Kalyan Jewellers’ revenue grows 60% in Q2

Kalyan Jewellers reported a 60% year-on-year (YoY) growth in revenue of its India operations during the quarter ended September (Q2 FY22). The company registered growth in the share of new customers in Q2, largely driven by a shift from the unorganised to the organised segment. The non-south markets recorded a higher same-store sales growth of 70% in Q2, compared to south markets, which recorded same-store sales growth of 40%. During the July-Sept quarter, 92% of its showrooms were operations, compared to 88% in Q2 FY21.

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Total automobile retail sales fall 5.27% in September: FADA 

The Federation of Automobile Dealers Associations (FADA) reported that total sales across all automobile categories declined by 5.27% YoY to 12.96 lakh units in September. Retail sales of passenger vehicles (PV) in September increased by 16.32%YoY to 2,33,308 units. Two-wheeler sales fell 11.54% YoY to 9,14,621 units last month. Meanwhile, commercial vehicle (CV) sales surged 46.64% YoY to 58,820 units. 

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NTPC, EDF to explore power project development opportunities

NTPC Ltd and Électricité de France (EDF) have signed a Memorandum of Understanding (MoU) to explore potential power project development opportunities in the Middle East, Asia, Europe, and Africa. EDF Is a Paris-based power sector firm. The companies will collaborate on knowledge sharing, research and development, technical services, and consultancy assignments globally.

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Ramkrishna Forgings signs MoU with US firm to develop EV powertrain components

Ramkrishna Forgings Ltd (RFL) has signed a Memorandum of Understanding (MOU) with a US-based technology partner for the development of electric vehicle (EV) powertrain components for the Indian EV market. The technology partner is a leading expert in magnetic engineering innovations. Kolkata-based RFL is a leading supplier of rolled, forged, and machined products.

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India’s unemployment rate falls to 6.86% in Sept: CMIE

According to the Centre for Monitoring Indian Economy (CMEI), India’s unemployment rate fell sharply to 6.86% in September from 8.32% in August. Around 85 lakh jobs were created last month. With construction activities picking up pace again, a majority of these jobs were created in rural India. Employment in September 2021 is estimated at 40.62 crore. 

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HAL delivers heaviest semi-cryogenic propellant tank to ISRO

Hindustan Aeronautics Ltd (HAL) has delivered the heaviest semi-cryogenic propellant tank (SC120- LOX) ever fabricated by it to the Indian Space Research Organization (ISRO). The tank will be used in the Mk-III launch vehicle for future missions. HAL’s Aerospace Division has now delivered 244 propellant tanks and 95 water tanks to ISRO for the space programs of PSLV, GSLV Mk-II, and GSLV Mk-III.

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Aurionpro Solutions announces strategic deal in Maldives

SC Soft Pte Ltd, a Singapore-based subsidiary of Aurionpro Solutions Ltd, has been selected as the solution provider of the EMV Open Loop Account Based ticketing system as part of the digitization of transportation solutions across the Maldives. The company will partner with the Bank of Maldives and Mastercard for this project. With this project, Maldives Transport Contracting Company (MTCC) will introduce contactless and digital payments on its transport network.

Mahindra XUV700 SUV receives 25,000 bookings in under an hour

Mahindra & Mahindra (M&M) Ltd’s latest Mahindra XUV700 SUV clocked a total of 25,000 bookings in just under an hour. The company claims these booking numbers are unprecedented in the Indian automotive industry. The price of the new XUV700 has been revised to Rs 12.49 lakh for the entry variant. M&M has gone for a Rs 50,000 price hike for the base variant. Bookings will reopen at 10 am on October 8, 2021.  

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Vakrangee partners with LendDenClub to launch P2P lending platform

Vakrangee Ltd has partnered with LendDenClub to provide investment and borrowing options to its customers in the remotest parts of the country. LenDenClub is one of the leading peer-to-peer (P2P) lending platforms in India. With this integration, customers of Vakrangee can now invest and borrow through LenDenClub. Through its Nextgen Kendras and BharatEasy app, Vakrangee will offer hassle-free instant digital loans in Tier-5 and Tier-6 towns.

GRSE signs concessional agreement with Syama Prasad Mookerjee Port

Garden Reach Shipbuilders & Engineers (GRSE) has signed a concessional agreement with Syama Prasad Mookerjee Port (SMPK), Kolkata, for utilizing Kidderpore Dry Docks and its associated facilities. The concessional agreement will be for 15 years and is further extendable for another 15 years. The facility will be utilized for ship repair and refit activities for Naval & Coast Guard Ships, Port Trust Vessels, and Commercial Ships.  

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