Latest News and Updates

27th Oct, 2022

Markets rise steeply in last half hour to close near the day's high

Published on: 3:41 pm

  • Indian equity markets had a volatile day today. Nifty 50 touched the day's high at around 9:45 a.m. in the morning. By 3 p.m., it had lost 115.9 points from that level. In the remaining half hour, it again gained 98.9 points. Nifty 50 ended the day, up by 80.60 points. Sensex ended the day, up by 212.88 points.
  • Top Gainers today were JSW Steel, Tata Steel and Hindalco. Top Losers today were Bajaj Finserv, Bajaj Finance and  Asian Paint. Small cap stocks saw selling pressure today. Nifty Next 50 index gained the most during the day. Read more

Ind Ra affirms Sandhar Technologies rating at 'IND AA-' with Stable outlook

Published on: 2:26 pm

  • India Ratings and Research (Ind-Ra) has affirmed Sandhar Technologies Limited’s (STL) Long-Term Issuer Rating at ‘IND AA-’. The Outlook is Stable.
  • Further, the rating of commercial papers worth Rs80 crore also affirmed at IND A1+.
  • As per the rating rationale report, Ind-Ra has taken a consolidated view of STL and its subsidiaries, while arriving at the ratings as all companies operate in similar businesses and STL has a strong operational and management control over them. Read more

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Markets trade higher ahead of F&O expiry; Metal, Realty stocks top contributors

Published on: 2:00 pm

  • Domestic benchmark indices trading higher led by metal and realty stocks outperforming. Both the Sensex and Nifty benchmarks were marginally higher ahead of F&O expiry and positive asian cues.
  • Further, investors' sentiments may improve higher on growing expectations that major central banks may tone down their aggressive stance on rate hikes.
  • On the sectoral front except IT and FMCG sectors under selling pressure, all other indices are trading in the green to drive the market sentiments. Read more

Century Textiles and Industries’ stock surges ~5% owing to robust Q2FY23 numbers

Published on: 1:18 pm

  • Century Textiles and Industries Limited posted a 59.38% yoy rise in consolidated net profit at Rs69.97 crore for the quarter ended September 30, 2022, against a net profit of Rs43.90 crore in Q2FY22.
  • The company's overall operating income increased to Rs1,242.11 crore from Rs1,034.27 crore in the previous year's similar quarter. Total costs increased to Rs1,125.25 crore from Rs972.08 crore.
  • The company is engaged in textiles, pulp and paper, and real estate. Read more

Adani Ports and SEZ forms wholly-owned subsidiary 'Tajpur Sagar Port'; Stock surges 1%

Published on: 1:15 pm

  • Adani Ports & Special Economic Zone Ltd has informed to the exchanges regarding incorporation of a Wholly Owned Subsidiary Company (‘WOS’).
  • The Company has incorporated a WOS namely “Tajpur Sagar Port Limited” on October 21, 2022 and TSPL belongs to Port Industry.
  • As per the  filing, TSPL has been incorporated as a wholly owned subsidiary of the Company for the purpose of development of deep-sea port on Design, Build, Finance, Operate and Transfer basis at Tajpur, West Bengal and is yet to commence its business. Read more

Univastu India bags work order worth Rs69.33 crore; stock jumps ~3.5%

Published on: 12:28 pm

  • Univastu India Limited informed that it received a work order on October 21, 2022, of Rs69.33 crore for the construction of Haryana International Habitat in Sector-1, Panchkula including civil, public health services, electrical installation fire-fighting arrangement, landscaping, boundary wall and all other works contingent thereto from Haryana Shehri Vikas Pradhikaran, Panchkula.
  • At the moment, Univastu's construction activity comprises civil and structural construction as well as infrastructure contracts that have been subcontracted to the company by principal contractors. Construction supplies are also traded by the firm. Steel cement and electrical material are among its key trade items. Read more

Brickwork reaffirms ratings for bank facilities of BSL; Stock gains over 1.5%

Published on: 12:23 pm

  • Brickwork Ratings (BWR) has reaffirmed the long-term rating at BWR BBB+ and the short-term rating reaffirmed at BWR A2 for the bank loan facilities of BSL Limited.
  • According to the rating rationale report, the rating reaffirmation continues to factor in the extensive experience of the management, established position of the company.
  • However, the ratings are constrained by working capital intensive operations, high gearing, foreign exchange and raw material price fluctuations risk, the agency said. Read more

NMDC tumbles ~18% following demerger

Published on: 11:57 am

  • NMDC Limited’s counter slumped as much as 18.5% in Thursday’s afternoon session as the company completed the demerger of its steel business from the core mining business.
  • After getting clearance from the government, the business will list its steel entity, NDMC Steel, independently.
  • The government extended its approval earlier this month to demerge the steel business from the state-owned iron-ore miner, the firm notified the markets. Read more

IndusInd Bank, Kinetic Green roll out attractive financing scheme for EVs

Published on: 11:29 am

  • Kinetic Green Energy and Power Solutions Limited, India's premier producer of Electric Vehicles (EVs), has teamed up with IndusInd Bank to provide easy and reasonable financing for its electric two-wheeler lineup. Kinetic Green seeks to touch deep rural areas of the country with this cooperation by giving access to digitally enabled loans from IndusInd Bank through Kinetic Green dealerships across India.
  • Customers may acquire up to 100% LTV (loan to value) at low-interest rates and flexible terms under this special arrangement. With its digital approach and little documentation, the programme provides financing choices for both salaried and self-employed consumers. It also gives the quickest response time for in-principle approval.
  • “IndusInd Bank will be a valuable asset to our electric car ecosystem in terms of providing banking and payments in the manner that clients choose. I am certain that our collaboration will result in a green mobility revolution for our consumers,” stated Sulajja Firodia Motwani, Founder & CEO, of Kinetic Green. Read more

Samsung names Jay Lee as Executive Chairman

Published on: 11:13 am

  • Samsung Electronics Co. has named Jay Lee as executive chairman, completing a long-awaited promotion at a time when the largest chipmaker in the world is beset by a supply chain issue and rising geopolitical tensions.
  • The 54-year-old's appointment to lead the $250 billion business was confirmed by the board on Thursday, according to a statement from Samsung. Lee was supposed to succeed his father when he passed away in 2020, but fraud investigations and two jail terms prevented that from happening.
  • The choice was made on the same day his business released weak financial results and warned there wouldn't be a recovery in technology demand until the second half of 2023, highlighting the size of the issue Samsung faces. Read More

Intellect Design Arena launches ‘iESG’ for financial institutions

Published on: 10:49 am

  • IntellectAI, Intellect Design Arena's Suite of Artificial Intelligence products, announced the release of iESG, the newest addition to its portfolio of AI-powered solutions for institutional investors, asset managers, corporate banks, and insurance carriers.
  • Intellect, the global fintech pioneer, is at the vanguard of a revolution in insurance and financial services by developing a solution to address the demand for organisations to manage their Environmental, Social, and Governance (ESG) risks.
  • Intellect continues to drive these traditional sectors forward with solutions that use modern technology to suit shifting expectations, while also acknowledging that sustainability has become a concern for many businesses. Read more

A F Enterprises soars 5% on securing major order from MP State Agro Industries Corp

Published on: 10:38 am

  • A F Enterprises Limited stocks in the fast lane after the intimation to the stock exchanges regarding major order secured by the Company. 
  • As per the filing, the Company has been qualified as L-1 Bidder and has received work order from MP State Agro Industries Corporation Limited RCO for manufacturing and supply of Plastic Crates and Trays.
  • At around 10:38 AM, A F Enterprises Ltd is currently trading at Rs13.35 per share up by Rs0.63 or 4.95% from its previous closing of Rs12.72 per share on the BSE. Read more

Sama receives seed funding from Campus Fund

Published on: 10:30 am

  • Sama, a legal software company, has received an unknown sum in seed funding from Campus Fund. Sama's platform lets businesses, organizations, and people handle legal disputes online.
  • In a recent news release, the Bengaluru-based business stated that it will utilize the seed money to strengthen its position in the market, grow its core staff, and quicken the pace of product development.
  • Using technology and software, the legal tech sector offers legal services. Read more

Asian Granito suffers fire accident at corporate office

Published on: 9:56 am

  • Asian Granito India Ltd has informed that a fire incidence has occurred at Corporate Office of the company.
  • As per the filing, the corporate office situated at 202, Devarc, opp. Iscon Temple, S. G. Highway, Ahmedabad 380015 suffered fire accident at around 04:30 PM on October 24, 2022.
  • "Fire was controlled within time and fortunately, there was no injury or loss to human life", the company said.
  • Further, it is in the process of ascertaining the actual loss caused by fire and have already informed to Insurance Company and other concerned department for the same. Read more

Alembic Pharma bags USFDA approval for Paclitaxel Injection USP

Published on: 9:48 am

  • Alembic Pharmaceuticals Limited announced that the US Food and Drug Administration (USFDA) has granted final approval for its Abbreviated New Drug Application (ANDA) for Paclitaxel Injection USP available in multiple-dose vials such as 30 mg/5 mL (6 mg/mL), 100 mg/16.7 mL (6 mg/mL), and 300 mg/50 mL (6 mg/mL).
  • This is the first oncology injectable product approval received by the company’s F-2 Facility (Oncology Injectable), which just passed its first USFDA inspection.
  • The authorised ANDA is therapeutically comparable to Taxol Injection, the reference listed drug product (RLD). Paclitaxel Injection, USP is authorised as a follow-up therapy for advanced ovarian cancer. Read more

Policy Bazaar will become profitable in FY 24, says CEO

Published on: 9:48 am

  • In an interview ahead of the business's one-year anniversary as a public company, PB Fintech executive chairman and CEO Yashish Dahiya said the company is on track to profitability and will report a profit after tax in FY24.
  • According to Dahiya, "We will be profitable in FY24 at a profit after tax level." "At an adjusted Ebitda level, we will be positive as a group in the last quarter of this year. Our primary companies have now generated a profit for three straight quarters.
  • He predicted that in this fiscal year, the company's revenue would climb by around five times, to around Rs2,000–2,400 crore, outpacing the pace of industry growth. He also predicted that by FY27, it would post profits of about Rs1,000 crore while still expanding its bottom line by 60–70%. Dahiya explained how public market investors may discover long-term value in its stock by saying, "And I think we will be priced (then) at something which will make sense to our IPO investors." Read more

VSF Projects gets final approval to set up multi-product free trade warehousing zone in Andhra Prade

Published on: 9:30 am

  • VSF Projects Limited informed that the company has obtained final Approval from the Government of India, Ministry of Commerce & Industry Department of Commerce (SEZ Section), for Setting up a Multi-Product Free Trade Warehousing Zone at Ankulpaturu Village, SPSR Nellore District, Andhra Pradesh.
  • This is in reference to its earlier communication dated November 9, 2021, with relation to the receipt of formal clearance for the establishment of a Multi-Product FTWZ in Andhra Pradesh, subject to certain requirements. Read more

Markets trade higher on broad-based buying; Sensex tops 380 pts, Nifty above 17,750

Published on: 9:30 am

  • Indian markets cruised on a higher altitude in the opening bell of Thursday on the day of monthly futures & options contracts expiry. Benchmarks Sensex and Nifty 50 defied weak global cues sentiments. Metal, oil & gas stocks drive the performance, while IT, pharma and banking also supported the sentiments. Sensex has surged to near 60,00-level and Nifty 50 even topped the 17,780-mark so far in the trading session.
  • At around 9:31 AM, Sensex was trading at 59,928.87 up 384.91 points or 0.65%. The index has touched an intraday high of 59,959.94.
  • Nifty 50 traded at 17,770.80 up 114.45 points or 0.65%. The benchmark has clocked the day's high of 17,783.90. Read more

Utkarsh Small Finance Bank receives IPO approval

Published on: 9:30 am

  • The capital markets regulator, Sebi, has granted permission for Utkarsh Small Finance Bank to raise Rs500 crore through an IPO.
  • According to the Draft Red Herring Prospectus(DRHP), the IPO of the Varanasi-based Small Finance Bank (SFB) is a complete new issue of shares, with the entire proceeds going to the institution.
  • In a pre-IPO placement transaction, the lender may explore issuing securities totaling up to Rs 100 crore. Read More

Tata Power Solar launches cost-efficient solar off-grid solutions

Published on: 9:23 am

  • Tata Power Renewable Energy Limited informed that its wholly-owned subsidiary Tata Power Solar Systems Limited (TPSSL) has launched off-grid solar solutions in West Bengal, Bihar, and Jharkhand.
  • The off-grid systems include high-efficiency solar modules, inverters, and batteries and are available in 11 variations ranging from 1 to 10 KW with a 5-year warranty. The company's solutions are designed to provide users with an efficient integrated power system for their power backup needs during times of grid supply shortages.
  • The solution was unveiled in Kolkata by S. Suresh Kumar, IAS, Additional Chief Secretary, Government of West Bengal, Partha Pratim Mukherjee, Director (Distribution), West Bengal Power Development Corporation Limited, and Nayak, Director (EV), West Bengal Power Development Corporation Limited. Read more

Electronics Mart India begins commercial operations of three easy kitchens outlets

Published on: 9:19 am

  • Electronics Mart India Limited has commenced the commercial operations of three new Specialized Outlets under the brand 'EASY KITCHENS' on 22nd October 2022 at the locations in Hyderabad, Telangana.
  • As per the filing, the location are as follows:
  • 16-11-477/3/2, First Floor, CL Ready Complex, Dilsukhnagar, Ranga Reddy District500036, Telangana. Read more

Trident Group commissions 8.87 MWp solar power project at Budhni; stock zooms ~2%

Published on: 9:19 am

  • Trident Group announced the completion of a new 8.87 MWp solar power project in Budhni, Madhya Pradesh, including the commissioning of both phases, which included a 5.48 MWp solar power plant (Phase I) and a 3.39 MWp solar power plant (Phase II), for captive use.
  • In order to contribute to a cleaner world, the Group intends to employ renewable and clean energy to reduce carbon emissions.
  • The power generated by this New Solar Power Project will be utilized captively at the Company's production facilities in Budhni, Madhya Pradesh, resulting in significant savings. Read More

Tech Mahindra to acquire 26% in Upendra Singh Multi Transmission

Published on: 9:18 am

  • Tech Mahindra Limited has entered into share subscription agreement to acquire 26% equity shares in Upendra Singh Multi Transmission Private Limited.
  • In a regulatory filing, the company said, "Tech Mahindra is signatory to Business Ambition for 1.5°C that commits to contain the rise in global in temperature by 1.5°C. Tech Mahindra has adopted a climate action plan that provides a roadmap for the organization to become Net Zero before 2040."
  • It further added, "While we have installed rooftop Solar plants at all our owned campuses, we also plan to procure Renewable Energy (RE) through captive projects at all our owned campuses. Captive or Group captive projects are projects set up by a developer with a minimum equity contribution of 26% from interested consumers (viz. Tech Mahindra) and the RE generated from such projects is consumed by Tech Mahindra as per government norms." Read More

Ahluwalia Contracts (India) secures new project worth Rs103 crore; Stock rallies 3%

Published on: 9:17 am

  • Ahluwalia Contracts (India) Limited has informed to the exchanges regarding recent award of project worth Rs103 crore.
  • As per the filing, the company has secured orders for Construction work of Amity Campus Hyderabad (Telangana) from Ritnand Salved Education Foundations Worth of Rs60 crore and Construction of Civil, Structural and External Development work of Muthoot Hospital from Muthoot Hospital Pvt. Ltd worth of Rs43 crore Approx. Read more

Moschip Technologies stock under pressure post Q2FY23 numbers

Published on: 9:16 am

  • Moschip Technologies has aanounced the financial results for the quarter ending September 30, 2022.
  • Consolidated Financial performance
  • Q2 FY 2023 vs Q1 FY 2023
  • Income from operations increased from Rs41.67 crore to Rs49.15 crore and increase by 18%.
  • There is a marginal dip in EBIDTA from Rs7.03 crore (16.5%) to Rs6.57(13%) crore and PAT from Rs1.55 crore (3.6%) to Rs1.24 (2.5%) crore as against annual increments during the current quarter. Read more

USFDA places Glenmark Pharma’s Baddi facility under 'Import Alert'; stock tanks ~5%

Published on: 9:15 am

  • Glenmark Pharmaceuticals Limited informed that the USFDA has placed its Baddi facility under import alert 66-40.
  • This is in reference to the company’s letter dated September 22, 2022, informing about the continuation of the Official Action Indicated (OAI) status of the company’s Baddi (India) manufacturing facility by USFDA following the inspection conducted by USFDA in June 2022.
  • The company's US sales from items provided by this plant accounted for 1-2% of overall revenues in FY22. Read more

Medanta IPO to open on November 3rd

Published on: 9:14 am

  • Initial public offering (IPO) of Global Health Ltd, which administers and manages Medanta hospitals, will be open for subscription on November 3rd.
  • The initial public offering (IPO), which ends on November 7, includes a fresh issue of Rs500 crore and an offer for sale (OFS) of up to 50.76 million shares by shareholders and promoters—50.66 million by Anant Investments and one lakh shares by Sunil Sachdeva (jointly held with Suman Sachdeva). Read more

Indian equity markets may open in green today

Published on: 8:46 am

  • Indian markets are likely to start the day in green today. There is also good probability of volatility and swing movements today. Oil prices increased by around 3% on Wednesday. This increase is not a favorable factor from the perspective of Indian equity markets. Results of September quarter of companies, that will be announced today, may also have some impact on market movement.
  • US markets saw 2 volatile days. Weak earnings guidance by Microsoft and Amazon saw Nasdaq give up gains to close lower by 200 points, yesterday. Dow Jones closed flat. However, the index has gained over 6% from the recent lows in late September. Bond yields fell sharply. Yields on 10-year bonds fell sharply by over 20 basis points to 4%. US$ also fell to 1 month low. US dollar index stood at near 109.5
  • Asian markets have opened in the green led by the South Korean & Taiwan markets. Stocks at both these markets had gotten deeply oversold. They are now seeing value buying. The other gainer is Hang Seng index. It is rising today after the capitulation seen recently due to huge foreign selling. Expectations of  Xi Jinping extending Zero Covid policy was the main cause of foreign investors selling Chinese and Hong Kong stocks, recently. Read more

Global crude oil news

Published on: 8:38 am

  • Following a session-high increase of more than 3%, oil prices continued to surge in early Asian trade on Thursday, supported by record U.S. crude exports and a declining U.S. dollar.
  • Brent crude futures were up 25 cents, or 0.3%, to $95.94 per barrel. WTI crude for the United States gained 19 cents, or 0.2%, to $88.10.
  • According to weekly government data released on Wednesday, U.S. oil stocks increased by 2.6 million barrels last week, and crude exports reached a record-high 5.1 million barrels per day.
  • The greenback's recent strength has been a significant element impeding the growth of the oil market, therefore the dollar's depreciation provided additional support. Crude priced in US dollars becomes more affordable for holders of other currencies. Read more

Top 10 stocks for today – 27th October 2022

Published on: 8:14 am

  • On the Singapore Exchange, Nifty futures traded 100 points, or 0.56%, higher at 17,938.5, indicating that the stock markets may have a good start on Thursday. The following 10 stocks may show price movement in today's market. To check more hot stocks, click at: http:// https://www.indiainfoline.com/markets/hot-stocks
  • Dabur India:
  • Due to strong inflation's impact on consumption, the domestic FMCG company recorded a 2.85% fall in its consolidated net profit after tax to Rs 490.86 crore for the second quarter.
  • Gland Pharma:
  • For the second quarter that ended September 30, the pharmaceutical company reported a 20.14% fall in consolidated net profit after tax at Rs 241.24 crore due to lower sales and greater expenses. Read more

Zydus Lifesciences gets USFDA approval for Micafungin Injection

Published on: 7:45 am

  • The generic Micafungin injectable, which is used to treat a range of fungal diseases, has got the final approval from the US health agency, according to Zydus Lifesciences, which announced this on Wednesday.
  • Micafungin Injection, 50 mg/vial and 100 mg/vial, single-dose vials have received FDA permission for marketing, according to a filing with the stock exchange by Zydus Lifesciences Ltd.
  • On the BSE, Zydus Lifesciences shares were up roughly 1% to Rs417.25. Read more

World Banks forecasts 11% decline in energy prices in 2023

Published on: 7:39 am

  • The World Bank predicted on Wednesday that after rising by 60% in 2022, energy prices will fall by 11% in 2023, with weaker global growth and continued COVID limitations in China representing the main downside risks.
  • The bank predicted that the average price of Brent crude would be $92 per barrel in 2023, dropping to $80 in 2024, but remaining significantly higher than the $60 average over the previous five years.
  • According to the report, a European Union embargo and limitations on insurance and transportation may cause Russia's oil shipments to decline by as much as 2 million barrels per day. Read more

Tata Steel and Ford sign agreement for supply of Green Steel to the latter

Published on: 7:38 am

  • After switching to hydrogen-based steel production, Tata Steel's IJmuiden factory in the Netherlands will provide "zeremis green steel" to Ford, an American automaker.
  • Tata Steel is attempting to transition its steel production in the UK and the Netherlands to low-carbon technology in Europe.
  • The company's CEO & MD T V Narendran and Executive Director and CFO Koushik Chatterjee told ET that both Tata Steel UK and Tata Steel Nederland have been developing comprehensive plans for the transition to low CO2 technology in line with the company's goal to produce CO2-neutral steel by 2050 in Europe. Read more

News Reports: Govt nudging LIC to change product strategy in order to increase profitability

Published on: 7:35 am

  • According to news reports, the government is pressuring LIC to change its product strategy to increase profitability in an effort to assist the nation's largest insurer in realizing its full development potential and producing higher returns for investors.
  • Since Life Insurance Corporation (LIC) debuted on stock exchanges on May 17, it has been trading below the issue price of Rs949 per share. It was listed on the NSE for Rs872 each. The stock's closing price on Tuesday was Rs595.50, a decrease of 0.72% from the previous close. Read more

Q2FY23 Preview: Dr. Reddy's Laboratories: Revenue seen at Rs58,389 million, PAT at Rs8,869 million

Published on: 7:33 am

  • Result date: 28th October, 2022
  • Recommendation: Buy
  • Target price: Rs4,450
  • (Source: IIFL Research)
  • Dr. Reddy's Laboratories (DRL) is likely to post muted set of results for the quarter ended September 30, 2022. Growth in Russia sales, as well as favorable currency would augur well for the company. DRL’s US sales could grow at a healthy pace post launch of gRevlimid. Overall, revenue could grow 11.9% sequentially and 1.3% over the year-ago quarter. Read more

Investment in energy storage and smart grid increase y-o-y by 66%, says Mercom Capital

Published on: 7:33 am

  • According to a Mercom Capital analysis, investments in energy storage and the smart grid increased by 66% year over year to a record $25 billion in the period between January and September of this year. Venture capital, debt financing, and public market financing are all included in the funding.
  • The global renewable energy consulting business stated in the report released on Wednesday that total corporate funding for energy storage, smart grid, and efficiency startups in 9M 2022 was a record $25 billion compared to $15.1 billion raised in 9M (January-September) 2021.
  • The energy storage market received $22 billion in investment through 92 acquisitions between January and September 2022. Compared to the $13 billion raised in 74 agreements in the same period last year, this represents an increase of 69%. The rest were created in the fields of energy efficiency and smart grids. Read more

Hero MotoCorp looks to tap the Philippines market, enters partnership with TMC

Published on: 7:28 am

  • Hero MotoCorp, a manufacturer of two-wheelers, announced on Wednesday that it has collaborated with Terrafirma Motors Corporation to assemble and distribute its vehicles in the Philippines.
  • The business announced in a regulatory filing that Terrafirma Motors Corporation (TMC), a member of the Columbian Group of Companies, will be the sole manufacturer and distributor of Hero MotoCorp motorcycles in the Philippines.
  • TMC also stated that it would build a 29,000 square metre assembly facility at its current primary manufacturing location in Laguna City and begin operations in the second part of the fiscal year 2024. Read more

GEAC recommends environmental release of GM mustard

Published on: 7:26 am

  • The Union Environment Ministry's Genetic Engineering Appraisal Committee has endorsed releasing genetically modified mustard into the environment, opening the door for its commercial production, according to experts.
  • Green organizations are opposed to the plan, claiming that the commercial production of GM mustard could have a negative effect on people's health and food security.
  • The country's regulatory body for genetically modified organisms, the GEAC, recommended the "environmental release of mustard hybrid DMH-11 for its seed production and testing as per existing ICAR guidelines and other extant rules/regulations before commercial release," according to the minutes of the meeting on October 18. Read More

Dabur announces dividend of Rs 2.5 per share

Published on: 7:24 am

  • Dabur, a large-cap FMCG and personal care company, today announced interim dividend for FY 2023 along with its quarterly results for the September quarter. The dividend per share, which has a face value of Rs1, is Rs 2.5.
  • The Q2 numbers released by the big FMCG company were basically in line with expectations. In comparison to the same quarter the previous year, its consolidated PAT was down to Rs490 crore from Rs504 crore. In comparison to the same period the previous year, its consolidated revenue for the reviewed period was Rs2,986 crore as opposed to Rs2,818 crore.
  • Compared to the same quarter last year, Dabur's EBITDA was down to Rs600 crore from Rs620 crore. Additionally, its margin slightly decreased from 22% YoY to 20.1%. Read more

Dabur to acquire 51% stake in Badshah Masala for Rs 587.52 crore

Published on: 7:22 am

  • FMCG giant Dabur India revealed on Wednesday that it would pay Rs 587.52 crore to acquire a 51% share in Badshah Masala Private Limited. Dabur has forayed into the branded spices and seasonings business in India, which is estimated to be worth over Rs25,000 crore. It will take five years to acquire the remaining 49%.
  • The company Badshah Masala manufactures, markets, and exports ground spices, spice blends, and seasonings. According to Dabur, the acquisition is consistent with the company's strategic goal of expanding into new adjacent food categories.
  • As of the closing date, the Badshah firm was valued at Rs1,152 crore, and Dabur will acquire a majority share in it, less proportionate debt. According to the estimated financials for FY2022-23, this amounts to a Revenue multiple of roughly 4.5x and an EBIDTA multiple of roughly 19.6x, the business said in a statement. Read More

Q2FY23 Preview: Maruti Suzuki India: Revenue seen at Rs288,866 million, PAT at Rs21,285 million

Published on: 6:57 am

  • Result date: 28th October, 2022
  • Recommendation: Buy
  • Target price: Rs10,600
  • Maruti Suzuki India (Maruti) is likely to post strong growth in margin as well as Profit After Tax (PAT) for the September 2022 quarter. Healthy growth in volumes both sequentially as well as over the year-ago quarter could drive revenue growth of 40.6% on a year-on-year basis. Read more

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