Business Deals, Company Expansions, Stake Acquisitions and Corporate Actions – 18Th Feb – 20Th Feb
-The Rakuten Cloud Innovation Laboratory; is a fully automated testing facility that aims to foster innovation across mobile network, IT digital architecture, cloud and enterprise applications, a statement said.
-Neutrino’s technology will aid the crypto exchange to investigate and prevent cybercrimes.
TCS partners with Nanoheal to provide Digital Workspace Automation solution
-The combined solution to offer automated, proactive, self-healing device platform for error-free enterprise workspace.
RBI to inject Rs 12,500-cr liquidity via OMOs on February 21
-The eligible participants should submit their offers in electronic format on the RBI core banking solution (E-Kuber) system on February 21.
HCL Tech wins contract with EDF Luminus
-HCL Technologies won a five year IT infrastructure and application services contract with EDF Luminus, the second largest electricity producer and energy supplier in the Belgian energy market. HCL will help EDF Luminus to transform and modernize its IT infrastructure, applications landscape and will migrate its SAP portfolio to a public cloud environment.
-Duke Offshore has been awarded a prestigious contract by Daewoo – Tata projects Ltd JV to provide one initial high speed vessel to support construction for the Mumbai Trans Harbour Link project. The contract is for a period of 2 years with an extension option upto 30 months and will start in the month of February 2019.
-The Mumbai-based company Aarti lndustries have signed a $125 million supply contract with a leading global chemical conglomerate. The contract entails supply of a high value specialty chemical intermediate for a period of 10 years. The plant is expected to commission in Q4 FY 2021, with average annual revenue of $ 12.5 million. The end use of the product is one of the major new growth initiative for the customer. The supply quantities of the contract will be used to seed the market and increase the potential market size of the product.
Alembic Pharma gets USFDA nod for Acetazolamide Extended-Release Capsules
-Alembic Pharmaceuticals has announced that it has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Acetazolamide Extended-Release Capsules, 500 mg. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD) Diamox Sequels, 500 mg, of Teva Branded Pharmaceutical Products R&D Inc. Acetazolamide Extended-Release Capsules, 500 mg is indicated for adjunctive treatment of: chronic simple (open-angle) glaucoma, secondary glaucoma, and preoperatively in acute angle-closure glaucoma where delay of surgery is desired in order to lower intraocular pressure. Acetazolamide extended release capsules are also indicated for the prevention or amelioration of symptoms associated with acute mountain sickness despite gradual ascent. Acetazolamide Extended-Release Capsules, 500 mg has an estimated market size of US$ 13.1 million for twelve months ending December 2018 according to IQVIA. Alembic has a cumulative total of 87 ANDA approvals (74 final approvals and 13 tentative approvals) from USFDA.
APL selects Majesco L&A and Group core suite
-Majesco has announced that American Public Life Insurance Company (APL) selected Majesco L&A and Group Core Suite platform as the foundation of its digital business transformation strategy.
-Air France-KLM Chief Financial Officer Frederic Gagey said the Air France-KLM plan involves better coordination and closer sharing of activities such as purchasing.
Essel Propack gets inter corporate deposit
-Essel Propack has received Rs. 40 crore towards repayment of outstanding dues of Inter corporate deposit. Essel has already received Rs. 25.30 crore in last month. The balance amount is expected to be received by March 2019.
Strides gets USFDA nod for Ethosuximide Softgel Capsules
-Strides Pharma Science has announced that its step-down wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received approval for Ethosuximide Softgel Capsules USP, 250 mg from the United States Food & Drug Administration (USFDA). The product was approved in the first review cycle by the USFDA in less than 10 months of filing under the GDUFA II regime. The product is a generic version of Zarontin Capsules, 250 mg, of Pfizer Inc.
ABB wins order from Indian Railways
-ABB has won its largest traction equipment order in India, worth more than Rs.270 crore to supply state-of-the-art converters for electric locomotives from Diesel Locomotive Works (DLW), in Varanasi. The converters are custom designed for Indian Railways and will be manufactured at one of ABB’s largest factories for locomotive applications in Nelamangala, near Bengaluru, in Southern India. ABB’s traction solution is based on the latest technology to bring more reliable trains to passengers, while increasing sustainable transport use by moving from diesel trains to electric. This helps rail operators to achieve significant operational improvements.
Graphite falls as KSPCB order to close Bengaluru unit
-Shares of Graphite India dipped over 3% touching to Rs. 398.35, after the Karnataka State Pollution Control Board (KSPCB) ordered the company to close operations at the Bengaluru plant completely. On December 17, the pollution control board had renewed its consent for operations of the company’s electrode plant till June 2020 on the condition that the company shifts its unit from the current location. The company, however, said immediate stoppage of furnaces could be hazardous due to high temperature prevalent in those. To comply with the aforesaid directions, the company said it will shut the furnaces in a phased manner. The management does not expect any material impact on its operations due to the closure order.
Time Techno bags order worth Rs.115 crore
-Time Technoplast has received a prestigious order from a Buyer in Europe for export of 500,000 Composite Cylinders with a total value of over Rs. 115 Crores. This order is planned to be executed by end of Calendar Year 2019. At 1.32 pm, Time Technoplast was trading at Rs. 86, up by 2.26%, with a volume of 0.11 lakh shares on the BSE.
-Shares of Emami jumped nearly 12% touching to Rs. 398.8, after company promoters divested their stake in the company. The company promoters sold 10% stake in Emami Ltd in a block deal to raise Rs. 1,600 crore to a group of investors which includes SBI Mutual Fund, PremjiInvest, Amundi, IDFC and L&T Mutual Fund; promoters stake will come down to 62.7% from the current 72.7%. The stake sale proceeds will reduce promoter debt which was used in creation of assets like Cement, Solar Power etc.
Future Consumer inks MoU with Choithrams
-Future Consumer (FCL) has announced that company has entered into an arrangement with the Middle East’s leading chain of retail supermarkets, T Choithrams & Sons. FCL and Choithrams have identified an opportunity to strategically partner across the UAE, Bahrain and Qatar to bring FCL’s portfolio of leading brands to consumers across the Middle East. With a network of more than 60 supermarkets across UAE, Bahrain and Qatar, Choithrams will, under this arrangement, market, distribute and retail FCL brand products for sale through its own stores, as well as distribute FCL brands to other retail stores. Reacting to these news shares of the company rose over 3% touching to Rs.45.05. In terms of this arrangement, FCL will be leveraging Choithrams’ reach to export and distribute its core brands under various product categories, comprising initially the Tasty Treat, Sangi’s Kitchen, Desi Atta Company, Golden Harvest and Mother Earth.
Tata Steel sells indirect subsidiary Black Ginger
-TS Global Minerals Holding Pte Ltd, an indirect wholly owned subsidiary of Tata Steel, had entered into a pact with IMR Asia Holding Pte Ltd to divest its entire stake in Black Ginger.
Cipla to acquire 11.71% stake in Wellthy Therapeutics
-Under the agreement, a multi-lingual clinically-validated digital disease management platform will be made available to patients living with diabetes or cardiovascular diseases via doctors#39; clinics or co-packaging on select Cipla brands.
NLC India gains 2% as co joins hands with NHPC on power trading
-This MoU will create win-win situation for the generators and bulk consumers.
PNC Infratech wins project worth Rs.186 crore
-PNC Infratech has received an order from PWD for a project worth Rs 186.48 crore
Tech Mahindra gains ahead of board meeting
-Shares of Tech Mahindra rose by 3% to Rs.822.5, as board to meet on February 21, 2019, to consider a proposal to buy-back equity shares of the company.
-The engineering and construction company, however, did not provide the exact value of the contract; but specified that as per its classification, the mega project is in the range of over Rs 7,000 crore. L&T Construction has secured a mega contract for design and construction of a major airport. The Engineering, Procurement and Construction orders have been secured to execute development works of a major airport. The scope of work includes design, engineering, procurement and construction of Passenger Terminal Building, a new runway, rehabilitation of a runway, taxiways and aprons, a new elevated eastern cross taxiway, landside roads, utility infrastructure, drainage and modifications for the existing Terminal. The project involves baggage handling systems, passenger boarding bridges, airport security systems, visual docking guidance systems, vertical horizontal ransportation, airfield ground lighting, mechanical, electrical and plumbing works. This will increase the existing capacity to 40 Million Passenger Per Annum (40MPPA).
Glenmark gets USFDA nod for Clobetasol Propionate Foam
-Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Clobetasol Propionate Foam, 0.05%, a generic version of Olux®1 Foam, 0.05%, of Mylan Pharmaceuticals, Inc. As per the IQVIATM sales data for the 12 month period ending December 2018, the Olux Foam market achieved annual sales of approximately USD 50.9 million.
JSPL bags additional order from Indian Railways
-Jindal Steel & Power Ltd (JSPL) has been awarded an additional order for supply of 30,000 tonnes under the same global tender. The additional order enhances the order size by over 30%, with the overall order size now estimated at around Rs.650 crore. So far JSPL has supplied close to 62,400 Tonnes of Rails out of the earlier order, and is in track to complete the 1 lakh Tonne order ahead of time.
Varun Beverages board to raise fund via QIP
-Varun Beverages board to meet on February 26, to enter into a binding agreement with Pepsico India Holding Private Limited (‘Pepsico’) to acquire franchise rights of South and West regions from PepsiCo for a national bottling, sales and distribution footprint in 7 states and 5 Union Territories. Adding further board will also consider raising of capital through Qualified Institutions Placement (QIP).
-Titagarh Wagons has announced that Titagarh Firema S.P.A., the wholly owned Subsidiary of the Company in Italy (‘TFA’), has been awarded the Letter of Acceptance for design, manufacture and supply of 54 units of Metro for Ferrovia Circumetnea, Italy. The total value of the LoA is Euro 216 million equivalent to Rs.1,740.60 crore approx. The order book of TFA stands at Euro 320 million, equivalent to Rs.2578.56 crore approx.
VBL board okays plans to acquire PepsiCo franchise rights in South, West India
-The board has approved the companys intent to enter into a binding agreement with PepsiCo India Holdings to acquire franchise rights in the two regions for a national bottling, sales and distribution footprint in seven states and five UTs, Varun Beverages Ltd (VBL) said in a regulatory filing.
Coal India subsidiaries to donate Rs.1.75 cr to martyr’s family
-Vijay Soreng was a resident of Pharsma village in Jharkhand’s Gumla district and he was among the 40 CRPF personnel killed in Pulwama terror attack on February 14.
Indian Oil signs first annual deal to buy up to 3 million tonnes US oil
-State-run IOC had previously purchased US oil from spot markets and signed a mini-term deal in August to buy 6 million barrels of U.S. oil between November to January.
TVS pays homage to spirit and attitude of Indian soldiers with launch of Star City; Kargil Edition;
-TVS says the design is inspired from the snow peaks, rough terrains and disciplined lives of the soldiers who serve the country day and night.
Maruti Suzuki limits use of metals like lead, mercury in its models
-With the implementation of International Material Data System (IMDS), the company will be able to meet international norms and quantify recoverable and recyclable materials in its vehicles, MSI said in a statement.
⇓ Subscribe with your email to get new updates[jetpack_subscription_form show_only_email_and_button=”true” custom_background_button_color=”#362e77″ custom_text_button_color=”#ffffff” submit_button_text=”Subscribe” submit_button_classes=”wp-block-button__link has-text-color has-white-color has-background has-dark-blue-background-button-color” show_subscribers_total=”false” ]