market, stocks, stock market trading, stock market

Overall, as many as 464 stocks among the Nifty 500 were seen trading above the 200-DMA highlighting the underlying positive sentiment in the market.

The trend among stocks in oversold regions remains highly fragile and could see more downside ahead

Uflex Ltd's melamine-free acrylic coated BOPET film

Packaging material manufacturer Uflex Ltd on Tuesday reported a 99.7 per cent decline in its consolidated net profit to Rs 83 lakh for the fourth quarter ended March 31, 2023 due to currency exchange losses.
The company had posted a net profit of Rs 350.59 crore during the January-March quarter a year ago, Uflex said in a regulatory filing.
Its revenue from operation was down 14 per cent to Rs 3,320.18 crore during the quarter under review as against Rs 3,861.86 crore in the corresponding period of the previous fiscal.
Uflex's total expenses were at Rs 3,306.15 crore, down 4.37 per cent in the last quarter of FY23, as against Rs 3,457.39 crore.
Its total income in the March quarter was at Rs 3,393.51 crore, down 14.15 per cent.
For the fiscal ended March 2023, Uflex's net profit fell 56.27 per cent to Rs 480.76 crore from Rs 1,099.43 crore in FY22.
"The profitability in FY23 was impacted by unprecedented currency devaluation in Egypt and currency exchange loss on account of the U

I-T department, Income Tax Dept

Tonnes of documents, 120 hard disks and 50 diaries containing information related to bogus transactions have been recovered during the raids

Bear market, Stock market

Shares of Uflex India tumbled 15 per cent to Rs 366 on the BSE in Monday's intra-day trade

Indian currency retrieved by Income Tax officials from UP businessman Piyush Jain's residence during a raid, in Kanpur district (Photo: PTI)

The officials found 20 bank accounts belonging to people from the economically weaker section of the society with transactions ranging from Rs 5-50 crore

Uflex booth at Make In India Week

The Income Tax Department on Tuesday conducted searches at multiple premises linked to packaging major Uflex as part of an alleged tax evasion investigation against the company, officials said.
Around 60-70 premises, including the company offices and linked premises in Delhi, Noida (Uttar Pradesh), Jammu and Kashmir, Gujarat, West Bengal, Tamil Nadu, Karnataka, are being covered, they said.
No immediate reaction from the company on PTI's queries was available.
According to the company's information available on its e-portal, it is "India's largest flexible packaging materials and solutions company and a leading global polymer sciences corporation.

Uflex

According to several media reports, the Income Tax department was conducting a raid at the office of Uflex in Noida, alleging that the company has issued several bogus bills

straw

It is gearing up to make the six billion paper straws per annum needed by FMCG companies

BOPP films

In Q4FY21, Uflex's consolidated Ebitda jumped 87 per cent YoY to Rs 516.4 crore while margins improved to 20.1 per cent from 15.6 per cent in Q4FY20

Image Courtesy: Mold-tek Packaging

Jindal Polyfilms has hit a new high, surging 10 per cent at Rs 941 on the BSE in the intra-day trade. The stock has zoomed 91 per cent in the past 10 trading days of the March

Bonds, Stock markets, Shares, Trading

Midcaps are likely to continue their outperformance for the coming days

stock market, share market, stocks

Due to the Covid-19 pandemic, flexible packaging has gained much more importance, the company said

growth, profit, loss, revenue, share, value, stock, economy, returns, investment

Packaging materials and solution company Uflex Ltd on Tuesday reported over two-fold jump in its consolidated net profit at Rs 196.54 crore

UFLEX

UFlex is participating in the tender of various government requirements to supply the PPE Coveralls

Uflex's 9.5 micron specialty AlOx polyester film Flexaloxprotect F-PGX

Shares of Uflex rose as much as 6.8 per cent to Rs 297 apiece on BSE in the intra-day trade on Tuesday, after the company announced that FlexFilms has been granted US patent for film packaging.

With the patent period for flexible liquid packaging ending, Indian packaging major Uflex Limited has commissioned its first liquid packaging facility at Sanand for an investment of Rs 5.8 billion. With an annual production capacity of seven billion packs from Sanand, Uflex has begun talks with major soft drink, juice and other FMCG players for supply. Already, Delhi-based Bankey Bihari Foods' Fresca brand of juices have already begun using the holographic packaging from this month.Apparently, leading global packaging player Tetra Pak held the patent which expired recently, paving way for Uflex to foray into the same. "We already package powder, semi-liquid (viscous), solids, semi-solids but not liquids so far. With Sanand, we have ventured into flexible liquid packaging. We waited for patent period to get over and this was the right time to enter. However, we have also brought in innovation in form of Asepto Holographic Packaging," said Ashwani Kumar Sharma, President & CEO, New .

Shares of Uflex were trading at Rs 269.25 on BSE in morning trade, down 1.21%

Stocks to watch on Thursday, September 28 2023: Telecom stocks too may see some action after Trai data for July showed considerable new subscriber additions for Jio and Airtel; and loss of market shar

BSE, stock market, sensex

Closing Bell on September 28, 2023: 
Tech M, which sank 4 per cent, was the top laggard on the benchmarks after Morgan Stanley downgraded the stock to 'underweight'

bulls, bears, markets, sensex

Vedanta Ltd.'s parent, Vedanta Resources, will remain the holding company, the people said. Deliberations are ongoing and no final decisions on the structure or timing of the de-merger have been made

Vedanta refinery

As markets anticipate inclusion of the debt in other indexes, including the Bloomberg Global Aggregate, the flows could rise to $50 billion by the end of next year

ICICI Bank

RBI says widening due to higher trade deficit, lower surplus in net services and decline in private transfer receipts

current account deficit

Here is the best of Business Standard's opinion pieces for today

Trade talks

According to Ravi Nathani, an independent technical analyst, one should adopt a 'Buy on Dips' strategy for Nifty Private Bank index, while a 'Sell on Rise' strategy in case of the PSU Bank index.

markets, stocks, stock call, buy, sell, trading ideas, buy sell ideas

Former bureaucrat Amit Khare was on Monday given extension as advisor to Prime Minister Narendra Modi, a Personnel Ministry order said.
He was appointed to the post for two years in October 2021.
Khare, a 1985-batch (retired) Indian Administrative Service (IAS) officer of the Jharkhand cadre, had superannuated on September 30, 2021. He last served as the higher education secretary.
The Appointments Committee of the Cabinet (ACC) has approved the extension in Khare's tenure, on contract basis on the usual terms and conditions as are applicable in the case of re-employed officers of secretary-level in the government of India, beyond October 12, 2023 for a period "co-terminus with the term of Prime Minister", the order said.
In another order, the ACC has approved the extension in tenure of Rajesh S Gokhale as secretary, Department of Biotechnology, for a period of two years -- with effect from November 1, 2023.

Amit Khare

NGOs registered under the Foreign Contribution Regulations Act (FCRA) will now have to provide details of moveable and immovable assets created by them using foreign funds.
The need for mandatory declaration of assets by the NGOs by the end of every financial year (March 31) came after the Ministry of Home Affairs (MHA) on Monday issued a gazette notification modifying the rules that govern the NGOs which receive foreign funding.
According to the law, all NGOs receiving foreign contributions have to be registered under the FCRA.
The MHA made the changes in the Foreign Contribution Regulation Rules, 2010, by inserting two clauses -- (ba) details of movable assets created out of foreign contribution (as on March 31 of financial year) and (bb) details of immovable assets created out of foreign contribution (as on March 31 of financial year) -- in Form FC-4.
Form FC-4 is filled by NGOs and associations granted FCRA licences for filing their annual returns.
The MHA also decided to exte

Foreign funds

The Biden administration announced Monday that it is offering a $2 billion loan to Poland, which has been a hub for weapons going into Ukraine, to support the ally's defense modernisation.
The State Department said in a statement that Poland is a stalwart ally of the U.S. whose security is vital to the collective defense of NATO 's eastern flank, and that such funding is reserved for Washington's most important security partners.
The U.S. government is also providing Warsaw up to $60 million for the cost of the loan in Foreign Military Financing (FMF) which would support urgent procurements of defense articles and services from the United States, the State Department said. The $60 million is a loan subsidy meant to ensure that Warsaw can secure favourable terms for the loan.
Poland has been a staunch supporter of Ukraine since Russia's full-scale invasion of the country, handing over large numbers of its own tanks, fighter jets and other equipment. It has also been a hub for most of

poland flag

International credit agency Moody's Investors Service has made sweeping assertions against Aadhaar without citing any evidence, the Unique Identification Authority of India (UIDAI) said on Monday.
The UIDAI issued a strong rebuttal to Moody's Investors Service which claimed that the Aadhaar system often results in service denials and the reliability of biometric technologies, especially for manual labourers, in hot and humid climates is questionable.
"A certain investor service has, without citing any evidence or basis, made sweeping assertions against Aadhaar, the most trusted digital ID in the world. Over the last decade, over a billion Indians have expressed their trust in Aadhaar by using it to authenticate themselves over 100 billion times," the UIDAI said in a statement.
The unique id Aadhaar's custodian said that the report in question does not cite either primary or secondary data or research in support of the opinions presented in it.
"The investor service did not make any

Adhaar, UIDAI

Is inflation hurting FMCG companies' pockets? Can Indian e-gaming survive the tax demand? Is it time to book profit in real estate stocks? Why has the Cauvery dispute flared up again? Answers here

A (then) pan-masala chomping man notorious for putting down management theories, strategic thinking, and all the stuff that agencies thought was going to save them

Piyush Pandey

Tata Steel on Thursday said it has signed an agreement with Indian Oil Corporation Limited and its business associate to further reduce carbon footprint at its Ferro Alloys plant.
The agreement encompasses LPG supply, installation of LPG facilities, and the operation and maintenance of the same at the company's Ferro Alloys Plants in Gopalpur of Ganjam and Athagarh of Cuttack districts in Odisha, the steel major said in a statement.
Tata Steel has decided to transition from Furnace Oil and High-Speed Diesel to a more sustainable fuel option - Liquified Petroleum Gas (LPG) in response to the pressing environmental concerns and the global imperative to reduce carbon emissions.
This eco-friendly move is expected to bring about a considerable reduction in carbon emissions, it said.
Tata Steel's Ferro Alloys and Minerals Division Executive-In-Charge Pankaj Satija said, "The agreement, which is a part of our sustainability initiatives, will help us in reducing the carbon footprint at our

tata steelwork, tata, tata group

Normal life is likely to be affected, especially in the southern part of the state, with pro-Kannada and farmers' organisations calling for Karnataka Bandh' on Friday to protest the release of Cauvery water to Tamil Nadu.
Kannada Okkuta', an umbrella organisation for Kannada outfits including factions of Karnataka Rakshana Vedike, Kannada Chalavali (Vatal Paksha) and various farmers' bodies have given a call for the statewide dawn-to-dusk shutdown.
There will be a massive protest procession from Town Hall to Freedom Park in the city, in which people from all walks of life are likely to participate, the organisers said.
They have said that the bandh is for the entire Karnataka and that they will try to shut highways, toll gates, rail services, and also airports.
The opposition BJP and JD(S) too have extended their support to the bandh, as also hotels, autorickshaws and hail riders associations in Karnataka.
"Autorickshaw Drivers' Union and Ola Uber Drivers and Owners' Association .

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India's top 75 brands have a combined brand value of $379 billion, a decline of 4 per cent from 2022

Indian Army's Regiment of Artillery is looking to use the expertise of Indian Industry to produce 155 mm/52 calibre Towed Gun System

Uflex

HDFC Bank, Adani Ent, IEX among 6 stocks to cross 200-DMA in last 2 days

HDFC Bank, Uflex among 5 oversold stocks you should avoid accumulating

Uflex Q4 profit falls to Rs 83 lakh, revenue down 14% to Rs 3,320 cr

Income Tax dept concludes raids at premises of Uflex after 6 days

Uflex down 25% in 1 wk on tax raid report, hits lowest level since May 2021

I-T raids over 70 locations of Uflex company, Rs 1.50 cr in cash recovered

I-T depatment searches packaging major Uflex premises across country

Uflex drops 4%, hits 52-wk low on report of Income-Tax raid at Noida office

A straw in the wind from packaging company UFlex set to benefit FMCGs

Uflex zooms 19%, hits record high on robust March quarter results

Packaging stocks hit new highs; Jindal Polyfilms, Uflex surge up to 10%

Nifty needs to close below 12,790 to negate bullish set-up: HDFC Securities

UFlex jumps 9%, scales fresh 52-week high as Q1 profit grows two-fold

Uflex net profit jumps over two-fold to Rs 196.54 crore in June quarter

UFlex partners with IIT Delhi to develop PPE Coverall; stock surges 17%

Uflex rises 7% as global arm FlexFilms gets US patent for film packaging

Uflex forays into flexible liquid packaging with Rs 5.8-bn Sanand plant

Uflex Q3 net down 6.9 per cent at Rs 74 crore