Cabinet approves Rs 10,683 crore PLI scheme for textile sector

The Union Cabinet has approved a Production Linked Incentive (PLI) scheme for textiles for man-made fibre (MMF) apparel, MMF fabrics, and 10 segments or products of technical textiles with a budgetary outlay of Rs 10,683 crore over the next five years. The scheme is expected to boost manufacturing activities, add jobs, and help scale up textile exports. Textile factories based around aspirational districts or Tier-3 & Tier-4 cities will be given priority. This move will benefit states like Gujarat, Uttar Pradesh, Maharashtra, Tamil Nadu, Punjab, Andhra Pradesh, and Telangana. 

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Sun Pharma forays into nutrition bar segment with lunch of Revital NXT

The healthcare division of Sun Pharmaceutical Industries has entered into the nutrition bar segment in India with the launch of Revital NXT. The product is a brand extension of Revital H, a health supplement brand. Revital NXT has been launched in two different variants, Revital Energy NXT and Revital Protein NXT. It contains Ginseng, 16 vitamins and minerals, and triple blend protein. The nutrition bar is currently available on Amazon. The market for nutrition bars in India is growing rapidly due to the increasing focus on fitness and a healthy lifestyle.

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Caplin Point Lab gets USFDA approval for labetalol hydrochloride injection

Capline Steriles, a subsidiary of Caplin Point Laboratories, has received final approval from the US Food and Drug Administration (USFDA) for labetalol hydrochloride injection. The drug is indicated for the control of blood pressure in severe cases of hypertension. According to IQVIA data, labetalol hydrochloride injection had US sales of $6 million (~Rs 44.2 crore) for the 12-months ended June 2021.

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Equity mutual funds record inflows worth Rs 24,392 crore in August

India’s equity mutual funds witnessed net inflows for the sixth straight month, according to data released by the Association of Mutual Funds in India (AMFI). The net equity inflow for August stood at Rs 24,392.2 crore, compared to Rs 20,742.8 crore in July. The inflows pushed assets under management (AUM) of the mutual fund industry to an all-time high of Rs 36.6 lakh crore at the end of August. The industry witnessed an overall net inflow of Rs 32,976 crore across all segments last month, compared to an inflow of Rs 1.14 lakh crore in July.

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JSPL pre-pays $106 million debt of its Australian subsidiary

Jindal Steel & Power Ltd (JSPL) has made a pre-payment of $106 million (~Rs 777.4 crore) to the lenders of its subsidiary Jindal Steel & Power (Australia) Ltd. The pre-payment has helped the company reduce JSPL’s “Australian debt” by approximately 50%. The company is now aiming to clear all its overseas debt in the upcoming quarters.

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Adani Power’s subsidiary declared successful bidder for Gondhkari coal block

Adani Power Maharashtra Ltd (APML) has been declared as the successful bidder for commercial mining of the Gondkhairi coal block in Maharashtra. APML is a wholly-owned subsidiary of Adani Power. It is engaged in the generation and transmission of electricity under long-term power purchase agreements and on merchant basis in India. Adani Power has a power generation capacity of 12,450 megawatts (MW) across the country.

Sansera Engineering IPO to open on Sept 14; price band fixed at Rs 734-744 per share

Sansera Engineering has fixed Rs 734-744 per share as the price band for its upcoming initial public offering (IPO). The public issue will open on September 14 and close on September 16. The IPO consists of a pure offer for sale (OFS) of 1.72 crore shares by its existing shareholders and promoters. On the upper band price, the firm will raise Rs 1,282.66 crore via the IPO. Sansera Engineering is an auto-component manufacturer based in Bengaluru.

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South Indian Bank launches SIB-OneCard credit card

South Indian Bank (SIB), in association with OneCard, has launched the SIB-OneCard credit card. The premium metal card has a unique app-based onboarding process, which is in line with SIB’s vision of digital transformation. The internationally valid credit card on the Visa Signature platform can be controlled through the OneCard App. The SIB–OneCard card comes with features such as lifetime validity, zero joining and annual fees, instant issuance of reward points and easy redemption within the app, etc. 

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RBI removes PCA restrictions on UCO Bank

The Reserve Bank of India (RBI) has lifted the Prompt Corrective Action (PCA) framework on UCO Bank. The performance of UCO Bank was reviewed by RBI’s Board for Financial Supervision. Based on the published results for the year ended March 31, 2021 (FY21), it was noted that the bank is not in breach of the PCA parameters. PCA is a framework under which banks with weak financial metrics are put under watch by the RBI.

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