Latest News and Updates

21st Oct, 2022

Markets end the day in green

Published on: 3:52 pm

  • Indian equity markets ended the day in green today. Nifty 50 ended, up by 12.35 points. Sensex ended, up by 104.25 points. Top Gainers today were Axis Bank, ICICI Bank and Kotak Bank. Top Losers today were Bajaj Finance, Bajaj Finserv, Divi's Lab.
  • Markets saw decline in latter half of the day. Mid-cap stocks and small - cap stocks saw some selling pressure today. Except for Nifty 50, all other broad market indicies ended the day in red. FMCG and IT stocks  saw profit-booking today. Media and metal stocks also faced selling pressure. Healthcare stocks also saw selling pressure. Read more

Mahindra Finance to acquire 20% stake in MIBL for ~Rs206.39 crore

Published on: 3:31 pm

  • Mahindra & Mahindra Financial Services Limited (Mahindra Finance) announced today that it has agreed to purchase fully paid-up equity shares of Mahindra Insurance Brokers Limited (MIBL) held by Inclusion Resources Pvt. Ltd. (IRPL).
  • The company will acquire 20,61,856 shares at a price of Rs1,001 per share, representing a 20% equity stake in MIBL. The total cost of acquisition for the company is Rs206.39 crore (approx.).
  • In this regard, Mahindra Finance, MIBL, and IRPL have signed a share purchase agreement. Read more

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Radico Khaitan launches new line of LABs ‘Magic Moments Vodka Cocktails’

Published on: 3:11 pm

  • Radico Khaitan, maker of the country's best-selling Vodka Magic Moments, has created Magic Moments Vodka Cocktails, a line of low-alcohol RTD cocktail mixes under the Magic Moments brand. Magic Moments Vodka Cocktail line is made with a vodka base with a 4.8% alcohol level and comes in can packaging with a refreshing appearance and feel to express the essence of relaxing, at-home, and outdoor situations.
  • Magic Moments Vodka Cocktails, priced between Rs200 and Rs250, will be offered in three exciting flavours: Cosmopolitan, Cola, and Mojito.
  • People who do not drink alcohol are also eager to test this new alcobev variety on the market. RTDs are catching up with the pace in a relatively new business, and Radico Khaitan, the brand to watch in the alcohol industry, is sure of taking a substantial share of the market in India, stated the company. Read More

IndusInd Bank to raise $150 million loan from DFC to support women entrepreneurs

Published on: 2:56 pm

  • IndusInd Bank has announced that it has executed a commitment letter with the United States International Development Finance Corporation (DFC) for a loan worth USD 150 Mn. The Bank plans to use the proceeds of this loan to expand the Bank’s microfinance lending for the women borrowers in rural communities of Jharkhand, Uttar Pradesh, and Bihar.
  • Under this program, IndusInd Bank aims at boosting access to finance for women borrowers, as well as uplifting the livelihoods of these women and their families. This project advances DFC and the Bank’s commitment in economically empowering women customers.
  • Sumant Kathpalia, Managing Director and Chief Executive Officer of IndusInd Bank, said, “At IndusInd Bank, we are committed to the cause of fostering financial inclusion and making credit available in large swathes of unbanked and underbanked India. Read more

India's curbs on rice exports may lead to a global surge in prices

Published on: 2:55 pm

  • After more than a decade of stability, India's recent restrictions on rice exports might spark a surge in world prices, according to news reports. New Delhi's protectionist stance coincides with declining supply in other key countries and rising worldwide demand.
  • Rice growing in India was hampered by uneven monsoon rainfall, which led to export limitations in September. Floods also reduced Pakistan's output, despite rising consumption in major importers like Bangladesh and the Philippines. Because of this, experts predict that in 2022–2023, worldwide demand will exceed global output.
  • This is bad news for the Asian and African nations that depend on rice imports for up to 60% of their needs. Read more

Trading volume at IEX declines y-o-y by 11% in September quarter

Published on: 2:51 pm

  • Due to supply-side restrictions, the Indian Energy Exchange's (IEX) trading volume decreased by almost 11% to 23.1 billion units in the July–September quarter compared to the same period last year. According to a corporate release, IEX traded 26 billion units (BU) in the period from July to September 2021.
  • It stated: "During the quarter, the Exchange traded 23.1 BU more electricity than it did in Q1 FY'23 (23.4 BU). The volume included 19.7 BU for conventional power, 1.5 BU for green power, and 19.14 lakh Certificates, or 1.9 BU, for the market for renewable energy certificates (RECs)." Read more

SBC Exports bags work order worth Rs36 crore from Dubai; Stock gains 4%

Published on: 2:37 pm

  • SBC Exports Limited stock rally on Friday's trading session as the company received export order from a Dubai-based Company.
  • As per the filing, the Company has received an Export Order for supply of various Garment articles including T-Shirts, Trousers, Shorts etc. for a value of US $4397750.00 (Rs36.06 crore Approx) from GAWGEE BROTHERS WHOLESALERS CO. LLC, a Dubai based Textile Company.
  • "Our Company was consistently striving to enter in the Global market and this Export order can be seen as the key to unlock new opportunities outside the country", the company said in a regulatory filing. Read more

ADIA, Brookfield, KKR and TPG to invest Rs4,040 crore in UPL’s pure play platforms

Published on: 2:09 pm

  • UPL Limited today announced a strategic corporate realignment by establishing unique 'pure-play' business platforms - with the goal of unleashing the development potential of each of these platforms through increased focus (driven by specialised and committed teams) and efficient resource allocation.
  • The realignment will create wealth for UPL shareholders by allowing for the fair value recognition of the different pure-play platforms.
  • A wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), Brookfield, and TPG plans to invest Rs1,580 crore (US$ 200 million) in UPL SAS - India Agtech Platform for a 9.09% interest at an equity valuation of Rs17,380 crore (US$ 2.2 billion).
  • KKR will invest US$ 300 million (Rs2,460 crore) in 'Advanta Enterprises - Global Seeds Platform' for a 13.33% interest at an equity valuation of US$ 2.25 billion (Rs18,450 crore). Read more

Markets bullish with Nifty 50 above 17,650; Banking stocks drive

Published on: 2:00 pm

  • Domestic benchmark indices in a super rally today led by banking stocks outperforming. Both the Sensex and Nifty benchmarks were marginally higher amid Diwali season gleaming all over the market.
  • Further, investors' sentiments can be swayed on fears of the impact of aggressive rate hikes from central banks on economic growth and corporate results.
  • On the sectoral front, metal, IT sectors were under selling pressure while banking stocks skyrocketed over 900 points to drive the market sentiments.
  • At around 2:00 PM, Sensex was trading at 59,567.80 higher by 364.9 points or 0.62%. Nifty 50 traded at 17,657.30 higher 93.35 points or 0.53%. Read more

IAF to buy Rs 6800 crore of trainer aircrafts from HAL

Published on: 1:36 pm

  • Hindustan Aeronautics Limited and Indian Airforce have signed the contract for 70 HTT-40 indigenous trainer aircraft worth Rs 6,800 crore. During the Bandhan ceremony at the 12th DefExpo, in all, 451 Memorandums of Understanding (MoU) and Transfer of Technology (ToT) agreements were signed.
  • The Defence Acquisition Council (DAC) authorized the acquisition of 106 HTT-40 for the IAF in August 2020, with 70 BTA first procured from the HAL and the rest 36 when the HTT-40 fleet is operationalized in the IAF.
  • HAL received the IAF's Request For Proposal for HTT-40 for 70 aircraft with an extra provision for 38 more in February 2021 at Aero India. HAL's two manufacturing plants in Bengaluru and Nasik will handle production. Read more

Coal India initiates 17 FMC projects worth Rs11,000 crore under phase 3

Published on: 1:18 pm

  • Coal India Limited (CIL) has started 17 more first-mile connectivity (FMC) projects under phase III. These developments are expected to cost Rs11,000 crore and have a loading capacity of 317 million tonnes per year (MTPA).
  • CIL is creating a rollout strategy to issue tenders for the most recent projects by FY 2025. Commissioning would take place in two years, by FY 2027. This is in addition to the 44 existing projects that the business is actively pursuing in two segments, it stated.
  • CIL is aggressively pursuing this approach as a consequence of the favourable findings of a pilot study conducted at two of its OC mines on the environmental and economic benefits of loading through FMC projects. When compared to train sidings, the results show a considerable reduction in particulate matter, CO2, and other gaseous emissions. Read more

Atishay secures major work order; Stock slips over 3%

Published on: 12:54 pm

  • Atishay Limited has received work order from the office of the Chief Electoral Officer Maharashtra, Mumbai for the following job work for the State of Maharashtra.
  • 1. Preparation of Electors Photo Identity Cards
  • 2. Preparation of Envelopes, Welcome Letter, Voter Guide and Voter Pledge.
  • At around 12:56 PM, Atishay was trading at Rs35.50 per share lower by 3.14% on the BSE. Read more

Gravita India commences plastic recycling vertical at Ghana, West Africa; Stock rises

Published on: 12:31 pm

  • Gravita India Limited, a leading "Recycling Company" having its manufacturing presence around the globe, has announced that its step down subsidiary situated in Ghana, West Africa has started commercial production of Recycled Polypropylene Granules from its new recycling plant having an annual capacity of around 1,200 MTPA in phase 1.
  • Further, company has plans to increase this capacity to 2,700 MTPA in next phase.
  • The company is already having similar plastic recycling facility in Senegal, Mozambique and India. Further, this is in line with the company's vision of replicating the recycling business in different geographies. Read more

Indian Energy Exchange slips ~3% on subdued trading volumes in Q2

Published on: 12:15 pm

  • Indian Energy Exchange’s counter slipped as much as 3% in Friday’s trading session as the company reported a downfall in its trading volumes for the quarter ended September 30, 2022.
  • The company informed that its trading volumes dipped over 11% to 23.1 billion units in Q2FY23, as compared to 26 billion units in the previous corresponding quarter, owing to supply-side constraints.
  • However, the company logged only a marginal downside of 2% in its trading volumes for H1FY23. Read more

Mudunuru receives order in Gabon, West Africa

Published on: 12:05 pm

  • Mudunuru Limited has received orders worth USD 355,395 in Project to implement SmartPort Solution for Mineral Port, Gabon (West Africa).
  • As per the filing, the order was received from Owendo Mineral Port, S.A. (OMP).
  • And the order is for Supply, Design, Development, Implementation, commissioning and maintenance of People and Resource Monitoring and Management system for Owendo Mineral Port and maintaining the project for 5 years, the company said. Read More

SpiceJet suspends flights to Sikkim until further notice

Published on: 11:55 am

  • Due to "operational restrictions," SpiceJet, the only airline that operates daily flights to and from the greenfield airport in Pakyong, Sikkim, will stop operating there as of October 30.
  • A spokeswoman for the low-cost airline claimed that the decision has been taken due to certain operational constraints. Read More

United Breweries net profit grows y-o-y by 67% to Rs 134.12 crore in September quarter

Published on: 11:54 am

  • United Breweries Ltd, a maker of beer, has announced a 66.94% increase in its consolidated net profit at Rs 134.12 crore for the second quarter that ended September 30. This growth was primarily driven by volume growth.
  • The business, which is owned by the Dutch global brewer Heineken NV, reported a net profit of Rs80.34 crore for the same period a year ago, according to a regulatory filing on Thursday. During the quarter under review, United Breweries Ltd.'s (UBL) operating revenue increased by 11.49% to Rs3,673.51 crore. In a similar period of the prior fiscal, it was Rs3,294.73 crore.
  • According to UBL, the company's volumes in the second quarter of the current fiscal were up 23% from the prior quarter and 3% higher than the pre-pandemic levels of the July to September 2019 period. However, UBL stated in its earnings statement that "continuing inflationary pressures on costs, particularly on the prices of barley and packaging materials," were to blame for its "gross margin for the quarter being lower by 508 bps as compared to Q2 2021." Read More

Bharat Dynamics unveils three new products at Defexpo 2022; stock soars ~3.5%

Published on: 11:53 am

  • Bharat Dynamics Limited has launched three new products at the ongoing Defexpo - 2022 in Gandhinagar, Gujarat, to complement its existing diverse product line.
  • During the Bandhan Ceremony at Defexpo 2022, BDL unveiled the "Anti-Tank Guided Missile for MBT ARJUN," the "Sangramika," a Light Weight Vehicle Mounted Anti-Tank Guided Weapon System, and the "Sanharika," an Armoured Vehicle Mounted Laser Guided Short Range Anti-Aircraft Weapon System.
  • During the occasion, BDL CMD Commodore Siddharth Mishra (Retd) handed over the first model of the new products to Hon'ble Raksha Mantri Rajnath Singh. P Radhakrishna, Director (Production), N Srinivasulu, Director (Finance), Commodore A Madhavarao (Retd), Executive Director (Mktg), BDL, and other top company executives were in attendance. Read More

Clean Science & Technology board approves additional investment of Rs150 crore in subsidiary

Published on: 11:33 am

  • Clean Science & Technology Limited has informed that the Board of Directors at their meeting held on Thursday approved additional investment of upto Rs150 crore in one or more tranches in the Equity Shares of Clean Fino-Chem Limited, a Wholly Owned Subsidiary.
  • CFCL is a related party of Clean Science and Technology Limited (“CSTL”)
  • As per the filing, CFCL is in process of setting up manufacturing facility for its speciality chemical business. The additional capital will be used for funding its green field projects. Read more

Foxconn postpones IPO of its India unit

Published on: 11:29 am

  • Foxconn Technology Group has said that the company's initial public offering (IPO) of Rs 5,000 crore for the India business, Bharat FIH on the BSE and NSE stock exchanges, has been postponed due to the state of the market.
  • Without providing a new deadline, Foxconn said in a statement that it would pursue a proposed spinoff when circumstances improve.
  • The proposed spin-off is "subject to, among other things, the approval of the relevant regulators in India, market conditions, and other factors, and accordingly, there is no assurance that the proposed spin-off will take place or as to when it may take place," the statement continued. Take note, shareholders and potential investors in the company.
  • Bharat FIH is a Foxconn Technology Group firm and a division of FIH Mobiles. It produces electronics for Nokia and Xiaomi. Read more

DCX Systems' IPO to open on October 31st

Published on: 11:11 am

  • The initial public offering (IPO) of Bengaluru-based DCX Systems will open on October 31 and end on November 2. On October 28, the anchor investors will place a bid.
  • The company said that the basis for share allocation will occur on November 7 and that the credit of equity shares to the depository will take place on November 10. On November 11, the stock will go public on exchanges.
  • The company reduced its first offering size from Rs600 crore to Rs500 crore. The company now intends to raise Rs 400 crore through a new issuance and Rs 100 crore through an OFS from its current promoters and shareholders. Read More

Prices of petrol and diesel on October 21

Published on: 11:03 am

  • According to the most recent price notification sent out by fuel retailers, gasoline and diesel prices were stable across metro areas on October 21. Delhi charges Rs 96.72 for gasoline and Rs 89.62 for diesel per liter, respectively. Diesel prices Rs 94.27 per liter and gasoline price Rs 106.31 in Mumbai. In Chennai, the price of gasoline and diesel is Rs 102.63 and Rs 94.24, while in Kolkata, they are respectively Rs 106.03 and Rs 92.76.
  • In light of the ongoing conflict between Russia and Ukraine and OPEC+'s plans to reduce production in November, US President Joe Biden revealed efforts to ensure American energy security on Wednesday.
  • In order to further drive down oil prices and give American families more "breathing room" at the pump, Biden said the first crucial step would see the Department of Energy (DoE) release an additional 15 million barrels from the Strategic Petroleum Reserve (SPR), extending the release through the month of December. Read more
 

Ramkrishna Forgings bags Rs121.50 crore order from a major Swedish OEM; stock adds ~1%

Published on: 10:56 am

  • Ramkrishna Forgings Limited, a leading supplier of rolled, forged, and machined products, announced that a reputable Swedish OEM major has awarded a long-term supply contract worth Euro 15 million (Rs121.50 crore) for two components for an Electric Vehicle (EV). The company expects the supplies to be completed by 2030.
  • "We are pleased to announce that we have received a long-term Electric Vehicle components contract to supply Tie Rod Arm Tag and Spring Link. The order is received from a well-known OEM based in Sweden. Through this contract, the company has shown its ability in the approaching era of Electric Vehicles," commented Lalit Khetan, Executive Director & CFO of Ramkrishna Forgings Limited. Read more

Shyam Metalics commissions production capacity of its material wholly-owned subsidiary

Published on: 10:44 am

  • Shyam Metalics & Energy Ltd has informed that the Production capacity have been commissioned at the Jamuria location of its Material Wholly Owned Subsidiary i.e., Shyam Sel & Power Ltd and is ready for commercial production with immediate effect.
  • As per the filing, the existing capacity is 543840 TPA and the additional capacity is 291360 TPA, the company informed.
  • On Friday, at around 10:41 AM, Shyam Metalics & Energy Ltd is currently trading at Rs302.30 per share down by Rs1.95 or 0.64% from its previous closing of Rs304.25 per share on the BSE. Read more

Spandana Sphoorty raises Rs60 crore via NCDs

Published on: 10:34 am

  • Spandana Sphoorty Limited informed that the Management Committee of the board of directors has approved and allotted 600 Secured, Rated, Listed, Redeemable, Transferable Non-Convertible Debentures having a face value of Rs10,00,000 each, at par.
  • The instruments are issued on a private placement basis in Demat form, for consideration of an aggregate amount of Rs60 crore.
  • These instruments carry an interest rate of 12% p.a.
  • The instruments have a tenure of 24 months, starting from October 20, 2022, and ending on October 20, 2024. Read More

Rail Vikas Nigam stock gains 1% on securing LoI by Ahmedabad Municipal Corporation

Published on: 10:02 am

  • Rail Vikas Nigam Ltd (RVNL) stocks in the fast lane as the company received Letter of Acceptance (LoA) by Ahmedabad Municipal Corporation (AMC).
  • As per the filing, RVNL has been awarded contract for Development of Kharicut Canal (Between Naroda Smashan Gruh & Vinzol Vehla) in AMC area Pakage 2 & 3 for which details of the contracts awarded are as under: Read more

Gold and silver prices fall in early trade

Published on: 10:01 am

  • Early on Friday, prices for both gold and silver dropped. According to the GoodReturns website, 10 gramme of 24 karat yellow metal was trading for Rs50,560, down Rs220. Silver is currently trading at Rs56,150 per kilogramme, down Rs250 from earlier.
  • Today's price for ten grammes of 22-carat gold is Rs 46,350. In Mumbai and Kolkata, 10-gram quantities of 24- and 22-carat gold, respectively, are being sold for Rs 50,560 and Rs 46,350. Gold in Delhi is currently selling for Rs 50,730 per 10 gm for 24-carat gold and Rs 46,500 for 22-carat gold. 24- and 22-carat gold are currently trading in Chennai for Rs51,110 and Rs46,850, respectively.
  • The appeal of zero-yield bullion was waning on Friday as US Treasury yields remained close to multi-year highs in the wake of solid labour market statistics and hawkish remarks from Federal Reserve officials. As of 01:18 GMT, spot gold remained unchanged at $1,627.20 per ounce and had lost 0.8% for the week. At $1,630.10, US gold futures were down 0.4%. Read more

Happiest Minds' PAT grows 33.70% y-o-y in Q2FY23

Published on: 9:44 am

  • Happiest Minds Technologies Limited announced its consolidated results for the second quarter ended September 30, 2022, as approved by its Board of Directors.
  • The company reported a total income of Rs35,933 lakh in Q2FY23, up by 31.1% yoy and 8.9% sequentially.
  • It reported an EBITDA of Rs9,434 lakh in Q2FY23, registering a growth of 33.70% yoy and 5.4% QoQ.
  • Company’s PAT during the quarter under review stood at Rs5,941 lakh, clocking a growth of 33.70% yoy, and 5.4% over the last quarter. Read more

Markets trade positive; Sensex climbs 180 pts, Nifty above 17,600 on last day of Samvat 2078

Published on: 9:36 am

  • Indian markets are trading positive during the opening bell of Friday tracking mixed global cues as today is the last day of Samvat 2078 for Indians. Further, market sentiment could get a leg up after FIIs turned net buyers of local shares in yesterday's trade which can boost investors' sentiment for today's trading.
  • India's volatility index plunged more than 1% currently.
  • However, the domestic equities are expected to record weakness in the morning session as global cues turn weak.
  • Markets are on a wait-and-watch mode ahead of major companies' results which may surprise on the upside. Read more

Welspun Corp commences regular dispatches from its DI pipe making facility

Published on: 9:30 am

  • Welspun Corp Limited announced that its state-of-the-art Ductile Iron (DI) pipe manufacturing plant is fully operational and has commenced regular dispatches from October 19, 2022, through its wholly-owned subsidiary Welspun DI Pipes Limited.
  • B. K. Goenka, Chairman of the Welspun Group, stated, "This integrated plant is one of the largest single-site DI Pipe Plants in India. We are thrilled to be contributing to the Jal Jeevan Mission and substantially impacting people's lives. Furthermore, with this significant investment, we will create numerous new direct and indirect job opportunities in Gujarat and around the country.”
  • This facility has a capacity of 400,000 MT of Ductile Iron (DI) Pipes and is outfitted with cutting-edge technology. The facility has also just gained BIS accreditation. Read more

Suzlon Energy rights issue worth Rs1,200 crore oversubscribed by 1.8x times on last day

Published on: 9:19 am

  • Suzlon Energy Limited has announced on Thursday the successful closure of the issue of 240 crore partly paid‐up Equity Shares on rights basis to the eligible equity shareholders which was launched on October 11, 2022.
  • The issue resulted into subscription of 435.46 crore shares resulting into oversubscription by 1.8x times. The issue period was from October 11, 2022, to October 20, 2022.
  • The issue size was 240 crore partly paid‐up Equity Shares for cash, at a price of Rs5 per Rights Equity Share (including a premium of Rs3 per Rights Equity Share) aggregating up to Rs1,200 crore on a rights basis to its eligible equity shareholders in the ratio of 5 rights equity shares for every 21 fully paid‐up equity shares held by the eligible equity shareholders. Read more

Wipro appoints Suzanne Dann as CEO for Americas 2 Strategic Market Unit

Published on: 9:18 am

  • Wipro Limited has announced the appointment of Suzanne Dann as Chief Executive Officer of Wipro Americas 2 1 Strategic Market Unit, effective immediately. Dann will also join the Wipro Executive Board.
  • In her new job role, Dann will focus on increasing bookings, large deal signings, and revenue in high-growth strategic areas. She will also direct operational changes to improve margins and continue investments in talent to serve clients’ changing needs.
  • “Suzanne’s focus on deepening client relationships and understanding their business challenges have been instrumental to the outstanding growth we experienced in this market,’ said Thierry Delaporte, Chief Executive Officer and Managing Director, Wipro Limited. Read more

KNR Constructions completes disposal of 100% stake in KNR Shankarampet; stock climbs ~2%

Published on: 9:18 am

  • KNR Constructions Limited informed that it transferred its remaining 51% equity stake in its subsidiary company i.e., KNR Shankarampet Projects Private Limited (SPV) to Cube Highways and Infrastructure III Pte. Ltd.
  • Since the transaction was to be completed in two parts, the first stage of transferring 49% of the equity share was completed on December 31, 2021, and the second stage of transferring the remaining 51% equity stake is completed on October 20, 2022.
  • The company has invested Rs126.81 crore (in the form of equity and sub-loan), for which it has received Rs108.51 crore in exchange for the transfer of 49% equity ownership and repayment of complete sub-debt on December 31, 2021. It has now received Rs46.09 crore in exchange for the transfer of the remaining 51% ownership share. Read more

Nazara Tech delivers record 104% yoy revenue growth in Q2FY23

Published on: 9:17 am

  • Nazara Technologies Limited has announced its un-audited Standalone and Consolidated results for the quarter and half year ended September 30, 2022.
  • The company delivered strong growth driven by its esports, freemium and adtech business verticals in Q2FY23. Following the strong H1FY23 performance, the company has revised the guidance upwards for FY23 and expects consolidated revenues to grow in the range of 70-75% YoY with EBITDA margin above 10%.
  • Key Consolidated Financial Highlights for Q2FY23 are as follows:
  • Revenue increased by 104% to Rs263.8 crore as against Rs129.6 crore in Q2FY22 Read more

Tanla Platforms stock plunges near 4% post Q2FY23 numbers

Published on: 9:16 am

  • Tanla Platforms Limited, India’s largest CPaaS provider, has announced its financial results for the second quarter of FY’22-23.
  • Key Metrics: First Quarter (April – June 2022)
  • Revenue increased by 1% year-over-year to Rs851 crore
  • Gross profit at Rs205.6 crore Gross margin at 24.2%
  • EBITDA at Rs139.5 crore EBITDA margin at 16.4 %
  • Profit after tax at Rs110.4 crore. Profit after tax margin at 13%
  • Earnings per share at Rs8.14
  • Cash & Cash Equivalents at Rs855.2 crore Read more

Girish Kousgi assumes charge as new MD & CEO of PNB Housing

Published on: 9:15 am

  • PNB Housing Finance Limited announces the resignation of Hardayal Prasad as Managing Director and Chief Executive Officer of PNBHF for personal reasons. Prasad's tenure as PNBHF's Managing Director and Chief Executive Officer will end on October 20, 2022, at the end of business hours. He has volunteered to remain an advisor to the Company in order to enable a seamless transition.
  • Girish Kousgi, who has over 25 years of expertise in the mortgage and retail lending industries, will join PNBHF as the new Managing Director and Chief Executive Officer on October 21, 2022. Read More

Markets may go either way today

Published on: 8:55 am

  • Indian equity may go either way today. Foreign Portfolio Investors were net buyers in a strong way, yesterday. If this trend continues today then markets may rise further. US dollar strengthened further yesterday. The course of market movement today will also be determined by the results of companies that will declare their results today. These include Reliance Industries, JSW Steel, Bajaj Finserv etc.
  • US markets saw another very volatile day yesterday. Dow Jones saw intra-day gains of over 400 points before closing lower by 90 points. Nasdaq saw gains of 160 points before closing lower by 65 points. Bond yields spiked to 10-year high of 4.22%. Pessimism regarding Federal Reserve’s reaction in November pushed bond yields to new highs. WTI crude oil price fell below US$ 84.  Demand concerns drove prices lower.  Read more

IDBI bank believes that LIC will recover the investment made in it, by the time privatization is com

Published on: 8:42 am

  • By the time the lender is privatized, the share prices of the state-owned insurance giant LIC are anticipated to have recovered their investment of Rs21,624 crore they had put in IDBI Bank, an official told PTI.
  • According to the official, who talked to PTI, the share price of IDBI Bank has increased from Rs35 per share to Rs45 per share as of right now since the process to privatize the bank began in May of last year.
  • "We anticipate that the price of IDBI Bank's stock will increase. The price is anticipated to rise toward the level when LIC acquired its investment in 2019 " PTI reported. Read more

UPL may raise $500-550 million from KKR, Abu Dhabi Investment Authority etc.

Published on: 8:37 am

  • According to news reports, KKR and Co., Brookfield, existing investors TPG and Abu Dhabi Investment Authority (ADIA), are looking to invest $500-550 million in two of UPL Limited's fully owned subsidiaries. UPL Limited is the top provider of agrochemicals, seeds, and crop protection.
  • While Brookfield, TPG, and ADIA are anticipated to invest an additional $200-250 million in UPL Sustainable Agri Solutions Limited, which focuses on the production and marketing of agrochemicals and formulations, while KKR is anticipated to invest $300 million in Advanta, a company that specializes in seed technology. The two arms will be valued at $5 billion ($2.5 billion each) after the infusion.
  • As of Wednesday, the parent company, UPL Limited, formerly known as United Phosphorus Limited, had a market value of Rs53,112.62 crore ($6.63 billion). Read More

India and Saudi to explore submarine power cable connectivity

Published on: 8:34 am

  • News reports claimed that India and Saudi Arabia pursue a cross-country initiative carried by the tide of a new era of energy diplomacy. The Gujarat coast may soon hook up to the Middle East with deep sea cables, creating a green energy grid.
  • In order to lay the groundwork for the visit to India next month by the Saudi Prime Minister and Crown Prince Mohammed bin Salman, Prince Abdulaziz bin Salman, the Saudi Arabian energy minister, will be in New Delhi on Friday for a day-long visit.
  • Reports said both parties are likely to start talks on an undersea cable for an electrical grid involving South Asia and the Gulf nations, expanding the subject beyond oil exports. The two are investigating the project's business potential. Read More

Most States failing in tracking mining operations, says report

Published on: 8:32 am

  • According to a survey, no state has begun the system of collecting data connected to mining operations and failed to identify production loss and validate the mineral output claimed by miners, with the exception of Chhattisgarh and Odisha.
  • Additionally, according to the Natural Resource Accounting study, states including Gujarat, Kerala, Rajasthan, Uttar Pradesh, and West Bengal were unable to provide information on major mineral extraction.
  • According to the report created by the advisory board for government accounting standards under the direction of the Comptroller and Auditor General of India, states like Gujarat, Kerala, Meghalaya, Rajasthan, Tamil Nadu, Uttar Pradesh, and West Bengal were unable to provide data on the extraction of major minerals, so their accounts had to be based solely on production data. Read more

ITC's net profit up by 24.4% in September quarter

Published on: 8:29 am

  • The net profit after tax for the September quarter of ITC Ltd increased by over 24% year over year to Rs 4619 crore.
  • The major tobacco business's annual revenue increased by more than 23% to Rs 17,110 crore. Cigarettes account for around 45% of ITC's top line and more than 80% of its net profit. Fast-moving consumer goods (FMCG) other than cigarettes saw a 21% increase in quarterly revenue to Rs4,885 crore.
  • As business and leisure travel resumed, the hotel industry experienced a rapid comeback. The revenue for this category increased dramatically 82% year over year to Rs536 crore. The third-largest source of revenue, the agriculture sector, reported a 44% year-over-year increase in revenue to Rs3,997 crore. Sales in the paperboard and packaging sector increased by 25% to Rs2,288 crore. Read more

Soyabean Processors Association lobbies with government to increase import duty on edible oil

Published on: 8:24 am

  • The oilseeds sector petitioned the government to raise import taxes on all types of oils after Diwali.
  • It expressed concern that lower import taxes on oils will encourage traders to import more, reducing reliance on domestic oilseed output, and that farmers may experience difficulties as the price of oilseeds may decline when the crop's arrival ramps up after Diwali.
  • "We have requested in writing to Piyush Goyal, the Union's minister of commerce, that the current tariff structure is reversed and increased. Oilseed producers will suffer if this doesn't happen, according to DN Pathak, executive director of the Soybean Processors Association, told ET.
  • "This kharif's oilseed crop has been good, however certain crops have high moisture content because of unseasonal rains. This crop won't bring in much money. Read more

CCI imposes Rs 1338 crore fine on Google for anti-competitive practices

Published on: 8:20 am

  • On Thursday, the Competition Commission of India (CCI) fined Google Rs1,337.76 crore for abusing its position of market dominance with its Android mobile operating system (OS) and imposed a number of key regulations that the corporation must follow.
  • The regulator argued against requiring Android device manufacturers to pre-install Google services on their products. Additionally, it urged Google to grant equal access to all interested parties.
  • According to the CCI order, "Google shall not restrict access to its Play Services APIs to disadvantage OEMs (mobile makers), app developers, and its current or potential rivals." Read more

Airbus' C295 planes get quality approval from DGAQA

Published on: 8:18 am

  • The C295 aircraft programme has been given the go-ahead by India's aviation authority, according to aircraft manufacturer Airbus. In September, the Indian government agreed to pay Airbus Defence and Space Rs21,00 crore to purchase 56, C295 transport planes.
  • The European aviation major's proposal to replace the Indian Air Force's outdated Avro-748 aircraft received approval from the Directorate General of Aeronautical Quality Assurance (DGAQA).
  • As the first foreign original equipment manufacturer to receive such certification, Airbus will deliver 16 aircraft that are ready to fly within four years, with the remaining 40 being produced and assembled by Tata Advanced Systems (TASL) in India as part of a joint industrial venture.
  • For the first time ever, India has approved Airbus' Defence and Space Quality Management System (QMS) for the C295 aircraft. Read More

Coforge announces dividend of Rs 13 per share

Published on: 8:14 am

  • When reporting its Q2 earnings, IT services provider Coforge announced a dividend of Rs13 per share for FY23. The second dividend of the current fiscal year is being paid out. The business had declared a dividend of 130%, or Rs13, for July.
  • Additionally, the corporation has designated November 4 as the record date in order to identify qualified shareholders in this regard.
  • The board also announced a second interim dividend of Rs13 per fully paid-up share with a face value of Rs10 for the fiscal year 2022–23. The board has also set November 4, 2022, as the record date for determining whether shareholders are eligible to receive the second interim dividend, according to the company's filing with the markets. Read More

Asian Paints to invest Rs 2,650 crore in setting up new raw material manufacturing facilities

Published on: 8:12 am

  • On Thursday, Asian Paints announced investments totalling more than Rs2,650 crore in a greenfield vinyl acetate factory, a white cement joint venture in the UAE, and a nanotechnology start-up.
  • The expenditures, according to the paint manufacturer, would aid in backward integration.
  • In order to establish a production facility for vinyl acetate monomer and vinyl acetate ethylene emulsion in India, the company will invest Rs2,100. The factory will be able to produce 150,000 tonnes of VAE annually and 100,000 tonnes of VAM annually. Read More

Lulu Group may invest Rs 1500 crore in a new mall in Greater Noida

Published on: 8:06 am

  • According to the Greater Noida Authority, the Lulu Group, which has its headquarters in Abu Dhabi, may invest Rs1500 crore to build a mall in Greater Noida in the NCR.
  • The company's representatives met with the authority and asked them to find suitable land.
  • The Lulu Group, which already operates a mall in Lucknow, has committed Rs2500 crore to three new projects in Uttar Pradesh: one Lulu Mall in Varanasi, one in Prayagraj, and one in Greater Noida.
  • The Lulu Group has also made plans to build Ahmedabad, Gujarat, the largest retail mall in India. Read more

Q2FY23 Preview: Kotak Mahindra Bank: NII seen at Rs48.4 billion, PAT at Rs24.7 billion

Published on: 8:03 am

  • Result date: 22nd October, 2022
  • Recommendation: Add
  • Target price: Rs2,020
  • Kotak Mahindra Bank is expected to post strong loan growth of 26% over the year-ago quarter and 6% over the previous quarter. Traction in unsecured loans is the key driving force behind the loan growth. Analysts at IIFL Securities expect the Bank’s deposits to grow 14% on a year-on-year basis and 5% sequentially. The Net Interest Income or NII should grow 20% over the year-ago quarter. Read more

Global crude oil news, prices remain flat in Asian session

Published on: 7:59 am

  • On Friday, oil prices remained almost unchanged as market participants balanced their excitement about rising energy demand in China with worries about high inflation.
  • The price of Brent crude futures had dropped by 5 cents to $92.33 per barrel. The price of U.S. West Texas Intermediate futures increased by 7 cents to $84.58 per barrel.
  • WTI was anticipated to decline by 1.3%, while Brent was projected to rise by 0.7% for the week. Read More

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