Latest News and Updates

19th Oct, 2022

Markets see some profit booking in latter half

Published on: 3:43 pm

  • Indian equity markets saw a day in green today. In later half of the day, profit-booking also took place. Nifty 50 ended the day, up by 25.30 points. Sensex ended the day, up by 146.59 points. Top gainers today were Nestle India, ITC and HDFC. Top Losers today were JSW Steel, NTPC, and Bajaj Finserv.Read more

Prima Plastics expands production capacity at its subsidiary and JV

Published on: 2:43 pm

  • Prima Plastics Limited has increased its installed production capacity at its Subsidiary, Prima Union Plasticos S.A., Guatemala by additional 30%.
  • As per thefiling, the company further expanded 15% at its Joint Venture, Prima Dee-Lite Plastics SARL in Cameroon.
  • At around 2:38 AM, Prima Plastics Ltd is currently trading at Rs85.30 per share up by Rs0.1 or 0.12% from its previous closing of Rs85.20 per share on the BSE. Read more

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Markets in the green with Nifty above 17,500; Sensex jumps 100 pts

Published on: 2:00 pm

  • Domestic benchmark indices trading in the green today led by FMCG, Consumer Durable and Oil & Gas stocks. Both the Sensex and Nifty benchmarks were marginally higher amid festive season environment in the country.
  • Further, the development comes after oil prices settled lower on Tuesday on fears of higher US supply combined with an economic slowdown. Also, being the world's third biggest importer and consumer of oil, markets benefitted from a fall in crude prices as it brings down imported inflation.
  • On the sectoral front, metal, IT sectors were under selling pressure while FMCG and oil & gas stocks on a marginal upside graph to drive the market sentiments. Read more

CreditAccess Grameen raises US $35 million ESG-linked loan from US DFC

Published on: 1:47 pm

  • CreditAccess Grameen Limited, India's largest Non-Banking Financial Company-Micro Finance Institution (NBFC-MFI), signed a Loan Agreement with the United States International Development Finance Corporation (DFC), the United States Government's development finance institution, on October 17, 2022, in Bangalore, India.
  • CA Grameen will borrow a US$35 million ESG-linked loan for up to seven years under the External Commercial Borrowing (ECB) route under the terms of the agreement.
  • The direct loan from DFC to an NBFC-MFI is one of the first of its type in India. This demonstrates greater trust and commitment by international investors, financial institutions, and foreign governments to India's microfinance industry's long-term growth possibilities. Read more

HFCL reports revenue at Rs1,119 crore in Q2FY23; Stock rises

Published on: 1:11 pm

  • HFCL Limited has announced its un-audited financial results for the second quarter and half year ended September 30, 2022.
  • Key Highlights:
  • Revenue in Q2FY23 grew by 11.65% qoq and by 4.58% yoy
  • EBIDTA in Q2FY23 grew by 34.57% qoq and by 0.81% yoy
  • PAT margin increased to 7.18% in Q2 FY 23 compared to 5.05% in Q1 FY 23
  • Exports revenue in Q2FY23 grew by 4.41% qoq and by 88.66% yoy
  • Revenue from Products segment in Q2 FY 23 stands at 57% compared to 45% in Q2 FY22
  • Strong order book worth more than Rs5000 crore
  • For the half year ended September 30, 2022, the Company reported consolidated revenue of Rs2224 crore, EBIDTA of Rs304 crore, PBT of Rs185 crore and PAT of Rs137 crore. Read more

KP Energy bags 'Erection and Installation' order from ABREL Century

Published on: 1:04 pm

  • KP Energy Limited informed that ABREL Century Energy Limited awarded an order to provide Erection and Installation services for 5 Suzlon make wind operated electricity generators (also known as windmills or WTGs) of model 5120 with a rated capacity of 2100 kW (two-thousand-one-hundred-kilo-Watt) (with a hub height of 140 metres) at the Vinjalpar site in Gujarat.
  • AB REL Century Energy Limited is developing the facility, while KP Energy will offer services such as loading and unloading of WTG materials on site, inter-handling of WTG, and erection and installation of the WTGs.
  • KP Energy has begun its scope of work, and the project is expected to be finished in Q3FY23. Read More

India may consider price cap on Russian crude oil, says Reuters report

Published on: 12:54 pm

  • India has stated that it will consider the idea amid growing calls from the US and the EU to control the price of Russian oil, according to Reuters.
  • The West wants to set a price cap that will restrict Moscow's revenue from crude oil. This has President Vladimir Putin fuming.
  • India, which has profited from the cheap oil from Russia, has not yet made a choice. Read more

Renaissance Global, Netflix enter strategic alliance to offer series inspired branded fine jewellery

Published on: 12:13 pm

  • Renaissance Global Limited, a global leader in the branded jewellery market, announced a licensing agreement with Netflix.
  • According to the terms of this agreement, Renaissance and Netflix will work together to create an intriguing line of branded jewellery based on the popularity of some of Netflix's most well-known shows. This one-of-a-kind collection will be sold to customers in the United States and Canada.
  • The deal with Netflix complements Renaissance's objective to accelerate the expansion of its branded jewellery business, as well as the Management's vision to build a high-performing portfolio of internationally recognised licensed brands. Read more

Vodafone Idea to consider fund raising on Oct 21

Published on: 12:01 pm

  • A meeting of the Board of Directors of Vodafone Idea Limited is scheduled to be held on Friday, October 21, 2022.
  • According to the regulatory filing, the meeting is to be held to consider and evaluate a proposal for issuance of debenture securities convertible into equity shares on a preferential / private placement basis to a vendor, subject to regulatory and other statutory approvals as may be required, including approval of the shareholders of the Company.
  • At around 12:00 PM, Vodafone Idea was trading at Rs8.55 per share higher by 1.06% as against previous closing of Rs8.46 per share on the BSE. The scrip opened at Rs8.48 per share today on BSE. Read more

Harsha Engineers gives LoI to Clean Max Enviro for Hybrid power project in Gujarat

Published on: 11:44 am

  • Harsha Engineers International Limited informed that it has issued a Letter of Intent (LOI) dated October 18, 2022, to M/s Clean Max Enviro Energy Solutions Private Limited.
  • The LOI has been given to set up a Hybrid power project with a configuration of a Wind Turbine Generator of 2.7 MW (1WTG of 2.7 MW) along with a 0.675 MW AC/1.0125 MW DC solar power plant at Pipaliya, Gujarat.
  • Harsha Engineers is the largest manufacturer of precision bearing cages in the organised sector in India in terms of capacity and operations, as well as one of the world's leading manufacturers, with a market share of around 5% to 6%. Read more

Ishan Dyes and Chemicals to acquire industrial lease hold land at Rs23 crore

Published on: 11:37 am

  • Ishan Dyes and Chemicals Limited has entered into and registered an agreement for the acquisition of an Industrial lease hold land admeasuring 10,358 sq. mtrs together with Industrial building admeasuring 835.88 sq. mtrs situated at Vatva, Ahmedabad.
  • As per the filing, the purpose of acquisition is for setting up manufacturing unit for inorganic chemicals.
  • The acquisition has been completed upon execution and registration of agreement dated October 17, 2022. Read more

Aurum PropTech revenue rises 179% yoy at Rs28 crore in Q2FY23

Published on: 11:11 am

  • Aurum PropTech Limited has announced its financial results for the quarter ended on September 30, 2022.
  • Revenue from operations for the quarter was Rs28.3 crore, as compared to Rs14.64 crore in 1Q FY23, up 93.3%
  • Total income for the quarter was Rs30.84 crore as compared to Rs15.72 crore in 1Q FY 23, up 96.2%
  • EBITDA for the quarter was Rs(3.42) crore as compared to Rs(5.69) crore in 1Q FY 23, improved by Rs2.27 crore
  • Revenue from operations for 1H FY23 was Rs42.94 crore
  • Total income for 1H FY23 was Rs46.56 crore as compared to Rs2.68 crore in 1H FY 22
  • EBITDA for 1H FY23 was Rs(9.11) as compared to Rs(4.26) crore in 1H FY 22 Read More

Early trading sees rupee strengthening 6 paise to 82.34/ $

Published on: 11:11 am

  • Early on Wednesday, the rupee climbed versus the US dollar by 6 paise to 82.34 as investor confidence was boosted by a strong trend in domestic equities. However, ongoing outflows of foreign money limited the advances made by the local currency, according to FX brokers. The local unit started out strongly against the dollar at the interbank foreign exchange, quoting at 82.32, before losing some ground and closing at 82.34, up 6 paise from its previous finish.
  • The rupee lost 10 paise to conclude the previous session on Tuesday at 82.40 against the dollar. The dollar index, which measures the strength of the dollar against a basket of six different currencies, decreased by 0.6% to 112.06. Read More

In the early trade, gold prices remain unchanged, silver's fall

Published on: 11:05 am

  • According to the GoodReturns website, the price of 10 grams of 24 Carat yellow metal on Wednesday remained steady at Rs50,640. Silver cost Rs 56,400 as opposed to Rs 56,600 yesterday, a Rs200 decrease.
  • The cost of 22-carat gold stayed the same at Rs 46,420 as well.  The price of 10 grams of 24- and 22-carat gold in Mumbai and Kolkata is, respectively, Rs 50,640 and Rs 46,420. The price per 10 gm of 24- and 22-carat gold in Delhi is Rs50,790 and Rs46,570 rupees, respectively.
  • Gold in Chennai is currently selling for Rs51,310 for 24 Carat and Rs47,050 for 22 Carat.  One kilogram of silver is now being sold for Rs 56,400. One kilogram of silver is currently selling for Rs56,400 in Mumbai, Delhi, and Kolkata, and Rs61,800 in Chennai, Bengaluru, and Hyderabad. Read more

Heritage Foods’ Q2FY23 revenue grows 22% y-o-y at Rs816 crore; stock slips ~1%

Published on: 11:04 am

  • Heritage Foods Limited, a leading pure-play dairy company offering milk and milk-based products, announces its results for the quarter ending September 30, 2022.
  • The company has reported a revenue of Rs816.20 crore in Q2FY23, up by 21.76% yoy against the previous corresponding quarter. The company logged revenue of Rs1,637.10 crore in H1FY23, registering a growth of 24.17% yoy.
  • Further, the company’s EBITDA for the quarter stood at Rs39.80 crore, registering a decline of 38.80% yoy. While EBITDA for H1FY23 dipped by 46.19% yoy at Rs63.80 crore. Read more

Ind Ra affirms Khaitan Chemicals and Fertilizers rating at 'A-' with stable outlook

Published on: 10:38 am

  • India Ratings and Research (Ind-Ra) has affirmed Khaitan Chemicals and Fertilizers Limited’s (KCFL) Long-term Issuer Rating at 'IND A-'. The Outlook is Stable.
  • Further, the short-term rating has been affirmed to IND A2+.
  • KCFL has an established market position in the single super phosphate (SSP) segment with around 9% market share over FY17-FY22. Read more

EPOS and Mindtree expand strategic digital engineering partnership

Published on: 10:24 am

  • Mindtree, a global technology services and digital transformation company, has announced that it has extended its relationship with premium audio and video solutions brand, EPOS as a digital engineering partner to help augment and accelerate the brand’s development of audio technologies and solutions.
  • This collaboration is the multiyear engagement where Mindtree will work as an integrated part of EPOS’ development organization, and take part in strengthening its product innovation, time-to-market, and customer satisfaction, especially in EPOS’ high-growth enterprise audio and video segment.
  • Mindtree will provide a broad range of competencies and knowledge within development, maintenance, and quality assurance services to support and innovate all product categories of EPOS within the segments of Enterprise Solutions and Gaming. Read More

Bharat Electronics inks pact with MIL to address needs of Indian Defence; stock jumps ~2%

Published on: 10:16 am

  • Navratna Defence Public Sector Undertaking Bharat Electronics Limited (BEL) and Munitions India Limited (MIL), a Defence Public Sector Undertaking (PSU), have signed a Memorandum of Understanding (MOU) to jointly meet the requirements of Indian Defense and Export markets in the areas of Ammunition, Explosives, and associated systems.
  • Bhanu Prakash Srivastava, BEL's Director (Other Units), and S K Rout, MIL's Director (Operations), exchanged the MoU documents today at Defexpo in the presence of Ravi Kant, MIL's CMD, Joydeep Majumder, BEL's Executive Director, and other top BEL and MIL executives.
  • The MoU intends to use BEL and MIL's complementary strengths and skills, as well as to reinforce the spirit of the Government of India's Make in India programme, in order to achieve self-reliance in the defence sector. Read more

Axis Bank hikes MCLR rates across tenors by 25 bps

Published on: 10:13 am

  • The marginal cost of funds-based lending rates (MCLR) at Axis Bank has been raised by 25 basis points across all tenors, the bank announced on Tuesday. The benchmark one-year MCLR will increase by 25 basis points to 8.35 % with effect from October 18, 2022, according to a notification on the website of the third-largest private sector lender in the nation.
  • The increase in MCLR rates by Axis Bank comes after peer lenders raised lending rates in response to the Reserve Bank of India's (RBI) 50 basis point increase in the repo rate on September 30. Prior until now, Axis Bank charged 8.10% on the benchmark one-year MCLR rate, which is used by lenders to determine the pricing of the majority of consumer loans like those for personal, auto, and home use. Read More

Rupee loses 10 paise to end Tuesday at 82.40/$

Published on: 10:04 am

  • On Tuesday, the rupee gave up some of its early gains to settle 10 paise lower at 82.40 against the US dollar. The local currency's opening price on the interbank forex market was 82.21 against the US dollar. During the session, it experienced an intraday high of 82.02 and a low of 82.40 vs the US dollar. With the US dollar, it ultimately closed at 82.40, down 10 paise from its previous closing of 82.30.
  • The dollar index, which assesses the strength of the dollar in relation to a basket of six different currencies, increased by 0.18 % to 112.24. The benchmark for world oil, Brent crude futures, decreased 0.27 % to USD 91.37 a barrel. Better-than-expected data might help the dollar, Somaiya said, adding that "we expect the USDINR(Spot) to quote in the area of 82.20 and 82.80." The US industrial production report will be the main focus. Read more

Lulu Group to invest Rs 3000 crore in building India's largest mall in Ahmedabad

Published on: 10:02 am

  • Lulu Group International, owned by UAE-based billionaire Yussuf Ali, is expanding into Gujarat, where it plans to invest Rs 3,000 crore to build India's largest shopping mall in Ahmedabad, according to a company official.
  • According to Lulu Group Director of Marketing and Communications V Nandakumar, work would begin early next year on the Rs 3,000 crore shopping complex that will feature all modern amenities.
  • After Kochi (Kerala) and Lucknow (Uttar Pradesh), this would be the third mall built by the Lulu Group in the nation. It will create 6,000 direct jobs and more than 12,000 indirect jobs in the state, he added. Read more

Invesco sells its 5.5% stake in Zee for Rs 1,396 crore

Published on: 9:46 am

  • On Tuesday, Invesco-owned companies sold their 5.51% interest in Zee Entertainment Enterprises (Zee). According to data, it sold over 53 million shares for Rs263.7 each to raise Rs1,396 crore.
  • Some of the purchases included Morgan Stanley, Citigroup, Bank of America, Abvendus, and ICICI Prudential MF. Prior to the investment, Invesco owned 10.14% of Zee. Read more

Shardeum raises $18.2 million in funding

Published on: 9:43 am

  • The blockchain firm Shardeum has secured a seed round of funding totaling $18.2 million, the business announced on Tuesday. Nearly 50 investors took part in the round, among them Jane Street, Struck Crypto, The Spartan Group, Big Brain Holdings, DFG, Ghaf Capital Partners, and Foresight Ventures.
  • The round also included strategic investors like CoinGecko Ventures, Wemade, and ZebPay. The company claims that the cash received will be used to expand the company's research and marketing initiatives as well as its team that develops products and designs. Read more

Markets trade higher; Sensex jumps 270 pts, Nifty 50 over 17,500

Published on: 9:40 am

  • Indian markets traded on a positive tone on Wednesday led by broad-based buying with major stocks in the green. The domestic equities rallied despite mixed global cues. Among the sectors, banking, auto, pharma were marginally higher while the IT, metal indices under pressure. 
  • In the early openings, Sensex hit an intraday high of 59,343.03 while Nifty 50 rose to at least the day's high of 17,585.40.
  • At around 09.39 AM, Sensex was performing at 59,239.84 up 279.24 points or 0.47%. Nifty 50 traded at 17,556.25 higher by 69.30 points or 0.40%.
  • On NSE, the Bank Nifty surged more than 180 points followed by auto, financials stocks.
  • Top gainers on Nifty were - HDFC led the bull charge surging by 2.76%. HDFC Bank, Cipla, Power Grid, Bajaj Auto jumped around 1.5% each. Read more

Drivetrain AI raises $15 million in funding

Published on: 9:40 am

  • Drivetrain AI, a provider of financial modeling tools for organizations, has raised $15 million as part of a new investment round that included investments by Elevation Capital, Jungle Ventures, and Venture Highway.
  • More than 25 startup founders, advisors, and investors took part in the investment round, including Akshay Kothari of Notion, Khadim Batti, and Amit Sharma of Whatfix, and Krish Subramanian and Karthik Srinivasan of Chargebee. Read more

RHI Magnesita India to acquire Hi-Tech’s refractory business for Rs621 crore

Published on: 9:38 am

  • RHI Magnesita Limited informed that it has executed a BTA with Hi-Tech Chemicals Limited for r acquisition of the refractory business of Hi-Tech. The acquisition shall be by way of a slump sale on a going concern basis for a cash consideration of Rs621 crore.
  • As per the company, the objective of this acquisition is to enhance its position in the domestic and worldwide flow-control refractory markets by strengthening and expanding its portfolio.
  • The company expects to complete the said transaction within a period of 3 months from the date of execution of the BTA. Read more

61% of companies in TeamLease survey say they intend to increase hiring of freshers

Published on: 9:30 am

  • According to a survey, due to the rapid pace of technological and digital improvements, employers throughout India have upped their hiring intentions for freshers to 61% for the period of July to December 2022.
  • As overall hiring ambitions for the current year climbed to 61%, with regard to hiring of freshers, there is a more than threefold increase in the share of employment chances for them. At the start of the second half of 2022, attracting and keeping talent has become a key priority for many top businesses and business leaders. Read more

Sojitz Corp sells 2.83% stake in Samvardhana Motherson for Rs825 crore

Published on: 9:23 am

  • In an open market transaction on Tuesday, Sojitz Corporation sold its 2.83 % stake in Samvardhana Motherson International for Rs825 crore. The BSE has bulk deal data that shows Sojitz Corporation sold 12,800,000 shares, or 2.83 % of the business, totaling 12,800,00,000.
  • The transaction value increased to Rs825.98 crore when the shares were sold at an average price of Rs 64.53 per share. Samvardhana Motherson International Ltd. will replace Motherson Sumi Systems Ltd. Read more

ITC to acquire further 6% stake in Mother Sparsh

Published on: 9:22 am

  • ITC Limited informed that it has entered into an agreement to acquire a further 1,000 Compulsorily Convertible Preference Shares of Rs10 each of Mother Sparsh. Following the acquisition of the said shares, the company’s shareholding in Mother Sparsh will increase to 22% (on a fully diluted basis).
  • Company’s current shareholding in Mother Sparsh is 16% (on a fully diluted basis).
  • The company stated in its filing on Tuesday, “On October 18, 2022, the Company executed a Share Subscription Agreement to acquire 1000 Compulsorily Convertible Preference Shares of Rs10 each of Mother Sparsh, subject to the completion of conditions precedent; and (ii) an Amended and Restated Shareholders' Agreement in connection with the proposed acquisition.” Read more

Capacit'e Infraprojects bags contract worth Rs150.72 crore

Published on: 9:19 am

  • Capacit'e Infraprojects Limited informed to the exchanges that it has received contract worth Rs150.72 crore (excluding GST) from GIFT SEZ Limited for Construction of TFSCA headquarter building in GIFT SEZ.
  • Commenting on the same, Rahul Katyal, Managing Director said, "This new order will help us to further consolidate our position in high growth businesses. Amidst a challenging environment, this new order also support us to diversifying our clientele, generate additional business from existing marquee clients and appropriately manage commodity risk through pass through clauses.
  • The orders inflow for the current financial year, along with our existing orders book gives us confidence to deliver good growth in the coming quarters. Read more

LIC increases stake in IRCTC to 5.005%

Published on: 9:18 am

  • Life Insurance Corporation of India's (LIC) shareholding in "INDIAN RAILWAY CATERING AND TOURISM CORPORATION LTD." has increased from 3,97,76,221 to 4,00,42,625 Equity Shares increasing its shareholding from 4.972% to 5.005% of the paid-up capital of the said Company.
  • As per the filing, Indian Railway Catering And Tourism Corporation (IRCTC) has the market cap of Rs58,132 crore and accordingly, holding of the company crossed 5% and the acquisition of share were done during the period from September  09, 2020 to October 17, 2022 at an average cost of Rs597.74 crore.
  • IRCTC an extended arm of the Indian Railways involved in upgradation, professionalization and managing the catering and hospitality services at stations on trains, and other locations and global reservation systems. Read More

Flomic plans to touch Rs500 crore in revenue by FY24; Stock slips 1.5%

Published on: 9:17 am

  • Flomic Global Logistics has informed that it is on an expansion spree and expects its revenue to increase by 33% touching Rs500 crore by FY23-24.
  • The firm has implemented a multi-pronged strategy to drive growth. The 33-year-old BSE Listed company after establishing a network of offices offering Freight forwarding and Custom clearance services all over India, has now established a strong network of warehouses with a capacity touching 47,000 sq ft.
  • Lancy Barboza, Managing Director, of Flomic Global Logistics Ltd said," We have firmly established Flomic as a strong logistics player and now plans to focus on top customers and corporates and implement strategies that will enable it in deep selling and cross-selling." Read more

Schaeffler India’s Q3CY22 revenue jumps 18.10% yoy at Rs1,756.40 crore; stock zooms ~2%

Published on: 9:17 am

  • Schaeffler India Limited, a leading industrial and automotive supplier stated that the Board of Directors approved the results for the third quarter and nine months ended September 30, 2022.
  • The company reported total revenue from operations of Rs1,756 crore in Q3CY22, up by 18.10% yoy against the previous corresponding quarter, and 0.4% against Q2CY22.
  • Company’s net profit for the quarter stood at Rs289.60 crore, up by 26.10% yoy against the corresponding quarter of 2021. Read more

Praj Industries PAT jumps to Rs48.13 crore during Q2FY23

Published on: 9:16 am

  • Praj Industries (Praj), has announced its unaudited financial results for the quarter ended September 30, 2022.
  • Performance Review for Q2 FY23 - Consolidated:
  • Income from operations stood at Rs876.58 crore (Q1 FY23: Rs729.87 crore; Q2 FY22: Rs532.41 crore)
  • PBT is at Rs65.78 crore for the period (Q1 FY23: Rs54.23crore; Q2 FY22: Rs46.77 crore)
  • PAT is at Rs48.13 crore (Q1 FY23: Rs41.26 crore; Q2 FY22: Rs33.34)
  • Order intake during the quarter Rs981 crore (Q1 FY23: Rs1094 crore; Q2 FY22: Rs745 crore) Read More

Electronics Mart debuts successfully on D-Street

Published on: 9:12 am

  • Electronics Mart, situated in Hyderabad, had a successful stock market debut on Monday when its shares were listed at a premium of 51.5% above the issue price.
  • On the first day of trading on the BSE, the stock closed at 92.95, up 43 percent from the IPO price of 59 per share Read more may go for an IPO in the next 12-18 months

Published on: 9:05 am

  •, a fitness startup, plans to go public in 12–18 months once its main club business generates an operating profit.
  • In addition, Cultfit's revenue has increased by more than 50% from pre-Covid-19 levels.
  • "The two businesses—our fitness and fitness products business—will lead the charge for over the next 12-18 months as we look towards turning completely profitable at an Ebitda level and as we look towards our IPO event in the next 12-18 months," Naresh Krishnaswamy, business head, said. Read more

Tata Communications' net profit up by 25% to Rs 532 crore in September Quarter

Published on: 8:52 am

  • Tata Communications' consolidated net profit for the July to September fiscal quarter climbed by 25% to Rs532.29 crore. The company reported a net profit of Rs425.38 crore in a regulatory filing for the same period in 2017.
  • The combined income from operations for Tata Communications climbed to Rs4,430.74 crore from the same quarter last year, a rise of almost 6%. Read more

Markets likely to continue the momentum of yesterday

Published on: 8:50 am

  • Indian equity markets are likely to continue the momentum of yesterday.  There is also the probability of profit booking dominating in the later half of the day. US manufacturing output grew y-o-y by 0.4% in September. This caused some cheer in the US equity markets. They ended in green yesterday. 
  • US markets saw another volatile day yesterday. Dow Jones gained over 650 points before profit booking saw the day end with gains of 335 points. Nasdaq also closed higher by 97 points before seeing intra-day gains of over 300 points. Oil prices were near 2 week lows at US$83 per barrel. US$ index closed near 112.
  •  Asian markets have opened mixed. Japanese "Nikkei’ is up by over 200 points in early trade as it consolidates the recent gains. Most other Asian indices are trading mixed, as investors weigh the recent run up, with most opting to book profits. Chinese stocks are proving to be rank underperformers, despite the partial reopening. Read more

RBC & Morgan Stanley may help Credit Suisse in raising capital

Published on: 8:28 am

  • With a little more than a week, until the crucial recovery plan is revealed, Credit Suisse Group AG executives are looking for ways to raise money everywhere - and are ready to turn to outside investors in case they need more.
  • In case it needs to raise money for its restructuring, the Zurich-based bank is collaborating with the Royal Bank of Canada and Morgan Stanley on a prospective capital increase, according to news reports. These conversations support efforts to sell off some business units, most likely including sizable portions of the investment bank and maybe asset management in the US.
  • After the bank makes a formal restructuring announcement on October 27, a capital increase—which the bank is considering under the term "Project Ghana"—could happen. Read more

L&T Technology Services announces interim dividend of Rs 15

Published on: 8:24 am

  • In its board meeting on Tuesday, L&T Technology Services declared an interim dividend of Rs15 per share. The record date is set as October 28.
  • The company stated in its filing with the exchanges that the interim dividend would be paid to equity shareholders of the company whose names would appear in the Register of Members or in the records of the depositories as beneficial owners of equity shares as of Friday, October 28, 2022, which is the record date set for the aforesaid purpose.
  • The business previously announced a final dividend of Rs15 per share. Read More

L&T Tech's PAT up 22.8 % y-o-y to Rs 282 crore

Published on: 8:21 am

  • Due to the ramp-up of previously closed deals and strong performance across verticals, L&T Technology Services' second-quarter net profit increased by 22.8% year over year to Rs282 crore. The software services provider also increased its projected dollar revenue growth for the current fiscal year amid generally strong demand.
  • All verticals recorded double-digit growth rates, driving up revenue by 24.1% to Rs1,995 crore. Sequentially, revenue increased by 6.5% while net profit grew by 3%.
  • Due to the rise in employee remuneration, operating margins were 18.3%, down 20 basis points (bps) from the prior quarter and 10 bps from the previous year. Read more

Polycab India's PAT up 36.72% to Rs 270.45 crore in the September quarter

Published on: 8:18 am

  • Polycab India (PIL), a producer of wires and cables, announced on Tuesday that its consolidated PAT for the three months ending in September increased by 36.72% to Rs270.45 crore. According to a regulatory filing, the company's earnings for the equivalent quarter of 2021–22 was Rs197.80 crore.
  • The company's operational revenue for the quarter under review increased by 10.83% to Rs3,332.35 crore from Rs3,006.55 crore in the same quarter last year. Read more

Network18's revenue grows y-o-y by 11.65% in September quarter

Published on: 8:13 am

  • Network18 Media & Investments Ltd. disclosed on Tuesday that its combined net loss for the second quarter that ended on September 30, 2022, was Rs28.84 crore.
  • Network18 Media & Investments Ltd reported the company's net profit for the period of July through September of last year as being Rs199.27 crore in a regulatory filing.
  • However, compared to the same quarter the year before, its consolidated revenue from operations increased by 11.65% to Rs1,548.89 crore from Rs1,387.24 crore. Read more

MIDHANI and Boeing India may jointly work on indigenous production of raw materials

Published on: 8:10 am

  • On Tuesday, Boeing India said that it will evaluate Mishra Dhatu Nigam Limited (MIDHANI) and work with it to create raw materials for common aerospace parts and components in India.
  • According to a news release from Boeing, developing a self-sufficient aerospace and defense industry in India depends on the local availability of specialized aerospace materials and alloys.
  • The statement stated that the first step in safeguarding the supply chain and keeping with the NDA government's goal of Aatmanirbhar Bharat is the availability of crucial aeronautical materials. Read more

Microsoft buys 25-acre plot in Pune to build hyperscale data centre

Published on: 8:06 am

  • According to news reports, Microsoft Corporation, a major US software company, plans to build a sizable hyperscale data centre in Pune as part of its multi-city data centre strategy for India.
  • The business's India division has bought a 25-acre plot of land in the Pimpri-Waghere neighbourhood of the city through a long-term lease transfer arrangement with Finolex Industries, and it intends to build a data centre there.
  • The Pune-based company has given Microsoft Corporation a 37-year leasehold interest in this piece of land till August 2059. A hyper-scale cloud data centre with a built-out capacity of 100 MW could be erected on the block of land. Read more

Finance Ministry seeks industry input on taxation for FY24 Union Budget

Published on: 8:03 am

  • India's finance ministry has begun stakeholder engagement for the federal budget for the upcoming fiscal year by soliciting ideas from business and trade organizations regarding the nation's direct and indirect taxes.
  • The finance ministry stated that the industry's demands must be supported by arguments, which they may put in the budget if they think they have value.
  • Industry participants have until November 5 to submit ideas for changes to the duty structure, rates, and expansion of the tax base for both direct and indirect taxes. On February 1st of the following year, the Union Budget for the upcoming fiscal year beginning in April will probably be presented to the parliament. Read more

Kotak Investment Advisors seeking to raise $1 billion for real estate fund

Published on: 7:58 am

  • Kotak Investment Advisors Ltd is seeking to raise around $1 billion for a new fund devoted to investing in residential real estate in India.
  • According to the report, Allianz SE could spend about $220 million and Abu Dhabi Investment Authority could contribute roughly $500 million to the property fund. For the financing, Kotak Investment is also in advanced discussions with additional investors, the report continued.
  • According to the report, Kotak Investment intends to wrap up its fundraising by the end of this year and start investing in residential real estate in India's top five cities in 2023.
  • India, like many other countries, went through a pandemic real estate bubble as a result of the historically low borrowing rates that encouraged people to purchase homes and caused a significant uptick in the number of homes sold. But in reaction to the nation's central bank tightening monetary policy to contain inflation, the market has recently begun to show indications of cooling. Read more

Bombay Hospital ties up with Apollo Hospitals to boost liver transplants

Published on: 7:55 am

  • Tuesday saw the signing of a memorandum of understanding between Apollo Hospitals and the Bombay Hospital that will increase the number of liver transplants in Mumbai and Western India.
  • The partnership with Bombay Hospital will give more patients in the Mumbai Metropolitan Region access to Apollo's cutting-edge liver transplant programme.
  • Apollo has already signed 11 such contracts under which it will offer its knowledge, equipment, instruction, post-operative care, and advice on liver transplants. Read more

Adani Defence Systems & Technologies to acquire Air Works

Published on: 7:50 am

  • Adani Defence Systems & Technologies Ltd. (ADSTL) has finalised agreements to purchase Air Works, a provider of aircraft maintenance, repair, and overhaul.
  • There are 27 cities where Air Works is present.
  • "Air Works has built up a wide range of operational capabilities for important aerospace and defence systems in the nation. Air Works performs base maintenance for the ATR 42/72, A320, and B737 fleet of aircraft from its EASA and DGCA-certified facilities at Mumbai, Delhi, Hosur, and Kochi, according to a statement.
  • These services range from Phase 32 checks on the first P-8I aircraft to Phase 48 checks and MRO on the landing gear of the Indian Air Force's 737 VVIP aircraft. Read more

Global crude oil news

Published on: 7:47 am

  • Early on Wednesday in Asian trading, oil prices increased, reversing losses from the previous session, as worries about restricted supply due to news of falling US inventory outweighed concerns about declining demand from top oil importer China.
  • Brent crude futures were up 73 cents, or 0.8%, at $90.76 per barrel. U.S. West Texas Intermediate crude was up $1.13 or 1.4% to $83.95 per barrel. On Thursday, the front-month contract for WTI expires.
  • In the previous session, news that U.S. President Joe Biden intended to release more barrels from the Strategic Petroleum Reserve (SPR) and concerns over waning Chinese gasoline demand caused Brent and WTI to hit two-week lows and drop 1.7% and 3.1%, respectively. Read more

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