Bharat Biotech’s Covaxin gets approval for restricted emergency use: Report

The Subject Expert Committee of the Central Drugs Standard Control Organisation (CDSCO) on Saturday gave its approval for the restricted emergency use of Covaxin in India. Covaxin is jointly developed by Bharat Biotech and the Indian Council of Medical Research (ICMR). This is the second Covid-19 vaccine that has been recommended for emergency use approval to DCGI, after Serum Institute’s locally produced Oxford-AstraZeneca vaccine ‘Covishield’. The Drug Controller General of India (DCGI) will give the final approval to both the vaccine candidates. [This has been reported by news agencies PTI and ANI, citing government sources]

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SEBI fines RIL, Mukesh Ambani for manipulative trades in RPL

The Securities and Exchange Board of India (SEBI) has imposed a fine of Rs 25 crore on Reliance Industries Ltd (RIL) and Rs 15 crore on its chairman, Mukesh Ambani, for their alleged role in manipulative trades in Reliance Petroleum Ltd (RPL) in 2007. The penalties imposed pertain to the trading of RPL shares in the cash and futures segments in November 2007. SEBI believes illegal profits were made by RIL and other parties through manipulation of RPL’s share prices. This followed RIL’s decision in March 2007 to sell a 4.1% stake in RPL, a listed subsidiary that was later merged with RIL in 2009.

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Tata Steel transfers stake in processing arms to TSDPL

Tata Steel Ltd has transferred the 51% stake it holds in Jamshedpur Continuous Annealing & Processing Company Private Ltd (JCAPCPL) and 50% stake it holds in Tata BlueScope Steel Private Ltd (TBSPL) to Tata Steel Downstream Products Ltd (TSDPL). The company stated that this step was taken to reorganise the company’s India footprint into four clusters to drive scale, synergies, and create value for all stakeholders. The transfer will help consolidate its downstream steel processing services.

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EID Parry to close sugar unit in Tamil Nadu

EID Parry India Ltd has decided to close down one of its non-operating sugar units in Tamil Nadu. The company stated that the expectation of revival of cane cultivation in the area is low due to a variety of factors. The company’s sugar mill at Pettavaithalai in Tamil Nadu had not been operational due to the continuous non-availability of adequate sugar cane. East India Distilleries (EID) Parry India Limited is a wholly-owned subsidiary of the Murugappa Group.

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Exports decline by 0.8% in December; trade deficit widens to $15.71 billion

India’s exports declined marginally by 0.8% to $26.89 billion in December 2020 due to contraction in sectors like petroleum, leather, and marine products, according to preliminary data released by the Ministry of Commerce & Industry. The trade deficit in December widened to $15.71 billion, as imports grew by 7.6% to $42.6 billion. During the same period, oil imports declined by 10.37% to $9.61 billion.

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Tower damage case: Airtel writes to DoT, says Jio’s charges are baseless

Bharti Airtel has sent a letter to the Department of Telecommunications (DoT), slamming Reliance Jio’s allegations that channel partners of rival telecom companies were inciting and provoking agitators involved in tower disruption. The company stated that Jio’s complaint should be dismissed “with the contempt that it deserves”. Airtel further urged the DoT to bring forth a policy to mandate ICR (Intra circle roaming) in such situations of vandalism and network outages as a matter of course so that customers were never inconvenienced.

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Free Covid-19 vaccine for all healthcare workers in first phase: Harsh Vardhan

Union Health Minister Dr. Harsh Vardhan on Saturday said that in the first phase of Covid-19 vaccination, free vaccine shall be provided across the nation to most prioritised beneficiaries that include one crore healthcare and two crore frontline workers. He also said that details of how further 27 crore priority beneficiaries are to be vaccinated until July are being finalised. As India began its nationwide Covid-19 vaccine dry run from today before the rollout of a potential vaccine to the citizens, the health minister appealed to people not to pay heed to rumors about the Covid-19 vaccine.

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PFC raises borrowing limit to Rs 1.18 lakh crore

State-owned Power Finance Corporation (PFC) has raised its borrowing limit to Rs 1.18 lakh crore for the ongoing financial year. The company now plans to raise a maximum of Rs 83,000 crore from long-term borrowing, Rs 15,000 crore from long-term foreign currency borrowing, Rs 5,000 crore from short-term borrowing, and Rs 15,000 crore from commercial papers. PFC further stated that it does not see any challenges in raising the borrowing amount, which is being used to lend for various power sector projects in India.

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India-UK flights to restart from Jan 6: Puri

Aviation Minister Hardeep Singh Puri on Saturday said that flights from India to the United Kingdom will resume from January 6, while services from that country to here would resume from January 8 onwards. He stated that this schedule is valid till 23 Jan 2021 and further frequency will be determined after reviews. Earlier, India had suspended all passenger flights connecting the two countries from December 23 to January 7, as a new variant of coronavirus emerged in the UK.

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TVS reports 17.5% increase in sales in December

TVS Motor Company Ltd, on Saturday, reported a 17.5% YoY increase in total sales to 2,72,084 units in December. The company, which primarily makes two-wheelers and three-wheelers, had sold 2,31,571 units in December 2019. The total two-wheeler sales during the month increased by 20% to 2,58,239 units, as against 2,15,619 in December 2019. The total exports increased by 28% to 94,269 units last month, as against 73,512 in the year-ago period.

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