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Cement stock jumps after it announces to acquire additional 32.7% stake in India Cements
The shares of this leading cement company jumped by 2.2 percent to an intraday high of Rs 11,940 a piece from its previous close after the board has approved the acquisition of a 32.72 percent equity stake in India cement for a value of Rs 3,954 crores. Share price movement: With a market capitalization of [...]
Railway stock hits 5% upper circuit after it receives multiple orders for wagons worth ₹ 25.60 Cr
The shares of the railway components manufacturer hit a 5 percent upper circuit and reached a 52-week high after securing orders worth more than Rs.25 crores. Price Movement In Monday’s trading session, Cosmic CRF Ltd.'s share price opened at a 52-week high of Rs.2,112.60 per share and also hit a 5 percent upper price band [...]
Railway stocks to benefit from Govts plan to launch India’s first hydrogen train this year
Indian Railways plans to launch its first hydrogen-powered train this year and aims to have 50 such trains operational by 2047. This initiative is part of the National Hydrogen Mission, which aims to establish India as a global hub for green hydrogen production and export. Speaking at the FICCI Future Rail India 2024 conference, Anil [...]
Multibagger stock jumps 4% after its net profits increases by 455% in Q1
the shares of India's first listed exchange gained 4 percent after the company’s net profit and revenue increased by 455 percent and 60 percent YoY, respectively in Q1FY25. With a market capitalization of Rs 21,547.07 crore, the shares of Multi Commodity Exchange Of India Ltd were trading at Rs 4,225.05 per share, increasing around 2.14 [...]
Smart Meter stock jumps 3% after reporting an increase in net profits by 112% YoY
The shares of this smallcap stock jumped around 3 percent in Monday’s trading session after reporting an increase in net profits by 112 percent YoY. In one year, the stock has delivered a multibagger return of 102 percent to its shareholders. Price Movement: With a market capitalization of Rs. 11,289 crores, the shares of Genus [...]
Spice Jet stock jumps 5.5% after it wins ₹ 300 Cr legal case as ruled by the Supreme Court of India
The share price of this air transport company surged by 5.5 percent to an intraday high of Rs 60.84 apiece from its previous close after it won a legal victory as ruled by the Supreme Court of India and will seek a Rs 450 crore refund for the same. Share price movement: The stocks [...]
Blue chip stock jumps 3% after securing multiple orders worth more than ₹ 2,500 Cr
The shares of this large-cap infrastructure company surged over 3 percent after securing multiple large orders for establishing substations and transmission lines for interconnected electricity networks. Share Price Movement In Monday’s trading session, the share price of Larsen & Toubro (L&T) gained more than 3 percent reaching an intra-day high of Rs.3,785 per share from [...]
Data center stock jumps 5% after it reports 82% YoY increase in net profits
Datacenter stock engaged in the business of construction and development of Data Centers, IT Parks, Hospitality Projects, and many more jumped 5 percent in the day’s trade upon declaring its Q1FY25 results with an 82 percent jump in Net Profits. Price Action With a market capitalization of Rs. 19,044 Crores, the shares of Anant Raj [...]
Stock jumps 7% after receiving new order from RailTel Corp
The shares of the leading exporter of carpets gained up to 7 percent after the company received a new work order from RailTel Corporation Of India Limited worth Rs 11 crore. SBC Exports Ltd has a market capitalization of Rs 931.43 crore, the shares were trading at Rs 29.34 apiece, increasing around 2.59 percent as [...]
Alcohol stock jumps 8% after it reports 50% QoQ net profit growth in Q1
The shares of one of the leading suppliers of Indian-made foreign liquor (IMIL) rose 8% to ₹862 per share after the company reported net profit growth of 50% in Q1FY25. At 1:45 p.m., Associated Alcohols & Breweries Ltd shares were trading at Rs 822.30 a share, up Rs 24 or 3.01 percent from the previous [...]
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Top Editor’s Pick
Why Mutual Funds Remain a Popular Choice in 2025
You’re not alone if you’ve been thinking more seriously about where your money goes. With daily expenses rising and long-term goals in sight, it’s only natural to look for ways to grow your savings without constant monitoring. That’s where mutual funds come into the picture. They’ve quietly remained a favourite for many over the years. [...]
Stocks to Buy: 6 Stocks to buy for an upside of 40%
The Indian Benchmark Indices closed in Green on Friday with the Sensex gaining around 218.14 points ending the week at 81,224.75 and the Nifty 50 index gaining around 113.55 points ending the week at 24,863.40. In the last five trading sessions, the Sensex declined by approximately 0.75 percent while the Nifty 50 index declined by [...]
₹2.23 to ₹1,829: NBFC stock turns ₹10,000 to ₹82 Lakhs in just 5 years
During the trading session of Friday, the shares of a registered NBFC with core business operations focused on investing and lending slumped nearly 5 percent to hit an intraday low at Rs. 1,758.1 on BSE. With a market capitalisation of Rs. 31,068 crores, the shares of Authum Investment & Infrastructure Limited opened at Rs. 1,849, [...]
Stocks to Buy: 6 Stocks to buy now for an upside of 50%
The Indian Benchmark Indices closed in red on Friday with the Sensex losing around 230.05 points ending the week at 81,381.36 and the Nifty 50 index losing around 34.20 points ending the week at 24,964.25. In the last five trading sessions, the Sensex declined by approximately 0.73 percent while the Nifty 50 index declined by [...]
₹430 to ₹14,136: Pharma stock turns ₹10,000 to ₹3.29 Lakhs in just 5 years
According to business standards, the Indian pharmaceutical industry is a global powerhouse, projected to reach $130 billion by 2030, growing at over 10% annually. Currently valued at $50 billion, India supplies 20% of the world's generic medicines and accounts for 60% of global vaccine production, cementing its role as the "pharmacy of the world. With [...]
Stocks that may get affected by Israel-Iran war
India is Israel’s 2nd trading partner in Asia and the 9th largest globally. The bilateral trade has been majorly dominated by diamonds and chemicals. However, recent years have seen an increase in trade in areas such as electronic machinery and high-tech products; medical equipment; communications systems, etc. The two nations celebrated 30 years of the [...]
Latest Market News
Results from the Q1 of Zomato: The consolidated net loss has increased to Rs 356 crore YOY ; adjusted sales increased by 26%
For the reporting quarter, the newly-listed business Zomato recorded adjusted revenue growth of 26% year on year to Rs. 1,160 crore. Adjusted revenues are calculated by Zomato as the sum of revenue from operations + customer delivery charges. During the quarter ending June 30, 2021, food delivery aggregator Zomato recorded a consolidated loss of 356.2 [...]
RIL Forays into Lithium-Ion Battery Business Buys Stake in US Company
Synopsis: Ambri's long-duration energy storage devices, based on patented technology and expected to last between 4 and 24 hours, will break through the cost, longevity, and safety hurdles associated with lithium-ion batteries. Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of Reliance Industries Ltd (RIL), has made its first acquisition as part of the [...]
UpGrad enters the Unicorn club, now valued at $1.2 Billion
The list of unicorn startups in India is getting longer and longer as there is another homegrown ed-tech company that entered the unicorn club this week. UpGrad is the 21st unicorn of this year alone. UpGrad has raised $185mn led by Temasek($120mn), World Bank's International Finance Corporation($40mn), and India Infoline Finance($25mn) at a valuation of [...]
Following Tesla’s lobbying, India Considers Import Tax Cuts on EVs
According to the individual, the government is considering the best way to handle a tax decrease on EVs, but they want to see some benefit, even if it merely means Tesla agrees to source parts domestically. Two senior government sources told Reuters that India is considering lowering import levies on electric cars to as low [...]
M&M Executive Chairman Anand Mahindra will stay on until Nov’21
Mahindra had planned to take over as non-executive chairman in April 2020, in accordance with market regulator Sebi's requirement that the chairperson of the board of directors of top 500 listed businesses is a non-executive director who is not connected to the MD or CEO. Sebi, on the other hand, has extended the deadline for [...]
Understanding the e-RUPI – The Prepaid E-Voucher
We have often come across cases of govt benefits not reaching the intending beneficiaries and, if they do, it takes ages to finally land in the bank account of the beneficiaries. The same may not be the case in the future as the central govt has come up with an alternative that is a potentially [...]
Gold prices continue to fall to a 4 month low. Silver rates decline too!
Synopsis: Gold has corrected again after failing to hold over the 1836/oz mark, although it remains above $1800/oz. Gold, like equities, is likely to continue volatile, but if US non-farm payrolls data disappoints, we may see some rebound. In opening trade on Monday, India Gold MCX October futures fell over 1%, reflecting a drop in [...]
4 IPOs from CarTrade, Nuvoco Vistas, Chemplast Sanmar, and Aptus Value to raise Rs. 14,358 Crores this week!
The primary market is buzzing with IPOs of new-age tech companies as this week four companies have opted to raise funds through means of IPO. They include Aptus Value Housing Finance, CarTrade Tech, Chemplast Sanmar, and Nuvoco Vistas. CarTrade Tech Ltd: The multi-channel auto trade platform company connects prospective buyers with used-car owners, vehicle dealers, [...]
Crude Oil Import Bill Jumps over 190% in Q1
Petroleum import costs totaled nearly $24.7 billion in the three months ended June 30, up from $8.5 billion a year earlier, according to government figures. In the June quarter, however, volume growth was modest, with 51.4 million tonnes up 14.7%. According to the Petroleum Planning and Analysis Cell (PPAC), the petroleum ministry's official data keeper, [...]
An Insight into Jhunjhunwala entering the Airline Business – The Big Bull With Wings.
You heard it right! Ace investor Rakesh Jhunjhunwala has ventured into airlines to form an ultra-low-cost airline named 'Akasa'. In this article, we take a look at what this means for the industry and the prospects of the business. Keep Reading to find out! What game plan does Jhunjhunwala have for his airline? The Big [...]
How would India be affected by OPEC’s proposed output pact?
The latest round of negotiations among the OPEC+ group of oil-exporting countries has come to a halt after the UAE rejected ideas that would tie an increase in crude oil supply to an extension of an output accord. Another round of OPEC+ country talks set for Monday has been canceled, according to reports, after key [...]
Zerodha’s Nikhil Kamath launches a new fund – True Beacon
True Beacon, the Bengaluru headquartered asset management company, led by Nikhil Kamath and Richard Pattle, launched a new Category III AIF - True Beacon II, a multi-asset fund that will comprise dynamic equity and a tax-free fixed income component. The newly launched fund looks to achieve stable returns with minimal risks by rebalancing between asset [...]
Supreme Court rules in favor of Amazon, saying that the Emergency Award is Enforceable
Synopsis: The Supreme Court ruled on Tuesday barring Future Retail Ltd (FRL) from proceeding with its merger with Reliance Retail, which is enforceable in Indian law, giving Amazon a major victory in the Future Retail-Reliance Retail case. The verdict was delivered today by a bench of justices led by RF Nariman and BR Gavai. After [...]
Airtel strengthens its position in its fight against Reliance Jio
In the first quarter of FY22, Bharti Airtel, India's second-largest telecom operator, recorded a revenue increase of 21% to Rs 26,853.6 crore. The telco's net profit fell by 63% to Rs 283.5 crore. All of their important businesses, on the other hand, improved over the previous quarter. Gopal Vittal, Airtel's CEO for India and South [...]
IPO status of Devyani (KFC, Pizza Hut operator) Windlas Biotech, Krsnaa Diagnostics, and Exxaro Tiles
On August 4, Exxaro Tiles, Krsnaa Diagnostics Ltd., Devyani International Ltd., and Windlas Biotech Ltd. all launched their first offerings. The initial public offerings (IPOs) will end on August 6th. Devyani International is one of four initial public offerings (IPOs) that began accepting subscriptions yesterday. On the first day of sale, Devyani International's IPO was [...]
Adani Ports Exceeds The Analysts’ Projections in Q1 Results
Adani Ports and Special Economic Zone Limited (APSEZ) has reported its quarterly results this week. To everyone’s surprise, the largest integrated logistics company in the country has posted a 77% spike in the net profits to Rs.1342cr YoY. Revenue from operations in April to June period shot up to Rs.4556.8cr, 98% higher than in the [...]
Nykaa is Planning an IPO with a $4 Billion Valuation
Falguni Nayar, the company's founder, aims to sell little over 10% of the company's stock, potentially raising $400 million or more. With her husband and children, Nayar, a former investment banker, controls nearly half of the company. If the Nykaa IPO goes as anticipated, their owners may be worth more than $2 billion. According to [...]
Farmers are still occupying Reliance Group stores, Employees fear their job safety
Synopsis: On Tuesday, many building owners who have rented their buildings to Reliance Industries for the operation of its various businesses all across Punjab requested Chief Minister Amarinder Singh's intervention in reopening their stores, which have been under siege for several months by protesting farmers. Farmers in Punjab are opposing the Centre's three farm laws [...]
BharatPe, now a unicorn! – Raises $370 Million at a Valuation of $2.85 Billion
The year 2021 has turned out to be a golden one for the growing startups in India as 17 new companies gained the status of a unicorn. The latest entrant to the list is BharatPe, a New Delhi-based Merchant payments and financial services provider. Also, this is the fifth fintech startup to get unicorn status [...]
The Market Value of Infosys Surpasses Rs 7 Trillion as the Stock Touches New Heights
Synopsis: In intra-day trading on the BSE, Infosys joined the exclusive club of companies with a market capitalization (m-cap) of Rs 7 trillion. Infosys joined the privileged club of firms on the BSE, with a market capitalization (MCap) of Rs 7 trillion after its share price touched a new high of Rs 1,646.40 in intra-day [...]
Adani to enter Petrochemicals sets up firm to compete with Ambani’s Reliance
In what is being touted as a response to Mukesh Ambani-led Reliance Industries' entry into the renewable energy sector, the Gautam Adani-led Adani Group's flagship company, Adani Enterprises Ltd, has caught everyone's attention with its announcement about entering a new industry dominated by Reliance Industries. Adani Enterprises Ltd has incorporated a wholly-owned subsidiary, 'Adani Petrochemicals [...]
Tesla’s India Plans Dealt a Setback as the Minister Ruled Out a Tax Cut
After Tesla Inc. pleaded with the Indian government to lower taxes and its billionaire CEO, Elon Musk, came up with the idea of a local factory once the company begins the sales of wholly-built units from overseas in the world's second-most populous country, India said it has no plans to reduce electric vehicle import duties. [...]
Policy Bazaar files DRHP to raise Rs 6,017.5 Crore through IPO
Synopsis: India's largest digital insurance aggregator, Policy Bazaar, is all set to join the list of start-ups going public as they filed the draft red herring prospectus(DRHP) earlier today. PB Fintech Ltd, the parent company of Policybazaar, filed a DRHP with the SEBI to raise Rs 6,017.5 cr via an initial public offering (IPO) seeking [...]
SC reserves its decision on Amazon’s appeals against the Future-Reliance deal
Synopsis: The Supreme Court on Thursday postponed its decision on Amazon's appeals against the Rs 24,713 crore merger of Future Retail Ltd (FRL) and Reliance Retail. Amazon and Future Retail are locked in a fierce legal battle over the merger. The US-based company asked the Supreme Court to declare the Singapore Emergency Arbitrator (EA) judgment, [...]
Windlas Biotech IPO to open on August 4th
A new issuance of equity shares worth Rs 165 crore is included in the IPO, as well as an offer to sell up to 5,142,067 equity shares. Windlas Biotech, a pharmaceutical formulations maker, announced on Thursday that it has set a price range of Rs.448-460 per share for its inaugural share offering. The company is [...]
SBI’s Mudra loan Non-performing Assets (NPAs) rises to 23%
Synopsis: In 2020-21, SBI's outstanding Mudra loans totaled Rs 26,302 crore, compared to gross NPAs of approximately Rs 6,000crore. Mudra loans, which are issued to small firms as business loans, have shown a progressive increase in gross non-performing assets (NPAs) during the previous few years. In the first pandemic year 2020-21, the country's largest state-owned [...]
Devyani Intl, which owns KFC and Pizza Hut, IPO will open on August 4th
Devyani International, the largest operator of well-known quick-service restaurants (QSRs) like KFC and Pizza Hut, will begin its initial public offering (IPO) next week on Dalal Street. The business has filed its Red Herring Prospectus (RHP) with the capital markets regulator for its public offering, which will begin on Wednesday, August 4th, 2021, and run [...]
Status of 3 frozen Adani group-linked FPI accounts clarified by NSDL
According to the NSDL only the GDR accounts of Abula Investments, APMS Investment, and Cresta Fund — three foreign portfolio investors with investments in Adani group enterprises — have been blocked. Following the clarification, Adani group stocks rose by 4% on Wednesday. The GDR (Global Depository Receipts) accounts of Abula Investments, APMS Investment, and Cresta [...]
Axis Bank Receives Rs 5 crore Penalty from the RBI
The Reserve Bank of India (RBI) announced on Tuesday that it has fined Axis Bank Rs 5crore for violating key sections of RBI directives, including the cybersecurity framework. The fine was imposed due to "contravention of/non-compliance" with certain sections of RBI directives. These include sections 'Strengthening the Payment Ecosystem Controls between Sponsor Banks and SCBs/UCBs [...]
After Tesla, Hyundai too is pushing for lower import duties on Electric Vehicles in India
Synopsis: A drop in EV import duties, according to the South Korean automaker, will enable carmakers to import more clean-energy vehicles into India and develop a viable EV ecosystem. In India, the electric mobility space is fast expanding in response to rising environmental concerns and alarming levels of air pollution. The electric two-wheeler category, on [...]
Banks and Insurers have around Rs 49,000 crore in unclaimed Funds
Synopsis: According to information received from the Reserve Bank of India (RBI), the entire amount of unclaimed deposits held by banks stood at Rs 24,356 crore, the minister stated in a written response. The Minister of State for Finance Bhagwat Karad informed Rajya Sabha on Tuesday that an estimated Rs. 49000 crore is lying unclaimed [...]
FMCG Revenue Expected to Double to 10-12 percent in FY22: Crisil
According to Crisil Ratings, revenue growth in the fast-moving consumer goods (FMCG) industry will treble from 5 to 6% last fiscal to 10 to 12% this fiscal. This revenue growth will be the biggest in the last three fiscal years, thanks to the price increases across the board to offset the impact of rising raw [...]
Vijay Mallya has been declared Bankrupt by the London court
The Insolvency and Companies Court of the London High Court declared fugitive Indian businessman Vijay Mallya bankrupt on Monday. Even though the order goes into force right now, he has the option of seeking permission to appeal from a higher court. “Because there is no evidence that he would return to India to face trial, [...]
Adani Power’s delisting should be looked into — Mahua Moitra
In the wake of reports that an investigation into Adani Group companies is underway, Mahua Moitra, a Lok Sabha member from West Bengal, has written to India's Finance Minister Nirmala Sitharaman. This letter requests an investigation into Adani Group companies involving foreign portfolio investments (FPIs) with a significant stake in these firms. Earlier this month [...]
Paytm Plans to go Public by the end of October
Paytm, based in India, plans to go public by the end of October and wants to break even in 18 months, according to a source. Paytm, an Indian digital payments company plans to make its initial public offering (IPO) by the end of October, assuming regulatory permissions, according to a source familiar with the subject. [...]
Vi promoters may dilute their stakes in a Final Bid for Financing
If a strategic investor wants to take control of Vodafone Idea Ltd (VIL), Vodafone Group Plc and Aditya Birla Group may transfer control, according to 2 people familiar with the internal negotiations. This development represents a shift in thinking on the part of Vodafone Idea's promoters, who had been looking for financial investors but had [...]
Puri of HDFC Bank is the highest-paid banker in FY21; Bakhshi of ICICI Bank foregoes compensation in COVID Year
Synopsis: Sashidhar Jagdishan, who took over as the largest private-sector lender's chief executive and managing director on October 27, 2020, earned a remuneration of Rs 4.77crore for the fiscal year, which includes compensation as the group head before his elevation. Puri received a total of Rs 3.5crore in post-retirement perks. HDFC Bank's Aditya Puri was [...]
Jhunjhunwala states he will not invest in companies like Zomato or Tesla. Why so?
"What I buy is vital, but the price at which I buy is crucial. Assume Zomato is valued at Rs 99,000 crore and Tesla is valued at $600 billion or $6 trillion. These stocks will not be purchased by me "According to Jhunjhunwala. The phenomenal performance of Zomato on the stock exchanges has failed to [...]
Zomato’s stock price finishes the 1st day of trading at Rs 126, up 66 % from the IPO price
On Friday, Zomato shares made a spectacular stock market debut, debuting at Rs 115 per share on the BSE. Zomato shares had a great stock market debut on Friday, ending at Rs 126 per share on the NSE on the first day of trading. Zomato's stock price was up 66 percent, or Rs 50, from [...]
TCS is planning to invest Rs 600 crore in Kerala
The Assembly was informed on Thursday that IT major Tata Consultancy Services (TCS) is planning to spend Rs 600 crore in the Kinfra Electronic and Manufacturing Cluster in Kalamassery, near Kerala's Kochi. P. Rajeev, the industries minister, also told the House that an in-principle decision has been reached and that a memorandum of understanding will [...]
The Reserve Bank of India is developing Digital Currency
According to deputy governor T. Rabi Sankar, the Reserve Bank of India (RBI) is now working on a phased rollout approach for a central bank digital currency (CBDC) and analyzing use cases to ensure minimal or no interruption. Some key issues, according to Sankar, include whether CBDCs should be used only in retail payments or [...]
Glenmark Life Sciences’ IPO is nearly as big as its debt, but the funds will be used to expand the plants
Glenmark Life Sciences, a subsidiary of Glenmark Pharmaceuticals, is planning an initial public offering (IPO) to raise $1,060 crore which will open for subscription on July 27 and close on July 29. The price range will be $695 to $720. While 35 initial public offers (IPOs) have already taken place on markets in 2021, there [...]
Bajaj Finserv will Venture into Asset Management
Synopsis: It has applied for a license to create an asset management firm and is waiting for approval from the Securities Exchange Board of India. Bajaj Finserv's consolidated profit after tax fell 31.5 percent year on year to Rs 833crore in Q1FY22, while overall revenue fell 1.7 percent to Rs 13,949crore. The annual general meeting [...]
The Cabinet will approve 100 percent Foreign Direct Investment in BPCL
On July 22, sources told CNBC Awaaz that the Union Cabinet is expected to approve 100 percent foreign direct investment (FDI) in Bharat Petroleum Corporation (BPCL). The action will serve as a "booster for the divestment process," according to the newspaper. Private refineries, for example, are allowed full FDI, whereas PSUs are subject to a [...]
SBI, PNB, Canara Bank, 5 others buy stakes in the Bad Bank
A bad bank is set up to take over the bad loans of other banks that have high NPAs at a market price. This bad bank- National Asset Reconstruction Company Limited (NARCL) received legal recognition earlier this month. Eight public sector banks have so far invested in the first round. Canara Bank purchased approximately 12 [...]
Devyani International, the parent company of Pizza Hut & KFC, receives IPO approval from SEBI
Devyani International, India's largest franchisee of PizzaHut, KFC, and Costa Coffee, has received approval from Sebi to fund Rs 1,400 crore through IPO. The capital markets regulator Sebi has permitted Devyani International to raise Rs 1,400 crore through an initial share sale. Devyani International is India's largest franchisee of Pizza Hut, KFC, and Costa Coffee. [...]
Billionaire Gautam Adani’s companies fall for the second day in a row as a result of the SEBI probe
After the junior finance minister told the parliament that several of the companies controlled by Indian billionaire Gautam Adani are being investigated by the country's markets regulator over compliance with securities rules the stocks plummeted for a second day on Tuesday. In addition to the SEBI, the Directorate of Revenue Intelligence(DRI), is "investigating certain firms" [...]
NPCI planning to take RuPay and UPI to Global Markets
Synopsis: NPCI planning to take RuPay and UPI to global markets. This development comes soon after the MasterCard regulatory issues from the regulatory body of India the Reserve Bank of India. NPIC or the National Payment Corporation of India is planning actions with several international organizations to broader the worldwide access of RuPay and Universal [...]
Reliance Industries’ O2C, new energy biz may be valued over $100 Billion: Report
According to a study by Wall Street firm Bernstein Research, Mukesh Ambani's Reliance Industries Ltd's intentions to invest 75,000 crores in solar, batteries, fuel cells, and hydrogen may result in a valuation of $36 billion (₹2.6 lakh crore) for the new energy industry. Reliance presently operates in three verticals: oil-to-chemical (O2C), which includes its refineries, [...]
Following the Saudi-UAE Compromise, OPEC+ to increase oil Output
Ending a two-week feud between Saudi Arabia and the United Arab Emirates, OPEC and its allies agreed to gradually add extra oil supply to the market. The unusually public dispute, which put the cartel's unity to the test, was settled through a classic compromise, with Riyadh meeting Abu Dhabi halfway in its demand for a [...]
Paytm files DRHP aiming for a US$2.2 billion IPO in India
Paytm, the Indian digital payments pioneer backed by Ant Group and Softbank is seeking regulatory approval to raise up to Rs. 16,600 crores (US$2.23 billion) in one of the country's largest stock market debuts. One97 Communications Ltd, Paytm’s parent company filed papers with SEBI to raise Rs. 16,600 crores through means of IPO. The IPO [...]
Adani Airport Holdings to own close to 98% stake in GVK Airport Developers
Synopsis: The operator of the country's second-largest airport, Mumbai International Airport Ltd (MIAL), has already been taken over by Adani Airport Holdings Ltd (AAHL). Due to its rights as a lender to the company, Adani Airport Holdings Ltd. (AAHL), the flagship holding company of Adani Group's airport division, will own roughly 98 percent of GVK [...]
Bankers will face huge disruption due to the ban on MasterCard from RBI
Synopsis: All the banks in India depend solely upon cards network giant MasterCard for their businesses. Hence it will take at least 2 months to shift their business to any other company. Earlier this week the Reserve Bank of India took a crucial decision to ban the global cards network giant MasterCard from issuing new [...]
RBI warns of Downsides to Direct Financing of Government’s Deficit
Synopsis: Governor of the Reserve Bank of India stated that RBI played a vital role in the government’s debt management, which helped speed up the transmission of the monetary policy during the pandemic time in the country. Governor Das also stated that in the present quarter retail inflation is at its highest levels. It is [...]
The Rs 500-crore Tatva Chintan Pharma IPO begins on July 16- The price band, lot size, and other data
Tatva Chintan Pharma Chem's Rs 500-crore initial public offering (IPO) will be priced at Rs 1073-1083 per share. The issue will go on sale on July 16, 2021, and will close on July 20, 2021. The public offering consists of a fresh issue of Rs 225 crore in shares and a Rs 275 crore offer-for-sale [...]
Adani Group takes over management of Mumbai Airport, to now control 33% of India’s air cargo traffic
Adani Airport Holdings Limited, a wholly-owned subsidiary of the Adani Group, took over the administration of Mumbai airport from business giant GVK on Tuesday. The company has grown to become the country's largest airport infrastructure provider, with a total of eight airports under development or management. The firm now has a 25% share of passenger [...]
8% Dip in Credit Card buys for April-June Quarter
Synopsis: According to data and reports from ICICI securities, the second wave made very less impact on credit card spends when compared to the first wave. Credit card spendings seem to have recovered in June judging by trends, compared with a 7% month-on-month downtrend in May because of the second wave of the Covid-19 pandemic. [...]
TCS has positioned itself as a market leader in IT Managed Security Services
Synopsis: According to Everest Group PEAK Matrix for IT Managed Security Services, Tata Consultancy Services has been positioned as a Leader (MSS). TCS has gained significant enterprise mindshare, according to the report, as a result of its extensive focus on leveraging AI/ML and automation. This has been backed up by strategic investments in platformed threat [...]
NRAI files more info with CCI regarding high commissions and late payments against IPO-bound Zomato and Swiggy
Ease of Doing Business for MSMEs: On July 1, 2021, NRAI contacted CCI, stating a number of concerns. These arose after a number of its partner restaurants around the country had to close their doors “due to onerous restrictions imposed” by Zomato and Swiggy. The National Restaurant Association of India (NRAI) said on Monday that [...]
PNB Scam: MD of 3 accused firms receives bail on a surety of ₹1 Lakh
Synopsis: In the charge sheet of the federal agency it is mentioned that Sheth in the capacity of the whole time director in accused firms Gitanjali Gems Ltd., Gilli India Ltd., and Nakshatra Brands Ltd., was part of the conspiracy. The trial court provided bail to Mr. Dhanesh Vrajlal Sheth the managing director of the [...]
Zomato to be inducted into India’s 100 most valuable Companies
Zomato, the country's largest meal delivery website, will have a post-money valuation of 59,623 crores at 76 per share, the upper end of the price band of 72-76 declared on Thursday by Zomato. The much-anticipated initial public offering (IPO) of Zomato Ltd might vault the 13-year-old meal delivery company into India's top 80 most valuable [...]
NTPC and ONGC are planning to Collaborate on Offshore Wind Energy Projects
Synopsis: NTPC & ONGC have come together to set up offshore wind energy projects. NTPC Limited, a power production firm, and ONGC Limited, an oil and gas exploration company, have announced cooperation to establish offshore wind energy projects, according to media sources. Last year, the two corporations inked an MOU. Other renewable energy industries including [...]
Why are Cooperative Banks in India struggling?
Indian cooperative banks have been struggling to survive for the past few years. This fact came to light after Punjab and Maharashtra cooperative banks made a frantic attempt when depositors visited the branches to draw their hard-earned money from the bank. According to the progress or trends of the banking sector, as per the reports [...]
Tata Power lays out its Goals for the Renewable Energy Business
Synopsis: Praveer Sinha, MD, and CEO of Tata Power discussed the FY22 outlook, opportunities from renewables, and the deleveraging plan for the company. Tata Power's MD and CEO, Praveer Sinha, highlighted the company's FY22 outlook, renewable energy potential, and deleveraging strategy. As the renewable energy and electric vehicle market is looking very attractive all over [...]
With a $100 Million investment in Grofers, Zomato plans to re-enter the Online Grocery Delivery Market
Zomato, an online food delivery service, is planning to add an online grocery store to its app in the near future. Zomato, an online food delivery service, is planning to add an online grocery store to its app in the near future. Today, the corporation announced that it will re-enter the online grocery delivery market. [...]
Reliance Industries is considering purchasing REC, a Norwegian solar module manufacturer
Synopsis: Reliance Industries is looking to buy Norwegian solar module maker REC Group as part of the oil refiner’s ₹75,000 crore push into clean energy Reliance Industries Ltd (RIL) is in talks to buy REC Group, a Norwegian solar module manufacturer, as part of the oil refiner's ₹75,000 crores clean energy drive, according to two [...]
RBI penalizes 14 banks for non-adherence to rules on lending to NBFCs
Synopsis: The RBI penalized 14 banks for a total of Rs. 14.5 crores over breach of multiple norms. This also included the country’s largest bank i.e. State bank of India on which a penalty of Rs. 50 lakh was levied. The list also includes the Bank of Baroda which was fined Rs 2 crore. Indusind [...]
Reliance Infra receives Shareholder approval to raise up to Rs 551 Crore
Reliance Infrastructure's shareholders have also overwhelmingly approved the raising of funds through the issuance of international foreign money convertible bonds (FCCBs) worth up to 24% of the company's fully diluted equity share capital. Reliance Infrastructure Ltd said on Wednesday that its shareholders have approved a preferential share offering to raise cash of up to Rs.550.56 [...]
Zomato IPO: Following SEBI’s approval for IPO, Its shares are trading at a 23% premium in the grey market
After receiving approval from SEBI to raise Rs 8,250 crore through an IPO, Zomato saw its shares trade at a significant premium in the primary market. After receiving approval from SEBI to raise Rs 8,250 crore through an IPO, Zomato, an online food delivery platform, saw its shares trade at a significant premium in the [...]
Razorpay, MasterCard launch solution for recurring payments; aims to integrate with 50+ Banks
Solution provider firm Razor pay said it has partnered with MasterCard to launch 'MandateHQ'. This is a payment interface that will help card-providing banks enable recurring payments for their customers. Razors pay which is backed by GIC, Sequoia Capital, and others aims to combine MandateHQ with more than 50 banks in the next 12 months. [...]
AMFI reclassify Adani Total Gas, SAIL, and NMDC as Large Caps
Adani Total Gas, NMDC, Apollo Hospitals Enterprises, Cholamandalam Investment and Finance, Steel Authority of India, Bank of Baroda, and Honeywell Automation India have been added to the large-cap list by the Association of Mutual Funds in India (AMFI). AMFI has classified the newly listed India Railways Finance Corporation, Macrotech Developers, Sona BLW Precision Forgings, and [...]
Why is there a spat between Saudi-UAE over OPEC’s proposed output pact?
The latest round of negotiations among the OPEC+ group of oil-exporting countries has come to a halt after the UAE rejected ideas that would tie an increase in crude oil supply to an extension of an output accord. Another round of talks among OPEC+ countries set for Monday stands canceled, according to reports. This was [...]
Zomato IPO Likely to hit market on July 19 at Rs. 70-72 per share
According to insiders, the Zomato IPO, which gained Sebi permission last week, is scheduled to open for subscription in less than two weeks. The offer puts Zomato’s worth at $7.6 billion (about Rs 56,240 crore), which is more than Amazon-backed Deliveroo or Nasdaq-listed Grubhub. The offer will be a mix of Info EdgeEarlier's fresh issue [...]
GAIL intends to expand its Petrochemicals and Renewable Energy Businesses in order to Boost Growth
GAIL India Ltd, a state-owned company, is exploring expansion in petrochemicals, speciality chemicals, and renewables as part of a new strategy to diversify its business beyond natural gas, according to its chairman Manoj Jain. To define its journey during the next decade, the nation's leading gas marketer and the shipper have adopted a new future [...]
Two IPOs to be launched next week, raising about Rs 2,500 Crore Cumulatively
On Wednesday, subscriptions for the IPOs of speciality chemical company Clean Science and Technology and construction firm GR Infraprojects will open. New Delhi: Next week, two companies, Clean Science and Technology and GR Infraprojects, will launch initial public offerings (IPOs) to generate a little more than Rs 2,500 crore in total. The corporations anticipate benefiting [...]
Industrial Sector’s share in Bank credit falls sharply as Corporate Deleverage, seek out new fund sources
Synopsis: Lending to the corporate sector decelerated from 36.6% in the year 2014 to 27.7% in March 2021. The process of corporate credit acceleration in government-owned firms was set off by the sharp decline in credit to the private sector partly due to de-leveraging. During the same period, personal loans grew from 16.2 to 26.3%, [...]
Billionaire Gautam Adani plans to turn his business carbon-negative
INDIAN billionaire Gautam Adani intends to turn his ports-to-power business carbon negative by 2030, helping India reach its climate obligations by nearly doubling its renewable power capacity. To meet the group's environmental, sustainability, and governance, or ESG, goals, Adani Group wants to continue investing in clean energy technologies such as green hydrogen and renewables-powered data [...]
Indian Banks better placed to withstand future shocks: Shaktikanta Das
All Indian banks are having strong and also enough capital and liquidity buffers to withstand future shocks as the impact of the Covid 19 pandemic on their balance sheets has not created a severe impact. The concern in near future to Banks is that the non-performing assets or NPA may hike to 9.8 percent by [...]
June Auto Sales: Maruti Sales Triple; M&M, Tata Motors Also Sees Rebound
Veejay Nakra, Chief Executive Officer, Automotive Division, M&M Ltd, said in a statement that with the gradual opening of the market, they are seeing an increase in demand in both urban and rural areas, and we expect the upward trend in demand to continue across all categories and markets. Except for the worldwide semiconductor issue, [...]
10 electric vehicles to be rolled out by 2025 – TATA MOTORS
Tata Sons Ltd, the parent company of Tata Motors, is also looking into opportunities to invest in lithium-ion cell manufacturing in India and Europe in order to establish a proper supply chain for its zero-emission vehicles in the coming decade, according to N. Chandrasekaran, the chairman of Tata Sons, which controls the Tata group. Tata [...]
Average base rate to be charged by the NBFC-MFIs to be increased to 7.98%: RBI
The Reserve Bank of India (RBI) has fixed the average base rate for NBFC-MFIs to be charged from their borrowers at 7.98 percent for the quarter starting July 1; 2021. The rate which was applicable in April- June quarter was 7.81 percent but now as per the central bank it has to be increased to [...]
Gail’s eyes to set up Biogas and Ethanol facilities with 1 GW Renewable Energy Capacity
Gail (India) Ltd will invest around Rs 5,000 crore to establish a renewable energy portfolio of at least 1 gigawatt and set up compressed biogas and ethanol plants. GAIL (India) Ltd would invest around Rs 5,000 crore to establish a renewable energy portfolio of at least 1 gigawatt and set up compressed biogas and ethanol [...]
IT and Financial Companies are the most ESG Compliant
Infosys leads the list with a score of 79 out of 100, while Kotak Mahindra Bank comes in second with a score of 75. According to CRISIL scores, information technology and financial services companies are the most environmentally, socially, and governance (ESG) compliant in the country, with second-largest software exporter Infosys scoring the best on [...]
Cabinet may soon Clear up the Proposal for Government Guarantee to Bad Banks
The Union Cabinet may soon clear up the proposal to provide government guarantee to security receipts issued by the National Asset Reconstruction Company as part of the resolution of bad loans. IBA or Indian Banks Association trusted with the prospectus of setting up a bad bank has pegged the Government of India guarantee to be [...]
Import Duty on Crude Oil Cut Down to 10% by the Government of India
In a statement released on Tuesday, the Central Board of Indirect Taxes and Customs (CBIC) reduced import duty on crude palm oil to 10 percent and other palm oils to 37.5 percent. In the face of rising inflation and high edible oil costs, the Union Finance Ministry decreased import duties on crude palm oil and [...]
Is it possible for Reliance’s New Renewable Energy Business to become as successful as Jio?
Reliance’s New Renewable Energy Business: Most of the industry experts believe that Mukesh Ambani’s announcement has strongly pushed the renewable energy sector into the spotlight. India’s Renewable Energy Sector India's embryonic renewable energy sector is brimming with possibilities and is rapidly expanding. According to the Indian Brand Equity Foundation, a state-owned export promotion body, it [...]
Approval of the plan to raise Rs 3,000 crore by InterGlobe Aviation’s shareholders
Synopsis: With the airline industry suffering significant challenges as a result of the COVID-19 pandemic, the company's board of directors approved a Rs 3,000 crore share sale to institutional investors on May 10. InterGlobe Aviation, the parent company which is the largest airline company of India, IndiGo, has authorised a request to raise up to [...]
New RBI rule won’t allow Cooperative Banks to Outsource Core Management Functions
RBI Guidelines for Co-operative Banks: Outsourcing is nothing but the use of a third party to perform activities on an everyday basis that would be undertaken by a cooperative bank itself, now or in the near time. Continuing basis of particular assignment is done by the outsourcing service provider. The continuous basis will include agreements [...]
Reliance 44th AGM Key Highlights 2021- Mukesh Ambani Announcements!
Reliance AGM Key Highlights 2021: On the 44th Annual General Meeting of Reliance Industries dated 24th June 2021, Mukesh Ambani, the Chairman, made few exciting announcements regarding the future targets and goals of the group company in the upcoming year. Five major announcements were made by Mr. Ambani in this AGM revolving around Aramco deal, [...]
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