Vadilal Industries arm buys ice creams parlour operator in USVadilal Industries through its subsidiary Vadilal Industries USA Inc has acquired KKC. The subsidiary has signed a Stock Purchase Agreement with ice creams parlour operator Krishna Krupa Corporation, USA (KKC) for subscription of shares, which would result in subsidiary holding up to 100 percent voting rights in KKC.The cost of acquisition is USD 0.25 million.
Anup Engineering receives orders of Rs 102.9 crore
The Anup Engineering has received an orders of Rs 102.9 crore from Public Sector Refinery for Thermal & Mechanical Design, Detailed Engineering, Fabrication, Procurement, Testing, Inspection, Painting and Supply of Heat Exchanger.
The Anup Engineering was quoting at Rs 658.75, down Rs 5.55, or 0.84 percent on the BSE.
Hinduja Global Solutions to set-up new delivery center in KarnatakaHinduja Global Solutions announced today that it is setting up a new delivery center in Mysuru, Karnataka. Company expects to hire 400 employees locally by October 2022 and ramp up aggressively through the year, company said in its release.
Steel exports to plunge 35-40% after duty revisions: CRISIL
India’s steel exports will drop 35-40% on-year to 10-12 million tonne this fiscal following the 15% export duty imposed on several finished steel products last month, a CRISIL Research analysis shows.
Market at 12 PMBenchmark indices were trading near day’s high amid volatility.The Sensex was up 215.41 points or 0.42% at 51575.83, and the Nifty was up 48.80 points or 0.32% at 15342.30. About 730 shares have advanced, 2353 shares declined, and 142 shares are unchanged.
Nifty FMCG index gained 1 percent led by the HUL, Godrej Consumer Products, Britannia Industries
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:
Events of the last few days have increased the risk of recession in the US. Synchronised rate hikes by most central banks will certainly hit global growth this year. High interest rates and lower growth will impact corporate earnings.
Risky assets are reacting to this pessimistic scenario. The 72 percent crash in the price of bitcoin is a reflection of the fear and risk aversion among investors. The correction in the Indian market is not as steep as in the US mainly because of the sustained buying by DIIs and retail countering the relentless selling by FIIs which crossed Rs 7000 crore last Friday.
A bounce back from the steady decline is possible any time. An important factor favouring such a scenario is the 6 percent decline in crude. If this trend persists it can help tame inflation globally.
Investors can use weakness in the market to buy high quality large-caps across sectors.
BSE Realty index fell 1 percent dragged by the Indiabulls Real Estate, Macrotech Developers, Prestige Estate
Birlasoft enters in global partnership with Google CloudBirlasoft has entered in a global partnership with Google Cloud to enable enterprises accelerate their digital transformation journey.
Kotak initiates coverage on PB Fintech with buy rating, raises target price to Rs 700
Brokerage firm Kotak Institutional Equities has initiated coverage on PB Fintech Ltd with buy rating and increased its target price to Rs 700 a share, signalling a potential upside of 20% from its…
Indian economy should be one of the least affected by global slowdown said Neelkanth Mishra of Credit Suisse
Indian economy should be one of the least affected by global goods demand slowdown said Neelkanth Mishra, Co-Head of Equity Strategy, Asia Pacific and India Equity Strategist, Credit Suisse. He added that a recession is yet to start and it is too early to call bottoms. Bottoming in US equities usually happens during a recession. The Indian earnings growth estimates at 12-14 percent are reasonable. Problem for India is global equities and PE multiple of world markets is coming off. Equity Risk Premium not particularly low and can stay elevated which means lower PE multiples