Protesting farmers damage more than 1,400 Jio towers in Punjab

Farmers and support groups protesting against the Government’s new farm laws have damaged around 1,450 mobile towers of Reliance Jio in Punjab. More than 176 signal transmitting sites were vandalised in 24 hours on Sunday alone. The mobile and internet services of the company have been disrupted in the state, causing inconvenience to the consumers. The attacks on Jio towers comes amid speculation that the new farm laws allegedly benefit Reliance Industries and Adani Group. Reliance had approached Punjab police regarding alleged vandalism of its towers. The executives of Reliance Jio are also set to meet Punjab state government officials to discuss the matter.

In other news, the Central Government has called a meeting with farmers on December 30 (Wednesday). The government stated that they are committed to finding a logical solution and ending the deadlock.

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Coal India plans 21 additional railway sidings

Coal India Ltd (CIL) announced that it is constructing 21 additional sidings at an estimated investment of Rs 3,370 crore across 4 of its subsidiaries. [A siding is a short railway track beside the main tracks, where engines and carriages are left when they are not being used]. CIL stated that it currently has around 152 rail sidings, and the tally would go up to 173 by 2024. These new projects will be commissioned by FY 2023-24.

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Tips Industries signs global licensing deal with Facebook

Tips Industries Ltd has announced a global deal with Facebook to license its music for videos and other social experiences across Facebook and Instagram. The users of both social media platforms will be able to add Tips’ music catalog to their posts and stories. The deal comes in the wake of Bollywood music labels (such as T-Series) sending copyright infringement notices to content sharing mobile applications such as Josh and Mitron for using its music without permission.

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Dixon Technologies’ subsidiary enters into agreement with Motorola for manufacturing smartphones

Dixon Technologies’ wholly-owned subsidiary, Padget Electronics, entered into an agreement with Motorola Mobility LLC for the manufacturing of smartphones. The products will be manufactured at Padget’s facility situated at Noida, Uttar Pradesh. Padget Electronics is among five domestic manufacturers who have been approved to receive benefits of the government’s production linked incentive (PLI) scheme for smartphones.

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Equitas SFB levies penalty on designated persons for violating insider trading norms

Equitas Small Finance Bank announced that its Vice President-Internal Audit, N Ganesan, violated the code of conduct for the prevention of insider trading by selling 1,000 shares during the window closure period. The bank also stated that its Deputy Vice President of Information Security, G Thanikachalam, violated the code of conduct for the prevention of insider trading by selling 1,181 shares during the window closure period. The small finance bank said that its disciplinary action committee had levied a penalty of 10% of the traded value on both parties.

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Adani Group’s container terminal subsidiary raises $300 million via dollar bonds

Adani International Container Terminal Pvt Ltd has raised $300 million (~Rs 2,207 crore) by issuing dollar bonds to international investors. The company’s 10-year bond was priced at par to yield 3%, which is also the lowest coupon achieved by any corporate Indian issuer in the last 5 years. The issue received interest from around 220 accounts and was oversubscribed almost 10 times.

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Cadila Health seeks approval to start Phase-3 clinical trials of ZyCoV-D

Cadila Healthcare Ltd announced that its plasmid DNA vaccine to prevent Covid-19, ZyCoV-D, was found to be safe and immunogenic in Phase 1 & 2 clinical trials. The reports of the clinical trials have been submitted to the Central Drugs Standard Control Organisation (CDSCO). The company is now planning to initiate Phase-3 clinical trials in around 30,000 volunteers upon receiving necessary approvals.

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Apax to buy software business of 3i Infotech for Rs 1,000 crore

Apax Partners is all set to acquire the software business of IT services company 3i Infotech Ltd for Rs 1,000 crore. The software business, which generates $60 million (~Rs 441 crore) in revenue, will be carved out of 3i Infotech through a business transfer agreement. The deal values the software arm higher than the current market capitalization of the entire company at Rs 908 crore.

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Biocon launches Tacrolimus capsules in the US

Biocon Ltd, on Monday, announced that it has launched Tacrolimus capsules in the US. Tacrolimus is an immunosuppressant used for the treatment of organ transplant patients. It reduces the body’s ability to reject a transplanted organ. The biopharmaceutical firm stated that the launch of Tacrolimus capsules is a part of its mission to make affordable healthcare more accessible. 

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NTPC declares Dulanga coal mine commercially operational

NTPC Limited announced that its Dulanga coal mine is commercially operational from October 1, 2020. The Central Government has allocated nine coal blocks– Pakri-Barwadih, Chatti-Bariatu & Chatti-Bariatu (South), Kerandari, Dulanga, Talaipalli, Banai, Bhalumuda, Mandakini-B, and Badam– directly to NTPC. The state-owned power giant is planning to produce about 103 million metric tonnes (MMT) of coal per annum from these mines when all the mines reach the peak-rated capacity.

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