Retail inflation rises to 5.03% in February; IIP contracts 1.6% in January
India’s retail inflation rose to its highest level in three months in February amidst a hike in food and fuel prices. Retail inflation (measured by the Consumer Price Index) stood at 5.03% in February, compared to 4.06% in January. Food inflation jumped to 3.87% last month. The increase in crude oil prices could lead to a further rise in inflation.
The Index of Industrial Production (IIP) contracted by 1.6% in January, due to a decline in manufacturing and mining output. The IIP had grown 2.2% in January 2020. The manufacturing sector saw a contraction of 2% last month, while mining output declined by 3.7%. [IIP is an index that tracks manufacturing activity of different sectors of an economy]
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Govt approves 33 API applications under PLI scheme
The government has approved a total of 33 applications with a committed investment of Rs 5,082.65 crore under the Production Linked Incentive (PLI) scheme for Active Pharmaceutical Ingredients (APIs). The disbursal of PLI by the government will be up to a maximum amount of Rs 5,440 crore over a period of 6 years. This will help reduce the import dependence on critical bulk drugs.
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Anupam Rasayan IPO subscribed 1.29 times on first day of bidding
The Rs 760-crore initial public offering (IPO) of Anupam Rasayan India was subscribed 1.29 times on the first day of bidding. The issue received bids for 1.25 crore equity shares against an offer size of 97.01 lakh shares. The portion reserved for retail investors was subscribed 2.58 times and that of employees 30%. The portion set aside for non-institutional investors (NIIs) saw a subscription of 9%.
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SBI Cards to raise Rs 2,000 crore through debentures
SBI Cards and Payment Services Ltd said its Board of Directors has approved the proposal to raise up to Rs 2,000 crore through the issuance of non-convertible debentures (NCDs). The NCDs will bear a coupon rate of 5.9% per annum and will mature on February 23, 2024. It will be listed on the Wholesale Debt Market Segment of the Bombay Stock Exchange (BSE).
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Hatsun Agro Products to set up dairy plant in Andhra Pradesh
The Board of Directors of Hatsun Agro Product has approved the proposal of setting up a dairy plant in Northern Andhra Pradesh. The company had earlier announced plans of setting up a dairy plant in Odisha. Hatsun Agro’s board has also approved the proposal of working with Italy-based SOL Group to explore the possibility of using liquid nitrogen as a refrigerant fuel to transport its milk and milk products.
Tata Group seeks CCI approval to acquire 64.3% stake in BigBasket
Tata Digital Ltd, a wholly-owned unit of Tata Sons, has filed an application with the Competition Commission of Inida (CCI) to acquire a majority stake in online grocery seller- BigBasket. As per the filing, Tata Digital will acquire 64.3% stake of BigBasket from Supermarket Grocery Supplies Pvt Ltd. The deal, if approved, would put Tata in direct competition with Amazon, Walmart’s Flipkart, etc.
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JSPL’s steel output rises 18% YoY to 6.53 lakh tonnes in February
Jindal Steel and Power Ltd (JSPL) reported an 18% YoY increase in its crude steel output to 6.53 lakh tonnes in February 2021. It had produced 5.54 lakh tonnes of steel in February 2020. The company’s sales rose 14% YoY to 5.45 lakh tonnes last month. JSPL’s exports accounted for 26% of the total sales volume.
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Ramco Cements, Bharat Dynamics, PFC declare interim dividends
Ramco Cements Limited said its board has declared an interim dividend of Rs 3 per share for the current financial year (FY 2020-21). The record date for the payment of the interim dividend is March 23, 2021.
Bharat Dynamics Ltd’s board has declared an interim dividend of Rs 6.70 per share for the financial year 2020-21. The company has fixed March 20, 2021, as the record date for the payment of the interim dividend.
Power Finance Corporation (PFC) has declared an interim dividend of Rs 8 per share. The record date has been fixed as March 22, 2021.
PNC Infratech’s subsidiary secures order worth Rs 1,412 crore from NHAI
PNC Infratech announced that its subsidiary, PNC Meerut Haridwar Highways, has secured an order worth Rs 1,412 crore from the National Highways Authority of India (NHAI). The project involves four laning of the Meeru-Naziabad section of NH-119 in the state of Uttar Pradesh.
Board of India Glycols approves transfer of BioEO business to IGL Green Chemicals
The Board of Directors of India Glycols Ltd has approved the transfer of its BioEO (speciality chemicals) business to its wholly-owned subsidiary- IGL Green Chemicals. The company has also formed a 51:49 joint venture (JV) with Swiss chemicals major Clariant AG to manufacture and market renewable ethylene oxide (EO) derivative products. EO derivatives have multiple industrial and consumer applications ranging from freezing agents and coolants for automobile engines to cosmetics.
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