Wholesale inflation rises to 2.03% in January

India’s wholesale inflation, calculated by the Wholesale Price Index (WPI), rose to 2.03% in January 2021. This is primarily due to a rise in the prices of fuel, crude petroleum & natural gas, manufactured items, etc. The WPI stood at 1.22% in December 2020 and 3.52% in January 2020. The index of primary articles declined by 1.77%, while prices of crude petroleum and natural gas increased by 9.48% in January 2021, as compared to December 2020.

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Jaguar Land Rover to become net-zero carbon business by 2039

Tata Motors said its British luxury unit Jaguar Land Rover (JLR) aims to become a net-zero carbon business by 2039. All Jaguar models and 6 out of every 10 Land Rover models will be electric by 2030.  JLR will invest about £2.5 billion (~Rs 25,243 crore) a year into electrification and related technologies. Tata Motors said that JLR is on the path towards double-digit EBIT (earnings before interest and tax) margins and positive cash flow.

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Wipro secures 5-year contract from Telefónica Germany

Wipro Limited has secured a five-year IT transformation contract from Munich-based Telefónica Germany. As part of the contract, Wipro would work with the telecom company and its wider ecosystem to transform its business support systems and associated quality assurance. This would enable Telefónica to provide a superior customer experience and improve growth in the business-to-business (B2B) market segment. 

In other news, Tech Mahindra Ltd has entered into a strategic partnership with Telefónica Germany/O2 to drive its end-to-end IT transformation. This tie-up would help Telefónica to deliver faster product launches and provide a more ‘human-centered’ experience to its customers.

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Geojit Financial Services partners with Lotusdew to launch small, mid-cap stock basket

Geojit Financial Services, through its Smartfolios platform, has tied up with Lotusdew to offer a basket of stocks that uses behavioural finance and artificial intelligence (AI) to identify dominant market conviction. Lotusdew is a SEBI and US Securities and Exchange Commission (SEC)-regulated firm. Through this partnership, Geojit will offer a small and mid-cap basket of stocks called Lotusdew Prestige.

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Nureca IPO subscribed 5.73 times on first day of bidding

The Rs 100-crore initial public offering (IPO) of Nureca Limited was subscribed 5.73 times on the first day of bidding (February 15). The IPO has received total bids of 80.33 lakh equity shares, against an offer size of 14.01 lakh shares. The portion reserved for retail investors was subscribed 31.23 times, while that of employees is 91% subscribed so far. The portion set aside for non-institutional investors witnessed a subscription of 54%.

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RBI to conduct special OMO of Rs 10,000 crore on February 25

The Reserve Bank of India (RBI) will conduct simultaneous purchase and sale of government securities under open market operations (OMO) aggregating Rs 10,000 crore each on February 25. The central bank will conduct the OMO through a multiple price auction method. This is to ensure better liquidity in the Indian monetary system.

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SIS Limited approves Rs 100-crore share buyback plan

The Board of Directors of SIS Limited has approved a Rs 100-crore share buyback plan. The company will buy back 18.18 crore equity shares at Rs 550 per share. The security company’s share price closed at Rs 423.70 on the NSE today. 

V2 Retail opens new retail store in Uttar Pradesh

V2 Retail Limited has announced the opening of a new retail store in Prayagraj, Uttar Pradesh. It now operates 91 retail stores across strategic locations in India. The company’s stores offer a large variety of apparel across several categories. The share price of V2 Retail surged by 4.97% after the announcement took place.

Mazagon Dock Shipbuilders delivers third Scorpene submarine to Indian Navy 

Mazagon Dock Shipbuilders Ltd (MDL), on Monday, delivered the third Scorpene submarine of Project P-75 to the Indian Navy. The acceptance document was signed by Vice Admiral (Retd) Narayan Prasad, Chairman & MD of Mazagon Dock Shipbuilders, and Rear Admiral B Sivakumar, Chief of Staff Officer (Tech) of Western Naval Command. The submarine will be commissioned into the Indian Navy as INS Karanj.

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Shilpa Medicare launches Sunitinib Capsules in India

Shilpa Medicare Limited has announced the launch of Sunitinib Capsules under the brand name ‘SUNISHIL’. The product is used for the treatment of G.I stromal tumor, a disease in which abnormal cells form in the tissues of the gastrointestinal tract. The capsules were launched in three strengths— 12.5 mg, 25 mg, and 50 mg. It will be manufactured and supplied from a state-of-the-art finished product facility at Jadcherla, Telangana.

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