Latest News and Updates

31st Oct, 2022

A day that was all green

Published on: 4:12 pm

  • Indian equity markets ended the day strongly in green today. Nifty 50 ended the day, up by 225.4 points. Sensex ended the day, up by 786.74 points. Top Gainers today were Ultratech Cement, Eicher Motors, M&M. Top Losers today were Apollo Hospitals, Dr Reddy's, Tata Steel. Read more

Daesung Eltec and Minda corporation tie up for Advanced Driver Assistance Systems technology

Published on: 3:20 pm

  • On Monday, the manufacturer of automotive components Minda Corporation announced a partnership with the South Korean company Daesung Eltec to provide India's next-generation solutions for advanced driver assistance systems. On October 28, 2022, a technological licence and assistance deal was signed between the two businesses, according to a statement from Minda Corporation.
  • The partners will provide advanced driver assistance systems (ADAS) for passenger, commercial, and off-road vehicle segments through their partnership.
  • These include lane departure warning systems, driver monitoring systems, around view monitoring systems, and front collision warning systems (FCWS). Read more

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Ramkrishna Forgings stock jumps 3% on winning Rs113 crore worth export order

Published on: 3:01 pm

  • Ramkrishna Forgings Limited, one of the leading suppliers of rolled, forged and machined products announced that a major Tier 1 manufacturer of Rear & Front axles has awarded a 4-year contract for the supply for heavy duty commercial vehicles for its European application worth Rs113.16 crore (Euro 13.8 million)
  • Commenting on the order win Lalit Khetan, Executive Director & CFO, Ramkrishna Forgings Limited said: “Our European portfolio has grown even stronger as a result of this order win. Our most recent orders have come from Tier 1 international customers who have demonstrated their confidence in our ability to deliver quality products on time. Read more

Markets in a super rally with Nifty above 17,950; Sensex climbs 600 pts

Published on: 2:00 pm

  • Domestic benchmark indices in a super rally today led by IT and Auto stocks outperforming. Both the Sensex and Nifty benchmarks were higher 1% each amid positive global cues gleaming all over the market.
  • On the sectoral front, metal index was under selling pressure while auto and IT stocks skyrocketed over 136 and 351 points respectively to drive the market sentiments.
  • At around 2:00 PM, Sensex was trading at 60,658.74 higher by 698.89 points or 1.17%. Nifty 50 traded at 17,979.50 higher 192.70 points or 1.08%. Read more

Vedanta shares tanks ~4% on subdued numbers in Q2FY23

Published on: 1:54 pm

  • Vedanta Limited shares fell as much as 4% to Rs274 in intraday trade on Monday after the company reported a 60.8% yoy drop in consolidated net profit at Rs1,808 crore for the quarter ended September 30, 2022, due to higher expenses. In the previous fiscal year, the company earned a consolidated net profit of Rs4,615 crore.
  • During the July-September period, the company's expenses increased to Rs33,221 crore, up from Rs23,171 crore the previous year. Its consolidated income increased to Rs37,351 crore during the quarter under review, up from Rs31,074 crore the previous year.
  • The company's EBITDA fell 24% yoy to Rs8,038 crore, compared to Rs10,582 crore in Q2FY22. EBITDA margins fell 1,500 basis points to 25%, down from 40%. Read more

Supreme Industries announces interim dividend of Rs6 per share; stock spurts ~3%

Published on: 1:33 pm

  • Supreme Industries Limited informed that the board of directors has approved the payment of a 300% interim dividend for FY2022-23 and financial statements.
  • The company has approved an interim dividend of Rs6 per share on equity shares of Rs2 each.
  • The company will pay dividend on 12,70,26,870 shares.
  • The company has fixed November 9, 2022, as the record date for such purposes for ascertaining the eligibility of the shareholders for payment of Interim Dividend. Read more

Aether Industries renews long-term agreement for two products; Stock jumps 1.5%

Published on: 1:06 pm

  • Aether Industries Limited has informed to the exchanges that it has renewed a long-term agreement for 2 products being supplied to a leading global agrochemical innovator customer, post 3 years of successful supply under the Exclusive / Contract Manufacturing business model.
  • The renewal is as per the clause of automatic renewal every year, post completion of the original contract duration of 3 years, agreed upon by the Parties in the long-term agreement signed 3 years ago, the company said. Read more

Renaissance Global, Signet Jewelers introduce NFL Licensed ‘True Fans Fine Jewelry Collection’

Published on: 12:55 pm

  • Renaissance Global Limited, a global leader in the branded jewellery space, has announced an exclusive retail partnership with Signet Jewelers for its official National Football League (NFL) licensed True Fans Fine Jewelry Collection.
  • The officially licensed NFL jewellery will be available exclusively at KAY Jewelers and Zales stores in select markets, as well as online in the United States, beginning today.
  • The True Fans Fine Jewelry collection includes distinct pieces representing each of the NFL's 32 teams, as well as special jewellery designs for the Super Bowl and Pro Bowl matches, for all NFL fans to accessorise this season and beyond. Read more

Persistent Systems unveils innovative cyber recovery solution with Google Cloud; stock jumps ~2%

Published on: 12:38 pm

  • Persistent Systems Limited, a global Digital Engineering provider, today announced the release of a ground-breaking solution that enables organisations to recover from cyber-attacks more quickly.
  • The Persistent Intelligent Cyber Recovery (PiCR) solution, in collaboration with Google Cloud, provides a comprehensive and scalable cyber recovery approach, allowing organisations to reduce data loss and minimise the negative impact on brand reputation caused by prolonged downtime. The Google Cloud Marketplace now offers Persistent Intelligent Cyber Recovery.
  • Ransomware attacks are becoming more frequent and widespread. They employ constantly evolving and sophisticated techniques, making recovery from attacks more difficult, said the company. Read More

Titan's stock price up by 44% in the past 4 months

Published on: 12:33 pm

  • On expectations for excellent September quarter (Q2FY23) earnings, Titan Company shares increased 2% to a record high of Rs2,790 per share on Monday. The stock has surpassed the Rs2,767.55 previous high that it reached on March 21, 2022.
  • It has increased dramatically over the last four months, rising between 44% and 53% from its 52-week low of Rs1,827.15 on July 1, 2022. On Friday, November 4, 2022, the Titan board of directors will convene to discuss and approve the unaudited financial statements for the three months and six months ended September 30, 2022. Read more

L&T Construction secures power transmission orders in Saudi Arabia; Stock surges 1.5%

Published on: 12:32 pm

  • The Power Transmission & Distribution business of Larsen & Toubro has secured multiple EPC orders in the current quarter to build Transmission Lines and Substations in the Kingdom of Saudi Arabia.
  • As per the regulatory filing, the business will undertake engineering, design, procurement and construction of more than 400KM of 380kV Overhead Transmission Lines and a new 230kV Gas Insulated Substation with associated automation and protection systems.
  • The transmission network strengthening augurs well for providing reliable, safe and efficient electricity supply as Saudi Arabia is embarked on an ambitious National Renewable Energy Program towards attaining optimal generation mix as envisaged in its strategic vision for 2030. Read more

Transport Corporation declares interim dividend of 125% for FY23; stock tanks ~5%

Published on: 11:57 am

  • Transport Corporation Limited informed that the board of directors has declared an interim dividend of 125% for FY 2022-23. The company has announced a dividend of Rs2.5 per share for every equity share of Rs2 each to the shareholders whose names appear on the Register of Members on the on the record date.
  • The company has fixed November 5, 2022, as the record date for such purpose, in due consultation with the stock exchanges.
  • The company will complete the payment of the dividend/dispatch of warrants within 30 days of the declaration of the interim dividend i.e., on or before November 28, 2022. Read more

A F Enterprises stock hits 5% upper circuit on securing major order

Published on: 11:43 am

  • A F Enterprises Limited stock hits 5% upper circuit after the company secured major order worth Rs63 lakh.
  • As per the filing, the company informed that A F Enterprises Limited have been qualified as L1 Bidder and has received work order from MP State Cooperative Dairy Federation Indore Sahkari Dugdha Sangh-MPCDF for manufacturing and supply of Milk Plastic Crates.
  • The project caters to domestic market, the company said. Read more

ONGC mulls setting up 1 GW solar power plant in Rajasthan

Published on: 11:25 am

  • According to an executive familiar with the company's plans, Oil and Natural Gas Corporation (ONGC) plans to build a 1 GW solar power plant in Rajasthan as a key step toward establishing a foothold in the green energy space.
  • The company has approached the state government about 5,000 acres of land for its proposed 1 GW plant, highlighted the sources.
  • The project is expected to cost Rs5,000 crore and will take about three years to complete after the land is allocated.
  • The proposed plant will help meet the company's internal electricity demand while also allowing it to supply power in the market. Read more

ICRA reaffirms credit rating of Transport Corporation of India; Stock down ~5%

Published on: 11:21 am

  • Transport Corporation of India Ltd has informed that Credit Rating Agency ICRA Ltd has reviewed the credit rating in respect of Commercial Paper Programme of the company.
  • According to the rating rationale report, the Rating Committee of ICRA, after due consideration has reaffirmed the short-term Rating at [ICRA]A1+.
  • The rating agency said, "Instruments with [ICRA]A1+ rating are considered to have very strong degree of safety regarding timely payment of financial obligations and such instruments carry lowest credit risk." Read more

Market forecast - What to expect this week?

Published on: 11:00 am

  • This week US Federal Reserve will announce its decision on interest rate hike. Expectations are strong that it will go for a 75 basis point hike. But probability has also gained, in the past few days, that it may go for a hike that is less than this. Oil prices will continue to show some uncertainty as the tug-of-war between prospects of lower demand due to economic recession and lower supply, continues.
  • Global factors will continue to have impact on Indian equity markets this week. Natural gas prices in Europe have falled below $100 per megawatt hour. This has happened because of lower demand due to relatively mild weather. In the first four months of 2022, real wages in UK fell y-o-y by 2.6%. Results of US tech companies such as Alphabet, Meta etc showed the impact of economic slowdown. Due to higher interest rates, banks in Europe have posted strong profits. Banking stocks in India too may continue to see strong buying pressure.  Central Bank of Canada has surprised the markets by going for a lower-than-expected interest rate hike of 0.5%. Consumer goods companies are resorting to increasing prices in order to offset the impact of lowering of demand. Read more 

Shree Ajit Pulp and Paper to raise Rs20 crore through rights issue; Stock slips 2%

Published on: 10:48 am

  • The Board of Directors of Shree Ajit Pulp and Paper Limited at its meeting held on October 28, 2022 considered and approved the raising of funds through issuance and allotment of equity shares having face value of Rs10.00/- (Equity Shares') for an aggregate amount of up to Rs20,00,00,000/- (Rupees Twenty Crores Only) on right issue basis.
  • In a regulatory filing, the company said, "the board also approved constitution of "Right Issue Committee" to decide on the detailed terms and conditions of the Issue, the appointment of various intermediaries including but not limited to deciding the payment modalities/schedule thereof, record date, timings, other terms and conditions, and all other related matters, etc."
  • At around 10:52 AM, Shree Ajit Pulp and Paper Ltd is currently trading at Rs305 per share down by Rs6 or 1.93% from its previous closing of Rs311 per share on the BSE. Read More

Laurus Labs gets one observation from USFDA for pre-approval inspection

Published on: 10:23 am

  • Laurus Labs Limited has informed that US Food and Drug Administration (USFDA) has completed a PreApproval Inspection (PAI) at Company's manufacturing facility at Unit-5, Parawada, Visakhapatnam, Andhra Pradesh.
  • The inspection was conducted from October 24, 2022 to October 28, 2022, the company said.
  • The company has been issued a Form 483 with one observation. The observation is procedural in nature. Read more

Acrysil announces name change to ‘Carysil Limited’

Published on: 10:17 am

  • Carysil Limited, a global manufacturer of 'Composite Quartz Kitchen Sinks' in India using German technology, has announced a name change from 'Acrysil Limited' to 'CARYSIL LIMITED' to have a brand recall.
  • The company visions to launch 'CARYSIL' as a global brand, and expand its global presence.
  • This name change would make the Company's name simple, sharp, and focused on the brand “CARYSIL”, said the company in its press release. Read more

Bandhan Bank's stock price down by 10% today

Published on: 10:13 am

  • In intraday trading on Monday, Bandhan Bank shares fell 10% and touched a 10-month low of Rs244.55 per share after the private sector lender disclosed a subpar operational performance for the three months ending in September 2022 (Q2FY23). In the year 2022, the stock traded at its lowest price (CY22).
  • Additionally, the private sector lender's net interest income (NII) increased 13.3% year over year and decreased 12.8% quarter over quarter to Rs2,193 crore, mostly due to a dip in margins. Meanwhile, cost of funds rose by 20 bps, net interest margins (NIMs) decreased by 100 bps QoQ to 7%.
  • Sequentially, provisions increased by double to Rs1,279 crore; as a result, the bank's net profit fell by 76.4 % quarter over quarter and by 30 percent year over year to Rs209 crore. However, asset quality increased as the GNPA and NNPA ratios decreased by 6 bps each on a QoQ basis to 7.19% and 1.86%, respectively. Read more
 

9 out of 10 auto firms have paid fines in the last 12 months due to complex regulatory requirements,

Published on: 9:55 am

  • According to a poll, nine out of ten automotive firms have paid fines in the last 12 months after failing to comply with one of the more than 900 regulatory compliances that were specified for them. The majority of these companies have pushed for the simplicity of compliance.
  • According to TeamLease Regtech, the compliance outsourcing company that carried out the survey, the reasons for these lapses include the absence of an extensive and current list of compliances, missing deadlines, and swift regulatory changes. A total of 34 businesses participated in the poll.
  • The issue's core, however, is the substantial amount of compliance that automakers and industrial firms, in general, must manage. Read more

Record date for bonus share issue of Nykaa changed to November 11th, from November 3rd

Published on: 9:52 am

  • The record date for bonus shares has been changed by Nykaa to November 11. Nykaa is a fashion and beauty start-up.
  • In a regulatory filing to the exchanges, the company said, “We refer to our letter dated October 03, 2022, regarding the issue of bonus equity shares of the company in the ratio of 5 fully paid-up equity shares of ₹ 1/- each for every 1 fully paid-up equity share of Re 1/- each, subject to the approval of shareholders by way of postal ballot and inform that pursuant to Regulation 42 of SEBI Listing Regulations, the board of the company has fixed Friday, November 11, 2022, as the ‘record date’ for the purpose of determining the members eligible for bonus equity shares,”
  • As of the record date, which was previously set for November 3, the firm approved the issuance of a 5:1 bonus share issue, or 5 fully paid-up equity shares of Rs1 each for every one fully paid-up equity share. Read More

Jubilant Generics' Roorkee facility determined official action indicated

Published on: 9:51 am

  • Jubilant Pharmova Limited's wholly owned subsidiary Jubilant Pharma Limited, has announced that its subsidiary Jubilant Generics Limited (JGL) received a communication from the USFDA through which the latter intimated that pursuant to its July-Aug 2022 audit of JGL’s Solid Dosage Manufacturing facility at Roorkee it has determined inspection classification of the facility as “official action indicated”.
  • As per the filing, the Company currently supplies one product to US market that contributes low- single digit revenue to Jubilant Pharmova revenues
  • "The Company has been continuously cooperating with the USFDA and will undertake all necessary steps to resolve regulatory status at the Roorkee facility", Jubilant Pharmova said. Read more

Gujrat government comes with new electronics policy

Published on: 9:47 am

  • A new electronics policy was introduced by the Gujarat government on Saturday with the goal of creating 10 lakh new jobs in the state's Electronics System Design & Manufacturing (ESDM) industry.
  • According to an official announcement, the "Gujarat Electronics Policy 2022-2028" aims to turn Gujarat into a national ESDM powerhouse by providing investors with a variety of subsidies and incentives.
  • According to the press release, those looking to invest in Gujarat's ESDM sector will receive up to 20% capital expenditure (capex) assistance with a cap of Rs200 crore under the policy. Eligible investors will also be entitled to 100% reimbursement on stamp duty and registration fees paid to the government. Read more

N Srinath to retire as CEO of Tata Trusts

Published on: 9:44 am

  • N Srinath is retiring from the position of CEO of Tata Trusts. He has worked for the Tata Group for more than 36 years.
  • The Sir Dorabji Tata Trust and the Sir Ratan Tata Trust have appointed Mehli Mistry, a director of the Meherji Pallonji Group, as trustee.
  • In addition to the ongoing interventions in livelihoods, water and sanitation, education, cancer care, and health, the Tata Trusts have played a critical role in their focus on the pandemic during his tenure. This includes developing medical infrastructures such as hospital beds and oxygen capability. Read more

Malabar Gold & Diamonds gets 1% import duty rebate under CEPA

Published on: 9:42 am

  • Malabar Gold & Diamonds, a major retailer of jewellery in India, is the first jeweller to import 25 kg of gold as part of the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE. According to the arrangement, the gold was imported through ICICI Bank with a 1% duty rebate.
  • For the first time in India, the firm has successfully utilised the duty benefits of the agreement for both import and export. The Company was also one of the first few jewellers to be given approval under this arrangement in May 2022 to export jewellery to the UAE with tax benefits.
  • Malabar Gold and Diamonds gained approval to export jewellery from India to the UAE with tax breaks in May 2022, making it one of the first companies to benefit from the India-UAE CEPA. The 5% import charge into the UAE has been waived as per the agreement. Read more

Panache Digilife skyrockets ~10% on collaboration with Revamp Moto

Published on: 9:38 am

  • Panache Digilife Limited informed it has recently signed an agreement with Revamp Moto Private Limited for its Modular Electric Vehicles (EV).
  • Revamp Moto is a Nashik-based start-up developing exceptionally reliable, adaptable, and connected Electric Vehicles based on its Modular Utility Platforms with the goal of hastening the transition to a zero-emission society.
  • With this collaboration, each party will concentrate on developing their own strengths, with Revamp Moto focusing on new product development (NPD), research and development (R&D), new technologies, and intellectual property (IP). This allows Panache to concentrate on quality product assembly, process optimization, and component indigenisation as it enters the Indian EV market. Read more

Markets trade bullish; Sensex over 60,000, Nifty 50 above 17,900; IT index outperforms

Published on: 9:37 am

  • Indian markets gained momentum on Monday as benchmark Sensex topped 60,000-mark and Nifty 50 raced near 18,000-level. Heavyweight stocks like Reliance Industries, Bajaj twins, HDFC Bank, TCS powered a super rally in broader markets. IT stocks outshined, while significant upside was added by pharma and  auto stocks as well. Except for metal stocks, all other sectoral indices rose sharply.
  • At around 9:36 AM, Sensex was trading at 60,509.53 up 549.68  points or 0.90%. The index has touched an intraday high of 60,522.94.
  • Nifty 50 traded at 17,944.80 higher by 158 points or 0.89%. The index has clocked the day's high of 17,946.70.
  • On BSE, the SmallCap index jumped nearly 100 points, while the MidCap was up 160 points. Read more

Indus Tower expects Vi to pay dues according to the payment schedule approved by its board

Published on: 9:35 am

  • According to Indus Towers, the Department of Telecommunications (DoT) cannot convert the accrued interest on the deferred AGR-related debt owed by Vodafone Idea into equity unless the loss-making telco's stock price stabilizes above Rs10 in accordance with company law regulations.
  • "In September 2022, the finance ministry approved a plan to convert Vi's accrued interest on deferred AGR-related debt into equity in the amount of Rs16,130 crore. At this point, the DoT must complete the deal. The equity conversion would only be resolved once the stock price stabilized above Rs10 because, according to company law regulations, any equity injection cannot be below par value (Rs10)," Indus stated in its quarterly report for the July-September period. Read more

Home Ministry wants legal action against predatory loan apps

Published on: 9:32 am

  • The Union Home Ministry has requested that law enforcement agencies take immediate and severe action against predatory loan apps that have been found to use harassment, blackmail, and harsh recovery techniques that have resulted in numerous suicide instances in recent years. According to the ministry, the problem has had a significant impact on economic growth, public safety, and national security.
  • In a communication to all states and Union territories, the home ministry stated that "a significant number of complaints have been reported across India related to illegal digital lending apps that provide short-term loans or micro-credits at exorbitant interest rates with processing or hidden charges, especially to vulnerable and low-income group people."
  • For extortion and harassment, lenders exploit the borrowers' private information, including contacts, whereabouts, images, and videos. "These unlawful loan apps' harsh recovery methods have claimed numerous lives throughout India. Read more

Price of maize falls down by almost 11%

Published on: 9:29 am

  • Due to favourable weather that sped up harvest and increased fresh crop arrivals, maize prices in Chhindwara, the benchmark market, fell by approximately 11% month to date and almost 9% week to week (WoW).
  • On October 27, after the market were closed for Diwali, the price of a quintal of maize in Chhindwara traded down by Rs150, to Rs2,100.
  • The price of maize may keep falling and would perhaps drop to Rs1,900 in the coming days, according to the report. Prices may trade weakly unless they were below the Rs2,239 trend reversal point.
  • The feed millers and traders were waiting for the new crop harvest to pick up speed and a price adjustment to the downside, so the demand from the poultry feed business remained hand-to-mouth for the past few months. They would therefore begin their buying activities in the upcoming days as a result of the price decline. Read More

HFCL bags order worth Rs115 crore for supply of optical fiber cables; stock zooms ~2%

Published on: 9:28 am

  • HFCL Limited informed that it has received a purchase order aggregating to Rs115 crore from Reliance Projects & Property Management Services Limited. The company will supply Optical Fiber Cables to one of the leading private telecom operators in the country.
  • The company expects to complete the order by January 2023.
  • HFCL is an Indian telecommunications company founded in 1987. It has been in operation in various segments such as manufacturing, R&D, and turnkey solutions. Read more

Sales of air purifiers up by 30%-40%

Published on: 9:26 am

  • Sales of air purifiers have increased by 30–40% in the last 10–14 days compared to the same time last year. While the market remained stable in 2021, it shrunk in 2020. Businesses anticipate sales to surpass that of 2019, which was the previous best year for purifiers. Most of the market is in Mumbai and Delhi-NCR.
  • Due to weather patterns and stubble burning, the air quality in Delhi-NCR has already reached the "extremely poor" category and is expected to get worse this week. Other metros and cities are also seeing higher pollution levels.
  • Brands claimed that the Rs300 crore market in India was still seasonal, with sales beginning around Diwali and lasting for roughly a month. To clean up the air, the government has already prohibited development and demolition in Delhi and may do so again. Delhi-NCR and Mumbai, which together account for 70–75% of overall sales, are where the demand is most concentrated. Read more

Top companies added Rs 90,319 crore in market capitalization, last week

Published on: 9:26 am

  • Reliance Industries emerged as the largest winner, with nine of the top ten domestic companies together adding Rs90,318.74 crore in market valuation last week amid a bullish trend in equities. The benchmark 30-share BSE Sensex increased 652.7 points or 1.10 % last week. On Monday, markets held a unique one-hour Muhurat trading session to commemorate the start of the Hindu Samvat year 2079. On Wednesday, stock markets were closed in observance of "Diwali Balipratipada."
  • With the exception of Hindustan Unilever, the market valuation of the remaining nine firms increased, including Tata Consultancy Services (TCS), HDFC Bank, Infosys, and State Bank of India (SBI). Reliance Industries' market value increased by Rs 36,566.82 crore to Rs17,08,932.42 crore. HDFC Bank's market capitalization (mcap) increased by Rs11,195.61 to Rs8,12,378.52 billion. Read more

Bacardi launches Legacy

Published on: 9:25 am

  • Legacy, which is bottled at Bacardi's Nasik facility and is marketed in the mid-premium level, is the Mexican company's entry into the domestic whiskey market. Bacardi is best known for its eponymous white rum brand.
  • The 158-year-old company, which has its headquarters in Santiago de Cuba, is better known as the white rum brand there and has dominated the market since it first appeared a few decades ago.
  • Sanjit Singh Randhawa, managing director of Bacardi India, responded to a question from PTI about the justification for entering a highly crowded and competitive market like whiskey by noting that India is not only the world's largest whisky market but also one of the markets for alcoholic beverages with the fastest rate of growth, with over USD52.5 billion in sales in 2021. Read More

USFDA issues 5 observations in Form 483 to Lupin’s Nagpur Unit-2

Published on: 9:23 am

  • Lupin Limited informed that USFDA conducted an inspection on Lupin’s Nagpur Unit-2 injectable manufacturing facility from October 17, 2022, to October 29, 2022.
  • The injection facility was subjected to a Pre-Approval Inspection. The inspection concluded with the issuance of a Form-483 containing five observations.
  • The company stated that it is committed to addressing the observations at the earliest, and gaining approval for injectable manufacturing in the U.S. Read more

G R Infraprojects' subsidiaries achieve financial closure

Published on: 9:19 am

  • "GR BHIMASAR BHUJ HIGHWAY PRIVATE LIMITED" and "GR MADANAPALLI PILERU HIGHWAY PRIVATE LIMITED", wholly owned subsidiaries of G R Infraprojects Limited, are in receipt of letter from National Highways Authority of India ("Authority") for noting of financial close for their projects w.e.f. October 12, 2022 and October 15, 2022 respectively.
  • The details of the projects are as follows:
  • The project is Upgradation  to  Four  Lane  with  Paved  Shoulder  of  NH‐341  from  Bhimasar,  Junction  of  NH‐41  to  Anjar  –  Bhuj  upto  Airport  Junction, Km 0.000  to Km 65.478 in  the  State  of  Gujarat  on  Hybrid  Annuity  Mode.
  • Name of the subsidiary is GR  Bhimasar  Bhuj  Highway Private Limited where bid  project cost is Rs1085 crore. Read more

PTC Industries inks pact with BAE Systems to produce titanium castings; stock rallies ~4.5%

Published on: 9:18 am

  • PTC Industries Limited, a manufacturer of high-quality engineering metal components for various critical and super-critical applications, signed a contract with BAE Systems at the recent DefExpo 2022 held in Gandhinagar, Gujarat, to manufacture titanium castings for the Indian 155mm M777 Ultra-Lightweight Howitzer (ULH) at PTC Industries' Lucknow, Uttar Pradesh, India production facility.
  • The first sub-systems will be manufactured by the end of 2022, and there are plans to advance the production of all three major structures (Saddle, Cradle, and Lower Carriage) that form the foundation of the gun.
  • PTC will be able to support BAE Systems' global supply chain as a result of its participation in the M777 programme.
  • The M777 Howitzer has unmatched tactical and strategic mobility, is highly portable by land, air, and sea, and has a small logistical footprint while providing maximum reliability. Read More

Hero MotoCorp registers 20% growth over festive period of FY22

Published on: 9:18 am

  • Hero MotoCorp announced to the exchanges that it has registered a healthy double-digit retail growth of 20% over the corresponding festive period of FY’22, thereby consolidating its leadership in the domestic two-wheeler market.
  • A positive turnaround in customer sentiment in the just concluded 32-day festive period - starting from the first day of Navratras till the day after Bhai Duj - has also enabled the company to register a significant gain in its market share.
  • The Company’s festival season retails were driven by the strong performance of its popular models across segments, including the 100cc Splendor+, 125cc motorcycles Glamour and Super Splendor and the XPulse range in the premium segment. The festive season also witnessed strong customer preference for Destini scooters, resulting in the double-digit growth. Read more

Rane Holdings logs 26% yoy revenue growth to Rs883 crore in Q2FY23; Stock soars 1%

Published on: 9:17 am

  • Rane Holdings Limited, the holding Company of Rane group has announced financial performance for the second quarter (Q2FY23) and six months (H1FY23) ended September 30, 2022.
  • Consolidated Q2 FY23 Performance
  • Total Revenue was Rs883.8 crore in Q2 FY23 compared to Rs697.3 crore in Q2 FY22, an increase of 26.7%
  • EBITDA stood at Rs66.8 crore compared to Rs47.2 crore during Q2 FY22, an increase of 41.5%
  • EBITDA Margin at 7.6% for Q2 FY23 against 6.8% in Q2 FY22
  • PAT stood at Rs23.3 crore for Q2 FY23 compared to Rs16.5 crore in Q2 FY22, an increase of 41.1% Read more

Zydus receives USFDA final approval for Acetaminophen injection

Published on: 9:16 am

  • Zydus Lifesciences Limited has received final approval from the United States Food and Drug Administration (USFDA) to market Acetaminophen Injection, 1,000 mg/100 mL (10 mg/mL) single-dose vials (USRLD: Ofirmev).
  • Acetaminophen injection is indicated to relieve mild to moderate pain and to reduce fever. It is also used in combination with opioid (narcotic) medications to relieve moderate to severe pain. The drug will be manufactured at the group’s injectable manufacturing facility at Jarod, near Vadodara, India.
  • Acetaminophen injection had annual sales of USD 72 million in the United States according to IQVIA data (IQVIA MAT August 2022). Read more

Centum Electronics enters strategic alliance with Israel-based Rafael

Published on: 9:15 am

  • Centum Electronics Limited announced a strategic alliance with Rafael Advanced Defense Systems Limited, headquartered in Israel. Both companies will collaborate on Electronic Warfare systems for the Indian Navy and Coast Guards as part of the MoU.
  • The Memorandum of Understanding envisions the development and indigenous production of futuristic lightweight Electronic Warfare systems in lower frequency bands, as well as the life cycle support of existing Electronic Warfare systems.
  • Nikhil Mallavarapu, Executive Director, Centum Electronics Limited, and Oded Fisher, Naval Warfare System, Rafael Advanced Defence Systems Limited signed the Memorandum of Understanding. Vinod Chippalkatti (President) and Subhash Ahlawat (Director, Business Development) from Centum Electronics were also present, as was Shardul Rauthela (Director - Naval Systems) from Rafael Advanced Defence Systems. Read more

BOI to raise Rs 2500 crore through Tier 1 bonds

Published on: 9:09 am

  • Public sector lender Bank of India will issue additional tier-I bonds (AT1) in order to raise up to Rs 2,500 crore in capital. According to BOI's notification to BSE, the board of directors will meet on November 4 to discuss raising the capital in a single or multiple tranches.
  • Bank AT1 products are attracting investor interest because of their appealing coupons. The largest lender in the nation, State Bank of India, raised Rs 6,872 crore last month at a cut-off of 7.75 % through AT1 bonds.
  • In terms of capital adequacy as of June 30, 2022, BOI has a tier-I capital adequacy of 13.27 % and a tier-II capital adequacy of 2.34 %. The bank has a policy to keep capital adequacy levels above the 14% benchmark. In other words, it would prevent CAR from falling below 14%. According to bank officials, with a floor of 14% CAR, the growth buffer is 1.5%. The need for credit is still high, and the bank will require more cash to fund credit expansion. Hence, efforts are being made to raise more money. Read more

Markets likely to start the day in green

Published on: 8:46 am

  • Indian equity markets are likely to start the day in green today. US markets closed strongly in the green on Friday. Most Asian markets have started the day today on a positive note. Markets may also see volatility because of the upcoming Federal Reserve announcement on next interest rate hike. This decision is likely to be announced on Wednesday. For the week ending on October 21st, India's foreign exchange reserves touched their two week low, at $ 524.52 billion.  Larsen & Toubro, Bharti Airtel, Tata Steel etc will announce their September quarter results today. This will also have some impact on the course of market movement today.
  • US markets saw another superb day, on Friday, to end the best week in over 3 years. Dow Jones gained 830 points. Nasdaq gained 310 points. October could turn out to be the best month since November 2020 for Dow Jones. The index has gained nearly 11% in the month. Bond yields closed near 4%. US dollar rebounded from Thursday lows. US dollar index closed near 110.5.Read More

Top 10 stocks for today – 31st October 2022

Published on: 8:29 am

  • The Singapore Exchange's Nifty futures traded 193.5 points, or 1.08%, higher at 18,028, indicating that the stock market may begin the day higher on Monday. The following stocks may show price movement in today's trade. Check more hot stocks at: https://www.indiainfoline.com/markets/hot-stocks
  • Maruti Suzuki:
  • Due to record sales, the automaker's consolidated net profit after tax increased by more than four times to Rs 2,112.5 crore in the second quarter.
  • Vedanta:
  • Due to increasing expenses, mining firm Vedanta recorded a consolidated net profit after tax that fell by 53% to Rs 2690 crore for the three months that ended on September 30. Read more

Q2FY23 Preview: Adani Ports & Special Economic Zone: Revenue seen at Rs43,489 million, PAT at Rs13,7

Published on: 7:12 am

  • Result date: 1st November, 2022 
  • Adani Ports and Special Economic Zone (Adani Ports) is likely to post mixed set of numbers for the September 2022 quarter. While the performance is likely to be healthy when compared to the year-ago quarter, sequential show could be rather weak.
  • Adani Ports’ revenue growth is estimated to be in sync with cargo growth which was quite stable during the quarter (with some uptick at the beginning of the quarter). Revenue growth is pegged at 20.1% over the year-ago quarter. Read More

Boat gets $60 million in funding from Warburg Pincus, Malabar

Published on: 6:56 am

  • Boat, a direct-to-consumer (D2C) audio and wearables business, has formally withdrawn its ambitions to go public after closing a $60 million (about Rs 500 crore) funding round through convertible preferred equity notes from Warburg Pincus and Malabar Investments.
  • For this financing, Boat has set a minimum valuation cap of approximately $1.2 billion, according to people familiar with the terms of the agreement who spoke to ET. Read more

Q2FY23 Preview: Sun Pharmaceutical Industries: Revenue seen at Rs111,933 million, PAT at Rs21,725 mi

Published on: 6:46 am

  • Result date: 1st November, 2022
  • Recommendation: Add
  • Target price: Rs1,040
  • (Source: IIFL Research)
  • Sun Pharmaceutical Industries (Sun Pharma) could post ~17% growth in revenue over the year-ago quarter amid continued traction in its Specialty segment and domestic formulation business.
  • Sun Pharma’s EBITDA could grow 6.1% over the year-ago quarter, reflecting the strength in topline. Read more

IPOs of Bikaji Foods, Medanta, Fusion Microfinance, DCX Systems to open this week

Published on: 6:46 am

  • Four companies, including Global Health Ltd., which operates hospitals under the Medanta brand, and microfinance lender Fusion Micro Finance Ltd., will have their initial public offerings (IPOs) open next week. Bikaji Foods International and DCX Systems, a producer of cables and wire harness assemblies, are the other two businesses whose IPOs will open this week.
  • Together, these four companies would raise a combined total of about Rs4,500 crore through the IPOs.
  • In addition to this, Uniparts India and Five Star Business Finance are anticipated to launch their separate initial public offerings in November. Read more

Fusion Microfinance's IPO to open on 2nd November

Published on: 6:37 am

  • Fusion Microfinance's IPO will open on November 2nd. Fusion will begin its Rs1,100 crore initial share sale on Wednesday at a price range of Rs 350-368 per share, with Rs600 crore in new share sales and the remaining Rs600 crore coming from an offer-for-sale by the promoter families and current external investors.
  • Fusion Microfinance, is also testing a small business-focused secured loan book, that it plans to commercially launch it next month in order to strengthen its secured portfolio and accelerate faster growth. Small-ticket loans, up to Rs 50,000 per borrower, are often provided by microfinance. These loans are completely unsecured and without collateral. Read more

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