WPI inflation rises to 13.11% in February
India’s wholesale price-based inflation accelerated to 13.11% year-on-year (YoY) in February, compared to 12.96% in January. Fuel and power inflation stood at 31.5% YoY in Feb, compared to 32.27% in Jan. Inflation in manufactured products rose 9.84% in Feb, as against 9.42% in the previous month. This signals that producers have begun passing part of their rising input costs to end-users. The food index moderated from a 24-month high of 9.55% in Jan to 8.47% in February.
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HAL signs pact with SASMOS to work together in aerospace domain
Hindustan Aeronautics Ltd (HAL) has signed a Memorandum of Understanding (MoU) with SASMOS to work together on advanced electronics, electrical, and fibre optic interconnections in the aerospace domain. The MoU is intended to explore business cooperation, especially in north India. Naini Aerospace Ltd (NAeL), a subsidiary of HAL, was also a signatory to the MoU.
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DLF to invest Rs 550 crore to construct office building for StanChart GBS in Chennai
DLF Limited has announced an investment of Rs 550 crore to construct a one-million sq. ft. office building for Standard Chartered Global Business Services’ campus in Chennai. In October 2020, DLF had pre-leased 7.7 lakh square feet of office space to StanChart GBS. The campus will be completed by mid-2024. The 2.3 million sq. ft. currently under construction would be completed by the first quarter of 2023 (H1 FY23).
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Hero Electric partners with L&T Finance for retail financing solutions
Hero Electric has partnered with L&T Finance to offer customers easy financing solutions for its entire product portfolio across its 750-plus dealership network. Customers can avail hassle-free quick loan approvals in under 3 minutes at attractive interest rates, ranging from 7.99% onwards. Hero Electric is expanding personalized funding options and facilitating easy purchase decisions.
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Kotak Mahindra Bank hit by highest number of bank frauds in Apr-Dec FY22
Kotak Mahindra Bank has been hit by the highest number of frauds at 642, involving Rs 1 lakh and above, in the April-December period of 2021-22. It was followed by ICICI Bank and IndusInd Bank at 518 and 377 bank frauds, respectively. In the case of State Bank of India (SBI), the number of frauds declined over the last three years. There were as many as 923 incidents in FY18, 931 in FY19, 673 in FY20, and 283 in FY21.
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Alembic Pharma gets USFDA approval for Macitentan tablets
Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) to market Macitentan tablets. The drug is used to treat pulmonary arterial hypertension to delay disease progression. As per IQVIA December 2021 data, Macitentan tablets had an estimated market size of $797 million.
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L&T Construction secures contracts under its water and effluent treatment business
Larsen & Toubro Construction has received significant contracts (in the range of ~Rs 1,000-2,500 crore) under its water and effluent treatment business. The Gujarat Water Infrastructure (GWIL) has placed an order for the design and construction of the Dhanki-Navda Bulk Pipeline project. The business has also been awarded a project from a prestigious client for the supply, installation, testing, and commissioning of water distribution networks and large meter connections in Dubai.
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Power Mech Projects secures order worth Rs 2,120 crore
Power Mech Projects Ltd has secured orders worth Rs 2,120 crore under the Indian government’s Jal Jeevan Mission (JJM) program. The company has won the orders under Phase-III projects in 2120 villages of Pratapgarh, Fatehpur, and Meerut districts in Uttar Pradesh. The Rs 3.6 lakh crore Jal Jeevan Mission aims to ensure tap water supply to all rural households by 2024.
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BHEL dispatches 42nd nuclear steam generator to NPCIL
Bharat Heavy Electricals Ltd (BHEL) has dispatched its 42nd nuclear steam generator to Nuclear Power Corporation of India Ltd (NPCIL). The steam generator is to be installed at a 700 MWe unit at NPCIL’s Rajasthan Atomic Power Project. BHEL has been catering to India’s nuclear program since 1976. It has designed, manufactured, and supplied critical nuclear components like reactor headers and steam turbine generators.
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Vodafone Idea partners with Nazara Technologies to launch Vi Games
Vodafone Idea (Vi), in partnership with Nazara Technologies Ltd, has launched Vi Games on the Vi App. The telecom operator’s customers will get access to a wide range of gaming content on Vi Games, including popular game titles from various franchises in India. It will offer over 1,400 gaming titles across 10 popular genres. Vi Games will be available in three categories on the Vi App— Free Games, Gold Games, and Platinum Games.
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RIL subsidiary to acquire assets of Lithium Werks for $61 million
Reliance New Energy Ltd (RNEL) has signed a definitive agreement to acquire the assets of Lithium Werks BV for a total transaction value of $61 million (~Rs 466.5 crore). The assets include the entire patent portfolio of Lithium Werks, a manufacturing facility in China, and key business contracts. Lithium Werks is a leading provider of cobalt-free and high-performance Lithium Iron Phosphate (LFP) batteries.
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