NCLT approves Kalrock-Jalan consortium resolution plan for Jet Airways
The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by the Kalrock Capital and Murari Lal Jalan consortium. The Directorate General of Civil Aviation (DGCA) has been given 90 days to allot slots to the airline. The Kalrock-Jalan consortium is believed to have offered Rs 1,183 crore as repayment over a period of five years to financial creditors, employees, and other staff of the airline.
Jet Airways suspended operations in April 2019 due to financial distress. The company has been undergoing a resolution process under the Insolvency and Bankruptcy Code (IBC) for two years.
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Sobha Q4 Results: Net profit falls 64% YoY to Rs 17.9 crore
Sobha Limited reported a 64.69% YoY decline in consolidated net profit to Rs 17.90 crore for the quarter ended March (Q4). Its revenue from operations declined by 39.19% YoY to Rs 553.40 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 77.87% YoY to Rs 62.30 crore. The real estate developer’s board has recommended a final dividend of Rs 3.5 per share.
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Dr Reddy’s Labs launches Icosapent Ethyl Capsules in the US
Dr Reddy’s Laboratories announced the launch of Icosapent Ethyl Capsules in the US market. The drug is used to reduce triglyceride (TG) levels in adult patients with severe hypertriglyceridemia. It is available in 1 gram capsules in bottle count size of 120’s count. The pharma company had received approval from the US Food & Drug Administration (USFDA) for Icosapent Ethyl Capsules in August 2020.
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Minda Industries to acquire 51% stake in UzChasys
Minda Industries Ltd has won a bid for the acquisition of a 51% stake in Uzbekistan-based UzChasys LLC. The cost of the acquisition is 83.1 billion soms (~Rs 58.13 crore). UzChasys is engaged in the manufacturing of automobile headlights and lamps. It is a joint venture (JV) firm of AMS Co. (30% stake) and UzautoComponents LLC (70% stake). The proposed investment in UzChasys will enable the UNO Minda Group to have a significant presence in Uzbekistan as a leading supplier to original equipment manufacturers (OEMs).
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Avanti Feeds Q4 Results: Net profit declines 19% YoY to Rs 69 crore
Avanti Feeds Limited reported a 19.88% YoY decline in consolidated net profit to Rs 69.69 crore for the quarter ended March (Q4). Net profit has declined by 7.06% when compared to the previous quarter. Its revenue from operations rose 6.12% YoY to Rs 1,098.11 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) rose 3.92% YoY to Rs 360.07 crore. Avanti Feeds’ board has recommended a final dividend of Rs 6.25 per share.
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Subex partners with Spire Solutions to address cyberattacks in the Middle East
Subex Limited has entered into a strategic partnership with Spire Solutions to address the sharp rise in cyberattacks and associated cyber risks in the Middle East and Africa. The companies will ensure that businesses are protected at critical infrastructure level security with the most comprehensive stack of Internet of Things, Operational Technology, and converged environment (IoT-OT & Information Tech) protection solutions. Subex and Spire Solutions have also received a project by a major oil & gas entity in the Middle East to meet its cybersecurity and cyber risk assessment requirements.
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Shilpa Medicare launches Paracetamol Oral Thin Film
Shilpa Medicare Ltd announced the launch of a pediatric dose Paracetamol Oral Thin Film, under the brand name ‘Molshil’. The drug has been launched in strengths of 60 mg and 120 mg in orange flavour. The pharma company’s Paracetamol Oral Thin Films are patent protected and are the first of their kind in the world. Shilpa Medicare manufactures and sells active pharmaceutical ingredients (APIs), intermediates, and formulations globally.
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HPL Electric & Power to install NB-IoT technology smart meters in parts of Delhi
HPL Electric & Power Ltd has received approval and production clearance from a leading private distribution company for the implementation of Narrow Band-Internet of Things (NB-IoT)-based smart meters in parts of Delhi. HPL’s new range of smart meters is both 4G and 5G compatible. It offers a dedicated channel for smart metering and avoids any reduction in performance from obstruction due to congestion on the public network. These smart meters have been developed at HPL’s new R&D facility at Gurugram. HPL Electric & Power is a leading meter and electrical equipment manufacturing company.
Hero MotoCorp to hike prices from July
Hero MotoCorp Ltd has announced plans to hike the prices of its two-wheelers by up to Rs 3,000 with effect from July 1. This is to partially offset the impact of the continuous rise in commodity prices. The exact quantum of the increase will depend on the model and the specific market. Hero MotoCorp further said it continues to drive cost-saving programs aggressively to minimize the impact on the final consumer.
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Engineers India receives order worth Rs 111 crore from Numaligarh Refinery
Engineers India Ltd (EIL) has secured an order from Numaligarh Refinery (NRL) for the execution of revamp of a delayed coker unit (DCU). EIL will execute this project as a licensor cum engineering, procurement & construction management (EPCM) consultant. The project involves increasing the capacity of the DCU from 0.306 million metric tonnes per annum (MMTPA) to 0.560 MMTPA. The estimated value of the order is Rs 111 crore.
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Sun Pharma settles patent litigation with Celgene over cancer drug
Sun Pharmaceutical Industries has reached an agreement with Celgene Corp to resolve the patent litigation regarding submission of an Abbreviated New Drug Application (ANDA) for a generic version of Revlimid (lenalidomide capsules) in the US. As per terms of the settlement, Celgene will grant Sun Pharma a license to its patents required to manufacture and sell limited quantities of generic lenalidomide capsules in the US after March 2022.
Celgene is a wholly-owned subsidiary of New York-based pharma company Bristol Myers Squibb (BMS). Revlimid is a blood cancer drug, which had annual sales of $12.1 billion (~Rs 89,900 crore) in 2020.
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