Volkswagen’s 5.9 billion euros annual savings goal may cut around 7,000 workforces

Volkswagen has ruled out compulsory layoffs until 2025, but early retirement will help the Wolfsburg, Germany-based carmaker to cut its workforces between 5,000 and 7,000 positions.

By Reuters @moneycontrolcom

TFM News

Volkswagen on March 13 stated it will reduce its workforce by up to 7,000 staff, raise productivity and eke out 5.9 billion euros worth of annual savings at its core Volkswagen brand by 2023 in a bid to raise Volkswagen’s operating margin to 6 percent.

Volkswagen has ruled out compulsory layoffs until 2025, but early retirement will help the Wolfsburg, Germany-based carmaker to reduce its workforce between 5,000 and 7,000 positions, the carmaker said.

“The measures from the earnings improvement programme will enable our brand to achieve a competitive return level of six percent in 2022,” Arno Antlitz, Volkswagen brand’s board member for controlling, said in a statement.

Source: Reuters @MoneyControl

– TFM News

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Kuwait increases April KEC crude price by 40 cents/bbl for Asia Region

Kuwait increases April KEC crude price by 40 cents/bbl for Asia Region

The OSP for Kuwait Super Light Crude (KSLC) to Asia was set at a premium of $1.65 a barrel to the average of Platts Oman and Dubai prices.

By ReutersTFM News

Image used for illustrative purpose. Kuwait Oil Tanker employees oversee the loading of crude oil into the new Kazimah III Oil Tanker at Ahmadi North Pier in Kuwait.
REUTERS/ Stephanie McGehee

DUBAI- Kuwait has raised the April official selling price (OSP) for Kuwait Export Blend Crude (KEC) by 40 cents to plus 55 cents a barrel to the average of Oman and Dubai prices reported by Platts, a document reviewed by Reuters showed on Monday.

The OSP for Kuwait Super Light Crude (KSLC) to Asia was set at a premium of $1.65 a barrel to the average of Platts Oman and Dubai prices.

The KEC prices by region are as follows: Region APRIL

Asia Oman/Dubai +$0.55/bbl

NW Europe DTD -$4.20/bbl

Mediterranean DTD -$2.90/bbl

United States ASCI +$0.95/bbl

Source: Reuters

– TFM News

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Jet Airways dropped 300 flights in Feb and Mar as the aircraft changes its system

Jet Airways has dropped 300 more than flights in Feb and Mar as the aircraft changes its system

Around 60 flights planned for February 28 have been dropped and its mentioned that this is plan of strategy to save around Rs.2,000 crore of expenses.

– TFM Watch

Jet Airways231.jpg

Dealing with its arrangement to spare expenses and justify tasks, Jet Airways has dropped more than 300 flights in February and March as the aircraft changes its system. It also mentioned that this is plan of strategy to save around Rs.2,000 crore of expenses.

Around 60 flights planned for February 28 have been dropped. While the Jet Airways site says that the flights have been dropped because of ‘operational reasons’, an official included that these are arranged ones and both the controller DGCA and clients have been educated.

“A large number of the dropped flights have been re-directed over center points, and many can in any case return to the framework,” said a senior carrier official. The scratch-offs, the individual emphasized, shouldn’t be connected with the establishing of the carrier’s airplane.

Furthermore, about 100 flights were additionally affected by the runway conclusion in Mumbai, and part conclusion of the Bengaluru airplane terminal because of the Aero India 2019 show. The runway in Mumbai is shut for four hours, three days seven days, till the finish of March.

The rebuilding happens even as Jet Airways advertiser Naresh Goyal and Eithad Airways CEO Tony Douglas met best authorities of State Bank of India on February 27. Etihad claims 24 percent stake in Jet Airways. SBI is the lead loan specialist to the carrier.

Industry administrators said the gathering expected to put completing addresses the goals plan that was cleared by the Jet Airways’ board, and furthermore got approval of its investors, prior in February.

The Indian aircraft, which has over Rs.8,000 crore in the red, is searching for critical liquidity implantation to pay its pilots, specialists and make installments to its lessors.

Modification in Network:

Jet Airways had in 2018 announced plans to save up to Rs.2,000 crore in costs over two years. This followed consecutive quarters of huge losses.

Integral to this plan was to rationalise its operations, including closing stations, shutting down routes and reworking network around its two hubs: Mumbai and Delhi.

The network modification has led to longer duration cancellation of flights. For instance, the airline will not have a direct flight between Thiruvananthapuram and Bengaluru till October 26. Instead, fliers can take stopover flights from Mumbai, for both destinations.

Some of the stations, including Thiruvananthapuram, have also been closed down. And in others, while the centres have not been shut, the crew has been shifted to other stations.

The airline has also stopped direct flights to the Middle East from Kerala, and has instead routed them via Mumbai.

The airline also shut services to some of the North-East destinations, including Silchar, Imphal and Jorhat. But it continues to fly to Guwahati.

The tweaking of the network will continue, said industry executives, and customers have been advised to check for updates.

Source: MoneyControl

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India sets $50 billion bilateral trade target with Russia by 2025

India And Russia Set Trade Target To $50 Billion By 2025

The two-way investments have already crossed the $30 billion target and now the countries are aiming for $50 billion by 2025.

Putin-and-Modi-1-770x433.jpg

Junior commerce and industry ministry C R Chaudhary has set an ambitious $50 billion target for bilateral trade between India and Russia over the next seven years.

As of end-2018, trade between the two countries stood at $30 billion.

“Our two-way trade have already crossed the $30- billion mark, which we had set for 2025. We, therefore, propose that we enhance this to $50 billion by 2025,” Chaudhary said at the Indo-Russian forum organised by the industry lobby CII on February 21.

He also said both the countries are confident of achieving the target.

The minister said by 2030, the country is expected to become the third largest economy in the world with a huge middleclass. But to reach that position, we need more and better infrastructure, access to energy, more goods and services and a modern agriculture sector, he added.

“Russia is well placed to meet our needs in these areas as well as others, he said, adding beside businesses, there is a need for collaboration between the two countries on the education sector as well.

Addressing the forum, Russian industry and trade minister Denis Manturov said small and medium enterprises are the foundation of the economy of any modern country.

“Nearly 22 percent of Russian GDP is coming from SMEs and the target is to take this to 40 percent. The Indo-Russian collaboration will play a major role in achieving this,” Manturov said.

He said Russia is willing to share its expertise in defence and artificial intelligence with India.

Chaudhary said both the nations need to make concerted efforts to reinvigorate their economic cooperation and integrate it with market forces.

Our economy is expected to emerge as one of the leading world economies and is likely to become a $5- trillion economy by 2025, he said.

There is a need to curate a digital bridge between the two economies so that SMEs can benefit from it and to create awareness about the two nations to promote more technology and capital transfers, he said.

Additional secretary at the Union MSME ministry and development commissioner Ram Mohan Mishra said there are humongous opportunities for both the nations to collaborate and partner in various sector.

Logistics and infrastructure is another area where both the countries can collaborate, Mishra added.

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News should not be missed; Business Deals and Corporate Actions

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Business Deals, Company Expansions, Stake Acquisitions and Corporate Actions – 18Th Feb – 20Th Feb

Tech Mahindra and Rakuten set up 5G Lab in Tokyo

-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.

Crypto Exchange Coinbase buys Blockchain intelligence startup

-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 bags contract from Daewoo-Tata JV

-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.

Aarti Industries signs Rs.900 cr supply contract for specialty chemical intermediate

-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 and KLM end power struggle, agree to closer ties

-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.

Emami promoters sell 10% stake for Rs.1,600 crore

-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.

L&T arm wins over Rs 7,000-cr contract for building major airport

-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’ Italian arm bags order worth Rs.1,741 crore

-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.

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Cognizant Technology has agreed to pay $25 million (Rs.178 crore) to settle SEC’s bribery charge

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Cognizant agrees to pay $25 million to settle SEC’s bribery charge

The US regulator said two former executives were charged for facilitating payments of millions of dollars.

By Reena Zachariah, ET Bureau

Mumbai: US-based Cognizant Technology Solutions has agreed to pay $25 million (Rs 178 crore) to settle charges towards violation of the Foreign Corrupt Practices Act (FCPA), the Securities and Exchange Commission (SEC) said.

The US regulator said Friday that two former Cognizant executives were charged for their roles in facilitating payments of millions of dollars in bribe to an Indian government official.

The SEC alleged that in 2014, a senior government official from Tamil Nadu demanded a $2-million bribe from a construction firm responsible for building Cognizant’s 2.7-million-sq-ft campus in Chennai.

Cognizant president Gordon Coburn and chief legal officer Steven E Schwartz authorised the contractor to pay the bribe, and directed their subordinates to conceal the bribe by doctoring the contractor’s orders, the SEC said. It also alleged that Cognizant authorised the construction firm to make two additional bribes totalling more than $1.6 million. The IT company allegedly used sham change order requests to conceal the payments it made to reimburse the firm.

“Bribery to further corporate goals is an illusory path to longterm success. While always the wrong choice, it is particularly egregious when senior executives chart that course for those they lead, as our complaint alleges here. We are committed to holding them accountable for their actions,” said Charles E Cain, chief of the SEC Enforcement Division’s FCPA Unit.

“With today’s announcements, we’ve taken a major step forward in putting this behind us. We have learnt from it and we must now move forward,” Cognizant chief executive Francisco D’Souza wrote in a mail to employees.

“It’s worth noting that this matter does not involve our work with clients and has not had an impact on our ability to provide the quality services our clients expect from us. I’d ask you all to now continue to remain focused on delivering to our clients in our usual, high quality way,” he wrote.

The Department of Justice and the US Attorney’s Office for the District of New Jersey announced the indictment of Coburn and Schwartz on criminal charges of violating and conspiring to violate the FCPA’s anti-bribery and accounting provisions.

In the past, the SEC had slapped a penalty of $16 million on alcoholic beverages company Diageo for bribing officials in Asia, including India. CASE DETAILS: The Cognizant case relates to the period between 2014 and 2016. In 2014, Cognizant authorised a contractor to pay a $2 million bribe to a senior government official for the issuance of a planning permit for a project in Chennai.

The payment, along with a scheme to conceal a $2.5 million reimbursement to the contractor, was authorised by two senior executives at Cognizant’s US headquarters.

In 2013 and 2014, Cognizant’s Indian subsidiary authorised the same third-party contractor to pay a bribe of about $770,000 to a government official for an environmental clearance for a project in Pune.

In 2015, the Indian subsidiary retroactively authorised and reimbursed the same third-party contractor for about $870,000 in bribes that it had paid to government officials for construction-related permits in Siruseri, Tamil Nadu. Cognizant received ill-gotten gains of about $16,394,351 as a result of the conduct, the SEC said.

The unlawful payments were paid from Cognizant India’s bank accounts and were not accurately reflected in Cognizant’s consolidated books and records. During the relevant period, Cognizant also failed to devise and maintain a sufficient system of internal accounting controls.

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Indian wealth manager Edelweiss signs MoU with Bank of Singapore to form a strategic partnership

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Edelweiss, Bank of Singapore sign MoU for strategic partnership

“This is the first time that an Indian wealth manager of Edelweiss’ size and stature is partnering with an offshore private bank,” Edelweiss Financial Services said in a BSE filing.

PTI @moneycontrolcom

Edelweiss Group on Thursday said it has signed a memorandum of understanding (MoU) with Bank of Singapore to form a strategic partnership to provide clients of both entities the opportunity to access their respective product platforms.

“This is the first time that an Indian wealth manager of Edelweiss’ size and stature is partnering with an offshore private bank,” Edelweiss Financial Services said in a BSE filing.

Bank of Singapore had previously signed similar strategic partnerships with two financial institutions – one from Japan and another from Switzerland.

Shares of Edelweiss Financial Services were trading 2.94 percent lower at Rs 123.80 apiece on BSE.

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Today’s Business Deals, Company Expansions, Stake Acquisitions and Corporate Actions

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Today’s Business Deals, Company Expansions, Stake Acquisitions and Corporate Actions – 15Th Feb

  1. India News
  2. World News

1. India News

Tera Software secures order worth Rs.288.64 crore

Tera Software, received orders for various categories of work in Andhra Pradesh Fiber grid Phase 1. The work order is divided into different sections such as operating and maintenance of PT equipment and connectivity projects for Rs. 288.64 crore.

AP Fiber Grid Phase – 1, is one very prestigious project from Andhra Pradesh State Fiber Net (APSFL) for spread fiber grid and other related works. The order work includes the operation & maintenance work of fiber grid network for a period spanning five years. The value of this project is Rs. 252.74 crore.

Order further includes annual maintenance contract (AMC) for PT equipment for Agora Software and software for server of AP Fiber Grid project. This AMC includes services, repair, maintenance and replacement of software, license, hardware and other related equipment. This order is valued at Rs. 33.75 crore.

Further, under AP Last Mile Connectivity Project, work worth Rs. 2.15 crore will be done to provide optical fiber connectivity upto 622 connections to educational institutions from APSFL POP. AP last mile connectivity includes installation and configuration of Optical Fiber Connectivity to deliver services of AP Fiber Grid.

J Kumar Infra wins order worth Rs. 444.98 crore

J Kumar Infraprojects received order worth Rs. 444.98 crore from Delhi Metro Rail Corporation (DMRC)

The contract includes part design and construction of viaduct and 3 elevated stations viz, IIT Powai, Kanjur Mark and Vikhroli (EEH).

Alembic Pharma gets USFDA for eye drops

Alembic Pharmaceuticals has received approval from the USFood & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Moxifloxacin Ophthalmic Solution USP, 0.5%. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD) Vigamox Ophthalmic Solution USP, 0.5%, of Novartis Pharmaceuticals Corporation. Moxifloxacin Ophthalmic Solution USP, 0.5% is indicated for the treatment of bacterial conjunctivitis caused by
susceptible strains of certain organisms.

Moxifloxacin Ophthalmic Solution USP, 0.5% has an estimated market size of US$ 68 million for twelve months ending December 2018 according to IQVIA.

Alembic has a cumulative total of 86 ANDA approvals (73 final approvals and 13 tentative approvals) from USFDA.

Kridhan Infra wins order worth Rs. 187 crore in Singapore

Kridhan Infra has announced that its Singapore based 100% subsidiary KH Foges Pte. Ltd. has been awarded a new order in Singapore worth S$ 36 Million (Rs. 187 Crore).

KH Foges has been contracted to execute Piling Works & Earthworks for a Sports & Recreation Centre For a Proposed 6-Storey Sports Centre Comprising Punggol Drive and is to be executed over a period of 6-7 months.

With this new project wins, the total order book for KH Foges has climbed to above S$[90] million. The company is now the 2nd largest foundation engineering company in Singapore, possessing the prestigious L6 certification, which enables them to bid for unlimited value projects for piling work. KH Foges is a 100% subsidiary of KIL.

Heavy truck major Ashok Leyland earmarks Rs 1,000 crore capex with focus on light trucks

Ashok Leyland, the country’s third biggest commercial vehicle producer, has lined up investments for a slew of projects for FY20 even as the truck and bus maker gets busy to expand its portfolio in the light-duty segment.

The Chennai-based company will be investing around Rs 1,000 crore as capital expenditure (capex) next financial year. These would be in areas of electric vehicles, light commercial vehicles and capacity enhancement programs.

Ashwani Lohani takes charge as Air India CMD

The Appointments Committee of the Cabinet on February 13 cleared Lohani#39;s re-induction on a contract basis for a one-year tenure.

L&T wins order for power line, water treatment plants

The construction arm of Larsen & Toubro (L&T) has won orders across its power transmission & distribution (PT&D) business and water & effluent treatment business. At 10.01 am, L&T was trading at Rs. 1226.20 up by

Edelweiss, Bank of Singapore sign MoU for strategic partnership

“This is the first time that an Indian wealth manager of Edelweiss; size and stature is partnering with an offshore private bank,” Edelweiss Financial Services said in a BSE filing.

RBI imposes Rs 5 cr penalty on four PSU banks

The monetary penalty on the banks has been imposed for non-compliance with various directions issued by RBI on monitoring of end use of funds, exchange of information with other banks, classification and reporting of frauds, and on restructuring of accounts, RBI said in a statement.

Airbus to scrap production of A380 superjumbo

Airbus said in a statement that the last A380 would be delivered in 2021.

2. World News

Shell buys German solar battery maker sonnen

Royal Dutch Shell has agreed to buy German residential solar battery maker sonnen, as the oil and gas major expands its electricity business in its bid for a bigger role in the global transition to low-carbon energy.

Alibaba takes 8 percent stake in Chinese video platform Bilibili: Xinhua

Alibaba Group Holding Ltd has bought an 8 percent stake in Chinese video platform Bilibili Inc, the official Xinhua news agency reported on Thursday.

Russia’s VTB buys 80 percent of Magnit’s pension fund

Russia’s second-largest lender VTB Bank said on Thursday it had purchased an 80.01 percent stake in the pension fund of Russian food retailer Magnit.

IHG buys Six Senses Hotels business for $300 million

InterContinental Hotels Group has agreed to buy the brands and operating companies of Six Senses Hotels Resorts Spas for $300 million in cash, the owner of the Crowne-Plaza and Holiday Inn chains said on Wednesday, in a move that beefs up its luxury portfolio.

Japan Exchange Group, TOCOM to merge this year: sources

Japan Exchange Group Inc (JPX), owner of Tokyo Stock Exchange, and the Tokyo Commodity Exchange Inc have decided to merge, two sources with direct knowledge of the talks said, as Japan pushes to create an all-in-one bourse.

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Today’s Business Deals, Company Expansions, Stake Acquisitions and Corporate Actions

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Today’s Business Deals, Company Expansions, Stake Acquisitions and Corporate Actions – 13Th Feb

Goldman Sachs, Point72 and others invest $44 million in business credit startup Nav

NEW YORK (Reuters) – Nav, a startup that gives small businesses free access to their credit reports, said on Monday that it had raised $44 million from investors including Goldman Sachs Group Inc (GS.N), Point72 Ventures and Experian Ventures (EXPN.L). Read More…

R Venkataramanan to exit as managing trustee of Tata Trusts

As the managing trustee of the Sir Dorabji Tata Trust, Venkataramanan was responsible for management and oversight of the organisation.

L&T bags fresh order from a private developer

L&T Construction secured a Design and Build order for the construction of hospitals from a private developer in India. This is a first-of-its-kind private sector project that incorporates National Disaster Management Authority guidelines and will have base isolators in the foundation to withstand the worst-case seismic scenarios.

The project that will feature 37 linear accelerator bunkers has to be completed within stringent timelines of 30 months. The business has also secured another order for the construction of a hospital in Udupi, Karnataka.

At 10.20 am, L&T was trading at Rs. 1,238.50 down by 0.49%, with a volume of 0.22 lakh shares on the BSE.

T-Mobile CEO defends Sprint deal in Congress

WASHINGTON (Reuters) – T-Mobile US Inc Chief Executive John Legere defended his company’s $26 billion deal to buy rival wireless carrier Sprint Corp in Congress on Wednesday, stressing the jobs it will create and how it will benefit construction of the next generation of wireless networks. Read More..

Tech platform Smallcase raises $8 mn in Series A Funding from Sequoia India

Smallcase Technologies, the Bengaluru-based company which operates platforms for individual investors to invest in portfolios of stocks ETFs with their existing demat accounts, announced that it has raised $8 million from leading investors.

Amazon, GM in talks to invest in electric pickup truck maker Rivian: sources

(Reuters) – Amazon.com Inc and General Motors Co are in talks to invest in Rivian Automotive LLC in a deal that would value the U.S. electric pickup truck manufacturer at between $1 billion and $2 billion, people familiar with the matter told Reuters on Tuesday. Read more..

Reliance Capital arm files DRHP with SEBI

Reliance General Insurance Company Ltd has filed the draft red herring prospectus (DRHP) with SEBI. RGICL is a wholly owned subsidiary of Reliance Capital Ltd. The IPO comprises a fresh issue of equity shares by the company aggregating up to Rs. 200 crore, and an offer for sale by Reliance Capital Ltd of up to 7,94,89,821 shares face value of Rs. 10.

Lupin launches Tadalafil Tablets USP

Lupin Global launched Tadalafil Tablets USP 20 mg, having got nod from United States Food and Drug Administration (USFDA) earlier.

It is generic equivalent of Eli Lilly’s Adcirca Tablets 20 mg & indicated for treatment of pulmonary arterial hypertension to improve exercise ability.

Strides gets USFDA nod for intermediate-acting synthetic drug

Strides Pharma Science announced that its step-down wholly owned subsidiary, Strides Pharma Global Pte. Ltd, Singapore, has received approval for Triamcinolone Acetonide Cream USP, 0.025%, 0.1% and 0.5%. from the United States Food & Drug Administration (USFDA). The product is a generic version of Triamcinolone Acetonide Cream of Mylan Pharmaceuticals Inc.

According to IQVIA MAT data, the US market for Triamcinolone Acetonide Cream USP, 0.025%, 0.1% and 0.5%. is approximately US$ 55 Mn. The product will be manufactured at flagship facility in Bangalore and will be marketed by Strides Pharma Inc. in the US market.

The company has 86 cumulative ANDA filings with USFDA of which 56 ANDAs have been approved including 12 approvals received in FY 19.

At 10.12 am, Strides Pharma Science was trading at Rs.405.25, down by 1.70%, with a volume of 0.39 lakh shares on the BSE.

Infosys sets up digital innovation centre in Providence, US

Infosys, like many of its peers, has been ramping local hiring in key markets like the US, the UK and Australia to tackle increasing scrutiny around work visas by various governments.

Government proposes to sell entire stake in Air India ground handling arm AIATSL

The government would offload 98 percent stake through strategic sale and the remaining 2 percent would be offered to the employees of AIATSL.

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Today’s Business Deals, Company Expansions and Stake Acquisitions

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Today’s Business Deals, Company Expansions and Stake Acquisitions – 11Th Feb

Glenmark Pharma gets USFDA nod for drug for patients on dialysis

“Glenmark Pharmaceuticals Inc, USA (Glenmark) has been granted final approval by the United States Food and Drug Administration (USFDA) for Sevelamer Hydrochloride tablets in the strengths of 400 mg and 800 mg,” the company said in a BSE filing.

Engineers India Ltd wins consultancy contract for Mangolia refinery

Engineers India Ltd and the Mongolian government through Mongol Refinery State Owned LLC signed a Memorandum of Understanding on February 10 on the sidelines of the Petrotech conference in the outskirts of Delhi.

TCS partners with JDA Software to develop cognitive supply chain solutions

Tata Consultancy Services (TCS) announced a global partnership with JDA Software, the leading provider of end-to-end supply chain and retail solutions, to build next-generation cognitive solutions, and offer consulting and system integration services around digital technologies, to optimize supply chains for customers worldwide.

The partnership will leverage the TCS Business 4.0™ thought leadership framework and JDA luminate™ solutions portfolio to develop joint, interoperable technology solutions for supply chains of the future. These solutions will use TCS’ Machine-First™ Delivery Model to accelerate human-machine collaboration to solve complex business problems, faster and better, delivering multi-fold productivity improvements and transforming customer experience.

Through these solutions, enterprises can harness the power of cloud, AI and Ml, allowing them to gain complete supply chain visibility and receive prescriptive recommendations to make accurate, profitable business decisions. Businesses will benefit from real-time predictive analytics and cloud-driven business models that help realize outcome-based supply chain transformations.

TCS will establish an end-to-end Cognitive Supply Chain lab at its Business Solutions lab in Cincinnati, Ohio, USA to develop quick proofs of concept.

At 11.31 am, Tata Consultancy Services was trading at Rs. 2085.95, up by 1.12%, with a volume of 0.31 lakh shares on the BSE.

Amazon-Future Group deal in limbo

E-commerce giant Amazon has put its plan to buy stake in Kishore Biyani’s Future Group on hold, Business Standard reported. In November, Amazon, through its investment arm, had reportedly signed a term sheet to buy a 9.5% stake in Future Retail for about Rs.2,500 crore. The report also said, Amazon was reassessing the More retail chain stake buy given India’s uncertain retail climate. In September, it announced acquiring a stake in More supermarkets from Aditya Birla Retail through Witzig Advisory Services along with co-investor Samara Capital.

Reliance ups stake in Future101, Genesis Colors

Reliance Brands Ltd (RBL), a subsidiary Reliance Industries Ltd, has acquired a further 2.5% stake in Future101 Design Pvt Ltd (Future101) for a consideration of Rs.1.99 crore, said RIL in a BSE filing. The company now holds a 15 per cent stake in Future101. RIL’s another subsidiary Reliance Retail Ventures Ltd (RRVL) has acquired additional 9.44 per cent stake in Genesis Colors Ltd (GCL) for a consideration of Rs 45 crore taking its total stake in GCL to 29.07%.

KPR Mill to expand its production at existing unit

KPR Mill is adding another 10 million Garment capacity in its existing facility and also expanding Processing capacity to match the increased Garments’ requirements.

With this the total capacity is increased to 115 Million Garments per annum and the Processing to 22,000 MT per annum.

At 11.02 am, KPR Mill was trading at Rs. 529.25, up by 0.19%, with a volume of 288 lakh shares on the BSE.

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Dhoot Transmission acquires Bengaluru’s San Electromec

PTI: Dhoot Transmission acquires San Electromec for undisclosed sum.

The Aurangabad-headquartered manufacturer of wiring harness for two-wheelers said the acquisition will help it enhance its portfolio, especially in railways, defence, construction and specialty vehicle segments.

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Auto component maker Dhoot Transmission on Monday said it has acquired Bengaluru-based wire harness and control panel maker, San Electromec for an undisclosed sum.

The Aurangabad-headquartered manufacturer of wiring harness for two-wheelers said the acquisition will help it enhance its portfolio, especially in railways, defence, construction and specialty vehicle segments.

The company, however, did not share financial details and the quantum of stake acquired.

This is the fourth acquisition by Dhoot Transmission after taking over Parkinson Harness Technology (UK), TFC Cable Assemblies (Scotland) and a JV into automotive switches and controllers with Carling Technologies, US.

“With this acquisition, we aim to expand geographically, while adding new capabilities and client markets. It is our endeavour to support the existing San Electromec facility in every way and grow the enterprise as best as we can together,” Dhoot Transmission Managing Director, Rahul Dhoot said in a statement.

He further said San Electromec has “tremendous capabilities, product knowledge and long-standing, strong relationships with many of the premier companies in the industry”.

The “acquisition helps us create synergies between Parkinson, UK, and San, both being strong players in the off-highway electrical segment; and to harness this synergy we have created Parkinson San Systems Pvt. Ltd,” Dhoot added.

San Electromec Managing Director Sanjeev Mehra said the deal will help the company “scale up on the existing client base in harness and control panels, while being supported by strong operations and expertise of Dhoot, coupled with economy of scale benefits that we intend to extend to our clientele”.

Dhoot Transmission has 15 manufacturing locations spread over India, United Kingdom, Europe and Thailand. It has presence in wiring harnesses, moulding and tooling for automotive, construction, farming, off-roading, specialty vehicle segment.

San Electromec on the other hand offers solutions ranging from cabling systems, wiring harnesses and control panels and has clients including counts Wirtgen, Volvo, BEML and Tata Motors among others, the statement said.

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RBI Policy: The monetary policy committee cuts repo rate by 25 bps to 6.25

RBIRBI cuts repo rate in its maiden policy review under Shaktikanta Das;

The monetary policy committee cut repo rate by 25 basis points to 6.25 percent in its sixth bi-monthly monetary policy. Consequently, the reverse repo has come down to 6 percent.

And the marginal standing facility (MSF) rate and the Bank Rate come down to 6.5 percent.

The six-member MPC, headed by Reserve Bank of India (RBI) governor Shaktikanta Das, also decided to change the monetary policy stance from calibrated tightening to neutral.

“On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 6.5 per cent to 6.25 per cent with immediate effect,” said the policy statement.

RBI in its statement said that these decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 percent within a band of +/- 2 percent, while supporting growth.

The Consumer Price Index (CPI) inflation has been revised downwards to 2.8 percent in Q4FY19, 3.2-3.4 percent in H1FY20 and 3.9 percent in Q3FY20, with risks broadly balanced around the central trajectory.

MPC noted that there have been downward revisions in inflation projections during the course of the year reflecting mainly the unprecedented soft inflation recorded across food sub-groups.

In the fifth bi-monthly monetary policy, CPI inflation for 2018-19 was projected in the range of 2.7-3.2 percent in H2FY19 and 3.8-4.2 percent in H1FY20, with risks tilted to the upside.

“The actual inflation outcome at 2.6 percent in Q3FY19 was marginally lower than the projection,” said the RBI statement. This is the first policy under the new RBI governor and the last one for this financial year.

GDP growth for FY20 has been projected at 7.4 percent, in the range of 7.2-7.4 percent in H1FY20, and 7.5 percent in Q3FY20 with risks evenly balanced. In the December policy, it was projected at 7.4 percent (7.2-7.3 percent in H2) and at 7.5 percent for H1FY20, with risks somewhat to the downside.

Retail inflation, measured by a year-on-year change in the CPI, declined from 3.4 percent in October 2018 to 2.2 percent in December, which was the lowest in the last 18 months.

RBI said that food inflation has continued to surprise on the downside with continuing deflation across several items and a significant moderation in inflation in cereals. It added that the short-term outlook for food inflation appears particularly benign, despite adverse base effects.

Secondly, RBI explained that the moderation in the fuel group was larger than anticipated. Also, it pointed out that while inflation excluding food and fuel remains elevated, the recent unusual pick-up in the prices of health and education could be a one-off phenomenon. It also said that the effect of the HRA increase for central government employees has dissipated completely along expected lines.

RBI said that the aggregate bank credit and overall financial flows to the commercial sector continue to be strong, but are yet to be broad-based. Secondly, in spite of soft crude oil prices and the lagged impact of the recent depreciation of the Indian rupee on net exports, slowing global demand could pose headwinds.

“In particular, trade tensions and associated uncertainties appear to be moderating global growth,” said RBI.

The MPC statement said that while investment activity is recovering, it is supported mainly by public spending on infrastructure. The need is to strengthen private investment activity and buttress private consumption, it added.

In the December policy, the policy repo rates and the stance was kept unchanged.

The decision to change the monetary policy stance was unanimous. On the repo rate reduction, Ravindra Dholakia, Pami Dua, Michael Patra and RBI governor Shaktikanta Das voted in favour of the decision. Chetan Ghate and Viral Acharya voted to keep the policy rate unchanged.

The MPC reiterated that its aim was to achieve the medium-term target for headline inflation of 4 percent on a durable basis.

RBI slaps penalties on Axis Bank, UCO Bank and Syndicate Bank for violation of norms

Daily Stock Picks and Recomandations – The Future Market’s watch window – 7th Feb 2019

DAILY MARKET INSIGHTS – 6th Feb 2019