L&T partners with ReNew for green hydrogen projects in India

Larsen & Toubro (L&T) and ReNew Power have signed an agreement to tap the $2 billion green hydrogen business opportunities in India and neighboring countries. Under this agreement, L&T and ReNew will jointly develop, own, execute and operate green hydrogen projects. The partnership will allow both companies to pool their knowledge, expertise, and resources to take maximum advantage of the transition to cleaner fuel amidst climate change concerns. 

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Maruti Suzuki to hike prices in January

Maruti Suzuki India Ltd (MSIL) has announced plans to hike vehicle prices in January 2022 due to the increase in various input costs. The company said that the price hike will vary for different models. MSIL had increased the prices of its models in March, July, and September this year.

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Sundaram Clayton accelerates transformation journey with Altizon’s Datonis Digital Factory

Altizon Inc. is working with Sundaram Clayton Ltd (SCL) to scale up the deployment of its industry-leading Datonis Digital Factory in casting and machining cells across all SCL plants in India and North America. US-based Altizon’s Datonis Digital Factory is a cloud-based smart manufacturing platform that enables SCL to connect data from their physical assets, spread across multiple locations and enterprise systems onto a single platform. 

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ABB India completes sale of Dodge Business for Rs 45 crore

ABB India Ltd has completed the sale of its mechanical power transmission division (Dodge Business) to Dodge Industrial India Pvt Ltd (DIIPL). The consideration received for the sale is Rs 44.58 crore. DIIPL is an affiliate of RBC Bearings Incorporated, an international manufacturer and marketer of highly engineered precision bearings and products.

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Cadila’s Covid vaccine to be introduced in 7 states first

The Indian government will initially introduce Cadila Healthcare Ltd’s Covid-19 vaccine ZyCoV-D in seven states, including Maharashtra and West Bengal. The pharma company will supply one crore doses of ZyCoV-D to the Centre by December. ZyCoV-D has been developed indigenously by Cadila Healthcare. It is also the first Covid-19 vaccine that is needle-free and administered using PharmaJet, a needle-free applicator to ensure painless intradermal vaccine delivery.

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Shriram City Union Finance disburses highest ever loans worth Rs 1,022 crore in November

Shriram City Union Finance disbursed the highest ever loans worth Rs 1,022 crore for 1.6 lakh two-wheelers in November. This is the second consecutive November that the non-banking financing company (NBFC) has crossed the Rs 1,000 crore disbursement mark. The company primarily caters to salaried and non-salaried buyers inclined towards entry-segment two-wheelers, having the highest demand across categories.

Skipper secures orders worth Rs 300 crore

Skipper Limited has secured an order worth Rs 115 crore for transmission towers from Power Grid Corporation of India (PGCIL). The company’s engineering business has received export orders for transmission towers worth Rs 185 crore for several T&D projects across Latin America, the Middle East, West Asia, and South Asia markets. It has also secured export orders for telecom towers from Latin America and Africa. Skipper Ltd is an Indian transmission and distribution structures manufacturing company.

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Bharat Dynamics secures order worth Rs 471 crore from Indian Army

Bharat Dynamics Ltd (BDL) has signed a contract with the Indian Army worth Rs 471.41 crore for the refurbishment of IGLA – 1M missiles. The refurbishment will increase the life of the missiles by 10 years. BDL will also deal with the manufacturing and supply of guided missiles, underwater weapon systems, airborne weapon systems, ground support equipment, and product life cycle support.  

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Mahindra Finance reports 17% YoY rise in disbursements in Nov

Mahindra & Mahindra Financial Services Ltd reported a 17% year-on-year (YoY) increase in loan disbursements to Rs 2,500 crore. The collection efficiency improved further to 94% in November 2021, compared to 84% in Nov 2020 and 91% in October 2021. The company expects this positive trend to continue in December. 

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India to launch $10 billion incentive package to attract chip makers: Report

According to a report from Bloomberg, India is finalizing an incentive package of $10.2 billion (~Rs 76,400 crore) to attract companies to start manufacturing semiconductors in the country. The government will offer incentives over six years for domestic production of semiconductor fabs, display fabs, design, and packaging to cut down dependence on imports. The report further states that the Union Cabinet is expected to take up the proposal for approval soon.