Latest News and Updates

01st Nov, 2022

Indian equity markets see another green ending

Published on: 4:04 pm

  • Markets saw yet another day in green today. Nifty 50 ended,  up by 129.9 points. BSE Sensex ended, up by 374.76 points. Top Gainers today were Adani Enterprises, Divis Lab and NTPC. Top Losers today were Axis Bank, UPL and Eicher Motors.
  • Midcap stocks again saw strong buying demand today. Nifty Midcap 150 index ended the day, up by 0.84%. Banking stocks and media stocks saw selling pressure today. Strong buying demand was seen in Pharma stocks, healthcare stocks, IT stocks and Realty stocks. Metal stocks also saw very strong buying demand today. Read more

Five Star Business Finance IPO will open on November 9th

Published on: 3:32 pm

  • The IPO of Five Star Business Finance will open for subscription on November 9th. The IPO will close on November 11th. The IPO intends to raise Rs 2751.95 crore through sale of existing shares.
  • This IPO will be completely an Offer for Sale one. No new equity shares will be sold in the IPO. Existing investors of the company will sell some of their stake in this IPO.
  • These investors include TPG Asia, Matrix Partners, Norwest Ventures, SCI Investments etc. Read more

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Suzlon Energy board approves allotment of 240 crore partly paid-up equity shares under rights issue

Published on: 3:10 pm

  • Suzlon Energy Limited has informed that the Securities Issue Committee of the Board at its meeting held on October 31, 2022 has approved the allotment of 240,00,00,000 (Two Hundred Forty Crores) partly paid-up equity shares of the Company.
  • As per the filing, the partly paid-up shares is having a face value of Rs.2/- each in dematerialised form for cash at an issue price of Rs.5/- (Rupees Five Only) per equity share, i.e. at a premium of Rs.3/- (Rupees Three Only) per equity share (wherein the applicants were required to pay Rs.2.50 per equity share on application and of which Re.1/- per equity share being adjusted towards face value and Re.1.50 per equity share being adjusted towards securities premium and the balance Rs.2.50 being payable on subsequent call as may be decided by the Board), to the respective eligible equity shareholders of the Company. Read more

Markets in green; Nifty 50 around 18,100 level; IT stocks outperform

Published on: 2:00 pm

  • Domestic benchmark indices in the fast lane today led by IT and Metal stocks outperforming. Both the Sensex and Nifty benchmarks were marginally higher amid positive cues from Asian market.
  • On the sectoral front, auto index was under selling pressure amid outcome of monthly auto sales figures for October 2021. However, alongwith IT index surging around 1.5%, metal and pharma stocks also skyrocketed over 1.5% each to drive the market sentiments.
  • At around 2:00 PM, Sensex was trading at 60,995.65 higher by 249.06 points or 0.41%. Nifty 50 traded at 18,098.90 higher 86.70 points or 0.48%. Read more

SSWL achieves revenue growth of 11% yoy in October 2022

Published on: 1:07 pm

  • Steel Strips Wheels Ltd (SSWL) has achieved Net turnover of Rs334.42 crore in October 2022 Vs Rs300.58 crore in  October  2021, recording a growth of 11% yoy and achieved Gross turnover of Rs417.03 crore in October 2022 Vs Rs355.73 crore in October 2021, there by recording a growth of 17% yoy.
  • The growth was held back by a margin due to Diwali Manufacturing Holidays at the customer end in October 2022.
  • The festive retail demand was fairly strong in every segment and we expect the momentum to sustain going past it, the company said in a regulatory filing on Tuesday. Read More

ABB India unveils its first smart instrumentation factory in Bangalore; Stock zooms 3.5%

Published on: 12:40 pm

  • ABB India has announced that ABB Measurement & Analytics recently opened its first smart instrumentation factory in Bangalore, India, to support the region’s ambition of transforming into a global design and manufacturing hub.
  • The factory is equipped with state-of-the-art manufacturing technology to meet the growing demand for instrumentation devices that enables more efficient and sustainable customer operations.
  • This new plant will manufacture field devices such as pressure and temperature transmitters, IP convertors and electromagnetic flowmeters for a wide variety of industries, including power, oil and gas, pharmaceutical, water and other segments. Read more

MG Motor India October sales up y-o-y by 53%

Published on: 12:36 pm

  • On Tuesday, MG Motor India reported a 53% increase in retail sales, totaling 4,367 units, for October 2022. According to a statement from MG Motor India, the business sold 2,863 vehicles during the same month previous year.
  • In addition, the company produced 5,008 units throughout the month, including 784 electric vehicles (MG ZS EV), which was its greatest monthly production milestone ever.
  • The company, which had previously experienced chip shortages, claimed that "some improvement in semiconductor supplies through localization activities" had allowed them to increase output. Read more

Indus Towers deletes para from quarterly report that said Government prohibited from buying stake in

Published on: 12:28 pm

  • A significant paragraph from Indus Towers' quarterly report for the period of July to September has been removed because it incorrectly stated that company law regulations prohibited the government from acquiring ownership in Vodafone Idea (Vi) if the telco's shares are trading below their par value.
  • The government is not prohibited from buying equity in the telco even if the shares are trading below their par value, according to a late-night statement by Vi on Monday.
  • "The company is hereby revising the aforesaid quarterly report by deleting the aforesaid paragraph named 'Govt shareholding in Vi' which was included erroneously," Indus Towers said in a filing to BSE. "Since the firm is not obligated to make any disclosures on this topic." Read more

India’s factory hiring at 3-year high, says survey

Published on: 12:20 pm

  • According to a private poll released on Tuesday, India's factory activity increased at a faster rate in October as demand and output remained strong. This encouraged businesses to hire people at the strongest rate in almost three years.
  • Since the beginning of this year, India has demonstrated greater resilience to continuously rising inflation and a declining currency value relative to the US dollar than several other economies.
  • The S&P Global-compiled Manufacturing Purchasing Managers' Index increased to 55.3 in October from 55.1 in September, above the median estimate of 54.9 in a Reuters poll and maintaining over the 50-level separating growth from contraction for a sixteenth month. Read more

Solara gets European Approval (CEP) to manufacture Ibuprofen from its flagship Vizag facility

Published on: 12:17 pm

  • Solara Active Pharma Sciences Limited (Solara), a leading pure play Active Pharmaceutical Ingredient provider has announced that its new state of the art multipurpose API manufacturing facility at Vishakhapatnam, Andhra Pradesh, had received 'Certificate of Suitability' (CEP) approval for the manufacture of Ibuprofen API, from European Directorate for the Quality of Medicines (EDQM), the first international regulatory approval for this new facility.
  • With this key approval, Solara has CEP approval for two manufacturing facilities for Ibuprofen API, the other being its dedicated manufacturing facility located at Puducherry, India.
  • Solara also expects series of other international regulatory approvals for its Vizag facility, including USFDA. Read more

Glenmark Pharma launches Fingolimod Capsules in US market; Stock gains 2%

Published on: 11:09 am

  • Glenmark Pharmaceuticals Inc., USA (Glenmark) has announced that it has launched their Fingolimod Capsules, 0.5 mg, the generic version of Gilenya Capsules, 0.5 mg, of Novartis Pharmaceuticals Corporation.
  • Commenting on the launch, Sanjeev Krishan, President, Glenmark North America said, “We are very pleased to bring to market a lower cost alternative to Gilenya Capsules, 0.5 mg. This launch confirms our commitment to provide quality and affordable pharmaceutical products to patients.”
  • According to IQVIATM sales data for the 12-month period ending September 2022, the Gilenya Capsules, 0.5 mg market achieved annual sales of approximately $1.8 billion. Read More

Cupid receives order worth Rs3.72 crore from UNFPA; Stock jumps over 1.5%

Published on: 10:41 am

  • Cupid Limited has received a purchase order from United Nations Population Fund (UNFPA) for supply of Male Condoms and water Based Lubricant worth Rs3.72 crore (Approx.).
  • According to the regulatory filing, the contract has been awarded by the international entity and also caters to international market.
  • "We are excited to receive this valuable repeat order", said Omprakash Garg, CMD, Cupid Limited. Read more

Escorts Kubota tractor volume jumps 7.2% in October 2022; Stock down 2%

Published on: 10:30 am

  • Escorts Kubota Limited Agri Machinery Segment in October 2022 sold 14,492 tractors which is the ever highest monthly sales registering a growth of 7.2% as against 13,514 tractors sold in October 2021.
  • As per the regulatory filing, Domestic tractor sales in October 2022 was at 13,843 tractors registering a growth of 8.6 percent as against 12,749 tractors sold in October 2021. Festive demand was good led by above normal monsoon and higher water reservoirs level.
  • For the coming Rabi season all macro-economic factors remain favourable for the industry. However, overhang of unabsorbed commodities inflation remains a concern. Read more

In the early trade, gold prices decline

Published on: 10:03 am

  • Tuesday's early morning trading saw a modest drop of Rs160 in gold prices. The price of 10 grammes of 24 karat gold is Rs50,840 as of November 1 compared to Rs 51,000 on Monday. The price of 22-carat gold has decreased by Rs150 and is currently trading at Rs46,600.
  • On the other hand, silver prices are stable as of November 1. Currently, 1 kilogramme of silver costs Rs57,500.10 grams of 24 karat gold are currently selling in Delhi for Rs50,990, while 10 grams of 22 karat gold are going for Rs46,750. The cost of 10 grammes of 24 and 22 karat gold is Rs50,840 and Rs46,600, respectively, in Mumbai, Kolkata, Hyderabad, and Kerala. Read more

Stamp duty collection shot up in Mumbai in October due to strong real estate sales

Published on: 9:52 am

  • As the holiday spirit fuelled homebuying activity in October, Mumbai, the nation's largest and most expensive real estate market, continued to experience record velocity in stamp duty collection.
  • The nation's financial capital market also had its second-best Diwali ever and surpassed the milestone of one thousand registrations in the first ten months of the year.
  • The real estate market has reached its highest stamp duty collection level for the month of October ever. Read more

Vakrangee Ltd fined Rs1.76 crore by RBI

Published on: 9:42 am

  • Vakrangee Limited  has been fined Rs1.76 crore by the Reserve Bank of India (RBI) for failing to comply with the requirements of the White Label ATM (WLA) guidelines.
  • The fine has been issued due to a failure to meet the targets for the ATM rollout.
  • "The fine was issued in accordance with the authority granted to the RBI by Section 30 of the 2007 Payment and Settlement Systems Act (PSS Act). This action is based on regulatory compliance shortcomings and is not meant to rule on the legality of any deal or arrangement the entity has with its clients, "RBI stated in a statement. Read more

Tata Steel's Q2 net profit falls by 87.3% to Rs 1,514 crore

Published on: 9:42 am

  • Due to falling margins, Tata Steel reported a consolidated net profit of Rs 1,514.42 crore in the July to September quarter (Q2FY23), a decrease of 87.3%. Net profit for the same period a year ago was Rs11,918.11 crore.
  • Operations revenue decreased slightly from the same quarter last year, falling from Rs60,387.13 crore to Rs59,877.52 crore. While revenues exceeded projections, earnings fell short of forecasts. Revenues were estimated by Bloomberg to be Rs56,321.5 crore and net income to be Rs3,154.7 crore. Read more

RMC Switchgears stock hits 52-week high on receipt of order worth Rs230.23 crore

Published on: 9:41 am

  • RMC Switchgears Limited hits 52-week high on Tuesday's trading session as the company r eceived  major order.
  • As per the regulatory filing, the company announced the receipt of Letter of Award of Rs230,23,88,766.59 (Rupees Two Hundred and Thirty Crores Twenty Three Lakhs Eighty Eight Thousand Seven Hundred Sixty Six and Fifty Nine Paisa only) by the Maharashtra State Electricity Distribution Company Limited under its EPC Division.
  • The project will be completed within the next 12-18 months, the company said. Read more

L&T Q2 consolidated profit up by 22.5%

Published on: 9:38 am

  • Engineering powerhouse Larsen & Toubro (L&T) said on Monday that its consolidated net profit increased by 22.5% to Rs2,229 crore for the quarter that ended on September 30, 2022. (Q2). R Shankar Raman, the chief financial officer of L&T, stated during a media call that despite ongoing volatility in currency and commodities prices, the bottom line was constant. The net profit during the prior quarter was Rs1,819 crore.
  • According to the financial statistics, the net profit increased sequentially by about 31% in the second quarter. The problems for the corporation, according to Shankar Raman, include "the crisis in eastern Europe hurting food and energy supply chains and the potential for stagflation emerging from supply-led inflation in an uncertain demand environment." The visibility of persistent domestic consumption demand, he continued, "is the silver lining and bodes well for fresh investments." Read more

Tata Steel trying to get financial support of UK government to keep its UK operations afloat its UK

Published on: 9:38 am

  • According to CEO T V Narendran, Tata Steel would be able to decide on its future course of action in relation to its UK company based on how the British government responds to the steelmaker's request for financial support to maintain the firm in the European country.
  • According to reports, Tata Sons was considering selling up its steel operations in the UK because there was little chance that the British government would provide the anticipated switch to green energy with a £1.5 billion subsidy package. However, a corporate representative stated that Tata Steel is actively pursuing financial backing from the UK government for its operations there.
  • Tata Steel, a significant domestic steel producer, employs 8,000 people nationwide throughout its businesses and operates the largest steelworks in the UK, located in South Wales. Read more

ASK Property Fund, Shriram Properties come together to invest in real estate in Bangalore, Chennai,

Published on: 9:36 am

  • ASK Property Fund, the ASK Group's alternative asset investment division, and real estate developer Shriram Properties have agreed to establish an investment platform for the purchase of residential real estate projects.
  • Shriram Properties and ASK will co-invest in residential and planned development projects in Bangalore, Chennai, and Hyderabad as part of the platform agreement.
  • The platform will receive cumulative pledges of up to Rs500 crores, and the committed cash is anticipated to be spent over the course of the following 12 months. Through its managed Category II Alternative Investment Fund, ASK will make investments. Read more

Markets trade positive as IT, Auto index outperform; Sensex over 61k, Nifty 50 around 18,100-levels

Published on: 9:32 am

  • Indian markets began this month on a positive note driven by broad-based buying across sectors. Sensex was racing towards earmarking the 60,000-mark again, while Nifty 50 has touched over 18,000. IT and Auto stocks outperformed, while substantial gains were added by banking, pharma and metals.
  • Domestic equities tracked a broader upside in the Asian cues and highest peak of Wall Street. Major corporate earnings and economic data will be influencing markets sentiments.
  • At around 09:36 AM, Sensex was trading at 61,054.70 up by 308.11 points or 0.51%. The index has touched an intraday high of 61,124.89. Nifty 50 performed at 18,102.40 higher by 90.20 points or 0.50%. The index has clocked an intraday high of 18,130.70. Read more

With Rs 530 crore bid, Jindal Saw emerges as the highest bidder for Sathavahana Ispat

Published on: 9:32 am

  • According to news reports, Prithviraj Jindal's Jindal Saw, which was the highest bidder, offered roughly Rs530 crore for the insolvent Sathavahana Ispat.
  • Vedanta Ltd was also vying to acquire the insolvent steel manufacturer. As a successful resolution applicant, Jindal Saw received a letter of intent from lenders, the firm claimed in a statement to the market on Monday. The Jindal Saw offer to buy the steel company is not mentioned in the stock notification.
  • Six further businesses made expressions of interest besides Jindal Saw. According to the disclosures made by the RP on the company's website, these are Vedanta Ltd, Welspun Corp Ltd, Sarda Mines Ltd, Ares SSG Capital (Singapore) Ltd, Khandwala Finstock Pvt Ltd, and Trimex Industries Pvt Ltd. Read more

LIC acquires 2% more stake of Capri Global Capital

Published on: 9:32 am

  • In recent months, the Life Insurance Corporation of India (LIC) increased its ownership of Capri Global Capital by 2%, investing Rs257.37 crore. In a regulatory filing on Monday, LIC stated that its equity position in Capri Global climbed from 1,24,00,000 to 1,59,51,171 shares, bringing its stake from 7.052 % to 9.072 % of the company's paid-up capital.
  • The MSME, construction, finance, affordable housing, and indirect retail financing segments are just a few of the markets that Capri Global serves. Between June 10, 2022, and October 28, 2022, the new shares were bought for an average price of Rs724.74 each. Read more

Small loans made up 60% of total loans of banks in 2022

Published on: 9:30 am

  • For commercial banks and the foundation of their operation, little is now attractive. According to RBI deputy governor Michael Patra, the proportion of smaller loans—up to Rs10 crore—in total loans climbed from 45% in 2014 to 60% in 2022.
  • Patra emphasized that the patterns of financial intermediation are changing while capturing the evolution of the nation's financial landscape over the previous 50 years. 
  • Individual borrowings by consumers currently make up over 40% of the retail market, up from less than 10% in 2000. In his speech at the central bank's internal conference on the completion of the 50 years of "Basis Statistical Returns (BSR)," one of its main data disseminating platforms, Patra said that this had led to a "unique phenomenon" where the share of smaller loans, of up to Rs10 crore, in total loans, increased to 60% in 2022 from 45% in 2014. Read more

Electronics manufacturing cluster to come up in Ranjangaon, Pune

Published on: 9:29 am

  • A Rs500 crore Electronics Manufacturing Cluster will be built in Ranjangaon, Maharashtra, according to a Monday announcement by Union Minister Rajeev Chandrasekhar. The Electronics Manufacturing Cluster (EMC) is expected to draw over Rs2,000 crore in investment and might eventually create thousands of jobs.
  • "We have approved a project for an electronics manufacturing cluster in Ranjangaon, Pune, to turn Maharashtra into an electronics hub. The government will invest approximately Rs500 crore "Chandrasekhar, the minister of state for electronics and information technology, said during a briefing.
  • With this, Ranjangaon (Maharashtra) joins a growing list of places making an aggressive push to become a thriving electronics hub, including Tamil Nadu, Noida, and Karnataka. Read more

Increase in ARPU, 4G user additions drive Bharti Airtel's performance in September quarter

Published on: 9:28 am

  • In the second quarter (Q2) of 2022–23, Bharti Airtel's (Airtel's) consolidated net profit increased 89.1% year over year (YoY) to Rs2,145 crore, driven by strong revenue growth and 4G user additions, the firm reported on Monday.
  • Airtel has already experienced eight straight profitable quarters and is currently testing the 5G service in beta in eight cities throughout the country. Over 501 million customers now use the company's services in 16 nations.
  • During the reviewed quarter, Airtel's consolidated revenue from operations increased 22% YoY to Rs34,527 crore. Its second-quarter revenue in India was Rs24,333 crore, up 22.3% year over year. Meanwhile, due to better realizations, mobile revenue increased by 24.8%. In Q2, its average revenue per user (ARPU) increased by more than 24% year over year to Rs190. Read more

42 companies now have approval for PLI in telecom & networking equipment segment

Published on: 9:26 am

  • The production-linked incentive (PLI) plan for telecom and networking products has been increased by the ministry of communications. A total of 42 companies, including 28 medium and small enterprises (MSMEs), have been approved to receive sops for a total investment of Rs4,115 crore.
  • According to design-led manufacturing criteria, 17 of the chosen companies have asked for an additional 1% incentive, the government said in a statement on Monday. Global powerhouses like Samsung, Nokia, Jabil, Rising Star (Foxconn), and Flextronics are among the companies chosen under the programme, as are regional contenders like HFCL, ITI, VVDN, and Tejas Networks, among others. Read more

Transmission of higher interest rates on lending rates faster than on deposit rates

Published on: 9:25 am

  • Since the Reserve Bank  started raising interest rates to keep inflation within the required target range of 2%–6%, transmission in lending rates has remained higher than that on deposit rates.
  • While the lending rates increased in September by 10-26 basis points (bps; one bps equals 0.01%). Only 9 basis points were added to deposit rates this month. Since May of this year, the Reserve Bank has been increasing its benchmark policy repo rate, which is the rate at which it loans to banks, since consumer price inflation has continued to rise over the desired range of 2 to 6%.
  • When the monetary policy committee met on September 30, it increased repo rates by 50 basis points to 5.9%, bringing the total rate increase since May to 190 bps. Read more

Gold demand in India expected to go down y-o-y by 25% in Oct - Dec period

Published on: 9:23 am

  • The World Gold Council (WGC) stated on Tuesday that India's gold consumption in the months of October to December may decrease by almost 25% from a year earlier due to inflation's impact on rural demand. The world's second-largest consumer of gold may have reduced purchases, which might have an impact on prices, which are now trading close to their lowest level in more than two years.
  • Reduced demand for imported gold may also aid in reducing India's trade imbalance and supporting the currency. According to Somasundaram PR, regional chief executive officer of WGC's Indian operations, higher inflation is likely to stifle rural demand, which was beginning to recover from the disruption caused by last year's COVID-19-led lockdowns.
  • India's annual inflation rate in September stayed above 7% and outside the tolerance range set by the central bank, increasing the likelihood that rates will be increased at the following policy meeting. In India, the demand for gold typically stems from rural communities where jewellery is a common way to store wealth. Read more

Air India order to refund cancellation charge for cancellation during Covid lockdown

Published on: 9:22 am

  • The trip from Bengaluru to London was cancelled due to the COVID-19 lockdown, and the Second Additional District Consumer Disputes Redressal Commission in Bengaluru has ordered Air India to pay the customer Rs44,029 in connection with the cancellation.
  • The airlines took Rs44,029 as a "cancellation charge" from the passenger Milin Jagdishbhai Parekh's return of the Rs1,35,143 ticket purchase.
  • It was also mandated that the Rs5,000 "incidental charge" that was subtracted be repaid within 45 days. Read more

Walmart India posts Rs 299 crore loss; Rs 5361 crore revenue, in FY 22

Published on: 9:19 am

  • Despite increasing operational income, Wal-Mart India Pvt Ltd, which runs Best Price Flipkart wholesale outlets, saw its loss grow to Rs 299.01 crore in FY22, according to financial information accessed by business intelligence platform Tofler.
  • A net loss of Rs 200.80 crore was announced for Wal-Mart India in FY21. In FY22, the company's revenue increased 6.9% to Rs5,349.98 crore from Rs5,004.88 crore in the fiscal year that ended on March 31, 2021.
  • The financial year that concluded on March 31, 2022 saw a 6.40 % increase in the company's overall revenue, reaching Rs5,361.72 crore. In FY21, it was Rs5,038.75 crore. In FY22, Wal-Mart India's revenue from other sources was Rs11.73 crore.  In FY22, it spent Rs5,660.74 crore in total, an increase of 8.03% from the year before. Read more

Cantabil Retail India opens three new showrooms in October 2022

Published on: 9:18 am

  • Cantabil Retail India Limited informed to the exchanges regarding opening of the new showrooms across PAN India.
  • As per the regulatory filing, the company has opened three new showrooms / shops at different location in India during the month of October 2022. With this, the total number of Showrooms / Shops of the Company stands at 424, the company said. Read more

3i Infotech stock rallies 4% post positive Q2FY23 numbers

Published on: 9:17 am

  • 3i Infotech Limited, a leading digital transformation and technology solutions provider company has announced its consolidated financial results for the Second quarter and Half year of FY23 ended September 30, 2022.
  • Key Highlights of the Consolidated Financial Performance
  • Quarter ended September 30, 2022
  • Operating Revenue was Rs177.1 crore
  • Net profit was Rs17.1 crore Read more

Motherson Sumi Wiring reports 31% yoy jumps in revenues, crosses Rs1800 crore mark in Q2FY23

Published on: 9:16 am

  • Motherson Sumi Wiring India Limited (MSWIL) has announced its financial results for the fiscal 2022-23 second quarter, which ended on September 30, 2022.
  • Performance Highlights
  • Quarterly revenues of Rs1,835 crore, up by 31% yoy
  • Quarterly EBITDA of Rs190 crore, up by 2% yoy
  • Quarterly PAT of Rs116 crore, up by 2% yoy Read more

EPFO allows employees with less than 6 months of service remaining to withdraw money from their EPS-

Published on: 9:16 am

  • On Monday, the retirement fund organization EPFO made the decision to permit subscribers with less than six months of service remaining to withdraw their accumulations from the Employees' Pension Scheme of 1995 (EPS-95).
  • Only subscribers to the Employees' Provident Fund Organisation (EPFO) who have less than six months of service remaining are currently permitted to withdraw the accumulations in their EPF accounts.
  • At its 232nd meeting on Monday, the Central Board of Trustees (CBT), the top decision-making body of the EPFO and chaired by Union Labor Minister Bhupender Yadav, recommended to the government that changes be made to the EPS-95 plan. Read more

Some corporate and economy snippets for today

Published on: 9:13 am

  • Corporate Snippets:
  • Larsen & Toubro’s consolidated profit after tax grew y-o-y by 22.5% to Rs 2229 crore in the September quarter.
  • Tata Steel’s profit after tax, in the September quarter, has come down y-o-y by 87%.
  • Equitas Small Finance Bank’s profit in the September quarter grew y-o-y by 183% to Rs 116 crore.
  • Bain Capital will sell its 1.24% stake in Axis Bank for Rs 3,350 crore. This block deal will take place today.
  • Bharti Airtel’s net profit in September quarter grew y-o-y by 89% to Rs 2,145.2 crore. Read more

Indian equity markets may see some profit booking today

Published on: 8:45 am

  • After the strong gains of yesterday, Indian equity markets may see some profit booking today. Foreign Portfolio Investors (FPIs) were net buyers of Rs 4178 crore yesterday. If this buying momentum continues today, then markets will remain buoyed. Stocks of Punjab National Bank, Nykaa, Varun Beverages, Tech Mahindra, Voltas, Adani Ports and Special Economic Zones etc may see price movement today. These companies will be declaring their September quarter results today.
  • US markets saw best ever returns in October. Dow Jones climbed over 12% in the month. Profit booking saw 128 points loss in the index on the last day of October. Nasdaq fell 110 points. Bond yield remained firm at around 4%, ahead of the Federal Reserve meeting today.
  • Asian markets have opened in the green. ASX & Japanese market are both in the green. The undertone is to buy the fall, as most negative news with regard to inflation & higher rates get priced in. US dollar strength maybe on its last legs as the global consensus regarding raising of interest rates seems to be weakening. Read more  

Top 10 stocks for today – 1st November 2022

Published on: 8:26 am

  • The Singapore Exchange's Nifty futures traded 104.5 points, or 0.58%, higher at 18,165, indicating that the stock markets may have a good start on Tuesday. The following 10 stocks may show price movement in today's market. To check more hot stocks, click at:
  • Axis Bank:
  • According to a term sheet released by the banker JP Morgan, Bain Capital would probably sell a 1.24% stake in the private lender for $410 million (Rs3,400 crore) through block sales.
  • Bharti Airtel:
  • The telecom giant reported a consolidated net profit up 89% year over year to Rs2,145 crore for the September quarter as more revenue per user, more data usage, and an expanded 4G base improved realizations. Read more

PM dedicates railway projects worth over Rs2900 crore in Asarva, Ahmedabad

Published on: 8:19 am

  • The Prime Minister, Narendra Modi has dedicated to the nation, two railway projects worth over Rs2900 crore at Asarva, Ahmedabad on Monday. These projects include the Ahmedabad (Asarva)-Himmatnagar-Udaipur Gauge Converted Line and Lunidhar-Jetalsar Gauge Converted Line. On this occasion, the Prime Minister also flagged off new trains between Bhavnagar-Jetalsar and Asarva-Udaipur.
  • With a view to having a uni-gauge rail system across the country, Railways is converting the existing non-broad gauge railway lines to broad gauge. The projects being dedicated by the Prime Minister mark yet another step in this direction.
  • The Ahmedabad(Asarva)-Himmatnagar-Udaipur Gauge Converted Line is around 300 km long. It will improve connectivity and prove beneficial for tourists, traders, manufacturing units and industries in the region, which will in turn boost employment opportunities and help in the socioeconomic development of the region. Read more

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