Latest News and Updates

09th Nov, 2022

Markets end the day in red

Published on: 4:26 pm

  • Indian equity markets ended the day in red today. Near the end of the day, the markets showed some volatility too. Nifty 50 ended, down by 45.80 points. Sensex ended, down by 151.60 points. Top Gainers today were Adani Ports, Coal India and ITC. Top Losers today were Hindalco, Power Grid and Divi's Lab.
  • Selling pressure was across the board but was higher in mid-cap and small-cap stocks. Banking stocks and FMCG stocks gained today. Selling pressure was seen in pharma stocks, realty stocks, healthcare stocks, and consumer durable stocks. Read more 

IOB, BOM raise MCLR by up to 25bps

Published on: 3:19 pm

  • To reflect the increase in the cost of funds for the state-owned lenders, Indian Overseas Bank (IOB) and Bank of Maharashtra (BoM) increased the Marginal Cost of Funds Based Lending Rate (MCLR) by 5 to 25 basis points across tenors.
  • In a BSE filing, Chennai-based IOB stated that its revised MCLR for a one-year tenor would be 8.05%, up from the prior rate of 7.90%. Starting on November 10, 2022, the new rates will be in effect. It raised rates in six tenors, from 15 days (a fortnight) to three years, commencing with a 10 basis point increase (25 Bps). It maintained the three-month MCLR at 7.85 %. Read More

Get Access to Stock Reports+ And Customised Investment Ideas

Q2FY23 Preview: Apollo Hospitals Enterprise: Revenue seen at Rs41,154 million, PAT at Rs2,326 millio

Published on: 3:06 pm

  • Result date: 10th November, 2022
  • Recommendation: Buy
  • Target price: Rs4,815
  • (Source: IIFL Research)
  • For the September 2022 quarter, Apollo Hospitals Enterprise (Apollo Hospitals) could witness sequential improvement in occupancy. Strong growth in standalone pharmacies and double digit growth in AHLL could drive ~11% year-on-year growth in revenue.
  • Continued losses in the 24x7 segment could hit overall profitability of the company. Excluding these, EBITDA could grow in mid-single digits. Read more

Hindalco's stock price down by more than 4% today

Published on: 3:01 pm

  • After the company's subsidiary, Novelis Inc. released disappointing July-September results, shares of Hindalco Industries had their worst decline since late September. Shares fell by about 5% in intraday trade on Wednesday (Q2). After Novelis Inc. reported a 23% annual decline in net income (net profit) to $183 million for Q2, investors swarmed out of Hindalco's counter.
  • According to reports, the US-based arm has reduced its capital expenditure (CAPEX) projection for FY23 from the previously indicated $1.3-1.6 billion to a range of $900 million-$1 billion. To pace the strategic capital spending, this has been done. According to reports, the corporation plans to keep the current level of indebtedness and has no intention of borrowing money to pay for its capital expenditures.
  • According to a press release from Hindalco, Novelis' net sales climbed by 17% to $4.8 billion for the quarter over the same period last year, principally due to a 2% rise in total flat rolled product shipments, higher product pricing, a favorable mix, and higher average aluminum prices. Read more

Meghmani Organics begins production at multi-product plant at Dahej

Published on: 3:00 pm

  • Meghmani Organics Limited has informed to the exchanges regarding commencement of Multi Product Plant at Dahej, Gujarat.
  • In a regulatory filing, the Company announced that it has commenced backward integrated Multi Product Plant situated at Dahej, Gujarat on November 09, 2022 to manufacture high value insecticides.
  • This initiative is in line with Atmanirbhar Bharat initiative by Govt. of India and is in continuation to our strategic decision to meet growing agrochemical demand in domestic and Global market. The total capacity of this Plant will be 5000 TPA and total turnover of this Plant will be Rs600 crore plus on full year of operation, the company said. Read more

Muthoot Microfin's IPO may come in March quarter of FY23

Published on: 2:44 pm

  • The Muthoot Pappachan Group's microfinance subsidiary, Muthoot Microfin, intends to access the capital markets by the fourth quarter of 2023 with an initial share sale offer of Rs1,500-1,800 crore. Muthoot Microfin, situated in Delhi, is marketed by Muthoot Fincorp, the group's main company and the third-largest provider of gold loans.
  • With 2.2 million customers spread throughout 18 states and 1,008 locations, this MFI is the third largest in the industry. The business had an Rs7500 cr active loan book as of September 2022. Thomas Muthoot, managing director of Muthoot Microfin, spoke to PTI on Wednesday from Kochi and said, "We are targeting an Rs1,500-1,800 crore IPO by the fourth quarter of 2023 and planned to file the IPO papers with the Sebi by May 2023." Our IPO would be the largest from the MFI sector, with a price range of Rs1,500–1,800 crore, according to Muthoot, who also added that Muthoot Microfin would be the first MFI to reach the Rs10,000crore AUM threshold by the time of listing. Read more

Markets trade lower amid volatility; Nifty around 18,200

Published on: 2:00 pm

  • Domestic benchmark indices trading red after a gap-up opening on Thursday amid volatility. Both the Sensex and Nifty benchmarks are marginally lower in the afternoon market session.
  • On the sectoral front, Pharma index underperformed by tumbling over 130 points followed by auto, financial metal stocks plunging marginally. However, Bank Nifty hit 52-week high today at 41,939.75 points.
  • At around 2:00 PM, Sensex was trading at 61,084.48 lower by 100.67 points or 0.16%. Nifty 50 traded at 18,172.60 lower 30.20 points or 0.17% Read more

Alkyl Amines Chemicals to set up plant for manufacturing of new products at Dahej

Published on: 12:38 pm

  • Alkyl Amines Chemicals Ltd has informed to the exchanges regarding setting up plants for manufacturing of new products in specialty chemicals and amine derivatives business, at Kurkumbh, Maharashtra and Dahej, Gujarat:
  • As per the filing, the proposed capacity addition is capacity of 25000 MT-30000 MT per annum for addition manufacture of new products in specialty chemicals and amine derivatives business, at existing facilities at Kurkumbh, Maharashtra and Dahej, Gujarat.
  • Period within which the proposed capacity is to be added is between 3 months to 24 months.
  • Investment required between Rs200 to Rs250 crore and mode of financing is internal accruals. Read more

Natco Pharma launches first generic version of Pomalyst capsules in the Australian Market

Published on: 12:00 pm

  • NATCO Pharma Limited has announced the launch of first generic version of Pomalyst (Pomalidomide) Capsules in 1,2,3,4 mg strengths in the Australian market. The product was launched by NATCO’s commercial partner Juno Pharmaceuticals Pty Ltd.
  • As per the filing, Pomalidomide is prescribed for treatment of Multiple Myeloma and Kaposi Sarcoma. For more information refer to the full prescribing information or other medical resources.
  • Pomalyst registered sales of USD 35.6 million in the Australian market for the year ending 31st March 2022 as per industry sales data. Read more

Quona Capital raises $332 million for its Fund III

Published on: 11:52 am

  • Quona Capital has announced the final closing of its third fund, Fund III, at $332 million, surpassing its initial objective of $250 million.
  • With this, the total committed money for the VC firm with an emphasis on emerging markets since its founding now exceeds $745 million.
  • The business has supported companies including, among others, the e-commerce marketplace Ula, the online investing platform Fisdom, and the buy-now-pay-later platform ZestMoney. Read more

Sundram Fasteners' consolidated profit falls y-o-y by 6%

Published on: 11:50 am

  • Sundram Fasteners (SFL), a leading manufacturer of automotive components, reported a 6% decline in its consolidated net profit for the second quarter of the fiscal year 2022–23, coming in at Rs116.78 crore as opposed to Rs123.91 crore for the same period the previous fiscal year.
  • The business's revenue for the three months that ended on September 30 of this year was Rs1,401.65 crore, up 13% from Rs1,242.26 crore during the same period last year. For the quarter that ended on September 30, 2022, the consolidated profits per share (EPS) were Rs5.49, compared to Rs5.83 during the same time last year. Read more

Ugar Sugar Works commences operations of 645 KLPD distillery; Stock plunges 6%

Published on: 11:45 am

  • The Ugar Sugar Works Ltd has informed to the exchanges regarding start of operations of 645 KLPD Distillery.
  • As per the regulatory filing, the company has started the operations of 645 KLPD distillery (dedicated Ethanol Plant) at Ugar Plant.
  • At around 11:47 AM, Ugar Sugar Works Ltd is currently trading at Rs75.40 per share down by Rs4.85 or 6.04% from its previous closing of Rs80.25 per share on the BSE. Read more

BLS International's stock price up by more than 200% this year

Published on: 11:40 am

  • Following the board's recommendation to issue bonus shares in the ratio of 1:1, or one bonus equity share for every fully paid equity share owned as of the record date, BLS International shares rose 15% to a record high of Rs 388.85 during Wednesday's intraday trade on the BSE. BLS International has announced a second bonus issuance for the current calendar year 2022. (CY22). Before that, on April 13, 2022, the business's board of directors approved the issuance of bonus equity shares in a 1:1 ratio, and on May 9, 2022, the firm's shareholders did the same.
  • BLS International works with numerous diplomatic missions across the world to outsource and administer tasks related to visa, passport, and consular services. Additionally, the business offers attestation and apostille services on behalf of the Ministry of External Affairs in New Delhi (India). Read more

Genesys International appoints Sameer Sankhe as Chief Digital Officer

Published on: 11:37 am

  • Genesys International Corporation, one of the leading homegrown players in the locational intelligence space, has announced the appointment of Sameer Sankhe as Chief Digital Officer (CDO).
  • Sameer has previously led digital transformation consulting at Salesforce India. He helped Salesforce's key clients in their vision-to-value journey. He has over two decades of experience in tech entrepreneurship and digital transformation for companies of various sizes worldwide. 
  • Sameer will be responsible for digitizing the existing business and building new products such as 3D digital twin (enterprise metaverse), an API-driven revenue stream for clients in India and abroad. In addition, he will provide leadership for overall business transformation. Read More  

Keystone IPO to open on November 14th

Published on: 11:35 am

  • Keystone Realtors, a Mumbai-based real estate developer owned by the Rustomjee Group, will launch its Rs 635 crore initial public offering (IPO) on Monday, November 14. The first public offering will be available until November 16 and will include a fresh issuance of Rs560 crore and an offer of sale (OS) of Rs75 crore.
  • Boman Rustom Irani, Percy Sorabji Chowdhry, and Chandresh Dinesh Mehta are the company's promoters who are selling stakes in the OFS.
  • The qualified institutional buyers (QIBs) will receive 50% of the retail quota in the IPO, leaving 15% open to non-institutional bidders. Read more

PI Industries' stock up by 10%

Published on: 11:27 am

  • In Wednesday's intraday trade, shares of PI Industries rose 8% and reached an all-time high of Rs3,554.25 after the business reported a robust 31% YoY revenue growth at Rs17,700 crore for the quarter ending September 2022. (Q2FY23). The CSM (exports) segment's outstanding performance drove higher revenue growth. At Rs334.80 crore, profit after tax increased 46% YoY.
  • At 9:40 a.m., PI Industries traded 7% higher at Rs3,536, outperforming the S&P BSE Sensex's 0.16% gain. On September 1, 2022, the stock of the pesticides and agrochemicals company reached a record high of Rs3,505. PI Industries has outpaced the market during the previous month by rising 17%, as opposed to the benchmark index's 5.4% increase. Read more

Indigo Paints' stock price down by more than 5% today

Published on: 11:09 am

  • In Wednesday's intraday session, shares of Indigo Paints hit a record low of Rs1,343, dropping 10% on the BSE after roughly 4% of the paint company's entire equity changed hands via block sale.
  • According to exchange data, at 09:15 am, around 1.8 million shares, or 3.97 % of Indigo Paints' total equity changed hands on the BSE. Up to 10:11 am, 1.05 million shares, or 2.2% of the company's equity, had changed hands on the NSE. However, the names of the buyers and vendors could only be determined after a period of time.
  • Sequoia Capital India Investments reportedly planned to sell up to 3.3% of its ownership in Indigo Paints on Wednesday through block agreements. The purchase was anticipated to finalize on Monday at a 12% discount. For a total offer of 1.56 million shares, the base price of the sale was reportedly determined at Rs1,314 per share. Read more

Prataap Snacks starts commercial production at new unit in West Bengal; Stock gains 2%

Published on: 10:50 am

  • Prataap Snacks Limited had earlier set up a new unit at Domjur, District - Howrah, West Bengal and started the commercial production of extruded snacks, pellets and other snacks on July 26, 2021. However, a fire accident took place in the said unit on November 03, 2021 and since that day the operations of the unit are closed.
  • Accordingly, the Company has now set up a unit at Jangalpur Police Station, Domjur, District - Howrah, West Bengal adjacent to the earlier aforesaid unit.
  • "The commercial production at our newly set up unit situated Jangalpur Police Station, Domjur, District - Howrah, West Bengal has commenced from November 07, 2022. The unit has been set up for the production of extruded snacks, pellets and other snacks with a capacity of about 6,000 MT per annum", the company said in a filing. Read more

In early trade, gold prices decline, silver's rise

Published on: 10:44 am

  • Gold prices decreased during Wednesday's early session, with 10 grams of 22-carat gold trading at Rs46,790, down Rs10 from yesterday's closing price. Early on Wednesday, silver prices increased by Rs850, bringing the price of 1 kilogram to Rs61,700. The price of ten grams of 24-karat gold has decreased by Rs 10 from yesterday's closing price of Rs51,040.  Ten grams of 22-carat gold cost Rs46,940 in Delhi, Rs46,840 in Bengaluru, and Rs47,570 in Chennai, respectively.
  • Ten grams of 22-carat gold are selling for Rs46,790 in Mumbai, the same price as in Hyderabad and Kolkata. Ten grams of 24-carat gold are priced at Rs51,190, Rs51,090, and Rs51,890 in Delhi, Bengaluru, and Chennai, respectively. Read more

Wipro appoints Simmi Dhamija as Chief Operating Officer, APMEA

Published on: 10:18 am

  • Wipro Limited has announced the appointment of Simmi Dhamija as the Chief Operating Officer of the Asia Pacific, Middle East and Africa (APMEA) strategic market unit.
  • Dhamija will lead delivery and operations of the strategic market unit across its different regions and effectively support its profitable growth ambitions. She is a seasoned leader with over two decades of experience in the technology industry.
  • She joins Wipro from Tech Mahindra, where she was the Chief Transformation Officer leading strategic initiatives across digital transformation, M&A synergy, profit improvement, delivery modernization, key customer engagements, and managing 360-degree relationships with partners and ecosystem stakeholders. Prior to that, she has held various global leadership roles in strategy, delivery, operations, and talent development. Read more

NSE analyst call: Strong business momentum; IPO timelines unclear

Published on: 10:14 am

  • On the IPO, company did not share any timelines, though said they are working with the regulator to get approvals. business fundamentals remain strong — in H1FY23 NSE’s consolidated Profit After Tax grew 53% year-on-year to Rs34.6 billion; this is after it delivered 65% PAT CAGR over FY20-22. Growth in H2FY23 would moderate due to high base; as such for FY23 and FY24. Analysts at IIFL Securities estimate PAT of Rs67 billion and Rs72 billion respectively.
  • Ashish Chauhan takes over as CEO and MD
  • Ashish Chauhan has been appointed as the MD and CEO of NSE in August 2022 (SEBI approval came in July 2022, while shareholders’ approval came in August 2022). In the maiden analyst call, Mr. Chauhan shared his vision for the company saying focus to be on: Read more

Vascon Engineers revenue rises 46% yoy to Rs235 crore; Stock jumps 6%

Published on: 9:52 am

  • Vascon Engineers Limited, an integrated EPC and Real Estate player has reported its financial results for the Quarter and Half Year ended September 30, 2022.
  • For H1FY23
  • Consolidated Total Income at Rs439 crore, up 60% yoy
  • EBITDA at Rs47 crore, up 119% yoy; EBITDA Margin of 11% (6% in H1FY22)
  • Net Profit at Rs33 crore as against a loss of Rs3.6 crore in H1FY22 Read More

Q2FY23 Preview: Eicher Motors: Consolidated revenue seen at Rs35,366 million, PAT at Rs6,845 million

Published on: 9:49 am

  • Result date: 10th November, 2022
  • Recommendation: Buy
  • Target price: Rs3,400
  • For the September 2022 quarter, standalone volumes of Eicher Motors grew 68% over the year-ago quarter and 11% sequentially. In the VECV business, volumes increased 16.5% over the year-ago quarter and inched up 1% sequentially. The company’s consolidated revenue could grow at a robust 57.2% over the year-ago quarter and 4.1% sequentially.
  • Consolidated EBITDA margin could expand 271 basis points over the year-ago quarter, but decline 86 basis points sequentially. Key margin tailwinds include fall in commodity prices, operating leverage and price hikes. Key margin headwinds include adverse impact of Hunter (4‐5% sequential fall in average selling price, lower margin). Read more

Cost of petrol and diesel on November 9

Published on: 9:31 am

  • According to a price announcement from state-owned fuel retailers, gasoline and diesel prices were unchanged on November 9 for the fifth day after the Central government reduced the excise charge on the two fuels to bring down retail rates from record highs.
  • On November 3, the government reduced the excise duty on gasoline and diesel by Rs5 per liter and Rs10 per liter, respectively, to assist customers who had been hit hard by record-high retail fuel costs. Following this, on November 4, oil companies passed on a record-low drop in excise tax rates, resulting in a nationwide decrease in petrol prices of Rs5.7 to Rs6.35 per liter and an increase in diesel prices of Rs11.16 to Rs12.88. Read more

Markets in green; Nifty 50 above 18,250 level; Tata Motors in focus

Published on: 9:30 am

  • Indian markets opened in green during Wednesday's early exchange of deals led by corporate earnings, major macroeconomic data and positive global cues. Banking and IT stocks lifted the broader benchmarks, while metal, FMCG stocks also contributed substantial gains.
  • In the opening bell, Sensex has touched an intraday high of 61,036.56 and Nifty 50 rose to more than 18,210.
  • At around 9:31 AM, Sensex was trading at 61,370.83 up 185.68 points or 0.30%. Nifty 50 jumped by 56.55 points or 0.31% and was trading at 18,259.35.
  • In terms of sectoral indices on NSE, the Bankex index jumped nearly 130 points while the auto, pharma, IT and metal index trading on a muted level but in the green.Read more

Sun Pharmaceutical updates on USFDA inspection in Mohali facility

Published on: 9:19 am

  • Sun Pharmaceutical Industries Limited had earlier announced regarding the USFDA inspection at the Company's Mohali (Punjab) facility from August 03 to August 12, 2022 and issuance of Form-483 by USFDA with 6 observations.
  • In addition to this, the Company has received a communication from the USFDA determining the inspection classification as "Official Action Indicated" (OAI).
  • Further, the communication states that the USFDA may withhold approval of any pending product applications or supplements filed from this facility till the outstanding observations are resolved and may initiate additional actions, if any, under the current Consent Decree.
  • The Company continues to manufacture and distribute existing products for the US market, thereby not likely to have any material adverse impact on current business from the facility. Read more

Cupid bags Rs5.13 crore order from UNFPA

Published on: 9:18 am

  • Cupid Limited has received a purchase order from United Nations Population Fund (UNFPA) for supply of Male Condoms and Water Based Lubricant worth Rs5.13 crore (Approx.)
  • "We are excited to receive this valuable repeat order", said Omprakash Garg, CMD, Cupid Limited. Read more

Praj Industires join hands with ESIIC to accelerate bioeconomy in Egypt

Published on: 9:17 am

  • On the eve of 27th Climate Change Conference in Egypt, Praj Industries Limited (Praj) has announced that they have entered into an MoU with Egyptian Sugar and Integrated Industries Company (ESIIC) of Egypt. As a part of this MoU, both parties will drive sustainable climate actions to combat evils of climate change.
  • Under this collaboration, Praj Industries and Egypt’s largest sugar sector company ESIIC have come together to set up 1st and 2 nd Generation ethanol projects in Egypt. Praj and ESIIC will develop infrastructure, help formulate policy framework, and create awareness etc. to mainstream Bioeconomy. Sugarcane bagasse and rice straw are envisaged to be feedstock for conceiving Egypt’s first 2 nd Generation ethanol project. Read more

Lupin receives USFDA tentative approval for Doxycycline Capsules

Published on: 9:16 am

  • Global pharma major Lupin Limited has announced that it has received tentative approval from the United States Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA), Doxycycline Capsules, 40 mg.
  • As per the filing, the received USFDA approval is to market a generic equivalent of Oracea Capsules, 40 mg, of Galderma Laboratories, L.P.
  • According to the IQVIA MAT September 2022 data, Doxycycline Capsules (RLD Oracea) had estimated annual sales of USD 215 million in the US. Read more

SBFC Finance files DRHP for Rs 1600 crore IPO

Published on: 9:11 am

  • A non-banking financial institution, SBFC Finance Ltd., has submitted preliminary paperwork to capital markets watchdog Sebi in order to raise up to Rs1,600 crore through an initial public offering (IPO). According to the Draft Red Herring Prospectus, the IPO consists of a fresh issue of equity shares worth up to Rs750 crore and an offer-for-sale (OFS) component worth up to Rs850 crore by promoter-selling stockholders (DRHP).
  • Arpwood Partners Investment Advisors LLP will sell shares worth Rs398.19 crore; SBFC Holdings Pte Ltd will sell shares worth Rs275 crore; Arpwood Capital Pvt Ltd will sell shares worth Rs97.72 crore; and Eight45 Services LLP will sell shares worth Rs79.08 crore. Read More

Archean Chemical IPO raises Rs 658 crore from anchor investors

Published on: 9:02 am

  • Archean Chemical Industries, whose initial public offering (IPO) is due to begin today, has secured Rs 658 crore from 42 anchor investors at a price band of Rs 407 per equity share.
  • The manufacturer of specialized marine chemicals has distributed 1,61,67,991 equity shares to anchor investors such as SBI Mutual Fund, Nippon India Fund, ICICI Prudential, HDFC Mutual Fund, Goldman Sachs Fund, Ashoka India Opportunities Fund, DSP Fund, IIFL Funds, Kotak Fund, Motilal Fund, Tata Mutual Fund, Theleme India Fund, and Baroda.
  • Abu Dhabi Investment Authority, Government Pension Fund Global, Societe Generale, and BNP Paribas are among the foreign investors. Read more

Uralkali, Indian companies expected to have reached agreement for import of potash

Published on: 8:55 am

  • According to news reports, Uralkali, a Russian producer and exporter of potash fertilizer, and some Indian companies are expected to reach a long-term supply agreement.
  • The nation hopes to reach an agreement for the supply of 1 million tonnes of potash fertiliser. The report stated without disclosing the identities of the companies that Uralkali and 4-5 Indian companies will contract for the shipments.
  • The two nations have established a committee to work out the specifics of the agreement. To facilitate the contract between enterprises, the committee is led by the secretary of the department of fertiliser and his equivalent in the Russian trade ministry. Read more

Reliance Industries' subsidiary building green smart city near Gurugram

Published on: 8:53 am

  • A subsidiary of Reliance Industries Ltd. is building a smart city near Gurugram, and one of the four Japanese businesses that will be housed there has broken ground for a medical devices division.
  • The company said in a statement: "Model Economic Township Limited (MET City), a wholly owned subsidiary of Reliance Industries Limited (RIL), is creating a world-class Greenfield Smart City near Gurugram, Haryana.
  • Four of the top Japanese corporations are located in the integrated industrial township of MET City, a Japan Industrial Township (JIT).
  • The Japanese businesses Panasonic, Denso, and T-Suzuki are all located in MET City. Read More

Bank of America gives ReNew Power Rs 800 crore loan

Published on: 8:50 am

  • In its first local project financing agreement in the renewable energy industry after a protracted absence, Bank of America has provided ReNew Power with an approximate Rs800 crore loan.
  • The company will benefit from cheaper borrowing costs thanks to the five-year rupee green loan facility because the money will mostly be used to pay off an existing offshore loan ahead of time.
  • According to news reports, the onshore loan could have a spread of 200–250 basis points above three-month Treasury Bills, which had a yield of 6.45% in the most recent primary auction of the Reserve Bank of India. Read more

Indian equity markets likely to begin the day on a flat note

Published on: 8:42 am

  • Indian equity markets are likely to start the day on a flat note today. Asian markets have opened mixed today. Foreign Portfolio Investors have been providing strong buying support to Indian equity markets over the past few days. If this trend continues today then equity markets may rise again. Stocks of companies such as Tata Motors, Lupin, Nalco, Balrampur Chinni Mills etc may see price movement. These companies will be declaring their September quarter results today.
  • US markets saw the best 3-day rally yesterday.  Dow Jones gained over 1150 points. Fall in US$ increased expectations of higher return on equity for many US companies. This was coupled with buying due to short covering. Nasdaq gained moderately, ahead of the CPI numbers that are due this Thursday. Bond yields moderated to 4.15%. US dollar index fell to 109.65. Read more

Propstack and Butlr Technologies partner for occupancy detection platform

Published on: 8:30 am

  • For occupancy sensing across commercial real estate developments in India, Propstack, a provider of real estate technology and analytics, and Butlr, a platform for occupancy detection supported by Tiger Global, have partnered.
  • The first and only completely anonymous people sensing and occupancy detection technology in the world, Butlr, aids businesses in improving workplace planning and streamlining operations. Butlr recognises presence and traffic using only body heat and cutting-edge artificial intelligence technology without identifying any users.
  • Through this partnership, Indian clients of Propstack will have access to occupancy and space usage data given by Butlr, enabling them to make data-driven real estate decisions and enhance the working environment. Read more

KKR partners with Serentica Renewables for new energy platform

Published on: 8:27 am

  • Global investment firm KKR has partnered with Serentica Renewables, a newly established division of Sterlite Power Transmission, to develop a new energy platform that will assist large industrial clients in their efforts to reduce their carbon footprint, the two parties said in a statement on Tuesday.
  • The platform will get $400 million from KKR for an undisclosed equity stake, and $100 million from Sterlite Group firms. Anil Agarwal of the Vedanta Group's family trust's holding company, Volcan Investments Ltd. in the Bahamas, owns Twinstar Overseas Limited, which is controlled by Serentica Renewables.
  • In September, Serentica was established with the goal of offering 24/7 clean energy solutions to the commercial and industrial sector, which uses more than 50% of the electricity produced in India. According to the company, Serentica combines solar, wind, energy storage, and balancing solutions to deliver guaranteed sustainable energy. Read more

Escorts Agri Machinery to raise tractor prices from 16 November

Published on: 8:25 am

  • A division of Escorts Kubota called Escorts Agri Machinery (EAM) announced on Tuesday that rates for tractors would go up the following week.
  • According to the company's regulatory filing, the price increase that will take effect on November 16 is intended to counteract the effects of cost inflation in both commodities and other prices.
  • Without going into detail about the specific amount of the price rise, it was mentioned that the increase will vary between models and variants. Read more

Suzuki Motors raises sales forecast for FY23 to 3.04 million units

Published on: 8:23 am

  • Suzuki Motor Corporation (SMC), the largest automaker in Japan, has increased its fiscal year sales projection. More than two-thirds of the increase may be attributed to India, where demand has recovered strongly amid tightening component supply.
  • In contrast to the prior prediction of 2.91 million units, the parent company of the market leader Maruti Suzuki plans to end the fiscal year with sales of 3.04 million automobiles. India's sales are predicted to increase by 21% throughout this time. Suzuki announced when it released its financial results for the September quarter of this year that it expects to produce 3.27 million units this year, an increase from the earlier expectation of 3.1 million units.
  • As facilities continue to experience production suspension owing to component shortages from May 2021, volume growth in Japan is anticipated to be slower than previously anticipated this fiscal year. However, sales in the Asia region as a whole have been revised upward by 136,000 units. Suzuki sells 85% of its cars in India, and India will contribute 115,000–17,000 units to this increase in output. Read more

Finance Ministry releases revenue deficit grant of Rs7,183.42 crore to 14 states

Published on: 8:22 am

  • As per the recommendations of the Fifteenth Finance Commission, the Department of Expenditure, Ministry of Finance, has released the 8th monthly instalment of Post Devolution Revenue Deficit (PDRD) Grant of Rs7,183.42 crore to 14 States.
  • The Fifteenth Finance Commission has recommended a total Post Devolution Revenue Deficit Grant of Rs86,201 crore to 14 States for the financial year 2022-23. The recommended grant is released by the Department of Expenditure to the recommended States in 12 equated monthly instalments. With the release of 8th instalment for the month of November, 2022, the total amount of Revenue Deficit Grants released to the States in 2022-23 has gone up to Rs57,467.33 crore, as per the official statement by the Government.
  • Further, the grants are released to the States as per the recommendations of the successive Finance Commissions to meet the gap in Revenue Accounts of the States post devolution. Read more

Arcil may make a competing bid for insolvent Meenakshi Energy

Published on: 8:20 am

  • News reports said that Asset Reconstruction Co India (Arcil), the oldest bad loan aggregator in the nation, has expressed interest in outbidding the government-backed National Asset Reconstruction Co's (NARCL) offer to buy Hyderabad-based thermal power company Meenakshi Energy.
  • Last month, NARCL made a purchase offer of Rs1,003 crore to settle the debt. NARCL will still have the chance to purchase the debt under the Swiss challenge method by matching Arcil's challenging offer if Arcil follows through on its interest with a genuine bid. 
  • According to the reports quoted above, a challenging bid will lead to a better recovery for banks. Read more

Global crude oil news

Published on: 8:08 am

  • After falling 3% the previous session on concerns about demand stagnating due to potential further lockdowns in China, the world's largest oil importer, as COVID-19 cases rebounded, oil prices were largely flat in early trade on Wednesday.
  • Brent crude futures had increased by 2 cents to $95.38 per barrel, while West Texas Intermediate (WTI) crude futures had decreased by 4 cents to $88.87 per barrel.
  • According to news reports, market sentiment is still divided between concerns about how a recession will affect demand and supply remaining constrained as a European ban on Russian crude oil looms and OPEC+ members curb production. Read more

Top 10 stocks for today – 9th November 2022

Published on: 7:53 am

  • The Singapore Exchange's Nifty futures traded 61 points, or 0.33%, higher at 18,408.5, indicating that the markets may have a good start on Wednesday. The following 10 stocks may show price movement in today's market. To check more hot stocks, click at:
  • Hindalco:
  • The Aditya Birla Group's wholly-owned subsidiary Novelis Inc. reported a 23% decline in net income to $183 million for the three months ending on September 30th.
  • Coal India:
  • In the September quarter of FY23, the state-owned coal miner recorded a 106% increase in its consolidated profit to Rs 6,043.99 crore due to higher operating income. Read More

Invest wise with Expert advice

Editors Choice


Blogs & Personal Finance


Stock View

Refinitiv Logo

Disclaimer : All estimates (1 year forward) are based on Consensus View provided by Refinitiv.

Open ZERO Brokerage Demat Account
Open Demat Account

Invest wise with Expert advice

By continuing, I accept the Terms & Conditions and agree to receive updates on Whatsapp