India’s GDP expected to contract by 9.6% in FY21: World Bank

India’s economy is expected to shrink by 9.6% in the current financial year (2020-21). The report comes from the World Bank’s half-yearly South Asia Focus update. Assuming that all Covid-19 restrictions are lifted by 2022, India’s growth rate is projected to bounce back to 5.4% in FY22. Gross Domestic Product (GDP) of the country had contracted by 23.9% in the first quarter of this financial year.

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India rejects trial request for Sputnik-V Covid-19 vaccine

The Central Drug Standards Control Organisation (CDSCO), has rejected a proposal to conduct a direct Phase-3 clinical trial of the Russian Sputnik-V coronavirus vaccine in India. The proposal had been put forth by Dr. Reddy’s Laboratory, which has partnered with the Russian Direct Investment Fund (RDIF), for clinical trial and distribution of the vaccine in India. The regulatory body stated that the number of people who received the vaccine in Phase-1 was too less.

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Amazon sends legal notice to Future Group over deal with Reliance Retail

USA-based Amazon.com, Inc. has served a legal notice to its Indian partner, Future Group. Kishore Biyani-led Future Group has been found violating a non-compete agreement, by entering into a Rs 24,713 crore contract with Mukesh Ambani’s Reliance Industries Limited (RIL). Future Group shares fell 5.4%, and Reliance shares saw a fall of 0.8% on Thursday.

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Infosys to acquire US-based Blue Acorn iCi

IT services major Infosys said that it will acquire Blue Acorn iCi, a US-based data analytics company for a sum of $125 million (~ Rs 915 crore). The company stated that this acquisition will improve end-to-end customer experience offerings. The transaction will be undertaken by Infosys Nova Holdings LLC, a wholly-owned subsidiary of Infosys Ltd.

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TCS surpasses Accenture to become the world’s most valuable IT services company

Tata Consultancy Services (TCS) has become the most-valuable IT company globally, after surpassing its rival, Accenture. TCS was valued at Rs 10.6 trillion, at the last closing share price of Rs 2,825. The company stated that its employees would get salary hikes. On Wednesday, TCS had also announced a share buyback plan of Rs 16,000 crore at Rs 3,000 per share.

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Retail sales of passenger vehicles rise by 9.81% in September

Passenger vehicle (PV) retail sales showed a growth of 9.81% in September 2020. Total PV sales increased to 1,95,665 units from 1,78,189 units, in September 2019. Dealers are now anticipating a high growth rate period during the upcoming festive months in India.

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Majesco announces plans for Rs 631 crore share buyback

Majesco, a smallcap IT firm, has announced a share buyback of Rs 631 crore, at a price of Rs 845 per share. A share buyback refers to when a company buys back its own shares from investors. The company is waiting for the necessary approvals for the share buyback, and expects it to be completed by December.

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Lakshmi Vilas Bank gets an indicative non-binding offer from Clix Group

Lakshmi Vilas Bank, on Thursday, said that it has received an indicative non-binding offer from Clix Group. A non-binding offer is used as a sales process to establish a deal between the seller and the buyer, and the agreement is not legally binding. Last month, the Chief Executive and six other directors of the bank were voted out by shareholders. The bank has been struggling to raise capital for the last few years.

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NTPC incorporates subsidiary for energy renewal business

State-owned National Thermal Power Corporation (NTPC), on Thursday, announced that it has incorporated a subsidiary for its renewable energy business. The subsidiary, known as NTPC Renewable Energy Ltd, has been incorporated with the Registrar of Companies, NCT of Delhi & Haryana. NTPC aims to generate 39 gigawatts (GW) of its overall power capacity from renewable energy sources by 2032.

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