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Weekly News: India's GDP is expected to grow by 7.9% next fiscal

SMC | 14 Dec, 2015  | Follow Author | Add to my Favourites 
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- Indian Union Cabinet has approved the Real Estate (Regulation and Development) Bill, 2015 with amendments, as recommended by the Rajya Sabha Committee. Reaching out to the opposition, the Bill envisages provisions for depositing 70 percent of the project cost by builders into an escrow account and punishment for violations of the proposed law.

- Indirect tax collection in November rose 24.3% to `55,297 crore led by growth in excise mobilisation, reflecting an uptick in industrial activity. In November 2014, the government had mopped up `44,475 crore from indirect taxes. Excise collection jumped a whopping 58.3% to `23,033 crore in November 2015, from `14,551 crore in the same month last fiscal.

- According to the Goldman Sachs, India's GDP is expected to grow by 7.9% next fiscal driven by rising domestic demand and higher capital spending by the government, even though global economy will remain anaemic.

- Reserve Bank of India (RBI) data released on its website showed that India's total export of computer services and ITeS/BPO services (excluding commercial presence) during 2014-15 grew by 14.8 percent over the previous year to `5,014 billion ($82 billion) in dollar terms.

Capital Goods

- Havells India has sold 80% stake in Sylvania Malta, and Havells Exim Hong Kong to Shanghai Feilo Acoustics for `1,340 crore. Havells had invested `980 crore in both the subsidiaries. The remaining 20% in Malta to be divested in the next 5 years and rest 20% in Exim unit to be sold in 9 months from closing the first sale.

- Siemens Limited has bagged an order worth `377 crore from Indian Railways' Diesel Locomotive Works (DLW), Varanasi for supply of traction motors. The scope of work involves supply of 1,890 traction motors for 4,500 HP Diesel Electric Locomotives.


- Alembic Pharmaceuticals announced that its associate company "M/s. Rhizen Pharmaceuticals SA" on has entered into an exclusive, worldwide license agreement with Novartis for the development and commercialisation of Rhizen's, inhaled dual PI3K-delta gamma inhibitor and its closely related compounds for various indications.

- Aurobindo Pharma has received final approval from the US Food and Drug Administration(USFDA) to manufacture and market Eptifibatide injection and Levonorgestel tablet.

- Wockhardt has received qualified disease product (QIDP) status from US health regulator for a new antibiotic. The company has received the coveted status from the US Food and Drug Administration (USFDA) for 'WCK 5222', a product from its new drug discovery programme in anti-infectives.


- NTPC Limited is exploring solar energy projects in Uttar Pradesh to boost its green energy profile and meet renewable energy targets. Giving a major thrust for green and clean energy, the Maharatna company is targeting to achieve 10,000 MW of renewable energy by 2022.


- Larsen & Toubro (L&T) has bagged orders worth `1,960 crore across business segments. The company's construction arm has secured these contracts in different businesses including water and effluent treatment projects.

Tours and Travels

- Thomas Cook has set up 33 consumer service centres to expand its reach its tier II and III towns. Under its "clicks and bricks" expansion model the service centres will augment its existing pan India network to 233 locations including airports.

- Vinati Organics has entered into long term tripartite agreement with USA & Japan based chemical companies for supply of a customized product. Due to this turnover is expected to increase by `45 crores in financial year 2016-2017.

Bank/ Finance

- IDFC Bank has inked a pact with IT services major Tata Consultancy Services to use TCS BaNCS for its core banking solutions. IDFC Bank started operations on October 1 this year with 23 branches, powered by TCS BaNCS.

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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.

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