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Multibagger stock with 443% returns to trade ex-spin-off tomorrow; Check the details
Leading leather footwear supplier Mirza International had received the National Company Law Tribunal’s approval for the merger of promoter group-owned entity RTS Fashions Pvt. Ltd. into the company and the demerger of branded business into Redtape Ltd. The ex-date and record date for the same is 29 March 2023. The company in an exchange filing [...]
Stock falls 10% after large block deal of 2.8 Cr shares takes place; Check the details
Shares of Kalyan Jewellers India tumbled 11.00 percent on Tuesday's early trades after 2.8 crore shares of the company, or 2.74 percent of the overall equity reportedly changed hands in a large block deal. The buyers and sellers are not known yet, however, reports suggest that Warburg Pincus' Highdell Investments was looking to sell some [...]
Small-cap Real Estate stock jumps up to 8% after it bags order from NHAI; Do you own it?
In a recent filing with the exchange on 27th March, Dilip Buildcon Ltd announced that it has been declared as the L-1 bidder for a tender that was floated by the National Highways Authority of India (NHAI) on a hybrid annuity basis (HAM). The filing further mentioned that the project is pertaining to the development [...]
Multibagger IT stock with 700% returns announces bonus issue; Check the details
In a recent filing with the exchange, Innovana Thinklabs Limited announced a bonus issue of 1,02,50,000 bonus equity shares in the ratio of 1:1 which means one new equity Bonus share of Rs. 10/- each for every one existing equity Shares of Rs. 10/- each. The board has fixed the record date for the same [...]
Tata Group stock reaches a new 52-week low; Brokerage sees an upside of 18%
Shares of Tata Power Company, a part of the Tata Group, tanked 3.35% on Monday to reach a 52-week low of ₹ 184.45 apiece on Monday’s early trades. At 03:23 PM , its shares were quoting at ₹ 186.00 apiece. More than 2.22 crore shares changed hands on the counter. The scrip has been an [...]
PSU stock in green after company bags orders worth ₹ 4,300 Cr from Indian Army and Navy
Bharat Electronics Ltd (BEL), a Navratna PSU company informed the exchanges that it has won orders worth ₹ 4,300 crores from the Indian Army and the Indian Navy. The Ministry of Defence has signed a contract worth ₹ 3000 crores with BEL for the supply of integrated electronic warfare systems for the Indian Army. These [...]
Mid cap stock to BUY now with a potential upside of more than 50%; Do you own it?
Shares of Phoenix Mills jumped 5.71% on Monday’s early trades to reach an intraday high of ₹ 1355.00 apiece on the National Stock Exchange, after Morgan Stanley initiated coverage on the stock with an overweight rating. Last week, Motilal Oswal Financial Services had also initiated coverage on the stock. At 12:27 PM, the stock was [...]
FMCG stock announces buyback of 186 Cr at 26% premium; Check the details
The Board of Emami Ltd, on Friday, approved the proposal of Buyback of fully paid-up equity shares having a face value of Rs 1 at a price not exceeding Rs 450 per equity share which is a 26 percent premium to the current price levels. The aggregate amount of the buyback is capped at Rs [...]
3 Fundamentally strong stocks under ₹ 1000 to add to your watchlist; Are you holding any?
Domestic benchmark indices have lost nearly 0.5% in the past five days and 2.80% in the past month amid the global financial crisis that dampened investor sentiment. The BSE Sensex was trading at 57, 656.71 points, up 0.23% as of 11:35 AM on Monday and the NSE Nifty 50 was at 16986.55 points up 0.24%. [...]
6 Multibagger mid-cap stocks that gave more than 4800% returns in 3 years
About three years ago, domestic benchmark indices had plunged 10% after the government's decision to impose a country-wide lockdown to curb the spread of the Covid-19 pandemic and this move battered investor sentiment. However, three years later, plenty of stocks have managed to deliver multibagger returns after the great fall. Here are a few midcap [...]
News Alert
Analysts remain bullish on this multibagger beverage stock with an upside potential of 24%
Varun Beverages Ltd. (VBL) is one of the largest franchisees of PepsiCo globally. It is valued at Rs 85,000 crore and is involved in the production and distribution of a broad range of carbonated soft drinks, non-carbonated soft drinks, and packaged drinking water. Pepsi, Mirinda, Mountain Dew, and Tropicana Juices are some of the top [...]
NEWSALERT
Tata Motors Q4 consolidated net loss at Rs 992.05 cr; total revenue from operations at Rs 7,585.34 cr: Company filing. PTI RKL ABM ABM
NEWSALERT
Plane in China skids off runway, catches fire; casualties feared: Official media. PTI KJV CPS AKJ CPS
IPO Alert
Global Surfaces shares debut on exchanges with over 17% premium
Shares of Global Surfaces Ltd, which is into processing natural stones and manufacturing engineered quartz, made a smart debut on the exchanges on Thursday, listing with a premium of over 17 per cent against the issue price of Rs 140. The stock made its debut at Rs 163, higher by 16.42 per cent from the [...]
Udayshivakumar Infra IPO subscribed 5.15 times on Day 3
The initial share sale of Udayshivakumar Infra was subscribed 5.15 times on the third day of subscription on Wednesday. The offer received bids for 10,29,54,972 shares against 2 crore shares on offer, according to data available with the NSE. The quota for non-institutional investors was subscribed 8.47 times, while the category for Retail Individual Investors [...]
Divgi TorqTransfer Systems shares debut with 5% premium
Divgi TorqTransfer Systems stock made its market debut with a 5 per cent premium on Tuesday against the issue price of Rs 590. The stock made its debut at Rs 620, up 5.08 per cent from the issue price on the NSE. On the BSE, it opened at Rs 600, a premium of 1.69 per [...]
Global Surfaces IPO receives 42% subscription on Day 1
The initial share sale of Global Surfaces Ltd got subscribed 42 per cent on the first day of subscription on Monday. The initial public offering (IPO) received bids for 32.75 lakh shares against 77.49 lakh shares on offer, according to NSE data. The portion for Retail Individual Investors (RIIs) got subscribed 60 per cent while [...]
Global Surfaces sets IPO price band at Rs 133-140 per share
Global Surfaces Ltd, which is into processing natural stones and manufacturing engineered quartz, on Friday said it has set a price band of Rs 133-140 a share for its Initial Public Offering (IPO). The initial share sale, which opens for subscription on March 13, will close on March 15, the company said in a statement. [...]
Divgi TorqTransfer Systems sets IPO price band at Rs 560-590/share
Automotive component manufacturer Divgi TorqTransfer Systems on Monday said it has fixed a price band of Rs 560-590 a share for its Rs 412-crore initial public offering (IPO). The initial share-sale will be open for public subscription during March 1-3. The bidding for anchor investors will open on February 28. The IPO comprises fresh issue [...]
Top Editor’s Pick
Top Stock Picks: 7 Stocks to buy now for an upside of 50%
Market barometers BSE Sensex and NSE Nifty opened higher on Friday, defying global trends, led by gains in financial and IT shares. At 12:08 PM, the Sensex was at 58673.63 points, up 1.23% and the Nifty was at 17,279.35 points, up 1.16%. Broader markets too extended the rally. In the meanwhile, here are a few [...]
3 Multibagger high growth stocks to buy now for an upside of up to 36%; Do you own any?
Investing in growth stocks has recently gained traction in the Indian markets. Growth stocks are those stocks that are expected to grow at a rate significantly above the average growth rate for the market. They expand faster than their counterparts in terms of sales and profits. Generally, these stocks do not pay dividends as they [...]
Multibagger Ashish Kacholia stock jumps 106% in a year; Brokerage sees more upside of 23%
Safari Industries Ltd, Ashish Kacholia-owned stock, opened its trading session today at Rs 1,981.55 and closed at Rs 2,008. Within a time span of six months, the stock has gained around 22 percent. Moving ahead with a horizon of a year, the stock has provided Multibagger returns of about 106 percent to its stakeholders ranging [...]
Large cap stock hits a new 52-week low; Analyst expect an upside of up to 80%
Life Insurance Corporation of India (LIC) stock opened its trading session today at Rs 546 and currently trades at Rs 538. It has a market capitalization of 3,44,838 crores. The stock marked its 52-week low figures today at a price of Rs 535. The scrip has lost around 7 percent in the past month and [...]
2 Consumer durable companies announces a merger; Check how many shares investors will get
Shares of Butterfly Gandhimathi Appliances got mired and closed 4.71% lower at ₹ 1215.00 apiece on Monday after the company announced a merger with Crompton Greaves Consumer Electricals. Meanwhile, the shares of Crompton Greaves Consumer Electricals closed 0.46% higher at ₹ 295.10 apiece. According to the proposed scheme of merger, the public shareholders of Butterfly [...]
Top Stock Picks: 8 Fundamentally strong stocks to buy for an upside of up to 78%
“Markets inched further lower and lost over half a percent, in absence of any favorable cues. The first half was dull however pressure in the index majors changed the tone and pushed the Nifty index below the 17,000 mark. The fall was widespread wherein metal, realty and energy majors felt the maximum heat. Meanwhile, the [...]
Latest Market News
Blue chip stock jumps 4% after plans of demerger; Analyst expect huge upside in it
Reliance Industries Ltd (RIL) shares jumped around 4 percent today and currently trades at a price of Rs 2,323. After some bearish sessions and hitting its 52-week low figures, finally, the stock witnessed an up movement of around 6.5 percent from those levels. One of the probable reasons for such a movement in the company’s [...]
Kikibix raises USD 300K from founders of nine unicorns, VCs
Nutrition snacking start-up Kikibix has raised USD 300,000 from founders and co-founders of nine unicorns, including Mama Earth, Pristyn Care, Fashinza etc, the company said on Friday. Early-stage venture capital firms Blume Ventures led the funding round and US-based Angelist also participated in the fundraising. Founded by paediatrician Ridhi Kaur in 2022, the company makes [...]
Global headwinds to deeply impact IT revenue growth in FY24, says Crisil
Global macroeconomic and financial sector headwinds are set to take a deep toll on the domestic IT companies' revenue growth in FY24, a report said on Friday. The Rs 10 lakh crore sector is likely to witness revenue growth plunging by up to 9 percentage points to 10-12 per cent in FY24 as against the [...]
WABAG bags Rs 4,400 cr seawater desalination project in Tamil Nadu
Water treatment company Va Tech Wabag (WABAG) has bagged a Rs 4,400-crore seawater reverse osmosis project in Tamil Nadu which after completion would be the largest sea-water desalination project in the South East Asia region. The project has been bagged in a joint venture with Metito Overseas Ltd and will be implemented on a design, [...]
Sri Lanka to opt for domestic debt restructuring post-IMF bailout: Government
Cash-strapped Sri Lanka is exploring the options for domestic debt restructuring in the post-IMF bailout scenario to further stabilise its shaken economy, an official statement said on Friday. Sri Lanka received USD 330 million this month as the first tranche of the International Monetary Fund (IMF) bailout programme, which will pave the way for the [...]
Top Stock Picks: 7 Stocks to buy now for an upside of 50%
Market barometers BSE Sensex and NSE Nifty opened higher on Friday, defying global trends, led by gains in financial and IT shares. At 12:08 PM, the Sensex was at 58673.63 points, up 1.23% and the Nifty was at 17,279.35 points, up 1.16%. Broader markets too extended the rally. In the meanwhile, here are a few [...]
Pharma stock jumps more than 8% after receiving final approval from USFDA
Alembic Pharmaceuticals Ltd share started its trading session today at a price of Rs 479.40 and currently trades at Rs 501.90 showing a gain of around 7 percent as compared to the previous closing price of Rs 468.65. The share observed a hike of around 8.7 percent with an intra-day high of Rs 509.40. Such [...]
India ready for rupee trade with countries facing currency crises: Commerce Secretary
Commerce Secretary Sunil Barthwal on Friday said India is ready to trade in Indan Rupee with countries which are facing currency failure or have dollar shortage. Speaking after the unveiling of Foreign Trade Policy (FTP) 2023 which seeks to increase India's exports to USD 2 trillion by 2030, the secretary also said the government is [...]
Zee enters into a one-time settlement with Standard Chartered for credit facility availed by Siti Networks
Zee Entertainment Enterprises Ltd (ZEEL) has entered into a one-time settlement agreement with Standard Chartered Bank for the loan taken by Siti Networks, a part of the Essel Group. Standard Chartered Bank had sanctioned certain credit facilities to Siti Networks, which was inter-alia secured by DSRA (Debt Service Reserve Account) support and undertaking from ZEEL. [...]
India unveils Foreign Trade Policy 2023, eyes USD 2 trillion exports by 2030
The government on Friday came out with Foreign Trade Policy (FTP) 2023 which seeks to boost the country's exports to USD 2 trillion by 2030 by shifting from incentives to remission and entitlement based regime. Unlike the practice of announcing 5-year FTP, the latest policy has no end date and will be updated as and [...]
HCL Tech to hire 1,000 people in Romania
IT services company HCL Technologies will hire 1,000 people in Romania in the next two years as it scales up operations in that country. HCL Tech, which completed five years of operations in Romania, will ramp up its offices in Bucharest and Lasi. A third of the new roles will be offered to graduates recruited [...]
Updater Services files IPO papers with Sebi; plans to raise Rs 400 cr through fresh issue of shares
Integrated facilities management Updater Services Ltd (UDS) has filed preliminary papers with capital market regulator Sebi to raise funds through an initial public offering. The Initial Public Offering (IPO) will comprise fresh issue of equity shares aggregating up to Rs 400 crore and an Offer For Sale (OFS) of up to 1.33 crore equity shares by [...]
Schneider Electric appoints Deepak Sharma as MD, CEO
Automation solutions provider Schneider Electric has appointed Deepak Sharma as its MD and CEO and "Zone President for Greater India region". Sharma's appointment is effective from May 1, 2023, the company said in a statement. "Schneider Electric announces the appointment of Deepak Sharma as Zone President, Greater India and MD & CEO, SEIPL. Sharma will [...]
HPCL signs pact with BPCL for hydrogen synergy
Hindustan Petroleum Corporation Ltd (HPCL) on Thursday said it has signed a pact with Bharat Petroleum Corporation Ltd (BPCL) for synergy in purchase and sale of hydrogen between the refineries the two firms operate in Mumbai. Hydrogen is an essential utility required for treating of diesel and petrol to produce low-emission fuel of Euro-VI or [...]
Govt expected to invite bids for Rs 1.50-lakh cr transmission projects in 18 months: Sterlite Power
The industry is expecting the government to invite bids for power transmission infrastructure projects worth Rs 1.50 lakh crore in the next 18 months, Sterlite Power Transmission said on Thursday. In December, the government had launched a plan with investment opportunities of about Rs 2.44 lakh crore for building a transmission system for evacuating 500 [...]
Jain Irrigation Systems completes merger of global biz with Temasek-owned Rivulis
Jain Irrigation Systems on Thursday said it has completed the deal to merge global irrigation business with Temasek-owned Rivulis. In June last year, Jain Irrigation Systems Ltd had announced that its global irrigation business will be merged with Temasek-owned Rivulis in a cash-and-stock deal and the combined entity will have a revenue of USD 750 [...]
India Ratings assigns stable outlook on Shakti Pumps
Water pumps company Shakti Pumps on Thursday said it has been assigned 'IND A' ratings by India Ratings and Research (Ind-Ra) with a stable outlook. The Madhya Pradesh-based company is a leader in the manufacturing of energy-efficient pumps and motors, including solar. In a regulatory filing, Shakti Pumps said, "India Ratings and Research (Ind-Ra) has [...]
PepsiCo launches crop intelligence model for potato farmers
PepsiCo India, through its brand Lay’s, on Thursday announced a crop and plot-level predictive intelligence model to help farmers with real-time tracking of the health of potato crop. Launched in collaboration with global agri-tech firm Cropin, the predictive and plot intelligence models are fine-tuned for specific crop varieties, conditions, and locations, it said in a [...]
Sansera inks definitive agreement for strategic investment in MMRFIC Technology
Sansera Engineering on Thursday announced it has entered into a definitive agreement for strategic investment of Rs 20 crore in MMRFIC Technology. Sansera would make an investment of Rs 200 million (Rs 20 crore) in MMRFIC by way of 1,49,250 CCPS (Compulsory Convertible Preference Shares) of Rs 100 each with a premium of Rs 1,240 [...]
Mahindra Group launches IoT-based device for farm equipment
Mahindra Group's agritech business on Thursday launched an IoT-based aftermarket device Krish-e-Smart Kit for farm equipment. The device, developed by agri-tech startup Carnot Technologies, provides detailed insights into tractors and farm equipment through GPS-enabled time-tracking and remote monitoring of various parameters through a smartphone, the company said in a release. The startup was founded [...]
NCLAT dismisses Jindal Stainless plea over Mittal Corp, asks to approach NCLT
Insolvency appellate tribunal NCLAT has dismissed the plea of Jindal Stainless Ltd, one of the bidders for debt-ridden Mittal Corp, challenging the issuance of a fresh Request for Resolution Plan (RFRP) by the lenders. A two-member NCLAT bench observed the lenders of Mittal Corp were "empowered to issue fresh RFRP" when none of the resolution [...]
Tata Power re-appoints Praveer Sinha as CEO, MD
Tata Power on Thursday said it has re-appointed Praveer Sinha as the company's Chief Executive Officer (CEO) and Managing Director. His re-appointment to the top post is for a period of four years from May 1, 2023, to April 30, 2027, subject to the approval of the members of the company, Tata Power said in [...]
Virgin Atlantic expands codeshare pact with IndiGo to offer new destinations
British carrier Virgin Atlantic has expanded its codeshare pact with budget airline IndiGo, offering new destinations to its customers pan-India, a statement said on Thursday. The two airlines had in August last year inked a codeshare partnership to help them expand their access to customers flying to the destinations serviced by them. In total, the [...]
Unacademy to lay off 12% employees as it aims to turn core biz profitable: CEO
Edtech firm Uncademy will lay off 12 per cent or about 350 employees amid a funding crunch as it strives to make the core business profitable, a top company official said. In an internal note, Unacademy co-founder and CEO Gaurav Munjal mentioned that a decision has been taken to meet the goals in the current [...]
Samsung plans 15 premium experience stores across 9 cities by December
Korean electronics major Samsung is planning to set up 15 premium experience stores across nine cities in India by the end of this year to increase the share of high-end products in total sales, a company official said on Thursday. Samsung India D2C business senior director Sumit Walia told PTI that the trigger for expansion [...]
Ajay Banga poised to become World Bank chief unopposed
Indian-American business leader Ajay Banga is poised to become the next President of the World Bank which on Thursday said he is the sole nominee for the post as no other candidates were nominated. The World Bank's Board of Executive Directors will interview Banga before he is formally appointed. In February, President Joe Biden announced [...]
Welspun Group acquires water tank maker Sintex for Rs 1,251 cr
Welspun Group on Thursday said it has acquired water tank maker Sintex for Rs 1,251 crore to expand its building material portfolio. In a statement, Welspun Group said Sintex has been a household name in India for decades for water tanks and other plastic products. It has a strong distribution network across India. "With its [...]
Hero MotoCorp elevates Niranjan Gupta as CEO
The country's largest two-wheeler maker Hero MotoCorp on Thursday said it has elevated Niranjan Gupta as the new Chief Executive Officer (CEO). Gupta, currently designated as Chief Financial Officer (CFO), Head - Strategy and M&A, takes over as the CEO with effect from May 1, 2023. The company's board has appointed Gupta as the new [...]
Assam tea gardens get Rs 63 crore govt assistance to tackle pandemic losses
The Assam government disbursed Rs 63.05 crore as a financial incentive to 370 tea gardens in the state to help them mitigate the adverse impact of the pandemic. Chief Minister Himanta Biswa Sarma said the tea industry was the backbone of the state's economy, making up nearly 90 per cent of its gross export value, [...]
MoD inks Rs 1,700 cr deal with BrahMos Aerospace for maritime mobile coastal batteries, missiles
In a boost to the Centre's 'Aatmanirbhar Bharat' initiative, the Ministry of Defence on Thursday inked a Rs 1,700 crore contract with BrahMos Aerospace Private Limited (BAPL) for procurement of next generation maritime mobile coastal batteries and BrahMos missiles. The delivery of these batteries is scheduled to commence from 2027, the ministry said in a [...]
Sensex, Nifty rally over 1% in early trade on firm global trends, gains in RIL
Benchmark indices Sensex and Nifty rallied more than 1 per cent in early trade on Friday in line with firm trends in the global markets and heavy buying in index major Reliance Industries. Fresh foreign fund inflows also added to the positive momentum in the equity market. The 30-share BSE Sensex jumped 705.26 points to [...]
3 Multibagger high growth stocks to buy now for an upside of up to 36%; Do you own any?
Investing in growth stocks has recently gained traction in the Indian markets. Growth stocks are those stocks that are expected to grow at a rate significantly above the average growth rate for the market. They expand faster than their counterparts in terms of sales and profits. Generally, these stocks do not pay dividends as they [...]
Stock declares a dividend of ₹ 20.5 which comes up to 36% div yield; But is the company in trouble?
Anil Agarwal led Vedanta Ltd’s shares closed 2.84% higher at ₹ 282.05 apiece on the National Stock Exchange (NSE) on Thursday after the company’s board declared a dividend. The company in an exchange filing mentioned that its board has approved the fifth interim dividend of ₹ 20.50 per share, i.e., 2050% on the face value [...]
Reliance and Tata Power bag Solar PLI Projects; Analyst sets new targets
The Union Power Ministry said on Tuesday that 11 companies including the green power arms of Reliance Industries, Tata Power company and JSW Energy are among the winners for setting up of solar photovoltaic (PV) module manufacturing capacities under Tranche II of the government’s production-linked incentive (PLI) scheme. The Solar Energy Corporation of India (SECI) [...]
Seven Adani Group stocks end higher; Adani Enterprises jumps nearly 9%
Out of the ten listed Adani Group stocks, seven ended in the positive territory on Wednesday, with Adani Enterprises rallying nearly 9 per cent. Shares of Adani Enterprises jumped 8.75 per cent, the most among the group stocks on the BSE. Adani Ports rallied 7.25 per cent, Adani Wilmar went up by 5 per cent, [...]
Emerald Haven Realty signs term sheet pact with HDFC Capital Affordable RE Fund-3
Realty major Emerald Haven Realty Ltd (TVS Emerald) has signed a term sheet agreement with HDFC Capital Affordable Real Estate Fund-3, the city based company said on Wednesday. The two companies have come together to create Rs 1,000 crore platform for plotted development projects across Chennai and Bengaluru markets. TVS Emerald, an associate of TVS [...]
Granules India receives USFDA approval for generic gabapentin tablets
Pharmaceuticals firm Granules India Ltd on Wednesday said it has received approval from the US health regulator for its generic gabapentin tablets indicated for management of postherpetic neuralgia in adults. The approval by the US Food & Drug Administration (USFDA) is for the abbreviated new drug application (ANDA) for Gabapentin tablets of strengths 600 mg [...]
‘RBI expected to deliver 25 bps hike on Apr 6, rate cut by Dec 2023’
The Reserve Bank may go for a final 25 basis points increase in the current rate hike cycle next week and a reduction would come in only by the end of third quarter of FY24, economists at Axis Bank said on Wednesday. As per media reports, RBI officials met economists on Tuesday, and the latter [...]
Pilots’ bodies at Tata Group-owned Air India say airline makes ‘rapid’, ‘regressive’ changes in service conditions
Pilots' bodies at Tata Group-owned Air India have accused the airline management of making unilaterally "rapid" and "regressive" changes in the service conditions of pilots. In a letter to Air India Chief Human Resources Officer Suresh Dutt Tripathi on Tuesday, Indian Pilots Guild (IPG) and Indian Commercial Pilots Association (ICPA) also stated that "all unilateral [...]
Sensex rallies 346 pts, Nifty inches closer to 17,100 on global relief rally
Benchmark Sensex settled higher by 346 points while Nifty inched closer to the 17,100 level in a volatile trade on Wednesday driven by foreign fund inflows and firm trends in global markets. Buying in services, realty, commodities and auto stocks on the monthly expiry day also aided the momentum. The 30-share BSE Sensex advanced 346.37 [...]
India to start coal export by 2025-26: Coal Minister Pralhad Joshi
Asserting that India has adequate coal reserves, Union Coal Minister Pralhad Joshi on Wednesday said the country will start exporting the dry fuel by 2025-26. From a net importer of coal, India is moving towards becoming a net exporter of non-coking coal, Joshi said on the sidelines of the seventh round of auctions for commercial [...]
Goa: Advances of nationalized, co-op banks shrank, says Economic Survey
Borrowers in Goa opted increasingly for private sector banks and small finance firms instead of nationalized and cooperative banks in 2022-23, the state's Economic Survey report said. The report was tabled in the Assembly earlier this week during the ongoing budget session. Overall bank loans during 2022-23 (up to September 2022) stood at Rs 30,769.92 [...]
CAG pulls up J&K Bank for not utilising land acquired during 2016-21
The Comptroller and Auditor General (CAG) has pulled up J&K Bank Limited for not utilising the land worth over Rs 140 crore acquired during 2016-21 and recommended a proactive plan for its effective utilisation. It also said the bank's improper planning resulted into blockage of funds to the tune of Rs 22.78 crore and wasteful [...]
Database of 2.63 lakh cooperative societies mapped in phase-1: Cooperation Min Amit Shah
Cooperation Minister Amit Shah on Wednesday said the government has completed the first phase of mapping database of 2.63 lakh primary cooperative societies engaged in credit, dairy and fisheries. The database is expected to be extended to cooperative societies of all other sectors by July this year, Shah said in a written reply to the [...]
Adani says $2.15 bn share-backed loans paid off; only operating co liabilities remain
Billionaire Gautam Adani-led promoter group has paid off all of the USD 2.15 billion loans taken pledging their shares in the conglomerate, and only debt at operating company level remains, Adani Group said seeking to assure investors of its ability to repay debt. Adani Group in a statement termed reports of the group not completing [...]
HFCL bags Rs 283-crore order from Gujarat Metro
Telecom gear maker HFCL on Wednesday said it bagged a Rs 282.61 crore contract from Gujarat Metro Rail Corporation to deploy communication systems for Surat Metro Rail Project Phase-1. The company has to deploy the project within 90 weeks from the date of contract. "..the company has bagged an order worth Rs 282.61 crore from [...]
Multibagger Ashish Kacholia stock jumps 106% in a year; Brokerage sees more upside of 23%
Safari Industries Ltd, Ashish Kacholia-owned stock, opened its trading session today at Rs 1,981.55 and closed at Rs 2,008. Within a time span of six months, the stock has gained around 22 percent. Moving ahead with a horizon of a year, the stock has provided Multibagger returns of about 106 percent to its stakeholders ranging [...]
SPC Lifesciences files draft papers with Sebi for IPO
Pharmaceutical ingredients maker SPC Lifesciences Ltd has filed preliminary papers with the capital market regulator Sebi to raise funds through an initial public offering. The Initial Public Offering (IPO) consists of fresh issuance of equity shares worth Rs 300 crore and an Offer For Sale (OFS) of 89.39 lakh equity shares by promoter -- Snehal [...]
Real estate stock jumps 8% after it bags order worth ₹ 146.39 crores
Shares of NBCC (India) Ltd jumped around 8 percent today and is currently trading at a price of Rs 33.40. Keeping a purview of six months, the stock has been able to deliver a return of around 7.8 percent to its stakeholders. One of the probable reasons for such an uptrend in the company’s stock [...]
ONGC to start oil production from KG block in May, gas in 2024
Oil and Natural Gas Corporation's (ONGC) delayed Krishna Godavari basin KG-D5 project is likely to start crude oil production in May this year and gas output a year later, a senior company official said. ONGC was originally to start gas production from Cluster-II fields in block KG-DWN-98/2 (KG-D5) in June 2019 and the first oil [...]
NCLAT upholds Rs 1,337.76 cr fine imposed on Google by competition watchdog
The NCLAT on Wednesday upheld the order of the fair trade regulator CCI imposing a penalty of Rs 1,337.76 crore on Internet giant Google. A two-member bench of the National Company Law Appellate Tribunal (NCLAT) directed Google to implement the direction and deposit the amount in 30 days. The NCLAT bench comprising Chairperson Justice Ashok [...]
Small cap stock jumps over 8% after Porinju Veliyath invests in the company
On Tuesday, the bulk deals section on the NSE provided an update with respect to the ace investor, Mr. Porinju Veliyath, owned company ‘Equity Intelligence India’ buying around 6.1 lakh equity shares in the Hospital chain ‘Shalby Ltd’. The average price for the above deal was fixed to be Rs 117 per share. The company’s [...]
Maruti Suzuki India crosses 25 lakh units milestone of cumulative exports
Automaker Maruti Suzuki India Ltd on Wednesday said it has crossed the 25 lakh units milestone of cumulative exports since starting overseas shipments in 1986-87. The company, which started exports with shipments to neighbouring markets like Bangladesh and Nepal in 1986-87, said it currently exports to nearly 100 countries, including markets in Africa, Latin America, [...]
HMSI sets up dedicated unit for electric 2Ws in K’taka; to roll out 10L units per year by 2030
Honda Motorcycle & Scooter India on Wednesday said it is setting up a separate unit at its Narsapura plant in Karnataka to roll out electric two-wheelers with the first two models expected to hit the market in the next fiscal itself. The company aims to touch 10 lakh electric vehicles production capacity annually by 2030. [...]
MakeMyTrip plans to grow franchise base by over 50% this year
Online travel services provider, MakeMyTrip on Wednesday said it plans to grow its franchise base by over 50 per cent this year to expand its reach in smaller cities and towns across India. The company is seeking to tap into the opportunities provided by the government's initiative to increase the number of airports in India [...]
Server-maker Netweb Technologies files IPO papers with Sebi
Homegrown server maker Netweb Technologies India Ltd has filed draft papers with the capital markets regulator Sebi to raise up to Rs 700 crore through an initial public offering (IPO). The IPO comprises a fresh issue of equity shares worth Rs 257 crore and an offer for sales of 85 lakh equity shares by promoters, [...]
Stock jumps 9% after it completes sale of BFHL to Cube highways for 1,323 Cr
Shares of Hindustan Construction Company Ltd (HCC) hiked 9 percent today and is currently trading at Rs 13.90. Such a sharp movement in the share price is observed after the company announced that it has closed the sale of Baharampore-Farakka Highways Ltd (BFHL) to Singapore-based Cube Highways and Infrastructure V Pte Ltd at an enterprise [...]
No starvation deaths reported by states/UTs: Govt
The government on Wednesday said no state or union territory has reported any incident of death due to starvation in the country. "Not a single state government/ union territory administration has reported any incident of death due to starvation," Food Minister Piyush Goyal said in a written reply to the Lok Sabha. He was replying [...]
No charge on normal UPI payment; interchange fee applicable for PPI merchant transactions: NPCI
National Payments Corporation of India (NPCI) on Wednesday said there is no charge for the bank account to bank account-based UPI payments or normal UPI payments. However, interchange charges are only applicable for the prepaid payment instruments (PPI) merchant transactions and there is no charge to customers, NPCI clarified in a statement. NPCI has permitted [...]
Goyal Aluminiums plans Rs 200 cr investment to set up EV plant in UP
Goyal Aluminiums has plans to invest Rs 200 crore to set up an electric vehicle (EV) manufacturing plant in Uttar Pradesh. The company has been allotted 4,000 square metre land from the Greater Noida Industrial Development Authority (GNIDA) for the project. "Goyal Aluminiums...is gearing up to set up a new electric vehicle manufacturing plant with [...]
Upgrad raises Rs 300 cr in rights issue led by co-founder Ronnie Screwvala
Edtech firm Upgrad has raised Rs 300 crore in a right issue led by co-founder and chairperson of the company Ronnie Screwvala, the start-up said on Wednesday. Screwvala contributed Rs 212 crore in the internal funding round. Existing investor Temasek contributed Rs 81 crore and the rest of the amount was raised from other minority [...]
Multibagger Bank stock falls up to 17% as MD & CEO opts out of reappointment
Private lender South Indian Bank’s share price plunged the most in two years after its managing director and Chief Executive Officer (CEO) Murali Ramakrishnan opted out of reappointment. At 11:34 AM the shares of South Indian Bank were trading 14.20% lower at ₹ 14.20 apiece. However, the shares cracked as much as 16.92% on Wednesday’s [...]
Average increments to drop to 9.1% in 2023 across sectors: Study
Average increments are likely to drop to 9.1 per cent this year in almost all sectors following inflation, higher interest rates and a slowdown in the economy, according to a study. The average increment in 2022 was 9.4 per cent, Deloitte India Talent Outlook 2023 stated on Wednesday. The study found that in 2023 increments [...]
Lifelong Group-led consortium acquires car servicing startup GoMechanic
Auto components maker Lifelong Group on Wednesday said it has acquired stressed automobile after-sales service startup GoMechanic for an undisclosed amount. The GoMechanic business has been acquired by the Lifelong Group as the majority shareholder under Servizzy consortium, the Delhi-based firm said in a statement. The Lifelong Group is an Indian company established in 1985 [...]
Fundamentally strong stock hits a new 52-week low; Do you own it?
Polyplex Corporation Limited opened its trading hour today at Rs 1,128.95 and is currently trading at a price of Rs 1,144. The stock hit its 52-week low figures yesterday at Rs 1,101. The scrip is up approximately 2 percent as compared to the previous closing price of Rs 1,122. The stock is around 60 percent [...]
ReNew repays USD 1 bn to offshore bondholders
ReNew Energy Global Plc (ReNew) on Tuesday said it has repaid more than USD 1 billion to its offshore bondholders in the current financial year. The amount repaid includes the recent amortisation of USD 180 million, ReNew said in a statement. "ReNew has repaid more than USD 1 billion to its offshore bondholders in FY [...]
Wait for stock exchanges to update data at quarter-end: Adani CFO on promoter pledge share
Adani Group CFO Jugeshinder Robbie Singh on Tuesday said stock exchanges update data on promoter share pledges at the end of the quarter, as he tried to clarify on present data not matching with the conglomerate's statement of repaying all the USD 2.15 billion of share-backed debt. Singh termed reports suggesting that the company's March [...]
Govt sanctions Rs 800 cr for installing 7,432 EV fast charging stations
The Ministry of Heavy Industries on Tuesday said Rs 800 crore under FAME India Scheme Phase II has been sanctioned to three PSU oil marketing companies (OMC) for setting up 7,432 public fast charging EV stations across the country. The amount has been sanctioned under FAME Scheme Phase II. The ministry has released Rs 560 [...]
Promoters increase stake in Aster DM Healthcare by 4% for Rs 460 cr
Aster DM Healthcare on Tuesday said its main promoters, the family of its founder Azad Moopen, recently bought the 4 per cent stake held by a private equity investor for Rs 460 crore, increasing their holding to 41.88 per cent now. The deal values Aster DM Healthcare at USD 1.4 billion, the company said. Its [...]
States sell record amount of debt at near-record high price on final auction day
The states have been forced to pay a near record high of 7.81 per cent for their market borrowings on the final auction of the outgoing fiscal on Tuesday, despite record supplies. Fifteen states have raised a record Rs 41,200 crore from the market, which is a record supply in recent years. This supply is [...]
Govt exercises call option for redemption of Rs 255 cr special bonds issued to IDBI Bank
The government has exercised the call option for the redemption of non-interest bearing special security to the tune of Rs 255 crore given to IDBI Bank in 2004. With this redemption the total outstanding amount will come down to Rs 2,378.73 crore, a gazette notification dated March 27, 2023, said. These 20-year tenure special securities [...]
NTPC Renewable Energy to supply 1,300 MW clean power to Greenko
State-owned NTPC Renewable Energy will supply 1,300 MW round-the-clock clean power to Greenko’s upcoming green ammonia plant at Kakinada. NTPC Renewable Energy Ltd, a wholly-owned subsidiary of NTPC Green Energy Limited, has signed a term sheet with Greenko ZeroC Pvt Ltd (A Greenko Group company) on March 28, 2023, to supply 1,300 MW round-the-clock RE [...]
Karnataka clears 55 industrial projects worth Rs 3,451.24 cr investment
Karnataka Industries and Commerce Department on Tuesday said it has cleared a total of 55 investment proposals worth Rs 3,451.24 crore, promising 33,049 employment opportunities. The 139th State Level Single Window Clearance Committee (SLSWCC) meeting was held under the chairmanship of Minister for Large and Medium Scale Industries Murugesh R Nirani on Monday to decide [...]
India’s merchandise imports to cross USD 700 bn in FY23 on higher crude, coal shipments: GTRI
India's merchandise imports are estimated to grow by about 16 per cent to USD 710 billion in this fiscal due to a jump in inbound shipments of crude oil, coal, diamonds, chemicals and electronics, a report by economic think tank GTRI said on Wednesday. The Global Trade Research Initiative (GTRI) also said that the Indian [...]
Risk aversion causing valuation correction, not slowdown in digital economy: MoS IT
The economic impact of stimulus given in the US and the Russia-Ukraine war has made investors think of risk aversion which is leading to valuation correction but it is not causing a slowdown in the digital economy, Minister of State for Electronics and IT Rajeev Chandrasekhar said on Tuesday. While speaking at India Digital Fest, [...]
Github lays 142 staff in India, including entire engineering team
Microsoft-owned GitHub has laid off 142 people in India, including the entire staff in its engineering division, people aware of the development said on Tuesday. Those affected by the decision were deployed across the company's offices in Bengaluru, Hyderabad and Delhi. When contacted, a GitHub spokesperson said the decision was part of the company's reorganisation [...]
Sebi discontinues payment through demand draft mode for intermediaries
Capital markets regulator Sebi on Tuesday discontinued the option of payment through demand draft for intermediaries and asked them to pay fees and penalties only through digital mode. The new rule will come into force from April 1, the Securities and Exchange Board of India (Sebi) said in a circular. The regulator has decided to [...]
G-20 trade group meet begins in Mumbai; delegates visit largest diamond bourse in world
The three-day deliberations at the first meeting of the trade and investment working group of G-20 began in the financial capital on Tuesday. Delegates visited the Bharat Diamond Bourse, the largest diamond bourse in the world, and were also briefed about the industry, which exports to the tune of USD 23 billion annually, as per [...]
Tata Power confident of avoiding power outages in Mumbai
Tata Power on Tuesday exuded confidence that the financial capital will be able to avoid a re-occurrence of an electricity outage courtesy of improved coordination between stakeholders and more investments in multiple areas, including cybersecurity. The company, which competes with Adani Electricity Mumbai and claims to have a 70 per cent share in the transmission [...]
Competition Comm conducting inquiries against big tech companies: Govt
Competition Commission is conducting inquiries against Amazon, Flipkart, Zomato, Swiggy, BookMyShow, Apple, WhatsApp, Facebook (Meta) and Google for alleged anti-competitive practices, the government said on Tuesday. To a query in the Rajya Sabha on whether the government is aware of the fact that anti-competitive practices are indulged by big tech companies like Amazon, Flipkart, Google, [...]
Honeywell to complete Rs 600 cr-Bangalore Safe City project by Sep: Honeywell India head
Honeywell Building Technologies will complete the Rs 600 crore Bangalore Safe City project by September, which will equip the local police with 7,500 surveillance cameras, control and command centre for swift action against crime, a senior company official said. Honeywell India and Honeywell Building Technologies Asia President Ashish Modi said that phase 1 of the [...]
Sebi slaps penalties totalling Rs 36 crore on PNB Finance and Industries, CCCL, other entities
Sebi on Tuesday imposed penalties totalling Rs 35.67 crore on PNB Finance and Industries Ltd, Camac Commercial Company Ltd and various other entities, including promoters Samir Jain and Meera Jain who have also been barred from the securities market. Apart from the market ban, Samir Jain and Meera Jain have been restrained from holding any [...]
Markets trade higher in early trade; Nifty tests 17k level
Benchmark indices were trading in the positive territory in early trade on Wednesday amid fresh foreign fund inflows and buying in HDFC twins. The 30-share BSE Sensex advanced 218.68 points to 57,832.40 in initial trade. The broader NSE Nifty climbed 71.5 points to 17,023.20. Among the Sensex firms, Mahindra & Mahindra, Hindustan Unilever, HCL Technologies, [...]
Saj Food Products eyes Rs 5,000 cr revenue in five years
Biscuit maker Saj Food Products, which is expecting to touch a revenue of Rs 2,500 crore in the 2023-24 fiscal, is eyeing at Rs 5,000 crore turnover in five years, a company official said on Tuesday. The Kolkata-headquartered company, which owns ‘Bisk Farm’ brand, is likely to close the current financial year with a revenue [...]
Toll road operators’ revenue to rise 9-11% next fiscal: Report
Toll road operators are likely to log in lower top line growth at 9-11 per cent in 2023-24 compared to a robust 16-18 per cent rise in revenue this fiscal, says a report. In a report on Tuesday, rating agency Crisil said the jump of 16-18 per cent in revenue this fiscal will be on [...]
Japan commits Rs 7,084 cr for three infra projects in India
Japan on Tuesday committed Rs 7,084.5 crore to India for three infrastructure projects, including Patna Metro Rail Construction Project and Rajasthan Water Sector Livelihood Improvement Project. Notes in this regard were exchanged between Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs and Japan Ambassador to India Suzuki Hiroshi, an official statement said. Japan would [...]
Irdai permits insurers to fix commissions for intermediaries without compromising interest of buyers
Insurance regulator Irdai has removed the individual ceiling of commission to be paid by insurers for the sale of their products. The board of an insurance company should frame commission policy keeping in mind the interest of the policyholders and agents, the Insurance Regulatory and Development Authority of India (Irdai) said in a gazette notification [...]
India’s goods, services exports to cross USD 760 billion in FY23
Commerce and Industry Minister Piyush Goyal on Tuesday said the country's merchandise and services exports are estimated to cross USD 760 billion in the current fiscal ending March 31. Exports grew to USD 676 billion in 2021-22 from USD 500 billion. Speaking at the annual session of Assocham here, Goyal said that at a time [...]
Should you buy Indian Banking stocks amid the global financial crisis?
Two out of America’s top 25 banks have collapsed. Turbulence across the global financial markets has made us think if we are teetering on the edge of another financial crisis, 2008-style. Shares of Credit Suisse plunged on March 14 after material weaknesses were found in its financial reporting. Thereafter, its rival UBS took over the [...]
Sebi introduces framework for scheme of arrangement by unlisted stock exchanges, clearing corps, depositories
Capital market regulator Sebi on Tuesday introduced a framework for 'scheme of arrangement' by unlisted stock exchanges, clearing corporations and depositories. A scheme of arrangement is a court-approved agreement between a company and its shareholders or creditors. At present, there is no specific provision for unlisted Market Infrastructure Institutions (MIIs) -- stock exchanges, clearing corporations [...]
Hiring intent for manufacturing, services sector up 10% for Q1 of FY24: Report
Even as there is an ongoing global turmoil, hiring intentions in services and manufacturing sectors for the first quarter of 2023-24 are 10 per cent more than the year-ago period, a report said on Tuesday. According to the TeamLease Services' 'Employment Outlook Report' for the Services and Manufacturing sectors for Q1, FY24, despite the ongoing [...]
Axis Securities appoints Pranav Haridasan as CEO
Axis Securities has appointed Pranav Haridasan as its new managing director & chief executive for a three-year tenure, following the incumbent B Gopkumar moving to head Axis AMC. Haridasan is currently managing director and co-head of equities at Axis Capital and has over 20 years of experience in financial markets across different asset classes. Before [...]
Vedanta board approves Rs 7,621 crore interim dividend for FY23
Vedanta Ltd on Tuesday said its board has approved an interim dividend of Rs 7,621 crore for the current financial year. The company has fixed April 7 as record date for the purpose of dividend payment. "The Board of Directors at a meeting held on Tuesday, March 28, 2023 approved the fifth interim dividend of [...]
UCO Bank hopes to earn Rs 1,500 crore net this fiscal: MD&CEO
City-based public sector lender UCO Bank on Tuesday said it hopes to achieve a net profit of Rs 1,500 crore this fiscal year. MD & CEO of UCO Bank S S Prasad said the bank had also doubled market capitalisation in less than a year from Rs 13,000 crore to Rs 28,000 crore thereby increasing [...]
Sanjay Chamria settles case with Sebi; pays Rs 42.2 lakh as settlement charge
Sanjay Chamria, a former official of Poonawalla Fincorp Ltd, has settled with markets regulator Sebi a case pertaining to alleged manipulative trade practice after paying Rs 42.2 lakh towards settlement charge. Chamria, who was the executive vice chairman of Poonawalla Fincorp Ltd (PFL), proposed to settle the pending proceedings, "without admitting or denying the findings" [...]
Wheat export ban to continue as long as India does not feel comfortable in domestic supplies: FCI chief
The wheat export ban will continue as long as India does not feel comfortable in domestic supplies, Food Corporation of India chief Ashok K Meena on Tuesday. Wheat production will not be affected due to recent rains, confident of achieving the output target, he added. Wheat procurement has started across the country, and 10,727 tonnes [...]
Multibagger stock with 443% returns to trade ex-spin-off tomorrow; Check the details
Leading leather footwear supplier Mirza International had received the National Company Law Tribunal’s approval for the merger of promoter group-owned entity RTS Fashions Pvt. Ltd. into the company and the demerger of branded business into Redtape Ltd. The ex-date and record date for the same is 29 March 2023. The company in an exchange filing [...]
All 10 Adani stocks end lower for 2nd day; mcap of group firms erode by Rs 80,096.75 cr in two days
Shares of all the ten listed firms of the Adani group ended lower for the second day in a row on Tuesday, with Adani Enterprises tumbling 7 per cent. The stock of Adani Enterprises tanked 7.06 per cent, the most among the group firms on BSE. Shares of Adani Ports slumped 5.66 per cent, Adani [...]
Jindal Stainless to invest Rs 1,300 cr in Indonesia to set up nickel pig iron smelter: MD
Jindal Stainless Ltd (JSL) will invest around Rs 1,300 crore to set up a greenfield nickel pig iron (NPI) smelter facility in Indonesia to enhance its raw material security, the company's MD Abhyuday Jindal said. JSL is the first Indian company to own nickel reserves in any offshore market, he said, adding that the company [...]
Govt examining OBC reservation in all-India quota seats of state agri varsities
The issue of implementation of OBC reservation in all-India quota seats of state agricultural universities is under examination, Union Agriculture Minister Narendra Singh Tomar said on Tuesday. In a written reply to Lok Sabha, Tomar said: "The issue of implementation of OBC reservation in All India Quota (AIQ) Seats of State Agricultural Universities is under [...]
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