Latest News and Updates

24th Nov, 2022

Markets see a day heavy in Green

Published on: 3:48 pm

  • Indian markets saw a day heavy in Green today. Nifty 50 ended, up by 216.85 points. Sensex ended, up by 762.10 points. Top Gainers today were Apollo Hospitals, HDFC Life and BPCL. Top Losers today were Cipla, Coal India and Bajaj Finserv. Large cap stocks saw heavy buying demand today.
  • This explains the reason for significant increase in both Nifty 50 and Sensex. Read more

Cyient DLM appoints new CEO, COO

Published on: 3:13 pm

  • Abthony Montabano has joined as new CEO of Cyient DLM. Ram Dornala has been appointed as COO.
  • The company has said that these leadership changes have been made so that it can avail of the opportiunities that have arisen in the Electronics Manufacturing Services (EMS) space, in a better way. China plus one strategy of many companies can result in increased demand for EMS in India. Read more 

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BCPL Railway Infra bags new order under Sealdah Division, Eastern Railway

Published on: 2:36 pm

  • BCPL Railway Infrastructure Limited informed that it has received an order from Sealdah Division, Eastern Railway, Electrical.
  • The order received is for 25 KV OHE & allied electrical works in connection with Barrackpur-Krishnanagar City - Replacement of Critical Implantation OHE Masts over Sealdah Division (Phase-VII).
  • The total project cost is Rs2.19 crore, and it is expected to be completed in 12 months.
  • "We, at BCPL, have provided unparalleled services that have helped to connect various parts of the country, and we are confident that we will continue to serve the Indian Railways in the future." We are optimistic about similar projects coming up on a pan-India basis,” said the company in its media release. Read more

Soma Textiles & Industries starts cotton trading business; Stock trades lower

Published on: 2:24 pm

  • Soma Textiles & Industries Limited has informed to the exchanges regarding starting of a new business in Trading of Cotton.
  • As per the filing, the company has started the new business in Trading of Cotton from the month of November, 2022.
  • At around 2:33 PM, Soma Textiles & Industries Ltd is currently trading at Rs7.51 per share down by Rs0.04 or 0.53% from its previous closing of Rs7.55 per share on the BSE. Read More

Biocon issues commercial paper worth Rs2,250 crore on private placement basis

Published on: 2:21 pm

  • Biocon Limited informed that it has issued Commercial Papers (CP) of Rs2,250 crore on a private placement basis.
  • The CPs are valid for 91 days and are issued at an interest rate of 7.75% p.a. The maturity date for such instruments is February 23, 2023.
  • These commercial papers are issued in favour of SBI Mutual Fund, and ICICI Prudential Mutual Fund.
  • As per the ratings issued by Ind-Ra, these instruments are rated IND A1+, and ICRA A1+ by ICRA Limited. Read more

Markets at day's high with Nifty above 18,350; Sensex jumps 400 pts

Published on: 2:00 pm

  • Domestic benchmark indices turned bullish after the bleak start on Thursday's morning session. Both the Sensex and Nifty benchmarks had begun inching up in the green after US Federal Reserve's November policy meeting hinted at a possible moderation in the pace of interest rate hikes.
  • The stock market logged stellar performance on late afternoon session today on broad-based buying in domestic sectoral indices.
  • On the sectoral front IT index outperforming by rising around 440 points with auto and metal index in the fast lane ahead of F&O expiry. Read more

Indrayani Biotech-led arm acquires 51% stake in India Home Health Care

Published on: 1:54 pm

  • Indrayani Biotech Limited informed that its wholly-owned subsidiary M/S IBL Healthcare Limited has acquired a 51% stake in India Home Health Care Private Limited.
  • IBL Healthcare has acquired 52,970 equity shares of India Home Health Care. Consequently, it has become a subsidiary company of IBL Healthcare.
  • The company has paid a consideration of Rs52.96 lakh. Read more

Rossell India's stock has soared 210% in the last 9 months

Published on: 1:39 pm

  • In Thursday's intraday trade (24-1-2022), Rossell India's shares rose 16% to an all-time high of Rs 371.80 amidst significant volume.
  • The aerospace and defense company's shares rose over the Rs 361.55 all-time high it had previously reached on November 15, 2022.
  • The shares of Rossell India increased by 210% in the last nine months from Rs 120 per share. Read More

TVS Motor launches first experience centre in Singapore

Published on: 1:30 pm

  • TVS Motor Company, a well-known two-wheeler manufacturer with global sales of over three million units, today opened its first state-of-the-art TVS Experience Centre in Singapore.
  • This launch is in line with the company's plans for global expansion. The new TVS Experience Centre will feature a selection of TVS Motor's premium motorcycles, including the flagship TVS Apache RR310 for racing enthusiasts and the TVS Apache RTR range for performance seekers.
  • The company will launch a variety of product offerings, catering to both personal commuting and the premium delivery segment in Singapore. This centre will also offer vehicle servicing, spare parts, and a full range of merchandise to customers. Read more

L&T Construction bags significant order for its heavy civil infra business

Published on: 1:10 pm

  • Larsen & Toubro's heavy civil infrastructure business has received an order from the prestigious Greenko group, one of the world's leading renewable energy companies, to develop an off-stream pumped storage project in Madhya Pradesh.
  • The project's civil and hydromechanical works will be completed over the course of 30 months by a consortium led by Larsen & Toubro. When completed, the project will be one of India's largest clean energy projects of its kind.
  • Securing this pumped storage system order reaffirms Larsen & Toubro's commitment to strengthening India's clean energy sector and is a step closer to the country's goal of carbon neutrality. Read more

Indian Oil and Chennai Petroleum stocks up today

Published on: 1:04 pm

  • Indian Oil Corporation and Chennai Petroleum Corporation's shares skyrocketed after ICICI Bank announced it would buy a 10% interest in their proposed joint venture. ICICI Bank would spend Rs 50,000 to acquire a 10% interest in the target firm, which will be created with seed capital of Rs 5 lakh. 
  • The lender stated that other than its first capital commitment of Rs 50,000, "ICICI Bank as seed equity investor does not have any duty to support the future equity requirement of the project."
  • In Tamil Nadu's Nagapattinam, the joint venture plans to build a refinery with an annual capacity of nine million metric tonnes. Axis Bank, HDFC Life Insurance, ICICI Prudential Life Insurance, SBI Life Insurance, and Indian Oil Corporation will each own a 10 % stake. In comparison, Chennai Petroleum Corporation and Indian Oil Corporation will each hold a fifty percent stake (25 %). Read More

Bank of India's stock price goes up by 80% in six weeks

Published on: 12:51 pm

  • On Thursday's intra-day trade on the BSE, shares of Bank of India rose 5% to a 17-month high of Rs 83.25 on an upbeat note. Since June 2021, the quote for the state-owned lender's stock was at a record high.Since reaching a low of Rs 46.30 on October 13, 2021, it has increased by 80% during the last six weeks.
  • On November 23, Bank of India said that Acuite Ratings & Research had revised the outlook for the bank's extra tier-1 bonds from stable to positive. Read more

Sonata Software inks multi-year deal with Global Cloud Xchange; stock zooms ~2%

Published on: 12:45 pm

  • Sonata Software, a global provider of IT services and technology solutions, has announced a partnership with Bermuda-based Global Cloud Xchange (GCX), a leading network service provider that enables global connectivity for new media providers, telecom carriers, and enterprises.
  • In this multiyear agreement, Sonata Software, GCX's preferred technology, and business transformation partner will support and maintain the end-to-end application landscape and assist GCX in migrating from legacy technology and platforms to enable strategic business transformation. Read more

Tax collections will exceed budget projections in FY 23, says Government

Published on: 12:40 pm

  • Due to higher income tax, customs duty, and GST collections, the government announced on Wednesday that domestic tax collections would surpass the budget estimate in the current fiscal by almost Rs 4 lakh crore. According to quotes from Revenue Secretary Tarun Bajaj, improved compliance will continue to cause tax revenue growth to outpace the GDP.
  • The target for tax revenue collection for the current fiscal year is Rs. 27.50 lakh crore. Bajaj added that the total amount of direct tax revenue for the current fiscal year, which includes both corporate and individual taxes, would be close to Rs 17.50 lakh crore. Read more

Raj Rayon Industries begins commercial production of textured yarn at Silvassa plant

Published on: 12:29 pm

  • Post completion of successful trials, Raj Rayon Industries Ltd has commenced the commercial production of Textured Yarn on November 22, 2022, at its Silvassa Plant.
  • The DTY machines have been refurbished. Mechanical and production trials were completed.
  • After the successful trials the Company has started the commercial production for this unit from 22nd November, 2022 by purchasing POY from the open market. Read more

Adani Transmission receives water positive certification from DNV Business Assurance

Published on: 12:14 pm

  • DNV Business Assurance India Private Limited has certified Adani Transmission Limited (ATL), India's largest private transmission and distribution company and part of the globally diversified Adani portfolio, as 'water positive' (DNV).
  • DNV conducted a qualitative and quantitative assessment of the water balance index at ATL's substations and transmission line clusters across India from August to November 2022.
  • According to the water balance index, the total water credits of 49,766.86 m3 minus the total water debit of 46,894.38 m3 resulted in a water balance of 1.06 m3 (Positive). Water Balance Index is defined by ATL as "the ratio of water credit over water debit at each site." Read More

Interest subsidy on Kisan Credit Card will continue till FY24

Published on: 12:01 pm

  • The Reserve Bank of India (RBI) said on Wednesday that for the current fiscal year (FY23) and the following fiscal year, the interest rate for short-term loans up to Rs 300,000 made through Kisan Credit Cards (KCC) will be 7%, and the interest subsidy will be 1.5%, respectively. Farmers that promptly repay their loans will receive an additional 3% subsidy. As a result, these farmers will pay an interest rate of 4%.
  • These loans will be short-term loans for crops as well as short-term loans for related activities, including dairy farming, fishing, beekeeping, and another animal husbandry. According to the RBI, the continuation of the Interest Subvention Scheme (ISS) with modifications for the fiscal years 2022–2023 and 2023–2024 has received approval from the Indian government. Read more

Tata Consumer may buy Bisleri International for Rs 6,000-7,000 crore

Published on: 11:50 am

  • Tata Consumer Products Ltd. (TCPL) is expected to pay Rs6,000–7,000 crore for Bisleri International.
  • Bisleri International chairman Ramesh Chauhan does not have a successor to take the company to the next level.
  • He formerly sold Coca-Cola products such as Thums Up, Gold Spot, and Limca. Read more

Fino Payments Bank's stock price up by 12% today

Published on: 11:49 am

  • In intraday trade on Thursday, Fino Payments Bank shares rose 13% to Rs 262.70 on the National Stock Exchange (NSE) as a result of high activity. Shares of the  company have increased 36% during the last two trading sessions.
  • Capri Global Holdings Private Limited purchased 1.32 million shares, or 1.59% of the total equity of the firm, on November 23, Wednesday.
  • The NSE data reveals that Capri Global purchased shares in a block transaction at a price of Rs 228.77 per share. Read more

H G Infra gets appointed date for project from Adani Road Transport; Stock climbs 3%

Published on: 11:48 am

  • H.G. Infra Engineering Limited ((HGINFRA’) has received a letter from Adani Road Transport Limited on November 23, 2022 regarding declaration of Appointed Date by Authority as November 03, 2022.
  • As per the filig, the project is the "Execution of Civil & Associated works on Engineering Procurement & Construction (EPC) basis for “Development of an Access — Controlled Six lane (Expandable to Eight lane Greenfield “Ganga Expressway” (Group-II) from km. 137+600 (Village: Nagla Barah, Distt. Badaun) to km: 289+300, (Village: Ubariya Khurd, Distt. Hardoi), in the State of Uttar Pradesh on DBFOT (Toll) basis under PPP."
  • Further, the contract price is Rs4,970.99 crore and completion period is 820 days from the appointed date, the company said. Read More

Rupee rises 26 paise to 81.67 / $, in early trade

Published on: 11:45 am

  • In early trade on Thursday, the rupee strengthened 26 paise to 81.67 US cents against the US dollar after the latter depreciated from recent highs. The local unit started at 81.72 versus the dollar on the interbank foreign exchange but increased to 81.67, gaining 26 paise from its previous finish.
  • The 30-share BSE Sensex was trading 180.14 points, or 0.29 %, higher at 61,690.72 on the domestic equity market Read more

USFDA continues to classify Cipla’s Goa facility as Official Action Indicated

Published on: 11:41 am

  • Cipla Limited informed that the company has received a communication from the USFDA that the classification of the company’s said facility continues to be as Official Action Indicated (OAI).
  • This is in furtherance of its intimation dated August 26, 2022, for the United States Food and Drug Administration (USFDA) inspection of its Goa manufacturing facility.
  • For new product approvals, the company has an ongoing de-risking plan in place. The company will collaborate closely with the USFDA and is committed to addressing these issues within the timeframe specified, said the company in an exchange filing on Thursday. Read more

Bikaji Foods' stock price up today

Published on: 11:38 am

  • In Thursday's intraday trade on the National Stock Exchange (NSE), Bikaji Foods International shares increased 10% for the second straight day, reaching a record high of Rs 379.20. Bikaji Foods got listed  on November 16th.
  • The stock of the packaged goods company has soared 21% in the last two trading days and is currently selling at a premium of 27% over its initial public offering price of Rs 300 per share. On November 18, 2022, the price of the shares fell to Rs 303. At 10:44 a.m., the stock was trading 9% higher at Rs 375.15, outperforming the 0.56 % increase in the Nifty 50. On the NSE and BSE, 7.9 million equity shares were exchanged in total. Read more

Prasuma Momo to expand the number of its cloud kitchens to 200

Published on: 11:31 am

  • Prasuma, a Momo brand, intends to expand its cloud kitchen business to more than 200 units by the end of 2025.
  • After establishing 18 Momo Kitchens in three locations, the business intends to open one every week. Business would be expanded, according to the organization, in Mumbai, Delhi, Bangalore, Chennai, Pune, Kolkata, and Hyderabad.
  • Prasuma claimed that the cloud kitchens are expanding at a rate of more than 30% month over month and that each unit receives roughly 100 orders daily. Read more

Bengaluru-based IT firms have raised $7.5 billion in VC funding, till date in 2022, says report

Published on: 11:17 am

  • Bengaluru-based IT firms raised a record $7.5 billion in venture capital funding in the first three quarters of this year, up from $5.2 billion in the corresponding period of  2021.
  • According to a survey from London & Partners in collaboration with Dealroom, Bengaluru and London rank in the top 10 worldwide locations for VC investment over the past five years. Read More

Aksharchem (India) stops vinyl sulphone production at Mehsana district; Stock down 1.5%

Published on: 11:08 am

  • Aksharchem (India) Limited has informed to the exchanges regarding stoppage of production of Vinyl Sulphone at village Indrad of Mehsana district.
  • In a regulatory filing, the company informed that the VS plant is due for maintenance since last maintenance was taken five years before.
  • Considering above and also ongoing prevailing adverse market condition in the recent months the Company has decided to take planned maintenance and stop the production of VS with immediate effect.Read more

Lightrock invests $15 million in Sukoon Healthcare

Published on: 11:08 am

  • Lightrock India has agreed to invest USD 15 million (about Rs120 crore) in the inpatient mental health institution Sukoon Healthcare in exchange for a controlling interest in the facility.
  • The Gurugram-based hospital claimed that the investment, which is the largest domestically to date in the field of mental health, will aid in the development of a sizable therapeutic behavioral health platform. Read more

DCX Systems revenue rises 24% yoy to Rs387 crore in H1FY23 driven by increase in high margin project

Published on: 11:01 am

  • DCX Systems Limited has released the un-audited financial results for the second quarter and half year ended September 30, 2022.
  • For the quarter comparative from July to September FY23 viz FY22:
  • Operational Revenue stood at Rs 173.88 crore in Q2 FY23, decreased by 7.58% from Rs188.14 crore in Q2 FY22. Seasonal decline in demand in Kitting vertical offset the growth in System Integration and Cable - Wire Harness verticals, impacting revenue growth during the quarter.
  • EBITDA (excluding other income & forex loss) stood at Rs17.72 crore in Q2 FY23, up from Rs9.22 crore in Q2 FY22, Y-o-Y growth of 92.19% Read more

Arihant Superstructures acquires 25 acres land in MMR; stock climbs over 2%

Published on: 10:43 am

  • Arihant Superstructures Limited informed that the company has made a direct purchase of 25 acres of land at Chowk, off the Mumbai-Pune highway. Hiranandani Communities, Wadhwa Developers, and Godrej Properties have major township projects along this stretch.
  • The plan is for a low-rise development with 200 bungalows. The project will feature a one-of-a-kind design concept and 2-in-1 living space for the first and second homes.
  • Ashok Chhajer, Chairman and Managing Director of Arihant Superstructures Limited, commented on the development, saying, "Mumbai is witnessing Delhi-style bungalow living and this is possible due to the excellent infrastructure in place and under development in Navi Mumbai. Read More

Bridgestone has named Stefano Sanchini as its new head of operations in India

Published on: 10:30 am

  • Bridgestone, a Japanese tire manufacturer, has named Stefano Sanchini to lead its operations in India beginning on January 1 of the next year.
  • Parag Satpute, who is moving to Amsterdam (the Netherlands) to take up a new worldwide position in Bridgestone's Solutions Business, will be replaced by him.
  • Sanchini (MEA) currently serves as VP Region Middle East and Africa. Read more

Tata Consumer to pick up entire stake in Bisleri for ~Rs7,000 crore

Published on: 10:23 am

  • Ramesh Chauhan is selling Bisleri International to Tata Consumer Products Ltd (TCPL) for an estimated Rs6,000-7,000 crore, nearly three decades after selling soft drink brands Thums Up, Gold Spot, and Limca to Coca-Cola.
  • Ramesh Chauhan is divesting his stake in Bisleri because he has no successor who can continue to expand the brand. Jayanti, his daughter, is reportedly uninterested in carrying forward the business.
  • Bisleri is said to have had a number of interested buyers over the years, including Reliance Retail, Nestle, and Danone. He reached his decision after meeting Tata Sons Chairman N Chandrasekaran and Tata Consumer CEO Sunil D'Souza a few months ago. The talks had been going on between the two for over two years. Read more

Tata Consumer may buy Bisleri for Rs 6,000–7,000 crore

Published on: 10:12 am

  • According to reports, Bisleri International would be purchased by Tata Consumer Products Ltd (TCPL) for approximately Rs 6,000–7,000 crore. A study claims that Ramesh Chauhan, chairman of Bisleri International, lacks a successor to advance Bisleri.
  • In FY23, Bisleri, the largest packaged water company in India, is anticipated to have a profit of Rs 220 crore on sales of Rs 2,500 crore. Although selling Bisleri is a "painful" choice, Chauhan assured in the reports that the Tata Group will "nurture and take even better care of it."
  • Despite the animosity of other interested bidders, he continued, "I made my choice because I admire the Tata culture of principles and integrity. Chauhan won't own a tiny portion of the company. He would focus on humanitarian initiatives and the environment, like recycling plastic and collecting rainwater. Read More

Neuland Laboratories appoints Abhijit Majumdar as new CFO

Published on: 9:54 am

  • Neuland Laboratories informed in an exchange filing that the board of directors approved the appointment of Abhijit Majumdar, as the Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the company.
  • The said appointment is made based on the recommendation of the Nomination and Remuneration Committee and the Company's Audit Committee.
  • Abhijit Majumdar is a Cost Accountant and Chartered Accountant. He has over 30 years of experience working for companies such as Asian Paints PPG, Berger Paints, and Tata Steel, among others. His most recent position was as EVP - Financial Planning and Controlling at Deepak Fertilizers and Petrochemicals. Read more

Dodla Dairy incorporates wholly-owned subsidiary in Kenya; Stock soars 1%

Published on: 9:50 am

  • Dodla Dairy Limited has informed that the Company has incorporated a wholly owned subsidiary company namely “Country Delight Dairy Limited” in Kenya on November 22, 2022.
  • As per the regulatory filing, the wholly-owned subsidiary is incorporated to carry on production, processing of milk, milk products and distribution of dairy and other products.
  • Further, Country Delight Dairy Limited is yet to commence its business operations, the company said. Read more

Prices of petrol and diesel on November 24th

Published on: 9:44 am

  • According to the most recent price notification sent out by fuel retailers, the price of gasoline and diesel remained stable across metro areas on November 24. Petrol and diesel in Delhi are priced at Rs 96.72 and Rs 89.62 per liter, respectively. Diesel costs Rs 94.27 per liter and petrol costs Rs 106.31 in Mumbai.
  • In Chennai, the cost of petrol and diesel is Rs 102.63 and Rs 94.24 per liter, while in Kolkata, the cost is Rs 106.03 and Rs 92.76 per liter. Read more

Markets trade firm; Sensex near 61,700, Nifty 50 around 18,300

Published on: 9:37 am

  • Indian markets witnessed volatility on Thursday despite positive global cues.
  • In domestic equities, investors bet cautiously against the favourable global cues as the steadily falling crude price and FOMC minutes indicating slowing of rate hikes. 
  • At around 9:38 AM, Sensex was trading at 61,607.93 higher by 97.35 points or 0.16%. The index has touched an intraday high and low of 61,704.57 and 61,600.42 respectively. Read more

IRIS Business introduces a joint ‘Go To Market’ with Hylobiz; stock zooms ~2%

Published on: 9:23 am

  • The partnership between IRIS Business Limited and Hylobiz aims to help businesses with automated cash flow, business banking, compliance, and commerce digitisation, resulting in easier credit access for business growth.
  • The offering will accurately track outstanding bills and will digitally automate invoicing, payouts, and collections to address the primary issues that stymie business cash flow and growth.
  • The combination of the Hylobiz platform's technological excellence and financial expertise, combined with IRIS' state-of-the-art GST compliance services ecosystem, will drive the desired business goals of SMEs, corporates, freelancers, distributors, manufacturers, traders, wholesalers, and all other B2B businesses across industries. Read more

Praveg Communications receives work order from Tourism Department

Published on: 9:19 am

  • Praveg Communications (India) Limited informed that it has received a Work Order dated November 22, 2022 from Department of Tourism, U.T. Administration of Dadra & Nagar Haveli and Daman & Diu for Development, Operation, Maintenance and Management of Tent City at Chakratirth Beach, Diu.
  • Time period by which the order is to be executed is 3 years which may extended by another two years, the company said. Read more

Airtel powers Dr Babasaheb Ambedkar International Airport with ultrafast Airtel 5G Plus

Published on: 9:18 am

  • Bharti Airtel has announced the deployment of its cutting-edge Airtel 5G Plus service at Dr. Babasaheb Ambedkar International Airport Nagpur, making it the second airport in the state to enjoy ultrafast 5G service.
  • The new terminal in Bengaluru, Pune and Varanasi are the other three airports that have Airtel 5G Plus.
  • Nagpur was one amongst the first 8 cities in the country to get the Airtel 5G Plus service. The services are currently available at Ganesh Path, Nehru Nagar, Subhash Nagar, Hanuman Nagar, CA road and few other locations. Airtel is augmenting its network further to make its services available across the city in due course of time. Read more

Panchsheel Organics announces land allotment in DMIC Vikram Udyogpuri Biotech Park near Indore

Published on: 9:18 am

  • Panchsheel Organics Ltd has informed that the Company has been allotted a land admeasuring 19163 sq. meters (approx) 5 Acre on lease for 99 years at DMIC Vikram Udyogpuri Biotech Park near Indore for a total consideration of Rs3 crore excluding taxes and the Company is in the process of completing all the regulatory formalities.
  • As per the  filing, the source of funding includes part proceeds from fund raised through allotment of preferential shares and warrants and internal accruals /debt (if needed).
  • Further, this allocation and subsequent allotment of land within the DMIC Vikram Udyogpuri Biotech Park near Indore will allow us to setup an additional fermentation unit in Indore, over and above the new unit coming up in Pithampur, MP and de-risk ourselves from a single location. Read more

Monster.com transforms to an end-to-end talent management platform ‘foundit.in’

Published on: 9:18 am

  • Quess Corp Limited’s Monster.com, India's legacy job search portal, announced a significant step forward in its transformation to a full-fledged talent management platform. Monster will be known as 'foundit.in' beginning today, with a new logo and vision, ushering in a new revolution in the job market.
  • Monster, which is synonymous with recruitment, has served over 70 million job seekers and 10,000 customers in 18 countries. As it transitions to an end-to-end talent management platform, the company will provide comprehensive solutions to recruiters and highly personalised and contextual services to job seekers across Asia Pacific and the Middle East. The change aligns with the company's mission of matching the right talent with the right opportunities. Read more

USFDA issues warning letter to goa unit of Glenmark Pharma; Stock slips 1.5%

Published on: 9:17 am

  • Glenmark Pharmaceuticals Limited has informed to the exchanges regarding update on the USFDA inspection of Glenmark’s Goa manufacturing facility.
  • Earlier, the company informed that the Official Action Indicated (OAI) status of the Company’s Goa (India) manufacturing facility by US FDA following the inspection conducted in May 2022. Now, it is informed that the US FDA has now issued a warning letter to the Goa (India) facility
  • The Company does not believe that the warning letter will have an impact on disruption of supplies or the existing revenues from operations of this facility Read more

Tata Tele Business Services to provide WhatsApp Business Platform through Smartflo cloud communicati

Published on: 9:16 am

  • Tata Tele Business Services (TTBS), one of the country’s leading enablers of connectivity and communication solutions for businesses, has announced the strategic expansion of its cloud communication suite Smartflo with WhatsApp Business Platform.
  • This is an advanced move in the digital era to offer an enhanced business communication experience, thus accelerating user engagement, enhancing customer experience, and ensuring impactful customer interactions.
  • WhatsApp Business Platform is an easy and trusted solution for businesses to better manage discussions and queries of customers around the globe. Its superior UX further enhances business communications, enabling seamless and impactful interactions in the way customers want to engage in today’s business ecosystem. Read more

ZIM Labs to list on National Stock Exchange on November 25

Published on: 9:16 am

  • A pharmaceutical company, focused on providing innovative drug delivery solutions that provide patient convenience and adherence of drug treatment, ZIM Laboratories Ltd has annnounced that it is planning to get listed on the National Stock Exchange on November 25, 2022.
  • ZIM Laboratories Limited, already listed on the BSE since June 2018, will now extend its listing to the NSE. As on date, has provided over 85% return to its investors from the listing price.
  • According to September 2022 shareholding pattern available on BSE, the company’s promoters own 33.26% stake in the company of which, Dr. Anwar Daud, Chairman and Managing Director owns 27.37% stake and Mathew Cyriac, Executive Chairman of Florintree Advisors as an investor owns 21.86% stake. Read more

Biocon locks commercialization agreement with Zentiva in Europe

Published on: 9:15 am

  • Biocon Limited, an innovation-led global biopharmaceutical company, announced the signing of a semi-exclusive partnership agreement with Zentiva, a leading pharmaceutical company in Europe, for the commercialization of Liraglutide, a drug-device combination suggested for the treatment and management of Type 2 diabetes and obesity.
  • Under the terms of this agreement, Biocon will be in charge of manufacturing and supplying Liraglutide to Zentiva for commercialization in 30 European countries. Biocon will also retain the right to commercialise this product in the region under its own brand. Read more

SC dismisses Tata Power’s plea against transmission contract given to Adani Electricity

Published on: 8:48 am

  • The Maharashtra Electricity Regulatory Commission's (MERC) decision to award Adani Electricity a Rs 7,000 crore transmission contract on a nomination basis in March of last year was challenged in an appeal by Tata Power Company Ltd, which the Supreme Court denied on Wednesday.
  • In order to achieve a balance for developing a sustainable model of electricity regulation in the states, a bench led by Chief Justice D.Y. Chandrachud and composed of Justices A.S. Bopanna and J.B. Pardiwala ordered the state power regulatory commissions to frame regulations for tariff determination within three months.
  • "Within three months of the date of our judgement, we order all state regulatory commissions to draft regulations under Section 181 of the Act outlining the criteria for determining tariffs. The National Electricity Policy (NEP) and the National Tariff Policy (NTP) are also included in Section 61, and the appropriate commission shall be governed by these principles while formulating these recommendations on tariff determination ", the bench declared in its 93-page ruling. Read More

Good probability that markets may see a day in green today

Published on: 8:45 am

  • There is a good probaility that Indian equity markets may have a day in Green today. Minutes of the most recent Federal Reserve meeting indicate that the US central bank may become less hawkish regarding inflation. Oil prices came down yesterday. Foreign investors were again net sellers in Indian equity markets, yesterday.
  • US markets saw another day of gains yesterday. Minutes of the most recent Federal Reserve meeting indicate to easing of rate hike trajectory, with a likely December rate hike of 50 basis points. Dow Jones closed higher by 100 points. Nasdaq rose 110 points. Bond yields softened to 3.68%. US dollar index touched 105.83, a six-month low. Crude oil also saw decline, with WTI trading near 77.5.
  • Asian markets have opened in the green today. Japanese "Nikkei' is trading higher by over 370 points in early trade, as it reopened after a holiday yesterday. Most other Asian indices are trading in the green, with the South Korean 'Kospi' leading the gainers. Read more

SBI targets 1% net NPA ratio, as it seeks expansion of loan book

Published on: 8:45 am

  • The largest lender in the nation, State Bank of India, anticipates maintaining its current rate of credit expansion while striving to keep its net non-performing asset ratio around 1%, its top executive told ET on Wednesday.
  • The bank stated that it anticipates credit growth of 14%–16% for the current financial year as it takes up efforts to recruit deposits after releasing results for the June–September quarter earlier this month.
  • The most recent central bank data show that as of Nov. 4, Indian banks had overall loan growth of about 17%, while deposit growth was 8.25%. Read more

Indigo starts cargo flight operations

Published on: 8:43 am

  • The inaugural international flight for IndiGo CarGo was between Kolkata and Yangon, Myanmar.
  • On Tuesday, the A321 P2F freighter flew general cargo with a payload of more than 19,000 kg.
  • Recently, the ship transported cargo between Delhi and Mumbai.
  • The most effective narrow-bodied freighter is the A321P2F (Passenger-to-Freighter conversion), which has 24 container locations and a cargo capacity of up to 27 tonnes. Read more

91Springboard opens 300-desk co-working space in Gurugram

Published on: 8:39 am

  • A 300-desk platinum hub for 91Springboard, a coworking space provider, has opened in Gurugram's Vatika Triangle on MG Road.
  • In addition to an inventive modular design and mobile furniture that can be customized based on member needs, the Platinum brand provides a premium working experience.
  • Gurugram, India's financial and technology centre with the fastest pace of growth, is the location of numerous companies and integrated developments. Read More

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