Latest News and Updates

28th Oct, 2022

Nihar Info Global applies for trademark registration for 'ONVO'

Published on: 2:37 pm

  • Nihar Info Global Limited informed to the exchanges that it has successfully applied for Trademark registration of its private label "ONVO" under the 'Trademark Classes 18 and 21.
  • ONVO is a D2C eCommerce brand of Nihar Info Global Limited and it is a Lifestyle brand related to Travel and Home Accessories and has products related to Travel Accessories, Home Storage and Organizers. The Company has launched the D2C brand ONVO with more than 50 SKUs and has been selling on Flipkart.com from May, 2022. Read more

Rupee rises 4 paisa to 82.29/$

Published on: 2:30 pm

  • Early on Friday, the rupee strengthened against the US dollar by 4 paise to 82.29, helped by a weak US dollar in the international market and strong local equities.
  • The influx of new foreign funds into the capital markets also improved sentiment, according to FX traders. The local unit at the interbank foreign exchange started out weakly versus the dollar at 82.39, but gained ground to quote at 82.29, indicating an increase of 4 paise from its previous closing. In the initial dealings, the domestic unit was trading within a narrow range of 82.39-82.29. The rupee increased by 48 paise to settle at 82.33 against the dollar on Thursday during the previous session. Read More

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PNB Housing Finance's net profit increases by 12%

Published on: 2:25 pm

  • PNB Housing Finance announced on Thursday that its September 2022–2023 quarter net profit increased by 11.7% to Rs 262.63 crore, thanks to a little increase in core income. In the same period last year, the non-banking financial company reported a net profit of Rs235.21 crore. PNB Housing Finance said in a regulatory filing that overall revenue climbed to Rs1,683.43 crore from Rs1,586.41 crore in the same period of 2021–22.
  • The Delhi-based housing financing company's core interest income increased 6.5% in the quarter to Rs 1,597.54 crore from Rs 1,499.88 crore in the same quarter last year. From Rs1,295.21 crore, total expenses increased by about 4% to Rs1,343 crore. The company is promoted by Punjab National Bank (PNB), the second-largest state-owned lender in the nation, and is in the business of offering loans for the acquisition, construction, repairs, and renovations of residential and commercial buildings. Read more

Dhanuka Agritech soars ~8% as board to consider buyback

Published on: 2:18 pm

  • Dhanuka Agritech’s stock surged as much as 8% in Friday’s intraday session and touched a high of Rs742.
  • The company stated in its filing with the exchanges that at its ensuing general meeting the board of directors shall also consider the proposal for the buyback of its fully paid-up equity shares via the Tender Offer route. The buyback shall be up to the such amount of the aggregate of company's paid-up equity share capital and free reserves as the Board may decide in accordance with Sections 68, 69, and 70 of the Companies Act, 2013.
  • The company is considering a buyback through the tender offer route. Read more

Markets trade flat amid volatility; Nifty below 17,800 dragged by metals

Published on: 2:00 pm

  • Domestic benchmark indices in a volatile session and trading flat after a gap-up opening on Friday. Both the Sensex and Nifty benchmarks are in the green during the afternoon market session amid  mixed global cues.
  • On the sectoral front metal index underperformed by tumbling around 2%, where IT, pharma and banking stocks dived 1% each as all the sectors trading in the red except oil & gas surging above 1%.
  • At around 2:00 PM, Sensex was trading at 59,844.77 higher by 87.93 points or 0.15%. Nifty 50 traded at 17,751.45 up by 14.50 points or 0.08%
  • Top Bulls on Nifty are: Apollo Hospitals (+2.84%), RIL (+2.52%), Power Grid (+2.21%) supported by ONGC (+1.86%) and NTPC (+1.85%). Meanwhile, top losers on Nifty are: Tata Steel (-2.93%), Hindalco (-2.76%), ICICI Bank (-2.23%), Grasim (-2.15%) and Tech Mahindra (-2%). Read more

PDS Limited completes acquisition of 51% stake in DBS Lifestyle; stock rises

Published on: 1:34 pm

  • PDS Limited informed that it has completed the transaction as regards to the acquisition of a 51% stake in DBS Lifestyle India Private Limited (Erstwhile Pangram Brands Private Limited), a private limited company incorporated under the provisions of laws of India on October 27, 2022.
  • Earlier on October 14, 2022, PDS informed that it has agreed to acquire a 51% stake in DBS Lifestyle.
  • PDS will invest Rs21 crore (US$2.6 million) in the new entity Pangram Brands Private Limited as part of this transaction. The company said that majority of the proceeds will be utilised in funding the company's growth plans and to acquire DBS's existing businesses. Read more

INOX Leisure commences multiplex at CMR Central, Vishakhapatnam; Stock rises

Published on: 12:53 pm

  • INOX Leisure Limited has informed to the exchanges regarding commencement of commercial operations of Multiplex Cinema Theatre taken on Lease basis.
  • In a regulatory filing, the company said that it commenced the Commercial Operations of a Multiplex Cinema Theatre taken on Lease basis, located at INOX Leisure Limited, CMR Central, Chaitanya Nagar, NH 5, Gajuwaka, Vishakhapatnam with effect from today, i.e. Friday, October 28, 2022.
  • The said Multiplex Cinema Theatre has 3 screens and 803 seats. Read more

Gokaldas Exports strengthens board with 3 new Ind Directors; stock rallies ~7%

Published on: 12:24 pm

  • Gokaldas Exports announced key changes to its board composition on Thursday, including the appointment of managing director Siva Ganapathi as Executive Vice Chairman, as the company pursues ambitious growth plans led by professionals.
  • Since March 2017, when Clear Wealth Consultancy purchased a 39% stake in the Bengaluru-based listed company from the Blackstone Group for Rs58 crore or Rs42 per share, the company has experienced a significant turnaround.
  • The 10-year investment had resulted in significant losses for the US private equity firm. Read More

Alphalogic Techsys receives in principle approval for interest subvention; Stock gains 4%

Published on: 12:00 pm

  • Alphalogic Techsys Limited informed to the exchanges that it has received the In Principle approval from Government of India for Interest Subvention as per the Scheme for the purpose of setting up of new grain-based distillery of 150 KLPD with Zero Liquid Discharge (ZLD) System.
  • As per the filing, under this scheme the Government of India shall bear interest on loan availed for the project at 50% of rate of interest, upto @ 6% per annum for a period of 5 years, including one year of moratorium period, the company said. Read More

Tilaknagar Industries mulls Rs1 crore investment in ‘SWIGGER’; stock adds ~1%

Published on: 11:56 am

  • Tilaknagar Industries informed that the finance committee of the company has considered and approved an investment not exceeding Rs1 crore in Incredible Spirits Private Limited (ISPL).
  • ISPL is currently working to develop a Ready-to-Drink (RTD) Alcoholic Shots drink called ‘SWIGGER’.
  • ISPL's equity shares will be acquired for Rs1 crore. Tilaknagar Industries will own 19.50% of ISPL after investing in equity shares.
  • The company intends to complete the transaction within 4 months from the date of execution of the Share subscription and shareholders agreement. Read more

IDFC inks pact to donate entire stake in IDFC Foundation to Upajeevan Sangathan; stock slips ~2%

Published on: 11:40 am

  • IDFC Limited has entered into a "Deed of Donation" for the donation of IDFC's entire equity stake in IDFC Foundation to Upajeevan Sangathan Foundation.
  • IDFC Foundation is a wholly owned subsidiary of IDFC that operates as a "not-for-profit" organisation under Section 8 of the Companies Act of 2013.
  • The IDFC Foundation has invested in two joint venture companies: Delhi Integrated Multi Modal Systems Limited (DIMTS) and Infrastructure Development Corporation - Karnataka Limited (Ideck). Read more

Dhruv Consultancy Services-led Infovibe Ventures consortium receive LoA of Rs5.19 crore

Published on: 11:30 am

  • Dhruv Consultancy Service Limited - Infovibe Ventures Private Limited Consortium has received the Letter of Acceptance ("LOA") from the Indian Highways Management Company Limited.
  • As per the filing, the LoA is for the work of "conducting Traffic Surveys at identified locations in Zone - 4 (in Maharashtra) using Portable Automatic Traffic Counter & Classifier (ATCC) Systems along with videography for period of 01 year, extendable up to additional 01 at sole discretion of IHMCL, as per terms and conditions specified in the RFP & its Corrigendum" from the Indian Highways Management Company Limited. Read more

Global crude oil news

Published on: 11:22 am

  • Despite falling in early trade on Friday due to a stronger dollar, oil prices were expected to rise for the week due to worries that supply would become tighter due to Europe's impending suspension of imports from Russia.
  • After climbing 1.3% the previous day, Brent crude futures lost 42 cents, or 0.4%, to $96.54 a barrel. About half of the gains from the previous session were erased as U.S. West Texas Intermediate (WTI) crude futures were down 56 cents, or 0.6%, at $88.52 per barrel.
  • Nevertheless, both benchmark oil futures were expected to advance this week, with WTI rising more than 4% and Brent rising more than 3%.
  • The falls on Friday occurred as the dollar index edged higher to 110.57, raising the price of oil for customers using other currencies. Read More

Spandana Sphoorty pays Rs 25 lakh for settling non-compliance issue with SEBI

Published on: 11:21 am

  • NBFC Spandana Sphoorty Financial paid Rs 25 lakh as a settlement amount to the markets regulator SEBI to resolve a matter involving alleged non-compliance with the regulatory rules.
  • Spandana Sphoorty Financial (SSFL) asked SEBI to resolve the alleged violations by a settlement order "without admitting or contesting the findings."
  • The regulator stated in a settlement order that "the existing enforcement procedures for claimed defaults...are settled qua the applicant" and added that it would not take enforcement action against the firm for the default. Read More

SBI Cards & Payments slumps ~7% on lacklustre Q2FY23 performance

Published on: 10:56 am

  • SBI Cards and Payment Services' shares fell as much as 7% to Rs799.90 on the BSE in intraday trade on Friday after the company reported a muted performance in the second quarter after market hours yesterday.
  • Company’s Net interest income (NII) increased by 21.40% yoy and 3.40% sequentially to Rs1,116 crore.
  • Net profit jumped to Rs526 crore, up by 52.40% yoy while decreasing 16.40% QoQ. Profit growth was higher on a year-on-year basis due to an increase in income and lower provisions. Read more

Indus Towers to raise Rs2,000 crore through NCDs; Stock slips 2%

Published on: 10:54 am

  • Indus Towers Limited has informed that the Board of Directors of the Company in its meeting held on Thursday has, inter alia, approved raising of funds by way of issuance of Non-Convertible Debentures ('NCD’s) of up to Rs2,000 crore in one or more tranches on private placement basis.
  • In this regard, the Board has authorized a Committee of Directors to determine the detailed terms and conditions thereof, the company said.
  • According to the filing, the Board Meeting commenced at 4.10 p.m. and concluded at 8:23 p.m. Read more

Dhruv Consultancy Service consortium bags LoA of Rs5.65 crore; Stock gains 2%

Published on: 10:51 am

  • Dhruv Consultancy Service Limited - Infovibe Ventures Private Limited Consortium has received the Letter of Acceptance ("LOA") from the Indian Highways Management Company Limited.
  • As per the filing, the LoA is for the work of "conducting Traffic Surveys at identified locations in Zone - 3 (in the States of Rajasthan and Haryana) using Portable Automatic Traffic Counter & Classifier (ATCC) Systems along with videography for period of 01 year, extendable up to additional 01 at sole discretion of IHMCL, as per terms and conditions specified in the RFP & its Corrigendum" from the Indian Highways Management Company Limited. Read more

Major FMCG firms see weakening of rural demand

Published on: 10:49 am

  • Dabur, Marico, Hindustan Unilever, Tata Consumer, and ITC all mentioned the slowdown in rural demand in their results calls during the second quarter.
  • "For us, demand in the hinterland is now lagging behind metropolitan markets for the first time in five quarters. We have so far defied the general trend. This is a blow for us because the rural demand has been impacted by liquidity concerns, inflation, and spotty monsoons " Dabur chief executive told ET on Wednesday.
  • Rural markets began to slow down in September of last year as a result of high food, fuel, and other daily necessity price increases as well as decreased incomes and depressed sentiment. About 35% of all sales in the fast-moving consumer goods sector in India come from the country's villages. Read more

SBFC Finance may file DRHP for IPO next week

Published on: 10:45 am

  • The Mumbai-based non-bank lender SBFC Finance is prepared to submit an Rs1,600 crore initial public offering (IPO) as early as next week. The IPO would raise expansion capital and provide partial exits for investors Clermont Group of Singapore and Arpwood Partners of India.
  • According to news reports, "The IPO will likely be filed next week, and the offer will open later this fiscal after complying with all regulatory procedures."
  • The issue's bankers are Kotak Mahindra Capital Co., ICICI Securities, and Axis Capital. Read More

European Central Bank raises interest rates by 75 basis points

Published on: 10:44 am

  • In an effort to reduce its bloated balance sheet and combat an unprecedented rise in inflation, the European Central Bank increased interest rates once more on Thursday and announced changes to the conditions of its ultra-cheap loans to commercial banks.
  • The ECB is raising borrowing costs at the quickest rate in history out of concern that rapid price growth is becoming entrenched. Further increases are all but guaranteed because it will take the central bank well into next year and beyond to unravel a decade's worth of stimulus.
  • The deposit rate for the 19 nations that use the euro increased by another 75 basis points to 1.5%, the highest level since 2009. The ECB's interest rates have been zero for eight years until just this past July. Read More

ICRA revises outlook to ‘Stable’ on Ashok Leyland’s facilities worth Rs5,568.75 crore; stock zooms ~

Published on: 10:30 am

  • Ashok Leyland Limited informed that the rating agency ICRA Limited has reaffirmed the rating on various instruments of the company. It has also revised the outlook from ‘Negative’ to ‘Stable’ on such bank facilities.
  • ICRA has reaffirmed the ‘ICRA A1+’ rating on the company’s Commercial paper worth Rs2,000 crore.
  • Further, rating on non-convertible debentures, fund-based limits, non-fund-based limits, term loans, and unallocated facilities has been reaffirmed at ‘ICRA AA’. The outlook on these instruments has been revised to ‘Stable’ from earlier ‘Negative’. Read more

Tata Chemicals’ Q2FY23 PAT jumps 176.20% y-o-y at Rs685 crore; stock plunges ~5%

Published on: 9:57 am

  • Tata Chemicals Limited has announced its financial results for the quarter ended September 30, 2022. The company reported consolidated income from operations of Rs4,239 crore for the quarter, up 40% yoy from Rs3,022 crore in the same quarter last year.
  • Consolidated PAT from continuing operations for the quarter was Rs685 crore, compared to Rs248 crore in the previous year's corresponding quarter, up by 176.20% yoy. In the face of rising energy and input costs, the operating performance reflects improved realisations and efficient cost management.
  • As per the financial statements presented, the PAT attributable to shareholders was reported at Rs628 crore in Q2FY23, as compared to Rs221 crore in Q2FY22. While PAT from both continuing (Rs685 crore) and discontinuing operations (-Rs5 crore) was Rs680 crore in Q2FY23 as compared to Rs268 crore in Q2FY22. Read More

Infibeam Avenues stock gains 13.5% on receiving RBI's approval for Payment Aggregator Licence

Published on: 9:48 am

  • Infibeam Avenues Limited has received "in-principle" approval from Reserve Bank of India (RBI) to operate as a Payment Aggregator.
  • Under this provision, the fintech major will get a substantial boost to further expand its reach in multiple business segments for both online and recently launched offline digital transactions. The positive approval from RBI will reiterate Infibeam's flagship brand CCAvenue's position as one of India's most experienced and secured digital payment gateways.
  • As a leading digital payment player, Infibeam has the highest portfolio of payment options for merchants with over 200 plus multi -currency payment options in India alone with run rate of 4 lakh crore annually across the platform. Read more

SJVN's stock rose by 11% during intra-day trading on Thursday

Published on: 9:48 am

  • SJVN shares rose 11% in intraday trade on Thursday as a result of significant volume following the company's commissioning of a 75 MW solar power project in Uttar Pradesh, reaching a four-year high of Rs36.55. (UP). The price of the state-owned electric utility company's stock reached a high not seen since February 2018. On October 6, 2022, it reached a high of Rs33.95, which it surpassed today. The stock was getting closer to January 5, 2018, when it reached a record high of Rs40.15.
  • SJVN traded 10% higher at Rs 36.25 at 03:22 PM, outperforming the 0.4% increase in the S&P BSE Sensex. With a combined total of nearly 31 million shares passing hands on the NSE and BSE, the average trading volumes at the counter increased by a factor of over eight. In an exchange filing, SJVN stated that the business had begun commissioning its 75 MW solar power project, which is situated in Tehsil Kalpi, District Jalaun close to Kanpur, Uttar Pradesh. On October 30, 2022, the complete 75 MW capacity is anticipated to be put into service. Read more

Q2FY23 Preview: NTPC: Revenue seen at Rs351,352 million, PAT at Rs34,359 million

Published on: 9:46 am

  • Result date: 29th October, 2022
  • Recommendation: Buy
  • Target price: Rs200
  • (Source: IIFL Research)
  • It is likely to be a subdued quarter for NTPC. The company is likely to post divergent numbers sequentially vis-à-vis as compared to the year-ago quarter.
  • NTPC clocked in a 62% growth in coal production from its captive mines and has been witnessing increase in coal production from its captive mines. Read more

PTC Financial Services once again postpones meeting on FY22 results

Published on: 9:40 am

  • Power Trading Corp. (PTC) subsidiary PTC Financial Services (PFS) has once more postponed its board meeting to finalize its financial reports for the year ending March 31, 2022.
  • The audit committee and board meeting that was scheduled for October 25 has been postponed, the business announced in a statement to the stock exchanges.
  • According to the company, the audit committee unanimously decided not to evaluate the financial accounts for 2021–22 until the forensic audit was finished in a meeting on October 15. Read more

Markets trade positive; Sensex zooms 200 pts, Nifty 50 around 17,800

Published on: 9:39 am

  • A cautious tone was seen in Indian markets during the opening bell of Friday tracking mixed global cues. However, auto, banking stocks have escaped the selling stance in the markets and outperformed as quarter earnings in focus. Sensex has surged over 60,00-level and Nifty 50 even topped the 17,800-mark so far in the trading session as investors' sentiments may improve higher on growing expectations that major central banks may tone down their aggressive stance on rate hikes..
  • The domestic equities are expected to record gains in the morning session as global cues turn positive.
  • Meanwhile, Maruti Suzuki to be in focus ahead of FY23 second quarter earnings. Among others, Dr Reddy's Laboratories, JSW Energy, Vedanta, Tata Power Company, Bandhan Bank, Blue Dart Express, CCL Products (India), Dwarikesh Sugar Industries, Eveready Industries India, NIIT, Satin Creditcare Network, Sona BLW Precision Forgings, Sumitomo Chemical India, and TTK Healthcare will declare their September FY23 quarter earnings later today. Read more

Kaveri Seed approves share buyback worth Rs125.65 crore via open market

Published on: 9:37 am

  • Kaveri Seed, a manufacturer of agricultural products, approved a share purchase in the open market on Thursday for Rs125.65 crore at a cost of Rs700 per share.
  • According to the company, "Kaveri Seed at its meeting considered and approved the proposal for the buyback of the company's fully-paid equity shares with a face value of Rs2 each for an overall sum not exceeding Rs125,65,00,000 at a price not exceeding Rs700 per share, payable in cash, from its shareholders/beneficial owners (other than those who are promoters, members of the promoter group, or persons in control), from the open market through stock exchange mechanism."
  • The buyback price is higher by almost 45% when compared to the current market price of Rs 482. Read more

Indus Towers’ profit down 44% y-o-y

Published on: 9:34 am

  • Indus Towers, a provider of telecom infrastructure, on Thursday reported a roughly 44% decline in its consolidated net profit after tax for the September quarter to Rs872 crore.
  • The company added that profits were still under pressure as a result of difficulties in collecting payments from one of its major clients, widely believed to be Vodafone Idea.
  • Consolidated revenue for the second quarter totalled Rs7,967 crore, an increase of 16% from the same time last year.
  • At Rs872 crore, the consolidated profit after tax was 44% lower than the corresponding period in the prior year. In Q2FY22, it had a net profit of Rs1,559 crore. Read more

Fusion Microfinance’s IPO to open on November 2nd

Published on: 9:31 am

  • On November 2, the general public will be able to subscribe to the initial share sale of microlender Fusion Microfinance, which is supported by large global private equity firm Warburg Pincus.
  • The promotion expires on November 4. According to the red herring prospectus (RHP), the bids for anchor investors will be accepted starting on November 1.
  • The IPO consists of a new equity share issue for Rs600 crore and an offer to sell 13,695,466 equity shares by the promoters and current shareholders. Read more

JSW Steel’s US subsidiary raises $182 million for Texas plant upgradation

Published on: 9:29 am

  • For the purpose of upgrading its plate mill in Baytown, Texas, JSW Steel's US subsidiary obtained $182 million in long-term debt from Banco BPM and Intesa Sanpaolo of Italy.
  • Three Italian companies will provide the cutting line, rolling mill, grinding machine, and water treatment system for the plant upgrade, which will cost about $100 million.
  • In a statement released on Thursday, JSW Steel stated that of the total funding, $70 million is covered by the SACE guarantee offered by the Italian government in an effort to support Italian exports. A term loan makes up the remaining funds.
  • The benchmark Sensex closed the day Thursday up 0.36%, and the JSW Steel shares increased 5.44% to close at Rs679.45 on the BSE in response to the news. Read more

CBIC asked to issue guidelines for tax officials for cases which are going through IBC proceedings

Published on: 9:27 am

  • The Central Board of Indirect Taxes and Customs has been requested to provide suitable instructions to its employees about cases where Insolvency and Bankruptcy Code (IBC) proceedings are ongoing, by the Ahmedabad branch of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT).
  • According to the CESTAT, departmental officials are unsure of what position should be taken in these situations when they are before the bankruptcy court or the appellate body because there is no policy in place.
  • The IBC supersedes all other laws and provides that once a firm is admitted for debt resolution under the bankruptcy code, recovery proceedings—including tax recovery—cannot be started. Read more

EKI Energy, First Source Energy enter JV to launch India’s first ever Climate EdTech

Published on: 9:24 am

  • EKI Energy Services Limited, a leading developer, and supplier of carbon credits around the world, announced that it has partnered with First Source Energy India Pvt. Ltd. and its promoter and promoter group to form a first-of-its-kind joint venture that will play a pivotal role in India's climate change industry as the country's first-ever Climate EdTech as well as Climate Finance Marketplace.
  • ClimaCool Projects & EduTech Ltd. will be the joint venture's name. It will facilitate the mobilisation of funds to drive investments for strategic climate interventions such as community-based projects, sustainability, and renewable energy projects, among others, around the world.
  • The joint venture will drive focused educational initiatives and offer specialised courses across a range of climate subjects such as carbon market, carbon accounting, carbon credits, climate finance, renewable energy, electric vehicle, green hydrogen, ESG, net-zero, and others, with a strong focus on developing a strong talent pool for the country's rapidly growing climate change industry. Read more

Supreme Petrochem announces interim dividend of Rs4 and 1:2 stock split; stock tumbles ~4.5%

Published on: 9:19 am

  • Following the release of its second-quarter results, Supreme Petrochem announced a 100% interim dividend and a 1:2 stock split.
  • For FY2023, the company declared a dividend of Rs4 per share with a face value of Rs4, implying a 100% dividend.
  • "Declared interim dividend of Rs4 per equity share of the company with a face value of Rs4 (viz. 100%) for the fiscal year 2022-2023 on its paid-up equity share capital (consisting of 9,40,20,671 equity shares of Rs4 each) entailing an outgo of Rs3,760.83 lakh," the company said in a filing with the exchange. Read more

IndusInd Bank join hands with Kinetic Green to roll out attractive financing scheme for EVs

Published on: 9:19 am

  • Kinetic Green Energy and Power Solutions Limited, India’s leading manufacturer of Electric Vehicles (EVs), have collaborated with IndusInd Bank to offer easy and affordable financing for their range of electric two-wheelers.
  • Through this partnership, Kinetic Green aims to penetrate in deep rural parts of the country by providing access to digitally enabled loans from IndusInd Bank across Kinetic Green dealerships across India.
  • Under these scheme, customers will get up to 100% LTV (loan to value), at attractive interest rates and flexible tenures. The program enables financing options for both salaried and self-employed customers and the scheme also provides the fastest turnaround time for an in-principal approval with its digital process that has minimal documentation. Read more

REC board approves interim dividend of Rs5

Published on: 9:18 am

  • The Board of Directors of REC Limited in its meeting held on October 27, 2022 declared of interim dividend @ Rs. 5/- per equity share for FY 2022-23.
  • Further, the record date for the said interim dividend is Wednesday, November 9, 2022 and the said interim dividend shall be paid/dispatched on Thursday, November 24, 2022, the company said in a regulatory filing on Thursday. Read more

3 killed, 12 injured in chemical factory blast of Bhageria Industries

Published on: 9:17 am

  • Bhageria Industries Limited has announced to the exchanges that a vessel breakdown in Gamma Acid Plant in its Factory premises situated at Plot No. D-17, MIDC Tarapur Boisar Industrial Area, Boisar, Palghar on Wednesday, October 26, 2022 approximately at 4:20 p.m.
  • This accident unfortunately resulted in three fatalities and twelve others are minorly injured, the company informed.
  • In a regulatory filing, the company said, "The accident did not result in any fire or hazardous emissions but was limited to one Plant (i.e. Gamma Acid Plant), the production of the said plant will be affected for 4 to 5 days from today and has not affected operations of the other Plants at the Factory." Read more

Gokaldas Exports stock surges 4% post positive Q2FY23 numbers

Published on: 9:16 am

  • Gokaldas Exports Limited has announced financial results for its second quarter ending September 30, 2022. For the quarter, the Company reported revenue of Rs576.3 crore on consolidated basis, up by 29% compared to revenue of Rs446.0 crore in the corresponding quarter of the last year.
  • Commenting on the company's performance, Siva Ganapathi, Managing Director, said, we are pleased with our revenue and profit growth in Q2, despite it being seasonally weak quarter and encountering challenging global macro-economic environment. Read more

Hindustan Copper pays Rs74.20 crore dividend to Govt of India for FY22

Published on: 9:15 am

  • Hindustan Copper Limited, a Miniratna Category-I FSU (Schedule A) under the Ministry of Mines, Government of India, paid a dividend of Rs74.20 crore to the Government of India today in accordance with DIPAM Guidelines, representing 30.01% of Profit After Tax (PAT).
  • This equates to 23.20% of the equity share capital. Previously, the dividend was approved by the company's shareholders at the 55$ Annual General Meeting on September 28, 2022. The total dividend paid to shareholders is Rs112.17 crore. The dividend per share is the highest the Company has ever declared.
  • The company achieved its highest-ever net turnover of Rs1812 crore and profit before tax of Rs381.76 crore during the fiscal year 2021-22. Read more

Markets may begin the day on a mixed note

Published on: 8:53 am

  • Indian equity markets may start the day on a mixed note. Asian Markets have opened the day in red today. Oil prices may gain further. Behavior of Foreign Portfolio investors today will also determine the course of the market movement. Over the past few days Foreign Investors have either remained net sellers in a limited way or were net buyers. IMF has said that India's economic recovery will be slow. Stocks of Dr Reddy's Laboratories, JSW Energy, Vedanta etc may see price movement today. These companies will be announcing their September quarter results today.
  • US markets saw another volatile session yesterday. Meta dragged the Nasdaq lower on weaker guidance. Its price fell by over 24%. Dow Jones gave up gains of over 470 points to close higher by 190 points. Nasdaq fell for 3rd straight session, down by 178 points. Bond yields fell sharply with the 10-year paper seeing yields of 3.93%
  • Asian markets have opened in the red. Japanese 'Nikkei' is down by over 300 points in early trade. Japanese Yen has appreciated against the dollar to 146.2, from 150 level that it saw a few days ago. South Korea & Taiwan markets have seen good gains in the last two sessions and can see consolidation today. The Hang Seng is seeing high volatility due to huge selling pressure from foreign investors. Read more

LT Foods' stock price has increased by more than 50% in the past 3 months

Published on: 8:52 am

  • Following the company's fund-raising plan announcement, shares of LT Foods increased 4% in intraday trading on the BSE on Thursday, reaching a new high of Rs 135.80. The stock increased 11% during the last three days, but it soared by 54% over the previous three months. Compared to this, the BSE Sensex rose 7% in just three months.
  • The board will also consider future strategic initiatives, including potential fund raising, in their upcoming meeting on Monday, October 31, 2022, according to LT Foods, which produces and sells rice under the Daawat brand. On the same day, the firm will also review, approve, and consider declaring an interim dividend as well as the unaudited financial statements for the quarter ending September 30, 2022.
  • At 2:30 PM on thursday, LT Foods was trading 3% higher at Rs133.75, outperforming the S&P BSE Sensex's 0.8% gain. With a combined 8.1 million shares touching hands on the NSE and BSE, the counter's typical trading volumes more than doubled. Read more

In early trade gold prices remain unchanged; silver's falls

Published on: 8:32 am

  • Price of 10 grammes of 24 karat yellow metal on Friday morning was steady at Rs51,280. Silver prices, meanwhile, grew slightly on Wednesday, with 1 kilogram of the precious metal trading at Rs58,300, up Rs 200.
  • Ten grammes of 22-carat gold are now being sold for Rs47,100 following a Rs100 hike. In Mumbai and Kolkata, 24-carat gold is being sold for Rs51,280 per 10 grams, while 22-carat gold is being sold for Rs47,100 per 10 grams. Gold in Delhi is currently selling for Rs51,530 for 24-carat purity and Rs47,250 for 22-carat purity per 10 gm.
  • Gold in Chennai is currently selling for Rs 51,760 for 24 karat and Rs 47,450 for 22 karat. Gold prices remained unchanged on Friday but were on track for a second week of gains as some disappointing US economic data fueled hopes that the Federal Reserve could slow its rapid rate of interest rate increases starting in December. Read More

Top 10 stocks for today – 28th October 2022

Published on: 7:58 am

  • The Singapore Exchange's Nifty futures traded 49.5 points, or 0.28%, higher at 17,852, indicating that the stock market may have a green start on Friday. The following 10 stocks may show price movement in today's market. Check more hot stocks at: https://www.indiainfoline.com/markets/hot-stocks
  • SBI Cards & Payment Services:
  • For the quarter that ended in September, the provider of financial services recorded a 52% increase in net profit to Rs 526 crore due to higher revenue.
  • Indus Towers:
  • The telecom infrastructure provider recorded a consolidated net profit after tax decline of around 44% for the September quarter, to Rs 872 crore, and stated that profits were still under pressure from difficulties in collecting payments from one of its major clients. Read more

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