Tata Steel’s output grows 2% YoY to 7.68 MT in Q3
Tata Steel Ltd reported a 2% YoY rise in consolidated steel output to 7.68 million tonnes (MT) for the October-December period (Q3 FY22). Consolidated sales fell 3% YoY to 6.88 MT during the same period. Tata Steel produced 4.80 MT of steel in Q3 FY22 in India, compared to 4.60 MT a year ago.
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HDFC Bank starts online customs duty payment facility for customers
HDFC Bank announced that its integration with the Central Board of Indirect Taxes and Customs (CBIC) ICEGATE platform has gone live. This will allow customers to pay their customs duty directly via the bank. The private sector lender has facilitated both retail and wholesale payments of customs duty.
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JSW Steel to invest Rs 15,000 crore to expand Vijaynagar facility
JSW Steel Ltd has announced a 15,000-crore brownfield expansion project at its Vijaynagar Steel Works to increase capacity by 5 million tonnes per annum (MTPA) to 18 MTPA by FY24. The company has received environmental clearance for the project. It is planning to complete a 1 MTPA expansion through the upgradation of the current facility to achieve 13 MTPA capacity within the next 12 months.
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Tata Power leads S&P Global’s ESG score for power utilities in India
Tata Power has secured the highest score among its peers in the Indian power sector in S&P Global’s recently released corporate sustainability assessment (CSA) results. The company scored 67 out of 100, which is significantly higher than the average world electric utility sector (comprising both Indian and global electric utilities) score of 38. The S&P Global CSA is an annual evaluation of companies’ sustainability practices since 1999.
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Lupin launches Molnulup for Covid-19 treatment
Lupin Ltd has launched antiviral medication Molnupiravir under the brand name Molnulup in India for Covid-19 treatment. The Drugs Controller General of India (DCGI) has given emergency use authorisation (EUA) for Molnupiravir for the treatment of adult Covid-19 patients who have a high risk of progression of the disease. Pre-clinical and clinical data have shown Molnupiravir to be effective against the most common SARS-CoV-2 variants.
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Alembic Pharma gets tentative USFDA approval for depressive disorder drug
Alembic Pharmaceuticals Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for its generic Vortioxetine tablets. The drugs are indicated for the treatment of major depressive disorder. According to IQVA data, Vortioxetine tablets had an estimated market size of $1,249 million for twelve months ended September 2021.
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RIL executes agreement to acquire 40% stake in Sterling & Wilson from Shapoorji Pallonji
Reliance Industries Ltd (RIL) has executed an agreement to acquire a 40% stake in Sterling and Wilson Renewable Energy from Shapoorji Pallonji and Company. Reliance New Energy Solar Ltd, a wholly-owned subsidiary of RIL, acquired 1.84 crore shares of Sterling & Wilson Renewable for Rs 690 crore in an off-market deal.
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TCS wins second phase of Centre’s Passport Seva Program
The Ministry of External Affairs has selected Tata Consultancy Services (TCS) to implement the second phase of the Passport Seva Program, India’s largest mission-critical e-governance program till date. TCS will be managing the project for another 9.5 years. The IT major will refresh existing systems and develop new solutions to enable the issuance of e-passports using technologies such as biometrics, artificial intelligence, and advanced data analytics. Analysts estimate the deal to be valued at about Rs 6,000-8,000 crore.
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KEC International secures new orders worth Rs 1,025 crore
KEC International Ltd has secured new orders worth Rs 1,025 crore across its various businesses. The company’s transmission and distribution business has secured orders for projects in India and the Middle East. Its civil business has also secured an order for infrastructure works in the metals and mining segment in India.
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G.M. Breweries Q3 Results: Net profit rises 6.25% YoY to Rs 19.8 crore
G.M. Breweries Ltd (GMBL) reported a 6.25% YoY increase in net profit to Rs 19.79 crore for the quarter ended December 2021 (Q3 FY22). Its revenue from operations rose 16.9% YoY to Rs 130.88 crore during the same period. EBITDA fell 2.9% YoY to Rs 27.8 crore. Maharashtra-based GMBL is engaged in the manufacturing and marketing of alcoholic beverages.
