Latest News and Updates

25th Nov, 2022

Markets end the day in Green

Published on: 3:37 pm

  • Indian equity markets ended the day in Green, today. Nifty 50 ended, up by 28.65 points.
  • Sensex ended, up by 20.96 points.
  • Top Gainers today were HDFC Life, Tata Motors and Hero Motors.
  • Top Losers today were ICICI Bank, Nestle India, Kotak Bank.
  • The day saw some selling pressure due to profit booking. Read more

Happiest Mind Tech inaugurates Development Centre at Bhubaneswar

Published on: 2:33 pm

  • Happiest Minds Technologies Limited, a 'Born Digital. Born Agile' Mindful IT Company, announced the opening of a new Development Centre at Fortune Towers in Bhubaneswar, advancing its long-term investment plans for further expansion in the state, in line with the state government's Make in Odisha initiative.
  • Happiest Minds was granted permission to set up a software development centre at Fortune Towers in Bhubaneswar by the Odisha State Government's State Level Single Window Clearance Authority (SLSWCA) under the ease of business initiative. Happiest Minds has set aside Rs265 crore for this initiative. Read More

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VA Tech Wabag gets board approval to raise Rs200 crore; stock slips ~2%

Published on: 2:26 pm

  • VA Tech Wabag Limited informed that the board of directors of the company discussed the various options for optimizing the quantum and cost of debt of the Company including low-cost and long-term options in their meeting held on November 25, 2022.
  • After deliberations, the Board considered and approved the proposal for fundraising through the issue of Non-Convertible Debentures (NCD) up to Rs200 crore in one or more tranches/series to Asian Development Bank (ADB) on a private placement basis, as permitted under applicable laws, subject to the necessary approvals, permissions, consents, and sanctions, said the company in an exchange filing.
  • The Board also expressed its gratitude to the management for its ongoing efforts toward debt reduction and stated that this NCD proposal will help to further that goal. Read more

Heranba Industries appoints Ajit Gujral as head of strategic development

Published on: 1:34 pm

  • Heranba Industries Limited announced the appointment of Ajit Gujral as Head of Strategic Development for the Crop Protection Business of the company.
  • Gujral's responsibilities include strategic development of the company’s existing business in the B2B / BRAND / P2P segment.
  • In addition to the above-mentioned role, Gujral will provide assistance in the areas of Patent Filing, Product Registration (Domestic + Export), and the introduction of new products in consultation with the R&D department. He will also be a member of the company's public relations team, which will help the company's market visibility. Read more

Nykaa Pink Friday Sale posts 75% growth, recording over 400 orders every minute on Day 1

Published on: 1:25 pm

  • Nykaa’s flagship and inarguably the biggest beauty sale in the country, Pink Friday, is currently live on the website, app and Nykaa stores.
  • The omnichannel consumer-tech company, and India’s most preferred beauty and lifestyle retailer on Friday has announced that on Day 1, they recorded 8 lakh orders, that is over 400 orders every single minute, a growth of 40% from last year’s Pink Friday.
  • Bringing a vast and diverse assortment of Indian and international beauty brands to the sale, this year’s Day 1 of Pink Friday saw more than 10 million visits, a growth of 37% from last year’s Pink Friday. Read more

Om Infra buys additional 2.28% stake in JV Bhilwara Jaipur Toll; stock surges ~3%

Published on: 1:15 pm

  • Om Infra Limited has acquired an additional 2.28% shareholding of Bhilwara Jaipur Toll Road Private Limited by way of allotment through the conversion of loan into equity.
  • Prior to the acquisition, Bhilwara Jaipur Toll Road was a joint venture of the company, and post-acquisition it has become a subsidiary of the company.
  • The company has allotted 3,22,580 shares at a face value of Rs10 and a premium of Rs145 per share aggregating to Rs5 crore. Read more

Morganite Crucible announces partial closure of factory activity; Stock under pressure

Published on: 1:08 pm

  • Morganite Crucible (India) Ltd has informed to the exchanges regarding partial closure of factory activity.
  • As per the  reulatory filing, it is informed that the factory shall be closed partially from Monday November 28, 2022 to Saturday December 3, 2022 due to scheduled maintenance and other activity.
  • There will be no impact on delivery of products to the customers and targeted revenue for the given financial year.
  • The factory will resume working from Monday, December 5, 2022, the company said. Read more

Engineers India wins job from MRPL; Stock up 2%

Published on: 12:46 pm

  • Engineers India Limited (EIL) has been awarded the job by Mangalore Refinery & Petrochemicals Limited (MRPL) for preparation of BDEP, DFR and Pre-Project Activities for Bio-ATF Plant at MRPL.
  • As per the filing, the bio-ATF plant, having non edible oils and used cooking oil as feedstock, shall be first of its kind in India and based on technology developed by CSIR-IIP and EIL.
  • Bio-ATF also known as Sustainable Aviation Fuel (SAF) fuels would not only contribute to India's Net zero Carbon emission target, but also help in fulfilling Hon'ble PM's vision of reducing crude oil and indirectly providing livelihood to farmers. Read More

Kiri Industries wins another appeal in Supreme Court of Singapore; Stock zooms 6.5%

Published on: 12:20 pm

  • Kiri Industries Ltd has informed that the Court of Appeal (Supreme Court of Singapore) has announced its judgement on November 25, 2022 in favour of the Company uphelding the earlier judgement of Singapore International Commercial Court (SICC).
  • The Court of Appeal fully dismissed Senda's appeal with addition of further cost including disbursement of S$131,178.61 to Kiri.
  • As per the regulatory filing, the Singapore International Commercial Court (SICC) vide judgement dated December 8, 2021 had awarded all in cost of S$8,111,642.11 plus interest 5.33% from date of the SICC judgement, which was appealed by Senda, is now dismissed fully by the Court of Appeal. Read more

Castrol India announces investment of Rs487.50 crore in ki Mobility Solutions

Published on: 12:08 pm

  • Castrol India Limited (CIL), one of India's most valuable lubricant players, and Ki Mobility Solutions Pvt. Ltd. (KMS), a leading Indian player in the independent automotive aftermarket business, have announced a partnership to leverage each other's strengths and expand the country's automotive aftermarket ecosystem through 'myTVS', KMS's digitally integrated multi-brand service platform for two and four wheelers.
  • CIL will acquire a 7.09% stake in KMS for up to Rs487.5 crore, marking CIL's largest all-cash transaction to date. CIL intends to leverage myTVS' digital and operational capabilities to expand its presence in service and maintenance for both internal combustion engine (ICE) and electric vehicles (EV). Read more

Tata Steel Long invests Rs300 crore in Neelachal Ispat in second tranche

Published on: 11:50 am

  • Tata Steel Long Limited informed that it has acquired 4,68,75,000 equity shares of Rs10 each at a premium of Rs54 per share, of Neelachal Ispat Nigam Limited, a subsidiary of the company, for an amount aggregating to Rs300 crore.
  • This is the Tranche 2 of the investment in the equity shares of NINL.
  • Neelachal Ispat Nigam Limited operates a 1.1 MTPA integrated iron and steel plant in Kalinganagar, Odisha, as well as iron ore mines with a 90 MT reserve.
  • The proposed funding will be used to meet the NINL's initial working capital and Capex requirements, including the start-up of the iron and steel plant in Kalinganagar, the repayment/prepayment of liabilities, and other general corporate purposes. Read More

CPCL-IOCL sign JV agreement for 9 MMPTA refinery project at Nagapattinam, Tamil Nadu

Published on: 11:24 am

  • Chennai Petroleum Corporation (CPCL), Indian Oil Corporation Limited (IOCL) and seed equity partners have signed a Joint Venture Agreement for thé upcoming grass root 9 MMTPA Refinery and Petrochemicals Project at Nagapattinam in Tamilnadu, informed on Friday.
  • IndianOil and CPCL will together hold 50% of Equity Stake (25% each) in the Joint Venture Company (JVC) and the balance 50% stake would be held by Financial/Strategic Investors, to be identified at a later stage.
  • Pending onboarding of the Financial/Strategic investor, the JVC is being incorporated with the two promoters, IndianOil and CPCL, the company said. Read more

Hariom Pipe skyrockets ~9% on expansion plans and commencement of commercial production

Published on: 11:02 am

  • Hariom Pipe Industries Limited informed that it has completed the setting up of its 15-ton electric melting furnace and commercial production from the same will commence on Friday, November 25, 2022.
  • This will increase the company's MS Billet production from 95,832 MTPA to 1,04,232 MTPA.
  • The company debuted on the stock exchanges on April 12 at Rs214 per share on the BSE and Rs220 per share on the NSE. The allottees received a 44% premium on the stock. Read more

Man Infraconstruction launches premium residential project ‘Aaradhya Parkwood’

Published on: 10:26 am

  • Man Infraconstruction Limited (MICL) is preparing to launch another prestigious premium residential project – ‘Aaradhya Parkwood’ via its subsidiary Man Vastucon LLP.
  • The project is near Dahisar check Naka, right next to Singapore International School. The project is spread across 2.5 acres of land and offers approximately 5.3 lakh square feet of carpet area for sale, with a potential revenue of Rs850 crore.
  • The 'Aaradhya Parkwood' project is a haven of peace and neo-luxury living, exemplified by MICL's dedication to its 'Live Better' philosophy. The architecture blends into the natural surroundings, providing a unique, bucolic experience amid the crowded extended Mumbai cityscape.
  • This project, located near major landmarks and amenities, is MICL Group's response to the growing consumer demand for a healthier, more natural lifestyle. Read more

Motovolt Mobility raises Rs 16 crore in Series A funding

Published on: 10:12 am

  • E-mobility firm Motovolt Mobility Pvt. Ltd. has announced that it has raised Rs16 crore in pre-series A funding, which was headed by Wami Capital, a single-family office with its headquarters in Dubai.
  • Additional investors included PPAP Automotive, Ankur Agarwal of Crystal Crop, Vikas Bagaria (the creator of D2C firm Pee Safe), Vikrampati Singhania of JK Family, and other family offices. Read more

Confidence Petroleum India opens 10 new Auto LPG dispensing stations

Published on: 10:10 am

  • Confidence Petroleum India Limited, under its rapid growth plan in Auto LPG Sector to achieve the set-out target has added 10 NEW Auto LPG Dispensing Stations to its existing fleet in the states of - 6 in Tamilnadu, 2 in Maharashtra, 1 in Karnataka, 1 in Telangana.
  • With this 10 new locations the strength of our ALDS stations has reached to 219. Read more

Allcargo Logistics-led arm to invest Rs101.97 crore for 75% stake in German company

Published on: 10:04 am

  • Allcargo Logistics Limited informed that its wholly owned subsidiary Allcargo Belgium N.V. has entered into a share purchase agreement with NBG Logistik Beteiligungs- und Beratungsges. mbH to acquire a 75% stake in Fair Trade GmbH Schiffahrt, Handel und Logistik.
  • The company has agreed to acquire the said stake for the expansion of FCL and LCL business in an important market with a synergistic and capable partner.
  • The cost of acquisition for said 75% stake is approx. Euro 12 million (Rs101.97 crore) subject to finalization of accounts as on closing date.
  • The company stated that the share purchase agreement has been executed on November 23, 2022. Further, the shareholders' agreement will be executed in the next 30-60 days. Read more

Binny Bansal invests in HireQuotient

Published on: 9:51 am

  • Binny Bansal, the co-founder of Flipkart, has invested an undisclosed amount of financing for the Singapore-based HR tech start-up HireQuotient, which automates interviews and hiring for businesses.
  • This comes after the business received $1.8 million in pre-series A funding from Sumant Sinha of ReNew Power, Mohan Lakhamraju of Great Learning, Sujeet Kumar of Udaan, and Kunal Shah of CRED in December last year. Read More

Tube Investments of India picks up 50% stake in X2Fuels for Rs6.15 crore; stock spurts ~4%

Published on: 9:44 am

  • Tube Investments of India Limited informed that it has signed a shares' subscription agreement and a shareholders' agreement with X2Fuels for the subscription of 10,753 shares of the X2Fuels to be issued to TI India for an aggregate consideration not exceeding Rs6.15 crore.
  • The acquisition of 10,753 shares represents a 50% shareholding in the company.
  • X2Fuels is a start-up company that is developing waste-to-liquid/solid-fuel conversion processes. Read more

Markets trade flat amid mixed Asian cues with Nifty above 18,400; PSU Banks drive

Published on: 9:39 am

  • The appetite for equities was bleak in Friday's opening bell with Sensex and Nifty trading flat amid mixed Asian cues. A broad-based selloff was recorded in domestic equities with IT, FMCG, metal and pharma stocks being the worst hit.
  • On previous day, Sensex hits all-time high at over 62,300 on positive cues from investors ahead of Fed minutes which may set tone for the US markets and India markets as well.
  • At around 9:39 AM, Sensex was trading at 62,232.79 down by 39.89 points or 0.06%. Nifty 50 performed at 18,454.75 lower by 29.35 points or 0.16%. Read More

HDFC Bank promotes Kaizad Bharucha to Deputy MD

Published on: 9:23 am

  • HDFC Bank, the country's largest private-sector lender, has chosen to promote Kaizad Bharucha to deputy managing director and add Bhavesh Zaveri to the board as a full-time executive director.
  • The appointments are subject to the approval of the Reserve Bank of India (RBI). Read More

Veranda Learning Solutions partners with IIM Raipur & SHRM to launch online MBA; stock climbs ~2.5%

Published on: 9:22 am

  • IIM Raipur is teaming up with Veranda Learning Solutions Limited, a publicly traded education company known for its brand Edureka, and the Society for Human Resource Management (SHRM) to launch an Executive Post Graduate Programme (online MBA) in Human Resource Management.
  • The two-year master's degree programme will be delivered in a blended mode, with live synchronous sessions delivered on devices and face-to-face classes held on campus.
  • The programme is only for working professionals who are already in Human Resources or who want to make a career transition to HR roles. Read more

IOL Chemicals and Pharmaceuticals stock zooms near 6% on receiving patent

Published on: 9:19 am

  • IOL Chemicals & Pharmaceuticals Ltd has informed to the exchanges regarding granting of patent.
  • As per the regualtory filing, the Controller of Patent, Indian Patent Office; Government of India has granted Patent for invention entitled AN IMPROVED SAFE PROCESS FOR THE PREPARATION OF SARTAN DRUGS OF FORMULA I.
  • Further, Valsartan, Losartan, Irbesartan, Olmesartan, Candesartan and other Sartan drugs are a class of medicines known as angiotensin II receptor blocker (ARBs) used to treat high blood pressure and heart failure. Read More

G R Infraprojects gets completion certificate for road project

Published on: 9:19 am

  • G R Infraprojects Limited has announced that the project "Four Laning of Gundugolanu - DevarapaIli - Kovvuru Section of NH-16 from Km. 15.320 (Existing Km. 15.700) to Km. 85.204 (existing Km. 81.400) (Design Length = 69.884 Km.) in the State of Andhra Pradesh under Bharatmala Pariyojana on Hybrid Annuity Mode" of GR Gundugolanu Devarapalli Highway Private Limited, a wholly owned subsidiary of the Company, has been completed.
  • Further, as per the filing, the Completion certificate has been issued by the Independent Engineer on November 22, 2022 and has declared the project fit for entry into commercial operation with effect from September 30, 2022, the company said.
  • The Bid project cost is Rs1827 crore, it further added. Read more

KIOCL restarts operations of Pellet Plant from Nov 24; Stock rallies 3%

Published on: 9:18 am

  • KIOCL Ltd has informed to the exchanges regarding resumption of Pellet Unit at Mangalore.
  • As per the filing, the company has announced that the operations of Pellet Plant Unit of the Company at Mangalore have been restarted today i.e., with effect from November 24, 2022 (F/N). Read More

Laurus Labs acquires 26% stake in Ethan Energy for Rs3.16 crore

Published on: 9:18 am

  • Laurus Labs Limited informed that as per the policy of the Government for captive consumption of power, has entered into a share subscription agreement and shareholders’ agreement on November 23, 2022, with Ethan Energy India Private Limited for subscribing 7,40,000 equity shares of the face value of Rs10 each at a premium of Rs42.70.
  • The said acquisition is equivalent to 26% of the paid-up share capital of Ethan Energy India Private Limited.
  • With the said acquisition, the company could be able to consume 100% of the solar energy to be supplied by Ethan Energy India Private Limited from their 10 MW Solar Energy plant. Read more

Integra Essentia signs MoU to acquire substantial stake in On Door Concepts; Stock gains 4.9%

Published on: 9:17 am

  • Integra Essentia Limited has announced that the company have entered into Memorandum of Understanding (MoU) to acquire substantial stake in On Door Concepts Private Limited, a company engaged in the business of multi brand retail stores.
  • The targeted transaction is in line with the Integra’s business strategy to expand its retail presence by organic and/or inorganic routes, and is subject to due diligence and compliance of certain other terms.
  • As per the filing, India's retail sector is expected to touch US$ 1.5 trillion by 2030 from US$ 0.8 trillion in 2020 and Integra Essentia is aligning its long-term business strategy with the growth prospects of the rising Retail Industry. Read more

PVR opens 12-screen superplex at Lulu Mall, Thiruvananthapuram; Stock soars 1%

Published on: 9:17 am

  • PVR Cinemas has announced the opening of its first 12-screen superplex in the city of Kerala at Lulu Mall, Thiruvananthapuram which will commence operations from December 05, 2022.
  • Strengthening its foothold across markets, the new property is served in a luxuriously palatial setting with the highest standard of entertainment making it the city’s most advanced cinema.
  • The 12- screen property is an innovative excellence; hosting international formats like IMAX and 4DX, 2 of PVR’s luxury formats, LUXE intended for an audience segment that desires a great and exclusive experience. The other 8 screens provide utmost comfort with last row recliners. Read more

Thomas Cook India & SOTC Travel launch range of Europe Holidays for Summer 2023

Published on: 9:16 am

  • Thomas Cook (India) Limited and its Group Company, SOTC Travel, have launched an extensive range of value to luxury, ready-to-book, air-inclusive, land-only and customizable Europe Holidays starting at Rs157,000.00 for 9 days along with unbeatable deals.
  • The Companies’ Europe Holidays have been thoughtfully created to showcase favourite locales including UK, Switzerland, France, Austria, Scandinavia, Italy, Belgium, Netherlands, Germany, Vatican, Turkiye and Greece.
  • The portfolio includes special itineraries focusing on mono destinations with in-depth exploration for travellers who prefer to explore destinations thoroughly. Read more

Biocon acquires shares worth Rs2,205.63 crore of Biocon Biologics

Published on: 9:15 am

  • Biocon Limited informed that in reference to the proposed acquisition of biosimilars assets of Viatris Inc., by Biocon Biologics Limited (BBL), a subsidiary of the company. BBL has allotted equity shares to Biocon Limited for an amount of Rs2,205.63 crore (~US$ 270 million) on November 23, 2022.
  • Biocon Limited's stake in BBL will be 88.85% following the allotment of shares.
  • BBL is a one-of-a-kind, globally integrated biosimilars organisation. It is leveraging cutting-edge science, innovative technology platforms, and advanced research and development capabilities to reduce biologics therapy costs while improving healthcare outcomes. Read More

Top 10 stocks for today - 25th November, 2022

Published on: 9:06 am

Markets may begin the day on profit-booking

Published on: 8:59 am

  • Indian equity markets are likely to start the day with profit-booking. Asian markets have opened on a mixed note today. US markets were closed yesterday because of Thanksgiving holiday.
  • Light trade is expected today in US markets. Lower bond yields & crude at 3-month lows can prompt buying in equities. US dollar index has hit 105.5, the lowest in over 3 months. This has resulted in emerging markets basket of stocks doing well.  Brazil’s 'Bovespa' index rose by 2.75% yesterday. European markets saw some rally yesterday.
  • Asian markets have opened in the green today. Nikkei is down by 0.18%. South Korean KOSPI is down by 0.11%. Taiwan index is up by 0.18%. Shanghai Index is up by 0.25%. ASX is up by 0.32%. Read more

Coal Production rises 18% to 448 MT in October 2022: Centre

Published on: 8:27 am

  • The Ministry of Coal has informed that the total coal production in the country stands at 448 million tonnes (MT) as of October, 2022 which is 18% higher than the production of the corresponding period of last year.
  • The growth of coal production from Coal India Ltd (CIL) is also more than 17%. The Ministry of Coal has also notified that it is planning to build stock at domestic coal-based plants to the tune of 30 million tonne by the end of November, 2022. It has plan to keep building the stock so that by the end of March 31, 2023, Thermal Power Plants (TPP) stock go up to 45 million tonnes. It is further planned to enhance coal stock at the pithead.
  • In an official statement, the Coal Ministry said, "During the first seven months this year, there is 9% growth in average rakes per day availability which is helping to transport higher quantity of coal and building up stocks at power plants." Read more

Motovolt Mobility secures Rs 16 crore in pre-series A funding

Published on: 8:11 am

  • The e-mobility business Motovolt Mobility Pvt. Ltd. has announced that it has raised Rs 16 crore in pre-series A funding, which was headed by Wami Capital, a single-family office with its headquarters in Dubai.
  • Additional investors included PPAP Automotive, Vikrampati Singhania of JK Family, Ankur Agarwal of Crystal Crop, Vikas Bagaria, founder of the D2C startup Pee Safe, and other family offices. Read more

Trident Realty to invest Rs 3,000 crore in building luxury housing township in Haryana

Published on: 8:03 am

  • As part of its expansion plan, Trident Realty will invest over Rs 3,000 crore to construct a 200-acre luxury housing estate at Panchkula in Haryana, according to its chairman S K Narvar.
  • Through an insolvency procedure, it purchased this piece of land and invested almost Rs 400 crore to pay off banking institutions' loans. Additionally, it has given plots to about 450 homebuyers who are stalled in the project. The Delhi-based company has operations in the Delhi-NCR and Mumbai Metropolitan Region (MMR), and with the launch of this new initiative, it is now expanding into the Chandigarh tri-city. Read more

India - GCC to restart Free Trade Agreement talks

Published on: 7:58 am

  • On Thursday, India and the Gulf Cooperation Council (GCC) members declared their decision to reopen the FTA negotiations between them.
  • According to Piyush Goyal, minister of commerce and industry, the trade agreement will encompass a wide range of commodities and services, including technology, food security, climate change, and energy security, among other things. Read more

Chennai Petroleum and IOC sign joint venture deal of Rs 31,580 crore

Published on: 7:53 am

  • A joint venture agreement has been signed by Chennai Petroleum Corporation (CPCL), Indian Oil Corporation Limited (IOCL), and seed equity investors for the future 9 million tonnes per annum (MTPA) refinery and petrochemicals project at Nagapattinam in Tamilnadu. An estimated Rs 31,580 crore would be spent on the project.
  • According to a statement from the company, IndianOil and CPCL will each own 25% of the equity investment in the joint venture company (JVC), making up 50% of the total equity stake. The remaining 50% of the stock will be held by financial and strategic investors, Read more

PTC India's net profit in March quarter at Rs 157 crore

Published on: 7:48 am

  • The March 2022 quarter saw a significant increase in net profit for PTC India, a provider of power trading solutions, as its combined net profit more than tripled to Rs 157.11 crore.
  • In the three months ending March 31, 2021, the company's combined net profit was Rs 49.77 crore, according to a BSE filing. Read more

IAF submits proposal to government for purchase of Rs 1400 crore missiles for fighter planes

Published on: 7:45 am

  • Indian Air Force has requested the government to purchase Rudram's next-generation anti-radiation missiles (NGARM) to locate and destroy enemy radar sites, according to defense sources.
  • Defense officials informed ANI that a high-level conference would soon decide on a proposal for the acquisition of sophisticated missiles created by the Defense Research and Development Organization.
  • The Indian Air Force has already tested the next-generation anti-radiation missiles from its fleet of Sukhoi-30 fighter aircraft, claiming they can take down enemy radar installations during combat. According to the officials, the Indian Air Force can hit targets covertly if radar systems are destroyed. Read more

India's CAD in FY 23 may stand at 3–3.2% of GDP, says CEA

Published on: 7:42 am

  • India's current account deficit is predicted to be 3% to 3.2% of GDP for FY23, according to Chief Economic Advisor (CEA) V Anantha Nageswaran, as a result of increasing domestic economic activity and a rise in oil import costs.
  • He did emphasize that the country's external sector is still strong. Read More

Cost of construction went up by 5%-7% in September quarter, says CBRE report

Published on: 7:37 am

  • According to a study released Thursday, the cost of construction of greenfield buildings for real estate companies in India rose 5-7% year over year (Y-o-Y) in the third quarter of this year.
  • According to a study by global real estate firm CBRE, the pandemic's effects, rising transportation prices, and supply chain bottlenecks drove up material costs. Read more

Indoco Remedies' stock rose 7% to 8-month high, yesterday

Published on: 7:31 am

  • Indoco Remedies' stock rose 7% to an eight-month high of Rs 414.85 on Thursday during intraday trading as investors bet on further increase in its margins.
  • It reached its highest level since March 2022, when the pharmaceutical company's stock was traded. As opposed to the S&P BSE Sensex's 0.35 percent increase over the preceding week, it increased by 17%. Before that, on January 3, 2022, the stock reached a 52-week high of Rs 459.
  • 54% of sales were made using domestic formulations. Primary treatments include those for the respiratory, immune, gastrointestinal, stomatological, and vitamin systems. Revenues came from formula exports, which comprised 41% of total sales, while APIs provided 4% and CRAMS contributed the remaining 20%. Read more

SBI to raise Rs 10,000 crore through infrastructure bonds in FY23

Published on: 7:17 am

  • State Bank of India (SBI) intends to sell Rs 10,000 crore worth of infrastructure bonds this fiscal year. The Executive Committee of the Central Board of the State Bank of India will meet on Tuesday, November 29, 2022, to discuss, among other things, whether to seek approval for the issuance of Infrastructure Bonds up to a maximum of Rs 10,000 crores through a public offering or a private placement during FY23.
  • The bank stated that a greenshoe option of Rs 5,000 crore is included in the planned offering worth Rs 10,000 crore. As per online reports, the duration of the infrastructure bonds will likely be 10 years. A source stated, "SBI is planning to raise 10 years of AAA-rated infrastructure from ICRA and India Ratings for a total of 5,000 crores plus 5,000 crores." Read more

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