Latest News and Updates

23rd Sep, 2022

Vesuvius India to build new manufacturing facility at Vizag

Published on: 3:22 pm

  • Vesuvius India Limited (VIL) announced on Friday that it has laid the foundation stone of a new manufacturing facility at Perwada, Visakhapatnam.
  • This facility will be the latest addition to the existing manufacturing facilities at Kolkata, Visakhapatnam, and Mehsana. 
  • As per the regulatory filing, VIL, through its proposed wholly owned subsidiary, will invest approx. Rs57 crore in 1st phase. This is in addition to roughly Rs100 crore investments in progress in building capabilities and capacities in different plants in Kolkata and Vizag. Read more

CRISIL reaffirms Elgi Equipments’ ratings on facilities worth Rs456 crore; stock skids ~3%

Published on: 3:15 pm

  • Elgi Equipments Limited informed that the rating agency CRISIL Limited has reaffirmed the rating assigned to the bank facilities of the company.
  • The total Bank loan facilities considered for rating is Rs456 crore, which has been enhanced from Rs431 crore.
  • The ratings continue to reflect the Elgi group's established market position and strong brand presence in the Indian air compressor sector, as well as the company's capacity to pass on commodity price increases and maintain a stable financial risk profile.
  • Its market position is bolstered by its capacity to produce a diversified variety of compressors, allowing it to serve a diverse range of end-user sectors such as steel, heavy engineering, and automotive. Read more

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After Nestle India, ITC eyes Rs150 crore stake in Yoga Bar

Published on: 2:43 pm

  • According to persons familiar with the matter, tobacco-to-food consumer giant ITC Limited is competing with Nestle India to acquire a stake in Yoga Bar, an 8-year-old health snack firm located in Bengaluru, as the company seeks growth opportunities.
  • Dabur India and VC firm A91 Capital were among others that looked at the possibility but passed. Sproutlife, the parent company of Yoga Bar, has been looking for strategic and financial investors to finance Rs150 crore.
  • Suhasini and Anindita Sampath's startup received its first round of investment from Fireside Ventures in 2015. According to VCCEdge, VCCircle's data and analytics platform, the venture capital company, co-founded by former Helion Venture co-founder Kanwaljit Singh, invested $3.3 million in the startup from 2015 to 2018. Read more

Ambar Protein stock price has increased 1500% in just 3 months

Published on: 2:31 pm

  • Ambar Protein Industries' stock kept moving higher as of Friday when it was locked at Rs730 on the BSE as it hit the upper circuit of 5%. The stock has hit the 5% upper circuit market for 58th day in a row.
  • The edible oil company's stock has increased by around 1,500% during the last three months from a low of Rs 45, which it reached on June 23, 2022. In contrast, the S&P BSE Sensex has increased by 12% over the same time period.
  • On December 31, 1992, Ambar Protein Industries was established with the purpose of producing 'D' Oil Cakes and edible/non-edible oils oil cakes. The firm now engages in trading and the refining of cottonseed oil. It also buys and packages refined cottonseed, groundnut, sunflower, maize, and soybean oils for resale. Read more

Welspun wins bid for ABG Shipyard

Published on: 2:17 pm

  • Welspun Corp Limited's winning bid of Rs 659 crore has sparked expectations of the liquidation process under the Insolvency and Bankruptcy Code even as the interested parties seek clarification on the Enforcement Directorate (ED) attaching assets of the distressed borrower ABG Shipyard (IBC).
  • Welspun Corp Ltd's winning bid is one of the biggest among the properties up for sale, according to sources in the National Company Law Tribunal (NCLT) Ahmedabad bench and the legal community. According to a source who spoke on the record under the condition of anonymity, "While clarity is being sought with regard to ED seizing ABG Shipyard assets, the winning bid augurs favorably for creditors even under the liquidation process given it is one of the largest." Read more

Somany Ceramics to sell its entire stake in Amora Ceramics; Stock down near 2%

Published on: 1:54 pm

  • The Administrative Committee of Somany Ceramics Limited in its meeting held on September 21, 2022 has decided to sell its equity stake in Amora Ceramics Private Limited ("ACPL"), the subsidiary of the Company.
  • Notably, the Company is holding 51% of the total paid up capital of the ACPL and it has decided to sell its entire stake/investment in the equity shares of ACPL.
  • Consequently, Amora Ceramics Private Limited will cease to be the subsidiary of the Company after completion of disinvestment. Read more

Exide to invest Rs 6,000 crore in lithium ion facility in Karnataka

Published on: 1:28 pm

  • Exide Industries, a manufacturer of automotive and industrial batteries, plans to invest Rs6,000 crore in a production facility for 12 GWh lithium-ion cells in Karnataka over the next 8–10 years. According to a BusinessLine(BL) article, the first phase, which has a capacity of 6 gigawatt-hours, is anticipated to be finished in 27 to 30 months.
  • "Our business is debt-free, and we have enough reserves. In order to finance the project, we would thus consider internal accruals as well as some bridging loan options from banks if needed. Exide's MD and CEO is Subir Chakraborty.
  • The building is anticipated to cover 80 acres. A partnership agreement between Exide and SVOLT Energy Technology Co Ltd (SVOLT), a company that manufactures and develops lithium-ion batteries and battery systems for electric vehicles and energy storage, has been signed. Read more

Tata Elxsi joins Digital Therapeutics Alliance; stock slips ~1%

Published on: 1:19 pm

  • Tata Elxsi, a prominent provider of design and technology services, has joined the Digital Therapeutics Alliance, a worldwide non-profit trade organisation dedicated to revolutionising global healthcare by promoting digital therapeutics to enhance clinical and health economic results.
  • This partnership with DTA offers a once-in-a-lifetime opportunity to Tata Elxsi for accelerating global digital therapies research and uptake.
  • “As we develop and deploy robust solution accelerators for DTx solutions, DTA provides us with a strong platform to engage in advance collaboration and incorporate the latest innovations in design and technology. This will help us to achieve better patient engagement and outcomes," said Suhas Tamras, VP and Head of Healthcare & Life Sciences Business at Tata Elxsi. Read more

Dish TV stock price up by 92% in the past 1 month

Published on: 1:19 pm

  • On Thursday, shares of Dish TV India rose 10% on the BSE in a sluggish market, reaching a high of Rs22.30, an increase of more than 11 months. Following Jawahar Lal Goel's departure from the company's board of directors, the stock has increased 46% in the last week.
  • Dish TV stated in an exchange filing that Jawahar Lal Goel, chairman, and director of the firm, has submitted his resignation from the board of directors of the company and committee(s) thereof through a letter dated September 19, 2022. On Monday, September 26, Dish TV will hold its annual general meeting.
  • The stock of the TV broadcasting and software creation business has soared 92% in the last month, while the S&P BSE Sensex has fallen by 1.2%. It was quoted near its 52-week high level of Rs22.95, which was reached on September 27, 2021, and was trading at its highest level since September 2021 today. Dish TV was trading 4% higher at Rs 21.19 at 12:38 p.m., while the S&P BSE Sensex was down 1.4% at the same time. Read more

Aster DM Healthcare-led Medcare Hospital acquires 60% stake in Skin III

Published on: 12:57 pm

  • Aster DM Healthcare Limited has informed that its step-down material subsidiary Medcare Hospital LLC has acquired 60% stake in Skin III Limited.
  • As per the filing, Skin III Limited is a private company incorporated in Dubai and is a leader in offering IV Drips (Vitamin and Detox) and other Aesthetics Procedures (HydraFacial, laser hair Removal etc).
  • Skin III is a leader in offering IV Drips (Vitamin and Detox) and other Aesthetics Procedures (HydraFacial, laser hair Removal etc). It has tie ups with leading 5 Star Hotels for IV (Jumeirah Group and Anantara etc.,) and Homecare Business and is a relatively high margin non-insurance business with significant growth potential, the company informed in a filing.  Read more

Medcare Hospital acquires 60% stake in Skin III

Published on: 12:57 pm

  • Aster DM Healthcare Limited has informed that its step-down material subsidiary Medcare Hospital LLC has acquired 60% stake in Skin III Limited.
  • As per the filing, Skin III Limited is a private company incorporated in Dubai and is a leader in offering IV Drips (Vitamin and Detox) and other Aesthetics Procedures (HydraFacial, laser hair Removal etc).
  • Skin III is a leader in offering IV Drips (Vitamin and Detox) and other Aesthetics Procedures (HydraFacial, laser hair Removal etc). It has tie ups with leading 5 Star Hotels for IV (Jumeirah Group and Anantara etc.,) and Homecare Business and is a relatively high margin non-insurance business with significant growth potential, the company informed in a filing. Read more

Century Textiles’ subsidiary acquires 10-acre land parcel in Bengaluru

Published on: 12:11 pm

  • Birla Estates Pvt. Limited, the real estate arm of Century Textiles and Industries Limited (CTIL), announced the purchase of a 10-acre property tract in Raja Rajeshwari Nagar, South Bengaluru. The project has a development potential of 1 million square feet and an estimated income of Rs900 crore.
  • The property tract is in a well-developed neighbourhood with easy access to the Outer Ring Road and the 10-lane Bengaluru-Mysore Highway.
  • Birla Estates intends to create a luxury residential complex on one of the largest land parcels available for vertical development in the area, dominated by plots and individual residences. This is consistent with the development of other land parcels by Birla Estates in the company's core markets. Read More

India likely to increase its coal power production capacity by 25%, by 2030

Published on: 12:08 pm

  • India intends to add roughly a quarter more coal-fired by the end of the decade as it continues to rely on coal to fulfil rising demand until the cost of energy storage decreases.
  • Power Minister Raj Kumar Singh stated this week in an interview in New Delhi that the third-largest emitter of greenhouse gases in the world will install roughly 56 gigawatts of coal power capacity unless there is a significant decrease in the cost of storing electricity. According to him, India is also preparing significant investments in renewable energy, but it must put dependable power supply first in order to promote economic growth.
  • The proposal highlights how, as nations plot, their energy transition routes, climate ambitions, and energy security issues are competing for attention. After Russian gas supplies decreased as a result of the invasion of Ukraine, coal is seeing a resurgence in Europe. India is postponing the closure of aging coal plants and expanding mining production as a result of the summer's record-high temperatures there. Read more

Cipla receives EIR from USFDA for Indore plant; Stock rises

Published on: 11:32 am

  • Cipla Limited stocks in focus after the announcement of  closure of US FDA product-specific Pre-Approval Inspection.
  • As per the regulatory filing, following the product specific Pre-Approval Inspection (PAI) by the United States Food and Drug Administration (USFDA) at the Indore plant from June 27, 2022 to July 01, 2022, the Company has now received the Establishment Inspection Report (EIR) indicating closure of the inspection, it said on Thursday. Read more

Singtel-led arm offloads 1.59% stake worth Rs7,261 crore in Airtel; stock under pressure

Published on: 11:26 am

  • Pastel Ltd, a subsidiary of Singtel, divested 1.59% of its share in Bharti Airtel in an open market transaction on Thursday for Rs7,261 crore.
  • Pastel sold 9,40,00,000 shares, representing a 1.59% holding in the firm, according to the sources.
  • The shares were sold at an average price of Rs772.5 per share, for a total transaction value of Rs7,261.50 crore.
  • Singapore Telecommunications Ltd is the parent company of Pastel Ltd.
  • Pastel's stake in Bharti Airtel would fall to 10.62% from 12.21% following this sale. Read more

M&M Financial stock down by 14% today

Published on: 11:12 am

  • In Friday's intraday trade, shares of Mahindra & Mahindra (M&M) Financial Services fell 14% to Rs192.05 after the Reserve Bank of India (RBI) ordered the business to immediately stop all recovery or repossession efforts via an outsource until further instructions.
  • he stock was down 11% at Rs200 a share at 9:55 am, while the Nifty 50 index was down 0.78%. A total of 20 million shares were traded on the NSE and BSE. "The non-banking financing company (NBFC) in question operates its outsourced business in a manner that has raised some serious supervisory concerns, which are the basis for the action. However, the NBFC may continue to use its own people in recovery or repossession attempts "explained RBI.
  • The company claims that as part of routine business operations, they reclaim 4,000 to 5,000 vehicles every month employing both internal staff members and other groups. However, as they promptly execute the RBI regulation, the company expects a temporary fall in this amount to between 3,000 and 4,000 each month. Read more

Shilpa Medicare gets USFDA clearance for analytical services division; Stock up ~2%

Published on: 11:06 am

  • Shilpa Medicare Limited's Analytical Services Division situated at Nacharam, Hyderabad, Telangana has received US FDA clearance (EIR) for the inspection performed during April 26, 2022 to April 29, 2022.
  • As per the said filing, this is the first US FDA inspection of this facility. The facility is identified as testing laboratory in numerous ANDAs filed by Shilpa Medicare Limited (Parent Organization) and its agreed parties.
  • The FDA clearance on the facility will enable the company to test and release batches into US from this facility. This facility, after appropriate submissions, can also be used for testing and releasing batches into Europe and other markets of the world. Read more

Tata Steel gains 4%, shares of subsidiaries drop 9% after amalgamation announcement

Published on: 10:52 am

  • Following the company's board's approval of the merger of seven group firms with itself on Friday, shares of Tata Steel rose 4% to Rs107.90 on the BSE. These businesses include Indian Steel and Wire Products, Tata Metaliks, Tinplate Company of India, Tata Steel Long Products, Tata Steel Mining, and S&T Mining. The appropriate authorities must approve each merging.
  • Tata Steel would receive 67 shares for every 10 shares of Tata Steel Long Products under the revised merger plan that has been suggested. For every 10 shares of Tata Metaliks, Tata Steel will grant 79 shares. Additionally, the share swap ratios for Tinplate and TRF are 33:10 and 17:10, respectively.
  • Then, Tata Steel Long Products was down 9% to Rs680, followed by Tinplate Company of India down 6% to Rs317, TRF down 5% to Rs335.65, and Tata Metaliks down 3% to Rs 680. (down 2 % at Rs777). The S&P BSE Sensex, in contrast, was down 0.44 % at 58,861 at 9:28 am. Read more

REITs, InvITs gets SEBI green signal to issue commercial papers

Published on: 10:37 am

  • On Thursday, the capital markets regulator SEBI approved the issuance of commercial papers by emerging investment vehicles Real Estate Investment Trust (REIT) and Infrastructure Investment Trust (InvIT).
  • The Securities and Exchange Board of India (SEBI) said in two different circulars that this is subject to certain restrictions.
  • Last month, Reserve Bank’s directions on Commercial Paper said that InvITs and REITs with a net worth of at least Rs100 crore are eligible to issue commercial paper. Read more

In early trading Rupee touched 81.25/ $

Published on: 10:31 am

  • On Friday, the rupee fell to a new low versus the US dollar as local currency sentiment remained negative in the face of a fast gaining dollar. Due to the Federal Reserve's indication of a more prolonged tightening cycle than anticipated, the dollar has increased recently.
  • In the opening minutes of Friday's trading, the rupee set a new intraday low against the US dollar of 81.25. The price of the native currency was 81.13 at 09:25 IST. On Thursday, the rupee fell 1.1% against the dollar, reaching a record low of 80.87 per dollar.
  • Dealers said traders were uneasy as they anticipated clues on the Reserve Bank of India's (RBI) future intervention approach due to the central bank's (RBI) lack of large dollar sales despite a sharp slide in the rupee on Wednesday. Read more

ICICI offers incentives to customers to encourage card usage during festival season

Published on: 10:30 am

  • At the start of the holiday season, private lender ICICI Bank introduced its "Festive Bonanza," a wide range of discounts for all of its customers.
  • Customers who use the bank's credit cards, debit cards, Internet banking, consumer finance, and cardless EMI can benefit from discounts and cashbacks worth up to Rs25,000. Read more

WardWizard partners with dealership in Nepal to expand its global footprint

Published on: 10:27 am

  • WardWizard Innovations and Mobility Ltd, one of the leading manufacturers of electric two-wheeler brand ‘Joy E-bike’ has signed up deal with one of the oldest and leading Automobiles Distributor of Nepal, The Mahabir Automobiles.
  • Committed to strengthen green mobility across the world with its advanced e-vehicles, the company has begun its operations here in partnership with Nepal’s leading distributor and dealer for major automobiles brands, Mahabir Automobile.
  • The proposed dealership is spread over in an area of more than 2000 sq. ft. the state-of-the-art dealership and workshop provides unrivalled sales, aftersales services and spares operations to the customers. The workshop is further equipped with latest technology and new age components to address customer needs and provide best customer experience. Read more

Immortal Game raises $12 million in funding

Published on: 10:19 am

  • Web3 chess startup and marketplace Immortal Game  has raised $12 million in funding led by TCG Crypto, along with other tech and entertainment VC specialists — Cassius, Greenfield One, Sparkle Ventures (supported by the Sandbox Founders and Animoca Brands), Kevin Durant and Rich Kleiman's 35V, Blockwall, Kraken Ventures, and Spice Capital. 
  • Immortal Game will use the funding to accelerate its product development and expand into key markets including India, the US, and Europe.  Read more

Tata steel announces merger with seven subsidiaries; stock tanks up to 9%

Published on: 10:11 am

  • The Tata Group announced the merger of seven of its metal subsidiaries into Tata Steel, on Friday. The company said that merger is taking place in an effort to streamline its metal operations.
  • Tata Steel's board of directors approved the merger of seven of its subsidiaries, namely Tata Steel Long ProductsTata MetaliksTinplate Company of IndiaTRF, Indian Steel & Wire Products, Tata Steel Mining, and S&T Mining, into and with Tata Steel.
  • The company has announced share swap details under which, investors will get 79 shares of Tata Steel in exchange for 10 shares of Tata Metaliks’ share, at a 2% premium. Read more

Price of fuel on September 23

Published on: 10:11 am

  • Gasoline and diesel prices were constant on September 23 across metro regions, according to the most recent price notice distributed by fuel merchants. Fuel prices have stayed unchanged for more than a month despite a drop in crude oil prices on the world market.
  • For petrol and diesel, Delhi costs Rs96.72 and Rs89.62 a litre, respectively. Mumbai residents pay Rs106.31 for a litre of gasoline and Rs94.27 for a litre of diesel. In Chennai and Kolkata, the cost of diesel and gasoline is, respectively, Rs102.63, Rs94.24, Rs106.03, and Rs92.76.
  • In order to prepare for maintenance, Indian Oil Corp. will halt processing half of the oil and shut down a naphtha hydrocracker for around 80 days at its 300,000 barrels per day (BPD) Panipat refinery in northern India. Read more

FS Life raises Rs 50 crore in funding

Published on: 10:10 am

  • Fireside Ventures led an investment round in which Rs. 50 crore was raised for FS Life, formerly known as FableStreet. According to an FS Life release, several company entrepreneurs like Malika Sadani, the founder of The Moms Co.; Mehul Agarwal and Vikram Chopra, co-founders of Cars24; Ghazal Alagh, co-founder of MamaEarth; and others took part in the Pre-Series B round of funding.
  • FS LIFE is a collection of in-house businesses that cater to the fashion and lifestyle needs of contemporary Indian women. Read more

Ind Ra affirms Shree Renuka Sugars and its NCDs at 'A-/Positive'

Published on: 10:06 am

  • India Ratings and Research (Ind-Ra) has affirmed Shree Renuka Sugars Limited's (SRSL) Long-Term Issuer Rating and NCDs at ‘IND A-’. The Outlook is Positive.
  • Similarly, the short-term loan ratings affirmed at 'IND A1'.
  • Ind-Ra continues to factor in SRSL’s strong legal, operational and strategic linkages with its ultimate parent, Wilmar International Limited (Wilmar), and the continued strong support that it receives from Wilmar to arrive at the ratings. Read more

Glenmark Pharma’s subsidiaries receive approval of ‘Ryaltris’ in Canada

Published on: 9:47 am

  • Bausch Health Companies Inc. (Bausch Health) and Glenmark Specialty S.A., a subsidiary of Glenmark Pharmaceuticals Ltd. (Glenmark), announced that Health Canada has approved RYALTRIS (olopatadine hydrochloride and mometasone furoate nasal spray).
  • Ryaltris is used for the symptomatic treatment of moderate to severe seasonal allergic rhinitis (SAR) and associated ocular symptoms in adults, adolescents, and children aged 6.
  • Ryaltris is a fixed-dose combination medication that relieves both nasal and ocular SAR symptoms in a single, easy-to-use nasal spray. The impact of RYALTRIS for nasal symptom alleviation begins within 15 minutes after dosing, stated the company in its media release. Read more

PepsiCo to invest Rs 3,740 cr  in UP

Published on: 9:47 am

  • The Uttar Pradesh government has been successful in luring beverage manufacturing facilities to Gorakhpur, Amethi, Prayagraj, and Chitrakoot through its investment promotion agency Invest UP.
  • Fast-track mode was used to provide land to Varun Beverages Ltd, the PepsiCo franchisee for all of India, so that they may put up their production facilities for carbonated soft drinks, fruit pulp drinks, and juice-based beverages.
  • With an expected 5,650 job opportunities, the firm has proposed investing a total of Rs3,740 crore across the four businesses. According to Abhishek Prakash, CEO of Invest UP, "Policy of fast-track land allotment and promotion of big projects in the state are proven to be key accelerators in attracting investment in the state." "Under the direction of Industrial Development Minister Nand Gopal Gupta 'Nandi' and Chief Minister Yogi Adityanath." Read more

KP Energy bags development order of 8.1 MW hybrid power project in Gujarat

Published on: 9:42 am

  • KP Energy Ltd has informed to the exchange that the company has received order for development of 8.1MW Hybrid Power Project (comprising of 8.1MW wind capacity and 6 MW Solar Capacity) in state of Gujarat.
  • The order is received for its captive customer Haq Steel and Metaliks Limited. The Project is scheduled for commissioning under the Gujarat Hybrid Power Policy, 2018.
  • "The Company has offered turnkey Balance of Plant (BoP) solution best suitable to the captive customer for its hybrid Power Project for both wind and solar project capacity", the company said. Read more

Deep Rooted raises $12.5 million in funding

Published on: 9:35 am

  • Deep Rooted, a farm-to-consumer firm, has raised $12.5 million in funding from a group of previous investors, including Accel, Omnivore, and Mayfield, under the direction of IvyCap Ventures.
  • The Bengaluru-based startup, which currently has operations in Bengaluru, Hyderabad, and Chennai, plans to broaden its reach to include important South Indian cities, strengthen its technology stack, and actively hire across marketing, technology, and business functions over the course of the following year. Read more

Markets trade lower amid weak cues; Nifty around 17,500 as Banking stocks under pressure

Published on: 9:34 am

  • Domestic markets opened in the deep red on Friday morning tracking weak global markets as globally Dollar is rising against all currencies and  which will impact the capital flows into emerging markets including India. Investors fret about the impact of increased interest rates on global growth. 
  • In terms of the sectoral front, all the sectoral indices are trading in the red with a steel fall where IT and banks doing the most damage. Meanwhile, India's Volatility Index ((VIX) skyrocketed by over 15% on Monday's trade.
  • Currently at around 9:36 AM, the BSE Sensex was trading at 58,855.93 nosediving by 263.79 points or 0.45% and the NSE Nifty was 17,551.95 down 77.85 points or 0.44%. Read More

Reliance New Energy to acquire 20% stake in Caelux Corporation

Published on: 9:27 am

  • Reliance New Energy Limited, a wholly owned subsidiary of Reliance Industries Ltd., said today that it has signed definitive agreements to invest in Caelux Corporation, a business based in Pasadena, California, that is developing perovskite-based solar technology.
  • RNEL will spend USD 12 million in Caelux to acquire a 20% interest.
  • This investment will help Caelux speed product and technology development, including the establishment of a pilot line in the United States to expedite the commercialization of its technology. Read More

Sterling & Wilson-led arm inks pact to commission 961 MWdc photovoltaic power plants in Nigeria

Published on: 9:21 am

  • Sterling & Wilson Renewable Energy Limited informed that its wholly-owned step-down subsidiary Sterling and Wilson Solar Solutions Inc., US, along with its consortium partner Sun Africa LLC, have entered into a Memorandum of Understanding (MoU) with the Government of the Federal Republic of Nigeria.
  • Under the agreement, the company will deliver the development, design, construction, and commissioning of solar photovoltaic power plants with a total installed capacity of 961 MWdc at five different locations in the Federal Republic of Nigeria along with battery energy storage systems. This will have a total installed capacity of 455 MWh.
  • Niger Delta Power Holding Company, a Nigerian government-owned organisation, would eventually own and manage these projects. US EXIM, ING, and the Nigerian government are negotiating to finance these projects. Read more

Lupin receives USFDA approval for new drug

Published on: 9:18 am

  • Global pharma major Lupin Limited has announced that it has received approval from the United States Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA), Diclofenac Sodium Topical Solution USP, 2% w/w.
  • The approval is to market a generic equivalent of Pennsaid Topical Solution, 2% w/w of Horizon Pharma Ireland DAC and the product will be manufactured at Lupin’s facility located in Pithampur, India.
  • According to the IQVIA MAT June 2022 data, Diclofenac Sodium Topical Solution USP, 2% w/w (RLD Pennsaid) had estimated annual sales of USD 484 million in the U.S. Read more

Trident Group commissions solar power plant at Budhni, MP; Stock gains over 1%

Published on: 9:17 am

  • Trident has announced that it has completed Solar Power Project of 8.87 MWp at Budhni, Madhya Pradesh out of which commissioning of 5.48 MWp Solar Power Plant (Phase I) for captive use has been successfully completed.
  • Further, the remaining 3.39MWp Solar Power Plant (Phase II) is expected to be commissioned within next 15 days. The Group aims to use renewable and clean energy for reducing carbon emission.
  • "The power generated from this Solar Power Project shall be consumed captively in manufacturing facilities located at Budhni, Madhya Pradesh resulting in considerable savings for the Company", the company said in a filing. Read more

Hero MotoCorp hikes prices of two-wheelers by up to Rs1000

Published on: 9:16 am

  • Hero MotoCorp has informed to the exchanges that it has made an upward revision in the ex-showroom prices of its motorcycles and scooters, with immediate effect i.e. September 22, 2022.
  • Accordingly, the price revision has been necessitated to partially offset the impact of cost inflation, the company said in a filing on Thursday.
  • The price revision will be up to Rs1,000 and the exact quantum of increase will vary by model and market, it further added. Read more

Tata Metaliks’ MD Sandeep Kumar resigns; stock dips ~2%

Published on: 9:15 am

  • Tata Metaliks Limited informed that Sandeep Kumar, the company’s Managing Director has expressed his intention to step down from the services of the company.
  • His resignation will be effective from the close of business hours on October 31, 2022, to take up a similar opportunity within the Tata Steel Group.
  • The Board took note of the said resignation on September 22, 2022. Accordingly, Mr. Sandeep Kumar will cease to be the Managing Director and Key Managerial Personnel of the Company from the close of business hours of October 31, 2022, said the company in a regulatory filing. Read more

Airtel IQ to organize a hackathon in collaboration with WhatsApp

Published on: 9:14 am

  • In collaboration with WhatsApp, Airtel IQ, a cloud communications provider that is part of Airtel Digital, is organizing a hackathon to create business use cases for Airtel IQ APIs on the WhatsApp Business platform.
  • The hackathon, which has a prize pool of Rs1 crore, will end applications on October 9 and hold a grand finale on December 1 following three rounds of participant evaluation. Read more

Indian equity markets may start the day in red

Published on: 8:51 am

  • Indian markets may begin the day in red today. Markets may see more selling by Foreign Portfolio Investors. Yesterday, foreign investors were net sellers of Rs 2,511 crore in Indian equity markets. Government has said rice prices are expected to increase further. This is a negative news for food inflation and overall inflation. Oil prices increased yesterday as Iran nuclear deal looked going off-track.
  • US markets saw another weak day with technology stocks seeing weakness continue. Nasdaq lost another 150 points. Dow Jones closed lower by 100 points. Pessimism on recession from higher interest rates saw sentiments at its worst since May. Bond yields hit 14-year highs at 3.60%. US$ index hits another all-time high at 111.5. Read More

ABG Shipyard Case: Properties worth Rs2,747 crore attached by ED

Published on: 8:32 am

  • Agricultural lands, commercial assets, dockyards, and bank deposits totalling more than Rs2,747 crore have been attached, according to the ED, as part of an alleged money laundering probe involving bank loan fraud against ABG Shipyard Ltd., its group companies, and affiliated entities.
  • Shipyards in Surat and Dahej, Gujarat, as well as various commercial and residential properties in Gujarat and Maharashtra, as well as bank accounts owned by ABG Shipyard Ltd., its group companies, and other related entities are among the seized properties, according to a statement from the federal agency.
  • According to the Prevention of Money Laundering (Act), the total amount of the assets that have been temporarily attached is Rs2,747.69 crore. Read more

Nitin Gadkari lays foundation for 8 NH projects worth Rs3000 crore in Andhra Pradesh

Published on: 8:29 am

  • Union Minister for Road Transport and Highways Nitin Gadkari laid the foundation stones for 8 National Highway Projects worth Rs3000 crore in Rajamahendravaram, Andhra Pradesh in presence of Andhra Pradesh Roads & Buildings Minister Dadisetti Ramalingeswara Rao , BJP State President Shri Somu Veer Raju, MPs, MLAs and senior officials.
  • Addressing the gathering Gadkari said once the projects are completed, they will provide green field road connectivity to Kakinada SEZ, SEZ Port, Fishing Harbour and Kakinada Anchorage Port, which will smoothen the export of rice, sea food, oil meals, iron-ore, bio-fuel, granite etc. through Kakinada Port.
  • The Minister said the road projects include construction of 5 flyovers at Kaikaram, Morampudi, Undarajavaram, Tetali & Jonnada and after their completion, it would provide hassle-free and safe traffic movement for places like Mandapeta, Ramchandrapuram, Namavaram, Satellite City, Kakinada, Undarajavaram, Tanuku Town, Nidadavolu and Kaikaram. Special safety features will be ensured for the rectification of blackspots. Read more

3 more legislations coming for digital regulatory framework

Published on: 8:27 am

  • Ashwini Vaishnaw, the minister of communications, announced on Thursday that the government would introduce at least three additional pieces of legislation to bring the nation's whole digital regulatory framework up to par with international norms. Reforms to licensing will first be implemented after the Telecommunications Act is passed.
  • "We are proceeding extremely methodically, one step at a time. Vaishnaw stated at a Public Affairs Forum of India (PAFI) event that by the end of that period, we should see India's telecom sector as one of the best in the world. Read more

Axis Bank to start digital lending based on Account Aggregator Network

Published on: 8:25 am

  • Axis Bank, a private sector lender, announced on Thursday that it has begun using the Account Aggregator (AA) Framework for lending.
  • Through the account aggregator journey, the bank provides small business loans, credit cards, auto loans, and personal loans. For both existing and new consumers, it offers quick loans that are entirely digital and paperless.
  • Axis Bank currently supports retail and SME customers on a number of Account Aggregators, including Anumati-AA, OneMoney-AA, and FinViu-AA. Since Go-Live on the Account Aggregator framework, the Bank's loan disbursals have surged by more than 30% month over month, the bank reported. Read more

Bank of England hikes interest rate by 50 basis points

Published on: 8:23 am

  • In spite of the economy entering a recession, the Bank of England said it would continue to "act strongly, as appropriate" to inflation on Thursday by increasing its benchmark interest rate from 1.75% to 2.25%.
  • The BoE predicts that the British economy would contract by 0.1% in the third quarter, in part because of the additional public holiday for Queen Elizabeth's burial. This, along with a decrease in output in the second quarter, satisfies the criteria for a technical recession.
  • U.K. interest rates have increased for seven straight months, reaching a level last seen in 2008. Read more

Digvi Torqtransfer System files IPO papers with SEBI

Published on: 8:19 am

  • To generate money through an initial public offering (IPO), the automotive component business Divgi Torqtransfer Systems Ltd. has submitted preliminary paperwork to the capital markets regulator SEBI.
  • According to the draft red herring prospectus (DRHP), the IPO will include a fresh issue of equity shares worth up to Rs200 crore and an offer for sale (OFS) of up to 31,46,802 equity shares by investors and other selling shareholders.
  • Shares will be sold as part of the OFS by the Nrjn Family Trust, Oman India Joint Investment Fund II, Bharat Bhachandra Divgi, Sanjay Bhalchandra Divgi, Ashish Anant Divgi, Arun Ramdas Idgunji, and Kishore Mangesh Kalbag. Read More

Top 10 stocks for today - 23rd September, 2022

Published on: 8:02 am

  • Nifty futures contract on the Singapore Exchange fell by 75 points, or 0.42%, to close at 17,566, indicating that the markets may open lower on Friday. The following stocks may see price movement in today's market. To check more hot stocks, click at: https://www.indiainfoline.com/markets/hot-stocks
  • Interglobe Aviation:
  • According to media reports, Indigo has started direct flights between Mumbai and Ras Al Khaimah, United Arab Emirates, marking the airline's 100th route added to its network.
  • HCL Infosystems:
  • The rating company India Ratings and Research (Ind-Ra) has maintained HCL Infosystems Limited's long-term Issuer rating of "BBB-/stable." Read more

Ola Electric enters Nepal, plans to enter other new markets

Published on: 7:53 am

  • On Thursday, Ola Electric announced its intention to enter the worldwide market, beginning with Nepal. The business announced that it has partnered with CG Motors in Nepal as the country's local distributor for its Ola S1 scooters (S1 & S1 Pro).
  • The electric two-wheeler manufacturer from Bengaluru announced in a statement that the scooters would be offered in Nepal beginning in the next quarter.
  • The company plans to expand its footprint in up to five international markets by entering various countries like Latin America, ASEAN, and the European Union during the second phase. Read More

RBI cancels Laxmi Co-operative Bank’s license

Published on: 7:49 am

  • Laxmi Co-operative Bank Limited, situated in Solapur, had its license revoked by the RBI on Thursday because it had violated several articles of the Banking Regulation Act of 1949.
  • "The Reserve Bank revoked the bank's license because it lacked sufficient capital and future earnings potential. Therefore, it does not adhere to the rules of Sections 11(1) and 22(3)(d) read in conjunction with Section 56 of the Banking Regulation Act, 1949. According to a statement from the central bank, the bank "has failed to comply with the requirements of Sections 22(3)(a), 22(3)(b), 22(3)(c), 22(3)(d), and 22(3)(e) read with Section 56 of the Banking Regulation Act, 1949."
  • With effect from the close of business on September 22, 2022, the lender will cease conducting banking operations. Read More

Mahindra & Mahindra in talks to raise up to $500 million for EV push: Reuters

Published on: 7:47 am

  • A Reuters report stated that Indian automaker Mahindra & Mahindra is in negotiations with international investors to finance between $250 million and $500 million to accelerate its aspirations to build electric cars (EVs).
  • The report added that Mahindra is in preliminary discussions with international green funds and private equity firms and that the company seeks a long-term investor who can help it expand its EV business.
  • Reportedly, some investors have recently expressed interest in taking part in a capital round valued at roughly $800 million. Read more

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