Air India is revamping their branding and replacing the Maharajah mascot with a modernized look. Design consultancy firm FutureBrand has been hired to create the new branding which will be unveiled in August, along with a new ad campaign. As part of Air India's consolidation plans, AirAsia India has sought approval to merge with Air India Express.
Open FlipAurobindo Pharma’s share price hit a 52-week high of Rs 796.10 on July 26 due to excellent news for the company - the USFDA gave it zero observations after inspecting its subsidiary Eugia Pharma Specialities' Unit I in Telangana, and gave final approval to manufacturer and market Plerixafor Injection. On July 21, the US FDA issued 3 observations for the company's Unit III at Bachupally Village.
Open FlipIndian indices rose significantly on July 26, boosted by gains in Reliance Industries, Larsen & Toubro and Tata Motors. The overall market breadth remained positive due to inflows from IT, energy, PSU banks, and oil & gas sectors. Other stocks such as ITC, Adani Ports and BPCL were among top gainers while SBI Life Insurance, Cipla and M&M were among the losers.
Open FlipShares of IT solutions provider Cyient traded flat after an announcement of their Q1 numbers. Brokerages were still bullish though, rating the stock with a hold/buy and giving a potential upside of up to 20%. Cyient posted a 46% rise in net profit to Rs 169 crore in Q1, revenue from operations grew 35% to Rs 1,686.5 crore and they won 6 large deals of around Rs 400 crore.
Open FlipThe Indian government, namely MeitY and SoI have been cracking down on apps hosted on popular app stores which depict India's territories (J&K and Ladakh) incorrectly. They sent a notice to Google under the IT Rules 2021, citing that such maps "jeopardize the sovereignty and Integrity of India". This is not the first time government has taken action for wrongful depictions.
Open FlipQatar Investment Authority is in talks to buy a minority stake for $1bn in Reliance Retail Ventures Ltd., a rapidly expanding retail unit owned by Indian Billionaire Mukesh Ambani. Other oil-rich Middle Eastern investors are also looking to invest. The discounted stock options for employees and the 34% jump EBITDA in June compared to the same period last year makes this an appealing investment.
Open FlipGIFT Nifty derivatives trading on NSE IX broke records with over 3,14,900 contracts and a turnover of $12.39 billion on July 25, an 838% and 924% increase in volume and value, respectively, since the exchange started full-scale operations on July 3. GIFT Nifty offers dollar-denominated access to derivatives on NSEIX for 21 hours overlapping Asia, Europe, and US trading times.
Open FlipPlotch.ai, an ONDC rails infrastructure startup, has secured pre-seed funding led by Antler India. The funds will help it develop its product suite, which includes NodeApp, Nodepay, Nodedesk, Nodebox and the ONDC accelerator, designed to empower 500 Mn customers and 100 Mn SMEs in India. Founded last year, Plotch.ai already has 15 companies on board for ONDC and is looking to add 100 more.
Open FlipPeak XV Partners has reportedly told its limited partners that it would be significantly marking down the fair value of its investments in BYJU'S in the upcoming reporting period, citing a lack of visibility into the company’s audited financials. This follows multiple resignations from BYJU'S board and Prosus's statement regarding the company's corporate governance.
Open FlipCanara Bank's deposit growth has been lackluster, reporting only a 6.6% increase year on year. To combat this, the bank has sought to step up its retail CASA growth by introducing new products such as those for women and pensioners. It is targeting loan growth of 10%+ via selecting which proposals to lend to carefully while shying away from unsecured personal loans.
Open FlipGold prices are holding steady with investors awaiting the July 26 meeting of the U.S. Federal Reserve's rate-setting panel. The first half of 2023 has seen an increase in gold production in China, as well as a surge in imports and consumption. Gold prices fell by Rs 150 to Rs 60,200 per 10 grams in India. Comex gold is fluctuating due to mixed signals from the Fed and ECB meetings.
Open FlipShares of IT solutions provider Cyient traded flat after an announcement of their Q1 numbers. Brokerages were still bullish though, rating the stock with a hold/buy and giving a potential upside of up to 20%. Cyient posted a 46% rise in net profit to Rs 169 crore in Q1, revenue from operations grew 35% to Rs 1,686.5 crore and they won 6 large deals of around Rs 400 crore.
Open FlipSuraj Estate Developers, a Mumbai based real estate player, is raising Rs 400 crore via an initial public offering with no offer for sale (OFS) component. The proceeds will be used to pay debt, purchase land, and for other general corporate purposes. They have completed 42 projects totaling over 1 million sq. ft., along with 11 ongoing and 21 upcoming projects.
Open FlipRazorpay, the fintech unicorn, has launched 'MoneySaver Export Account' that allows Indian exporters to open a local ‘smart account’ in any country of their choice for international payments. It simplifies complicated global bank transfers without any additional paperwork and comes with a single-click foreign inward remittance statement.
Open FlipThe unexpected departure of NatWest's CEO Alison Rose came after a controversy sparked by Nigel Farage's complaints that the bank had closed his account for his political views. News of her departure follows reports that the BBC based an anonymous source from the bank saying decisions to close accounts were purely commercial.
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