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DoT cuts bank guarantee requirement for telecom operators by 80%

The Department of Telecommunications (DoT) on Tuesday announced slashing the performance and financial bank guarantee requirements of telecom operators by 80 per cent. According to a licence amendment note, telecom operators will be required to provide a performance bank guarantee of up to Rs 44 crore for each service for the telecom licence compared to Rs 220 crore mandated under the old rule. Similarly, telecom operators will need to provide a financial bank guarantee of a maximum Rs 8.8 crore per circle now, against the previous requirement of Rs 44 crore.

Titan registers strong recovery in demand in Q2 FY22 Tata group firm

Titan on Wednesday said it has witnessed a strong recovery in demand in the July-September quarter, and its sales in most of its divisions have either reached above or close to pre-pandemic levels. Most stores are now fully operational barring a few in select towns, having localised restrictions, with overall store operation days exceeding 90 per cent for the quarter, said Titan in its quarterly updates. Apart from its thrust on the digital channel, Titan has accelerated its retail network expansion during the quarter.

Rossari Biotech hikes prices, sees 50% jump in revenue, profit this fiscal

The largest textile specialty chemical manufacturer Rossari Biotech, which had a successful IPO amidst the first wave of the pandemic, is expecting to close FY'22 with at least 50 per cent growth in both topline and bottomline on the back of rising demand and a substantial price hike that will help boost margins. Apart from being the largest textile specialty chemical manufacturer, Rossari is also a leading supplier of specialty chemicals to the animal and poultry feed industry, and FMCG companies and is present in 17 overseas markets like including Bangladesh, Vietnam and Mauritius.

Tata Steel's output grows 7% in July-September period

Tata Steel on Wednesday reported a 7 per cent rise in consolidated steel output to 7.78 million tonnes (MT) for the July-September period this year. The company's consolidated steel production was 7.25 MT in the same period last year, Tata Steel said in a statement. Tata Steel's consolidated sales during the quarter under review fell around 6 per cent to 7.4 MT, from 7.87 MT in the same period of the preceding fiscal. In India, Tata Steel India produced 4.73 MT of steel in the September quarter, compared to 4.59 MT in the year-ago quarter. The sales in India stood at 4.64 MT, against 5.05 MT a year ago.

Lupin gets tentative nod from USFDA to market generic Brexpiprazole tablets

Drug firm Lupin on Wednesday said it has received tentative nod from the US health regulator to market generic Brexpiprazole tablets, which are used with anti-depressant medicines for the treatment of major depressive disorder, in the American market. The company has received tentative approval from the United States Food and Drug Administration (USFDA) to market generic Brexpiprazole tablets in the strengths of 0.25 mg, 0.5 mg, 1 mg, 2 mg, 3 mg, and 4 mg, Lupin said in a regulatory filing. The product is a generic version of Otsuka Pharmaceutical Co Ltd's Rexulti tablets in the same strengths, it added

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