JSPL output grows 9% to 5.9 MT in April-December 2021

Jindal Steel & Power Ltd (JSPL) has manufactured 5.904 million tonnes (MT) steel in the April-December period of FY 2021-22, an increase of 9% YoY. The company’s sales stood at 6.85 lakh tonnes in December 2021. Delhi-based JSPL has a significant presence in the steel, power, and mining sectors with investments of Rs 90,000 crore across the globe.

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L&T Construction secures order from DMRC

Larsen & Toubro Ltd’s construction business has secured a significant order (in the range of Rs 1,000-2,500 crore) from Delhi Metro Rail Corporation (DMRC) for the design and construction of the underground metro project Phase-1 of the Patna Mass Rapid Transit System. The project will be funded by Patna Metro Rail Corporation (PMRC). The metro project alignment passes through the heart of Patna city and is scheduled to be completed within 42 months.

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Tata Communications partners with Zain to offer smart city solutions for Saudi Arabia

Tata Communications Ltd and telecom services provider Zain KSA have entered into a strategic partnership to bring smart city solutions to Saudi Arabia. The combined ecosystems will deliver solutions and platforms to remodel cities with smart street lighting, smart waste management, connected workplace, and healthcare. The partnership will serve Saudi’s enterprises and government institutions with advanced technologies such as Internet of Things (IoT), 5G, Low Range Wide Area Network, managed security service, etc.

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Alembic Pharma gets USFDA approval for generic drug

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Doxycycline Hyclate Delayed-Release Tablets. The drug is indicated to reduce the development of drug-resistant bacteria. As per IQVIA data, the tablets had an estimated market size of $10 million (~Rs 74.62 crore) for the twelve months ended September 2021.

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IDFC First Bank records 10% YoY growth in total customer deposits in Q3

IDFC First Bank reported a 10.48% YoY growth in total customer deposits to Rs 85,387 crore for the quarter ended December (Q3 FY22). The Current Account-Savings Account (CASA) ratio was 51.85% in Q3 FY22, compared to 48.31% in Q3 FY21. The bank’s housing loans book grew by 44.2% YoY. Gross funded assets aggregated to Rs 1,22,289 crore as of December 31, 2021, up 10.70% YoY.

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Axis Bank concludes structured derivative deals as RBI ban lifts

 Axis Bank has started offering structured derivative products to leading companies after a ban on these deals was lifted by the Reserve Bank of India (RBI) effective Monday. The first of these transactions were executed with Reliance Industries Ltd, which involved the use of Barrier FX options for their currency risk management. The bank also concluded another transaction with Supreme Petrochem Ltd.

A structured product (also known as a market-linked investment) is a pre-packaged structured finance investment strategy based on securities, options, indices, derivatives, etc.

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Piramal Capital to open 100 branches, expand to 1,000 cities post DHFL acquisition

Piramal Capital & Housing Finance Ltd (PCHFL) has announced plans to open 100 branches and expand to 1,000+ cities in the coming years. In September 2021, PCHFL completed the acquisition of debt-laden Dewan Housing Finance Ltd (DHFL), thereby creating one of the largest housing finance companies in the country. The company now has access to over 10 lakh customers across 24 states with a network of 301 branches.

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Delhi HC dismisses Future Group’s plea for termination of Amazon arbitration

The Delhi High Court has dismissed the pleas moved by Future Group companies seeking a direction to the arbitration tribunal, which is adjudicating Amazon’s objections against their deal with Reliance, to decide on their application for the termination of the arbitration proceedings before moving any further. 

Amazon and Future have been locked in a bitter legal tussle after the US-based e-commerce giant dragged Future Group to arbitration at the Singapore International Arbitration Centre (SIAC) in October 2020. Amazon argued that Future Retail Ltd (FRL) had violated their contract by entering into a deal for the sale of its assets to Reliance Retail for Rs 24,500 crore.

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Dr. Reddy’s Labs launches Covid-19 drug Molnupiravir at Rs 35 per pill

Dr. Reddy’s Laboratories Ltd will launch its COVID-19 antiviral Molnupiravir capsules under its brand name Molflu across India at matching the price of Mankind Pharma. Molflu will be priced at Rs 35 per capsule, and the total course of 40 capsules over 5 days will cost Rs. 1,400, making it among the most affordable treatment options available to patients.

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Bharti Airtel drops corporate rejig plan

Bharti Airtel Ltd announced the withdrawal of corporate structure that was announced in April 2021. The company will continue with the existing corporate structure, pursuing a plan to merge DTH operations with Airtel. The government’s telecom reforms have resulted in a strong balance sheet, and Bharti Airtel plans to invest aggressively in the emerging growth opportunities in the digital economy.

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