Capacit’e Infraprojects wins order worth Rs 150 crore from GIFT SEZ

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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[wealthdesk shortname=”Capacite Infra” isinid=”INE264T01014″ bseid=”540710″ nseid=”CAPACITE” sector=”” exchange=”bse”]

Construction Engineering company Capacite’s Infraprojects Ltd. has received an order worth Rs 150.72 crore from GIFT SEZ Limited for the construction of the headquarters of the International Financial Services Centres Authority (IFSCA).

The company, in a press release, said that the building will be constructed in the Gujarat International Finance Tech-city Special Economic Zone (GIFT SEZ) in Gandhinagar.

Capacit’e Infraprojects said that the new order will help it to diversify its clientele and generate additional business.

“The new order will help us to further consolidate our position in high-growth businesses. Amidst a challenging environment, this new order also supports us to diversify our clientele, generate additional business from existing marquee clients and appropriately manage commodity risk through pass-through clauses,” said Rahul Katyal, Managing Director of Capacit’e Infraprojects.

The building construction major, which mainly focuses on housing, commercial and institutional infrastructure in metro cities, asserted that the new order along with the existing orders book gives it the confidence to deliver good growth in the coming quarters.

Capacit’e Infraprojects is confident of delivering the new project within the stipulated timeline, the company release said.

Earlier in April, the company received a contract worth Rs 826.49 crore from the Municipal Corporation of Greater Mumbai and a private sector client. The contracts included building a multi-specialty hospital worth Rs 599.04 crore in Bhandup, Mumbai, and the construction of a residential project worth Rs 227.45 crore in Navi Mumbai.

Capacit’e Infraprojects Ltd. specialises in the construction of super high-rise buildings and it has a presence in Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Kochi, and Pune.

Shares of Capacite Infraprojects ended 0.8 percent higher at Rs 160.45.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Pat Cummins named Australia ODI captain, becomes first pacer to lead the side

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Test skipper Pat Cummins will also captain Australia in One-Day Internationals after being named as the replacement for Aaron Finch by Cricket Australia on Tuesday, October 18.

The 29-year-old becomes Australia’s 27^th one-day captain and the first fast bowler to hold the post after impressing in his first year as Test captain.

“I have thoroughly enjoyed playing under Finchy and have learnt an enormous amount from his leadership,” Cummins said in a statement.

Cummins added, “They are significant shoes to fill although we are extremely fortunate to have a one-day squad with a huge amount of experience.”

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Finch, who will lead Australia at the ongoing T20 World Cup, retired from ODI cricket last month after a poor run of form with the bat.

Mitchell Marsh, Steve Smith and Alex Carey were other candidates promoted in the media for the post. David Warner was not considered as the process to revoke his life ban from leadership positions has not yet been completed.

“We are very fortunate to have a number of high-quality leaders and senior players across all formats,” Cricket Australia’s Ben Oliver said.

“The Board and selectors agree Pat is the ideal choice to lead the ODI team through the next period including the 2023 World Cup.”

Watch: Indian legend Sunil Gavaskar meets Pakistan Captain Babar Azam on the sidelines of T20 World Cup in Australia

Cummins said last week that he was unlikely to play every ODI because of the number of matches Australia contest in all formats and that someone like Warner could step in when he was absent.

Warner was banned for life from leadership positions for his role in the 2018 ball-tampering controversy but Cricket Australia has set in motion a process that could see it removed.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Mindtree shares end higher as company expands partnership with EPOS

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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[wealthdesk shortname=”Mindtree” isinid=”INE018I01017″ bseid=”532819″ nseid=”MINDTREE” sector=”Computers – Software” exchange=”bse”]

Mindtree Ltd, announced the extension of its partnership with premium audio and video solutions brand EPOS to develop next-generation audio products, technologies, and experiences.

Shares of Mindtree rose as much as 2.5 percent to Rs 3,413.05 apiece on the BSE in intra-day trade on Tuesday.

As part of the multiyear engagement, Mindtree said it would work as an integrated part of EPOS’ development organisation and take part in strengthening its product innovation, time-to-market, and customer satisfaction, especially in EPOS’ high-growth enterprise audio and video segment.

“Mindtree will provide a broad range of competencies and knowledge within the development, maintenance, and quality assurance services to support and innovate all product categories of EPOS within the segments of Enterprise Solutions and Gaming,” it said in a press release.

Commenting on the partnership, EPOS President Jeppe Dalberg-Larsen said, “This collaboration is important for EPOS to ensure and further develop our portfolio of best-in-class solutions and technologies.”

For the July-September quarter, Mindtree reported a 7.9 percent sequential increase in net profit to Rs 508.7 crore, much ahead of street estimates. Analysts in a CNBC-TV18 poll had estimated the IT firm’s quarterly net profit at Rs 482.6 crore

Mindtree’s EBIT margin — a key measure of profitability — slipped by seven basis points on a quarter-on-quarter basis to 19.13 percent. Analysts polled by CNBC-TV18 had estimated the margin to be at 18.2 percent.

The company also said post its September quarter results that it may be the last quarter for them as a Standalone company as it is close to securing all necessary approvals for the merger with L&T Infotech.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

NCLT extends Reliance Capital resolution process deadline to January 31

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The National Company Law Tribunal (NCLT) has for the third time extended the deadline for debt-ridden Reliance Capital’s resolution process to January 31. The earlier deadline was November 1, 2022.

This is the third extension as the timeline has been extended twice in the past, sources said. As per the Insolvency and Bankruptcy Code (IBC) rules, the administrator had to originally close the resolution of RCL within 180 days, by June 3, 2022.

Earlier, the lenders of Reliance Capital had given an extension of 30 days to the bidders for submission of binding bids, along with an EMD of Rs 75 crore, by October 31. The bidders were not happy with this 30-day extension as most of them had sought an extension by 2-4 months. Reliance Capital had received 14 non-binding bids for its multiple businesses. Six companies had submitted bids for the entire company, while the rest of the bidders had submitted bids for its multiple subsidiaries. Two options are available for the bidders. The first, bidders are required to submit bids for the entire RCL and in the second one, they have the choice to bid for specific verticals of the company.

Torrent, IndusInd Bank, Oaktree, Cosmea Financial, Authum Investment, and B Right Real Estate have submitted bids in the range of Rs 4,000 crore to Rs 4,500 crore for Reliance Capital’s entire assets, the sources said. For Reliance General Insurance business, Piramal Finance has offered Rs 3,600 crore, while Zurich Insurance’s bid is at Rs 3,700 crore, the sources said, adding third bidder Advent has offered Rs 7,000 crore. Jindal Steel and Power and UVARC have submitted bids for Reliance Capital’s ARC business.

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For other assorted assets of Reliance Capital, three bidders — Choice Equity, Global Fincap and Grand Bhawan have submitted the bids, the sources said. The Reserve Bank of India (RBI) on November 29 last year superseded the board of RCL in view of payment defaults and serious governance issues.

The RBI appointed Nageswara Rao Y as the administrator in relation to the Corporate Insolvency Resolution Process (CIRP) of the firm. Reliance Capital is the third large non-banking financial company (NBFC) against which the central bank has initiated bankruptcy proceedings under the IBC. The other two were Srei Group NBFC and Dewan Housing Finance Corporation (DHFL).

The RBI subsequently filed an application for initiation of CIRP against the company at the Mumbai bench of the NCLT. In February this year, the RBI-appointed administrator invited expressions of interest for the sale of Reliance Capital.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

NEET UG Counselling 2022: Last date for choice filling today, check revised schedule for Round 1

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Medical Counselling Committee (MCC) has extended the last date to apply for NEET UG Counselling by a day to October 18. The MCC has added 197 new MBBS seats for NEET UG Counselling and issued a notice that stated the last date to apply, choice filling and locking dates have been revised for Round 1.

Revised Schedule for Round 1 of NEET UG 2022 Counselling.

The last date for fresh registrations is now October 18.

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The last date for fee payment is October 18, till 4 pm.

The reset Registration option will be available till October 18, till 12:30 pm.

Choice filling and locking will now begin on October 18 at 5 pm and the window will remain open till October 19, 8 am.

Here is how to submit choices for NEET UG 2022 Counselling Round 1.

Step 1. Visit mcc.nic.in

Step 2: Find and click on the link that reads, ‘UG/PG Medical Counselling’ displayed on the homepage.

Step 3: Click on the link provided for ‘New registration.’

Step 4: Log in to the portal using your NEET UG Roll number, password, and other credentials.

Step 5: Fill in your desired choices of subjects and institutions in the order of preference as displayed.

Step 6: Carefully review and lock the choices and submit the form.

All candidates will be able to submit their registrations and choices till the last date of registration.

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In case there is any mistake made by the candidates in filling choices, the MCC will not entertain any request for change later. Thus, candidates are advised to avoid any discrepancies in filling choices as it may result in the allotment of a seat that is not desirable.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Investors richer by nearly Rs 5 lakh crore as Sensex surges 1,725 pts in three days

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian equity benchmarks extended gains to a third straight session on Tuesday amid gains across sectors, riding on optimism about the ongoing corporate earnings season. Globally, caution persisted about the potential impact of aggressive increases in COVID-era interest rates on economic growth amid warnings of a global recession.

Both headline indices jumped as much as around 1.2 percent during the session. The Sensex rose 732.7 points to touch 59,143.7 at the strongest level of the day before settling at 58,960.6, taking its gains to 1,725.3 points in three back-to-back sessions. 

The Nifty50 climbed to as high as 17,527.8, up 216 points from its previous close.

Investors grew wealthier by Rs 4.7 lakh crore in three trading days as the market capitalisation of BSE-listed companies increased to Rs 274.5 lakh crore, according to provisional exchange data.

As many as 39 stocks in the Nifty50 universe finished stronger. SBI, Adani Ports, Eicher, ITC and SBI were the top gainers.

Nestle, Adani Enterprises, Bharti Airtel, IndusInd and Tata Motors — ending more than two percent each — were also among the blue-chip stocks that rose the most.

Reliance, ICICI Bank, ITC, SBI and Infosys were the biggest contributors to the rise in both main gauges.

On the other hand, NTPC, the HDFC twins, Sun Pharma, Britannia, Tech Mahindra and Grasim — closing between 0.3 percent and 0.9 percent lower — were the top laggards.

Stocks from all spaces were in high demand on NSE. Financial, oil & gas, IT and FMCG shares led the market higher.

“The Indian market is sustaining gains due to favourable global and domestic cues. The downward trend in crude oil prices and optimism on earnings is supporting the sentiment,” said Vinod Nair, Head of Research at Geojit Financial Services.

“The RBI’s confidence that headline inflation peaked in September and will decline going forward is taken cheerfully by the financial market,” he said.

The rupee ended nearly unchanged at 82.36 against the US dollar.

Global markets

Catch highlights of the October 18 session with CNBCTV18.com’s blog

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Kidambi Srikanth enters second round of Denmark Open

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Former champion Kidambi Srikanth staved off a spirited challenge from Hong Kong’s Ng Ka Long Angus to progress to the second round of the Denmark Open Super 750 badminton tournament on Tuesday.

Returning to the venue where he had claimed the title five years ago, the 2021 World Championships silver medallist notched up a 17-21 21-14 21-12 win over the world number 14 Hong Kong player in a 56-minute contest. Coming into the match with a 3-3 head-to-head record, Srikanth found the going tough against Angus and soon fell behind as the Hong Kong player eked out a 11-8 lead at the mid-game interval.

Angus didn’t allow the Indian to make a comeback to eventually take the opening game. In the second game, Srikanth managed to take a 6-3 lead but Angus turned the tables to grab a 10-8 lead.

Srikanth got his acts together at the nick of time and reeled off eight straight points to move to 16-10. He kept his calm to take the match to the decider. In the third game, Srikanth came out all guns blazing to jump to a 11-4 cushion at the interval. He produced some good quality shots at the net and also covered the court well to seal the match comfortably with a sharp return at his rivals front court. The former world number one Indian will take on 2021 world champion Loh Kean Yew of Singapore in the next round.

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3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Praj Industries net profit jumps 44% in the September quarter

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Praj Industries, part of the engineering and construction products sector, reported a jump of 44 percent in net profit for the July-September quarter at Rs 48.1 crore as compared to registering a profit of Rs 33.3 crore for the corresponding period a year ago.

The revenue for the quarter stood at Rs 876.6 crore seeing a growth of 64.6 percent from Rs 532.4 crore in the quarter ended September 2021.

The Earnings before interest, taxes, depreciation and amortization (EBIDTA) — the measure of core corporate profitability — grew 46.6 percent for the quarter and stood at Rs 67.6 crore. But the margins declined and stood at 7.7 percent for the quarter as compared to being at 8.7 percent for the corresponding period a year ago.

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Praj specializes in process and project engineering. The company serves both domestic and international markets. Additionally, the company offers design and engineering services. Bio-energy, engineering, and HiPurity are the main segments of the company.

During FY22-25, the government expects ethanol demand to grow by over 30 per cent CAGR to reach 10.2 billion litres to achieve 20 per cent blending from 10 per cent currently.

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According to the company, they remain optimistic with a strong order book as several policy measures, such as flex-fuel vehicles, stationary diesel engine conversion to ethanol, diesel blending programs, and exports of ethanol under certain circumstances, are likely to further boost the demand for ethanol. These well for sustained demand for ethanol beyond the calendar year 2025 (CY25).

The stock has been gaining recently, in one month it has gained over 13 percent on the BSE. On October 12, it hit a fresh record high of Rs 461.

Catch latest market updates with CNBCTV18.com’s blog

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Gizmore announces new smartwatch, Glow Luxe, for Rs 3,499

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Gizmore, a homegrown electronics brand, has expanded its smartwatch lineup with a new wearable, the Glow Luxe. The smartwatch comes with a 1.32-inch circular AMOLED display with 500 nits of peak brightness. The display is enclosed in a zinc alloy casing with leather and steel straps. It is also said to be rated IP67 for water and dust resistance.

The Glow Luxe comes with Bluetooth calling with a battery backup that is said to last up to 15 days. Users can also browse and listen to music on the watch. Voice Assistants like Google Assistant and Siri are also reportedly supported on the device. Additionally, users will also have several customisable options for watch faces.

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Gizmore said in a statement that the watch is also equipped with health and wellness features like a body temperature sensor, 24×7 heart rate measurement, menstrual tracking, sleep monitoring, SpO2 monitoring, and more than 100 sports modes.

The Gizmore Glow Luxe will be available across offline stores, on Flipkart and Gizmore’s official website from October 18 for Rs 3,499. The home-grown brand recently launched Bluetooth calling smartwatches — Gizmore Blaze and the GIZFIT Glow in collaboration with Flipkart. The Blaze is available for Rs 1,599 and the Glow retails for Rs 2,499.

Also Read: Gizmore launches new smartwatch for Rs 2,499 during Flipkart sale

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow