Latest News and Updates

17th Oct, 2022

Markets see a day in green

Published on: 3:55 pm

  • Indian equity markets started the day in red today. But they recovered soon and were in green for much of the day. Nifty 50 ended the day, up by 126.10 points. Sensex ended the day, up by 491.01 points. Top Gainers today were State Bank, Bajaj Finserv, Axis Bank. Top Losers today were Hindalco, L&T, JSW Steel. Read More 

Anup Engineering's revenue rises 8% yoy at Rs153 crore in Q2FY23

Published on: 3:16 pm

  • The Anup Engineering Limited (ANUP) has announced its un-audited financial results for the quarter ended & Half year ended Sep 30, 2022.
  • Revenue of Q2 at Rs101 crore with EBIDTA of Rs20.5 crore and PAT of Rs12.9 crore
  • Revenues at Rs153 crore up by 8% for H1 FY23 as compared to corresponding H1 FY22
  • EBITDA margin at 19.6% for H1 FY23
  • Order book continues to be strong at Rs536 crore. Also since October 1, till date company has booked further orders worth Rs37 crore. Read More

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Bank of Maharashtra's Q2 net profit surges to Rs 535 crore

Published on: 2:55 pm

  • The drop in bad loans enabled the state-owned Bank of Maharashtra (BoM) record a two-fold increase in net profit for the September 2022 quarter to Rs535 crore on Monday.
  • In the same quarter of the prior fiscal, the lender had generated a standalone profit after tax of Rs264 crore Read more

V-Mart Retail to acquire Limeroad; mulls additional investment of Rs150 crore

Published on: 2:49 pm

  • V-Mart Retail Limited, India's premier value apparel retailer, has inked a formal deal to purchase LimeRoad, a discovery marketplace intended for the value-seeking aspirational Indian. The Companies will harness obvious discovered synergies to bring rising fashion trends at an unbeatable value to Bharat's 5 crore digital-first shoppers (Online and offline).
  • LimeRoad provides its 1.7 crore valuable consumers with the latest unbranded designs and original content. Through an award-winning logistics network (Economic Times supply chain of the year award 2018), the backend offers optimised logistics costs.
  • Given the underlying strong post-marketing unit economics, V-Mart intends to invest a total of Rs150 crore to enable LimeRoad to expand and achieve long-term profitability. Read more

Gold prices rise

Published on: 2:35 pm

  • At 04:05 GMT, the spot price of gold increased 0.4% to $1,648.91 per ounce. During the previous week, the metal had its largest weekly decrease since July. A 0.4% increase brought U.S. gold futures to $1,655.30. While the benchmark 10-year Treasury yields in the United States dropped and moved away from the 14-year peak reached last week, the dollar index remained unchanged.
  • According to a study released by the University of Michigan on Friday, consumer confidence increased in October, and inflation forecasts actually declined slightly, maintaining the consensus for another 75-basis-point rate hike.
  • Unexpectedly, retail sales in the US were unchanged in September. James Bullard, president of the St. Louis Fed, stated on Friday that the most recent CPI data justifies continuing to "frontload" through higher rate hikes of three-quarters of a percentage point, but that this does not imply that rates must be hiked above the central bank's forecasts. Read more

Bajaj Auto's stock up by more than 1% today

Published on: 2:26 pm

  • In intraday trading on Monday, shares of Bajaj Auto moved 2% higher at Rs3,659 a share after the business reported stable performance in the September quarter (Q2FY23). The Nifty 50 index, in contrast, was down 0.43 % at 17,111 points at 9:34 AM.
  • Due to favorable currency fluctuations and growth in domestic two- and three-wheeler sales, total operating income in Q2FY23 increased by 27.5 % quarter over quarter and by 16 % year over year to reach Rs10,203 crore.
  • In the meantime, the company's net profit grew 20% YoY to Rs1,530 crore from Rs1,275 crore in the prior quarter. Ebitda margins also increased from 16 to 17 % from the previous year. However, compared to Q2FY22, the company's consolidated earnings decreased 15.6% YoY to Rs1,719 crore from Rs2,040 crore. Read more

NRB Bearings suffers minor fire accident at Thane plant

Published on: 2:20 pm

  • NRB Bearings Ltd has informed that a minor fire incident occurred at Company's Thane Plant at around midnight on Thursday, October 13, 2022.
  • As per the regulatory filing, all manufacturing operations at the Thane plant have been shut down since January 2022 and the workmen's dues settled. Hence company activities are not affected due to the incident.
  • The Company is in the process of ascertaining the actual loss caused by the fire. Fortunately, there has been no loss or injury to human life or other casualty due to the fire incident, it said in a filing. Read More

Markets recover from early losses to trade higher; Banking, Financial stocks outperform

Published on: 2:00 pm

  • Domestic benchmark indices recoverd some losses and trading in the green on Monday's market session led by financials, banking, power and auto stocks. Both the Sensex and Nifty benchmarks were marginally higher as now the focus shifts to banking stocks quarter updates after a decent set of Q2 numbers by IT majors.
  • Further, today, Electronics Mart India makes strong debut in the stock exchanges and listed at Rs90, a premium of nearly 52% as compared to its IPO issue price of Rs59.
  • On the sectoral front, except metals, media and realty stocks falling around 1% each, all other major indices are trading in the green. Read more

E Com Infotech announced introduction of ‘TrailBird UAV’ at Defence Expo 2022; stock zooms ~5%

Published on: 1:40 pm

  • Infotech Limited informed that it is thrilled to introduce the TrailBird UAV designed and manufactured by Accedere's subsidiary Freebird Aerospace India Pvt Ltd at the Defence Expo 2022 (#DefExpo2022). The expo is to be held between October 18 to October 22 at Gandhinagar, Gujrat.
  • TrailBird UAV is designed and manufactured in India. It is a vertical take-off and landing (VTOL) fixed-wing unmanned aircraft utilised for sophisticated multi-sensor intelligence, surveillance, and reconnaissance (ISR) capabilities with real-time imagery in both day and night.
  • It has a range of 85 kilometres and an endurance of 55 minutes. TrailBird's runway independence makes it perfect for multi-mission operations. TrailBird can be put up and operated in less than 15 minutes and does not require any launch or recovery equipment. Read more

Anupam Rasayan signs two contracts with leading European crop protection company

Published on: 1:03 pm

  • Anupam Rasayan India Limited has signed two contracts with a renowned European crop protection firm for the provision of two novel life science related specialty chemicals. The deal calls on the firm to deliver these items for the next three years. These goods will be manufactured at their current facilities.
  • These goods were conceptualised in 3 months, and it took less than 18 months for them to be commercialised. We were able to supply these items in such a short amount of time due to our customer's urgent request. This displays the company’s commitment to the customer as well as our outstanding R&D skills, said company in its press release.
  • These contracts are consistent with the company’s aim of expanding wallet share and strengthening relationships with current clients. Having these additions, the total number of molecules with this MNC now stands at 6. Read more

Snowman Logistics gains 2% after launching 5PL services in India

Published on: 12:43 pm

  • Snowman Logistics Limited has announced the launch of Fifth-Party Logistics or 5PL services in India, becomes the first company to introduce this service in the cold chain logistics and supply chain management sector in India.
  • The need for 5PL services has grown incrementally in the last couple of years due to the development of e-commerce businesses, the rise in international trade activities, and the increased complexities in supply chain. The post-pandemic rise in the ready-to-eat and ready-tocook food categories is also a major reason for the boost in the 5PL service segment in this
  • Leveraging this growth, Snowman Logistics now provides distribution and consolidation services, including sourcing on behalf of its customers, in addition to the existing bouquet of 3PL services of transportation and warehousing. In this model, we operate as an integral part of the client’s organisation, develop suppliers, negotiate pricing on behalf of customers, audit manufacturing plants, share production/requirement planning, buy stocks from them, consolidate in warehouse, and sell to the clients. Read more

Zydus Lifesciences bags tentative USFDA approval for Valbenazine Capsules and Roflumilast Tablets

Published on: 12:00 pm

  • The United States Food and Drug Administration (USFDA) has tentatively approved Zydus Lifesciences Limited's subsidiary Zydus Worldwide DMCC to commercialise Valbenazine Capsules USP 40 mg, 60 mg, and 80 mg. It also received tentative approval to market Roflumilast Tablets USP, 250 mcg.
  • Valbenazine Capsules are used to treat individuals who have tardive dyskinesia (uncontrollable movements of the face, tongue, or other body parts). Roflumilast Tablets are used to lower the risk of Chronic Obstructive Pulmonary Disease (COPD) exacerbations in patients with severe COPD, chronic bronchitis, and a history of exacerbations.
  • Both medicines would be produced at the group's formulation manufacturing plant in Ahmedabad Special Economic Zone, India. Read more

Cupid bags Rs8.19 crore purchase order from UNFPA; Stock slips ~2%

Published on: 11:30 am

  • Cupid Limited informed to the exchanges that the company has received a purchase order from United Nations Population Fund (UNFPA).
  • As per the filing, the  contract is for supply of Male Condoms and Water Based Lubricant worth Rs8.19 crore (Approx.).
  • In a regulatory filing, "We are excited to receive this valuable repeat order", said Omprakash Garg, CMD, Cupid Limited. Read more

Royal Orchid Hotels unveils Regenta Central Candolim in Goa

Published on: 11:26 am

  • Royal Orchid & Regenta Hotels, India's largest business and leisure hospitality brand, is increasing its presence in Goa, the country's most popular tourist destination.
  • The Royal Orchid Hotel has opened its fifth location in Goa, the Regenta Central Imperial Candolim. The resort opens for business on October 15, 2022.
  • The Royal Orchid Beach Resort & Spa Utorda Beach, Regenta Central North Goa, Arpora, Regenta Place Mandrem Beach Resort, Pernem, and Regenta Inn Palacio De Goa, Panaji are the Group's existing properties in the state. Read more

Market forecast - What to expect this week?

Published on: 11:02 am

  • Indian equity markets are likely to see another choppy week. There will be volatility. Days in green will be followed by ones in red, and vice-versa. With regard to economic news, any respite is unlikely this week. Inflation will remain a concern. Slowing down of India's industrial production is indicating to the economic slowdown that is imminent in the coming months. Markets will also be swayed by the September quarter results of companies. Many companies will be announcing their September quarter results this week.
  • Globally, Bank of England, is intervening in the bond market to prevent bond prices from falling further and yields from rising more. Home mortgage rates in USA continue to rise. Annual interest rate on 30 year mortgage has now risen to 6.8%. Increase in mortgae rate increases the risk of crash in the housing market there. IMF has cut down its global GDP forecast for 2023, to 2.7%. Global  sale of personal computers came down y-o-y by 19.5% in September, according to data from marketing research firm, Gartner.  Read more

Jupiter Wagons emerges successful resolution applicant for Stone India

Published on: 10:53 am

  • The board of directors of Jupiter Wagons Limited ("JWL") at its meeting held on October 15, 2022 has taken on record the letter of intent received in the matter of Stone India Limited by the Resolution Professional with respect to the "Declaration of the Successful Resolution Applicant and Intimation of Approval of the Plan & Issue of the Letter of Intent" ("LoI")".
  • As per the voting results, the resolution plan submitted by JWL has been approved by the COC unanimously. Hence JWL has been identified as the 'Successful Resolution Applicant', the company said in a filing. Read more

Easy Trip Planners logs Rs350 crore revenue in Travel Utsav Festive Sale; extends till October 23

Published on: 10:41 am

  • Following the extraordinary achievement of registering a sale of more than Rs350 crore, (Easy Trip Planners), one of India's major online travel tech platforms, extends its spectacular holiday season sale for another week to provide maximum benefit to its clients ahead of Diwali.
  • From October 17, 2022, to October 23, 2022, the company brings back its Travel Utsav Sale with enticing discounts. During the sale, one fortunate winner will have the opportunity to win a sedan Tata Tiago Car from Gamezy.
  • EaseMyTrip has revealed the deals, which include discounts of up to 14% and 10% off domestic and international flights, respectively. Discounts of up to 25% are available on domestic hotels, while discounts of up to 15% are available on buses. Flat 14% cashback on cab reservations up to Rs2000 and flat 20% cashback on train bookings up to Rs100 are also available. Read more

DRC Systems India to acquire 23.34% stake in Nextenders India; Stock gains 3%

Published on: 10:24 am

  • The Board of Directors of DRC Systems India Limited at its meeting held on October 14, 2022 has considered and approved to acquire 23.34% stake in Nextenders (India) Private Limited ("Nextenders"). Post acquisition, Nextenders would become an Associate Company, the company said.
  • Accordingly, Nextenders is engaged in the business of Electronic Procurement Software Systems, Solutions & Related Services. Nextenders has strong presence in India, Africa, Philippines and Mauritius in public sector. Read more

Dilip Buildcon gets Rs702 crore LoA for Surat metro rail project phase 1; Stock soars 3%

Published on: 10:13 am

  • Dilip Buildcon Limited has received letter of acceptance (LOA) from the Gujarat Metro Rail Corporation (GMRC) Limited for "Surat Metro Rail Project Phase-I (Pkg-CS-6)" in the state of Gujrat, order worth Rs702.02 crore.
  • As per the filing, the LOA is for "Construction of 8.702 kms elevated viaduct and 7 nos. stations (Excl. E&M, Architectural Finishing and Roofing) from Majura Cate (Ch. 9090 m) to Saroli Dead End (Ch. 17791.851 m) under conidor-2 in connection with Surat Metlo Rail Project Phase - I (Pkg-CS-6)."
  • Further, the estimated completion period is 26 months, the company said in a filing. Read More

GTPL Hathway’s revenue jumps 10% y-o-y at Rs662 crore in Q2FY23; stock zooms ~2%

Published on: 9:59 am

  • GTPL Hathway Limited announced its results for the quarter and half year ended September 30, 2022.
  • The company reported total revenue of Rs662 crore in Q2FY23, up by 10% yoy against Rs599.20 crore in Q2FY22. For H1FY23, the company recorded growth of 10% yoy at Rs1,307.40 crore, as compared to Rs1,183.50 crore in H1FY22.
  • The company reported EBITDA of Rs138.30 crore in Q2FY23, as compared to Rs144.30 crore in the previous corresponding quarter, registering a marginal decline. Read more

Price of fuel on October 17

Published on: 9:47 am

  • According to the most recent price notification sent out by fuel merchants, the cost of gasoline and diesel was constant in all major cities on October 17. In Delhi, a liter of gasoline costs Rs96.72 and a liter of diesel costs Rs89.62. In Mumbai, the price of diesel is Rs94.27 and that of gasoline is Rs106.31 a liter. Diesel and gasoline are priced at Rs102.63 and Rs94.24 in Chennai and Rs106.03 and Rs92.76 in Kolkata, respectively.
  • According to early industry statistics, India's gasoline sales increased in the first half of October due to an all-around increase in transportation fuel demand as the festival season began to take up. In the first half of October, sales of gasoline and diesel increased month over month and by 22 to 26% annually. When compared to consumption of 1.05 million tonnes during the same period last year, gasoline sales during the first 15 days of October increased by 22.7% to 1.28 million tonnes. Read more

Bodal Chemicals completes modernisation of Rajpura Unit in Punjab

Published on: 9:44 am

  • Bodal Chemicals Limited has announced that the company has successfully completed the technology upgradation of Rajpura Unit in Punjab.
  • Commenting on the Modernization, Ankit Patel, Executive Director said, “This technology upgradation is a notable achievement for the company as we will be able to serve incremental demand for Caustic Soda and reduce overall energy cost.
  • Demand for this chemical has been healthy over the last few years, especially in Home Care, Textile, & Paper industries and very few players were able to serve those industries that are based out in North India. Read more

Markets trade lower amid weak global cues; Metal stocks under pressure

Published on: 9:39 am

  • Indian markets nosedived on Monday amid weak global trends. Benchmarks Sensex and Nifty 50 tracked mixed global cues that showcased a cautious appetite for equities as traders focused shifted to quarter earnings. Except for IT and banking, all other sectoral indices were trading lower back at home. Metal, realty stocks weighed the most. Corporate results continue to play a vital role in markets sentiments.
  • At around 9:37 AM, Sensex was trading at 57,811.68 lower by 108.29 points or 0.19%. Nifty 50 performed at 17,152.90 below 32.80 points or 0.19%.
  • On NSE, the Auto, Metals, Pharma and  Financial index were under selling pressure however, IT, Banking index traded on a muted level but  in the green. Read More

TVS Motors completes acquisition of 48.27% stake in DriveX; stock under pressure

Published on: 9:37 am

  • TVS Motor Company Limited informed that it had completed the acquisition of a 48.27% stake in Nkars Mobility Millennial Solutions Private Limited [DriveX].
  • The company stated that the said transaction has been completed on October 15, 2022, and thereby Narain Karthikeyan’s DriveX has become an Associate of the company.
  • The company said in its filing on August 24, 2022, "This DriveX funding aims to enable creative solutions to spearhead transformation journey."
  • The company has agreed to acquire the 48.27% stake in the startup for Rs85.40 crore. The company earlier said that the transaction is expected to be completed by November 30, 2022. Read more

Top companies lost around Rs 78,163 crore in market capitalization, last week

Published on: 9:25 am

  • Six of the ten most valuable domestic companies had their total market values decline by Rs 78,163 crore last week, with Reliance Industries suffering the greatest loss. The 30-share BSE Sensex dropped 271.32 points, or 0.46 %, last week.
  • TCS, HDFC Bank, Infosys, and HDFC emerged as the winners, while Reliance Industries, Bharti Airtel, ICICI Bank, HUL, Bajaj Finance, and SBI suffered a decline in their worth. The aggregate profit of the four businesses, at Rs 30,467.03 crore, was lower than the combined loss of the six businesses. Read more

Jagatjit Industries gets Environmental Clearance for ethanol distillery

Published on: 9:19 am

  • Jagatjit Industries Limited has received Environmental Clearance from the Impact Assessment Division of Ministry of Environment, Forest and Climate Change, Government of India on October 14, 2022.
  • As per the filing, the clearance certificate is provided under the provisions of the EIA Notification, 2006, for setting up 200 KLPD Grain based Ethanol Distillery Plant along with 6.0 MW Co-generation power plant (Biomass based) at the Company's unit situated at Jagatjit Nagar, Village Hamira, Distt. Kapurthala, Punjab for production of Ethanol from Grain, the company said. Read more

Max Life Insurance agrees to pay Rs3 crore penalty imposed by IRDAI

Published on: 9:19 am

  • Max Financial Services stated that recently in transactions involving Axis Bank and the company with respect to the transfer of shares of Max Life, a material subsidiary of MFSL, the Insurance Regulatory and Development Authority of India (ÍRDAI) vide an order issued to Max Life imposed a penalty of Rs3 crore.
  • IRDAI alleges non-compliance with certain terms of its approval granted.
  • Max Life has opted to pay the IRDAI penalty despite its confidence that it did not conduct any violation in order to prepare the path for the future, including strengthening its long cooperation with Axis Bank and avoiding unnecessary and lengthy judicial escalation. Read more

TARC launches residential project in New Delhi 'TARC Tripundra'

Published on: 9:18 am

  • TARC Ltd has launched its luxury residential project, TARC Tripundra. Nestled amidst the scenic and posh environs of Pushpanjali Farms on the main Bijwasan Road in New Delhi.
  • Conveniently located within easy driving distance of commercial and social hubs across Delhi-NCR and located at an equidistant from Delhi and Gurugram, TARC Tripundra enjoys seamless connectivity to the Indira Gandhi International Airport and Aerocity.
  • The premium project offers 3 and 4-BHK homes priced INR 4.5 crore onwards. The gated township stands out for its enormous Delhi green view, 7D security, indoor heated pool, terrace area with an open air theatre, star-view facility, and a meditation deck among other facilities.
  • Amar Sarin, CEO & Managing Director – TARC Ltd said, “TARC Tripundra has been launched keeping in mind the aspirations of homebuyers to live within the Capital without worrying about the city’s hustle and bustle. Read more

Airtel launches "Always On" IoT Connectivity solution

Published on: 9:17 am

  • Bharti Airtel has announced the launch of the “Always On” IoT connectivity solution in India at the Indian Mobile Congress. The solution comprises dual profile M2M eSim which allows an IOT device to always stay connected to a mobile network from different Mobile Network Operators (MNOs) in the eSIM.
  • The Airtel ‘Always On’ solution complies with the Automotive Research Association of India (ARAI)’s AIS-140 standard implemented by the Ministry of Road Transport and Highways (MoRTH). It lays down mandatory requirements related to connectivity and GPS tracking capabilities for devices in all passenger-carrying buses, private fleets and other public transport vehicles for tracking, safety and security purposes.
  • As per law, all registered buses and taxis have to mandatorily install this device. The Government of India recently made it mandatory for vehicles carrying hazardous goods also to have a tracker installed that complies with AIS-140 standards. Read More

FPIs net sellers of Rs 7,500 crore of equities in first two weeks of October

Published on: 9:17 am

  • Due to worries that monetary policy tightening by the US Federal Reserve and other central banks across the world will stifle global economic development, foreign investors withdrew almost Rs 7,500 crore from the Indian equities markets in the first two weeks of October.
  • The information shows that from October 3 to 14, FPIs withdrew Rs7,458 crore from stocks. The US Fed's hawkish posture and the steep devaluation of the rupee caused an outflow of more than Rs7,600 crore in September, which led to this. Read More

Coal India inks pact with RVUNL for 1190 MW solar power project

Published on: 9:16 am

  • Coal India Limited (CIL) has signed a memorandum of understanding (MoU), for setting up 1,190 MW solar power project, with Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL), the power generator of Rajasthan state.
  • Aimed at an estimated cost of approximately Rs8,000 crore, CIL’s solar power project is slated to come up in RVUNL’s 2,000 MW solar power park at Bikaner, in a phased manner, in the state of Rajasthan.
  • The solar park is approved under Ministry of New and Renewable Energy’s scheme of Ultra Mega Renewable Energy Power Parks. Read More

Biocon Biologics out-licenses two biosimilar assets to Yoshindo

Published on: 9:15 am

  • Biocon Biologics Ltd., a Biocon Ltd. subsidiary, said today that it has entered into a strategic out-licensing agreement with Japanese pharmaceuticals business Yoshindo Inc. for the commercialization of two of its pipeline biosimilar assets, bUstekinumab and bDenosumab, in the Japanese market.
  • According to the terms of the agreement, Yoshindo will have exclusive marketing rights in Japan for Biocon Biologics' bUstekinumab and bDenosumab, for a USD 700 million# addressable market potential. Biocon Biologics will be paid an upfront licensing fee as well as future payments if specific development milestones are met over the following few years. The financial specifics of the arrangement are kept private.
  • Ustekinumab, a biosimilar of Stelara, is a monoclonal antibody that is used to treat psoriasis, Crohn's disease, ulcerative colitis, plaque psoriasis, and psoriatic arthritis. Denosumab, a biosimilar to Prolia, is a monoclonal antibody used to treat osteoporosis. Read more

Govt may extend PLI to other industries

Published on: 9:12 am

  • With a view to boosting local production and creating jobs, the government is reportedly exploring plans to expand the Rs 35,000 crore PLI program to several industries, including leather, bicycles, certain vaccine ingredients, and some telecom items.
  • For toys, certain chemicals, and shipping containers, PLI (production-linked incentive) advantages are also being taken into consideration. Discussions on the plans have begun. As a result of requests from businesses and several departments, interministerial discussions are currently taking place to expand PLI benefits to all of these diverse industries. Read more

Fuel demand grows 22%-26% in the first fortnight of October

Published on: 8:57 am

  • According to preliminary industry figures, India had record-high gasoline sales in the first half of October as demand for transportation fuel increased across the board as the festival season began to heat up.
  • In the first half of October, sales of gasoline and diesel increased month over month and by 22 to 26% annually. When compared to consumption of 1.05 million tonnes during the same period last year, gasoline sales during the first 15 days of October increased by 22.7% to 1.28 million tonnes.
  • Sales were 31% greater than the first half of October 2020, which was plagued by COVID, and 33.4% higher than October 1–15, 2019, before the epidemic. Demand was 1.3% greater than in September 2022's first half. Read More

Banking industry a tool for good governance and improved service delivery, says PM

Published on: 8:53 am

  • Prime Minister Narendra Modi stated on Sunday that the banking industry has evolved into a tool for good governance and improved service delivery in India, highlighting the country's advancements in these areas.
  • On Sunday, Prime Minister Narendra Modi donated 75 Digital Banking Units (DBUs) to the country in an effort to encourage financial inclusion. Nirmala Sitharaman, the Union Finance Minister, and Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), also participated in virtual form at the inauguration event. Read more

Indian equity markets likely to be in selling pressure today

Published on: 8:51 am

  • Indian equity markets are likely to be under selling pressure today. Other Asian markets have opened in red. US markets closed in red on Friday. Government has once again increased special addition excise duty or windfall tax on domestically produced crude oil, diesel and aviation turbine fuel. Stocks such as ONGC, Reliance Industries etc may therefore come under selling pressure today. Stocks of airline comapanies are also likely to see a day in red today. Stocks of ACC, Can Fin Homes etc may also see movement today. These companies will annouce their September quarter results today.
  • US markets saw weakness creep in the next day after a big rally on the previous day, Thursday. Bond yields hit 4%. US dollar index gained 1% to 113.3. Oil prices fell over 4% as demand destruction in Europe saw prices fall.
  • Asian markets have opened in the red today after the huge rally on Friday.  US markets flattered to deceive with the Nasdaq falling over 2.5% on Friday. The Japanese "Yen' is trading near 148 per dollar. This is resulting in intervention by BOJ. Most other Asian markets are trading lower. Read more

ReNew Power to invest Rs 30,000 crore in the next 2 years

Published on: 8:50 am

  • According to ReNew Power Chairman Sumant Sinha, the green energy business would invest Rs 30,000 crore over the next two years to increase its solar and wind energy capacity. "We are now working on projects totaling 5,000 megawatts (MW). Various auctions that we have won, PPAs (power purchase agreements), "According to Sinha, the company's founder and CEO, PTI.
  • According to him, the corporation intends to invest around Rs 30,000 crore in expanding solar and wind energy facilities over the next two years. One of the biggest renewable energy independent power producers (IPPs) worldwide is ReNew Power, a division of ReNew Energy Global Plc. Read More

Titan to launch women's handbag brand, IRTH

Published on: 8:19 am

  • Titan Company will introduce IRTH, its newest line of women's handbags, at an event in Mumbai on Monday with the goal of doing business in the cheap premium market for around Rs1000 crore over the following five years.
  • The managing director of Titan, CK Venkataraman, stated to ET that his company was investigating the possibilities because it saw tremendous potential in the women's bag market. He claimed that the brand reflected his business' awareness of female consumers and their changing needs. "We are pleased to introduce a brand that is focused on both design and use."
  • The company will offer 92 styles and colours options for its eight bags, including totes, satchels, shoulder bags, purses, slings, delights, clutches, and wallets. The many IRTH bag styles will satisfy all of a woman's needs and come with a nine-month warranty against manufacturing flaws. According to Titan CEO (Fragrance & Fashion Accessories) Manish Gupta, who told ET, they are priced between Rs2595 and Rs5995 to fit any budget. Read More

RBI’s financial inclusion efforts to receive a boost from DBUs

Published on: 8:16 am

  • According to Governor Shaktikanta Das on Sunday, the Reserve Bank of India (RBI) is focused on promoting technology and innovation in the banking industry to help bring financial services to the general public.
  • The creation of DBUs (Digital Banking Units) is a step to further improve the nation's digital infrastructure, according to Governor Das, who spoke during the opening of 75 DBUs to commemorate the country's 75th year of independence. Enabling seamless banking transactions, will operate as a facilitator in the digital ecosystem and enhance the client experience.
  • In her budget statement, Finance Minister Nirmala Sitharaman announced the opening of these outlets. Read More

PAT of RIIL goes down y-o-y by 11.4% in September quarter

Published on: 8:14 am

  • On the back of unchanged revenue, Reliance Industrial Infrastructure Ltd (RIIL) announced an 11.4% decline in net profit for the second quarter on Saturday.
  • According to a statement from the company, net earnings for the period of July through September were down 11.4% to Rs2.26 crore from Rs2.55 crore during the same period last year.
  • However, the profit was 61% greater than the Rs1.40 crore net profit in the April-June quarter before.
  • At Rs21.2 crore, revenue was practically flat. Read More

Bank of Maharashtra lowers interest rates on home loans, personal loans

Published on: 8:12 am

  • State-owned Bank of Maharashtra has reduced its home loan interest rates by 30 to 70 basis points as of Monday, going against the growing interest rate trend. The bank decreased the cost of personal loans by 245 basis points.
  • The bank claimed that by lowering the cost of retail loans, it hopes to boost client morale during the holiday season.
  • Bank home loans are now available at a minimum annual rate of 8%, while personal loan rates have decreased from 11.35% to 8.9%.
  • Prior to now, consumers with credit scores higher than 800 could get a home loan at the lowest possible rate of 8.30%. Borrowers with credit scores of 700 or above paid 8.7%. Read more

NMDC-NMDC Steel demerger's record date for issuance of new shares is October 28th

Published on: 8:08 am

  • The industrial minerals firm set the record date for evaluating the eligibility of company shareholders who will be eligible for the issuing of the equity shares of the resulting company as October 28 on Thursday after the government approved the demerger of NMDC Steel from NMDC.
  • "This is supplementary to our letter dated 11.10.2022, regarding the Ministry of Corporate Affairs'  (MCA) acceptance of the Scheme. In order to identify the shareholders of the Demerged Company to whom the shares of the resulting company would need to be issued and allocated by the resulting company in accordance with the Scheme, the Board of Directors of the Company fixed the record date as Friday, the 28th day of October 2022, at their meeting held on October 13, 2022, according to the filing with the exchange. Read more

Top Indian companies target net-zero carbon emissions by 2050

Published on: 8:04 am

  • Top Indian corporations are increasing their sustainability quotient through investments in bettering operational sustainability through increased efficiency and responsible procurement of materials to upgrading disclosures, but much more work is required to fulfil the net-zero targets set for the country.
  • Many Indian corporate houses have internalized decarbonization goals to achieve carbon neutrality by 2050 or earlier.
  • These companies include, among others, Mahindra & Mahindra, Aditya Birla Group, JSW Group, Adani Transmission, Vedanta, and Dalmia Cement. The most valuable corporation in India by market capitalization, Reliance Industries, has set a goal of being net zero by 2035.
  • Additionally, businesses have established internal carbon pricing, which is used as a reference for all business decisions. For instance, Mahindra & Mahindra set the carbon price at $10, while Vedanta put it at $1,125 per tonne of CO2 emissions (Rs824). Read More

India looks to diversify its sources of crude oil purchase

Published on: 8:02 am

  • In order to protect itself from any unexpected output reductions by the Organization of the Petroleum Exporting Countries and its allies, India said that it will accelerate the diversification of its oil imports.
  • In response to an OPEC+ decision last week to reduce output by 2 million barrels per day, India's oil minister Hardeep Singh Puri stated on Friday, "This will harm huge importers like India, who spent over $120 billion last year on the import of petroleum goods."
  • India, the third-largest consumer and importer of oil in the world, procures roughly 85% of its requirements from abroad, and as its economy expands, so will the country's energy requirements. Read More

ICICI Prudential Life Insurance's PAT down y-o-y by 55% in September quarter

Published on: 8:00 am

  • While its new business premium experienced a 7% increase, ICICI Prudential Life Insurance Company reported a 55% decline in net profit for the September quarter.
  • Compared to the same period last year, the net profit was Rs199.5 crore as opposed to Rs445 crore. For the quarter, the new business premium increased by 7.3% to Rs4253 crore from Rs3963 crore.
  • For Q2 of FY2023, the annualized premium equivalent (APE) increased by 32% sequentially.
  • The new business premium increased by 13.9% year over year to Rs7359 crore in the first half. Read more

Government hikes windfall tax on diesel and domestic crude oil

Published on: 7:59 am

  • On Saturday, the government increased the windfall profit tax on diesel exports to Rs12 per litre and from Rs0 to Rs3.50 per litre for aviation turbine fuel.
  • In accordance with the escalating global oil prices, the government has increased the tax on domestically produced crude oil by Rs3,000 per tonne to Rs11,000 per tonne.
  • According to a statement from the finance ministry, at the seventh fortnightly review, the government increased the windfall profit tax on diesel exports from Rs6.5 per litre to Rs12 per litre and reinstated the charge on ATF (Aviation Turbine Fuel) exports at Rs3.50 per litre from nil.
  • The revised adjustments will take effect on October 16th. Read More

Global crude oil news

Published on: 7:57 am

  • Oil prices increased in light trading during the early Asian hours of Monday as investors awaited data from China to determine demand in the world's largest crude oil importer.
  • Following a 6.4% decline the previous week, Brent crude futures increased 85 cents, or 0.9%, to $92.48 per barrel. After falling 7.6% last week, U.S. West Texas Intermediate crude was up 73 cents, or 0.9%, at $86.34 per barrel.
  • According to news reports, Oil gained support from a number of factors, including Chinese President Xi Jinping's remarks at the Party Congress, which reaffirmed supportive measures for the economy and were seen as a positive indicator for the outlook for demand. Read more

Rs 25 lakh crore worth of benefits distributed through PM Jan Dhan Yojana bank accounts, says Minist

Published on: 7:55 am

  • Union Minister of Tourism G Kishan Reddy emphasized the significant accomplishment of the government in terms of digitization and eradicating corruption in public schemes by stating that approximately Rs25 lakh crore has so far been distributed to numerous beneficiaries through Pradhan Mantri Jan-Dhan Yojana bank accounts.
  • Reddy stated that half of the 50 crore Jan Dhan accounts belong to women after Prime Minister Narendra Modi inaugurated and dedicated 75 digital banking units to the nation. He was speaking in Hyderabad's Jangaon.
  • "You are all aware that there was debate as to whether the Jan Dhan accounts were necessary for our nation when they were first introduced. We have given needy people Rs25 lakh crore in social initiatives today via Jan Dhan accounts. It's an accomplishment, "added he.  Read more

Aviom India Housing Finance to raise $30 million through stake sale

Published on: 7:53 am

  • The New Delhi-based lender Aviom India Housing Finance, which specializes in financing modest homes, is in the process of selling shares to raise $30 million.
  • According to Kajal Ilmi, founder and dual managing director of Aviom, who talked to ET, the company has loan assets worth Rs990 crore and is in talks with a domestic private equity firm and a global pension fund for new capital infusion. The company is Japan's Gojo-backed.
  • With a $30 million investment, the new investor would receive a 30% ownership in the six-year-old lender, giving it a value of about Rs800 crore.
  • According to Ilmi, the money would be used for future lending as the company plans to increase its loan assets to Rs1,300 crore by March 2023 and Rs2,500 crore by March 2024. Read more

Top 10 stocks for today-17th October 2022

Published on: 7:45 am

  • The Singapore Exchange's Nifty futures is trading 135.5 points, or 0.79%, lower at 17,077.5, indicating that stock markets would have a bad start to the week. The following 10 stocks may show price movement in today's market. To check more hot stocks, click at:
  • HDFC Bank:
  • The largest private lender reported an increase in its consolidated net profit after tax of 22.30% to Rs11,125.21 crore for the September quarter.
  • Electronics Mart India:
  • On Monday, the retailer of electronics' shares will list on the stock exchange for the first time. In order to generate Rs500 crore through its inaugural stake sale, the company sold its shares between October 4 and 7 for Rs59 per share. Read More

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