Latest News and Updates

11th Nov, 2022

A day heavy in green

Published on: 3:43 pm

  • Indian equity markets saw a day, heavy in green, today. Nifty 50 ended, up by 321.5 points. Sensex ended, up by 1181.34 points. Top Gainers today were HDFC, HDFC Bank, Infosys. Top Losers were Eicher Motors, Hero Motors, State Bank of India.
  • It was a day of large cap stocks. They saw heavy buying demand. IT stocks, led by Infosys, gained the most today. Depreciation in dollar increases the revenue and profits of IT companies in rupee terms. Metal stocks, Realty stocks, Oil & Gas , Financial Services stocks also saw heavy buying demand too. Stocks of PSU banks saw some selling pressure. Read more  

In early trade, Rupee rises 71 paise to 80.69 / $

Published on: 2:24 pm

  • Early on Friday, the rupee strengthened 71 paise to 80.69 against the dollar as investors' attitudes were bolstered by easing US CPI data and a decline in the dollar index. Forex traders claimed that the local currency was also supported by strong domestic equities and falling crude oil prices.
  • The local unit began trading at 80.76 versus the dollar on the interbank foreign exchange, then advanced to 80.69, moving up 71 paise from its previous finish. The rupee gained 7 paise on Thursday to end the day at 81.40 against the US dollar. Read more

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Sensex zooms over 1,100 pts; Nifty above 18,300; IT index top contributor

Published on: 2:00 pm

  • Domestic benchmark indices in the fast lane today led by IT and Metal stocks outperforming. Both the Sensex and Nifty benchmarks were nearly 2% higher amid positive global cues.
  • On the sectoral front, auto and FMCG index was under selling pressure. However, alongwith IT index surging around 3.3%, metal and realty stocks also skyrocketed over 2% each to drive the market sentiments.
  • At around 2:00 PM, Sensex was trading at 61,755.96 higher by 1142.26 points or 1.88%. Nifty 50 traded at 18,338.15 higher 309.95 points or 1.72%.
  • Top Bulls on Nifty 50 are: HDFC (+6.78%), HDFC Bank (+6.5%), Infosys (+4.02%) supported by HCL Tech (+3.74%) and Hindalco (+3.65%). Meanwhile, top losers on Nifty 50 are: Eicher Motors (-4.78%), NTPC (-1.22%), Hero MotoCorp (-0.98%), Britannia (-0.93%) and Kotak Bank (-0.74%). Read more

NIBE receives order of Rs11.88 crore from Goa Shipyard; Stock slips 1%

Published on: 12:53 pm

  • Nibe Limited stocks in focus as the company announced the receipt of purchase orders.
  • As per the regulatory filing, it has received two purchase orders dated November 08, 2022 from Goa Shipyard Limited for supply MS & HTS Plates for a total consideration of Rs11,88,76,640 (Rupees Eleven Crores Eighty Eight Lakhs Seventy-Six Thousand Six Hundred and Forty Only). Read more

Ashoka Buildcon receives provisional certificate for NHAI road project; Stock up 2%

Published on: 12:26 pm

  • Ashoka Buildcon Limited has informed the declaration of October 26, 2021 as the Commercial Operation Date (CoD) for its Hybrid Annuity Mode (HAM) Project of National Highways Authority of India (“NHAI”).
  • As per the filing, the Project is “Construction of Four Laning of Tumkur - Shivamogga section from 12+310 (Design km 12+300) to km 66+540 (Design km 65+195) from Mallasandra to Karadi Village of NH-206 on Hybrid Annuity Mode, under NHDP phase-IV in the state of Karnataka (Package I)”.
  • The Project is executed by Ashoka Mallasandra Karadi Road Private Limited (SPV), a Wholly Owned Subsidiary of Ashoka Concessions Limited, a Subsidiary of the Company. Read more

Niyogin Fintech appoints Abhishek Thakkar as Chief Financial Officer

Published on: 10:46 am

  • Niyogin Fintech Limited has announced the appointment of Abhishek Thakkar as the Chief Financial Officer.
  • According to the regulatory filing, Abhishek Thakkar is a management professional with 10+ years of experience in the field of Finance, Accounting, Regulatory/Group Reporting and Operations. He has been associated with Avendus Capital Private Limited, Ageis Logistics Limited and Deloitte Haskins & Sells LLP in his previous roles.
  • He is a qualified Chartered Accountant and holds Diploma in IFRS from the Association of Chartered Certified Accountants (ACCA), UK. Read More

Q2FY23 Preview: Oil and Natural Gas Corporation: Loss After Tax seen at Rs91,740 million

Published on: 10:25 am

  • Result date: 11th November, 2022
  • Recommendation: Reduce
  • Target price: Rs150
  • Oil and Natural Gas Corporation (ONGC) could witness pressure on earnings (sequentially) owing to lower crude prices and imposition of export taxes from 1st July. Crude averaged USD 98/bbl during the quarter while the APM prices were stagnant at USD 6.1/mmbtu on a sequential basis. There could be some benefit to ONGC and other upstream companies arising from deregulation of oil sales from government defined procedure to a free market one. Read more

Petronet LNG Q2 net profit falls y-o-y by 10%

Published on: 10:10 am

  • The second quarter of FY23 saw a decline in Petronet's profit from Rs 824 crore in the same quarter last year to Rs 744 crore due to volatility in global LNG prices and challenges obtaining gas. Petronet is India's top LNG importer.
  • The company, a joint venture between the state-owned oil giant Bharat Petroleum and the companies IOCL, ONGC, and GAIL, said that because of operational optimization it was able to produce strong financial results despite high LNG prices. Read more

On Thursday Rupee ended at 81.77/ $

Published on: 10:07 am

  • On Thursday, the rupee lost 30 paise to settle at 81.77 (provisional), as market investors exercised caution before releasing of the US inflation figures. Domestic stocks' dismal trajectory, according to forex traders, also dampened investor morale. The local unit at the interbank foreign currency market started at 81.61 and fluctuated between 81.54 and 81.92.
  • It ultimately lost 30 paise from its previous level of 81.47 to conclude at 81.77 against the US dollar. On the local equities market, the broad NSE Nifty slid 128.80 points or 0.71 percent to 18,028.20, while the 30-share BSE Sensex fell 419.85 points or 0.69 percent to end at 60,613.70. Read more

Page Industries' Q2 net profit increases marginally to Rs 162 crore

Published on: 10:00 am

  • The net profit of clothing producer Page Industries Ltd for the second quarter ended September 2022 increased marginally to Rs 162.12 crore, the company stated on Thursday. According to a BSE filing by Page Industries Ltd (PIL), the business reported a net profit of Rs 160.48 crore from July through September of last year. Its operating revenue increased by 15.77% to Rs 1,255.01 crore during the quarter under review.
  • PIL generated Rs 1,084.01 crore in operating income during the quarter from July to September of FY22. Its overall spending for the September quarter increased 19.5% to Rs 1,045.14 crore. Read more

Berger Paints' Q2 net profit rises marginally to Rs 219 crore

Published on: 9:56 am

  • Berger Paints India posted a consolidated net profit of Rs 219.51 crore on Thursday, up slightly from the same quarter a year earlier when it reported a net profit of Rs 219.21 crore.
  • The operating revenue for the reviewed quarter was Rs 2,670.9 crore, up 20% from Rs 2,225 crore in the same quarter last year. Read more

PTC Industries inks pact with Bharat Dynamics; Stock climbs 1.5%

Published on: 9:55 am

  • To strengthen the defence infrastructure through the Make in India initiative, PTC Industries Limited, a manufacturer of high-quality engineering metal components for various critical and super-critical applications, has signed a Memorandum of Understanding (MOU) with Bharat Dynamics Limited (BDL), a Defence PSU.
  • The MoU has been signed under the following scope:
  • Design, Develop & Manufacture Aero Engines for Missiles, UAVs, Loitering Munitions or any such other fields where small Turbo Engines would be required other than Fighter Aircraft.
  • Formation of an SPV as partners with other Government / Semi-Government or Private entities as agreed to for the creation of Defence Testing infrastructure in the field of Mechanical & Materials under the Ministry of Defence DTIS Scheme implemented by UPEIDA. Read more

IRFC Q2 net profit goes up 14% to Rs 1,714 crore

Published on: 9:52 am

  • Indian Railway Finance Corporation (IRFC) said on Thursday that its profit for the second quarter ended September 30, 2022, increased by 14% to Rs 1,714 crore. The business, which serves as the Indian Railways' designated market borrowing arm, made Rs 1,501 crore in profit over the same period the year before.
  • According to a statement from the IRFC, the revenue from operations for Q2 FY23 increased by 23.88% to Rs 5,810 crore from Rs 4,690 crore reported during the same period last year. Read More

Markets on bull run; Sensex tops 800 pts, Nifty nears 18,300; IT index outperforms

Published on: 9:41 am

  • Indian markets traded on a bullish note during Friday's opening bell post the outcome of US inflation numbers. In the early deals, Sensex jumped even nearly 61,611, while Nifty 50 rose neared 18,300. SmallCap and mid-cap stocks added substantial gains. IT stocks led the rally while banking, metal, pharma, consumer durable stocks further contributed to the upside.
  • Heavyweight stocks witnessed value buying that drove both benchmarks Sensex and Nifty 50.
  • At around 9:38 AM, Sensex was trading at 61,500 higher by 886.86 points or 1.46%. The index was near the day's high of  61,611.31. Read more

Adani Green Energy's Q2 consolidated profit rises 49% to Rs 149 crore

Published on: 9:37 am

  • On Thursday, Adani Green Energy announced a 49% increase in its consolidated net profit for the September quarter of FY23 over the same period last year, coming in at Rs 149 crore.
  • In the three months that concluded on September 30, 2021, the company's combined net profit was Rs 100 crore, according to a BSE filing. In the reporting quarter, the company's total revenue increased to Rs 1,686 crore from Rs 1,411 crore in the corresponding quarter last year. Read more

UpGrad posts Rs 627 crore loss in FY22

Published on: 9:34 am

  • Educator unicorn up Grad Education Private Limited stated that its consolidated revenues for the fiscal year 2021–2022 were Rs 692 crore, an increase of 11% from Rs 328 crore the previous fiscal year. According to information received by business intelligence platform Tofler, the company's combined net loss nearly tripled to Rs 627 crore during the same fiscal year from Rs 211.1 crore the previous year.
  • Due to a large increase in expenses during FY22, the company's losses expanded primarily. A rise of 157% from Rs 514 crore the previous year, the overall expenditures for the fiscal were reported at Rs 1,319 crore in FY22. Read more

Trent's Q2 net profit increases 41% to Rs 193 crore

Published on: 9:31 am

  • Trent, the retail division of the Tata Group, stated on Thursday that strong sales helped to boost its standalone net income by 41% year over year to Rs 193 crore. According to a statement from the company, revenue—including GST—rose 78% to Rs 1,929 crore, the largest amount ever for a quarter.
  • Consolidated sales increased by 66% to Rs 1,952 crore, and the business recorded a net profit of Rs 93 crore in the second quarter of the current fiscal year. The firm continues to broaden its reach and strengthen its lifestyle offerings across ideas, categories, and channels, according to Trent's Chairman Noel Tata, who noted that its fashion concepts once again demonstrated strong growth momentum in the second quarter. Read more

Oil India declares highest quarterly net profit at Rs 1,720 crore

Published on: 9:29 am

  • Despite a newly implemented windfall profit tax eliminating part of the profits resulting from an increase in oil prices, state-owned Oil India Ltd (OIL) on Thursday declared its highest quarterly net profit of Rs 1,720 crore for July-September.
  • In the second quarter of the current fiscal year, net profit increased to Rs 1,720.53 crore from Rs 504.46 crore, according to a statement from the company. Increased oil and gas prices caused the turnover to increase from Rs 3,678.76 crore to Rs 6,670.81 crore in July–September 2021. Read more

SAIL's Q2 net loss at Rs 329 crore

Published on: 9:26 am

  • The largest steel manufacturer in the nation, SAIL, is part of the Ministry of Steel and has an installed capacity of more than 20 million tonnes annually (MTPA) SAIL, a state-owned company, entered the red on Thursday after reporting a combined loss of 329 crore rupees for the three months that ended on September 30, 2022.
  • In a BSE filing, SAIL reported that its net profit for the July through September fiscal period was Rs 4,338.75 crore. The company also disclosed a decrease in overall revenue, which fell to Rs 26,642.02 crore from Rs 27,007.02 crore in the same quarter last year. Read more

RateGain recognized as World's Best Technology Provider at 2022 World Travel-Tech Awards

Published on: 9:19 am

  • RateGain Travel Technologies Limited, a global provider of SaaS solutions for the hospitality and travel industry, has announced that it had been recognized in two categories at the recently concluded 2022 World Travel-Tech Awards organized by World Travel Awards.
  • The prestigious World Travel Awards has been recognizing excellence in the travel and hospitality industry for over 29 years and is one of the most coveted awards in the industry. As technology becomes critical for the industry to scale and drive efficiencies, World Travel Awards started recognizing excellence in travel technology to help the industry make better technology decisions.
  • RateGain was recognized as the world’s best channel manager, for its connectivity solution that provides unlimited ARI updates, enterprise level analytics and easy discovery of new source markets using artificial intelligence. Read more

SJVN bags another 83MW floating solar project in Madhya Pradesh; Stock soars 2%

Published on: 9:18 am

  • SJVN has secured 83 MW Floating Solar Project in Madhya Pradesh. This Project has been secured at Rs3.70/unit on Build Own and Operate basis in a e-Reverse Auction (e-RA) organized by REWA Ultra Mega Solar Limited (“RUMSL”).
  • SJVN will develop this project in India’s largest Floating Solar Park at Omkareshwar in District Khandwa, Madhya Pradesh. The cost of developing the Floating Solar Project will be approximately Rs585 crore. After commissioning, the project will generate 187 million units in first year & 4410 million units over a period of 25 years. The commissioning of this Project is expected to reduce approximately 2,16,074 tonnes of carbon emission in 25 years.
  • The Power Purchase Agreement (“PPA”) will be signed between RUMSL & SJVN for 25 years. The project shall be commissioned within a period of 21 months from the date of signing of PPA. Read more

Star Housing Finance gets Rs10 crore loan sanction from ICICI Bank

Published on: 9:18 am

  • Star Housing Finance Limited has informed to the exchanges regarding sanction of term loan facility.
  • In a regulatory filing, the company informed that the ICICI Bank has sanctioned loan facility of Rs10 crore to Star Housing Finance.
  • At around 9:18 AM, Star Housing Finance was trading at Rs205.10 per share lower by 1.70% on the BSE. Read More

Bata India stock under pressure post Q2FY23 numbers

Published on: 9:17 am

  • Footwear major Bata India Limited has announced results for the quarter ended September 30, 2022. Revenue from operations for the quarter stood at Rs8,297 million (a growth of 35% over quarter ended September'21) showcasing consistent improvements across channels.
  • The net Profit stood at Rs511 million as against net profit of Rs370 million in the quarter ended September 2021, showing a growth of 38%.
  • Despite tough operating environment and significant material inflation, the Company managed to drive broad volume driven revenue growths across business channels of retail/franchise/distribution/E-comm. Read more

Venus Pipes & Tubes reports revenue of Rs126.4 crore, PAT of Rs10.3 crore in Q2FY23

Published on: 9:16 am

  • Venus Pipes & Tubes Ltd, a leading manufacturer of stainless pipes and tubes has announced its financial results for the second quarter and half year ended on September 30, 2022.
  • Key Quarterly Highlights:
  • Total Revenue stood at Rs240 crore in H1FY23 as compared to Rs170.5 crore in H1FY22.
  • Revenue for Q2FY23 stood at Rs126 crore as compared to Rs89.5 crore in Q2FY22, a growth of 41%.
  • EBIDTA for Q2FY23 stood at Rs15.5 crore, an increase of 16% on yoy basis. The same for H1 grew by 32%.
  • PAT for the quarter was up by 17% yoy and grew 26% on half-yearly basis. Read more

Apollo Hospitals Q2 net profit dips 20% to Rs 213 crore

Published on: 8:56 am

  • Apollo Hospitals reported on Thursday that for the second quarter that ended in September, its consolidated net profit fell 20% to Rs 213 crore. The healthcare giant had previously declared a net profit of Rs 267 crore for July through September.
  • According to a regulatory filing by Apollo Hospitals, total revenue grew to Rs 4,274 crore in the second quarter of the current fiscal from Rs 3,723 crore in the same quarter last year. On the BSE, business shares ended the day 1.8% lower at Rs 4,282.25 a share. Read More

Markets may see a day in green today

Published on: 8:53 am

  • Indian markets are likely to see a day in green today. Other Asian markets have opened strongly in green today.  US Consumer price inflation stood at 7.7% in October. On a month-on-month basis, consumer prices rose by 0.4%. This was slightly less than broader market expectations. US dollar also declined against other currencies. 
  • US markets ended the day in green, yesterday. Dow Jones ended, up by 3.70%. Nasdaq ended, up by 7.35%. NYSE ended, up by 4.43%. S&P 500 ended, up by 5.54%. Markets got a boost from the fact that US inflation in October increased less than broad expectations.
  • Asian markets today are following the overnight cues from US equity markets.  Japanese Nikkei is up by 2.65%. South Korean KOSPI is up by 2.58%. Taiwan Index is up by 3.39%. Shanghai Index is up by 1.31%. ASX index is up by 2.39%. Asian markets are also getting a boost from decline in US dollar seen yesterday. Read more

UV ARC submits counterbid of Rs 32.5 crore for insolvent SSA International

Published on: 8:44 am

  • Lenders to rice exporter SSA International have received a counterbid to the National Asset Reconstruction Co's (NARCL) offer, increasing their chances of recovering their money from the indebted business.
  • In response to NARCL's offer of Rs31 crore, UV ARC has made a bid of Rs32.5 crore, according to news reports. The deadline for challenging offers for the company was on Wednesday.
  • "This offer is marginally better, but not significantly. It is yet to be seen if the NARCL wants to compete with it or surpass it "a source acquainted with the offer stated. Read More

Tea Board asks for Rs 1,000 crore in aid from the Government

Published on: 8:36 am

  • The Tea Board has asked for Rs1,000 crore in aid for the industry over the course of the next five years beginning in 2022–2023
  • According to Saurav Pahari, chairman of the tea board, the small tea growers (STGs), who account for 52% of the nation's total production, have gotten special attention in the budget that was submitted to the commerce ministry.
  • Following the annual general meeting (AGM) of the Indian Tea Association (ITA) on Thursday, Pahari informed reporters, "We have requested monetary assistance of Rs1000 crore in the budget given to the government for a period of five years starting 2022-23.
  • In a video clip, the government's chief economic adviser (CEA), V Anantha Nageswaran, stated that India's contribution to world GDP rose from 2.6% to 3.4%. Read more

Srei Infra to get time till January 5 to complete IRP

Published on: 8:34 am

  • The National Company Law Tribunal has extended the deadline for Srei Infrastructure Finance's insolvency resolution proceedings to January 5 of next year. Three parties in all have expressed interest in the buyout process.
  • With regard to the company's ongoing CIRP, the National Company Law Tribunal's Kolkata bench has extended the deadline for completion till January 5, 2023, according to Srei's BSE filing.
  • Due to the non-banking housing finance company's poor financial situation and governance difficulties, the RBI assumed management of it in October 2021. Read more

Skoda may soon launch its EVs in India

Published on: 8:31 am

  • Within the next 12 to 18 months, the Czech automaker Skoda Auto will introduce a fully finished model into the Indian electric vehicle (EV) market.
  • Petr Solc, brand director at Skoda Auto India, told ET that "we would like to test the market with a prepared unit from Europe.
  • According to him, Skoda eventually intends to offer a variety of EVs, some of which will be assembled locally, some of which will be parts and components. The development of the EV charging infrastructure will determine how quickly EVs are introduced.
  • With sales this year anticipated to be close to four million, India has recently emerged as one of the markets for passenger vehicles that is expanding the quickest in the world. Read more

Karius Shavak Dadachanji buys Rs 156 crore worth of stake in Shrem InvIT

Published on: 8:28 am

  • According to a press release from the company, Kairus Shavak Dadachanji, chairman of the Dadachanji Group of Companies, invested Rs156 crore through a bulk transaction by purchasing 1.5 crore units in Shrem InvIT for Rs104 each. 4.6% of the infrastructure trust's shares are now owned by Kairus Dadachanji,  as a result of the action.
  • Dadachanji had made a modest investment at the time of Shrem InvIT's initial public offering.
  • Shrem InvIT owns a collection of 24 assets spread across five states that are the perfect blend of annuity, HAM (hybrid annuity model), and toll projects. Read more

Institutional investors show huge interest in Axis Bank OFS

Published on: 8:26 am

  • An enormous amount of interest was shown in the government's offer to sell shares of Axis Bank, which was made available to institutional investors on Thursday.
  • 46.5 million shares of Axis Bank were put on sale by Government. Total bids received were of 48.54 million shares.
  • Indicative bids were made at a price of Rs836.04 compared to the floor price of Rs830.63. Read more

Government has raised Rs 16,000 crore through Green Bonds this year

Published on: 8:23 am

  • Regulation and government backing are required for India's green bonds so that the number of issuers, grow and international ESG funds can invest heavily in such debt.
  • Through an auction of green bonds totalling Rs16,000 crore this year, the government chose to fund initiatives across nine broad categories.
  • On Wednesday, the finance ministry released a foundation for it. This would represent more than 1% of the Rs14.21 lakh crore in gross borrowing by the Centre.
  • Local dealers predict that such green bonds will yield less than the overall benchmark. Unless the Reserve Bank of India, the government's merchant banker, issues an additional clause, a 10-year sovereign bond is anticipated to return at least 15 basis points less than the benchmark paper, which is now at 7.35% Read more

Eicher Motors' profit in September quarter up y-o-y by 76%

Published on: 8:21 am

  • The total net profit after tax for the September quarter at Eicher Motors increased by 76% year over year to Rs657 crore. Consolidated revenue increased by 56.5% YoY to Rs3,519.40 crore.
  • The strong operational performance also contributed to the bottom line. EBITDA, which stands for earnings before interest, taxes, depreciation, and amortization, climbed by 75% year over year to Rs821 crore, with margins sharply increasing by 246 basis points to 23.35%.
  • The operational performance was probably driven by a better mix and price increases, which counteracted the inflation in input costs. To reach Rs2,001.4 crore, input prices increased by 45% YoY. Read more

Binance backs out of FTX acquisition

Published on: 8:18 am

  • After Binance decided against buying out its arch-rival FTX Trading, citing financial and investigation worries, the cryptocurrency market remained unstable.
  • Following due diligence, Binance has cancelled its letter of intent to acquire the competing cryptocurrency exchange, FTX. In addition, there are numerous reports that FTX handled consumer money improperly.
  • Earlier, after witnessing the digital equivalent of a bank run, FTX had decided to sell itself to Binance. Customers left the exchange when they started to wonder if FTX had enough capital. Read more

Global crude oil news

Published on: 8:17 am

  • Although there were fewer worries about a U.S. recession on Friday, oil prices were still expected to drop more than 4% on the week after a rise in COVID-19 cases in China, the world's largest oil importer, raised the possibility of decreased fuel demand.
  • Brent oil futures were up 23 cents, or 0.3%, to $93.80 a barrel, continuing a session-long rise of 1.1%.
  • U.S. Following a 0.8% increase in the previous session, West Texas Intermediate (WTI) crude futures increased by 28 cents, or 0.3%, to $86.75 per barrel. Read More

Top 10 stocks for today – 11th November 2022

Published on: 8:03 am

  • The Nifty futures contract on the Singapore Exchange has risen today 299.5 points, or 1.65%,  indicating that the stock markets may open up higher on Friday. The following 10 stocks may show price movement in today's market. To check more hot stocks, click at :
  • Apollo Hospitals:
  • The healthcare giant reported that for the second quarter ended in September, its consolidated net profit fell 20% to Rs 213 crore.
  • Adani Green Energy:
  • The market participant in renewable energy reported a 49% increase in its overall net profit at Rs 149 crore in the September quarter of FY23 compared to a year before.Read more  

WeWork will close 40 US locations to cut costs

Published on: 7:31 am

  • WeWork Inc. announced that it will close roughly 40 facilities throughout the country and expects its revenue for the current quarter to fall short of expectations due to high costs and a strong dollar.
  • As of September 30, the corporation has been attempting to shrink its real estate footprint and employee numbers as it struggles to pay $15.57 billion in long-term lease obligations. Contrarily, several of WeWork's tenants have only temporary agreements. Read more

Zomato nearing profitability, says CEO

Published on: 7:21 am

  • In comparison to the same time last year, Zomato's consolidated net loss practically decreased in half, from Rs 434.9 crore to Rs 250.8 crore. The company reported a combined net loss of Rs 186 crore for the months of April through June.
  • The three-month period showed a 62% increase in revenue from operations for the online meal delivery and restaurant discovery platform, reaching Rs1,661.3 crore. Read more

Inox Green IPO intends to raise Rs 740 crore

Published on: 7:17 am

  • One of the leading providers of operation and maintenance (O&M) services for wind power in India is Inox Green Energy Services (IGES).
  • The company intends to raise Rs 740 crore through an initial public offering (IPO), with the majority of the funds going toward debt repayment and other corporate needs. This is consistent with the management's aim to run a low-asset, high-cash-flow company. Read more

NHPC board approves merger of Jalpower Corporation

Published on: 7:13 am

  • In March 2021, Jalpower Corporation Ltd. (JPCL) was bought by NHPC through insolvency proceedings, along with its 120 MW Rangit Stage-IV hydropower project.
  • According to a BSE filing, "the Board of Directors of NHPC Ltd. (the Company or Transferee Company) has, among other things, approved the scheme of merger or amalgamation of Jalpower Corporation Ltd., a wholly owned subsidiary of NHPC, with the Company." Read more

Indian Oil purchases a cargo of Russian Sokol oil in spot market

Published on: 7:04 am

  • The leading refiner in the nation, Indian Oil Corp, has agreed to a spot deal with a trading company to purchase a cargo of Russian Sokol oil for delivery in November.
  • In a recent Rosneft tender, the broker got the Sokol cargo at close to parity with the Dubai benchmark. But IOC opted out of the Rosneft tender because the Russian business required prepayment.
  • Six cargoes of Sokol crude were made available for loading by Rosneft last month, indicating that production at the Sakhalin-1 project may be returning after the departure of former operator Exxon Mobil Corp. Read more

Jio 5G now available in Bengaluru and Hyderabad

Published on: 6:59 am

  • Jio has now expanded its True-5G services to Bengaluru and Hyderabad after first launching them in six locations, including Mumbai, Delhi, Kolkata, Chennai, Varanasi, and Nathdwara.
  • Users will have access to limitless 5G internet with speeds of up to 1Gbps+ starting on November 10 as part of the "Jio Welcome Offer." Read more

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