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Markets Take a Pause! Nifty Hits Fresh All-Time High – Post-Market Analysis

Markets Take a Pause - post-market analysis | marketfeed

NIFTY started the day at 20,127 with a gap-up of 57 points. The index moved up 40 points to 20,170 levels— creating a fresh all-time high! After making a double top, Nifty fell to 20,050 levels and consolidated within a 50-point range between 20,050 and 20,100 levels for the most part of the day. Nifty closed at 20,103, up by 33 points or 0.16%.

Nifty chart Sept 14 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 46,013 with a gap-up of 103 points. After the initial up-move to 46,150 levels, the index faced rejection and fell over 350 points till the 45,800 support zone. It later bounced back to 46,000 levels and consolidated between these levels for the most part of the day. BNF closed at 46,000, up by 91 points or 0.2%.

Bank Nifty chart Sept 14 - post-market analysis | marketfeed

All indices except Nifty Media (-0.4%) and Nifty FMCG (-0.15%) closed in the green. Nifty PSU Bank (+1.64%) moved up the most. 

Major Asian markets closed up to 1.5% in the green. European markets are currently trading mixed.

Today’s Moves

UPL (+3.85%) was NIFTY50’s top gainer. Antique Stock Broking has revised the stock’s rating to ‘Buy’.

Central Bank (+10.89%) jumped on the back of strong volumes.

NBCC (+7.7%) moved up after the civil construction firm received an order worth ₹180 crore from Steel Authority of India Ltd.

Sugar stocks Dhampur Sugar, Avadh Sugar, Balrampur Chini Mills, Rana Sugar, Shree Renuka Sugars, Eid Parry, Triveni Engineering, and others closed 4-11% in the green. Reports reveal that sugar prices may rise as Maharashtra’s sugar output is set to fall to a 4-year low in the 2023-24 crop year.

Asian Paints (-1.14%) was NIFTY50’s top loser. Stocks of paint companies were in focus today after Grasim Industries announced plans to launch its paints business ‘Birla Opus’ in Q4 FY24.

Markets Ahead

Our targets of 20,150 levels in Nifty and close to 46,200 in Bank Nifty were achieved. The markets are holding these higher levels and the current dips appear to be minor corrections. Given the ongoing strength in the markets, you could consider option buying trades, which may offer more rewarding opportunities with a higher probability of success.

Nifty: The index is currently facing strong resistance around the 20,100 level. If Nifty manages to surpass this hurdle, it may potentially reach its all-time high at 20,170, with the next target being 20,250. On the other hand, if there’s a decline below 20,040, it could push the index down to the 20,000 mark and 19,950 as the second target.

Bank Nifty: In the case of Bank Nifty, a crucial resistance level to watch is the round level of 46,000. If there’s a breakout above this level, it could potentially drive the index up to 46,150 and ultimately to its all-time high at 46,300. Meanwhile, a significant support level to keep an eye on is at 45,750. If the index breaks below this support, it may lead to targets of 45,500 and 45,300.

The markets have formed a DOJI candle on the daily time frame, indicating indecision. A breakout or breakdown, followed by confirmation, will likely determine the direction in which the markets will trend.

Consumer inflation in the US rose for the second consecutive month in August. The US Consumer Price Index (CPI) rose by 0.6% last month, the largest gain since June 2022. This was mainly due to higher gas prices.

Meanwhile, India’s wholesale inflation increased slightly to -0.52% in August 2023 vs. -1.36% in July. WPI-based inflation has been in the negative territory for the fifth month in a row!

How did expiry day trading go? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

Don’t forget to tune in to The Stock Market Show at 7 PM on our YouTube channel!

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Advent Buys Significant Stake in Suven Pharma – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Advent International acquires significant stake in Suven Pharma

Global private equity investor Advent International has entered into a definitive agreement to acquire a 50.1% stake in Suven Pharmaceuticals Ltd from the Jasti family (promoters) for ₹6,313 crore. Advent will also launch an open offer to acquire an additional 26% of the pharma company. The total deal size would add up to ₹9,589 crore. After the acquisition, Advent intends to explore the merger of its portfolio company Cohance Lifesciences with Suven Pharma.

Read more here.

Central Bank of India to raise up to ₹1,500 crore in FY23

Central Bank of India’s board has approved a proposal to raise up to ₹1,500 crore this financial year (FY23) by issuing Basel III compliant bonds. The base issue size is ₹500 crore with a greenshoe option of up to ₹1,000 crore. Under the Basel-III capital regulations, banks globally need to improve and strengthen their capital planning processes.

Read more here.

Electronics industry push for tax rationalisation in Union Budget 2023

The Indian electronics industry wants the government to rationalise tariffs and remove small tariffs of 2.75% on parts and components of mobile phones, sub-assemblies, and mechanics. They want the Centre to reduce Goods & Services Tax (GST) from 18% to 12%. India Cellular and Electronics Association (ICEA) also wants the 20% basic customs duty on high-end phones to be pegged at ₹4,000 per device. This measure could limit the smuggling of high-end phones, which ICEA said will add ₹1,000 crore to the GST collection.

Read more here.

Agrochemical players likely to see 15-17% growth this fiscal: CRISIL

According to a report from CRISIL Ratings, agrochemical players will grow at 15-17% in FY23, primarily driven by continued strong exports and stable domestic demand. Major agrochemical firms registered a stellar 23% growth in FY22. Their revenue could further grow by 10-12% next financial year as India continues to benefit from the China+1 strategy of global players.

Read more here.

Alembic Pharma gets USFDA approval for Fulvestrant injection

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for its generic Fulvestrant injection. The drug is used in the treatment of breast cancer. As per IQVIA data, Fulvestrant injection had an estimated market size of $71 million for the 12 months ended September 2022.

Read more here.

Godrej Properties acquires 62-acre land in Kurukshetra

Godrej Properties Ltd (GPL) has acquired nearly 62 acres of land in Kurukshetra, Haryana, to develop 1.4 million sq. ft. of plotted residential development. Kurukshetra is a self-sufficient city with good infrastructure consisting of schools, colleges, and hospitals. It also has significant historical and religious importance. GPL has been acquiring land in the National Capital Region (NCR) and peripheral areas to expand its presence.

Read more here.

Noida authority directs DLF to pay ₹235 crore for Mall of India land

Noida authority has issued a notice to realty developer DLF, asking it to pay ₹235 crore within 15 days for the dispute related to the land of Mall of India (the biggest mall in the country). The move has come after the Supreme Court ordered the Noida authority to pay ₹295 crore to Veerana Reddy. The authority acquired the land from Veerana Reddy in 2005 and later auctioned it to DLF, who developed the mall there.

Read more here.

Jet Airways pilots, cabin crew exit amid relaunch uncertainty

According to a CNBV-TV18 report, many standby pilots and cabin crew of Jet Airways have exited amid relaunch uncertainty. The report further states that the vice president of in-flight service has been sent on leave, while the salaries of CEO Sanjiv Kapoor and CFO Vipula Gunatilleka have been reduced. Earlier, Bloomberg reported that lenders to Jet Airways are resisting a court-approved resolution plan, further delaying the private airline’s relaunch.

Read more here.

Welspun Enterprises to receive ₹2,339 crore in first close of road asset sale

Welspun Enterprises Ltd. will receive about ₹2,339 crore from the first closing of the sale of six road assets to Actis Highway Infra Ltd., said Managing Director Sandeep Garg. “The enterprise value for the transaction is somewhere in the range of ₹9,049 crore, out of which approx. Rs 3,000 crore were received by us during the construction phase from the client,” he added. The five projects are the Welspun Delhi-Meerut Expressway, Welspun Road Infra, MBL (CGRG) Road, MBL Road Ltd., and Chikhali Tarsod Highways.

Read more here.

Infibeam Avenues receives RBI approval for Bharat Bill Payment licence

Infibeam Avenues Ltd has received a Perpetual Licence from the Reserve Bank of India (RBI) for its bill payments business, BillAvenue. The licence will allow BillAvenue to function as a Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS). The licence will help the company offer secure and uninterrupted services to 18,000+ billers, agent institutions and a network of ten lakh agents spread across 2,000 cities and towns in India.

Read more here.

Air India Express, AirAsia India exploring synergies ahead of merger

Air India Express and AirAsia India (which has changed its name to AIX Connect) are exploring synergies in terms of having unified customer touchpoints ahead of their proposed merger. An operational review process is underway to integrate budget carrier AirAsia India with Air India Express, and the merger is likely to be completed by the end of 2023. Post-merger, the entity will be branded as Air India Express.

Read more here.

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Disney Star Sublicenses ICC Men’s TV Rights to ZEEL – Top Indian Market Updates

Here are some of the major updates that could move the markets on Thursday:

ZEEL, Disney Star sign licensing pact for ICC Men’s TV rights

Disney Star has sub-licensed the television rights of the International Cricket Council’s (ICC) Men’s tournament to Zee Entertainment Enterprises Ltd (ZEEL) for four years. This association enables ZEEL to be the exclusive TV rights holder of ICC men’s events, including two ICC Men’s T20 World Cups (2024, 2026), ICC Men’s Champions Trophy (2025), ICC Men’s Cricket World Cup (2027), and key ICC Under-19 events.

Read more here.

Nazara Technologies acquires WildWorks game studio

Nazara Technologies Ltd announced the acquisition of US-based children’s interactive entertainment company WildWorks for $10.4 million (~₹82.75 crore). The company will acquire 100% of WildWorks and its intellectual property (IP) from existing shareholders in an all-cash transaction. WildWorks is a game development studio focused on gamified early learning for 8-12-year-olds. Its mobile apps have attracted over 150 million players in the past decade.

Read more here.

EoI for IDBI Bank stake sale likely next month: Report

As per a PTI report, the Indian government is likely to issue Expression of Interest (EOIs) for selling a stake in IDBI Bank next month. The discussions between the Centre and RBI are at the final stages. The Cabinet Committee on Economic Affairs had given in-principle approval for strategic disinvestment and transfer of management control in IDBI Bank in May 2021. Currently, the Indian government holds a 45.48% stake in the bank. Life Insurance Corp of India (promoter) owns a 49.24% stake.

Read more here.

Shriram Transport to raise ₹5000 crore in second half of FY23

Shriram Transport Finance Company Ltd plans to raise an additional ₹5000 crore ($627.20 million) in the second half of the financial year to fund growth opportunities. Most of the fund-raising is likely to be via non-convertible debentures (NCDs) with a maturity of 3 years. In December 2021, the commercial vehicle financier announced a merger with promoter Shriram Capital and Shriram City Union Finance, which is expected to be completed by October.

Read more here.

OMCs stare at losses in Q2, government unlikely to get any dividend: Report

According to an ET NOW report, Oil Marketing Companies (OMCs) in India are likely to record losses in the July-Sept quarter (Q2), which may affect the government’s share of dividends. During the period of rising international crude oil prices a few months ago, Indian fuel retailers were losing ₹20-25 per litre on diesel and ₹14-18 a litre on petrol. These losses have been cut short by the fall in oil prices.

Read more here.

Hero MotoCorp launches first Xpulse Xperience centre

Two-wheeler manufacturer Hero MotoCorp Ltd has inaugurated the first of its ‘Xpulse Xperience Centre’ in India. The centre is designed to provide an off-road bike training experience to Xpulse 200 4V owners and enthusiasts. The Xpulse Xperience Centre will have trainers and a curriculum focused on building the skills, knowledge, and personality required to be an expert off-road rider.

Read more here.

Granules India gets USFDA approval for diarrhea drug

Granules India Ltd has received approval from the US Food & Drug Administration (USFDA) for Loperamide Hydrochloride and Simethicone Tablets. The drug is indicated to relieve symptoms of diarrhea, bloating, pressure, and cramps. As per IQVIA MAT data, the generic version of the tablets had sales of $60 million (~₹477.5 crore) during the most recent twelve months.

Read more here.

Central Bank of India enters into co-lending partnership with Shapoorji Pallonji Finance

Central Bank of India has entered into a strategic co-lending partnership with Shapoorji Pallonji Finance (SPF) to offer loans to micro, small & medium enterprises (MSMEs) borrowers at competitive rates. Under this pact, SPF will originate and process MSME proposals under the priority sector as per jointly formulated credit parameters and eligibility criteria. Central Bank of India will take 80% of the MSME loans into its books under mutually agreed terms. 

Read more here.

Glenmark Pharma’s partner Hikma launches specialty drug Ryaltris in US

Glenmark Pharma’s partner Hikma Pharmaceuticals has launched its specialty nasal spray Ryaltris in the US. Ryaltris is used to treat symptoms of seasonal allergic rhinitis (SAR) in adults and pediatric patients 12 years and older. Glenmark developed the drug, while Hikma will commercialise it in the US market.

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HDFC Bank Reports 16% YoY Rise in Net Profit in Q1 – Top Indian Market News

HDFC Bank Q1 Results: Net profit rises 16% YoY to Rs 7,730 crore

HDFC Bank reported a 16.1% year-on-year (YoY) increase in standalone net profit to Rs 7,729.60 crore for the quarter ended June (Q1 FY22). Net interest income (NII) rose 8% YoY to Rs 17,009 crore during the same period. [NII is the difference between the interest income a bank earns on its lending activities and the interest it pays to depositors]. The gross non-performing assets (GNPA) ratio stood at 1.47% in Q1 FY22, compared to 1.32% in Q4 FY21. HDFC Bank’s board has approved a dividend of Rs 6.50 per share. 

Read more here.

Reliance Retail acquires 40.95% stake in Just Dial for Rs 3,497 crore

Reliance Retail Ventures Ltd has acquired a 40.95% stake in Just Dial for Rs 3,497 crore. The subsidiary of Reliance Industries Ltd (RIL) received a preferential allotment of 2.12 crore equity shares (equivalent to 25.33%) of Just Dial at Rs 1,022.25 per share. It also acquired a 15.62% stake from Just Dial’s promoter, VSS Mani. Reliance Retail will make an open offer to acquire a further 26% stake in Just Dial (taking its total stake to 66.95%). Just Dial is a leading internet technology company that specializes in local search, business-to-business (B2B), and e-commerce.

Read more here.

Central Bank of India to seek shareholders’ approval to set off accumulated loss of Rs 18,724 crore

Central Bank of India will seek shareholders’ approval to set off an accumulated loss of over Rs 18,724 crore from the share premium account of the bank. The lender said the setting off of accumulated loss would benefit the shareholders as their holding will yield better value. It will allow the bank to be in a better position to achieve its turnaround plans in a time-bound manner. The state-owned bank’s Annual General Meeting (AGM) is scheduled for August 10, 2021, through audio/video means.

Read more here.

ED searches premises linked to Videocon Group

The Enforcement Directorate (ED) conducted raids at multiple premises of the Videocon Group in Mumbai and Delhi. The searches were in connection with a money laundering case the agency is probing against the company and its chairman Venugopal Dhoot, related to alleged loan fraud by the group in the sale of an oilfield in Mozambique. 

In an FIR, the Central Bureau of Investigation (CBI) had alleged irregularities by Videocon Industries in the acquisition of oil and gas assets in Mozambique, which were later taken over by a consortium of lenders, led by the State Bank of India. 

Read more here.

HDFC Securities Q1 Results: Net profit rises 95% YoY to Rs 260 crore

HDFC Securities Limited reported a 94.9% YoY increase in net profit to Rs 260.6 crore for the quarter ended June (Q1 FY22). Its total income rose 67.3% YoY to Rs 457.8 crore during the same period. HDFC Securities is one of the leading retail broking firms in India. It has 215 branches across 147 cities/towns across the country. HDFC Bank holds a 96.3% stake in HDFC Securities.

Surana Solar Q1 Results: Net profit at Rs 0.07 crore

Surana Solar Limited reported a standalone net profit of Rs 0.07 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 0.22 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations rose 13.33% YoY to Rs 3.74 crore in Q4 FY22. Surana Solar manufactures and sells solar panels and solar photovoltaic modules in India.

Kirloskar to invest additional Rs 250 crore in NBFC arm, monetise land assets

Kirloskar Oil Engines Ltd (KOEL) announced it will be investing an additional Rs 250 crore in its non-bank finance company (NBFC), Arka Fincap. They will also monetise its 50-acre land bank in Pune for its realty company— Avanti Spaces. The Kirloskar Group has announced reorienting of businesses from B2B manufacturing engineering companies to solutions providing B2C companies. The group companies have planned large investments over the next 2-3 years across all business lines.

Read more here.

FedEx invests $100 million in IPO-bound Delhivery

FedEx Express, a subsidiary of FedEx Corp, has invested $100 (~Rs 746 crore) in logistics firm Delhivery. US-based FedEx Express will manage international import and export services to and from India, while Delhivery will sell FedEx Express’ products and services in the country. The development comes less than two months after the logistics startup raised ~$277 million in funding from certain investors that valued the firm at an estimated $3 billion. Delhivery is set to launch its initial public offering (IPO) soon.

Read more here.

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MRF Reports 51% YoY Decline in Net Profit in Q4 – Top Indian Market News

MRF Q4 Results: Net profit declines 51% YoY to Rs 332 crore

MRF Limited reported a 51.1% YoY decline in consolidated net profit to Rs 332.15 crore for the quarter ended March (Q4). Net profit has declined by 36.2% when compared to the previous quarter. Its revenue from operations rose 30.7% YoY to Rs 4,816.46 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 10.2% YoY to Rs 1,277.07 crore. The tyre manufacturer’s board has recommended a final dividend of Rs 94 per share and a special dividend of Rs 50 per share.

Read more here.

Centre to provide free Covid-19 vaccines to all adults from June 21: PM Modi

In his address to the nation, Prime Minister Narendra Modi stated that the Centre will take over the task of vaccination from state governments and provide Covid-19 vaccines free of cost to all adults from July 21. Out of the total vaccine being produced in India, the Centre will buy 75% and give it to states for free. Private hospitals will continue to have access to 25% of all vaccines. The government has also decided to extend the Pradhan Mantri Garib Kalyan Anna Yojana (free ration scheme) till Diwali in November. 

Read more here.

L&T Construction wins significant orders for various businesses

The construction arm of Larsen & Toubro (L&T) has secured significant orders (in the range of Rs 1,000-2,500 crore) for its various businesses. Its water and effluent treatment business has received an order from Bangalore Water Supply & Sewerage Board to design, build, and operate sewage treatment plants and pumping stations in the city. The buildings and factory business of L&T Construction has secured an order for the construction of sports infrastructure facilities at Kalinga Stadium in Odisha. 

Read more here. 

Central Bank of India Q4 Results: Net loss at Rs 1,349 crore

Central Bank of India reported a standalone net loss of Rs 1,349.21 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 1,529.07 crore in the corresponding period last year (Q4 FY20). The bank’s total income declined by 14% YoY to Rs 5,779.84 crore in Q4 FY21. The gross non-performing assets (GNPA) ratio fell to 16.55%, compared with 18.92% in the year-ago period. Net profit for the entire financial year 2020-21 fell 20.84% YoY to Rs 887.58 crore.

Read more here.

Lupin launches Digital Asthma Educator platform

Lupin Limited announced the launch of its Digital Asthma Educator platform for guiding patients on the correct technique of using inhalers. The platform is part of the pharma company’s long-running umbrella program, Joint Airways Initiative (JAI), for patients suffering from respiratory ailments. 

In a separate filing, Lupin announced it has received approval from the US Food & Drug Administration (USFDA) to market generic Emtricitabine and Tenofovir Disoproxil Fumarate tablets in the US market. The drug is used for the treatment of human immunodeficiency virus (HIV)-1 infection.

Read more here.

ED transfers UBL shares worth over Rs 5,600 crore to recovery officer’s demat account

The Enforcement Directorate (ED) has transferred 4.13 crore equity shares of United Breweries Ltd (UBL) to the Demat account of the recovery officer of the Debt Recovery Tribunal. The shares are worth over Rs 5,600 crore. In March 2019, UBL had informed the exchanges that the Debt Recovery Tribunal in Bengaluru had transferred a 2.80% stake worth over Rs 1,025 crore held by United Breweries (Holdings) Ltd in the company in its name. UBL and United Breweries (Holdings) Ltd are promoted by Vijay Mallya.

Read more here.

Union Bank of India Q4 Results: Net profit rises 83% QoQ to Rs 1,330 crore

Union Bank of India reported an 83% quarter-on-quarter (QoQ) rise in standalone net profit of Rs 1,330 crore for the quarter ended March (Q4). Net interest income (NII) declined by 18% QoQ to Rs 5,403 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 13.74%, compared with 13.49% in Q3. The bank stated that the results for the quarter and year ended March 31, 2021, include operations of Andhra Bank and Corporation Bank. The two banks were amalgamated into Union Bank of India on April 1, 2021. Hence, the results are not comparable.

Read more here.

Average spot power price rises 10% to Rs 2.83 per unit in May at IEX

The average spot power price (or market clearing price) in the day-ahead market (DAM) increased over 10% YoY to Rs 2.83 per unit in May 2021 at the Indian Energy Exchange (IEX). The day-ahead market traded 4,364 million units (MU) volume in May with the average monthly price at Rs 2.83 per unit. The average spot power price saw a decline of 24% on a month-on-month basis, as the average monthly price was Rs 3.70 per unit in April. IEX traded 6,540 MU of electricity volume in May, achieving 9% YoY growth.

Read more here.

NCLT approves Piramal Group’s resolution plan for DHFL

The National Company Law Tribunal (NCLT) approved Piramal Capital & Housing Finance’s resolution plan for the stressed mortgage lender Dewan Housing Finance Ltd (DHFL) with a few conditions. The Mumbai bench of NCLT has rejected former DHFL promoter Kapil Wadhawan’s plea to consider his offer for settlement. The tribunal has asked DHFL’s Committee of Creditors (CoC) to consider giving more money to small fixed deposit holders under the resolution plan. The Piramal Group has offered Rs 37,250 crore to DHFL’s creditors.

Read more here.

Mrs. Bectors Food Q4 Results: Net profit rises 41% to Rs 12.77 crore

Mrs. Bectors Food Specialities reported a 41% YoY increase in consolidated net profit to Rs 12.77 crore for the quarter ended March (Q4). Net profit has declined by 38.3% when compared to the previous quarter. Its revenue from operations rose 15.26% YoY to Rs 223.98 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit jumped 138.47% YoY to Rs 72.28 crore. The company’s board has recommended a final dividend of Rs 2.40 per share.

Read more here.

Infosys partners with Archrock for digital technology integration

Infosys Limited has collaborated with Archrock Inc to integrate digital technologies and mobile tools for its field service technicians. Archrock is a leading provider of natural gas compression services in the US. As part of the agreement, Infosys will leverage its pre-configured accelerator for Microsoft Dynamics 365 Field Service Application. This will help streamline and enhance Archorck’s field services and operational efficiencies.

Read more here.

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Nestle India Reports 15% YoY Rise in Net Profit in Q1 – Top Indian Market News

nestle

Nestle India Q1 Results: Net profit rises 15% YoY to Rs 602 crore

Nestle India reported a 14.6% year-on-year (YoY) increase in net profit to Rs 602 crore for the quarter ended March (Q1). The company follows the January-December financial year cycle. Its revenue from operations rose 8.6% YoY to Rs 3,610.8 crore during the same period. Domestic sales rose 10.2% YoY and the e-commerce segment grew 66% YoY in Q1 CY21. Nestle India’s board has declared an interim dividend of Rs 25 per share.

Read more here.

PM Modi rules out nationwide lockdown against Covid-19

In his address to the nation, Prime Minister Narendra Modi ruled out nationwide lockdown as a measure to curb the second wave of the Covid-19 pandemic. He has urged states to ensure that lockdowns are only chosen as the last resort. PM Modi said India’s citizens have fought against the pandemic with discipline and patience, and must continue to do so. The pharma sector has taken serious steps to increase the production of vaccines as well as medicines.

Read more here.

India’s second Covid-19 wave may have deeper economic impact: Nomura

According to analysts at Nomura, stricter restrictions imposed by states to limit the spread of Covid-19 in India could deepen the economic impact of the second wave in the coming weeks. Nomura India Business Resumption Index (NIBRI) shows mobility is hit, while power demand and labour participation rate remain largely unaffected so far. NIBRI (which tracks ultra-high frequency data) fell to 83.8 as of April 18, as against 88.4 a week ago.

Read more here.

Cadila Healthcare to double Covid-19 vaccine capacity  

Cadila Healthcare Limited said it expects to receive regulatory approval for its Covid-19 vaccine by June. The pharma company will potentially ramp up vaccine capacity to 24 crore annual doses as India tries to contain the world’s fastest-growing coronavirus outbreak. Cadila is expecting efficacy readings from its last stage of clinical trials in May. 

Read more here.

Adani Enterprises incorporates wholly-owned subsidiary Mundra Petrochem

Adani Enterprises Limited has incorporated a wholly-owned subsidiary— Mundra Petrochem Ltd (MPL). MPL was established with the objective to set up various feedstock (coal, petcock, coke, oil, LPG, LNG, etc) based refinery, petrochemical, and chemical plants in a phased manner in India. The company will also undertake activities associated with land acquisition, design & engineering, power & infrastructure management, sale & marketing, and trading.

Read more here.

Swaraj Engines Q4 Results: Net profit rises 105% YoY to Rs 32 crore

Swaraj Engines Limited reported a 105.56% YoY increase in net profit to Rs 32.56 crore for the quarter ended March (Q4). Its revenue from operations rose 74% YoY to Rs 304.91 crore during the same period. The company’s board has recommended a final dividend of Rs 50 per share and a special dividend of Rs 19 per share. Swaraj Engines is engaged in the manufacturing of engines for fitment into Swaraj tractors, which is manufactured by Mahindra & Mahindra (M&M) at its Swaraj Division.

Read more here.

Ramco Systems offers its Global Payroll solution on Oracle Cloud Marketplace

Ramco Systems Limited has announced the availability of its Global Payroll solution on Oracle Cloud Marketplace, which is a centralised repository of enterprise applications offered by Oracle and Oracle partners. As a part of the collaboration, Ramco will integrate its payroll platform across 50+ countries with Oracle Fusion Cloud Human Capital Management (HCM), thereby enabling HR and payroll transformation for large enterprises.

Read more here.

Easy Trip Planners announces interim dividend of Rs 2 per share

Easy Trip Planners Ltd has announced an interim dividend of Rs 2 per share for 100% of its equity shares. The company’s board has set the record date as April 28, 2021. The amount will be paid, dispatched on or before May 18, 2021. “The interim dividend marks a major milestone in the company’s commencement of its journey as a listed firm and we intend to keep the company strong and profitable,” said Nishant Pitti, CEO and Co-Founder of Easy Trip Planners.

Read more here.

Central Bank of India to issue shares to the Govt at Rs 17.11 per share

The Board of Directors of Central Bank of India has approved the allotment of up to 280.53 crore equity shares (of the face value of Rs 10 each) at an issue price of Rs 17.11 per share to the Government of India on a preference basis. The total issue size aggregates to Rs 4,800 crore. The issue is subject to the approval of shareholders, the Reserve Bank of India (RBI), and other statutory authorities.

Saregama India signs long-term music deal with Sanjay Leela Bhansali

Saregama India Limited has come on board as the music label for three forthcoming projects of award-winning filmmaker Sanjay Leela Bhansali.  These projects will be the Alia Bhatt-starrer Gangubai Kathiawadi— the music rights of which has been acquired from Pen Studios, the next untitled Bhansali directorial, and his first non-film Hindi originals album that will have music composed by him. Kolkata-based Saregama India is the oldest music label in our country, owned by RP-Sanjiv Goenka Group.

Read more here.