Latest News and Updates

18th Oct, 2022

Transformers & Rectifiers stock rallies over 3% on Rs145 crore order win

Published on: 3:15 pm

  • Transformers and Rectifiers (India) Limited stock rallies over 3% after it has received 2 (Two) orders of Transformers for total contract value of amounting to Rs145 crore from well-known Indian Companies.
  • In a regulatory filing, the company said, "The said orders fall under the normal course of business. The Company neither has any interest in these entities that awarded the orders nor fall within related party transactions."
  • With this order, the Company’s Order book as on date stands at Rs1,521 crore. Read More

Greaves Electric Mobility services 1 lakh e-scooters in six months; stock rises

Published on: 3:01 pm

  • Greaves Electric Mobility Private Limited (GEMPL), a wholly owned subsidiary of Greaves Cotton Limited, has reached the 100,000 electric two-wheeler service milestone in the previous six months (April-September 2022).
  • This accomplishment demonstrates the company's steadfast commitment to satisfying the rapidly expanding demand for Electric Vehicles (EVs) while also improving its customers' last-mile mobility experience. This achievement is also in line with GEMPL's aim to convert its clients to a sustainable electric transportation environment while providing best-in-class service, said the company on Tuesday.
  • GEMPL's dedicated aftersales staff is putting the company's objective of democratising smart and sustainable mobility solutions into action by continually setting new customer service milestones. Read More

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Exxaro Tiles commences commercial production of Big Slab Glazed Vitrified Tiles

Published on: 2:42 pm

  • Exxaro Tiles Limited has established a production unit within its existing factory in Talod to produce value enhanced big format GVT tiles.
  • The plant's installed capacity is about 11.00 million sq. mtrs per year, up from 9.6 MSMS earlier.
  • The total cost of establishing this vast slab manufacturing line at its current Talod Plant is estimated to be roughly Rs30 crore, funded entirely by internal company funds. At full capacity, this expansion is estimated to create an extra income of about Rs250 crore, and commercial production is set to begin on October 18, 2022. Read more

STL becomes world's first optical manufacturer to be 'Zero Liquid Discharge' certified

Published on: 2:23 pm

  • STL on Tuesday has announced that 100% of its Indian manufacturing facilities are now Zero Liquid Discharge (ZLD) certified by Deutsch Quality Systems (DQS India). This is a great milestone for STL in its UN SDG goal of attaining ‘Water Positivity by 2030’.
  • For STL, water management is a top priority in its materiality matrix. This has led STL to develop water-resilient communities through rainwater harvesting, technology intervention to optimise water demand and adherence to stringent Zero Liquid Discharge (ZLD) protocols.
  • AT STL, the water management process is carried out through Effluent Treatment (ETP) and Multi-effective Evaporator (MEE) plants. The ZLD process involves an in-depth understanding of the liquid waste profiles and in-plant modifications to minimise water usage. The wastewater is chemically treated to remove chlorine and solid particles. Read more

Markets bullish with Nifty around 17,500; Auto, banking, power stocks drive

Published on: 2:00 pm

  • Domestic benchmark indices in a super rally in the late afternoon session today led by banking, auto, power and realty stocks. Both the Sensex and Nifty benchmarks were inching higher as the shares jumped to three-week highs in the early trade amid festive season environment in the country.
  • Further, four major companies get market resulators SEBI's approval tofloat their IPO. The companies are BIBA Fashions, Keystone Realtors, Plaza Wires and Hemani Industries..
  • On the sectoral front, auto, power and IT index climbed more than 1% each to drive the market sentiments.
  • At around 2:00 PM, Sensex was trading at 58,977.38 higher by 566.4 points or 0.97%. Nifty 50 traded at 17,485.25 higher 173.45 points or 1%. Read more

63 Moons Technologies' arm Ticker incorporates new wholly-owned subsidiary

Published on: 1:52 pm

  • 63 Moons Technologies Limited has informed that its subsidiary company Ticker Limited (‘Ticker’) has incorporated a wholly owned subsidiary namely “THREE O VERSE GLOBAL IT SERVICES L.L.C” in Dubai, UAE and consequently it has become a step down subsidiary of the Company effective October 14, 2022.
  • Ticker Limited has incorporated THREE O VERSE GLOBAL IT SERVICES L.L.C. as its wholly owned subsidiary with the objective of business development for its Web 3.0 Ecosystem Technology Solutions, the company said in a filing on Monday. Read more

USFDA issues 4 observations to Alembic Pharma’s Panelav facility; stock dips ~2%

Published on: 1:51 pm

  • Alembic Pharmaceuticals Limited informed that the United States Food and Drug Administration (USFDA) inspected the company’s Oncology Injectable Formulation Facility in Panelav between October 4 to October 14, 2022.
  • USFDA issued a Form 483 with 4 procedural observations.
  • "Management feels that none of the findings are connected to data integrity and that they can be addressed by the company," said the company in its exchange filing. Read more

Krishnamurthy Suryanarayan assumes charge as new CFO of Parag Milk Foods

Published on: 1:39 pm

  • Parag Milk Foods Limited notified that Krishnamurthy Suryanarayan has been appointed as the Chief Financial Officer.
  • Suryanarayan has over 25 years of leadership expertise in finance diligence as a creative strategic planner. He worked with prestigious companies such as CEAT Limited, Godrej Consumers Products, and RPG Life Science, to mention a few. He was the Vice President of Finance at CEAT Ltd, where he was in charge of increasing productivity and profitability.
  • He was a member of Godrej Consumer Products' Leadership team and was in charge of their Africa business. Read more

In the early trade, rupee gains 22 paisa to touch 82.08/ $

Published on: 1:37 pm

  • As domestic equities rose and the dollar index fell throughout the previous night, the rupee strengthened 22 paise to 82.08 against the US dollar in early trade on Tuesday. The local unit gained more ground to reach 82.08 at the interbank foreign exchange, up 22 paise from its previous closing, after starting the day at 82.21 against the dollar.
  • In relation to the US dollar, the rupee lost 11 paise on Monday, ending the day at 82.30. The dollar index, which measures how strong the dollar is relative to a basket of six different currencies, increased by 0.10 % to 112.15. Read more

CESC allots NCDs worth Rs200 crore on private placement; Stock trades higher

Published on: 12:51 pm

  • CESC Limited has inform you that the Committee of the Board at its meeting held on Monday has approved the allotment of 2,000 unlisted, secured, redeemable, rated and non-convertible debentures having face value of Rs10 lakh each.
  • As per the filing, the allotted debt securities is aggregating to Rs200 crore, on a private placement basis, to Axis Bank Limited.
  • On Tuesday, at around 12:50 PM, CESC Ltd is currently trading at Rs78 per share up by Rs0.3 or 0.39% from its previous closing of Rs77.70 per share on the BSE. Read more

Aurionpro Solutions ropes in Sandeep Chiber as EVP – Sales

Published on: 12:31 pm

  • Aurionpro Solutions Limited informed that Sandeep Chiber, a veteran of the Banking & Financial Technology fraternity with over 25 years of experience in Sales, Marketing, Product, Strategy, Customer Service, and Operations, joined the company today.
  • Sandeep will be responsible for Aurionpro's banking division's sales and marketing strategy as Executive Vice President (EVP) For Sales.
  • Sandeep was previously the Managing Director - Sales (South Asia) at FIS Global, one of the world's top financial technology companies. He was in charge of the Banking & Payments business, which included driving sales and revenue development, new market and business expansion, GTM strategy, and execution for markets around the region. Prior to joining FIS, he was the head of operations in India for a major European bank. Read more

ACC Limited posts net loss of Rs91 crore in Q3; stock slips ~2%

Published on: 12:13 pm

  • ACC Limited posted a standalone net loss of Rs91 crore for the quarter ended September, compared to a net profit of Rs449 crore a year before, according to a statement.
  • ACC said in a stock exchange filing that net sales increased 7% yoy to Rs3,910 crore. EBITDA (profits before interest, tax, depreciation, and amortisation) was Rs16 crore compared to Rs712 crore the previous year, owing mostly to a sharp increase in fuel costs, it added.
  • EBITDA margin was 0.4%, much below analysts' forecasts of 6%. Read more

CAMS to further invest Rs5 crore in CAMS Financial Information Services

Published on: 12:11 pm

  • The Board of directors of Computer Age Management Services Limited has approved further investment to the extent of Rs5 crore in CAMS Financial Information Services Private Limited, the wholly owned subsidiary Company. The investment will be made in multiple tranches and fully paid-up equity shares 10 /- each will be allotted to the Company.
  • As per the filing, CAMS Financial Information Services Private Limited ("CAMSFinserv"), wholly owned subsidiary of the Company registered with Reserve Bank of India as NBFC- Account Aggregator.
  • The Account aggregator market is currently at a nascent stage, with about 90 FIUs having gone live across various FIU segments (Banks, NBFCs, Wealth management, Insurance, etc.) Read more

Ugar Sugar Works commences sugar crushing at Ugar Unit; Stock rises

Published on: 11:48 am

  • The Ugar Sugar Works Ltd has announced to the exchanges regarding start of crushing for the season 2022-2023.
  • In a regulatory filing, the company informed that the sugar crushing for the season 2022-23 at Ugar Unit has started from October 17, 2022. The same will pick up to its full capacity in due course, the company said.
  • At around 11:52 AM, Ugar Sugar Works Ltd is currently trading at Rs78.05 per share up by Rs0.55 or 0.71% from its previous closing of Rs77.50 per share on the BSE. Read more

Samvardhana Motherson's stock price down by more than 7% today

Published on: 11:41 am

  • Samvardhana Motherson International (SAMIL) stock fell 7% and touched a 52-week low of Rs64.40 after more than 100 million shares of the company were traded in block deals. The stock dropped below the Rs68.53 low it had previously reached on September 29, 2022.
  • According to exchange data, about 133.35 million shares, or 2.95 % of SAMIL's total equity, were traded on the BSE at 09:15. The purchasers' and sellers' names weren't immediately known. According to reports, the Japanese company Sojitz Corp intended to sell 1.9 percent of the company's stock in a block transaction. The block deal's floor price was Rs 64.36 per share.
  • Compared to the 1.2% increase in the S&P BSE Sensex at 10:19 AM, the stock traded 6% down at Rs65.20. On the NSE and BSE, 202 million shares were traded in total. Read more
 

Zee Entertainment's stock price up by more than 3%

Published on: 11:25 am

  • Zee Entertainment Enterprises (ZEE) shares have risen more than 3% in intraday trade on Tuesday after almost 53 million shares of the business were traded via block trades on the National Stock Exchange (NSE). A total of 52.93 million shares, or 5.51% of ZEE, were traded on the exchange for a total value of Rs1,396 crore at a price of Rs263.7 per share, according to data. However, it was not possible to determine the identity of the buyers and sellers right away.
  • The proposed merger of ZEE and Sony Pictures Networks (SPN) India had already received provisional permission from the Competition Commission of India (CCI) earlier this month. The merger was approved by the company's shareholders last week. ZEEL hit an intra-day low of Rs271.25 on the NSE at 9:28 AM and was trading 3.5% higher at Rs 272.85 at that time. The Nifty 50, in contrast, was up 0.96 percent at 17,477 points. Read more

Data Patterns' stock continues its bull run

Published on: 11:19 am

  • Shares of Data Patterns (India) rose 9% on the BSE during Tuesday's intra-day trade, supported by a positive outlook for the company's future. The stock then reached a new high of Rs1,400. On December 24, 2021, the company made its stock market debut.
  • The stock has soared 95% in the last three months, whereas the S&P BSE Sensex has only increased by 8%. The company's stock price has increased by 139% from its issue price of Rs585 per share on the BSE as a result of the recent rapid surge. Data Patterns is a vertically integrated provider of defense and aerospace electronics solutions for the domestic defense products market.
  • Because of the Atmanirbhar Bharat initiatives and changes made to the defense procurement process to allow for more "Make in India" defense equipment, Data Patterns is now concentrating on developing complete systems with in-house design to address the enormous market opportunities in the Indian Defense and Aerospace segment. Read more

Piramal Pharma's stock will get listed tomorrow

Published on: 10:50 am

  • The BSE has announced that Piramal Pharma Ltd, which recently split off from Piramal Enterprises Ltd (PEL), will list its shares on October 19. The stock exchange stated: "Trading Members of the Exchange are hereby advised that the Equity Shares of Piramal Pharma Limited shall be listed and admitted to trading on the Exchange in the list of T Group of Securities effective from Wednesday, October 19, 2022."
  • The notice also stated that the shares' fully paid face value would be listed at Rs10 per share. In an effort to streamline the organizational structure of the business, Piramal Pharma was separated from PEL in August. On August 12, the National Company Law Tribunal (NCLT) approved the demerger plan.
  • According to a statement released by the company, the demerger from PEL is intended to firmly empower Piramal Pharma to be future-ready and enable it to freely pursue its growth goals with more focus and identity. In addition to their current ownership in the parent company, Piramal Enterprises shareholders have been allocated four shares of Piramal Pharma for every one share of PEL as compensation for the demerger, the statement said. Read More

PVR logs net loss of Rs71 crore in Q2FY23; revenue up by 155.49% y-o-y

Published on: 10:49 am

  • PVR Limited announced its results for the quarter and half year ended September 30, 2022.
  • For Q2FY23, the company logged consolidated revenue of Rs703.10 crore, up by 155.49% yoy against Rs275.20 crore in the previous corresponding quarter. For H1FY23, the company logged revenue of Rs1,705.40 crore, up by 363.67% on a yoy basis against Rs367.80 crore in H1FY22.
  • The company reported an EBITDA of Rs170.10 crore in Q2FY23, as compared to Rs86.80 crore in the previous corresponding quarter, registering growth of 95.97% yoy. EBITDA for H1FY23 stood at Rs532.50 crore, against Rs29 crore in H1FY22, growing many folds. Read more

India to generate over 65% of its electricity using non-fossil fuels, says Power Minister

Published on: 10:43 am

  • According to RK Singh, minister of power and new and renewable energy, India would generate more than 65% of its electricity from non-fossil fuels by 2030. Speaking at a CII conference on green energy, he noted that although India is aiming for a 65% capacity for non-fossil fuel power generation, the nation will have more than that.
  • By 2030, India would have 90 GW of manufacturing capacity for solar equipment, up from 20 GW at the moment, he noted. Additionally, he stated that 40 GW of such facilities will be located in India as part of the Production-Linked Incentive Scheme-II, which is currently under development and will add 15-20 GW of solar equipment manufacturing capacity (PLI-II).
  • By 2030, he predicted, "we shall have 90GW plus solar manufacturing capacity right from the polysilicon to modules. We already have 20GW (solar manufacturing capacity), we know that 15-20 GW of solar manufacturing capacity is under construction, and you will further have 40 GW of solar manufacturing capacity (addition), which is going to come under Solar PLI-II." Read More

Q2FY23 Preview: Bajaj Finance: NII seen at Rs57.2 billion, PAT at Rs28.6 billion

Published on: 10:38 am

  • Result date: 20th October, 2022
  • Recommendation: Add
  • Target price: Rs7,900
  • In the September 2022 quarter, the Assets Under Management (AUM) of Bajaj Finance grew 7 sequentially and 31% over the year-ago quarter. New loan bookings were down 8.4% sequentially to 6.8 million. Consequently, the net interest income or NII is likely to grow at a robust 33% over the year-ago quarter and 9% sequentially. Read more

GlaxoSmithKline Pharma appoints Bhushan Akshikar as new MD; stock jumps ~2%

Published on: 10:26 am

  • GlaxoSmithKline Pharma informed that the Board of Directors of the company at its meeting held on October 17, 2022, has appointed Bhushan Akshikar as a Managing Director for a period of four years effective December 1, 2022.
  • He replaces Sridhar Venkatesh, who will take on a new senior post within the GSK Group on December 1, 2022.
  • Bhushan Akshikar is a seasoned business executive with over 26 years of experience in local and regional responsibilities in the pharmaceutical sector. Read more

The cost of fuel on October 18

Published on: 10:17 am

  • According to the most recent price notification sent out by fuel retailers, the cost of gasoline and diesel was unchanged in all major cities on October 18. Delhi charges Rs96.72 for gasoline and Rs89.62 for diesel per liter, respectively. Diesel costs Rs 94.27 per liter and gasoline costs Rs106.31 in Mumbai. In Chennai, the cost of gasoline and diesel per liter is Rs102.63 and Rs94.24; in Kolkata, it is Rs106.03 and Rs92.76. Read more

Ashiana Housing acquires additional 2.26 acres land in Mahindra World City at Chennai

Published on: 10:12 am

  • Ashiana Housing Limited stocks rally in the market on Tuesday after the announcement of about acquisition of  additional land in Chennai (Tamil Nadu).
  • As per the filing, the company has acquired a piece of additional land admeasuring 2.26 acres on perpetual basis from Mahindra Lifespaces within the township of Mahindra World City at Chennai (Tamilnadu).
  • Total acquisition of land alongwith the land as stated above, now stands at 17.90 acres. Read more

Suzlon Energy secures 48.3 MW order from Adani Green Energy; stock rallies ~5%

Published on: 10:10 am

  • Suzlon Energy, one of India's leading producers of renewable energy solutions, announced today a new order for the building of a 48.3 MW wind power project for Adani Green Energy Ltd.
  • Suzlon will deploy 23 wind turbine generators (WTGs) with 2.1 MW rated capacity and a Hybrid Lattice Tubular (HLT) tower. The project will be completed in 2023 and will be located in Mandvi, Kutch Gujarat. This is a repeat purchase from Adani Green Energy Ltd., and it adds to the current order of 226.8 MW announced on August 13th, 2021.
  • Girish Tanti, Executive Vice Chairman of Suzlon Group, commented on the order win, saying, "We are glad that Adani Green Energy has reinforced their faith in us for the extra order for their Wind Energy Project in Mandvi, Kutch, Gujarat. It is always an honour to collaborate with India's foremost IPP in their efforts to power our nation with green energy." Read More

MOSCHIP Tech joins TSMC Design Center Alliance

Published on: 10:08 am

  • MosChip Technologies, a Semiconductor and Embedded system design services company, has announced that the company has joined the Design Center Alliance (DCA) of TSMC Open Innovation Platform (OIP).
  • The TSMC DCA focuses on chip-implementation services and system-level design solutions to help lower design barriers for customers adopting TSMC technology
  • MosChip offers design solutions to customers from RTL design to Silicon and System bring-up. In addition, MosChip has niche design service expertise in the areas of Analog, Mixed-signal design, high-speed serial interfaces, such as SerDes, PLLs, and Data converters. MosChip founded 20+ years ago as the first fabless chip company in India and took many products to volume production. Read more

In the early trade, gold and silver prices rise

Published on: 9:55 am

  • According to the website GoodReturns, gold prices increased marginally on Monday morning, with 10 grams of the 24-karat yellow metal trading for Rs50,680 after a tiny gain of Rs10. After a gain of Rs5,200, the price of silver increased dramatically and is now trading at Rs60,500 per kilogram.
  • The price of ten grams of 22-carat gold has changed by Rs10, bringing it to Rs46,460. The price of 10 grams of 24- and 22-carat gold in Mumbai and Kolkata is, respectively, Rs50,680 and Rs46,460. Gold in Delhi is currently selling for Rs50,830 per 10 gm for 24-carat gold and Rs46,610 for 22-carat gold.
  • 24- and 22-carat gold is currently trading in Chennai for Rs51,170 and Rs46,910, respectively. Although worries from impending aggressive interest rate increases by the US Federal Reserve restrained gains in zero-yielding metal, gold prices were stable on Tuesday as the dollar fell. As of 01:18 GMT, spot gold was unchanged at $1,651.75 per ounce. At $1,658.30, US gold futures were down 0.3%. Read more
 

Rupee ended Monday, down 11 paise to 82.30/ $

Published on: 9:48 am

  • On Monday, the rupee lost 11 paise to settle at 82.30 (provisional) against the US dollar as continuing foreign capital outflows hurt the local currency. The rupee's decline was however restrained, according to traders, by a surge in domestic equities and a weakening of the dollar outside.
  • The local currency at the interbank foreign exchange market started off lower at 82.33 and eventually dropped to a low of 82.42. The unit eventually decreased 11 paise from its previous level to conclude at 82.30 against the dollar.
  • The local currency had reached a settlement value of 82.19 versus the US dollar in the previous session on Friday. The dollar index, which measures the strength of the dollar against a basket of six different currencies, decreased by 0.47 % to 112.78. Read more
 

JMC Projects raises Rs75 crore fund through NCDs

Published on: 9:47 am

  • The Management Committee of the Board of Directors of JMC Projects (India) Limited at its meeting held on October 17, 2022 has allotted 750 Repo Rate, Unsecured, Rated, Listed, Redeemable Non-Convertible Debentures of the face value of Rs.10,00,000/- (Rupees Ten Lakh Only) each.
  • As per the filing, the NCDs has been allotted for an aggregate nominal value of Rs75,00,00,000/- (Rupees Seventy Five Crore Only) divided in Series A Debentures (375 Nos.) and Series B Debentures (375 Nos.) on private placement basis. Read more

KSBs bid approved for sale of technology by Bharat Pumps and Compressors

Published on: 9:42 am

  • KSB Limited has bagged an approval for bid submitted under e-Auction for sale of technology - Intellectual Property Rights / Drawings of Bharat Pumps and Compressors Limited (BPCL), Naini, Prayagraj.
  • As per the filing, the Company is in process of accepting the said contract of sale of technology by BPCL, by paying the required security deposit.
  • The security deposit is to be paid within 7 days of approval of bid and the balance payment alongwith applicable taxes and duties to be paid within 21 days of approval of bid. On receipt of balance payment by BPCL, Delivery Order will be issued to the Company. Read more

Deposits in NRI accounts slow down to $1.43 billion in April-August period

Published on: 9:38 am

  • In April–August 2022, the amount of money going into non–resident Indian (NRI) deposits decreased from $2.44 billion in April–August 2021 to $1.43 billion. At the end of August 2022, outstanding NRI deposits were down from $141.52 billion to $134.68 billion. NRI deposits also decreased over time, from $139.02 billion in March 2022 to 135.39 million in July 2022, according to data from the Reserve Bank of India (RBI).
  • From $19.33 billion in August 2021 to $16.01 billion in August 2022, money going into Foreign Currency Non-Resident (FCNR) deposits decreased. In March 2022, FCNR-B deposits were $16.91 billion, while in July 2022, they were $15.87 billion. According to bankers, the Reserve Bank of India's loosening of the interest rate cap was responsible for the slight increase on a sequential basis over July 2022. This was done to encourage more money to be deposited by NRIs. Read more
  

Ajanta Pharma awarded 'India's Best Managed Companies' by Deloitte

Published on: 9:31 am

  • Ajanta Pharma, a specialty pharmaceutical formulation company, has been awarded as “Best Managed Companies” in India by Deloitte for 2022.
  • The selection process for the award had rigorous evaluation of management abilities for Strategy; Capabilities and Innovation; Governance and Financials; Culture and Commitment. It once again confirms Ajanta’s agile management, resilient strategy and superior performance.
  • Yogesh Agrawal, Managing Director, Ajanta Pharma received the award at the Best Managed Companies programme held on 14 October at Deloitte Knowledge Center in Mumbai. Read more

VAT on CNG and PNG cut by 10% in Gujarat

Published on: 9:26 am

  • The Gujarat government stated on Monday that the state will reduce the value-added tax (VAT) on CNG and PNG by 10% in response to rising prices.
  • Gujarat Minister Jitu Vaghani announced the tax reduction, which resulted in a reduction in both fuel costs of Rs5- Rs7 per kg.
  • Prices for compressed natural gas (CNG) would drop by Rs6 or Rs7, while those for piped natural gas (PNG) will drop by Rs5 to Rs6. The current price per kilogram in the western state is between Rs80 and Rs84. Read more

RPG Life Sciences revenue rises 20% yoy to Rs134.79 crore in Q2FY23; Stock surges 2%

Published on: 9:25 am

  • RPG Life Sciences Limited has announced its financial results for the second quarter and half year ended September 30, 2022.
  • RPG Life Sciences, engaged in the manufacturing and marketing of pharmaceutical products, posted a jump in PBT by 21% yoy and by 8% qoq for Q2 FY23, maintaining the upward trajectory in EBITDA margins, which improved from 22.5% to 23.0% Q-o-Q.
  • Revenue from operations at Rs 134.79 crores registered a growth of 20% yoy and a growth of 5% qoq for Q2 FY23. For H1 FY23 too, the company posted a jump in PBT by 25% yoy and recorded EBITDA margin expansion from 22.6% to 22.8% yoy.
  • Revenue from operations at Rs263.72 crore registered a growth of 19% yoy for H1 FY23. Read More

SJVN to invest Rs6,000 crore for development of 1000 MW solar power projects in Assam

Published on: 9:22 am

  • SJVN Limited informed that its wholly-owned subsidiary SJVN Green Energy Limited (SGEL) and Assam Power Distribution Company Limited (APDCL), signed a Memorandum of Understanding (MoU) at Guwahati today.
  • The MoU is signed to form a Joint Venture Company to build 1000 MW Floating Solar Power Projects in Assam.
  • SJVN plans to make an investment of Rs6,000 crore in the state to build the project. Read More

LIC pares 2.028% stake in Tata Chemicals

Published on: 9:22 am

  • Life Insurance Corporation of India Limited informed that it has diluted its shareholding from 1,80,65,664 to 1,28,99,051 equity shares of Tata Chemicals Limited.
  • LIC has decreased its shareholding from 7.091% to 5.063% of the paid-up capital of the company, decreasing its stake by 2.028%. The decrease is between the period November 17, 2020, to October 14, 2022.
  • The company has diluted the said stake via Open Market Transactions at an average cost of Rs1,215.86 per share.
  • Tata Chemicals is engaged in the manufacturing of inorganic chemistry products including Soda Ash and vacuum-evaporated iodized salt. It has a strong market cap of about Rs29,473 crore. Read more

Fintech firms plan to focus on DBUs

Published on: 9:20 am

  • As the government places a priority on promoting financial inclusion through digitization, fintech companies are looking into market prospects. Prime Minister Narendra Modi unveiled 75 Digital Banking Units (DBUs) on Sunday, stating that if Jan Dhan accounts had established the country's financial inclusion as a whole, fintech will serve as the cornerstone for a financial revolution.
  • DBUs are physical locations that offer services including opening an account, checking your balance, transferring money, investing in fixed deposits, applying for loans, applying for credit and debit cards, paying bills and taxes, etc.
  • The company is attempting to provide the groundwork for the DBU, according to Next Gen, a provider of financial solutions based in Delhi.
  • Shakitkanta Das, governor of the Reserve Bank of India, stated that the introduction of DBUs will further improve the nation's digital infrastructure. Read More

Karnataka Bank launches 'KBL Centenary Deposit Scheme'

Published on: 9:19 am

  • Karnataka Bank has launched a Term Deposit Scheme “KBL Centenary Deposit Scheme” with effect from October 17, 2022.
  • While launching this scheme, Mahabaleshwara M S, MD & CEO of the Bank said that “In order to mark the glorious journey towards Centenary and to reward its patrons, Bank has launched a unique term deposit scheme “KBL Centenary Deposit Scheme” with higher rate of interest.
  • This deposit will be for a period of 555 days with interest rate of 7.20 % p.a. For Senior Citizens the rate of interest will be 7.60 % p.a. It is a Golden opportunity to our customers to save and invest to realize better returns.” Read more

Aster DM partners with Al Hokair Holding Group to set up 250+ pharmacies; stock spurts ~3%

Published on: 9:18 am

  • With the Aster Pharmacy segment, Aster DM Healthcare, one of the major integrated healthcare providers in the GCC and India, is growing its footprint in the Kingdom of Saudi Arabia. Aster Drugstore, the UAE's top pharmacy chain, plans to open and run 250+ outlets over the next five years to give easy access to pharmaceutical and wellness items in the Nutrition, Baby Care, Skin Care, Home Healthcare, and other areas.
  • Both parties will work together to deliver Aster Pharmacy's in-house quality care goods to address the healthcare requirements of the local people in KSA through this joint venture agreement.
  • The collaboration intends to open and operate in Saudi Arabia's main streets, villages, and retail malls, beginning with Riyadh, the Kingdom's capital and largest city. As part of Phase 2, we want to establish pharmaceutical production in the Kingdom to fulfill the Saudi Vision 2030, said the company in its press release. Read more

Televisions, microwaves, and vacuum cleaners witness high demand in ongoing festival season

Published on: 9:18 am

  • According to a recent analysis by market research and intelligence firm GfK, demand for consumer electronics will be led by televisions, microwaves, vacuum cleaners, and washing machines this holiday season with customers favouring premium products.
  • The pandemic effect, according to the report, looks to be diminishing as consumer demand for high-end devices and household appliances has increased in 2022.
  • TVs (28%), microwaves (28%), vacuum cleaners (25%), and washing machines (25%), according to GfK, were the top four consumer durables that contributed the greatest volume to growth over the holiday season of 2021 relative to their annual sales. The tendency is probably going to continue this year as well, it stated. Read more

Tata Coffee stock surges over 1% post strong Q2FY23 earnings

Published on: 9:16 am

  • Tata Coffee Limited (TCL) has announced its Standalone and Consolidated results for Q2FY23 on Monday.
  • Highlights
  • Consolidated Total Income for Q2FY23 higher by 30%
  • Consolidated Profit/or Q2FY23 up 174%
  • Standalone Total Income for Q2FY23 up 37%
  • Standalone Profit before Exceptionals for Q2FY23 up 71% Read more

Wipro, Outokumpu enter strategic alliance to accelerate cloud transformation for applications

Published on: 9:15 am

  • Wipro Limited and Outokumpu have entered into a strategic partnership to accelerate Outokumpu's cloud application transition. This is another triumph for Wipro in Finland, as a result of the company's increased emphasis and investments in the Nordics and Finland.
  • The agreement will assist Outokumpu in achieving its aim of being an agile, data-driven, and sustainable company by delivering next-generation apps and developing a Microsoft Azure-powered platform for Outokumpu's corporate and factory applications.
  • Outokumpu will be able to adapt to changing business demands more quickly, while also improving productivity, dependability, and the cost-effectiveness of IT services. Furthermore, this on-demand platform will minimise power usage, reducing the carbon footprint connected with Outokumpu's IT infrastructure. Read more

RBI's gross sales of dollars at $ 23.11 billion in August

Published on: 9:15 am

  • In an effort to stop the rupee's decline against the US dollar in August, the Reserve Bank of India (RBI) sold $23.11 billion on a gross basis, according to statistics provided on October 17 by the central bank. This comes after a record-breaking July in which the RBI sold a whopping $38.77 billion, again on a gross basis, to defend the exchange rate during a month in which it first crossed the 80-per-dollar threshold.
  • According to data released today, the RBI sold $4.25 billion in August after selling $19.05 billion on a net basis in July. The Indian rupee declined by almost 1.2 % between July and August despite the RBI's frequent interventions in the foreign exchange market recently.
  • The Indian rupee has since fallen even more and to fresh record lows, closing at 82.3 to the dollar on October 17. The administration is under further pressure as a result, but Finance Minister Nirmala Sitharaman mounted a defense over the weekend, claiming that the US currency had strengthened rather than the rupee weakening. Read more

Markets likely to open in green today

Published on: 8:47 am

  • Indian equity markets are likely to start the day in green today. US markets ended strongly in green, yesterday. Asian markets have opened in green today. Dollar has weakened somewhat against other currencies. One of the members of RBI's Monetary Policy Committee has said that rate hikes should be stopped in order for the economy to recover. This may give some hope that RBI may slow down on interest rate hikes. 
  • US markets saw another superb day of comeback yesterday. Dow Jones rallied 670 points, intra-day, before closing higher by 550 points. Nasdaq gained 354 points as bulls came back with vengeance. US dollar index fell over 1.5% to 112.  Oil prices retreated.  Banks & financial services stocks outperformed. 
  •  Asian markets have opened in the green. Japanese 'Nikkei' is up by over 200 points in early trade. ASX index has gained over 1.5%. Most other Asian indices are trading higher. Weaker US$ is causing positive inflows , through ETF flows, into the markets. Read more

DGCA instructs SpiceJet to analyse engine oil samples after cabin smoke incident

Published on: 8:42 am

  • Days after one of its aircraft had smoke in the cabin, Indian aviation regulator DGCA instructed low-cost airline SpiceJet to analyse engine oil samples from its Q400 fleet to look for the presence of metal and carbon seal particles.
  • The airline has been instructed by DGCA to analyse engine oil samples from its Q400 aircraft to look for metal and carbon seal particles and to conduct an inspection of the bleed-off valve screen and housing to look for signs of oil dampness.
  • On October 12, a SpiceJet flight from Goa had to make an emergency landing at the airport in Hyderabad due to cabin smoke. The Q400 involved was one of the airline's fleets of 14 currently flying Q400s. Read more

Scrap worth Rs 2,582 crore sold by Indian railway in 6 months

Published on: 8:39 am

  • According to recent data, the Indian Railways experienced record-breaking scrap sales in the first half of the fiscal year 2022–23 (as of September 2022).
  • Scrap is sold by the Railways via online auction.
  • According to the data, 3,93,421 metric tonnes of iron scrap had already been auctioned off in 2022–2023. 3,60,732 metric tonnes were sold in the same six months of 2021–2022.
  • During the time period, Railways reported scrap sales revenue of Rs2,582 crore. In comparison to the Rs2,003 crore earned on this count during the same time of the prior fiscal, this is a sizable increase. Read more

Parle may acquire Polish biscuit brand, Dr. Gerard

Published on: 8:36 am

  • According to news reports, Parle Products, the largest biscuit manufacturer in India, is in discussions with private equity firm Bridgepoint about possibly purchasing dr Gerard, Poland's second-largest biscuit manufacturer.
  • The Polish biscuit producer, which formerly belonged to the French company Groupe Poult, was acquired by Bridgepoint, an investor with a focus on the EU middle market, in October 2013 for an unknown sum. The company is now valued at Rs1,000 crore to Rs1,200 crore, but one of the reports claimed it might be as much as $200 to $300 million (or Rs1,600 to Rs2,400 crore).
  • Bridgepoint hired Houlihan Lokey for the Dr. Gerard sale earlier this year, but the ongoing conflict in Ukraine and the instability of European geopolitics significantly dragged down the process. The reports claim there is still no assurance that Parle's negotiations will result in a sale. Read more

NARCL submits offer for SSA International

Published on: 8:33 am

  • The government-sponsored bad bank, National Asset Reconstruction Company Ltd. (NARCL), has offered to buy SSA International Ltd.'s debt from the lenders of the basmati rice exporting company.
  • This is the fourth business where a Swiss challenge auction is initiated as a result of a NARCL binding offer. Consolidated Construction Consortium Ltd., Mittal Corp., and Jaypee Infratech are the other three businesses.
  • NARCL has made an Rs31 crore offer under the 15:85 structure on an Rs530 crore main loan that is still unpaid. For lenders, this translates to a six paisa recovery on a rupee principal. Read more

SBI, Kotak Mahindra Bank, Federal Bank increase interest rates

Published on: 8:32 am

  • The most recent additions to the list of banks to increase repo-linked rates, as well as their marginal cost of funds-based lending rates (MCLRs), are SBI, Kotak Mahindra Bank, and Federal Bank.
  • Banks increased their repo-linked lending rates by a comparable amount when the Reserve Bank of India increased the repo rate by 50 basis points to 5.90% on September 30. They gradually increased lending rates that were based on the marginal cost of capital as well.
  • State Bank of India (SBI), the largest lender in the nation, increased the MCLR for the benchmark one-year tenor by 25 basis points to 7.95%, effective as of October 15, 2022. Read More

Kaustubh Kulkarni, new head of JP Morgan India

Published on: 8:20 am

  • To replace Madhav Kalyan, who would assume a larger role in the Asia Pacific area, JP Morgan India promoted Kaustubh Kulkarni to the position of chief of India operations, the bank stated in an internal memo of which ET has a copy.
  • Kalyan will lead the payments division of the US bank, and Kulkarni will serve as its new senior country officer for India.
  • Kalyan will prevail. Last month, Sridhar Kanthadai made the announcement that he had been named co-head of Global Payment Rails. The current CEO of India has around 30 years of expertise in the banking and financial services industries. As head of corporate banking for India, he joined the firm in 2009. Read More

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