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Weekly News: India's economy expanded more than expected in the December quarter - IndiaNotes.com
Weekly News: India's economy expanded more than expected in the December quarter
SMC | Published: 06 Mar, 2017  | Source : IndiaNotes.com

Economy


- India's economy expanded more than expected in the December quarter but the pace of expansion slowed slightly, gross domestic product advanced 7 percent year-on-year, slower than the 7.4 percent growth posted in the September quarter.


- The headline Nikkei manufacturing India Purchasing Managers' Index, or PMI, rose to 50.7 in February from 50.4 in January. Any reading above 50 indicates expansion in the sector.


Pharmaceutical


- Lupin has launched in the American market its Clobetasol Propionate topical solution used for providing relief in various skin conditions of the scalp. The company has launched its Clobetasol Propionate topical solution USP, 0.05 per cent after having received an approval from the United States Food and Drug Administration (USFDA).


- Alembic Pharmaceuticals announced the launch of desvenlafaxine succinate extended release tablets 50 mg and 100 mg by its partners Breckenridge Pharmaceutical, Inc.


- Glenmark Pharmaceuticals Inc., USA, and Evestra, Inc. have completed a strategic development, license and commercialization agreement to develop and market a generic version of Merck's & Co.'s NuvaRing® product – etonogestrel/ethinyl estradiol vaginal ring – designed to allow women access to a more affordable birth control option. Development on the vaginal ring product is currently under way and the two companies expect to file an Abbreviated New Drug Application (ANDA) in fiscal 2019.


Metal & Mining


- Jindal Stainless (Hisar) has signed a pact with DRDO in the presence of Minister of State for Defence for transfer of technology relating to highnitrogen steel for armour applications. The use of high-nitrogen steel will replace the existing import of rolled homogeneous armour (RHA), resulting in improved cost efficiency in material acquisition for armour applications by 50 per cent.


- Nalco plans to increase cast metal production by 12 per cent in the next financial year as the aluminium market has started firming up.


- JSW Steel has made an offer to buy controlling stake in Monnet Ispat & Energy Ltd through the strategic debt restructuring (SDR) route.


Power


- NTPC Group has registered a growth of 4.67 per cent in power generation at 251.036 BUs till February end this fiscal compared to 239.845 BUs in the same period a year ago.


Oil & Gas


- ONGC may acquire India's third-biggest fuel retailer HPCL in an about Rs 44,000 crore ($6.6 billion) deal as part of the government's plan to create an integrated oil giant. ONGC may buy all of the government's 51.11 per cent stake in Hindustan Petroleum Corporation Ltd (HPCL).


Media


- Zee Entertainment has completed the first phase of a two -phase sale of its sport business, TEN Sports Network, to Sony Pictures and received USD 330 million (about `2,200 crore).


Realty/ Construction


- Gayatri Projects has secured a 1363 crore irrigation contract in joint Venture with RNS Infrastructure (RNS) and Sadguru Infratech (SIPL)from Executive Engineer, Karnataka Neeravari Nigama. The project entails the execution of a lift irrigation system to provide irrigation for an area of 27,462 Hectares. The contract also involves operations and maintenance of the system for 5 years after commissioning.


Edible Oil


- Ruchi Soya Industries has expanded its partnership with Patanjali Ayurved by including processing and packaging of edible oil at its plants in Madhya Pradesh and Gujarat.

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