Latest News and Updates

22nd Nov, 2022

Kaynes Technologies closes over 17% premium on debut day

Published on: 4:00 pm

  • On Tuesday, Kaynes Technology closed at Rs689.95 per share higher by Rs102.95 or 17.54% on the NSE.
  • The stock is listed at Rs778 per share, with a premium of more than 32% as against its IPO price of Rs587 per share on the NSE.
  • Around early morning deals, Kaynes Technology shares started trading at Rs775 per share on the BSE. The shares are listed for trading and dealings under the 'B' group of securities. Read More

Markets see steep rise in the last 30 minutes

Published on: 3:42 pm

  • Indian equity markets saw a day of some volatility today. Markets rose steeply in the last 30 minutes.
  • Nifty 50 ended, up by 84.25 points. Sensex ended, up by 274.12 points. Top Gainers today were IndusInd Bank, NTPC and JSW Steel.
  • Top Losers today were BPCL, Nestle India and Bharti Airtel.Read More  

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Hindustan Media Ventures approves proposal to invest up to Rs73 crore in Autope Payment Solution

Published on: 3:01 pm

  • Hindustan Media Ventures Ltd had approved to invest upto Rs73 crore, in tranches by subscribing to convertible securities of Autope Payment Solution Private Limited (Formerly known as “Anduril Technologies Private Limited”).
  • As per the terms of the agreement, the Company is now converting Tranche 1 investment (which was made into convertible share warrants of Autope) into equity shares of the Autope and consequent upon such conversion, the holding of the Company in Autope shall be in excess of 5% of its total shareholding.
  • Autope is a tech company which is engaged in the business of facilitating payment / recharge for IRCTC, Metro and various other utilities. The Company has collaborated with transport operators like Delhi Metro Rail Corporation (DMRC) to facilitate online recharge for DMRC metro card holders. Read more

EaseMyTrip, Assam Tourism joins hands to develop tourism in Assam

Published on: 2:36 pm

  • EaseMyTrip, one of India's largest online travel tech platforms, has signed a Memorandum of Understanding (MoU) with Assam Tourism Development Corporation (ATDC) at an event on November 21, 2022.
  • he goal of this Memorandum of Understanding is to pool resources and work together to boost tourism in Assam. The MoU requires EaseMyTrip to provide white-label solutions to promote ATDC properties on its website and mobile application.
  • The agreement solidifies the parties' Memorandum of Understanding and defines the scope of the obligations that have been promulgated. As a participant in this agreement, EaseMyTrip will provide ATDC with white-label solutions, including its entire booking process and payment gateway. Read more

Aether Industries enters agreement with Polaroid for research and manufacturing

Published on: 2:14 pm

  • Aether Industries Limited, one of India's fastest-growing specialty chemicals companies, has signed a long-term Master Supply Agreement (MSA) with Europe-based Polaroid. Polaroid is the parent company of the global Polaroid group of companies, best known for its instant photography products.
  • The MSA covers R&D and manufacturing services for Polaroid Film (instant photography chemistry) and Polaroid Sciences (new chemistry in fields such as sustainability and medical use). As a result, the MSA lays the groundwork for the establishment of four distinct and specific research and supply agreements between the two companies.
  • Based on historical data from the two companies' existing supply agreement, the MSA anticipates an overall revenue of USD $ 15 million (approximately Rs121.50 crore) over the partnership period of at least three years. Revenues from the resulting research and supply agreements with the Polaroid Sciences division have not yet been included but will be added to the aforementioned. Read more

AWS opens its second data infrastructure hub in India

Published on: 2:08 pm

  • Amazon Web Services (AWS) announced the opening of its second AWS infrastructure region in India, in Hyderabad, which will support over 48,000 full-time jobs annually through a $4.4 billion (Rs 36,300 crore) investment in the country by 2030.
  • By 2030, it is anticipated that the development and operation of the AWS Asia Pacific (Hyderabad) Region will boost India's GDP by about $7.6 billion (Rs63,600 crore). Read more

Markets trade higher with Nifty above 18,200

Published on: 2:00 pm

  • Domestic benchmark indices in the fast lane today after theled by FMCG and Metal stocks outperforming. Both the Sensex and Nifty benchmarks were marginally higher despite mixed global cues.
  • On the sectoral front, realty and oil & gas index was under selling pressure however, alongwith metal and FMCG index surging around 0.5% each, IT, banking, media stocks also contributed marginally to drive the market sentiments.
  • At around 2:00 PM, Sensex was trading at 61,327.40 higher by 182.56 points or 0.30%. Nifty 50 traded at 18,211.15 higher 51.20 points or 0.28%.
  • Top Bulls on Nifty 50 are: IndusInd Bank (+2.5%), Ultratech Cement (+1.3%), Adani Ports (+1.08%) supported by Titan (+1%) and Divis Lab (+0.99%). Meanwhile, top losers on Nifty 50 are: BPCL (-1.2%), Nestle India (-0.79%), Power Grid (-0.78%), ONGC (-0.55%) and Kotak Bank (-0.42%). Read more

Steel Strips Wheels inks pact with Redler Technologies, Israel to sell EV controllers

Published on: 1:45 pm

  • Steel Strip Wheels Limited and Redler Technologies Ltd., an Israel-based company, are pleased to announce the signing of a Memorandum of Understanding (MOU) to establish a joint venture in India focused on the development, manufacturing, and marketing of innovative, cutting-edge motion control solutions for two, three, and four-wheeled electric vehicles.
  • SSWL is the world's leading automotive wheel manufacturer, and it will spearhead the effort to support EV market product penetration.
  • Redler Technologies is a multinational engineering firm that develops and manufactures patented, cutting-edge servo motion control systems, intelligent circuit breakers, and power distribution systems. Read more

Lupin grants over 1.77 lakh stock options under ESOP; Stock under pressure

Published on: 1:15 pm

  • Lupin Limited has granted options aggregating 1,77,781 on November 21, 2022 to the employees of the Company and its subsidiary companies, at the exercise price of Rs2.00 each, details of which are as under:
  • Lupin Subsidiary Companies Employees Stock Option Plan 2011 have no. of options 65,235.
  • Lupin Employees Stock Option Plan 2011 having no.of options 100000.
  • Lupin Employees Stock Option Plan 2014 having no. of options 12546 Read more

L&T acquires Chiyoda’s entire stake in JV LTC for Rs75 crore; stock adds ~1%

Published on: 1:06 pm

  • Larsen & Toubro Limited informed that it has purchased the entire stake held by Chiyoda Corporation in L&T-Chiyoda Limited (LTC) a joint venture between Larsen & Toubro Limited (L&T) and Chiyoda Corporation (Chiyoda) in accordance with the Share Purchase Agreement dated November 22, 2022.
  • L&T and Chiyoda each own a 50% stake in LTC. As a result, L&T's purchase of Chiyoda's share is a Related Party transaction. The transaction is conducted at arm's length because the price was determined by an independent valuer, said the company in its exchange filing.
  • The company stated that the acquisition is expected to be completed by December 31, 2022. Read more

Lokesh Machines inks MoU with AMTDC, IIT Madras

Published on: 12:59 pm

  • Lokesh Machines Limited has entered into a Memorandum of Understanding (MoU) with Advanced Manufacturing Technology Development Centre, IIT Madras and the confirmation letter for the same has been received by the company on November 21, 2022.
  • The MOU calls for the development of critical technologies such as the Rotary Drive Unit for the Milling Head and the Integrated Milling Spindle, which will replace critical imported technologies required for the development of 5-axis machine tools, as well as the construction of thermally stable machine tool structure and other machine tool elements that will ensure a thermally efficient high precision machine.
  • The Governing Board of IIT Madras established AMTDC as a Centre of Excellence for Machine Tools and Production Technology. Read more

OPPO India collaborates with to launch AI voicebot for customer support

Published on: 12:37 pm

  •, a voice AI SaaS company, has announced a collaboration with global smart device brand OPPO India to launch a 24x7 AI-powered customer support solution.
  • claims that with this implementation, its Augmented Voice Intelligence Platform (AVIP) will respond to all OPPO customer queries after business hours with instant answers and no waiting time. The AI-enabled voicebot seeks to assist with the majority of customer inquiries through complete end-to-end automation of in-scope calls. Read More

Aditya Vision opens 92nd showroom in Jharkhand; Stock hits 5% upper circuit

Published on: 12:18 pm

  • Aditya Vision Limited stock hits 5% upper circuit on Tuesday's trading session after the announcement of opening of new showroom in Jharkhand.
  • As per the regulatory filing, the Company has opened its 92nd showroom at Ganesh Complex, Thana Chowk, Ramgarh Cantonment, Ramgarh-829122, Jharkhand.
  • At around 12:20 PM, Aditya Vision was trading at Rs1,226 per share higher by Rs58.35 or 5% as against previous closing of Rs1167.65 per share on the BSE. Read more

WardWizard Innovations collaborate with iCreate to foster EV startups in India

Published on: 12:07 pm

  • WardWizard Innovations and Mobility Limited, India's leading manufacturer of electric two-wheelers under the brand 'Joy e-bike,' announced a strategic partnership with iCreate, India's leading innovation-based start-up incubator, to mentor and fund promising EV startups in India.
  • The company will facilitate active mentorship for entrepreneurs at iCreate's campus in Ahmedabad through this partnership in order to improve subject matter expertise and advance their technological innovations for the accelerating EV industry.
  • WardWizard and iCreate's collaboration aligns with the government's StartupIndia program's vision of assisting entrepreneurs in creating a robust startup ecosystem and transforming India into a country of job creators. Read more

Govt looking to increase use of domestic coking coal in steel production

Published on: 12:05 pm

  • According to Union minister Jyotiraditya Scindia, who talked to PTI, the government is putting together a "coking coal mission" to diversify the sources of a crucial raw material for steel production for which the nation is largely reliant on imports.
  • The mission is a component of the government's attempts to enhance the use of locally accessible coal in the gasification process used to make steel and decrease reliance on imported coking coal, the steel minister told PTI in an interview.
  • "It's being created by us, (the government) coking coal mission. The coal ministry is responsible for it "In answer to a query regarding the government's plan to increase the country's supply of raw materials, Scindia remarked. Read more

ProcMart raises $10 million in investment from Sixth Sense Ventures

Published on: 11:51 am

  • ProcMart, a B2B e-commerce company, has raised USD 10 million, or around Rs 82 crore, in a fundraising round that was spearheaded by Sixth Sense Ventures.
  • The most recent Series A fundraising round will be used to fund worldwide expansion, vendor collaborations, and technological and warehouse upgrades. Read more

Deepak Fertilisers and Aarti Industries collaborate on Nitric Acid offtake

Published on: 11:41 am

  • A manufacturer of industrial chemicals and fertilizers, Deepak Fertilizers and Petrochemicals Corporation, announced that it has entered into a long-term, legally binding deal for the offtake and supply of nitric acid with Aarti Industries, valued at over Rs8,000 crore.
  • The supply arrangement will go into effect on April 1, 2023, according to a statement from DFPCL, which added that the agreement is anticipated to be signed by the end of this calendar year. Read more

Lighthouse India sells 0.65% stake in Nykaa through a block deal

Published on: 11:41 am

  • Private equity firm Lighthouse India has through a block deal sold 0.65% stake in FSN E-Commerce Ventures Ltd, the company that owns the beauty e-retailer Nykaa, for 320 crore rupees.
  • The shares were  sold at a discount of roughly 2% from the previous closing price, or about Rs 180-183.5 per share. Lighthouse sold 1.8 crore shares in all, or 0.65 percent of Nykaa's entire ownership, through the block deal, the newspaper said.
  • The broker for the transaction is Bank of America. The lock-in period for Nykaa expired on November 10, allowing investors and promoters to sell the pre-IPO assets they had been holding. With the end of the limited period, about 67 % of Nykaa's stock was no longer locked in. Read more

Oil drops to nearly two-month lows as supply worries subside

Published on: 11:37 am

  • On Monday, as supply worries subsided and worries about China's gasoline demand and rising interest rates weighed on prices, oil prices remained close to two-month lows. After finishing at their lowest price since September 27, January Brent crude futures had fallen 28 cents, or 0.3%, to $87.34 a barrel by 01:03 GMT.
  • Before the contract's expiration later on Monday, December West Texas Intermediate (WTI) crude futures were trading at $80 a barrel, down 8 cents from the previous day. To reach $79.90 per barrel, the more active January contract decreased by 21 cents. As losses continued throughout the next week, both benchmarks, Brent down 9% and WTI down 10%, closed on Friday at their lowest levels since September 27. Read more

Price of petrol and diesel on November 22nd

Published on: 11:32 am

  • According to the most recent price notification sent out by fuel retailers, gasoline and diesel prices were stable on November 22 in urban areas. In Delhi, the cost of gasoline and diesel per liter is Rs 96.72 and Rs 89.62, respectively.
  • In Mumbai, gasoline costs Rs 106.31 a liter, and diesel costs Rs 94.27 per liter. Prices for gasoline 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

Kirloskar Electric to recall all workmen laid off at Bhudihal unit; Stock trades flat

Published on: 11:16 am

  • Kirloskar Electric Company Ltd has informed to the exchanges regarding recall of workmen from Bhudihal (Unit-15).
  • As per the filing, the management of the company has decided to recall all workmen who have been laid-off at the Company's unit situated at Bhudihal (Unit-15) with effect from December 01, 2022.
  • The Company is in process to complete the formalities relating to recalling of 29 workmen for work as mentioned, Kirloskar Electric said on Monday. Read more

In early trade, gold and silver prices fall

Published on: 11:14 am

  • Tuesday's early trade saw a decline in the price of gold and silver, with ten grams of 24-karat yellow metal trading for Rs 52,920 after dropping by Rs 100. Silver prices decreased by Rs 400 from yesterday's closing, selling for Rs 60,600 for 1 kilogram.
  • Today's price for ten grams of 22-carat gold is Rs 48,500, according to the GoodReturns website. Ten grams of 24-karat and 22-karat gold are selling for Rs 52,920 and Rs 48,500, respectively, in Mumbai, Kolkata, and Hyderabad. Gold in Delhi sells Rs 53,070 for 24 karat and Rs 48,700 for 22 karats. Gold prices in Chennai are Rs. 53,670 (24-carat) and Rs. 49,200. (22-carat).
  • Tuesday saw gold prices rise as the dollar weakened, and investors turned their attention to the minutes from the most recent meeting of the US Federal Reserve for guidance on potential rate increases. As of 02:15 GMT, spot gold was up 0.3%, or $1,743.07 per ounce. US gold futures increased 0.3% to $1,744.50. Read more

Aseem Kaushik is named Managing Director, India of L'Oreal

Published on: 11:14 am

  • The French personal care brand L'Oral announced that Aseem Kaushik has been named as the Managing Director of the company's India operations.
  • Amit Jain, a wholly owned subsidiary of L'Oreal SA, has decided to retire at the end of this year, and he will take his place, according to a statement from L'Oreal India. Read more

Tim Hortons to invest Rs 300 crore in opening 120 new restaurants in India

Published on: 10:56 am

  • Tim Hortons, a Canadian restaurant brand, aims to open 120 locations in India over the next three years, at a cost of up to Rs300 crore.
  • The brand, which launched its first locations in India in August, is initially concentrating on North India before expanding to other areas.
  • The corporation may exceed the objective because the first year is focused on "laying the groundwork" with 20 new locations, followed by another 50 outlets over the next 12 months. Read more

Praveg Communications receives work order from Department of Tourism; stock zooms ~2%

Published on: 10:40 am

  • Praveg Communications India Limited informed that it has received a work order dated November 21, 2022, from the Department of Tourism, U.T. Administration of Dadra & Nagar Haveli and Daman & Diu.
  • The company has received the order for the development, operation, maintenance and management of the Tent City at Jampore Beach, Daman.
  • Praveg Communications India Limited is the leading exhibition management company, having successfully managed over 3000 events and exhibitions in India and around the world over the last two decades. Read more

Airtel starts offering 5G services in Guwahati

Published on: 10:40 am

  • In Guwahati, the gateway to the Northeast, the telecom provider Bharti Airtel said on Monday that it has launched the newest 5G services. Customers will be able to access the "Airtel 5G Plus" services gradually as the business builds out its network and completes the launch, according to a statement from Bharti Airtel.
  • According to the statement, "Customers with 5G equipped devices will enjoy high-speed Airtel 5G Plus network at no extra cost till the rollout is more widespread." It also stated that the city's selected places already have the newest technology. Read more

Tejnaksh Healthcare stock rallies over 4% post the launch of new product

Published on: 10:24 am

  • Tejnaksh Healthcare Limited stocks rally in the market as the company has launched new product Andro-Sim.
  • As per the filing, the product Andro Sim is a silicon model used by doctors to educate patients and doctors as to examine a patient, treat patients with intracavernosal injections, Intraurethral instillations, Practice penile implant surgeries, Urethral dilatation etc. It is the first of its kind simulator ever made globally.
  • This Product is part of the simulator series launched and promoted by Tejnaksh Healthcare Itd. Read more

Government has Rs 33,422 crore from asset monetization, till date in FY23

Published on: 10:13 am

  • According to reports, the government has already monetized assets worth Rs 33,422 crore under the National Monetization Pipeline (NMP) for 2022–2023; the Coal Ministry has raised the most money, at Rs 17,000 crore, and the Ports and Shipping Ministry has surpassed its total budgetary target.
  • By executing transactions of Rs 1 lakh crore in 2021–2022, the government exceeded the program's first-year objective of Rs 88,000 crore. The execution of the NMP was discussed by Finance Minister Nirmala Sitharaman and Niti Aayog CEO Parameswaran Iyer on November 14. According to sources who spoke to PTI, the government's most recent assessment indicates that it will be difficult to reach its overall asset monetisation goal of Rs 1,62,422 crore in 2022–2023, which is expected to result in a shortfall of Rs 38,243 crore. Read More

Bajaj Auto and Yulu Bikes may launch third generation E-bikes by year-end

Published on: 10:13 am

  • By the end of the current calendar year, Yulu Bikes, a supplier of shared mobility services, may unveil its third-generation electric two-wheeler platform in conjunction with strategic partner Bajaj Auto.
  • The platform has a high level of localization and was created by Bajaj Auto specifically for Yulu Bikes.
  • On the next-generation electric platform, Yulu Bikes intends to introduce a number of versions with a focus on commercial operators in the food delivery and last-mile connectivity areas. Read more

Kaynes Technologies lists at 32% premium over issue price

Published on: 10:12 am

  • After a successful initial public offering (IPO), end-to-end and IoT solutions-enabled integrated electronics manufacturing player, Kaynes Technologies made a strong market debut on Tuesday. The stock is listed at Rs778 per share, with a premium of more than 32% as against its IPO price of Rs587 per share on the NSE.
  • Around early morning deals, Kaynes Technology shares started trading at Rs775 per share on the BSE. The shares are listed for trading and dealings under the 'B' group of securities. The Rs858 crore IPO had received an oversubscription of 34.16 times with a strong appetite across investor categories.
  • Kaynes IPO was launched on November 10 and ended on November 14. The IPO received an oversubscription of 34.16 times on its final day of bidding. In terms of investors, the portion reserved for qualified institutional buyers (QIBs) subscribed by 98.47 times, while the reserved portion for non-institutional investors (NII) subscribed by 23.07 times and the retail individuals' portion subscribed by 4.10 times. The allotment of the equity shares in the IPO was done on November 18.Read more

ICICI Bank starts offering dollar bonds and loans against deposits to NRIs, in GIFT City

Published on: 10:06 am

  • At its GIFT City office in Gujarat, the private sector lender ICICI Bank has introduced two new products for non-resident Indians: loans against deposits and dollar bonds. According to an announcement from the institution, the bank is the first to provide these products in GIFT City.
  • According to ICICI Bank, the loan against deposits facility comprises non-resident external fixed deposits in rupees and functions similarly to a loan in foreign currency against a deposit in India. Customers can use the service for their short-term cash needs without incurring penalties for prematurely closing term deposits. Read more

Glenmark, Pfizer reach settlement agreement for Axitinib Tablets

Published on: 10:04 am

  • Glenmark Pharmaceuticals Limited and Glenmark Pharmaceuticals Inc., USA (Glenmark) have reached a settlement agreement with Pfizer Inc., PF Prism IMB B.V., and PF Prism C.V., (Pfizer) for Axitinib Tablets, 1 mg and 5 mg, the generic version of Pfizer’s Inlyta Tablets, 1 mg and 5 mg.
  • Glenmark had previously announced that the United States Food and Drug Administration (USFDA) had tentatively approved their generic Axitinib Tablets, 1 mg, and 5 mg, for release on November 30, 2020.
  • According to IQVIATM sales data for the 12-month period ending September 2022, the Inlyta Tablets, 1 mg, and 5 mg market generated approximately $644.5 million in annual sales. Read more

Carlyle Group sells 18.4 million Delhivery shares for Rs 607 crore

Published on: 10:01 am

  • On Monday, The Carlyle Group sold shares in Delhivery, a logistics company, for Rs. 607 crore. 18.4 million shares were sold by the private equity giant's investment business for Rs 330 each.  4.9 million shares were purchased by Morgan Stanley for Rs 160 crore, according to stock exchange statistics. Read More

On its first day, Archean Chemical's stock rose 12%

Published on: 9:50 am

  • In their Friday stock market debut, shares of Archean Chemical Industries increased by more than 12%. Shares of the manufacturer of specialty chemicals closed at Rs. 458, up Rs. 51, or 12.53 percent, from their initial offer price of Rs. 407 per share.
  • On the NSE, where shares worth Rs 1,014 crore changed hands during the intraday session, the stock reached highs of Rs 476 and lows of Rs 440.2. 32 times as many people subscribed to Archean's first public offering (IPO). The company has raised Rs 805 crore through the IPO in new funding to reduce its debt. Its IPO also included a secondary share offering for Rs 657 crore.
  • The company was valued at Rs 5,635 crore at the most recent closure, which is about 30 times its Rs 189 crore in FY22 earnings. Archean Chemical reported a net profit of Rs 84 crore on revenues of Rs 400 crore for the first quarter of the fiscal year 2022–2023. Read More

Markets trade flat amid mixed global cues with Nifty below 18,200

Published on: 9:38 am

  • The volatility continued on Tuesday in the opening bell amid mixed global cues. Sensex was pushed off the cliff to the point it was even below 61,200-level. Nifty 50 has even erased 18,200-mark so far today. A broad-based selloff was recorded in the sectoral indices with FMCG, IT, metal, realty stocks being the worst hit. The domestic equities tracked weak global cues. 
  • At around 9:38 AM, continued to maintain their volatile trend. Sensex performed at 61,119.95 down by 24.89 points or 0.04%. Nifty 50 performed at 18,151.95  down 8 points or 0.04%. 
  • Except for auto and PSU Banks, all other sectoral indices were under pressure. On NSE, the IT index dived above 100 points while the metal, pharma, realty index fell marginally. The PSU Bank index outperformed by surging around 1%. Read more

HDFC Bank & Canara Bank get RBI permission for Vostro accounts for trade with Russia in Rupee

Published on: 9:37 am

  • According to sources in the banking sector, the Reserve Bank of India (RBI) has given HDFC Bank and Canara Bank permission to open special Vostro accounts for rupee commerce with Russia. The other three Indian banks that have acquired regulatory approval for this type of transaction are UCO Bank, Union Bank, and IndusInd Bank. Aside from that, the RBI has approved Sber Bank and VTB, two Russian banks. In India, both have branches.
  • Although no transaction has been completed via this system, sources claim that three banks have created accounts thus far. The initiative aims to boost local currency trade. The RBI first granted permission to Kolkata-based UCO Bank to register a unique Vostro account with Russia's Gazprombank, which was established by the largest gas producer and exporter in the world, Gazprom Read more

Dhunseri Tea & Industries to acquire 3 tea estates from Warren Tea

Published on: 9:33 am

  • Dhunseri Tea & Industries Limited informed that the company has entered into a Memorandum of Understanding on November 21, 2022, with Warren Tea Limited for the acquisition of three tea estates located in Assam.
  • The company has agreed to acquire Duamara Tea Estate, Tara Tea Estate, and Deohall Tea Estate.
  • “The necessary due effect shall be given arising out of net current assets/liabilities/statutory obligations as on the business closing hours of December 31, 2022,” said the company on Monday. Read more

Rupee ends Monday, down 0.2% to Rs 81.85/ $

Published on: 9:27 am

  • On Monday, the rupee lost 0.2% of its value against the dollar as growing Covid-19 cases in China raised concerns about draconian regulations in the world's second-largest economy and reduced demand for emerging market currencies. On Monday, the rupee finished at 81.85 to the dollar compared to 81.69 on Friday.
  • The native currency has lost 9.2% of its value against the US dollar so far in 2022. Read more

NARCL makes Rs 860 crore offer for insolvent VOVL

Published on: 9:25 am

  • The debt of Videocon-supported VOVL, one of the most troubled loans on their books, is being promoted by lenders through superior negotiations with the government-sponsored ARC.
  • According to news reports, the National Asset Reconstruction Company Ltd. (NARCL) submitted a legally-binding offer of Rs860 crore last week to assemble the debt of the oil and fuel exploration company VOVL. VOVL lenders will push NARCL to increase the offer because it is significantly less than other bidders' proposals.
  • The structure of NARCL's offer is 15:85, meaning that 15% of the consideration will be paid upfront while the remaining 85% would be paid over the course of 5 years in the form of security receipts (SRs). Read more

Route Mobile wins CITC License to foray in Saudi Arabia

Published on: 9:21 am

  • Route Mobile has obtained a CITC License from Saudi Arabia's Communications and Information Technology Commission (CITC), which is in charge of regulating the information and communication technology sector in the Kingdom of Saudi Arabia.
  • This license is required for any company or technology provider conducting local SMS business; it is also required to host local platforms in the country to ensure all data is stored locally and meets the data security guidelines of the region.
  • Route Mobile Limited has already established itself as a Limited Liability Company in the Kingdom of Saudi Arabia (KSA). In addition to the UAE and Kuwait markets, the company will open a local sales office in Riyadh and operate Route Mobile Arabia Telecom Limited. Read more

Jubilant Foodworks to incorporate subsidiary in Nepal for Domino's Pizza biz

Published on: 9:19 am

  • Jubilant Foodworks Ltd has informed that the Board of Directors of Jubilant FoodWorks International Luxembourg, a step down wholly owned subsidiary of the Company on November 21, 2022 has inter-alia approved incorporation of a wholly owned subsidiary company in Nepal.
  • As per the filing, Nepal Subsidiary shall have the exclusive right to develop and operate Domino‘s Pizza stores in the territory of Nepal.
  • It is proposed to make initial capital contribution of sixty million Nepalese rupees (NPR 60,000,000) (equivalent to Rs37,002,000/- as per exchange rate on November 20, 2022) and the Nepal Subsidiary is yet to be incorporated, the company said on Monday. Read More

MIC Electronics bags order of Rs2.02 crore; Stock gains 4%

Published on: 9:18 am

  • MIC Electronics Ltd announced to the exchanges regarding receipt of Letter of Acceptance from Ratlam Division S and T, Ratlam, Madhya Pradesh, (Western Railway).
  • As per the filing, the Company has been awarded the tender for supply, installation, testing, commissioning and comprehensive annual maintenance contract of telecom material in connection with: Read More

Loyal Equipments receives order worth Rs2.36 crore

Published on: 9:17 am

  • Loyal Equipments Limited has informed to the exchanges regarding receipt of new work order for worth Rs2.36 crore.
  • As per the filing, the company has received new work Order worth Rs2.36 crore from LINDE Engineering India Pvt Ltd for Supply of Skid & Off Skid (Wet Air Oxidation Skid Package).
  • Further, the time period by which the contract is to be executed is 9 months, the company said. Read more

Lambodhara Textiles to shift Unit 2 operations to Unit 1; Stock down 2%

Published on: 9:17 am

  • Lambodhara Textiles Ltd has informed that pursuant to the expansion of the Unit I situated at 826, Thazhaiyuthu, Palani Taluk - 624 618, the operations along with the machineries of - Unit II situated at SKC House, Vinayagar Kovil Street. Neikarapatti, Palani - 624 615 will be shifted and combined with Unit I with effect from November 22, 2022.
  • In a regulatory filing, the company said, "The said shifting does not have any material and adverse effect on operations of the Company." Read More

Lupin signs MoU with Rajasthan Govt to strengthen healthcare system

Published on: 9:16 am

  • Lupin Human Welfare and Research Foundation (LHWRF), the Corporate Social Responsibility (CSR) arm of Lupin Limited has announced that it has signed a Memorandum of Understanding (MoU) with the Government of Rajasthan to address the prevalence of Cardiovascular Disease (CVD) and Chronic Obstructive Pulmonary Disease (COPD) in the Alwar district of Rajasthan.
  • The MoU was signed in the presence of Dr. K L Meena, Director Public Health, Department of Medical, Health and Family Welfare Government of Rajasthan and Tushara Shankar, Head – Corporate Social Responsibility, Lupin. Read More

Inclusive Financial Solutions form JV with Aurionpro in Saudi Arabia

Published on: 9:16 am

  • Inclusive Financial Solutions (IFS), a leading Saudi Arabia-based fintech and Aurionpro Solutions Pte Ltd, an Aurionpro subsidiary in Singapore, ink a strategic partnership agreement to establish a new joint venture company, Aurionpro MENA, to provide cutting-edge solutions to banks and fintechs in the Kingdom of Saudi Arabia.
  • The joint venture based in Riyadh will accelerate the efforts of IFS to further the development of financial sector in the Kingdom, which is in line with the Vision 2030. Aurionpro with its cutting-edge solutions backed by strong capabilities will work with IFS to jointly serve the Saudi Arabian market.
  • Adel Ibrahim Alsubeaei, Founder and CEO, IFS, said: “Aurionpro has the perfect blend of technology and capabilities that fit in our mission to redefine banking and payments in Saudi Arabia. Read more

JK Paper buys majority stake in Horizon Packs and Securipax Packaging; stock climbs ~3%

Published on: 9:15 am

  • JK Paper entered into Share Purchase and Shareholders' Agreements (SPSHAs) to acquire an 85% stake in Horizon Packs Private Ltd. (HPPL) and Securipax Packaging Private Ltd. (SPPL), and the remaining 15% stake over a three-year period.
  • With 7 plants across the country, HPPL and SPPL are India's largest Corrugated Packaging manufacturers. HPPL and SPPL had a combined revenue of Rs832 crore in FY 2021-22. Corrugated packaging is a rapidly growing segment of the Indian paper and packaging industry, driven by growth in end-use industries such as food and beverage, FMCG, and so on.
  • Harsh Pati Singhania, Vice Chairman and Managing Director of JK Paper Ltd., said on the occasion, “It is a privilege to join hands with India's largest player in the Corrugated Packaging segment. This, along with JK Paper's upcoming corrugated facility in Ludhiana, will position the company as the dominant player in the corrugated packaging industry.” Read more

Is there merit in FHRAI's demand from SEBI to stop Oyo IPO?

Published on: 9:15 am

  • Federation of Hotel and Restaurant Associations of India (FHRAI) has written to SEBI to not allow Oyo from floating its IPO. The ground for this request is the penalty that Competition Commission of India (CCI) imposed on Oyo. In October, CCI imposed a total penalty of Rs 392 crore on Oyo, Goibibo, and Make My Trip.  CCI found these companies guilty on indulging in anti-competitive practices. These practices included making hotels enter into exclusive tie-ups with them. 
  • A company found guilty of anti-competitive practices has to pay the fine imposed by CCI for the same. It also has to discontinue the practices that CCI found anti-competitive. There is no provision in law that such a company can be stopped from bringing an IPO in future. The area of anti-competitive practices does not fall within the purview of SEBI. SEBI's role is to ensure that a company complies with all the rules and regulations regarding IPOs. Read more

Global crude oil news

Published on: 9:06 am

  • A day after Saudi Arabia disputed a media report that it was considering an increase in oil supply with OPEC and its allies, oil prices modestly increased in early Asian trade on Tuesday.
  • Brent crude futures were up 17 cents, or 0.2%, at $87.62. Tuesday marked the start of trading for January West Texas Intermediate (WTI) crude futures, which saw a 7-cent or 0.1% increase to $80.11 a barrel.
  • After the Wall Street Journal (WSJ) reported that an increase of up to 500,000 barrels per day will be taken into consideration at the OPEC+ meeting on December 4, both benchmarks had fallen by more than $5 a barrel the previous session.
  • Prices swiftly and fully recovered when Saudi Arabia's energy minister Prince Abdulaziz bin Salman denied the WSJ report and claimed the country is sticking to output cuts and not discussing a future rise in oil production with other OPEC oil producers. Read More

Top 10 stocks for today – 22nd November 2022

Published on: 8:49 am

  • The Singapore Exchange's Nifty futures traded 43.6 points, or 0.25%, higher at 18,248.5, indicating that the stock markets may have a good start on Tuesday. The following 10 stocks may show price movement in today's market. To check more hot stocks, click at:
  • Lupin:
  • A Memorandum of Understanding was inked by the pharmaceutical company's subsidiary and the Rajasthani government to improve the healthcare system.
  • Kaynes Technologies India:
  • The IoT player will make its debut on the stock exchanges on Tuesday after the business raised Rs 858 crore through its IPO between November 10-14 by selling shares in the range of Rs 559-587 per share. Read More

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