India’s manufacturing PMI falls to 3-month low
Factory activity in India fell to its lowest in three months (in November), which reflects a slower increase in sales and production. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) has declined from 58.9 in October to 56.3 in November. PMI is a month-on-month calculation, and a value of more than 50 represents an expansion when compared to the previous month.
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Dr. Reddy’s and RDIF begin clinical trials for Sputnik-V vaccine in India
Dr. Reddy’s Laboratories and the Russian Direct Investment Fund (RDIF) has commenced Phase 2/3 clinical trials for the Sputnik-V vaccine in India. The clinical trials are being conducted by JSS Medical Research. Dr. Reddy’s plans to administer the vaccine to 100 volunteers in phase 2 and 1,400 volunteers for the last stage. The company also expects the clinical trials to be completed by March.
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Auto companies report strong sales performance
The sales data of major auto companies for the month of November was released today. Hero MotoCorp reported a 14% YoY growth in overall sales and had sold 5.91 lakh units in November. Tata Motors posted a 26% YoY rise in domestic sales. TVS Motor witnessed an overall sales growth of 21% YoY at 3.2 lakh units. The farm equipment sales of Mahindra & Mahindra jumped 56% YoY in November.
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Bajaj Auto, Pierer Industrie AG start preliminary talks on stake transfer
Bajaj Auto Ltd has started a preliminary discussion with its Australian partner, Pierer Industrie AG, for simplifying their shareholding pattern in KTM. At present, Pierer Mobility AG (PMAG) and Bajaj Auto’s subsidiary (Bajaj Auto International Holdings BV) hold 51.7% and 48%, respectively, in KTM AG. Pierer Industrie is the parent company of PMAG and holds 60% in the company.
As part of the proposed transaction, Bajaj Auto will swap its 48% stake in KTM AG for a stake in PMAG. Then, both Pierer Industrie and Bajaj will move their stakes in PMAG to a new holding company.
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Divis Labs to start construction of Unit-III facility in Andhra Pradesh on Dec 7
Divis Laboratories stated that the construction of its Unit-III facility in Kona Forest, near Kakinada in Andhra Pradesh, will commence on December 7. The company will invest Rs 1,500 crore in a phased manner for the implementation of its Unit-III facility. The operations are likely to commence within 12-18 months for the first phase of the project.
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TVS Motor acquires Intellicar Telematics for Rs 15 crore
TVS Motor Company Ltd has acquired Bengaluru-based Intellicar Telematics Pvt Ltd for Rs 15 crore. Intellicar provides advanced fleet management solutions through its integrated platform. It also has strong analytics and data management capabilities. This move will help TVS Motor to accelerate its ongoing digital initiatives for delivering enhanced customer experience.
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Mindtree partners with Databricks to offer cloud-based data intelligence
Mindtree Ltd has partnered with US-based Databricks, a data and AI company, to help customers implement cloud-based data platforms for advanced analytics. The partnership will help organizations to accelerate their digital adoption journey and drive far-reaching business impact for customers. It will enable the seamless implementation of self-service analytics to improve data-driven decision making.
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LTI selects Temenos to launch digital banking platform in the Nordic market
Larsen & Toubro Infotech (LTI) has partnered with Temenos to launch a digital banking platform in the Nordic region. The Nordic region consists of countries such as Denmark, Finland, Iceland, Norway, etc. The platform will help to modernize core banking systems and help financial institutions to reduce costs. Temenos India Pvt Ltd is a leading banking software company based in Bengaluru.
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PNC Infratech wins EPC project in Andhra Pradesh
PNC Infratech Ltd has received a letter of acceptance (LoA) from the Andhra Pradesh Water Resources Department for an engineering, procurement, and construction (EPC) project. The cost of the project is Rs 1,000 crore. The order is for the upgradation of a canal system from Pothireddypadu Head Regulator and BCR Complex in Andhra Pradesh.
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Sequent Scientific launches veterinary medicine in 19 European countries
Sequent Scientific Ltd announced the launch of veterinary medicine (Halofusol) in 19 European countries. The product had recently received approval from the European Medicines Agency (EMA), through its Spanish subsidiary- Laboratorios Karizoo, S A. The company has also stated plans to extend the launch to other geographies.
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