Latest News and Updates

10th Nov, 2022

Keystone Realtors (Rustomjee) IPO to open on 14th November

Published on: 3:51 pm

  • The IPO of Keystone Realtors will open on November 14th. It will close on November 16th.
  • The issue size is of Rs 635 crore. Price band has been set at Rs 514 - 541 per share. Minimum bid lot size is of 27 shares. Investors can apply in lots of 27 shares each.
  • The amount that the company intends to raise through the IPO has been reduced from Rs 850 crore to Rs 635 crore. Read More

GST officials detected Rs 55,575 crore worth of tax evasion, arrested over 700 people, in the past 2

Published on: 2:58 pm

  • Over the previous two years, the GST officials have discovered fraud totalling Rs55,575 crore and have detained over 700 people for defrauding the exchequer, an official told ET on Thursday. The officers of the Directorate General of GST Intelligence discovered over 22,300 bogus GST identification numbers.
  • The government began a nationwide special campaign against dishonest organizations on November 9, 2020, to stop them from fraudulently claiming and disbursing Input Tax Credit (ITC) and dodging Goods and Services Tax (GST).
  • During the time, voluntary GST (Goods and Services Tax) contributions totalling Rs3,050 crore were made. Read more

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Bharat Electronics inks agreement with Goa Shipyard for development of autonomous navigation

Published on: 12:54 pm

  • Navratna Defence PSU Bharat Electronics Ltd (BEL) has signed an MoU with Goa Shipyard Limited (GSL) for joint development of products/solutions in the area of Autonomous Navigation and associated fields.
  • The MoU aims at leveraging the complementary strengths and capabilities of BEL and GSL.
  • It will enable BEL and GSL to jointly work towards development of products/solutions in the fields of autonomously navigated vessels and derivatives thereof, digital control and simulation of ships, networking of vessels and any other identified area for both Defence and civilian applications in domestic and international markets. Read more

PSP Projects secures work order worth Rs200 crore; Stock rises

Published on: 12:37 pm

  • PSP Projects Limited has informed to the exchanges regarding receipt of work order.
  • In a regulatory filing, the company said, "We are pleased to inform that we are in receipt of Letter of Intent (LOI) for civil construction work for expansion of existing plant from a repeat client worth Rs200 crore (excluding GST) in Industrial Category."
  • Further, with receipt of the above orders, the total order inflow for the financial year 2022-23 till date amounts to Rs1,711.58 crore. Read more

Five Star Business Finance IPO receives .02 times subscription application at the end of day 1

Published on: 11:39 am

  • Five Star Business Finance IPO has received .02 times subscription application at the end of day 1. 
  • Five Star Business Finance, a non-banking financial organization with headquarters in Chennai, opened public subscriptions for its first IPO yesterday, i.e., November 9.
  • Key takeaways:
  • The price range for the public offering has been set by the company at Rs 450-Rs 474 per share.
  • The company's promoters and current owners are selling all of their shares in the IPO for a total of R. 1,960 crore. Read more

Q2FY23 Preview: Hindalco Industries: Revenue seen at Rs479,848 million, PAT at Rs25,453 million

Published on: 11:37 am

  • Result date: 11th November, 2022
  • Recommendation: Buy
  • Target price: Rs516
  • (Source: IIFL Research)
  • Hindalco Industries (Hindalco) could witness 4% sequential growth in volumes even as aluminium LME fell 17% sequentially. Lower prices of both aluminum and copper could hit revenue during the quarter. The company’s consolidated revenue could inch up by a meagre 0.63% over the year-ago quarter. Read more

Mahindra Logistics to acquire Rivigo's B2B express business; Stock slips 1%

Published on: 11:27 am

  • Mahindra Logistics Ltd. (MLL) and Rivigo Services Private Limited (RSPL) has announced on Thursday that they had reached agreement for purchase of RSPL's B2B express business by MLL.
  • Under the terms of the agreement, MLL will acquire the express business through a Business Transfer Agreement (BTA), including the customers, team and assets of RPSL's B2B express business, RSPL's technology platform and the Rivigo brand. RSPL will continue to own its truck fleet & the rights to the full truck load (FTL) operations.
  • MLL, one of India's leading integrated logistics companies, is focused on providing customers supply chain solutions, integrating its 3PL, FTL transportation, warehousing, cross border logistics, last mile and B2B express logistics services. The acquisition will augment MLL's existing B2B express business leveraging Rivigo's strong network, technology and process capabilities. Read more

Q2FY23 Preview: Mahindra & Mahindra: Revenue seen at Rs210,161 million, PAT at Rs23,237 million

Published on: 10:50 am

  • Result date: 11th November, 2022
  • Recommendation: Buy
  • Target price: Rs1,350
  • Mahindra & Mahindra (M&M) witnessed surge in auto volume growth (over the year-ago quarter) to 77%, partly due to a low base effect. Sequentially, auto volumes increased 17%. M&M’s tractor volumes inched up 5% over the year-ago quarter, but declined 21% sequentially (partly due to the seasonality factor). Overall, revenue could grow 58% over the year-ago quarter. Share of tractors in total revenue could come down from 34% in Q1FY23 to 26% in Q2FY23. Read more

Allcargo board approves acquisition of 30% stake in GKEPL from KWE Group

Published on: 10:22 am

  • The board of Allcargo Logistics Limited on Thursday has approved the plan to acquire 30% stake in GKEPL from KWE group. Allcargo Logistics had acquired shareholding in Gati Limited in FY20 and had agreed in principle with KWE to discuss purchase of their shares in the main operating entity, GKEPL, at a future date on mutually agreeable terms.
  • Over last two years, Allcargo has brought in transformational changes in Gati since its acquisition and in line with the company’s well-planned strategy, it now proposes to further increase its investment in the business.
  • Allcargo has reached an agreement with KWE to buy their shares in the operating entity in mutually agreed terms. Share Purchase Agreement shall be executed in due course of time. Read more

Some corporate and economy snippets for today

Published on: 10:17 am

  • Corporate Snippets:
  • Narayana Hrudayalaya’s consolidated profit in the September quarter has increased y-o-y by 70% to Rs 168 crore.
  • Pidlite Industries’ consolidated profit in the September quarter has come down y-o-y by 11.3% to Rs 332.4 crore.
  • Tata Power Renewable Energy has been awarded a project for setting up of a 150 MW solar power plant in Solapur in Maharashtra. Read more

Q2FY23 Preview: Tata Motors: Consolidated revenue seen at Rs761,881 million, Net loss at Rs7,755 mil

Published on: 10:10 am

  • Result date: 11th November, 2022
  • Recommendation: Buy
  • Target price: Rs585
  • Standalone volumes of Tata Motors grew 42% year-on-year (partly due to the base effect) and 5% sequentially. This, along with price hikes could lead to 50% growth in standalone revenue over the year-ago quarter. Consolidated revenue though could grow at a smaller pace of 24%, after factoring in performance of JLR.
  • Margin performance is likely to be robust amid falling input prices, improving realizations and operating leverage. High discounts in the commercial vehicles segment though could cap margin gains. Read more

SBC Exports bags order worth Rs1.93 crore from NICSI; Stock gains near 2%

Published on: 9:57 am

  • SBC Exports Limited has announced to the exchanges regarding work -order awarded by the National Informatics Centre Services Incorporated (NICSI).
  • In a regulatory filing, the company informed that Eight Work Orders for providing Office Support, Project Management Support and Rollout Services has been awarded to us by National Informatics Centre Services Incorporated (NICSI), New Delhi.
  • The aggregate purchase order cost of the said Work-Orders is Rs1,93,42,008/- (Rupees One Crore Ninety Three Lakh Forty Two Thousand and Eight only). Read more

Coal India's capital expenditure increases 33% to Rs 7,027 crore in April-September quarter

Published on: 9:42 am

  • Compared to the same period last year, Coal India Ltd. said on Wednesday that its capital expenditure increased 33% to Rs 7,027 crore in April-September FY23.
  • The company's CAPEX for the prior fiscal year totaled Rs 5,300 crore. Read more

Markets slip amid weak cues; Sensex falls 300 pts, Nifty 50 below 18,100; Bank, Auto underperform

Published on: 9:36 am

  • Indian markets extended their selling pressure on Thursday following weak global cues as traders cumulatively observe the developments in major economies inflation data. Banking, and auto stocks were the worst hit. On the contrary, healthcare stocks made a recovery after a steep sell-off on the previous day. Today, expect stocks specific action as large caps remain under pressure from global cues & foreign selling.
  • The week has remained volatile for equities globally. Macroeconomic data, corporate earnings and weak global cues continue to have their play in steering sentiments. Read more

Bayer Cropscience's Q2 net profit rises by 5.51% to Rs 162.6 crore

Published on: 9:34 am

  • In the September quarter, Bayer Cropscience Ltd.'s net profit increased by 5.51% to Rs 162.6 crores. According to a regulatory filing, the company's net profit for the same period the year before was Rs 154.1 crore. From Rs1,365.1 crore in the same quarter last year, total income grew to Rs 1,451.9 crore in the second quarter of the current fiscal.
  • In the third quarter of the fiscal year 2021–2022, Bayer Cropscience reported that it had completed the sale of a portion of its seed distribution portfolio, which included mustard, millet, cotton, and sorghum seeds. Accordingly, the portfolio adjusted revenue from operations increased by 8% for the second quarter and 14% for the first half of the fiscal year 2022–23, respectively, the business reported. Read more

Prestige Estates' Q2 net profit rises by 80% to Rs 141 crore

Published on: 9:31 am

  • The real estate company Prestige Estates Projects Ltd said on Wednesday that its consolidated net profit for the third quarter of this fiscal year, which ended in September, increased by 80% to Rs140.7 crore.
  • Prestige Estates Projects reported its net profit in a regulatory filing as Rs78.3 crore for the same period last year. In the second quarter of this fiscal year, total income increased to Rs1,474.7 crore from Rs1,345.2 crore in the same quarter last year. Read more

Ramco Cements to increase production capacity at Haridaspur plant

Published on: 9:28 am

  • Ramco Cements Ltd. would install a second line at its grinding facility in Odisha. The proposed line, according to the business, will have a capacity of 0.90 million tonnes per annum (mtpa), and after commissioning, the Haridaspur unit's total capacity will be 1.80 mtpa.
  • The company said cement manufacturing started in September at its Kolimigundla plant in Andhra Pradesh. With a clinker capacity of 14 mtpa, its cement production capacity has increased to 21 mtpa. Read more

Bajaj Consumer Care's consolidated profit in September quarter down y-o-y by 31.93%

Published on: 9:23 am

  • FMCG company Bajaj Consumer Care Ltd. stated on Wednesday that its consolidated net profit for the second quarter ended in September fell by 31.93% to Rs31.65 crore. Bajaj Consumer Care, a member of the Bajaj Group of Companies and a player in the beauty care industry, recorded a net profit of Rs46.50 crore for the quarter ending in September of last year.
  • During the reviewed period, its operating revenue increased by 8% to Rs232.45 crore. In the comparable period of the last year, it was Rs216.17 crore, according to a regulatory filing. In the September quarter, Bajaj Consumer Care's total expenses increased by 20.08% to Rs203.96 crore. This company owns brands like Almond Drops Hair Oil, Brahmi Amla, and Nomark. Read more

Piramal Pharma reports loss of Rs 37 crore in September quarter

Published on: 9:21 am

  • In comparison to a net profit of Rs 37 crore in the same period last year, Piramal Pharma announced a consolidated net loss of Rs 37 crore for the second quarter that ended in September. However, compared to the same period last fiscal year, the company's operating revenue increased to Rs1,720 crore from Rs1,578 crore.
  • The composite plan to demerge the pharmaceutical business from Piramal Enterprises Ltd into Piramal Pharma Ltd and combine Piramal Pharma's wholly-owned subsidiaries Hemmo Pharmaceuticals Pvt Ltd and Convergence Chemical Pvt Ltd into itself was approved by the National Company Law Tribunal (NCLT) on August 12 of this year. Read more

EIL bags Integrated NGL and CCGT power plant project in the Republic of Guyana

Published on: 9:19 am

  • Engineers  India  Limited  (EIL)  has  been  entrusted  by  the  Republic  of  Guyana  to  render  the  Project  Management Consultancy Services for setting up an Integrated Natural Gas Liquids (NGL) Plant and 300  MW CCGT Power Plant project in Guyana with an estimated contract value of US$ 22 Million, the company announced to the exchanges on Wednesday.
  • As part of this assignment, EIL shall provide Consultancy Services for setting up the Integrated Plant and manage the Engineering, Procurement and Construction of the project on behalf of the Government of  the Republic of Guyana.
  • The stated  project in the Republic of Guyana is another milestone achieved by EIL towards its commitment to go beyond national boundaries. EIL has already been active in providing services in the  Middle East, Africa, Central and South East Asia and this project will further bolster EIL’s presence in  the international market. Read more

AXISCADES Engineering board approves 100% acquisition of Germany-based 'add solution GMBH'

Published on: 9:18 am

  • AXISCADES Technologies Ltd has informed that the meeting of the Board of Directors of the Company was held on November 9, 2022 and the Board has inter alia, considered and approved the 100% acquisition, in a phased manner, of "add solution, GMBH", Germany, specializing in Automotive Solutions to Global OEMs.
  • According to the filing, the proposed acquisition will provide a strategic foothold to AXISCADES in the Automotive space, besides firm contract with marquee automotive OEMs. This will lead to significant offshoring opportunities and enhanced business for AXISCADES in the automotive space, both in India and globally.
  • The Company proposes to acquire 100% shareholding in add solution GMBH for a total purchase consideration of not less than Euro 4.30 Mn and not more than Euro 5.50 Mn, based on performance, in a phased manner. Read more

Aurionpro launches next-gen digital engagement platform for wholesale banking 'AuroDigi'

Published on: 9:17 am

  • Aurionpro Solutions Ltd (Aurionpro) launches AuroDigi, a path-breaking digital banking solution designed for seamless wholesale banking services. AuroDigi is a digital banking engagement platform that delivers a unified experience to corporate customers ensuring reliability, security, and configurability.
  • AuroDigi aims to provide a customer-centric approach to deliver a seamless experience for various personas, from SME owners to CFOs of large multinational companies or bank relationship managers to business heads, with a personalized experience.
  • Built with a modular design, banks have the flexibility to effortlessly roll-out new features, products, or services to their corporate clients. AuroDigi allows banks to integrate with multiple processing systems without affecting its existing backend ecosystem. Read more

Centum Electronics to further invest in Centum Adetel Group (CAG) SA

Published on: 9:17 am

  • Centum Electronics Ltd has informed that the Board of Directors at their Meeting held on Thursdsay have approved the proposal for further investment in Centum Adetel Group (CAG) SA.
  • As per the filing, with the proposed investment, Centum Electronics Limited (the Company) stake in CAG will increase from the current level of 77.77% to 90.1%. Further, the above investment will be done through Centum Electronics UK Limited, a wholly owned subsidiary of the Company, subject to necessary approvals, the company said.
  • Further, the purpose of new entity is to design development and industrialization of embedded electronic systems for different sectors such as transportation, aerospace, medical and energy sectors. Read more

Barbeque-Nation Q2 net profit increases y-o-y by 143% to Rs 7.09 crore

Published on: 9:17 am

  • Barbeque-Nation Hospitality Ltd, a chain of restaurants in India, had a more than twofold increase in second-quarter profit as more customers returned to eateries after the pandemic's bans.
  • According to a statement with the exchange on Wednesday, the combined net profit increased by 143% to Rs7.09 crore ($872,755.03) for the three months that ended on Sept. 30 from Rs 2.92 crore a year earlier. Read more

Galaxy Surfactants PAT surges 55% yoy to Rs184 crore during Q2FY23

Published on: 9:16 am

  • Galaxy Surfactants Limited, a leading manufacturer of performance surfactants and specialty care products with over 220+ product grades used in the Home and Personal Care industry, has announced its un-audited financial results for the quarter and half year ended September 30, 2022.
  • H1FY23 Consolidated Performance:
  • Total volumes stood at 1,14,555 MT for H1FY23, down 3.5% yoy basis
  • Total Revenue (including other income) stood at Rs2,389.6 crore, a yoy growth of 39.5%
  • EBITDA stood at Rs278.8 crore, yoy growth of 47.6%
  • PAT stood at Rs184.2 crore, yoy growth of 55.1% Read more

Adani Ports acquires 49.38% stake in Indian Oiltanking for Rs 1050 crore

Published on: 9:10 am

  • The developer and operator of liquid storage facilities, Adani Ports and Special Economic Zone Ltd (APSEZ), announced on Wednesday that it had paid Rs1,050 crore to acquire a 49.38 % in Indian Oiltanking Ltd.
  • In a statement, APSEZ noted that this arrangement also includes purchasing an additional 10% equity investment in IoT Utkal Energy Services Ltd. This IOTL subsidiary accounts for 71.57% of the company (Indian Oiltanking Ltd).
  • "APSEZ has agreed into a definitive agreement for the acquisition of Oiltanking India GmbH's 49.38 % equity ownership in Indian Oiltanking Ltd," it stated. "Indian Oiltanking Ltd. is one of the country's major developers and operators of liquid storage facilities." Read more

Rupee closed at 81.47/$, yesterday

Published on: 8:53 am

  • On Wednesday, the rupee strengthened by 45 paise to settle at 81.47 (provisional) against the US dollar due to declining crude oil prices, a weaker US dollar, and persistent inflows of foreign funds.
  • The local unit at the interbank foreign currency market started the day at 81.43 and finished the session with an intraday high of 81.23 and a low of 81.62. The local currency eventually increased 45 paise from its previous close to settling at 81.47 against the US dollar. Read more

Markets may begin the day in red

Published on: 8:46 am

  • Indian equity markets may start the day today in red. Other Asian markets have also started the day in red today. US inflation data will come later in the data. Oil prices have gone down because of increase in probability of global economic recession. Republican party has emerged as the largest party in both House of Representatives and Senate after the US mid-term elections. Stocks of Eicher Motors, Zomato, Apollo Hospitals etc may show price movement. These companies will declare their September quarter results today.
  • US markets saw a big day of profit booking ,yesterday ,before CPI data and amidst US midterm election results . Dow Jones fell over 640 points. Nasdaq tumbled 263 points. Bond yields closed near 4.09%. US dollar index gained to close near 110.4. Walt Disney led the indices lower, falling over 13.5%, on weaker than expected results. Read more

Global crude oil news

Published on: 8:45 am

  • On Thursday, oil prices declined for a fourth day due to worries that new COVID restrictions in China, the largest petroleum importer in the world, may affect fuel demand.
  • Brent crude futures were down 34 cents, or 0.4%, to $92.31 a barrel. West Texas Intermediate (WTI) crude for the United States traded at $85.52 per barrel, down 31 cents.
  • While WTI prices have fallen more than 7% this week, Brent prices have fallen more than 6%. Read More

Travancore Royal Family may sell Delhi bungalow for Rs 250 crore

Published on: 8:38 am

  • According to a copy of the selling paperwork reviewed by ET, the Travancore royal family has a contract with Sahana Real Estate & Builders to sell the Travancore House for Rs 250 crore along with a plot of land in central Delhi that contains the bungalow, and a property in Bengaluru.
  • The Kerala government currently holds the British-era bungalow and the land on Kasturba Gandhi Marg. The royal family, who claimed that the Kerala government merely held possession rights on the property, had written to the central government in 2019 to request the restitution of the property, according to news sources. The state government, however, had asserted ownership rights at the time.
  • The sale is subject to the buyer, Chennai-based Sahana Real Estate, receiving a no-objection certificate from the Kerala government and clearance from the central government, according to the October 21, 2022 sale deed signed in Bengaluru. Read More

Toyota Kirloskar Motor launches CNG versions of Glanza and Hyryder

Published on: 8:36 am

  • On Wednesday, Toyota Kirloskar Motor declared its entry into the market of vehicles fuelled by compressed natural gas (CNG).
  • The Japanese-Indian joint venture announced that customers will now have the choice of CNG fuel for Glanza and Hyryder models.
  • According to a business announcement, the Toyota Glanza, which was introduced earlier this year, will now come in S and G grades with a CNG option and a manual gearbox powertrain.
  • The Hyryder model will now be offered in S and G grades with a factory-installed CNG kit. There will be a manual transmission available for both grades. Read more

Tata Motors to delist its American Depository Shares from NYSE

Published on: 8:34 am

  • On Wednesday, Tata Motors disclosed its intention to end the ADS program and delist its American Depositary Shares (ADS) from the NYSE after January 2023.
  • The business that owns JLR claimed that it has informed NYSE of its intention to voluntarily delist its ADS, each of which represents five common shares of the company.
  • Foreign firms may list on US stock exchanges using American depositary receipts (ADRs), which are negotiable certificates that represent an ownership stake in ADS. Read more

LIC increases its stake in Divi's Lab to 5%

Published on: 8:32 am

  • Life Insurance Corporation of India (LIC) announced on Wednesday that it has increased its ownership of Divis Laboratories to 5% through the purchase of additional shares for Rs 35.82 crore.
  • As its holdings in Divis Laboratories climbed from 1,32,54,663 to 1,33,60,663, LIC reported that its ownership in the company increased from 4.992% to 5.032%.
  • The company's holdings surpassed the 5% threshold on November 7, 2022. According to LIC's regulatory filing, the average price paid for the shares was Rs3,379.01 Read more

Premium hotel inventory may rise 3.5-4%, says ICRA report

Published on: 8:30 am

  • In light of the demand recovery, premium hotel inventory is predicted to rise by 3.5% to 4.0% in the current fiscal year, with an increase of roughly 15,500 rooms.
  • In a report released on Wednesday, the rating agency ICRA stated that domestic leisure travel, pent-up demand from meetings, incentives, conferences, and events, including weddings, as well as a gradual recovery in business travel and foreign tourist arrivals, have all contributed to demand recovery being better than anticipated in recent months.
  • "Over the previous 4-5 months, there has been an increase in new supply announcements due to the solid demand rise. Additionally, recently, work has started on initiatives that were put on hold after Covid. Read more

SMBC to give Rs 400 crore green loan to 3 Indian subsidiaries of Denso Corporation

Published on: 8:27 am

  • According to information provided by Sumitomo Mitsui Banking Corporation to The Economic Times, Japanese car component giant Denso's three Indian subsidiaries will get a Rs 400 crore green loan.
  • Three Indian subsidiaries of the Denso Corporation have entered into an arrangement with SMBC for a green loan, also known as a sustainability-related loan, to cover their working capital needs.
  • The financing is intended to act as a motivator for Denso to meet its own sustainability goals. Read More

ESR and Karnataka govt sign MoU for Rs 2500 crore investment in real estate in the state

Published on: 8:25 am

  • The largest real estate asset manager in Asia Pacific, ESR, and the Karnataka government have signed a memorandum of understanding (MoU) that calls for an investment of Rs2500 crore for the construction of industrial and logistics parks, urban distribution centres, and data centres.
  • It is among the most important investments that an Indian new economy real estate developer has made in the last three years. 5.500 new jobs would be created in Karnataka thanks to this programme. At the Invest Karnataka Global Investors Meet in Bengaluru, the MoU was inked.
  • New economy demand for the Real estate is increasing; ESR has thought about future-proof options to invest in data centres to assist India's expanding digital economy and urban distribution centres, which are multi-story buildings inside cities to facilitate in-city distribution. Read more

Smartphone sales in India decrease y-o-y by 12%

Published on: 8:23 am

  • According to a survey by Cybermedia Research, smartphone sales in India decreased 12% year over year but increased 16% quarter over quarter as a result of strong demand for 5G devices and holiday season sales (CMR).
  • This quarter, the top three players were Xiaomi, Samsung, and Realme, with shipments falling for all five of the top players.
  • Demand for 5G smartphones grew as a result of the most recent 5G auctions and the subsequent deployment of 5G networks by Bharti Airtel and Reliance Jio, with the segment expanding at a 30% year-over-year rate in the months of July and August. Additionally, the research company noticed a significant increase in the shipment of high-end cellphones during the quarter.
  • In contrast, the inexpensive smartphone segment (under Rs7,000) had a dramatic 57% year-over-year decline in shipment volume. The value-for-money segment (Rs7000–Rs25,000) saw high customer demand, according to CMR, and accounted for 79% of smartphone shipments. Read more

BL Agro acquires rights to use its brand for three platforms of New Delhi Railway Station

Published on: 8:21 am

  • Platforms 14, 15, and 16 of the New Delhi Railway Station will be named after the FMCG giant BL Agro. Starting in October of the current year, the initial term of the rights with BL Agro is one year.
  • Platforms 14 and 15 will be labelled as "Nourish Platform 14 and 15," while Platform 16, which is on the Ajmeri Gate side of the station, will be branded as "Bail Kolhu Platform No. 16," according to a press statement from the business.
  • At the New Delhi Platform, the names will now be stylized as "Nourish Platform 14 and 15" and "Bail Kolhu Platform 16" in all of the platform areas and elsewhere. Read More

QubeHealth Investments raises funding from New Horizon, others

Published on: 7:57 am

  • QubeHealth, an early-stage fintech business with a focus on healthcare, announced on Wednesday that it has raised an undisclosed pre-series-A round, which was led by New Horizon Ventures in the US, ThinKuvate in Singapore, and Keiretsu Forum, an existing investor.
  • The company claims that this round of financing gave them a runway of more than twenty months and included participation from Axiomatic Ventures, Inflection Point Ventures, an existing investor, and several angel investors from India and the US. Read more

QubeHealth Investments raises funding from New Horizon, others

Published on: 7:57 am

  • QubeHealth, an early-stage fintech business with a focus on healthcare, announced on Wednesday that it has raised an undisclosed pre-series-A round, which was led by New Horizon Ventures in the US, ThinKuvate in Singapore, and Keiretsu Forum, an existing investor.
  • The company claims that this round of financing gave them a runway of more than twenty months and included participation from Axiomatic Ventures, Inflection Point Ventures, an existing investor, and several angel investors from India and the US. Read more

British International Investment invests $8 million in Pi Ventures' Fund-II

Published on: 7:52 am

  • Pi Ventures has raised Rs65.9 crore (approximately $8 million) from British International Investment (BII) for its second fund, which it uses to support deep-tech and artificial intelligence firms with early-stage funding.
  • According to Manish Singhal, one of the company's founding partners, the investment by UK-based BII, a development finance institution, brings the capital of Pi Ventures' Fund-II to around Rs530 crore. Read more

Top 10 stocks for today – 10th November 2022

Published on: 7:49 am

  • The Singapore Exchange's Nifty futures traded 56.5 points, or 0.31% lower at 18,137, indicating that the markets may have a  start in red to the day on Thursday. The following ten stocks may show price movement in today's market. To check more hot stocks, click at:
  • Tata Motors:
  • The domestic auto giant announced that its consolidated net loss for the second quarter ended in September narrowed to Rs 945 crore as sales of its main brand, Jaguar Land Rover, and other domestic and commercial vehicle models increased.
  • Axis Bank:
  • The government will sell 46.5 million shares, or the whole 1.55% ownership in the private lender Axis Bank, through an OFS on November 10 and 11, with a floor price of Rs 830.63. This would be done through the Specified Undertaking of the Unit Trust of India, or SUUTI. Read more

Netcore Cloud defers its IPO

Published on: 7:47 am

  • Netcore Cloud, a Mumbai-based bootstrapped SaaS unicorn, has delayed its initial public offering on Indian stock exchanges due to unpredictable macroeconomic conditions and perceived "softness" in customer decision-making in the SaaS sector.
  • The IPO process for Netcore had initially begun in August of this year, with the listing scheduled for February or March of the following year. After speaking with bankers, the firm made the decision to focus on developing new products and enhancing its presence in the US market, where it had made a $100 million acquisition in March of this year, rather than revisiting its IPO possibilities by February of next year. Read more

Keka receives $57 million in funding from WestBridge Capital

Published on: 7:42 am

  • HR and IT firm Keka has secured $ 57 million in funding from WestBridge Capital.
  • Keka, a bootstrapped startup based in Hyderabad, was founded in 2016 to develop a solution to meet the practical needs of the industry. By the end of 2021, the business anticipates having more than 5,500 customers.
  • Keka, which in Telugu means "amazing," streamlines and automates a variety of processes, including payroll, hiring, leave and attendance, and performance management. Read more

CitiusTech acquires Wilco Source

Published on: 7:39 am

  • CitiusTech, a health tech and consulting company, has purchased Wilco Source for an unknown sum.
  • Wilco Source was a partner of Salesforce, offering the latter's customer relationship management (CRM) and cloud solutions to healthcare and life science organizations. Read more

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