Latest News and Updates

07th Nov, 2022

PDS board approves interim dividend of Rs2.50 per share

Published on: 3:10 pm

  • PDS Limited has informed that the Board of Directors of the Company on Monday has approved an Interim Dividend of Rd2.50 per share.
  • The Company adopted a dividend distribution policy in FY2021. As per this policy, the endeavor of the Company would be to declare a Dividend of at least 25% of the profit after tax in a given year to the shareholders. The record date for determining the entitlement of shareholders for the Interim Dividend has been fixed as November 18, 2022.
  • The Company reported its first half of FY2022-23 financial results on November 02, 2022. The consolidated Revenue from Operations of the Company increased by 38% to Rs5,262 crore and EBITDA increased by 62% to Rs192 crore. Read more

Rajesh Exports incorporates 100% subsidiary ACC Energy Storage; Stock climbs 2%

Published on: 2:42 pm

  • Rajesh Exports Ltd. has announced that it is foraying into Advanced Technology Solutions with a focus on Energy Storage Solutions.
  • REL has been selected by the Government Of India as one among the three successful participants in the Rs18,100 crore PLI Scheme for production of Advanced Chemistry Cells. The other two selected Companies being Reliance Industries and Ola Electric.
  • As per the requirement of the PLI Scheme REL has incorporated a 100% Subsidiary in the name of ACC Energy Storage Pvt Ltd. The venture of manufacture of Advanced Chemistry Cells would be under the newly formed 100% Subsidiary.
  • "REL would also be initiating further steps to emerge as a leading global player in the Energy Storage Sector and to meet the requirements under the PLI Scheme", the company said on Monday. Read more

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Markets under selling pressure with Nifty around 18,100-levels

Published on: 2:00 pm

  • Domestic benchmark indices trading mixed after a gap-up opening on Monday. Both the Sensex and Nifty benchmarks are marginally lower in the afternoon market session.
  • On the sectoral front, Pharma index underperformed by tumbling over 1.4% followed by IT, FMCG, media stocks plunging marginally.
  • At around 2:00 PM, Sensex was trading at 60,849.47 lower by 100.89 points or 0.17%. Nifty 50 traded at 18,105.70 lower 11.45 points or 0.06% Read more

Rupee rises 23 paise to 82.12/ $

Published on: 1:20 pm

  • Early on Monday, the rupee strengthened versus the US dollar by 23 paise to 82.12 amid rising local stocks and falling oil prices. The native currency rose 23 paise from its previous close to touching 82.12 at the interbank foreign exchange, from where it had begun at 82.14 against the dollar.
  • The rupee strengthened by 53 paise on Friday to end the day at 82.35 against the US dollar.
  • The dollar index, which measures the dollar's strength against a basket of six different currencies, increased by 0.19 % to 111.08. Read More

Cineline India opens 5-Screen multiplex, MovieMAX in Mumbai; Stock jumps 3%

Published on: 12:47 pm

  • Cineline India Limited stocks in the fast lane after announcement of opening of 5-Screen multiplex at Sarvodaya Mall Kalyan, Mumbai.
  • In a regulatory filing, the company informed the opening of 5 screen multiplex at "Sarvodaya Mall", situated at Patri Pul, Kalyan Shil Road, Kalyan, Mumbai 421301 with a capacity of 1,220 seats.
  • The cinema is equipped with recliner seats for enhanced comfort and 2K projectors that deliver high resolution, sharp and bright images. In addition, the Audi's are equipped with Dolby Atmos sound and 3D technology. Read more

Rail Vikas Nigam wins order worth Rs137.55 crore; Stock hits 52-week high

Published on: 12:18 pm

  • Rail Vikas Nigam Limited (RVNL) stock hits 52-week high on Monday as the company has been awarded contract for increasing speed potential to 160 KMPH in Pradhankhanta - Bandhua Section of Dhanbad Division under East Central Railway.
  • According to the filing, the order is for Design, Supply, Erection, Testing and Commissioning for OHE Modification Work in the existing 25 kV OHE for increasing speed potential to 160 KMPH in Pradhankhanta - Bandhua Section of Dhanbad Division under East Central Railway, Total 202 RKM/ 425 TKM.
  • The order value is Rs1,37,55,63,085.90/-, the company informed. Read more

Market forecast - What to expect this week?

Published on: 11:27 am

  • Markets are likely to see a week where there will be no clear trend. Swings can be seen because of short term value buying and profit booking. Intra-day trade sentiments are more likely to drive the markets this week than long term investment perspective. What is working for Indian equity markets is the continued buying by foreign portfolio investors. Results of US midterm elections will start coming on November 9th. This may have some impact on Indian equity markets too.
  • On the global front, technology stocks continue to see some battering in US equity markets. Oil companies, on the other hand, are posting record-breaking profits. ExxonMobil posted its highest ever net profit of $ 19.7 billion in the September quarter. Stocks of oil and gas production companies and refining companies may also see gains in Indian equity markets. Bank of England has raised interest rate to 3%. This is the highest level of interest rate in the country since 1989. Things got worsened on the inflation front, in Euro zone. Inflation in October in Euro zone touched 10.7%. Read more

L&T-led realty arm signs agreement with CapitaLand India Trust to develop prime office spaces in Ind

Published on: 11:11 am

  • L&T Realty, the Real Estate Development arm of Larsen & Toubro and Singapore-listed CapitaLand India Trust Management Pte. Ltd., trustee-manager of CapitaLand India Trust (CLINT), have entered into a non-binding term sheet for a commercial platform to develop close to 6 million square feet (0.56 million square metres) of prime office spaces across Bengaluru, Chennai and Mumbai in India.
  • Under this platform, L&T will build and develop office spaces - while CLINT will market the office spaces. Depending on the completion of these developments, CLINT expects majority of the capital commitment for the projects to start from 2H 2024 onwards. CLINT will acquire the ownership of these properties in a phased manner, the company said.
  • On this occasion, Shrikant Joshi, CEO & MD, L&T Realty said: “Indian Office leasing market continues to grow with demand for quality office space from international and domestic clients. The net absorption space for January-September 2022 period stood at a three-year high of 30.3 million square feet (2.8 million square metres). We are delighted to have forged partnership with CLINT for premium office space in the three top metropolises of India.” Read more

IOL Chemicals and Pharma gets EDQM certification to supply Pantoprazole Sodium Sesquihydrate in Euro

Published on: 10:52 am

  • IOL Chemicals and Pharmaceuticals Limited (IOL), a leading manufacturer of pharmaceutical (APIs) and specialty chemicals has announced receiving EDQM certification to supply Pantoprazole Sodium Sesquihydrate API across European market. Pantoprazole Sodium Sesquihydrate are proton pump inhibitors used in drugs to suppress the gastric acid secretion.
  • As per the filing, the company started production of Pantoprazole Sodium Sesquihydrate in Q3 FY 2020 at its Punjab based facility. With this CEP certification, the Company will now be able to export it to entire Europe.
  • Further, IOL currently, has a total capacity of producing 240 TPA of Pantoprazole Sodium Sesquihydrate, the company mentioned in a filing. Read more

Q2FY23 Preview: Bharat Petroleum Corporation: Loss After Tax seen at Rs47,612 million

Published on: 10:43 am

  • Result date: 7th November, 2022
  • Recommendation: Buy
  • Target price: Rs424
  • Bharat Petroleum Corporation (BPCL) could witness losses in marketing division as well as inventory losses (steep fall in crude oil prices). As a result, it is likely to post Loss After Tax for the September 2022 quarter. Poor GRMs (after accounting for export tax adjustments), and negative diesel retail margins could be other pain points. Read more

Q2FY23 Preview: Divi's Laboratories: Revenue seen at Rs21,634 million, PAT at Rs5,957 million

Published on: 10:29 am

  • Result date: 7th November, 2022
  • Recommendation: Reduce
  • Target price: Rs3,350
  • (Source: IIFL Research)
  • Divi's Laboratories’ results for the September 2022 quarter could be affected by a high base and continued margin pressure. The company’s generics business could grow over the year-ago quarter and witness continued traction. Enhanced supply opportunity led by Chinese supply chain replacement, COVID (continued Molnupiravir) and expanded capacity are likely to be key drivers of revenue. Read more

SBI's stock price jumps 5%

Published on: 10:07 am

  • As a result of the bank's net profit rising 73.93% year-over-year (YoY) to Rs13,265 crore in the July-September quarter (Q2FY23), supported by an improvement in interest margins and a decrease in provisions for bad loans, shares of State Bank of India (SBI) reached an all-time high of Rs621.60 on the BSE on Monday. The largest lender in the nation reported a net profit of Rs7,627 billion in Q2FY22.
  • State Bank of India (SBI) shares reached a record high of Rs621.60 on Monday during intraday trading on the BSE after the bank's net profit surged 73.93% year-over-year (YoY) to Rs13,265 crore in the July-September quarter (Q2FY23), supported by an improvement in interest margins and a decrease in provisions for bad loans. The largest lender in the nation reported a net profit for Q2FY22 of Rs7,627 crore. Read more

Zydus receives EIR with VAI from USFDA for its Moraiya formulations manufacturing facility

Published on: 10:05 am

  • Zydus Lifesciences Ltd has announced the receipt of an Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA) for its formulations manufacturing facility in Moraiya, near Ahmedabad, India.
  • As per the filing, the USFDA has determined that the inspection classification of the facility is Voluntary Action Indicated (VAI).
  • The USFDA had inspected the facility from July 26 to August 05, 2022 which concluded with four observations. The USFDA has indicated that the inspection is closed. Read more

Q2FY23 Preview: Coal India: Revenue seen at Rs301,319 million, PAT at Rs41,229 million

Published on: 9:45 am

  • Result date: 7th November, 2022
  • Recommendation: Buy
  • Target price: Rs290
  • (Source: IIFL Research)
  • Robust demand and better prices amid global shortage of coal and surge in demand of power could aid revenue growth for Coal India in the September 2022 quarter. The company’s Q2FY23 coal dispatch stood strong at 154MT (up 5% over the year-ago quarter), taking the H1FY23 coal dispatch to 332MT, an increase of 8% over the year-ago quarter. With this, Coal India achieved ~43% of its coal production target of 700MT for the full year. Read More

Markets gain momentum; Sensex climbs 300 pts, Nifty 50 above 18,200

Published on: 9:40 am

  • Indian markets opened in green during Monday's early exchange of deals led by corporate earnings and positive global cues. Banking and FMCG stocks lifted the broader benchmarks, while IT and Auto stocks also contributed substantial gains.
  • In the opening bell, Sensex has touched an intraday high of 61,401.54 and Nifty 50 rose to more than 18,255.50.
  • At around 09:38 AM Sensex was trading at 61,268.08 up 317.72 points or 0.52%. Nifty 50 jumped by 105.30 points or 0.58% and was trading at 18,222.45.
  • The government will be announcing India's CPI and IIP data in the coming week which are likely to guide the market scenario.. Read more

Oriental Aromatics to shut Vadodara plant for annual maintenance; Stock slips ~2%

Published on: 9:18 am

  • Oriental Aromatics Ltd has announced that the Vadodara plant of the Company situated at Plot No. 3, GIDC Ind Estate, Nandesari, Vadodara-391 340, Gujarat, India will remain shut from November 05, 2022 evening.
  • As per the filing, the Vadodara plant has been closed for the purpose of Annual Maintenance. The Plant will resume Operations from November 12, 2022, the company said. Read more

Birlasoft appoints Angan Guha as CEO and Managing Director

Published on: 9:17 am

  • Birlasoft Ltd has announced the appointment of Angan Guha as its Chief Executive Officer and Managing Director, effective December 1, 2022. Angan joins the Birlasoft Board as a full-time Director and will be based in the US.
  • Angan will provide strategic leadership to Birlasoft, driving significant scale and transformation. He will focus on building the organization through innovation to strengthen niche capabilities, enhance customer intimacy, and significantly expand the revenue base and profitability in high growth and strategic focus areas for Birlasoft.
  • Amita Birla, Chairman, Birlasoft said, “I am delighted to welcome Angan as CEO and Managing Director of Birlasoft. With Angan at the helm at this pivotal time, I believe we are well positioned to meet the changing demands of the business. His extensive experience in scale and business transformation, brand building, strong customer engagement, and building high-performing teams aligns well with our growth ambition. Read more

Mahindra Logistics revenue rises 28% yoy to Rs1,326 crore in Q2FY23; Stock soars 2%

Published on: 9:16 am

  • Mahindra Logistics Ltd. (MLL), has announced its unaudited consolidated financial results for the quarter and half year ended September 30, 2022.
  • Q2 FY23 performance compared with Q2 FY22
  • Revenue Rs1,326 crore as compared to Rs1,033 crore
  • EBITDA Rs71 crore as compared to Rs49 crore
  • PBT Rs17 crore as compared to Rs8 crore
  • PAT Rs11 crore as compared to Rs5 crore
  • EPS (Diluted) Rs1.69 as compared to Rs0.71 Read More

Wipro appoints Christopher Smith as Managing Director, Australia and New Zealand

Published on: 9:16 am

  • Wipro Limited has announced the appointment of Christopher Smith as the Managing Director for Australia and New Zealand (A/NZ).
  • Christopher has over two decades of IT and Telecommunications experience in USA, Europe, Asia, and Australia. He joins from Telstra, where he was the Group Owner of Telstra Purple, the largest Australian owned technology Services Company.
  • “Chris has joined us during an exciting phase of transformation in the APMEA growth journey. He will focus on Wipro's ambition to help our clients, people, and communities in A/NZ realize their boldest ambitions in an inclusive and purpose-driven way.
  • I am confident that his global experience, deep local market knowledge, impressive track record in hyper growth, and client relationships will position Wipro strongly,” said Anis Chenchah, member of the Wipro Executive Board and Chief Executive Officer, APMEA (Asia Pacific, Middle East, and Africa), Wipro Limited. Read More

Singapore second largest source of FPI inflows in Indian equity markets, in October

Published on: 8:55 am

  • According to the most recent data from depositories, Singapore has surpassed Mauritius to grab the second-largest share of foreign portfolio investment (FPI) inflows into India.
  • In comparison to Mauritius-based offshore funds, which owned securities worth Rs4.69 lakh crore as of October 31, Singapore-based offshore funds held securities worth Rs4.89 lakh crore.
  • The United States of America, which as of October 1 held stocks valued at Rs20.1 lakh crore, is the greatest source of FPI inflows.
  • India revised its tax agreements with Singapore and Mauritius back in 2016. At the time, Mauritius-based FPIs held assets valued at Rs4.3 lakh crore, about twice as much as Singapore's Rs2.4 lakh crore. Read More

Indian equity markets may begin the day in green

Published on: 8:54 am

  • Indian equity markets may start the day in green today. US markets ended Friday in green. Asian equity markets have opened strongly in the green today. Stocks of Divi's Lab, Bharat Petroleum, Ujjivan Small Finance Bank, Ceat etc may show price movement. These companies will be declaring their September quarter results today.
  • US markets ended the day in green on Friday. Dow Jones ended, up by 1.26%. Nasdaq ended, up by 1.28%. S&P 500 ended, up by 1.36%. NYSE ended, up by 1.71%.
  • Asian markets have opened in green today. Nikkei is up by 1.28%. South Korean KOSPI is up by 0.76%. Taiwan Index is up by 1.02%. ASX is up by 0.33%. Shanghai Index is down by 0.35%. Hang Sang is up by 1.13%.
  • Nifty 50 ended Friday, up by 0.36%.  Top gainers were Adani Enterprises, Hindalco, Bajaj Finserv. Top Losers were Hero Motors, Dr Reddy’s, Cipla. Read more

SEBI resolved 107 cases in FY 22 under settlement mechanism

Published on: 8:52 am

  • Up to 107 applications involving violations of securities legislation were resolved, and in 2021–2022, the capital markets regulator SEBI collected settlement fees totalling Rs59 crore.
  • According to the most recent information provided by SEBI in its annual report, this was significantly less than 216 applications that were resolved by passing suitable settlement orders, and the regulator received Rs68.23 crore in 2020–21.
  • The settlement orders were issued in cases involving alleged violations of various laws, including the Alternative Investment Funds (AIF) Act, mutual fund regulations, insider trading laws, the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP), and the Listing Obligations and Disclosure Requirements (LODR) Act.
  • An alleged offender may use the settlement mechanism to resolve a pending matter with the regulator by paying a settlement fee without admitting or denying guilt. Read more

Sona Comstar to invest Rs 1,000 crore by FY25 in production capacity expansion

Published on: 8:49 am

  • According to Group CFO Rohit Nanda who talked to PTI, auto component manufacturer Sona BLW Precision Forgings Ltd (Sona Comstar) expects to invest up to Rs1,000 crore by FY25 to expand up capacity, mostly for EV market.
  • The company, a significant supplier of systems and parts to the automotive industry's electrified and non-electrified powertrain sector, anticipates that by 2025, sales from the electric vehicle (EV) segment would represent up to 45% of its overall revenue, up from the current 25%.
  • "I will estimate that during the course of FY23 plus two more years, FY24 and FY25, our expected capex expenditure will range from Rs900 crore to Rs1,000 crore. Around 75% to 80% of this goes toward the EV industry "said Nanda to PTI. Read more

October coal dispatch to the power sector down by 5.51%

Published on: 8:46 am

  • Last month, the amount of coal sent to the electricity industry decreased by 5.5% to 56.49 million tonnes. In October 2021, there were 59.79 million tonnes (MT) of coal available for the electricity sector.
  • According to preliminary information from the coal ministry, "the power utility dispatch has decreased by 5.51% to 56.49 MT during October 2022 as compared to 59.79 MT in October 2021."
  • However, the shipment grew 13.07% to 413 MT from 365.25 MT in the corresponding time last year during the April to October period of the current fiscal year. Read more

Maruti Suzuki may expand production capacity of Manesar plant by 1 lakh units

Published on: 8:44 am

  • To meet the increased demand before its Sonipat facility opens its doors in 2025, Maruti Suzuki India (MSI) may raise the manufacturing capacity of its Manesar factory by one lakh units, a senior company official told ET.
  • To meet the growing demand for its products, the largest automaker in the nation may potentially consider increasing the manufacturing facility's production capacity in Gurugram.
  • The combined annual production capacity of MSI's Manesar and Gurugram plants is 15 lakh units. Additionally, it has access to 7.5 lakh units through Gujarat-based Suzuki Motor, the company's parent.
  • The business has already started working at the new site in Haryana's Kharkhoda. By 2025, the factory is anticipated to be operational, with a first-phase installed production capacity of 2.5 lakh units. Read more

Indian Overseas Bank's profit in September quarter up by 33.2%

Published on: 8:42 am

  • Indian Overseas Bank, a public company, reported on Sunday that its second-quarter net profit, which would end on September 30, 2022, increased by 33.2% to Rs501 crore. The bank reported a net profit after tax of Rs376 crore during the same period the previous year.
  • The net profit after tax increased significantly from Rs703 crore last year to Rs893 crore for the half-year ending September 30, 2022.
  • The overall revenue for the three months ended September 30, 2022, increased from the Rs5,028 crore recorded as of June 30, 2022, to Rs5,852.45 crore Deposits increased from Rs2,60,045 crore to Rs2,61,728 crore.
  • According to the bank, the net non-performing assets (NPA) ratio decreased from 2.77% on September 30, 2021, to 2.56% as of September 30, 2022. Gross NPA decreased by Rs43 crore in the reviewed quarter. Read more

Voltas to invest Rs 1,000 crore in expanding production capacity

Published on: 8:40 am

  • According to Voltas' managing director, Pradeep Bakshi, who talked to ET, the company will spend over Rs1,000 crore to increase its manufacturing capacity, including at a new plant close to Chennai, while a second proposed Rs500 crore compressor plant in partnership with China's Highly International is still awaiting government approval.
  • According to Bakshi, the proposed investments are intended to support the pace of growth of the Tata-owned home appliance manufacturer, ensure its position as a leader in commercial refrigeration and air conditioning, and realize its ambition to rank among the top three brands in home appliances like refrigerators and washing machines.
  • According to him, as the Press Note 3 and PLI approvals are still pending, the proposed compressor facility in a joint venture with Highly under the production-linked incentive (PLI) scheme is indefinitely delayed. Read more

Ravi Chachra to raise $90 million for Alternative Investment Fund

Published on: 8:37 am

  • An alternative investment fund (AIF) is being established in India by a Mumbai-based venture debt marketplace, which is also building an office in Singapore. The fund will raise $90 million to fund 100 businesses across 10 countries.
  • Ravi Chachra, the creator of 8vdx, who is based in Mumbai, stated on the side-lines of the Singapore Fintech Festival to ET, "The AIF, a private equity fund in India, would attract money from Indian investors for the Indian companies."
  • The serial entrepreneur and seasoned financial investor with a focus on credit, Chachra, said, "We have money from Indian investors and we are building up an Indian AIF, an equity fund.Read more

Soybean prices rise 12.4% month-on-month

Published on: 8:35 am

  • In the benchmark market of Indore, soybean prices increased by 12.4% month over month and by 2.3% week over week. After five months of gloomy trading, prices have produced a positive breakout.
  • The Ministry of Consumer Affairs, Food & Public Distribution announced the elimination of stock restrictions on edible oils and oilseeds in a notification on November 1st, 2022. The large retail chain and wholesale dealers are immediately excluded from the stock limit directive.
  • Following this announcement, the price of soybeans increased and broke out of the narrow sideways range of Rs5,000–5,300 per quintal that had been present for the previous two weeks. After trading in the negative for five months, the price of soybeans has provided a bullish breakout. Read More

Dr Reddy’s Laboratories to spend Rs 1500 crore in capex in FY 23

Published on: 8:32 am

  • According to CFO Parag Agarwal, Dr Reddy's Laboratories has set aside around Rs1,500 crore in capital expenditures for FY23, the majority of which is planned to be used to expand the company's biosimilar and injectable business capacities.
  • The Hyderabad-based pharmaceutical company also intends to use the funds to expand the capacity of current plants, stabilize R&D pursuits, and make more investments in digital initiatives.
  • The chief financial officer stated in an investor call that the capital for the entire year "is probably going to be around Rs1,500 crore in that range, and a lot of this capex is towards developing capacity for our biosimilar business and for our injectable business." Read more

Global crude oil news

Published on: 8:31 am

  • At the opening of Asia trade on Monday, oil prices tumbled more than 2% after Chinese officials, who are the world's biggest petroleum importer, restated their commitment to a tight COVID containment strategy over the weekend.
  • After hitting a low of $96.50 earlier, Brent oil futures fell $1.58, or 1.6%, to $96.99 a barrel at 2336 GMT. U.S. West Texas Intermediate crude earlier in the session hit a session low of $90.40 per barrel and was trading at $90.84 per barrel as of this writing, down $1.77 or 1.9%.
  • Oil prices are also being affected by a rise in the US currency.
  • Despite positive jobs numbers, four Federal Reserve policymakers said on Friday that they would still take into account a lesser interest rate increase at their subsequent policy meeting. Read more

Centre allocates export quota of 60 LMT to all sugar mills

Published on: 8:28 am

  • As another measure to balance the price stability of sugar in the country and the financial positions of sugar mills in the country, based on initial estimates of sugarcane production, Government of India has allowed export of sugar upto 60 LMT during the sugar season 2022-23.
  • DGFT has already notified to extend the inclusion of sugar exports under ‘Restricted’ category up to October 31, 2023.
  • The Central Government has prioritized availability of about 275 Lakh Metric Tonnes (LMT) sugar for domestic consumption, about 50 LMT sugar for diversion to ethanol production and to have closing balance of about 60 LMT as on September 30, 2023. Balance quantity of sugar produced by sugar mills in the country would be allowed for exports.
  • Since at the beginning of sugar season 2022-23, initial estimates of sugarcane production are available, it has been decided to allow export of 60 LMT sugar. The sugarcane production in the country will be reviewed periodically and based on the latest available estimates, quantity of sugar exports to be allowed could be reconsidered. Read more

LEAP India IPO intends to raise Rs 1000 crore

Published on: 8:12 am

  • Leap India Pvt Ltd, a logistics company, plans to raise close to Rs1,000 crore through an initial public offering (IPO).
  • The public offering will include both a new equity share issue and a selling offer.
  • The company will make capital investments with the net proceeds from the IPO.
  • Between January and March 2023, the company is most likely to submit a draft red herring prospectus. Read more

Top 10 stocks for today – 7th November 2022

Published on: 8:02 am

  • The Singapore Exchange's Nifty futures traded 18 points, or 0.10% higher at 18,237, indicating that the stock markets may open at a slow pace on Wednesday. The following 10 stocks may show price movement in today's market. To check more hot stocks, click at: https://www.indiainfoline.com/markets/hot-stocks
  • State Bank of India:
  • The largest lender in the nation announced its highest-ever quarterly profit after tax for the September quarter of FY23 at Rs13,265 crore, up 74% year over year, helped by strong loan sales, greater interest income, and fewer provisions.
  • Reliance Industries:
  • According to news reports, the company is planning to buy the Cash and Carry division of German retailer METRO AG in India for about 500 million euros (Rs4,060 crore). Read more

Nissan not happy with Renault's intellectual property policy

Published on: 8:00 am

  • Nissan Motor is willing to walk away from a contract with Renault SA to rebalance their alliance, citing worries that the French automaker intends to license hundreds of jointly created intellectual properties to third parties, including new Chinese partner Geely.
  • The board and management of Nissan have recently expressed concern regarding Renault's plans for the intellectual property, even though both parties seemed close to a final deal two weeks ago. Read More

Plutus Wealth Management increases stake in RateGain Technologies

Published on: 7:56 am

  • Plutus Wealth Management purchased 10.5 lakh shares of RateGain Technologies for Rs 281.16 per share on average.
  • In comparison to the previous NSE close of Rs 291.9 per share, this represents a markdown of 4%.
  • At the end of September, Plutus Wealth Management owned 4.39% of the business. Read more

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