Vedanta Aluminium adopts two-pronged strategy to reduce carbon footprint.
Mon, Jan 29, 2024 7:09 PM

Vedanta Aluminium adopts two-pronged strategy to reduce carbon footprint.

Vedanta Aluminium is prioritizing resource efficiencies and renewable energy, while converting waste into wealth to reduce its carbon footprint. The company is also focused on community partnerships for inclusive development. They aim to achieve Net Zero by 2050 through a two-fold strategy of reduction and offsetting. Their commitment to sustainability has been recognized by securing the top rated

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SME IPO Update: Megatherm Induction, Harshdeep Hortico fully booked!
Mon, Jan 29, 2024 7:07 PM

SME IPO Update: Megatherm Induction, Harshdeep Hortico fully booked!

On January 29, four SME companies - Megatherm Induction, Harshdeep Hortico, Mayank Cattle Food, and Baweja Studios - launched their initial public offerings (IPO). While Megatherm Induction and Harshdeep Hortico were fully subscribed, Mayank Cattle Food and Baweja Studios were undersubscribed. Megatherm Induction's IPO was oversubscribed by 10.75 times and they aim to raise Rs 53.

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Infosys penalised in US for violating short payment of tax
Mon, Jan 29, 2024 7:05 PM

Infosys penalised in US for violating short payment of tax

Information technology company Infosys has been fined $224.7 by the Nevada Department of Taxation for violating "short payment of modified business tax". The period of violation was between Q4 2021 to Q1 2022, the company said in a release. Short payment refers to a payment that is less than the invoiced amount. "There is no material impact on financials, operations or other activities"

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ITC Q3 results: Net profit rises 11% to Rs 5,572 crore; interim dividend.
Mon, Jan 29, 2024 7:03 PM

ITC Q3 results: Net profit rises 11% to Rs 5,572 crore; interim dividend.

ITC Ltd, a leading conglomerate, recorded a standalone net profit of Rs 5,572 crore in the December quarter of FY24, showing an 11% increase year-on-year. This exceeded expectations from analysts who predicted a net profit of Rs 5,183 crore. The company's total revenue fell by 2% to Rs 17,651.85 crore, but it announced an interim dividend of Rs 6.25 per share for FY23-24.

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Dalal Street investors become richer by Rs 6 lakh cr as markets rally
Mon, Jan 29, 2024 6:58 PM

Dalal Street investors become richer by Rs 6 lakh cr as markets rally

On Monday, BSE Sensex increased by nearly 2% due to strong performance in Reliance Industries and positive markets in Asia. The overall market capitalization of BSE-listed firms rose by Rs 6 lakh crore, reaching a total of Rs 3,77,20,679.19 crore. The rally was also driven by optimism surrounding the interim budget and upcoming Fed policy. High trading activity in energy, oil & gas, and power.

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Mahindra Logistics swings to Q3 loss of Rs 17.41 cr on weak supply chain.
Mon, Jan 29, 2024 6:56 PM

Mahindra Logistics swings to Q3 loss of Rs 17.41 cr on weak supply chain.

Mahindra Logistics, a supply chain management company, reported a consolidated net loss of Rs 17.41 crore in the quarter ending December 2023 compared to a net profit of Rs 1.39 crore in the previous year. This was due to weak performance in the supply chain business, which recorded a loss of Rs 9.94 crore. The enterprises mobility business, however, saw a profit.

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RBI warns UCB directors against connected party lending!
Mon, Jan 29, 2024 6:54 PM

RBI warns UCB directors against connected party lending!

RBI official warns Urban Cooperative Banks against loans to connected parties such as directors' relatives. Credit decisions should be made solely on merit and directors must upskill to identify risks. RBI has strengthened scrutiny of cooperative banks with more penalties and cancellations. Directors urged to have vigilance system and address root causes of fraud.

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Home prices in Hong Kong drop 6.8% in 2023, outlook still weak
Mon, Jan 29, 2024 6:52 PM

Home prices in Hong Kong drop 6.8% in 2023, outlook still weak

Hong Kong private home prices fell 6.8% in 2023, continuing a downward trend for the eighth consecutive month in December. High interest rates, weak economic outlook, and low market sentiment have contributed to this decline. UBS, Citi, and Knight Frank predict further price drops of 10-20%. The Hong Kong government also announced they will not sell any residential or commercial land.

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Exclusive: PM Modi likely to launch projects worth Rs 69,000 cr in Odisha!
Mon, Jan 29, 2024 6:51 PM

Exclusive: PM Modi likely to launch projects worth Rs 69,000 cr in Odisha!

In February, PM Narendra Modi will launch projects worth Rs 69,000 crore in Odisha including coal and power projects worth Rs 58,000 crore. He will also inaugurate the permanent campus of IIM Sambalpur and lay foundation for four thermal power plants. NLC India's Talabira Thermal Power Project, with a planned capacity of 3,200 MW, is currently the biggest under the Ministry of Coal.

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Dr Reddy's Labs Q3 Preview: Revenue, net profit to record tepid growth!
Mon, Jan 29, 2024 6:27 PM

Dr Reddy's Labs Q3 Preview: Revenue, net profit to record tepid growth!

Dr Reddy's Laboratories is expected to report a slight increase in revenue and 12% growth in net profit for Q3. The blockbuster cancer drug Revlimid will continue to contribute significantly to the US revenue, but lower sales of other drugs and weak domestic market performance may affect overall growth. Margins are expected to remain stable due to the sustained contribution from Revlimid.

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PLNG Q3 results: Net profit marginally increases to Rs 1,190 crore
Mon, Jan 29, 2024 6:25 PM

PLNG Q3 results: Net profit marginally increases to Rs 1,190 crore

Petronet LNG (PLNG) reported a slight increase in consolidated net profit to Rs 1,190.67 crore for the third quarter of FY2023-24. This is up from Rs 1,180.5 crore in the same period last year and a 46 percent increase from the previous quarter. Revenue from operations showed a decrease of 6.5 percent from the year-ago period.

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Penny Stocks To Watch On Tuesday- January 30, 2024
Mon, Jan 29, 2024 6:14 PM

Penny Stocks To Watch On Tuesday- January 30, 2024

During the most recent market session, both the Sensex and Nifty closed on a positive note. The Sensex and Nifty closed higher in the latest market session, with the Sensex up 1.76% and the Nifty-50 up 1.80%. The Nifty Mid-cap Index saw a 1.63% increase while the Nifty Small-cap Index ended with a 1.49% gain. The oil and gas sector also saw growth with the Nifty Oil & Gas Index rising.

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Reliance Home Finance headed for voluntary liquidation, surrenders CoR
Mon, Jan 29, 2024 6:12 PM

Reliance Home Finance headed for voluntary liquidation, surrenders CoR

Reliance Home Finance, acquired by Authum Investment last year, has received approval from the Reserve Bank of India to exit the home finance business through voluntary liquidation. The company plans to transfer all assets and liabilities to Reliance Commercial Finance, also owned by Authum. This move is part of a resolution plan where Authum has acquired Reliance Home Finance's debt.

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Tech View: Nifty looks poised for another breakout. What traders do?
Mon, Jan 29, 2024 6:12 PM

Tech View: Nifty looks poised for another breakout. What traders do?

Nifty surged 385 points on Tuesday, forming a long bull candle on the daily chart and indicating a potential break above the hurdle at 21750 in the short term. The negative chart pattern is close to being reversed as the index moved above the previous lower top at 21,750 levels. The RSI oscillator suggests positive momentum but is yet to give a positive crossover on the daily chart.

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LIC's proposed stake buyout in HDFC Bank 'well-timed', has limited downs.
Mon, Jan 29, 2024 6:11 PM

LIC's proposed stake buyout in HDFC Bank 'well-timed', has limited downs.

HDFC Bank shares gained 2% to Rs 1,462 per share after RBI allowed LIC to increase its stake by another 4.8%, making them the second largest shareholder at 9.99%. This is expected to have a positive impact on the stock and experts predict a recovery of 15% in the next year. The bank is also focusing on rural and semi-urban areas for growth and LIC's gradual buyout over the next year is seen.

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