India’s GDP contraction slows to -7.5% in Q2
India’s real gross domestic product or Real GDP fell to 7.5% in the July-September quarter (Q2). During the April-June quarter (Q1), India’s Real GDP had contracted 23.9%. With the economy shrinking for two consecutive quarters, the country has officially entered into a technical recession. This is India’s first technical recession since the government started reporting quarterly GDP data in 1996.
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Burger King India releases details regarding IPO
Burger King India is all set to launch its initial public offering (IPO) on December 2. The price band for the IPO has been set at Rs 59-60 per share. The quick-service restaurant chain aims to raise Rs 810 crore through the issue. This comprises a fresh issue of shares worth Rs 450 crore, and an offer for sale of up to 6 crore shares by its promoter QSR Asia Pte Ltd worth Rs 360 crore.
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Oil regulator PNGRB simplifies gas pipeline tariff
The Petroleum and Natural Gas Regulatory Board (PNGRB) has simplified India’s gas pipeline tariff structure. It has notified regulations for a ‘unified’ tariff structure for over a dozen pipelines that form the National Gas Grid. This will lead to a 20-30% rise in transportation charges paid by users near the source. The new structure will also help to attract investment for building gas infrastructure in India.
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Hetero ties up with RDIF to manufacture Sputnik-V vaccines in India
Pharma firm Hetero has partnered with the Russian Direct Investment Fund (RDIF) to produce over 100 million doses of the Sputnik-V vaccine in India. The vaccine will be manufactured by the company’s biologics arm Hetero Biopharma, in Hyderabad. The production will commence in the first quarter of 2021.
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Tata Power raises Rs 1,000 crore via debentures
Tata Power Limited said it has raised Rs 1,000 crore through the issue of non-convertible debentures (NCDs). The company raised the amount through the issuance of 10,000 unsecured, redeemable, taxable, listed, rated NCDs on a private placement basis. The date of maturity is 27 November 2023. The debentures would be listed on the Wholesale Debt Market segment of BSE.
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Vodafone Idea partners with edtech, healthcare firms to offer benefits to customers
Vodafone Idea (Vi) has teamed up with multiple partners in the learning and upskilling, health & wellness space, to provide exclusive benefits to its customers. The telecom company has entered into deals with firms such as upGrad, Udemy, Pedagogy, cure.fit, 1mg, and much more. The company stated that this initiative will enable individuals and enterprises to get a range of benefits and value-adds.
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Hitachi ABB Power Grids partners with Ashok Leyland in e-bus pilot at IIT Madras
Hitachi ABB Power Grids in India, Ashok Leyland, and IIT Madras have announced a partnership for an e-mobility pilot. The tripartite partnership will run an electric bus pilot to support sustainable in-campus commuting by the students and staff of IIT-Madras. The e-bus will be provided by Ashok Leyland. It will incorporate Hitachi ABB Power Grid’s innovative flash-charging technology.
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Garware Technical Fibres’ board approves share buyback
The Board of Directors of Garware Technical Fibres Ltd has approved the company’s share buyback proposal. The company will buyback up to 3.17 lakh shares at Rs 2,300 per share. The company has fixed 11 December 2020 as the record date for the purpose of buyback.
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ABB India launches new series of high-output motors
ABB India Ltd has launched a new range of high-output motors for its industrial customers in India. The new range of low voltage induction motors are compactly designed and minimizes space and total cost of ownership. This launch will strengthen ABB’s presence in segments such as metals, cement, water & wastewater, etc.
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BHEL manufactures India’s highest-rated auto transformer
Bharat Heavy Electricals Ltd has successfully manufactured and tested India’s highest-rated auto transformer. The testing took place at the National High Power Test Laboratory (NHPTL) in Bina, Madhya Pradesh. The high rating transformers would play a crucial role in bulk power transmission to load centres and bigger cities.
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