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Weekly News: IIP declined unexpectedly in February on weak manufacturing activity -
Weekly News: IIP declined unexpectedly in February on weak manufacturing activity
SMC | Published: 20 Apr, 2017  | Source :

Economic News

- India's consumer price inflation rose less than expected in March, as per figures from the Central Statistics Office. Consumer prices advanced 3.81 percent year-on-year in March, faster than February's 3.65 percent increase, but slightly slower than the expected 3.9 percent.

- India's Industrial Production (IIP) declined unexpectedly in February on weak manufacturing activity, as per figures from the Central Statistics Office. Industrial output fell 1.2 percent in February from prior year, confounding expectations for an increase of 1.3 percent. In January, production advanced by revised 3.3 percent.


- NTPC's joint venture BIFPCL has tied up funds to the tune of USD 1.6 billion to set up 1,320-mw Maitree Super Thermal Power Project in Bangladesh. BIFPCL is a 50:50 joint venture company between NTPC and the Bangladesh Power Development Board.

- R-Power will seal the power purchase agreement (PPA) with Bangladesh Power Development Board (BPDB) to get the $1-billion first phase of its proposed power project and liquid gas import terminal in Bangladesh off the ground in less than two years of signing the MoU.

- Rural Electrification Corp (REC) is looking at diversifying from power sector lending to financing equipment manufacturing, energy efficiency schemes, power plants renovation and coal blocks development as reported by the chairman of the company.

- Suzlon has won an order of 50.40 MW wind power project from a leading IPP company. This is a maiden order for 24 units of Suzlon's new S111 120m hybrid wind turbine generator, each with a rated capacity of 2.1 MW. Located in Karnataka, the project will be completed by June 2017. The project has the potential to provide power to over 27,000 households and reduce 0.10 million tonnes of CO2 emissions per annum.


- Engineering conglomerate Larsen & Toubro's construction arm has secured its single-biggest order worth `5,250 crore from Qatar General Electricity and Water Corporation for power transmission and network expansion.


- Torrent Pharmaceuticals is close to finalising a deal to acquire domestic women healthcare portfolio of Swiss pharmaceutical major Novartis in the country. The total valuation of the deal would be around 300 crore. Novartis women healthcare portfolio had a turnover of about 70 crore in India and the deal is expected to be concluded within next eight weeks.

- Ajanta Pharma has reported the US health regulator has successfully completed inspection of its Dahej facility. Company's formulation facility at Dahej was inspected by United States Food and Drug Administration (USFDA) from April 3 to 7, 2017.

- Glenmark Pharmaceuticals has been granted final approval by the USFDA for Fenofibrate Capsules USP, 67 mg, 134 mg and 200 mg. Glenmark's current portfolio consists of 114 products authorized for distribution in the U.S. marketplace and approximately 64 ANDA's pending approval with the USFDA.


- NBCC has inked an agreement with Mauritius government to develop a social housing project and construct a new Supreme Court building in Mauritius, costing USD 20 million and USD 30 million respectively, which together are estimated to cost USD 50 million.

Oil & Gas

- Reliance Industries will start selling coal-bed methane from its central India block next month after the government allowed producers freedom to set prices. The company will begin with daily sales volumes of 400,000 cubic meters of gas from coal seams in Sohagpur block in Madhya Pradesh state and gradually increase the volumes.

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.