Latest News and Updates

03rd Nov, 2022

Prior to Q2FY23 results, SBI adds 2% to reach a new 52-week high

Published on: 2:58 pm

  • In intraday trade on Thursday, shares of State Bank of India (SBI) rose 2% to a new high of Rs587.9 per share, ahead of the results for the July-September quarter (Q2FY23).
  • The state-owned lender's stock rose above the Rs586.1 all-time high it had previously reached on October 25, 2022. In the previous month, it outpaced the market, rising 14% compared to the S&P BSE Sensex's 7% increase. Read More

Mahindra Holidays' Q2FY23 profit fell by 31% 

Published on: 2:44 pm

  • In the second quarter, Mahindra Holidays and Resorts India Ltd.'s earnings fell by 30.7% as a result of rising costs and a decline in sales at its European operations. According to the company's exchange report, the combined profit after tax for the three months ended September 30 decreased from 589.7 million Indian rupees ($4.94 million) to 408.6 million rupees ($4.94 million).
  • From 5.15 billion rupees in total expenses, it increased to 5.75 billion rupees. Globally, businesses that produce anything from white goods to hotels have seen their profitability suffer in recent quarters due to rising labour and material prices. Read More

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G R Infraprojects' subsidiary achieves financial closure from NHAI

Published on: 2:32 pm

  • GR BANDIKUI JAIPUR EXPRESSWAY PRIVATE LIMITED, wholly owned subsidiary of G R Infraprojects Limited has informed that it is in receipt of letter from National Highways Authority of India for noting of financial close for its project on October 20, 2022.
  • According to the regulatory filing, the project is for construction of 4-Lane Greenfield expressway spur from Delhi-Vadodara Greenfield expressway near Bandikui to Jaipur in Bharatmala Pariyojana Phase-I in the state of Rajasthan on Hybrid Annuity Mode.
  • Further, the bid project cost is Rs1368 crore and completion period is 730 days from appointed date. Read More

Markets in the red amid volatility; IT, Auto, stock worst hit

Published on: 2:00 pm

  • Domestic benchmark indices trading in the red after a gap-down opening on Thursday. Both the Sensex and Nifty benchmarks are marginally lower in the afternoon market session. Moreover, Indian markets may witness volatility ahead of RBI meeting later today.
  • The performance comes after, the Fed raised rates by 75 basis points on Wednesday and said its battle against inflation will require borrowing costs to rise further. Further,  investors' focus will now turn to US jobs data on Friday, which could offer some cues on future interest rate hikes.
  • On the sectoral front IT index underperformed by tumbling over 1.2% followed by auto, pharma and metal stocks plunging marginally. Read More

Godrej Properties to acquire 50-acre plot in Manor near Mumbai

Published on: 1:53 pm

  • The Godrej Group's real estate development subsidiary, Godrej Properties, has agreed to purchase a 50-acre land tract in the rapidly expanding Palghar neighbourhood of Manor, close to Mumbai.
  • After purchasing the property parcel outright, the corporation intends to build a residential complex on the specified plot.
  • The overall saleable area for the proposed project is projected to be roughly 1.2 million square feet, mostly made up of plotted development. Based on the existing business assumptions, the project is projected to have a booking value potential of about Rs500 crore.
  • Due to their reputation as well-known weekend getaways with historical and religious significance, places like Manor, Palghar, Boisar, and Wada have grown to be well-liked investment micro-markets in recent years. Read more

M&M Financial Services hits upper circuit today, find why here

Published on: 1:40 pm

  • Mahindra & Mahindra Financial Services (M&M Finance), which posted better-than-expected profits for the September quarter, increased by as much as 10% during early trade on Thursday.
  • In the three months ending September 30, the NFBC's net profit decreased by 55% to Rs448 crore from Rs1,103 crore in the same period last year, when the lender reversed impairment provisions.
  • According to Refinitiv statistics, analysts had predicted that the company would make close to Rs 390 crore in profit.Read more

Devyani International stock under pressure post positive Q2FY23 numbers

Published on: 12:44 pm

  • Devyani International Limited (DIL), a multi-dimensional comprehensive QSR player in India, has announced its financial results for the quarter and half year ended September 30, 2022.
  • DIL delivered a healthy performance across its core brands in a seasonally soft quarter. During the quarter, revenue from operations grew 45% yoy to Rs747.4 crore from Rs516.1 crore in Q2 FY22.
  • While in H1 FY23, revenue from operations grew 67% yoy to Rs1452.1 crore from Rs868.8 crore in H1 FY22. Continued strong momentum in store additions assisted performance. Read more

Kinetic Engineering allots equity shares amounting to Rs10.20 crore to promoters; Stock up 1.6%

Published on: 12:13 pm

  • The Board of Kinetic Engineering Ltd (KEL) has allotted shares on preferential basis to its promoter group company, Micro Age Instruments Pvt Ltd, (MAIPL).
  • The Shareholders’ through the Annual General Meeting of the company had approved allotment of 8,79,310 equity shares at Rs116 per share (including premium of Rs106 per share) on a preferential basis to MAIPL, amounting to Rs10.20 crore.
  • As per the filing, subsequent to the other compliances and approvals from BSE and payment of Rs10.20 crore by MAIPL, the Board on  Thursday has allotted additional equity shares to the promoter group company. Read more

Shri Keshav Cements and Infra to expand capacity to 1 MTPA; Stock zooms ~6%

Published on: 11:23 am

  • Shri Keshav Cements and Infra Limited has informed to the exchanges regarding approval of expansion f cement manufacturing capacity to 3000 TPD (1 MTPA).
  • As per the filing, the company informed that at the meeting of the Board of Directors of held on 02nd November, 2022, the board reviewed the feasibility study undertaken by the company for expanding the cement manufacturing capacity to 3000 TPD (i.e. 1 Million TPA) and based on the feasibility report, the Board has approved the aforesaid expansion. Read more

In early trading, gold prices increase; silver's fall

Published on: 11:13 am

  • Early on Thursday, gold prices increased. According to the GoodReturns website, 10 grams of 22-karat gold were trading at Rs46,850 after increasing by Rs300. During this time, silver prices fell by Rs 600, and 1 kilogramme of the pricey metal is now being sold for Rs 58,900. The price of ten grammes of 24-karat gold h increased by Rs330 to Rs51,110.
  • Following a Rs 330 price hike, 10 grammes of 24 karat gold are now being sold for Rs 51,110. In Delhi, Bengaluru, and Chennai, 10 grammes of 22-carat gold cost correspondingly Rs. 47,000, Rs. 46,900, and Rs. 47,410. Given that the yellow metal is currently trading at Rs 46,850, the price of 10 grammes of 22-carat gold in Mumbai is comparable to that of the precious metal in Kolkata and Hyderabad.
  • In Delhi, Bengaluru, and Chennai, 10 grammes of 24 karat gold are priced at Rs51,260, Rs51,160, and Rs51,720, respectively. Given that the precious metal is currently trading at Rs51,110, the cost of 10 grammes of 24 karat gold in Mumbai is comparable to that of gold in Hyderabad and Kolkata. Read more

After Fed rate hike, Rupee loses 8 paise to 82.88/ $

Published on: 11:06 am

  • Following the US Federal Reserve's decision to raise interest rates while maintaining a hawkish posture, the rupee lost 8 paise to 82.88 against the US dollar in morning trade on Thursday. The local unit began trading at 82.87 versus the dollar on the interbank foreign exchange but lost ground to quote at 82.88, losing 8 paise from its previous finish. The local currency's initial exchange rate against the US dollar was 82.84.
  • The rupee reached a settlement rate of 82.80 versus the dollar on Wednesday. The dollar index, which measures how strong the dollar is relative to a basket of six different currencies, increased 0.53 % to 111.94. The benchmark for world oil, Brent crude futures, dropped 0.38 % to USD 95.79 a barrel. The 30-share BSE Sensex was trading 238.3 points or 0.39 down at 60,667.79 on the domestic equities market, and the larger NSE Nifty was down 57.55 points or 0.32 % at 18,025.30. Read more

Alembic Pharma zooms 6% post receiving USFDA final approval for Ketorolac Tromethamine Injection

Published on: 10:51 am

  • Alembic Pharmaceuticals Limited on Thursday has announced that it has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Ketorolac Tromethamine Injection USP, 15 mg/mL, 30 mg/mL, and 60 mg/2 mL (30 mg/mL) Single Dose Vials.
  • Notably, this is the second injectable product approval from Company's General Sterile Facility (F-3) which was inspected in August, 2022.
  • In a regulatory filing, the company stated, "The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), Toradol Injection, 15 mg/mL, 30 mg/mL, and 60 mg/2 mL, of Roche Palo Alto, LLC (Roche). Ketorolac Tromethamine is indicated for the short-term (≤5 days) management of moderately severe acute pain in adult patients. Refer to our label for full indication." Read more

Q2FY23 Preview: Cipla: Revenue seen at Rs60,038 million, PAT at Rs8,413 million

Published on: 10:44 am

  • Result date: 4th November, 2022
  • Recommendation: Buy
  • Target price: Rs1,150
  • (Source: IIFL Research)
  • Cipla is likely to post 9% growth in revenue over the year-ago quarter. This growth would be led by strong show in the domestic formulations business across all key segments. The company’s US sales too could remain strong, particularly with the launch of gRevlimid. Read more

Godrej Properties buys residential land in Manor-Palghar, Maharashtra

Published on: 10:18 am

  • Godrej Properties Ltdon Thursday has announced that it has entered into an agreement for outright purchase of a land parcel in the fast-developing micro market of Manor, Palghar.
  • The proposed project is spread across ~ 50 acres and is estimated to have a developable potential of approximately 1.2 million square feet of saleable area comprising primarily of residential plotted development.
  • In a regulatory filing, the company said, "Manor, Palghar, Boisar, and Wada due to their popularity as famous weekend destinations of historic and religious significance have become popular investment micro-markets." Read more

Q2FY23 Preview: Britannia Industries: Revenue seen at Rs40,867 million, PAT at Rs4,363 million

Published on: 10:12 am

  • Result date: 4th November, 2022
  • Recommendation: Add
  • Target price: Rs4,000
  • Britannia Industries (Britannia) could post volume growth of 4-5% over the year-ago quarter. Market share gains, price hikes and healthy performance of subsidiary could drive revenue growth of 15% over the year-ago quarter. Read More

Kesar Enterprises starts crushing for sugar season 2022-23; Stock rises

Published on: 10:05 am

  • Kesar Enterprises Limited has informed to the exchanges that Co-generation Plant and Crushing season 2022-23 of Sugar Division of the Company at Baheri have started.
  • On Thursday at around 10:09 AM, Kesar Enterprises Ltd is currently trading at Rs73 per share up by Rs0.7 or 0.97% from its previous closing of Rs72.30 per share on the BSE.
  • The scrip opened at Rs70.45 per share and has touched a high and low of Rs73.95 per share and Rs70.45 per share respectively so far today. The current market cap of the company is Rs72.88 crore. Read more

Tata Capital Housing Finance looking to raise Rs 3000 crore from NHB

Published on: 9:52 am

  • In order to expand its business, Tata Capital Housing Finance, a Tata Capital subsidiary, intends to make a significant push into the home loan market. To do so, it is looking for capital of Rs3,000 crore from the National Housing Bank and intends to raise Rs1,000 crore through bonds. Both retail and real estate developers will be eligible for financing from the organisation.
  • The funds are being sought as the company's loan portfolio grows, going from Rs29,311 crore on March 31 to Rs33,201 crore as of September 30 this year. Read more

Q2FY23 Preview: Titan Company: Revenue seen at Rs82,353 million, PAT at Rs7,582 million

Published on: 9:51 am

  • Result date: 4th November, 2022
  • Recommendation: Add
  • Target price: Rs3,000
  • During the September 2022 quarter, Titan Company (Titan) posted market-leading growth and witnessed acceleration in 3-year sales CAGR. The company’s jewellery division grew 18% (ex-bullion) translating into 3-year CAGR of 27% versus 23% in Q1, and was above Kalyan’s 3-year CAGR of 18%. While plain gold jewellery clocked low double-digit sales growth, studded sales growth was higher than overall jewellery division, driven by good activations and better contribution from high-value purchases. Read more

Axiscades' stock price up by more than 70% in the past 11 days

Published on: 9:47 am

  • Axiscades Technologies' stock price continued to rise on Wednesday as it reached a 10% upper circuit resistance level of Rs282.95 per share. In contrast, the S&P BSE Sensex was down 0.5% at 60,831 points at 1:47 PM on Wednesday.
  • The price of this company's stock has increased 73% over the last 11 trading days from its October 17, 2022 low of Rs163.30 a share. The stock increased 117% in three months compared to the S&P BSE Sensex's 5% growth.
  • The stock reached its best price since June 2016. Read more

ITC's stock price up by more than 60% year-to-date in 2022

Published on: 9:44 am

  • In the course of Wednesday's intraday trade, ITC shares rose 2% on the BSE to reach a record high of Rs362.20 in an otherwise quiet market. Following the company's strong performance in the July-September quarter for the 2022–23 fiscal year, the stock of the tobacco industry giant has eclipsed its previous high of Rs 354, which it had reached on October 21, 2022. (Q2FY23). The S&P BSE Sensex, in contrast, was down 0.4% at 60,877 points at 12:49 PM. Read more

Markets witness cautious tone ahead of RBI policy outcome; Nifty above 18,000

Published on: 9:42 am

  • Indian market continued to open on a cautious note in the opening hours of Thursday with Sensex near 60,700-level and Nifty 50 slightly over 18,040. Financials, IT, Metal and pharma stocks weighed on the downside. Auto and banking stocks outperformed their counterparts.
  • At around 9:45 AM, Sensex was trading at 60,791.29 down by 114.8 points or 0.19%. Nifty 50 traded at 18,057.65 lower by 25.20 points or 0.14%. 
  • Bajaj Auto, Titan, Axis Bank, Adani Enterprises, Bharti Airtel were top bulls on Nifty. Read more

Gulshan Polyols updates on new project in Assam; Stock under pressure

Published on: 9:18 am

  • Gulshan Polyols Ltd had approached the 'Department of Food and Public Distribution' (DFPD) under the modified scheme for extending financial assistance to project proponents for enhancement of their ethanol distillation capacity or to set up distilleries for producing 1st Generation (1G) ethanol from feed stocks.
  • As per the filing, the feed stocks include cereals (rice, wheat, barley, corn & sorghum), sugarcane, sugar beet etc. notified on April 22, 2022 in the form of interest subvention and for which Company has received In-Principle Approval from the 'Government of India' for 'grant of interest subvention' under aforesaid scheme for maximum loan amount of Rs170 crores (Rupees One Hundred Seventy Crores Only) for setting up of new Grain Based Distillery of 250 KLPD with Zero Liquid Discharge (ZLD) System for Assam Unit, located at land in Industrial Growth Centre, Matia, District Goalpara, Assam. Read more

Karnataka Bank's stock price rises by more than 20% after announcement of Q2 results

Published on: 9:18 am

  • After the bank reported a record quarterly net profit of Rs411 crore for the quarter ending September 2022, shares of Karnataka Bank remained stuck in the 20% upper circuit at Rs112.55 on the BSE on Wednesday (Q2FY22).
  • In comparison to the net profit of Rs125 crore in Q2FY22, the net profit increased by 228%. The bank claimed that among other factors, the considerable increase in net profit was primarily brought about by higher earnings, better asset quality, a healthy rate of advancement, cost containment, and increased efficiency. Read more

J K Cement-led subsidiary starts 2 MTPA cement grinding capacity

Published on: 9:17 am

  • Jaykaycem (Central) Limited, the wholly owned subsidiary of JK Cement Limited has informed to the exchanges regarding commencement of commercial operations.
  • As per the filing, the wholly-owned subsidiary has successfully commenced cement Grinding capacity of 2 MnTPA today i.e. November 02, 2022 at its newly set up cement manufacturing facilities situated at Panna, Madhya Pradesh.
  • The clinkerisation is at advanced stage and would to be commissioned shortly, the company said  on Wednesday. Read more

Wardwizard Innovations sells 1,255 units of EVs in October 2022

Published on: 9:16 am

  • WardWizard Innovations and Mobility Ltd, one of India’s leading manufacturer of electric two-wheelers brand ‘Joy e-bike’ has registered the sales of 1,255 units of electric two wheelers in October 2022.
  • As per the regulatory filing, the company registered a sales of 17, 970 units of electric two wheelers between April 2022 and October 2022. With these numbers the company records a growth of 76% as compared to the same period last year. The last year, between April and October 2021, the company sold 10,190 units of electric two wheelers. Read more

Yotta Infrastructure may raise Rs 4,000 crore in debt

Published on: 9:14 am

  • In order to fund the expansion of its data centre business, Yotta Infrastructure, the Hiranandani Group's data centre business in India, is in discussions to obtain Rs4,000 crore in debt.
  • With a capacity of 160 MW each, the firm now operates two data centres, one in Greater Noida and the other in Navi Mumbai.
  • The company is also developing plans to build seven other hyper-scale data centres in cities like Chennai, Kolkata, Pune, Thane, Mumbai, GIFT City, and Dhaka in Bangladesh. Read more

Moonlighting may have tax repercussions

Published on: 9:10 am

  • Technology workers who are "moonlighting" have been warned by income tax authorities and chartered accountants (CAs) to be aware of the tax repercussions.
  • They have stated that any additional income from such activity should be disclosed in their tax forms.
  • Top IT organizations have recently expressed worries about moonlighting, or employees taking on additional tasks outside of their regular duties. Some, like Wipro and Infosys, have also terminated the services of some employees due to ethical concerns. Read more

Tata Group acquires remaining stake in AirAsia India from Air Asia

Published on: 9:08 am

  • The remaining stock stakes in AirAsia (India) were sold by the AirAsia Aviation Group to Air India, which is currently owned by the Tatas.
  • According to AirAsia, the company anticipates receiving Rs1.56 billion from the sale of the stock and there will be no gain or loss on the disposal.
  • After COVID had an adverse effect on its operations, the Malaysia-based airline will intensify its focus on Asean nations. It was stated that India will continue to be a significant market and that its various airlines would continue to fly there. Read more

Max Healthcare's stock rises after announcement of September quarter results

Published on: 9:08 am

  • After the business reported strong operational results for the September quarter, Max Healthcare Institute shares surged 5% on the BSE and reached a record high of Rs482.50 on Wednesday (Q2FY23). The private sector healthcare services company's shares rose above the previous record high of Rs472.60 that it had attained on September 16, 2021.
  • Max Healthcare posted the highest gross revenue ever in the second quarter of FY23, at Rs1,567 crore, up 9% year over year (YoY) and 6% quarter over quarter (QoQ). According to the corporation, like-to-like comparisons show a 17% YoY increase in gross sales for the quarter. Read More

Shivalik SFB raises Rs111 crore in funding

Published on: 9:05 am

  • On Wednesday, Shivalik Small Finance Bank announced that it has raised Rs111 crore from Bharti AXA Life Insurance and two international venture capital firms.
  • Accel and Quona Capital are the two international venture capital firms that took part in the funding round.
  • In an effort to become the preferred bank for Indian MSMEs, the bank said it will utilize the cash to develop its staff, expand its team, and deepen its alliances. Read more

Redington's PAT up 26% to Rs 387 crore in September quarter

Published on: 9:02 am

  • Redington Ltd., India's largest distributor of Apple and IT products, announced a 26% increase in second-quarter profit on Thursday as a result of strong local demand for smartphones, laptops, and software.
  • According to the company's exchange report, the combined profit for the three months ending September 30 increased from Rs307 crore a year earlier to Rs387 crore ($46.76 million).
  • According to the report, the iPhone reseller's quarterly revenue increased from Rs15,287 crore to Rs19,051 crore. Apple was responsible for 27% of the sales. Read more

Akasa Air to start Pune-Bengaluru flights from Nov 23

Published on: 9:00 am

  • The ninth destination in Akasa Air's route network is Pune, which the airline will begin serving on November 23. According to a Wednesday press statement, the carried began operations on August 7 and anticipates reaching 400 weekly flights and 58 daily flights by the end of November.
  • The airlines have also decided to raise the frequency of flights between Bengaluru and Mumbai starting on November 23 in response to the growing demand, bringing the total number of daily services on the route to seven.
  • Akasa Air will begin a second frequency on the route on November 26 after beginning service between Bengaluru and Pune on November 23. Read more

JSW Group to invest Rs1 lakh crore in Karnataka over 5 years

Published on: 8:57 am

  • According to chairman Sajjan Jindal, the steel-to-paints JSW Group will invest Rs1 lakh crore in Karnataka over the next five years across all of the group's businesses, as reported by ET.
  • According to Jindal, the investments will go toward the development of a new greenfield port as well as the steel, green energy, cement, and paints industries. In the state where its flagship Vijayanagar steel factory is located, the business group has already made an investment of Rs1 lakh crore.
  • Karnataka has been a leader in the development of industries and continues to offer a ripe ecosystem that fosters innovation and entrepreneurship at its core, he added. Read more

Markets all set to see a day heavy in red

Published on: 8:56 am

  • Indian equity markets look all set to see a day in red. US Federal Reserve increased interest rate in US by another 75 basis points yesterday. Federal Reserve Chairman, Jerome Powell, said that it is still too early to stop the current round of interest rate hikes. He also said that the magnitude of total interest rate increase will be much more than originally estimated. This continued hawkish stand of Federal Reserve has considerably increased the probability of a prolonged global economic recession.
  • US markets ended the day, yesterday, sharply lower after the 75-basis point interest rate hike announcement by US Federal Reserve. Down Jones ended, down by 1.55%. Nasdaq ended, down by 3.36%. NYSE ended, down by 1.98%. S&P 500 ended, down by 2.5%. The Federal Reserve indicated that it would look into data when announcing the next interest rate hike.
  • Asian markets too are reacting negatively to interest rate hike by US Federal Reserve. Japanese 'Nikkei' is closed for holiday today. Taiwanese index is down by 1.08%. South Korean KOSPI is down by 0.60%. Shanghai index is down by 0.10%. ASX is down by 1.90%. Read more

SEBI classified Rs67,228 crore of its debt as "Difficult to Recover"

Published on: 8:54 am

  • At the end of March 2022, the capital markets regulator Sebi classified debts totaling Rs 67,228 crore as "difficult to recover." According to Sebi's annual report for 2021–22, the regulator has outstanding debts totaling Rs96,609 crore that must be paid by various organizations, including those that disobeyed orders to return investors' funds and failed to pay the punishment that was imposed on them.
  • According to the regulatory body, out of the entire amount of Rs96,609 crore, Rs63,206 crore, or 65% of it, is related to the Collective Investment Scheme (CIS) and deemed public offerings of PACL Ltd and Sahara Group firm, Sahara India Commercial Corporation Ltd. Read more

JK Tyre & Industries to invest Rs 1,100 crore in increasing production capacity over 2 years

Published on: 8:52 am

  • With consumer demand soaring in rural and semi-urban regions throughout the holiday season, JK Tyre & Industries is on track to invest Rs1100 crore over the next two years to increase production capacity.
  • "While globally there are concerns that may slow down growth in overseas markets, there is a buoyancy in demand here," Anuj Kathuria, President (India), JK Tyre & Industries, told ET. Sales have gotten a boost from the holiday season, especially in rural and semi-urban regions. We are preparing for increased levels of production with regular monsoons and a growing rural economy.
  • For the second quarter ending September 30, 2022, JK Tyre & Industries reported a 23% fall in net profit to Rs 50 crore. However, overall revenue climbed to Rs3,764 crore in the reviewed period from Rs2,998 crore in Q2FY22. The company's operational margins increased as a result of favourable market circumstances. Read more

Garmin views India among the top 3 Asian markets

Published on: 8:49 am

  • The post-Covid health activity patterns in the country are expected to help India become one of the top three markets for Swiss smart wearable gadget maker Garmin in the next five years.
  • Garmin, which announced Yeshudas Pillai's appointment as the new national head for its operations in India, has been observing double-digit growth in the nation and anticipates the trend to persist.
  • By the end of 2023, it hopes to add 10 additional brand stores to its growing network of retail sales locations. Currently, the company only operates three outlets in India. Read more

Price of ethanol increased

Published on: 8:47 am

  • In an effort to reduce India's dependency on imported oil, the government increased the price of ethanol used to blend with gasoline on Wednesday.
  • For the supply year starting in December 2022, the Cabinet Committee on Economic Affairs (CCEA), led by Prime Minister Narendra Modi, increased the price of ethanol produced from sugarcane juice to Rs65.60 per litre from Rs63.45 per litre.
  • According to news reports, the price of ethanol produced from C-heavy molasses has grown to Rs49.40 per litre from Rs46.66 per litre, and the price of ethanol produced from B-heavy has decreased to Rs59.08 per litre from Rs60.73 per litre. Read more

Bank of England may raise interest rates by 75 basis points on Thursday

Published on: 8:45 am

  • In an effort to lower the country's sky-high inflation rate, the Bank of England is generally anticipated to raise its benchmark interest rate on Thursday by the largest margin since 1989.
  • The BoE is anticipated to increase borrowing costs following a regular meeting by 0.75% to 3%, which would be the highest level since the global financial crisis of 2008.
  • In response to the highest prices in decades, central banks around the world have been aggressively tightening interest rates.
  • The US Federal Reserve raised its benchmark lending rate by 0.75 percentage points for the fourth time in a row on Wednesday, bringing it to 3.75–4.0%. Read more

Another interest rate hike by US Federal Reserve - and some more hawkish words

Published on: 8:35 am

  • US Federal Reserve again raised interest rate by 75 basis points, yesterday. This brings the benchmark lending rate in United States to between 3.75% and 4%. This is the highest level of benchmark lending rate seen in United States, since 2008. During his speech, announcing the interest rate hike, Federal Reserve Chairman, Jerome Powell, gave some confusing signals. First he said that the Federal Reserve was aware of the negative impact of its interest rate hikes on economic growth. Then he added that it is still too premature to pause the interest rate hikes. Then he added that the scale of interest rate hikes will be much higher than previously estimated. These confusing signals ultimately spooked the US equity markets. Dow Jones fell by 1.55%. Nasdaq fell by 3.36%. NYSE fell by 1.98%. S&P 500 fell by 2.5%.
  • This increase in interest rate and the indication of more interest rate hikes in future has considerably increased the probability of a prolonged and painful global economic recession. That is why US equity markets reacted so negatively to it. Indian equity markets are also going to react negatively today to this hike. Read more

India's agricultural products export rise 25% to $13,771 million in Q2FY23

Published on: 8:31 am

  • Exports of agricultural and processed food products climbed by 25% within six months of the current Financial Year 2022-23 (April-September) in comparison to the corresponding period of FY 2021-22.
  • According to the provisional data released by the Directorate General of Commercial Intelligence and Statistics (DGCI&S), the overall export of agricultural and processed food products has witnessed a growth of 25% in USD during April-September 2022.
  • Accordingly, the overall export of Agricultural and Processed Food Export Development Authority (APEDA) products increased to USD 13771 million in April-September 2022 from USD 11056 million over the same period of the last fiscal year. Read more

Top 10 stocks for today – 3rd November 2022

Published on: 8:18 am

  • The Singapore Exchange's Nifty futures traded 157.5 points, or 0.87%, lower at 18,005, indicating that the stock markets may have a bad start to the day on Thursday. The following 10 stocks may show price movement in today's market. To check more hot stocks, click at:
  • M&M Financial Services:
  • The NBFC participant reported a net profit decline of almost 55%, to Rs 492 crore, for the quarter ending in September 2022.
  • Adani Transmission:
  • The Adani Group company reported a 32% decrease in its consolidated net profit after tax at Rs 194 crore in the September quarter compared to the same period last year. Read more

Medanta raises Rs 661 crore from anchor investors

Published on: 7:36 am

  • On November 2, Global Health, the owner of the hospital network "Medanta," collected Rs661.67 crore from anchor investors, as part of its IPO. Up to 52 investors used the anchor book to subscribe to the IPO.
  • According to the company's BSE filing, it has decided to allocate 1.96 crore equity shares to anchor investors at the top of the price range of Rs 336 per share after consulting with merchant bankers.
  • The Monetary Authority of Singapore, the Government of Singapore, Nomura Trust, Stichting Depositary APG Emerging Markets Equity Pool, the Ontario Teachers' Pension Plan Board, Polar Capital Funds Plc, Government Pension Fund Global, Cohesion MK Best Ideas, and Affin Hwang INR Flexi Fund were notable investors that took part in the offering. Read more

Maruti Suzuki India has produced 25 million car units till now

Published on: 7:32 am

  • Maruti Suzuki India (MSI) announced that its total output has surpassed 2.5 crore units.
  • MSI began production in December 1983, and by March 1994, it had produced 10 lakh units. It reached a milestone of one crore in March 2011 and two crores in July 2018.
  • In Gurugram, Haryana, the first production facility was established.
  • The company currently operates two manufacturing facilities with installed production capacities of 15 lakh units annually in Gurugram and Manesar in Haryana. Read more

Marico adds Saffola Soya Bhurji to its lineup of plant-based proteins

Published on: 7:28 am

  • With the introduction of Saffola Soya Bhurji, fast-moving consumer products manufacturer Marico Limited has increased its selection of plant-based proteins.
  • The product has been introduced to general trade in West Bengal, Delhi, and Mumbai and will gradually become available throughout the nation. It will be accessible on all contemporary trade and significant e-commerce platforms.
  • By introducing Saffola Meal Maker Soya Chunks, the company previously announced its debut into the plant protein market under the Saffola portfolio. Read more

Zomato launches hotline to report reckless driving by delivery partners

Published on: 7:25 am

  • Zomato's CEO, Deepinder Goyal, stated on Twitter that the company has opened a hotline that customers can contact to report incidents of reckless driving by the company's delivery partners.
  • Delivery bags with the new hotline number written on them will be shortly distributed by the company. Read more

India's chemical and petrochemical sector offer significant opportunities for investment, says Minis

Published on: 7:19 am

  • The central government, according to Chemicals and Fertilizers Minister Mansukh Mandaviya, is pro-poor, pro-farmers, and industry-friendly. He urged both domestic and foreign businesses to invest in the nation's chemicals industry.
  • He added that before drafting any policies, the administration consults with all relevant parties and works to create an atmosphere that is business-friendly.
  • The minister emphasized industrial development in India while speaking at the India Chem 2022 event and claimed that an eco-system is being developed for all-around growth. Read more

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