India’s manufacturing PMI rises to 57.6 in November
India’s manufacturing activity expanded for the fifth straight month in November. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 57.6 in November, compared to 55.9 in October. Factory orders rose at the fastest pace since February. Strong demand led to higher production volumes, and output rose at the fastest rate in nine months. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.
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Auto sales data for November 2021: Highlights
Maruti Suzuki India posted a 0.61% month-on-month (MoM) increase in total sales to 1,39,184 units in November 2021. The shortage of electronic components continued to affect production during the month. Sales from its utility vehicle segment fell 9.25% MoM to 24,574 units. Exports stood at 21,393 units, an increase of 0.3% MoM.
Tata Motors Ltd registered a 12.22% MoM decline in passenger vehicle sales to 29,778 units in November. The automaker’s commercial vehicle sales fell 4.43% MoM to 32,245 units. Overall domestic sales declined 12.18% MoM to 58,073 units.
Mahindra & Mahindra’s auto segment posted total sales of 40,102 units in November, a decline of 4.3% over October. M&M’s farm equipment segment posted a 41% fall in sales to 27,681 units.
Bajaj Auto Ltd posted a 13.7% MoM decline in total sales to 3,79,276 units. Meanwhile, Escorts posted a 47.3% MoM fall in tractor sales to 7,116 units in November.
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Tata Power secures India’s largest solar and battery project worth Rs 945 crore
Tata Power Solar Systems Ltd (TPSSL) has secured a project from Solar Energy Corporation of India (SECI) to build a 100 megawatt (MW) EPC solar project, along with a 120 MWh utility-scale Battery Energy Storage System. The total contract value of the project is approximately Rs 945 crore. The project will be completed within 18 months. TPSSL is a wholly-owned subsidiary of Tata Power Company Ltd.
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Royal Enfield partners with Belstaff for exclusive range of apparel
Royal Enfield, a subsidiary of Eicher Motors Ltd, has partnered with British brand Belstaff to market an exclusive range of apparel. With this collaboration, Royal Enfield aims to write a new chapter in the brand history that celebrates the spirit of riding. The limited-edition Belstaff Capsule collection launches today in India and will be available exclusively on the company’s online store and dealerships.
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Zen Tech reports fire accident at its demonstration center
Zen Technologies Ltd announced that there was a fire accident around 10:00 PM (IST) on November 30 night at its demonstration center located at Maheshwaram Hardware Park in Telangana. There were no casualties. The facility is insured, and the financial damage is currently being accessed. Operations are expected to resume within a couple of days, and no impact is expected on any ongoing projects.
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NCLAT rejects Kotak Mahindra Bank’s plea to set aside insolvency proceedings against MSEL
The National Company Law Appellate Tribunal (NCLAT) has dismissed a petition filed by Kotak Mahindra Bank along with a director of debt-ridden McNally Sayaji Engineering Ltd (MSEL) to set aside insolvency proceedings against MSEL. On February 11, 2021, the Kolkata bench of the National Company Law Tribunal (NCLT) admitted a plea by ICICI Bank and directed to initiate insolvency proceedings against MSEL.
Kotak Mahindra Bank had contended that it had advanced loans to MSEL, and NCLT has failed to appreciate that more than 50% of members of the lenders’ consortium had opposed initiation of the corporate insolvency resolution process (CIRP), as they were considering a restructuring of loan outside the IBC.
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Sapphire Foods expects to double store count in next 3-4 years
Sapphire Foods India Ltd said it expects to turn profit after tax (PAT) positive in the third quarter (Q3 FY22) and double its store count in the next 3-4 years. The company’s CEO, in a press statement to mark the 500th store opening, said Sapphire Foods has seen a healthy recovery in dine-in sales alongside a continued acceleration in delivery sales. The positive metrics translated into positive same-store sales growth in both October and November 2021 compared to the pre-Covid calendar.
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Biocon enters Dow Jones Sustainability Index in Emerging Markets category
Biocon Ltd has been selected for the Dow Jones Sustainability Index (DJSI) in the Emerging Markets (EM) category for its Environmental, Social, and Governance (ESG) practices. It is among the top 15 companies from India, and one of the 12 companies from the pharmaceuticals, biotechnology, and life sciences sectors to be featured in the index for 2021.
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Gross GST collection in November crosses Rs 1.31 lakh crore
The gross Goods & Services Tax (GST) revenue collected in November 2021 was Rs 1,31,526 crore, the second-highest ever since the introduction of GST. The revenues for November are 25% higher than the GST revenues in the same month last year. The Finance Ministry said that the recent trend of high GST revenues has been a result of various policy and administrative measures that have been taken in the past to improve compliance.
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