Latest News and Updates

15th Nov, 2022

Fusion Microfinance closes 12% lower on debut

Published on: 4:10 pm

  • After a weak listing, stock of Fusion Microfinance closed Tuesday's session down 11.74% to Rs324.80.
  • According to BSE data, the IPO was subscribed 2.95 times, with qualified institutional investors buying 8.59 times the allotted quota, non-institutional investors 1.38 times and retail investors 0.51 times. The response was much lower than had been expected. Read More

Markets see a topsy-turvy day

Published on: 3:54 pm

  • Indian equity markets saw a topsy-turvy day.  After starting the day in Green, markets started falling. In the afternoon session, they started rising again. After 3 p.m., in the last one hour, the rise was steep. Nifty 50 ended the day, up by 90.60 points. Sensex ended the day, up by 248.84 points. Top Gainers today were ONGC, Power Grid and ICICI Bank. Top Losers today were  HDFC Life, Grasim and Cipla. Read More

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Healthcare Global posts Rs 7.4 crore profit in September quarter

Published on: 3:41 pm

  • Healthcare Global Enterprises Ltd's revenue in the September quarter increased y-o-y by 19.3% to Rs 4,200 million.
  • Profit after tax, after removing the impact of exceptional items, increased to Rs 74 million in September quarter from Rs 8.3 million in the corresponding quarter of the previous year. New patient registrations in the quarter grew y-o-y by 13.6%. Read more 

Global Health IPO to list tomorrow

Published on: 3:40 pm

  • The Initial Public Offer of Global Health Limited is all set to list on bourses on Wednesday, November 16, 2022. The price band for IPO has been fixed at Rs 319-336 per share. The company aims to raise Rs 2,206 crore from the issue. This includes fresh issue of Rs 500 crore and Rs 1,705 crore of an offer from sale. According to the subscription data from BSE, the IPO was subscribed 9 times for its 4.67 crore shares on the last day of subscription.
  • The proceeds from the public issue will be used to repayment or pre-payment of debts and for other corporate purposes. Read More

EaseMyTrip launches 2.0 self-booking tool for corporates

Published on: 2:52 pm

  • Easy Trip Planners Limited has announced the launch of a self-booking tool for corporates.
  • With this tool, business travellers and corporates can book their travel with ease as it simplifies their entire booking experience. The tool uses AI, Machine Learning, Data Mining etc technologies to become efficient and resourceful.
  • With the help of SBT (Self-Booking-Tool), corporates will enjoy a seamless and a hassle-free booking experience by making reservations by themselves without involving a travel agency or a third-party. The tool becomes instrumental in managing the employee booking, travel itinerary, payments and the complexities involved making their entire process automated. Read More

Bikaji Foods International IPO listing tomorrow

Published on: 2:29 pm

  • On the last day of subscription, November 7th, the initial public offer of Bikaji Foods International was subscribed to 26.67 times. The issue with a price band of Rs 285-300 per share received bids for 55,04,00,900 shares against 2,06,36,790 shares on offer, as per data available with the NSE.
  • After the finalisation of the allotment, all eyes are on the debut of the company’s stock on Dalal Street. Bikaji Foods International IPO is expected to list tomorrow, i.e., November 16th, on BSE and NSE.
  • The IPO is purely an offer for sale by its promoters and existing shareholders. Therefore, the company will not receive any proceeds from the issue. Ahead of the issue, Bikaji Foods also said to raise Rs 262 crore from anchor investors. The company has allocated 87.37 lakh equity shares to anchor investors at Rs 300 per share. Read More

Markets at day's low, trades flat; IT, metals under pressure

Published on: 2:00 pm

  • Domestic benchmark indices trading flat after a gap-up opening on Tuesday. Both the Sensex and Nifty benchmarks gave up their initial gains and trading flat in the afternoon market session.
  • On the sectoral front, Auto index outperformed by gaining over 0.5% followed by banking and financial stocks with marginal upside. However FMCG, IT and metal stocks were under selling pressure to drag the market sentiments. 
  • At around 2:00 PM, Sensex was trading at 61,612.29 lower by 11.86 points or 0.02%. Nifty 50 traded at 18,327.75 lower 1.40 points or 0.01% Read more

Globus Spirits' stock price down by more than 8% today

Published on: 1:45 pm

  • Globus Spirits shares fell 13% to a new 52-week low of Rs 700 on the BSE in intraday trade on Tuesday after the business reported a dismal set of data for the quarter ended September (Q2FY23).
  • The breweries and distilleries company's stock has dropped below its historic low of Rs 766.05, set on October 26, 2022. It has fallen 59% in the last ten months from a high of Rs 1,720. On January 14, 2022, it reached a record high of Rs 1,760. Read More

Ramprashanth Ganesan appointed Chief Strategy Officer for IppoPay

Published on: 1:25 pm

  • IppoPay Technologies, a provider of verticalized payments infrastructure, has engaged Ramprashanth Ganesan as chief strategy officer to lead their expansion into new verticals.
  • Ganesan is joining IppoPay from Spark Capital Advisors with a wealth of experience spanning more than ten years in investment banking, where he has advised numerous businesses in the financial services and technology industries.
  • He helped businesses in the fintech and financial services sectors complete transactions totalling almost $1.5 billion when he was employed with Spark. Read more

UFlex records 26.8% yoy revenue increase for Q2FY23; Stock plunges near 5%

Published on: 1:15 pm

  • UFlex Ltd, India's largest multinational in flexible packaging solutions has  announced its consolidated financial results for the second quarter and half year ended September 30, 2022.
  • The consolidated revenue of the company grew 26.8% yoy to Rs3848.8 crore in Q2FY23. The company's Earnings before interest, depreciation & amortization and tax (EBITDA) recorded an increase of 16.2% yoy and company's Profit after Tax (PAT) increased by 11. 7% to Rs190.7 crore yoy.
  • In Q2, 2022, the total production volume grew 1.5% YoY to 151865 Tons and the sales volumes grew 1.8% YoY to 149737 Tons. Aseptic packaging sales volume grew by 139% YoY. Read more

Apollo Tyres' stock up by more than 4% today

Published on: 12:50 pm

  • Apollo Tyres shares hit a multi-year high of Rs 303.40 on the BSE in Tuesday's intra-day trade, gaining 6% in an otherwise subdued market, after the company reported a double-digit increase in revenue and earnings before interest, taxes, depreciation, and amortization (Ebitda) in the September quarter (Q2FY23) despite a challenging environment.
  • At 12:11 p.m., the stock was trading 4% higher at Rs 297.65, compared to a 0.21 % fall in the S&P BSE Sensex. Trading volume on the stock has nearly tripled today. The stock was trading close to its all-time high of Rs 307, set on April 17, 2018.
  • Due to greater sales, the company's consolidated net profit increased 11% year on year (YoY) to Rs 194 crore in Q2FY23. In the previous quarter, the tyre giant declared a net profit of Rs 174 crore. Despite the challenging market, it reported a 17% YoY revenue growth of Rs 5,956 crore, primarily due to price increases. Read more

Ind Ra assigns Walchandnagar Industries rating to 'IND B-/Stable'; Stock gains 2.5%

Published on: 12:26 pm

  • India Ratings and Research (Ind-Ra) has assigned Walchandnagar Industries Limited (WIL) a Long-Term Issuer Rating of ‘IND B-’. The Outlook is Stable.
  • Moreover, the short-term rating has been assigned to IND A4.
  • As per the rating rationale report, a substantial improvement in liquidity, on a sustained basis, would be positive for the rating.
  • Further, a substantial deterioration in liquidity, on a sustained basis, would be negative for the rating, the rating agency said. Read More

Godrej Properties achieves sales of Rs500 crore in Pune project launch

Published on: 12:17 pm

  • Godrej Properties Ltd. on Tuesday has announced that it has achieved sales worth Rs500 crore through the launch of its new project, Godrej Woodsville in Hinjewadi, Pune.
  • The company, till date has sold 675+ homes accounting for an area of over 6.90 lakh square feet for the project launched in September 2022.
  • Mohit Malhotra, MD & CEO, Godrej Properties, said, “We are happy with the overwhelming response received for Godrej Woodsville. Pune has always been a key market for us and the consistent growth of our townships reflects the customer’s confidence and demand for controlled and gated environments in integrated sustainable facilities by reputed developers. We will do our best to deliver an outstanding project for all the residents of these projects.” Read More

CESC to raise Rs 300 crore via NCDs

Published on: 12:05 pm

  • CESC's board of directors authorized a proposal to raise Rs 300 crore by issuing non-convertible debentures on Tuesday (NCDs).
  • "At its meeting today, the Board's Committee approved the issue of 3,000 secured, unlisted, redeemable, rated NCDs with face values of Rs 10 lakh each for cash at par, amounting to Rs 300 crore," according to a BSE filing.
  • CESC is a power sector company owned by the RP - Sanjiv Goenka Group. Read more

Rail Vikas Nigam stock price up by more than 11% today

Published on: 11:45 am

  • The shares of Rail Vikas Nigam (RVNL) kept increasing on Tuesday, climbing 6% in intraday trade on the BSE to reach a new high of Rs 58.05. As opposed to the 0.24 % decline in the S&P BSE Sensex at 11:04 am, the stock was trading 5% higher at Rs 57.50.
  • Since October 20, when the business disclosed receiving several orders, the stock price of RVNL has increased by 62% during the past 16 trading days from a level of Rs 35.80. Compared to a 3% gain in the Sensex over the last three months, the stock price of RVNL has increased by 90%.
  • On November 11, RVNL announced that the business has been chosen as the preferred bidder for the Development of UTF (Uthuru Thila Falhu- Island) Harbour international project in the Maldives. This is a significant project for the Indian government, with a budget of roughly Rs. 1544.60 crore. Read more
 

Keystone Realtors IPO subscribed 10% on Day 2

Published on: 11:20 am

  • With muted response on day 1, Keystone Realtors IPO of Rs 635 crore was subscribed 10% by 11 AM on day 2. According to the subscription data from BSE, investors made 9,19,917 bids out of 86,47,858 shares total available for subscription. The quota for retail bidders was subscribed 15%, while that for non-instituonal invetors stood at 13%. Qualified instituional buyers bought 756 shares against the reserved portion of 24,70,816 shares.
  • The company is offering shares in the range of Rs 514-541 a piece and the IPO subscription is open between November 14 to 16. Investors can apply for 27 equity shares in a lot. The offer comprises of fresh issue of equity shares worth Rs 560 crore and Offer For Sale of Rs 75 crore. Read more

Prakash Subramanian named India CEO of Millennium Capital

Published on: 11:20 am

  • Prakash Subramanian, a former managing director at Standard Chartered Bank, has joined the US-based hedge fund Millennium Capital as its chief executive officer for India.
  • Millennium Capital, a global hedge fund based in New York, manages $57 billion in funds globally. The fund is expanding its presence by hiring a new management team and is aiming to invest in India. Read More

Last day to subscribe to the IPO of Inox Green Energy Services

Published on: 10:57 am

  • The IPO of Inox Green Energy Services was subscribed 85% on day 2 of the offer on Monday. The three-day issue was launched on November 11 and will conclude on November 15. The company has fixed the price band at Rs 61-65 per share.
  • The details of day 3 of subscription is provided in the table below:
  • Inox Green Energy Services Ltd IPO subscrition live status (10.51 AM on 15-11-2022) Read more

In the early trading, gold prices remain unchanged

Published on: 10:55 am

  • Tuesday's early trading saw little change in the price of gold, with 10 grams of 22-carat gold trading at Rs 48,260, according to the GoodReturns website. With 1 kg of the precious metal trading at Rs 61,700, silver prices are similarly constant.
  • A ten-gram piece of 24-carat gold costs Rs 52,640. Ten grams of 22-carat gold cost Rs 48,360 in Delhi, Rs 48,290 in Bengaluru, and Rs 49,010 in Chennai, respectively. At Rs 48,260, the price of ten grams of 22-carat gold in Mumbai was comparable to that of the metal in Hyderabad and Kolkata. Read more

ONGC stock up by more than 2% today

Published on: 10:36 am

  • After the oil explorer reported a standalone net profit of Rs 12,826 crore for the September quarter, shares of Oil and Natural Gas Corporation (ONGC) rose 3% in intraday trade on Tuesday in an otherwise range-bound market, hitting an over four-month high at Rs 143.20. (Q2FY23). The government-owned oil exploration and production business reported a profit of Rs. 18347.3 crore in the same period last year.
  • For the quarter, ONGC recorded earnings of Rs 38,321 crore. The price of crude oil was $95.5 per barrel. Realization was $72.2 per barrel after deducting windfall taxes. Gas realisation remained sequentially constant at $6.1/mmbtu (on GCV basis). EBITDA for the quarter fell by 27.5% QoQ to Rs 18,812 crore. Read more

Reliance Jio to offer 5G service in entire Kolkata by June 2023

Published on: 10:31 am

  • Reliance Jio stated that key areas of the city will be brought under the telecom firm's 5G service by December of this year, with the construction completed by June 2023.
  • The corporation will soon begin providing high-speed Internet services in Siliguri, the second city in the state to provide such services after Kolkata.
  • A top Reliance Jio official stated that the company plans to put out 5G in Siliguri as part of its nationwide deployment of service by December 2023. Read more

W S Industries India secures Rs200.55 crore order; Stock soars 4.9%

Published on: 10:27 am

  • W S Industries (India) Ltd has informed that Company has bagged an order worth Rs200.55 crore.
  • As per the regulatory filing, the order is for the Construction of Integrated Bus Terminal and Multi Utility Facility Center at Panjapur, Old Madurai Road, Tiruchirappalli, Tamilnadu - 620 001, approximately valued at Rs.200.55 Crores (including GST).
  • The order has been awarded by the domestic entity and caters to domestic market. Further, time period by which the order is to be executed is 22 months, the company said. Read more

DoT requires telecom infrastructure providers to provide information on asset sharing with companies

Published on: 10:21 am

  • The Department of Telecommunications (DoT) has changed telecom infrastructure businesses' registration requirements to allow access to their assets to entities that the central government will notify in the public interest and for national security.
  • In the past, telecom infrastructure providers were permitted to share their assets with third parties on mutually agreeable terms, such as their dark fibers, duct space, and mobile towers. Read more

Fusion Microfinance debuts with discount of 2% at Rs 359

Published on: 10:09 am

  • Non-Banking Financial Institution (NBFC) Fusion Microfinance opened at a minor discount of 2.44% to issue price on November 15, following a lower-than-expected subscription to its initial public offer (IPO). The public issue had seen a 2.95 times subscription which closed on November 4th,. Of this, qualified institutional investors purchased shares 8.59 times the allotted quota, non-institutional investors 1.38 times, and retail investors 0.51 times.
  • The stock listed at Rs 360.50 on BSE and the opening tick on the NSE was Rs 359.50 against the issue price of Rs 368 per share. 
  • The company came up with fresh issue of Rs 600 crore and offer for sale of Rs 503.99 Cr. So, as per RHP, the promoters will hold 58.10% of company’s shareholding post listing. Read More

Kaynes Technology IPO receives 34 times subscription application

Published on: 9:57 am

  • Kaynes Technology India's Rs 858 crore public issue was subscribed 34 times on Monday, the final day of bidding. In contrast to the 10.5 million shares offered, offers for 357.6 million shares were received.
  • The integrated electronics company with IoT (Internet of Things) solutions sold its stock in the ₹559-587 range.
  • The portion reserved for qualified institutional buyers was bid  98.47 times, while the non-institutional investor segment was bid 21.21 times. The retail investor portion received 4.09 times as much interest. Read more

Tera Software surges 2% on receiving Rs46 crore work order from Bharat Electronics

Published on: 9:53 am

  • Tera Software Limited has informed to the exchanges regarding receipt of work orders worth over Rs46 crore from Bharat Electronics.
  • As per the regulatory filing,  the Company has got a work Orders worth of Rs46,70,64,070/- (Rupees Forty Six Crores Seventy Lakhs Sixty four thousand and Seventy Only) from Bharat Electronics (A Govt. of India Enterprises), Bangalore for scanning & digitizations - E Mahabhoomi Polygons in 14 districts of Maharastra.
  • At around 9:53 AM, Tera Software Ltd is currently trading at Rs47.50 per share up by Rs0.95 or 2.04% from its previous closing of Rs46.55 per share on the BSE. Read more

Markets trade flat amid volatility; Nifty above 18,350; Auto index positive contributor

Published on: 9:39 am

  • Indian markets witnessed volatility on Tuesday tracking mixed global cues as traders are nervous amid  mixed signals from Fed officials on their next rate policy decision. However, in domestic equities, investors bet cautiously despite the fact that the CPI inflation eases to 3-month low of 6.77% in October. IT, metal, FMCG stocks logged selling pressure, while Auto stocks outperformed.
  • At around 9:36 AM, Sensex was trading at 61,678.01 higher by 53.86 points or 0.09%. The index has touched an intraday high and low of 61,783 and 61,630.05 respectively.
  • Nifty 50 traded at 18,360.45 up by 31.30 points or 0.17%. The index has clocked the day's high and low of 18,378.15 and 18,344.80 respectively.
  • Hinduja Global Solutions stock rallies near 4% as the company reported massive 599% sequential growth in consolidated profit at Rs239 crore for quarter ended September FY23, aided by higher other income and tax write-back. Read More

Adani Ports incorporates JV with Gadot Chemical Terminals to buy Israel's Haifa Port

Published on: 9:19 am

  • Adani Ports & Special Economic Zone Ltd has informed that the Company has incorporated a Joint Venture Company with Gadot Chemical Terminals (1985) Ltd. in Israel namely “Mediterranean International Ports A.D.G.D Ltd” on November 13, 2022.
  • As per the regulatory filing, Mediterranean has been incorporated as a Joint Venture Company (“JVC”) with Gadot Chemical Terminals (1985) Ltd. for acquisition of Haifa Port Company (“HPC”), which currently operates Haifa Port in Israel.
  • Further, for acquisition of HPC, following approvals inter-alia are obtained/are in process in Israel, as per the extant regulations: Read more

FM Nirmala Sitharaman reviews the progress of National Monetization Pipeline

Published on: 9:19 am

  • Finance Minister Nirmala Sitharaman reviewed the National Monetization Pipeline (NMP) on Monday during a meeting with NITI Aayog and senior officials from several ministries. In August last year, the finance minister launched a Rs. 6 lakh crore NMP to unlock value in infrastructure assets across sectors, including power, road, and rail.
  • In a tweet, the finance ministry stated that "Union Finance Minister Smt. Nirmala Sitharaman heads the meeting to monitor the development of the National Monetization Pipeline in New Delhi today." The total asset pipeline under NMP over the next four years is estimated to be around Rs 6 lakh crore. The estimated amount is 14% of the Center's proposed outlay under the National Infrastructure Pipeline (Rs 43 lakh crore). Read more

Greaves Cotton registers highest ever quarterly consolidated revenue of Rs699 crore

Published on: 9:18 am

  • Greaves Cotton Limited, one of India’s leading diversified engineering companies, has announced its consolidated revenues of Rs699 crore for the Q2FY23, recording a healthy growth of 87% over Q2FY22.
  • The Company has reported an improvement in margins with quarterly EBITDA at Rs43 crore. The electric mobility business of Greaves recorded highest ever quarterly revenues of Rs318 crore, and sales of ~33K units. This reflects the trust enjoyed by the Ampere brand and the growing adoption of electric mobility in India. Greaves Retail added over 40 new stores in YTD FY23, retailing 15+ brands and continued its growth momentum. Read more

Some corporate and economy snippets for today

Published on: 9:17 am

  • Corporate Snippets:
  • WF Asian Reconnaissance Fund has bought 50 lakh equity shares in Policybazaar’s parent company, PB Fintech, for an average price of Rs 388 per share.
  • Apollo Tyres’ consolidated profit in the September quarter increased y-o-y by 12% to Rs 194.5 crore.
  • NBCC’s consolidated profit in  the September quarter increased y-o-y by 34% to Rs 95.5 crore.
  • Biocon’s consolidated profit in the September quarter came down y-o-y 48.8% to Rs 81.8 crore. Read more

Goodyear India revenue increases 9% yoy to Rs772 crore in Q2FY23

Published on: 9:17 am

  • Goodyear India Ltd has reported results for the second quarter of fiscal year 2023.
  • Q2 Results
  • The company’s second quarter revenue was Rs772 crore, up 9% from a year ago.
  • Second quarter profit before tax (PBT) was Rs36 crore compared to Rs53 crore in the prior year. Year-over-year profit was impacted by lower volumes and higher operating costs driven by inflation. Read more

DFM Foods registers revenue of Rs165 crore during Q2FY23

Published on: 9:17 am

  • The Board of Directors of DFM Foods Limited at its meeting held on November 14, 2022 has approved the results of the Company for the quarter ended September 30, 2022. Revenue for the quarter stood at Rs165 crore, growing 13.1% on QoQ basis.
  • Commenting on the Quarter results, Company’s Managing Director & CEO Lagan Shastri said, DFM grew revenues 13.1% QoQ, while the extruded market grew by 3.7% over the same period. The company gained 20 bps share QoQ in the extruded market in focus geographies, driven by continued investments in marketing and go to market initiatives. Material Margins (excluding new categories) improved QoQ by 410 bps to 40.2% of revenues. Read more

ACRE offers to buy Reliance Capital bonds from LIC with 70% haircut

Published on: 9:17 am

  • An ET report stated that Ares SSG Capital-backed asset reconstruction company (ARC) has made a binding offer to Life Insurance Corporation of India (LIC) to buy the insurer's Rs3,400 crore bond investment in Anil Ambani's failing lender Reliance Capital.
  • According to the report, a Swiss challenge auction has been sparked by the offer made by Assets Care & Reconstruction Enterprise (ACRE).
  • The report stated that the ARC has offered the life insurer 30 paise of the outstanding primary balance (OPB). In order to purchase the debt from Reliance Capital, ACRE had to pay 26-28% of OPB to Axis Bank and HDFC a year prior. Read more

Voltas ties up with Denmark’s Vestfrost Solutions to develop, sell medical refrigeration vaccine sto

Published on: 9:16 am

  • Voltas Limited, a Tata Enterprise and Vestfrost Solutions has entered into a Technology License Agreement to develop, manufacture, sell and service medical refrigeration and vaccine storage equipment including Ice lined Refrigerators, Vaccine Freezers and Ultra low temperature Freezers to the India market.
  • Vestfrost Solutions founded in Esbjerg Denmark in 1963, is one of the global developers and manufacturers of innovative and efficient refrigerators and freezers in the Bio Medical and Cold Chain industry and shall be providing the technology & know-how for making the products at Voltas’ facilities in India.
  • This collaboration will leverage the strong brand presence and wide sales and distribution network of Voltas. Voltas has been the undisputed market leader for residential air-conditioners in India for over a decade and also enjoys market leadership in Commercial Refrigeration products in India. Read more

RBI fines 6 co-op and 3 sahakari banks

Published on: 9:14 am

  • Nine entities, comprising six co-operative banks and three Sahakari banks, have been penalized to the tune of Rs11.60 lakh, the RBI stated, in separate releases.
  • Odisha's Berhampur Cooperative Urban Bank received a fine of Rs3.10 lakh; Maharashtra's Osmanabad Janata Sahakari Bank received a fine of Rs2.5 lakh; and Gujarat's Santrampur Urban Co-operative Bank Ltd. received a fine of Rs2 lakh.
  • Jila Sahakari Kendriya Bank Maryadit, Ambikapur (Chhattisgarh), Jamshedpur Urban Cooperative Bank Ltd, Balaghat (Madhya Pradesh), and Renuka Nagarik Sahakari Bank Maryadit, Jamshedpur (Jharkhand), among others, have all received fines of Rs1 lakh apiece. Read More

Mindspace REIT 's net operating income in September quarter is Rs 417.2 crore

Published on: 9:12 am

  • For the quarter that ended in September 2022, Mindspace Business Parks REIT, which is funded by K Raheja Corp, achieved a net operating income of Rs417.2 crore, an increase of 16.0% year over year, as it continued to collect more than 99% of gross contracted rentals.
  • The management company for Mindspace REIT, K Raheja Corp Investment Managers LLP, approved a payout of Rs281.7 crore for the second quarter of FY23. Since IPO, Mindspace REIT has distributed Rs37.53/unit to investors, totalling Rs2230 crore (including Q2 FY23 distribution).
  • Distribution is made up of 92% (Rs4.37 per unit) of tax-free dividends, 7.6% (Rs0.36 per unit) of interest, and 0.4% (Rs0.04 per unit) of other income (Rs0.02 per unit) Read more

L&T Infotech and Mindtree merger completed

Published on: 9:09 am

  • L&T Infotech (LTI) and Mindtree, two IT businesses, announced on Monday that their merger became official yesterday as a result of regulatory and shareholder clearances. According to the current market valuation, the combined business LTIMindtree is now India's fifth-largest provider of IT services.
  • As part of the merger, 73 shares of LTI will be issued to each shareholder of Mindtree for every 100 shares of Mindtree. L&T, the merging entity's parent business, will own 68.73% of it. November 24 has been set as the record date to identify Mindtree shareholders who are qualified to receive equity shares of LTI.
  • In May 2022, the merger was announced. The NCLT benches in Mumbai and Bengaluru, in addition to the shareholders and creditors of the two firms, have both accepted the amalgamation plan. Read more

India's retail price inflation slows down in October

Published on: 8:58 am

  • India's retail price inflation slowed down to 6.77% in October, from 7.41% in September.
  • This reading is on a year-on-year basis. On month-on-month basis, retail inflation stood at 0.80%.
  • On month-on-month basis, retail inflation in September was 0.57%. Food inflation in October came down to 7.01% from 8.6% in September. Vegetable prices in October 2022 were up by 7.7% from those in October 2021. Fuel and light inflation in October stood at 9.93%.
  • This was lower than 10.39% in September. Wholesale price inflation stood at 8.39% in October. This is the first time in 19 months that wholesale price inflation has come down to single digit figure. Read more

Markets may start the day in green

Published on: 8:44 am

  • Indian equity markets may start the day in green today. Retail price inflation of India has come down to 6.77% in October from 7.41% in September. This is the lowest level of inflation in three months. This may increase the hope that RBI may go soft on interest rate hikes.  Foreign Portfolio investors remained net buyers yesterday, in Indian equity markets.
  • US markets ended yesterday in red. Dow Jones ended, down by 0.63%. Nasdaq ended, down by 1.12%. S&P 500 ended, down by 0.89 %. NYSE ended, down by 0.81%. Bond yields traded near 3.86%. US dollar index gained mildly to close near 106.65.
  • Asian markets have opened on a mixed note today. Nikkei is down by 0.0080%. South Korean KOSPI is down by 0.29%. Taiwan Index is up by 2.64%. Shanghai Index is up by 0.58%. Hang Sang is up by 2.74%. Read more

Lenders select developers for 6 projects of insolvent HDIL

Published on: 8:35 am

  • According to news reports, lenders to the real estate developer Housing Development Infrastructure (HDIL) approved individual proposals for six projects, including one presented by Adani Properties.
  • For Project BKC and Shahad Maharal Lands, lenders chose Adani Properties, while Dev Land and Housing Pvt Ltd won HDIL Tower. Separately, according to the exchange notification by HDIL, a partnership between Khyati Realtors and Dosti Realty Ltd. was awarded three projects: Majestic Towers, Whispering Towers, and Premier Kurla.
  • According to the Insolvency and Bankruptcy Code, a resolution plan must receive the support of at least 66% of lenders weighted by value. Read more

Price of petrol and diesel on November 15

Published on: 8:33 am

  • The most recent price notification sent out by fuel retailers showed that the price of gasoline and diesel remained stable in metro areas on November 15. In Delhi, a liter of gasoline or diesel costs Rs 96.72 or Rs 89.62. In Mumbai, a liter of gasoline costs Rs 106.31, and a liter of diesel costs Rs 94.27. In Chennai and Kolkata, the prices for gasoline and diesel, respectively, are Rs 102.63 and Rs 94.24 and Rs 106.03, and Rs 92.76.
  • As fuel prices hit an all-time high, with increases virtually every other day until May, the government lowered the levy on gasoline and diesel to provide relief to customers. The reduction in excise duty resulted in a 9.5 rupee and 7 rupees per liter price drop for gasoline and diesel, respectively. Read more
 

Biocon's profit in September quarter down y-o-y by 66%

Published on: 8:32 am

  • Due to unusual charges relating to the introduction of a new tax regime of 25% and net tax of Rs14 crore toward the Viatris purchase, Biocon on Monday announced a 66% YoY decrease in net profit to Rs47 crore during Q2FY23.
  • On the strength of sales growth across its biosimilars, generics, and research services business segments, the profit before exceptional items reached Rs168 crore.
  • In the same quarter the year before, the pharmaceutical company reported a net profit of Rs188 crore. When compared to Q2FY22, total revenues increased 23% YoY to Rs2,384 crore from Rs1,945 crore. Read more

Adani Group receives approval from SEBI for open offer for NDTV shares

Published on: 8:27 am

  • The regulatory approval to launch an open bid for a further 26% interest in New Delhi Television Ltd. by Gautam Adani's company is a significant turning point in the takeover conflict between Asia's richest person and the broadcaster's founders.
  • According to a statement on the Securities & Exchange Board of India's website on Monday, the SEBI has accepted the Adani Group's open offer, allowing Adani to purchase more equity from the media company's minority shareholders. The conglomerate changed the launch date of the promotion to November 22. NDTV said this week that it would close on December 5.
  • Adani had originally intended to start its open offer last month, but it had to wait for SEBI's approval. After acquiring an indirect 29.18% stake in the broadcaster in August, the billionaire's ports-to-power business launched a hostile takeover effort for it. Read More

Amazon may lay off 10,000 employees

Published on: 8:17 am

  • According to sources cited by the New York Times on Monday, Amazon.com Inc. is set to fire up to 10,000 employees in corporate and technological positions starting this week.
  • According to the article, which also stated that the overall number of layoffs remains a moving target, "the layoff would centre on the e-commerce giant's devices unit, which contains voice-assistant Alexa, as well as its retail division and human resources," as per media reports.
  • Amazon follows a number of American businesses in drastically reducing their workforces in order to prepare for a possible economic slump.
  • By December 31, 2021, Amazon had roughly 1,608,000 full-time and part-time employees. Read More

Tiger Global sells 2.98% stake in PB Fintech

Published on: 8:17 am

  • Tiger Global Management sold shares of PB Fintech, the parent company of Policybazaar, on Monday for Rs 522 crore in open market transactions.
  • PB Fintech runs the credit comparison website Paisabazaar as well as the online insurance marketplace Policybazaar.
  • A total of 1,34,17,607 shares, or 2.98% of the firm, were sold by two funds managed by Tiger Global, Tiger Global Eight Holdings and Internet Fund III Pte, according to bulk trade data made available by the National Stock Exchange (NSE). Read more

Global crude oil news: Prices tumble as OPEC lowers demand prediction

Published on: 8:15 am

  • Tuesday's early Asian trading saw oil prices widen their losses as OPEC lowered its prediction for global demand in 2022, while an increase in COVID-19 cases in China placed doubt on expectations for fuel consumption in the world's largest buyer of petroleum.
  • After finishing down 3% on Monday, Brent crude futures were down 39 cents, or 0.4%, at $92.75 a barrel. After falling 3.5% in the previous session, U.S. West Texas Intermediate crude was trading at $85.31 a barrel, down 56 cents or 0.7%.
  • For the seventh time since April, the Organization of the Petroleum Exporting Countries (OPEC) has lowered its projection for the increase of the world's oil consumption in 2022, citing worsening economic difficulties such as high inflation and rising interest rates. Read More

Top 10 stocks for today – 15th November 2022

Published on: 8:03 am

  • The Nifty futures contract on the Singapore Exchange increased by 60 points, or 0.33%, to trade at 18,437.5, indicating that the stock markets may open Tuesday on a positive note. The following 10 stocks may show price movement in today's market. To check more hot stocks, click at: https://www.indiainfoline.com/markets/hot-stocks
  • Biocon:
  • The biotechnology company reported that an increase in total expenses was to blame for its consolidated net profit before exceptional items declining by 11% to Rs168 crore in the second quarter that ended on September 30, 2022.
  • NMDC:
  • In the three months that ended in September, the state-owned metal company reported a consolidated net profit after tax that fell by 62% YoY to Rs 885.65 crore, primarily due to lower revenue. Read more

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