Market this week 25-3-2022

WhatsApp Image 2022 03 24 at 12.00.17 AM 1
  • On news of I-T search operations, Hero MotoCorp’s stock drops 4%.
  • The shares of Bajaj Electricals has risen after the company renewed its commercial licensing agreement with Morphy Richards.
  • The stock of SMS Pharmaceuticals has soared after it was granted a license to manufacture and distribute oral COVID vaccinations.
  • Godrej Properties shares increased 2% intraday on March 1 after the company reported FY22 sales of Rs 1,002 crore for its Mahalunge, Pune township project Riverhills.
  • HCC is up 7% after its consortium was awarded a water network contract in Rajasthan.

On news of I-T search operations, Hero MotoCorp’s stock drops 4%.

The share price of Hero MotoCorp fell 4% intraday on March 23 after the Income Tax (I-T) department conducted searches at the company’s 25 locations. According to CNBC-TV18, which cited sources, the government is undertaking search operations at the offices and residences of Hero MotoCorp senior management in Delhi, Gururgram, and other parts of North India.

The office and residence of Hero MotoCorp CMD Pawan Munjal have also been subjected to I-T searches.

On the BSE, Hero MotoCorp was trading at Rs 2,384.20, down Rs 37.10, or 1.53%. On March 22, 2021, the stock reached a 52-week high of Rs 3,141.55 and a 52-week low of Rs 2,148.00, respectively. It is currently trading at a price that is 24.11 percent below its 52-week high and 11% above its 52-week low.

The shares of Bajaj Electricals has risen after the company renewed its commercial licensing agreement with Morphy Richards.

On March 23, Bajaj Electricals’ stock rose by almost 2% intraday after the firm renewed a 15-year trade licencing arrangement with Morphy Richards.

With effect from July 1, 2022, Bajaj Electricals, a consumer appliances brand, has extended its trademark agreement with Morphy Richards Limited, based in the United Kingdom (part of the Irish-based electrical appliances group Glen Dimplex), for the use of the Morphy Richards trademark for a further 15 years.

The exclusive license renewal will allow BEL to continue using the Morphy Richards trademark for manufacturing, marketing, and selling home appliances in India and neighboring countries.

The stock of SMS Pharmaceuticals has soared after it was granted a license to manufacture and distribute oral COVID vaccinations.

The stock of SMS Pharmaceuticals rose more than 12% intraday on March 21 after the firm was granted a non-exclusive licence to manufacture and supply nirmatrelvir by the Medicine Patent Pool (MPP).

SMS Pharma has been granted a non-exclusive licence to manufacture and supply nirmatrelvir, an oral antiviral COVID-19 drug developed by Pfizer to improve treatment access in 95 low and middle income countries, through the Medicine Patent Pool.

On the NSE, SMS Pharma was trading at Rs 109.20 on March 21, up Rs 12.65 or 13.10 percent. It has traded between a high of Rs 112.05 and a low of Rs 100.40 during the day.

Godrej Properties shares increased 2% intraday on March 1 after the company reported FY22 sales of Rs 1,002 crore for its Mahalunge, Pune township project Riverhills.

In the current financial year, Godrej Properties has sold over 1,550 homes totaling over 1.5 million square feet for this township project. The company has sold over 3,600 homes with a total area of 3.4 million square feet and a booking value of over Rs 2,100 crore since the launch of their first phase in the township in September 2019.

The stock of Godrej Properties has risen 2% as a result of a sale of over Rs 1,000 crore at a project in Pune.

Godrej Properties’ stock climbed 2.5 percent intraday on March 1 after the company reported sales of Rs 1,002 crore for its Mahalunge, Pune-based township project Riverhills in FY22.

In the current financial year, Godrej Properties has sold over 1,550 homes totaling over 1.5 million square feet for this township project. The company has sold over 3,600 homes with a total area of 3.4 million square feet and a booking value of over Rs 2,100 crore since the launch of their first phase in the township in September 2019.

The share price of Hindustan Construction Business (HCC) increased by 7% intraday on March 17 after the company received an order worth Rs 609 crore in a collaboration with Om Infra.

The public health engineering department of Rajasthan has granted HCC, in collaboration with Om lnfra, the contract for the building of the Nokha Water Supply Project in Bikaner district, which would supply residential tap connections.

HCC holds a 50% stake in the joint venture. The project entails building a 1,000-kilometer water distribution network with main trunks, cluster distribution and village distribution lines, raised storage reservoirs, clear water reservoirs, and booster pumping stations. In the Bikaner district, this network would deliver drinking water to 154 villages and two towns (Nokha and Deshnok).

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