NEWS

Posted On:
01-03-2024

Adani Enterprises & SBI: Here's what Vinit Bolinjkar of Ventura Securities says on these 2 stocks

Indian equity benchmarks were up in early deals today, led by gains in banks, financials, automobile, metal and energy stocks. Broader markets (mid- and small-cap shares) were also positive. Vinit Bolinjkar, Head of Research at Ventura Securities, on Friday selected Adani Enterprises Ltd as one of his top picks for today. "The stock is likely to see Rs 3,700-3,800 in the next six months," Bolinjkar told Business Today TV. Adani Ent was last seen trading 0.72 per cent higher at Rs 3,314. The other stock which the market expert recommended was State Bank of India (SBI). "In the banking space, SBI is one of the cheapest stocks. Ëxpected target would be Rs 950-1,000 in the next 12 months," Bolinjkar stated. The counter was up 0.93 per cent to trade at Rs 756.25.

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Posted On:
02-03-2024

Torrent Power soars 5% on bagging orders of Rs 3,140 cr; up 66% in 6 mths

Shares of Torrent Power soared 5 per cent on BSE to Rs 1,172 in Saturday's special trading session after the company won power supply projects worth Rs 3,140 crore. All securities will trade with revised circuit limits of 5 per cent today. The stock of the power utility has surged 66 per cent in the last 6 months from a level of Rs 705 reached in September last year. In the past one month, it is up 10 per cent. Its 52-week high of Rs 1,235 was reached on 15th of last month. To meet the high power demand in coming months, NTPCV Vidyut Vyapar Nigam (NVVN), a subidiary of NTPC, has awarded a Rs 440 crore contract to Torrent Power, under which it will supply power from its gas based power plant. Under the agreement, 770 MW capacity has been contracted with minimum 388 MUs of guaranteed power to be supplied during March 16-June 30, 2024, which may be further extended upto July 15, 2024.

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Posted On:
02-03-2024

Google takes down Indian apps from Play store over service fee row

Early on Friday, technology major Google said it might remove apps of 10 Indian developers from its Play Store for not complying with its user choice billing (UCB) system. But even before the day came to a close, some apps of job search and matrimony companies, such as Naukri.com, matrimony.com, and Truly Madly, were found missing from Google Play. The dispute is over Google imposing a fee of 11 per cent to 26 per cent on in-app payments after the Competition Commission of India ordered scrapping of an earlier system of charging 15 per cent to 30 per cent. Earlier this month, the Supreme Court agreed to hear pleas by a group of Indian startups challenging the UCB policy but refused to pass an interim order, allowing Google to delist apps that were not in agreement with its billing policy.

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Posted On:
05-03-2024

Ananya Birla's microfinance firm nets Rs 1,900 crore in sector's largest PE investment

On completion of the proposed transaction and merger with Chaitanya, the combined entity will be among the largest non-banking microfinance companies in India with the current promoter group, led by Ananya Birla, having a significant majority stake. Svatantra Microfin, founded and chaired by Ananya Birla, has inked a definitive agreement with Advent International and Multiples for a Rs 1,930 crore investment, the largest by private equity investors in the microfinance sector in India. The investment follows Svatantra’s recent acquisition of Chaitanya India Fin Credit. On completion of the proposed transaction and merger with Chaitanya, the combined entity will be among the largest non-banking microfinance companies in India with the current promoter group, led by Ananya Birla, having a significant majority stake.

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Posted On:
05-03-2024

Kalpataru Projects gets Letter of Intent from Saudi Aramco for three packages in Master Gas System Network

The $10 billion MGS-3 project by Aramco aims to expand the gas processing capacity. Earlier, it was reported that Larsen & Toubro (L&T) and Kalpataru Power Transmission Ltd emerged as the lowest bidders for MGS-3 Project. Kalpataru Projects International Limited (KPIL), formerly Kalpataru Power Transmission Limited has said that it has received a Letter of Intent (LoI) from Saudi Arabia’s energy major Aramco for carrying out EPC work for three packages of the third expansion phase of the Master Gas System Network (MGS‐3) in Saudi Arabia. The EPC scope covers the laying of over 800 kms of lateral gas pipeline. The exact contract value of the three packages will be confirmed upon contract execution. Kalpataru Projects and L&T had emerged as the lowest bidder for the MGS project, news reports said. Kalpataru, according to the report, was the lowest bidder for three packages.

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