L&T Hydrocarbon Engineering secures significant order from ONGC

L&T Hydrocarbon Engineering secures significant order from Oil & Natural Gas Corporation (ONGC).

Project scope includes EPCIC of three (03 Nos.) well head platforms, one (01 No.) bridge connected well head cum riser platform, -59 km pipelines, 3 nos. of clamp-on structure and modification work on two existing platforms.

– TFM News

L&T Hydrocarbon Engineering Ltd (LTHE), a wholly owned subsidiary of Larsen & Toubro (L&T), has won a significant order from Oil & Natural Gas Corporation (ONGC).

The Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) contract is for development of Cluster-8 marginal field which is part of Mumbai High Asset located about 210 km to the west of Mumbai city.

Project scope includes EPCIC of three (03 Nos.) well head platforms, one (01 No.) bridge connected well head cum riser platform, -59 km pipelines, 3 nos. of clamp-on structure and modification work on two existing platforms.

The contract has been awarded through international competitive bidding on a Lump Sum Turn Key (LSTK) basis. This award reposes ONGC’s confidence in LTHE’s EPCIC capabilities and LTHE’s commitment to continue to support ONGC and contribute to India’s energy security.

Organized under Offshore, Onshore, Construction Services, Modular Fabrication and Engineering Services verticals, LTHE delivers ‘design to build’ engineering and construction solutions across the hydrocarbon spectrum.

Source: The Future Markets

– TFM Watch

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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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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.

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Infrastructure major Larsen & Tourbo (L&T) on Monday said its construction arm has won a contract for building a 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,” L&T said in a statement.

It, however, did not specify the name of the airport.

The company said 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.

Larsen & Toubro is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with USD 18 billion in revenue.

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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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