HPCL to acquire SP Group’s share in Gujarat LNG terminal JV
Hindustan Petroleum Corporation Ltd (HPCL) has entered into a share purchase agreement with SP Ports Private Ltd (SPPPL) to acquire a 50% stake in its joint venture (JV)— HPCL Shapoorji Energy Private Ltd (HSEPL). HSEPL is in the course of developing a 5 million metric tonne per annum (MMTPA) LNG re-gasification terminal at Chhara, Gujarat. The acquisition is likely to be concluded by March 31, 2021. SPPPL is a unit of the Mumbai-based Shapoorji Pallonji Group.
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Biocon Pharma partners with Libbs Farmaceutica to launch generic drugs in Brazil
Biocon Pharma, a wholly-owned subsidiary of Biocon Ltd, has partnered with Libbs Farmaceutica to launch generic drugs in Brazil. This partnership marks the entry of Biocon’s generic formulations into Latin America. As part of the out-licensing deal with Libbs, Biocon Pharma would be responsible for drug development and manufacturing. Libbs Farmaceutica would leverage its deep expertise and reach in Brazil to import, distribute, and market Biocon’s generic drugs.
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Dr Reddy’s expects Sputnik V vaccine to get approval from Indian regulator in next few weeks
Dr Reddy’s Laboratories expects the Sputnik V Covid-19 vaccine to get approval from the Indian drugs regulator in the next few weeks. A top company official said that Sputnik V is a two-dose vaccine and must be taken within an interval of 21 days. The vaccine demonstrated an efficacy rate of 91.6%. Dr Reddy’s has partnered with the Russia Direct Investment Fund (RDIF) to launch the Sputnik V vaccine in India and other countries.
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Kalyan Jewellers to expand retail footprint by 13%
Kalyan Jewellers has unveiled plans to expand its retail footprint in India by 13% in the first quarter (Q1 FY22). The company plans to enhance operations across seven states and add 14 new showrooms on April 24, 2021. While the brand has plans to scale up existing operations in Tier-1 cities, it will also focus on Tier-2 and Tier-3 markets with mid-sized showrooms. Kalyan Jewellers had recently raised Rs 1,175 crore through an IPO, and most of the proceeds will be utilised for the enhancement of working capital.
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Domestic fuel rates expected to fall as Covid-19 dampens crude oil cost
A decline in global crude oil prices on Monday has given hope for a similar fall in domestic petroleum prices. The Brent Crude futures slipped to $63 levels a barrel, while the US crude traded lower. The fall in oil prices comes after a massive wave of Covid-19 infections continued to impact large parts of Europe. As a result, global fears have led to a slowdown in economic recovery. As per reports, the rupee is also expected to depreciate due to rising cases and a fall in the equity market.
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Coal India’s production likely to fall for second consecutive year: Report
As per a report from BloombergQuint, Coal India Limited (CIL) is likely to post a marginal decline in output in the financial year 2020-21, as production dropped below 600 million tonnes last year. This is the second consecutive year that the company will show a contraction. CIL had a production target of 660 million tonnes and was expecting to hit 630-640 million tonnes by mid-year. The impact of the Covid-19 pandemic has been a major factor behind lower demand.
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IHCL’s Taj Hotel in Rishikesh closed for three days after 76 people test Covid-19 positive
A Taj Hotel of Indian Hotels Company Ltd (IHCL) in Rishikesh has been shut for three days after 76 people were found to be infected with Covid-19 at the premises. The hotel was sanitised and has been closed as a precautionary measure. The hotel was earlier closed for 48 hours after 16 of its staff tested positive for Covid-19 in a day on Thursday. The Covid cases in Uttarakhand have been showing a rising trend over the past few weeks.
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Ramco Industries increases stake in Lynk Logistics to 23.78%
Ramco Industries Limited has acquired 5.98 crore equity shares at Re 1 each in Lynk Logistics Limited. This takes Ramco’s shareholding in Lynk Logistics to 23.78%. Chennai-headquartered Lynk Logistics is a small & medium enterprise (SME)-focused delivery platform. It is a leading tech aggregator that provides logistics services for individuals and businesses.
Rane Holdings increases its stake in Rane (Madras) to 68.47%
Rane Holdings Limited announced that it has acquired 8.49 lakh equity shares (or 1.95% stake) at Rs 10 per share from its subsidiary, Rane (Madras) Ltd. The company’s overall shareholding in Rane (Madras) now stands at 68.47%. Rane (Madras) is a leading manufacturer of steering and suspension systems for the automobile industry.
