Hero MotoCorp expands operations in Argentina

Hero MotoCorp Ltd has announced the expansion of its operations in Argentina, with the opening of a flagship dealership in Buenos Aires in partnership with Gilera Motors Argentina (GMA). GMA will make investments to rapidly expand all business operations for Hero MotoCorp’s products. This move is expected to generate nearly 500 new jobs in the region.

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DoT returns bank guarantees worth Rs 6,500 crore to Airtel, Vodafone Idea

The Department of Telecommunications (DoT) has returned a cumulative amount of ~Rs 6,500 crore of bank guarantees (BGs) to Bharti Airtel and Vodafone Idea over the last few days. In the latest telecom relief package, the government cut BG requirements against statutory dues such as licensee fees by 80%. The BGs that are being returned were against license fees and spectrum usage charges.

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L&T signs pact with Kemroc for distribution of cutting-edge products in India

Larsen & Toubro (L&T) has entered into a pact with Germany-based Kemroc to distribute its cutting-edge products in India. Kemroc is a global manufacturer of attachments for excavators and backhoe loaders. The agreement covers Kemroc-developed special attachments, including its patented EK series of chain cutters. This strategic partnership will enable L&T to expand its product offerings and provide comprehensive solutions to customers in the construction industry in India.

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Angel One’s client base jumps 146% YoY to 7.32 million in November

Angel One Ltd reported a 146% year-on-year (YoY) jump in client base to 7.32 million in November 2021. Its client base grew 5.6% compared to the previous month. Gross client acquisition stood at 0.45 million in November 2021, rising 3.5% from October 2021 and 193% from November 2020. The company’s retail turnover market share in the overall equity segment rose to 21% during the same month.

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Ashoka Buildcon emerges lowest bidder for Road Ministry project

Ashoka Buildcon Ltd has emerged as the lowest (L-1) bidder for a tender floated by the Ministry of Road Transport & Highways. The project consists of the construction of a six-lane link road (NH-1665) with a paved shoulder configuration to Mopa Airport in Goa. The quoted bid price of the project is Rs 76,941 crore.

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SPARC signs pact with Biomodifying for licensing of novel drug targets against cancer

Sun Pharma Advanced Research Company (SPARC) has entered into an agreement with US-based Biomodifying LLC. The partnership seeks to exclusively license Biomodifying’s intellectual property (IP), including all patents and patent applications. It also includes antibodies developed for multiple uses including cancer. Under the agreement, Biomodifying is eligible for an up-front payment, milestone payments on pre-specified clinical, regulatory, and commercial milestones, as well as royalties on sales.

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Digital First revolution to make India more inclusively prosperous: Mukesh Ambani

Reliance Industries Ltd (RIL) Chairman Mukesh Ambani said the rapid shift towards the adoption of digital technologies, and very soon a ‘digital first’ world, would result in a more equal world. Ambani said he was proud of the fact that Jio had taken the lead in ensuring that people had access to affordable high-speed data connectivity, a prerequisite for the digital revolution. He is also bullish on blockchain technology, stating that it will redefine the financial world. Mukesh Ambani was speaking at the Infinity Forum, hosted by International Financial Services Centres Authority (IFSCA).

Meanwhile, Prime Minister Narendra Modi also called for a “fintech revolution” to achieve financial empowerment of every single citizen.

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Govt plans to bring uniform base price for city gas distribution: Report

As per a report from CNBC-TV18, the Ministry of Petroleum & Natural Gas has prepared a mechanism for uniform base price for gas. The uniform base price formula will be based on Regassified Liquified Natural Gas (RLNG), Compressed Biogas, and domestically produced gas. This move will help increase the availability of gas from different sources and meet the gas requirements of city gas distributors (CGDs). 

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Morepen Labs gets USFDA approval to export Allegra

Morepen Laboratories Ltd has received approval from the US Food & Drug Administration (USFDA) to export Fexofenadine (Allegra) to the US market. Fexofenadine is the most widely used, second-generation antihistamine drug used for the treatment of allergy symptoms and hay fever. Morepen Labs is the third-largest exporter of the drug in the world and is likely to move up in the ranks after this approval.