Tata Motors secures order for 1,300 CVs from VRL Logistics
Tata Motors has secured an order for 1,300 commercial vehicles (CVs) from VRL Logistics. The order comprises medium & heavy commercial vehicles (MHCV) and intermediate & light commercial vehicle (ILCV) range, which suit the logistics operations of VRL Logistics. The vehicles provide superior drivability, high fuel efficiency, and a low total cost of ownership.
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NCLT approves Tata Steel Mining’s resolution plan for Rohit Ferro-Tech
The Kolkata bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by Tata Steel Mining Ltd (TSML) for the acquisition of debt-ridden Rohit Ferro-Tech Ltd. TSML is a wholly-owned subsidiary of Tata Steel. Tata Steel is also in the process to acquire Odisha-based Stork Ferro & Mineral Industries for Rs 155 crore. This move will augment the company’s ferro-alloys processing capacities.
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Hester Biosciences gets Rs 60 crore grant from govt to make Covaxin drug substance
Hester Biosciences Ltd has received a grant of Rs 60 crores from the government’s Biotechnology Industry Research Assistance Council (BIRAC) to manufacture Covid-19 vaccine under Mission Covid Suraksha. The Ahmedabad-based poultry and animal vaccine maker is a part of the Gujarat Covid Vaccine Consortium (GCVC). In May 2021, GCVC signed an agreement with Bharat Biotech for manufacturing Covaxin drug substance.
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Bank of Maharashtra to divest entire 4% stake in ISARC
Bank of Maharashtra will divest its entire stake in India SME Asset Reconstruction Company (ISARC) for Rs 4 crore. The bank’s 4% stake, equivalent to 40 lakh equity shares, will be sold at Rs 9.80 per share for a cash consideration of Rs 3.92 crore. The transaction is expected to be completed by the end of December 2022.
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Lupin launches generic contraceptive drug in the US
Lupin Limited has launched Merzee capsules, a medication used to prevent pregnancy, in the US market. The product was launched under an exclusive license, marketing, and distribution agreement with Slayback Pharma LLC. As per IQVIA data, the generic version of the drug had estimated annual sales of $90 million (~Rs 685 crore) in the US during the 12 months ended February 2022.
In other news, Lupin has completed the acquisition of a portfolio of brands from Anglo-French Drugs & Industries Ltd (AFDIL) and its associates. The acquisition will strengthen the company’s India formulation business.
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Axis Bank signs partial guarantee pact with ADB to support supply chain financing
Axis Bank has partnered with Asian Development Bank (ADB) for a partial guarantee program with an initial outlay of $150 million (~Rs 1,139.85 crore). The program is aimed at supporting supply chain financing for impact sectors. ADB will provide guarantees for the loans issued by Axis Bank. It will have a special focus on environmental, social, and governance (ESG) and priority sectors.
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Domestic pharma industry revenues to grow by 6-8% in FY23: ICRA
According to rating firm ICRA, the revenues of leading domestic pharma companies are likely to grow by 6-8% in the current financial year (FY23). Sales growth in FY23 is expected to be supported by a growth of 7-9% in the domestic market, 12-14% in the emerging markets, and 7-9% in the European business. Meanwhile, growth in the US business is expected to remain muted due to a subdued pricing environment in the market in the near to mid-term.
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L&T Construction secures contracts under various businesses
Larsen & Toubro Ltd’s construction arm has secured significant orders (in the range of Rs 1,000-2,500 crore) under various businesses. The Water & Effluent Treatment business has bagged a contract from the Rural Drinking Water & Sanitation Division, Karnataka, to construct drinking water supply facilities for 396 rural habitations in Dharwad and Belagavi. L&T GeoStructure has received an order from Tata Chemicals to commission a jetty-based marine outfall system and allied works in Gujarat.
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Godrej Consumer gains market share in 85% of its categories
Godrej Consumer Products Ltd (GCPL) said it has been gaining market share in 85% of its categories despite the Indian FMCG industry witnessing a consumption slowdown over the past few months. “In India, we expect to deliver close to double-digit sales growth, driven entirely by pricing. Our 2-year [sales] CAGR would be in the early twenties. We witnessed a mixed performance in our Personal Care and Home Care categories,” said GCPL in an exchange filing.
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Motherson Sumi completes acquisition of 55% stake in CIM Tools
Motherson Sumi Systems Ltd (MSSL) has completed the acquisition of a majority stake in Bengaluru-based CIM Tools Private Ltd. In October 2021, MSSL had announced the acquisition of a 55% stake in CIM, a leading supplier in the aerospace supply chain. This acquisition marks MSSL’s entry into the aerospace industry. It also provides access to an existing and well-established customer base.
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Invesco divests 7.8% stake in ZEEL
Invesco Developing Market Funds sold a 7.8% stake in Zee Entertainment Enterprises Ltd (ZEEL) via a block deal today. It will sell 7.74 crore shares, which are worth around Rs 2,200 crore. Invesco will continue to hold an 11% stake in ZEEL. To learn more about ZEEL’s boardroom battle, click here.
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Bandhan-led consortium to acquire IDFC Mutual Fund biz for Rs 4,500 crore
IDFC Ltd has decided to sell IDFC Asset Management Company and IDFC AMC Trustee Company Ltd to a consortium comprising Bandhan Financial Holdings (BFHL), GIC, and ChrysCapital for Rs 4,500 crore. IDFC AMC manages over Rs 1.15 lakh crore of assets under management (AUM) as of FY22. It has a presence in over 50 cities and investors in 750 cities and towns nationwide.
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