India’s GDP grows 0.4% in Q3; economy out of technical recession
India’s real gross domestic product or Real GDP grew 0.4% in the October-December quarter (Q3). The economy is now out of a technical recession after two consecutive quarters of contraction. The GDP growth, along with indicators such as higher GST collections and strong Purchasing Managers’ Index (PMI) figures, shows that India is on its path towards recovery.
The GDP had contracted by 7.5% in the July-September quarter (Q2) and 23.9% in the April-June quarter (Q1) due to the strict nationwide lockdown amidst the Covid-19 pandemic. The government data estimates that Real GDP will contract by 8% in the current financial year (FY 2020-21).
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Govt has a clear vision for India’s financial sector: PM Modi
Prime Minister Narendra Modi on Friday stressed on increasing credit flow to new entrepreneurs and businesses to meet the needs of India’s recovering economy. He said that financial products will need to be tailor-made for fintech and startups. PM Modi reaffirmed the Centre’s stance on strengthening the public sector through capital infusion. He further stated that the government is taking steps to make the financial services sector vibrant, proactive, and strong.
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Dilip Buildcon declared lowest bidder for projects worth Rs 2,241 crore
Dilip Buildcon has been declared as the lowest (L1) bidder for two Hyber Annuity Mode (HAM) projects worth Rs 2,241 crore. The project involves four-laning of the Viluppuram-Puducherry section of NH 45A (New NH 332) and Puducherry-Poondiyankuppam section of NH 45A. The tenders were floated by the National Highways Authority of India (NHAI) under Phase-1 of the Bharatmala Pariyojana project.
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Indian Oil Corp to invest Rs 32,946 crore to expand capacity of Panipat Refinery
Indian Oil Corporation Ltd (IOCL) announced that its board has approved an investment of Rs 32,946 crore to expand the capacity of its Panipat Refinery. The capital infusion is expected to increase the refinery’s capacity from 15 million metric tonnes per annum (MMTPA) to 25 MMTPA. IOCL stated that the capacity expansion would improve the operational flexibility of the refinery to meet the domestic energy demand.
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Board of Zensar Tech approves divestment of 100% stake in Aquila
The Board of Zensar Technologies Ltd has approved and authorised Zensar Technologies Inc. (a wholly-owned material subsidiary) to divest its 100% stake in Aquila Technology Corp. US-based Aquila provides information technology and consultancy services to the United States Government and its contractors.
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Nava Bharat Ventures’ board approves Rs 150 crore share buyback plan
Nava Bharat Ventures Ltd said its Board of Directors has approved a proposal to buyback equity shares worth up to Rs 150 crore. The company will buyback 1.5 crore shares at Rs 100 per share. This represents 9.18% of the total number of equity shares of the company. Nava Bharat Ventures is engaged in metals manufacturing, power, mining, and healthcare businesses primarily in India, China, Japan, and Zambia.
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Natco Pharma launches epilepsy treatment drug in India
Natco Pharma Ltd has announced the launch of Brivaracetam tablets under the brand ‘BRECITA’ in India. The tablets are indicated for the treatment of epilepsy. BRECITA tablets will be available in two strengths of 50mg and 100mg at significantly lower MRP prices of Rs 25 and Rs 35 per tablet, respectively.
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ABB Power Products Q4 Results: Net profit rises 55% YoY to Rs 55 crore
ABB Power Products and Systems India reported a 54.9% YoY increase in net profit to Rs 54.96 crore for the fourth quarter ended December (Q4 CY20). The company follows the January-December financial year cycle. Its revenue from operations declined 6.9% YoY to Rs 1,043.7 crore during the same period. ABB Power Products has declared an interim dividend of Rs 2 per share.
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Commercial operation at NTPC’s Gadarwara STPS unit to begin from March 1
NTPC Limited said Unit-2 of its 800 megawatt (MW) capacity of Gadarwara Super Thermal Power Station (STPS) will begin commercial operation from March 1. The project is located in the Narsinghpur district of Madhya Pradesh. With this, the commercial capacity of NTPC and NTPC Group will become 52,115 MW and 64,880 MW, respectively.
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