Latest News and Updates

25th Oct, 2022

Piramal Pharma to invest Rs1,200 in UK over the next 12 to 18 months

Published on: 3:02 pm

  • Through a combination of organic growth and acquisitions in the sectors of contract development & manufacturing services (CDMO) and complicated generics, Piramal Pharma stated that it would concentrate on scaling up its operations and increasing its margins.
  • On October 19, its shares were listed on stock exchanges. In a recent interview with ET, Piramal Pharma chair Nandini Piramal stated that the business would invest Rs1,200 crore in antibody-drug conjugate capacity at Grangemouth, the UK, over the course of the following 12 to 18 months.
  • In addition to increasing capacity at its API facilities in India and for potent injectables at Lexington in the US, it is also looking to increase capacity at Riverview in the US for active pharmaceutical ingredients. Read more

Markets trade lower amid volatility; Nifty below 17,700

Published on: 2:00 pm

  • Domestic benchmark indices trading in the red after a gap-up opening on Tuesday. Both the Sensex and Nifty benchmarks are marginally lower in the afternoon market session. Moreover, with strong buying witnessed in banking and financial stocks in Muhurat Trading on Monday, the market again faced the volatility amid mixed global cues.
  • On the sectoral front banking, FMCG index underperformed by tumbling over 1% while IT, Auto and metal stocks in the fast lane to drive the market sentiments.
  • At around 2:00 PM, Sensex was trading at 59,671.66 lower by 160 points or 0.27%. Nifty 50 traded at 17,691.0 lower 39.55 points or 0.22%
  • Top Bulls on Nifty 50 are: Tech Mahindra (+3.18%), JSW Steel (+2.24%), Maruti Suzuki (+2.08%) supported by Dr Reddy (+2.06%) and Eicher Motors (+1.57%). Meanwhile, top losers on Nifty are: Nestle India (-2.70%), Kotak Bank (-2.65%), Hindustan Unilever (-2.62%), Britannia (-2.43%) and Bajaj Finserv (-2.17%). Read more

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SBI hits new 52-week high ahead of earnings release for Q2FY23

Published on: 1:43 pm

  • In Tuesday's intra-day trade, shares of State Bank of India (SBI) climbed nearly 2% to a record high of Rs580 a piece on the BSE in anticipation of excellent earnings in the September quarter (Q2FY23) following ICICI Bank's healthy results for this time.
  • The state-owned company's shares exceeded its previous high of Rs578.65, set on September 15, 2022.
  • At 1.40 PM, State Bank of India was trading at Rs578.70 up by 1.46% from its previous closing of Rs570.35 on the BSE. The scrip touched intraday high and low of Rs579.95 and Rs568.05 respectively. Read more

Insolation Energy receives order worth Rs1.38 crore; Stock dives 10%

Published on: 1:35 pm

  • Insolation Energy Limited stock plunges 10% on Tuesday's trading session despite receiving major construction order.
  • As per the filing, the company has received a Letter of Award (LOA) for empanelment of Vendor for Design, Supply, Erection, Testing, and Commissioning including warranty, Comprehensive operation & maintenance of grid-connected Rooftop Solar Plant of various capacities under the Phase-II of Grid Connected Rooftop Solar Scheme of MNRE in Rajasthan under General category against TN-DSM-02, for Jaipur Discom of Rs1,38,00,543 (Rupees One Crore, Thirty-Eight Lacs & Five Hundred Forty-Three only). Read more

Embassy REIT to invest Rs 3,200 crore over the next 4 years

Published on: 12:57 pm

  • According to Vikaash Khdloya, CEO of Embassy REIT, who talked to ET, about Rs 3,200 crore will be invested in the development of 7.1 million square feet over the next three to four years.
  • Once stabilised, the pipeline, of which 80% is being developed in Bengaluru, is anticipated to increase its net operating income by more than Rs800 crore.
  • "Our balance structure sets us very well to support our growth plans," said Khdloya. "Our balance sheet with low 26% leverage, favourable 7.1% debt cost, and with over two-thirds of the debt book at fixed rates."
  • Additionally, the REIT has signed non-binding offer letters to purchase two office buildings in Bengaluru and Chennai from Embassy Sponsor and its affiliates. Read more

Sivakasi fireworks industry to focus on export market

Published on: 12:40 pm

  • The Rs6,000 crore Sivakasi fireworks sector, which is also focusing on green crackers, is now planning to enter the global firecracker market, which has previously been dominated by Chinese competitors.
  • The Sivakasi sector is attempting to capture a little portion of the global fireworks export market, which China dominates with an Rs26,000 crore yearly turnover.
  • With the establishment of the CSIR-NEERI laboratory in Sivakasi, which cost Rs15 crore, the industry has been able to evaluate the emission level of green firecrackers produced in the Virudhunagar district and meet the requirements for green crackers. Read more

Biocon Biologics' insulins facility in Malaysia receives EU GMP certification

Published on: 12:34 pm

  • Biocon Limited-led Biocon Biologics integrated insulins manufacturing facility in Malaysia is approved by the European Medicines Agency following a site inspection in July 2022.
  • The Company has received the Certificate of GMP Compliance from the representative European inspection authority, Health Products Regulatory Authority (HPRA), Ireland. This approval reflects the agency’s determination that the manufacturing facilities for Drug Substances, Drug Products, Insulin Delivery Device Assembly, as well as Secondary Packaging and Warehousing areas are in compliance with the guidelines of Good Manufacturing Practices.
  • This certificate enables the Company to continue addressing the needs of people with diabetes in the EU who require Insulin Glargine and Insulin Aspart. Read more

Indraprastha Gas names Sukhmal Kumar Jain as Chairman; stock rallies ~6%

Published on: 12:31 pm

  • Indraprastha Gas Limited informed that it has appointed Sukhmal Kumar Jain as an Additional Director and Chairman. His appointment is effective from October 23, 2022.
  • Sukhmal has succeeded Arun Kumar Singh.
  • Sukhmal Kumar Jain, a BPCL nominee, is the company's Director (Marketing). He is a Mechanical Engineering graduate of Delhi College of Engineering and an MBA graduate of SP Jain Institute of Management & Research. In his 35-year career, he has held many senior roles in BPCL's Retail, LPG, and Gas verticals. Read more

USFDA issues CRL for Biologics License Application for Insulin Aspart

Published on: 12:06 pm

  • Biocon Limited has informed to the stock exchanges that, "The U.S. Food and Drug Administration (FDA) has issued a Complete Response Letter (CRL) for the Biologics License Application (BLA) for Insulin Aspart filed by its partner Viatris (Mylan).
  • The CRL did not identify any outstanding scientific issues with the product. The CRL references the Form 483 observations noted during the pre-approval inspection of Biocon Biologics' integrated insulins manufacturing facility at Malaysia in August 2022, which we disclosed on Aug 31, 2022."
  • Further, in addition to this the company added, "We have submitted a CAPA (Corrective and Preventive Action) plan to the U.S. FDA for review and remain confident in our ability to resolve these observations expeditiously. Read more

ICICI Bank's stock on a bull run; hits fresh 52-week high

Published on: 12:03 pm

  • ICICI Bank Limited is seeing another wave of price target increases as its outstanding performance in the September quarter results continues. On Tuesday, the stock rose over 2% to a 52-week high of Rs943.25 apiece on the BSE.
  • During the July-September 2022 period, the bank recorded a 37% yoy growth in standalone net profit to Rs7,558 crore and a 26% yoy increase in net interest income (NII) to Rs14,787 crore.
  • At around 12.06 PM, ICICI Bank was trading at Rs930.45 up by 0.49% from its previous closing of Rs925.90 on the BSE. Read more

NARCL makes Rs 1,003 crore offer for Meenakshi Energy

Published on: 11:50 am

  • According to news reports, Hyderabad-based thermal power business Meenakshi Energy reported that the National Asset Reconstruction Company (NARCL) has made a revised, better offer for Meenakshi Energy of Rs1,003 crore.
  • According to the persons mentioned by ET, the government-sponsored NARCL's amended offer, which it submitted last week in response to a request from the company's lenders, is 11% higher than its initial offer.
  • While the corporate resolution was in its final stages a fortnight ago, NARCL made a binding offer of Rs900 crore for Meenakshi Energy.
  • Three companies are competing to buy the struggling power company: Vedanta, sponsored by Anil Agarwal, Jindal Power, promoted by Naveen Jindal, and a consortium headed by Prudent ARC. Read More

NMDC trades under pressure ahead of record date for demerger

Published on: 11:46 am

  • NMDC Limited’s counter remained under pressure in Tuesday’s trading session, it being the last date to acquire shares of the company in order to be eligible to receive shares of the demerged steel entity.
  • Earlier this month, the government approved the demerger of the steel company from the state-owned iron-ore miner into a separate listed corporation called NDMC Steel.
  • In this regard, the company has designated October 28 as the record date. Any investor who had shares delivered to their Demat account on the specified date would be considered eligible for a stake in the new firm. Read more

Aditya Vision expands its showroom market in Jharkhand; Stock slips 2.6%

Published on: 11:21 am

  • Aditya Vision Limited stock in focus today as the company announced the opening of its new showroom in Jharkhand.
  • As per the regulatory filing, the company informed that it has opened its 90th Showroom at SNP area, Jamshedpur, Sakchi, East Singhbhum, Jharkhand.
  • On Tuesday at around 11:20 AM, Aditya Vision was trading at Rs1629 per share lower by 2.66% as against previous closing of 1673.50 per share on the BSE. Read More

Market forecast - What to expect this week?

Published on: 10:50 am

  • Indian equity markets are likely to experience some uncertainty and volatility this week. US Federal Reserve will announce its interest rate hike during its meeting at the beginning of next week. The gains seen in US markets in the past two days indicate that the probability of Federal Reserve becoming less aggressive in its interest rate hike has increased. If Foreign Portfolio Investors, investing in Indian equity markets, also place weight on this increased probability, then selling by foreign portfolio investors will remain subdued. 
  • This expectation is strengthened by the fact that US business activity seems to have weakened further in October. An S&P Global Survey has shown that both manufacturing activity and services activity have declined in October, from September levels. US Federal Reserve is bound to show some caution regarding its course of relentless rate hikes. US mid-term elections will take place on November 8th. The Federal Reserve will also feel political pressure to not continue the trade-off between economic growth and inflation in the week leading to elections. Read more

Bond yields in UK go down as Rishi Sunak becomes new Prime Minister

Published on: 10:47 am

  • As investors wagered that the new Prime Minister Rishi Sunak will put an end to weeks of upheaval plaguing the nation's markets and restore credibility to economic policymaking, UK bonds achieved some of their greatest gains ever.
  • Short-dated notes were the main driver of the rally, and the two-year yield dropped to its lowest level since 1993 after Sunak, a former chancellor who had warned against Liz Truss' "fairytale" tax cuts, won the election to succeed her. The gains were boosted when traders reduced their expectations of rate hikes in the future.
  • Following a market collapse that caused rates to reach their highest levels in years, necessitated intervention by the central bank to stabilize the markets, and ultimately led her to rethink her plans for significant fiscal stimulus, Truss resigned last Thursday. Investors anticipate Sunak will end the economic harm. Read More

RBL Bank clocks ~551% y-o-y growth in Q2FY23 PAT on a low base; stock slumps ~4%

Published on: 10:32 am

  • RBL Bank Limited announced its unaudited results for the quarter and half year ended September 30, 2022. The company has logged revenue of Rs1,648 crore, up by 9% yoy.
  • Bank’s Net interest income registered a growth of 16% yoy at Rs1,064 crore.
  • It reported 551.61% yoy growth in its Net Profit for Q2FY23 at Rs202 crore against Rs31 crore in the previous corresponding quarter. It jumped marginally against the previous quarter’s profit of Rs201 crore. Read more

Zydus bags USFDA final approval for Ketorolac Tromethamine Tablets

Published on: 10:07 am

  • Zydus Lifesciences Limited (formerly known as Cadila Healthcare Limited) has received final approval from the United States Food and Drug Administration (USFDA) to market Ketorolac Tromethamine Tablets USP, 10 mg (USRLD: Toradol).
  • According to the regulatory filing, Ketorolac Tromethamine Tablets are indicated to relieve moderately severe pain, usually after surgery. The drug will be manufactured at the group’s formulation manufacturing facility at Ahmedabad SEZ, India.
  • Ketorolac Tromethamine Tablets had annual sales of USD 17mn in the United States according to IQVIA data (IQVIA MAT Aug 2022). Read More

Gold sales up 35% y-o-y this Dhanteras

Published on: 10:03 am

  • Despite inflationary pressure, gold sales increased 35% this Dhanteras compared to last year. This year's Dhanteras, which was celebrated on Saturday and Sunday, saw growth for both light and heavy-weight jewellery.
  • Purchases of bridal jewellery for the approaching wedding season, which runs from November 15 to December 15, have also contributed to the increase in sales. As millennials have increased their online gold purchases, digital channels have grown by 35–40%.
  • On Dhanteras, the cost of 22-carat gold, which is primarily used to make jewellery, was roughly 45,857 rupees per 10 gm.
  • The country's largest consumer of gold, South India, has seen an increase in demand for plain gold jewellery. Read more

Omicron, Russia-Ukraine conflict delayed Go First IPO

Published on: 10:01 am

  • According to its regulatory papers from last week, Go First claimed that the "severe" effects of the Omicron wave on international travel and the "unexpected" Russia-Ukraine crisis caused the IPO for Rs3,600 crore to be postponed. Read more

SJVN commissions 75 MW solar power project in Uttar Pradesh; stock climbs ~1.5%

Published on: 9:50 am

  • SJVN Limited informed that it has started commissioning its 75MW Solar Power Project located at Tehsil Kalpi, District Jalaun near Kanpur, Uttar Pradesh via its wholly owned subsidiary SJVN Green Energy Limited.
  • The entire 75 MW capacity is expected to be operational by the end of this month, on October 30, 2022.
  • The project will generate 168.34 million units (MUs) in the first year, with a total energy output of 3919 MUs during a 25-year period. This will result in an annual revenue increase of about Rs45.11 crore, improving both the top and bottom lines of the balance sheet. A 25-year Power Purchase Agreement (PPA) has been signed with Uttar Pradesh Power Corporation Limited (UPPCL), said the company in an exchange filing. Read more

IndiaFirst Life Insurance files DRHP for IPO

Published on: 9:50 am

  • IndiaFirst Life Insurance, which is supported by Bank of Baroda, or BoB, has submitted its draft red herring prospectus to the market regulator, Securities and Exchange Board of India (Sebi), in preparation for an initial public offering (IPO) this year. The IPO will include a fresh issue of Rs500 crore and an offer to sell 141.2 million shares.
  • IndiaFirst Life is the third insurer to submit draft papers for an IPO to the market regulator this year, following Life Insurance Corporation and Go Digit Insurance. Read more

Markets trade flat amid volatility; Nifty above 17,700; Auto, IT index positive contributors

Published on: 9:41 am

  • The start of Tuesday's trading session was cautious in Indian stock markets after the bullish session of Muhurat Trading on previous day. Banking, FMCG stocks at home dragged benchmarks Sensex and Nifty 50 with Q2FY22 quarterly earnings season taking full focus.
  • Amid week global cues, in the opening bell, the market was on a cautious tone as investors should be cautious since there are major challenges ahead, particularly rising interest rates and the unknown trajectory of the Ukraine war.
  • At around 9:36 AM, Sensex was trading at 59,857.15 up by 25.49 points or 0.04%. Nifty 50 traded at 17,742.75 higher by 12 points or 0.07%.  Read more

Global crude oil news

Published on: 9:41 am

  • Tuesday saw a little rise in oil prices as the U.S. dollar weakened and expectations for more aggressive interest rate increases in the largest economy in the world were dampened by dismal U.S. business activity statistics.
  • The benchmark Brent crude price had increased by 12 cents to $93.38 per barrel, while the price of U.S. West Texas Intermediate crude had increased by 22 cents to $84.80 per barrel.
  • In October, U.S. business activity shrank for the fourth consecutive month, with manufacturers and services sectors reporting weaker customer demand in a monthly S&P Global survey of purchasing managers.
  • The U.S. Federal Reserve may decide to slow its rate raise plans as a result of this weakness, which would be good news for the demand for fuel. It may be an indication that interest rate increases made to combat inflation have been successful. Read More

Pine Labs' Buy Now, Pay Later service sees strong demand in smaller towns and cities

Published on: 9:35 am

  • Pine Labs, a fintech unicorn, is intensifying its attempts to spread throughout India's Tier-2 and Tier-3 cities and hinterlands.
  • During this holiday season, the company is seeing a strong demand for its Buy Now Pay Later (BNPL) services from the offline merchant sector.
  • This month, the company plans to conduct BNPL transactions worth Rs5,000 crore, as an increasing number of clients in small towns purchase things from physical businesses using EMI (equated monthly installment). Read More

USFDA concludes inspection at Alembic Pharma’s Bioequivalence Facility

Published on: 9:24 am

  • Alembic Pharmaceuticals Limited informed that it has successfully completed the USFDA inspection for its Bioequivalence Facility located at Vadodara.
  • USFDA has completed the inspection without any observations.
  • The inspection took place from October 17 to October 21, 2022. Read More

Laurus Labs PAT rises 15% yoy to Rs233 crore in Q2FY23; Stock drops ~2%

Published on: 9:22 am

  • Laurus Labs Ltd. has announced its Q2 & H1 FY23 results.
  • H1 FY23 :
  • Revenue at Rs3,115 crore, increased 26 % yoy
  • EBITDA at Rs903 crore, increased by 21 % yoy
  • EBITDA margins at 29%
  • PAT at Rs484 crore, increased by 9% yoy
  • PAT margins at 16%
  • EPS (Diluted) (face value of Rs2/-) for the period at Rs9.0 per share (not annualised)
  • Interim Dividend of Rs0.80/- per share. Read More

Surya Roshni bag orders worth Rs110.53 crore; stock adds ~1%

Published on: 9:18 am

  • Surya Roshni Limited informed that it has obtained orders worth Rs110.53 crore (including GST) for the supply of API- 5L 3LPE Coated ERW pipes and bare pipes from Indian Oil Corporation LimitedAdani Total Gas Limited, and SKN- Haryana City Gas.
  • The company intends to complete Adani Total Gas’ order within a period of 2 months. While Indian Oil and SKN-Haryana City orders are to be completed within 6 months and 4 months respectively.
  • The total value of order received from Adani Total is Rs14.67 crore. The company received an Rs89.50 crore order from Indian Oil and a Rs6.36 crore order from SKN-Haryana City. Read more

Reliance Industries to commission MJ gas condensate field by year end

Published on: 9:18 am

  • By the year's end, Reliance Industries Ltd. will put into operation its deepwater MJ gas condensate production in Bay of Bengal block KG-D6, bringing its natural gas output to 30% of India’s total.
  • At an investor call following the release of the company's second-quarter earnings, Sanjay Roy, senior vice-president for exploration and production, Reliance Industries Ltd, stated that the MJ gas condensate field project was "pretty much on track" for the first gas production by the end of the year.
  • The third and final discovery being developed in the eastern offshore block by Reliance and its partner bp is MJ. To start manufacturing, the two will deploy a floating production system in the Bay of Bengal. Read More

KEC International wins new orders of Rs 2,042 crore; Stock rises 1.5%

Published on: 9:16 am

  • KEC International Ltd has secured new orders of Rs2,042 crore across its various business verticals.
  • Transmission & Distribution (T&D):
  • The business has secured orders for T&D projects in Middle East and Americas:
  • 380 kV Transmission lines in Saudi Arabia
  • Supply of towers in Middle East, secured by our subsidiary in UAE
  • Supply of towers, hardware and poles in Americas, secured by our subsidiary, SAE Towers Read more

Infosys extends Living Labs ecosystem to enterprise-ready startups in Australia

Published on: 9:15 am

  • Infosys Limited announced that it plans to expand its Living Labs ecosystem to assist Australian start-ups with their market entry. The event was held in Melbourne at the Infosys Living Lab in partnership with its partner Telstra Ventures, a venture capital organisation with over $1.3 billion in assets under management that invests in market-leading, high-growth technology firms throughout the world.
  • Startups from the Infosys Innovation Network (IIN) presence in Australia had the chance to pitch their goods and services to business clients from the commercial, public, and academic sectors at the Startup Day.
  • Infosys Living Labs in Melbourne and Sydney provide digital innovation as a service to participating Australian startups. These startups may co-create, test, and accelerate their time to market by leveraging Infosys' worldwide on-demand multi-tiered digital ecosystem, which includes the latest technologies, solution accelerators, and domain experts. Read more

Indian equity markets may start the day in red today

Published on: 8:33 am

  • Indian markets may start the day in red today. There may be some selling in initial hours due to profit-booking. Overall, the markets may see a mixed day today. There is now expectation among some quarters that US Federal Reserve may become less hawkish on inflation. Any moderation in the hawkish stand of Federal Reserve will be a welcome for Indian markets. 
  • US markets closed in the green yesterday. Dow Jones closed, up by 1.34%.  Nasdaq closed, up by .86%. S&P 500 closed, up by 1.19 %. NYSE closed, up by 0.58%. There is now expectation among some market participants that Federal Reserve may become less hawkish regarding inflation. This was one reason for US markets ending in green yesterday. Bond yield closed near 4.21%. US$ edged lower to 111.65. WTI crude fell to US$ 83.
  • Asian markets have opened mixed today. Japanese 'Nikkei' is up 250 points. Bank of Japan has intervened to stop the Yen from further weakness. A major sore point was the Chinese re-election of Xi Jinping.  This saw foreign investors selling Chinese stocks aggressively. Hang Seng index fell nearly 1000 points yesterday. Read more

Top 10 stocks for today – 25th October 2022

Published on: 8:23 am

  • The Singapore Exchange's Nifty futures traded 25 points, or 0.14%, lower at 17,819, indicating that the stock markets may have a bad start to the day on Tuesday. The following ten stocks may show price movement in today's market:
  • ICICI Bank:
  • The second-largest private sector lender posted a 31.43% increase in its consolidated earnings for the September quarter, coming in at Rs8,007 crore.
  • Reliance Industries:
  • The largest domestic corporation disclosed a decline in its consolidated net profit after tax for the three months ending in September. In contrast to projections of double-digit growth, the bottom line decreased year over year to Rs13,656 crore.Read more

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