PVR Cinemas to live screen ICC Men’s T20 World Cup 2021

PVR Cinemas has signed a deal with the International Cricket Council (ICC) to screen live matches of the ICC Men’s T20 World Cup 2021 across the country. The matches will be screened across more than 75 cinemas in 35+ cities. The seventh edition of the T20 World Cup tournament, jointly held in UAE and Oman, will begin on Sunday (Sept 17).

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L&T makes entry into online earning space with L&T EduTech

Larsen & Toubro (L&T) has announced the launch of L&T EduTech, a new application-based learning platform to help create industry-ready talent. The platform aims to future-proof L&T’s businesses and bridge the gap that exists between the competence of young engineers and industry expectations. L&T EduTech will channelise L&T’s storehouse of knowledge to empower both students and professionals with real-world professional skilling to enhance their employability.

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Reliance Brands to acquire 40% stake in Manish Malhotra’s designer label

Reliance Brands Limited (RBL) has signed definitive agreements to acquire a 40% stake in MM Styles Private Limited, owned by homegrown designer Manish Malhotra. RBL’s investment intends to drive growth for the 16-year-old couture label both in India and overseas and establish the ‘Manish Malhotra’ brand as a global couture powerhouse. The brand will continue to be led by Malhotra as the managing and creative director.

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M M Forgings acquires Cafoma Autoparts for Rs 33 crore

M M Forgings Ltd has fully acquired Cafoma Autoparts Pvt. Ltd. for Rs 33 crore, including subordinated debt of Rs 5 crore. The company is engaged in machining, manufacturing, buying, selling, and distribution of all types of auto parts and engine parts. The investment would result in business synergy and enhance the current business operation of M M Forgings and its potential expansion.

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Metropolis Healthcare’s board clears acquisition of Hitech Diagnostic for Rs 636 crore

The Board of Directors of Metropolis Healthcare has approved the acquisition of Hitech Diagnostic Centre and its subsidiary Centralab Healthcare Services for Rs 636 crore. The indicative period for completion of the acquisition is six months. Mumbai-based Metropolis Healthcare is India’s largest chain of diagnostic centres and pathology labs.

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Rain Industries’ arm completes upgradation project of cement plant

Rain Cements Limited, a wholly-owned subsidiary of Rain Industries, has completed the upgradation of its Cement Mill at Unit-II, Boincheruvupalli village in Andhra Pradesh. The company’s cement grinding capacity has increased from 2.033 million tonnes (MT) to 2.795 MT per annum. Rain Industries is one of the world’s leading producers of calcined petroleum coke, coal tar pitch, and other high-quality specialty chemicals.

CIL to refrain from conducting e-auction till situation stabilises

Amid the low stock position at the electricity generating plants, state-owned Coal India Ltd (CIL) has asked its subsidiaries to refrain from conducting any further e-auction of coal (except special forward e-auction for the power sector) till the situation stabilises. The development assumes significance as the supply of coal is being prioritised to the power sector to replenish the decreasing stock in the wake of reports of an electricity crisis looming large. Owing to skyrocketing coal prices in international markets, all consumers have been competing for domestic coal, hiking up the demand. 

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Dr. Reddy’s Labs launches Carmustine for Injection in the US market

Dr. Reddy’s Laboratories announced the launch of Carmustine for Injection, USP, in the US market. The drug is a lyophilized powder available as a package that includes a single-dose vial containing 100 mg Carmustine USP and a vial containing 3 mL sterile diluent. According to IQVIA data, the generic version of the drug had US sales of ~$19.4 million (~Rs 145.56 crore) for the twelve months ended August 2021.

India’s forex reserves rise by $2.04 billion to $639.51 billion

India’s foreign exchange (forex) reserves rose by $2.039 billion to $639.516 billion in the week ended October 8, according to RBI data. During the reporting week ended October 8, the rise in forex reserves was on account of an increase in Foreign Currency Assets (FCAs). Expressed in dollar terms, FCA includes the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the forex reserves.

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