RBI retains GDP growth target at 9.5% in FY22
The Reserve Bank of India’s Monetary Policy Committee (MPC) has left the Repo Rate unchanged at 4%. The Reverse Repo Rate also remains unchanged at 3.35%. The RBI’s projection of real Gross Domestic Product (GDP) growth for FY22 has been retained at 9.5%. The GDP growth forecast stands at 6.6% for Q3 and 6% for Q4. The MPC expects inflation based on the Consumer Price Index (CPI) to be at 5.1% in Q3 and 5.7% in Q4.
RBI’s overarching policy focus and priority will be on supporting growth amidst the threat of a third wave of Covid-19.
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Jio-BP signs agreement with M&M to develop EV charging solutions
Jio-BP has signed an agreement with Mahindra & Mahindra (M&M) Ltd to develop electric vehicle (EV) related products and services, including EV charging solutions. The non-binding pact also includes identifying common interests in low-carbon and regular fuels. Jio-BP’s existing stations will be used for charging M&M’s electric three-wheelers, cars, quadricycles, and small commercial vehicles. Fuel and mobility player Jio-BP is a joint venture of Reliance Industries Ltd and UK-based BP plc.
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Bharti Airtel partners with Juniper Networks to expand network coverage
Bharti Airtel Ltd has selected Juniper Networks to deliver network upgrades for the expansion of its nationwide broadband coverage. The telecom company has expanded its Fibre-to-the-Home broadband coverage to over 430 towns. It further plans to cover 3 crore households in over 2,000 cities over the next three years. Juniper Networks will supply, install and provide support for upgrades to the MX Series routers and line cards as part of its broadband network gateway to manage Bharti Airtel’s subscribers and services.
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Alembic Pharma gets USFDA approval for hypertension drug
Alembic Pharmaceuticals Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for Selexipag tablets. The drug is indicated for the treatment of pulmonary arterial hypertension (PAH) to delay disease progression and reduce the risk of hospitalization. As per IQVIA data, Selexipag tablets had an estimated market size of $461 million (~Rs 61.1 lakh) for twelve months ended September 2021.
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L&T Infotech launches data monetising tool
Larsen & Toubro Infotech (LTI) has launched its data-to-decisions product suite ‘Fosfor’ for businesses seeking to monetise data. The Fosfor suite of products has go-to-market and technology partnerships with leading cloud companies. It is uniquely positioned in the market for artificial intelligence (AI) driven products.
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ABB India to deploy next-gen digital tech for power supply in Indore
ABB India Ltd has partnered with Indore Smart City Development Ltd (ISCDL) to deploy next-generation digital technology that enables a continuous supply of electricity to homes and businesses. In the first phase, this technology enabled more than 2,300 connections to achieve a 24/7 electricity supply with an efficient automatic response system (ARS) in case of power outages or disruption. ABB India and ISCDL plan to replicate the same model in other areas of the city and position Indore as a model for smart city projects across India.
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DLF to launch 7.7 million sq. ft. of real estate projects in second half of FY22
DLF Ltd plans to launch 7.7 million sq. ft. of real estate projects in the second half of 2021-22. This includes value homes, premium housing, and commercial properties. The company is also expected to announce the launch of the first phase of Midtown West, a premium residential complex on Shivaji Marg, Delhi. The project, with a revenue potential of Rs 12,000-15,000 crore, will have 3-4 BHK apartments.
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HCL Tech partners with apoBank to acquire German IT consulting firm
HCL Technologies Ltd has partnered with Deutsche Apotheker- und Ärztebank eG (apoBank) to acquire IT consulting company Gesellschaft für Banksysteme GmbH (gbs). HCL Tech will hold a 51% stake, while apoBank will own a 49% stake of gbs. This strategic acquisition will add an edge to HCL’s existing capabilities to accelerate digital transformation and further enhance its scale in Germany. The transaction is expected to close in January 2022.
