India records GDP growth at 20.1% in Q1

India’s gross domestic product (GDP) for the April-June quarter (Q1 FY22) grew 20.1% as per the provisional estimates released by the Ministry of Statistics and Programme Implementation (MoSPI). The sharp rise in Q1 GDP data can be mainly attributed to a low base last year. The economy had contracted by a record (-)24.4% in the corresponding quarter last year (Q1 FY21) due to the impact of the nationwide lockdown that was imposed to curb the spread of the Covid-19 pandemic. The manufacturing sector grew 49.6% YoY, while the construction sector grew at 68.3% YoY in Q1 FY22. 

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Maruti Suzuki cuts Sept production by 60% due to semiconductor shortage

Maruti Suzuki India Ltd expects production at its plants in Haryana and Gujarat to be impacted next month due to a shortage of semiconductors. As per estimates, the total production volume across both states could be around 40% of the normal output. This is the second consecutive monthly production cut seen by the automaker due to the global chip shortage.

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Subex extends partnership with Robi to drive 5G

Subex Ltd has extended its partnership with telecom operator Robi to upgrade its existing integrated revenue assurance and fraud management (iRAFM) system. With this upgrade, Robi will leverage the artificial intelligence and machine learning (AI/ML) capabilities of Subex’s revenue assurance and fraud management solutions to tackle new-age telecom threats in Bangladesh. It will also help Robi deliver a superior customer experience as it looks to provide services built on 5G.

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Exide Industries looks to set up Tesla-style gigafactory

Exide Industries Ltd is looking to set up a Tesla-style gigafactory using the production-linked incentive (PLI) scheme, as it ramps up focus on lithium-ion batteries. The company will finalise details of its advanced chemistry cell battery-making facility once the PLI scheme related to the segment is announced. In May 2021, the Union Cabinet had approved a PLI scheme with an outlay of Rs 18,000 crore to promote the manufacturing, export, and storage of lithium-ion cells essential for developing electric vehicles.

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SRF’s board approves 4:1 bonus issue

The Board of Directors of SRF Limited has approved a bonus issue in the ratio 4:1. The company will issue four bonus shares (of the face value of Rs 10 each) for each equity share held as on the record date. Gurugram-based SRF Limited is a multi-business chemicals conglomerate engaged in the manufacturing of industrial and specialty intermediates.  

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Ola likely to launch IPO in early 2022

Ride-hailing aggregator Ola is exploring a public offer early next year and is aiming to raise $1 billion (~Rs 7,290 crore). According to reports, investment banks including Morgan Stanley, Goldman Sachs, Kotak Mahindra Capital, Citigroup, and JP Morgan are working with the company to file preliminary documents for the IPO with market regulator SEBI by October. Ola would be joining a strong pipeline of Indian startups that are ready to tap the IPO market in the coming months.

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Dr Reddy’s launches generic stomach ulcer drug in the US

Dr Reddy’s Laboratories has launched Chlordiazepoxide Hydrochloride and Clidinium Bromide capsules in the US market. It is a therapeutic equivalent generic version of Librax. The drug is indicated to control emotional and somatic factors in gastrointestinal disorders. It is also used as adjunctive therapy in the treatment of peptic ulcers and irritable bowel syndrome. According to IQVIA data, the generic version of the drug had sales of $105.9 million (~Rs 770 crore) in the US for the 12 months ended July 2021.

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No comment on media speculation: Bharti Airtel on report of Google investment

Bharti Airtel said it “receives interests from high-quality investors” for its various businesses and evaluates them. However, it declined to comment on a media report that US software giant Google is likely to make a substantial investment in the company. A recent Times of India (ToI) report had stated that Google is on its way to make investments worth thousands of crores in Bharti Airtel. The telecom operator termed the Google news report as “speculation”. 

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Bank of India raises Rs 2,550 crore via QIP

Bank of India has raised Rs 2,550 crore through a Qualified Institutional Placement (QIP). The lender’s capital issuing committee has approved the issue and allotment of 40.54 crore equity shares to eligible Qualified Institutional Buyers (QIBs) at an issue price of Rs 62.89 per share. The QIP opened on August 25 and closed on August 30. The bank had targeted to raise up to Rs 3,000 crore through this issue. 

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Mastek partners with fulfillmenttools to deliver Omnichannel Fulfillment Solutions

Mastek Ltd has partnered with Germany-based fulfillmenttools to enable Direct to Stakeholder (D2X) transformation for their joint clients. This partnership will enable their clients to deliver a robust customer experience through a unified D2X process integrating commerce with fulfillment. fulfillmenttools offers an integrated end-to-end platform solution for efficient omnichannel fulfillment. Mumbai-based Mastek is a multinational technology company that offers enterprise-level digital transformation services and software.