India to drive 20% of global economic growth in next decade: Kant

India will be driving 20 percent of the world's economic growth in the next decade as it continues its march to become the third largest economy globally, according to G20 Sherpa Amitabh Kant.

Speaking at the AIMA convention here, he noted that India continues to be the fastest-growing large economy in the world and is the fifth-largest economy.

"In the next three years, we will overtake Japan and Germany to be the third largest economy in the world. In a world which is starved for growth, India is an outlier and has emerged as a very resilient powerhouse driving growth," he stated.

The country will be driving 20 percent of the world's economic growth in the next decade, he added.

"What we are witnessing today is a once-in-a-generation shift in our economic position. Just a few years back, we were in the fragile five, and from the fragile five, we moved to the top five in a decade," Kant said.

He noted that the country needs to transform the lives of people living in rural areas, improve health outcomes and enhance nutritional standards to become a developed nation by 2047.

India needs several champion states to drive future growth, Kant said.

"If India is to grow at 9-10 percent over the next three decades and become a developed economy by 2047, we need to improve our learning outcomes, our health outcomes and nutritional standards in a very big way," he added.

This means that many states like Bihar, Jharkhand, Chhattisgarh, Rajasthan and Madhya Pradesh, which account for almost 50 percent of the country's population, need to be transformed, he said.

"It is very critical that we transform them. It is important that they become the key driver of improvement on the human development index," Kant said.

Elaborating further, he said that the top 50 percent of India's population actually creates growth and drives prosperity. And the bottom 50 percent lives mainly in rural areas, relying on agriculture wage labour or government welfare schemes to achieve basic living standards, he added.

"It is important that we transform the lives of these people to the bottom 50 percent," he stated.

Shares of Pitti Engineering Ltd rallied nearly 6% to hit a 52-week high of ₹1378.9 apiece on the NSE on Friday, August 16, after the company reported strong Q1 results.

Pitti Engineering has reported a sharp 47.10% year-on-year spike in its net profit at ₹20.55 crore in the June 2024 quarter, compared to ₹13.97 crore in the year-ago period. Pitti Engineering's total income rose 33.02% to ₹386.71 crore in the June quarter compared to ₹290.71 crore in the corresponding period of the previous fiscal.

The consolidated EBITDA grew 32.81% YoY to ₹56.35 crore compared to ₹42.43 crore in Q1FY24.

The stock opened higher at ₹1,333.9 apiece on the NSE and gained further to hit the day's high.

Pitti Engineering sold 14,992 metric tons (MT) of rotating electrical equipment in Q1 FY25, with a positive market outlook driven by strong demand.

The company’s ongoing capex expansion, expected to be completed by September 2024, will increase the production capacity by 16,000 MTPA, bringing it to 72,000 MTPA on a standalone and 90,000 MTPA on a consolidated basis.

Commenting on the results, Akshay S. Pitti, Managing Director & Chief Executive Officer said, “I am delighted that the company reported the highest ever sales and EBITDA for a quarter in Q1FY25. The expansion plan is track for commissioning by the end of September. We continue to see robust demand from almost all our end markets. On the back of strong performance in Q1 coupled with the enhanced capacities & acquisitions I believe that we are well positioned to surpass our annual targets.”

Shares of Pitti Engineering Ltd. closed the session 3.84% higher at ₹1,352 apiece on the NSE after a minor correction from the day's higher levels.

The stock has traded with an upward momentum, gaining over 108% in the last 6 months and more than 168% over the year.

The share allotment status of Innomet Advanced Materials IPO is scheduled to be finalised on Monday, September 16. The NSE SME issue witnessed a mega demand from investors during the three-day subscription window between September 11 and September 13.

Innomet Advanced Materials IPO was subscribed 297.42 times, with investors applying for 96.72 crore shares as compared to the 32.52 lakh shares on offer.

Non-institutional investors or NIIs bid for 51.18 crore shares as compared to the 16.26 lakh shares allocated for them. NIIs subscribed to their allocation 314.76 times.

Retail investors oversubscribed their quota 226.96 times. They applied for 51.18 crore shares against the 16.26 lakh shares in the retail category.

Investors, who applied for shares in the public offer, must be waiting to check the allotment status of the Innomet Advanced Materials IPO. Here is how to check Innomet Advanced Materials IPO share allotment status on NSE and registrar’s website.

How to check Vision Innomet Advanced Materials Limited IPO share allotment status on registrar’s website

• Go to the official website of the registrar Skyline Financial Services Private Ltd at https://www.skylinerta.com/
• Choose the Public Issues option
• A new tab will open. From the list of the companies, select Innomet Advanced Materials Limited
• Enter your details (DPID/Client ID, Application No., or PAN)
• Click on the Search button to view the allotment status

How to check Vision Innomet Advanced Materials Limited IPO share allotment status on NSE website

• Go to the NSE IPO allotment status page at www.nseindia.com/products/ipo_login.jsp
• Log in with your username and password. Creating an account on the NSE website is mandatory to view the allotment status.
• Select Innomet Advanced Materials Limited from the drop down menu under the issue name.
• Verify your PAN.
• Enter your IPO application number.
• Click on Submit to view the allotment details.

Innomet Advanced Materials Limited IPO offer size

Innomet Advanced Materials IPO was a fixed price issue of 34.24 lakh shares. The company aimed to raise ₹34.24 crore through the initial share sale. The IPO is expected to list at NSE SME platform, Emerge, on September 18.

City-based DNA Wellness on Thursday said it will invest ₹200 crore to set up over 100 cervical cancer screening labs across India by 2027.

The company has acquired exclusive rights to conduct the DNA Ploidy Test, a diagnostic tool developed by the British Columbia Cancer Research Agency, Canada, the company said in a statement.

The test, also known as CERViSure, is a quick, accurate, and non-invasive method to detect cervical cancer.

DNA Wellness also announced the launch of India's first CERViSure laboratory in Ahmedabad, Gujarat, which will provide easy access to cervical cancer screening facilities to people.

"Going forward, DNA wellness will invest ₹200 crore to set up some 100 dedicated CERViSure laboratories across India, in a phased manner by 2027, to help the DNA Ploidy reach a maximum number of patients," the company said.

"By October 2024, the company will open dedicated laboratories in Ahmedabad, Vadodara, Rajkot and Surat," Pathik Bhandari, Co-founder, DNA Wellness, said.

The company will also explore collaboration with hospitals, clinics, and doctors to expand access to the DNA Ploidy Test, aiming to make it available nationwide.

Cervical cancer is a leading cause of cancer-related deaths among women in India, with some 1.3 lakh new cases and 80,000 deaths reported every year, the company said.

DNA Wellness is a leading player in providing advanced DNA profiling technologies in India. It works in the area of detecting genetic instability to improve patient outcomes for screening of diseases.