India’s services PMI rises to 55.3 in February
India’s services activity expanded at the fastest rate in a year in February. This was driven by an extended robust recovery in domestic demand. However, employment had fallen further and overall input costs increased last month. The IHS Markit Purchasing Managers’ Index (PMI) for services stood at 55.3 in February, compared to 52.8 in January. PMI is a month-on-month calculation and a value of more than 50 represents an expansion when compared to the previous month.
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Tata Power to develop 15 MW solar project for Tata Steel in Jamshedpur
TP Saurya, a wholly-owned subsidiary of Tata Power Ltd, has signed a Power Purchase Agreement (PPA) with Tata Steel Ltd (TSL) to develop a 15 megawatt (MW) solar power project in Jamshedpur, Jharkhand. The energy will be supplied to TSL under the PPA, which is valid for a period of 25 years from the scheduled commercial operation date. The project will be commissioned within 6 months.
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SpiceJet partners with WheelTug for reserving electric taxi system production slots
SpiceJet Limited has partnered with WheelTug Plc for reserving 400 production slots for the electric taxi system. This system allows SpiceJet to move an aircraft forward or backward without powering its engines or using external tugs. It will help the airline in saving fuel, cut costs, and also reduce carbon emissions.
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MTAR Tech IPO subscribed 3.68 times on first day of bidding
The Rs 596.41-crore initial public offering (IPO) of MTAR Technologies was subscribed 3.68 times on the first day of bidding. The issue received bids for 2.67 crore equity shares against an offer size of 72.60 lakh shares. The portion reserved for retail investors was subscribed 6.93 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 1.02 times.
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Infosys secures $500 million deal from Google: Report
As per a report from Economic Times, Infosys Limited has won a nearly $500 million (~Rs 3,640 crore) deal from Alphabet Inc.’s Google to provide customer experience and engineering support for its products. The report states that this is “one of the largest all-digital deals” in customer experience services.
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Mahindra Logistics, Bajaj Electricals signs logistics agreement worth Rs 1,000 crore
Mahindra Logistics Ltd (MLL) has signed an agreement with Bajaj Electricals Ltd (BEL) to handle its end-to-end logistics network and solutions. The total contract value will be over Rs 1,000 crore over the next 5 years. MLL has developed a fully redesigned and consolidated logistics network for BEL. The network includes storage optimization, transportation management, and inventory movement services.
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Power Mech Projects secures multiple orders worth Rs 734 crore
Power Mech Projects Ltd announced that it has received Letters of Award (LoAs) for orders worth Rs 734 crore. The construction firm has won an order worth Rs 401 crore for the operation and maintenance of boilers & auxiliaries and other miscellaneous works of the 4×660 megawatt (MW) Thermal Power Plant of Vedanta Ltd in Jharsuguda, Odisha. The company has also won an order of Rs 198 crore for engineering, procurement, and construction (EPC) works for Kurmitar Iron Ore Mining Pvt Ltd in Odisha.
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Kalpataru Power Transmission secures orders worth Rs 1,554 crore
Kalpataru Power Transmission Ltd has secured orders worth Rs 1,554 crore. The orders include those from India, the Commonwealth of Independent States (countries such as Azerbaijan, Armenia, Georgia, etc), and Latin America in the power transmission business. The company’s international subsidiary has also received new power transmission projects in Europe.
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Bank of Baroda raises Rs 4,500 crore through QIP
Bank of Baroda has raised Rs 4,500 crore through a qualified institutional placement (QIP). The capital raising committee of the bank’s board has approved the issue and allotment of 55.07 crore equity shares to eligible qualified institutional buyers (QIBs) at Rs 81.70 per share. The issue had opened on February 25 and closed on March 2.
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RPP Infra secures orders worth Rs 1,000 crore
RPP Infra Projects said it has won four work orders worth Rs 1,000 crore. The company has received an order from the Tamil Nadu Water Supply and Drainage Board for Rs 131.14 crore. It has also bagged an order worth Rs 558.66 crore from the Highways Department as part of the Chennai-Kanyakumari Industrial Corridor project. The third order is from the Chennai Municipal Corporation’s Storm Water Drain department, which is worth Rs 187.14 crore. The fourth order is from the Water Resource Department, Tamil Nadu for the renovation, extension, and modernisation of the Lower Bhavani Project main canal in Erode District worth Rs 123.07 crore.
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