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Market News Top 10 News

RBI Stops Bank of Baroda From Adding Users to Mobile App – Top Indian Market Updates

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

RBI stops Bank of Baroda from adding customers to its mobile app

The Reserve Bank of India (RBI) has directed Bank of Baroda to stop adding customers to its mobile application, bob World. The ban is based on certain material supervisory concerns observed in the manner of onboarding of their customers onto this mobile application. In July, Al Jazeera reported that Bank of Baroda officials had linked bank accounts to unrelated mobile numbers to achieve stiff targets to get customers to join the app.

Read more here.

Tata Power partners with Bridgestone to install EV chargers

Bridgestone India has partnered with Tata Power to install electric vehicle (EV) chargers for four-wheelers at its dealerships across India. Tata Power will install 25/30 kilowatt-hour (Kwh) capacity DC fast chargers. The chargers are capable of charging a four-wheeler within one hour and will allow 20-24 vehicles to be charged in a day. It will be operational 24×7.

Read more here.

Adani Group’s $3.5 billion Ambuja loan moves ahead

A consortium of banks that had engaged in discussions to provide Adani Group with a $3.5 billion loan for refinancing the debt taken to acquire Ambuja Cements Ltd has now obtained internal approval for this loan. The banks will provide approximately $250 million each toward the syndicated loan. Barclays Plc, Deutsche Bank AG and Standard Chartered Plc are part of a larger consortium of banks.

Read more here.

India’s crude steel output grows to 70 MT in April-Sept

India’s crude steel production rose 14.7% YoY from 61.06 million tonnes (MT) to 69.65 MT during the April-September period of FY24. The increase in production was mainly due to improved capacity utilisation rates and the ramping up of capacities by key Indian steel players. The domestic consumption of finished steel also rose 14.77 YoY to 63.99 MT from 55.75 MT in FY24.

Read more here.

Godrej Properties to sell 14 acres of land in Gurugram

Godrej Properties is in advanced talks with Hero Realty to sell a 14-acre land parcel in Gurugram for around ₹730 crore. The real estate developer bought the land in Sector 89 around two years ago from a local land-aggregating company. The deal is said to be at an advanced stage and both parties have agreed on the transaction.

Read more here.

NSDL to acquire office space in BKC from IDFC Bank

National Securities Depository Ltd (NSDL) has acquired a 68,000 sqft office space from IDFC First Bank in Mumbai’s Bandra-Kurla Complex (BKC) for approx. ₹198 crore. The property will serve as NSDL’s new headquarters and is expected to be ready by January-February 2024. The decision is part of the consolidation of the bank’s operations near its corporate office at IDFC FIRST Bank Tower in Mumbai.

Read more here.

SpiceJet and Celestial Aviation in advanced stages of settlement

SpiceJet Ltd and aircraft lessor Celestial Aviation Services Ltd are in advanced stages of settlement over a default of $29.9 million for nine aircraft. The National Company Law Tribunal (NCLT) has deferred the matter to November 7. SpiceJet is facing insolvency proceedings from two other aircraft lessors and an engine lessor. The airline has argued against the maintainability of these petitions.

Read more here.

L&T Construction secures significant order from Rajasthan govt

Larsen and Toubro Ltd’s (L&T) construction arm has secured an order (worth ~₹1000-2500 crore) from the Rajasthan Government’s public health and engineering department. The engineering, procurement and construction order is to build a water supply project in the Chittorgarh district of Rajasthan for 648 villages from the Chambal River. This order marks L&T’s fourth order in this month so far.

Read more here.

Sterlite Technologies’s subsidiary launches generative AI platform

Sterlite Technologies’ subsidiary, STL Digital, has launched a generative AI platform, Alnnov. The generative AI services, frameworks, methodologies and solutions are designed for enterprises to accelerate Generative AI-led innovation and adoption. The platform will accelerate the generative AI-led adoption as well as innovation for modern enterprises.

Read more here.

Mazagon Dock signs Letter of Intent for 10 multi-purpose hybrid power vessels

Mazagon Dock Shipbuilders Ltd (MDL) has signed a Letter of Intent (LoI) with a European client. The LoI is to construct six firm units and four optional units of 7,500 DWT multi-purpose hybrid power vessels. The prices of these vessels will be finalised at the time of signing the official contract.

Read more here.

Dr Reddy’s subsidiary faces antitrust lawsuit in US over Revlimid patents

Dr Reddy’s Laboratories Ltd’s wholly-owned subsidiary, Dr Reddy’s Laboratories Inc., has been named as a defendant in a recently filed lawsuit in the US. The complaint, filed by Mayo Clinic and Lifepoint Corporate Services, asserts claims under federal & state antitrust laws and other state laws alleging that the defendants improperly restrained competition and maintained a shared monopoly in the sale of brand and generic Revlimid through their respective settlements of patent litigation.

Read more here.

Puravankara’s sale bookings rises 102% YoY in Q2

Puravankara Ltd’s sale bookings rose 102% YoY to ₹1,600 crore in Q2 FY24 from ₹791 crore in Q1. The company’s sale bookings in value terms rose 89% YoY to 2.01 million square feet in Q2. It stood at 1.07 million in Q2 FY23. Average sales realisation also increased 7% to ₹7,947 per sq ft from ₹7,396 per sq ft last year.


Read more here.

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Daily Market Feed Pre Market Report

Can FinNIFTY Expiry Trigger Fresh Breakout? – Pre-Market Analysis Report

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

Stocks

Maruti Suzuki recorded a 145.4% YoY growth in standalone profit at Rs 2,485.1 crore for the quarter, with a 22% growth in revenue.

Power Grid reported a 6% year-on-year decline in standalone profit at Rs 3,542.65 crore.

South Indian Bank’s board has approved the raising of funds up to Rs 1,000 crore from the issuance of equity shares, and Rs 500 crore through bonds.

Europe-based financial group Societe Generale has bought a 1.08% stake in Bandhan Bank from the open market for Rs 382 crores.

Major results today: Adani Total, Welspun, Triveni Turbine, GMDC, Thyrocare

What to Expect Today?

NIFTY started the day at 19,666 with a small gap-up. After the initial fall, it took support and moved up. The 3 PM candle also gave a breakout and NIFTY closed at 19,753, up by 107 points or 0.55% from last week.

BANK NIFTY started the week at 45,546 and fell 200 points. But support was taken like NIFTY and the index hit fresh day-highs. BANK NIFTY closed at 45,651, up 183 points or 0.4%.

US markets closed in the green. The European markets closed flat.

The Asian markets are mostly trading in green.

The U.S. Futures are trading flat.

GIFT NIFTY is trading flat at 19,883.

All the factors combined indicate a flat opening in the market.

NIFTY has supports at 19,660, 19,617 and 19,566. We can expect resistances at 19,760, 19,846 and 19,920.

BANK NIFTY has supports at 45,472, 45,230, and 44,900. Resistances are at 45,860, 46,000, and 46,240.

NIFTY has the highest call OI build-up at 19,800. The highest put OI build-up is at 19,600. There was a high put OI buildup yesterday, with call sellers rolling away farther. PCR is still bearish at 0.85.

BANK NIFTY has the highest call OI build-up at 46,000. The highest put OI build-up is at 45,500. The call sellers at 45,500 rolled away aggressively, bringing PCR to 0.90.

Last week, Foreign Institutional Investors net-sold shares worth Rs 701 crores. Domestic Institutional Investors covered up for it by buying shares worth Rs 2488 crores.

INDIA VIX is at 10.41, its worst-ever monthly closing level.

The July month’s candle has closed strongly which indicates the continued presence of bulls. The short covering of 19,800 is still possible if NIFTY aggressively tries to move up today, the strike is just 50 points away.

Otherwise, markets are indicating consolidation with a bullish bias in technicals, even as FIIs sell. Let us see if the PCR shifts to indicate this sentiment today and tomorrow.

Global markets are also consolidating near their all-time highs.

For the Fin NIFTY expiry, the levels to watch out for are very clear between 20,200 and 20,420. A breakout in HDFC Bank can contribute to a move above 19,800 for NIFTY too!

As a new month starts, industrial data will soon start coming out. The U.S. Jobs data also will come out this week, which should not move the market if there are no big surprises.

Hope you have an amazing trading day 🔥

We will be trading Smart Money(NIFTY) and Piggy Bank(BANK NIFTY) today. Follow along on the marketfeed app, or on our website for trades!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

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Daily Market Feed Pre Market Report

Fresh Start for the Week. Will Call Sellers Cause Trouble? – Pre-Market Analysis Report

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

Stocks

Marico reported a consolidated profit of Rs 436 crore for the quarter ended June FY24, rising 15.6% over the corresponding period last fiscal

Shree Cement has started commercial production at its clinker grinding unit in West Bengal with a cement capacity of 3.0 MTPA.

UCO Bank announced a profit of Rs 223 crore for the quarter ended June FY24, growing 80.8% YoY.

United Breweries, maker of Kingfisher beer maker, reported fall in profit of 15.8% YoY to Rs 136.2 crore.

IDFC First Bank recorded a 61% YoY growth in profit at Rs 765 crore for the quarter, driven by growth in core operating income.

Equitas Small Finance Bank recorded a profit of Rs 191 crore for the quarter, rising 97% over last year.

SBI Cards registered a 5% YoY fall in profit at Rs 593 crore for the quarter.

Major results today: Maruti Suzuki, GAIL, PowerGrid, UPL, Bosch, Petronet, Adani Green.

What to Expect Today?

NIFTY started last week at 19,748 with a small gap-down. By Tuesday, it fell and tried to recover. Week’s low was created on Friday. And NIFTY closed at 19,646, down by 99 points or 0.6% from last week.

BANK NIFTY started the week at 46,131 and tried to take support at 46k multiple times.  Thursday was the highest opening ever for the index, but then crashed. BANK NIFTY closed at 45,468, down -1.31%, week on week.

US markets closed in the green. The European markets also closed in the green.

The Asian markets are all trading in the green.

The U.S. Futures are trading flat.

GIFT NIFTY is trading flat at 19,786.

All the factors combined indicate a flat to gap-down opening in the market.

NIFTY has supports at 19,560, 19,500 and 19,430, 19,300. We can expect resistances at 19,750, 19,800 and 19,890.

BANK NIFTY has supports at 45,220, 44,860 and 44,600. Resistances are at 45,650,  45,930, and 46,225.

NIFTY has the highest call OI build-up at 19,800. The highest put OI build-up is at 19,600. There was an aggressive option selling on Friday. And the PCR is bearish, 0.63.

BANK NIFTY has a straddle at 45,500, with PCR at 0.68.

Last week, Foreign Institutional Investors net-sold shares worth Rs 3,000 crores. Domestic Institutional Investors covered up for it by buying shares worth Rs 5,200 crores.

INDIA VIX is flat at 10.13.

With this week having very less possibility of news-based movements, and the monthly expiry being done, the chances exist for another good move.

For Monday, it will be interesting to see how aggressive option sellers will be on the call side. If more and more calls are added while the support at 19,500 is defended in the next 2 days, it could indicate bullishness with a chance of short covering.

The global markets are also bullish, even after the Fed interest rate hike.

The technicals indicate a wick in the closing of July’s monthly candle. If today is a green day, the July candle will end strong.

Do have an eye on crude oil’s 4% rally, which may limit our markets even while global markets move up.

We will be trading Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) today. Follow along on the marketfeed app, or on our website for trades!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

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Market News Top 10 News

LTIMindtree to Replace HDFC in Nifty 50 From July 13 – Top Indian Market Updates

nse

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

LTIMindtree to replace HDFC in Nifty50 from July 13

LTIMindtree will replace HDFC in the Nifty 50 index following its merger with HDFC Bank. The change will come into effect on July 13. HDFC Ltd will stop trading from July 13. Nuvama’s preliminary calculations expect LTIMindree to see an inflow of $150 million to $160 million. IT firm LTIMindtree is a subsidiary of Larsen & Toubro Ltd.

Read more here.

SBI gets approval for buyout of SBICAPS stake in SVL for Rs 708 crore

The Executive Committee of the Central Board (ECCB) of State Bank of India (SBI) has approved the acquisition of the entire stake held by SBI Capital Markets Ltd in SBICAP Ventures Ltd (SVL) for ₹708 crore. SBI Capital Markets Ltd (SBICAPS) is a wholly-owned subsidiary of SBI. The reason behind SBI’s acquisition of SVL is for better governance.

Read more here.

Indian Oil to consider fundraise via rights issue on July 7

Indian Oil Corporation’s (IOC) board is planning to consider raising capital. The capital raise will be through a rights issue of equity shares. The company will use the funds to meet the capital expenditure plan for its various projects. The company plans to host the board meeting on July 7.

Read more here.

REC set to raise $1 billion via loans

REC Ltd plans to raise about $1 billion through term loans to help fund infrastructure projects. The external commercial borrowing is split into two tranches, with the first expected to close this month amounting to $505 million. The company expects to raise the second tranche of $520 million in August, as it has applied to the RBI for approval.

Read more here.

Sun Pharma promoter creates pledge on 51.30 lakh shares on June 30

Sun Pharma created a pledge of 51.3 lakh equity shares on June 30, 2023. The company has pledged the shares in favour of Tata Capital Financial Services. The promoters have a shareholding of 54.48 %. Some large promoters of the company are Dilip Shanghvi with 9.6% shareholding, Shanghvi Finance Private Ltd with 40.3% shareholding, and AdityaMedisales Ltd with 1.67% shareholding.

Pledging of shares means taking a loan against the securities you own.

Read more here.

IDFC-IDFC First Bank merger gets board approval

IDFC First Bank has received approval from its board of directors for a merger with IDFC Ltd. The share exchange ratio for the amalgamation will be 155 equity shares of the face value of ₹10 each fully paid-up of IDFC First Bank for every 100 equity shares of the face value of ₹10 each fully paid-up of IDFC Ltd. The bank’s standalone book value per share would increase by 4.9%, as calculated on audited financials as of March 31, 2023.

Read more here.

HPL Electric bags orders worth Rs 903 crore for smart meters

HPL Electric and Power Ltd (HPL) has secured orders worth ₹903 crores for smart meters. With this contract, the company’s total pending pipeline order book stands at over ₹2,250 crores. HPL Electric claims these smart meters contribute to a greener and more sustainable future by empowering consumers and utilities to optimise energy usage.

Read more here.

Adani Green Energy to consider fundraise on July 6

Adani Green Energy will hold a board meeting to discuss and approve a fundraising proposal. The proposal involves issuing equity shares or other eligible securities through different methods, including private placement, qualified institutions placement, and preferential issue. However, the specific details regarding the amount to be raised and its utilisation are undisclosed. 

Read more here.

Chalet Hotels to raise up to Rs 600 crore

Chalet Hotels’ board of directors has approved raising funds of up to ₹500 crores. The purpose of this fundraising is to refinance the company’s high-cost debt. The company plans to raise the funds through non-convertible debentures (NCDs) or other debt instruments in multiple tranches. Additionally, the board has also authorised raising funds of up to ₹100 crores by borrowing from the company’s promoters. These funds will be utilised to cover expenses related to the residential project in Koramangala, Bengaluru.

Read more here.

Tata Steel’s NINL plant reaches 100% capacity utilisation within 1 year of acquisition

Tata Steel’s NINL plant has reached 100% capacity utilisation within one year of its acquisition by the company. The company completed the acquisition of Neelachal Ispat Nigam Ltd (NINL) through its subsidiary Tata Steel Long Products Ltd (TSLPL) for a consideration of ₹12,000 crores. After being shut down for almost three years, operations at the NINL unit were started by Tata Steel in October 2023.

Read more here.

Biocon Biologics launches biosimilar adalimumab in US

Biocon’s subsidiary Biocon Biologics has launched a biosimilar version of AbbVie’s top-selling biologic Humira in the US market under the brand HULIO. Adalimumab is used to treat certain inflammatory diseases like rheumatoid arthritis. Humira contributed $21.2 billion in sales to AbbVie for 2022, making it the world’s top-selling non-COVID prescription drug until recently.

Read more here.

Hero MotoCorp commences Harley-Davidson X440 bookings

Hero MotoCorp has started bookings for the Harley-Davidson X440 motorcycle across the country with deliveries expected to commence from October onwards. The 440-cc bike is being manufactured by Hero MotoCorp at its Neemrana plant. X440 is the smallest and most affordable Harley-Davidson bike to come to India ever since the Street 750. 

Read more here.

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Market News Top 10 News

HDFC to Raise Rs 57,000 crore via NCDs – Top Indian Market Updates

hdfc

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

HDFC to raise Rs 57,000 crore through non-convertible debentures

HDFC Ltd’s board has approved raising funds through non-convertible debentures (NCDs) in various rounds aggregating to Rs 57,000 crore. The decision was taken since the outstanding borrowings of HDFC are approx. Rs 5.70 lakh crore, and it would need to borrow further for its business purposes till the effective date of the merger. It is expected that HDFC Ltd would merge with its subsidiary HDFC Bank by the third quarter of the next financial year.

Read more here.

IDFC First Bank partners with Crunchfish to demonstrate offline retail payments

IDFC First Bank has partnered with Sweden-based Crunchfish to pilot a project to demonstrate offline retail payments. The bank is set to be a part of RBI’s pilot project to enable offline payments. A unique digital payment solution was designed by Crunchfish for merchants and customers under the RBI’s Regulatory Sandbox Program.

Read more here.

Sun Pharma eyes revenue hit due to ransomware attack

Sun Pharmaceutical Industries is set to take a hit on its revenues due to containment measures taken by the company after a ransomware attack earlier this month affected its business operations. A ransomware group has claimed responsibility for an ‘IT security incident’ at Sun Pharma, whose effect included a breach of certain file systems and the theft of certain company data and personal data.

Read more here.

CIRP initiated in cases of DHFL, ABG Shipyard, Bhushan Power & Steel

Corporate insolvency resolution process (CIRP) was initiated in the cases of DHFL, ABG Shipyard and Bhushan Power and Steel (BPSL) and resolution plans were approved in cases of DHFL and BPSL. The amount realisable to creditors for DHFL and BPSL is Rs 37,167 crore and Rs 19,895 crore, respectively. 

Read more here.

L&T’s power transmission and distribution business wins large orders

Larsen & Toubro Ltd’s (L&T) power transmission and distribution (T&D) business has secured orders (in the range of Rs 2,500-5,000 crore) in India and overseas. One of the orders is related to establishing over 365 km of 765kV double circuit transmission lines to enable the transfer of power from Rajasthan to Gujarat. The company will also implement an Advanced Distribution Management System (ADMS) in the Greater Mumbai area.

Read more here.

HDFC Mutual Fund files for India’s first Sovereign Green Bond MF

HDFC Asset Management Co. Ltd., investment manager of HDFC Mutual Fund (HDFC MF), has filed for India’s first target maturity funds tracking Sovereign Green Bonds (SGrBs). SGrBs are bonds issued by the Government of India (GoI) whose proceeds will be deployed in public sector projects that help reduce the carbon intensity of the economy.

Read more here.

Indian Oil, BPCL exceed their capex targets this year

Indian Oil Corp Ltd (IOCL) and Bharat Petroleum Corp Ltd (BPCL) have exceeded their capital expenditure targets for the current financial year. During April-February, IOCL spent Rs 31,800 crore against the full year’s capex target of Rs 28,550 crore, while BPCL spent Rs 10,280 crore, crossing its target of Rs 10,000 crore. IOCL has been spending heavily on refinery & petrochemical expansion, enhancing natural gas infrastructure, marketing, and establishing new pipelines.

Read more here.

Lupin gets USFDA approval for Valbenazine Capsules

Lupin Ltd has received tentative approval from US Food & Drug Administration (USFDA) for Valbenazine Capsules. The drug is used to treat involuntary movements of the face, tongue or other body parts. As per IQVIA data, Valbenazine capsules had estimated annual sales of $1,235 million in the US for the 12 months ended Dec 2022.

Read more here.

Nelco opposes telecom operators’ stance on spectrum sharing

Satellite communications service provider Nelco has opposed telecom operators’ stance on spectrum sharing and said that spectrum should be used only for the purposes it is assigned. Submitting counter comments to the telecom regulator’s consultation paper, the company and industry body SatCom Industry Association (SIA) India argued that the satcom spectrum is limited and hence sharing it with telcos would hamper the growth of the satcom sector.

Read more here.

S&P keeps India’s economic growth forecast unchanged at 6% in FY24

S&P Global Ratings kept its forecast for India’s economic growth unchanged at 6% in the next financial year (FY24), before rising to 6.9% in the following year. It sees India’s gross domestic product (GDP) likely growing by 7% in the current financial year (FY23). S&P expected the Reserve Bank of India to raise its already high policy rate further following a recent upside surprise to inflation.

Read more here.

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Market News Top 10 News

India’s GDP Growth Slows to 4.4% in Q3 – Top Indian Market Updates

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

India’s GDP growth slows to 4.4% in Q3

India’s gross domestic product (GDP) for the October-December quarter (Q3 FY23) slowed down to 4.4%. The GDP had moderated to 6.3% in Q2 from 13.5% in Q1. GDP at Constant (2011-12) prices in Q3 2022-23 is estimated at ₹40.19 lakh crore in Q3, as against ₹38.51 lakh crore in Q3 2021-22. The Indian economy is expected to grow at 7% in FY23.

Read more here.

Geological Survey of India finds Gold Deposits in Odisha

Surveys from the Geological Survey of India (GSI) have found gold deposits in three districts of Odisha. State Steel and Mines Minister Prafulla Mallik said that the gold reserves were found in Deogarh, Keonjhar and Mayurbhanj.

Read more here.

SBI enters social loan market

State Bank of India has concluded a landmark $1 billion (~₹8,200 crore) syndicated social loan, making it the largest Environmental, Social, and Governance (ESG) loan raised by a commercial bank in the Asia Pacific market. The loan is of $500 million of the primary issue and an equal amount in greenshoe (or overallotment) option. It is also the first issue of such kind from the bank. 

Read more here.

IDFC, Federal Bank partner with Sa-Dhan on UPI123PAY

IDFC First and Federal Bank will partner with association of microfinance institutions Sa-Dhan and Delhi-based fintech solutions provider NextGen to promote digital payments by feature phone users. The banks will help in developing a new payment and collection system by using feature phones with the technological intervention being provided by them.

Read more here

India approves $3.9 billion hydropower project near China border

India has approved its largest-ever hydropower project in the mountainous northeastern region bordering China as it seeks to build renewable generation to meet rising power demand. The govt approved the estimated investment of $3.9 billion for the 2,880-megawatt Dibang project in Arunachal Pradesh. The project is estimated to take nine years to build.

Read more here.

India’s passenger vehicle sales to grow 9-10% in 2024: CRISIL

Rating agency CRISIL has forecast that India’s passenger vehicle sales are expected to grow about 9-10% in the next financial year (FY24), which is 20% more than the pre-pandemic levels. The forecast is owed to strong demand and easing chip shortages. India is currently the world’s fourth-largest car market.

Read more here.

Zydus Lifesciences receives USFDA approval to market generic drug

Zydus Lifesciences has received approval from the US Food & Drug Administration (USFDA) to market Apixaban tablets. The drug blocks the activity of certain clotting substances in the blood. It is used to lower the risk of stroke or a blood clot in people with a heart rhythm disorder called atrial fibrillation.

Read more here.

Indian Bank ties up with Toyota Kirloskar Motor to offer vehicle financing

Indian Bank has signed a pact with automaker Toyota Kirloskar Motor to offer vehicle financing options to its customers. The tie-up would offer various initiatives including 90% on-road funding with no processing fee, foreclosure, and party payment charges to prospective customers.

Read more here.

Bharti Airtel outpaces Jio in revenue market share growth in Q3

For the second time in a row, Bharti Airtel has grabbed more revenue market share (RMS) than Reliance Jio Infocomm in the third quarter of FY23. This is mainly due to the sharp hike in base prepaid rates Airtel took last November in Odisha and Haryana along with share gains in rural markets. Loss-making Vodafone Idea (Vi) continued to lose RMS share in Q3.

Read more here.

PNC Infratech bags ₹771 crore railway project in Haryana

PNC Infratech has secured a ₹771.46 crore railway project from the Haryana Orbital Rail Corporation Ltd. The scope of work includes construction design and construction of civil works at Sultanpur station in connection with the laying of a new double railway line. The construction is to be completed in 30 months.

Read more here.

MRF raises ₹150 crore through NCDs via private placement

MRF Ltd has raised ₹150 crore via non-convertible debentures (NCDs) on a private placement basis. The NCDs have been listed on the debt segment of the National Stock Exchange of India with effect from February 2023. The date of maturity of these debentures is February 24, 2026.

Read more here.

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Market News Top 10 News

Maruti Suzuki to Recall 9,125 Vehicles – Top Indian Market Updates

maruti suzuki news

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

Maruti Suzuki to recall 9,125 vehicles to fix possible defects in seat belts

Maruti Suzuki India will recall 9,125 units of Ciaz, Brezza, Ertiga, XL6, and Grand Vitara models to fix possible defects in a part of the front row seat belts. The affected vehicles were manufactured between November 2-28, 2022. The automaker has decided to recall the suspected vehicles for inspection and replacement of the faulty part, free of cost.

Read more here.

Global airline industry to post $6.9 billion loss in 2022: IATA

The global airline industry is projected to report a lower loss of $6.9 billion in 2022, according to International Air Transport Association (IATA). There were stronger passenger yields and cost control measures by airlines amid rising fuel prices. The industry registered a loss of $42 billion and $137.7 billion in 2021 and 2020, respectively. IATA said the global airline industry is expected to return to profitability in 2023 and post a small net profit of $4.7 billion.

Read more here.

Bharti Airtel launches WorldPass, a data pack for roaming across 184 countries

Bharti Airtel has revamped its international roaming (IR) offerings under the newly launched WorldPass, which offers IR services in 184 countries. A customer with a layover at an international airport or travelling to two or more countries can use one plan for the entire trip. The pass also gives customers access to 24×7 call centre support from any corner of the world free of cost on call and WhatsApp.

Read more here.

ABFRL leads race to acquire TCNS Clothing

Aditya Birla Fashion & Retail Ltd (ABFRL) is now the frontrunner to acquire TCNS Clothing Co, owner of the listed women’s branded apparel retailer that owns brands such as W, Elleven, and Aurelia. This could well be the largest branded apparel buyout by the $60-billion Aditya Birla Group. Promoters of the retailer (New Delhi-based Pasricha family) and private equity investor TA Associates together own 61.24% of TCNS Clothing.

Read more here.

World Bank upgrades India’s GDP growth forecast to 6.9% for FY23

The World Bank cut India’s gross domestic product (GDP) growth forecast for FY23 from 7.5% to 6.5% in October. Now, it has upgraded the projection to 6.9% for FY2022-23 (April 2022-March 2023). A senior economist at the WB said that India is better positioned than its peers to weather external financial shocks this financial year.

Read more here.

India’s thermal power generation rises 16% YoY in Nov

India’s thermal power generation rose 16.28% year-on-year (YoY) to 87,687 million units (MU) in November. The country’s overall power generation increased by 14.63% YoY to 1,18,029 MU last month. Power utilities’ despatch rose 3.55% YoY to 62.34 million tonnes (MT) during November 2022. Total coal output also rose 11.66% YoY to 75.87 MT.

Read more here.

Gravita India begins production at recycling plant in West Africa

Gravita India Ltd (GIL) has started commercial production of aluminium cast alloys from a new recycling plant in Togo, West Africa. The plant is operated by Gravita Togo SAU, a step-down subsidiary of GIL. With an annual capacity of 4,000 million tonnes per annum (MTPA), it can produce aluminium cast alloys in Phase 1. The company forecasts an additional revenue of ₹60 crore per annum from the new capacity.

Read more here.

Adani Green raises Japanese Yen-denominated refinancing facility

Adani Green Energy Ltd, through its subsidiary Adani Solar Energy AP Six Pvt Ltd, has raised Japanese Yen-denominated facility to refinance its existing debt. The facility comprises JPY 27,954 million (or $200 million) amortising project loan facility. The project loan facility is supported by AGEL’s strong relationship with MUFG Bank Ltd and Sumitomo Mitsui Banking Corp, with equal participation.

Read more here.

IDFC First partners with Sa-Dhan to provide digital microfinance solutions

IDFC First Bank has partnered with the association of microfinance institutions (MFI) Sa-Dhan and Delhi-based fintech solutions provider NextGen to provide digital microfinance solutions to feature phone users. This partnership will help in developing a new payment and collection system by using feature phones. It will provide additional benefits for entities in the MFI ecosystem, including UPI, banking & wallets, bill payment systems, and individual & merchant money transfers. 

Read more here.

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HDFC to Merge With HDFC Bank – Top Indian Market News

HDFC to merge with HDFC Bank

The Board of Directors of Housing Development Finance Corporation Ltd (HDFC) has approved the merger of the company with HDFC Bank. For every 25 shares held in HDFC Ltd, shareholders will get 42 shares of HDFC Bank. Post the transaction, HDFC Bank will become a full-fledged public company. Existing shareholders of HDFC Limited will own 41% of HDFC Bank. The subsidiaries and associate firms of HDFC will also shift to the bank. The merger is expected to be completed by the second or third quarter of the next financial year (FY24).

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India’s manufacturing PMI falls to a six-month low in March

India’s manufacturing activity slowed and dropped to a six-month low in March amidst inflationary/pricing pressures. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 54 in March 2022, compared to 54.9 in Feb. While business conditions improved, the latest results showed slower expansions in factory orders and production. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.   

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IOCL, L&T, ReNew announce joint venture for green hydrogen business

Indian Oil Corp. Ltd (IOCL), Larsen & Toubro, and ReNew Power have announced the formation of a joint venture (JV) to develop a green hydrogen business. IOCL and L&T have additionally signed a pact to form a JV to manufacture and sell electrolyzers used in the production of green hydrogen. The JVs will look into manufacturing zero-carbon emitting hydrogen, which can be used in refineries, steel plants, and even for running automobiles.

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Tata Power Renewables commissions 300MW solar plant in Gujarat

Tata Power Renewables has commissioned a 300 megawatts (MW) solar plant in Dholera, Gujarat, with the country’s largest single-axis solar tracker system. The project will generate 774 million units (MUs) annually. It will also reduce approximately 70,4340 metric tonnes of carbon emission per year.

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Zomato, Swiggy to face CCI probe

The Competition Commission of India (CCI) has ordered an investigation into the conduct of online food delivery platforms Zomato and Swiggy. “The Commission is of the view that there exists a prima facie case with respect to some of the conduct of Zomato and Swiggy, which requires an investigation by the Director-General (DG), to determine whether the conduct of platforms have resulted in contravention of the provisions,” said CCI. The antitrust body has directed its DG to carry out a detailed investigation and submit a report within 60 days.

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Go Fashion to open 120-130 stores year-on-year

Go Fashion (India) Ltd has announced plans to open around 120-130 new stores year-on-year. The company is also boosting its omnichannel engagements for a seamless user experience, building on a tech-driven growth strategy to reach consumers in Tier-1 to Tier-3 cities. Go Fashion opened its 500th exclusive brand outlet in India. They sell a range of women’s bottom-wear under the brand Go Colors.

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TCS to implement Real-Time Rail payments system for Payments Canada

Tata Consultancy Services (TCS) has entered into a strategic partnership with Payments Canada to transform its payment system operations and help implement the Real-Time Rail (RTR). The new real-time payments system will allow Canadians to initiate payments and receive funds in seconds, 24/7/365. TCS will help Payments Canada create and execute an integration roadmap for the RTR.

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MOIL’s turnover grows 22% in FY22

Manganese Ore (India) Ltd (MOIL) has reported a 22% YoY growth in turnover at Rs 1,436 crore for the financial year ended March 31, 2022. The company has also achieved production of 12.31 lakh tonnes (LT) in FY22, registering a growth of 8% YoY. Total sales increased by 6% YoY to 12.12 LT. Nagpur-based MOIL is India’s largest manganese ore mining company. 

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Bank of Maharashtra advances grow 27%; IDFC First Bank’s deposits rise 13% in FY22

Bank of Maharashtra witnessed a 27% YoY growth in gross advances at Rs 1,36,733 crore in FY22. The public sector lender’s deposits grew 16% YoY to Rs 2,02,641 crore. The total business of the Pune-based bank rose by 20.49% YoY to Rs 3,39,374 crore in FY22.

IDFC First Bank’s total deposits increased by 12.6% YoY to Rs 93,138 crore in the previous financial year. The bank’s retail business grew by 26.4%. Gross funded assets grew 12.8% YoY to Rs 1,32,067 crore in FY22.

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JSPL Output Grows 9% to 5.9 MT in April-December – Top Indian Market News

JSPL output grows 9% to 5.9 MT in April-December 2021

Jindal Steel & Power Ltd (JSPL) has manufactured 5.904 million tonnes (MT) steel in the April-December period of FY 2021-22, an increase of 9% YoY. The company’s sales stood at 6.85 lakh tonnes in December 2021. Delhi-based JSPL has a significant presence in the steel, power, and mining sectors with investments of Rs 90,000 crore across the globe.

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L&T Construction secures order from DMRC

Larsen & Toubro Ltd’s construction business has secured a significant order (in the range of Rs 1,000-2,500 crore) from Delhi Metro Rail Corporation (DMRC) for the design and construction of the underground metro project Phase-1 of the Patna Mass Rapid Transit System. The project will be funded by Patna Metro Rail Corporation (PMRC). The metro project alignment passes through the heart of Patna city and is scheduled to be completed within 42 months.

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Tata Communications partners with Zain to offer smart city solutions for Saudi Arabia

Tata Communications Ltd and telecom services provider Zain KSA have entered into a strategic partnership to bring smart city solutions to Saudi Arabia. The combined ecosystems will deliver solutions and platforms to remodel cities with smart street lighting, smart waste management, connected workplace, and healthcare. The partnership will serve Saudi’s enterprises and government institutions with advanced technologies such as Internet of Things (IoT), 5G, Low Range Wide Area Network, managed security service, etc.

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Alembic Pharma gets USFDA approval for generic drug

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Doxycycline Hyclate Delayed-Release Tablets. The drug is indicated to reduce the development of drug-resistant bacteria. As per IQVIA data, the tablets had an estimated market size of $10 million (~Rs 74.62 crore) for the twelve months ended September 2021.

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IDFC First Bank records 10% YoY growth in total customer deposits in Q3

IDFC First Bank reported a 10.48% YoY growth in total customer deposits to Rs 85,387 crore for the quarter ended December (Q3 FY22). The Current Account-Savings Account (CASA) ratio was 51.85% in Q3 FY22, compared to 48.31% in Q3 FY21. The bank’s housing loans book grew by 44.2% YoY. Gross funded assets aggregated to Rs 1,22,289 crore as of December 31, 2021, up 10.70% YoY.

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Axis Bank concludes structured derivative deals as RBI ban lifts

 Axis Bank has started offering structured derivative products to leading companies after a ban on these deals was lifted by the Reserve Bank of India (RBI) effective Monday. The first of these transactions were executed with Reliance Industries Ltd, which involved the use of Barrier FX options for their currency risk management. The bank also concluded another transaction with Supreme Petrochem Ltd.

A structured product (also known as a market-linked investment) is a pre-packaged structured finance investment strategy based on securities, options, indices, derivatives, etc.

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Piramal Capital to open 100 branches, expand to 1,000 cities post DHFL acquisition

Piramal Capital & Housing Finance Ltd (PCHFL) has announced plans to open 100 branches and expand to 1,000+ cities in the coming years. In September 2021, PCHFL completed the acquisition of debt-laden Dewan Housing Finance Ltd (DHFL), thereby creating one of the largest housing finance companies in the country. The company now has access to over 10 lakh customers across 24 states with a network of 301 branches.

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Delhi HC dismisses Future Group’s plea for termination of Amazon arbitration

The Delhi High Court has dismissed the pleas moved by Future Group companies seeking a direction to the arbitration tribunal, which is adjudicating Amazon’s objections against their deal with Reliance, to decide on their application for the termination of the arbitration proceedings before moving any further. 

Amazon and Future have been locked in a bitter legal tussle after the US-based e-commerce giant dragged Future Group to arbitration at the Singapore International Arbitration Centre (SIAC) in October 2020. Amazon argued that Future Retail Ltd (FRL) had violated their contract by entering into a deal for the sale of its assets to Reliance Retail for Rs 24,500 crore.

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Dr. Reddy’s Labs launches Covid-19 drug Molnupiravir at Rs 35 per pill

Dr. Reddy’s Laboratories Ltd will launch its COVID-19 antiviral Molnupiravir capsules under its brand name Molflu across India at matching the price of Mankind Pharma. Molflu will be priced at Rs 35 per capsule, and the total course of 40 capsules over 5 days will cost Rs. 1,400, making it among the most affordable treatment options available to patients.

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Bharti Airtel drops corporate rejig plan

Bharti Airtel Ltd announced the withdrawal of corporate structure that was announced in April 2021. The company will continue with the existing corporate structure, pursuing a plan to merge DTH operations with Airtel. The government’s telecom reforms have resulted in a strong balance sheet, and Bharti Airtel plans to invest aggressively in the emerging growth opportunities in the digital economy.

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Tech Mahindra to Acquire 100% Stake in Allyis Group – Top Indian Market News

Tech Mahindra to acquire 100% stake in Allyis India, Green Investments

Tech Mahindra Ltd has approved a proposal for the acquisition of a 100% stake in Allyis India and Green Investments. The total consideration for the acquisition is $125 million (~Rs 929 crore). Allyis offers technology consulting and managed services that help organizations reduce costs and improve performance. The target entity is headquartered in Seattle, USA, and has more than 660 employees. 

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GST Council defers hike on textiles from 5% to 12%

The Goods and Services Tax (GST) Council has decided to defer the rate hike on textiles from 5% to 12%. The issue will be reviewed at the next meeting in February 2022. Various states had opposed the increase in the tax, citing higher compliance costs for the unorganised sector and micro, small, & medium enterprises (MSMEs). They have also claimed that it will make the ‘poor man’s clothing expensive’.

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SBI to acquire 10% stake in India International Clearing Corporation

State Bank of India (SBI) will acquire a nearly 10% stake in India International Clearing Corporation (IICC). IICC is the first international clearing corporation set up at GIFT-IFSC that acts as a central counterparty providing clearing and settlement and risk management services. It clears and settles index and single stock derivatives, currency derivatives, and debt securities. SBI is expected to acquire a 9.95% stake, subject to a maximum investment of Rs 34.03 crore.

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Cadila Healthcare’s US arm gets USFDA approval to market Pimavanserin capsule

Zydus Pharmaceuticals (USA) Inc. has received tentative approval from the US Food & Drug Administration (USFDA) to market generic Pimavanserin capsules. The drug is used to treat hallucinations and delusions associated with Parkinson’s disease psychosis. It will be manufactured at Cadila Healthcare’s formulation manufacturing facility at Special Economic Zone (SEZ), Ahmedabad.

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FMCG distributors in Maharashtra to boycott HUL products from Jan 1

The Maharashtra Consumer Products Distributors Federation has decided to stop supplying Hindustan Unilever Ltd’s (HUL) kissan range of products from January 1 due to the company’s “refusal to engage with them on their concerns”. A section of bulk dealers and stockists warned of halting the supply of the HUL’s products over better terms offered to large and online peers. HUL said it remains committed to ensuring that distributors earn a fair return on investments. 

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CBI conducts raids at official and residential premises of Dilip Buildcon

A Central Investigation Bureau (CBI) team on Friday conducted raids at officials and residential premises of Dilip Buildcon Ltd (DBL) in Bhopal. The action came after CBI caught an executive director of the company three days ago while trying to give a bribe of Rs 20 lakh to an official of the National Highway Authority of India (NHAI). A senior CBI officer confirmed that five persons, including the Regional Officer of NHAI Bangalore and three officials of DBL, have been arrested.

IDFC First Bank board approves merger with promoter entities

The Board of Directors of IDFC First Bank has favoured the merger of IDFC and IDFC Financial Holding (promoter group) with the bank. The bank’s board has constituted and authorised a Capital Raise and Corporate Restructuring Committee to work on the terms of the proposed merger, including finalising the scheme, valuation, and hiring advisors. IDFC Financial Holding Company Ltd (IDFC FHCL) holds a 36.52% stake in the bank as of September 2021, while IDFC Holds a 100% stake in IDFC FHCL.

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PB Fintech to invest up to Rs 1,000 crore in two subsidiaries

PB Fintech Ltd has approved an investment of up to Rs 700 crore in subsidiary Policybazaar Insurance Brokers Private Ltd during FY22 and FY23. It has also approved an investment of up to Rs 299.99 crore in subsidiary Paisabazaar Marketing and Consulting Private Ltd. The investments will allow both the companies to strengthen their financial health and meet general operating expenses.

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Government sets up multiple task forces for 6G development

The Department of Telecommunications (DoT) has formed as many as six academia-driven task forces under the Technology Innovation Group (TIG) on sixth-generation or 6G technology. DoT mandated immediate deliverables by March 31, 2022, including mapping of 6G activities and capabilities worldwide and a white paper on India’s competencies, including research and pre-standardisation activities.

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IDFC First Bank Reports 50% YoY Rise in Net Profit in Q2 – Top Indian Market News

IDFC First Bank Q2 Results: Net profit rises 50% YoY to Rs 151 crore

IDFC First Bank reported a 49.6% YoY increase in net profit to Rs 151.7 crore for the quarter ended September (Q2 FY22). Its net interest income (NII) rose 27.4% YoY to Rs 2,722 crore during the same period. [NII is the difference between the interest income a bank receives on loans and the interest it pays to depositors]. The gross non-performing assets ratio (GNPA) stood at 4.27% in Q2, compared to 4.61% in the previous quarter. IDFC First Bank’s total deposits grew 20.8% YoY to Rs 83,793 crore in Q2 FY22.

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Maruti Suzuki expects adverse impact on production in November

Maruti Suzuki India said it expects an adverse impact on production at two of its plants in Haryana and at Suzuki’s Gujarat plant in November on account of supply constraints of electronic components due to the global semiconductor shortage. As per current estimates, the total vehicle production volume across both locations in Haryana next month could be around 85% of the normal roll-out.

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IOC Q2 Results: Net profit rises 2% YoY to Rs 6,360 crore

Indian Oil Corporation (IOC) reported a 2.1% YoY increase in net profit to Rs 6360.05 crore for the quarter ended September (Q2 FY22). Net profit increased 7% compared to the previous quarter. Its revenue from operations rose 46% YoY to Rs1.69 lakh crore during the same period. The company sold nearly 19 million tonnes (MT) of fuel in Q2, compared to 17.7 MT in the corresponding period last year. IOC’s board has declared an interim dividend of Rs 5 per share.

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SEBI warns Vedanta over non-compliance with disclosure norms

The Securities and Exchange Board of India (SEBI) has warned Vedanta Ltd and Hindustan Zinc Ltd (HZL) over non-compliance with certain disclosure norms, saying it will take action if such actions were repeated in the future. The market regulator flagged Vedanta executing Rs 1,407 crore of related party transactions with associate company HZL without prior approval of the audit committee. Moreover, HZL failed to inform shareholders of the deferment of a meeting relating to a price-sensitive dividend payment.

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Oberoi Realty Q2 Results: Net profit rises 94% YoY to Rs 267 crore

Oberoi Realty Ltd reported a 93.5% YoY increase in consolidated net profit to Rs 266.59 crore for the quarter ended September (Q2 FY22). Net profit increased 95% compared to the previous quarter. Its revenue from operations jumped 138.64% YoY to Rs 754.25 crore during the same period. The developer recorded bookings for 4.43 lakh sq. ft. space, taking its total bookings for the half-year ended September 2021 to 5.35 lakh sq. ft.

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Rossari Biotech Q2 Results: Net profit rises 27% YoY to Rs 26 crore

Rossari Biotech Ltd reported a 26.7% YoY increase in consolidated net profit to Rs 26.23 crore for the quarter ended September (Q2 FY22). Net profit increased 7% compared to the previous quarter. Its revenue from operations jumped 124% YoY to Rs 384.52 crore during the same period. EBITDA stood at Rs 44.4 crore, a growth of 22% YoY. Rossari Biotech is a leading chemical manufacturer based in Mumbai.

LT Foods Q2 Results: Net profit rises 4% YoY to Rs 80 crore

LT Foods reported a 4.35% YoY increase in consolidated net profit to Rs 80.83 crore for the quarter ended September (Q2 FY22). Its total income rose 6.9% YoY to Rs 1,322.53 crore during the same period. Total expenses stood at Rs 1,212 crore in Q2, up 7.5% YoY. LT Foods manufacturers and markets rice under the Daawat, Royal, Heritage, and Devaaya brands in India.

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CDSL Q2 Results: Net profit rises 76% YoY to Rs 85.9 crore

Central Depository Services (India) Ltd reported a 76% YoY increase in consolidated net profit to Rs 85.92 crore for the quarter ended September (Q2 FY22). Net profit increased 35% compared to the previous quarter. Its revenue from operations rose 64% YoY to Rs 145.97 crore during the same period. EBITDA stood at Rs 99 crore in Q2, a growth of 82% YoY

CHOLAFIN Q2 Results: Net profit rises 40% YoY to Rs 606 crore

Cholamandalam Investment & Finance Company reported a 40.4% YoY increase in net profit to Rs 606.54 crore for the quarter ended Sept (Q2 FY22). Its total income rose 1.2% YoY to Rs 2,470.69 crore during the same period. The company’s assets under management (AUM) stood at Rs 75,063 crore in Q2, registering a growth of 0.8% YoY.

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Apollo Tyres Q2 Results: Net profit at Rs 174 crore

Apollo Tyres Ltd reported a consolidated net profit of Rs 174 crore for the quarter ended September (Q2 FY22). The company had posted a net loss of Rs 246 crore in the corresponding quarter last year. Its revenue from operations rose 18% YoY to Rs 5,077 crore in Q2 FY22. Apollo Tyres stated that some of the recent additions to its product offering are helping them extend its leadership in the commercial vehicle and passenger vehicle space in India.

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Jindal Steel and Power Reports Highest Ever Quarterly Steel Sales – Top Indian Market News

Jindal Steel and Power Reports Highest Ever Quarterly Steel Sales

Jindal Steel and Power Ltd (JSPL) has recorded the highest ever quarterly steel sales in the July-September quarter (Q2 FY22). JSPL’s seel sales volume climbed 32 percent quarter-on-quarter (QoQ) and 10 percent YoY to hit a record high of 2.13 million tonnes during the quarter. The share of exports to revenue was greater than 40 percent this quarter, against 34 percent in Q1 FY22. 

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India’s Services Sector PMI drops to 55.2, Continues To Remain Strong

IHS Markit India Services PMI fell to 55.2 in September 2021 from 56.7 in August. Domestic demand has improved amidst the easing of Covid-19 restrictions, pushing firms to hire more employees for the first time in nearly a year. PMI or Purchasing Managers’ Index is an economic indicator on the manufacturing or services sector trends constructed from monthly surveys of private companies. If the PMI falls below the 50 level mark, it would signify contraction instead of growth.

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TVS signs MoU With Tata Power On Two Wheeler Charging Ecosystem In India

TVS Motor Company has announced a strategic partnership with Tata Power to develop and amplify the presence of Electric Vehicle Charging Infrastructure (EVCI) across India and deploy solar power technologies at TVS Motor locations. This comes in the light of TVS expanding the presence of its electric bike TVS iQube Electric. The two companies will also explore opportunities to use solar energy to power select TVS Motor locations.

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IRCON-led Consortium Wins Rs 3294 Crore For Mumbai-Ahmedabad Bullet Train Project

The National High-Speed Rail Corporation Limited (NHSRCL) has announced the joint venture by IRCON and Dineshchandra R. Agrawal Infracon has given the winning bid for the design and construction of 18.13 km of the viaduct and high-speed stations at Ahmedabad and Sabarmati for the Mumbai-Ahmedabad High-Speed Rail Corridor.

DoT to reconsider levy of Rs 40,000 Crore Spectrum Charges

In an ongoing legal battle, the Supreme Court has agreed to grant the Directorate of Telecommunications or DoT time till November 17, 2021 to reconsider its appeal on a pending Rs 40,000 crore one-time spectrum charges. The dispute between the Telecom Disputes Appellate Tribunal (TDSAT) and the DoT has been going on for almost a decade. In 2019, the TDSAT ruled that the one-time spectrum charges should be levied prospectively as against DoT, which wanted to set the charges retrospectively.

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IDFC First Bank Deposits Up 20% YoY, CASA Up 55% YoY

IDFC First Bank’s total customer deposits increased by 20.8% to Rs 83,793 crore as on September 30, 2021 as against Rs 69,368 crore a year ago. In the same period, the company’s Current Account-Saving Account Ratio or CASA Ratio went up by 55% YoY to Rs 46,783 crore. The Depositors Concentration for an amount below Rs 5 crore stood at 81.19%

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BSE Subsidiary To Help MSMEs Manage Working Capital, Gets In-Principle Approval From RBI

Bombay Stock Exchange’s subsidiary BSE Technologies (BSE Tech) has received in-principle approval from the Reserve Bank of India for setting up and operating Trade Receivables Discounting System (TReDS) under the Payments and Settlement Systems Act, 2007. The company intends to help MSMEs manage their working capital through Trade Receivables Discounting System (TReDS). RBI approved the TReDS in 2014. BSE Technologies Pvt Ltd. provides broking solutions & exchange solutions to the capital, derivatives, commodities & currency markets, financial services, and it consulting to companies worldwide.

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BLS International Wins Order From Thai Embassy For Visa Services

BLS International Services Limited(NSE:BLS) has announced that it has renewed its contract with the Royal Thai Embassy for providing visa services. The company will now offer visa services from multiples cities and states across the country. Last week, the company had bagged a contract with the Italian Embassy in Russia to provide visa services in the country after which the share price rose ~3%. The company’s share price has appreciated by ~220% since October 2020.

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