L&T secures order from Tata Steel for supply of mining equipment

Larsen & Toubro (L&T) announced that it has secured an order from Tata Steel to supply 46 units of Komatsu Mining Equipment. The agreement includes the supply of equipment and a full maintenance contract for 60,000 hours of equipment operation. The units will be deployed at Tata Steel’s iron ore mine in Odisha, and its coal mine in Jharkhand.

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Union Steel Minister calls for reducing imports of finished steel goods

Union Steel Minister Dharmendra Pradhan, on Wednesday, called for reducing imports of finished steel goods. He has urged the steel industry to leverage the technology and resources available in India. The Steel Ministry has also suggested that industry players could form joint ventures to set up special grade steel plants in the country.

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Pfizer vaccine 95% effective in final trials with no safety concerns

Pfizer Inc. announced that the final results of the clinical trials show its Covid-19 vaccine was 95% effective. The company stated that the vaccine is showing signs of being safe for people of all ages. The vaccine candidate is being developed through a partnership between Pfizer and Germany-based BioNTech. The companies are all set to seek emergency authorization for use of the vaccine from the US Food & Drug Administration (USFDA).

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India’s domestic air traffic down 57% YoY in October: DGCA

Domestic air traffic in India declined by 57% year-on-year (YoY) in October, as the number of Covid-19 cases has continued to rise. According to data released by the Directorate General of Civil Aviation (DGCA), Indian airlines carried 52 lakh passengers in October. The Civil Aviation Minister, Hardeep Singh Puri, had stated that the domestic aviation sector will reach pre-Covid levels by the beginning of January 2021.

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Vedanta submits expression of interest to buy stake in BPCL

Vedanta Ltd., on Wednesday, submitted a preliminary expression of interest (EoI) for buying the government’s stake in Bharat Petroleum Corporation Ltd (BPCL). The company’s interest in India’s second-largest fuel retailer is because of synergies with its existing oil and gas business. The government is selling its entire 52.98% stake in BPCL, and the last date to submit the EoI was November 16.

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IRB Infra InvIT completes second round of fund raising by securing Rs 510 crore

IRB Infra InvIT said that it has completed the second installment of its fund raising programme by securing Rs 510 crore. The GIC Affiliates, which hold a 49% stake in the InvIT, have contributed Rs 250 crore. IRB Infrastructure Developers Ltd, being the 51% stakeholder, contributed Rs 260 crore. IRB Infra InvIT is India’s first infrastructure investment trust.

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Cipla signs licensing deal with Belgium-based MultiG

Cipla Limited announced that it has signed a licensing agreement with a Belgian-based firm, MultiG. As per the deal, Cipla will distribute its Covid-19 rapid antibody testing (RAT) kit across most emerging markets and Europe. The Mumbai-based drug firm will be selling the RAT kits under the brand name Covi-G. The testing kit will provide results within 10 minutes.

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M&M to make new K2 series tractors in Telangana

Mahindra & Mahindra Ltd. said that it will manufacture the new K2 tractor series exclusively at its Zaheerabad plant in Telangana. The company has stated that it will increase its investments at the facility by Rs 100 crore, and double employment by 2024. Mahindra will introduce 37 models of the new K2 series for both domestic and international markets.

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Vedanta Zinc suspends operations at South Africa mine after accident

Vedanta Zinc International (VZI), a unit of Vedanta Ltd, has suspended all mining-related activities at its Gamsberg zinc mine in South Africa. The company has stated that a geotechnical failure had trapped ten employees at the mine on Tuesday night. As of 5 am IST today, VZI said that eight of the workers were rescued, and efforts to locate and rescue the remaining two were its “main priority”.

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TTK Prestige declares lockout at Khardi unit in Maharashtra

TTK Prestige Limited said that a lockout has been declared in its Khardi unit in Maharashtra. The workers had conducted an illegal sit-down strike at the company’s unit. The firm has also stated that it has adequate alternate capacities in other factories, and the lockout would not cause a major financial impact.

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Sadbhav Engineering receives Letter of Acceptance from NHAI for EPC road projects

Sadbhav Engineering Ltd. announced that it has received a Letter of Acceptance (LoA) from the National Highway Authority of India (NHAI). The LoA has been provided for two Engineering, Procurement, and Construction (EPC) road projects in Gujarat. The contract value of the project has been estimated at Rs 1,572.30 crore.

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