Bhavish Aggarwal made a statement. ''Opening up experience centers across the country. 20 already, more than 200 by March! Customers love the convenience of online purchases and test rides - thousands a day and growing. Experience centers will enable even more people to experience our products!'' Read more

MobiKwik introduces Xtra investment deposit product

Published on: 11:52 am

  • The financial services division of the digital payments business MobiKwik has expanded with the introduction of the Xtra investment deposit product for its merchant and consumer partners.
  • For the time being, the company has Rs 101 crore of assets under management (AUM).
  • Users can spend as little as Rs 1,000 on the product, which has been tested over the past month, and it aims to offer interest on these deposits of up to 12% annually with the ability to withdraw the corpus at any moment. Read more

Cred to invest $10 million in LiquiLoans

Published on: 11:47 am

  • To buy a minority investment in peer-to-peer (P2P) non-banking financial company LiquiLoans, fintech startup Cred will invest $10 million.
  • Cred will acquire 5-6% of the company, giving it a value of roughly $200 million.
  • There are both main and secondary capitals in the round. The agreement will allow early angel investors in LiquiLoans to cash out. Read more

Blinkit collaborates with Unicorn for quicker delivery of iPhones

Published on: 11:42 am

  • Blinkit, the quick-commerce startup, has partnered with Apple reseller Unicorn to sell Apple products, including the recently released iPhone 14.
  • Delivering goods beyond the standard rapid commerce categories is how Blinkit has always hoped to break into the larger eCommerce market. Read More

Indoco Remedies’ Hyderabad facility clears USFDA inspection with Zero 483s

Published on: 11:40 am

  • Indoco Remedies Limited said that the United States Food and Drug Administration (USFDA) examined its AnaCipher Clinical Research Organization in Hyderabad from September 12 to September 16, 2022.
  • The clinical phase of inspection included three BA/BE studies submitted by clients to the USFDA and was completed satisfactorily with zero 483s.
  • "This is AnaCipher CRO's seventh consecutive USFDA inspection with ZERO 483s. We are determined to adhere strictly to all legal laws and regulations, as well as maintain the highest quality standards in providing excellent services to our clients," stated Aditi Kare Panandikar, Managing Director of Indoco Remedies Limited. Read more

Shree Renuka Sugars to commission expanded ethanol capacity by December 2022

Published on: 11:38 am

  • Shree Renuka Sugars Limited stock gains on Monday morning trading session after the has announcement of update on ethanol capacity expansion.
  • As per the regulatory filing, the company informed to the exchanges that the expanded capacity for ethanol production, from 720 KLPD to 1250 KLPD, is expected to go on stream by December 2022.
  • On Monday, at around 11:39 AM, Shree Renuka Sugars was trading at Rs49.60 per share higher by Rs0.15 or 0.30% on the BSE. Previously, the scrip ended at Rs49.45 per share on the BSE paltform. Read more

Ambuja Cements hits fresh high following Adani Group’s Rs20,000 crore infusion plan

Published on: 11:20 am

  • Ambuja Cements' counter hit a new 52-week high in today’s trade at Rs568, following the reports circulating Adani Group’s plan to infuse Rs20,000 crore more in the company.
  • At around 11.10 AM, Ambuja Cement was trading 7.99% higher at Rs558, against the previous close of Rs516.70 on NSE.
  • On September 15, 2022, Ambuja Cement's new board authorised an Rs20,000 crore investment into the firm via a preferential issue of Rs477.5 crore convertible warrants at a price of Rs419 to Harmonia Trade and Investment (promoter entity). Read more

SAL Steel inks supply agreement with AIA Engineering; Stock gains 5%

Published on: 11:11 am

  • SAL Steel Limited has entered into a Supply Agreement for 3 years with AIA Engineering Limited ("AIA") for supply of Ferro Chrome to AIA on non-exclusive basis.
  • Consequent to above, Company has also agreed to avail a secured Inter Corporate Deposit of Rs125 crore from AIA which will be used by the Company to repay its loan / for working capital requirements, the company said.
  • On Monday, at around 11:10 AM, S.A.L Steel Ltd is currently trading at Rs11.34 per share up by Rs0.54 or 5% from its previous closing of Rs10.80 per share on the BSE. Read more

Ambuja will surpass other cement producers in profitability, says Gautam Adani

Published on: 10:55 am

  • According to Gautam Adani, chairman of the Adani group, Ambuja Cement and its subsidiary ACC would surpass other cement producers in terms of profitability as margins increase as a result of increased demand.
  • Speaking to the Ambuja employees on Saturday, Adani referred to the acquisition of Ambuja and ACC as a historic event because it made the Adani group the second-largest cement producer in the nation all at once. With a 120 mtpa capacity, UltraTech is the largest cement manufacturer in India right now. Read more

Indo-National skyrockets ~12% as subsidiary secures Rs113 crore order from ICF, Chennai

Published on: 10:43 am

  • Indo National Limited’s subsidiary Kineco Limited has received an order worth Rs113 crore from Integral Coach Factory, Chennai, for the supply and installation of modular interiors for Vande Bharat (originally known as Train 18) semi-high speed trains.
  • Following this development, Indo-National’s counter rallied 12.13% at Rs383.05, against the previous close of Rs341.60 on NSE. So far, the stock hit an intraday high of Rs397.
  • Kineco is India’s leading composite technology provider based in Goa. Read More

ICRA enhances Godrej Properties' bank limit to Rs4,500 crore

Published on: 10:40 am

  • Godrej Properties Ltd. (GPL) has announced the enhancement in the rated bank limits to Rs4,500 from Rs2,500 crore by ICRA.
  • According to the rating rationale report, Credit Rating Limits for bank facilities enhanced to Rs4,500 crore from Rs2,500. Rating reaffirmed at [ICRA]AA+/[ICRA]A1+. Outlook on the long-term rating is "Stable". Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk.
  • Rating for Rs1,500 Crore Commercial Paper (CP) reaffirmed at [ICRA]A1+. Instruments with [ICRA]A1+ rating are considered to have very strong degree of safety regarding timely servicing of financial obligations. Such instruments carry lowest credit risk. Read more

ONGC asks Government to eliminate windfall tax; lower floor price of natural gas

Published on: 10:35 am

  • India's largest oil and gas producer, ONGC, is requesting that the government eliminate the windfall profit tax imposed on domestically produced crude oil and instead employ dividends to access the hefty profits brought on by the spike in energy prices.
  • According to two people with knowledge of the situation, the company also supports a natural gas floor price of USD 10 per million British thermal units, which is lower than the present government-dictated figure and would aid in bringing reserves in difficult regions into production. Read more

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

Published on: 10:21 am

  • Indian equity markets may see some turbulence this week. US Federal Reserve is expected to raise interest rates by 0.75% this week. Last week US equity markets saw their biggest decline in two years. Increase in US interest rate may cause some FPI outflows from Indian equity markets. Inflation in Britain fell marginally in August to 9.9% because of some decline in petrol prices.
  • On the technical front, Nifty 50 is likely to see support at 17,300. Resistance is likely to be seen at 18,000 level. Bearishness is expected in auto stocks and realty stocks. Read more

GMR Infrastructure renames as "GMR Airports Infrastructure"; Stock rises

Published on: 10:18 am

  • GMR Infrastructure Limited has informed to the exchanges regarding change in name of the company.
  • As per the regulatory filing, it is informed that the name of the Company stands changed to "GMR AIRPORTS INFRASTRUCTURE LIMITED" from "GMR INFRASTRUCTURE LIMITED" with effect from September 15, 2022.
  • "A fresh "Certificate of Incorporation pursuant to change of the name of the Company" dated September 15, 2022 was issued by Registrar of Companies, Mumbai", the company said in a filing. Read more

Adani Power gets ‘CRISIL A’ rating on its proposed bank facilities; stock gains ~1%

Published on: 10:14 am

  • Adani Power Limited informed that the rating agency CRISIL Ratings has assigned a ‘CRISIL A/Stable’ rating to the proposed bank facilities of the company that will be put in place upon completion of the scheme of amalgamation, which is currently under approval.
  • Following the approval of the Company's board of directors' amalgamation scheme, it has started the process of combining six of its fully owned operating subsidiaries with itself, subject to the necessary clearances.
  • Upon conclusion of the planned merger, the aforementioned rating will apply to the combined bank credit facilities of these subsidiaries and the company, said Adani Power in its regulatory filing. Read More

Indo Count ties with global brand 'GAIAM' in home textiles

Published on: 10:06 am

  • Indo Count Limited has announced its new partnership with the GAIAM brand, owned by Galaxy Universal. GAIAM – an industry-leading yoga, health & wellness brand to launch an exclusive Home Textiles Collection. 
  • The GAIAM home collection will feature an extensive range of bedding and bath solutions that will help consumers restore, relax and enjoy a good night’s sleep. The GAIAM home collection will be featured at the 2022 September Home Textiles Market Week in Indo Count’s 5th Avenue showroom located in New York City (September 19 - 22) and will launch in-store and online in the US, Canada, and Mexico with retail partners in next Spring 2023.
  • KK Lalpuria, Indo Count’s Executive Director, and CEO said, “This is our first comprehensive lifestyle partnership in North America, and GAIAM is uniquely positioned to reach consumers who know and love the brand and that are seeking to achieve balance in their lives through the restorative power of a better night’s sleep.” Read more

Due to higher advance tax mop-up,  direct tax collection up by 30% , till September

Published on: 10:02 am

  • The current fiscal year's gross direct tax collections increased 30% to Rs8.36 lakh crore until September 17 on stronger advance tax mop-up supported by the post-pandemic economic recovery, the finance ministry reported on Sunday.
  • After accounting for refunds of Rs. 1.35 lakh crore, the net direct tax kitty climbed by 23% to Rs. The entire amount of direct taxes collected in 2022–23 was Rs8,36,225 crore as opposed to Rs6,42,287 crore at the same period the previous year, a 30% rise, according to a statement from the ministry. Read more

India records 10% decline in natural gas consumption in August

Published on: 9:58 am

  • Natural gas consumption in India declined 10% year on year in August, owing to weaker domestic output and a steep reduction in costly imports. Consumption declined to 5.2 billion cubic metres (BCM) from 5.8 BCM the previous year.
  • Due to high costs and limited supply on the spot market, LNG imports declined 19% to 2.37 BCM in August. Indian gas importers are unable to acquire LNG on the spot market since most supplies are destined for Europe, where customers are ready to pay record-high prices ahead of winter due to Russia's harsh supply limits.
  • Long-term LNG import contracts are tied to crude oil or Henry Hub, the US benchmark, and so priced substantially cheaper than in the spot market. LNG from Qatar, India's largest gas supplier, is linked to crude oil and is currently imported at a cost of $13-14 per mmBtu. Read more

Mishra Dhatu Nigam stock zooms 8% after Rs185 crore order win

Published on: 9:44 am

  • Mishra Dhatu Nigam Limited (MIDHANI) stocks rally in the market on Monday's early morning session as the company secured an order of Rs185 crore.
  • As per the regulatory filing, with this, the order booking position for FY 2022-23 (as on date) is around Rs470 crore, the company said.
  • Further, the open order position of MIDHANI as on date is around Rs1,535 crore. Read more

Markets trade volatile amid weak global cues; Realty, Pharma underperform

Published on: 9:39 am

  • Indian markets were in a volatile session on first day of this week amid weak global cues ahead of Fed policy announcement on September 21, 2022. A cautious tone was witnessed in both Sensex and Nifty 50 as realty and pharma stocks dragged the benchmarks. The domestic equities have corrected due to their higher value as investors booked profit. Meanhile, the India's Volatility Index (VIX) jumped 6.5% on today's session.
  • At around 09:36 AM, Sensex was trading at 58,603.62 down 237.17 points or 0.40%. The 30-scrip benchmark has touched an intraday high and low of 58,921.31 and 58,565.39 respectively.
  • Nifty 50 traded at 17,463.20 edging up 67.65 points or 0.39%. The index has clocked an intraday high and low of 17,564.40 and 17,461.15 respectively. Read more

FPIs' net investment till date in September at Rs 12,000 crore

Published on: 9:37 am

  • FPIs have been net investors of Rs 12000 crore in Indian equity markets till date in the month of September.
  • Through the first two weeks of this month, foreign investors have invested Rs12,000 crore in the Indian equities market with the anticipation that major central banks, including the US Fed, may take a more measured approach to raise interest rates as inflation begins to decline.
  • This comes after  net investments of Rs51,200 crore in August and about Rs5,000 crore in July, according to statistics from depositories.
  • After nine months of significant net outflows beginning in October of last year, FPIs started to turn positive in July. They sold a staggering Rs2.46 lakh crore of Indian equities between October 2021 and June 2022. Read more

Religare Enterprise to raise Rs300 crore via rights issue

Published on: 9:35 am

  • Rashmi Saluja, executive chairman of Religare Enterprises Ltd., stated that the company plans to raise Rs300 crore through a rights issue to expand its health insurance business.
  • "As a promoter and a significant stakeholder, REL is dedicated to fully subscribing to its share. In 2020, equity of Rs567 crore was already raised from Kedara Capital, which comprised the main infusion in Care Health Business, and has been increasing at a pace of 40% per year," Saluja stated.
  • It also raised Rs570 crore from long-term marquee investors through a preferential issuance in July 2021. The funds were invested in a variety of verticals in order to expand its broking and housing businesses. Read More

PTI Report: Bridgestone plans to increase production by 10% next year

Published on: 9:34 am

  • In response to the jump in demand in both the OEM and aftermarket markets, Japanese tyre manufacturer Bridgestone plans to increase its production capacity by more than 10% next year, according to Parag Satpute, the company's head of India, who talked to PTI.
  • Additionally, he mentioned that the business is aiming to introduce its EV tyre technology to the local market, which is anticipated to have a higher penetration of electric vehicles due to the government's growing drive for sustainable transportation.
  • In Europe, Japan, and the US, Bridgestone already sells tyres for the EV market. Read more

Prices of fuel on September 19

Published on: 9:30 am

  • On September 19, metro cities' gasoline and diesel prices were stable, according to the most recent price notice from fuel merchants. More than a month has passed with no adjustment in fuel prices. Delhi charges Rs96.72 for gasoline and Rs89.62 for diesel per liter, respectively. Diesel costs Rs94.27 per liter and gasoline costs Rs106.31 in Mumbai.
  • In Chennai, the cost of gasoline and diesel is Rs102.63 and Rs.94.24; in Kolkata, it is Rs106.03 and Rs92.76. Read more

Sunteck Realty gets green building pre-certification for its ongoing project, from Edge-IFC

Published on: 9:27 am

  • Sunteck Realty has been awarded EDGE Green Building Pre-Certification for its four residential projects - Sunteck Beach Residences (SBR) Vasai; 4th Avenue SunteckCity, Oshiwara District Centre (ODC) Goregaon (W); Sunteck MaxXworld and Sunteck ONEWorld at Naigaon - by EDGE-IFC for its efforts to ensure that its projects are designed sustainably as next-generation buildings, with the wellbeing of the environment at the centre of its mission.
  • Sunteck Realty is taking deliberate steps to prioritise sustainability. Sunteck published its first annual Environmental, Social, and Governance (ESG) report in July 2022, emphasising the need for "Creating Sustainable Spaces." To reinforce this commitment, it has matched its policy framework, programmes, monitoring systems, and disclosures with key ESG principles.
  • EDGE - Excellence in Design for Greater Efficiencies, a World Bank Group initiative, is an online platform, a green building standard, and a certification system for more than 150 nations. The accreditation aims to reduce buildings' environmental effects in three areas: energy efficiency, water efficiency, and material efficiency. Read more

Dues of power distribution companies to power producers comes down from Rs 5,085 crore to Rs 713 cro

Published on: 9:24 am

  • Following stringent action against defaulter utilities, the amount owed by power distribution companies to gencos fell dramatically to Rs713.29 crore on Friday from Rs5,085.30 crore as of August 17.
  • According to the Electricity (Late Payment Surcharge and Related Matters) Rules 2022, which were announced by the power ministry in June 2022, the defaulter utilities were prohibited from trading at power exchanges.
  • IEX, PXIL, and HPX were asked by the national grid operator Power System Operation Corporation Ltd. (POSOCO) last month to ban the trading of electricity by 27 discoms in 13 states that still owe gencos money. Read More

NIBE Limited bags order worth Rs12.80 crore from Adani Infra

Published on: 9:21 am

  • NIBE Limited (formerly Kavita Fabrics) informed that the company has received a letter of intent of Rs12.80 crore from Adani Infra (India) Limited.
  • The company has received the letter of intent to design, engineer, manufacture, supply, and erection of pre-engineered buildings (PEB).
  • The company expects to complete the order within 6 months from the date of issuance of Notice to Proceeds (NTP). Read more

Gold and Silver prices remain unchanged in early trading

Published on: 9:21 am

  • In the early hours of Monday, both gold and silver prices remained steady, with 10 grams of 24 Carat yellow metal trading at Rs50,130. Today's price for a kilogram of silver is Rs56,700. Ten grams of 22-carat gold are now being offered for sale for Rs45,950.
  • In Mumbai and Kolkata, 24-carat gold is being offered for sale at Rs50,130 per 10 grams, while 22-carat gold is being offered at Rs45,950 in each city. 24- and 22-carat gold is now selling in Delhi for Rs50,280 and Rs46,100 per 10 gm, respectively. Read more

C Rangarajan supports Central Bank's hawkish stand on inflation

Published on: 9:20 am

  • Former RBI Governor C. Rangarajan argued in favour of continuing the Reserve Bank of India's current hawkish posture to contain inflation and predicted that the rupee would rise with the restart of capital inflows. In order to reach the goal of a $5 trillion economy, he added, the nation must grow at an average rate of 8 to 9% annually for the following five years.
  • The former RBI governor said he would be pleased if the nation's economic growth reached 7% in the current fiscal year while delivering the Samar Kanti Paul Memorial Lecture on Saturday night at the Ramkrishna Mission Institute of Culture.
  • "The existing course of action should be maintained. Developed nations are likewise raising interest rates dramatically. More rate increases are likely, "Rangarajan stated without going into any detail on a specific number. Read More

Shilpa Medicare gets USFDA tentative approval for Tenofovir Alafenamide Tablets

Published on: 9:17 am

  • Shilpa Medicare Ltd informed to the exchanges that it has received U.S Food and Drug Administration tentative approval for its ANDA, Tenofovir Alafenamide Tablets, 25 mg on September 15, 2022. The ANDA was filed as 'First to File' submission on NCE-1 date.
  • As per the filing, Tenofovir Alafenamide Tablets, 25 mg is a generic equivalent of reference listed drug (RLD) Vemlidy tablets, of Gilead Sciences Inc. which is used in the treatment of chronic hepatitis B virus infection as recommended in the label approved by the FDA.
  • The US market for Tenofovir Alafenamide Tablets, 25 mg is approximately US$ 498.14 million, according to IQVIA MAT Q2 2022 data. Read more

Welspun Corp secures significant carbon capture pipeline project in the US; stock spurts ~4%

Published on: 9:16 am

  • Welspun Corp Limited bagged a carbon capture pipeline project in the United States.
  • This order is for 785 miles (1,256 kilometres) or 100,000 MT (roughly) of high-frequency induction welding (HFIW) pipes to be utilised in the transportation of collected carbon dioxide.
  • The pipes for this order will be manufactured in the company's Little Rock factory in the United States and delivered in the fiscal year 2023-24. Read more

Happiest Minds Technologies deploys solar power plant at its Bengaluru campus

Published on: 9:16 am

  • Happiest Minds Technologies Limited has announced the commissioning of a 183kWp Solar Power Plant at its Smiles 2 campus located at Madivala, Bengaluru.
  • The Company aims to achieve carbon neutrality in its operations by 2030 and aspires to be known for its high levels of ESG standards. The new solar power plant is a step in its road map to achieve its vision and be part of a cleaner energy future and building long-term business sustainability.
  • As per the filing, the 183 kWp solar plant deployed by EcoSoch Solar will generate 256 MWh of electricity per year and is projected to reduce 210 MT of carbon emissions annually and 5200 MT over its lifecycle. Read More

Fall in Kharif output may support elevated rice prices

Published on: 9:16 am

  • Due to a shortfall in rice output that can be attributed to a decrease in paddy sowing area, rice prices are likely to stay high for a little longer.
  • The inflationary pressures already present in the economy have been exacerbated by the price increase factor.
  • Recent increases in food costs, notably those of cereals, caused retail inflation to soar to 7%. Retail inflation reversed a three-month falling trend in August as a result of the increase.
  • Similar to this, the wholesale price inflation, which fell to an 11-month low, also revealed price pressures from cereals as a result of the country's wheat crop being negatively impacted by extreme heat waves in several regions. Read More

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