Siemens bags multi-year contract

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⭐Siemens bags multi-year contract 

Engineering firm Siemens has emerged as the lowest bidder to manufacture 1200 electric locomotives of 9000 HP (horse power). These locomotives will be manufactured over a period of next 11 years at Dahod in Gujarat. The total cost of the project is estimated at around ₹20,000 crore.

⭐Govt: Foreign funds can bid for IDBI stake 

The government said via a notification that it will allow a consortium of foreign funds and investment companies to own over 51% in IDBI bank. This comes ahead of the 16 December deadline for potential bidders to submit expressions of interest (EoIs) for a majority stake in the IDBI Bank. Currently, LIC and the government of India together hold 94.7% stake in the bank, which they are looking to divest.

 ⭐ World Bank ups  India  growth forecast

The World Bank expects India to grow at 6.9% for the fiscal 2023. This is higher than its earlier estimate of India growing at 6.5%. In its India Development report, the World Bank observed that India too has been plagued by  rising  commodity prices and tightening monetary policy. However, the World Bank is confident that the global slowdown has a much lower impact on India. Meanwhile, inflation is expected to be 7.1% in FY23.

Global markets (at 7:30 AM today)

Fact of the day

India’s total power generation rose by 14.6% YoY to 1.1 lakh MU (million units) in November 2022. 

Source: Economic Times