JSW Steel output rises 21% YoY to 1.58 MT in Feb
JSW Steel Ltd registered a 21% year-on-year (YoY) increase in crude steel production to 1.58 million tonnes (MT) for February 2022. The JSW Group firm’s steel output stood at 1.31 MT in February 2021. The company’s production of flat-rolled products rose 25% to 1.15 MT.
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Norway wealth fund puts Adani Ports on watch list
Norway’s $1.3-trillion wealth fund has put Adani Ports under observation for possible exclusion from its investments due to the company’s involvement in building a port terminal in military-ruled Myanmar. The fund, which invests the state’s revenues from oil and gas production for future generations, follows an ethical mandate set by the country’s parliament.
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Ramkrishna Forgings partners with US-based axle manufacturer
Ramkrishna Forgings Ltd has announced a partnership with a leading American axle manufacturer for the light vehicle segment. The deal consists of manufacturing products to be used for rear-wheel axle applications over the next five years. The order win will give the company an estimated business of Rs 70 crore.
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RBI launches instant payment system “UPI 123PAY”
Reserve Bank of India (RBI) Governor Shaktikanta Das has launched an instant payment system “UPI 123PAY” for feature phone users. The new Unified Payments Interface (UPI) will allow India’s 40 crore feature phone users to access the payment service in a more secure manner. The RBI chief also launched a 24×7 helpline for digital payments – DigiSaathi.
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NMDC hikes prices of iron ore lumps and fines by Rs 400 per tonne
NMDC Ltd has hiked the prices of lump ore and fines by Rs 400 per tonne each with immediate effect. This is the second upward price revision within the last two weeks. The iron ore miner has fixed the prices of lump ore at Rs 6,000 per tonne and that of fines at Rs 4,960 a tonne. NMDC has set an ambitious target of producing 100 MT of iron ore by 2030.
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Alembic Pharma gets final approval for anti fungal drug
Aleor Dermaceuticals Ltd (ADL) has received final approval from US Food & Drug Administration (USFDA) for nystatin and triamcinolone acetonide ointment. The drug can be used to treat cutaneous candidiasis (a skin infection caused by Candida fungi). As per IQVIA December 2021 data, the ointment has an annual estimated market size of $4 million. ADL is a joint venture firm of Alembic Pharmaceuticals.
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Zydus gets DCGI nod for oral drug to treat anemia in CKD patients
Zydus Lifesciences has received approval for its new drug application (NDA) from the Drug Controller General of India (DCGI) for OxemiaTM (Desidustat). It is a first-of-its-kind oral treatment in India for anemia associated with chronic kidney diseases (CKD). CKD is a serious progressive medical condition characterised by a gradual loss of kidney function.
ISGEC secures order for cement waste heat recovery boilers
ISGEC Heavy Engineering Ltd has received an order from Shree Cement for Cement Waste Heat Recovery Boilers for their 3.8 MTPA clinker capacity at its plant in Rajasthan. The scope of work includes designing, manufacturing, and supplying PH boilers in the pre-heater exhaust and AQC boilers in the cooler exhaust.
Adani-IOCL sign pact to augment crude volumes
Adani Ports and Special Economic Zone Ltd (APSEZ) has signed an agreement with Indian Oil Corp Ltd (IOCL) to augment IOCL’s crude oil volumes at the Mundra port. The state-run oil refiner will expand its existing crude oil tank farm at APSEZ’s Mundra Port. This will enable it to handle and blend an additional 10 million metric tonnes of crude oil per annum at Mundra.
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