Latest News and Updates

13th Oct, 2022

Markets end the day in red

Published on: 3:35 pm

  • Indian equity markets ended the day in red today. Nifty 50 ended, down by 106.35 points. Sensex ended, down by 380.45 points. Top Gainers today were HCL Tech, Sun Pharma and Coal India. Top Losers today were Wipro, Adani Ports and State Bank. All the broad market indices ended the day in red. Nifty Next 50 index was the biggest loser, losing 409.65 points during the day. Read more

Tata Tele Business Services to offer Google Workspace to businesses through Google Cloud partnership

Published on: 3:22 pm

  • Tata Tele Business Services (TTBS), one of India’s leading enabler of B2B digital connectivity and cloud services, has partnered with Google Cloud to offer Google Workspace for Small and Medium Businesses (SMBs).
  • TTBS will offer businesses a single, unified experience for workplace communication and collaboration for their hybrid workforce as they continue to scale and modernize their cloud infrastructure.
  • TTBS will help businesses drive greater efficiency and market growth with Google Workspace on Google Cloud. Designed to meet every unique business need, Google Workspace streamlines workflows for businesses and employees, helping boost their productivity backed by around-the-clock managed services by TTBS. Read more

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Suven Life Sciences gains 4% on receiving approval to raise Rs400 crore via rights issue

Published on: 2:28 pm

  • Suven Life Sciences gets board's approval to raise Rs400 crore via rights issue.
  • The company said the board of directors has approved rights issue size of 7,26,91,239 shares for Rs399.80 crore.
  • Further, the issue price is Rs55 per share. The rights entitlement ratio is (1:2) one rights equity share for every two shares held by eligible shareholders of the company. Read more

Ugar Sugars' stock up by more than 7% today

Published on: 2:23 pm

  • In intraday trade on Thursday, shares of Ugar Sugar Works rose 12% to Rs79 per share as a result of high activity after the company's approval to operate a 645 kilo litres per day (KLPD) distillery. The price of the sweetener stock rose to its greatest level since April 2022 and reached a six-month high. On March 25, it had previously reached a 52-week high of Rs86.50. The stock increased 32% during the previous week.
  • At 12:38 PM, it traded 7% higher compared to the S&P BSE Sensex's 0.81 % loss. The stock soared 165% over the course of the last year, while the S&P BSE Sensex fell by 6%. The business claimed to have finished building the 645 KLPD distillery at the Ugar facility. Additionally, they want to provide an update after the 645 KLPD distillery's trial run is complete. Read more

Passenger vehicle dispatches to dealerships up by 92% in September

Published on: 2:05 pm

  • In India, wholesale sales of passenger vehicles have climbed by 92% in the past month, or around 3,07,389 units, when compared to the same month in the previous year.
  • The Society of Indian Automobile Manufacturers, a trade group for the automotive sector, compiled the information, which was released on Thursday. In September 2021, 1,60,212 passenger vehicle (PV) dispatches from factories to dealerships were recorded. The busy holiday season may be responsible for the increasing demand.
  • The Society of Indian Automobile Manufacturers (SIAM) recently released figures showing that two-wheeler sales increased 13% to 17,35,199 units from 15,37,604 vehicles in September 2021. In comparison to September 2021, when sales were 9,48,161 units, they increased by 18% to 11,14,667 units. Read more

Markets trade lower with Nifty around 17,000-levels

Published on: 2:00 pm

  • Domestic benchmark indices trading in the red after a gap-down opening on Thursday. Both the Sensex and Nifty benchmarks are marginally lower in the afternoon market session. Moreover, on back of a surge in retail inflation to 5-month high of 7.41% in September.
  • On the sectoral front banking, IT index underperformed by tumbling over 1% each with all major sectors trading in the red except pharma and healthcare stocks.
  • At around 2:00 PM, Sensex was trading at 57,225.13 lower by 370.78 points or 0.64%. Nifty 50 traded at 17,014.10 lower 109.50 points or 0.64% .Read more

Rupee fluctuates in a narrow range in early trading

Published on: 1:50 pm

  • Amid dismal local macroeconomic data, the rupee was trading in a constrained range against the US dollar in early trade on Thursday. It also tracked a subdued trend in domestic markets.
  • Range-bound trading of the rupee was seen in the first dealings at the interbank foreign exchange. In terms of the US dollar, it started off at 82.30 before rising to 82.29, gaining 4 paise from the previous closing. The morning trading saw it fluctuate within a narrow range of 82.25 to 82.34.
  • To settle at 82.33 versus the US dollar on Wednesday, the rupee lost 12 paise. According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the rupee began the day with modest gains before US CPI data that may help investors gauge the extent of rate rises the Fed is expected to deliver this year. Read more

Tanla Platforms sets October 25 as the record date for share buyback

Published on: 1:44 pm

  • Tanla Platform, a provider of cloud communications services, saw an increase in its stock price of more than 11% during intraday trading on Thursday on the BSE after establishing October 25 as the record date for determining the entitlement and names of shareholders eligible to participate in the proposed buyback.
  • Tanla Platform reported in a BSE filing that the business has proposed to repurchase 14,16,666 fully paid-up equity shares with a face value of Rs1 each for Rs1,200 per share via the tender offer process.
  • The company offers a premium of 53% on the latest trading day's closing price of Rs784.10 per share on the BSE at the specified buyback price of Rs1,200. Read more

RITES Limited surges ~5% on clinching order worth Rs499.41 crore from BMRC

Published on: 1:25 pm

  • RITES Limited’s counter gained as much as 5% so far in Thursday's trading session as the company announced a major order receipt from Bangalore Metro Rail Corporation Limited (BMRC).
  • The company informed that the consortium of RITES Limited has secured a new business order for the construction of a Depot cum Workshop from the BMRC. The estimated cost of the project is Rs499.41 crore.
  • RITES informed that its share in the order is 51%. Read More

TCS collaborates with Microsoft to build autonomous solutions using Project Bonsai

Published on: 1:13 pm

  • Tata Consultancy Services (TCS) has announced a new collaboration with Microsoft to utilise its deep domain knowledge in industrial control systems and develop new AI-powered autonomous solutions on Microsoft Azure Cloud utilising Project Bonsai, a low-code, safe, and compliant AI platform.
  • TCS will utilise the low-code platform to speed up the development of these cutting-edge, self-driving systems that can perceive and respond in real-time, improving equipment and processes. These technologies assist businesses in modernising their manufacturing processes, reducing downtime and material waste, improving quality and throughput, and increasing employee safety.
  • As part of its "build-with" collaboration with Microsoft, TCS has already built a warehouse optimization solution utilising Project Bonsai. Read more

Pennar Industries secures new orders worth Rs1,167 crore; stock rallies ~5.5%

Published on: 1:08 pm

  • Pennar Group, a prominent provider of value-added engineering goods and solutions, has received orders totaling Rs1,167 crore across its several business verticals.
  • The company has received orders from major clients like NTPC, RIL, Genesis Construction, Yamaha, Integral Coach Factory, AE Engineering, Thermal Energy Systems, etc.
  • The orders are received for the company’s Solar EPC, Ascent Buildings, USA, ICD, Railways, Tubes, Pre-Engineered Buildings, and Steel verticals. Read more

Q2FY23 Preview: Bajaj Auto: Revenue seen at Rs99,116 million, PAT at Rs14,860 million

Published on: 12:57 pm

  • Result date: 14th October, 2022
  • Recommendation: Add
  • Target price: Rs3,950
  • Bajaj Auto witnessed 23% jump in sales volumes on a sequential basis, partly on the back of a low-base in the previous quarter amid chip shortage. Volumes were flat as compared to the year-ago quarter. The company’s revenue could grow 15% over the year-ago quarter and 24% sequentially. Read more

Som Distilleries signs manufacturing agreement with Radico Khaitan; Stock down 2%

Published on: 12:44 pm

  • Som Distilleries & Breweries Ltd has informed to the stock exchanges that the compay has entered into a contract of manufacturing arrangement with Radico Khaitan Limited.
  • As per the filing, the contract agreement is for the manufacturing of their IMFL and Ready to Drink brands at company's plant at Hassan, Karnataka.
  • "This will lead to better utilization levels of our IMFL facility", Som Distilleries said on Wednesday. Read more

CRISIL reaffirms rating on Gufic Biosciences’ facilities worth Rs275 crore; stock skids ~1%

Published on: 12:44 pm

  • Gufic Biosciences Limited informed that CRISIL Ratings reaffirmed 'CRISIL BBB+' rating on the long-term bank facilities of the company. The rating agency has given a ‘Positive’ outlook to these instruments.
  • Further, the rating agency has reaffirmed the ‘CRISIL A2' rating on the short-term bank facilities of the company.
  • CRISIL has reviewed total bank facilities worth Rs275 crore, which has been enhanced from Rs145 crore. Read more

RBI allows ARCs with net owned funds of Rs 1000 crore or more to participate in bidding for companie

Published on: 12:26 pm

  • RBI has given its go-ahead for Asset Reconstruction Companies (ARCs) to bid for companies going through insolvency process. But only ARCs with Rs1,000 crore in net owned funds (NOF) will be able  to act as resolution applicants. UV ARC that is the winning bidder in the case of the resolution processes of Reliance Communications and Aircel has NOF of Rs 200 crore. However, this new order of RBI is prospectively applicable. It is not retrospectively applicable.  
  • In June 2020, a bankruptcy court authorized UV ARC's resolution plan for Aircel, Dishnet Wireless, and Aircel Cellular. In March 2020, lenders unanimously approved UV ARC's offer for Reliance Communications, which is promoted by Anil Ambani. Read More

Larsen & Toubro announces significant order wins in Q2FY23; stock slips ~2%

Published on: 12:15 pm

  • Larsen & Toubro's Heavy Engineering division secured multiple contracts in the second quarter of FY23. Some of these high-profile contracts from famous clients illustrate L&T's advanced manufacturing capabilities.
  • In the global marketplace, L&T Heavy Engineering received a significant order from a famous customer in Singapore for the delivery of Reactors for sustainable diesel production. This initiative will help to expand the company's green product offering.
  • The company recently received a repeat order for four identical Coke Drums for a Mexican refinery. Read more

RBI asks banks to not take new dollar positions in non-deliverable forwards

Published on: 12:15 pm

  • In an effort to stop the rupee's decline, the Reserve Bank of India has asked local banks not to increase their positions in the non-deliverable forward market. This request, according to news reports, could cause offshore instability to spill over into local markets.
  • According to one of the reports, the RBI is being forced to use more reserves to protect the rupee because of the accumulation of positions in this market segment.
  • In contrast to the directives it gave in June 2020, which permitted banks operating from the International Financial Services Centre Banking Units to trade in the NDF segment, the RBI's informal communication to local bankers is a step backward. Read More

Aluminium stocks in focus as USA may ban Russian Aluminium

Published on: 12:10 pm

  • In response to expectations that the US is mulling an embargo on Russian aluminium, the share prices of Hindalco, Vedanta, and NALCO all increased 1.5–3% at market opening.
  • A metric tonne of aluminium rose as much as 7.3% on the London Metal Exchange, one of the largest intraday swings ever, before finishing the day 3.1% higher at $2,305. Read more

Digitization a game changer for Indian Economy, says IMF Chief Economist

Published on: 12:02 pm

  • The International Monetary Fund's (IMF) chief economist praised India's efforts to digitize, calling the initiative a game-changer that gave the Indian government access to resources that would have previously been impossible.
  • "Digitalization is beneficial in a variety of ways. One is financial inclusion, which is clear given a large number of unbanked individuals in nations like India. And having access to digital wallets gives them a chance to engage in transactions that aren't only cash transactions, which are highly inefficient, Pierre-Olivier Gourinchas, the IMF's chief economist, said in an interview with PTI in answer to a query regarding India's efforts to go digital.
  • "So that's a big plus for integrating individuals into a more advanced economy. That's a factor for growth, he continued, adding that if you connect to this digital instrument, your market will change significantly. Read more

NXT Digital logs revenue of Rs548.90 crore in H1FY23; stock under pressure

Published on: 11:55 am

  • NxtDigital Limited, the media and communications vertical of the global Hinduja Group announced its results for the first half of the current financial year FY23, at its Board meeting on October 12, 2022.
  • On a consolidated basis, the company earned Rs548.90 crore in revenue for the half-year ended September 30, 2022, compared to Rs543.20 crore in the previous fiscal's similar half year.
  • On a consolidated basis, the company reported Rs109.30 crore in Earnings Before Interest, Depreciation, and Taxes (EBIDTA) for the half year ended June 30, 2022, as compared to Rs102.9 crore in the previous fiscal's similar period. Read More

Jubilant Ingrevia board raises Rs100 crore via commercial papers

Published on: 11:37 am

  • Jubilant Ingrevia Limited has announced that the Company has issued Commercial Papers (‘CPs’) of Rs100 crore on October 12, 2022.
  • According to the filing, tenure of the issue is 49 days where date of allotment is Wedensday, October 12, 2022 and date of maturity is November 30, 2022.
  • Further, the Finance Committee, at its meeting held on February 6, 2021, approved issuance of Commercial Papers up to an amount of Rs450 crore outstanding at any point of time, in one or more tranches. Read more

HCL Tech announces third interim dividend of Rs10 per share; stock climbs ~3%

Published on: 11:09 am

  • While announcing its quarterly results for the September quarter, HCL Technologies declared an interim dividend of Rs10 per share of Rs2 face value for FY2023.
  • In addition, the board established October 20 as the record date for assessing shareholders' eligibility for the dividend. So, the ex-date, which is normally a day before the record date, is October 19.
  • The company expects to pay the dividend on November 2, 2022. Read more

Happiest Minds, Sri Jayadeva Institute partner to establish molecular testing facility

Published on: 10:42 am

  • Happiest Minds Technologies Limited today announced the opening of a molecular testing facility at the Sri Jayadeva Institute of Cardiovascular Sciences and Research in Bengaluru.
  • Ravi V, Senior Professor and HOD, Department of Neurovirology, NIMHANS, unveiled the laboratory with its cutting-edge research facilities and infrastructure in the presence of C.N. Manjunath, Senior Cardiologist and Director, Sri Jayadeva Institute, and Venkatraman Narayanan, MD & CFO, Happiest Minds.
  • Happiest Minds has donated Rs1 crore to the Institute in order to build the testing lab and three ICU Ventilator Beds. Read more

Everest Industries gets approval from Karnataka govt for land allotment; Stock tumbles 3%

Published on: 10:40 am

  • Everest Industries Limited stock plunges over 3% on during Thursday's morning trading session as the company announced the allotment of land in Karnataka.
  • In a regulatory filing, the company said, that  it has received in-principle approval from the Government of Karnataka for allotment of 15 acres of land by KIADB at Immavu Industrial Area, Mysuru District for the purpose of establishment of a manufacturing plant for Fibre Cement Boards / Rapicon Panels.
  • On Thursday at around 10:39 AM, Everest Industries Ltd is currently trading at Rs847.05 per share down by Rs28 or 3.2% from its previous closing of Rs875.05 per share on the BSE. Read more

3i Infotech incorporates wholly-owned step-down subsidiary

Published on: 10:18 am

  • 3i Infotech Ltd has informed that a wholly-owned step-down subsidiary of the Company has been incorporated in India on October 12, 2022.
  • This subsidiary is a private company limited by shares called “Versares BPS Private Limited” and is a direct wholly-owned subsidiary of 3i Infotech Digital BPS Limited (formerly known as 3i Infotech BPO Limited), wholly-owned subsidiary of the Company based in India.
  • As per the regulatory filing, the main objective of incorporation is to carry on business process outsourcing activities. Read more

CESC to consider fundraising of Rs300 crore on October 15

Published on: 10:05 am

  • CESC Limited has informed to the stock exchanges regarding issue of Debt Securities.
  • As per the filing, it is informed that a proposal for issue of secured unlisted non-convertible debentures aggregating upto Rs300 crore, will be considered by the Committee of the Board of Directors of the Company at its meeting.
  • The meeting of Board of Directors is scheduled to be held on October 15, 2022, the company said on Wednesday. Read more

Amber Enterprises trades under pressure as ICICI Prudential Life offloads 1.83 lakh shares

Published on: 10:03 am

  • Amber Enterprises India's counter dipped nearly 1% in Thursday’s early morning session as NSE Bulk deal data on October 12, 2022, reflected that ICICI Prudential Life Insurance sold 1.83 lakh shares or 0.54% stake of the company.
  • The shares were sold at an average price of Rs2,284.54, as per the data from NSE.
  • This was at a nominal premium over the previous day's NSE closing price of Rs 2,277.10 per share.
  • As of the quarter ended June, ICICI Prudential held a 3.2% stake in the contract manufacturer. Read more

Mishtann Foods plans to set up ethanol project in Gujarat; Stock gains 1%

Published on: 9:49 am

  • Mishtann Food Limited has announced plans to set up a 1,000 Kilolitres Per Day (KLPD) grain-based ethanol manufacturing facility in Gujarat.
  • The company's recent investment, launches of new products and order book are expected to improve the financials further in coming quarters.
  • Engaged in the production and marketing of a large variety of rice, pulses and other edible products, the company is looking to set up its manufacturing facility in Dalpur village of Sabarkantha district of Gujarat. It has executed a Memorandum of Understanding (MoU) with the Government of Gujarat for setting up India's biggest Grain Based Ethanol project of 1000 KLPD in Gujarat. Read more

LIC sold 2% stake in Power Grid over 5 months

Published on: 9:45 am

  • Over the last five months, LIC has sold more than 2% of its stake in Power Grid Corporation for a total of Rs3,079.43 crore, the insurer announced on Wednesday.
  • Between May 18, 2022, and October 11, 2022, holding decreased by 2.003%.
  • Listed firms must disclose any change in shareholding of more than 2% in accordance with Sebi regulations. Read More

Adani Wilmar expects low single-digit revenue growth in Q2

Published on: 9:41 am

  • The consumer goods company owned by Gautam Adani, Adani Wilmar Ltd., is expected to have low single-digit revenue growth in the second quarter that ended in September, as a result of ongoing macro problems.
  • According to Adani Wilmar's quarterly business update submitted to the markets on Wednesday, the market shocks of high inflation followed by a dramatic decrease in prices were mostly absorbed in the second quarter.
  • The largest edible oil manufacturer in the nation, which distributes under the brand name Fortune, stated that stronger volume growth was seen in the masstige category than in the premium category during the quarter. Read more

Markets log lacklustre demand as major tech stocks weigh; Wipro, TCS top bears

Published on: 9:39 am

  • The start of Thursday's trading session was cautious in Indian stock markets after the tech giants Wipro and HCL Tech results. However, IT stocks at home dragged benchmarks Sensex and Nifty 50 with September 2021 (Q2FY22) quarterly earnings season taking full focus.
  • Amid weak global cues, in the opening bell, the market was on a cautious tone as Banking, IT, Consumer Durables stocks under pressure, however, Auto, metals, FMCG were on upside as the gains could only manage to offset the losses due to heavy profit-booking in tech stocks. The day is seen to be volatile.
  • At around 9:36 AM, Sensex was trading at 57,513.69 down by 112.22 points or 0.19%. Nifty 50 traded at 17,081.45 lower by 42.15 points or 0.25%. Read more

Rupee lost 14 paise to end the day at 82.35/ $, on Wednesday

Published on: 9:37 am

  • On Wednesday, the rupee lost 14 paise to end the day at 82.35 (provisional) versus the US dollar as a result of the US dollar's strengthening and persistent outflows of foreign funds from equity markets. In addition, the local unit suffered from investor risk aversion.
  • The local currency in the interbank foreign exchange market started at 82.32 before declining further to conclude at 82.35 versus the US dollar, a decrease of 14 paise from its previous level. The local unit saw an intraday high of 82.15 and a low of 82.37 versus the US dollar during the day.
  • The rupee recovered from its record low on Tuesday, closing 19 paisas higher at 82.21 versus the US dollar. The dollar index, which measures how strong the dollar is relative to a basket of six different currencies, fell 0.01 % to 113.21. Read more

Adani Ports gets Letter of Intent from West Bengal Government for Tajpur port project

Published on: 9:36 am

  • The Letter of Intent (LOI) for Tajpur port in Bengal was given by the West Bengal government to Adani Ports on Wednesday in Kolkata.
  • Mamata Banerjee, the chief minister of West Bengal, gave the letter of intent to Karan Adani, the CEO of Adani Ports. According to the state government, the port would require an investment of Rs15,000 crore.
  • Nabanna, according to news reports, received clearance from the Bengal Cabinet to issue a letter of intent by the West Bengal Maritime Board for the development of the Tajpur Port after the technical and financial appraisal and fulfilment of all formalities. Read more

Efforts on to create a carbon credits trading market in India

Published on: 9:30 am

  • A market for carbon credits is being created in India by green energy providers like Adani Greens, a subsidiary of Adani Group, and carbon offsetters like EKI Energy Services in order to advance the country's energy transformation objectives.
  • India, one of the top emitters of greenhouse gases worldwide, wants to achieve net-zero emissions by 2070.
  • The need for a strong carbon trading market is emphasized by Prime Minister Narendra Modi's desire for India to develop into an industrial powerhouse while also reducing emissions by 60 million tonnes annually by 2030. Read More

High wage costs, attrition rate, for Wipro in September quarter

Published on: 9:30 am

  • Net profit for the second quarter of FY23 fell 9.2% year over year as a result of Wipro, a major provider of IT services, missing projections. For the third quarter, the business projected revenue growth of just 0.2-2 %, far less than both what the market anticipated and the Q1 projection of 3-5 %.
  • Comparing the July-September quarter to the same period last year, it posted a net profit of Rs2659 crore (up from Rs2,930.7 crore). Rising personnel costs were one factor that reduced earnings. With a YoY increase of 14.6% and a sequential increase of 4.69 %, the revenue for the quarter was Rs22,539.7 crore. Revenue increased by 4.1% sequentially in terms of dollars. Read more

We Win spurts ~4% on securing multi-year work order from Paytm

Published on: 9:29 am

  • We Win Limited informed that it received a work order for providing and operationalizing the Contact Centre for Paytm (Fincollect Services Private Limited).
  • The project is initially for 3 years with 400 seats which can further be extended as per the requirements.
  • As per the company, the cost per seat for the company is Rs21,500 per month. Therefore, the total per month revenue for the company will be Rs86,00,000, excluding GST. Read more

Sterling & Wilson Renewable wins Rs2,212 crore order from NTPC REL

Published on: 9:20 am

  • Sterling and Wilson Renewable Energy Limited has received an order from NTPC Renewable Energy Limited (NTPC REL) for its projected 1,255 MWac / 1,568 MWdc solar PV project at Khavda RE Power Park in Rann of Kutch, Gujarat.
  • SWRE was granted the Contract on October 1, 2022, with a total value of Rs2,212 crore (including taxes, duties, and O&M for three years). The company emerged as the L-1 (lowest) bidder in competitive bidding against the contract invited by NTPC REL. The project's contract agreement has been signed between NTPC REL and SWRE.
  • "We are pleased to secure this prestigious order from NTPC REL, which is our largest domestic order so far," said Amit Jain, Global CEO of Sterling and Wilson Renewable Energy Group. This win illustrates SWRE's project management capabilities and worldwide expertise trust and leadership. Our grasp of client demands, excellent execution track record, world-class technology, and O&M expertise set us apart from other EPC companies." Read more

ITC Infotech incorporates step-down subsidiary in Brazil

Published on: 9:19 am

  • ITC Limited has informed to the exchanges regarding incorporation of a new step-down subsidiary.
  • As per the regulatory filing, ITC Infotech India Limited (‘I3L’), a wholly owned subsidiary (‘WOS’) announced that they have incorporated a WOS in Brazil under the name of ‘ITC Infotech Do Brasil LTDA.’ on October 10, 2022.
  • The registration certificate evidencing incorporation of the said subsidiary has been received by I3L on October 12, 2022, the company said on Wednesday. Read more

Tata Power join hands with 75F Smart Innovations for energy-efficiency solutions

Published on: 9:18 am

  • Tata Power Trading Company Limited (TPTCL), a wholly owned subsidiary of Tata Power, one of India’s largest integrated power companies and 75F Smart Innovations India Private Limited (75F Smart Innovations India) have signed an agreement to jointly promote building automation and energy-efficiency solutions in the commercial building space across industry verticals like IT/ITeS, BFSI Hospitality, Healthcare, Education, Government and Retail.
  • The association will greatly help businesses to optimize their energy consumption and usage. Read More

IRB Infra SPV gets appointed date from UPEIDA for greenfield BOT project in UP

Published on: 9:17 am

  • IRB Infrastructure Developers Ltd.’s Special Purpose Vehicle (SPV), Meerut Budaun Expressway Pvt. Ltd., has received an Appointed Date from the Uttar Pradesh Expressways & Industrial Development Authority (UPEIDA) for Meerut to Budaun stretch of upcoming Greenfield BOT project Ganga Expressway Group 1.
  • The Company, in line with the receipt of the Appointed Date, is now set to commence the construction activity in full swing so as to meet the set timeline for completion and commissioning of the project for use of people of the Uttar Pradesh state; resources for which have already been deployed. Read more

Veranda Learning to acquire 76% stake in JK Shah Classes for Rs337.82 crore

Published on: 9:17 am

  • Veranda Learning Solutions Limited announced that it has signed a definitive agreement to acquire equity shares of J. K. Shah Education Pvt Ltd through its wholly-owned subsidiary.
  • The deal will be completed in two stages, the first of which will involve the payment of 76% of the outstanding capital for Rs337.82 crore. The entire purchase will be financed using a mix of debt and equity.
  • Veranda Learning provides a variety of competitive exam preparation training programmes, including the State Public Service Commission, Banking, Insurance, Railways, IAS, and CA, as well as a slew of professional skilling and upskilling programmes in cutting-edge technologies. Read more

Tata Power to develop Tata Motors' 7 MW solar project at Pantnagar manufacturing facility

Published on: 9:16 am

  • Tata Motors Limited and Tata Power have entered into a Power Purchase Agreement (PPA) for a 7 MW captive solar power project at its Pantnagar plant in Uttarakhand.
  • According to the official release, collectively, this installation is expected to generate 215 million units of electricity, potentially mitigating over 1.7 lakh tonnes of carbon emissions. This is equivalent to planting over 2.72 lakh teak trees over a lifetime.
  • Commenting on the announcement, Shivram Bikkina, Chief – Solar Rooftop Business, Tata Power, "We are delighted to partner with Tata Motors to achieve their long-term green energy mandate. We expect to expand our collaboration in the coming years to provide more such green energy solutions to Tata Motors and regard them as a vital partner to achieve the larger group mandate to reduce our carbon footprint towards a Net Zero future. " Read more

Reliance Power raises Rs1,000 crore from Varde Partners

Published on: 9:15 am

  • Reliance Power Limited and its subsidiaries have entered into definitive agreements with Varde Partners to raise debt of about Rs1,000 crore.
  • The transaction is subject to the fulfillment of conditions precedent outlined in the final instruments. The revenues will be used to settle and discharge/restructure existing obligations, resulting in debt resolution and an improved credit profile. Read more

In early trade silver and gold prices fall

Published on: 9:15 am

  • In the early trade on Thursday, gold and silver prices decreased. 10 grams of yellow metal (24-carat) now costs Rs50,890, a decrease of Rs270. On the other side, silver is now worth Rs58,500 per kilogram after falling by Rs400. The price of ten grams of 22-carat gold has decreased by Rs250 to Rs46,650.
  • The price of 10 grams of 24- and 22-carat gold in Mumbai and Kolkata is, respectively, Rs50,890 and Rs58,500. Gold in Delhi is now selling for Rs51,050 per 10 gm for 24-carat gold and Rs46,800 for 22-carat gold.
  • 24- and 22-carat gold is now retailing in Chennai for Rs51,600 and Rs47,300, respectively. Thursday's important US inflation report, which might determine the magnitude of the Federal Reserve's next interest rate rise, did not cause any significant market movements, keeping gold prices stable. Read More
 

HCL Tech's Q2 profit increased by 7%

Published on: 8:57 am

  • An industry leader in IT services, HCL Technologies, increased its full-year revenue growth target on Wednesday from 12 to 14% on a constant currency basis, citing robust order bookings and pipeline. This comes after it announced a consolidated net profit of Rs3,489 crore for Q2FY23, up 7.09% year over year (YoY) as a result of new order wins.
  • In comparison to the same period last year, the IT company's sales increased 19.5% to Rs24,686 crore. According to the IT giant, the growth of its services division, which includes engineering, cloud, and digital services, was 18.9% YoY. According to the company's projection, the services revenue is anticipated to increase 16–17% YoY in FY23.
  • In comparison to the previous quarter's net profit of Rs3,283 crore, HCL's net profit increased by 6.3% sequentially. Comparing Q1 FY23 revenue to Q1 FY23 revenue, the revenue increased by 5.2%. Read more
 

As recession fears rise, crude oil prices stumble

Published on: 8:36 am

  • After the market was weakened in the previous day by a deteriorating picture of global demand, oil prices struggled to regain their footing in early Asian trade on Thursday.
  • U.S. crude futures (WTI) were down 7 cents to trade at $87.20 per barrel, while Brent crude futures were down one cent to $92.44 per barrel.
  • The U.S. Energy Department and OPEC both reduced their demand projections. Read more

Markets may see a day in red today

Published on: 8:16 am

  • Indian markets are more likely to see a day in red today. Consumer Price Inflation (CPI) in September rose to 7.4% from 7% in August. Index of Industrial Production (IIP) declined year-on-year by 0.8% in August. Mining output year-on-year came down by 3.9% in August. Manufactured goods output came down year-on-year by 0.7%. Electricity output increased year-on-year by 1.4%.
  • Stocks of Infosys, Aditya Birla Money, Den Network etc are likely to see price movement  today. These companies will declare their September quarter results today.
  • US markets saw fall for another day, yesterday. Dow Jones saw intra-day gains of over 220 points, before ending lower by 22 points. Nasdaq closed flat after seeing swings of over 100 points. Bond yields remained near 3.90%. WTI crude tumbled down to US$87. Read more

Top 10 stocks for today- 13th October 2022

Published on: 8:16 am

  • The Singapore Exchange's Nifty futures traded 58.5 points, or 0.34%, lower at 17,046.5, indicating that the stock market may have a bad start on Thursday. The following 10 stocks may be active and show price movement in today's market. To check more hot stocks, click at: https://www.indiainfoline.com/markets/hot-stocks
  • ITC:
  • In Brazil, ITC Infotech establishes a subsidiary. According to the business, ITC Infotech India, a subsidiary of ITC, has established ITC Infotech Do Brasil LTDA as a fully-owned subsidiary in Brazil.
  • HCL Technologies:
  • Outperforming market forecasts, the IT giant reported a 7% increase in its consolidated net profit for the September quarter at Rs3,489 crore. Read more

MobiKwik raises more debt financing as IPO gets delayed

Published on: 7:59 am

  • MobiKwik has been raising small amounts of funding in tranches as part of its goal of raising $100 million. Additionally, the business updated its ESOP (Employee Stock Ownership Plan).
  • BlackSoil and the Bengaluru-based Alternative Investment Fund, Karnation, have provided MobiKwik with a total debt of Rs 55 crore since August, according to two different RoC (Registrar of Companies) filings.
  • The board of MobiKwik has approved a resolution to issue 900 non-convertible debentures (NCD) at an issue price of Rs. 5,00,000 each in two separate tranches of 700 and 200, respectively, to raise Rs. 35 crore and Rs. 10 crores from BlackSoil.
  • 200 NCDs with a face value of Rs 10,00,000 each and a total value of Rs 10 crore were issued by Karnation, a CAT-II Alternative Investment Fund registered with SEBI, in September. Read more

TVS Motor ahead of Hero MotoCorp in terms of market capitalization

Published on: 7:57 am

  • TVS Motor Firm surpassed Hero MotoCorp in terms of market valuation to become the sixth-largest vehicle company.
  • The former currently has a market capitalization of Rs 51,681 crore, while the latter has a market capitalization of Rs 50,951 crore.
  • TVS shares have increased by 73% this year, whereas Bajaj and Hero have increased by only 3% and 10%, respectively. There are numerous drivers for the company, even if TVS' sales, net profit, and market share are smaller than those of Bajaj and Hero. Read more

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