NEW DELHI: Shares of defence companies defied the weakness in the broader market and managed to close with gains as the government as a council gave preliminary approval to military modernization projects costing Rs 76,000 crore, including the Navy’s next-generation corvettes. The approval will help cut India’s dependence on imports for military equipment as most … Read more
NEW DELHI: Any management when talks about their move into the EV space, it immediately reflects in the companies’ share price. Shares of MM Forgings spiked about 9 per cent on Thursday after the management said it might foray into the electric vehicle business soon. In an interaction on CNBC-TV18, the management said its sales … Read more
NEW DELHI: Shares of Bharat Dynamics zoomed on Tuesday after the company said it has signed a contract worth Rs 2,971 crore with the Ministry of Defence to supply missiles. The contract is for the supply of ASTRA MK-I Beyond Visual Range (BVR) Air to Air Missile and associated equipment to the Indian Air Force … Read more
NEW DELHI: Siemens on Friday said it is selling its Large Drives Applications (LDA) business to one of the subsidiary of the promoter at a cash consideration of Rs 440 crore. The business contributes 3.33 per cent of the company’s revenue. Siemens AG, promoter of the company, intends to purchase the LDA Business of Siemens, … Read more
NEW DELHI: Axis Bank shares were under heavy selling pressure on Friday amid rumours of a scam in its subsidiary Axis Mutual Fund. The stock plummeted over 4 per cent on BSE. Media reports said the mutual fund arm of the lender removed Viresh Joshi, head trader and fund manager, from the fund management team … Read more
MUMBAI: With state after state announcing night curfew, the managements of hospitality companies are a worried lot. A year ago the general notion was that if the vaccination rate goes up, there will not be a need to curb travel and tourism. However, Omicron, which seems to not care if you are jabbed or not, … Read more
NEW DELHI: Indian mutual fund industry is a crowded space with as many as 44 players in the fray and many more planning to enter. This is understandable given there is a huge growth opportunity in the industry. But in every industry, there comes a time when consolidation starts. Sometimes smaller players are absorbed by … Read more
MUMBAI: Axis Bank has no ‘spandana’ left to be involved in the boardroom battle at microfinance lender Spandana Sphoorty. The private sector bank told reporters today that it is no longer in talks with Spandana Sphoorty to acquire the microfinance lender. Axis Bank’s reasons may be fairly obvious given the turn of events at the … Read more
MUMBAI: Aluminium stocks are proving to be the last man standing in the metal pack given the withering gains of steel stocks these past few weeks. While the rosy outlook for the sector has diminished towards the end of the year, investors seem particularly bullish that aluminium companies will maintain their stronghold. That bullishness was … Read more
NEW DELHI: The detection of the Omicron variant in India seems to have spooked investors. Most benchmark heavyweights plunged, but traders seem to have a different view on smaller stocks that rallied. Among those was that looks to have found a newfound zeal. Following the price hike last week, the counter has gained substantially. The … Read more