RBI grants scheduled bank status to Paytm Payments Bank
Paytm Payments Bank Ltd (PPBL), a group company of Paytm, has received the Reserve Bank of India’s approval to function as a scheduled payments bank. This will help PPBL expand its business opportunities. As a scheduled payments bank, PPBL can participate in Request for Proposals (RFP) advertised by the government and large corporations, primary auctions, fixed-rate and variable rate repos, and reverse repos. It will also be eligible to be a partner in government-run financial inclusion schemes.
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Adani Ports removes export-import ban from Afghanistan, Pakistan, and Iran
Adani Ports & Special Economic Zone Ltd has withdrawn its decision to stop handling export-import (EXIM) containerised cargo originating from Iran, Afghanistan, and Pakistan at its ports. The company had imposed a ban on containerised cargo from the three countries after 3,000 kilograms of heroin were seized from two containers at the port. The ban was removed after consultations with terminal and vessel operators, customs broker associations, and importers who had agreed to adhere to security compliance.
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Airtel, Invest India launch innovation challenge for startups to develop solutions in 5G, IoT
Bharti Airtel Ltd and Invest India has launched the ‘Airtel India Startup Innovation Challenge’ for early-stage technology companies. The startups will be required to develop differentiated solutions in 5G such as business-to-business (B2B) and business-to-consumer (B2C) use cases and applications, innovative Internet of Things (IoT) solutions for enterprises. Invest India is the National Investment Promotion and Facilitation agency of the Indian government.
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TVS Motor partners with Grupo Q for strengthening its presence in Central America
TVS Motor Company Ltd has partnered with Grupo Q for distribution in the Nicaragua and Costa Rica markets to further expand its business in Central America. Active Motors SA (a subsidiary of Grupo Q) will support TVS Motor with dedicated sales, service, spares, and customer relationship management (CRM). As a part of the partnership, Active SA Motors will facilitate the opening of three flagship outlets and about 50 dealerships for TVS Motor in a phase-wise manner across Nicaragua and Costa Rica.
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Dr. Reddy’s Labs launches drug to treat high blood pressure, heart failure in US market
Dr. Reddy’s Laboratories Ltd has launched Valsartan tablets in the US market. The drug is used for the treatment of high blood pressure and heart failure. As per IQVIA data, the generic version of Valsartan had US sales of approx. $150 million (~Rs 1,130 crore) for the 12 months ended October 2021.
In other news, Dr. Reddy’s Labs partnered with Prestige BioPharma for exclusive rights to supply and commercialise the Singapore firm’s proposed trastuzumab biosimilar in select Latin America and Southeast Asian countries. The biosimilar can be prescribed for the treatment of HER2-positive breast cancer and metastatic gastric cancer.
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Shyam Metalics to increase iron manufacturing capacity by 20%
Shyam Metalics and Energy Ltd (SMEL) has announced a capacity expansion as outlined in its capital expenditure (capex) plans for the financial year 2021-22. The total installed capacity for sponge iron products will increase by 20%, from 1.39 million tons per annum (MTPA) to 1.67 MTPA. SMEL is a leading integrated metal producing company, which focuses on long steel products and ferro alloys.
Asian Paints refutes InGovern’s claims on related-party transactions
Asian Paints Ltd has refuted all allegations made by InGovern on related-party transactions. Corporate governance advisory firm InGovern had claimed that Paladin Paints, controlled by Asian Paints’ promoter directors, formed 7% of the value of goods purchased from promoter-led entities. The paint major stated that the reports released by InGovern are based on incorrect facts and premises.
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Bajaj Electricals board approves review of corporate structure
The Board of Directors of Bajaj Electricals has approved a review of its corporate structure, including a move to hive off its power transmission and power distribution business verticals as an independent entity. The company would explore a full range of options and alternatives, including demerger and strategic partnerships. The objective of this move is to streamline the business structure to enhance market positions and deliver long-term growth.
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UBL challenges Rs 752 crore CCI penalty before NCLAT
United Breweries Ltd (UBL) has approached the National Company Law Appellate Tribunal (NCLAT) against the Rs 751.8 crore penalty imposed on the company by the Competition Commission of India (CCI). The fair trade regulator has imposed a fine for alleged cartelization in the sale and supply of beer.
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Equity mutual funds see inflows for ninth straight month: AMFI
Inflows into equity mutual funds jumped to the highest level in four months. As per data released by the Association of Mutual Funds in India (AMFI), net inflows into equity and equity-linked schemes more than doubled month-on-month to Rs 11,614.73 crore in November. Monthly systematic investment plan (SIP) contributions hit a fresh all-time high of Rs 11,004.94 crore last month.
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