WPI Inflation rises to 8-year high of 7.39% in March

According to data released by the Ministry of Commerce & Industry, wholesale inflation in India rose to an 8-year high of 7.39% in March. The Wholesale Price Index (WPI) stood at 4.17% in February and 2.51% in January. The prices of crude oil, petroleum products, and basic metals increased substantially in March, as compared to the corresponding month last year. The food articles segment witnessed a 3.24% rise last month. 

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Wipro Q4 Results: Net profit rises 28% YoY to Rs 2,972.3 crore

Wipro Limited reported a 27.78% year-on-year (YoY) increase in consolidated net profit to Rs 2,972.3 crore for the quarter ended March (Q4). On a quarterly basis, net profit has increased marginally by 0.14%. The IT company’s revenue from operations rose 3.4% YoY to Rs 16,245.4 crore during the same period. The firm had closed 12 large deals during the quarter with a total contract value of $1.4 billion (~Rs 10,511 crore). Wipro expects revenues from its IT services to grow 2-4% on a sequential basis in the June quarter (Q1).

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L&T secures contracts worth upto Rs 2,500 crore in Q4

Larsen & Toubro (L&T) Limited said it has bagged significant orders (in the range of Rs 1,000-2,500 crore) in the quarter ended March (Q4). L&T Heavy Engineering secured an order for 12 steam generators for a 3×700 megawatt electrical (MWe) pressurised heavy water reactor. In the area of refinery, petrochemicals, and oil & gas, L&T Heavy Engineering received a critical reactor system package order for Indian Oil Corporation’s petrochemical project.

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Tata Steel unveils multi-million-pound plan for tube making site in UK

Tata Steel Limited unveiled its transformation plans for a steel tube-making site in East Midlands, United Kingdom. Work has commenced at the 150-acre site at Corby, which produces vital steel tube products for sports stadiums, skyscrapers, hospitals, and renewable green energy schemes around the world. Under the transformation plans, manufacturing processes on the site will be brought closer together as part of a 25-million pound scheme.

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Tinplate Company Q4 Results: Net profit rises 107% YoY to Rs 56 crore

Tinplate Company of India reported a 107.04% YoY jump in standalone net profit to Rs 56.15 crore for the quarter ended March (Q4). Its revenue from operations rose 59.82% YoY to Rs 754.97 crore during the same period. The company’s board has recommended a dividend of Rs 2 per share. Tinplate Company manufactures various grades of electrolytic tinplates, tin-free steel sheets, and full hard cold rolled sheets used for metal packaging. It is a subsidiary of Tata Steel.

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Mahindra fails to find buyer for SsangYong Motor; falls in court receivership

The Seoul Bankruptcy Court has put SsangYong Motor under court receivership after its parent company, Mahindra & Mahindra, failed to find a buyer for the insolvent firm. SsangYong had defaulted on a loan payment worth ~Rs 680 crore on December 21, 2020, following which it applied for court receivership. However, the company was given three months to secure funds after saying it was in talks with US-based HAAH Automotive. SsangYong is expected to submit a rehabilitation plan to the court in June 2021.

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NMDC raises lump ore price by Rs 1,100 per tonne

NMDC Limited said it has hiked prices of iron ore with effect from April 14, 2021. The prices of lump ore were increased by 18.80% (or Rs 1,100) to Rs 6,950 per tonne. The prices of iron ore fines jumped 10.96% to Rs 5,060 per tonne. State-owned NMDC is the largest iron ore producer in India. The company presently produces around 35 million tonnes of iron ore from 3 mechanised mines.

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GE Power India to acquire 50% stake in NTPC GE Power Services

The Board of Directors of GE Power India Ltd has approved the acquisition of a 50% stake in NTPC GE Power Services Pvt Limited. The cost of the acquisition is Rs 7.2 crore. GE Power would enter into renovation and modernization of thermal power plants and partner with state-owned NTPC Limited. This investment and joint venture (JV) with NTPC is expected to strengthen GE Power’s portfolio and open avenues for expanded scope of business for future projects.

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RBL Bank partners with Mastercard to offer first-of-a-kind payment functionality

RBL Bank has entered into a partnership with Mastercard to launch a mobile-based consumer-friendly payment solution— the Pay by Bank App, a first-of-its-kind payment functionality in India. The bank’s account holders can enjoy contactless transactions across the world through their mobile banking application both in-store and online. This functionality will be available at all Mastercard accepting merchants that accept contactless and online payments.

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IL&FS addresses debt of Rs 43,000 crore so far

IL&FS said it has addressed aggregate group debt of Rs 43,000 crore till date through the sale of assets and other cash receivables. The crisis-ridden company has also increased the debt recovery target to Rs 61,000 crore. The increased estimate represents the resolution of nearly 62% of overall fund-based and non-fund-based group debt of ~Rs 99,000 crore as of October 2018. IL&FS collapsed around August 2018 when it started defaulting on bonds that came due to investors. 

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