Latest News and Updates

22nd Sep, 2022

US dollar touches 24 year high against the Japanese Yen

Published on: 2:41 pm

  • After the Bank of Japan maintained its ultra-easing stimulus on Thursday, just hours after the Federal Reserve shocked the markets with hawkish interest-rate projections, the U.S. dollar soared to a fresh 24-year high versus the yen.
  • Prior to the Bank of England's policy decision later that day, the dollar had already climbed to a fresh 37-year high against the pound and to a two-decade high against the euro. Along with these regional currencies, it reached fresh highs versus the Australian and New Zealand dollars, the offshore Chinese yuan, the Korean won, the Singapore dollar, and the Thai baht. Read more

CARE reaffirms ‘A1+’ rating on Commercial Paper of KRBL Limited; stock jumps~2%

Published on: 2:37 pm

  • KRBL Limited informed that CARE Ratings Limited (CARE) has reaffirmed the ‘CARE A1+’ rating on the Commercial Paper Limits of the company.
  • The rating agency has reviewed commercial paper worth Rs500 crore.
  • The reaffirmation of the rating granted to KRBL’s commercial paper instrument continues to draw strength from the experienced promoters with a lengthy track record of operations in the rice business. In both the local and foreign markets, the firm has a well-established brand name and market position in the basmati rice sector. Read more

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East West Holdings secures contract worth Rs24 crore from Raymond

Published on: 2:16 pm

  • East West Holdings Limited (through wholly owned subsidiary (WOS) East West Freight Carriers Limited) has acquired a PAN India service contract from Raymond Ltd for Rs24 crore.
  • East West Holdings would offer PAN India Logistic Support to Raymond under this service contract.
  • "We have been handling Raymond’s Logistics requirement and looking at the quality of service delivered by our Company, Raymond has entrusted us with the duty to handle their PAN India logistics," stated Mohammed Ajaz Shafi, Managing Director & CEO, on the occasion. Read more

UGRO Capital board approves NCDs issue of Rs70 crore

Published on: 2:15 pm

  • UGRO Capital Limited has informed about the outcome of the Investment and Borrowing Committee Meeteing.
  • The Board of Directors of the Company at its meeting held today, i.e. Thursday, September 22, 2022 has approved an issuance of 700 Rated, Senior, Secured, Listed, Transferable, Redeemable, Principal Protected Market Linked Non-Convertible Debentures, each. Read More

Mindtree launches ‘Construction 360’ an integrated cloud-based salesforce solution

Published on: 1:49 pm

  • Mindtree Limited, launched Construction 360, a comprehensive, integrated cloud-based Salesforce solution designed to help construction organisations optimise operations and enhance productivity.
  • Construction 360, unveiled at Dreamforce 2022, integrates Mindtree's substantial domain experience, cloud capabilities, and NxT product suite with Salesforce's superior Sales Cloud, Service Cloud, and other technologies.
  • It provides the digital infrastructure required for construction organisations to acquire real-time end-to-end insight across the construction value chain and implement next-generation technologies, increasing efficiency, reducing costs, and shortening time-to-market. Read more

Welspun Corp acquires ABG Shipyard’s specified assets for Rs659 crore; stock hits the roof

Published on: 1:29 pm

  • Welspun Corp Limited informed that the Liquidator of ABG Shipyard Limited has declared Welspun as a successful bidder in terms of the Process Memorandum for the private sale of specified assets of ABG Shipyard Limited.
  • Following this development, the counter hit a new 52-week high of Rs298.50 per piece.
  • Welspun Corp and its wholly owned subsidiary paid Rs659 crore (including relevant taxes) towards the whole acquisition amount on September 21, 2022. Read more

CRISIL assigns rating on Vascon Engineers' bank facilities; Stock jumps 4%

Published on: 1:22 pm

  • CRISIL Ratings has assigned its 'CRISIL BBB/Stable/CRISIL A3+' ratings to the bank facilities of Vascon Engineers Limited (VEL).
  • The ratings reflect expectation of sustained improvement in the operating performance of VEL.
  • Further, CRISIL Ratings has considered the consolidated financial and business risk profile of VEL along with its subsidiaries. The consolidation is on account of the common management and business synergies among the group companies, the rating agency said. Read more

Heritage Foods to consider raising funds through a rights issue

Published on: 1:17 pm

  • Heritage Foods has posted a net profit of Rs7.3 crore for the three months ending June 2022. During the same time period, the company's sales increased by 27% year over year to Rs820.9 crore.
  • At the closing of trading on the BSE, Heritage Foods' shares were selling for Rs320.30 each, down 1.46 % from the previous day's close. On the NSE, the share price finished at Rs319.30, 1.81 less than the previous closing price.
  • According to the regulatory filing, the meeting is being called to "consider and approve, among other things, raising funds by issuing equity shares on a rights issue basis in accordance with applicable laws, rules, and regulations thereof and subject to such regulatory/statutory approvals as may be required." Read more

Tilaknagar Industries appoints Pragya Kaul as governance & compliance President; stock climbs ~2%

Published on: 1:03 pm

  • Tilaknagar Industries Limited (TI), a renowned alco-bev maker, has announced the appointment of Pragya Kaul as President – Governance and Compliance.
  • Pragya, who has over two decades of industry expertise, will be in charge of managing and leading the governance and compliance responsibilities at TI.
  • Pragya spent over six years as the Company Secretary of Crompton Greaves Consumer Electricals Limited before joining TI. Read more

Sheetal Cool Products signs MoU with BPCL

Published on: 12:54 pm

  • Sheetal Cool Products Limited has announced the signing of MoU with BPCL on Wednesday.
  • The stocks in focus on Thusday trading session as the company informed in a regulatory filing that it has signed a MOU with Bharat Petroleum Corporation Limited (BPCL) for setting up Outlets/Kiosk of Sheetal brand at BPCL Retail Outlets all over Gujarat.
  • The company is an India-based company that is engaged in the business of manufacturing ice cream, milk and milk products, namkeen, bakery and sweet products. Read more

Info Edge’s board agrees to infuse Rs80 crore in Metis Eduventures; stock dips ~1.5%

Published on: 12:34 pm

  • Info Edge (India) Limited’s board of directors has approved entering into an agreement to invest up to Rs80 crore in Metis Eduventures Private Limited (Adda247) in form of primary acquisition of shares.
  • Adda247 is already an associate company of Info Edge, therefore it is a related party transaction.
  • Adda247 is in the business of providing educational services and help to students studying for exams using software technology platforms (both online and mobile application) and is also in the business of providing educational services via an offline classroom-based approach. Read more

PB Fintech invests Rs900 crore in two wholly-owned subsidiaries; stock slips ~1%

Published on: 12:29 pm

  • PB Fintech Limited informed that it has made investments in Policybazaar Insurance Brokers Private Limited, and Paisabazaar Marketing and Consulting Private Limited, the company’s wholly-owned subsidiaries.
  • The company has invested Rs650 crore in Policybazaar Insurance Brokers, and Rs250 crore in Paisabazaar Marketing.
  • The current investment, as part of the firm's investments, allows the company to boost the financial health of indicated wholly-owned subsidiaries in order to meet its general operating expenditures while also improving brand recognition, office presence, and strategic initiatives. Read more

10.58 lakh first time job holders added to EPFO in July

Published on: 12:09 pm

  • According to payroll information issued on September 20 by the Employees' Provident Fund Organization (EPFO), there were approximately 10.58 lakh, new subscribers, in July. The figures, meanwhile, are less than what was noted the month before.
  • More than 50,000 more EPF members were added in June than in July when there were over 10.21 lakh new subscribers. With more than 3.20 lakh new members, the 18 to 21 age group contributed the most in July, followed by the 22 to 25 age group with more than 2.89 lakh.
  • The EPFO gained 18.23 lakh net members in July 2022, according to the provisional payroll figures. According to payroll statistics, net membership increases increased by 24.48 % in July compared to the same month in 2021, the organization stated in a statement. Read More
 

USFDA completes inspection at Raleigh Plant, North Carolina of Aurobindo Pharma's step-down subsidia

Published on: 11:53 am

  • Aurobindo Pharma Limietd has informed to the stock exchanegs regarding completion of USFDA Inspection at Raleigh Plant, North Carolina, owned by Aurolife Pharma LLC, a wholly owned step-down subsidiary of the Company.
  • In a regulatory filing, the company said that the plant at Raleigh, North Carolina, USA owned by Aurolife Pharma LLC has received an establishment inspection report (EIR) mentioning the inspection a voluntary action initiated (VAI) from the United States Food and Drug Administration (US FDA).
  • With this, the USFDA pre-approval inspection and GMP inspection are concluded, the company said on Thursday. Read more

Fed interest rate hike - What does it mean?

Published on: 11:50 am

  • Yesterday evening, US Federal Reserve increased its benchmark interest rate by another 75 basis points or 0.75%. This is the third consecutive interest rate hike that the US central bank has done this year. It further indicated that one more 75 basis point hike will be done before the end of this year. The Federal Reserve also indicated that it will not mind a moderate recession for controlling inflation. 
  • Increase in interest rates will slow down interest sensitive consumption and investment in United States. By slowing down this interest sensitive investment and consumption, the US central bank intends to bring down overall demand in the economy. By bringing down demand in the economy, it intends to slow down price rise or inflation. Inflation rate in United States stood at 8.3% in August. 
  • A slowdown in US economy will bring slowdown in other economies too. US is one of the biggest importers of goods and services from countries around the world. Exports of countries such as India will be adversely impacted because of a prolonged economic slowdown or recession in United States. Read more

Jerome Powell sounds belligerent on inflation

Published on: 11:24 am

  • After a 75 basis points hike in interest rates for the third time in a row and anticipation of more aggressive hikes ahead, Federal Reserve Chair Jerome Powell said authorities will smash inflation.
  • "We need to get ahead of inflation. I wish we had a less painful way to do that. However, there isn’t,” stated Powell in a press conference held in Washington.
  • "Rising interest rates, slower growth, and a weaker labour market are all difficult for our people. But they aren't as unpleasant as failing to restore pricing stability and having to do it all over again," he added. Read more

IDBI Bank divests entire stake in Ageas Federal Life Insurance

Published on: 11:18 am

  • IDBI Bank Limited informed that it has completed the sale of its entire stake in Ageas Federal Life Insurance Company Limited (AFLI) to Ageas Insurance International NV (Ageas).
  • The bank has completed the sale of its entire stake of 20,00,00,000 equity shares in AFLI pursuant to the receipt of the requisite regulatory approvals.
  • Following this sale, IDBI Bank’s stake in AFLI stands at NIL. Read more

Gujarat Alkalies and Chemicals commissions expansion of caustic soda plant at Dahej; Stock rises

Published on: 11:13 am

  • Gujarat Alkalies and Chemicals Ltd has successfully commissioned expansion of Caustic Soda Plant at Dahej Complex and also started production of Caustic Soda on September 20, 2022 from newly installed facility.
  • As per the filing, the Board of Directors of the Company had earlier approved the expansion of Caustic Soda Plant of Dahej Complex from 785 TPD to 1310 TPD and installation of 65 MW Coal based Power Plant at Dahej Complex.
  • At around 11:14 AM, Gujarat Alkalies & Chemicals Ltd is currently trading at Rs893.45 up by Rs5.6 or 0.63% from its previous closing of Rs887.85 on the BSE. Read more

Gautam Adani made Rs 1,612 crore a day in 2021, says study

Published on: 11:06 am

  • Gautam Adani topped the IIFL Wealth Hurun India Rich List 2022 and made Rs1,612 crore per day in 2021, making him the second richest person in the world. According to the survey, Gautam Adani and his family's fortune is estimated to be an astonishing Rs10.94 trillion, up 15% from the previous year.
  • Adani was far ahead of Mukesh Ambani, the chairman of Reliance Industries (together with his family), whose fortune increased by 11% in the previous year to Rs7.95 trillion, according to the IIFL Wealth Hurun India Rich List 2022. Kaivalya Vohra, the creator of Zepto, is the youngest person on the list at 19 years old and is projected to be worth $1 billion. Read more

ONGC extends contract of SEAMEC III vessel

Published on: 10:44 am

  • SEAMEC Limited has informed to the exchanges regarding deployment status of Vessel "SEAMEC III" - Extension of project.
  • According to the communication receivedfrom ONGC, ONGC has further extended the contract of "SEAMEC III" vessel upto November 09, 2022. The vessel was on a 2 year long term contract is upto October 15, 2022.
  • At around 10:42 AM, SEAMEC Ltd is currently trading at Rs1,178 per share up by Rs2.6 or 0.22% from its previous closing of Rs1,175.40 per share on the BSE. Read more

Refinitiv and HDFC Bank enter multi-year data and tech deal

Published on: 10:31 am

  • The Mumbai-based lender HDFC Bank struck a multi-year data and technology partnership with Refinitiv on Wednesday in an effort to expand its client base and reduce expenses. Refinitiv is a London Stock Exchange Group company.
  • According to the deal, HDFC Bank, the largest private sector lender in India, would have full access to Refinitiv's data and products, allowing cost reductions across many bank divisions, the firms stated in a joint statement.
  • The agreement's conditions weren't made public. Additionally, HDFC Bank will get access to Refinitiv Workspace, which offers features including real-time market data, news, and fundamental information. The lender will utilize Workspace to give its treasury clients data analysis. Read more

Rupee closed at 79.975/$ on Wednesday

Published on: 10:23 am

  • As the U.S. Federal Reserve prepares for a significant rate rise to quell inflation concerns, the Indian rupee recorded its worst closing value ever versus the dollar on Wednesday. The rupee fell from 79.75 the previous day to settle at 79.9750 against the dollar. The rupee depreciated throughout the session, beginning the day slightly lower at 79.79.
  • Vladimir Putin's mobilization of soldiers increased pressure on the rupee, which was already under strain from the rising dollar index. The dollar index increased to 110.87, a two-decade high. Demand for the dollar increased as a result of the Fed's interest rate forecast and a lack of risk appetite.
  • The Fed is anticipated to increase rates by 75 basis points later in the day, marking the third consecutive increase of this magnitude. There is a slim chance that the Fed will decide to raise interest rates by 100 basis points. Investors will be watching Fed Chair Jerome Powell's news conference and the updated predictions from officials on the future trajectory of interest rates in addition to the rate decision. Read more

Punjab National Bank allots AT-1 bonds aggregating to Rs658 crore; Stock gains 1.5%

Published on: 10:17 am

  • Punjab National Bank stock rises on Thursday as the Bank informed the issue of Basel Ill Compliant Additional Tier-I Capital Bonds.
  • s per the regulatory filing, the Bank has issued and allotted Basel Ill Compliant Additional Tier-I Bonds at a coupon of 8.30% p.a. aggregating to Rs658 crore on private placement basis. The details of the Bonds issued are given below:
  • Issue Type is 8.30% Unsecured, Subordinated, Non-Convertible, Fully Paid-up, Taxable, Basel Ill Compliant Additional Tier I Bonds of Rs1 crore each which will qualify as Tier I capital. Read More

Kirloskar Oil Engines to acquire balance 24% stake in La Gajjar Machineries; stock rallies ~5%

Published on: 10:15 am

  • Kirloskar Oil Engines Limited (KOEL) announced that it will purchase the remaining stake in La-Gajjar Machineries Private Limited (LGM), Ahmedabad.
  • Kirloskar Oil, a global pioneer in the production of diesel engines, agricultural equipment, and generator sets, has already acquired a 76% stake in LGM in the year 2017.
  • Under the said agreement, the company agreed that the balance holding will be acquired by KOEL over a 5-year period. Read more

Triveni Engineering divests its entire 21.85% stake in Triveni Turbine; Stock sheds 1%

Published on: 10:08 am

  • Triveni Engineering & Industries Limited has announced the divestment of its entire 21.85% stake in Triveni Turbine Limited (TTL) worth Rs1,609 crore, unlocking significant value for shareholders.
  • Driven by strong investor demand, the sale of shares was to marquee investors including sovereign wealth funds such as GIC, Abu Dhabi Investment Authority (ADIA), foreign institutions such as Nomura, Plutus and leading mutual funds such as SBI MF, Aditya Birla MF, Sundaram MF, Invesco MF.
  • The Company has undertaken the sale on September 21, 2022 in the following manner: Read more

Gross NPAs of Indian banks will drop down to 5% by March 2023, says Crisil

Published on: 10:04 am

  • By March 2023, gross non-performing assets (GNPAs) for banks are predicted to drop to 5%, reflecting continued improvement in asset quality. By March 2024, they could even reach a decadal low of about 4%, thanks to the post-pandemic economic rebound and faster credit growth, predicts rating agency Crisil.
  • Following a considerable clean-up of bank books in recent years as well as stronger risk management and underwriting, this asset quality improvement in the corporate category is the result. Additionally, this has resulted in a stronger preference for debtors with superior credit histories. It also helped that India Inc.'s balance sheets were strengthened and deleveraged.
  • The proposed sale of NPAs to the National Asset Reconstruction Company Ltd. (NARCL), whose goal is to resolve stressed big-ticket assets totaling around Rs two trillion, would help improve the asset quality of the banking industry. Read more

KPI Green Energy spurts ~4.5% on bagging new 5.40 MW PP

Published on: 9:55 am

  • KPI Green Energy Limited informed that the company has received a new order. The order is for executing a Wind-Solar Hybrid Power Project of 5.40 MW capacity.
  • The 5.40 MW order comprises of 5.40 MW Wind Turbine and 4 MWdc Solar capacity.
  • The company has received this order from Greenlab Diamonds LLP, Surat under the 'Captive Power Producer (CPP)' business segment of the company. Read more

Ashoka Buildcon bags LoA from South-Western Railway; Stock gains 2.5%

Published on: 9:45 am

  • Ashoka Buildcon Limited had submitted its bid to the South Western Railway ("SWR") and the Company has received a Letter of Acceptance (LOA) from SWR.
  • As per the filing, the LoA is for the Project viz. 'Construction of New BG Line Between Chainage 192.000 and Chainage 171.640 including Electrical & Telecommunication Works Between Tolahunse (Ex.) & Bharmasagar (Ex.) Stations on Engineering, Procurement & Construction (EPC) Mode' ("Project"). Read more

Markets trade bearish amid weak global cues; Nifty below 17,650

Published on: 9:40 am

  • Indian markets opened on a negative note tracking weakness in global markets amid US Federal Reserve meeting outcome. The rates has been hiked by 75 basis points for the third consecutive times over concerns about sharp recession period. This has dampened the sentiments of investors. However, US Fed Chairman signaled another rate hike in the coming months to battle the decade-high inflation.
  • At home, Banking and IT stock weigh down the most and sheds 200 points and 150 points respectively. Sensex has dipped to as much as below 5,973.07 and Nifty 50 hit intraday low at 17,580.40 level during early deals on Thursday.
  • Moreover, globally, US markets saw another volatile day as US dollar hits 30 year highs @111. Oil prices trade at lowest since last November with WTI crude hitting US$ 82. Read more

Escorts Kubota’s agri & commercial President Shenu Agarwal quits

Published on: 9:36 am

  • Escorts Kubota Limited informed that Shenu Agarwal has resigned from the post of President, Agri & Construction Business to pursue alternative career interests elsewhere.
  • The company accepted his resignation on September 21, 2022. However, he will continue to work with the company till November 2022.
  • We will soon announce the organisational restructuring that will revitalise the firm and establish Escorts Kubota Limited (EKL) as a leading player in all important sectors where we service, said the company in filing with exchanges. Read more

ADB reduces India's GDP growth forecast for FY23 to 7%

Published on: 9:32 am

  • On Wednesday, the Asian Development Bank (ADB) reduced its forecast for India's gross domestic product growth for the fiscal year 2022–2023 (FY23) to 7% from 7.2%, citing weak global demand and tightening monetary policy to combat inflationary pressures brought on by high prices for oil and other commodities.
  • Although India's GDP is slowly approaching its pre-pandemic trend level, Takeo Konishi, the ADB's country director for India, warned that the global recession and rising inflation will likely have an impact on the country's economic development in the near future. In the medium run, he said, "we think that the government's ongoing efforts to reform the regulatory climate for companies and infrastructure will encourage investment and create more employment." Read more

JMC Projects’ board approves Rs200 crore fund raise via NCDs

Published on: 9:23 am

  • JMC Projects Limited informed that the company’s Board of Directors has approved the raising of funds up to Rs200 crore.
  • The company will issue Listed, Rated, Secured/Unsecured, Redeemable Non-Convertible Debentures (NCDs) on a private placement basis.
  • These NCDs can be issued in one or more tranches/series within the borrowing limits approved by the shareholders subject to such statutory and regulatory approvals as may be necessary under applicable laws, said the company in a regulatory filing. Read more

Venus Pipes & Tubes approves capacity expansion of Rs50 crore for tube mill; stock zooms ~3%

Published on: 9:19 am

  • Venus Pipes & Tubes Limited has approved an Rs50 crore capacity expansion for a bigger diameter Tube Mill to produce stainless steel welded pipes.
  • This new line will expand the existing welded pipe range to a maximum diameter of 20" (508mm) and thicknesses up to SCH80s, with a capacity of 700 mt per month. The project will be supported by a combination of debt (term loan) and internal accruals, with commercial production projected to begin in Q1FY24.
  • To support the higher dia. welded pipe process, the planned extension will comprise a tube mill as well as the whole finishing infrastructure, including an annealing furnace, pickling and passivation setup, high-end testing, and so on. Read more

Gujarat Industries Power awards LoI to KEC International; Stock trades flat

Published on: 9:18 am

  • Gujarat Industries Power Company Ltd has informed to the exchanges that it has issued Letter of Intent (LoI), to KEC International Limited.
  • As per the filing, the LoI is for Design, Engineering, Manufacturing, Assembly, Procurement, Commissioning etc., to KEC International Limited issued on September 20, 2022 for 1200 MW (Pooling Sub Station-1) of 2375 MW Solar/Wind/ Hybrid Renewable Energy Park of 2375 MW capacity at Great Rann of Kutch area, Gujarat under single EPC basis. Read More

Aurionpro Solutions secures order in its Murex services segment; Stock soars 2%

Published on: 9:17 am

  • Aurionpro Solutions Ltd has announced an order win in its Murex services segment. This win is from one of the dominant public sectors banks in India, which will cover upgrading their Murex version from older version to new version.
  • "This win is further expansion of our current engagement, which covers providing 24X7 monitoring services & Level 1 support for the Murex Treasury platform at the bank", the company said.
  • It further added, the latest order for the additional scope will cover the Murex version upgrade project, which will be implemented, on-site as well as through remote locations, the first of its kind in this segment. The implementation will be spread over 18 months. Read more

Cressanda Solutions applies to Railway Ministry for non-fare revenue proposals

Published on: 9:16 am

  • Cressanda Solutions Limited has applied to the Ministry of Railways for Non-Fare Revenue (NFR) proposals to render comprehensive services to South-East Railway (SER), that include facilities like Wi-Fi, advertising, pick up and drop services and most of all, services of infotainment in moving trains providing preloaded multilingual content. This will include movies, news, music videos, and general entertainment through the buffer-free media Servers installed inside the Coaches. 
  • In addition to this, the South-East Railway has accepted Cressenda's fees for the said proposal, making it eligible for such projects.
  • "This opportunity to handle NFR proposals will place Cressanda in an enviable position in the market, as its target is to serve over 2 lakh passengers daily with an annual target of 8.5 crore and more", the company said. Read more

SBI raises Rs4,000 crore via Basel III Tier 2 bonds; stock under pressure

Published on: 9:15 am

  • State Bank of India (SBI), raised Rs4,000 crore via Basel III compliant Tier 2 bonds on Wednesday, September 21, 2022, at a yield rate of 7.57%.
  • The offer received a tremendous reaction from investors, with bids totalling Rs9,647 crore, and was more than five times oversubscribed compared to the basic issue size of Rs2,000 crores. This reflects the confidence that investors have in the country's major bank, said SBI on Wednesday.
  • Based on the responses, the bank has decided to accept Rs.4,000 crore at a coupon rate of 7.57%, payable yearly for a period of 15 years. It will have a call option after 10 years and on anniversary dates afterward. This indicates a spread of 14 basis points over a ten-year Gsec. On September 20, 2022, the 10-year SDL cut-off was 7.69% annualised. Read More

Prices of fuel on September 22

Published on: 9:14 am

  • On September 22, the most recent price notice sent out by fuel merchants revealed that the price of gasoline and diesel remained stable throughout metro areas.
  • Despite a decline in global oil prices, fuel costs have remained constant for more than a month. Delhi charges Rs96.72 for gasoline and Rs 89.62 for diesel per liter, respectively. Diesel costs Rs 94.27 per liter and gasoline costs Rs 106.31 in Mumbai. Petrol and diesel are Rs102.63 and Rs94.24 in Chennai and Rs106.03 and Rs92.76 in Kolkata, respectively.
  • Wednesday saw a nearly two-week low for oil prices as the U.S. currency rose, domestic gasoline consumption fell, and investors expressed concern about a potential global recession. Trading was erratic, with crude oil prices increasing by more than $2 early in the session as a result of concerns over a further Russian military buildup and indications of a revival in Chinese demand. Read More

SEBI working on ASBA-like mechanism for secondary market transactions

Published on: 8:49 am

  • Madhabi Puri Buch, the chairperson of SEBI, stated on Wednesday that the organization is also developing an ASBA-like tool for secondary market transactions.
  • In an initial public offering (IPO), the Application Supported by Blocked Amount (ASBA) method helps ensure that money from an investor only moves when an allocation occurs, according to Buch, who spoke at the Global Fintech Fest.
  • "We are currently working hard to examine facilities similar to ASBA for the secondary market. So why can't that be done for the secondary market if it can be done for the main market?" said Buch. Read More

Avanse Financial Services raises Rs 390 crore from Warburg Pincus, IFC

Published on: 8:47 am

  • An education-focused non-bank lender, Avanse Financial Services, received roughly Rs390 crores from its current shareholders, Warburg Pincus, and International Finance Corporation (IFC).
  • A rights issue of shares in proportion to the holdings was used to fund the investment. Through its affiliate Olive Vine Investment, the private equity firm Warburg Pincus owns 80% of Avanse, with IFC holding the other 20%.
  • Avanse's net worth increased to approximately Rs1,450 crore as a result of this capital inflow. Read More

CBI arrests Rishi Agarwal of ABG Shipyard

Published on: 8:45 am

  • Rishi Agarwal, the founder and chairman of ABG Shipyard Limited, was detained by the CBI on Wednesday in connection with the Rs 22,842-crore bank fraud case.
  • The ABG Group's flagship company, ABG Shipyard, was charged in the case in February of this year.
  • According to officials, Agarwal and others have been charged with crimes under the Indian Penal Code (IPC) and the Prevention of Corruption Act, including criminal conspiracy, fraud, criminal breach of trust, and misuse of official position. Read more

PMO to review asset-monetization drive to accelerate it

Published on: 8:42 am

  • With signs of waning momentum following a respectable first quarter, the Prime Minister's Office will shortly evaluate the government's asset-monetization effort to accelerate the Rs1.62 lakh crore initiative.
  • Key government representatives, including those from the infrastructure ministries, the finance ministries, and NITI Aayog, are likely to attend the review meeting, which is anticipated to take place later this month.
  • In comparison to the Rs97,000 crore raised through asset monetization in FY22, the government has set a target of Rs1.62 lakh crore for FY23. Up to September 15, almost Rs26,800 crore was raised. Read More

Government expects new investment of $25 billion from its semiconductor policy

Published on: 8:40 am

  • According to Reuters, the government's intention to expand assistance for new semiconductor and display facilities anticipates significant investments.
  • Rajeev Chandrasekhar, the MoS for electronics and technology, was reported in the report as adding that the current investment forecast is to the tune of at least $25 billion.
  • The Cabinet on Wednesday authorized changes to the production-linked incentive (PLI) system for semiconductor manufacturing. Read more

It will be a day of selling in the markets

Published on: 8:39 am

  • Indian markets look set to start the day in red. Markets will react negatively to the hawkish stand, once against shown yesterday, by US Federal Reserve.  Federal Reserve increased interest rate by 75 basis points or .75%, yesterday. This is the third consecutive 75 basis point hike by the Federal Reserve in 2022. The US central bank also indicated that one more 75 basis point hike is imminent before the end of this year. On worries of exacerbation of global economic slowdown, due to the Federal Reserve's hawkishness, oil prices came down yesterday. As markets fall down today, it may be a good time for investors with long term perspective to buy stocks at lower valuations.
  • US markets saw another volatile day with the Federal Reserve raising rates by 75 basis points. It added that rate hike is the only way to bring down inflation even if it is at the cost of mild recession. Bond yields spiked to hit 3.60% before closing near 3.5%. US dollar index hit 30 year high at 111.Oil prices traded lowest since last November with WTI crude hitting US$ 82 per barrel. Read more

India's mineral production goes up by 6.1% during April-July 2022: Centre

Published on: 8:25 am

  • The index of mineral production of mining and quarrying sector for the month of July 2022 (Base: 2011-12=100) at 101.1, was 3.3% down as compared to the level in the month of July 2021. According to the provisional statistics of Indian Bureau of Mines (IBM), the cumulative growth for the period April-July, 2022-23 over the corresponding period of previous year has climbed 6.1 percent.  
  • Further, production level of minerals in July, 2022 were: Coal 603 lakh tonnes, Lignite 33 lakh tonnes, Natural gas (utilized) 2811 million cu. m., Petroleum (crude) 25 lakh tonnes, Bauxite 1526 thousand tonnes, Chromite 192 thousand tonnes, Copper conc. 9 thousand tonnes.
  • It also includes, Gold 93 kg, Iron ore 155 lakh tonnes, Lead conc. 29 thousand tonnes, Manganese ore 153 thousand tonnes, Zinc conc. 127 thousand tonnes, Limestone 306 lakh tonnes, Phosphorite 160 thousand tonnes, Magnesite 10 thousand tonnes, and Diamond 22 carat. Read More     

Top 10 stocks for today - 22nd September, 2022

Published on: 8:17 am

  • The Singapore Exchange's Nifty futures traded 143 points, or 0.81%, lower at 17,573, indicating that the stock markets may have a bad start to the day on Thursday. The following 10 stocks may show significant price movement. To check more hot stocks, click at : https://www.indiainfoline.com/markets/hot-stocks
  • State bank of India:
  • The public sector lender said that the sale of bonds with a coupon rate of 7.57% collected Rs 4,000 crore. Basel III compliant tier II bonds were used to raise the cash.
  • HDFC Bank:
  • The largest private lender in the nation has partnered with Refinitiv, a division of the London Stock Exchange group. One of the biggest global providers of financial markets data and infrastructure is Refinitiv. The partnership aims to modernize digitally, attract new clients, and cut expenses. Read More

GREENEST ships India’s first plant-based meat shipment to USA

Published on: 8:14 am

  • The first shipment of plant-based meat from India was sent to the United States from Gujarat, according to a report by the Agricultural and Processed Food Products Export Development Authority (APEDA).
  • The 5,000 Kg consignment includes vegan items including grilled patties, hot and spicy strips, momos, spring rolls, and small samosas made from plants.
  • Better Bite Ventures, a New Zealand-based dedicated Alt Protein VC fund, Magnetic, and Sachid Madan, the former CEO of ITC's frozen snacks division, are among the investors who support India's GREENEST, a pioneer in plant-based protein products. Read More

Reliance Industries' CFO to sell 2.25 lakh RIL shares; gift another 1.25 lakh shares

Published on: 8:11 am

  • Reliance Industries, owned by Mukesh Ambani, disclosed that Alok Agarwal, the conglomerate's chief financial officer, plans to sell 2.25 lakh Reliance Industries' shares and give another 1.25 lakh shares in the upcoming year.
  • Agarwal wants to execute the trade between May 10, 2023, and August 31, 2023, according to the trading plan submitted by the corporation under insider trading regulations.
  • Agarwal would give away 1.25 lakh RIL shares between May 10 and May 31 and sell an additional 1 lakh shares. He omitted to list the gift's beneficiary in the exchange file. Read more

Government approves Rs 19500 crore PLI for solar modules

Published on: 8:07 am

  • On Wednesday, the Cabinet approved an extra Rs19,500 crore in funding for the production-linked incentive (PLI) plan for the development of high-efficiency solar modules.
  • The government anticipates that this financial assistance will stimulate investment of Rs94,000 crore in a heavily dependent on imports industry, resulting in the domestic production of 65 GW of completely and partially integrated solar photovoltaic modules.
  • The National Logistics Policy was also approved by the Cabinet, along with amendments to the incentive system for semiconductor, display fab, and compound semiconductor manufacturing. Read More

Bimal Dayal to become CEO of Adani Transmission

Published on: 8:05 am

  • Bimal Dayal, a former managing director, and chief executive of Indus Towers, will begin serving as CEO of Adani Transmission, India's largest private transmission operator, on October 1, according to news reports.
  • The report noted that Dayal, who recently left the top position at Indus for personal reasons, will answer to Anil Sardhana, MD, Adani Transmission.
  • Dayal, a veteran of the telecom industry, will now play a key role in the power distribution and transmission operations of the Gautam Adani-led conglomerate. Read More

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