Goldman Sachs raises India’s GDP forecast for 2020-21

Goldman Sachs has raised its GDP forecast for India to a 10.3% contraction, from the -14.8% it had projected in September. The global financial service provider has stated that it expects economic activity in the country to improve faster than anticipated. The firm has also stated that GDP growth is estimated at 13% in the next financial year (FY22).

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Delhi plans to impose lockdown in potential Covid-19 hotspot markets

Delhi CM Arvind Kejriwal has sought power from the Central Government to impose lockdowns in those market areas which may emerge as Covid-19 hotspots. He stated that all government agencies are making double efforts to control the Covid-19 situation in the national capital. The Health Ministry has also warned that the effect of festivals on new cases may be seen in the coming weeks.

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Pfizer sues AuroPharma, Dr. Reddy’s over generic version of cancer drug

Pfizer Inc. has filed a petition in a US court against Aurobindo Pharma Ltd and Dr. Reddy’s Laboratories Ltd. It has been alleged that both companies have separate plans to launch generic versions of Pfizer’s cancer drug Ibrance, before the expiration of its patent. Pfizer filed the possible patent infringement petition against both companies in the United States District Court in Delaware on two counts last week.

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Lakshmi Vilas Bank brought under moratorium

Lakshmi Vilas Bank Ltd. has been brought under moratorium effective from 6 pm on November 17 until December 16, 2020. The payments to creditors have been capped at Rs 25,000 during the moratorium. As per a statement from the Central Government, borrowers can withdraw above Rs 25,000 only for unforeseen expenses including medical treatment and education. Meanwhile, the RBI has proposed the merger of Lakshmi Vilas Bank with DBS Bank India Limited (DBIL).

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ONGC signs contracts for 7 blocks, Oil India wins 4 blocks

State-owned Oil and Natural Gas Corporation (ONGC) has signed contracts for seven oil and gas blocks in the country. Oil India Limited (OIL) has also signed contracts for acquiring four blocks. These 11 oil blocks have been awarded to both companies under the fifth bid round of the Open Acreage Licensing Policy (OALP) of the Indian Government. 

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Industrial investments back to FY20 levels: Credit Suisse

Credit Suisse has stated that industrial investments in India are showing signs of recovery. Industrial investments had declined by 7% in the second quarter of FY21, but are now almost back to previous financial years’ levels. The firm has also retained its ‘Overweight’ stance on Larsen & Toubro (L&T), ABB, and Voltas. An overweight rating on a stock means that analysts expect the stock to outperform its industry in the market.

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L&T delivers first launch hardware for Gaganyaan Mission

Larsen & Toubro said it has delivered the first launch hardware (a booster segment) for the Gaganyaan Launch Vehicle to ISRO, ahead of schedule. The booster segment will be used in the heavy rocket for launching India’s first manned mission into the earth’s lower orbit in 2021-2022. The segment was produced at L&T’s Powai Aerospace Manufacturing Facility, in Mumbai.

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Embassy REIT to acquire business park in Bengaluru for Rs 9,782 crore

Embassy Office Parks REIT announced that it has agreed to acquire Embassy TechVillage in Bengaluru from Embassy Group, Blackstone, and other investors. The cost of the acquisition has been estimated at Rs 9,782.4 crore. The proposed deal is subject to regulatory approvals. Embassy REIT is India’s first publicly-listed REIT (Real Estate Investment Trust). 

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IIFL Finance raises Rs 100 crore via non-convertible debentures

IIFL Finance Ltd. announced that it has raised Rs 100 crore through the issuance of non-convertible debentures on a private placement basis. The company stated that the debentures will be listed on the Wholesale Debt Market segment of NSE. After this announcement, the share price of IIFL Finance hit the upper circuit of 20% in the afternoon session today.

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NMDC hikes iron ore prices for second time in November

The National Mineral Development Corporation Ltd. (NMDC) has hiked prices of lump ore by approximately Rs 400 per tonne. It has also increased the price of fine ore by Rs 300 per tonne. This is the second price hike by the company in November 2020 because of iron ore supply constraints.

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SSWL receives orders for over Rs 5.8 crore from the US &  Europe

Steel Strips Wheels Ltd. (SSWL) has received orders amounting to Rs 5.8 crore from the US and Europe markets. The company has confirmed that export orders of nearly 57,000 wheels will be executed in December 2020. The order will be fulfilled from its Chennai plant. The company also stated that it expects to obtain more orders from the same markets, as its business operations have picked up speed.