Wholesale inflation rises to 14.23% in November
Wholesale price inflation (WPI) surged to a 12-year high of 14.23% in November, compared to 12.54% in October. The WPI inflation has been in double digits for the past 8 months. The high rate of inflation is primarily due to the rise in prices of mineral oils, basic metals, crude petroleum, natural gas, chemicals products, and food. Inflation in the fuel and power basket was higher at 39.81% in November, as against 37.18% in October.
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ABFRL to buy exclusive rights to sell, distribute Reebok in India
Aditya Birla Fashion & Retail Ltd (ABFRL) has signed a long-term licensing agreement with US-based Authentic Brands Group to distribute and sell Reebok products in India and other Southeast Asian countries. The deal signals ABFRL’s entry into India’s sports and activewear segment. The company will sell Reebok products through wholesale and e-commerce.
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Nykaa to invest Rs 100 crore over 2-3 years to expand retail footprint
Nykaa has set aside almost Rs 100 crore of capital expenditure over 2-3 years, said Group CFO Arvind Agarwal. The company plans to expand its retail footprint as it believes in an omnichannel strategy. He further stated that Nykaa’s ambition is to be in the top 100 cities in the country, which would mean 250-300 stores within the next 3 years. They are also investing in fulfillment centres, including large mechanised and tech-driven warehouses.
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Adani Green signs pact with SECI to supply 4,667 MW solar project
Adani Green Energy Ltd (AGEL) has signed an agreement with the Solar Energy Corporation of India (SECI) to supply 4,667 megawatts (MW) of green power. This is the world’s largest-ever green power purchase agreement (PPA). AGEL has a total portfolio of 20.3 gigawatts (GW), including operational and under-construction projects. The Adani Group has committed to a $50-70 billion investment in the renewables space.
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Glenmark’s subsidiary enters pact with Almirall for novel drug to treat autoimmune diseases
Ichnos Sciences, a subsidiary of Glenmark Pharmaceuticals, has entered into an exclusive agreement with Spain-based Almirall to out-license its novel monoclonal antibody therapy ISB 880. The drug is used in the treatment of autoimmune diseases. As per the agreement, Ichnos will receive an upfront payment of €20.8 million (~Rs 178.5 crore). It will also obtain additional development & commercial milestone payments and royalties based upon future global sales.
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L&T Infotech opens new delivery center in Hyderabad
Larsen & Toubro Infotech (LTI) has expanded its operations in Hyderabad by setting up a new facility in the city. The 1.1 lakh sq. ft. state-of-the-art delivery center is designed and equipped to house over 3,000 employees. The centre will focus on delivering digital, data, and cloud solutions to global clients.
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Lupin receives EIR from USFDA for its manufacturing site in Goa
Lupin Ltd has received an establishment inspection report (EIR) from the US Food & Drug Administration (USFDA) for its Goa manufacturing facility. This indicates that the pharma company is probably closer to resolving the drug regulator’s warning letter. EIR means the closure of inspection. USFDA inspected the facility in September 2021 and issued 7 observations, which were mostly related to the investigation of out-of-specification (OOS) drug productions.
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Orion Corp selects Infosys to transform ERP, planning platforms
Finland-based pharma company Orion Corporation has selected Infosys Ltd to transform its enterprise resource planning (ERP) and planning platforms. The IT major will also enhance Orion’s employee experience and drive business value realisation. Infosys will adopt standardised best SAP practices to enable end-to-end visibility across Orion’s operations and reduce business costs.
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Natco Pharma proposes to acquire Dash Pharmaceuticals
Natco Pharma Ltd has announced plans to acquire Dash Pharmaceuticals LLC, subject to the satisfactory completion of due diligence and execution of definitive agreements. US-based Dash Pharma is a front-end pharmaceutical sales, marketing, and distribution entity. This acquisition provides Natco with a front-end to engage with its customers directly in the US, which is the largest pharmaceutical market in the world.
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Bharti Airtel partners with Capgemini to bring 5G-based solutions for Indian enterprises
Bharti Airtel has partnered with French IT company Capgemini to bring 5G-based enterprise-grade solutions to the Indian market. Under this partnership, both firms will bring together their experience in 5G solutions and system integration capabilities to develop a range of India-focused use cases. Two 5G use cases (smart health and remote assistance) have already been deployed by Capgemini at Bharti Airtel’s 5G lab.
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L&T Construction secures order for buildings, factory business
Larsen & Toubro’s construction arm has received a large order for its buildings and factories business from the Odisha government to construct clinical blocks and allied infrastructure for a hospital in Cuttack. The duration of the engineering, procurement, and construction (EPC) project is 30 months. The project involves the construction of four clinical blocks comprising composite structural systems and other ancillary buildings.
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