Latest News and Updates

03rd Oct, 2022

Markets end the day in red

Published on: 3:50 pm

  • Markets have ended the day in red. Nifty 50 ended, down by 207 points. Sensex ended, down by 638.11 points. Top Gainers today were ONGC, Dr Reddy's, Cipla.
  • Top Losers today were Adani Entertainment, Eicher Motors, Adani Ports. All the broad-market indices ended in red today. All the sectoral indices, except for Nifty Pharma Index and Nifty Healthcare Index, ended in red today. 51 stocks hit their 52-week high today. 29 stocks hit their 52-week low today. Read more

Supriya Lifescience appoints Rajeev Kumar Jain as Chief Executive Officer &KMP

Published on: 3:24 pm

  • Supriya Lifescience Ltd has announced appointment of Rajeev Kumar Jain as Chief Executive Officer (CEO) & Key Managerial Personnel (KMP) w.e.f. October 3, 2022.
  • Rajeev Jain is a Master of Business Administration (Marketing) from Jivaji University, Gwalior and B Sc (PCB) with distinction. Additionally, he has taken part in business seminars and workshops on corporate transformation in China, Germany, and the Netherlands.
  • He has over 35+ years of rich functional experience in the manufacturing domain of Bulk Drugs, Intermediate and API with a "Safety First, Quality Must and EBIDTA Growth" mindset. Read more

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M&M sees highest ever monthly sales in September

Published on: 2:52 pm

  • Mahindra & Mahindra announced on Monday that it saw its highest ever monthly wholesales of 64,486 cars in September. It was chiefly driven by the sports utility vehicle segment.
  • In comparison to the same period last year, the company saw a two-fold increase. In September 2021, it had dispatched a total of 28,112 passenger and commercial cars in local and foreign markets.
  • Sports utility vehicle (SUV) sales for the company reached 34,262 units in September, a two-fold increase from the 12,863 units sold in the same month in 2021. Read more

JSW Cement gets Rs 400 crore loan from MUFG Bank

Published on: 2:39 pm

  • To finance the company's capacity development plans, JSW Cement said on Monday that it would raise Rs 400 crore through a sustainability-linked loan from MUFG Bank India.
  • According to JSW Cement, MUFG Bank served as both the sustainability loan coordinator and the required lead arranger and bookrunner for this transaction. The second party opinion (SPO) was offered by DNV Business Assurance India.
  • In August, MUFG opened a new office in Gujarat International Finance Tec City (GIFT City), and this was the company's first transaction from there. Read more

Markets remain bearish with Nifty around 17,000-levels

Published on: 2:00 pm

  • Indian shares inched lower on Monday's trading session, dragged by metal and IT companies, as global investors remained on edge following higher-than-expected US inflation numbers, while India's manufacturing PMI falls to 3-month low in September. However, on the sectoral front pharma index outperforming by rising around 1.2% while banking, auto, FMCG and IT index remained under selling pressure
  • At around 2:00 PM, Sensex was trading at 57,112.04 lower by 314.88 points or 0.55%. Nifty 50 traded at 16,998.20 lower 96.15 points or 0.56%
  • Top Bulls on NSE are: ONGC (+4.1%), Cipla (+2.3%), Divis Lab (+2.2%) supported by Coal India (+2%) and BPCL (+1.7%). Meanwhile, top losers on NSE are: Adani Enterprises (-5.3%), Eicher Motors (-4.2%), Maruti (-2.6%), Kotak Bank (-2%) and Tata Consumers (-1.8%). Read more

Welspun Corp to sell Dahej unit assets for Rs130 crore to Laxmi Organic

Published on: 1:26 pm

  • Welspun Corp Ltd has entered into a Memorandum of Agreement on September 30, 2022 for sale of land, civil structures, excluding plant & machinery, situated at Dahej unit of the Company in Gujarat.
  • The said unit comprises of insignificant portion of the operations of the Company and the management feels that the transaction would not have any material and adverse effect on operations of the Company.
  • As per the filing, turnover of Dahej Unit was Rs136 crore comprising of 2.09% of the Consolidated Revenues as of March 31, 2022. Read more

Nykaa's stock price increases after announcement of bonus issue

Published on: 1:11 pm

  • On October 3, shares of FSN E-Commerce Ventures, which operates the Nykaa marketplace, jumped when the business announced a bonus issuance of equity shares.
  • According to Nykaa, it will issue shares in the ratio of five shares for each share held by the company's stockholders as of the record date. A postal vote of shareholders is required for approval of the matter.
  • The record date for deciding whether members are eligible for the bonus equity shares has been set by the firm as November 3.
  • The stock gained 8% to Rs 1,370 on the BSE. Read more

Electronics Mart's shares trade at a premium in grey market, before IPO

Published on: 12:58 pm

  • Shares of Electronics Mart India (EMIL) are trading at a significant premium ahead of its first public offering (IPO).
  • The company is currently trading at a premium of Rs32-33, or around 55% over its IPO price of Rs56-59, according to the dealers monitoring grey market activities.
  • According to Abhay Doshi, co-founder of UnlistedArena, numerous reasons are maintaining prices despite low sentiment in the secondary markets. Read more

Cantabil Retail India opens 7 new showrooms across India in September 2022

Published on: 12:47 pm

  • Cantabil Retail India Ltd stocks is focus as the company has opened 7 New Showrooms/ Shops at different location in PAN- India during the month of September 2022.
  • Now total number of Showrooms/ Shops of the Company stands at 421, the company said in a regulatory filing.
  • At around 12:53 PM, Cantabil Retail India Ltd is currently trading at Rs1,327.90 per share up by Rs2.3 or 0.17% from its previous closing of Rs1,325.60 per share on the BSE. Read more

Meghmani Finechem commissions additional capacity of 1,06,000 TPA of caustic soda; Stock jumps 1%

Published on: 12:25 pm

  • Meghmani Finchem Limited has successfully commissioned an additional 1,06,000 TPA capacity of Caustic Soda along with Captive Power plant of 36 MW at Dahej.
  • Considering the above, now, Meghmani Finechem Limited (“MFL”) stands at Caustic Soda capacity of 4,00,000 TPA and Captive Power plant of 132 MW. Read more

Bajaj Auto reports y-o-y decline of 4% in two wheeler sales in September

Published on: 12:11 pm

  • On Monday, Bajaj Auto recorded a 2% decrease in total sales, or 3,94,747 vehicles, compared to the same month last year. The company had sales of 4,02,021 vehicles in September of last year.
  • According to the company's regulatory filing, total two-wheeler sales, last month fell 4% to 3,48,355 units from 3,61,036 units in the corresponding month last year.
  • However, compared to September 2021, when 40,985 vehicles were sold, the overall number of commercial vehicles sold during the reviewed month increased 13% to 46,392 units. Read more

Commerce Ministry to hire professionals from private sector

Published on: 11:51 am

  • For crucial positions in bilateral and multilateral trade talks, data intelligence, and export promotion, the commerce department is expected to recruit 140 individuals from the private sector under the proposed trade promotion agency.
  • One key component of the strategy to assist India in reaching $2 trillion in exports by 2030 is the lateral recruitment of talent and knowledge from the private sector.
  • According to officials, this would increase the number of officers involved in trade discussions. Read more

Zydus receives USFDA final approval for Mirabegron extended-release tablets

Published on: 11:36 am

  • Zydus Lifesciences Limited's U.S. subsidiary Zydus Pharmaceuticals (USA) Inc. has received final approval from the United States Food and Drug Administration (USFDA).
  • The USFDA approval is to market Mirabegron Extended-Release Tablets USP 25 mg and 50 mg (USRLD: Myrbetriq).
  • Zydus was one of the first ANDA applicants to submit a substantially complete ANDA with a paragraph IV certification for Mirabegron Extended-Release Tablets, 25 mg and 50 mg and therefore is eligible for 180 days of shared generic drug exclusivity for Mirabegron Extended-Release Tablets, 25 mg and 50 mg. Read more

Government may soon come out with a procurement tender for 3,500 EVs

Published on: 10:59 am

  • Convergence Energy Services (CESL), a state-owned business that manages the purchase of EVs for federal and state government agencies, warned that when more and more electric vehicles are introduced by automakers at the entry level of the market, the scope of the program may grow. Government fleets at the federal and state levels total roughly 600,000 gasoline and diesel vehicles.
  • Mahua Acharya, the chief executive of CESL, told ET that the business has received a "qualified" request for 3,500 electric vehicles and that a tender may be issued soon.
  • The new CESL tender comes as the market for EV adoption in passenger vehicles is picking up speed. For the first time, the market for passenger EVs is expected to surpass 50,000 units. Read more

Market forecast - What to expect this week?

Published on: 10:56 am

  • Indian equity markets are likely to have more of a week in red, this week. Oil prices have again started rising. This rise is based on the expectation that OPEC+ may cut oil supply by as much as 1 million barrels per day. Any rise in crude oil price is unfavorable for Indian equity markets. 
  • Global cues for Indian equity markets are mostly negative this week. Tax cuts have been announced by the British government to give a boost to its sagging economy. But equity markets and bond markets have given an initial negative reaction to this measure. This is because it will widen the country's fiscal deficit. S&P 500 touched its lowest level in two years this week. Down Jones is now down by more than 20% from its most recent peak. This means that technically it has entered bearish territory. Increase in housing prices in United States slowed down considerably in July because of persistent interest rate hikes by the US Federal Reserve. These interest rate hikes have increased the cost of home mortgage for borrowers. World Bank has projected that China's GDP growth in FY23 will be just 2.3%. Read more

Tata Coffee sells land in Telangana for Rs150 crore; Stock dips 1%

Published on: 10:42 am

  • Tata Coffee Ltd has informed the sale of land by the company.
  • Pursuant to the Board's approval on September 29, 2022, entered into a definitive Agreement of Sale for disposal of an immovable property situated in the State of Telangana, to a third party buyer (non-related party).
  • Accordingly it has transferred all rights, title and interest over the said property including the possession, to the Buyer, for a sale consideration of Rs150 crore (INR One Hundred and Fifty Crores only), which has been fully received, the company said in a filing. Read More

Kidbea receives funding from Agility Ventures, others

Published on: 10:37 am

  • Kidbea, a Noida-based sustainable kidswear brand, has received pre-seed finance from Agility Ventures and other private co-investors.
  • The funding round was also attended by Nandi Mehta, the CFO of Kaaf Funds, Tapas Sahu, the Chairman of the CII in Jharkhand, Divij Bajaj, the creator of Power Gummies, Abhishek Kocchar, the creator of Diamond abroad, and Vivekananda Nareddula, the creator of Apaizer.
  • The company stated that it would put the money to better use by increasing marketing initiatives, growing the staff, and enhancing R&D initiatives for the Indian kidswear market. Read more

Gas distribution companies hit by sharp hike in natural gas price

Published on: 10:32 am

  • City gas distribution (CGD) businesses are concerned following this month's biggest increase in natural gas costs, which is more than 40%. Price rises, according to news reports, will affect both the number of sales and the rate of expansion.
  • According to the reports, Officials claim that  corporations are stuck between passing on the expense to customers and absorbing it. CNG prices in Ahmedabad have been increased by Adani Total Gas to Rs86.90 per kilogram as of October 1. Read more

Juno raises $18 million in funding

Published on: 10:22 am

  • Juno, a neo-banking cryptocurrency business, has raised $18 million in its newest round of funding, backed by crypto-native investment firm ParaFi Capital's Growth Fund.
  • Hashed, Jump Crypto, Uncorrelated Fund, Greycroft, Mithril, Antler Global, 6th Man Ventures, and Abstract Ventures also took part in the round.
  • According to the firm, the funds will be used to expand its US workforce across areas such as compliance, regulatory, and marketing; launch and scale its loyalty program; and extend its product range spanning bill payments, tokenized incentives, and other ventures. Read more

Goa Carbon temporary shuts down operations for maintenance work at Goa Unit

Published on: 10:21 am

  • Goa Carbon Limited has informed to the stock exchanges regarding temporary shut-down of Goa Unit for minor maintenance work.
  • In a regulatory filing, the company said that the production at the Company's Goa Unit located at St. Jose de Areal. Salcete-Goa has been temporarily shut down for minor planned maintenance work from September 29, 2022.
  • At around 10:23 AM, Goa Carbon Ltd is currently trading at Rs429.05 per share up by Rs2.6 or 0.61% from its previous closing of Rs426.45 per share on the BSE. Read more

Adani Ports, Vedanta bid for Karaikal port

Published on: 10:10 am

  • According to news reports, Adani Ports and Special Economic Zone and a Vedanta group firm filed legally binding cash bids for Karaikal Port on September 30 at the closing of the bidding window. Five parties made expressions of interest in the 600-acre port in August, including the two firms.
  • Rs2,960 crore worth of debts were not repaid by Karaikal Port. On April 29, the National Company Law Tribunal (NCLT)'s Chennai bench accepted it for insolvency proceedings. JSW Infra, Jindal Power, and a group made up of RKG Fund and Sagacious Capital were the other three.
  • At a meeting of the committee of creditors on Monday, the two final offers will be revealed. Read more

Dilip Buildcon declares as L-1 bidder for Rs723 crore road project; Stock sheds 2%

Published on: 10:04 am

  • Dilip Buildcon Limited has been declared as L-1 bidder for the tender floated by the Gujrat Metro Rail Corporation (GMRC) Limited.
  • As per the filing, the tender is for "Construction of 7.553 kms elevated viaduct and 7 nos. of stations (incl. E&M, Architectural Finishing, Roofing, Plumbing, Signage, etc.) from Sector-I to Mahatma Mandir (ch. 31945.443m to 39498.302m. Package C3) in connection with Ahmedabad Metro Rail Projecr. Phase-2." Read more

Good Glamm to introduce four of its brands in overseas markets

Published on: 10:02 am

  • Direct-to-Consumer business Good Glamm will introduce four of its purchased beauty brands to overseas markets, starting with selling to big retailers such as Carrefour, Lulu Mall, and BabyShop in Dubai, Qatar, and Saudi Arabia.
  • The action is in keeping with Good Glamm's desire to compete with established fast-moving consumer goods firms, which has recently begun because of D-2-C brands coming to online platforms and physical stores. Read More

Cred introduces the 'Scan & Pay' feature for its customers

Published on: 9:52 am

  • Cred, a fintech firm, has introduced a "Scan & Pay" function for its 9 million users as part of its entry into the offline payments market.
  • Members of Cred will be able to easily make payments through their bank accounts thanks to the Unified Payments Interface (UPI) capability.
  • Peer-to-peer (P2P) transactions can also be carried out using this function, either by scanning a quick response (QR) code or by entering the beneficiary's UPI identification. Read more

Likhitha Infrastructure bags orders worth Rs177 crore; Stock down 1%

Published on: 9:45 am

  • Likhitha Infrastructure Limited has received Orders worth Rs177 crore (Exc. GST) from various Oil/Gas Distribution Companies during the quarter from July 2022 to September 2022.
  • As per the filing, the total outstanding order book of the Company as September 30, 2022, is Rs1125 crore (Approx.).
  • At around 9:47 AM, Likhitha Infrastructure Ltd is currently trading at Rs373.15 per share down by Rs3.55 or 0.94% from its previous closing of Rs376.70 per share on the BSE. Read more

Markets trade lower amid weak cues; Nifty around 17k; Auto stocks in focus

Published on: 9:41 am

  • A cautious tone was seen in Indian markets during the opening bell of Monday tracking a broad-based selloff of global cues. On the sectoral front, auto and metal stocks in focus amid sales and production data outcome.
  • India's volatility index surged nearly 6.6% currently.
  • The domestic equities are expected to record weakness in the morning session as global cues turn weak. Read More

TRAI suggests single database of KYC that can be accessed by all telecom companies

Published on: 9:30 am

  • According to a top official on Sunday, the telecom regulator TRAI would suggest creating a single know-your-customer system that would be available to all telecom providers in order to screen phony callers and spammers.
  • Trai Chairman PD Vaghela stated during a speech at the India Mobile Congress that it is currently challenging to identify the actual offender who has made fraudulent calls and messages, but the regulator is looking into a number of potential solutions.
  • "A single KYC (know-your-customer) system ought to exist. It needs to be accessible to all telecom operators. This will be included in one of the consultation papers we provide regarding mandatory caller ID display "Vaghela remarked. Read more

Suzlon Energy to start trading ex-rights from today

Published on: 9:27 am

  • Monday will mark the ex-rights trading day for Suzlon Energy's rights issue of 5 shares for every 21 shares owned by the shareholder.
  • The company disclosed last week that its board has decided to offer equity shares of the company to the qualified equity shareholders of the company via a rights issue.
  • According to a BSE filing by the business, the total amount of the equity shares and rights issuance is 240 crore equity shares worth Rs2 each with an issue price of Rs5 per equity share, totalling Rs1,200 crore. Read more

Jio in talks with international carriers for 5G stack

Published on: 9:22 am

  • According to news reports, Reliance Jio is in discussions with international carriers about providing their locally created end-to-end 5G stack. With a few international carriers, the business is currently having technical discussions about the stack that Jio Platforms has created.
  • The reports claimed that the Jio campus and other Reliance Industries Limited (RIL) locations are already successfully operating the 5G stack. Jio's 5G network will be implemented using the 5G stack, which is a whole end-to-end solution.
  • The business doesn't appear eager to collaborate on its 5G solution with the government-run BSNL. Read more

Newgen Software Tech bags order worth Rs48.59 crore from Indian Bank

Published on: 9:19 am

  • Newgen Software Technologies Limited announced the exchanges that it has been declared the Successful H1 bidder for the RFP floated by Indian Bank related to the Digital Lending Platform.
  • The order is for Solution and service provider for the development, implementation, management & maintenance of the end-to-end digital lending platform, the company said in a regulatory filing.
  • The total size of the Order is approximately Rs48.59 crore. Read more

JSW Energy board approves allotment of NCDs worth Rs250 crore

Published on: 9:18 am

  • JSW Energy Limited has informed to the exchanges regarding allotment of Non-Convertible Debentures.
  • Pursuant to an approval of the Board of Directors of JSW Energy for raising of funds upto Rs1,800 crore through, the issuance of Redeemable Non-Convertible Debentures by way of Private Placement.
  • The meeting of Board of Directors held on September 30, 2022, approved the allotment of 2,500 Secured, Redeemable, Rated, Listed, Taxable, Non-Convertible Debentures of Rs10,00,000 (Rupees Ten Lakh) each aggregating to Rs250,00,00,000 (Rupees Two Hundred and Fifty Crores only). Read more

HDFC sells a number of distressed loans to Acre ARC

Published on: 9:18 am

  • Acre Asset Reconstruction Co (ARC), a Hong Kong-based $8 billion alternative investment vehicle backed by Ares SSG, acquired a few loan portfolios totalling Rs1,180 crore from Housing Development Finance Corp (HDFC) in a deal that was finalized last week.
  • The portfolio comprises Rs430 crore in distressed Nirmal Lifestyle Kalyan and Rs730 crore to Gurugram-based Vatika Group, a real estate developer. According to news reports, Acre ARC took a 49% haircut from HDFC by paying Rs602 crore in an all-cash purchase.
  • Insolvency proceedings against Nirmal Lifestyle Kalyan, a subsidiary of Mumbai-based Nirmal Lifestyle, have been accepted by a bankruptcy court in Mumbai as a result of a claim by Srei Equipment Finance that the company had defaulted on around Rs84 crore worth of debt. However, the business has contested the ruling and is attempting to pay back the debt. Read more

Zydus gets USFDA final approval for Sildenafil for Oral Suspension

Published on: 9:17 am

  • Zydus Lifesciences Limited informed that the United States Food and Drug Administration (USFDA) has granted final approval to market Sildenafil for Oral Suspension USP 10 mg/ml USRLD: Revatio.
  • As per the filing, Sildenafil for oral suspension is used to treat high blood pressure in the lungs (pulmonary hypertension). It works by relaxing and widening the blood vessels in lungs which allows the blood to flow more easily.
  • Decreasing high blood pressure in the lungs allows the heart and lungs to work better and improves ability to exercise. The drug will be manufactured at the group’s formulation manufacturing facility at Baddi, Himachal Pradesh, India. Read more

Lupin gets EIR from USFDA for its Ankleshwar manufacturing facility

Published on: 9:16 am

  • Global pharma major Lupin Limited informed that it has received the Establishment Inspection Report (EIR) from United States Food and Drug Administration (USFDA) for its Ankleshwar manufacturing facility, located in Gujarat, India. The inspection of the facility was conducted from August 16-19, 2022.
  • Nilesh Gupta, Managing Director, Lupin commented, "We are very happy to have received the EIR for our Ankleshwar facility from USFDA. We remain committed to enhancing compliance and quality standards across all our manufacturing sites. Read more

More credit rating upgrades, than downgrades, for Indian companies in April -September period

Published on: 9:05 am

  • In contrast to downgrades, local companies received a record number of rating upgrades for the first half of the fiscal year, adding support to the claim that India is still largely uncoupled from the struggling global economy due to its unabated domestic consumption demand.
  • According to statistics from CareEdge Ratings, India's credit ratio—a measure of the country's overall creditworthiness that compares upgrades to downgrades—reached an all-time high of 3.74 between April and September of this fiscal year. It was 2.64 over the six months prior.
  • Although India's creditworthiness outlook has improved, the West still risks downgrades due to its protracted war against inflation and geopolitical uncertainties, which together have sent several nations into recession. Read more

Crude oil surges more than 3% on rumoured OPEC+ production cut

Published on: 9:03 am

  • As OPEC+ discusses lowering output by up to 1 million barrels per day at a meeting this week to bolster the market, oil prices increased by more than 3% in early Asian trade on Monday.
  • Brent crude futures recovered $2.82, or 3.3%, from their Friday low of $86.96 a barrel. U.S. West Texas Intermediate crude was trading at $82.09 a barrel, up $2.60 or 3.3% from the previous session's loss of 2.1%.
  • Since June, oil prices have fallen four months in a row as COVID-19 lockdowns in China, the world's largest crude oil consumer, reduced demand while inflation weighed on international financial markets. Read more

Here are some more hot stocks for today

Published on: 8:55 am

  • The stocks may also see significant price movement today.
  • In accordance with a decline in global rates, the government reduced the windfall profit tax on domestically produced crude oil and diesel on Saturday. Starting on October 2, the tax on the export of jet fuel will also be eliminated.
  • Bharti Airtel & Vodafone Idea:
  • The debut of 5G telephony services, which promise to deliver ultra-high-speed internet on mobile phones, will put a spotlight on telecom businesses. Prime Minister Narendra Modi claimed that 5G signals the start of a new era and offers an endless sky of prospects. Read more

Top 10 stocks for today - 3rd October, 2022

Published on: 8:54 am

Markets may start the day in red today

Published on: 8:46 am

  • Indian equity markets are likely to start the day in red. Short-term profit booking may take place today after the gains of Friday.  Global cues are also negative today. US markets ended sharply in the red on Friday. Asian markets have also opened weakly today. Global crued oil prices have jumped up by 3%. This rise has taken place on the expectation that OPEC+ may cut oil supplies by as much as 1 million barrels per day.
  • US markets got in the grip of fear on Friday. Dow Jones fell over 500 points on Friday with indices recording the worst week, month & quarter since March 2020. Nasdaq continued its losing streak, falling over 160 points to its lowest since June. Bond yields hit 3.72% even as crude prices fell.  US$ index closed unchanged near 112. Read more

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