RBI keeps repo rate unchanged at 4%
The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 4%. The reverse repo rate will also remain unchanged at 3.35%. This is the fifth time in a row that the rates have been kept on hold. RBI Governor Shaktikanta Das said the central bank will maintain its ‘accommodative’ stance as long as required to sustain growth on a durable basis. The RBI sees real GDP growth at 10.5% for the current financial year.
[Repo rate is the rate at which the central bank (RBI) lends money to commercial banks to meet short-term fund requirements. Reverse repo rate is the rate at which the central bank borrows money from the commercial banks]
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Cabinet approves PLI scheme for ACs, LEDs
The Union Cabinet, on Wednesday, approved a production-linked incentive (PLI) scheme for air conditioners and LED lights (also known as white goods). The government will disburse Rs 6,238 crore over the next five years towards this scheme. A separate PLI scheme for high-efficiency solar photovoltaic (PV) modules has also been approved, with an outlay of Rs 4,500 crore. The solar PLI scheme will lead to an annual addition of around 10,000 MW in the country’s manufacturing capacity.
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Dixon Tech to form JV with Bharti Enterprises for making telecom products
Dixon Technologies (India) Ltd has signed a pact with Bharti Enterprises to form a joint venture (JV) for availing the government’s production-linked incentive (PLI) on manufacturing of telecom and networking products. The new firm will manufacture products such as modems, routers, set-top boxes, internet-of-things (IoT) devices, etc. As per the agreement, Dixon Tech will hold a 74% stake in the JV, while the remaining 26% will be owned by Bharti Enterprises.
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IDFC First Bank raises Rs 3,000 crore via QIP issue
IDFC First Bank said it has successfully raised Rs 3,000 crore through a qualified institutional placement (QIP). The lender’s Board of Directors has approved the allotment of 52.31 crore equity shares to eligible qualified institutional buyers (QIBs) at an issue price of Rs 57.25 per share. The bank intends to utilize the proceeds from the issue to enhance its capital adequacy ratio (to meet regulatory requirements) and for other general corporate purposes.
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Tata Power Solar doubles manufacturing capacity to 1,100 MW
Tata Power Solar, a wholly-owned subsidiary of Tata Power, has doubled its manufacturing capacity of cells and modules to 1,100 MW at its Bengaluru facility. The expansion was based on the significant increase in demand for the company’s solar modules, as well as the expected rise in demand due to the government’s Atmanirbhar Bharat initiative. Tata Power Solar’s manufacturing plant in Bengaluru is India’s premier integrated cell and module manufacturing facility that meets the highest industry standards.
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RailTel Corp secures work orders worth Rs 34.37 crore
RailTel Corporation of India said it has received work orders worth Rs 34.37 crore from two clients. The company has secured an order worth Rs 22.38 crore from the Controller General of Defence Accounts (CGDA) for setting up a network operation centre. Railtel has also received an order worth Rs 11.99 crore from Axom Sabra Siksha Abhiyan Mission for the deployment of artificial intelligence (AI)-based identification system for capturing attendance and management of Student Database Management Information System (SDMIS).
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Bharti Airtel launches 5G-ready IoT platform to drive enterprise business
Bharti Airtel has launched a 5G-ready Internet of Things (IoT) platform with the capability to connect and manage a large number of devices and applications. The telecom company is targeting the automobile, manufacturing, banking, financial services, and insurance (BFSI) utility, and industry 4.0 (Fourth Industrial Revolution) verticals to drive growth for its IoT platform and the IoT business as a whole.
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Cholamandalam Finance joins Zerodha, Ujjivan, Airpay to apply for NUE license
Cholamandalam Investment & Finance Company announced that it is one of the companies participating in a consortium of Vishwakarma Payments that has applied for a New Umbrella Entity (NUE) license for retail payments with RBI. FSS, Zoho, Zerodha, RazorPay, Ujjivan, and Airpay are also part of the Vishwakarma Payments consortium. This consortium expects to focus on building an agile platform for seamless digital payments.
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Dr Reddy’s launches Sapropterin Dihydrochloride powder in US
Dr. Reddy’s Laboratories announced the launch of Sapropterin Dihydrochloride powder for oral solution (100 mg) in the US market. It is a therapeutic equivalent generic version of Kuvan powder approved by the US Food and Drug Administration (USFDA). Sapropterin dihydrochloride is a phenylalanine hydroxylase activator indicated to reduce blood phenylalanine (Phe) levels in adult and pediatric patients one month of age and older with hyperphenylalaninemia (HPA).
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Rajesh Exports secures order worth Rs 745 crore from Germany
Rajesh Exports Limited has bagged an order for its designer range of gold jewellery from Germany. The total value of the export order is Rs 745 crore. The order is to be completed by July 2021. The company will be executing the order from its manufacturing facilities spread across India. Bengaluru-based Rajesh Exports is a gold retailer that refines, designs, and sells gold and jewelry.
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