India’s GDP expands by 8.4% in July-Sept quarter

India’s gross domestic product (GDP) grew 8.4% in the July-September quarter of the current financial year (Q2 FY22). The GDP had contracted by 7.4% in the corresponding quarter last year. GDP at Constant (2011-12) Prices is estimated at Rs 35.73 lakh crore in Q2 FY22, compared to Rs 32.97 lakh crores in Q2 FY21. The Indian economy strengthened in Q2 due to a pickup in the pace of vaccinations and the easing of localised restrictions.

Meanwhile, the output from India’s eight core sectors grew 7.5% in October 2021, compared to a 0.5% contraction in October 2020. Core sectors’ growth stood at 4.5% in September 2021. The core sectors include coal, crude oil, natural gas, refinery products, fertilizers, steel, cement, and electricity.

Read more here.

Yes Bank’s voting rights in Dish TV unfrozen by Supreme Court

The Supreme Court (SC) unfroze a restriction imposed by the police on Yes Bank’s voting rights in Dish TV India Ltd. This move will allow the bank to vote in Dish TV’s Annual General Meeting (AGM). However, the AGM scheduled to take place on November 30 has now been postponed. The freeze on voting rights of shares held by Yes Bank was due to a notice issued by the Uttar Pradesh police on Nov 5, which directed the bank not to transfer or exercise any rights as a shareholder of Dish TV. 

Read more here.

Infosys to transition Daimler’s HPC workloads to green data centre in Norway

Infosys will transfer Daimler’s High-Performance Computing (HPC) workloads to Lefdal Mine Datacenter in Norway, one of Europe’s greenest data centres. The HPC workloads are used to design vehicles and automated driving technologies. The shift to Green Data Center as a Service is an important milestone in supporting Daimler to achieve its sustainability mission (Ambition 2039) to become carbon neutral by 2039.

Read more here.

Edelweiss Financial Services to raise up to Rs 1,000 crore via NCDs

Edelweiss Financial Services Ltd (EFSL) will raise up to Rs 500 crore via the public issue of secured, redeemable, non-convertible debentures (NCDs) of face value Rs 1,000 each. The base size of the issue is Rs 200 crore, with an option to retain oversubscription up to Rs 300 crore. The issue is within the shelf limit of Rs 1,000 crore. The effective yield per annum of the NCDs ranges from 8.75% to 9.70%. 

Read more here.

redBus partners with IRCTC to offer train ticketing service

Online bus ticketing platform redBus has partnered with IRCTC to offer rail ticketing services under “redRail”. As part of its introductory offer, redRail will not levy any service fee or payment gateway charges. All of the scheduled train services of IRCTC, which includes nearly 9 million daily seats, will now also be available on the redBus app for booking.

Read more here.

Maruti Suzuki flags drop in December output due to chip shortage

Maruti Suzuki India Ltd is expecting an adverse impact on vehicle production at its manufacturing units in Haryana and Gujarat in December due to the global semiconductor shortage. Total production could only be around 80-85% of the normal production. Supply chain disruptions and booming demand for consumer electronics have led to an acute shortage of semiconductors. 

Read more here.

Dilip Buildcom emerges lowest bidder for rail project in Himachal Pradesh

Dilip Buildcon Ltd has emerged as the lowest bidder for a tender floated by Rail Vikas Nigam Ltd (RVNL) in Himachal Pradesh. The work includes slope protection and allied works in connection with the new Bhanupali-Bilaspur-Beri railway line in Bilaspur district. The project cost is Rs 636.94 crore. Dilip Buildcon has to complete the project within 24 months.

Read more here.

PTC Industries’ arm receives approval to make alloy castings for aerospace applications

Aerolloy Technologies, a subsidiary of PTC Industries Ltd, has received international certification to manufacture titanium and nickel super alloy castings for aerospace applications. Uttar Pradesh-based PTC Industries develops and manufactures strategic components and sub-systems for various defence and aerospace applications.

Read more here.

NMDC slashes lump ore prices by Rs 750 per tonne, fines by Rs 200 per tonne

NMDC Limited has reduced the prices of lump ore by Rs 750 per tonne and fines by Rs 200 per tonne. The company has revised the rates of lump ore or higher grade ore to Rs 5,200 a tonne. The price of lump ore or low-grade ore has been fixed at Rs 4,560 per tonne. The revised prices are effective from November 30, 2021.