Latest News and Updates

20th Oct, 2022

Indian equity markets end the day in Green

Published on: 3:41 pm

  • Indian equity markets ended the day in green. The markets were in red for most of the day. They rose in the last one hour, to end the day in green. Nifty 50 ended the day, up by 51.70 points. Sensex ended the day, up by 95.71 points. Top Gainers today were UPL, Adani Enterprises, BPCL. Top Losers today were IndusInd Bank, Asian Paints, Apollo Hospitals.  Read more

Dilip Buildcon bags LOA for project worth Rs723.45 crore

Published on: 3:29 pm

  • Dilip Buildcon Limited informed that it has received the letter of acceptance (LOA) from the Gujarat Metro Rail Corporation (GMRC) Limited.
  • The company has received the order for the construction of 7.553 kms elevated viaduct and 7 nos. of stations (incl. E&M, Architectural Finishing, Roofing, Plumbing, Signage, etc.) from Sector- 1 to Mahatma Mandir in connection with Ahmedabad Metro Rail Project, Phase-2.
  • As per the company, the estimated cost of the project is Rs723.45 crore.
  • The company expects to complete the project within a period of 24 months. Read more

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CRISIL upgrades rating on JK Paper’s facilities worth Rs2,576.50 crore; stock soars ~3.5%

Published on: 3:13 pm

  • CRISIL Ratings has upgraded the rating on JK Paper Limited's long-term bank facilities, non-convertible debentures, and fixed deposits to 'CRISIL AA/Stable' from 'CRISIL AA-/Stable.'
  • Further, its reaffirmed its ‘CRISIL A1+’ rating on the commercial paper programmes of the entity.
  • CRISIL informed that it has withdrawn its rating on the bank facilities amounting to Rs122.5 crore based on the request from the client and after receiving lenders no-due certificate. The rating agency highlighted that this rating action is in line with its withdrawal policy.
  • CRISIL has reviewed total bank loan facilities worth Rs2,576.50 crore. Read more

Ind Ra revises Manorama Industries' outlook to positive, affirms rating; Stock climbs 1%

Published on: 2:58 pm

  • India Ratings and Research (Ind-Ra) has revised Manorama Industries Limited's (MIL) Outlook to Positive from Stable while affirming its Long-Term Issuer Rating at ‘IND BBB+’.
  • According to the rationale report, the Positive Outlook reflects Ind-Ra’s expectation of an improvement in MIL’s revenue, profitability and credit metrics in FY23, following the commencement of operations at its new facilities in 2HFY23.
  • "A significant improvement in the scale of operations with the successful completion of the ongoing capex, while maintaining the credit metrics and liquidity all on a sustained basis will be positive for the ratings", said  the rating agency. Read more

Aster Hospital inaugurates 100-bed multi-specialty facility in Sharjah

Published on: 2:38 pm

  • Aster Hospital, Aster DM Healthcare's hospital arm, has built a 100-bed multi-specialty hospital in Sharjah. His Highness Sheikh Sultan bin Ahmed Al Qasimi, Deputy Ruler of the Emirate of Sharjah and Deputy Chairman of the Sharjah Executive Council, dedicated the 200,000-square-foot medical facility.
  • His Majesty Sheikh Sultan bin Ahmed Al Qasimi saw the facility and was amazed by the technology and features being implemented to provide world-class medical treatment to Sharjah and the Northern Emirates inhabitants.
  • To provide great patient care and medical outcomes, the hospital has a team of qualified doctors with proven clinical expertise and support professionals. Read more

Syngene International's Q2 net profit increased by 53% to Rs 102 crore

Published on: 2:03 pm

  • On the strength of increasing revenue, Syngene International reported on Wednesday a 53% increase in its consolidated net profit at Rs102 crore for the second quarter that ended September 2022. According to a regulatory filing, the company, which provides integrated research, development, and manufacturing services, had a consolidated net profit of Rs66.7 crore for the same time the prior fiscal year.Read more

Markets remain in red; IT stocks outperform

Published on: 2:00 pm

  • Domestic benchmark indices remain in red on Thursday's market session amid volatility. Both the Sensex and Nifty benchmarks on a muted level on fear of continous aggressive rate-hike path by US Fed.
  • Further, today the rupee hit a new record low of 83.08 against a resurgent dollar as investors worry about a potential recession in the coming months.
  • On the sectoral front, nifty auto and metals were down by 1.2% and 1.09% respectively followed by banking and financial stock whereas IT index outperformed counterparts to climb more than 1% during late afternoon trade today. Read more

Higher commodity prices hurt Havell's Q2 profit

Published on: 1:58 pm

  • As a result of rising commodity prices, Havells India Ltd. on Wednesday announced a 38.15% drop in its consolidated net profit for the second quarter that ended on September 30, 2022, to Rs187.01 crore.
  • According to a regulatory filing by Havells, the manufacturer of consumer electrical items reported a consolidated net profit of Rs302.39 crore in the quarter ending in July-September of last year. In comparison to a similar period last fiscal year, Havells' operating revenue increased by 13.63% to Rs3,679.49 crore during the period under review.
  • Its total expenditures were Rs3,471.57 crore, up 21.10% from Rs2,866.54 crore in the second quarter of FY 2022-23. "Decent revenue growth considering the inflationary climate," said Anil Rai Gupta, chairman and managing director of Havells India. Margins were negatively influenced by changes in commodity prices. Read More
 

IndusInd Bank's Q2 net profit up by 57%

Published on: 1:53 pm

  • A solid increase in loan disbursement and net interest income helped IndusInd Bank announce a % year-over-year increase in its standalone net profit for the months of July and September, which came to Rs1,805.22 crore. In comparison to Rs1,631.02 crore in April–June, the private sector bank's net profit increased by 11% on a sequential basis. The bank's net profit exceeded predictions made by a compilation of analysts from Bloomberg by a small margin.
  • The difference between interest earned and interest paid during the second quarter of the current fiscal year increased by 4% and 18%, respectively, for IndusInd Bank to reach Rs4,302 crore. The bank's net interest margin was 4.24 %, up 3 bps quarterly and 17 bps year over year.
  • "Overall, we operate on a three-year time horizon, and we have consistently stated that our (credit) growth will be at a CAGR of 16–18%. Sumant Kathpalia, MD and CEO of IndusInd Bank, stated in a post-earnings call that we expect to grow at a CAGR of 18–20% this year. Read more
 

Lupin launches Paliperidone extended-release tablets in the United States

Published on: 1:30 pm

  • Lupin Limited today announced the launch of Paliperidone Extended-Release Tablets, 1.5 mg, 3 mg, 6 mg, and 9 mg, as a generic counterpart of Janssen Research and Development, LLC's Invega Extended-Release Tablets, 1.5 mg, 3 mg, 6 mg, and 9 mg.
  • In the United States, paliperidone extended-release tablets (RLD Invega) had expected annual sales of USD 112 million (IQVIA MAT August 2022).
  • The company is a market leader in the cardiovascular, anti-diabetic, and respiratory sectors, and it also has a substantial presence in the anti-infective, gastrointestinal (GI), central nervous system (CNS), and women's health segments. Lupin is the third-largest pharmaceutical firm in the United States in terms of prescriptions. Read more

Praveg Communications to start operation of White Rann Resort at Rannutsav; Stock rises

Published on: 12:55 pm

  • Praveg Communcations (India) Limited has announced to the exchanges regarding company’s operations of White Rann Resort at Rannutsav.
  • According to the filing, Company’s operations of White Rann Resort at Rannutsav, Phase-2, Dhordo, Kutch will be started with effect from October 24, 2022.
  • The Company has taken measures and put necessary systems in place in line with Standard Operating Procedures (SOPs) as per Ministry of Tourism and directions issued by local authorities and keeping in view of the health and well-being of all workers and employees. Read more

Ramco Systems announces collaboration with Wagestream

Published on: 12:32 pm

  • Ramco Systems Limited announced a partnership with Wagestream, Australia's biggest charity-backed fintech, to provide real-time pay monitoring, flexible pay, money coaching, and other financial wellness products to organisations across Australia, in conjunction with the Ramco Global Payroll system.
  • This collaboration exemplifies Ramco's aim of improving employee well-being by providing employees with knowledge and resources to improve financial well-being and inclusivity, as well as boost staff productivity and workforce engagement of their customers.
  • Wagestream relieves financial stress for employees by allowing them to lessen their dependency on high-interest loans and develop healthy financial habits. As a result, Wagestream is proven to assist firms in filling available posts faster, increasing shift filling, and decreasing attrition. Read more

Dilip Buildcon receives appointed date for road project by NHAI

Published on: 12:11 pm

  • Dilip Buildcon Limited has informed that that 'Sannur Bikarnakette Highways Limited', wholly-owned subsidiary of the Company has received the appointed date letter from the National Highways Authority of India and had declared the appointed date as October 10, 2022.
  • As per the filing, the project is "Four lanning of Sannur to Bikarnakette Section from existing km 698.85 (design km 691+350) to existing km 744.190 (design km 736+362) of NH-169 under Bharathmala Pariyojana on Hybrid Annuity Mode in the state of Karnataka (Package II)."
  • The bid project cost is Rs1,137 crore and the estimated completion period is 24 months, the company said. Read more

Marine Electricals receives orders worth Rs10.95 crore; stock rises

Published on: 12:08 pm

  • Marine Electricals (India) Limited informed that it has received orders worth Rs10.95 crore from multiple clients.
  • The company has received an order from Ratilal Bhagwandas Construction Company (RBCC) for the supply of Panels amounting to Rs4.60 crore (excluding taxes) for Proposed Expansion, Phase II Pune.
  • Further, the company received an order from Shapoorji Pallonji and Company Private Limited for the supply of Power Distribution Panels, MCC panels, PMCC panels, APFC panels, VFD Panels & Control Panels amounting to Rs4.35 crore (excluding GST) for its Wat- Lucknow Stp & Sew Networks project located at Lucknow. Read more

Shoppers Stop clocks 62% y-o-y growth in Q2FY23 sales at Rs1,270 crore; stock slips ~3%

Published on: 11:53 am

  • Shoppers Stop Limited declared their second quarter results for the quarter ended September 30, 2022, for the fiscal year 2022-23.
  • The company has logged sales of Rs1,270 crore in Q2FY23, up by 62% yoy against Rs785 crore in Q2FY22.
  • Company reported an exceptional jump of 6762% in its EBITDA in Q2FY23 at Rs75 crore against Rs1 crore in Q2FY22.
  • During the quarter, the company managed to cover up losses to give a PAT of Rs25 crore against a loss of Rs43 crore in the previous corresponding quarter. Read more

Glenmark Pharma launches ‘Zita D’ in India for uncontrolled diabetes

Published on: 11:31 am

  • Glenmark Pharmaceuticals Limited, a worldwide pharmaceutical firm focused on innovation, was the first to introduce Teneligliptin (20mg) + Dapagliflozin (5mg/10mg) fixed dosage combination (FDC) for the treatment of adult patients with type 2 diabetes, particularly those with comorbidities.
  • Teneligliptin (20mg) + Dapagliflozin (5 mg/10 mg) must be used once a day under prescription to enhance glycemic control and avoid complications in adult patients with type 2 diabetes, particularly those with comorbidities, said the company in its press release.
  • "Diabetes is rising at an alarming rate in India, and eight out of every ten diabetes patients suffer from comorbidities," stated Alok Malik, EVP & Business Head India Formulations, Glenmark Pharmaceuticals, at the launch. Read more

Tracxn Technologies gets listed

Published on: 11:24 am

  • On October 20, Tracxn Technologies shares made their market debut as the data provider listed at a 5% premium following a lackluster initial public offering.
  • In comparison to the issue price of Rs80, the stock opened at Rs83 on the BSE and at Rs84.50 on the NSE.
  • Just 2.01 times bids were received from investors in the public offering of Traxcn, one of the top providers of private market data services, between October 10 and 12, with the majority of purchases coming from qualified institutional purchasers who had a quota of 75%. Read More

IndiaFirst Life Insurance to submit DRHP for IPO

Published on: 11:18 am

  • IndiaFirst Life Insurance , backed by the Bank of Baroda Following Go Digit Insurance and Life Insurance Corporation,  is preparing to submit a draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO) this year. Read more

Rossari Biotech incorporates wholly-owned subsidiary in Bangladesh for Rs25 crore

Published on: 11:15 am

  • Rossari Biotech Limited (RBL) has informed that Board of Directors of the Company has approved the incorporation of a wholly owned subsidiary in People's Republic of Bangladesh (“Bangladesh”) with an estimate aggregate Capital outlay of BDT 300 million (approximately Rs25 crore).
  • As per the filing, the wholly-owned subsidiary will enable the Company to expand the market for RBL products in Bangladesh.
  • Notably, the Company will hold 100% of the total equity share capital. Read More

Vivo devices to get software upgrade to make them compatible with standalone and non-standalone 5G n

Published on: 11:14 am

  • This month, software updates from smartphone manufacturer Vivo will make the majority of its 5G-capable devices compatible with both standalone and non-standalone 5G networks.
  • Non-standalone 5G networks transmit signals from both 4G and 5G networks, whereas standalone 5G networks only transmit 5G signals.
  • Currently, Bharti Airtel offers a non-standalone 5G network and Reliance Jio offers a standalone 5G network. Read more

Sony will globally release DualSense Edge wireless controller for PlayStation 5

Published on: 11:11 am

  • Sony has announced the release of the DualSense Edge wireless controller.
  • On January 26, 2023, the first-ever, highly customizable controller created by PlayStation will be released worldwide.
  • The cost of the DualSense Edge Controller will be $199.99. Through October 25, pre-orders on PlayStation Direct will be open in the United States, the United Kingdom, France, Germany, the Netherlands, Belgium, and Luxembourg. Read More

Intel releases its latest processor in India

Published on: 11:00 am

  • The latest 13th Gen Intel Core processor family, which includes six new unlocked desktop processors, led by the Intel Core i9-13900K, was introduced by chipmaker Intel on Tuesday in India.
  • The 13th generation Intel Core i9-13900K processor provides the best streaming, recording, and gaming experiences.
  • In India, sales of the 13th generation Intel Core desktop "K" CPUs will begin on October 21. Read more

Kakao's co-CEO resigns after outage of its messenger service

Published on: 10:55 am

  • Kakao's chief executive stepped down to accept responsibility for the recent disruption of the company's mobile messenger KakaoTalk and other related services.
  • "I feel terrible and deeply accountable for the occurrence as the CEO of Kakao. Therefore, I am resigning from my position," Namkoong Whon, co-CEO of Kakao, announced at a news conference held at Kakao's office building in Pangyo, a city south of Seoul.
  • He remarked, "I would like to apologize to all users." I pledge that Kakao will make its best efforts to regain the public's trust. " Namkoong declared he would serve on the company's emergency committee and concentrate on fixing a Kakao flaw. Read more

Navine Flourine commercializes plant for manufacture of Hydrofluoroolefins; Stock down 2%

Published on: 10:39 am

  • Navin Fluorine International Limited has informed to the exchanges regarding commercialization of plant for manufacture of Hydrofluoroolefins.
  • As per the filing, the company informed that the plant for manufacture and supply of Hydrofluoroolefins set up by its wholly owned subsidiary, Navin Fluorine Advanced Sciences Limited, in Dahej, Gujarat, has commenced commercial production on Wednesday. Read More

Swiggy Instamart plans to reach 100 million users in the next 4-5 years

Published on: 10:38 am

  • Swiggy's quick commerce grocery delivery service, Instamart, aims to reach 100 million users within the next 4-5 years.
  • Instamart's senior vice president, Karthik Gurumurthy, reported a 16X increase in business over the previous year. Therefore, we honestly believe that it may have a 100 million base. As of August 2022, Instamart has 9 million users who have ever made a purchase. Read more

Adani Transmission appointed as BEST Undertaking’s new AMI partner; stock zooms ~1.5%

Published on: 10:34 am

  • Adani Transmission Limited emerged as a successful bidder in the BEST Undertaking's recently ended tender for the appointment of an Advanced Metering Infrastructure (AMI) service provider.
  • The Smart Metering Project will be implemented via the company's Distribution Platform on a Design-Build-Finance-Own-Operate-Transfer (DBFOOT) basis.
  • As part of the mandate, 10.80 lakh smart metres and accompanying communication and cloud infrastructure would be implemented during a 30-month period which shall be maintained for the next 90 months. The project will include end-to-end smart metering for BEST Undertaking's distribution infrastructure and end users, providing total energy accounting with minimal manual involvement. Read more

Nestle India's profit in Q2 increased by 8.3% to Rs 668 crore

Published on: 10:34 am

  • Due to price rises and a pickup in demand for its chocolates and packaged foods in rural regions, Nestle India on Wednesday announced a higher-than-anticipated gain in third-quarter profit.
  • The maker of Maggi noodles had an 8.3% increase in profit during the three months that ended on September 30. IBES data from Refinitiv shows that analysts expected a profit of Rs657 crore on average. As a result of increased sales of its chocolates, Maggi noodles, Sunrise coffee, and Nescafe coffee brands, revenue from operations increased by 18.3% to Rs4,591 crore Read More

Lupin gets form 483 with 17 observations at biotech facility in Pune

Published on: 10:21 am

  • Lupin Limited has informed that the USFDA conducted a Prior-Approval Inspection at Company's Biotech manufacturing facility in Pune, India in October 2022.
  • The inspection concluded with the issuance of a Form 483 with seventeen observations. "We are committed to addressing the concerns raised by the U.S. FDA expeditiously", the company said in a filing.
  • It further added, "the Company does not believe that the 483 letter will have an impact on the existing revenues from operations of this facility." Read more

Gujarat Mineral Development posts revenue at Rs1,694.28 crore for Q2FY23

Published on: 10:06 am

  • Gujarat Mineral Development Corporation Ltd, a leading Mining PSU enterprise and the largest lignite seller in the country, has announced itsfinancial results for the second quarter and half year ended on September 30, 2022.
  • Highlightsfor Q2 FY23 (YoY) Standalone Financials
  • Total income stands at Rs591.70 crore as against Rs494.30 crore in Q2 FY22
  • Revenue from Operations stood at Rs538.91 crore as against Rs451.88 crore in Q2 FY22
  • Profit Before Tax stands at Rs203.97 crore as against Rs49.18 crore in Q2 FY22
  • Profit After Tax reported was at Rs150.62 crore as against Rs41.13 crore in Q2 FY22
  • EPS stands at Rs4.74 (Face Value Rs.2 pershare) Read more

Q2FY23 Preview: HUL: Revenue seen at Rs147,338 million, PAT at Rs24,736 million

Published on: 10:01 am

  • Result date: 21st October, 2022
  • Recommendation: Add
  • Target price: Rs2,700
  • Analysts at IIFL Securities expect Hindustan Unilever (HUL) to post 2% volume growth in the September 2022 quarter, which is lower than the 6% volume growth that the company reported in the previous quarter, but higher than the flattish growth reported in Q4FY22.
  • However, if we look at the 3 year CAGR, it translates into organic volume growth of 2.3% versus 2.1%/2.6% in Q1FY23/Q4FY22. Overall sales growth would be 15%, which implies a pricing growth of 13%. Read more

Cravatex Brands rallies ~20% as Metro Brands acquires 100% stake

Published on: 9:47 am

  • Metro Brands Limited, India's top footwear retail chain, has inked a share purchase agreement to acquire 100% of Cravatex Brands Ltd., allowing the company to extend its footprint in the sports and athleisure industry in India.
  • Cravatex Brands is retail, brand licensing, distribution, and sourcing firm that owns and represents the Italian sportswear brand FILA, as well as owning and representing other worldwide brands.
  • The acquisition is contingent on both parties meeting the closing conditions. As part of this deal, existing Cravatex Brands Limited investor Paragon Partners will sell its entire stake. Read more

Jindal Steel & Power signs MoU with Greenko for 1000 MW carbon-free energy

Published on: 9:45 am

  • Jindal Steel & Power has signed an MoU with Greenko Group to facilitate 1000 MW of Carbon-free energy for its steel-making operations at Angul, Odisha.
  • India’s leading energy transition company, Greenko will assist JSP in the design of the comprehensive energy solution including the design & development of the associated RE capacity, identification of potential strategic investor(s) for the RE capacity and making available energy storage capacity.
  • The proposed 1000 MW carbon-free energy is targeted to meet the existing and incremental power demand of JSP’s Angul facility. This is amongst the largest commitment by any Indian Industrial Group, particularly steel producers in India, to use clean energy in core industrial processes. Once completed, it will ensure the reduction of approximately 7 million tonnes of CO2 annually. Read more

Markets in the red amid weak global cues; Nifty below 17,500; Banks under pressure

Published on: 9:40 am

  • Indian markets nosedived on Thursday amid weak global cues. Benchmarks Sensex and Nifty 50 tracked mixed global cues that showcased a cautious appetite for equities as traders are worried over rising  US bond yields and rising dollar. Except for FMCG and oil & gas stocks, all other sectoral indices were trading lower back at home. Banking, Metal and Auto stocks weighed the most. Corporate results continue to play a vital role in markets sentiments.
  • At around 9:38 AM, Sensex was trading at 58,936.48 lower by 170.71 points or 0.29%. Nifty 50 performed at 17,447.80  below 64.45 points or 0.37%.
  • On NSE, the banking sector was worst hit by slipping over 300 points, while the Auto index shed nearly 120 points. Metal and IT index also dipped marginally. Read More

Q2FY23 Preview: JSW Steel: Revenue seen at Rs386,766 million, Net loss at Rs1,120 million

Published on: 9:34 am

  • Result date: 21st October, 2022
  • Recommendation: Sell
  • Target price: Rs586
  • (Source: IIFL Research)
  • It is likely to be a soft quarter for JSW Steel. The company’s consolidated revenue could increase 19% over the year-ago quarter even as higher steel volume is partly offset by lower realizations.
  • JSW Steel’s EBITDA is likely to witness a sharp decline on the back of higher input costs and lower steel realizations. Reduced iron ore prices, though, is unlikely to provide significant relief. Read more

Bharat Bond ETFs now have AUM of Rs 50,000 crore

Published on: 9:34 am

  • Three years after their debut, the Bharat Bond Exchange Traded Funds (ETFs) have amassed assets under management (AUM) of more than Rs 50,000 crore, according to a statement released on Wednesday by Edelweiss Mutual Fund.
  • Bharat Bond ETFs' initial offering was introduced in December 2019. The fund house has since released four additional tranches. Government-sponsored and run by Edelweiss MF is the Bharat Bond ETF. Read more

NLC India, NIWE ink pact to collaborate for onshore and offshore wind power projects in India

Published on: 9:24 am

  • NLC India Limited (NLCIL) has signed a Memorandum of Understanding (MoU) with the National Institute of Wind Energy (NIWE), an autonomous R&D organisation under the Ministry of New and Renewable Energy (MNRE), to collaborate on onshore and offshore wind power projects in India.
  • NLCIL and NIWE inked an agreement to provide joint technical services and advises for the development of onshore and offshore wind energy projects.
  • The MoU also envisions reaping the benefits of repowering existing wind turbines and improving O&M standards in upcoming and running wind power projects. In addition to the foregoing, NIWE will provide NLCIL with competency-building training on current advances in the RE sector. Read more

Titon EV issues Rs8,060 crore LoI to Bharat Electronics for purchase of battery packs for e-trucks

Published on: 9:19 am

  • Triton Electric Vehicle India Pvt Ltd, a part of Triton Electric Vehicle LLC, USA, has issued a Letter of Intent (Lol) to Navratna Defence PSU Bharat Electronics Limited (BEL) for procurement of 300 KW Li-Ion Battery Packs for its Semi-truck project in India at an estimated value of Rs8060 crore.
  • As per the filing, the battery packs are to be delivered by BEL to Triton in 24 months commencing from January 2023. The Purchase Order for first-off quantity with hundred percent advance payment has been handed over to BEL by Triton. BEL will deliver the first-off quantity by November 2022. The battery packs will be manufactured at Pune unit of BEL. Read more

Lupin-led arm to acquire Sunovion Pharma’s Brovana and Xopenex HFA brands

Published on: 9:19 am

  • Lupin Limited informed that its wholly owned subsidiary Lupin Inc., USA, is acquiring all assets required to manufacture and commercialize Brovana (Arformoterol Tartrate) Inhalation Solution and Xopenex HFA (Levalbuterol Tartrate) Inhalation Aerosol in the United States.
  • The acquisition of said brands will expand Lupin’s portfolio of Inhalation products. The company stated that the acquisition is expected to be completed 2-3 weeks post-signing.
  • Lupin Inc will acquire the said brands for USD 75 million (approx. Rs622.40 crore). Read more

GIC to invest Rs1,045 crore in IRB Infra's Ganga-Expressway road project

Published on: 9:18 am

  • IRB Infrastructure Developers Ltd’s Ganga Expressway Project has completed equity raise of Rs533.20 crore. Singapore based GIC Affiliates contributed Rs261.29 crore and IRB Infra contributed Rs271.90 crore.
  • IRB Infra will hold 51% stake in the Project while GIC Affiliate will hold 49%. The Project is expected to complete private placement of NCD of Rs138.65 crore to IRB Infra and GIC Affiliate soon subject to fulfillment of condition precedents.
  • The Company will also act as the Project Manager for implementing the project. As the Project Manager it will be receiving entire flow of consideration towards EPC and O&M Works for the Project, which will be in aggregate approximately Rs10,459 crore (plus applicable taxes). Read more

Hitachi Energy bags power transformers supply order from NTPC Renewable

Published on: 9:17 am

  • Hitachi Energy India Limited has secured a contract by NTPC Renewable Energy Limited (NTPC REL) to supply power transformers for their upcoming 4.75 GW renewable energy park in Gujarat, which is part of India’s largest solar park.
  • Spread over 72,600 hectares in Kutch, this solar park supports the country’s efforts towards carbon-neutral future with its increasing green energy footprint. NTPC REL is a wholly owned subsidiary of the power giant, NTPC LTD.
  • As part of this project, Hitachi Energy will provide ten (10) nos. 315 MVA 400/33/33 kV transformers manufactured at its Transformers factory in Vadodara. This will be the largest rating of transformer, used by solar power evacuation so far. Read More

Syngene International revenue rises 26% yoy to Rs768 crore in Q2FY23

Published on: 9:16 am

  • Syngene International Limited has announced its second quarter and first half results. The Company reported quarterly revenue from operations growth of 26% year-on-year to Rs768 crore; profit after tax for the quarter, before an exceptional item, increased by 11% year-on-year to Rs102 crore.
  • The second quarter results reflect positive and healthy performances across all divisions. Discovery Services experienced sustained demand and Development Services benefitted from repeat orders by existing clients, especially in areas of drug substance development and clinical supplies. Read More

Indian equity markets likely to see decline today

Published on: 8:50 am

  • Indian equity markets are likely to see a day in decline today. Rupee touched new lows yesterday, against the dollar. It crossed the 83/ $ mark for the first time ever in its history. This can put further upward pressure on selling by foreign portfolio investors. Stocks of ITC, Axis Bank, Asian Paints etc are likely to see price movement today. These companies will announce their September quarter results today.
  • US markets saw profit booking yesterday after 2 days of stellar gains. Higher yields and a stronger US dollar hurt sentiments. Dow Jones closed lower by 99 points. Nasdaq fell 91 points. Bond yields on 10-year bonds hit 4.06%. US$ index climbsed1% t0 112.5
  • Asian markets have opened in the red today. Japanese 'Nikkei' is down by 300 points in early trade. 'Yen' tumbled to 30-year lows hitting 150 to the US$. Most other Asian indices are trading lower by almost 1%. Chinese stocks are seeing their worst performance. Hang Seng sank to new lows despite government intervention in order to  stabilize the currency. Read more

Top 10 stocks for today – 20th October 2022

Published on: 8:18 am

  • The Singapore Exchange's Nifty futures traded 137.5 points, or 0.79%, lower at 17,366, indicating that the stock markets may have a bad start to the day on Thursday. The following equities may show price movement in today's trading session. To check more hot stocks, click athttps://www.indiainfoline.com/markets/hot-stocks
  • IndusInd Bank:
  • On Wednesday, the bank announced a strong gain in net profit of 60.4%, year over year (YoY), to Rs1,787 crores for the quarter that ended in September. For the quarter, net interest income increased by over 18% to Rs4,302 crores.
  • Havells India:
  • After reporting PAT of Rs187 crore for the September quarter, shares of the consumer electronics company will be the subject of attention. Read more

Global crude oil news

Published on: 7:55 am

  • Early Asian trading on Thursday saw a mixed start for oil prices as investors weighed weaker demand forecasts against concern over tightening supplies.
  • The price of Brent crude futures for December settlement had decreased by 28 cents, or 0.3%, to $92.13 per barrel. WTI, the US West Texas Intermediate crude contract for November delivery, increased 34 cents, or 0.4%, to $85.89 a barrel as of Thursday.
  • President of the United States Joe Biden stated in remarks on Wednesday that he intends to sell 15 million barrels of crude oil from the Strategic Petroleum Reserve and repurchase oil if prices decline sufficiently. The 180 million barrels of oil that were going to be sold were going to be the last to be sold, according to an announcement made shortly after Russia invaded Ukraine in February. Read more

Q2FY23 Preview: Reliance Industries: Profit After Tax seen at Rs146,831 million

Published on: 7:48 am

  • Result date: 21st October, 2022
  • Recommendation: Buy
  • Target price: Rs2,873
  • Reliance Industries (RIL) is witnessing good traction in its B2C businesses (retail and Jio). However, analysts at IIFL Securities believe the O2C business is set to register one of the worst quarters, as GRMs collapse, and petrochemical demand remains soft. Rupee depreciation coupled with rising yields also should be an overhang. Read more

Inox Wind to raise Rs 75 crore through issuance of debentures

Published on: 7:47 am

  • The board of Inox Wind on Wednesday authorized a plan to issue non-convertible debentures to raise Rs 75crore.
  • At its meeting yesterday, on October 19, 2022, the Board of Directors of Inox Wind, among other things, "considered and approved...issuance of Rated, Listed, Unsecured, Redeemable, Read more

Q2FY23 Preview: SBI Life Insurance Company: Total APE seen at Rs37.3 billion, VNB margin at 28.0%

Published on: 7:43 am

  • Result date: 21st October, 2022
  • Recommendation: Buy
  • Target price: Rs1,670
  • SBI Life Insurance Company (SBI Life) is likely to witness healthy growth in new business premium as well as renewal premium. Total APE though could decline 6% over the year-ago quarter. Read more

Q2FY23 Preview: HDFC Life Insurance Company: Total APE seen at Rs26.3 billion, VNB margin at 27.5%

Published on: 7:41 am

  • Result date: 21st October, 2022
  • Recommendation: Add
  • Target price: Rs640
  • Analysts at IIFL Securities believe that HDFC Life Insurance Company (HDFC Life)’s balanced product mix will continue to help navigate the business cycle. HDFC Life should see APE growth of 3% over the year-ago quarter, as retail regular premiums are offset by weakness in single premiums, with 100 basis points margin expansion. Read more

Tier 2 cities seeing retail and office spaces demand, says CBRE report

Published on: 6:41 am

  • According to CBRE report, retailers have moved to these smaller communities as a result of corporations setting up sizable operations there to attract workers who would otherwise have to leave their hometowns.
  • In the past year, stores for brands including Wooden Street, Birkenstock, Biba, Uniqlo, Tim Hortons, and Tasva by Aditya Birla Fashion have opened in tier 2 cities, and many more have expansion plans.
  • In the upcoming years, Chandigarh, Jaipur, Ahmedabad, Kochi, Thiruvananthapuram, Lucknow, Indore, Bhubaneshwar, Vishakhapatnam, and Coimbatore will experience fresh growth in India in terms of office space leasing as well as retail consumption. Read more

Piramal Pharma's stock gets listed, post demerger

Published on: 6:28 am

  • On Wednesday, Piramal Pharma's stock got listed, post its demerger from Piramal Enterprises Ltd (PEL).
  • The demerger of the pharmaceuticals business and the streamlining of the corporate structure were agreed upon by PEL's board of directors in October 2021, converting the company from a multi-sector conglomerate to two distinct sector-focused listed corporations in financial services and medicines.
  • PPL consists of three businesses: Piramal Critical Care (PCC), a Complex Hospital Generics business; Piramal Pharma Solutions (PPS), an integrated Contract Development and Manufacturing Organization (CDMO); and the India Consumer Healthcare business, which sells Over-The-Counter (OTC) goods. Read more

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