Competitive Strengths of Brookfield India REIT IPO (Opening on Feb 3, 2021)
Thu, Jan 28, 2021 10:00 PM

Competitive Strengths of Brookfield India REIT IPO (Opening on Feb 3, 2021)

Brookfield India REIT Rs 3800cr IPO is scheduled to open on Feb 3 2021 and close on Feb 5, 2021. Here are its competitive strength: [1] Global sponsorship by an affiliate of Brookfield Asset Management, [2] Diversified tenant base across sectors, [3] Strategically located properties, [4] Robust growth opportunities, [5] Experienced senior management team. Comment if you are interested in this IPO.

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Sundaram AMC to acquire Principal Mutual Fund in India
Thu, Jan 28, 2021 9:46 PM

Sundaram AMC to acquire Principal Mutual Fund in India

Sundaram Asset Management Company Limited confirmed the purchase of the asset management businesses of Principal Asset Management Pvt. Ltd. Sundaram will acquire the schemes managed by Principal Asset Management and acquire 100% of the share capital of Principal AMC, Principal Trustee Company Pvt. Limited and Principal Retirement Advisors Pvt. Ltd.

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Term insurance policy Click 2 Protect Life introduced by HDFC Life
Thu, Jan 28, 2021 9:25 PM

Term insurance policy Click 2 Protect Life introduced by HDFC Life

HDFC Life Insurance introduced a term insurance policy Click 2 Protect Life. This non-linked, non-participating, individual term policy will cater to the changing needs in the different life stages of an individual. The three options available in this plan has unique offerings. Especially the Income Plus option which acts as a means of regular income for individuals once they turn 60.

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FEMA probe against Amazon initiated by the Enforcement Directorate
Thu, Jan 28, 2021 9:15 PM

FEMA probe against Amazon initiated by the Enforcement Directorate

The Enforcement Directorate (ED) has started a probe against e-commerce giant Amazon for alleged violation of the foreign exchange law and rules of the country, official sources said on Thursday. The probe is being conducted under various sections of the Foreign Exchange Management Act (FEMA) after the central probe agency recently received a communication from the Commerce Ministry.

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Dhanlaxmi Bank CEO appointment cleared by RBI after shareholders’ nod
Thu, Jan 28, 2021 9:05 PM

Dhanlaxmi Bank CEO appointment cleared by RBI after shareholders’ nod

The RBI has cleared the name of Shivan JK as the new MD and CEO of Kerala-based lender Dhanlaxmi Bank after the shareholders approved the appointment. Shivan, who has over three and half decades of experience in banking, has handled various areas in commercial banking at SBI. He has headed corporate banking, international banking, forex operations in SBI.

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MakeMyTrip Q3 revenue might grow 169% QoQ
Thu, Jan 28, 2021 8:55 PM

MakeMyTrip Q3 revenue might grow 169% QoQ

MakeMyTrip saw its gross bookings increase by 181.5%, from $213 Mn in the Q2 of the fiscal year 2020-21 to $599 Mn in the Q3, ended December 31, 2020.  In Q3, the company generated a revenue of $56.8 Mn, a 169% QoQ growth, but a fall of 61.3% YoY over revenue of $146.9 Mn in the Q3-2019. The travel giant added that as compared to Q3 FY20, the business continues to be severely hit.

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3 heavy LC-Max reactors of HPCL's Visakh Refinery constructed by L&T
Thu, Jan 28, 2021 8:45 PM

3 heavy LC-Max reactors of HPCL's Visakh Refinery constructed by L&T

Larsen & Toubro on Thursday completed construction of three LC-Max reactors for Hindustan Petroleum Visakh Refinery. The reactors, weighing 2313 MT each, will enable India’s first Residue Upgradation Facility (RUF) by HPCL's Visakh Refinery to convert the heaviest oils to high-quality BS-VI diesel, as well as increase feedstock and improve product flexibility.

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GameStop’s rally slows down after trading platforms prevent purchases
Thu, Jan 28, 2021 8:34 PM

GameStop’s rally slows down after trading platforms prevent purchases

GameStop Corp.‘s momentous rally slowed down on Thursday as online trading platforms like Robinhood Markets prevented investing in their shares. The shares erased an earlier rally and fell as much as 28% to $249.73 at 9:00 a.m. in New York after clients of Robinhood reported that they were unable to trade high-flying stocks, including GameStop and AMC Entertainment Holdings Inc.

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Q3 PAT more than doubles to Rs78cr on QoQ basis for IRCTC Ltd
Thu, Jan 28, 2021 8:25 PM

Q3 PAT more than doubles to Rs78cr on QoQ basis for IRCTC Ltd

IRCTC Ltd reported 153% QoQ growth in total revenues for the Dec-20 quarter on a consolidated basis at Rs224.37cr. While revenues have picked up from Sep-20 quarter, they are still 70% below the levels of last December. Catering, sales of Rail Neer and tourism of IRCTC have been badly hit by the lockdown. The consolidated profit after tax (PAT) for the Dec-20 quarter was up 139% QOQ at Rs78.08cr.

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Swiggy Auditor KPMG points out discrepancy in accounting
Thu, Jan 28, 2021 8:10 PM

Swiggy Auditor KPMG points out discrepancy in accounting

KPMG, a renowned audit firm pointed out discrepancies in food delivery firm Swiggy's accounting practices in its audit report. It has given what is known as a `qualified opinion’ to Swiggy. An auditor issues a qualified opinion when he is not convinced or has concerns about a specific aspect of the company’s accounting practices, and thinks it goes against the law.

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Power generation may further improve in Q4
Thu, Jan 28, 2021 8:00 PM

Power generation may further improve in Q4

Power generation in India would continue to grow in the fourth quarter of this fiscal year on the back of revival of electricity demand and adequate coal stocks at power plants, rating agency Ind-Ra revealed in a report. The data highlights the trends in the power sector, with a focus on capacity addition, generation, transmission, and merchant power among others.

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India's sugar production is expected to drop at 30.2 million tonnes
Thu, Jan 28, 2021 7:50 PM

India's sugar production is expected to drop at 30.2 million tonnes

India’s sugar production for this season is estimated at 30.2 million tonnes by the Indian Sugar Mills Association (ISMA) in its second advance estimate on January 28. It is lower than its earlier projected figure of 31 million tonnes. The lower production is due to the fact that UP mills are projected to produce 10.5 million tonnes of sugar against 12.63 million tonnes in the previous season.

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Omkar Group Chairman Kamal Gupta, MD Babu Lal Verma sent to ED custody
Thu, Jan 28, 2021 7:40 PM

Omkar Group Chairman Kamal Gupta, MD Babu Lal Verma sent to ED custody

Omkar Group Chairman Kamal Gupta and MD Babu Lal Verma were remanded to ED custody till at least Jan 30. They were arrested a day earlier in connection with the alleged Rs 22,000 crore slum rehabilitation fraud case. Omkar group is alleged to have taken thousands of crores in loans from several banks, including exposure of Rs 450 crore from YES Bank.

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Orient Cements turns around from a loss with Q3 PAT at Rs 53.88 crore
Thu, Jan 28, 2021 7:30 PM

Orient Cements turns around from a loss with Q3 PAT at Rs 53.88 crore

Orient Cements reported 7.11% growth in total revenues for the Q3-20 on a consolidated basis at Rs604.61cr. Though the growth may look tepid, it came off from much lower levels in Q2 as the COVID related restrictions on construction activity and factories took a toll on the business. The consolidated PAT for the Q3-20 turned around to Rs53.88cr from a loss of Rs-5.68cr in the Dec-19 quarter.

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KPIT Ltd Q3 PAT increases by 5% at Rs43cr on lower employee costs
Thu, Jan 28, 2021 7:20 PM

KPIT Ltd Q3 PAT increases by 5% at Rs43cr on lower employee costs

KPIT Ltd posted -5.97% fall in total revenues for theQ3-20 on consolidated basis at Rs517.25cr. In terms of geographical mix of the revenue growth, the revenue from the Americas down about 4% while the larger market of UK & Europe was almost flat. KPIT saw growth in revenues from the rest of the world markets. The consolidated PAT for the Dec-20 quarter was up 4.98% at Rs42.97cr.

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