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Market Highlights

Get the latest Indian stock / share market highlights, BSE/NSE stock news, business research reports & details - updated daily by Money Times.

April 11, 2022

  • · Events - PCBL Ltd – stock split from Rs2 to Re1. Vereandra listing, Yes Bank board meeting for fund raising, US President and Indian Prime Minister virtual meeting today
  • · Reserve Bank of India kept the benchmark interest rate unchanged at 4 per cent and kept unchanged reverse repo at 3.35%. RBI has decided to continue with its accommodative stance despite rising inflation.RBI FY23 growth forecast at 7.2% vs 7.8% and Inflation at 5.7% vs 4.5%. This is the 11th time in a row that the Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das has maintained the status quo.
  • · Tata Steel, has acquired Calcutta-based Rohit Ferro Tech Ltd for Rs 617 crore from the bankruptcy court. The acquisition helps us consolidate our position in the ferro alloy business, says T.V. Narendran, managing director & CEO of Tata Steel Group - positive
  • · Adani Green, Adani Enterprises and Adani Transmission - The Abu Dhabi-based International Holding Company (IHC) has invested almost $2 billion in three companies owned by Indian billionaire Gautam Adani through preferential share to acquire 1.26% stake in Adani Green at Rs 1,923.2 per share worth Rs3850cr, IHC to buy 1.41% in Adani Transmission at Rs 2,454.95 per share. IHC to buy 3.53% in Adani Enterprises for Rs 1,915.85 per share worth Rs7700. – positive for Adani Green, Adani Enterprises and Adani Transmission
  • · ABB India announced the inauguration of its expanded Digital Substation Products and Digital Systems factory in Vadodara, Gujarat. Located within ABB India's largest manufacturing campus, this new factory will meet the growing demand for a wide range of digital substation products and digital solutions in India and in more than 50 countries - positive
  • · Indoco Remedies announced that the USFDA has approved the ANDA Lacosamide Injection. The generic Lacosamide Injection USP of lndoco Remedies is bioequivalent and therapeutically equivalent tothe reference listed drug (RLD) - positive
  • · Glenmark Pharma says will redeem notes in full May 09, 2022 - positive
  • · JSW Steel reported crude steel production volume growth of 12% QoQ and 37% YoY in Q4FY2021-22. The capacity utilisation of existing operations, at standalone level improved from 94% in Q3FY2021-22 to 98% in Q4FY2021-22.- Positive
  • · Axis Bank - CRISIL Ratings has reaffirmed the rating for various debt instruments of the bank. It has reaffirmed the rating at ‘CRISIL AA+/Stable’ for Rs2,500 crore Tier I Bonds (Under Basel III), and Rs3,500 crore Tier I Bonds (Under Basel III). Whereas Rs60,000 crore certificate of deposits’ ratings are reaffirmed at ‘CRISIL A1+
  • · ICRA has revised Som Distilleries outlook to Stable from the earlier negative, while reaffirming the rating as BBB-.- Positive
  • · Gujarat Gas - CARE Ratings Limited has reaffirmed the credit rating assigned to the company’s long-term and short-term bank facilities - ‘CARE AA+’ rating on the company’s long-term bank facilities – positive
  • · Tejas Network – Panatone Finvest increases stake in Tejas Networks to 52.45% and Rating agency has upgraded the long-term rating of Tejas Networks to [ICRA]A from [ICRA]A- - positive
  • · Tejas Network – Panatone Finvest increases stake in Tejas Networks to 52.45% and Rating agency has upgraded the long-term rating of Tejas Networks to [ICRA]A from [ICRA]A- - positive
  • · Ester Industries - CRISIL Ratings has upgraded its ratings on the bank facilities of Ester Industries Limited (EIL) to ‘CRISIL A/Stable/CRISIL A1’ from ‘CRISIL A-/Positive/CRISIL A2+’.- positive
  • · Rail Vikas Nigam has signed an MoU with ICF for the manufacturing and acquisition of 296 numbers of communication-based train control system compliant Metro Coaches for the Kolkata Metro Railway Project under execution by Rail Vikas Nigam. – positive
  • · Orchid Pharma was recognised as a "three star export house" by Ministry of Commerce and Industry - positive
  • · PVR - India Ratings and Research (Ind-Ra) has placed PVR Limited’s (PVR) Long-Term Issuer Rating of ‘IND AA-’ on Rating Watch Evolving (RWE). The Outlook was Negative.Any sharp decline will be buying opportunity
  • · Heritage Foods - CRISIL Ratings have reaffirmed the credit ratings assigned to the company’s bank facilities. CRISIL has reaffirmed the company’s long-term rating to CRISIL A/ Positive, and has reaffirmed its short-term rating at CRISIL A1.- positive
  • · S H Kelkar - business update for the quarter - The spread of Omicron in the domestic markets at the beginning of the quarter had an impact on the company’s demand, especially in January 2022. During the current financial year, sales stood at Rs1,559 crore. Emerging market sales during the year stood at Rs1,201 crore, registering a growth of 5.4% YoY. On a consolidated basis, Q4FY22 sales jumped to Rs449 crore (including the consolidation of Holland Aromatics & Nutaste’s sales of nearly Rs30 crore). On a like-to-like basis, revenues logged growth of 5.5% YoY. Emerging market sales stood at Rs332 crore on a higher base in the corresponding period last year.- positive
  • · GTPL Hathway Q4 net profit flat at Rs54.47cr on QoQ and income Rs627.4cr (up 2.4% QoQ)
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