Market this week 17-6-2022

Market this week 16-6-2022

Two days after CBI raids, GR Infraprojects plummets.

After allegations that the Central Bureau of Investigation (CBI) conducted searches at numerous facilities of the company in Shillong, Guwahati, Gurgaon, and Bengaluru, the share price of GR Infraprojects plunged over 7% in the morning session on June 14, plummeting over 17 percent since yesterday.

The raids were carried out in connection with alleged irregularities in the construction of a national highway in Assam.

The CBI has arrested some of GR Infraprojects’ personnel at a project site, according to an exchange filing on June 13. On June 13, a CBI team raided the chairman Vinod Kumar Agarwal’s home and the corporate office in Gurugram, according to the report.

Paytm’s stock is up 471 percent after a jump in loan disbursements in April and May.

One 97 Communications, which owns Paytm, saw its stock rise on June 15 after the fintech company posted solid operating results for the two months ended in May. Paytm’s lending division maintained its outstanding performance from the previous quarter, with loan disbursements increasing 471 percent year over year to 5.5 million in April-May.

In the first two months of the current quarter, disbursements totaled Rs 3,576 crore, an increase of 829 percent over the same period last year.

Paytm also announced tremendous growth in merchant payments, with merchant payments volume increasing 100 percent year over year and gross merchant value processed reaching Rs 1.96 lakh crore in the last two months. Paytm reported that monthly transaction users on its flagship app increased by 48 percent year over year to 74.3 million in the current quarter.

Following news of a USFDA inspection at the Baddi plant, Glenmark Pharma’s stock fell to a 52-week low.

Glenmark Pharma’s stock fell almost 3% intraday on June 13 to a 52-week low of Rs 375, following allegations that the USFDA was inspecting the company’s Baddi plant.

According to CNBC-sources, TV18’s the US Food and Drug Administration (USFDA) began inspecting Glenmark Pharma’s Baddi plant today. In October 2019, the USFDA issued a ‘Warning Letter’ to the Baddi plant.

For the fourth quarter ended March 31, 2022, the company’s consolidated profit after tax fell 26% to Rs 173 crore. In the January-March period of the 2020-21 fiscal year, it made a net profit of Rs 234 crore. However, the drugmaker’s consolidated revenues increased by 6% year on year to Rs 3,019 crore in the quarter under review, compared to Rs 2,860 crore a year before

Oriental Aromatics’ stock jumped 16% after the company’s greenfield project received environmental approval.

On June 10, Oriental Aromatics’ stock rose roughly 16 percent intraday after a subsidiary won environmental approval for a greenfield project in Maharashtra.

Huge volumes on the BSE are supporting the rally. It was trading with 9,353 equity shares, up 1,404.67 percent from its five-day average of 622 shares, and a 610 percent rise from its thirty-day average of 1,316 shares.

The State Environment Impact Assessment Authority (SEIAA) and the Ministry of Environment have given its approval for the proposed greenfield project by its wholly-owned subsidiary Oriental Aromatics & Sons, according to the chemical manufacturing firm. At a new MIDC in Mahad, Maharashtra, the subsidiary will produce specialty chemicals and chemical intermediates.

HFCL is up 4% after receiving orders from two companies.

On June 10, HFCL’s stock rose 4% intraday after receiving orders for unlicensed band radios (UBRs) and optical fibre cables.

According to a BSE filing, the optical fibre cable producer has secured orders worth Rs 73.39 crore from a telecom operator and an EPC (engineering, procurement, and construction) firm.

The contract for supply of UBRs and accessories from one of the country’s largest private telecom carriers, which must be completed by September, is worth Rs 51.09 crore. A second order for optical fibre cables worth Rs 22.30 crore has been received from one of India’s largest EPC companies. These cables will be delivered by the end of this month, according to the business.

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