Bharat Dynamics to supply 4,960 Milan-2T missiles to Indian Army

The Ministry of Defence, on Friday, signed a Rs 1,188 crore deal with Bharat Dynamics Ltd (BDL) for the supply of 4,960 Milan 2T Anti-Tank Guided Missiles to the Indian Army. The missiles, having a range of 1,850 metres, can be fired from the ground as well as from vehicle-based launchers. The missiles are being produced by BDL under license from French defence major MBDA Missile Systems.

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Govt sells 10% stake to exit Tata Communications

The Central Government has exited Tata Communications Ltd (TCL) after selling its 10% stake to Tata Sons’ subsidiary Panatone Finvest in an off-market trade. Around 2.85 crore equity shares held by the government were sold to Panatone Finvest. The government has already sold a 16.12% stake in TCL through an offer for sale (OFS) to retail and non-retail investors at the floor price of Rs 1,161 per share.

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PNC Infratech’s arm secures order worth Rs 1,412 crore

PNC Infratech said its subsidiary, PNC Meerut Haridwar Highways, has secured a road project from the National Highways Authority of India (NHAI). The project consists of four-laning the Meerut-Nazibabad section of NH-19 in Uttar Pradesh on Hybrid Annuity Mode (HAM). The order is valued at Rs 1,412 crore. The project comes under the Central government’s Bharatmala Pariyojana.

Strides Pharma’s subsidiary partners with RDIF to supply Covid-19 vaccine

Strides Pharma Science Ltd said its biopharmaceutical division, Stelis Biopharma, has partnered with the Russian Direct Investment Fund (RDIF) to supply 200 million doses of the Sputnik V vaccine.  The vaccine demonstrated an efficacy rate of 91.6% against the Covid-19 infection and is now approved for use in over 50 countries. The parties intend to commence supplies from Q3 (July-September) of calendar year 2021. 

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Tata Motors introduces new compact ambulance Magic Express

Tata Motors has launched Magic Express, its first product in the compact ambulance segment, with the promise of easy maneuverability in congested Indian cities. The Magic Express Ambulance is compliant with AIS-125 government norms for the ambulance category. It can seat five attendants, apart from the driver and patient. Tata Motors said that the ambulance is designed to specifically support medical and health-related services, with a focus on the speedy movement of patients that require emergency care. 

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TV advertising volumes rose 21% in Jan-Feb 2021: BARC

According to data released by the Broadcast Audience Research Council (BARC), advertising volumes in January-February 2021 were 21% higher when compared to the same period last year. The report states that FMCG and e-commerce categories grew by 36% and 21%, respectively, during Jan-Feb compared to 2020. TV channels in the movies and music genre saw a spike in ad volumes at 25% and 24%, respectively. 

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HDFC Bank’s MSME book grows 30% YoY to cross Rs 2 lakh crore-mark

HDFC Bank said its Micro, Small, and Medium Enterprises (MSME) loan book grew 30% YoY to cross the Rs 2 lakh crore-mark as of December-end. This growth was driven by the Emergency Credit Line Guarantee Scheme (ECLGS)- a Rs 20 lakh crore package introduced by the Finance Ministry to support the MSME sector amidst the Covid-19 pandemic. HDFC Bank has become the second-largest lender in the MSME segment after the State Bank of India (SBI).

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Aarti Drugs announces Rs 60 crore share buyback plan

Aarti Drugs Limited said its Board of Directors have approved the buyback of up to 6 lakh fully paid-up equity shares (of the face value of Rs 10 each) at Rs 1,000 per share. This represents 0.64% of the total number of equity shares of the firm. The total buyback size is Rs 60 crore. Aarti Drugs’ share buyback price of Rs 1,000 is at a premium of 46% to its closing price of Rs 683 on Thursday. 

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TCS announces salary hikes for all employees

Tata Consultancy Services (TCS), on Friday, announced salary hikes for all its employees. The salary hikes will be effective from April 1, 2021. The IT major had increased salaries by 6-8% in October 2020. With the upcoming hike, around 4.6 lakh TCS employees will get around 12-14% average increment in six months’ time. 

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IPO Updates:

Suryoday Small Finance Bank

The Rs 582-crore initial public offering (IPO) of Suryoday Small Finance Bank was subscribed 2.37 times on the final day of bidding. The portion reserved for retail investors was subscribed 3.09 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 1.31 times and that of qualified institutional buyers (QIBs) 2.18 times.

Nazara Technologies

The Rs 582-crore initial public offering (IPO) of Nazara Technologies was subscribed 175.46 times on the final day of bidding. The portion reserved for retail investors was subscribed 75.29 times and that of employees 7.55 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 389.89 times and that of QIBs 103.77 times. It has become the second-most subscribed IPO (after MTAR Technologies) so far in 2021.