Latest News and Updates

02nd Nov, 2022

Markets see a day in red

Published on: 4:08 pm

  • Indian equity markets saw a day in red today. Nifty 50 ended the day, down by 62.55 points. Sensex ended the day, down by 215.26 points. Top Gainers today were Hindalco, Sun Pharma, ITC. Top Losers today were Bharti Airtel, Apollo Hospitals, Maruti. 
  • Microcap and Small cap stocks saw buying demand today. Large cap stocks saw significant selling pressure. Auto Stocks, banking stocks, IT stocks and realty stocks saw selling pressure. Media stocks, pharma stocks, metal stocks, healthcare, and oil & gas stocks saw buying demand. Read more 

Pudumjee Paper PBT rises 57% during Q2FY23

Published on: 3:23 pm

  • Pudumjee Paper Products Limited (PPPL), has reported impressive results for the six-month period ended September 30, 2022.
  • During the six-month period ended September 30, 2022, the Company produced 30786 MT of paper, 31% increase over 23453 MT produced during the same period in the previous year. 
  • While the Turnover for the six month period increased by about 66 % to Rs39410 lakh (Rs.23720 lakh), EBIDTA for the period increased by 44% to Rs5599 lakh (Rs3883 lakh) due to improved operating efficiency and capacity utilization. Read more

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Airtel crosses 1 million customers on it 5G network

Published on: 2:50 pm

  • Bharti Airtel on Wednesday has announced that it has crossed the 1 million unique 5G user mark on its network. The company achieved this milestone in less than 30 days of its commercial launch even as the network is being built.
  • Earlier this month, Airtel announced the advent of its 5G services in Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, Siliguri, Nagpur and Varanasi. The services in these cities are getting rolled out in a phased manner as the company continues to construct its network and complete the roll out.
  • Randeep Sekhon, CTO, Bharti Airtel, said “These are early days but the response from customers have been very encouraging. Our network is being built every day even as all 5G devices are now capable of working on the Airtel 5G Plus network barring a few exceptions which should also be done in the coming weeks. We will continue to advance our network with a vision to connect the entire country.” Read more

Rupee declines 12 paise against the dollar

Published on: 2:45 pm

  • In morning trade on Wednesday, the rupee lost 12 paise to 82.71 against the US dollar due to a flat trend in domestic stocks. Forex traders reported that the rupee started the day flat before the US Federal Reserve's anticipated announcement of its monetary policy later in the day.
  • The local unit began trading at the interbank foreign exchange at 82.64 versus the dollar before losing more ground and closing at 82.71, down 12 paise from the previous level. The local currency's initial exchange rate versus the US dollar was 82.62. The rupee's exchange rate versus the dollar on Tuesday was 82.59. Read more

Markets near day's low with Nifty below 18,100

Published on: 2:00 pm

  • Domestic benchmark indices trading in the red after a gap-down opening on Wednesday. Both the Sensex and Nifty benchmarks are marginally lower in the afternoon market session. Moreover, globally, markets are are waiting for the Fed commentary tonight which will indicate the further view for domestic market.
  • On the sectoral front banking, IT and auto index underperformed by tumbling between 0.2-1% with all major sectors trading in the red except metal and pharma stocks surging 1% and 0.7% respectively.
  • At around 2:00 PM, Sensex was trading at 60,924.87 lower by 196.48 points or 0.32%. Nifty 50 traded at 18,088.50 lower 56.90 points or 0.31%
  • Top Bulls on Nifty 50 are: Hindalco (+2.7%), ONGC (+2%), Sun Pharma (+1.6%) supported by ITC (+1.3%) and Dr Reddy's (+0.68). Meanwhile, top losers on Nifty are: Apollo Hospitals (-2.9%), Bharti Airtel (-2.7%), Maruti Suzuki (-2.35%), Eicher Motors (-2.24%) and Hindustan Unilever (-1.75%). Read More

Flipkart posts Rs 3,413 crore net loss in FY22

Published on: 1:38 pm

  • Flipkart India's net loss grew to Rs 3,413 crore in the fiscal year 2021–22, according to financial information seen by business intelligence platform Tofler.
  • A net loss of Rs2,445.6 crore was declared by the Walmart group-owned company in the prior fiscal year 2020–21. Flipkart's net loss increased to Rs3,404.3 crore in 2021–2022 from Rs2,444.8 crore the previous year on a standalone basis. Between FY21 and FY22, standalone and consolidated net total income increased by roughly 18%, from Rs 43,349.1 crore to Rs 51,175.7 crore. Read more

Moneyboxx secures term loan worth Rs50 crore from SBI

Published on: 1:15 pm

  • Moneyboxx Finance Limited has secured Rs50 crore term loan from SBI for a period of 4 years. The company will utilize the funds for onward lending to the micro-entrepreneurs in the agricultural and allied sectors.
  • This loan from SBI, along with continuous infusion of debt from existing 21 lenders, will ensure adequate liquidity in alignment with the company’s plans to ramp-up the AUM from over Rs190 crore as of October 2022 to Rs400 crore by March 2023.
  • Deepak Aggarwal, Co-Founder, Moneyboxx said, “We are very excited and thankful to SBI for this vote of confidence in our extremely successful and unique phygital business model, wherein we not only provide growth capital to small and marginal agri-entrepreneurs, but also supplement this with significant beyond-lending initiatives, while maintaining pristine asset quality. Read more

Gateway Distriparks to acquire ICD Kashipur for Rs156 crore; Stock down 2%

Published on: 12:34 pm

  • Gateway Distriparks Limited (GDL) has signed a Share Purchase Agreement (SPA) with Kashipur Infrastructure and Freight Terminal Private Limited (KIFTPL) and its majority shareholders namely, Apollo LogiSolutions Limited, India Glycols Limited and Kashipur Holdings Limited on October 31, 2022 to acquire KIFTPL.
  • As per the filing, the agreed purchase consideration for the acquisition of 99.92% shareholding of KIFTPL from its shareholders is Rs156 crore, subject to certain pre-closing and post-closing adjustments in accordance with the terms of the SPA, which is expected to close at the end of Q3 of FY 2022-23.
  • The process to acquire the remaining 0.08% shareholding from Fourcee Infrastructure Equipments Private Limited, which is in liquidation, has been initiated. Read more

Sonata Software unveils software development center in Bengaluru

Published on: 12:13 pm

  • Sonata Software has announced the opening of its state-of-the art new development center at its Global Village campus in Bengaluru, India.
  • As per the filing, the new Development Centre, spread across 58,000 sq ft, houses over 600Workstations and has been designed for better team collaborations. The sustainable and eco-friendly facility boasts of usage of material with re-cycled content and designed for Eco design Approach for Health and well-being of employees.
  • “We are proud to open a state-of-the-art development center in India. We see it as a significant milestone in our growth journey. We are a global organization committed to nurturing the best of talent and giving them an opportunity to play a part in our growth story wherein we aspire to double the company’s revenue in the international services business in the next four years” said Samir Dhir, CEO at Sonata Software. Read more

Gold prices fall marginally; silver prices rise

Published on: 11:21 am

  • The price of 10 grams of 22-carat yellow metal has dropped by Rs 50 in early trade on Wednesday, trading at Rs 46,550. In the meantime, the price of silver increased. One kilogramme of the precious metal now costs Rs59,500, a rise of Rs2,000.
  • The price of 10 grammes of 24 karat gold has dropped by Rs60 to Rs50,780. In Delhi, Chennai, and Bengaluru, 10 grammes of 22-carat gold are priced at Rs46,700, Rs47,300, and Rs46,600, respectively. At Rs46,550, the price of 10 grams of 22-karat gold in Mumbai is comparable to that of gold in Kerala and Kolkata. Read more

Glenmark Pharma receives USFDA approval for Sodium Phenylbutyrate Tablets

Published on: 11:11 am

  • Glenmark Pharmaceuticals Limited has received United States Food & Drug Administration (U.S. FDA) final approval for Sodium Phenylbutyrate Tablets USP, 500 mg, the generic version of Buphenyl Tablets, 500 mg, of Horizon Therapeutics, LLC.
  • As per the filing, Glenmark’s Sodium Phenylbutyrate Tablets USP, 500 mg, will be distributed in the U.S. by Glenmark Pharmaceuticals Inc., USA.
  • According to IQVIATM sales data for the 12-month period ending September 2022, the Buphenyl market achieved annual sales of approximately $8.7 million. Read more

Sun Pharma's Q2 PAT rises by 10.5% YoY to Rs 2,262 crore

Published on: 11:03 am

  • Sun Pharmaceutical Industries, with its headquarters in Mumbai, reported an increase in net profit of 10.5% year over year (YoY) during the second quarter of the current fiscal year, supported by a 13.1% increase in gross sales. Gross sales for the quarter totaled Rs10,809.2 crore, an increase of 13.1% over Q2 last year. The net profit for the quarter was Rs2262.2 crore, an increase of 10.5% YoY, influenced by reduced other income.
  • On tuesday at 3:00 p.m, Sun Pharma shares were up 1.68 % on the BSE, trading for Rs1,033 per share. Read more

Alembic Pharma gets USFDA approval for Mesalamine extended-release capsules; Stock zooms ~6%

Published on: 10:57 am

  • Alembic Pharmaceuticals Limited on Wednesday has announced that it has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Mesalamine Extended-Release Capsules USP, 0.375 g.
  • The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), Apriso Extended-Release Capsules, 0.375 g, of Salix Pharmaceuticals, Inc. (Salix). Mesalamine Extended-Release Capsules are indicated for the maintenance of remission of ulcerative colitis in adults.
  • According to IQVIA report, Mesalamine Extended-Release Capsules USP, 0.375 g, have an estimated market size of US$ 133 million for twelve months ending June 2022. Read more

Tech Mahindra Q2 PAT falls by 4% to Rs 1,285 crore

Published on: 10:44 am

  • On Tuesday, Tech Mahindra revealed a 4% drop in its consolidated earnings after tax for the September quarter, coming in at Rs1,285 crore.
  • The fifth-largest exporter of IT services in the nation generated a net profit of Rs1,339 crore during the prior 12-month period.
  • In the second quarter of the current fiscal year, the company's overall revenue increased 20.7% to Rs13,129 crore. It was Rs10,881 crore during the same time period last year, according to a statement. Chief Executive Officer and Managing Director of Tech Mahindra C P Gurnani noted that supply-side issues are still present and that market conditions are "changing."
  • As opposed to USD 750 million in the same period last year and USD 802 million in the quarter before that, it announced a total contract value of freshly signed deals of USD 716 million for the September quarter. The corporation increased its employment base by more than 5,000 during the most recent September quarter, bringing the total to 1.63 lakh. Read more

Indrayani Biotech delivers two boiler shell profile for T-Special train; Stock jumps 5%

Published on: 10:03 am

  • Indrayani Biotech Limited has informed to the exchange regarding delivery of work order.
  • As per the filing, the Southern Railway has embarked on a journey to manufacture T-Special Trains (MEMU as steam locomotive) powered by steam engines.
  • Indrayani Biotech Limited (IBL) had acquired the capacity to design, manufacture and supply of Industrial boilers along with pressure parts and components complying with Indian Boilers Act - 1923 (IBA 1923), Indian Boiler Regulations - 1950 (IBR 1950) with all its amendments, under the brand "IBL MATRIX" through its joint venture partner Matrix Boilers Private Limited, Trichy. Read more

Wheels India posts Rs 15.14 crore profit in the September quarter

Published on: 9:43 am

  • The company that makes steel wheels for automobiles, Wheels India Ltd, announced on Tuesday that its net profit for the three months ending September 30, 2022, was Rs15.14 crore. The business posted net profits of Rs 21.2 crore for the same quarter the year before.
  • The company's net profits for the six months ended September 30, 2022, were Rs25.8 crore as opposed to Rs31.3 crore reported for the same period the previous year. In comparison to the same period last year, when the quarter ended September 30, 2022, revenues increased to Rs1,109 crore from Rs911 crore. Read more

Q2FY23 Preview: Hero Motocorp: Revenue seen at Rs87,080 million, PAT at Rs7,571 million

Published on: 9:42 am

  • Result date: 3rd November, 2022
  • Recommendation: Buy
  • Target price: Rs3,100
  • Hero Motocorp’s sales volumes grew 2.7% sequentially and remained flattish (down 0.7%) over the year-ago quarter. Sequential volumes were driven by the fact that the company upstocking for the festive season as well as easing semiconductor supplies. Improving realizations though could aid revenue both sequentially as well as over the year-ago quarter.
  • EBITDA margin could improve slightly on a sequential basis on the back of easing input costs and price hikes. Read more

NCC receives two new orders for Rs1,056 crore; Stock soars 1%

Published on: 9:39 am

  • NCC Limited has received two new orders for Rs1056 crore (exclusive of GST) in the month of October 2022.
  • According to the regulatory filing, all these orders pertain to Water & Environment Division and is received from State Government agencies and does not include any internal order, the company mentioned.
  • On Wednesday, at around 9:40 AM, NCC Ltd is currently trading at Rs74.80 per share up by Rs1 or 1.36% from its previous closing of Rs73.80 per share on the BSE. Read More

Markets witness cautious tone amid mixed global cues; Nifty above 18k-mark

Published on: 9:35 am

  • Indian markets traded lower on Wednesday, erasing gains recorded in previous session. IT, Auto, Consumer Durables stocks dragged the benchmarks Sensex and Nifty 50. Investors are betting cautiously ahead of US Fed policy outcome later in the day. Also, corporate earnings for Q2 of FY23 will be keenly observed. 
  • At around 9:36 AM, Sensex was trading at 61,066.36 down by 54.99 points or 0.09%. The index has touched an intraday high and low of 61,209.65 and 60,980.85 respectively.
  • Nifty 50 traded at 18,115.90 below 29.50 points or 0.16%. The index has touched an intraday high and low of 18,178.75 and 18,109.40 respectively. Read more

Rupee gained 10 paise to close at 82.71/ $, yesterday

Published on: 9:33 am

  • On Tuesday, the rupee strengthened 10 paise to settle at 82.71 (provisional) against the US dollar after the dollar dropped from its high points. The local currency started out at the interbank foreign exchange market at 82.74 and fluctuated between a high of 82.59 and a low of 82.79.
  • It ultimately finished at 82.71 against the US dollar, up 10 paise from its previous close and in line with the upward trend in local stocks. The currency ended the trading day on Monday 34 paise down at 82.81. While this was happening, the dollar index, which measures the strength of the dollar against a basket of six different currencies, fell to 110.98, down 0.49 %.
  • Benchmark Brent crude futures for world oil increased 1.42 % to USD 94.13 a barrel. The 30-share BSE Sensex ended the day up 374.76 points, or 0.62 %, to close at 61,121.35, while the larger NSE Nifty increased 133.20 points, or 0.74 %, to 18,145.40. Read more

Insolation Energy bags LoA for Rs2.08 crore; Stock trades lower

Published on: 9:18 am

  • Insolation Energy Ltd announced that the company has received a Letter of Award (LOA) for empanelment of Vendor for Design, Supply, Erection, Testing, and Commissioning including warranty, Comprehensive operation & maintenance of grid-connected Rooftop Solar Plant of various capacities.
  • As per the filing, the LoA is under the Phase-II of Grid Connected Rooftop Solar Scheme of MNRE in Rajasthan under General category against TN-DSM-02, for Ajmer Discom of Rs2,08,24,500 (Rupees Two Crore, Eight Lacs & Twenty-four Thousand Five Hundred only). Read more

Grasim Industries to raise Rs1000 crore via NCDs

Published on: 9:17 am

  • Grasim Industries Limited has informed to the exchanges regarding issue of NCDs worth Rs1000 crore on private placement basis.
  • As per the filing, the Finance Committee of the Board of Directors of Grasim Industries Limited at its meeting held on Tuesday, considered and approved issue of Non-Convertible Debentures ("NCDs") on private placement basis, for an amount not exceeding Rs1,000 crore, in one or more tranches. Read more

Some corporate and economy snippets for today

Published on: 9:17 am

  • Corporate Snippets:
  •  Tech Mahindra has recorded a Q-o-Q increase of 13% in its consolidated net profit, in the September quarter. Its profit in the quarter stood at Rs 1299 crore. 
  •  Adani Ports and Special Economic Zones’ profit in the September quarter increased y-o-y by 65% to Rs 1,738 crore.
  •  Hero Motors’ sales in October has come down y-o-y by 17%.
  •  Veranda Learning Solutions has terminated the deal for acquisition of T.I.M.E.
  •  Eicher Motors’ sales in October has gone up y-o-y by 86%. Read More

UPL revenue climbs 18% yoy to Rs12,506 crore in Q2FY23

Published on: 9:16 am

  • UPL Ltd has reported financial results for the second quarter of FY23 (July-Sep 2022).
  • Key Highlights:
  • Robust growth momentum continued into Q2FY23 with 18% yoy uptick in sales to reach Rs12,506 crore, led primarily by higher realizations (+21%) and a favorable exchange rate (+4%) offset by decline in volumes (-7%)
  • Q2 FY23 EBITDA grew by 35% yoy to Rs2,768 crore. Improved realizations, better product mix along with efficient supply chain management drove EBITDA margins improvement by 278 bps despite the significant external pressures. Read more

Russia replaces Iraq as India’s largest supplier of crude oil, in October

Published on: 8:58 am

  • According to the energy cargo tracker Vortexa, Russia has surpassed the historically dominating suppliers Saudi Arabia and Iraq to become India's main oil supplier.
  • The largest recorded monthly crude supply from Russia to India was 946,000 barrels per day in October. It supplied 22% of India's total oil imports, surpassing Saudi Arabia's 16% and Iraq's 20.5%.
  • According to Vortexa, an energy intelligence company with offices in Singapore and London that watches oil and gas tankers across the world and provides freight and inventories analytics, global crude imports increased by 5% in October compared to September, while those from Russia increased by 8%. Read More

Global crude oil news: Surprise drop in US stockpiles leads to a rise in prices

Published on: 8:57 am

  • Early trade on Wednesday saw an increase in oil prices after industry data revealed an unexpected reduction in U.S. crude stockpiles, indicating that demand has held up despite significant interest rate hikes that have slowed global growth.
  • While U.S. West Texas Intermediate (WTI) crude futures increased 26 cents, or 0.3%, to $88.63 a barrel, Brent crude futures gained 17 cents, or 0.1%, to $94.82 a barrel.
  • Due to the weaker U.S. dollar and an unconfirmed note emerging on social media that claimed the Chinese government would look into methods to reduce COVID laws starting in March 2023, both benchmark contracts increased by around 2% in the previous session. Read more

Wolfspeed Inc and JLR enter into strategic appliance for supply of semiconductors for EV manufacturi

Published on: 8:46 am

  • Jaguar Land Rover on Tuesday established a strategic agreement with Wolfspeed Inc for the supply of silicon carbide semiconductors for next-generation electric vehicles. Under the cooperation, Jaguar Land Rover will utilize Wolfspeed's innovative silicon carbide technology specifically in the vehicles' inverter, controlling transmission of power from the battery to electric motors, the company stated in a statement.
  • In order to increase visibility and control over JLR's future supply chain, JLR will take part in the "Wolfspeed assurance of supply initiative" to guarantee the supply of this technology for future electric car production needs.
  • With the Jaguar TCS Racing team, which competes in the Formula E World Championship, Wolfspeed already has a relationship. Performance and efficiency on the track have been accelerated with this company's silicon carbide technology. Read more

Toyota Kirloskar Motors' October sales up y-o-y by 6%

Published on: 8:44 am

  • Toyota Kirloskar Motor announced on Tuesday that domestic sales increased by 6% in October to 13,143 units. According to a statement from Toyota Kirloskar Motor (TKM), the company sold 12,440 units in the domestic market during the same month last year.
  • "Strong reservations for the Urban Cruiser Hyryder self-charging hybrid electric vehicle show that demand is still rising. Booking orders for Toyota's brand-new SUV have exceeded our expectations, which is fantastic "According to a statement from TKM Associate Vice President of Sales and Strategic Marketing, Atul Sood to ET. Read more

Tata Motors' sales increase y-o-y by 15.49% in October

Published on: 8:42 am

  • Tata Motors said on Tuesday that its total sales increased by 15.49% to 78,335 units in October 2022. In the same month last year, the business sold a total of 67,829 cars, according to a statement from Tata Motors.
  • According to the statement, total domestic sales increased by 17% to 76,537 units from 65,151 units in the same month last year.
  • Sales of passenger cars (PV), including electric vehicles, increased by 33% to 45,423 units in the domestic market from 34,155 units in the same month last year. Read more

Skoda Auto India's sales up y-o-y by 11% in October

Published on: 8:37 am

  • In comparison to 3,065 units in October of last year, Skoda Auto India reported on Tuesday that wholesale sales grew by 11% to 3,389 units last month.
  • The manufacturer also revealed that retail sales increased by 29% from 3,226 units in October of last year to 4,173 units last month.
  • "For us, achieving the full five-star rating in both adult and kid occupancy using the more stringent worldwide NCAP crash test methodologies is a huge accomplishment. The Kushaq is the safest automobile built in India and has raised the bar for safety. Our sales are benefiting from this "Petr Solc, brand director for Skoda Auto India, stated in a release. Read more

Markets may see a day in red

Published on: 8:36 am

  • Indian equity markets are likely to have a day in red today. Profit booking is likely to take place before Federal Reserve's announcement regarding interest rate hikes comes later in the day. The gains seen in some of the past few days in US markets indicates that some market participants are factoring in the probability of Federal Reserve becoming more moderate regarding inflation.
  • Government has reduced windfall tax on exports of crude oil. So oil & gas companies are likely to see movement in their stock prices. Stocks of EIH, Adani Transmissions, M&M Financial Services, JK Bharat etc are likely to see price movement today. These companies will be declaring their September quarter results today.
  • US markets saw another day of correction yesterday. Investors await Federal Reserve policy action tomorrow, with 75 basis points hike factored in. Dow Jones closed lower by 78 points. Nasdaq lost 97 points. Markets lightened up before the Federal Reserve announcement. US dollar regained strength.  US dollar index is trading near 111. Bond yields remain unchanged at near 4%. Read more

Procter & Gamble India sets up Rs200 crore tech-focused fund

Published on: 8:35 am

  • Procter & Gamble (P&G) India, a maker of Whisper sanitary napkins and Tide detergent, announced on Tuesday that it has established a Rs 200 crore fund to invest in technology-driven corporate problem-solving strategies.
  • The P&G Technovate Fund aims to use innovation and technology to address business difficulties. This will include methods for promoting innovation across supply chain, go-to-market, consumer research, and brand recognition and building.
  • The corporation said that this was in keeping with the government's plan to spearhead the digital transformation. P&G said the fund is in addition to the Rs1,300 crores it has invested over the last four years. Read more

M&M passenger car sales surge y-o-y by 60% in Oct

Published on: 8:33 am

  • Mahindra & Mahindra Ltd. stated on Tuesday that domestic passenger car sales increased by 60% to 32,298 units in October 2022. Mahindra & Mahindra (M&M) stated in a statement that the business sold 20,130 units during the same month last year.
  • Sales of utility vehicles increased by 61% to 32,226 units from 20,034 units in the same month last year.
  • However, sales of cars and vans decreased 25% to 72 units from 96 units in October 2021.
  • The robust holiday demand helped our sales volume expand in October, according to M&M President of the Automotive Division Veejay Nakra. Read more

Kia India sales up y-o-y by 43% in October

Published on: 8:31 am

  • On Tuesday, Kia India reported that its sales in October rose by 43% year over year to 23,323 units. In October 2021, the firm had delivered 16,331 vehicles to dealers. Last month, the company shipped 5,479 units of Carens, 9,777 pieces of Seltos, 7,614 units of Sonet, and 301 units of Carnival to the dealers.
  • "It's an exciting time for the brand because of the demand that all Kia products have been able to generate in the Indian market. It demonstrates that our product strategy was sound from the start "Hardeep Singh Brar, vice president and head of sales and marketing for Kia India, made the statement.
  • With two months left, the automaker is sure that it will end the year at an all-time high. The firm has already surpassed the 2-lakh cumulative sales mark in 2022. Read more

Jazeera Airways will start Kuwait - Bangalore flight from tomorrow, 3rd November

Published on: 8:30 am

  • Jazeera Airways said on Tuesday that it will begin service to Bengaluru on November 3, flying to the city on Thursdays and Saturdays. Prices for one-way flights to Kuwait will start at Rs19,999. The largest domestic and international low-cost airline in Kuwait launched its operations in Hyderabad in October 2017.
  • According to a statement from the airline, it has expanded to serve up to eight cities in India and currently offers 30 daily direct flights to Kuwait and other destinations.
  • "We are very excited to fly into the Garden City with two services per week connecting the Indian Expat population from Kuwait to India and taking our valued passengers back from India to Kuwait and beyond to a large number of leisure and pilgrimage destinations," said Romana Parvi, regional manager for South Asia to ET. Read more

Honda Cars India's sales up y-o-y by 18% in October

Published on: 8:28 am

  • In October, Honda Cars India reported an increase in domestic sales of 18% to 9,543 units. In October 2021, the company recorded sales of 8,108 units in the domestic market.
  • The manufacturer reported that 1,678 units were exported last month, compared to 1,747 units during the same period last year.
  • Yuichi Murata, Director, Marketing and Sales at Honda Cars India, was quoted by PTI as saying, "This festive season has been remarkable for us as we registered a healthy growth of 18% in our domestic sales in October. Our dealer network has been buzzing with activity during this period, witnessing strong demand for all our Honda models. Read more

Indian Railways freight loading earning rises 17% yoy to Rs92,345 crore till October 2022: Centre

Published on: 8:24 am

  • Indian Railways' Freight loading for first seven months of this financial year 2022-23 has crossed last year’s loading and earnings for the same period.
  • On cumulative basis from April-October 2022, freight loading of 855.63 MT has been achieved as compare to last year’s loading of 786.2 MT, an improvement of about 9% over last year loading. Railways have earned Rs92345 crore against Rs78921 crore last year which is an improvement of 17%.
  • During the month of October 22, Originating freight loading of 118.94 MT has been achieved as compare to loading of 117.34 MT in Oct 21, which is an improvement of 1.4% over last year. Freight revenue of Rs13353 crore has been achieved against Rs12313 crore freight earnings in October 21, thereby an improvement of 8% over last year. Read more

Top 10 stocks for today- 2nd November 2022

Published on: 8:19 am

  • The Singapore Exchange's Nifty futures traded 18 points, or 0.10%, higher at 18,237, indicating that the stock markets may open flat or in the red on Wednesday. The following 10 stocks may show price movement in today's market. To check more hot stocks, click at:
  • Infosys:
  • The IT giant will use a postal ballot to ask shareholders for approval of its proposed Rs9,300 crore share buyback between November 3 and December 2.
  • Axis Bank:
  • According to bulk deal data available with BSE, US-based private equity company Bain Capital sold 1,66,80,000 shares, or 0.54% of the private sector lender, at an average price of Rs 891.38 each, bringing the transaction's total value to Rs 1,486.82 crore. Read More

SettleMint receives Series A investment of $16 million

Published on: 8:10 am

  • SettleMint, the blockchain application development platform for the public and private sectors, has acquired $16 million in Series A funding. A venture capital business from the UK called Molten Ventures took part in the funding.
  • Along with current investor Medici Ventures, L.P., new investors co-led by OTB Ventures, Fujitsu Ventures, Allusion, and Bloccelerate also participated in the investment round. Read more

Otipy hires Rohit Sood as its chief business officer

Published on: 8:06 am

  • On November 1, Crofarm Agriproducts' agritech startup Otipy announced the appointment of Rohit Sood as its Chief Business Officer. He will oversee the company's upcoming phase of growth in both existing and new Indian markets.
  • The startup said in a release that "he will play a vital role in the development and extension of Otipy's business verticals, as the company continues to witness growth in specific countries." Read more

Ola Electric sells 20,000 electric scooters in October

Published on: 7:43 am

  • In October 2022, Ola Electric announced sales of 20,000 units. The business, which sells the S1 Pro and S1 electric scooters, claimed to have had a successful holiday season.
  • Sales during Navratras increased four times over the daily run rate and by ten times on Vijayadashami.
  • On average, it has been generating 1,000 units every day. Read more

DCX Systems' IPO receives 8.8 times subscription applications on Day 2nd

Published on: 7:27 am

  • On Tuesday, the second last day of the issue, DCX Systems' IPO received applications for 8.86 times the subscription size. The institutional section received 1.96 times as much interest as HNI investor portion, which received 11 times as much as the retail portion. The IPO price set by the company ranges from Rs 197 to 207 per share. The Rs. 500 crore IPO consists of a Rs400 crore new issue and a Rs100 crore offer for sale. A total of 12 anchor investors, including BNP Paribas, Volrado Ventures, Theleme, HDFC Large & MidCap, and Motilal Oswal MF, received shares worth Rs 223 crore last week from the business.
  • The new issue's proceeds will be used by DCX Systems to pay off obligations and meet its working capital needs. Additionally, it intends to pay for the capital expenses of its subsidiary, Raneal Advanced Systems. Electronic subsystems and cable harnesses are produced by DCX. The company's goods are utilized in a variety of electronic warfare systems, including those for communications, sensors, surveillance, missiles, and armored military vehicles. Read more

Tata Group to hire 45,000 women at its iPhone components factory

Published on: 7:24 am

  • Tata Group plans to hire tens of thousands of new people at its electronics factory in southern India that manufactures iPhone components as part of an effort to attract more business from Apple Inc.
  • In order to set up additional production lines, the company in the industrial town of Hosur in the Tamil Nadu state would hire up to 45,000 women workers within 18 to 24 months, according to sources with knowledge of the situation. 10,000 people are currently employed by the plant that makes iPhone housings, or the cases that hold the gadget together, with the majority of them being women. Read more

Reliance Retail launches Xlerate

Published on: 7:20 am

  • On its new e-commerce platform, AJIO Business, Reliance Retail has introduced the athleisure brand Xlerate and appointed cricketer Hardik Pandya as its brand ambassador.
  • The brand provides for the needs of athletes and fitness buffs.
  • Sport shoes, athletic and lifestyle footwear, gear including track trousers, t-shirts, shorts, and other accessories are all available at Xlerate starting at Rs 699. Read more

Tejas Networks to invest Rs 750 crore under PLI scheme

Published on: 7:16 am

  • Tejas Networks, a member of the Tata Group, will invest more than Rs750 crore to the production of telecom and networking equipment through the design-led Production Linked Incentive (PLI) program.
  • One of the 42 businesses chosen for the program is Tejas Networks. Read more

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