Latest News and Updates

20th Sep, 2022

Sonata Software achieves Microsoft Business Applications 2022/2023 Inner Circle award

Published on: 3:20 pm

  • Sonata Software, a global IT services and technology solutions company that enables platform based digital transformation initiatives for enterprises, has once again been named a member of the prestigious Inner Circle for Microsoft Business Applications, for 2022/2023.
  • Membership in this elite group is based on all round performance -that rank Sonata in the top echelon of the Microsoft’s Business Applications global network of partners. Inner Circle members have performed to a high standard of excellence by delivering valuable solutions that help organizations achieve increased success.
  • 2022/2023 Inner Circle members are invited to the Inner Circle Summit in Spring 2023 as well as virtual meetings between June 2022 and August 2022, where they will have a unique opportunity to discuss strategy with Microsoft senior leaders and fellow Inner Circle partners, while learning more about the company’s road maps and future plans, establish strong executive connections, and collaborate on best practices. Read more

Inox Leisure’s rating upgraded to 'CRISIL AA-/CRISIL A1+’; stock slips ~2%

Published on: 3:10 pm

  • CRISIL Ratings has upgraded INOX Leisure Limited's (INOX) bank facilities to 'CRISIL AA-/CRISIL A1+' from 'CRISIL A+/CRISIL A1'. The long-term rating remains on 'Rating Watch with Positive Implications,' but the short-term rating is removed from ‘Rating Watch with Positive Implications’.
  • The rating action reflects the company's good operational performance during Q1FY23 and the company's view of ongoing robust operating performance in 2HFY23 (after a minor hiccup witnessed over the last two months due to poorer content and social media protests over some material).
  • The excellent operating performance should be supported by a strong content pipeline and the holiday season. Read more

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Zydus Lifesciences taps US markets with the launch of Lenalidomide Capsules

Published on: 3:06 pm

  • Zydus Lifesciences Limited (previously Cadila Healthcare Limited) announced the launch of Lenalidomide Capsules in the United States. Previously, the company got final clearances for 5 mg, 10 mg, 15 mg, and 25 mg dosages, as well as preliminary approvals for 2.5 mg and 20 mg strengths.
  • Lenalidomide is a cancer treatment medication that works in slowing or preventing cancer cell proliferation. It is also used to treat anaemia in those with blood/bone marrow abnormalities (myelodysplastic syndromes-MDS). The medication is produced in the group's formulation manufacturing plant in Ahmedabad SEZ, India. Read more

Mahindra Holidays' stock near 52 week high

Published on: 3:05 pm

  • Shares of Mahindra Holidays & Resorts India Limited (MHRIL) rose 9% in intraday trade on Tuesday amid robust volumes and a better business outlook, setting a new record high of Rs313.50 on the BSE.
  • The Mahindra Group's shares rose over its prior all-time high of Rs312.67, which it had reached on July 10, 2017. It increased by 21% during the course of the past month, outpacing the S&P BSE Sensex's 0.4% growth. Furthermore, compared to the benchmark index's 16 % surge over the previous three months, it has increased by 56 %.
  • MHRIL was 6 percent higher at Rs 304.65 at 11:38 a.m. on the BSE. A total of 3.53 million equity shares, or 1.76 % of the company's total equity, have traded hands on the NSE and BSE as of the time this article was being written, more than double the average trading activity on the counter. Read more

Rupee gains 16 paise to 79.65/$

Published on: 2:57 pm

  • Early on Tuesday, the rupee strengthened 16 paise to 79.65 versus the US dollar, following the upward trend in local stocks. The local unit struck 79.65 versus the dollar at the interbank foreign exchange, up 16 paise from its previous finish. It had initially started at 79.70.
  • The rupee ended Monday's trading session 3 paise down versus the dollar at 79.81. The dollar index, which measures how strong the dollar is relative to a basket of six different currencies, decreased 0.15 % to 109.57. The benchmark for world oil, Brent crude futures, increased 0.11 percent to USD 92.10 a barrel.
  • "As the US Fed's two-day meeting gets underway on Tuesday, the markets were anticipating their conclusion. A few participants anticipated that the US FED will not sound overly hawkish in case it hurts prospects for US growth "according to Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors. Read more

Axis Bank revises fixed deposit interest rates effective today

Published on: 2:40 pm

  • Axis Bank has revised interest rates on a certain maturity period of Domestic Fixed Deposits, Domestic Fixed Deposits Plus, NRI Fixed Deposits and NRI Fixed Deposits Plus effective from today i.e. September 20, 2022.
  • It has revised its interest rates for fixed deposits under Rs2 crore. The bank offers fixed deposit interest rates that vary from 2.75% to 5.75% for regular citizens while the rate for senior persons ranges from 2.75 to 6.50%.
  • According to the Axis Bank official website, the bank offers highest interest rate of 5.75% for maturities of 1 year, 11 days to 1 year, 25 days, and further 5 years to 10 years. Read more

Hariom Pipe Industries stock rallies over 3% on announcement of expansion plans

Published on: 2:20 pm

  • Hariom Pipe Industries Limited has informed that the company is replacing one of its two existing furnaces which has a production capacity of 12-ton with a new 15-ton induction melting furnace to enhance the production capacity.
  • Accordingly, with the latest technology being used, there will be savings of about 10 lakh units of electricity per annum and will also reduce manpower costs, the company said.
  • Further, this will be funded through the proceeds of IPO (initial public offering). The cost of this expansion will be around Rs5 crore and is in line with the objects set out in the company's Prospectus. Read More

Mother Dairy forecasts a 20% increase in sales to Rs15,000 crore in FY23

Published on: 2:19 pm

  • The top milk provider in Delhi-NCR, Mother Dairy, anticipates a 20% increase in revenue this fiscal year to over Rs15,000 crore due to higher product demand, according to its MD Manish Bandlish. In the most recent fiscal year, Mother Dairy, which also distributes culinary oils and fruits and vegetables, had revenue of Rs12,500 crore.
  • Mother Dairy Fruits and Vegetables Pvt Ltd MD Manish Bandlish told PTI on the sidelines of the IDF-World Dairy Summit held last week in Greater Noida, "We are anticipating 20% growth this fiscal year in our sales to reach approximately Rs15,000 crore."
  • He said that the various dairy products' rising volumes and prices will be the main drivers of growth. "All of our milk and other dairy products are in high demand. During the summer, ice cream sales increased dramatically "Bandlish said. The lockdowns brought on by the pandemic during the summers of 2020 and 2021 had a negative impact on ice cream sales. Read more

KKR, Hero mull $450 million investment in Hero Future Engines

Published on: 2:12 pm

  • KKR & Co. Inc. of the United States and Hero Group of India have agreed to invest $450 million (approx. Rs3,586.98 crore) in the motorbike maker's renewable energy subsidiary, the firms said on Tuesday, as the Indian firm seeks to increase its renewable energy capacity.
  • Hero Future Energies (HFE) is an independent power producer with 1.6 GW of operational solar and wind projects.
  • With the help of this investment, HFE could be positioned for continued growth and expand its renewable energy capacity and capabilities across technologies such as wind, solar, green hydrogen, and battery storage. Read More

ICRA assigns ‘AA+’ rating to Axis Bank’s Basel III Tier I bonds worth Rs500 crore

Published on: 1:28 pm

  • Axis Bank Limited informed that rating agency ICRA Limited has assigned and reaffirmed ratings for various debt instruments.
  • ICRA has reaffirmed the ‘ICRA AAA’ rating on Infrastructure Bonds/Debentures worth Rs29,705 crore, Basel III Tier II Bonds worth Rs16,350 crore, Basel II Lower Tier II Bonds worth Rs2,500 crore, and fixed deposit programme. The outlook on these instruments has been reaffirmed as ‘Stable’.
  • Further, the rating on Basel III Tier I Bonds worth Rs2,500 crore has been reaffirmed at ‘ICRA AA+’ with a Stable outlook. While ICRA has assigned an ‘ICRA AA+/Stable’ rating to Basel III Tier I Bonds worth Rs500 crore. Read more

C E Info Systems stock zooms ~6% on completion of acquisition in 'KOGO'

Published on: 1:11 pm

  • C E Infosystems Limited has informed to the exchanges regarding completion of acquisition of stake in Kogo Tech Labs Private Limited.
  • As per the regulatory filing, On September 14, 2022 the company informed about acquisition of 26.37% stake on fully diluted basis of Kogo Tech Labs for Rs10 crore, where in addition to this, it is further informed that the said acquisition is completed and the total number of securities acquired is 40,000.
  • "This would help Automotive OEMs deliver a premium and engaging user first approach to travel and experiences and enhanced technology quotient to their vehicle owners", the company said. Read more

DPIIT to market over 400 GI products through multi-media marketing campaign

Published on: 1:08 pm

  • To market more than 400 GI (Geographic Indication) items, including Darjeeling tea, Chanderi fabric, Mysore silk, and Kashmir walnut wood carving, the trade and industry ministry is preparing a multi-media campaign.
  • According to the department's notice inviting requests for proposals, "The Department for Promotion of Industry and Internal Trade (DPIIT) intends to empanel one or more audio-visual agencies to carry out various multi-media campaigns, production of advertising and promotional materials on a regular ongoing basis."
  • The agency would also help the government scale up the GI campaign through a variety of interventions, which are thought to be crucial for creating a robust GI ecosystem, it was stated. Read more

Adani Ports hits fresh 52-week high on securing Tajpur port project

Published on: 12:57 pm

  • Adani Ports & SEZ’s counter hit a new 52-week high of Rs986 per share in Tuesday’s trade following the media reports informing that company has secured a greenfield deep sea project from the West Bengal government.
  • As per the media reports, the West Bengal government has granted APSEZ a greenfield deep sea Tajpur port project for Rs25,000 crore.
  • The port is planned to be built on a straight coastline, adjacent to the mineral-rich regions of West Bengal, Jharkhand, and Odisha. The identified site is 180 kilometres from Kolkata and 10 kilometres from Digha. Read more

Ola layoffs: 200 more engineers fired

Published on: 12:33 pm

  • According to sources, Ola has dismissed about 200 engineers across its ride-hailing and fintech businesses in a new round of layoffs. These layoffs represent around 10% of the company's 2,000-person engineering team.
  • Earlier this year, the firm laid off around 1,000 people in order to focus on its ride-hailing and electric vehicle operations.
  • Previously, the company envisaged launching a "super app" with a variety of services such as cloud kitchens, used vehicle sales, food and groceries delivery, and its main ride-hailing service. Read more

Ind Ra assigns rating to Adani Power's proposed bank loans at 'Provisional IND A/Positive'

Published on: 12:26 pm

  • India Ratings and Research (Ind-Ra) has rated Adani Power Limited's (APL) proposed bank loans at 'Provisional IND A'/Positive.
  • According to the rating rationale report, APL is in the process of merging six operating entities which are Adani Power (Mundra) Ltd. (APMuL), Adani Power Maharashtra Ltd. (APML), Adani Power Rajasthan Ltd. (APRL), Udupi Power Corporation Ltd. (UPCL), Raipur Energen Ltd. (REL), and Raigarh Energy Generation Ltd. (REGL) into itself.
  • The developmental special purpose vehicles namely Adani Power (Jharkhand) Ltd. (APJL) and Mahan Energen Ltd. (MEL) will remain APL’s 100% subsidiaries. Read more

Oyo files fresh DRHP for IPO

Published on: 12:11 pm

  • Oyo is resuming preparations for a stock market debut. Oyo has filed a fresh DRHP with SEBI. If things go as per plan then Oyo's IPO may come in January next year. As per the information given in its most recent filing, revenues of Oyo in 2021-2022 increased to Rs 4781.4 crore from Rs 3961.6 crore in 2020-21. This was a year-on-year increase of 21%. The proceeds from the IPO will be used for paying back some of the existing debt of the company. It will also be used for financing further organic and inorganic growth of the company. 
  • Oyo, formerly known as Oravel Stays Ltd., is internally preparing for an IPO in January as executives are encouraged by an increase in hospitality demand. Read more

Porsche IPO targeting to raise Euro 9.4 billion

Published on: 12:07 pm

  • The sale is moving forward at a time of significant market turbulence, and the German automaker is seeking a valuation of 70 billion to 75 billion euros for the IPO, below its earlier top-end objective of as much as 85 billion euros. The preferred shares that are offered in the IPO will be priced in the range of Euro 76.50- 86.50 per share.
  • On September 20, the offer period will begin, and trading is expected to begin on September 29. Read more

Gold Loan NBFCs say, credit demand from agri sector sees 12% upside

Published on: 12:04 pm

  • Gold loan non-banking financial companies (NBFCs) have witnessed a 12% uptick in credit demand from the farming sector in the ongoing Kharif season.
  • Industry executives stated that Paddy, fish farming and shrimp farming were the major driving factors in credit demand.
  • In general, credit demand from farming is high. However, during this Kharif season, fish farming and shrimp farming have shown progressive demand. Read more

Go Digit's IPO put on hold by Sebi

Published on: 12:00 pm

  • The planned initial share offering of Canada-based Fairfax Group-backed Go Digit General Insurance Ltd. has been placed on hold by capital markets regulator Sebi.
  • On August 17, Go Digit submitted preliminary IPO documents to the authority for financial markets.
  • In the company's proposed initial public offering (IPO), fresh equity shares worth Rs1,250 crore and Rs10.94 crore offered for sale by a promoter and existing shareholders were combined. Read more

CityMall completes first Esop buyback for $1.3 million

Published on: 11:56 am

  • CityMall, a social shopping platform, conducted its first employee stock ownership plan (ESOP) buyback program valued at $1.3 million.
  • The senior management team and the core team comprised more than 50 individuals who took part in the buyback program.
  • CityMall raised $75 million in March with the help of backers like Accel, Elevation Capital, and General Catalyst. About 191 employees were let go three months later by the corporation to adapt to the macroeconomic situation. Read More

7NR Retail extends rights issue closing date to September 23

Published on: 11:53 am

  • 7NR Retail Limited has informed that as per the resolution passed by the Board of Directors of the Company dated September 19, 2022 the date of closure of the Right Issue, which opened on Tuesday, September 06, 2022 and schedule to close on Tuesday, September 20, 2022 has now been extended from Tuesday, September 20, 2022 to Friday, September 23, 2022 in order to provide an opportunity to shareholders to exercise their rights in the Rights Issue.
  • Further, the company has come out with a Rights Issue of up to 11,66,95,000 Equity Shares with a face value of Rs. 1/- Each for cash at a price of Rs1.40/- per Rights Equity Share (Including a Premium of Rs0.40 per Rights Equity Share) for an amount aggregating up to Rs16,33,73,000/- on Rights Basis in the ratio of 1 Rights Equity Shares for every 1 fully paid up Equity Shares) held by the Equity Shareholders on the Record Date, i.e. August 23, 2022. Read more

Good Glamm in talks to purchase Twinkle Khanna's Tweak India

Published on: 11:45 am

  • Bollywood actor Twinkle Khanna launched a company that produces digital content, and the Good Glamm organization is in talks to buy the majority of the company.
  • The content-to-commerce company would have made its eleventh purchase if the Tweak India deal were to go through.
  • Tweak India is a multimedia platform with a female audience that focuses on wellness, beauty, and an environmentally responsible way of life. It offers text, video, podcasts, radio, and event forms. Read more

TrueFoundry raises $2.3 million

Published on: 11:42 am

  • TrueFoundry, a machine learning business, has raised $2.3 million in seed funding, with Sequoia India and Surge leading the charge.
  • Naval Ravikant, a co-founder of Angel List, and Eniac Ventures also took part in the fundraising round. The startup will use the funds to build new products as well as hire top IT personnel.
  • Abhishek Choudhary, Nikunj Bajaj, and angel investor Anuraag Gutgutia founded TrueFoundry in 2021 to give startups and small businesses the tools they need to deploy and analyze machine learning models at the same rate as large tech firms like Alphabet and Meta. Read more

Samsung offers discounts on smartphones in the run-up to the festival season

Published on: 11:40 am

  • Ahead of the forthcoming holiday season, Samsung has offered discounts on a few Galaxy smartphones in India.
  • Discounts are available from the South Korean manufacturer of electronics on a variety of devices, including the Galaxy S21 FE 5G, Galaxy S22 series, Galaxy F13, Galaxy M33, and more. During their holiday promotions, Flipkart and Amazon will both offer discounts on these smartphones. Read more

HDFC Capital fetches Rs500 crore from global investors

Published on: 11:35 am

  • HDFC Capital Advisors, a subsidiary of India's largest private mortgage lender HDFC, has raised over Rs500 crore as the first close of its property technology fund through global investors.
  • The company intends to utilise the said fund for investments into start-ups that drive innovation and efficiencies within the affordable housing ecosystem.
  • Through its initiative, HDFC Affordable Real Estate and Technology Program (HeART), it seeks to provide a platform for real estate technology entrepreneurs to build new solutions that will generate competencies and decrease costs throughout each level of a real estate project's development cycle. Read more

Top telecom companies likely to spend Rs 700 crore in promoting their 5G services, this festival sea

Published on: 11:35 am

  • Together, Bharti Airtel and Reliance Jio plan to outspend relative laggard Vodafone Idea (Vi) in festive season advertising, which will be mostly centered around their respective projected 5G service launches next month.
  • Although all three telcos—Airtel, Jio, and Vi—will run tactical advertising throughout the holiday season, Airtel is expected to spend the most on media in the sector.
  • The FIFA World Cup, the ICC T20 World Cup, and the game show Kaun Banega Crorepati is three key entertainment products that marketers have the opportunity to invest in media spending during this festive season. Read more

Zopper raises $75 million in Series C funding

Published on: 11:26 am

  • On Tuesday, the insurtech platform Zopper announced that it had secured $75 million in its Series C round of investment, which was led by Creaegis and included contributions from ICICI Venture and Bessemer Venture Partners.
  • The startup intends to use the new cash for innovative technologies, business development activities, inorganic growth through merger and acquisition (M&A), and international expansion. By March 2024, Zooper stated its goal of achieving an annualized Gross Written Premium (GWP) of $500 million. Blume Ventures, an existing investor, also took part in the round.
  • According to the platform, Tiger Global, which has a stake in the business, will keep providing assistance for expansion in the future. With the additional funding, Zopper will be able to grow a next-generation data engineering team, substantially strengthen its SaaS platform and data analytics capabilities, and support commercial development activities. Read more

Venus Pipes' stock price up by 47% in the past two weeks

Published on: 11:14 am

  • Shares of Venus Pipes & Tubes rose 11% intraday on Tuesday on a positive business outlook, setting a record high of Rs586.65 on the BSE. The stock has increased 47% over the last two weeks as a result of the business's announcement on September 10, 2022, that it has become the first Indian company to gain Bureau of Indian Standards (BIS) clearance for seamless and welded pipes and tubes made of stainless steel.
  • Since its initial public offering on May 24, 2022, the stock of the iron & steel products firm is now trading at its highest level. Compared to its issue price of Rs326 a share, the stock has increased by 80%. On June 1, 2022, the stock's price fell to a 52-week low of Rs316.40.
  • The management is optimistic about future growth, and with the Trust & Brand created for "Venus", the company is confident that it will be able to capture a larger percentage of market share going forward. There are plans for capacity expansion, backward integration for higher efficiencies, and a wide range of products for multiple industry applications. Read more

Hatsun Agro Product to raise Rs400 crore via rights issue; Stock surges near 2%

Published on: 11:05 am

  • Hatsun Agro Product Limited has informed to the exchanges regarding approval of raising of funds by way of issue of securities to the existing shareholders on a rights basis.
  • Accordingly, the Board of Directors of the company at its meeting held on September 19, 2022, has considered and approved, subject to receipt of relevant approvals from the regulatory authorities, as may be required, issue of Equity Shares by way of a Rights Issue to the existing shareholders of the Company on a record date for an amount not exceeding Rs400 crore (Rupees Four Hundred Crores Only). Read more

India's forex reserves come down by $90 billion in the last one year

Published on: 11:00 am

  • Currency reserves are being depleted at a rate that is on pace to surpass the drain experienced during unrest a decade ago as a result of central bank's intervention to preserve the rupee. While the Reserve Bank of India and economists aren't sounding the alarm just yet, investors are keeping a tight eye on the situation given the rupee's recent collapse to an all-time low and the possibility of a growing current account deficit.
  • The reserves are still significantly stronger than they were during the preceding time period, which included part of the Eurozone crisis and the Federal Reserve's taper tantrum, thanks to a sustained accumulation through to their high last year.
  • During the last crisis, the rupee saw one of the worst performances among emerging-market currencies, falling over 30% versus the dollar between September 2011 and September 2013. In comparison to the US dollar, it has decreased by roughly 6.8% in 2022, a far lesser decline than most of its competitors. Read more

Sona Comstar collaborates with Ashoka University to promote Women Scholars

Published on: 10:51 am

  • Sona BLW Precision Forgings Ltd ("Sona Comstar"), has signed an MoU with Ashoka University to provide scholarship to eligible Women Scholars pursuing Computer Science or Mathematics as their major/minor in the undergraduate program. 
  • The program will benefit fourteen meritorious and deserving women students from economically weaker backgrounds for three years.
  • Commenting on the partnership, Kiran M Deshmukh, Group CTO, Sona Comstar, said, "We are happy to partner with the prestigious Ashoka University to provide scholarships to women graduate students. Women's lack of participation in the workforce is a cause of concern for the manufacturing industry. One of the root causes is that the talent pool for women in STEM is small. Our partnership with Ashoka University is a step towards promoting women's representation in STEM education and workforce." Read More

Welspun completes acquisition of Nauyaan Shipyard; stock spurts ~4%

Published on: 10:39 am

  • Welspun Corp Limited informed that it has acquired the entire share capital of Nauyaan Shipyard Private Limited, a company with objects, inter alia, of shipbuilding, shippers, ship-owners, repairers, re-fitters, fabricators, etc., from a related party.
  • This is in furtherance to the company’s announcement dated June 28, 2021, wherein the company stated that it was always evaluating relevant prospects for both organic and inorganic expansions that have synergies with the company, and identified new business sectors that were being investigated. It included Marine Fabrication, among others.
  • The acquisition is at a fair value consideration of Rs1 lakh. Read more

Advanced Enzyme's stock price shoots up after Nalanda India equity fund increases stake in the compa

Published on: 10:35 am

  • After Nalanda India Equity Fund expanded its interest in the business by about 3% on Tuesday, shares of Advanced Enzyme Technologies rose 13% to Rs298 on the National Stock Exchange (NSE).
  • Using a block deal, Nalanda India Equity Fund paid Rs78.62 crore for 2.91 million equity shares, or a 2.6% interest in Advanced Enzyme Technologies, on September 20, 2022, according to NSE records. A weighted average price of Rs270.03 per share was used by the foreign portfolio investor to purchase shares, according to statistics.
  • According to bulk deal data, Advanced Vital Enzymes Private Limited, the company behind Advanced Enzyme Technologies, sold 2.57 million equity shares for Rs270.04 each. According to ownership pattern data, Nalanda India Equity Fund Limited owned 6.96 million equity shares, or 6.23 %, in Advanced Enzyme Technologies as of June 30, 2022. Read more

Numaligarh Refinery to invest Rs 35,000 crore over the next 5 years

Published on: 10:24 am

  • According to a top business executive on Monday, the Numaligarh Refinery Ltd (NRL) intends to invest Rs 35,000 crore to complete its five key current projects, including the India-Bangladesh Friendship Pipeline (IBFPL), in the next five years.
  • Ranjit Rath, chairman and managing director of the company, told reporters following the annual general meeting that the company is committed to carrying out its major ongoing initiatives, including the expansion of the Numaligarh Refinery, the Paradip Numaligarh crude oil pipeline and crude oil import terminal at Paradip, as well as the 2G ethanol project and IBFPL.
  • "The corporation has planned to invest more than Rs35,000 crore in completing these projects over the next five years," he added. According to Rath, the projects will support long-term corporate growth, and finishing them without going over budget or by more than expected remains the company's major priority. Read more

FM asks International Finance Corporation to increase its lending to India

Published on: 10:13 am

  • The International Finance Corporation should increase its lending to India over the next one to two years, to $2 to 2.5 billion, and then to $3 to 3.5 billion during the next three to four years. This was asked  by finance minister Nirmala Sitharaman to the IFC managing director Makhtar Diop at a meeting on Monday.
  • Diop, who is currently in the nation, stated that the World Bank's private sector investment arm would take a proactive stance to increase investment in the nation and extend financing to micro, small, and medium-sized enterprises (MSMEs) to enable capacity building for assisting India's efforts to become a manufacturing hub. Read more

Jyoti Resins and Adhesives allots 80 lakh bonus shares; Stock zooms 5%

Published on: 10:06 am

  • The Board of Directors of Jyoti Resins and Adhesives Ltd, at their meeting held on September 19, 2022 have allotted 80,00,000 Equity Shares of Rs10/- each as fully-paid up Bonus Equity Shares, in the proportion of 2 (Two) new equity share for every 1 (One) existing equity shares ,to the eligible Members whose names appeared in the register of Members / list of beneficial owners as on September 09, 2022, being the record date fixed for this purpose, based on the Shareholders approval at the AGM held on September 01, 2022 and in accordance of the in-principal approval received form the exchange.
  • Pursuant to the above allotment, the revised paid up equity capital of the Company is 1,20,00,000 equity shares of Rs. 10/- each amounting to Rs12,00,00,000.
  • The Corporate Action for crediting the Bonus Shares shall be done after receipt of requisite approval from the stock exchange, the company said. Read More

General Atlantic Singapore offloads 1.5% stake in KIMS for Rs151 crore; stock rallies ~6%

Published on: 10:04 am

  • General Atlantic Singapore sold 12.10 lakh shares of hospital chain Krishna Institute of Medical Sciences (KIMS) for more than Rs151 crore in an open market transaction on Monday.
  • According to BSE bulk sale data, General Atlantic Singapore Kh Pte sold 12,10,000 shares, representing a 1.5% stake in the company.
  • The company disposed-off shares at an average price of Rs1,250 per share, aggregating to Rs151.25 crore for the whole transaction.
  • As per the sources, those shares were picked up by ICICI Prudential Life Insurance company. Read more

Demand concerns, stronger dollar cause oil prices to drop by 1.5%

Published on: 10:04 am

  • Despite supply concerns, oil fell more than 1.5% on Monday due to anticipation of lower global demand and the strength of the U.S. currency before potential significant hikes in interest rates. There is a chance that the U.S. Federal Reserve may raise interest rates by an unexpectedly large 1 percentage point this week.
  • According to oil dealer PVM's Tamas Varga, "the approaching Fed meeting and the strong dollar are maintaining a lid on prices." At 10:02 GMT, the price of Brent crude for November delivery was $89.86 a barrel, down $1.49 or 1.6%. For October, U.S. West Texas Intermediate (WTI) fell $1.57, or 1.8%, to $83.54. Read More

India Ratings expects June quarter Current Account Deficit at 3.4%

Published on: 9:47 am

  • According to India Ratings, the current account deficit would reach a 36-quarter high of 3.4% of GDP, or USD 28.4 billion, in the June quarter, up from a 0.9% surplus the year before. According to the agency, the deficit in the March 2022 quarter was a manageable 1.5% or USD 13.4 billion, while the current account surplus in Q1FY22, when the nation was struck by the second wave of the epidemic, was USD 6.6 billion or 0.9% of GDP.
  • After being 4.7% in the 1QFY14, the current account deficit as a percentage of GDP is predicted to increase to a 36-quarter high. After the third quarter of 2013, when the deficit was USD 31.8 billion, it will be at a 38-quarter high in absolute terms, India Ratings stated in a report on Monday. Despite reaching a record high of USD 121.2 billion in Q1FY23, exports of goods are expected to slow down and total USD 104.2 billion in Q2F Y23 as a result of global headwinds, expanding by a meagre 1.4% in Q2. Read more

Olectra Greentech bags Rs185 crore supply order for 123 e-buses; Stock spurts 3%

Published on: 9:44 am

  • The Consortium of Olectra Greentech Limited and Evey Trans Private Limited ("EVEY") has received Letter of Award from one of the State Transport Corporations for 123 Electric Buses.
  • Accordingly, this order for supply of 123 Electric Buses is on Gross Cost Contract (GCC) / OPEX model basis for a period of 15 years (Contract Period). Value of this Contract is approximately Rs185 crore to the Company.
  • EVEY shall procure these buses from Olectra and which shall be delivered over a period of 9 months. Maintenance of these buses shall also be undertaken by the Olectra during the Contract Period. Read more

Dhruv Anand assumes charge as Wipro's new country head & MD for Japan

Published on: 9:31 am

  • Wipro Limited, prominent technology services and consulting firm, has appointed Dhruv Anand as Country Head & Managing Director for its operations in Japan.
  • Dhruv will lead Wipro's business expansion in Japan and work with clients to help them achieve their growth goals by leveraging Wipro's capabilities across the go-to-market themes of Experience, Data, Analytics & Insights, Cybersecurity, Engineering Edge, Core Business Transformation, FullStride Cloud Services, and Managed Services.
  • Dhruv has over 20 years of IT expertise, and specialization in consulting, digital engineering, IoT, and emerging technologies in Japan's automotive, manufacturing, and information technology industries. Read more

Natco Pharma receives CTPR launch approval from Delhi HC; stock climbs ~2.5%

Published on: 9:25 am

  • Natco Pharma Limited received an order from the Hon'ble High Court of Delhi stating that NATCO is permitted to launch Chlorantraniliprole (CTPR) and its formulations using their non-infringing technology.
  • NATCO is India's first company to get registration clearance from the Central Insecticide Board and Registration Committee (CIB&RC) for indigenous manufacture of Chlorantraniliprole (CTPR) Technical 93.00% w/w min.
  • CTPR technology is compounded into broad-spectrum insecticides that are used to control pests in a variety of crops. Read more

Jyoti Limited soars ~5% on bagging new order worth Rs73.60 crore

Published on: 9:20 am

  • Jyoti Limited informed that it has secured prestigious order of Rs73.60 crore for the design, engineering, manufacturing, testing & supply of large capacity Vertical Pumps and HT/LT Motors for the Water Resource Department (WRD), Andhra Pradesh.
  • The project has been received through the contractor M/s PLR Projects Ltd, Hyderabad for 7 pump Houses of GNSS TO HNSS LIFT IRRIGATION SCHEME.
  • The company stated that the order comprises the supply of 53 pump sets, 53 sets of LT & HT motors with a maximum capacity of 3.5 MW, a forced water lubrication system, and spares. Read more

Ircon International wins Rs256 crore work order from Mahanadi Coalfields; Stock soars ~4%

Published on: 9:19 am

  • Ircon International Limited (IRCON) has been awarded the work valuing Rs256 crore by Mahanadi Coalfields Limted (MCL).
  • As per the filing, the awarded work is for Stage-III i.e. Detailed Engineering and Project Management Consultancy (PMC) Services for "Development of Rail Infrastructure for proposed 02 nos. RLS (20 MTY) for Ananta OCP of Jagannath Area at Talcher" by Mahanadi Coalfields Limited (MCL) at total value of Rs256 crore.
  • "The duration of the project shall be 15 (Fifteen) months from the date of receipt of LOA/ Work Order from MCL", the company said on Monday. Read more

Mishtann Foods proposes to set up Ethanol manufacturing facility; Stock jumps 6.4%

Published on: 9:18 am

  • Mishtann Foods Ltd. has proposed to set up a 1000 KLPD (Kilolitres Per Day) Grain based Ethanol manufacturing facility at Village Dalpur, Taluka Prantij in Sabarkantha District of Gujarat, the company said.
  • This plant is being set up in coordination with the "Atmanirbhar Gujarat, Atmanirbhar Bharat" initiative of Government of India and the Petroleum policy of adding ethanol as additive to reduce burden on import of crude oil. Read more

Adani Enterprises raises Rs100 crore through NCDs; Stock gains 1%

Published on: 9:17 am

  • Adani Enterprises Limited informed to the exchanges regarding allotment of Non-Convertible Debentures on private placement basis.
  • As per the filing, the company has raised Rs100 crore (Rupees One Hundred Crores only) today i.e. September 19, 2022 by allotment of 1,000 Rated, Listed, Secured, Redeemable, Principal Protected Market Linked Non-Convertible Debentures ("MLD") of the face value of Rs10,00,000/- each on private placement basis.
  • "The said MLD will be listed on the Wholesale Debt Market segment of BSE Limited", the company said in a regulatory filing on Monday. Read more

Dixon enters into binding term sheet with Ibahn Illumination

Published on: 9:16 am

  • Dixon Technologies announced that it has entered into binding Term Sheet with Ibahn Illumination Private Limited (‘Ibahn’) whereby Ibahn has agreed to transfer its cutting-edge Technologies of smart lighting solutions.
  • The Technology which is going to be transferred shall include the technology developed by Ibahn pertaining to BLE Mesh Smart Lighting (App, Firmware, Hardware, and Cloud Hosted Database) that provides customers with a wide range of combination & control as well as work-in-progress technology pertaining to WiFi based technology solutions for its lighting products.
  • Bluetooth Mesh is a computer mesh network standard based on Bluetooth Low Energy (BLE), which is a wireless personal area network technology designed to provide low-cost & low energy consumption connectivity. Read more

Shilpa Medicare gets CDSCO approval for Tranexamic Acid Spray; stock zooms ~3%

Published on: 9:15 am

  • Shilpa Medicare Limited announced that its successful innovation of the first in world topical hemostatic spray of Tranexamic Acid has received CDSCO approval.
  • This innovative spray formulation is simple, easy to transport, easy to apply, and a lifesaving instrument. It is clinically proven in humans and validated in a robust swine trauma model.
  • The medicine is certified for use in minimising or avoiding haemorrhage, as well as lowering the need for replacement treatment in cases of accidental or domestic damage. Read More

Indian equity markets may begin the day on a positive note

Published on: 8:48 am

  • Indian equity markets may start the day on a positive note today. US equity markets closed in green yesterday.  Other Asian markets have opened in green today. SGX Nifty is up by 0.84% since morning.
  • US markets closed in the green yesterday. Dow Jones closed, up by 0.64%.  Nasdaq closed, up by .76%. S&P 500 closed, up by 0.69%. NYSE closed, up by 0.69%.
  • Asian markets have opened muted today. Nikkei is trading up by 0.42%.  Taiwan Index is trading up by 0.39%. South Korean Kospi is up by 0.42%. Shanghai index is up by .42%. Read more

Prices of fuel on September 20

Published on: 8:48 am

  • The most recent price notice sent out by fuel merchants revealed that the price of gasoline and diesel remained stable on September 20 in metro cities.
  • In Delhi, a litre of gasoline costs Rs96.72 and a litre of diesel costs Rs89.62. In Mumbai, the price of diesel is Rs94.27 and that of gasoline is Rs106.31 a litre. Gas and diesel are Rs102.63 and Rs94.24 in Chennai and Rs106.03 and Rs92.76 in Kolkata, respectively. Yesterday, due to worries about supply constraints and expectations of weaker global demand, oil prices dropped by more than 2%. In anticipation of future big increases in interest rates, the US dollar strengthened as well. Read more

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