USA, Mexico authorizes emergency use of Pfizer vaccine

The US Food and Drug Administration (USFDA) and Mexico’s drug regulator- Cofepris have authorized the Covid-19 vaccine developed by Pfizer-BioNTech for emergency use in their respective countries. So far, the Pfizer-BioNTech vaccine has been approved for emergency use in a total of five countries- the United Kingdom, Bahrain, Canada, the United States, and Mexico.

India’s economic recovery faster than expected: PM Modi

Prime Minister Narendra Modi, on Saturday, stated that economic indicators have shown encouraging signs of recovery of the Indian economy. He stated that India has seen record Foreign Direct Investment (FDI) and Foreign Portfolio Investment (FPI) inflows during the pandemic. PM Modi was addressing FICCI’s 93rd Annual General Meeting and Annual Convention via video conferencing. On farm laws, PM Modi said that that the new reforms will give farmers new markets and access to technology. He further stated that the farm reforms will help bring investments in agriculture that will benefit farmers.

Read more here.

Yes Bank sells 2.56% stake in Coffee Day group-owned Sical Logistics

Yes Bank has sold 15 lakh shares, which is equivalent to a 2.56% stake, in Sical Logistics. The nominal value of each share was Rs 10. Sical was acquired by Coffee Day group in 2011. It is engaged in customs handling, trucking & steamer agency businesses, mining, port logistics, road & rail transport, etc.

Read more here.

Finance Ministry approves Rs 9,879 crore capital expenditure proposal of 27 states

The Finance Ministry has approved Rs 9,979.61 crore worth of capital expenditure proposals of 27 states. Out of the total amount, Rs 4,939.81 crore has been released as the first installment. This is part of the newly announced government scheme for ‘Special Assitance to States for Capital Expenditure’, under the Atmanirbhar Bharat package.

Read more here.

L&T to win orders worth Rs 5,500 crore, including NPCIL and Chennai Metro Rail jobs: Report

According to a report from ET Prime, Larsen & Toubro (L&T) has emerged as the lowest bidder for three orders worth around Rs 5,500 crore. This includes a contract from the Nuclear Power Corporation of India (NPCIL) for its Kudankulam project. The two other orders are from Chennai Metro Rail and energy major Oil & Natural Gas Corporation (ONGC). The report states that L&T is likely to officially receive the orders from these clients in the last quarter of 2020-21.

Read more here.

Tata Motors offers VRS scheme to control costs

Tata Motors Ltd has offered a voluntary retirement scheme (VRS) to its employees, in an effort to control costs and efficiently implement its turnaround plans. The VRS scheme is open till January 9, 2021, and will cover nearly half of Tata Motors’ 42,957 employees. This is the third time in four years that Tata Motors is floating a VRS. 

Read more here.

Banks select Vedanta’s offer of Rs 5,000- Rs 6,000 crore for Videocon: Report

According to a report from ET Prime, banks have selected Vedanta group’s Rs 5,000- Rs 6,000 crore offer for the debt-ridden Videocon Industries. The Vedanta group was engaged in negotiations with a group of lenders, led by State Bank of India, after submitting its first offer. The final offer by Vedanta would imply the recovery of 16-20% of the total dues of Videocon to its lenders. Videocon Industries owes banks Rs 30,000 crore, including interest accumulated over the years.

Read more here.

Violence brakes out at Wistron Corp’s iPhone manufacturing plant near Bengaluru

Workers at Wistron Corporation’s factory in Narasapura (near Bengaluru) went on a rampage on Saturday morning over the non-payment of wages and extended working hours. The protesters raised slogans against the management, pelted stones at the office, and set fire to a company name board. According to reports, 80 employees of Wistron have been arrested so far. Taiwan-based Wistron Corp is a contract manufacturer for Apple iPhones.

Read more here.

ICICI Prudential’s assets under management cross Rs 2 lakh crore

ICICI Prudential Life Insurance Company’s assets under management (AUM) have crossed Rs 2 lakh crore, as it entered its 20th year of operations. AUM is the total market value of the investments that an entity manages on behalf of clients. The company stated that this milestone demonstrates its steadfast focus on customer-centricity and the commitment of its employees and other stakeholders.  

Read more here.

Board of Zensar Tech approves change in MD and CEO

The Board of Zensar Technologies Ltd announced that Ajay Bhutoria will be succeeding Sandeep Kishore as Chief Executive Officer and Managing Director. Prior to this, Ajay Bhutoria was chief executive of L&T-NxT, before which he was country head of Cognizant Switzerland. Sandeep Kishore, who had been appointed for five years, shall leave on January 11, 2021 (after his term ends). 

Read more here.