Here are some of the major updates that could move the markets tomorrow:
Adani Group repays $500 million bridge loan
The Adani Group has repaid a $500 million bridge loan due on March 9, a portion of the loan from global banks amounting $4.5 billion, to finance the purchase of Holcim Ltd’s cement assets last year. The money was released to lenders on Tuesday. Some banks had hesitated to refinance the debt following the Hindenburg incident.
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Alembic Pharma gets final USFDA approval for hypertension drug
Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application of Prazosin Hydrochloride Capsules. The drug is used for the treatment of hypertension (to lower blood pressure). According to IQVIA data, the product has an estimated market size of $50 million for the 12 months ending December 2022.
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IOC to develop Haldia refinery into petrochemicals complex
Indian Oil Corporation (IOC) is set to develop its existing refinery in West Bengal’s Haldia into a petrochemicals complex for sustaining operations profitably. IOC has sought land from Hindustan Fertilizer Corporation (HFC), whose factory is lying defunct, for developing the petrochemicals complex.
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Ashok Leyland rolls out Embrace Equity programme
Ashok Leyland has launched a new campaign called ‘Embrace Equity’ commemorating International Women’s Day being celebrated. The initiative is an attempt to provide women with equal opportunities. The automaker has invited 100 women to New Delhi to be trained on driving commercial vehicles at its training institute.
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Adani Power amalgamates six subsidiary companies
Adani Power has amalgamated six of its subsidiaries with itself. An amalgamation of six wholly-owned subsidiary companies of Adani Power Ltd (APL)– Adani Power Maharashtra Ltd (APML), Adani Power Rajasthan Ltd (APRL), Udupi Power Corporation Ltd (UPCL), Raipur Energen Ltd (REL), Raigarh Energy Generation Ltd (REGL), and Adani Power (Mundra) Ltd (APMuL)– with APL was sanctioned by the Ahmedabad-bench of National Company Law Tribunal.
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Jio extends 5G coverage to 27 more cities, now covers 331 cities across India
Reliance Jio has launched its 5G services in 27 more cities of 13 states and union territories to extend its network of ultra-high-speed telephony to 331 cities across India. Jio True 5G is now available in 27 additional cities in states like Andhra Pradesh, Chhattisgarh, Jammu & Kashmir, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Punjab, Tamil Nadu, Telangana, Uttar Pradesh, Uttarakhand and West Bengal.
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Jubilant Pharmova’s API facility in Karnataka gets VAI status from USFDA
Jubilant Pharmova Ltd’s Active Pharmaceutical Ingredients (API) manufacturing facility at Nanjangud in Karnataka has been assigned a Voluntary Action Indicated (VAI) status by the US Food & Drug Administration. The VAI classification is issued when ‘objectionable conditions or practices are found during the inspection but the agency is not prepared to take or recommend any administrative or regulatory action’. VAI is the second-best classification that a plant can get from the USFDA after ‘No Action Indicated’.
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India imposes money laundering provisions on crypto sector
The Finance Ministry has imposed anti-money laundering legislation to crypto trading, safekeeping, and related financial services in a move to tighten oversight of digital assets. The move by India aligns with a global trend of requiring digital-asset platforms to follow anti-money laundering standards similar to those followed by other regulated entities like banks or stock brokers.
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HDB Financial Services flags data breach at service provider
HDB Financial Services (a subsidiary of HDFC Bank) had a data breach at one of its service providers which processes customer information. HDB is working with a regulator and an office of the government to investigate the incident. HDFC Bank said it was not affected by the incident.
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Future Enterprises admitted for insolvency
Future Enterprise has been admitted to insolvency resolution requiring the firm to be auctioned to recover unpaid dues. In a regulatory filing, The Mumbai bench of the National Company Law Tribunal has ordered the commencement of corporate insolvency resolution process (CIRP). The NCLT appointed a resolution professional to manage the affairs of the company till it is sold to a successful bidder.
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