Latest News and Updates

04th Nov, 2022

JMC Projects India secures new orders of Rs2,277 crore; Stock gains 2.6%

Published on: 2:08 pm

  • JMC Projects (India) Limited (JMC), a leading Civil Engineering and EPC Company has secured new orders of Rs2,277 crores.
  • The details are as follows:
  • Water Projects in India of Rs1,497 crore
  • B&F projects in India of Rs780 crore
  • Commenting on securing new orders, S. K. Tripathi (Managing Director & CEO) commented, "We are delighted with the new order wins in our Water and B&F business. These new orders in the Water business will help us to strengthen our leadership and capabilities in the Water business. Read more

Lupin receives USFDA tentative approval for Drospirenone Tablets

Published on: 1:26 pm

  • Global pharma major Lupin Limited (Lupin) has announced that it has received tentative approval from the United States Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA), Drospirenone Tablets, 4 mg, to market a generic equivalent of Slynd Tablets, 4 mg, of Exeltis USA Inc.
  • Drospirenone Tablets (RLD Slynd) had estimated annual sales of USD 141 million in the U.S. (IQVIA MAT September 2022).Read more

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Bloomberg Report: Pegatron Corp starts production of iPhone 14 in India

Published on: 12:48 pm

  • Pegatron Corp., a Taiwanese contract manufacturer for Apple Inc., has begun producing the most recent iPhone 14 model in India.
  • Pegatron is now the second Apple supplier to manufacture the iPhone 14 in the nation, according to Bloomberg News.
  • As China adheres to its tough zero covid policy, Foxconn's plant in Zhengzhou, the largest iPhone manufacturing facility in the world, was recently placed under lockdown.
  • The reports added that although the India expansion was consistent with already established diversification goals, the circumstance brought to light Apple's significant reliance on China. Read more

JMC Projects India allots NCDs for Rs100 crore; Stock rallies over 3.5%

Published on: 12:34 pm

  • The Management Committee of the Board of Directors of JMC Projects (India) Limited at its meeting held on November 04, 2022 has allotted 1000 Repo Rate, Unsecured, Rated, Listed, Redeemable Non-Convertible Debentures.
  • As per the filing, the allotted NCDs is having face value of Rs10,00,000/- (Rupees Ten Lakh Only) each, for an aggregate nominal value of Rs100,00,00,000/- (Rupees One Hundred Crore Only) divided in Series A Debentures (500 Nos.) and Series B Debentures (500 Nos.) issued on private placement basis.
  • The said NCDs will be listed on Wholesale Debt Market Segment of BSE Limited, the company mentioned in the  regulatory filing on Friday. Read more

Nykaa receives shareholders' approval for bonus issue and ESOP; Stock down 1%

Published on: 12:03 pm

  • The Board of the lifestyle retailer FSN E-Commerce Ventures Limited (Nykaa), on October 3, 2022, approved Bonus Issue of Equity Shares in the proportion of 5 (Five) fully paid-up Equity Shares of Rs1/- each for every 1 (One) fully paid-up Equity Share of Rs1/- each held by the shareholders of the Company, subject to shareholders’ approval.
  • Pursuant to this, the company held a postal ballot for the issue of Bonus Shares out of its securities premium reserves from October 4, 2022 to November 2, 2022.
  • In a regulatory filing, it is informed that the Company received an overwhelming response from its shareholders and witnessed 100% of the voting in favour of the Bonus Resolution. Read more

Kalpataru Power Transmission receives new orders of Rs1,290 crore; Stock surges 1%

Published on: 11:57 am

  • Kalpataru Power Transmission Limited (KPTL) & its international subsidiaries has secured new orders/notification of awards of Rs1,290 crores.
  • As per the filing, the details are as follows:
  • Orders in overseas market in the T&D business
  • Order for Oil & Gas Pipeline Works in India
  • Order for Railway works in Indi Read more

Q2FY23 Preview: Powergrid Corporation of India: Revenue seen at Rs104,892 million, PAT at Rs37,502 m

Published on: 11:04 am

  • Result date: 5th November, 2022
  • Recommendation: Buy
  • Target price: Rs250
  • (Source: IIFL Research)
  • Powergrid Corporation of India (Powergrid) could post revenue growth of ~6% over the year-ago quarter.
  • Brokerages expect the company’s capitalization at Rs22 billion (down 70.9% year-on-year on a high base), while capex is pegged at Rs18 billion (up 30.4% over the year-ago quarter) in Q2FY23. Powergrid capitalized assets worth Rs207 billion in FY22 and brokerages expect it to capitalize assets worth Rs120 billion in FY23. Read more

Orissa Bengal Carrier enters into contracts with RIL and Hindalco Industries

Published on: 10:23 am

  • Orissa Bengal Carrier Limited informed to the exchanges regarding entering into contracts with Reliance Industries and Aditya Aluminium - Hindalco Industries.
  • As per the filing, the company has signed contracts for the tenders of transportation of materials with Reliance Industries Limited for a period of 1 month and with Aditya Aluminium - Hindalco Industries Limited for a period of 1 year respectively, the company said.
  • At around 10:29 AM, Orissa Bengal was trading at Rs101 per share lower by 0.83% on the BSE. Meanwhile, Reliance Industries Ltd is currently trading at Rs2,569.30 per share up by Rs13.35 or 0.52% and Hindalco Industries Ltd is currently trading at Rs418 per share up by Rs7.35 or 1.79% on the BSE. Read more

Price band of Five Star Business Finance IPO is Rs 450-474 per share

Published on: 10:10 am

  • Price band of the IPO of Five Star Business Finance has been fixed at Rs 450-474 per share. Minimum lot size has been fixed at 31 shares. The IPO will open on November 9th. It will close on November 11th. Sale to anchor investors, as part of  the IPO, will be made on November 7th. The IPO intends to raise Rs 1960 crore. This amount has been reduced. Earlier, the IPO intended to raise Rs 2752 crore.
  • The IPO is completely an offer-for-sale. No new shares will be issued as part of the IPO. Promoters and some of the existing investors will sell their shares in the IPO. Among investors that will sell their shares in the company in the IPO are Matrix Partners, Norwest Venture Partners etc. Read more 

Q2FY23 Preview: State Bank of India: NII seen at Rs321.0 billion, PAT at Rs104.6 billion

Published on: 10:04 am

  • Result date: 4th November, 2022
  • Recommendation: Buy
  • Target price: Rs700
  • State Bank of India (SBI) could post loan growth of 3.5% sequentially and 19% over the year-ago quarter for the September 2022 quarter. The bank’s Net Interest Income or NII could grow ~3% both sequentially as well as over the year-ago quarter. This, coupled with healthy momentum in non-interest income could drive a 24% sequential increase in total income (up 6% sequentially).
  • SBI’s Net Interest Margin could improve from ~3% levels in Q1FY23. Read More

Fusion Micro Finance IPO subscribed 29% on Day 2 of the issue

Published on: 9:53 am

  • On Thursday's second day of subscriptions, 29% of Fusion Micro Finance's initial public offering was taken up. NSE data shows that 61,45,560 out of the 2,13,75,525 shares that were offered in the IPO got bids.
  • 61% of the non-institutional investor category's subscriptions were received, while 31% of the retail individual investor (RII) category's subscriptions were received. A fresh issue of up to Rs600 crore and an offer to sell up to 1,36,95,466 equity shares are both included in the IPO. Read More

Likhitha Infrastructure bags order worth Rs305 crore; Stock rises

Published on: 9:37 am

  • Likhitha Infrastructure Limited has informed to the exchanges regarding receipt of order worth Rs305 crore from Numaligarh Refinery Limited.
  • As per the filing, the company received work order for Laying of Cross- Country Pipeline along with associated facilities. The order is of Rs305 crore (excluding GST) from Numaligarh Refinery Limited, a public sector undertaking.
  • Further, the project is domestic in nature and time period by which the order is to be executed is within 20 months from the date of LoI, the company said. Read more

Indian Energy Exchange achieves 7972 MU volume in October 2022; Stock down 1%

Published on: 9:21 am

  • The Indian Energy Exchange, India’s premier energy exchange has achieved 7972 MU volume in October 2022, including Green Power trade of 403 MU, and 3.58 lac RECs (equivalent to 358 MU).
  • The total volume on the Exchange in October 2022 was lower by 13% on yoy basis due to high volume base of last year, and lower by 2% on MoM basis due to reduced REC trading.
  • In a regulatory filing, the company said, "Improved supply of domestic coal led to easing of supply side constraints, resulting in decline of prices on IEX. The average clearing price in the Day-ahead market was Rs. 3.83 in October, which was lower by 32% on MoM basis and 52% on YoY basis." Read more

Reliance Retail may buy 49% stake in Naturals Salon & Spa

Published on: 9:21 am

  • Reliance Retail may have plans to enter the salon industry and is in talks to purchase roughly 49% of Naturals Salon & Spa in Chennai. This will put it squarely in competition with Hindustan Unilever's Lakme and regional brands like Enrich and Geetanjali.
  • According to news reports, it is close to forming a joint venture by buying a 49% part of Groom India Salons & Spa, the organization that owns Naturals Salon & Spa.
  • There are around 6.5 million salons and beauty salons in India's Rs20,000 crore salon market. It was one of the most severely affected areas of the Covid-19 outbreak when the CEO of Grooms India Salon & Spa posted on social media asking the government for financial assistance to keep the two-decade-old company viable. Read more

IndiaMART invests Rs15 crore to acquire 7.96% stake in Mobisy Technologies

Published on: 9:18 am

  • IndiaMART InterMESH, the largest B2B marketplace of India informed to the exchanges that it has made an investment of approximately Rs15.1 crore to acquire 7.96% stake in Mobisy Technologies Private Limited ('Bizom') via a secondary share purchase of existing investor securities. This investment will result in IndiaMART increasing its stake to 25.08%.
  • As per the filing, Bizom is a SaaS based end to end retail intelligence platform for brands and B2B retailers. It allows businesses to digitize the end-to-end sales and distribution platform from Sales Force Automation (SFA), Distributor Management System (DMS), and retail execution and management. It uses a proprietary analytics engine with AI and ML to deliver custom reports, alerts and actionable insights to brands.
  • The technology also uses features like image recognition, and offers an auto replenishment system, business intelligence, smart merchandising, trade financing, trade promotion management, and more. Read More

Global Crude Oil news: Worries of a recession in the US puts pressure on oil prices

Published on: 9:18 am

  • Early Friday trading saw a decline in oil prices, adding to losses from the previous day due to concerns that U.S. interest rates will rise more than initially anticipated and new worries that COVID outbreaks could reduce China's need for gasoline.
  • After sliding 1.5% the previous session, the price of Brent crude futures decreased by 22 cents, or 0.2%, to $94.45 a barrel. The contract was projected to lose more than 1% of its value for the week.
  • West Texas Intermediate (WTI) crude futures for the United States decreased by 27 cents, or 0.3%, to $87.90 a barrel, compounding a 2% drop from the previous session but still on track to finish the week flat. Read more

Jindal Stainless revenue rises 13% yoy to Rs5,442 crore in Q2FY23

Published on: 9:17 am

  • The Board of Directors of Jindal Stainless Limited (JSL) has announced the unaudited financial results for the quarter ended September 30, 2022. JSL’s standalone revenue, EBITDA, and PAT stood at Rs5,442 crore, Rs411 crore, and Rs189 crore respectively during Q2FY23.
  • The Company recorded a sales volume of 270,360 metric tonnes (MT). JSL’s net external debt reduced to Rs1,779 crore as on September 30, 2022, and its net debt-to-equity ratio improved to ~0.5, which is among the best in the metal sector. On a consolidated basis, JSL’s revenue stood at Rs5,605 crore, EBITDA at Rs358 crore, and PAT at Rs152 crore during Q2FY23.
  • "Globally, demand for stainless steel decelerated throughout Q2FY23. This can be attributed to subdued demand in real estate and construction sectors, high energy costs, and aggressive rate hikes by FED, among other reasons", the company said. Read more

Amara Raja Batteries reports 19% yoy increase in revenues during Q2FY23; Sock jumps 4%

Published on: 9:16 am

  • Amara Raja Batteries Limited, India’s leading Industrial and Automotive Battery major has reported profit before tax of Rs276.52 crore for Q2 of FY23 which is a growth of 56% over Q1.
  • The company reported revenue from operations of Rs2,699.46 crore in Q2FY23 as against Rs2,264.19 crore of corresponding year, registering a growth of 19% yoy. Further, the company has announced an interim dividend of Rs2.90 per equity share of face value of Rs1 each. The Earnings per Share (EPS) for Q2 of FY 23 was at Rs11.84.
  • The company witnessed robust demand in the automotive sector from the aftermarket as well as OEM segments. Exports showed very healthy growth in Middle East and South East Asian markets. Industrial battery volumes continued their upswing, especially in the telecom segment driven by 5G rollout preparations in India. Read more

Welspun One and Karnataka Govt sign MoU for Rs 2,000 crore investment

Published on: 9:11 am

  • A Memorandum of Understanding (MoU) has been signed between the government of Karnataka and Welspun One Logistics Parks (WOLP), an integrated fund, development, and asset management firm, to increase WOLP's footprint in the South Indian warehousing market.
  • With the aid of this partnership, the corporation wants to invest a total of Rs2,000 crore in Karnataka. Over a five-year period, 6.28 million square feet will be devoted to the construction of the warehouses and logistics parks, which will result in the creation of more than 6,000 jobs.
  • Welspun One stated in a release that it aims to efficiently utilize both public and private land parcels in Karnataka for the development of Grade A storage facilities and logistics parks. Read more

High export duty brings India's iron ore export to almost zero in October

Published on: 9:10 am

  • India's iron ore exports decreased to "almost zero" in October, and because of higher export taxes and weaker demand from China, foreign shipments of the steelmaking raw material are predicted to remain stagnant, according to a senior industry official on Thursday.
  • In an effort to keep up with the growing domestic demand, India increased the export tax on low-grade iron ore lumps and fines in May from zero to 50% and increased the duty on pellets from zero to 45%.
  • Exports were practically non-existent in October, and they will continue to be so as long as the duty is in place, according to R.K. Sharma, secretary-general of the Federation of Indian Mineral Industries (FIMI), in an interview with Reuters. Read more

Megha Engineering & Infrastructures Limited to build Mongolia’s first oil refinery

Published on: 9:08 am

  • Megha Engineering & Infrastructures Limited (MEIL) announced today that it will construct Mongolia's first oil refinery.
  • According to the business, MEIL will spend $790 million to construct EPC-2 (Open Art Units, Utilities & Offsites, Plant Buildings) and EPC-3 (Captive Power Plants).
  • The nations of China and Russia border Mongolia. The nation is building the Mongol Refinery, its first greenfield oil refinery, to reduce its reliance on oil imports from Russia.
  • The refinery's operations include a pipeline and a power plant. Once finished, this refinery will have the capacity to process 1.5 million tonnes of crude oil yearly, or 30,000 barrels. Read more

Dairy industry may witness 12-14% surge in revenue in FY23, says report

Published on: 8:40 am

  • According to a report by ICRA, the dairy industry is anticipated to experience 12–14% revenue growth this fiscal year thanks to the robust recovery of the hotels, restaurants, and catering (HoReCa) sector and the rise in retail prices.
  • According to a report released by Icra on Thursday, Indian dairy companies are expected to have revenue growth of 12–14% in FY23 on a year-over-year basis, supported by a significant recovery in demand, particularly in the HoReCa segment and an increase in retail prices.
  • However, it noted, the operating profit margins are anticipated to narrow by 120-160 bps year over year as the retail price increases are anticipated to only partially offset the pressures from rising input costs. Read more

Indian equity markets may start the day in green

Published on: 8:39 am

  • Indian equity markets are likely to start  the day in green today. Markets showed strong resilience yesterday, in spite of yet another interest rate shock by US Federal Reserve. This happened because foreign investors remained net buyers yesterday too. This is a favorable sign for Indian equity markets. Oil prices came down yesterday because of sharp increase in probability of US economy and global economy entering into a recession. Bank of England has said that the economy of UK has already entered into a recession. The bank also added that it does not expect the UK economy to grow for another two years.
  • US markets ended the day in red yesterday, as probability of the country entering a recession, due to Federal Reserve’s hawkish stand on inflation, increased sharply. Dow Jones ended the day, down by 0.46%. S&P 500 ended, down by 1.06%. Nasdaq ended, down by 1.73%. NYSE ended, down by 0.29%. Read more

Ganesh Industrial Complex starts two more industrial parks

Published on: 8:37 am

  • Ganesh Industrial Complex, situated in Kolkata, has added two more industrial parks totalling 500 acres at a cost of Rs100 crore.
  • Due to the exponential growth in the number of e-commerce companies that need to hold more merchandise close to customers, the demand for warehouses in India's Tier-1 and Tier-2 cities has surged. The industrial and warehouse real estate markets in India are expected to keep growing and expanding.
  • Ganesh Industrial Complex, which offers warehousing solutions to a number of companies in and around West Bengal, is the driving force behind this boom in Eastern India. In four present parks in Ranihati, Rauta, and Panchla, close to Kolkata, they have cutting-edge warehouse facilities with cutting-edge amenities, totalling 17,424,000 square feet. Read more

FMCG Sales remain flat for October, says Bizom report

Published on: 8:34 am

  • In September, grocery sales decreased 10% month over month, according to the most recent report from retail analytics platform Bizom.
  • In the month prior to Diwali, businesses actively restocked shelves, which resulted in a 6% gain in the first three weeks of October, but sales fell precipitously by 15% in the final week after the holiday season.
  • Following the Russia-Ukraine war, corporations hiked product prices by 15-20% or decreased pack sizes over the previous year, which caused consumer inflation to reach an all-time high in April. Read more

Samsung India's profit fell by 4.9%; LG India's by 23% in FY22

Published on: 8:32 am

  • Apple, Samsung, and LG, three of the biggest consumer electronics companies in the world, have reported pressure on the profit of the India business in the financial year 2021-22 (FY22).
  • Industry executives told reporters that this is due to all-time high component and commodity costs while ensuring competitive pricing to continue their pace of revenue growth in the country.
  • According to the most recent regulatory filings made to the Registrar of Companies (RoC), Samsung Electronics' and LG Electronics' respective net profits in India fell by 4.9% and 23%, respectively, to Rs3,844 crore and Rs1,174 crore, respectively, in 2021–22. Read more

Coal Ministry launches biggest ever coal mine auction of 141 mines

Published on: 8:31 am

  • Union Finance Minister Nirmala Sitharaman said that a fast growing economy like India needs greater investment in coal production and gasification projects. Globally, energy prices especially that of gas is going up. Launching the 6th round of coal mine auction of the Ministry of Coal here today, the Finance Minister highlighted that India is at present the best investment destination in the world.
  • The Minister pointed out that due to policy consistency and transparent process of the present Government, coal imports for power sector has come down by 41%. The finance minister said that twelve states are to benefit directly from today’s auctioning of 141 coal mines.
  • Complementing the Coal Ministry for the recent initiatives to unlock the coal sector, FM Sitharaman said that mining sector reforms are providing the right fillip to our fast growing economy. Finance Ministry will be extending all help for coal gasification and incentives in commercial mining, she further added. Read more

Adani New Industries installs largest wind turbine generator inn Mundra

Published on: 8:30 am

  • Adani New Industries Ltd. has constructed a wind turbine in Mundra in Gujarat as part of its growth plans for renewable energy that is taller than the Statue of Unity and has blades that are broader than the wingspan of a jumbo jet.
  • According to a corporate statement, "Adani New Industries Limited (ANIL) on Thursday announced the installation of the largest wind turbine generator (WTG) in the nation in Mundra, Gujarat."
  • Mundra Windtech Ltd (MWL), an Adani Enterprises Ltd. wholly-owned company, installed the turbine (AEL). Read more

Top 10 stocks for today – 4th November 2022

Published on: 8:22 am

  • The Nifty futures contract on the Singapore Exchange fell 7.5 points, or 0.04%, to 18,107, indicating that the stock markets may open flat on Friday. The following ten stocks may show price movement in today's market. To check more hot stocks, click at
  • HDFC:
  • The soon-to-be-merged mortgage giant recorded an 18% increase in net income to Rs 4,454 crore in the third quarter, primarily due to greater retail loan sales.
  • Wipro:
  • Amit Choudhary, a former top executive of Capgemini, has joined the IT company as its COO and a member of the executive board. Read more

Lenders of Reliance Capital will meet on Friday to discuss Challenge Mechanism clause

Published on: 8:07 am

  • Lenders of the heavily indebted Reliance Capital Ltd. (RCL) will convene on Friday to discuss the newly established "Challenge Mechanism" clause in the resolution process.
  • Lenders have the freedom to object to any settlement plan whenever they wish thanks to the "Challenge Mechanism."
  • Some bidders have voiced concerns to the administrator about the addition of this new condition at such a late stage of the bidding process. They added that the Request for Resolution Plan (RFRP) document made no reference to this method. Read More

Head of Meta India resigns

Published on: 7:57 am

  • The vice president and managing director (MD) of the India division for Meta Platform, Ajit Mohan, resigned from his position to seek a different opportunity outside of the organization.
  • From his former position as the CEO of Star India's video-streaming service Hotstar, he assumed the role of MD of Meta India in January 2019.
  • "Ajit has made the decision to leave his position at Meta in order to seek a different opportunity outside of the organization. Read more

Amit Choudhary is new chief operational officer of Wipro.

Published on: 7:53 am

  • Amit Choudhary was appointed Chief Operating Officer (COO) and a member of the Wipro Executive Board by the technology services and consulting firm Wipro Limited on Thursday.
  • Choudhary will oversee the activities of the CIO, CISO, and enterprise risk management, as well as global business operations and delivery excellence. He came from Capgemini, where he served as an Executive Committee member and Chief Operating Officer for the Financial Services Business Unit. Read more

Cochin Shipyard gets Rs 1000 crore order from European client

Published on: 7:47 am

  • A European client has placed a roughly Rs 1,000 crore order with Cochin Shipyard to build boats.
  • The project will take 35 months to complete.
  • According to the filing, "CSL has received a global order for the construction of two Commissioning Service Operation Vessels (CSOV) from a European Client, with an option to build four more such vessels, which the Owner may exercise within a year." Read more

Byju's planning IPO of tutoring business, Aakash Educational Services

Published on: 7:37 am

  • Byju's, the largest online education provider in India, is completing plans for a $1 billion initial public offering of its tutoring division, Aakash Educational Services.
  • At least four foreign banks, including JPMorgan Chase & Co., Citigroup Inc., Goldman Sachs Group Inc., and Morgan Stanley, as well as Indian banks Kotak Mahindra Bank Ltd. and Axis Bank Ltd., are in discussions with the company. One of the people, who asked not to be identified because they were discussing private conversations, stated that they were looking for arrangers for the listing. According to the source, the asset might be worth between $3.5 billion and $4 billion. Read More

On Day 1 of Global Health IPO, applications received for 26% of subscription amount

Published on: 7:27 am

  • On the first day of the offer on Thursday, 26% of Global Health's initial public offering (IPO), which runs hospitals under the Medanta name, was subscribed.
  • According to information available with the NSE, the company's IPO attracted bids for 1,19,502,688 shares versus the 4,67,42,397 shares on offer. Retail Individual Investors (RIIs) made up 12% of the total subscriptions, followed by Non-Institutional Investors (18%) and Qualified Institutional Buyers (QIBs) (54%).
  • A fresh issue of up to Rs 500 crore and an offer to sell up to 5,07,61,000 equity shares are both included in the IPO. It trades for between Rs 319 and Rs 336 per share. On Wednesday, Global Health said that it had raised Rs 662 crore from key investors. The company is anticipated to receive Rs 2,206 crore at the top of the pricing range through the IPO. Read More

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