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As on Mar 28, 2024 12:00 AM |
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As per the media reports, Bajaj Housing Finance has initiated preliminary talks with a number of investment banks about a potential IPO in order to meet regulatory requirements. The company hopes to get a $9 billion to $10 billion valuation. The company reportedly intends to raise between $900 million to $1 billion through the proposed IPO, taking into account the estimated valuation range and minimum dilution. Bajaj Finance is engaged in lending and allied activities. It focuses on consumer lending, small and medium-sized enterprises (SME) lending, commercial lending, rural lending, fixed deposits and value-added services. The NBFC reported 22.4% increase in consolidated net profit to Rs 3,638.95 crore on a 31.3% jump in total income to Rs 14,165.98 crore in Q3 FY24 as compared with Q3 FY23.
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The scope of work includes plant design, supply & installation of 45.8 km, 110 KV double circuit Rukarara-Huye-Gisagara transmission lines. Salasar Techno Engineering holds 51% stake in the joint venture company and the remaining 49% share will be held by Rail Vikas Nigam (RVNL). The project is to be completed in 18 months and the cost of the project is $7.152 million which is equivalent to Rs 59.62 crore. Salasar Techno Engineering is a provider of customized steel fabrication and infrastructure solutions in India. It provides 360-degree solutions by carrying out engineering, designing, fabrication, galvanization and deployment. Rail Vikas Nigam is in the business of executing all types of railway projects including new lines, doubling, gauge conversion, railway electrification, metro projects, workshops, major bridges, construction of cable stayed bridges, institution buildings etc. Shares of Salasar technologies fell 0.35% to end at Rs 20.01 while RVNL closed 1.15% lower at Rs 252.95 on the BSE.
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Nidhu Saxena, executive director, Union Bank of India was appointed as CEO & MD due to A.S. Rajeev, consequent upon his selection as Vigilance Commissioner in Central Vigilance Commission, for a period of three years with effect from the date of assumption of office, or until further orders, whichever is earlier. The appointment will be in effect for a term of three years with effect from the date of assumption of office from 27 March 2024 or until further orders, whichever is earlier. Nidhu Saxena has pursued B. Com, MBA, and CAIIB. Nidhu started his banking career at Bank of Baroda and later moved to UCO Bank. He has over 26 years of experience working in diversified areas of banking. Prior to joining Bank of Maharashtra, he was the Executive Director of Union Bank of India. During his tenure, he worked in all key banking functions and has been in several positions such as Branch Head, Zonal Head and Vertical Head. At Union Bank, Nidhu was looking after treasury, domestic foreign business, international banking, human resources, stressed assets, retail assets, MSME, retail liabilities, CISO, wealth management and audit verticals. He has been on the Board of Union Bank of India (UK) and Union Asset Management Company and has also been a member of the Academic Council of National Institute of Bank Management, Pune and Governing Body of Indian Institute of Bank Management, Guwahati. He also has experience of 8 years in corporate sector before starting his banking career. Bank of Maharashtra is a public sector bank in India. The Government of India held 86.46% stake in the bank as of 30 September 2023. The bank?s consolidated net profit stood at Rs 1,038.40 crore in Q3 FY24 as against with Rs 776.81 crore posted in Q3 FY23. Total income was at Rs 5851.55 crore in Q3 FY24, registering a growth of 22.7% year on year.
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Pfizer Ltd, Dwarikesh Sugar Industries Ltd, Mold-Tek Packaging Ltd and Tega Industries Ltd are among the other losers in the BSE's 'A' group today, 28 March 2024. Camlin Fine Sciences Ltd tumbled 5.00% to Rs 90.25 at 14:47 IST.The stock was the biggest loser in the BSE's 'A' group.On the BSE, 1.1 lakh shares were traded on the counter so far as against the average daily volumes of 1.12 lakh shares in the past one month. Pfizer Ltd crashed 4.72% to Rs 4197.25. The stock was the second biggest loser in 'A' group.On the BSE, 5867 shares were traded on the counter so far as against the average daily volumes of 1294 shares in the past one month. Dwarikesh Sugar Industries Ltd lost 3.90% to Rs 70.76. The stock was the third biggest loser in 'A' group.On the BSE, 2.49 lakh shares were traded on the counter so far as against the average daily volumes of 2.47 lakh shares in the past one month. Mold-Tek Packaging Ltd shed 3.61% to Rs 780.75. The stock was the fourth biggest loser in 'A' group.On the BSE, 14513 shares were traded on the counter so far as against the average daily volumes of 14649 shares in the past one month. Tega Industries Ltd dropped 3.53% to Rs 1233.9. The stock was the fifth biggest loser in 'A' group.On the BSE, 2743 shares were traded on the counter so far as against the average daily volumes of 2922 shares in the past one month.
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S.M. Gold Ltd, Raw Edge Industrial Solutions Ltd, Ambica Agarbathies Aroma & Industries Ltd and Add-Shop E-Retail Ltd are among the other losers in the BSE's 'B' group today, 28 March 2024. Mukka Proteins Ltd crashed 7.84% to Rs 36.58 at 14:31 IST.The stock was the biggest loser in the BSE's 'B' group.On the BSE, 15.46 lakh shares were traded on the counter so far as against the average daily volumes of 11.78 lakh shares in the past one month. S.M. Gold Ltd lost 6.32% to Rs 15.7. The stock was the second biggest loser in 'B' group.On the BSE, 60379 shares were traded on the counter so far as against the average daily volumes of 25823 shares in the past one month. Raw Edge Industrial Solutions Ltd tumbled 6.08% to Rs 30.9. The stock was the third biggest loser in 'B' group.On the BSE, 19644 shares were traded on the counter so far as against the average daily volumes of 12406 shares in the past one month. Ambica Agarbathies Aroma & Industries Ltd plummeted 5.87% to Rs 26.3. The stock was the fourth biggest loser in 'B' group.On the BSE, 12465 shares were traded on the counter so far as against the average daily volumes of 10387 shares in the past one month. Add-Shop E-Retail Ltd shed 5.79% to Rs 18.86. The stock was the fifth biggest loser in 'B' group.On the BSE, 4.59 lakh shares were traded on the counter so far as against the average daily volumes of 1.52 lakh shares in the past one month.
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V I P Industries Ltd, Aegis Logistics Ltd, IDFC First Bank Ltd, Piramal Enterprises Ltd are among the other stocks to see a surge in volumes on NSE today, 28 March 2024. Century Textiles & Industries Ltd recorded volume of 31.45 lakh shares by 14:14 IST on NSE, a 20.8 times surge over two-week average daily volume of 1.51 lakh shares. The stock gained 8.70% to Rs.1,637.00. Volumes stood at 3.82 lakh shares in the last session. V I P Industries Ltd notched up volume of 173.47 lakh shares by 14:14 IST on NSE, a 20.67 fold spurt over two-week average daily volume of 8.39 lakh shares. The stock rose 13.35% to Rs.527.65. Volumes stood at 16.3 lakh shares in the last session. Aegis Logistics Ltd witnessed volume of 72.45 lakh shares by 14:14 IST on NSE, a 11.45 times surge over two-week average daily volume of 6.33 lakh shares. The stock increased 11.74% to Rs.441.00. Volumes stood at 10.93 lakh shares in the last session. IDFC First Bank Ltd clocked volume of 1471.4 lakh shares by 14:14 IST on NSE, a 5.2 times surge over two-week average daily volume of 283.05 lakh shares. The stock lost 2.51% to Rs.75.85. Volumes stood at 561.34 lakh shares in the last session. Piramal Enterprises Ltd clocked volume of 43.42 lakh shares by 14:14 IST on NSE, a 4.49 times surge over two-week average daily volume of 9.68 lakh shares. The stock gained 2.27% to Rs.859.30. Volumes stood at 13.44 lakh shares in the last session.
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?There is no upfront payment involved in this arrangement. Under this arrangement, SHIPL shall supply to the company and the company shall purchase from SHIPL, the vaccine brands of SHIPL including well-established paediatric and adult vaccines for promoting and distributing the same in private markets in India,? the company stated in the press release. Under the arrangement, Dr. Reddy?s will have exclusive rights to promote and distribute Sanofi?s well established and trusted paediatric and adult vaccine brands Hexaxim, Pentaxim, Tetraxim, Menactra, FluQuadri, Adacel and Avaxim 80U. As per IQVIA MAT February 2024, these brands saw combined sales of approximately Rs 426 crore (around $51 million). Sanofi will continue to own, manufacture, and import these brands to the country, said the firm. M.V. Ramana, chief executive officer, branded markets (India and emerging markets), Dr. Reddy?s, said, ?We are happy to have the opportunity to leverage our strengths in promotion and distribution to considerably expand engagement with healthcare professionals and help widen access of Sanofi?s well-established and trusted vaccine brands in India. We continue our efforts to become the partner of choice in bringing novel, innovative and trusted drugs to patients in India through strategic collaborations. The portfolio now gives Dr. Reddy?s a strong presence in the vaccine segment, propelling us to the second position among vaccines players in India. Through each product and partnership, our aim is to serve over 1.5 billion patients by 2030.? Dr Reddy's Laboratories is engaged in providing medicines. The firm operates in three segments: global generics, pharmaceutical services and active ingredients (PSAI) and proprietary products. The drug major's consolidated net profit increased 10.57% to Rs 1,378.9 crore on 6.57% rise in revenues to Rs 7,214.8 crore in Q3 FY24 over Q3 FY23.
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The Reserve Bank of India (RBI) has relaxed some of its its December 2023 rules on how banks and other financial institutions can invest in Alternative Investment Funds (AIFs). Original Concerns: In December 2023, the RBI had barred banks and NBFCs, known as regulated entities (REs), from investing in AIFs that have any involvement with companies they lend money to (debtor companies). This rule aimed to prevent banks from disguising bad loans by transferring them to AIFs. However, the new clarification issued yesterday offers some relief to REs. Key Changes: * Reduced Provisioning: Banks now only need to set aside provisions for the portion of their AIF investment that goes towards existing borrowers, not the entire investment. * Equity Carve-out: Investments in a borrower's equity shares are excluded from the restrictions. * Intermediary Exemption: Banks investing in AIFs through intermediaries (fund of funds or mutual funds) are not subject to these rules. Addressing Concerns: This revision addresses concerns from stakeholders, including potential slowdowns in the AIF industry. It also clarifies the rules for smoother implementation across lending institutions. Following this news, banks and financial shares were in demand. The Nifty Bank index jumped 1.22% to 47,355.85, and the Nifty Financial Services index climbed 1.45% to 21,094.20.
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Revenue from operations jumped 28.11% YoY to Rs 501.65 crore in Q3 FY24. Profit before tax fell 47.07% to Rs 17.46 crore in quarter ended 31 December 2023 from Rs 32.99 crore in quarter ended 31 December 2022. Total expenses stood at Rs 507.44 crore, registering the de-growth of 37.51% as compared with Rs 369.02 crore posted in corresponding quarter last year. Cost of material consumed stood at Rs 548.85 crore (up 41.86%), employee benefit expenses was at Rs 7.97 crore (up 19.85%), finance cost was at Rs 6.15 crore (up 47.84%) during the period under review. The counter listed on bourses on 7 March 2024. It was listed at Rs 44, exhibiting a premium of 57.14% compared to the issue price of Rs 28. Mukka Proteins manufactures fish protein products. The company produces and supplies fish meal, fish oil and fish soluble paste, which are essential ingredients for production of aqua feed (for fish and shrimp), poultry feed (for broilers and layers) and pet food (for dog and cat food).
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The company approved raising funds through issuance of secured/ unsecured, redeemable, taxable, non-cumulative non-convertible corporate bonds in one or more series/tranches on private placement basis and/or raising of term loans/external commercial borrowings (ECB) in suitable tranches. Further, the board approved closure of Loktak Downstream Hydroelectric Corporation (a subsidiary company of NHPC and joint venture with Government of Manipur), subject to the approval of DIPAM, Ministry of Power and Manipur Government. NHPC is the largest organization for hydropower development in India. It has also diversified in the field of solar & wind power. As of 31 December 2023, the Government of India held 70.95% stake in the company. The power generation company reported 26.76% decline in consolidated net profit to Rs 491.90 crore in Q3 FY24 from Rs 671.67 crore recorded in Q3 FY23. Revenue from operations decreased 20.41% year on year (YoY) to Rs 2,055.50 crore in the quarter ended 31 December 2023.
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L&T Technology Services Ltd is up for a third straight session in a row. The stock is quoting at Rs 5545.85, up 1.83% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 1.36% on the day, quoting at 22424.05. The Sensex is at 73932.72, up 1.28%. L&T Technology Services Ltd has added around 4.59% in last one month. Meanwhile, Nifty IT index of which L&T Technology Services Ltd is a constituent, has added around 6.84% in last one month and is currently quoting at 34744.35, up 1.14% on the day. The volume in the stock stood at 1.41 lakh shares today, compared to the daily average of 1.6 lakh shares in last one month. The benchmark March futures contract for the stock is quoting at Rs 5536.15, up 1.61% on the day. L&T Technology Services Ltd is up 65.19% in last one year as compared to a 31.28% gain in NIFTY and a 25.45% gain in the Nifty IT index. The PE of the stock is 46.03 based on TTM earnings ending December 23.
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NTPC Ltd rose for a third straight session today. The stock is quoting at Rs 337.1, up 1.66% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 1.36% on the day, quoting at 22424.05. The Sensex is at 73932.72, up 1.28%. NTPC Ltd has added around 0.45% in last one month. Meanwhile, Nifty Energy index of which NTPC Ltd is a constituent, has added around 0.86% in last one month and is currently quoting at 38690.15, up 1.25% on the day. The volume in the stock stood at 94.4 lakh shares today, compared to the daily average of 180.44 lakh shares in last one month. The benchmark March futures contract for the stock is quoting at Rs 336.2, up 1.56% on the day. NTPC Ltd is up 93.74% in last one year as compared to a 31.28% gain in NIFTY and a 75.09% gain in the Nifty Energy index. The PE of the stock is 17.63 based on TTM earnings ending December 23.
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TVS Motor Company Ltd is up for a third straight session in a row. The stock is quoting at Rs 2145.65, up 1.06% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 1.36% on the day, quoting at 22424.05. The Sensex is at 73932.72, up 1.28%. TVS Motor Company Ltd has risen around 0.3% in last one month. Meanwhile, Nifty Auto index of which TVS Motor Company Ltd is a constituent, has risen around 4.67% in last one month and is currently quoting at 21146.2, up 1.04% on the day. The volume in the stock stood at 5.05 lakh shares today, compared to the daily average of 10.53 lakh shares in last one month. The benchmark March futures contract for the stock is quoting at Rs 2144.8, up 1.03% on the day. TVS Motor Company Ltd is up 98.82% in last one year as compared to a 31.28% spurt in NIFTY and a 76.27% spurt in the Nifty Auto index. The PE of the stock is 50.26 based on TTM earnings ending December 23.
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MRF Ltd is up for a third straight session in a row. The stock is quoting at Rs 133397, up 1.2% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 1.36% on the day, quoting at 22424.05. The Sensex is at 73932.72, up 1.28%. MRF Ltd has dropped around 8.68% in last one month. Meanwhile, Nifty Auto index of which MRF Ltd is a constituent, has dropped around 4.67% in last one month and is currently quoting at 21146.2, up 1.04% on the day. The volume in the stock stood at 5663 shares today, compared to the daily average of 12274 shares in last one month. The benchmark March futures contract for the stock is quoting at Rs 133412.8, up 0.95% on the day. MRF Ltd is up 62.66% in last one year as compared to a 31.28% gain in NIFTY and a 76.27% gain in the Nifty Auto index. The PE of the stock is 27.75 based on TTM earnings ending December 23.
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Ashok Leyland Ltd rose for a third straight session today. The stock is quoting at Rs 171.7, up 1.6% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 1.36% on the day, quoting at 22424.05. The Sensex is at 73932.72, up 1.28%. Ashok Leyland Ltd has added around 1.06% in last one month. Meanwhile, Nifty Auto index of which Ashok Leyland Ltd is a constituent, has added around 4.67% in last one month and is currently quoting at 21146.2, up 1.04% on the day. The volume in the stock stood at 78.54 lakh shares today, compared to the daily average of 128.6 lakh shares in last one month. The benchmark March futures contract for the stock is quoting at Rs 171.45, up 1.3% on the day. Ashok Leyland Ltd is up 25.83% in last one year as compared to a 31.28% gain in NIFTY and a 76.27% gain in the Nifty Auto index. The PE of the stock is 20.25 based on TTM earnings ending December 23.
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Union Bank of India is up for a fifth straight session today. The stock is quoting at Rs 152.45, up 0.83% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is up around 1.31% on the day, quoting at 22414.25. The Sensex is at 73914.88, up 1.26%. Union Bank of India has gained around 4.2% in last one month. Meanwhile, Nifty PSU Bank index of which Union Bank of India is a constituent, has gained around 0.88% in last one month and is currently quoting at 6828.55, up 2.38% on the day. The volume in the stock stood at 48.66 lakh shares today, compared to the daily average of 312.12 lakh shares in last one month. The PE of the stock is 8.8 based on TTM earnings ending December 23.
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Tata Steel Ltd is up for a fifth straight session in a row. The stock is quoting at Rs 155.15, up 1.6% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is up around 1.31% on the day, quoting at 22414.25. The Sensex is at 73914.88, up 1.26%. Tata Steel Ltd has risen around 10.15% in last one month. Meanwhile, Nifty Metal index of which Tata Steel Ltd is a constituent, has risen around 4.12% in last one month and is currently quoting at 8154.95, up 1.14% on the day. The volume in the stock stood at 289.09 lakh shares today, compared to the daily average of 720.89 lakh shares in last one month. The benchmark March futures contract for the stock is quoting at Rs 155.05, up 1.44% on the day. Tata Steel Ltd is up 49.76% in last one year as compared to a 31.23% spurt in NIFTY and a 51.06% spurt in the Nifty Metal index. The PE of the stock is 10.94 based on TTM earnings ending December 23.
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Adani Enterprises Ltd rose for a fifth straight session today. The stock is quoting at Rs 3193, up 2.27% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is up around 1.31% on the day, quoting at 22414.25. The Sensex is at 73914.88, up 1.26%. Adani Enterprises Ltd has dropped around 2.81% in last one month. Meanwhile, Nifty Metal index of which Adani Enterprises Ltd is a constituent, has dropped around 4.12% in last one month and is currently quoting at 8154.95, up 1.14% on the day. The volume in the stock stood at 9.94 lakh shares today, compared to the daily average of 14.95 lakh shares in last one month. The benchmark March futures contract for the stock is quoting at Rs 3185.65, up 2.11% on the day. Adani Enterprises Ltd is up 83.46% in last one year as compared to a 31.23% gain in NIFTY and a 51.06% gain in the Nifty Metal index. The PE of the stock is 139.01 based on TTM earnings ending December 23.
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Cholamandalam Investment & Finance Company Ltd gained for a fifth straight session today. The stock is quoting at Rs 1156.7, up 2.34% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is up around 1.31% on the day, quoting at 22414.25. The Sensex is at 73914.96, up 1.26%. Cholamandalam Investment & Finance Company Ltd has risen around 6.2% in last one month. Meanwhile, Nifty Financial Services index of which Cholamandalam Investment & Finance Company Ltd is a constituent, has risen around 3.29% in last one month and is currently quoting at 20792.4, up 1.38% on the day. The volume in the stock stood at 7.94 lakh shares today, compared to the daily average of 20.08 lakh shares in last one month. The benchmark March futures contract for the stock is quoting at Rs 1157.35, up 2.36% on the day. Cholamandalam Investment & Finance Company Ltd is up 54.67% in last one year as compared to a 31.23% spurt in NIFTY and a 18.46% spurt in the Nifty Financial Services index. The PE of the stock is 29.47 based on TTM earnings ending December 23.
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The company has bagged orders in the transmission & distribution (T&D) business in overseas markets and for design & construction of an underground metro rail project in India. Manish Mohnot, MD & CEO, KPIL, said: ?We are happy with the new order wins, reinforcing our optimistic outlook for the T&D and Urban Infra business. The T&D orders in Brazil and underground metro rail‐ tunnelling order in India have significantly enhanced growth visibility for Fasttel and Urban Infra business going forward. KPIL?s order intake (including LOAs/LOIs) in the current financial year stands at record high of approximately Rs 30,000 crore including some large and strategic order wins in T&D, B&F, oil & gas and urban infra business. Our robust order book position and established execution capabilities gives us confidence to deliver good growth going forward.? Kalpataru Projects International (formerly known as Kalpataru Power Transmission) is a leading player in the domestic transmission and distribution (T&D) sector. The company undertakes turnkey contracts for setting up transmission lines and substations for extra-high-voltage power transmission. Over the years, it has diversified into civil contracts, railways, and oil and gas pipeline construction. The company?s consolidated net profit rose 19.49% to Rs 141 crore on 22.28% increase in net sales to Rs 4,896 crore in Q3 FY24 over Q3 FY23. The scrip added 0.94% to currently trade at Rs 1,074.45 on the BSE.
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