Latest News and Updates

18th Nov, 2022

Markets end the day in red

Published on: 3:45 pm

  • Indian equity markets remained in red through most of  the day today. Nifty 50 ended, down by 39.35 points. Sensex ended, down by 87.12 points.
  • Top Gainers today were HCL Tech, Asian Paints, Hindustan Unilever. Top Losers today were M&M, Bajaj Auto, NTPC.
  • All the broader indices remained in red today. Midcap stocks saw the most selling pressure. Read More 

British Finance Minister confirms that UK is in recession

Published on: 3:08 pm

  • In a budget plan on Thursday, British Finance Minister Jeremy Hunt proposed a number of tax rises and tighter public spending. Hunt claimed the economy is already in a recession and is likely to contract the following year as a result of inflation that is expected to average 9% this year and 4% in 2024. Hunt outlined a 55 billion-pound plan to address the public finances, almost half of which will come from tax increases.
  • At the end of its five-year prediction period, the tax burden will rise from 33.1% in the 2019–20 tax year to 37.1% of GDP, its highest sustained level since World War Two, according to the OBR. He told parliamentarians that "credibility cannot be taken for granted" and that "today's inflation data demonstrate that we must continue a relentless struggle to bring it down, including a crucial commitment to repair the public finances." Read more

Get Access to Stock Reports+ And Customised Investment Ideas

Strides Pharma receives USFDA approval for Potassium Chloride Oral Solution

Published on: 3:01 pm

  • Strides Pharma Science Limited (Strides) has announced that its step-down wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received approval for Potassium Chloride Oral Solution USP, 40 mEq/15mL (20%) from the United States Food & Drug Administration (USFDA).
  • The product is bioequivalent and therapeutically equivalent to the Reference Listed Drug (RLD), Potassium Chloride Oral Solution USP, 40 mEq/15 mL (20%) of Genus Lifesciences Inc.
  • The approval further strengthens the Potassium Chloride franchise for the company which now comprises of Extended-Release Capsules, Extended-Release Tablets, Powder for Oral Solutions and Oral Solutions. The Company also has a pipeline of other Potassium Chloride products which are expected to be approved and launched in FY24. Read more

Skyroot launches India's first private sector rocket

Published on: 2:55 pm

  • India began a new era in the space industry with the successful sub-orbital launch of the Vikram-S rocket by the private company Skyroot Aerospace from Sriharikota's Satish Dhawan Space Center on Friday.
  • The Prarambh Mission:
  • It was the first time in India that a privately constructed and operated launch vehicle was launched, making the Prarambh mission significant.
  • This past Friday at around 11.30 am, Skyroot made history in front of a crowded gallery audience at the space centre and millions more viewers online. India allowed for the construction of rockets and satellites by private companies in the space industry in 2020. The aircraft was declared to have reached hypersonic velocity 80 seconds after takeoff, and it reached its greatest height of 89.5 kilometres after 155 seconds. Read more

Fewer flights on popular domestic routes this December because of maintenance issues

Published on: 2:54 pm

  • At the height of the Diwali rush on October 19, all flights on the Delhi-Mumbai corridor were fully booked. Similar circumstances may arise over the holiday season leading up to Christmas and New Year's, with most domestic airlines anticipating operating fewer flights due to the over 75 major carriers' aircraft grounded due to engine supply or maintenance concerns. 
  • In December, airlines have fewer flights planned on popular domestic routes like Delhi-Goa, Delhi-Srinagar, Hyderabad-Bengaluru, and Delhi-Patna in addition to the major Delhi-Mumbai route. Due to the capacity shortage and high fuel costs brought on by the Russia-Ukraine conflict, ticket prices on these routes have increased by ranging from 13.7% to 155.6% for December.
  • More than 75 Indian carrier planes, or 10–12% of the fleet, were grounded on November 1 owing to maintenance and engine-related concerns, according to aviation consulting firm CAPA. Read more

UltraTech Cement commissions third White Wall Care Putty plant in Rajasthan

Published on: 2:21 pm

  • UltraTech Cement Limited has announced the commencement of third Birla White Wall Care Putty plant at Nathdwara, Rajasthan with a capacity of 4 LMT per annum, at a total cost of Rs187 crore. The existing two plants are situated at Kharia in Rajasthan and Katni in Madhya Pradesh.
  • The Company now has a Wall Care Putty capacity of 13.0 LMT per annum, further strengthening its position in the markets.
  • Alongwith its existing White Cement manufacturing capacity in India and its investment in Ras Al Khaimah Company for White Cement and Construction Material, UAE, the Company is strategically positioned to cater to the White Cement and Wall Care Putty market in the country. Read More

Blackstone Group will acquire R Systems

Published on: 2:12 pm

  • In the first such M&A deal since the market regulator amended delisting rules in December, US private equity firm Blackstone Group has agreed to invest $359 million (the equivalent of Rs2,904 crore) to acquire a majority stake in R Systems International (R Systems) from its current promoters and will launch an open offer to take the company private.
  • According to analysts speaking with ET, the acquisition might serve as a model for other M&A deals that are supported by majority private equity ownership of listed assets and ultimately result in the delisting of publicly traded businesses.
  • Satinder Singh Rekhi and other promoters, who together own 52% of the company, will sell their shares to Blackstone. Read More

Markets trade lower with Nifty around 18,200 dragged by auto, realty stocks

Published on: 2:00 pm

  • Domestic benchmark indices trading in the red after a gap-up opening on Friday. Both the Sensex and Nifty benchmarks are marginally lower in the afternoon market session. Moreover, Indian markets may witness volatility amid mixed global cues.
  • On the sectoral front IT index was the top sectoral gainer by rising 0.50%. However, auto, banking and realty index fell between 0.5-1%.
  • At around 2:05 PM, Sensex was trading at 61,484.74 lower by 265.86 points or 0.43%. Nifty 50 traded at 18,262.10 lower 81.80 points or 0.45% Read more

Sweets and Namkeen manufacturers oppose FSSAI label proposal

Published on: 1:58 pm

  • The Food Safety and Standards Authority of India's (FSSAI) proposal to impose front-of-pack warning labels with a star rating on all packaged goods is being resisted by snack food manufacturers, who argue that doing so will "destroy" the nation's ethnic foods sector.
  • The majority of businesses producing foods like chips, namkeens, and ethnic sweets would be harmed by the proposed labelling model, according to the Federation of Sweets & Namkeen Manufacturers, which represents large and mid-sized businesses like the Haldiram Group, Bikanervala, Balaji Wafers, and Greendot Health Foods.
  • According to the labelling draft, packaged foods should be given star ratings of one to five, categorizing them as good, not so good, or unhealthy depending on how much salt, sugar, and fat they contain. The federation mentioned that traditional Indian sweets and snacks were made of fat, salt, and/or sugar and were connected to festivals and rituals in a letter dated November 10 to the FSSAI CEO. Read More

Evans Electric stock price up by 10% today

Published on: 1:10 pm

  • On Friday, Evans Electric shares were trading at a new 52-week high on the BSE while being stuck at the 10% upper circuit at Rs 189.75. The S&P BSE Sensex, in contrast, was down 0.52 percent at 61,428 at 12:15 PM.
  • As of now, 110,000 shares, or 8% of the company's entire equity, have traded hands on the BSE, more than tripling the usual trading volume of the counter. According to exchange statistics, there were pending buy orders for 32,500 shares on the BSE. In the previous two weeks, there were on average less than 10,000 shares traded.
  • The stock has soared 121 % in the last eight trading days from a high of Rs 86, reached on November 7, 2022. On July 1, 2020, it reached a high of Rs 300. On the BSE, Evans Electric trades in the "M" group of the SME section. In the SME category, trading, clearing, and settlement all take place on a T+2 basis. Trades executed in BSE SME scrips must be settled in Demat a manner per law.
  • As of September 30, 2022, Evans Electric had only 1.37 million outstanding equity shares. According to data on shareholding patterns, the company's promoters own 59.44 % of the shares, while individual shareholders (23.32 %) and Nelson Lionel Fernandes (14.69 %) are responsible for the remaining 40.56 %. Read more

Ahluwalia Contracts (India) secures new projects worth Rs530 crore; Stock slips 1%

Published on: 12:52 pm

  • Ahluwalia Contracts (India) Limited stocks in focus as the company has secured major orders aggregating to Rs530.05 crore.
  • As per the filing, the new orders as here under:
  • MMRDA work for Design, Fabrication, Supply and Erection of Pre-engineering Building Structural Steel Works at Mandale Depot cum workshop at Mumbai Metro Rail project of MMRDA - Rs68.05 crore Read More

Andy Jassy, Amazon CEO says lay offs to extend till 2023

Published on: 12:52 pm

  • In a letter to employees, the CEO of Inc said there will be further role cuts as the annual planning process stretches into next year and leaders continue to make adjustments. He added that the company was in the middle of an annual operational planning review and was deciding what should change in each of its operations.
  • According to reports, Amazon told employees about the layoffs on Wednesday. It also offered some other employees a voluntary buyout offer. The company has not yet decided how many employees and roles will be affected by the move. His goal was to cut roughly 10,000 jobs. Read More

ICAI looking into the financial disclosures of Byju's

Published on: 12:16 pm

  • Institute of Chartered Accounts (ICAI) President, Debashis Mitra has said that ICAI is looking into the financial disclosures of Byju's. This action follows a letter of complaint to ICAI by Congress MP, Karti Chidambaram. In this letter, he has alleged that in the financial year 2020-21, Byju's treated 60% of its employee costs as Capital expenditure, in its financial statements. If these costs were treated as Operational expenditure, Byju's loss for the year would have increased to Rs 5000 crore. By doing so, Byju's has shown a lower loss than it actually incurred, the letter alleges.
  • Capital expenditures are those expenditures whose benefits are going to accrue over many years to come. Revenue expenditures or operational expenditures are those whose benefits accrue only in the year or financial period in which they are incurred. Capital expenditures are treated as an asset in the balance sheet. Annual depreciation or amortization is charged on capital expenditures, in the profit & loss statement. On the other hand, all the revenue expenditures incurred in a year are included in the profit & loss statement of the year. Read more

Companies may face penalties of up to Rs200 crore for customer data breaches: Report

Published on: 11:54 am

  • The revised Data Protection Bill foresees imposition of strict financial penalties if organizations fail to contain data breaches or intimate users and the government about such incidents, a draft version revealed.
  • The media source "Economic Times" reviewed some portions of the Bill that has been renamed as the Digital Data Protection Bill. It is expected to be released for public consultation in the next few days of this month.
  • The Data Protection Board of India, slated to operate as an independent body and function as a “digital office,” will be empowered to adjudicate on deciding the quantum of any such penalties. Read more

TCPL Packaging stock price up by more than 14% today

Published on: 11:51 am

  • On Friday, during intraday trading on the BSE in an otherwise quiet market, shares of TCPL Packaging rose 16% in response to a positive outlook for the company's business, setting a new record high of Rs 1,650.30. On September 5, 2022, the shares of the packaging company reached a high of Rs. 1,540.45. This high has since been surpassed.
  • At 09:34 in the morning, the S&P BSE Sensex was down 0.04 percent at 61,725. Read More

IOT acquisition deal to help Adani Group to foray into oil exports

Published on: 11:35 am

  • Adani Ports and Special Economic Zone's (APSEZ) acquisition of a 49% stake in Indian Oiltanking last week will help the Adani Group to expand the Adani arm's storage and transportation capacities for petroleum products and possibly set the platform to foray into oil exports, through the joint venture company.
  • Adani Ports CEO and Whole Time Director Karan Adani said that with this acquisition, the company's oil storage capacity jumps 200% to 3.6 million kilolitres, making it India’s largest third-party liquid storage entity. "This step will help the company with their intention of becoming the largest transport utility globally,” he said. Read more

Twitter witnesses mass resignations amid Musk's ultimatum

Published on: 11:12 am

  • After Elon Musk’s ultimatum to work hardcore or to move home with severance pay, majority of Twitter personnel are making plans to depart. According to the reports, hundreds of Twitter employees have determined to cease working with the social media corporation.
  • Even as is still unclear what number of personnel has chosen to stay, Twitter offices are shut down briefly worldwide. The claims are there that the group of designers that were leading Musk's new made over model of Twitter Blue can also be making plans to quit. Read More

Aurobindo Pharma's arm Eugia Pharma gets USFDA approval for Amphotericin B Liposome for Injection

Published on: 10:35 am

  • Aurobindo Pharma Limited has announced that its wholly owned subsidiary company, Eugia Pharma Specialities Limited, has received a final approval from the US Food & Drug Administration (USFDA) for Amphotericin B Liposome for Injection, 50 mg.
  • Amphotericin B Liposome for Injection, 50 mg/vial Single-Dose Vial to be bioequivalent and therapeutically equivalent to the reference listed drug (RLD), AmBisome Liposome for Injection, 50 mg/vial, of Astellas Pharma US, Inc.
  • The product is expected to be launched by Q4 FY23 and the approved product has an estimated market size of around US$ 145 million for the twelve months ending September 2022, according to IQVIA, the company said. Read more

Blackstone’s Indian retail arm, Nexus Malls files for IPO

Published on: 10:16 am

  • Blackstone Inc owned Nexus Select Trust, a real estate investment trust (REIT) filed draft papers for an initial public offering with SEBI. The company could raise $500 million from the market which includes $200 million from the primary issue and $300 million from the secondary components.
  • As per news reports, the company is looking to hit the capital markets in the first half of 2023.  This will be the third REIT sponsored by Blackstone. Earlier, the company launched two other REITs- Embassy Office Parks REIT and then Mindspace Business Parks REIT. Nexus Select Trust will be the company’s first REIT with rent-yielding retail real estate assets. Read More

Innovators Facade Systems receives work of Rs78 crore; Stock dips 3%

Published on: 9:48 am

  • Innovators Facade Systems Limited has received Letter of Acceptance for work order of approx. Rs78 crore.
  • As per the regulatory filing, the work order is for Design, Supply, Fabrication and Installation of Facade Work for "Koregaon Park" in Pune and the order is received from Vivrut Developers Private Limited. Read more

Markets trade volatile; Asian Paints, Cipla, L&T, Tata Consumers top bulls

Published on: 9:38 am

  • The volatility continued on Friday during the opening bell in bolth the markets. Sensex was pushed off the cliff to the point it was even below 61,770-level. Nifty 50 has even erased 18,400-mark so far today. A broad-based selloff was recorded in the sectoral indices with FMCG, auto, banking and pharma stocks being the worst hit.
  • The domestic equities tracked mixed global cues. Investors globally continued to monitor the developments surrounding the rising of Coronavirus cases in China. The new record high Covid cases in China has forced the country to once again pull the shutters down to contain it.
  • Further, US Federal Reserve officials fired more warning notes on interest rates which added more uncertainty to the market. Read more

Wipro opens its Asia Pacific, Middle East and Africa (APMEA) Headquarters in Dubai

Published on: 9:19 am

  • Wipro Limited has announced the opening of its Asia Pacific, Middle East and Africa (APMEA) Strategic Market Unit Headquarters in Dubai, UAE.
  • His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, and Deputy Prime Minister and Minister of Finance of the UAE, along with prominent UAE officials, visited the newly opened headquarters on its inaugural day.
  • His Highness Sheikh Hamdan bin Mohammed said, “The establishment of Wipro’s new facility in Dubai reflects the emirate’s growing profile as a global hub for the world’s leading information technology companies. Read More

IRCON International emerges L1 bidder for tender worth Rs392 crore

Published on: 9:18 am

  • Ircon International Limited (IRCON) has emerged as the Lowest Bidder (L1) for construction of balance work of Bahuti Canal Project on TURNKEY basis including completion of earth work of main canal system from RD 18 to 74 km & other ancillary activities.
  • The project was floated by Government of Madhya Pradesh- Water Resources Department on competitive bidding and value of the project is approx. Rs392.52 crore (Quoted value).
  • Further, the project duration is 36 months and MOM (Management, Operation and Maintenance) period will be 60 months. Read more

Startups that have lost value since their IPO listing

Published on: 9:18 am

  • Five top technology upstarts that came with their IPOs over the past 18 months have seen drop in their prices since listing.  The parent company of payments company Paytm has suffered the most due to worries about valuations and rising global rates. The owner of the beauty e-retailer Nykaa, the logistics company Delhivery, the operator of the online insurance marketplace Policybazaar, and the delivery startup Zomato are the other victims.
  • In 2021, Indian IPOs raised a record $18 billion thanks to government initiatives to support entrepreneurs, easy-money policies, and a rise in retail trading during the epidemic. Even though the larger Indian stock market has outperformed its rivals globally and reached new highs, investors have lately sold off high-profile tech shares. Read more

Voltamp Transformers resumes production activity at Savli Unit

Published on: 9:17 am

  • Voltamp Tranformers Limited has informed to the exchanges regarding resumption of production activity at Savli Unit of the Company.
  • In a regulatory filing, the company said that workmen employed through labour contractors have resumed their duty from Tuesday, November 15, 2022 at Savli unit of the Company, situated at Village Vadadala, Jarod-samlaya road, Tal : Savli, Dist: Vadodara, Gujarat and the production activities at the Company’s Savli unit are normal now. Read More

Bharat Electronics signs MoU with AVANI

Published on: 9:16 am

  • Navratna Defence PSU Bharat Electronics Ltd (BEL) has signed a MoU agreement with Armoured Vehicles Nigam Limited (AVNL/AVANI), a Defence PSU, to jointly address the requirements of Indian Defence and Export markets.
  • As per the filing, the MoU aims at leveraging the complementary strengths and capabilities of BEL and AVNL (AVANI) to address domestic and export opportunities in the areas of Combat Vehicles, Main Battle Tanks (MBTs), Infantry Fighting Vehicles (IFVs), Armored Fighting Vehicles (AFVs) and related systems. Read more

HFCL secures export orders of Rs86.23 crore

Published on: 9:16 am

  • HFCL Ltd on Thursday has informed to the stock exchanges regarding receipt of export orders.
  • In a regulatory filing, the company has received the export orders aggregating to ~EURO 10.18 million (equivalent to ~Rs86.23 crore), from renowned European Telecom Solution Providers for supply of optical fiber cables.
  • Time period by which the order is to be executed is February 2023, the company said. Read more

Inox Green IPO allotment today: Here’s how to check

Published on: 9:16 am

  • Inox Green Energy IPO was closed on November 15 which comprised a fresh issue of Rs 370 crore and an offer for sale of Rs 370 crore. The price band of the offering was fixed in the range of Rs 61 to Rs 65 per share.
  • The finalization of share allocation of the IPO is expected to take place today, i.e., November 18. One can check the allotment status on the BSE website or the company’s registrar, Link Intime India Private Limited. Enter the application number and PAN Card ID to get the details of allotment. Read more

Markets may begin the day on a positive note

Published on: 8:50 am

  • Indian equity markets may start the day on a positive note today. Other Asian markets have opened in green today. Foreign Investors were net buyers in Indian markets yesterday. If this trend continues today, then markets may remain in green for the rest of the day.
  • US markets saw a day of volatile trade, yesterday. Dow Jones saw swings of over 377 points before closing lower by 7.51 points. Nasdaq saw swings of 200 points before closing lower by 38 points. Oil prices traded near US$ 82 as supply concerns saw selling pressure. US$ index closed near 106.6. 
  • Asian markets have opened in the green today. South Korean & ASX indices are leading the gains. Japanese "Nikkei' is also trading higher by 100 points. This as global equity outlook turns positive. All negative factors, including December rate hike by Federal Reserve, seem to have been factored in by the markets. Chinese stocks are see buying interest with expectations of reopening gathering momentum in early 2023. Read More

On Thursday, Rupee closed at 81.63 / $

Published on: 8:47 am

  • In line with the US dollar's strength in foreign exchange markets and a flat domestic equity market, the rupee lost 37 paise on Thursday to settle at 81.63 (provisional). The local unit in the interbank foreign currency market started the day at 81.62 and afterwards experienced an intraday high of 81.45 and a low of 81.68.
  • The native currency ultimately lost 37 paise from its previous level to conclude at 81.63 against the US dollar. The rupee lost 35 paise on Wednesday to end the day at 81.26 against the US dollar. The dollar index, which measures how strong the dollar is relative to a basket of six different currencies, increased 0.26 percent to 106.55. Benchmark Brent crude futures for world oil fell 0.40 % to $92.99 per barrel. Read more

Aramco to invest $7 billion in refinery project in South Korea

Published on: 8:26 am

  • On Thursday, Saudi Aramco announced intentions to invest in a $7 billion project to create petrochemicals from crude oil at the refinery complex of its South Korean partner S-Oil Corp in the port city of Ulsan.
  • The Saudi company's largest investment in South Korea is the Shaheen project, which will create chemicals from crude oil for the first time commercially, according to a statement from Aramco.
  • According to Aramco, development on the complex, which can manufacture up to 3.2 million tonnes of petrochemicals annually (tpy), will start in 2023 and be finished by 2026. The cracker plant will have a capacity of 1.8 million tpy, whereas the chemicals-to-crude facility will have a capacity of 46,000 barrels per day. Read More

Future Enterprises defaults on interest payment of Rs 1.07 crore

Published on: 8:23 am

  • Future Enterprises Ltd. (FEL), a company that is heavily in debt, announced on Thursday that it had missed a payment of Rs 1.07 crore on interest on non-convertible debentures.
  • In a regulatory statement, the firm stated that it was "unable to fulfil its obligations in respect of the interest on Non-Convertible Debentures was due on November 16, 2022."
  • The coupon rate for the debentures is 9.28%, and from May 17 to November 15, 2022, FEL missed interest payments. Read More

IHH Healthcare can move with open offer for Fortis only after Delhi High Court's approval, says SEBI

Published on: 8:20 am

  • IHH Healthcare, a Malaysian company, said on Thursday that the Delhi High Court's approval is required before moving further with its blocked open offer to buy a 26.1% market share of Fortis Healthcare.
  • IHH Healthcare invested new capital of Rs4,000 crore in Fortis in November 2018, acquiring a 31.17% stake.
  • In order to move on with its blocked open offer to buy an additional 26.1% interest in Fortis, the business is awaiting approval. Read More

Global crude oil news

Published on: 8:18 am

  • Oil prices increased on Friday as the dollar fell, but they were still on track for significant weekly losses due to forecasts that the U.S. will continue to raise interest rates sharply and the possibility of decreased demand from their biggest customer, China, given the rise in COVID-19 cases.
  • Brent crude futures recovered 67 cents, rising 0.8% to $90.45 per barrel, but they were still close to a four-week low of $89.53 hit earlier in the day.
  • WTI crude futures for the United States increased by 70 cents, or 0.9%, to $82.34 a barrel, but they remained close to a six-week low. Read More

Top 10 stocks for today – 18th November 2022

Published on: 8:04 am

  • The Singapore Exchange's Nifty futures traded 65 points, or 0.35%, higher at 18,440, indicating that the stock markets may start the day on a strong note. The following ten stocks may show price movement in today's market. To check more hot stocks, click at:
  • FSN E-Commerce Ventures:
  • According to news reports, American private equity firm TPG Capital, may sell Rs 1,000 crore worth of shares of the company in a block sale.
  • UltraTech Cement:
  • The third Birla White Wall Care Putty factory in Rajasthan, which cost the cement business a total of Rs187 crore and has an annual production capacity of 4 LMT, has started operating. Read More

Invest wise with Expert advice

Editors Choice


Blogs & Personal Finance


Stock View

Refinitiv Logo

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

Open ZERO Brokerage Demat Account
Open Demat Account

Invest wise with Expert advice

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