Latest News and Updates

16th Nov, 2022

After CCI penalty, FHRAI writes SEBI to stop OYO IPO

Published on: 4:03 pm

  • The Federation of Hotel and Restaurant Association of India has written a letter to SEBI to stop the proceedings of the IPO of OYO, as reported by the Economic Times. This has come after the Competition Commission of India found the company liable for unfair trade practices and imposed a penalty.
  • The CCI has imposed penalties of more than Rs392 crore on online travel service providers MakeMyTrip, GoIbibo and OYO for unfair trade practices. 
  • FHRAI also issued a statement in which it said that the company has been found guilty to indulge in unfair business practices which affect the business of small hotels. Therefore, the IPO of OYO should not be allowed in the interest of the hospitality sector, consumers, and potential investors. Read More

Markets end the day in Green

Published on: 3:40 pm

  • Indian equity markets had another topsy-turve day today. Markets swung between red and green territory all through the day. Nifty 50 ended, up by 6.25 points. Sensex ended, up by 107.73 points. Top Gainers today were Kotak Bank, Coal India, HDFC. Top Losers today were Apollo Hospitals, Adani Ports, Hindalco. 
  • Except for large cap stocks, selling pressure was seen in every market capitalization category.  Small cap stocks saw the most selling pressure. Banking stocks, Financial service stocks, and IT stocks saw some buying demand. Selling pressure was quite significant in metal stocks, media stocks and realty stocks. Read more

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Passenger vehicle sales may touch 3.8 million units in FY 23, says Tata Motors MD

Published on: 3:21 pm

  • Passenger vehicle sales in India may touch 3.8 million units in FY 23, Tata Motors MD, Shailesh Chandra, said. He also added that a large part of these sales will be because of the pent-up demand of the past 2 years. Therefore the momentum may not continue in FY 24.
  • He said that supply of semiconductor parts to automobile manufacturing industry has normalized. Prices of passenger vehicles will increase because of transition to BS VI Phase II. This will have some adverse impact on demand in FY 24. Tata Motors is continuing its focus on Electric Vehicles (EVs). The company sold 12,000 EV units in September quarter.  Read More

Sai Silks Saree Retailers to launch IPO soon, gets nod from SEBI

Published on: 2:49 pm

  • Sai Silks (Kalamandir) is one of the largest retailers of ethnic apparel. The company has received a nod to float an initial public offer (IPO) in the market to raise funds. As per the Draft Red Herring Prospectus (DRHP), it will likely to raise Rs 1,200 crore.
  • The IPO will comprise a fresh issue of Rs 600 crore and an offer for the sale of 18,048,440 equity shares by promoters and promoter group entities. Sai Silks will use the net proceeds from the fresh issue to set up 25 new stores, and two warehouses, payment of debt and other working capital requirements.Read more

HAL stock price rises after it gets LOI for 9 helicopters from Indian Coast Guard

Published on: 2:38 pm

  • In hefty trading volumes on Wednesday, Hindustan Aeronautics' shares surged 7% to an all-time high of Rs 2,697.70 on the BSE after the company obtained a letter of intent (LoI) from the Indian Coast Guard for nine additional advanced light helicopters (ALH) Mk-III.
  • The state-owned aerospace and defense company's stock has risen above the previous record high of Rs. 2,639 set on September 12, 2022. 3.23 million shares were traded on the NSE and BSE together up to 1:31 p.m., doubling the counter's previous trading volume.
  • The stock price of HAL has increased by 123% so far in the calendar year 2022, compared to a rise of 4.8% in the S&P BSE Sensex. The final of the 16 ALH Mk-IIIs was turned over to ICG, according to a Tuesday announcement from HAL. A deal for supplying 16 ALHs to ICG by HAL was signed in March 2017 for approximately Rs 5,126 crore.Read More
 

Some corporate and economy snippets for today

Published on: 2:12 pm

  • Corporate Snippets:
  • Hermes Investment Fund has bought 25.82 lakh equity shares in Nykaa. The average purchase price for this transaction was Rs 198.48 per share.
  • Stock of Bikaji Foods Ltd will get listed today. Issue price of the IPO was Rs 300 per share.
  • TAP Air Portugal has awarded the contract for work regarding its digital transformation to TCS.
  • Global Health (Medanta) will also get listed today. Issue price of the IPO was Rs 300 per share. Read more

Dvara Solutions onboards IIFL Samasta on its co-lending platform

Published on: 1:52 pm

  • Dvara Solutions has onboarded IIFL Samasta on its co-lending platform. Dvara is a fintech company. Canara Bank is also a co-lending partner on this platform. This partnership will enable IIFL Samasta to scale up further its microfinance lending. 
  • Dvara Solutions' co-lending platform enables integration of the loan management systems of different lenders. This makes co-lending more seamless and easier. Loan originators can partner with many different lenders without any difficulty. By doing so, this technology platform makes the entire lending process easier. Read more

Simplilearn raises $45 million in funding

Published on: 1:45 pm

  • A group led by multi-stage venture capital company GSV Ventures has committed $45 million to Simplilearn, an online platform for skilling and training. The fundraising round also included Clal Insurance and the entrepreneurial platform DisruptAD.
  • At a time when the education technology (edtech) market and the technology investment ecosystem are both experiencing turmoils, Simplilearn is receiving money. Over 100,000 enterprise students and over 120,000 paid B2C students have joined the company in the past year. In addition, Simplilearn's platform welcomes more than 2 million free learners each year. Read more

Kirloskar Oil Engines' stock price up by more than 9% today

Published on: 1:32 pm

  • In Wednesday's intra-day trade on the BSE, shares of Kirloskar Oil Engines (KOEL) soared more than 9% to a four-year high of Rs 326.60. The stock has increased 14% over the last three trading days after the company reported a solid performance in the quarter that ended September 2022. (Q2FY23). Since August 2018, it has been trading at its most significant level. With a substantial presence in international markets, KOEL is a leader in producing diesel engines, agricultural equipment, and generator sets.
  • In comparison to Q2FY22, the company's net profit nearly quadrupled to Rs 82.50 crore in Q2FY23. Operating revenue increased by 23% to Rs 1,228 crore from Rs1,001 crore in the same period last year. The EBITDA margin, which measures earnings before interest, taxes, depreciation, and amortization, increased to 14.7% from 14.7% year over year and 20 bps sequentially. Read More
 

Markets showing no clear trend today

Published on: 12:39 pm

  • Indian equity markets are showing no clear trend today. Markets started the day in red. They then gained and went into green territory. After that they went back in the red territory. In the afternoon session, they are back in Green.
  • At 12:43 p.m. Nifty 50 was up by 2.75 points. BSE Sensex was up by 70.22 points. Top Gainers were Kotak Bank, Eicher Motors, Dr Reddy's. Top Losers were Hindalco, JSW Steel, Apollo Hospitals. Read more

KMEW stock has soared 250% in the past 4 months

Published on: 12:23 pm

  • On Wednesday, Knowledge Marine & Engineering Works (KMEW) shares rose 5% to a record high of Rs 918 per share on the BSE amid robust trading activity. The shipping company's stock has increased 16% during the last three trading days after the board authorised a preferential issue to investor Ashish Kacholia and others.
  • KMEW was trading 2% higher at Rs 890 at 11:15 a.m. as a result of a nearly threefold increase in trading volume. According to exchange data, there have been up to 118,000 shares exchanged on the counter thus far, compared to an average of 31,000 shares traded over the previous two weeks on the BSE. The S&P BSE Sensex, in contrast, was up 0.19% at 61,989. Read more

Early trade sees a 66-paise decline in Rupee to 81.57/$

Published on: 11:41 am

  • Early on Wednesday, the rupee lost 66 paise to reach 81.57 against the US dollar, following the foreign exchange market's strength for the US dollar and a flat domestic equity market. The domestic unit began trading at 81.41 versus the dollar on the interbank foreign exchange but lost ground and dropped to 81.57, losing 66 paise from its previous finish.
  • The rupee gained 37 paise on Tuesday to end the day at 80.91 against the US dollar. The dollar index, which measures the dollar's strength against a basket of six different currencies, increased 0.17 % to 106.58. The benchmark for world oil, Brent crude futures, decreased 0.36 % to USD 93.52 a barrel. Read more

Balrampur Chini rises 3% as share buyback begins

Published on: 11:07 am

  • Following the start of the share repurchase today, shares of Balrampur Chini Mills traded 2% higher at Rs 355 in Wednesday's intraday trade on the BSE. The sweetener stock has increased in price for three days in a row, increasing 8% in that time. At their meeting on November 9, the board of directors of Balrampur Chini approved a share repurchase through the open market for Rs 145.44 crore at Rs 360 per share.
  • The management is certain that the buyback would benefit shareholders over the long term. According to Balrampur Chini, the buyback is unlikely to have a significant influence on the company's profitability or earnings other than to reduce the investment income that would have otherwise been made on the money distributed for the buyback. Read more

Global Health IPO lists at 19% premium over issue price

Published on: 11:01 am

  • Global Health, the operator of Medanta made a strong debut on BSE and NSE on Wednesday. The shares are listed at Rs 401 apiece on NSE and Rs 398.15 on BSE. It is listed under the list ‘B’ of the stock exchanges.
  • The IPO of the company was subscribed 9.58 times between November 3-7, at the higher side of the price band of Rs 336. Data showed that the portion non-institutional investors' quota was subscribed to 4.02 times, compared to 28.64 times for qualified institutional buyers. The retail individual investors section was booked 0.88 times. Rs 2,205 crore IPO comprised a fresh issue of Rs 500 crore and an offer for the sale of the rest amount by existing investors. Read more

In early trade, gold prices increase

Published on: 10:53 am

  • According to GoodReturns, the price of ten grams of 22-carat gold increased by Rs 10 from yesterday's closing price during the early session on Wednesday. During Wednesday's early session, silver lost Rs 700, selling for Rs 62,000 per kg.
  • The price of ten grams of 24-carat gold has increased by Rs 10 from yesterday's close to Rs 52,160. Ten grams of 22-carat gold cost Rs 47,950, Rs 47,860, and Rs 49,410 in Delhi, Bengaluru, and Chennai, respectively. Ten grams of 22-carat gold cost Rs 47,810 in Mumbai, the same as in Hyderabad and Kolkata. Read more

BetaO raises $33 million in Series B funding

Published on: 10:53 am

  • BetaO has raised $33 million in Series B funding. Investors include Lightrock India, Flipkart, HealthQuad etc. BetaO provides digital solutions to people with diabetes. The amount raised in this investment round will be used for expanding its diabetes care program across India. BetaO is targeting customer base of 10 million by the year 2025. Diabetes, a lifestyle related disease usually, has  prevalence in India. Healthcare companies and startups are looking to benefit from the high prevalence of this condition. Read more

Bikaji Foods International IPO lists at 8% premium

Published on: 10:45 am

  • Bikaji Foods made a positive debut on stock exchanges with an 8% premium. The shares of the company have been listed at Rs 321.15 on BSE and Rs 322.80 on NSE in the list ‘B’.
  • Bikaji Foods is India’s third largest snack company and its product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, and western snacks among others. Its Rs 881-crore IPO was sold in the range of Rs 285-300 per share and received a strong investor response. Read more

Nykaa's stock price down by more than 3% today

Published on: 9:55 am

  • In Wednesday's intraday session on the BSE, shares of Nykaa parent company FSN E-Commerce Ventures fell by more than 3% to Rs 175 due to high volume as almost 2,374 million bonus equity shares became listed as of today.
  • Shares of Nykaa were down 4% at Rs 184.25 at 9:21 a.m., vs a 0.19 percent decrease in the S&P BSE Sensex. On the counter at the BSE and NSE, 39.4 million shares were exchanged. According to exchange data, at 09:15 am, around 30.62 million shares were traded on the BSE. Read more

Archean Chemical IPO allotment out soon; Here’s how to check

Published on: 9:24 am

  • Archean Chemical IPO was subscribed 32.23 times by the closure of the subscription, on November 11, 2022. The company is expected to announce its IPO allotment on Wednesday, November 16. 
  • Archean Chemical is India's largest exporter of bromine and industrial salt. The company is a leading speciality marine chemical manufacturer in India and focuses on producing and exporting bromine, industrial salt, and sulphate of potash to customers across the world. Read More

Price of petrol and diesel on November 16th

Published on: 9:07 am

  • According to the most recent price notification sent out by fuel retailers, petrol and diesel prices were stable on November 16 across metro areas.
  • In Delhi, a liter of gasoline or diesel costs Rs 96.72 or Rs 89.62. In Mumbai, petrol costs Rs 106.31 a liter, and diesel costs Rs 94.27 per liter. Prices for petrol and diesel in Chennai are Rs 102.63/liter and Rs 94.24/liter, while prices in Kolkata are Rs 106.03/liter and Rs 92.76/liter, respectively. Read more

Top 10 stocks for today - 16th November, 2022

Published on: 9:05 am

Indian equity markets may start the day in red

Published on: 8:47 am

  • Indian equity markets are likely to start the day in red today.  Asian markets have started the day on a mixed note today. Foreign Portfolio Investors turned net sellers in Indian markets, after many days. If this trend continues today, markets may go considerably down. 
  • US markets ended the day in Green, yesterday in red. Dow Jones ended, up by 0.17%. Nasdaq ended, up by 1.45%. S&P 500 ended, up by 0.87 %. NYSE ended, up by 1%.  Technology stocks saw buying interest. Bond yields fell.  US dollar weakened. Oil prices saw uptick. Weakness in US dollar saw buying interest in oil & gold.
  • Asian markets have opened on a mixed note today. Nikkei is down by 0.50%. South Korean KOSPI is down by 0.74%. Taiwan Index is up by .45 %. Shanghai Index is up by 0.18%. Hang Sang is up by 0.090%. Read More

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