Tag: quiklyz

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IndiGo Opens 2nd MRO Facility in Bengaluru Airport – Top Indian Market Updates

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

IndiGo opens second MRO facility in Bengaluru Airport

IndiGo has inaugurated its second maintenance repair and overhaul (MRO) facility at Bengaluru’s Kempegowda International Airport. The 13,000 sq. meter facility is built on five acres of land. It is the second-largest maintenance facility at the airport.

In other news, IndiGo CarGo operated its first international flight between Kolkata and Yangon, Myanmar. The A321 P2F freighter aircraft carried general cargo with a payload of more than 19,000 kg.

Read more here.

Quiklyz signs MoUs with five last-mile mobility players

Vehicle leasing and subscription platform Quiklyz has signed Memorandum of Understandings (MOUs) with five last-mile mobility players for leasing over 1,000 electric three-wheelers. With this, Quiklyz plans to deliver these leased vehicles over the next six months across India, opening up newer opportunities in electric vehicle (EV) leasing. Quiklyz is a subsidiary of Mahindra & Mahindra Financial Services Ltd.

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Aurobindo Pharma’s unit signs pact with Evive Biotech to market CIN treatment product

Aurobindo Pharma’s unit (Acrotech Biopharma) has entered into a licensing pact with Evive Biotech to commercialise Ryzneuta in the US market. The product is currently under late-stage review by the US Food & Drug Administration (USFDA) for chemotherapy-induced neutropenia (CIN). Evive will develop, manufacture, register, and supply Ryzneuta, while Acrotech will market and distribute the product in the US.

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ITC Hotels partners with Jolle Hospitality to expand footprint in South India

ITC Hotels has partnered with Jolle Hospitality for a 116-room hotel in Belagavi (Karnataka) as it aims to expand its footprint in South India. The hotel is currently under construction and likely to be completed by 2024. Spread across 5 acres, the hotel will be named ITC WelcomHotel Belagavi. 

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SC rejects Tata Power plea challenging MERC transmission contract to Adani Power

The Supreme Court rejected Tata Power’s plea challenging a ₹7,000 crore transmission contract secured by Adani Power from Maharashtra Electricity Regulatory Commission (MERC). Tata Power had challenged the awarding of the infrastructure project without tariff-based competitive bidding. As per the contract, Adani Power will develop a 1,000 MW high-voltage direct current link between Kudu and Aarey power stations.

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Tata Motors rolls out new Tigor EV sedan

Tata Motors has launched the new Tigor EV with an extended range of 315km. Available in four variants, the new Tigor EV price starts at ₹12.49 lakh and goes up to ₹13.75 lakh (ex-showroom). The electric passenger vehicle portfolio of the auto major currently includes the Nexon EV, Tigor EV, and Tiago EV. Tata Motors plans to offer 10 electric models in its portfolio by 2026.

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Bajaj Healthcare begins trial run for new opium processing line

Bajaj Healthcare Ltd (BHL) has started the trial run of a new production line for processing opium at Savli in Vadodara district, Gujarat. The new production line will produce Alkaloids and Active Pharmaceutical Ingredients (APIs) used in a wide range of pharma applications. BHL was the first private entity to be awarded tenders for the highly regulated opiate processing business by the Central government.

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Zydus Lifesciences gets USFDA approval for ulcer treatment drug

Zydus Lifesciences Ltd. has received final approval from the USFDA to market famotidine injection. The drug is used to treat ulcers of the stomach and intestines. It also prevents intestinal ulcers from coming back after they have healed. According to IQVIA data, Famotidine injection had annual sales of $1.9 million for the 12 months ended Sept 2022.

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Renault Group selects KPIT Tech as strategic software scaling partner

France-based Renault Group has selected KPIT Technologies as a strategic software scaling partner for a next-generation software-defined vehicle (SDV) platform. The platform will drive Renault’s global growth by delivering unmatched experience to end consumers and unlocking monetisation over the length of vehicle ownership. KPIT Tech is one of the largest software integration partners for the automotive & mobility industry.

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Oil prices fall more than $2 on Russian oil price cap talks

Oil prices fell by more than $2 a barrel on Wednesday as the Group of Seven (G7) nations looked at a price cap on Russian oil above where the crude grade is currently trading. Brent crude futures fell $2.71 (or 3.07%) to $85.65 a barrel. As per reports, G7 nations are looking at a price cap on Russian seaborne oil in the range of $65-70/billion barrels of oil (bbl).

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Demat Accounts in India Cross 10 Crore Mark – Top Indian Market Updates

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

Demat accounts cross 10 crore mark in August

The total number of Demat accounts in India crossed the 10 crore mark in August 2022. In August alone, over 7 crore active Demat accounts were registered. CDSL operated 7.16 crore Demat accounts with total assets under custody (AUC) of ₹38.5 lakh crore as of August, while NSDL had 2.89 crore accounts with AUC of ₹320 lakh crore. The culture of equity investing is slowly and steadily picking up in India, especially in Tier-2 and Tier-3 cities.

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Blue Star secures two orders worth ₹390 crore from BMRCL

Blue Star Ltd has secured two orders from Bangalore Metro Rail Corporation Ltd (BMRCL) for the upcoming Pink Line of Bangalore Metro Rail Project Phase-II. The first order, worth ₹203 crore, is a turnkey project including maintenance works for Tunnel Ventilation System (TVS) and Environmental Control System (ECS) for six underground stations and associated tunnel sections.

The second order, worth ₹187 crore, is a turnkey project for Electrical & Mechanical (E&M) works for five underground stations and five elevated stations.

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Suzlon secures 180.6 MW wind energy project from Sembcorp’s arm

Suzlon Energy Ltd has secured an order to set up a 180.6 megawatts (MW) wind energy project from Singapore-based Sembcorp’s arm Green Infra Wind Energy Ltd. The company will install 86 Wind Turbine Generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 2.1 MW each. The project is located at Bagalkot, Karnataka, and is expected to be commissioned in 2024.

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Saregama launches feature phone with pre-loaded Hindi songs

Saregama India Ltd has launched Carvaan Mobile, a keypad feature phone with 1500 preloaded Hindi songs and two screen sizes, priced at ₹2490 and ₹1990, respectively. This is the first feature phone from the music brand. The mobile is available across retail markets and e-commerce platforms such as Amazon, Flipkart, and saregama.com. Saregama also sells Carvaan, a digital audio player with preloaded songs.

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Kalpataru Power wins orders worth ₹1,345 crore

Kalpataru Power Transmission Ltd (KPTL) and its international units have secured orders worth ₹1,345 crore. The company has won orders in India and overseas markets in the transmission and distribution (T&D) business. It has also received orders for pipeline laying and metro rail electrification works in India.

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Quiklyz to expand presence in the electric mobility leasing space

Quiklyz has announced its expansion plans in the electric mobility leasing space. The company will now offer customized leasing and subscription solutions for electric three-wheelers (3W) and four-wheelers (4W) to its partners. It has financed over 1000 electric vehicles over the past 12 months, including passenger vehicles and 3Ws. Quiklyz is the new-age vehicle leasing and subscription business of Mahindra & Mahindra Financial Services Ltd.

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Paytm reports 72% YoY growth in merchant payment volume

Digital payments platform Paytm reported a 72% YoY growth in gross merchandise value (GMV) to ₹2.10 lakh crore for the two months ended August 2022. [GMV is the value of total payments made to merchants through app transactions or payment solutions.] The company distributed 6 million loans during the same period. The average monthly transacting users (MTU) grew 40% YoY to 7.88 crore during July-August 2022. 

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Blue Jet Health files papers for ₹1,800-crore IPO

Specialty pharmaceutical and healthcare ingredient company Blue Jet Healthcare filed its Draft Red Herring Prospectus (DRHP) with market regulator SEBI for an initial public offer (IPO). The public issue is entirely an offer-for-sale (OFS) of up to 21.7 million shares by the promoters and other shareholders, aggregating to ₹1,800 crore.

Meanwhile, SEBI has given approval to Concord Enviro Systems (an environmental engineering solutions firm) to raise funds via an IPO.

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Canara Bank hikes benchmark lending rate by up to 0.15%

Canara Bank has raised its benchmark Marginal Cost of Funds Based Landing Rate (MCLR) by up to 0.15%, a move that will make loans costlier. The one-year MCLR will be 7.75% from Wednesday onwards, compared to the existing rate of 7.65%. This rate is used to fix most consumer loans such as auto, personal, and home loans. [MCLR is the lowest interest rate that a bank can offer.] 

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RIL to acquire 79.4% stake in SenseHawk for $32 million

Reliance Industries Ltd (RIL) has entered into definitive agreements with US-based SenseHawk Inc. to acquire a 79.4% stake in the company for $32 million (~₹255.5 crore). SenseHawk is an early-stage developer of software-based management tools for the solar energy generation industry. It helps accelerate solar projects from planning to production by helping companies streamline processes and use automation.

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Tata Motors to Hike Prices of CVs From April 1 – Top Indian Market News

Tata Motors to hike prices of commercial vehicles from April 1

Tata Motors Ltd will hike prices of its range of commercial vehicles by 2-2.5%, depending upon individual models and variants, from April 1. The increase in prices of commodities such as steel aluminium, and other raw materials has forced the automaker to hike prices. Mercedes-Benz India will hike prices of its entire range by up to 3% from April 1 to partially offset the impact of higher input costs.

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Jubilant FoodWorks to acquire 10% stake in JV with Golden Harvest

Jubilant FoodWorks Ltd (JFL) will acquire the remaining 10% stake in its joint venture Jubilant Golden Harvest Ltd (JGHL) from Golden Harvest. After the acquisition, JGHL will become a wholly-owned subsidiary of JFL. JGHL operates Domino’s Pizza outlets in Bangladesh. As of December 31, 2021 (Q3 FY22), JGHL was operating eight restaurants. 

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Indoco Remedies gets final approval from USFDA for Locasamide tablet

Indoco Remedies Ltd has received final approval from the US Food & Drug Administration (USFDA) for Lacosamide tablets. The drug is indicated for the prevention and control of seizures. As per IQVIA January 2022 data, the generic version of the product had achieved annual sales of ~1.7 billion (~Rs 12,933 crore). 

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TCS partners with IIT Madras to launch M Tech in Industrial AI

Tata Consultancy Services (TCS) has partnered with the Indian Institute of Technology Madras (IIT-M) to launch a user-oriented program on Industrial Artificial Intelligence (AI). The program aims to upskill corporate employees on the applications of AI to industrial problems. In consultation with TCS, IIT-M will offer the 18-month course through virtual classes.

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Bombay HC allows Invesco’s appeal against ZEEL injunction

The Bombay High Court has allowed an appeal filed by Invesco Developing Markets Fund (IDMF) against a single-judge order granting an interim injunction on holding an Extraordinary General Meeting (EGM) to remove ZEEL’s CEO Punit Goenka. The HC has quashed and set aside the single bench order of October 2021. IDMF is the largest shareholder of Zee Entertainment Enterprises Ltd (ZEEL). In September 2021, Invesco called for an EGM as it felt ZEEL was not running as smoothly as desired. You can read more about it here.

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Hester Biosciences to venture into pet care industry

Hester Biosciences Ltd (HBL) is all set to foray into the rapidly growing pet care industry by April 2022. The company’s initial pet care portfolio will include dermatology, nutrition, grooming, and specialty products. HBL also plans to expand by way of pet biologicals and diagnostics. India has the fastest-growing pet care market worldwide, growing at 14% in 2022. Ahmedabad-based HBL is an animal and poultry vaccines manufacturer. 

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Infosys to acquire German digital marketing firm Oddity for €50 million

Infosys Ltd has announced a definitive agreement to acquire Oddity, a Germany-based digital marketing agency, in an all-cash deal of €50 million. The cost of acquisition will include earn-out, management incentives, and bonuses. Oddity has more than 300 digital experts across Stuttgart, Berlin, Cologne, Belgrade, Shanghai, and Taipei. The acquisition will strengthen Infosys’s creative, branding, and experience design capabilities. 

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M&M Financial’s Quiklyz to lease 500 EVs to BluSmart

Mahindra Group’s vehicle leasing and subscription platform Quiklyz has partnered with electric vehicle (EV) ride-hailing startup BluSmart Mobility. As part of the partnership, Quicklyz will provide customized leases for up to 500 EVs for BluSmart’s fleet. The EVs will be deployed in the Delhi-NCR region and used for BluSmart’s all-electric ride-hailing services.

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SBI Card partners with Nature’s Basket to launch International Gourmet Card

SBI Cards & Payment Services Ltd has partnered with Nature’s Basket to launch the first-of-its-kind credit card, ‘Nature’s Basket SBI Card’. The card will cater to the fast-evolving gourmet taste of premium consumers. Cardholders will be able to derive maximum value from their spending at Nature’s Basket stores and other key spend categories such as international travel, dining, and entertainment.

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Indiabulls to raise up to Rs 50,000 crore via NCDs

Indiabulls Housing Finance Ltd’s board has approved a proposal to raise up to Rs 50,000 crore via non-convertible debentures (NCDs) on a private placement basis. Shareholders’ approval for the issue will be sought at the Extraordinary General Meeting (EGM) on April 18. IHFL is a mortgage lender headquartered in Haryana.

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