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India’s GDP Grows 6.1% in Q4 – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

India’s GDP grows 6.1% in Q4

India’s gross domestic product (GDP) grew at 6.1% in the last quarter of the previous financial year (Q4 FY23)— beating street estimates. In FY23, the economy grew at 13.1%, 6.2% and 4.5% in Q1, Q2 and Q3, respectively, on an annual basis. However, economists warned that the global slowdown and volatility in financial markets pose a risk to exports and the growth outlook in coming quarters.

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Civil aviation ministry comes out with draft aircraft bill

The Ministry of Civil Aviation has come out with a draft bill for putting in place a simplified approach to regulations pertaining to the aviation sector. The Draft Aircraft Bill, 2023, has been prepared after reviewing the existing Aircraft Act of 1934. It aims for better provisions for regulation and control of the design, manufacture, possession, use, operation, sale, import and export of aircraft.

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Vedanta Resources pays $400 million debt

Vedanta Resources Ltd (Vedanta), the parent company of Vedanta Ltd, has repaid loans worth $400 million, cutting gross debt to $6.4 billion. The company is targeting further debt reduction during the balance of FY24 and ultimately intends to lower gross debt towards zero.

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Manappuram Finance launches digital money lending app

Manappuram Finance Ltd has launched Ma-Money, a new digital lending platform. The objective of introducing the app is to provide customers with all the financial products offered by the company under one umbrella. The app is primarily targeted at customers in tier 2 and tier 3 cities

Read more here.

PTC India signs two long-term agreements for 215 MW power purchase

PTC India has signed two agreements for the purchase of 215 megawatts (MW) of electricity on a long-term basis. While an agreement has been signed with Brookfield Renewables for purchase of 100 MW solar power, another pact is with V S Lignite for purchase of 115 MW thermal power. PTC India will market the power to various utilities and industrial consumers.

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Centre to offload stake in Coal India via OFS on June 1: Report

According to a CNBC-TV18 report, the Central Government will sell a stake in Coal India Ltd (CIL) through an offer for sale (OFS) on the BSE and NSE on Thursday (June 1). The size of OFS is likely to be around Rs 4,000 crore. The floor price has been fixed at Rs 225 a share, at a discount of nearly 7% as compared to Wednesday’s closing price of Rs 241.2.

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Dixon Tech to partner with Xiaomi India for manufacturing phones

Dixon Tech has partnered with Xiaomi India for manufacturing and exporting mobile phones from India. The company is also looking to enhance the component ecosystem in India through its wholly-owned subsidiaries. Earlier, Chinese electronics giant Xiaomi had partnered with homegrown Dixon Tech to locally manufacture Mi LED TVs.

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IPL final watched by 12 crore viewers on JioCinema: Viacom18

Reliance’s Viacom18 said the Indian Premier League (IPL) 2023 became the most-watched digital event globally as 12 crore unique viewers tuned in to watch the final match between Chennai Super Kings (CSK) and Gujarat Titans on JioCinema. JioCinema set a new world record as the final match had a peak concurrency of 3.21 crore viewers. Moreover, it registered over 1700 crore video views through the 16th edition of IPL.

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Prestige Estates expects 25% pre-sales growth in FY24

Prestige Estates recorded a 19% year-on-year (YoY) increase in total sales to Rs 3,888 crore in Q4, while collections rose 12% to Rs 2,763 crore. The company delivered 1.3 million sq. ft. of projects during the quarter. The real estate firm has exceeded its target of Rs 12,000 crore in pre-sales in FY23 and is expecting 20 to 25% growth in pre-sales in FY24.

Read more here.

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India’s GDP Likely to Grow at 18.5% in Q1, says SBI Report – Top Indian Market News

India’s GDP likely to grow at 18.5% in April-June quarter: SBI Report

India’s gross domestic product (GDP) is expected to grow at 18.5% in the April-June quarter (Q1 FY22) due to a low base effect, said SBI in its Ecowrap research report. However, this projection is lower than the 21.4% growth projected by the Reserve Bank of India (RBI). The report further states that corporate results announced so far indicate that there is a substantial recovery in corporate gross value added (GVA) EBIDTA in Q1 FY22.

State Bank of India has developed the ‘Nowcasting Model’ with 41 high-frequency indicators associated with industrial activity, service activity, and the global economy.

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SC grants relief to Bharti Airtel in Videocon AGR dues case

The Supreme Court has granted relief to Bharti Airtel by restraining the Department of Telecommunications (DoT) from encashing the telecom company’s bank guarantees worth Rs 1,376 crores for 3 weeks for non-payment of Adjusted Gross Revenue (AGR) dues owed by bankrupt Videocon. Further, Bharti Airtel was allowed to move the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) to seek protection from payment of Videocon AGR dues.

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Wipro to hire 400 people for new delivery centre in Arkansas

Wipro Ltd announced that it will open a new delivery centre in Sherwood, Arkansas (US). The IT major expects to hire up to 400 employees for the centre in the next two years. The company will invest approximately $3 million (~Rs 22.2 crore) to transform a 70,000 square-foot facility at Landers Road into a customer service centre. The delivery centre will provide operational services to Wipro’s clients across industry verticals.    

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Power Finance Corp signs MoU with NHPC to lend funds for development of hydro projects

Power Finance Corporation Ltd (PFC) has signed a Memorandum of Understanding (MoU) with NHPC Ltd to lend funds for the development of hydro projects by NHPC. PFC will also provide financial assistance for the acquisition of stressed projects. The signing of the MoU will further boost the long-standing association between the two companies and facilitate knowledge and technology transfer. The partnership will also work towards contributing to India’s sustainable development initiatives. 

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Bajaj Finserv gets SEBI approval for mutual fund business

The Securities and Exchange Board of India (SEBI) has given its in-principal approval to Bajaj Finserv Ltd for sponsoring a mutual fund. The company would also be setting an Asset Management Company (AMC). According to reports, Bajaj Finserv plans to offer all financial services and deliver seamlessly through an app-based platform. Bajaj Finserv is the holding company for the businesses dealing with financial services of the Bajaj Group.

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Tata Steel signs MoU with Mitsui OSK Lines to develop eco-friendly shipping line

Tata Steel has signed a Memorandum of Understanding (MoU) with Mitsui OSK Lines (MOL) to develop and deploy environment-friendly shipping solutions. Japan-based Mitsui OSK Lines is a global marine transport group. The objective of the agreement is to reduce greenhouse gas emissions in the ocean transportation of raw materials for the production of steel. This move is in line with Tata Steel’s larger sustainability objective and efforts to reduce greenhouse gas emissions in the supply chain.

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Tata Power’s arm commissions 150 MW solar project in Rajasthan

Tata Power Renewable Energy Ltd (TPREL) has commissioned a 150 megawatt (MW) solar power project in Loharki, Rajasthan. The project is expected to generate more than 350 million units (MUs) of power annually and is spread across 756 acres of land. TPREL is a wholly-owned subsidiary of Tata Power. With the commissioning of this project, the total renewables installed capacity of Tata Power will be 2,947 MW.

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Infosys signs three-year contract with UCAS

Infosys Ltd has signed a new minimum three-year contract with UCAS, the admissions service for UK higher education. As part of the new agreement, Infosys will provide a wide range of digital services that will enable UCAS to further develop the capabilities that connect learners to universities, awarding bodies, schools, and other organizations. UCAS and Infosys have been engaged in a technology partnership since 2015.

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ABB India expands capacity for LV motors in Faridabad plant

ABB India has expanded manufacturing capacity for Low Voltage (LV) motors at its Faridabad facility in Haryana, powered by renewable energy. The expansion will increase the company’s plant capacity by more than 20% and will further strengthen its presence in the region and global markets. The new line will develop energy-efficient motors up to 55 kilowatts (kW) for customers operating in different industrial segments such as water & wastewater, cement, metals and mining, etc. 

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Reliance plans to unveil super app adding Just Dial offerings: Report

According to a report from ET, Reliance Industries Ltd (RIL) is planning to create a super app by integrating the offerings of local search engine Just Dial, as it aims to become the number one player in the e-commerce space. The one-stop super app is likely to be a marketplace of services and offerings, delivered via in-house technology and through third-party integrations. Last month, Reliance Retail Ventures Ltd (RRVL) acquired a majority stake in JustDial for Rs 3,497 crore. You can read more about it here.

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India’s GDP Estimates for Q4, FY21: Key Highlights

Our country’s Gross Domestic Product (GDP) estimates for the January-March quarter (Q4) were published on May 31, 2021. GDP is the money value of all finished goods and services produced within a country during a specific period. After India’s GDP growth dropped to a record low of -24.4% in the April-June quarter (Q1), the economy had shown great signs of recovery in the succeeding quarters. A sharp recovery is evident in the estimated GDP figures for Q4 as well.

Let us look at some of the key highlights of the data released by the Ministry of Statistics and Programme Implementation (MoSPI).

Main Highlights

  • India’s GDP grew by 1.6% in the January-March quarter (Q4 FY21). GDP at constant prices (based on 2011-12 levels) in Q4 FY21 stood at Rs 38.96 lakh crore. According to estimates, GDP grew by 0.4% in the quarter ended December (Q3). 
  • The GDP for the entire financial year 2020-21 (FY21) contracted by (-)7.3%, compared to a growth of 4.18% in FY20.
  • In gross value-added terms (GVA), the economy contracted by (-)6.2% in FY21. GVA, which is a more accurate way of assessing the economy, grew 3.7% in Q4. This is compared to a 1% growth in the previous quarter (Q3).
  • GDP based on current prices in FY 2020-21 is estimated at Rs 197.46 lakh crore.

Sector-Wise Results

We had expected a good recovery in the manufacturing sector. There were multiple data sets from various sources (monthly auto sales data, PMI, etc) which showed that industrial activity in India had improved. This was mainly on account of higher demand amidst the gradual removal of almost all lockdown restrictions. The manufacturing sector showed a strong growth of 6.9% in Q4, compared with just 1.7% growth in Q3. The agriculture sector grew 3.1% in the January-March quarter. It is the only sector that has shown positive growth throughout the financial year 2020-21.

The table below shows the sector-wise growth of India’s economy over the previous quarters:

Some Noteworthy Sectoral Growth Rates:

  • The construction sector posted a very strong recovery from Q1 levels. It grew 14.5% in Q4, compared to a growth of 6.5% in Q3.
  • Trade, hotel, transport, and communication sector narrowed its contraction to 2.3% in Q4. It had contracted by 7.9% in Q3. This sector has been the worst hit by the Covid-19 pandemic.
  • The finance and real estate sectors posted a growth of 5.4% in Q4, compared to a growth of 6.7% in Q3.

Performance of Eight Core Industries in April 2021

The eight core industries comprise nearly 40.27% of the weight of items included in the Index of Industrial Production (IIP). The IIP is an index that tracks manufacturing activity in different sectors of the economy. According to data released by the Ministry of Commerce, growth in the eight core sectors rose sharply by 56.1% year-on-year (YoY) in April. This is mainly due to the low base effect (as India was under strict lockdowns in April 2020) and a massive increase in steel and cement output. The total output of these core sectors recorded a contraction of (-)15.1% in April 2021 when compared with March 2021 (month-on-month).

Core IndustryGrowth in April 2021 (YoY)
Coal9.5%
Crude Oil-2.1%
Natural Gas25%
Refinery Products30.9%
Fertilizers1.7%
Steel400%
Cement548.8%
Electricity38.7%

India’s Expenditure During Q4

  • Private consumption grew 2.7% in Q4, compared to a contraction of 2.8% in Q3. This refers to the money spent by all people in our country. The overall contraction of 9.1% in FY21 shows how Indians had cut back on their expenditure as income levels fell and many lost their jobs. There was a huge decline in spending due to restrictions placed on mobility and delivery of non-essential items by e-commerce firms.
  • Investments (or Gross Fixed Capital Formation) grew by 10.9% in Q4, compared to a growth of 2.6% in Q3. These are investments made by private players into local entities and businesses in India. Over the past few months, we have seen a series of investments and acquisitions being conducted in our country.
  • Government expenditure grew sharply by 28.3% in Q4, after contracting by 1% in Q3. This shows that the Centre has focused on ramping up public expenditure to control the effects of the economic downturn caused by the Covid-19 pandemic. The government and RBI had announced a series of measures to help revive growth. It has also procured essential Covid-19 vaccines for the public.

Conclusion

The GDP figures for Q4 and the entire financial year 2020-21 were better than analysts’ estimates. Almost all sectors of the economy had posted strong positive growth. There was a major revival in overall demand in the second half of FY21, and recovery had gained strength. Indians had just begun to buy/consume more after lockdowns were eased, and the government focused on increased spending to support economic growth. The cement and steel industries have thrived over the past few months as a result of higher demand and prices. Construction activities had resumed and were in full swing. Things were looking very promising.

This was until the second wave of the Covid-19 pandemic struck the nation. Unfortunately, we are back in the same situation as last year. Almost all states went into strict lockdowns as Covid-19 cases started peaking in April-May. Our healthcare system had completely collapsed, and people could not receive adequate treatment. Many companies were forced to close down their production units, and construction activities have been hit. Private consumption in India is likely to fall significantly (again). The economic recovery that we witnessed towards the end of the previous financial year (FY21) has lost strength. 

India is critically lagging behind other countries in terms of vaccination rates. The country must focus all its efforts on ensuring access to Covid-19 vaccines and medicines to all citizens. The health sector needs complete support now more than ever. Ultimately, the GDP growth in FY22 will depend on these factors. Interestingly, India’s Chief Economic Adviser Krishnamurthy Subramanian and many analysts have stated that the economic impact of the second wave is unlikely to be very large. Let us look forward to seeing how the concerned authorities tackle these pressing challenges.

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India’s GDP Grows 1.6% in Q4; Contracts 7.3% in FY21 – Top Indian Market News

India’s GDP grows 1.6% in Q4; contracts 7.3% in FY21

India’s Gross Domestic Product (GDP) for the January-March quarter (Q4 FY21) grew by 1.6%, as per the provisional estimates released by the Ministry of Statistics and Programme Implementation (MoSPI). This indicates that an economic recovery was well underway before the second wave of the Covid-19 pandemic struck the country. The GDP contracted by 7.3% for the entire financial year 2020-21. The Gross Value Added (GVA), which is a more accurate way of assessing the actual economic growth, contracted by 6.2% in FY21.

The agricultural sector grew 3.1%, while the manufacturing sector grew by 6.9% in Q4 FY21. The mining sector contracted by 5.7% during the quarter, and the financial services sector grew 5.4%.

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Aurobindo Pharma Q4 Results: Net profit falls 7% YoY to Rs 801 crore

Aurobindo Pharma Ltd reported a 7.2% YoY decline in consolidated net profit to Rs 801 crore for the quarter ended March. Net profit has declined by 72.8% when compared to the previous quarter. Its revenue from operations fell 2.5% YoY to Rs 6,001.5 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 47% YoY to Rs 5,333.83 crore. 

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PNB Housing Finance to raise Rs 4,000 crore from multiple entities

The Board of Directors of PNB Housing Finance has approved fundraising of up to Rs 4,000 crore via the issue of shares and warrants to multiple investors. Pluto Investments, an affiliated entity of private equity fund Carlyle, will invest up to Rs 3,185 crore through a preferential allotment of equity shares and warrants at Rs 390 per share. Existing shareholders of the company and funds managed by Ares SSG and General Atlantic are also participating in the capital raise.

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Man Industries Q4 Results: Net profit rises 106% YoY to Rs 25.86 crore

Man Industries (India) Ltd reported a 106.88% YoY increase in consolidated net profit to Rs 25.86 crore for the quarter ended March (Q4). Net profit has declined by 15.4% when compared to the previous quarter. Its revenue from operations declined by 20.76% YoY to Rs 540.09 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 81.7% YoY to Rs 100.85 crore during the same period. The company’s board has declared a final dividend of Rs 2 per share. Man Industries is a leading manufacturer and exporter of large diameter carbon steel line pipes.

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TVS Motors expands in Iraq, launches two new products

TVS Motor Company said it will launch two new products in Iraq as part of its expansion plan in the country. It had opened a new showroom with sales, service, and spares support in Baghdad. The company will launch its commuter motorcycle TVS StaR HLX 140 5 Gear and three-wheeler TVS King Deluxe Plus in Iraq. The new retail outlet has been set up with distribution partner Ritaj International General Trade LLC, which has been distributing TVS Motors’ products since 2017.

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Magma Fincorp Q4 Results: Net loss at Rs 626 crore

Magma Fincorp Ltd reported a net loss of Rs 626 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 35 crore in the corresponding quarter last year (Q4 FY20). Revenue from operations declined by 17% YoY to Rs 446 crore in Q4 FY21. The company cleaned its balance sheet by writing off all default account beyond the 90 days past dues in the SME lending business and beyond 180 days past dues in the vehicle finance business.

Magma Fincorp has appointed Adar Poonawalla as its chairman and will soon be rebranded as a Poonawalla Group company.

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Intellect Design Arena partners with CWB to enhance payment service technology for business owners

Intellect Design Arena announced that Canadian Western Bank (CWB) has partnered with Intellect Global Transaction Banking (iGTB). The partnership aims to enable more efficient payment capabilities and opportunities to meet the evolving needs of Candian business owners. The solution is architected on a cloud-enabled technology for the high availability and scalability needed for a payments platform. 

Shilpa Medicare Q4 Results: Net profit declines 78% YoY to Rs 7.83 crore

Shilpa Medicare reported a 77.35% YoY decline in consolidated net profit to Rs 7.83 crore for the quarter ended March (Q4). Net profit has increased by 2.10% when compared to the previous quarter. Its revenue from operations declined 5.44% YoY to Rs 208.03 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined by 5.36% YoY to Rs 147.78 crore. The pharma company’s board has declared a dividend of Rs 1.10 per share.

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J Kumar Infraprojects secures Rs 1,307.88 crore order from MMRDA

J Kumar Infraprojects Ltd has secured an order worth Rs 1,307.88 crore from the Mumbai Metropolitan Region Development Authority (MMRDA). The order is for part design and construction of balance works of the Mumbai Metro Rail project. J Kumar Infraprojects is engaged in construction activities in India. It executes contracts of various infrastructure projects, including transportation engineering, irrigation projects, civil construction, etc.

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Kolte-Patil Developers Q4 Results: Net profit at Rs 21 crore

Kolte-Patil Developers Ltd reported a consolidated net profit of Rs 20.9 crore for the quarter ended March (Q4 FY21). It had reported a net loss of Rs 2.18 crore in the corresponding quarter last year (Q4 FY20). The revenue from operations rose 33.52% YoY to Rs 296.08 crore in Q4 FY21. The company’s sales volumes increased by 27.1% YoY to 0.85 million sq. ft. This has been the best-ever sales quarter in the last six years, both in terms of volume and value.

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RBI clarifies on 2018 cryptocurrency circular, asks banks to carry out customer due diligence

The Reserve Bank of India (RBI) has clarified that banks and other regulated entities cannot cite its 2018 circular on cryptocurrencies, as it had been set aside by the Supreme Court in March 2020. The RBI asked banks to continue to carry out the necessary customer due diligence process in line with regulations governing standards for Know Your Customer (KYC), Anti-Money Laundering (AML), Combating of Financing of Terrorism (CFT), and obligations of regulated entities under Prevention of Money Laundering Act.

Recently, several large private and public sector lenders had cited the RBI’s 2018 notice to caution customers from dealing in digital currencies and deny services of certain cryptocurrency exchanges.

 

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India’s GDP Grows 0.4% in Q3 – Top Indian Market News

India’s GDP grows 0.4% in Q3; economy out of technical recession

India’s real gross domestic product or Real GDP grew 0.4% in the October-December quarter (Q3). The economy is now out of a technical recession after two consecutive quarters of contraction. The GDP growth, along with indicators such as higher GST collections and strong Purchasing Managers’ Index (PMI) figures, shows that India is on its path towards recovery.

The GDP had contracted by 7.5% in the July-September quarter (Q2) and 23.9% in the April-June quarter (Q1) due to the strict nationwide lockdown amidst the Covid-19 pandemic. The government data estimates that Real GDP will contract by 8% in the current financial year (FY 2020-21).

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Govt has a clear vision for India’s financial sector: PM Modi

Prime Minister Narendra Modi on Friday stressed on increasing credit flow to new entrepreneurs and businesses to meet the needs of India’s recovering economy. He said that financial products will need to be tailor-made for fintech and startups. PM Modi reaffirmed the Centre’s stance on strengthening the public sector through capital infusion. He further stated that the government is taking steps to make the financial services sector vibrant, proactive, and strong.

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Dilip Buildcon declared lowest bidder for projects worth Rs 2,241 crore

Dilip Buildcon has been declared as the lowest (L1) bidder for two Hyber Annuity Mode (HAM) projects worth Rs 2,241 crore. The project involves four-laning of the Viluppuram-Puducherry section of NH 45A (New NH 332) and Puducherry-Poondiyankuppam section of NH 45A. The tenders were floated by the National Highways Authority of India (NHAI) under Phase-1 of the Bharatmala Pariyojana project.

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Indian Oil Corp to invest Rs 32,946 crore to expand capacity of Panipat Refinery

Indian Oil Corporation Ltd (IOCL) announced that its board has approved an investment of Rs 32,946 crore to expand the capacity of its Panipat Refinery. The capital infusion is expected to increase the refinery’s capacity from 15 million metric tonnes per annum (MMTPA) to 25 MMTPA. IOCL stated that the capacity expansion would improve the operational flexibility of the refinery to meet the domestic energy demand. 

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Board of Zensar Tech approves divestment of 100% stake in Aquila

The Board of Zensar Technologies Ltd has approved and authorised Zensar Technologies Inc. (a wholly-owned material subsidiary) to divest its 100% stake in Aquila Technology Corp. US-based Aquila provides information technology and consultancy services to the United States Government and its contractors. 

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Nava Bharat Ventures’ board approves Rs 150 crore share buyback plan

Nava Bharat Ventures Ltd said its Board of Directors has approved a proposal to buyback equity shares worth up to Rs 150 crore. The company will buyback 1.5 crore shares at Rs 100 per share. This represents 9.18% of the total number of equity shares of the company. Nava Bharat Ventures is engaged in metals manufacturing, power, mining, and healthcare businesses primarily in India, China, Japan, and Zambia.

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Natco Pharma launches epilepsy treatment drug in India

Natco Pharma Ltd has announced the launch of Brivaracetam tablets under the brand ‘BRECITA’ in India. The tablets are indicated for the treatment of epilepsy. BRECITA tablets will be available in two strengths of 50mg and 100mg at significantly lower MRP prices of Rs 25 and Rs 35 per tablet, respectively. 

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ABB Power Products Q4 Results: Net profit rises 55% YoY to Rs 55 crore

ABB Power Products and Systems India reported a 54.9% YoY increase in net profit to Rs 54.96 crore for the fourth quarter ended December (Q4 CY20). The company follows the January-December financial year cycle. Its revenue from operations declined 6.9% YoY to Rs 1,043.7 crore during the same period. ABB Power Products has declared an interim dividend of Rs 2 per share.

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Commercial operation at NTPC’s Gadarwara STPS unit to begin from March 1

NTPC Limited said Unit-2 of its 800 megawatt (MW) capacity of Gadarwara Super Thermal Power Station (STPS) will begin commercial operation from March 1. The project is located in the Narsinghpur district of Madhya Pradesh. With this, the commercial capacity of NTPC and NTPC Group will become 52,115 MW and 64,880 MW, respectively. 

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India’s GDP Contracts 7.5% in Q2 – Top Indian Market News

India’s GDP contraction slows to -7.5% in Q2

India’s real gross domestic product or Real GDP fell to 7.5% in the July-September quarter (Q2). During the April-June quarter (Q1), India’s Real GDP had contracted 23.9%. With the economy shrinking for two consecutive quarters, the country has officially entered into a technical recession. This is India’s first technical recession since the government started reporting quarterly GDP data in 1996. 

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Burger King India releases details regarding IPO

Burger King India is all set to launch its initial public offering (IPO) on December 2. The price band for the IPO has been set at Rs 59-60 per share. The quick-service restaurant chain aims to raise Rs 810 crore through the issue. This comprises a fresh issue of shares worth Rs 450 crore, and an offer for sale of up to 6 crore shares by its promoter QSR Asia Pte Ltd worth Rs 360 crore. 

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Oil regulator PNGRB simplifies gas pipeline tariff 

The Petroleum and Natural Gas Regulatory Board (PNGRB) has simplified India’s gas pipeline tariff structure. It has notified regulations for a ‘unified’ tariff structure for over a dozen pipelines that form the National Gas Grid. This will lead to a 20-30% rise in transportation charges paid by users near the source. The new structure will also help to attract investment for building gas infrastructure in India.

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Hetero ties up with RDIF to manufacture Sputnik-V vaccines in India

Pharma firm Hetero has partnered with the Russian Direct Investment Fund (RDIF) to produce over 100 million doses of the Sputnik-V vaccine in India. The vaccine will be manufactured by the company’s biologics arm Hetero Biopharma, in Hyderabad. The production will commence in the first quarter of 2021.

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Tata Power raises Rs 1,000 crore via debentures

Tata Power Limited said it has raised Rs 1,000 crore through the issue of non-convertible debentures (NCDs). The company raised the amount through the issuance of 10,000 unsecured, redeemable, taxable, listed, rated NCDs on a private placement basis. The date of maturity is 27 November 2023. The debentures would be listed on the Wholesale Debt Market segment of BSE.

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Vodafone Idea partners with edtech, healthcare firms to offer benefits to customers

Vodafone Idea (Vi) has teamed up with multiple partners in the learning and upskilling, health & wellness space, to provide exclusive benefits to its customers. The telecom company has entered into deals with firms such as upGrad, Udemy, Pedagogy, cure.fit, 1mg, and much more. The company stated that this initiative will enable individuals and enterprises to get a range of benefits and value-adds.

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Hitachi ABB Power Grids partners with Ashok Leyland in e-bus pilot at IIT Madras

Hitachi ABB Power Grids in India, Ashok Leyland, and IIT Madras have announced a partnership for an e-mobility pilot. The tripartite partnership will run an electric bus pilot to support sustainable in-campus commuting by the students and staff of IIT-Madras. The e-bus will be provided by Ashok Leyland. It will incorporate Hitachi ABB Power Grid’s innovative flash-charging technology. 

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Garware Technical Fibres’ board approves share buyback

The Board of Directors of Garware Technical Fibres Ltd has approved the company’s share buyback proposal. The company will buyback up to 3.17 lakh shares at Rs 2,300 per share. The company has fixed 11 December 2020 as the record date for the purpose of buyback. 

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ABB India launches new series of high-output motors

ABB India Ltd has launched a new range of high-output motors for its industrial customers in India. The new range of low voltage induction motors are compactly designed and minimizes space and total cost of ownership. This launch will strengthen ABB’s presence in segments such as metals, cement, water & wastewater, etc.

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BHEL manufactures India’s highest-rated auto transformer

Bharat Heavy Electricals Ltd has successfully manufactured and tested India’s highest-rated auto transformer. The testing took place at the National High Power Test Laboratory (NHPTL) in Bina, Madhya Pradesh. The high rating transformers would play a crucial role in bulk power transmission to load centres and bigger cities.

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