Tata Sons raises stake in AirAsia India to 83.6%

Tata Sons has acquired an additional 32.67% stake in AirAsia India from Malaysian carrier AirAsia Berhad for $37.6 million (~Rs 276 crore). This takes Tatas’ stake in the Indian airline to 83.6%. As part of the transaction, Tata Sons has the option to pick up AirAsia Berhad’s remaining 16.33% stake after the closure of the current transaction. Prior to this transaction, Tata Sons held a 51% stake in AirAsia India, while AirAsia Berhad held a 49% stake.

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Asset quality of banking system may deteriorate sharply: RBI Report

According to RBI’s latest issue of ‘Report on Trend And Progress of Banking in India’, the asset quality of the Indian banking system may deteriorate sharply going ahead, due to the uncertainty induced by the pandemic and its real economic impact. The report states that bad loans on banks’ balance sheets have been falling consistently since March 2018. The gross non-performing asset (GNPA) ratio dropped from the highs of nearly 15% in March 2018 to about 7.5% as of September 2020. However, the six-month loan moratorium and the subsequent asset quality standstill norms have hidden the impact of Covid-19 on banks’ balance sheets.

[The RBI’s Trend and Progress report presents the performance of the banking sector, including co-operative banks, and non-banking financial institutions. The report also offers some perspectives on the evolving outlook for India’s financial sector.]

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Multi-modal approach to be established for transporting Covid-19 vaccine: Civil Aviation Ministry 

Civil Aviation Minister Hardeep Singh Puri stated that about 30 crore Indians will be vaccinated against Covid-19 by July 2021. The Aviation Secretary, Pradeep Singh Kharola, said that the government has identified airports and is also in talks with airlines to take care of the logistics. The Aviation Ministry is also working with the Ministry of Health and pharmaceutical companies to plan the vaccine roll-out.

Hardeep Singh Puri further stated that he foresees ‘a short extension’ of suspension of flights from the UK. This is to contain the spread of the new strain of coronavirus that was first detected in that country.  

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Tesla to start operations in India by early 2021: Nitin Gadkari

Union Transport Minister Nitin Gadkari stated that electric car manufacturer Tesla would be arriving in India ‘early’ in 2021. He said that Tesla will start operations first with sales and then look at assembly and manufacturing, based on the response to the cars. Recent reports also suggest that the first model to come to India will be the more affordable Tesla Model 3. The minister further stated that India will become ‘the number 1 manufacturing hub for automobiles in five years’. 

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L&T Construction bags contract for its Water & Effluent Treatment business

The Water & Effluent Treatment business of L&T Construction has secured an EPC order involving design, engineering, supply, and installation of plant and equipment. The contract is for laying 135km of slurry pipeline and pipeline systems between Bacheli and Nagarnar in Chhattisgarh. The value of the contract stands somewhere between the range of Rs 1,000-2,500 crore.

ICICI Bank to acquire 9.09% stake in Myclassboard Education Solutions

ICICI Bank Ltd announced that it will acquire a 9.09% stake in ed-tech platform Myclassboard Educational Solutions Pvt Ltd, for cash consideration of Rs 4.5 crore. Myclassboard offers an online school management platform and reported a turnover of Rs 12 crore in FY 2020. The transaction is expected to be completed by the end of February 2021.

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Glenmark Pharma launches Remogliflozin + Vildagliptin FDC to treat Type 2 diabetes

Glenmark Pharmaceuticals has launched a fixed-dose combination (FDC) of Remogliflozin Etabonate and Vildagliptin in India. The fixed drug combination is indicated for the management of Type 2 diabetes. The FDC will be marketed under two brand names- Remo V and Remozen V. Glenmark’s FDC has been launched at a breakthrough price of Rs 14 per tablet.

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Ahluwalia Contracts secures construction orders worth Rs 310 crore

Ahluwalia Contracts (India) Ltd said it has secured new construction orders worth around Rs 310 crore. The order consists of the construction of a high-rise multi-storied residential complex, located at Z-1, Project, Phase-III, Nandankanan Road, in Bhubaneswar (Orissa). The company stated that its total order inflow during FY21 stands at Rs 2086.44 crore. 

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Allied Digital Services’ subsidiary bags multi-year deals worth $21.8 million

Allied Digital Services Ltd announced that its US subsidiary, Allied Digital Services LLC, has bagged multi-year prestigious services deals with a collective total contract value of $21.8 million (~Rs 154 crore). The contracts have been secured from leading customers across Healthcare, Finance, and Automobile segments. Allied Digital USA will transform Infrastructure Management, Edge Computing, and User Computing across a wide range of technology platforms, operations, and geographies.

Vedanta Resources to issue $400 million notes to Oaktree Capital

A unit of Vedanta Resources will issue $400 million (~Rs 2,935 crore) in notes to an entity under Oaktree Capital Group, as the mining company looks to meet liquidity needs. The notes will be partly secured by shares in Mumbai-listed unit Vedanta Ltd. The new deal with Oaktree comes after Vedanta Resources sold $1 billion (~Rs 7,339 crore) of securities earlier this month, at one of the highest yields for a dollar bond in Asia this year.

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Lupin launches Mycophenolate Mofetil tablets in the US

Lupin Ltd, on Tuesday, announced the launch of Mycophenolate Mofetil tablets in the United States. The tablets are used to help prevent the body from rejecting organ transplants. The newly launched product is the generic equivalent of CellCept tablets of Roche Palo Alto LLC. According to IQVIA MAT October 2020 data, Mycophenolate Mofetil tablets USP had an annual sales of approximately $87 million (~Rs 638 crore) in the US.

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