TCS to drive digital transformation of NXP Semiconductors

Dutch chipmaker NXP Semiconductors NV has selected Tata Consultancy Services (TCS) to help accelerate its digital transformation. As part of the deal, TCS will drive NXP’s integrated IT strategy across apps, IT infrastructure, and workplace services. TCS will also accelerate NXP’s cloud adoption to enhance business agility and build a future-ready digital foundation that supports its growth and transformation agenda.

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India’s retail inflation eases to 5.3% in August

India’s retail inflation growth based on the Consumer Price Index (CPI) eased to 5.3% in August 2021, according to data released by the Ministry of Statistics & Programme Implementation (MoSPI). The CPI stood at 5.59% in July. This is the second successive month that the CPI data has come within the Reserve Bank of India’s (RBI) upper margin of 6%. The Consumer Food Price Index (CFPI) eased to 3.11% in August, compared to 3.96% in July.

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Advanced Enzyme announces breakthrough in clinical trials of Covid-fatigue treating enzymes

Advanced Enzyme Technologies Ltd announced a positive breakthrough in the randomized controlled clinical trials (RCTs) of systemic enzymes and probiotics to resolve ‘long Covid’ fatigue symptoms. The company’s systemic enzyme and probiotic supplements ImmunoSEB and ProbioSEB CSC3 have passed the promising stages of RCTs in terms of efficacy to resolve post‐COVID fatigue symptoms. Advanced Enzymes conducted clinical trials on 200 patients suffering from post-Covid fatigue symptoms.

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Goldiam’s board approves Rs 45.6 crore share buyback plan

The Board of Directors of Goldiam International Ltd has approved a proposal to buy back equity shares. The company will buy back up to 3.80 lakh equity shares for an aggregate amount not exceeding Rs 45.60 crore, at Rs 1,200 per share. Goldiam International is an integrated manufacturer and supplier of diamond jewellery to leading retailers and wholesalers in the US and Europe.

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APL Apollo Tubes secures design patents for six products

The Office of the Controller General of Patents, Designs & Trademarks has granted six registrations to the innovative products of APL Apollo Tubes Ltd. The new products include Apollo Reflector (roadside reflectors), Apollo Fence (fencing solutions), Apollo Oval (gym equipment), Apollo Plank (to be used as stairs and scaffolding), Octagon (lighting poles), and Chequered Coil (covering panels). With these registrations, the company’s overall product portfolio has increased to 16.

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Granules India voluntarily recalls one batch of Naproxen Sodium tablets

Granules USA, Inc. has voluntarily recalled one batch of Naproxen Sodium 220mg tablets at the retail level due to a minor deviation of Current Good Manufacturing Practice (CGMP). One batch has 11.4 million units of Naproxen tablets, out of which 0.9 million units that were released into the market were recalled. The company said this move will not have a material impact on its financial performance. Granules USA, Inc. is a wholly-owned foreign subsidiary of Granules India Ltd.

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Ashoka Buildcon receives LoA for road project in Assam

Ashoka Buildcon Ltd has received a Letter of Acceptance (LoA) from the National Highways & Infrastructure Development Corporation (NHIDCL) for a road project in Assam. The order consists of four-laning of the Kwaram Taro Village-Dillai Section of NH-29 in Assam on an engineering, procurement, and construction (EPC) mode. The accepted bid price of the project is Rs 282.11 crore. 

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Wipro partners with First Horizon Bank to provide services to VirtualBank

Wipro Ltd has partnered with US-based First Horizon Bank to transform the core banking channels and servicing capabilities of VirtualBank. The IT major has streamlined VirtualBank’s cloud migration and supported its end-to-end program management, governance, customer data conversion, and testing services. VirtualBank is an established digital bank that First Horizon inherited from Louisiana-based IBERIABANK as part of the merger completed in 2020.

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Vedanta Resources reduced net debt by $300 million in first half of FY22

Vedanta Resources Ltd (VRL) has reduced its net debt by around $300 million (~Rs 2,200 core) in the first half of the current financial year (FY22). The company expects to further reduce its debt by $500 million (~Rs 3,680 crore) in the next half. VRL is the parent company of Vedanta Limited. The firm believes that a strong operational performance from its world-class asset base will strengthen the balance sheet and lead to investment-grade credit metrics. 

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Kesoram Industries’ board approves 133:274 rights issue

The Board of Directors of Kesoram Industries Ltd has approved the issuance of 7.99 crore rights shares for an aggregate amount of Rs 399.99 crore. The company has fixed the Rights Entitlement Ratio as 133:274. It means that 133 equity shares will be issued for every 274 equity shares held by eligible equity shareholders of the company as of September 17, 2021 (record date). The rights issue opens on September 27 and closes on October 11.

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India looking to tax cryptocurrency trades and ecosystem: Report

According to a report from ET Now, the Indian government is looking at ways to tax cryptocurrency trades and the entire ecosystem around them. The report further states that the government may permit the use of blockchain technology and treat cryptos as a tradeable asset class without banning it. The Union Cabinet will soon take up the draft bill on cryptocurrencies. However, Finance Minister Nirmala Sitharam had earlier stated that citizens will be given adequate windows to experiment with blockchains, Bitcoins, and other cryptocurrencies.

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MTAR Tech secures order worth $29.82 million from Bloom Energy

MTAR Technologies Ltd has received an export order worth $29.82 million (~Rs 220 crore) from US-based Bloom Energy. The order includes the export of Yuma Hot Boxes and associated components for Bloom Energy to be delivered over the four quarters of the calendar year 2022. In an official statement, MTAR Tech explained that this is the largest single order it has ever received.

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