HDFC Bank becomes India’s first lender to cross Rs 8 lakh crore in market cap 

HDFC Bank Limited, on Wednesday, became India’s first lender to cross Rs 8 lakh crore in market capitalisation. The private sector bank is the third most valued domestic firm in terms of market capitalization, after Reliance Industries and TCS. This year, the shares of HDFC Bank have gained 15.11% so far. 

[Market Cap of a listed company is calculated by multiplying the total number of shares by the present share price]

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MHA announces new Covid-19 guidelines for states/UTs

The Ministry of Home Affairs (MHA) has issued fresh guidelines for the surveillance, containment, and caution against Covid-19. The MHA has asked states to strictly enforce standard operating procedures (SOPs) on various activities, exercise caution, and regulate crowds. States and union territories can also impose restrictions like night curfews, after consultations with the Central Government. The guidelines will be effective from 1st December. 

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Cabinet approves merger of Lakshmi Vilas Bank with DBS Bank

The Union Cabinet, on Wednesday, approved the RBI’s proposal to merge Lakshmi Vilas Bank (LVB) with DBS Bank India. As part of the amalgamation plan, DBS India will infuse fresh capital of Rs 2,500 crore into LVB. The restrictions on LVB’s depositors regarding the withdrawal of their deposits have also been removed.

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L&T Construction wins order to build India’s longest river bridge

Larsen & Toubro (L&T) announced that its construction arm has secured a large contract to build India’s longest road bridge across the Brahmaputra river. The 19 kilometre-long bridge will be built between Dhubri in Assam and Phulbari in Meghalaya. According to L&T, the bridge will reduce the distance between Assam and Meghalaya by 250 kilometres. The project is valued between Rs 2,500 to Rs 5,000 crore.

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HDFC Ltd to acquire 19.9% stake in Renaissance Investment Solutions ARC

HDFC Limited announced that it will acquire a 19.9% stake in Renaissance Investment Solutions ARC for Rs 49.8 lakh. The investment would result in HDFC holding 4,98,750 equity shares of Rs 10 each in the asset reconstruction company (ARC). HDFC Ltd stated that Renaissance Investment will undertake the business of asset reconstruction after it receives the receipt of approval from the Reserve Bank of India.

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Route Mobile wins contract from BSNL to deploy SMS Firewall

Bharat Sanchar Nigam Ltd. (BSNL) has selected Route Mobile Limited to deploy its SMS Firewall Platform across the Southern and Western Zones in India. Route Mobile will provide control and security over BSNL’s user SMS traffic and the monetization of international SMS traffic terminating over their network. Mumbai-based Route Mobile is a leading communications platform service provider.

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USFDA releases details of warning letter issued to Aurobindo Pharma’s New Jersey unit

The U.S Food and Drug Administration (USFDA) has released details of a warning letter issued to Aurobindo Pharma’s New Jersey unit. On 22nd October, the drug maker had announced that its subsidiary had received a warning letter from USFDA for its oral solid manufacturing facility situated at Dayton, New Jersey. The warning letter states that methods, facilities, and procedures used at the unit do not conform to the Current Goods Manufacturing Practice (CGMP).

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ARSS Infrastructure secures Rs 210 crore order from NHIDCL

ARSS Infrastructure Projects Ltd. has secured an order worth Rs 210 crore from the National Highways & Infrastructure Development Corporation Ltd (NHIDCL). The work order will be for the improvement of the NH-40 section in Meghalaya into a two-lane with paved shoulder road. The order will be based on an engineering, procurement, and construction (EPC) mode.

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Union Bank of India to raise Rs 1,000 crore from bonds

Union Bank of India Ltd. has announced that it will raise Rs 1,000 crore from bonds to fund its business growth. The bonds of face value of Rs 10 lakh each and bearing a coupon of 7.18% per annum, will have a maturity of 15 years. The bonds have a fixed allotment date of November 26, 2020. 

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Shiva Cement to invest Rs 1,500 crore in new Odisha unit

Shiva Cement Ltd has announced plans to invest Rs 1,500 crore in a new 1.36 million tonne clinker unit project in the Sundergarh district of Odisha. The company is a subsidiary of JSW Cement Ltd. It has stated that Rs 1,150 crore will be raised through debt instruments. JSW will invest Rs 150 crore through redeemable preference shares, and the remaining amount will be raised through a rights issue.

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At the recent United Nations Climate Change Conference at Glasgow (COP26), India pledged to achieve net-zero carbon emissions by 2070. The Centre has committed to installing a non-fossil fuel electricity generation capacity of 500 gigawatts (GW) and sourcing 50% of India’s energy requirement from renewable sources by 2030. The government also aims to reduce 1 […]

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