Heineken acquires additional 14.98% stake in UBL
Dutch brewing company Heineken N.V. has acquired an additional 14.98% stake in United Breweries Ltd (UBL). Its total shareholding in UBL has increased from 46.5% to 61.5%. On June 22, SEBI had exempted Heineken from the obligation of making an open offer following its proposed acquisition of shares in UBL.
A Debt Recovery Tribunal (DBT) has sold shares worth over Rs 5,800 crore of UBL, which was earlier attached under the anti-money laundering law as part of an alleged bank fraud probe against liquor baron Vijay Mallya. The DBT will further sell shares of UBL worth Rs 800 crore by June 25.
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Dabur India to invest Rs 550 crore to set up manufacturing unit in Madhya Pradesh
Dabur India Limited has commenced construction of its largest manufacturing facility near Indore in Madhya Pradesh. The FMCG firm will invest Rs 550 crore to set up the new unit. The facility would manufacture a wide range of Dabur’s food products, ayurvedic medicines, and health supplements. The first phase of construction is scheduled for completion by the end of the current financial year (FY22). The unit is expected to provide direct and indirect employment opportunities to over 3,000 people at the end of the final phase.
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Piramal Pharma completes acquisition of Hemmo Pharmaceuticals
Piramal Pharma, a subsidiary of Piramal Enterprises Ltd, has completed the acquisition of Mumbai-based Hemmo Pharmaceuticals. In March, the company had entered into an agreement to acquire a 100% stake in Hemmo for an upfront consideration of Rs 775 crore and earn-outs linked to the achievement of milestones. With this acquisition, Piramal Pharma will gain access to the growing peptide Active Pharmaceutical Ingredient (API) market.
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GRSE commissions new 250 tonne Goliath Crane
Garden Reach Shipbuilders and Engineers (GRSE) Ltd has commissioned a new 250 tonne Goliath Crane at the company’s main works unit in Kolkata. The approximate cost of setting up the crane was Rs 155 crore. GRSE said the new Goliath Crane is a vital asset for the construction and repair of a wide range of modern and strategic warships. It has enhanced the capacity of the modernised infrastructure facility of the shipyard.
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Glenmark Pharma gets USFDA approval for inhalation product
Glenmark Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) for Arformoterol Tartrate Inhalation Solution. The drug is used to treat conditions such as chronic bronchitis and emphysema. It will be manufactured at the pharma company’s facility in Monroe, North Carolina. According to IQVIA data, the generic version of the drug had annual sales of approximately $437.9 million (~Rs 3,250 crore) for the 12 months ended April 2021.
Cipla Limited has also received approval for the inhalation solution from the USFDA.
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Infosys’ Rs 9,200 crore share buyback to open on Friday
The Rs 9,200 crore share buyback plan of Infosys Limited is scheduled to commence from June 25, 2021 (Friday). The IT company has proposed to buy back shares at a maximum price of Rs 1,750 per share. The Board of Directors of Infosys had approved the buyback plan on April 14, and the shareholders’ approval was received on June 19. The last date for the share buyback has been fixed as December 24, 2021.
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HCC Q4 Results: Net profit falls 49% YoY to Rs 157 crore
Hindustan Construction Company (HCC) Ltd reported a 49.48% YoY decline in net profit to Rs 157.28 crore for the quarter ended March (Q4). Net profit has increased by 32.64% when compared to the previous quarter. Its total income rose 0.9% YoY to Rs 2,398.38 crore during the same period. Net loss for the financial year ended March 31, 2021 (FY21) stood at Rs 610.02 crore, compared to a net profit of Rs 197.03 crore in FY20. HCC stated that operations of its group companies have started recovering from the economic slowdown caused by the Covid-19 pandemic.
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ABB India installs digital solutions at JSW Steel’s plant in Maharashtra
ABB India Limited has completed the digitalisation of a melt shop at JSW Steel’s Dolvi works steel plant in Maharashtra. The digital solution connects steel melt shop operations with ladle and crane tracking and thermal loss prediction for higher casting speeds and additional output of 24,000 tonnes per annum (TPA). The ABB Ability Smart Melt Shop solution will help JSW Steel boost productivity and profitability.
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Tata Motors in talks to raise capital for EV business: Report
According to a report from Economic Times, Tata Motors is in strategic talks with investors (including private equity funds) to raise capital for its electric vehicle (EV) business. In March 2021, the company had received shareholders’ approval to hive off its passenger vehicles business (including the EV segment) into a separate subsidiary through a scheme of arrangement. The report further states that talks with investors are at an early stage, and may not result in a deal.
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Speciality Restaurants Q4 Results: Net profit jumps 122% YoY to Rs 8.4 crore
Speciality Restaurants Ltd (SPL) reported a 122.72% YoY jump in consolidated net profit to Rs 8.43 crore for the quarter ended March (Q4). Net profit has increased by 328.5% when compared to the previous quarter. Its total income declined by 4.5% YoY to Rs 75.17 crore during the same period. For the entire financial year 2020-21 (FY21), the company reported a net loss of Rs 29.45 crore. This is compared to a net loss of Rs 38 crore in FY20. SPL owns and operates multiple chains of fine and casual dining restaurants in India, Bangladesh, and Tanzania.
