Sensex ends 267 pts up; Adani Group stocks shine; Jio Fin dips 5% on debut

CLOSING BELL ON AUGUST 21, 2023: The NSE Nifty 50 ended with a gain of 84 points at 19,394. Jio Financial Services settled at the 5 per cent lower circuit on debut on Monday.

1:45 PM

Bharat Forge hits 52-week high as arm secures order worth Rs 850 crore

In an exchange filing on August 21, the company said that Kalyani Strategic Systems, Bharat Forge's wholly-owned subsidiary bagged two export orders for supply of components and armoured vehicle chassis to be executed over 18 months timeline. READ MORE

1:35 PM

FPI outflows to be short-lived: Here's where they have been investing

Foreign portfolio investors' (FPIs) purchases of domestic shares fell to a five-month low at Rs 7.37 billion on a net basis in the first half of August,amid declines in both domestic and global markets due to rising interest rate concerns in the US and worries over China's economy. READ

1:24 PM

ALERT:: L&T secures significant order for Perdaman's Urea Plant in Australia

The Saipem & Clough JV (SCJV), Australia has awarded a contract for fabrication and supply of process and piperack modules for a 2.3 MMTPA urea plant for Perdaman Chemicals and Fertilisers Pty Ltd to L&T Energy Hydrocarbon, the company informed BSE in an exchange filing.

 

The plant will be constructed on the Burrup Peninsula, approximately 20 km north of Karratha, Western Australia. On completion, this state-of-the-art facility will be the largest urea plant in Australia and one of the largest in the world., the release added.

1:14 PM

HDFC Bank wants to ride India consumer boom after home loan dominance

The Mumbai-based bank is converting about 530 offices that previously specialized in mortgages into ones with fully-fledged banking services in the coming months, said Kaizad Bharucha. READ MORE

1:04 PM

Lemon Tree up 4%; hits new high on launching its first hotel in Rajkot

At 11:24 AM; Lemon Tree Hotels was quoting 2 per cent higher at Rs 104.30, as compared to 0.37 per cent rise in the S&P BSE Sensex. The average trading volumes at the counter jumped three-fold today. A combined 16.82 million equity shares representing 2 per cent of total equity of the company had changed hands on the NSE and BSE. READ MORE

12:53 PM

ALERT :: Knowledge Marine subsidiary bags orders worth Rs 342 crore

>> Knowledge Dredging Co. W.L.L., Bahrain (Subsidiary Company of Knowledge Marine & Engineering Works Limited, India, has received four different Letter of Intents from four different Sand Buyers i.e. Haji Hasan Group, Bahrain, TCT Marine Contracting WLL, Bahrain, K7 Contracting WLL, Bahrain and Alsalem Contracting, Bahrain 

>> Order is for "Supply and Sale of Dredged Marine Sand” for a cumulative amount of 15.45 Million Bahrain Dinar (approx. Rs 342.06 crore, exchange rate 1 BD = Rs. 221.40) for a firm period of 5 years.

>> The work shall commence from Q3 of FY 2023-2024. 

12:43 PM

RIL, ONGC, M&M: Trading strategies for buzzing stocks of the day

Shares of Reliance Industries will be in spotlight on Monday post listing of the Jio Financial Services. Likewise, Titan Company, which intends to acquire 27 per cent stake in its subsidiary CaratLane Trading and Mahindra & Mahindra showcasing intention to inspect select SVU products will be on the radar. READ MORE

12:33 PM

ALERT :: ABB India bags order for automating Reliance Life Sciences' biopharmaceutical facilities

>> ABB India has secured an order from Reliance Life Sciences to deploy automation and control solutions for their new biosimilars and plasma proteins manufacturing facilities in Nashik, Maharashtra

>> The scope encompasses complete automation of the manufacturing process using ABB’s flagship Distributed Control System (DCS) Ability System 800xA, Remote I/O systems, Batch Recipe Management, and MES Integration.

Click here for details
 

12:23 PM

India's foreign trade crosses $800 bn mark in first 6 months of 2023: GTRI

According to the analysis of the Global Trade Research Initiative (GTRI), exports of goods and services rose by 1.5 per cent to USD 385.4 billion during January-June this year, as against USD 379.5 billion in January-June 2022. READ MORE

12:13 PM

Bond yields could stay under pressure, says SBI MF CIO-Fixed Income

A lower duration and adequate liquidity within portfolios have been the key in times when bond yields are expected to reset higher. Domestic (bond) yields could stay a bit under pressure over the next six months on account of higher domestic consumer price index (CPI) inflation.Given the RBI’s policy target of aligning CPI closer to 4 per cent, and more importantly the role of higher and frequent upticks in inflation in shaping expectations, monetary and liquidity policies may have to remain tight. READ INRWEVIEW 

12:03 PM

BoB withdraws Sunny Deol's villa auction notice, cites technical reasons

In another notice published today, the bank stated that the e-auction notice dated August 19, 2023, pertaining to the sale of property belonging to Ajay Singh Deol, also known as Sunny Deol, has been withdrawn due to technical reasons. The property in question, known as Sunny Villa, occupies an area of 599.44 square metres on Gandhigram Road in Juhu, Mumbai. Deol is also Bharatiya Janata Party Member of Parliament from the Gurdaspur constituency in Punjab. READ MORE

11:52 AM

ALERT :: BHEL bags order worth Rs 4,000 crore

>> Bharat Heavy Electricals Limited (BHEL) has received an order from Mahan Energen Limited (formerly known as Essar Power MP Limited), a wholly owned subsidiary of Adani Power Limited

>> Project for supply of equipment (Boiler, Turbine, Generator) and supervision of erection & commissioning for 2x800 MW power project.

>> Domestic order
 

11:42 AM

ALERT :: Bharat Forge subsidiary bags order worth Rs 850 crore

>> Kalyani Strategic Systems Limited, a wholly-owned Defence subsidiary of Bharat Forge, has bagged two export orders aggregating to EURO 93.87 million (Rs 850 crore) from friendly countries for supply of components and armoured vehicle chassis to be executed over a 18 months.

>> This is subject to necessary government approvals.
 

11:32 AM

China's economy in distress, its successful growth model 'broken': Report

The Wall Street Journal in a major Sunday story wrote that economists now believe China is entering an era of much slower growth, made worse by unfavourable demographics and a widening divide with the US and its allies, which is jeopardising foreign investment and trade. READ MORE

11:22 AM

Moderation in demand is where the shoe pinches for footwear majors

Notwithstanding lower growth rates recorded in the first quarter (Q1) of 2023-24 (FY24), which spanned from April to June, footwear stocks have seen some gains in the past two trading sessions. Bata India saw an increase of approximately 5 per cent, driven by positive expectations surrounding a potential tie-up in the sports/athleisure segment. This development is viewed favourably due to the segment’s higher growth rates. READ MORE