India’s manufacturing PMI falls to 55.5 in December  

India’s manufacturing activity expanded in December but at a slower pace than the previous month. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.5 in December, compared to 57.6 in November. Output remained in the growth territory amid a slower rise in sales and new orders. Business sentiment was dampened by concerns surrounding supply-chain disruptions, Covid-19, and inflationary pressures. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.

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Auto sales data for December 2021: Highlights

Maruti Suzuki India posted a 10% month-on-month (MoM) increase in total sales to 1,53,149 units in December 2021. The shortage of electronic components continued to affect production during the month. Sales from its utility vehicle segment rose 10% MoM to 85,665 units. Exports stood at 22,280 units, an increase of 4.14% MoM. 

Tata Motors Ltd registered an 18.54% MoM increase in passenger vehicle sales to 35,299 units in December. The automaker’s commercial vehicle sales rose 5.9% MoM to 34,151 units. Overall domestic sales rose 14.17% MoM to 66,307 units. 

Two-wheeler manufacturer Hero MotoCorp sold 3.94 lakh units in December, an increase of 13% MoM.    

TVS Motor Company Ltd posted an 8% MoM decline in total sales to 2.5 lakh units. Meanwhile, Escorts posted a 34% MoM fall in tractor sales to 4,695 units in December.

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Reliance becomes promoter in Sterling and Wilson Renewable Energy

Reliance New Energy Solar Ltd (RNESL) has become a promoter of Sterling and Wilson Renewable Energy Ltd (SWREL) post payment of balance Rs 1,583 crore for acquisition of 25.9% equity. With this transaction, RNESL and other group firms together hold over 40% stake in SWREL. Last week, SWREL had approved the allotment of 2.93 crore equity shares for Rs 1,099 crore to RNESL.

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Delhi High Court to hear Future Group plea to quash Amazon arbitration before Singapore tribunal

The Delhi High Court has agreed to hear Future Group’s petition seeking the termination of Amazon’s case before an arbitral tribunal in Singapore. The plea was mentioned by Senior Advocate Mukul Rohatgi before a Division Bench of Chief Justice DN Patel and Justice Jyoti Singh. Rohatgi submitted that he had filed a petition on behalf of Future Coupons Ltd (FCPL) and that there was “immense urgency” in the matter. The move comes after the Competition Commission of India (CCI) recently suspended its clearance given to Amazon’s 2019 deal with Future.

NCC secures five orders worth Rs 1,898 crore in December

NCC Limited has received five new orders worth Rs 1,898 crore (exclusive of GST) from State government agencies in December 2021. Out of this, three orders of Rs 988 crore pertain to the building division, and the remaining two orders of Rs 910 crore pertain to the water division. Hyderabad-based NCC Ltd is a construction engineering company.

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RBI approves Fino Payments Bank’s international money transfer service

Fino Payments Bank Ltd has received approval from the Reserve Bank of India (RBI) to commence its international remittance business under the Money Transfer Service Scheme (MTSS). The lender will undertake inward cross-border money transfer activities in association with an overseas principal. The company also has plans to commence outward remittance services soon.

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Olectra Greentech secures order for 50 buses

Olectra Greentech Ltd has received a Letter of Award (LoA) for 50 electric buses from one of the State Transport Authorities under FAME-II Scheme of the Government of India. The buses will be delivered over a period of 12 months. The maintenance of these buses will also be undertaken by Olectra Greentech during the contract period. The value of the contract is approximately Rs 125 crore.

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Ajmera Realty to invest Rs 110 crore to redevelop housing society in Mumbai

Ajmera Realty & Infra India Ltd will invest Rs 110 crore to redevelop a housing society in Mumbai. The company has executed a development agreement to undertake redevelopment of Fairyland Co-operative Housing Society, located at Juhu in Mumbai. The investment will be funded through a mix of debt and equity. The total sales value is estimated at Rs 150 crore.

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Dilip Buildcon receives LoA for Rs 2,683 crore order from Coal India subsidiary

Dilip Buildcon Limited (DBL) has received the Letter of Award (LoA) for an order worth Rs 2,683.02 crore from South Eastern Coalfield Ltd (SECL), a subsidiary of Coal India Ltd. The order is for hiring of Heavy Earth Moving Machinery (HEMM) and allied equipment for Over Burden (OB) removal. The construct has been signed for a period of 1,795 days at Amadand OCP, Jamuna Kotma Area.