Latest News and Updates

14th Oct, 2022

It was a day in all green for Indian equity markets

Published on: 3:50 pm

  • It was a day in all green today for Indian equity markets. Markets rose sharply in the opening hours.  Some profit booking also took place during the later half of the day. Nifty 50 ended the day, up by 171.35 points. Sensex ended the day, up by 684.64 points. Top Gainers today were Infosys, HDFC Bank and HDFC. Top Losers today were ONGC, JSW Steel, and M&M. Read more

Ahluwalia Contracts receives new order worth Rs110.67 crore; stock spurts ~3.5%

Published on: 3:11 pm

  • Ahluwalia Contracts Limited informed that the company has secured new order from the Government of Assam office of the Chief Engineer: PWD Building, Assam, Guwahati-3.
  • The order received is for the additional construction work of New Medical College & Hospital, Bongaigaon (Assam).
  • The company stated that the estimated cost of the project is worth Rs110.67 crore. Read more

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Federal Bank's stock price up by more than 4% today

Published on: 3:01 pm

  • In Friday's intraday session on the BSE, shares of Federal Bank rose 6% to an all-time high of Rs 132.10 after the bank reported its highest-ever quarterly net profit of Rs 704 crore (up 53% year over year) in the September quarter (Q2FY23).
  • The private sector lender's shares rose over the previous record high it had set on September 5, 2022, when it reached Rs 129.70. It was trading 5% higher at Rs 131.10 at 2:06 p.m., vs a 1.6% increase in the S&P BSE Sensex. With a combined 49.7 million shares moving hands on the NSE and BSE, the average trading volumes on the counter nearly quadrupled.
  • Federal Bank also reported its highest-ever net interest income in Q2FY23, at Rs1,762 crore, an increase of 19% year over year. During the quarter, net interest margin increased by 10 bps YoY to 3.3%. Read more

HAL to exhibit various indigenously built products in DefExpo 2022

Published on: 2:54 pm

  • Hindustan Aeronautics Limited announced on Friday that it is prepared to exhibit its homegrown goods at the 12th DefExpo, which will take place in Gandhinagar from October 18 to 22.
  • According to the Bengaluru-based company, "HAL's participation will focus on technological excellence and indigenization initiatives, under its business verticals such as fighters, trainers, transport aircraft, helicopters, engines, systems, and avionics, in addition to projecting the company's futuristic programs." Read more

Ashoka Buildcon's subsidiary updates on achievement of financial closure

Published on: 2:50 pm

  • Ashoka Buildcon Limited has announced that Ashoka Baswantpur Singnodi Road Private Limited, a wholly owned subsidiary of the Company, has submitted duly executed financing documents to National Highways Authority of India ("NHAI") for its mentioned Hybrid Annuity Mode (HAM) Project.
  • As per the filing, the project is for 'Development of 6 lane Access Controlled Greenfield highway from KM 162.500 to KM 203.100, Baswantpur to Singondi Section of NH 150 C (Package 4 of Akkalkot KNT of TS Border) on Hybrid Annuity Mode (HAM) under Bharatmala Pariyojana'.
  • The Company is within the timelines as specified in the Concession Agreement for compliances related to financial closure for above Project. Read more

Asian Energy soars upto ~19% on securing major contract worth Rs161 crore

Published on: 2:43 pm

  • The Singareni Collieries Company Limited has awarded Asian Energy Services Limited and its joint venture partner Furnace Fabrica (India) Limited a contract worth Rs161 crore (excluding GST) for the design, supply, construction, commissioning, erection, and testing of a coal handling plant at RG OC3, Telangana.
  • Following this development, Asian Energy's stock jumped as much as 19% to touch intraday high of Rs85.90 on NSE.
  • This project, the third of its type, has helped Asian establish itself as a trusted and cost-effective service partner to the Indian coal industry. Read more

Shriram Group may submit EoI for IDBI Bank

Published on: 2:31 pm

  • According to news reports, the Shriram Group has been developing a structure for a potential bid for the state-owned lender that is being sold through a competitive bidding procedure and is likely to submit an expression of interest (EoI) for IDBI Bank.
  • According to the reports, the financier with its headquarters in Chennai may establish a different holding company to take part in the privatization of IDBI Bank.
  • With Prem Watsa's Fairfax Financial also rumored to be a contender, the entry of R Thyagarajan-led Shriram, which operates in segments such as commercial vehicle financing, two-wheeler financing, and micro, small, and medium enterprise loans, could set the stage for at least a two-way competition for IDBI Bank. Read more

MTNL receives shareholders’ approval to raise Rs17,571 crore via bonds; stock gains ~2%

Published on: 2:12 pm

  • On Thursday, the state-owned MTNL said that its shareholders approved a plan to raise up to Rs17,571 crore through government-guaranteed debt bonds in a private placement basis.
  • According to the scrutinised report of MTNL's annual general meeting conducted on October 10, shareholders of the loss-making public sector telecom business have also increased the board's capacity to borrow up to Rs35,000 crore from banks and other financial institutions.
  • According to the report, 99.85% of shareholders approved the resolution to "offer or invite subscriptions for government-guaranteed, unsecured, listed, redeemable Non-Convertible Debentures (NCDs) in the nature of bonds, in one or more series I tranches, totaling up to Rs17,571 crore on a private placement basis." Read more

Markets bullish with Nifty 50 around 17,300; IT index in focus amid Q2 earnings

Published on: 2:00 pm

  • Domestic benchmark indices are in the super rally after a gap-up opening on Friday led by heavy buying in banking, auto, IT counters. Both the Sensex and Nifty benchmarks are more than 1.5% higher and IT stocks in focus post outcome of technology companies.Further,
  • On the sectoral front, all sectoral indices are trading in the green with super gains.
  • At around 2:00 PM, Sensex was trading at 58,175.96 higher by 940.63 points or 1.64%. Nifty 50 traded at 17,270.10 higher 255.75 points or 1.50%. Read more

Delhi Govt to install 150 kerbside EV chargers in a pilot project

Published on: 1:57 pm

  • In the next three years, the Delhi government intends to undertake a pilot project to place 150 kerbside electric vehicle chargers on city streets before increasing the number to 5,000. In a review meeting on Thursday, the decision was made to move forward with installing 150 kerbside EV chargers throughout the city.
  • According to a release, the project is being led by the Delhi government think tank Dialogue and Development Commission (DDC), which has planned to install 150 kerbside EV chargers on 60 PWD roadside stretches throughout the city.
  • In the next three years, it stated, "the pilot project being developed by the DDC in conjunction with power discoms and PWD seeks to deploy more than 5,000 kerbside EV chargers across all major Delhi roadways." Read more

Cyient logs group revenue of Rs1,396.20 crore in Q2FY23

Published on: 1:43 pm

  • Cyient Limited, a leading consulting-led, industry-centric Technology Solutions firm, has released its financial results for the second quarter of FY23. Cyient's second-quarter growth was largely driven by strong momentum in services and higher margins across the board.
  • The company reported group revenue of Rs1,396.20 crore in Q2FY23, up by 11.70% sequentially, and 25.60% on a y-o-y basis.
  • The group CC revenue growth was 10% on QoQ and 20.40% on a yoy basis. Its normalised Group EBIT stood at Rs166.1 crore with a margin of 11.9%.
  • Further, PAT for Q2FY23 was reported at Rs110.30 crore, down by 5% on a QoQ basis. Read more

Atul Auto's stock price up by more than 7% today

Published on: 1:27 pm

  • Atul Auto's shares kept moving up, rising 12% to a 52-week high of Rs289.55 a share on Friday during intraday trading. The commercial vehicle company's shares rose over the Rs270 all-time high it had previously reached on November 4, 2021.
  • The stock has increased by 54% over the last two weeks after the board authorised the preferential issuance of warrants valued at Rs115 crore to business promoters and non-promoters, including investor Vijay Kishanlal Kedia.
  • "The board authorised the issuance of up to 5.81 million warrants, each convertible into one equity share of the firm within a maximum of 18 months from the date of allocation, at a price of Rs198 per share. Vijay Kishanlal Kedia will receive 5.05 million warrants from the firm, Read more

L&T Construction’s water & effluent treatment business bags significant orders; stock surges ~3%

Published on: 1:20 pm

  • Larsen & Toubro Limited informed that L&T Construction's water & effluent treatment business has received repeat contracts from the Narmada Water Resources, Water Supply & Kalpsar Department, Government of Gujarat, to complete the pumping system and pipeline works from Tappar Dam to Nirona Dam (Northern Link). This is the single largest order obtained by the company in Gujarat.
  • The scope of work includes pump house and pipeline design, supply, construction, and commissioning, as well as accompanying electrical and automation work.
  • The turnkey project intends to improve water supplies in Gujarat's Kachchh district by filling existing reservoirs, which would irrigate 36,392 acres of land, stated the company in its press release. Read more

In the early trade, rupee loses 5 paise to touch 82.29/ $

Published on: 1:07 pm

  • Despite considerable volatility in early trade on Friday, the rupee lost some of its early gains and fell 5 paise to 82.29 versus the US dollar. The local unit struck 82.12 at the interbank foreign exchange, up 12 paise from its previous closing, after starting the day at 82.26 versus the dollar. The rupee also reached 82.29 versus the dollar during the first round of trading.
  • The rupee's value versus the dollar on Thursday had been 82.24. IFA Global Research Academy stated in a research note that the "Dollar rose quickly on the CPI release but experienced a dramatic reversal on short covering in majors," noting the US headline. The CPI for September came in higher than anticipated at 8.2% YoY (0.4% moy), compared to 8.1% YoY (0.2 % month-on-month).
  • The dollar index, which measures the strength of the dollar against a basket of six different currencies, decreased by 0.08 % to 112.27. The benchmark for world oil, Brent crude futures, decreased 0.13 % to USD 94.45 a barrel. Read more

PNC Infratech achieves financial closure from NHAI for two SPVs

Published on: 12:49 pm

  • PNC Infratech Limited has announced that two (2) Hybrid Annuity Mode (HAM) Projects namely Kanpur-Lucknow Expressway packages I & II, the respective SPVs viz. Kanpur Lucknow Expressway Private Limited & Awadh Expressway private Limited, wholly owned subsidiaries of the Company have received communication from National Highways Authority of India on October 13, 2022 confirming the achievement of Financial Closure for the said projects.
  • As per the filing, the project details are:
  • Kanpur Lucknow Expressway Private Limited - [Six lane upgradable to Eight lane of Kanpur Lucknow Expressway including spur from Km 10.980 to Km 28.500 in the state of Uttar Pradesh under Bharatmala Pariyojana on Hybrid Annuity mode (Package-1)] Read more

PSP Projects emerges as lowest bidder for Gujarat project worth Rs345.30 crore

Published on: 11:56 am

  • PSP Projects Ltd stock gains on Friday market trading session after the intimation received by the company of emerging as Lowest (L1) Bidder.
  • In a regulatory filing, the company said, "Our company has emerged as Lowest Bidder (L1 Bidder) for a Government Project for development of World class Sustainable Tourist/Pilgrimage destination in Gujarat."
  • Further, the bid value of the contract is worth Rs345.30 crore (excluding GST). Read More

Unichem Laboratories bags USFDA approval for generic version of Dilantin; stock zooms ~2%

Published on: 11:30 am

  • Unichem Laboratories Limited announced that it has received ANDA approval from the United States Food and Drug Administration (USFDA) for its Extended Phenytoin Sodium Capsules USP, 100 mg to market a generic version of Viatris Specialty LLC's Dilantin (Phenytoin Sodium) Capsules, 100 mg.
  • Extended Phenytoin Sodium Capsules are used to treat tonic-clonic (grand mal) and psychomotor (temporal lobe) seizures, as well as to prevent and treat seizures that develop during or after neurosurgery. Unichem's Ghaziabad Plant will commercialise the product.
  • Unichem Laboratories is a speciality pharmaceutical company that operates on a global scale. It makes and sells a wide range of pharmaceutical formulations in a variety of markets across the world, both as branded generics and generics. Read more

HDFC Life Insurance gets IRDAI approval to merge Exide Life; stock gains ~1%

Published on: 11:15 am

  • The Insurance Regulatory and Development Authority of India (IRDAI) has given final clearance to HDFC Life Insurance Company Limited (HDFC Life) to merge Exide Life with the company.
  • HDFC Life purchased a 100% stake in Exide Life Insurance Company from its parent company Exide Industries in January this year for Rs6,687 crore in order to expand its footprint in the south Indian market.
  • The Insurance Regulatory and Development Authority of India (IRDAI) has given its final clearance to the scheme of merger and transfer of life insurance business, according to a regulatory filing by HDFC Life on Thursday. Read more

Tatas may exit the UK Steel business due to lack of government support

Published on: 11:05 am

  • According to news reports, Liz Truss' British government is unlikely to provide a £1.5 billion subsidy package for the anticipated switch to green energy, hence Tata Sons is considering exiting Tata Steel's UK operations.
  • According to Tata Sons, in order to keep the factory running over the following several years, it will be necessary to replace the carbon-intensive blast furnaces with electric arc furnaces.
  • According to one of the reports, Tata Sons doesn't see much use in waiting interminably for assistance from the UK government, which is "sitting on the fence" and many departure options are being considered.
  • The Tata Group, which has a sizable corporate presence in the UK and has been for several years, has been outspoken about the need for government support in order to be successful. Read more

Apollo Micro's stock up by more than 8% today

Published on: 11:05 am

  • After the company's board approved the issuance of warrants to promoters and non-promoter group members on a preferential basis on Friday, shares of Apollo Micro Systems jumped 10% to Rs 237.75 on the BSE. The price of the defense company's shares has increased for three days in a row and has increased 34% overall during that time. Since April 2018, it had been quoting at its highest level.
  • On Thursday after market close, Apollo Micro Systems said that its board had approved the issuance of up to 10.10 million warrants, each of which might be converted into one equity share within 18 months. According to the company's exchange filing, it would issue warrants for a total of up to Rs185.13 crore at a price of Rs183.30 per warrant. Read more

Anand Rathi Wealth logs 37% y-o-y growth in Q2FY23 PAT; stock hits record high

Published on: 10:59 am

  • Anand Rathi Wealth Limited reported a consolidated net profit of Rs43 crore for Q2FY23, a 41% increase over the same period last year, while total revenue increased 33% to Rs138 crore. The consolidated net profit for Q2FY23 is 8% higher than Rs40 crore for April - June 2022 (Q1FY23), while total revenue is 3% higher than Rs134 crore for Q1FY23.
  • The company recorded a consolidated net profit of Rs83 crore for H1FY23, up 37% against the previous corresponding half-year. While total sales increased 34% to Rs272 crore over the same period.
  • The company also informed that the Board of Directors has declared an Interim Dividend of Rs5 per equity share of the face value of Rs5 each of the company (100%). Read more

H G Infra receives provisional certificate for the road project in Rajasthan

Published on: 10:56 am

  • H.G. Infra Engineering Limited (‘HGINFRA’) has received the provisional certificate for the road  project.
  • The provisional certificate dated October 12, 2022 has been issued by the authority engineer for the length of 84.975 Km(Increased project length due to change of scope) and the project has been provisionally declared fit for entry into operation on April 04, 2022.
  • The project is "Development and upgradation of Bhawi-Pipar-Khimsar Highway (SH-86C) Length 83.225 Km in the state of Rajasthan on Engineering Procurement and Construction basis (EPC). Read More

FrontRow lays off another 130 employees

Published on: 10:53 am

  • A day after edtech behemoth Byju's announced plans to lay off 5% of its 50,000-strong workforce in order to achieve profitability through rationalization, another edtech firm, FrontRow, has followed suit.
  • As businesses in the online education sector reevaluate cost structures, FrontRow, which focuses on non-academic learning, has laid off 130 employees (nearly 75% of its personnel), in marketing, sales, engineering, and product. Read more

Zoomcar to list at Nasdaq through SPAC route

Published on: 10:46 am

  • Zoomcar Inc., an Indian car-sharing platform, and Innovative International Acquisition Corp. have agreed to merge in order for Zoomcar to become publicly listed at Nasdaq, through Special Purpose Acquisition Company (SPAC) route. A SPAC is a company that is created solely for the purpose of raising money through an IPO. The SPAC has no commercial operations of its own. The listed SPAC then uses the money raised for acquiring another company. The acquired company then automatically gets listed because it becomes part of the listed SPAC.
  • With Zoomcar, customers can rent private vehicles by the hour, day, week, or month from owners who have made their vehicles available on the site. The business has operations in more than 50 cities in India, Indonesia, Vietnam, and Egypt. Its headquarters are in Bangalore. Read More

Anand Rathi Wealth's stock trading near 52-week high

Published on: 10:43 am

  • After the firm announced a robust 41% YoY rise in consolidated net profit at Rs 43 crore, on the back of good revenue growth, shares of Anand Rathi Wealth touched a 52-week high of Rs 732.45 and the stock climbed 8% on the BSE in Friday's intra-day session. At Rs138 crore during the quarter, total revenue climbed 33% YoY.
  • The non-bank wealth solutions company's shares increased beyond the Rs 712 high it had reached on April 19, 2022. On December 14, 2021, the firm debuted on the public market. By selling shares in an initial public offering (IPO) for Rs550 each, it raised money. When compared to the 1.8% increase in the S&P BSE Sensex at 10:05 AM, the stock traded 6% higher at Rs 721.
  • Assets under management (AUM) at Anand Rathi Wealth increased significantly by 16% YoY to Rs35,842 crore. The interim dividend has been announced by the board at 100%, or Rs5 per share. Read more

Prices of Fuel on October 14

Published on: 10:35 am

  • According to the most recent price notice sent out by fuel merchants, the price of gasoline and diesel remained stable on October 14 across metro areas. Delhi's prices for gasoline and diesel per litre are Rs96.72 and Rs89.62, respectively. Diesel costs Rs94.27 and gasoline costs Rs106.31 a liter in Mumbai. In Chennai and Kolkata, the prices for gasoline and diesel, respectively, are Rs102.63 and Rs94.24 and Rs106.03, and Rs92.76.
  • Early Friday morning Asian trade saw a decline in global crude prices as US gasoline and crude stocks rose and Saudi Arabia and the US government remained at odds over OPEC+'s intentions to reduce output. By 00:34 GMT, Brent oil futures had decreased by 15 cents, or 0.2%, to $94.42 per barrel, while US West Texas Intermediate (WTI) crude futures had declined by 21 cents, or 0.2%, to $88.90 per barrel. Read More

Deadline extended for approval of resolution plans of Srei Equipment Finance, Srei Infrastructure Fi

Published on: 10:30 am

  • The deadline for approving resolution proposals for two Srei Group troubled infrastructure financiers has been extended by a month to November 15. This is in response to demands from Prudent ARC, Edelweiss Alternative Asset Advisors, and AM Mining India, which is supported by ArcelorMittal, sources informed ET.
  • Administrator Rajnish Sharma had set a deadline of October 15 for accepting resolution options after lenders reopened the selling process of Srei Equipment Finance and Srei Infrastructure Finance.
  • The three prospective bidders whom each submitted separate expressions of interest requested additional time to complete their due diligence. Read more

NMDC fixes Oct 28 as record date for demerger; Stock gains 2%

Published on: 10:25 am

  • NMDC Limited has informed to the stock exchanges regardingdate of demerger of steel business.
  • he Board of Directors of NMDC Ltd at their meeting held on October 13, 2022 fixed the Record Date as Friday the 28th day of October 2022 for the purpose of identification of shareholders of the Demerged Company to whom the shares of the Resulting Company would be required to be issued and allotted by the Resulting Company pursuant to the Scheme.
  • At around 10:29 AM, NMDC Ltd is currently trading at Rs131.65 per share up by Rs2.75 or 2.13% from its previous closing of Rs128.90 per share on the BSE. Read more

Vikas Lifecare acquires 51% stake in Shashi Beriwal & Company

Published on: 10:24 am

  • Vikas Lifecare Limited has acquired a 51% stake in M/s Shashi Beriwal & Company Pvt Ltd for Rs11 crore in cash. Vikas Lifecare has been working hard to establish a strong foothold in the Consumer Products Business Segment, with a particular emphasis on Agro Products and FMCG.
  • This latest purchase will support the company's attempts to create and consolidate its own retail brand.
  • During the last 18 months, the company began and acquired multiple facilities to process a selected range of Agro Products, including Premium Agro Products such as Cashew Nuts, Almonds, and Premium Rice, and then moved on to begin processing selected spices to the offer palette, including Cloves and Black Pepper. Read more

Pondy Oxides and Chemicals to set up aluminum recycling facility in Tamil Nadu

Published on: 10:15 am

  • Pondy Oxides and Chemicals Limited has informed that the company intends to set up an Aluminum Recycling / Melting Facility at its existing premises located in Sriperumbudur, Tamil Nadu as part of the Expansion Strategy for 2022 at an estimated total investment on plant and machinery and pollution equipment's of Rs5.00 crore.
  • "With a view to enhance the portfolio of other non-ferrous metals apart from Lead and Copper, the company has recognized an opportunity to recycle Aluminum", the company said.
  • It further added, that in this regard the Company has obtained Consent for Establishment from Tamil Nadu Pollution Control Board to manufacture Aluminum and Aluminum Alloys (Ingots/pellets/molten) - 14,750 MT/annum. Read more

Coal India to build 1,190 MW solar power plant in Bikaner

Published on: 10:10 am

  • A 1,190 MW solar power facility will be built by Coal India Ltd (CIL) in Rajasthan's Bikaner district.
  • In order to do this, CIL and Rajasthan Chief Minister Ashok Gehlot in Jaipur signed a Memorandum of Understanding (MoU) for Rs5,400 crore with the Rajasthan Vidyut Utpadan Nigam Ltd (RUVNL).
  • Union Minister for Coal Joshi remarked during the event that there are enough coal reserves in the nation and that states will have access to enough coal as needed. Read more

Infosys' stock rises after Q2 results and share buyback announcement

Published on: 10:05 am

  • In Friday's intraday trading on the BSE, Infosys shares increased 5% to Rs1,487.70 after the IT giant reported a better-than-expected 11% year-over-year (YoY) rise in consolidated net profit at Rs6,021 crore for the September quarter and announced a repurchase of shares worth Rs9,300 crore.
  • "Revenues for Infosys' Q2-FY23 results were in line with expectations, while margins (up 140bps QoQ to 21.5%) surprised pleasantly due to decreased subcontracting expenses and helped the company outperform projections. The magnitude of the repurchase is in line with what we anticipated, although the maximum price is a little more than expected "In a post-result note, Jefferies' Akshat Agarwal and Ankur Pant were quoted. They keep the stock with a "buy" rating and a target price of Rs1,700 per share. Read more

Power Mech, RITES-JV receive LoA for project worth Rs499.41 crore

Published on: 10:04 am

  • Power Mech Projects Limited informed that it received a Letter of Award (LOA) worth Rs499.41 crore from Bangalore Metro Rail Corporation Limited (BMRCL).
  • The company has received this order to construct a Depot cum workshop at Challaghatta in the Reach-2 Extension of the Bangalore Metro Rail Project, Phase-2.
  • The company informed that this project is received by RITES- PMPL JV, a Joint Venture of RITES Limited and Power Mech Projects Limited. In the said JV, Power Mech has a 49% share, and RITES has a 51% stake. Read more

Roto Pumps receives order of Rs3.90 crores; Stock rallies near 3%

Published on: 9:47 am

  • Roto Pumps Ltd stocks rally in the marker as the company receives major purchase order.
  • As per the official release, the company has received a major Purchase Order for Twin Screw Pumps amounting to Rs3.90 crore from a leading Oil Company for its new lube oil blending plant.
  • The supply of the said order is to be completed in tranches by the second quarter of the next financial year, the company said. Read more

Infosys announces Rs9,300 crore buyback plan; stock rallies ~4%

Published on: 9:41 am

  • Infosys Limited informed that in its meeting held on October 10, 2022, the board of directors of the company approved the buyback proposal.
  • he company has approved the buyback of its own fully paid-up equity shares of the face value of Rs5 each from the equity shareholders of the company. The buyback is equal to 14.84% and 13.31% of its total paid-up capital and free reserves as on September 30, 2022.
  • At around 9.43 AM, Infosys was trading at Rs1,473.45 per piece, up by 3.78% from its previous closing of Rs1,419.75 on the BSE. Read more

Markets rally! Sensex tops 1000 pts, Nifty 50 around 17,300; IT, Financials outperforms

Published on: 9:39 am

  • Investors recovered some losses of the past few days on Friday as benchmarks Sensex and Nifty topped 58,000 and 17,300 mark. A broad-based buying was witnessed across sectoral indices. IT and Banking recouped some losses and were among top gainers with financial stocks also contributing major gains. Major Q2 earnings will sway markets outlook for today.
  • For today, another volatile day is expected as the benchmarks witness mixed bouts of buying/ selling from local and foreign investors.
  • At around 9:39 AM, Sensex was trading at 58,239.16 higher by 1003.83 points or 1.75%. The benchmark has touched an intraday high and low of 58,322.47 and 58,162.74 respectively. Read more

Simple Energy postpones delivery of its first e-scooter due to battery related regulatory changes

Published on: 9:33 am

  • Simple Energy is a manufacturer of electric two-wheelers. The company has delayed the shipment of its first e-scooter until the first quarter of 2023, attributing the additional delay to the recently released regulatory standards on battery safety.
  • On August 15 of last year, the startup introduced Simple One. The company has its headquarters in Bengaluru.
  • The corporation initially stated in January of this year that it would start the supplies in June, but those dates were then changed to September. Read more

Infosys logs 11% y-o-y jump in Q2FY23 PAT at Rs6,021 crore; revenue up by 23%

Published on: 9:28 am

  • Infosys Limited announced results for the quarter and half year ended September 30, 2022.
  • The company reported a consolidated net profit of Rs6,021 crore, up by 11.10% against Rs5,421 crore in the previous corresponding quarter.
  • Company’s revenue from operations jumped 23.40% yoy at Rs36,538 crore in Q2FY23, as compared to Rs29,602 crore in the previous corresponding quarter.
  • Sequentially, revenue witnessed a growth of 6% while net profits jumped 12.3% over the previous quarter. Read More

India's demand for oil grew y-o-y by 334,000 barrels per day in September

Published on: 9:28 am

  • According to an S&P Global analysis, India's oil demand increased by 334,000 b/d in September over the same period last year, driven by the consumption of diesel and gasoline.
  • However, demand didn't change from month to month.
  • The data states that the daily use of diesel and gasoline increased by 179,000 and 65,000 barrels/ day (b/d), respectively.
  • LPG, kerosene/jet fuel, fuel oil, and small goods were among the other products that saw development. However, naphtha decreased by 21,000 b/d. Read More

Sitharaman asks for efficient tax reporting system for crypto assets

Published on: 9:27 am

  • Nirmala Sitharaman, the finance minister, urged on Thursday for an efficient tax reporting system and information sharing across countries for crypto assets to prevent offshore tax avoidance. Sitharaman spoke up on a variety of crucial topics, including infrastructure, investments, and international taxes, during the G20 Finance Ministers and Central Bank Governors being held here in conjunction with the annual meetings of the IMF and the World Bank.
  • She emphasized the need to use private sector engagement to scale up investments in sustainable and digital infrastructure. She also discussed the need for subnational financial mobilization for inclusive and high-quality infrastructure. Discussions about the advancements achieved on the worldwide taxation agenda this year took place at the last session of the present G20 meeting. Read more
 

Office space continues to be to the preferred real estate asset class of international real investor

Published on: 9:24 am

  • According to a Colliers survey, the Indian office market continues to be a preferred asset class for international investors, who spent $3.6 billion on real estate in the first nine months of the year, a rise of 18%.
  • Office space made up 50% of all PE investment in real estate, followed by the retail sector, which saw some significant purchases.
  • With a 21% stake, Delhi-NCR experienced the most inflows, followed by Mumbai and Bengaluru.
  • Abu Dhabi Investment Authority (ADIA) invested Rs1,740 crore in Mindspace REIT, Kotak Investment Advisors and ADIA invested Rs1,600 crore in Embassy REIT, and Actis invested Rs1,550 crore with Rx Propellant in some of the major acquisitions recently reported. Read more

Infosys declares interim dividend of Rs16.50; Stock zooms near4%

Published on: 9:19 am

  • The Board of Directors of Infosys Limited at its meeting held on Thursday has declared an interim dividend of Rs16.50/- per equity share.
  • The board also fixed October 28, 2022 as record date for interim dividend and November 10, 2022 as payout date.
  • The second-largest IT services provider in India reported a better-than-anticipated 11% increase in consolidated net profit for the September quarter at Rs6,021 crore and announced a share buyback worth Rs9,300 crore. Read more

NLC inks MoU with BHEL to establish coal gasification based plants; stock jumps ~2%

Published on: 9:19 am

  • NLC India Ltd., a Public Sector Undertaking under the Ministry of Coal, has signed an MoU with BHEL, a Public Sector Undertaking under the Ministry of Heavy Industries, to develop indigenous Lignite Gasification technology.
  • The MoU was signed in the presence of Hon'ble Minister of Coal, Mines and Parliamentary Affairs Pralhad Joshi, Hon'ble Minister of Heavy Industries Mahendra Nath Pandey, Member (NITI Aayog) V. K. Saraswat, Secretary (Coal) Anil Kumar Jain, Secretary (Heavy Industries) Arun Goel, Addl Secretary (Coal) Vinod Kumar Tiwari, Addl Secretary (Coal) M Nagaraju and other senior officials of the Ministries as well as concerned PSUs.
  • The agreement will allow NLCIL to develop indigenous technologies and investigate the viability of utilising lignite for power generation via gasification and the production of value-added chemicals. Read more

Bandhan Bank appoints Sourav Ganguly as its Brand Ambassador

Published on: 9:18 am

  • Bandhan Bank has announced that it has roped in Sourav Ganguly as its Brand Ambassador. Sourav Ganguly will help amplify the brand message of the Bank and endorse the products and services of the Bank.
  • The two brands share common values. Ganguly led the transformation of the Indian cricket team in the early 2000s, just like Bandhan led the transformation of not-so-privileged households in rural and semi-urban India. Both are iconic brands that have origins in Eastern India. Yet, over the years, they have established themselves well in much larger geographies and are no more regional icons.
  • "While Ganguly is a global icon, thanks to his cricketing achievements, first as a player, then as a captain, and now as an administrator, Bandhan Bank is a pan India bank that provides banking services to all, big or small, through its 5,644 banking outlets spread across 34 of the 36 states and union territories in the country", said company. Read more

National Housing Bank sanctions loan facility of Rs10 crore to Star Housing Finance; Stock soars 3%

Published on: 9:17 am

  • Star Housing Finance Limited has informed to the exchanges regardng sanction letter received from National Housing Bank.
  • As per the filing, National Housing Bank (NHB) on October 06, 2022 has sanctioned Loan Facility of Rs10,00,00,000/-(Rupees Ten Crore only) to Star Housing Finance Limited.
  • Further, the sanction letter is under the NHB additional Refinance Facility and it has been approved by the Board of Directors in their Meeting held on October 13, 2022, the company said in a filing on Thursday. Read more

INOX Leisure to acquire Luxe Cinemas, theatre business of Jazz Cinemas

Published on: 9:16 am

  • INOX Leisure Ltd on Thursday has executed an agreement with Jazz Cinemas for transfer of Luxe Cinemas, the theatre business of Jazz Cinemas, on a going concern basis, by means of a slump sale.
  • The Board of Directors of the Company and Jazz Cinemas Private Limited have approved the Agreement. Under this, the Company will not be acquiring any shareholding or control in Jazz Cinemas nor will the Company be issuing any shares to Jazz Cinemas, pursuant to the Agreement.
  • The parties to the Agreement are not related to the promoter, promoter group or group companies of the Company. Further, the Agreement would not fall within the ambit of related party transactions. There are no other disclosures related to the Agreement including in relation to appointment of any nominee director on the Board of INOX Leisure Limited or any potential conflict of interest arising out of the Agreement. Read more

HCL Tech, Purdue Global partner for higher education program; stock climbs ~2.5%

Published on: 9:15 am

  • HCLTech, a renowned global technology business, and Purdue Global have established a new partnership to give HCLTech employees educational opportunities. Employees and apprentices of HCLTech in the United States will be able to take courses at Purdue Global to improve their technical abilities.
  • By providing job training opportunities and an education pathway for non-degreed persons, HCLTech's current Apprenticeship Program opens new career options for ambitious tech professionals. Purdue Global has joined Southern New Hampshire University (SNHU) as a preferred academic partner of HCLTech.
  • As part of this new collaboration, HCLTech will cover apprentices' tuition expenses for undergraduate degree programmes at Purdue Global through the Purdue Global Advantage Tuition Grant (ATG), which provides 100% tuition-paid benefits on undergraduate degree programmes, including books and course materials and resource fees. Read more

In the early trade, gold price rises; silver's falls

Published on: 9:01 am

  • According to the GoodReturns website, the price of gold increased slightly in early trade on Friday, with 10 grams of the yellow metal (24-carat) dealing for Rs51,000, up Rs110 from yesterday's closing. On the other side, the cost of silver decreased by Rs1200, and a kilograms of the metal now costs Rs57,300. Following a little increase of Rs 100, the price of ten grams of 22-carat gold is now Rs46,750.
  • The price of 10 grams of 24- and 22-carat gold in Mumbai and Kolkata is, respectively, 51,000 and 46,750 rupees. 24- and 22-carat gold is now selling in Delhi for Rs51,150 and Rs46,900 per 10 gm, respectively. 24- and 22-carat gold is now retailing in Chennai for Rs51,930 and Rs47,600, respectively. Read more

Markets may go all green today

Published on: 8:47 am

  • Indian equity markets are likely to see a day in green today. US equity markets closed strongly in the green yesterday. Following the cues from US markets, Asian markets too have opened strongly in the green today. Consumer Price Inflation increased month-on-month by 0.4%, in September, in US. On a year-on-year basis, inflation stood at 8.2% in September.
  • US markets saw biggest intraday reversal in over 1 year, yesterday. Dow Jones swung over 1600 points, before closing higher by 830 points. Nasdaq saw 600 points movement, before closing higher by 235 points.US dollar saw weakness. This prompted shift to equities. Bond yield closed near 3.94%.
  • Asian markets have opened in green today. This opening in green has been propelled by the sharp rally overnight in US equity markets. The US dollar weakness seen yesterday is also acting as a positive cue. Japanese 'Nikkei' is trading higher by over 720 points in early trade.  ASX & New Zealand indices are also up smartly. Most indices are trading higher. Chinese stocks could also see ETF flows as reopening could see consumption led demand take off. Read more

Spicejet Flight makes emergency landing in Hyderabad after smoke detected in the cabin

Published on: 8:43 am

  • After smoke was discovered in the cabin, a SpiceJet flight had to make an emergency landing at the airport in Hyderabad.
  • According to officials, the Hyderabad-bound plane landed safely at the airport, and all of the passengers departed through an emergency exit.
  • The investigation into the incident that happened on Wednesday night has been started by the aviation authority DGCA. "Passengers exited safely using the emergency exit after the plane touched down. While exiting the plane, one passenger had minor foot scratches "DGCA staff member added. Read More

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