Coal India’s output grows 4% to 64 MT in February
Coal India Ltd (CIL) produced 64.3 million tonnes (MT) of coal in February 2022, registering a growth of 4% YoY. On a month-on-month basis, CIL’s average production increased to 2.3 MT per day in Feb. The company’s production at 542.4 MT during the April-February period of FY22 was a historic high for this period. CIL expects to post the highest ever production by the end of the current financial year (FY22).
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Auto sales data for February 2022: Highlights
Maruti Suzuki India posted a 6.26% month-on-month (MoM) decline in total sales to 1,64,056 units in February 2022. Sales of its compact vehicle segment rose 8.19% MoM to 97,486 units. Exports increased by 34% MoM to 24,021 units.
Tata Motors Ltd registered a 1.95% MoM decline in passenger vehicle sales to 39,981 units in Feb. The automaker’s commercial vehicle sales rose 6.5% MoM to 37,522 units. Overall domestic sales rose 1.91% MoM to 73,875 units.
Mahindra & Mahindra’s auto segment posted total sales of 54,455 units in Feb, an increase of 16.34% over January. M&M’s farm equipment segment posted a 9.8% fall in sales to 20,437 units.
Escorts posted a 7.13% MoM growth in tractor sales to 6,114 units in February.
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BPCL to invest Rs 4,000 crore for gas distribution project in Aurangabad, Ahmednagar
Bharat Petroleum Corporation Ltd (BPCL) has launched a gas distribution network in the Aurangabad and Ahmednagar districts of Maharashtra. The company will invest Rs 4,000 crore for the completion of the project. BPCL plans to connect 3 lakh customers in the first phase and seven lakh in the next five years.
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Lupin launches generic drug in US market
Lupin Ltd has launched Sevelamer Hydrochloride tablets (800 mg) in the US market. The drug is used to treat hyperphosphatemia in patients with chronic kidney disease. The medication will be manufactured at the pharma company’s facility in Nagpur. As per IQVIA December 2021 data, Sevelamer Hydrochloride tablets had estimated annual sales of $75 million (~Rs 567.6 crore).
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Adani Group to acquire minority stake in Quintillion Business Media
Adani Media Ventures, a wholly-owned subsidiary of Adani Group, has entered into a binding term sheet with Quint Digital Media Ltd. The Adani Group will acquire a minority stake in local Quintillion Business Media Pvt Ltd (QBM), an indirect subsidiary of Quint Digital. The proposed transaction is only for QBM, a local digital business news platform. Adani will not acquire a stake in other digital media/tech properties owned by Quint Digital such as The Quint, thenewsminute, and Youthkiawaaz.
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Mumbai Court temporarily stops Future Enterprises from selling stake in insurance JV
The City Civil Court in Mumbai has temporarily restrained Future Enterprises Ltd from selling its stake in Future Generali India Insurance Co. Ltd to its joint venture partner Generali Group until further orders. The court was hearing a plea filed by IDBI Trusteeship Services Ltd (on behalf of its bondholders) for an injunction against Future Group. Debt-laden Future Group is facing trouble on multiple fronts. Recently, Reliance Industries seized control of over 300 large-format stores and shuttered them for alleged non-payment of rents.
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Parag Milk Foods hikes milk prices by Rs 2 per litre
Parag Milk Foods Ltd has raised the price of its Gowardhan brand of cow milk by Rs 2 per liter due to rising input costs. On Monday, Gujarat Cooperative Milk Marketing Federation (GCMMF) announced a hike in milk prices by Rs 2 per litre from March 1. GCMMF markets milk and milk products under the Amul brand. The rise in energy, packaging, and logistics costs has led to an increase in the overall cost of operation and milk production.
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Reliance Retail acquires majority stake in Abraham & Thakore
Reliance Retail Ventures Ltd (RRVL) has invested in Abraham & Thakore Exports Pvt Ltd (A&T) for a majority stake. RRVL will leverage Reliance Brands Ltd’s deep understanding of the affluent Indian customer and their influence across digital, retail operations, marketing, and supply chain platforms to build A&T’s global appeal in the fashion and lifestyle category.
Inox Leisure commences operations of multiplex in S Mall, Tumakuru
Inox Leisure Ltd has commenced commercial operations of a multiplex cinema theater at S Mall, Tumakuru in Karnataka. The multiplex has five screens and 1,069 seats. INOX is now present in 72 cities with 160 multiplexes, 675 screens, and a total seating capacity of 1.52 lakh across India.
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HCL Tech launches two new 5G applications
HCL Technologies Ltd has launched two new 5G applications to help mobile network operators optimize their customer experience. It will also help reduce energy consumption across their 4G and 5G infrastructure. The HCL ANA Platform is HCL’s next-generation network optimization solution that enables mobile operators to effectively manage their 5G and 4G services. HCL’s QoE application allows mobile network operators to provide seamless, fast, and reliable 5G services using artificial intelligence (AI).
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Tata Steel arm to acquire bio-ceramics firm Ceramat
Tata Steel Advanced Materials (TSMAL) has executed a share purchase cum shareholders’ agreement to acquire a 90% equity stake in Ceramat Pvt Ltd (CPL). TSMAL, a subsidiary of Tata Steel Ltd, will acquire 90% of the equity shares of CPL for Rs 90,000. The deal is expected to close in 60 days. CPL, a healthcare-focused ceramics company, is yet to commence production.
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Adani Green Energy’s unit gets LoA to set up 150 MW solar power project
Adani Renewable Energy Holding Fifteen Ltd (AREHFL) has received a letter of award (LOA) to set up a 150 megawatt (MW) solar power project. The fixed tariff for this project capacity is Rs 2.34 per kilowatt-hour (kWh) for a period of 25 years. With this project, Adani Green Energy Ltd has a total renewable energy project portfolio of 20.434 MWac.
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