India to export 8 million Covid-19 vaccine doses in October

India will export eight million Covid-19 vaccine doses by the end of October after ending its ban on sending doses abroad. Prime Minister Narendra Modi has promised to resume exports of vaccines at a meeting of the ‘Quad’ leaders, as India, Japan, Australia, and the US try to counter growing Chinese influence across the Asia-Pacific region. India will deliver most of the eight million doses of the Johnson & Johnson single-shot vaccine to Asia-Pacific countries.

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HDFC sells part of invoked shares of Ansal Housing to recover dues

Housing Development Finance Corp (HDFC) Ltd has sold a part of the shares invoked from Ansal Housing Ltd to recover their dues. The company has sold 12.67 lakh shares, representing 2.13% of the paid-up equity share capital of Ansal Housing. On August 4, HDFC invoked 46.2 lakh shares of Ansal Housing to recover a part of outstanding dues against loans availed by borrowers. The mentioned shares aggregate to 7.78% of Ansal’s total paid-up share capital by HDFC. 

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Tata, Airbus seals contract to make 56 C-295 military transport aircraft

The Ministry of Defence (MoD) has signed a contract worth Rs 22,000 crore with Tata and Airbus Defence and Space-Spain to procure 56 C-295 MW transport aircraft. Under the agreement, 16 aircraft will be delivered in a flyaway condition by Airbus Defence and Space within four years. The remaining 40 planes will be manufactured in India by a consortium of Airbus Defence and Space and Tata Advanced Systems Ltd (TASL) within ten years. The C-295 MW aircraft is a transport plane of 5-10 tonne capacity with cutting edge technology.

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L&T aims to double revenue in next 5 years

Larsen & Toubro CEO and MD SN Subrahmanyan said the company aims to double its revenue in the next five years, implying a CAGR of 16.4% over FY21-26. L&T is constructive on India’s capital expenditure (capex) cycle with a pick-up in infrastructure spending. The CEO added that the international ordering outlook remains strong, which currently contributes ~20% of the total order book for L&T.

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USFDA issues 6 observations after inspection of Biocon’s subsidiary’s unit

The US Food & Drug Administration (USFDA) has issued six observations after the inspection of the manufacturing facility of Biocon Ltd’s Malaysian subsidiary. The health regulator conducted an on-site pre-approval inspection of Biocon Sdn Bhd’s manufacturing facility for Insulin Aspart between Sept 13-24. A Biocon spokesperson said the company is confident of addressing these observations through procedural enhancements and an appropriate Corrective and Preventive Action Plan (CAPA).

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Balkrishna Industries to raise Rs 1,000 crore via long-term finance

The Board of Directors of Balkrishna Industries has approved a proposal to raise up to Rs 1,000 crore through long-term finance. The company will raise funds by issuing foreign currency bonds, non-convertible debentures (NCDs), or external commercial borrowings. The tyre manufacturer has undertaken a Rs 1,000 crore capacity expansion plan. Earlier this month, it also commenced trial production at its new manufacturing unit at Waluj, Maharashtra.

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IRB Infra secures order worth Rs 844 crore from NHAI

IRB Infrastructure Developers has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for a road project in Tamil Nadu. The order consists of six-laning of the Chittoor-Thatchur road from Pondavakkam to Kannigaipair in Tamil Nadu on a Hybrid Annuity Mode. The company’s bid project cost is Rs 844.14 crore.

Cinema halls in Maharashtra to reopen from October 22

Maharashtra Chief Minister Uddhav Thackeray said cinema halls and drama theatres in the state will be permitted to operate from October 22. Theatres will have to follow all protocols required to prevent the spread of coronavirus. The state government will soon issue the standard operating procedure (SOPs) in this regard. Schools will reopen across the state from October 4.

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