India’s manufacturing PMI falls marginally in February

India’s factory activity expanded for the seventh straight month in February, driven by strong demand and increased output. The IHS Markit Purchasing Managers’ Index (PMI) for India’s manufacturing sector eased slightly to 57.5 in February from 57.7 in January. Last month, firms responded to rising production needs by boosting their purchasing activities. PMI is a month-on-month calculation, and a value of more than 50 represents an expansion when compared to the previous month.

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Automobile companies register strong sales growth in February

Major automobile companies reported healthy sales growth during February 2021. Tata Motors posted a 51.1% YoY jump in total sales to 61,365 units, as passenger vehicle (PV) sales surged two-fold to 27,225 units. Maruti Suzuki reported an 11.8% YoY increase in overall sales to 1.64 lakh units in February. Bajaj Auto posted a 6% YoY rise in total sales to 3.75 lakh units during the same period. Farm equipment manufacturer Escorts reported a 30.6% YoY increase in tractor sales to 11,230 units in February.

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BPCL approves sale of its 61.65% stake in Numaligarh refinery for Rs 9,875 crore

Bharat Petroleum Corporation Ltd’s (BPCL) board has approved the sale of its 61.65% stake in Numaligarh Refinery Ltd (NRL) for Rs 9,875 crore. The consortium of Oil India Ltd (OIL) and Engineers India Ltd will acquire 49% stake. The remaining 13.65% will be sold to the Government of Assam. The sale of NRL is considered to be the first step towards the disinvestment of BPCL.

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Sterlite Tech secures orders worth $100 million in Middle East, Africa 

Sterlite Technologies Ltd (STL) has secured orders worth $100 million (~Rs 734 crore) in the Middle East and Africa for setting up the network and infrastructure for 5G wireless services. The multi-year deals range from providing optical connectivity solutions to network solutions. With these new deals, the STL’s order book stands at a record Rs 11,300 crore. 

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Godrej Properties acquires land parcels worth Rs 166 crore for residential project in Navi Mumbai

Godrej Properties Ltd has emerged as the highest bidder for two adjacent land parcels in Navi Mumbai for a total bid value of Rs 166 crore. The e-auction was conducted by Maharashtra’s City and Industrial Development Corporation (CIDCO). The company will develop a residential project on the 1.5-acre land located in Sanpada, Navi Mumbai. The project is expected to have a development potential of around 4 lakh sq ft.

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IndiGo, BOC Aviation signs purchase-leaseback agreement for eight A320neo planes

Singapore-based aircraft leasing firm BOC Aviation has signed a purchase-and-leaseback agreement with InterGlobe Aviation (IndiGo) for eight new Airbus A320 neo planes. The aircraft are scheduled to be delivered in the second half of 2021. As of December 31, 2020, IndiGo had 287 aircraft in its fleet. Out of this, 272 were on operating lease, while the remaining 15 were owned/finance lease. 

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Siemens acquires 99.2% stake in C&S Electric for Rs 2,100 crore

Siemens Limited has completed the acquisition of a 99.22% equity share in C&S Electric Ltd for Rs 2,100 crore. The Competition Commission of India (CCI) had given its approval for the deal on August 20, 2020. The acquisition will enable Siemens to address the competitive infrastructure low-voltage market in India while creating a manufacturing hub to source low-voltage products for export to competitive markets globally.

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Bharat Dynamics secures order worth Rs 373 crore

Bharat Dynamics Limited said it has received an order worth Rs 372.98 crore for supplying MRSAM Missile Rear Sections for the Indian Air Force. The order is said to be executed on or before November 30, 2023. Hyderabad-based Bharat Dynamics is a leading manufacturer of defense equipment such as ammunitions and missile systems.  

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MCX signs MoU with NSE, India INX, NSDL, and CDSL to set up new entity at GIFT City

Multi Commodity Exchange of India Ltd (MCX) has signed a Memorandum of Understanding (MoU) with National Stock Exchange (NSE), India International Exchange IFSC Ltd (India INX), National Securities Depository Limited (NSDL), and Central Depository Services (India) Ltd (CDSL) for setting up Market Infrastructure Institutions comprising of International Bullion Exchange, Clearing Corporation and Depository at Gujarat International Financial Trade (GIFT) City.

[Bullion refers to physical gold and silver of high purity that is often kept in the form of bars, ingots, or coins]

Biocon Biologics, Viatris Inc. gets CHMP approval for Abevmy

Biocon Biologics, a subsidiary of Biocon Ltd, announced that the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) has recommended the approval of its biosimilar- Bevacizumab- to be marketed as Abevmy. The product was co-developed with US-based Viatris Inc. Abemby is indicated for the treatment of metastatic breast cancer, non-small-cell lung carcinoma, as well as ovarian, cervical, and renal cancer.

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