India’s GDP likely to grow at 18.5% in April-June quarter: SBI Report
India’s gross domestic product (GDP) is expected to grow at 18.5% in the April-June quarter (Q1 FY22) due to a low base effect, said SBI in its Ecowrap research report. However, this projection is lower than the 21.4% growth projected by the Reserve Bank of India (RBI). The report further states that corporate results announced so far indicate that there is a substantial recovery in corporate gross value added (GVA) EBIDTA in Q1 FY22.
State Bank of India has developed the ‘Nowcasting Model’ with 41 high-frequency indicators associated with industrial activity, service activity, and the global economy.
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SC grants relief to Bharti Airtel in Videocon AGR dues case
The Supreme Court has granted relief to Bharti Airtel by restraining the Department of Telecommunications (DoT) from encashing the telecom company’s bank guarantees worth Rs 1,376 crores for 3 weeks for non-payment of Adjusted Gross Revenue (AGR) dues owed by bankrupt Videocon. Further, Bharti Airtel was allowed to move the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) to seek protection from payment of Videocon AGR dues.
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Wipro to hire 400 people for new delivery centre in Arkansas
Wipro Ltd announced that it will open a new delivery centre in Sherwood, Arkansas (US). The IT major expects to hire up to 400 employees for the centre in the next two years. The company will invest approximately $3 million (~Rs 22.2 crore) to transform a 70,000 square-foot facility at Landers Road into a customer service centre. The delivery centre will provide operational services to Wipro’s clients across industry verticals.
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Power Finance Corp signs MoU with NHPC to lend funds for development of hydro projects
Power Finance Corporation Ltd (PFC) has signed a Memorandum of Understanding (MoU) with NHPC Ltd to lend funds for the development of hydro projects by NHPC. PFC will also provide financial assistance for the acquisition of stressed projects. The signing of the MoU will further boost the long-standing association between the two companies and facilitate knowledge and technology transfer. The partnership will also work towards contributing to India’s sustainable development initiatives.
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Bajaj Finserv gets SEBI approval for mutual fund business
The Securities and Exchange Board of India (SEBI) has given its in-principal approval to Bajaj Finserv Ltd for sponsoring a mutual fund. The company would also be setting an Asset Management Company (AMC). According to reports, Bajaj Finserv plans to offer all financial services and deliver seamlessly through an app-based platform. Bajaj Finserv is the holding company for the businesses dealing with financial services of the Bajaj Group.
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Tata Steel signs MoU with Mitsui OSK Lines to develop eco-friendly shipping line
Tata Steel has signed a Memorandum of Understanding (MoU) with Mitsui OSK Lines (MOL) to develop and deploy environment-friendly shipping solutions. Japan-based Mitsui OSK Lines is a global marine transport group. The objective of the agreement is to reduce greenhouse gas emissions in the ocean transportation of raw materials for the production of steel. This move is in line with Tata Steel’s larger sustainability objective and efforts to reduce greenhouse gas emissions in the supply chain.
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Tata Power’s arm commissions 150 MW solar project in Rajasthan
Tata Power Renewable Energy Ltd (TPREL) has commissioned a 150 megawatt (MW) solar power project in Loharki, Rajasthan. The project is expected to generate more than 350 million units (MUs) of power annually and is spread across 756 acres of land. TPREL is a wholly-owned subsidiary of Tata Power. With the commissioning of this project, the total renewables installed capacity of Tata Power will be 2,947 MW.
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Infosys signs three-year contract with UCAS
Infosys Ltd has signed a new minimum three-year contract with UCAS, the admissions service for UK higher education. As part of the new agreement, Infosys will provide a wide range of digital services that will enable UCAS to further develop the capabilities that connect learners to universities, awarding bodies, schools, and other organizations. UCAS and Infosys have been engaged in a technology partnership since 2015.
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ABB India expands capacity for LV motors in Faridabad plant
ABB India has expanded manufacturing capacity for Low Voltage (LV) motors at its Faridabad facility in Haryana, powered by renewable energy. The expansion will increase the company’s plant capacity by more than 20% and will further strengthen its presence in the region and global markets. The new line will develop energy-efficient motors up to 55 kilowatts (kW) for customers operating in different industrial segments such as water & wastewater, cement, metals and mining, etc.
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Reliance plans to unveil super app adding Just Dial offerings: Report
According to a report from ET, Reliance Industries Ltd (RIL) is planning to create a super app by integrating the offerings of local search engine Just Dial, as it aims to become the number one player in the e-commerce space. The one-stop super app is likely to be a marketplace of services and offerings, delivered via in-house technology and through third-party integrations. Last month, Reliance Retail Ventures Ltd (RRVL) acquired a majority stake in JustDial for Rs 3,497 crore. You can read more about it here.
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