Latest News and Updates

21st Sep, 2022

Capri Global Capital's gold loan AUM crosses Rs100 crore-mark

Published on: 3:13 pm

  • Capri Global Capital Limited has informed to the exchanges regarding business update on Gold Loan product.
  • As per the regulatory filing, the Company’s Gold Loan AUM crossed Rs100 crore;
  • Also, Exclusive Gold Loan branch count has touched 127 from 108 branches on the formal launch date i.e. August 26, 2022, the company said in a regulatory filing on Wednesday.
  • At around 3:01 PM, Capri Global Capital Ltd is currently trading at Rs730 per share down by Rs2.65 or 0.36% from its previous closing of Rs732.65 per share on the BSE. Read more

Coforge enters strategic alliance with Databricks to generate actionable insights from data

Published on: 2:46 pm

  • Coforge Limited announced a new partnership with Databricks, a lakehouse business. As a Databricks consulting and implementation partner, Coforge will leverage Databricks' Lakehouse Platform to provide industry-specific solutions and services for organisations throughout the world.
  • Coforge and Databricks will address the broader data modernization concerns faced by customers across sectors as part of this agreement, which is in line with Coforge's goal to generate impact for clients by creating actionable insights from data, frequently in real time.
  • Multi-cloud and hybrid cloud systems are the future of enterprises. At the edge, massive amounts of data will be created. As more firms use digital infrastructure, there will be a massive increase in data creation, said the company in a press release. Read more

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Liberty Shoes' stock price up by more than 10% today

Published on: 2:45 pm

  • Shares of Liberty Shoes rose 17% in Wednesday's intraday session with large volume trading in an otherwise sluggish market, reaching an over four-year high of Rs 226.10 on the National Stock Exchange (NSE). The footwear company's shares reached their highest price since August 2018.
  • At 12:38 PM, the stock was up 15% at Rs222.15, outperforming the Nifty 50's 0.70 % fall. According to exchange statistics, today's average trading volumes on the stock increased by more than thrice, with approximately 2.75 million equity shares or 16% of Liberty Shoes' total equity—having been traded on the NSE as of the time this story was being written. The names of the purchasers and sellers were not immediately known. Read more

Vivanta Industries bags turnkey projects worth Rs37 crore; Stock dips over 1.5%

Published on: 2:40 pm

  • Vivanta Industries Limited has informed on Wednesday that the Company has received major turnkey projects.
  • Following are the major turnkey projects:
  • Bio Gas Project:
  • To Set-up and establish Bio-Gas Projects similar to recently developed Sabar Dairy, Bio-Gas Electrification CNG and Fertilizer. The mentioned project is going to come up in Sabarkantha and will be followed by Banaskantha and North Gujarat with 40 MT capacity project costing Rs12 crore (Rupees Twelve Crore). Read more

Gateway Distriparks commences construction of ICD in Dhanakya, Jaipur; stock soars ~4%

Published on: 2:38 pm

  • Gateway Distriparks Limited (GDL) has finalised the acquisition of property in Dhanakya, near Jaipur, and will immediately begin the development of a new rail-linked Inland Container Depot (ICD).
  • This will be the company's fifth ICD, in addition to five Container Freight Stations, bringing the total number of container terminals in India to ten. GDL has already invested Rs27 crore in land acquisition and will spend another Rs50 crore on the initial phase of ICD development.
  • The ICD will be situated across 30 acres, with two rail sidings and an annual capacity of over 125,000 TEUs, and will be located near Dhanakya railway station. This portion is already a double stack route that is being electrified, said GDL in media reports. Read More

Aster Pharmacy forays into Bangladesh in partnership with GD Assist to set-up 25 pharma stores

Published on: 2:12 pm

  • Aster DM Healthcare has announced its entry into the Bangladesh market with Aster Pharmacy division on Wednesday.
  • Aster Pharmacy, the leading pharmacy chain in the UAE, will be operated by GD Assist Limited in Bangladesh. Through this franchise agreement, Aster DM Healthcare and GD Assist Limited plans to be provide genuine and reliable pharmaceutical products in Bangladesh along with varied products in the segments of Nutrition, Baby care, Skin Care, Home Healthcare etc.
  • Through this franchise agreement Aster DM Healthcare and GD Assist Limited aims to bring Aster Pharmacy’s quality care products in the segments of Nutrition, Pharmaceuticals, Baby care, Skin Care, Home Healthcare etc. to serve the healthcare needs of the local population of Bangladesh. Read more

Yes Bank rallies upto ~5% on sale of stressed asset portfolio; appointment of non-executive chairman

Published on: 1:54 pm

  • Yes Bank Limited’s counter surged up to 5% in today’s trade following the company’s announcement of the sale of a portfolio of stressed assets and the appointment of a new chairperson.
  • t around 1.43 PM, Yes Bank was trading 2.74% higher at Rs16.85, against the previous close of Rs16.40 on NSE. The counter hit an intraday high of Rs17.25 in Wednesday’s trade.
  • The private lender announced that its board of directors has authorized the sale of stressed assets worth around Rs48,000 crore to JC Flowers ARC, which was the sole bidder for the portfolio. Read more

SpiceJet's stock price drops 3.67% after the airline places 80 pilots on unpaid leave

Published on: 1:45 pm

  • SpiceJet's stock fell 4% during intraday trading on Wednesday after the low-cost carrier placed 80 pilots on three-month leaves of absence without pay in an effort to reduce expenses. In a strong volume trading of over 4.07 lakh shares on the BSE at 10:50 AM, the stock fell 3.5% to Rs42.10. The BSE benchmark, which was 59,732 at the time, was more or less unchanged.
  • Jet Airways  soared 4% to Rs 101 in the meantime, among other airline stocks. To Rs1,914, IndiGo increased by 0.3%. Following the July 27 directive of the Directorate General of Civil Aviation (DGCA) in the wake of disasters, SpiceJet has been recording losses for the previous four years and is currently operating fewer than 50% of flights (totaling 90+ aircraft). Read more

KEC International wins new orders of Rs1,123 crore; Stock soars 2%

Published on: 1:35 pm

  • KEC International Ltd stocks in the fast on Wednesday after secring new orders of Rs1,123 crore across its various businesses:
  • Transmission & Distribution (T&D): The business has secured orders for building substations in India:
  • 400 kV Digital GIS Substation order in India, from Power Grid Corporation of India Limited (PGCIL)
  • 400 kV GIS Substation order in India, from a reputed industry
  • Railways: The industry has bagged an order for construction of bridges and associated works for new railway line in the conventional segment in the country. Read More

TCS enabling digital transformation of Zurich Insurance Germany’s business

Published on: 1:29 pm

  • Tata Consultancy Services (TCS) and Zurich Insurance Germany (Zurich) have expanded their agreement, making TCS the exclusive strategic IT partner for Zurich's life insurance IT environment.
  • The company has been a Zurich Insurance Germany partner since 2016, collaborating on important business initiatives in general insurance, customer and sales, and life legacy portfolios.
  • It will assist the insurer in modernising, transforming, and managing the entire application estate supporting its life insurance business; improving and standardising IT and business processes; accelerating cloud and digital adoption; and driving technical and domain innovation at scale through the expanded strategic partnership. Read more

BridgeBio Pharma and Sentynl get EC authorization to market ‘NULIBRY’

Published on: 1:24 pm

  • Zydus Lifesciences’ BridgeBio Pharma Inc., and Sentynl Therapeutics Inc., announced that the European Commission (EC) has granted marketing authorization for NULIBRY (fosdenopterin) for Injection as the first therapy for the treatment of patients with molybdenum cofactor deficiency (MoCD) Type A.
  • MoCD Type A is an extremely uncommon and progressive illness that affects less than 150 individuals worldwide, with a four-year median survival.
  • NULIBRY is a first-in-class cPMP substrate replacement medication authorised by the US Food and Drug Administration (USFDA) in 2021 to lower the risk of mortality in MoCD Type A patients. Following the EC's decision, NULIBRY is the first and only authorised medication for MoCD Type A in the European Union (EU). Read more

ICRA reaffirms ICICI Lombard’s issuer rating at ‘ICRA AAA’; stock skids ~1.5%

Published on: 1:02 pm

  • ICICI Lombard General Insurance Company Limited informed that ICRA Limited has reaffirmed its issuer rating at ‘ICRA AAA.’ The outlook on long-term rating has been reaffirmed at Stable.
  • “Instruments with ICRA AAA rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such instruments carry the lowest credit risk,” said ICRA.
  • The aforesaid rating will be valid till September 19, 2023. The rating agency has reviewed instruments worth Rs255 crore. Read more

Femiint hospital acquired by Motherhood hospitals

Published on: 12:54 pm

  • Motherhood Hospitals, held by Asia Healthcare Holdings (AHH), announced on Wednesday that it has purchased Bengaluru-based Femiint Hospitals.
  • The corporation withheld the acquisition's financial information.
  • Motherhood Hospital now has a network of 7 hospitals and 2 outpatient centres in Bengaluru thanks to this acquisition. Read More

Early trading sees the rupee down 8 paise to 79.82/$

Published on: 12:26 pm

  • In early trade on Wednesday, the rupee lost 8 paisas to begin at 79.82 versus the US dollar as traders awaited the US Federal Reserve's interest rate announcement for more indications. The local currency, according to forex dealers, suffered from the strength of the American dollar in international commerce and a flat domestic equity market. Furthermore, the local unit was hampered by risk-off attitudes and high crude oil prices.
  • The rupee depreciated 8 paise from its previous level to start the day at 79.82 versus the dollar on the interbank foreign exchange market. In early transactions, the local currency likewise reached 79.79 to the dollar.
  • The rupee ended the day on Tuesday 7 paise higher at 79.74 to the dollar. Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors, stated that investors are anticipating the Federal Open Market Committee's (FOMC) decision on interest rates this evening. He added that while the market has already priced in a 75 basis point increase, a 100 basis point increase would be a significant indication and would drive the dollar index higher. Read more

Fino Payments Bank executes SSA for acquisition of 12.19% stake in PaySprint

Published on: 12:21 pm

  • Fino Payments Bank Limited informed that it executed the Share Subscription and Shareholders’ Agreement with PaySprint on September 20, 2022.
  • The company stated that this is in furtherance of its letter dated April 12, 2022, about the BOD’s decision to approve investment by way of subscription of shareholding in PaySprint Private Limited.
  • The projected investment of up to Rs2.5 crore will be completed on or before October 10, 2022. Read More

Alphalogic Techsys stock gains ~5% after subsidiary wins supply order

Published on: 12:21 pm

  • Alphalogic Techsys Limited has informed that its subsidiary company of Alphalogic Industries Limited, has won the supply order for Mobile Compactor Storage Systems.
  • As per the regulatory filing, the company has secured order to supply 96 Nos. of Mobile Compactor Storage Systems for Tissue Culture Lab to Ellora Natural Seeds Private Limited for their unit based in MIDC Walunj, Aurangabad.
  • This is the single largest order won by the company till date, said Alphalogic Techsys in a regulatory filing on Wednesday. Read more

NinjaCart expands its agricultural export-import operations

Published on: 12:05 pm

  • Ninjacart, a startup in the fresh produce supply chain, has launched a new company named Ninja Global to participate in international trading.
  • Ninja Global is an online marketplace that will build a global network of agricultural importers and exporters and assist them in conducting cross-border trade, according to the startup, which is sponsored by US retailing giant Walmart and New York-based investment firm Tiger Global.
  • By registering their firms on the platform and exhibiting their products to potential clients and suppliers, the startup would assist enterprises in creating a digital identity. Read more

Inox Green Energy gets Sebi approval for IPO

Published on: 12:01 pm

  • Inox Green Energy Services, a subsidiary of Inox Wind, has received authorization from market regulator Sebi to launch its Rs 740 crore initial public offering (IPO).
  • The draft red herring prospectus (DRHP) states that the company's public offering will consist of new shares worth Rs 370 crore as well as an offer by the company's promoter Inox Wind to sell equity shares totaling Rs 370 crore. Read more

KKR and Hero Group to invest $450 million in Hero Future Energies

Published on: 11:54 am

  • Hero Future Energies (HFE), the Indian company's renewable energy division, will get $450 million in investment from American private equity firm KKR and Hero Group.
  • Over time, the investment would help HFE's efforts to increase its renewable energy capacity and capabilities across technologies like solar, wind, battery storage, and green hydrogen, as well as position it for further expansion. Read more

Altigreen opens its first 3-wheeler showroom in Bengaluru

Published on: 11:51 am

  • In collaboration with Magnum Ventures, the venture capital-backed commercial EV firm Altigreen has established its first 4000-square-foot showroom/experience center for its commercial 3-wheelers at Peenya in Bengaluru.
  • The dealership was inaugurated by the IT/BT Minister for Karnataka, CN Ashwath Narayan. The dealership will also handle servicing, selling components, and charging. Read more

Brightcom Group unveils ‘Brightcom-Qulabz Innovation Labs’; stock tanks ~4%

Published on: 11:50 am

  • Brightcom Group Ltd., the industry leader in AdTech and Digital Marketing, has announced the establishment of a Quantum Computing Innovation Lab in conjunction with Qulabz Inc.
  • Brightcom anticipates that this project will propel company growth in the next years by greatly increasing its technological advantage. According to the 'Boston Consulting Group,' quantum computing has the potential to generate $850 billion in value across sectors.
  • This includes a $220 billion potential for Optimization and Machine Learning. Further, a $330 billion potential for Simulation and $80 billion for cryptography. Read more

CARE reaffirms rating on Orient Paper and Industries' bank facilities

Published on: 11:49 am

  • Care Ratings Limited has reaffirmed long term credit rating of Orient Paper & Industries Ltd to CARE A+.
  • Similarly, the short term credit rating of the Company reaffirmed to CARE A1+. However, the Outlook has been revised from Negative to Stable for both the ratings, the company said in a filing.
  • Further, accroding to the rationale, the ratings assigned to the bank facilities of Orient Paper and Industries Limited (OPIL) draw significant strength from it being a part of the established C.K. Birla group and the financial flexibility it derives by virtue of it. Read more

OYO to give 'Green Tags' to its environment-friendly lodging partners

Published on: 11:49 am

  • OYO, a company that specializes in hospitality and travel technology, is now trying to introduce a "green tag" for hotels that are featured on its website.
  • The "green tag" will be given to lodging establishments that use environmentally friendly practices, such as rainwater collection and the use of solar energy. Read more

MapmyIndia's Mappls app integrated with ULIP

Published on: 11:44 am

  • MapmyIndia, a publicly traded digital mapping startup, announced the integration of its Mappls app with the government's Unified Logistics Interface Platform (ULIP).
  • MapmyIndia's logistics solutions will make the movement of products and people across the country more efficient and cost-effective.
  • Additionally, the logistics ecosystem allows users to easily track the transit of their goods on comprehensive maps of India and receive information about projected arrival times. Read more

Ola Electric reducing its software workforce; plans to increase non-software employees

Published on: 11:41 am

  • Ola Electric is downsizing its workforce and eliminating 200 positions, the majority of which are in software development.
  • 3,000 new employees will be employed to focus on areas other than software programming.
  • The business, which sells electric scooters, has been concentrating more on non-software engineering domains with "a clear focus on building engineering and R&D skills across a variety of sectors, including vehicle, cell, battery, manufacturing and automation, autonomous engineering streams, and others." Read more

KPIT Tech, Technica Engineering join forces to accelerate transformation towards Software-Defined Ve

Published on: 11:17 am

  • KPIT Technologies Limited has announced the acquisition of Technica Engineering, a company specializing in production-ready system prototyping (combination of network system architecture, hardware prototyping, integration), automotive ethernet products, and tools for validation. This will create across-the-stack expertise offering a one-stop shop for the industry to transform towards SDV.
  • Technica Engineering is headquartered in Munich and has a presence in Spain, Tunisia, and the USA, with a team of 600+ engineers.
  • As per the filing, the deal is expected to be closed by the end of October 2022, post fulfillment of customary closing conditions, and at the end of it, Technica Engineering will be fully owned by KPIT Technologies. The deal will be EPS accretive upon consolidation. Read more

Central Bank of India removed from RBI's Prompt Corrective Action list

Published on: 10:38 am

  • After the Reserve Bank of India (RBI) removed the public sector lender from its Prompt Corrective Action (PCA) list on compliance with criteria like net non-performing assets (NNPAs) and capital ratios, shares of the Central Bank of India (CBI) increased 15% to Rs23.50 on the BSE in intraday trade on Wednesday amid high volumes.
  • When compared to the S&P BSE Sensex's 0.05% drop at 09:41 AM, the CBI stock was trading 9% higher at Rs22.15. Around 33.16 million equity shares had been traded on the NSE and BSE as of the time this story was being written, more than double the counter's previous trading volume. Prior to this, on September 30, 2021, the stock had reached a 52-week high of Rs25.15 a share.
  • "The Board for Financial Supervision examined how the Central Bank performed. The lender is not in violation of the PCA guidelines, according to the bank's evaluated numbers for the year ended March 31, 2022 "a statement from RBI said. Read more
 

Infosys and Telenor Norway join hands to accelerate IT Modernization

Published on: 10:25 am

  • Infosys Limited, a global leader in next-generation digital services and consulting, announced its partnership with Telenor Norway, Telenor's wholly owned Norwegian telecoms operator, in its business transformation effort to become a digital telecommunications company.
  • With this partnership, Infosys will help Telenor Norway speed its modernization journey while also supporting its 'Beyond Connectivity' vision. This relationship will propel Telenor Norway's business growth and position the firm for the future.
  • Because of its strong global transformation experience and varied talent pool, Infosys was chosen to assist Telenor on its modernisation journey. As part of the agreement, Infosys will use its tools and accelerators to help Telenor restructure its IT stack in areas such as digital, analytics and artificial intelligence, and operations. Read more

NBCC (India) secures total business of Rs274.77 crore during August 2022; Stock gains 1%

Published on: 10:15 am

  • NBCC (India) Limited stocks rises on Wednesday's trading session on announcement of business secured for the month of august 2022.
  • As per the regulatory filing, the company has secured the total Business of Rs274.77 crore during the month of August, 2022, the company informed on Tuesday.
  • On Wednesday, at around 10:15 AM, NBCC (India) Ltd is currently trading at Rs34.25 per share up by Rs0.4 or 1.18% from its previous closing of Rs33.85 per share on the BSE. Read more

In early trading gold and silver prices increase

Published on: 10:11 am

  • Early on Wednesday, prices for both gold and silver rose. 10 grams of 24 Carat yellow metal changed hands for Rs50,130, an increase of Rs110. Today, silver is priced at Rs57,200 per kilogram, a rise of Rs500. Ten grams of 22-carat gold are currently being offered for sale for Rs45,950, an increase of Rs100.
  • 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. Gold in Delhi is now selling for Rs50,290 for 24-carat purity and Rs46,100 for 22-carat purity per 10 gm.
  • Gold in Chennai is now selling for Rs50,510 for 24 karat and Rs46,300 for 22 Carat. Even while gold is seen as an inflation hedge, storing metal has a greater opportunity cost at higher interest rates, which strengthens the currency. Read more
 

RateGain selected by Sonder Holdings to expand corporate travel access on global distribution system

Published on: 10:05 am

  • RateGain Travel Technologies Limited (RateGain), a global provider of SaaS solutions for travel and hospitality announced on Wednesday that it has been selected by Sonder Holdings Inc., a leading next-generation hospitality company that is redefining the guest experience through technology and design, to strengthen its presence on the Global Distribution System (GDS).
  • Sonder has connected with RateGain’s Connectivity Switch Platform introducing its own dedicated chain code, “SS”. This makes it faster and easier for agents to search for Sonder availability on industry leading travel reservation systems.
  • RateGain’s Connectivity Switch Platform, one of the largest processors of electronic hotel transactions is the only platform in the world that provides connectivity to all major Global Distribution Systems as well as manages content for most leading global hotel chains. Read more

Swaraj Engines hits new 52-week high as M&M proposes to acquire 17.41% stake

Published on: 10:03 am

  • Mahindra & Mahindra Limited informed that the company proposes to acquire 21,14,349 equity shares, aggregating to 17.41% of the paid-up equity share capital of Swaraj Engines Limited from Kirloskar Industries Limited.
  • Following this development, Swaraj Engines was trading 13.39% higher at Rs1,921.85 per piece, against its previous closing of Rs1,694.85 on the BSE. The counter hit a new 52-week high of Rs1,950 so far.
  • The company stated that upon the said acquisition, Mahindra’s shareholding in the company in SEL would increase from 34.72% to 52.13% of the equity share capital of SEL. As a result, Swaraj Engines, the now associate company, will become a subsidiary of the company. Read more

Seshasayee Paper and Boards to acquire assets of Servalakshmi Paper

Published on: 9:44 am

  • Seshasayee Paper and Boards Limited stocks in focus as the company has emerged as the successful bidder in the e-auction held on Tuesday for the acquisition of the assets (Land, Building and Plant and Machinery) of Servalakshmi Paper Limited (Corporate Debtor - In Liquidation), on liquidation on a Going Concern basis.
  • At around 9:44 AM, Seshasayee Paper & Boards Ltd is currently trading at Rs299 per share down by Rs3.5 or 1.16% from its previous closing of Rs302.50 per share on the BSE.
  • The scrip opened at Rs303 per share and has touched a high and low of Rs303.75 per share and Rs299 per share respectively so far today. The current market cap of the company is Rs1,907.81 crore. Read more

Wipro collaborates with Finastra to accelerate digital transformation of corporate banks

Published on: 9:44 am

  • Wipro Limited announced a partnership in India to help corporate banks accelerate digital transformation with the help of Finastra’s leading solutions.
  • This collaboration combines Wipro's consulting, digital, infrastructure, and operations capabilities with Finastra's cutting-edge technologies to create contemporary API-enabled platforms enabling banks to innovate, simplify, and digitise essential trade finance processes while lowering cost overheads.
  • Wipro will be the sole implementation and go-to-market partner for all banks in India for Finastra's Fusion Trade Innovation and Fusion Corporate Channels under this multi-year agreement. Wipro is also a preferred global partner for Finastra's Cash & Liquidity Management solutions. Read more

Markets on a cautious note, trades flat ahead of Federal meeting outcome

Published on: 9:38 am

  • Traders globally have a cautious sentiment while keeping a close watch on Federal Meeting updates, and Indian markets are performing on similar lines on Wednesday. Both benchmarks Sensex and Nifty 50 are trading slightly lower. The domestic equities are expected to be on a volatile tone even though stocks specific movement will dominate the day.
  • At around 09.45 am, Sensex was trading at 59,640.88 lower by 78.86 points or 0.13%. The index has touched an intraday high and low of 59,796.57 and 59,491.81 respectively.
  • Nifty 50 performed at 17,779.05 below 37.20  points or 0.21%. The index has touched the day's high and low of 17,838.55 and 17,761.20 respectively. Read more

Hero Moto, HPCL partner to establish charging infra for EVs in India

Published on: 9:30 am

  • Hero MotoCorp, the world's biggest motorcycle and scooter manufacturer, and Hindustan Petroleum Corporation Limited (HPCL), a Maharatna Company in the Oil & Gas Sector, have formed a partnership to build Electric Vehicles (EVs) charging infrastructure in India.
  • As part of the plan, the corporations will build charging stations for two-wheeled electric vehicles (EVs) around the country, accelerating mass mobility's transition to an electrified future.
  • his partnership between Hero MotoCorp and HPCL emphasizes their efforts to enable a successful transition of mass transportation to EVs while ensuring long-term solutions. Read More

Premier Explosives bags orders worth Rs9.74 crore from Israel Aerospace; stock spurts ~3%

Published on: 9:22 am

  • Premier Explosives Limited informed that the company has received two distinct orders from MIs. Israel Aerospace Industries Limited.
  • As per the company, the first order is for the manufacturing and supply of Warheads for a total value of USD 537,500 (approx. Rs4.27 crore). The company is expected to deliver these items by May 2023.
  • The second order received by the company is for the production and supply of Booster Rocket Motors for a total value of USD 688,000 (approx. Rs5.47 crore). The company stated that it has successfully designed and developed Rocket Motors to the satisfaction of the customer.
  • Premier expects to deliver the second order by March 31, 2023. Read More

S Chand and Company updates on investment in iNeuron; Stock gains 3.6%

Published on: 9:18 am

  • S Chand and Company Limited has informed the investment together with its wholly owned subsidiaries namely, Vikas Publishing House Private Limited ("Vikas") and Chhaya Prakashani Limited ("Chhaya") in iNeuron Intelligence Private Limited ("iNeuron") upto an amount of Rs7.50 crore (Rupees Seven Crores and Fifty Lakhs Only) in two tranches.
  • In a regulatory filing, the Company said that through its wholly owned subsidiaries, Vikas and Chhaya have completed the second tranche of investment of Rs90.08 lacs (Rupees Ninety Lacs Eight Thousand Only) in iNeuron. 
  • Against this investment iNeuron has allotted equity shares to Vikas & Chhaya. Post this acquisition, the total investment of the Company including investment through its wholly owned subsidiaries in iNeuron is 5.79% on fully diluted basis. Read More

Mindtree, Currys collaborate to deliver a connected omnichannel experience

Published on: 9:18 am

  • Mindtree announced that it has enabled Currys, the UK's leading retailer of technology products and services, to provide its customers across multiple markets with a connected and highly personalized omnichannel shopping experience.
  • Mindtree has leveraged its extensive retail and digital expertise as part of the multi-year engagement to design and implement a comprehensive omnichannel solution that provides a unified customer experience across rapidly converging online, in-store shopping, and mobile while driving cross-channel fulfillment and inventory optimization for Currys.
  • Mindtree has also enabled Currys' more than 32,000 "colleagues" scattered across the company's retail locations, offices, contact centres, supply chains, and distribution centres to better support the omnichannel customer experience with greater speed and quality of service through unified consoles. Read more

Tata Steel raises Rs2,000 crore through NCD issue

Published on: 9:17 am

  • Tata Steel Limited has informed that the Committee of Directors, on September 20, 2022, approved the allotment of 20,000 – Fixed rate, Unsecured, Redeemable, Rated, Listed, Non-Convertible Debentures having face value Rs10,00,000/- each, for cash, aggregating to Rs2,000 crore, to identified investors on private placement basis, on the terms and conditions as mentioned in the Placement Memorandum for the said Issue.
  • The issue comprises of two series:
  • A. Series 1 Debenture: 5,000 NCDs amounting to Rs500 crore with 7.50% p.a. fixed coupon rate
  • B. Series 2 Debenture: 15,000 NCDs amounting to Rs1,500 crore with 7.76% p.a. fixed coupon rate Read more

Hilton Metal Forging receives tender from Railway Department; Stock surges 2.4%

Published on: 9:16 am

  • Hilton Metal Forging Limited informed that it has participated in Tenders for supply of Railway Wheel to Railway Department of Wheel Monobloc - Rolled.
  • The company received tender in its favor and in addition to this the company already supplied two consignments of wheels & became one of the suppliers of this Railway Wheel requirement of Indian government.
  • Hilton Metal was recently awarded an order based out of a tender which was bid by the company on August 29, 2022 for Kalka-Shimla Jurisdiction of the Central Railways. The order for the same was released on September 14, 2022. Read more

Maximus Group acquires 100% stake in Quantum Lubricants, Kenya

Published on: 9:15 am

  • MX Africa Limited (MXAL) has signed an agreement to acquire the remaining 49% stake in Quantum Lubricants Limited, Kenya. MXAL is Maximus International Limited's wholly owned Kenyan subsidiary (MIL).
  • Previously, in 2019, MXAL purchased a 51% ownership position in QLL, paving the way for its foray into African lubricant production. MXAL will have complete control of QLL's activities with the continuing acquisition of the 49% stake.
  • Deepak Raval, Managing Director of MIL, stated that "this acquisition of 49% stake in QLL is part of our ongoing worldwide development plan." We now have complete control over QLL's activities, which will aid our expansion plans." Read More

IREDA plans to raise Rs 400 cr through bonds

Published on: 8:57 am

  • According to three merchant bankers on Wednesday, the Indian Renewable Energy Development Agency, or IREDA, intends to collect at least Rs400 crore through the issuance of bonds with maturity dates in October 2025 and 2032.
  • Bankers and investors were asked to submit coupon and commitment bids by Friday, according to the state-run firm. The bonds' maturities are set for three years and sixteen days and ten years and fifteen days, respectively, and each offering contains a greenshoe option to keep an extra ten billion rupees. Read more

Indian equity markets likely to start the day in red today

Published on: 8:52 am

  • Indian equity markets are very likely to start the day in red today. US Federal Reserve's announcement on interest rate hike is likely to come later in the evening today. Before that there will be some selling today. Market participants cannot discount the possibility of a shock 100 basis point increase by the US central bank.
  • US markets closed in the red yesterday. Dow Jones closed, down by 1.01%.  Nasdaq closed, down by .95%. S&P 500 closed, down by 1.13 %. NYSE closed, down by 1.36%. The expectation of an aggressive interest rate hike today by Federal Reserve, later in the day, kept the US markets jittery. US 10-year bond yield hit 11year high. Crude prices fell to US$ 85. US dollar index closed near 110.
  • Asian markets have opened in red today.Nikkei is trading down by 1.35%.  Taiwan Index is trading down by 0.33%. South Korean Kospi is down by 0.97%. Shanghai index is down by .39%. Read more

ONDC and UPI will make supply chain more effective, says Nandan Nilekani

Published on: 8:52 am

  • According to Infosys Chairman Nandan Nilekani, technological advancements brought on by India's digital stack will fundamentally reorder the country's supply chain. Examples include credit enablement through the United Payment Interface (UPI) and account aggregator (AA), as well as the Open Network of Digital Commerce (ONDC).
  • Nilekani stated at the Global Fintech Fest 2022 that India's supply chain will become much more effective and would make it much simpler to reach everyone with goods and services. He continued by saying that the Reserve Bank of India's AA system will completely alter the credit and lending landscape. Read more

Ahead of the Fed meeting, rupee appreciated by 7 paisa to 79.74/$

Published on: 8:48 am

  • As investors wait for more clues from the US Fed's policy announcement, the rupee stabilized in a constrained range and ended the day 7 paise higher at 79.74 vs the US dollar, ending a four-session losing skid.
  • The local currency's opening rate on the interbank foreign exchange market was 79.70 per US dollar. During the session, it saw a high of 79.58 and a low of 79.77 for the day.
  • The final closing price was 79.74, an increase of 7 pence from the previous closure of 79.81. Due to foreign outflows and a stronger dollar, the rupee fell 64 paise during the last four days. Read more

India's GDP will touch $25 trillion in the next 25 years, says K.V. Kamath

Published on: 8:40 am

  • According to the experienced banker and head of the National Bank for Financing Infrastructure and Development K V Kamath, India will have a GDP of USD 25 trillion in 25 years.
  • To aid in the growth of long-term infrastructure finance in the nation, NaBFID was established by the government last year. Kamath said that the NaBFID-related policies and framework were completed. As many as 12 board meetings of the bank have already been held, he added, so we are proceeding according to the government's plan.
  • In 25 years, India I see would have a USD 25 trillion economies, Kamath said at the Morningstar Investment Conference held in this city on Tuesday. Read more

The cost of fuel on September 21

Published on: 8:37 am

  • On September 21, 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 Rs94.24; in Kolkata, it is Rs106.03 and Rs92.76.
  • On Tuesday, oil prices fell along with other risk assets as the dollar remained strong and investors expected further interest rate increases from central banks to tame inflation. Read more

EPFO adds 18.23 lakh net members in July 2022

Published on: 8:28 am

  • The provisional payroll data of EPFO released on September 20, 2022 provides EPFO numbers where EPFO has added 18.23 lakh net members in the month of July 2022. Year-on-year comparison of payroll data reflects rise of 24.48% in net membership addition in July 2022 as compared to the corresponding month during last year in 2021.
  • Further, of the total 18.23 lakh members added during the month, around 10.58 lakh new members have come under the social security cover of EPFO for the first time. The data of new members joining EPFO has shown a rising trend since April 2022. Out of 10.58 lakh new members added, ~57.69% are from the age-group of 18-25 years of age. This indicates that first-time job seekers are joining organized sector workforce in large numbers. Read more

WhatsApp and Salesforce enter “expanded partnership”

Published on: 8:11 am

  • On Tuesday, WhatsApp and Salesforce announced an "expanded partnership" to help the messaging app's enterprise users get started.
  • The new link will help businesses create experiences to communicate with customers on WhatsApp while being able to manage communication directly from the Salesforce platform, according to a blog post by Meta's vice president of business messaging, Matthew Idema.
  • Idema said, "We continue to invest in methods to make it quick and easy for businesses to get up and running on WhatsApp because we want more people to benefit from faster, richer conversations. Read More

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