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JSW Cement will invest over Rs 3,200 crore on a new unit in Madhya Pradesh state.
It will also set up a split grinding unit in Uttar Pradesh.
The combined capacity of both the units will be 5 mtpa.
The plan comes a day after it bought Springway Mining from India Cements for Rs 477 crore.
Source: Bloomberg
Estimates speciality chemical coverage universe revenue to rise 19.3% YoY in Q2 (down 0.6% QoQ), due to input cost inflation
Gross profit to grow 22.7% YoY, implying strong underlying deamnd.
Expects SRF to clock robust growth (36.7% YoY) on good performance in ref-gas segment which is likely to offset weakness in non-chemicals business.
Expects Gujarat Fluorochemicals to log 57% YoY growth on strong show in new fluoropolymers.
Clean Science likely to post 52% YoY growth due to low base.
Expects Navin Fluorine's EBITDA to expand due to commissioning of HPP Plant.
Anticipates Rossari Biotech to benefit from acquisitions.
Tatva Chintan's performance is likely to be hurt by muted SDA sales while Galaxy Surfactants' volume may dip YoY on seasonality and high base.
Seasonality and high base to weight on Chemplast's volumes
Source: ICICI Securities
Partnership will aid merchants in select European countries to accept UPI payments and RuPay cards at PoS terminals.
Payments to be facilitated through Worldline QR.
First target markets will include Benelux (Belgium, Netherlands and Luxembourg) and Switzerland.
Source: NIPL statement
The MidCap gauge almost mirrored its larger peers while SmallCap measure outperformed Sensex and Nifty, falling 0.44%. All 19 sectoral indices compiled by BSE declined.
The market breadth is skewed in the favour of bears. About 1,470 stocks rose, 1,807 fell and 162 remained unchanged.
Tracxn Technologies Ltd., a Ratan Tata-backed company, launched its Rs 309-crore initial public offering on Oct. 10 amid a volatile market.
The IPO by the market intelligence provider for private company is an offer for sale with a price band of Rs 75-80 apiece.
Flipkart promoters, which were early-stage investors in the company, will be exiting via the offer for sale. Tata will continue to remain invested in the company.
The retail investor portion was fully subscribed on the first day of share sale.
Subscription Status: Day 2
The IPO subscribed 36% as of 12:12 a.m. on Oct. 11.
Institutional investors: 00 times
Non-institutional investors: 0.10 times
Retail investors: 1.83 times
Source: NSE
Shares of KG Petrochem Ltd fall over 3%, after company’s Non-Executive Independent Director, Kamlesh Sharma resigned on Oct. 10.
In exchange filings, the company said that there are no other material reasons for the resignation.
It added that Sharma does not hold directorships in any other listed entities.
Source: Bloomberg, Exchange filings
Sobha posted its highest-ever sales value of Rs 1,164.2 crore in Q2, up 1% QoQ.
Average price realisation improved to Rs 8,709 per square feet, up 3.2% QoQ.
It launched three new residential projects last quarter – two in Bengaluru, one in Thiruvananthapuram with a total saleable area of 880,893 square feet.
Persistent high inflation and RBI’s interest rate hikes are matters of concern going forward, Sobha said.
Source: Exchange filing
The water and effluent treatment business of L&T Construction secured repeat orders from the Water Resources Department, Government of Odisha to execute Cluster XIX & Cluster XX Mega Lift Irrigation Projects.
L&T termed the order 'significant', implying that the valuation of the order is between Rs 1,000- Rs 2,500 crore.
The aggregate scope of work includes execution of 23 Lift Irrigation Schemes consisting of intake points spread across Anandapur Left Main Canal, Bidydharpur Barrage, Hadagarh Reservoir, Anandapur Barrage & Kharsua, Kani & Baitarani Rivers, with the objective to irrigate a culturable command area of 29,914 hectares in the districts of Keonjhar, Jajpur & Kendrapada on a turnkey basis.
The Business has also secured various add on and variation orders.
Of the 41 analysts tracking the company, 40 maintain 'buy', one suggests 'sell'. The return potential of the stock is 8.6%.
Source: Bloomberg, Exchange Filing
The broader indices outperformed their larger peers with S&P BSE MidCap little changed and SmallCap gaining 0.4%. Twelve of the 19 sectoral indices compiled by BSE Ltd. declined with Auto, Oil and Gas and Energy gauges falling the most. On the flipside, IT measure gained 0.7%.
The market breadth is skewed in the favour of bulls. About 1,715 stocks rose, 937 fell and 137 remained unchanged.
RateGain Travel Technologies announces that it has been selected by Royal Orchid Hotels to drive profitability, better connectivity and real time pricing insights with bundled solution offering.
Royal Orchid Hotels will implement the global SaaS company for travel and hospitality's award-winning rate intelligence solutions.
RateGain's OPTIMA (real-time rate intelligence solution) will help Royal Orchid in optimising its pricing strategy in accordance with current market trends and competitor rates.
Source: Exchange filing
Yield on the 10-year bond rose 5bps to 7.53% at the open, just 9bps shy off three-year high of 7.62%.
Source: Bloomberg
Indian currency fell 5 paise to 82.37 at the open.
Source: Bloomberg
The global environment continues to be weak for markets with concerns of a US recession and possible hard landing rising. Clarity is yet to emerge on this. India’s market outperformance continues with Nifty declining less than 0.5 % yesterday in response to near 4% cut in Nasdaq on Friday. A significant factor contributing to this outperformance is that FII selling is getting completely absorbed by DII and retail buying. So even if FIIs continue to sell on rising dollar and US bond yields, that is unlikely to have a significant impact on markets. More important, the fundamentals of the Indian economy and corporates continue to be sound.The Q2 results season has started off well with decent numbers from TCS which have beaten street estimates on most parameters. This and the news of buy back from Infosys will impart resilience to the IT segment. Financials too will come out with good numbers imparting strength to the market in the near-term.V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Tracxn Technologies: The issue was subscribed 23% on its first day. The retail basket saw the most demand and was subscribed 1.23 times, whereas non-institutional basket was subscribed only 0.04 times. No demand was seen for the QIB portion.
Delta Corp.
GM Breweries
Infosys: The board of the company will meet on Oct. 13 to consider proposal for buyback of shares.
Adani Ports and Special Economic Zone: The company received approval from Ahmedabad and Hyderabad benches of the National Company Law Tribunal to fully take over Gangavaram Port. The company will acquire the remaining 58.1% stake in a share-swap deal from DVS Raju and family for around Rs 6,200 crore, at Rs 120 apiece.
IDBI Bank: The financial bids for IDBI Bank privatisation are likely to be invited by March and the conclusion of the sale process is expected by September 2023, PTI reported.
Panacea Biotec: The company has received long-term supply awards worth $127.30 million (Rs 1,040 crore) from UNICEF and Pan American Health Organization for supply of its WHO pre-qualified fully liquid pentavalent vaccine, Easyfive-TT.
IRB InvIT Fund: Toll collection of the fund increased 39% on-year across its existing road portfolio at Rs 72.61 crore.
Adani Green Energy/Inox Wind: The company has completed acquisition of 100% equity share capital of three entities—Wind One Renergy, Wind Three Renergy and Wind Five Renergy—from Inox Green Energy Services, each housing 50 MW operational wind power projects.
Power Finance Corporation: Khandukhal Rampura Transmission Ltd., a wholly owned subsidiary of PFC Consulting Ltd. that was established to develop 400 KV Khandukhal-Rampura D/C line has been transferred to the successful bidder, Megha Engineering & Infrastructures Ltd.
Bank of Baroda: The lender hiked MCLR in the range of 10-15 basis points for across tenors. The revised MCLR will come into effect from Oct. 12, 2022.
IRB Infrastructure Developers: The company reported toll revenue collection of Rs 328.24 crore, declining 2% from previous month’s collection. The revenue rose 36.6% Year-on-Year.
India Cements: The company divested its entire shareholdings in Springway Mining Private Limited to JSW Cement for a total consideration of Rs 476.87 crore.
Ashiana Housing: The company booked 224 units in Phase 1 of Gurugram project worth Rs 242.6 crore.
TCS Q2 Results: Revenue Meets Estimates, Global Clients Remain Cautious
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