Trading halted on NSE due to technical glitch
Trading across all segments was halted for almost four hours today by the National Stock Exchange (NSE) due to a technical glitch. The exchange had received communication from both its telecom providers about issues with their links. Trading was halted between 11:40 am and 3:30 pm. At around 3:25 pm, an extension of the trading day till 5 pm was announced, with a pre-open session at 3:30 pm.
Market regulator SEBI has advised NSE to carry out a detailed root cause analysis of the ‘trading halt’ witnessed today. It has also asked NSE to explain the reasons for trading not migrating to the disaster recovery site.
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Centre lifts embargo on grant of govt businesses to private banks
Finance Minister Nirmala Sitharman announced that the Centre has lifted the embargo on grant of government businesses to private banks. She stated that all banks can now be “equal partners in development of the Indian economy.” Private sector banks can now carry out government-related banking transactions such as taxes and other revenue payment facilities, pension payments, and small savings schemes.
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Cabinet approves Rs 15,000 crore PLI scheme for pharma sector
The Union Cabinet has approved a production-linked incentive (PLI) scheme for the pharmaceutical sector for over a period of eight years (FY21-FY29). This scheme would bring in an investment of Rs 15,000 crore to the sector. It is expected to promote the production of high-value pharma products in the country and increase the value addition in exports. The government seeks to generate 20,000 direct jobs through this PLI scheme.
The Cabinet has also cleared a PLI scheme worth Rs 7,350 crore to boost the manufacturing of laptops, tablets, PCs, and servers.
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Dilip Buildcon declared lowest bidder for projects worth Rs 2,439 crore
Dilip Buildcon Limited has been declared as the lowest (L1) bidder for two Hybrid Annuity Mode (HAM) projects worth Rs 2,439 crore. The projects consist of four-laning two sections of the Bangalore-Chennai Expressway. The tenders were floated by the National Highways Authority of India (NHAI) under the state-sponsored Bharatmala Parioyojana project.
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Bharti Airtel enters advertising business, launches ‘Airtel Ads’
Bharti Airtel has announced its entry into India’s $10 billion (~Rs 72,328 crore) advertising industry with its latest platform ‘Airtel Ads’. The telecom company stated that Airtel Ads would allow brands to curate consent-based and safe campaigns for its subscribers. Airtel Ads has already enabled campaigns for more than 100 brands across categories like FMCG, banking, financial services & insurance (BFSI), digital startups, etc.
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Aditya Birla Fashion announces strategic partnership with designer Tarun Tahiliani
Aditya Birla Fashion and Retail Ltd (ABFRL) has announced a strategic partnership with ace designer Tarun Tahiliani to form a new entity that will launch a contemporary men’s ethnic wear brand. ABFRL will hold an 80% stake in the new entity, while Tarun Tahiliani will hold the remaining 20%. ABFRL stated that the new brand will offer a range of high-quality celebration wear for men at accessible price points.
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Bosch to invest Rs 800 crore to upgrade Bengaluru facility to fully AIoT-enabled campus
Germany-based Bosch Group will invest Rs 800 crore to upgrade its existing campus in Bengaluru to a fully artificial intelligence of things (AIoT)-enabled ‘smart campus’. The campus is likely to house the second-highest number of Bosch employees in the world. The 75-acre campus is expected to be inaugurated in June 2022.
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Granules India receives USFDA approval for migraine drug
Granules India has received approval from the US Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Acetaminophen, Aspirin, and Caffeine (triple-combination product) tablets. The drug is indicated for treating migraines. The product will be manufactured at the company’s Hyderabad facility and is expected to be launched shortly.
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Axis Bank’s subsidiary to acquire broking accounts of Karvy
Axis Securities, a subisdiary of Axis Bank, has emerged as the successful bidder for trading accounts (or broking accounts) held by Karvy Stock Broking Ltd with NSE, BSE, and Metropolitan Stock Exchange (MSE). The transfer of trading accounts is subject to the remittance of the bid amount and submission of necessary documents. Once the process is complete, the customer base of Axis Securities will increase from 2.5 million to over 3.6 million.
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Heranba Industries IPO subscribed 2.74 times on second day of bidding
The Rs 625-crore initial public offering (IPO) of Heranba Industries was subscribed 2.74 times on the second day of bidding. The issue received bids for 1.91 crore equity shares against an offer size of 69.81 lakh shares. The portion reserved for retail investors was subscribed 4.53 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 87%, while that of qualified institutional buyers (QIB) 1.01 times.
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RBI Governor raises ‘major concerns’ about cryptocurrencies
The Reserve Bank of India (RBI) said it is concerned that cryptocurrencies may impact the financial stability of the Indian economy. In the past, RBI had expressed concerns on digital currencies related to issues ranging from money laundering to funding terrorists. RBI Governor Shaktikanta Das said that they have communicated these concerns to the government. The Centre is planning to introduce a bill in Parliament to prohibit companies and individuals from dealing in cryptocurrencies. The government is also creating a framework for an official digital currency.
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