Latest News and Updates

21st Nov, 2022

A day in red at the start of the week

Published on: 4:00 pm

  • Indian equity markets started the week on a note of Red today. Nifty 50 ended, down by 147.7 points. Sensex ended, down by 518.64 points. Top Gainers today were BPCL, Bharti Airtel and Axis Bank. Top Losers today were Adani Ports, Tech Mahindra, Hero Motors.
  • Small cap stocks saw some buying demand today. But there was broad selling pressure in large cap stops. Consumer durable stocks and stocks of public sector banks saw some buying demand. Some media stocks also gained. Selling pressure was heaviest in IT stocks. Infosys' stock price came down by 1.66%, after it announced allotment of 1.29 lakh shares under ESOP. Read More

Five Star Business Finance closes at Rs488, 3% premium on debut day

Published on: 4:00 pm

  • Shares of Five Star Business Finance on Monday made a weak market debut, listing with a discount of 5%, against the issue price of Rs474 on the BSE.
  • On Monday, the stock closed at Rs488.95 per share higher by Rs15.50 or 3.27% on the BSE, recovered by the morning losses as the session ends.
  • The stock listed at Rs449.95, registering a decline of 5% from the issue price on the BSE. It later bounced back and was trading at Rs482.95 per share, higher by 1.88%. The stock hit intraday high at Rs539.90 per share on the BSE. Read More

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RHI Magnesita stock shot up by more than 7% today

Published on: 3:22 pm

  • In intraday trade on Monday, shares of RHI Magnesita India rose 14% to Rs 735 per share after the company announced the purchase of Dalmia Bharat Refractories Limited's (DBRL) Indian refractory division for Rs 1,708 crore.
  • The stock of this refractories company recently traded around its October 21, 2022, 52-week high of Rs. 738.10. Read more

Engineers India bags order from Chennai Petroleum Corporation; Stock slips 1.5%

Published on: 3:00 pm

  • Engineers India Limited (EIL) has been awarded the job by Chennai Petroleum Corporation Limited (CPCL).
  • As per the filing, the company has awarded the work for Overall Project Management & EPCM Services for OHCU Revamp, CDWU and related Off-site facilities for Group-II LOBS Project at Manali Refinery.
  • At around 3:00 PM, Engineers India Ltd is currently trading at Rs77.20 per share down by Rs1.25 or 1.59% from its previous closing of Rs78.45 per share on the BSE. Read more

Thomas Cook India introduces ‘Holiday Mate’ to support B2B travel agent partners

Published on: 2:59 pm

  • Thomas Cook (India) Limited announced the launch of Holiday Mate, an online B2B tool that enables its travel agent partners to provide end-users with quick, seamless, and accurate services.
  • In leveraging technology to deliver increased benefits to customers and the business, the company has consistently demonstrated innovation, agility, and digital astuteness.
  • In accordance with the company's Digital First strategy, the launch of its innovative digital solution - Holiday Mate - provides Thomas Cook India with a significant first-mover advantage in the holiday space. Read More

Stocks of Aarti Industries and Deepak Fertilizers gain after the two sign Nitric Acid supply agreem

Published on: 2:58 pm

  • Aarti Industries (AIL) and Deepak Fertilizers & Petrochemicals (DFPL) signed a binding term-sheet for a 20 year Nitric Acid offtake and supply arrangement valued at over Rs 8,000 crore on Monday, which helped the company's shares rise 8% to Rs 833.05 on the BSE in intraday trading.
  • At Rs 679.90 on the BSE, shares of AIL increased by 4%. When the clock struck one in the morning, Read More

Allied Digital, KEC International consortium wins smart cities project worth Rs207.21 crore

Published on: 2:23 pm

  • Allied Digital Services Limited informed that it has received the Smart City contract for the Punjab Municipal Infrastructure Development Company (PMIDC) in consortium with KEC International covering 3 cities i.e., Amritsar, Jalandhar, and Sultanpur Lodhi.
  • The total contract value awarded to the consortium is Rs207.21 crore.
  • The project is expected to be completed in 57 months, with 9 months for implementation and Go-Live and 48 months for project support and O&M. Read more

Alembic Pharmaceuticals gets USFDA approval for Nifedipine Tablets

Published on: 2:01 pm

  • Alembic Pharmaceuticals Limited announced that it has received final USFDA approval for its Abbreviated New Drug Application (ANDA) Nifedipine Extended-Release Tablets USP, 30 mg, 60 mg, and 90 mg.
  • The ANDA approved by the USFDA is therapeutically equivalent to Pfizer Inc.'s Procardia XL Extended-Release Tablets, 30 mg, 60 mg, and 90 mg.
  • Nifedipine Extended-Release Tablets are used to treat Vasospastic Angina, Chronic stable angina (classical effort-associated angina), and hypertension, stated the company in its media filing. Read more

Markets in a bloodbath on broad-based selloff; Sensex slips 500 pts, Nifty 50 gives up 18,200

Published on: 2:00 pm

  • Domestic benchmark indices trading in the red after a gap-down opening on the first day of this trading week. Both the Sensex and Nifty benchmarks are lower around 1% each in the afternoon market session. Moreover, Indian markets may witness volatility ahead of RBI meeting later today.
  • On the sectoral front, except PSU Bank, all other sectoral indices are trading in the red territory. IT index underperformed by tumbling over 1.3% follwed by auto, pharma and metal stocks plunging marginally.
  • At around 2:00 PM, Sensex was trading at 61,168.71 lower by 494.77 points or 0.80%. Nifty 50 traded at 18,149.85 lower 157.80 points or 0.86% Read more

Ahluwalia Contracts bags new order worth Rs120.23 crore; stock jumps ~2%

Published on: 1:43 pm

  • Ahluwalia Contracts Limited informed that it has secured an order for the Construction of Lachit Moidam Memorial & Cultural Complex at Lahdoigarh, Jorhat, Assam from the Government of Assam, Office of Chief Engineer, PWD Building, Assam.
  • The company informed that the project is worth Rs120.23 crore (approx.).
  • The company further outlined that the inflow during the FY22-23 stands at Rs3,765 crore, to date. Read more

Rupee drops 12 paise to 81.86 / $

Published on: 1:43 pm

  • Early on Monday, the rupee sank 12 paise to trade at 81.86 against the US dollar, following the foreign exchange market's strength for the US dollar and a flat local equity market. The local unit started trading at 81.84 versus the dollar on the interbank foreign exchange but lost ground and dropped to 81.86, losing 12 paise from its previous finish.
  • The rupee lost 10 paise on Friday, falling to 81.74 against the US dollar at the closing. The dollar index, which measures the dollar's strength against a basket of six different currencies, increased by 0.25 % to 107.19. The 30-share BSE Sensex was down 468.58 points, or 0.76 %, at 61,194.90 on the domestic equities market, and the larger NSE Nifty was down 146.20 points, or 0.80 %, at 18,161.45. Read more

Kabra Extrusion stock up by more than 17%

Published on: 1:36 pm

  • In intraday trade on Monday, shares of Kabra Extrusiontechnik rose 17% to Rs 482 after the company's Battrixx business announced cooperation with Hero Electric, India's leading manufacturer of electric two-wheelers (e2W), to produce domestic lithium-ion batteries.
  • The stock was 16% higher at Rs 478.65 at 12:30 p.m., while the S&P BSE Sensex was down 0.84 %. Kabra Extrusion's stock price has increased 40% over the last month, compared to a 3% increase in the S&P BSE Sensex.  Read more

Escorts Kubota stock price up by more than 7% today

Published on: 1:21 pm

  • On Monday, during intraday trading on the BSE in an otherwise lacklustre market, shares of Escorts Kubota (previously Escorts) rose 6% to Rs 2,156.70. The tractor manufacturer's stock was trading close to its all-time high, Rs 2,189.75, set on September 23, 2022.
  • Escorts Kubota has expanded their business into three distinct industries, including railway equipment, construction equipment, and agricultural gear. Read more

Ashoka Buildcon announces declaration of appointed date for NHAI project

Published on: 1:11 pm

  • Ashoka Buildcon Limited has informed to the stock exchanges regarding declaration of an Appointed Date for NHAI Project.
  • The Company had earlier announced the declaration on achievement of Financial closure on October 13, 2022, Ashoka Baswantpur Singnodi Road Private Limited, a wholly owned subsidiary of the Company, has received November 13, 2022 as an Appointed Date for the NHAI Project vide NHAI letter dated November 18, 2022.
  • Further, the accepted Bid Project Cost is Rs1,079 crore. The construction period of the Project is 912 days from an Appointed Date and operation period is 15 years from COD. Read more

Arvind Limited, PurFi Global collaborate to combat massive textile waste problem; mulls investment o

Published on: 1:04 pm

  • Arvind Limited, India's largest textile-to-technology conglomerate, and PurFi Global LLC, a sustainable technology company specialising in rejuvenating textile waste into virgin quality products, announced a joint venture to reduce the textile waste that ends up in landfills.
  • PurFi's proprietary technology has evolved as a proven and complete solution for rejuvenating textiles back into virgin-like fibres as the fashion industry has embraced calls for more circular and sustainable supply chains, said the company on Monday.
  • PurFi and Arvind will establish the first of a planned series of fibre rejuvenation facilities near one of Arvind's manufacturing facilities in India. Read More

Infosys completes allotment of 1.30 lakh ESOPs; stock slips ~1.5%

Published on: 12:38 pm

  • Infosys Limited informed that it has completed the allotment of 1,29,939 equity shares on November 18, 2022, pursuant to the exercise of Restricted Stock Units by eligible employees under the 2015 Stock Incentive Compensation Plan.
  • The company stated that following such issue, the issued and subscribed capital of the company stands increased to Rs2,104.04 crore. The share capital consists of 4,208,080,843 equity shares of Rs5 each.
  • Further, the company also informed exchanges that it has inaugurated Foundation Sports Park in Bengaluru. The park in Adugodi includes volleyball, basketball, football, and badminton courts, as well as a skating rink and children's play area. Read more

KPI Green Energy commissions 5.40 MWdc project for Anupam Rasayan India

Published on: 12:32 pm

  • KPI Green Energy Ltd stocks rally on the bourses today as the the company received Commissioning Certificate from Gujarat Energy Development Agency ('GEDA').
  • As per the filing, the company received the commissioning certificate for capacity of 5.40 MWdc solar power project for company's CPP client Anupam Rasayan India Limited under 'Captive Power Producer (CPP)' Segment of the Company.
  • On Monday, at around 12:35 PM, KPI Green Energy was trading at Rs871.25 per share higher by 6.22% as against previous closing of Rs820.25 per share on the BSE. Read more

Kabra Extrusion Technik soars ~15% on joining forces with Hero Electric

Published on: 12:11 pm

  • Kabra Extrusion’s Battrixx has inked an agreement with Hero Electric, India's largest E2W company, to develop "Made in India" Lithium-ion batteries. These are the latest technology batteries that power Hero Electric's entire e-scooter line, which was conceptualised and designed in-house with Hero's R&D team.
  • This collaboration advances battery safety, reliability, and performance while fully supporting Hero's aggressive production line-up to meet rising e2W demand.
  • Thanks to its new advanced cell chemistry pack designs, Battrixx will power Hero Electric Scooters. This will be a very strategic collaboration for the development and production of advanced cell chemistry battery packs. According to Hero Electric's projections, the target for the next fiscal year is to supply 300,000 battery packs and chargers. Read more

InCred Asset Management raises Rs 300 crore from family offices, HNIs

Published on: 11:51 am

  • InCred Asset Management announced a Rs 300 crore fundraising from large family offices and high-net-worth individuals for its first credit fund, InCred Credit Opportunities Fund I (ICOF-I), with a Rs 500 crore target fund size.
  • The first alternative product from InCred, ICOF-I, will give financial institutions and emerging corporations flexible secured loan financing. Read More

3i Infotech secures multi-year contract worth Rs51 crore from HPCL; stock zooms ~3%

Published on: 11:48 am

  • 3i Infotech Limited announced a multi-year contract with Hindustan Petroleum Corporation Limited (HPCL), an Indian state refiner. The order value is estimated to be Rs51 crore (including taxes) over a three-year period.
  • HPCL has been a long-term customer of 3i Infotech, with the company primarily serving them in North India. However, under the new contract, 3i Infotech would be able to provide its services across the country, including all HPCL locations and datacenters. Read more

Insolation Energy bags order worth Rs1.51 crore from Jodhpur Discom

Published on: 11:32 am

  • Insolation Energy Limited informed that it has received a Letter of Award (LOA) for the empanelment of a Vendor for Design, Supply, Erection, Testing, and Commissioning including warranty, Comprehensive operation & maintenance of grid-connected Rooftop Solar Plant of various capacities under the Phase-II of Grid Connected Rooftop Solar Scheme of MNRE in Rajasthan under General category against TN-DSM-02, for Jodhpur Discom.
  • The company has received the order for Rs1.51 crore.
  • The comprehensive operation & maintenance is for a period of 5 years. Read more

Aurobindo Pharma gets 10 observations for Unit IX from USFDA; Stock dips 1%

Published on: 11:26 am

  • Aurobindo Pharma Limited has informed that the United States Food and Drug Administration (USFDA) inspected the Company's Unit - IX, an intermediate facility situated at Gundlamachnoor Village, Sangareddy District, Telangana, from November 10 to November 18, 2022.
  • The said Unit had been classified as OAI on May 17, 2019 and the Company had responded to the agency and carried out the required corrective actions. The US FDA Authorities have reinspected the facility as mentioned above. Read more

Steel stocks up, following removal of export duty on steel products

Published on: 11:23 am

  • Steel company stock prices held steady, rising up to 19% on Monday. This increase follows the government's removal of export taxes on raw materials and steel products after roughly six months. The announcement states that iron ore pellets and lumps that are less than 58% Fe will not be subject to export taxes, but grades that are higher than 58% Fe will be subject to a 30% tax.
  • The 15% export tariff applied prior on hot-rolled, cold-rolled, alloy, and non-alloy flat steel goods with a thickness of 600mm or greater has since been removed. The current policies, according to a statement from the ministry of finance, will provide the domestic steel industry a boost and increase exports. The decision was a huge relief for the steel sector, which had prepared a huge capacity expansion plan.
  • Following the news, the BSE saw gains of more than 3% for the stocks of Godawari Power & Ispat (GPIL), Prakash Industries, Jindal Stainless, Sarda Energy & Minerals, Jindal Stainless (Hisar), NMDC, and Steel Authority of India (SAIL). The S&P BSE Sensex, in contrast, was down 0.82 % at 61,151 at 10:45 am. Read More

Market forecast - What to expect this week?

Published on: 11:07 am

  • No clear trend seems to be visible for this week, in the Indian equity markets. There is some  probability that markets may pare some of the gains of the past few days. This may happen because of foreign investors selling some of their investments that they made in the past few days. RBI Governor Shakti Kanta Das has said that the probability of India entering a recession is low. But this statement also implies that there is a probability of the country going into recession, even if it is low. 
  • Britain's inflation rate in November has touched a 41 year high of 11.1%. Food prices in the country are up by 16%. This is the highest level of food price inflation in the country in more than 4 decades. UK's Finance Minister also said that the country has entered into a recession. In September quarter, the economy contracted quarter-on-quarter by 0.2%. Japan's economy has also contracted by 0.3% in the third quarter. American retailer Walmart has said that lower income customers are now dipping into their savings for buying consumer goods. Another retailer Target has said that customers are stressed. They are cutting down on consumption of everything. It expects weak Christmas season sale. Weakening of consumption in America will have an adverse impact on the global economy. Read more

In the early trade, silver prices fall

Published on: 10:59 am

  • Ten grams of 22-carat gold traded at Rs 48,600 during the first hour of trading on Monday, according to the GoodReturns website. The price of 1 kilogram of silver has, however, fallen by Rs 400 from yesterday's closing price, selling for Rs 60,600.
  • The price of ten grams of 24-karat gold was Rs 53,020. Ten grams of 22-karat gold cost Rs 48,800, Rs 48,650, and Rs 49,250 in Delhi, Bengaluru, and Chennai, respectively. Ten grams of 22-karat gold cost the same amount in Mumbai as it did in Kolkata and Hyderabad, or Rs 48,600. Read more

EaseMyTrip stock price up by 20% today

Published on: 10:48 am

  • In intraday trading on Monday, shares of Easy Trip Planners, which runs EaseMyTrip.com, surged 20% to Rs 57.15 on the BSE, a day before the record date for bonus issue and stock split.
  • The shares of the tour and travel services provider were trading close to its May 25, 2022, 52-week high of Rs. 59.56 (adjusted for stock split and bonus). Read more

NMDC to infuse ~Rs900 crore for ramping up production at Kumaraswamy mines; stock climbs ~4%

Published on: 10:45 am

  • NMDC Limited plans to invest upto Rs900 crore over the next two to three years to increase iron ore production from 7 MTPA to 10 MTPA at its Kumaraswamy mines in Karnataka.
  • In a meeting held between November 9-11, an Expert Appraisal Committee under the Minister of Environment and Forests gave its green signal for Environmental Clearance, allowing NMDC to increase production and the EC is valid until 2042, according to company sources.
  • The Karnataka government renewed the lease for the Kumaraswamy mine for another 20 years in June 2022, bringing an end to a period of uncertainty. Read more

Vishvprabha Ventures bags order of Rs36.15 crore from KDMC; Stock down 3%

Published on: 10:34 am

  • Vishvprabha Ventures Limited has informed to the exchanges regarding receip of order worth Rs36.15 crore from KDMC.
  • In a regulatory filing, the company announced that it has received a work order of Rs36.15 crore from Kalyan-Dombivli Municipal Corporation for construction of road at within the municipal boundary of KDMC.
  • At around 10:34 AM, Vishvprabha Ventures Ltd is currently trading at Rs69.15 per share down by Rs2.15 or 3.02% from its previous closing of Rs71.30 per share on the BSE. Read more

Archean Chemical lists at 11% premium over the issue price

Published on: 10:33 am

  • Archean Chemical Industries (ACIL) made a solid stock market debut, with shares trading at an 11% premium to its initial public offering price of Rs. 407 per share on the National Stock Exchange (NSE). Following the listing, the shares increased, reaching Rs 473.65, up 16% on the BSE issue price. The stock reached a high of Rs 462.45 at 10:04 a.m. The S&P BSE Sensex, however, was down 0.73 %.
  • The ACIL IPO, which raised Rs 1,462 crore, received a positive reaction, with the issue being subscribed 32.23 times. The segment reserved for institutional investors received 48.91 subscriptions. In contrast to the retail investor allocation, which received 9.96 times as many bids, the non-institutional buyer quota was 14.90 times subscribed. Read more

Xebia plans to hire 1,200 people in India

Published on: 10:16 am

  • Xebia, a US-based IT business, intends to hire 1,200 people in India by March 2023, citing growth potential in the digital transformation field despite the country's terrible socioeconomic scenario.
  • Anand Sahay, CEO of Xebia Global, stated to PTI that all businesses are looking to transform, and demand in the sector is high. For these reasons, the company is opening new centers around the world, including India. It also has plans to acquire businesses engaged in artificial intelligence, cloud computing, augmented and virtual reality, and other related fields. Read More

Zomato slips ~3% as co-founder Mohit Gupta announces exit

Published on: 10:11 am

  • Mohit Gupta, Zomato's co-founder, has resigned from the company after four and a half years of service. This is the third high-profile withdrawal in recent weeks from the leading meal delivery startup. Rahul Ganjoo, the former head of food delivery and the head of Zomato's new projects, resigned earlier this week. Siddharth Jhawar, the head of the company's Intercity Legends service, resigned a week earlier.
  • Gupta joined Zomato as the head of meal delivery in 2018. Ganjoo was promoted to co-founder after becoming the CEO of food delivery in 2021 to take charge of future enterprises. Prior to joining Zomato, Gupta was the chief operating officer of the travel website Makemytrip.
  • Gupta stated that he is still a long-term investor in Zomato and that the journey to build a world-class tech business out of India, for India (and possibly the world) is still ongoing, with only 1% completed. Read more

Five Star Business Finance debuts at 5% discount at Rs449 on BSE

Published on: 10:10 am

  • A non-banking financial corporation Five Star Business Finance, made a discounted debut on the stock exchange today. The stock is listed at Rs449.95, with a discount of 5% to its issue price of Rs474.
  • Shares got listed at Rs468.80 per share on the National Stock Exchange (NSE), down by 1.10% against the given issue price.
  • At around 10:15 AM, the stock is currently trading at Rs465.25 per share up by 15.30 or 3.40% from its previous closing of Rs449.95 on the BSE. The scrip opened at Rs449.95 per share and has touched a high and low of Rs473.75 per share and Rs448.20 per share respectively.
  • The IPO was subscribed 70% on its final day of bidding on November 11. The public issue is priced at a price band of Rs450 per share to Rs474 per share. Read more

Archean chemical IPO expected to list at a premium

Published on: 10:08 am

  • Archean Chemical Industries Ltd. shares will begin trading on Dalal Street today because the company's IPO listing date has been set for November 21st, 2022.
  • According to information on the BSE website, equity shares of Archean Chemical Industries Ltd. will be listed and admitted to trading on Indian exchanges in the list of the "B" category of securities as of Monday, November 21, 2022. This indicates that today's Special Pre-open Session (SPOS) will include shares of Archean Chemical. Read more

Great Learning expects to clock revenue of more than Rs 1000 crore in FY 23

Published on: 9:57 am

  • Great Learning forecasts doubling its revenue to almost Rs1,000 crore for FY23, at a time when an increasing number of edtech companies are cutting staff in an effort to conserve money and concentrate on profitability during a financial winter.
  • The edtech company, which focuses on the higher education and professional sectors, also has ambitions to hire roughly 500 workers in the upcoming six months. Read More

Jindal Stainless gets NCLAT's green signal to bid for Rathi Super Steel; stock spurts ~5%

Published on: 9:45 am

  • The NCLAT upheld the NCLT order allowing Jindal Stainless to participate in the auction of debt-ridden Rathi Super Steel even though a bidder was already selected.
  • The National Company Law Appellate Tribunal (NCLAT) stated that the NCLT "did not commit any error" because sales were not completed and the goal was to maximize assets, so it "sees no reason to take a different view."
  • "The Adjudicating Authority (NCLT) made no error in taking note of the offer made by Respondent No 1 (JSL), who made an initial offer of Rs190 crore and the revised offer was Rs201 crore, which was much higher than the one on which Appellant was declared successful bidder," the NCLAT said. Read more

 The cost of petrol and diesel on November 21

Published on: 9:45 am

  • According to the most recent price notification sent out by fuel retailers, gasoline and diesel prices were stable on November 21 in major cities.
  • Petrol and diesel in Delhi are priced at Rs 96.72 and Rs 89.62 per liter, respectively. Diesel costs Rs 94.27/liter, and gasoline costs Rs 106.31/liter in Mumbai. In Chennai, the cost of petrol and diesel is Rs 102.63/liter and Rs 94.24/liter, while in Kolkata, they are Rs 106.03/liter and Rs 92.76/liter.
  • On November 21, however, supply worries subsided, although worries about China's fuel demand and rising interest rates weighed on oil prices, which remained close to two-month lows. After finishing at their lowest level since September 27, Brent crude futures for January had decreased 28 cents, or 0.3 percent, to $87.34 a barrel at 01:03 GMT. Read more

Markets nosedive as appetite for equities turn bearish; Sensex falls 300 pts, Nifty 50 around 18,200

Published on: 9:35 am

  • The appetite for equities was bleak in Monday's opening bell with Sensex nosediving to below 61,200 and Nifty 50 as lower by 18,200. Indian benchmarks tracked mixed Asian cues which traced losses of Wall Street. A broad-based selloff was recorded in domestic equities with IT, auto, consumer durables, oil & gas and realty stocks being the worst hit.
  • In the early deals, Sensex has plummeted by nearly 500 points and even clocked an intraday low of 61,151.51. While Nifty 50 has tumbled by as much as 100 points with an intraday low of 18,201.85.
  • At around 9:39 AM, Sensex was trading at 61,347.19 down by 316.29 points or 0.51%. Nifty 50 performed at 18,216.85 lower by 90.80 points or 0.5%. Read more

Asian Tea & Exports acquires 'Herbby Tea Plantations' as wholly-owned subsidiary

Published on: 9:19 am

  • Asian Tea & Exports Limited has informed the acquisition of 100% equity shares of Herbby Tea Plantations Private Limited.
  • Accordingly, Herbby Tea Plantations Private Limited has become a wholly owned subsidiary of Asian Tea & Exports Private Limited with effect from October 21, 2022.
  • As per the filing, the new industry belongs to manufacturing of Tea & other beverages and its business operation is yet to commence.
  • HTPPL has been acquired as wholly owned subsidiary by the company to expand the business operation. Read more

LTIMindtree inaugurates Digital Experience Centre in Hyderabad

Published on: 9:18 am

  • LTIMindtree, a global technology consulting and digital solutions company, has further expanded its Hyderabad operations by setting up a new, state-of-the art digital experience centre in the city.
  • This new, 100,000 sq. ft. centre will have the capacity to accommodate more than 1,000 professionals. Designed as a modern agile workplace to provide a superior, collaborative working experience, the centre will drive cutting-edge research and innovation in leveraging the power of digital to help LTIMindtree’s global clients deliver unique customer experiences. Equipped with the latest technology and automation capabilities, the centre will enable clients to rapidly envision, prototype and implement disruptive digital solutions that meet the needs of tomorrow. Read More

MIC Electronics bags order of Rs87.73 lakh; Stock gains over 2.5%

Published on: 9:18 am

  • MIC Electronics Limited has informed to the exchanges regarding receipt of Letter of Acceptance from Sealdah Division-Eastern Railway.
  • As per the filing, the company has been awarded the tender for provision of video wall at SDAH station area including concourse area to display important information along with CAMC for 5 Years by the Sealdah Division - S and T, DRM office, Kolkata, Eastern Railway on November 17, 2022.
  • The value of the said tender is Rs87,73,898.57/- (Rupees Eighty-Seven Lakhs Seventy-Three Thousand Eight Hundred and Ninety-Eight Rupees and Fifty-Seven Paisa only). Read more

IEX surges ~5% as board to consider share buyback on November 25

Published on: 9:18 am

  • Indian Energy Exchange Limited informed that its board of directors will consider a buyback proposal on November 25, 2022.
  • "We would like to inform you that the board of directors is considering a meeting to be held on Friday, November 25, 2022. The board will consider a proposal for buyback of fully paid-up equity shares of the company in the said meeting," IEX said in a BSE filing.
  • IEX reported consolidated revenue of Rs113.80 crore for the quarter ended September 30, 2022, up 0.3% from the first quarter of FY23. For the most recent quarter, the company reported a 3% year-on-year increase in net profit to Rs71.20 crore. Read more

Aarti Industries inks agreement with Deepak Fertilisers for Rs8,000 crore Nitric Acid supply arrange

Published on: 9:17 am

  • Aarti Industries Ltd (AIL) and Deepak Fertilisers & Petrochemicals Corporation Ltd (DFPCL) has announced that they have signed a binding term sheet for a 20- year period for offtake and supply of Nitric Acid.
  • The parties plan to execute the formal agreement before the close of this calendar year. The supply arrangement comes into effect from April 01, 2023.
  • DFPCL is the largest manufacturer of Nitric Acid in South East Asia and AIL is one of the largest Nitric Acid consumers in India. This arrangement is a landmark and first of its kind long term association between two Indian chemical majors to augment each other's business needs and mutual interests. Read more

Roto Pumps secures purchase order of Rs1.84 crore

Published on: 9:17 am

  • Roto Pumps Limited has informed to the exchanges regarding receipt of major purchase order worth Rs1.84 crore.
  • As per the regulatory filing, the company has received a major domestic purchase order for Screw Pumps amounting to Rs1.84 crore from a leading water and wastewater management Company.
  • The supply of the said order is to be completed in tranches by the fourth quarter of the current financial year, the company said. Read more

Natural Capsules' subsidiary Natural Biogenex completes its maiden fund-raise of Rs18.75 crore; Stoc

Published on: 9:16 am

  • Natural Capsules Limited has informed that  it's subsidiary Natural Biogenex Private Limited, an emerging steroidal API player announced the successful completion of its maiden fund-raise of Rs18.75 crore. The Company has allotted 16.67 lakh shares representing 7.69% of the total outstanding shares post-allotment, valuing the subsidiary at Rs225 crore pre-money.
  • Commenting  on this milestone, Sunil Mundra, Executive Director, said “I am pleased to announce this maiden fund-raise for our wholly-owned subsidiary Natural Biogenex Private Limited, this is the first external fund-raise that we have undertaken for our steroidal API business. Not only does this fund-raise validate our years of efforts in building this entity, but it also makes Natural Biogenex more atmanirbhar (self-reliant) in undertaking its endeavour to provide quality APIs & intermediates to our potential customers in India and in international markets.
  • The proceeds from this fund-raise will be deployed in financing the project requirements of the API business and will allow us to scale the business with lesser financial leverage. Read More

Markets may start the day in red

Published on: 8:44 am

  • Indian equity markets may start the day today in red. A flat day may be in store for the markets. The behavior of foreign investors today will have an impact on the market's course. On Friday they were net sellers.
  • US markets ended Friday in Green. Dow Jones closed, up by 0.59%. Nasdaq closed, up by .009%. NYSE Index closed, up by 0.56%. S&P 500 closed, up by 0.48%.
  • Asian markets have opened in Red today. Japanese Nikkei is down by 0.16%. South Korean KOSPI is down by 1.33%. Taiwan Index is down by 0.22%. Shanghai Index is down by 0.77%. ASX Index is down by 0.11%. Read more

ONGC confident of reversing the fall in production of output, this year

Published on: 7:57 am

  • The biggest oil and gas producer in India, ONGC, said on a conference call with investors that it would reverse years of production drop this year and progressively increase output going forward as it invests billions to produce from more recent discoveries.
  • In the fiscal year 2021–2022, Oil and Natural Gas Corporation (ONGC) produced 21.707 million tonnes of crude oil, which is refined into petroleum products like petrol and diesel, and 21.68 billion cubic metres (bcm) of natural gas, which is used to generate electricity, make fertiliser, and serve as compressed natural gas (CNG) in vehicles.
  • Production of gas and crude oil are expected to increase in the current fiscal year (2022-23) to 22.099 bcm and 22.823 million tonnes, respectively. Oil output will increase to 24.636 million tonnes the following fiscal year and to 25.689 million tonnes in 2024–25, the management informed investors in a call following the release of second-quarter earnings last week. Read More

Deadline on implementing transaction volume cap on apps facilitating UPI payments may be postponed

Published on: 7:55 am

  • The Reserve Bank of India and the National Payments Corporation of India (NPCI), which manages the UPI digital pipeline, are negotiating the implementation of the December 31 deadline for capping the transactions handled by a third party app at 30% of total volume transactions on UPI.
  • There is no volume limit at the moment. Thus, two competitors — Google Pay and PhonePe — control nearly 80% of the market.
  • In an effort to reduce the risk of concentration, NPCI suggested a 30% volume cap for third-party app providers (TPAP) in November 2022. Read More

Keystone Realtors IPO: How you can check your allotment status

Published on: 7:51 am

  • Keystone Realtors IPO was closed on November 16 which comprised a fresh issue of up to Rs560 crore and an offer for sale of Rs75 crore. The price band of the offering was fixed in the range of Rs514 to Rs541 per share.
  • The finalization of share allocation of the IPO is expected to take place today, i.e., November 21. One can check the allotment status on the BSE website or the NSE website. Enter the application number and PAN Card ID to get the details of the allotment. Read More

RHI Magnesita to acquire refractory division of Dalmia Bharat

Published on: 7:46 am

  • According to Stefan Borgas, CEO of the Vienna-based company, who talked to ET, RHI Magnesita is in the process of buying the refractory division of Dalmia Bharat Refractories Limited (DBRL) in India for roughly Rs1,708 crore. He continued, "The share exchange arrangement is being made through RHI Magnesita India."
  • "DBRL will move its operations to Dalmia OCL (DOCL). A share swap agreement states that RHI Magnesita will purchase all DOCL shares still in circulation in exchange for 27 million additional RHI Magnesita India Limited shares,” Borgas told ET.
  • The share consideration had a value of roughly Rs1,708 crore (or 208 million euros), according to RHI Magnesita India Limited's issuing price of Rs632.5029 per share, the CEO stated. Read More

Major banks raised benchmark lending rates but did not raise deposit rates in the same proportion

Published on: 7:43 am

  • In unison with the rise in the Reserve Bank's policy repo rate since May of this year, all major banks boosted their external benchmark-based lending rates (EBLRs) by 190 basis points. However, they were slower to raise deposit rates.
  • In order to control inflation, the Reserve Bank has increased the benchmark short-term lending rate (repo) by 190 basis points in four instalments since May.
  • Early in the next month, the RBI's Monetary Policy Committee (MPC), which advises the central bank on interest rates, is scheduled to convene once more amid predictions of a further increase in the repo rate.Read More

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