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Reliance Jio in Talks to Raise $1.6 Billion – Top Indian Market Updates

Here are some of the major updates that could move the markets on Monday:

Reliance Jio in talks to raise about $1.6 billion for purchase of equipment from Nokia

Reliance Jio Infocomm Ltd. is reportedly in discussions to secure a loan of approximately $1.6 billion (~₹13,120 crore) to purchase equipment from Nokia Oyj. The banks involved in these talks include Citigroup Inc., HSBC Holdings Plc., and JPMorgan Chase & Co. The loan is expected to have a maturity of up to 15 years. Last October, Nokia announced that it has signed an agreement with Jio to supply equipment for its 5G rollout in India.

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Asian Paints acquires additional 11% stake in White Teak for ₹54 crore

Asian Paints Ltd has acquired an additional 11% stake in Obgenix Software Private Ltd (White Teak) for ₹54 crore. The company now holds a 60% stake in White Teak, by virtue of which the brand has become a subsidiary of the company. Set up in 2016 by Silicon Valley tech entrepreneurs, White Teak is engaged in the business of decorative lighting products and fans.

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Kotak Mahindra Bank arm invests ₹732 crore in thermal power firm RattanIndia

Kotak Strategic Situations India Fund II and Kotak Private Credit Fund, managed by Kotak Investment Advisors (KIAL), announced its investment of ₹732 crore in the non-convertible debentures (NCDs) of RattanIndia Power (RIPL). This investment is part of the total investment of Rs 1,125 crore by a consortium of lenders. KIAL is a subsidiary of Kotak Mahindra Bank.

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Dr Reddy’s Labs enters trade generic business in India with ‘RGenX’

Dr Reddy’s Laboratories has entered into the trade generics business in India with the launch of its new division, ‘RGenX’. Trade generics are drugs that are pushed directly to trade and not promoted via doctors. The pharma company aims to roll out its trade generics across cities and towns in India, including rural areas.

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Lupin launches oral suspension drug for treatment of seizures in the US

Lupin has launched Rufinamide Oral Suspension in the United States. The drug is indicated for the adjunctive treatment of seizures in pediatric patients. With estimated annual sales of $72 million in the United States (according to IQVIA MAT data for April 2023), Rufinamide Oral Suspension is expected to make a significant impact in the market.

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Man Infra secures order worth ₹680 crore for infrastructure works at JNPT

Man Infraconstruction Ltd. has secured an order worth Rs 680 crore from Bharat Mumbai Container Terminal Pvt. Ltd. for infrastructure-related works at Jawaharlal Nehru Port Trust (JNPT) in Maharashtra. The company will be responsible for executing phase-2 infrastructure works at the fourth container terminal of JNPT in Navi Mumbai within two and a half years. The order includes pavement work on the reclaimed earth.

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Orchid Pharma launches QIP to raise funds

Orchid Pharma Ltd has launched a Qualified Institutional Placement (QIP) issue to raise funds, with a base size of approximately Rs 300 crore and an option to upsize up to Rs 400 crore. The company has fixed Rs 425.19 as the floor price for the issue, representing a 5.5% discount to Thursday’s closing stock price. The company also has the option to offer a 5% discount on the floor price.

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BPCL to consider fundraising via rights issue on June 28

Bharat Petroleum Corporation Ltd (BPCL) will hold a board meeting on June 28 to discuss raising funds through a rights issue. The objective of the rights issue is to support the company’s energy security targets, energy transition, and net-zero objectives. A rights issue allows existing shareholders to purchase additional new shares at a discounted price.

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India’s forex reserves rise by $2.35 billion to $596 billion

As per RBI data, India’s forex reserves jumped by $2.35 billion in the week ending June 16, 2023, to $596.09 billion.  Except for gold reserves, all other components witnessed a sharp upside on a week-on-week basis. Foreign currency assets (FCA) increased by $2.57 billion to $527.651 billion. To cushion rupee depreciation, RBI has been intervening in the forex market via both spot and forward positions.

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Auro Pharma arm signs pact with Medicines Patent Pool to develop anti-cancer drug

Aurobindo Pharma’s subsidiary Eugia Pharma Specialities Ltd has entered into a voluntary sub-licensing agreement with the Medicines Patent Pool (MPP). The agreement allows Aurobindo Pharma to develop and market Nilotinib capsules in 44 low and middle-income countries (LMIC). The drug is primarily used for the treatment of chronic myeloid leukaemia. The agreement aims to enhance access to affordable cancer treatment in these countries.

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L&T to Build India’s Tallest Commercial Building in Mumbai – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Larsen & Toubro to construct India’s tallest commercial building in Mumbai

Larsen and Toubro (L&T) Construction has secured an order to construct commercial towers in Mumbai. The exact value of the projects has not been disclosed, but they fall within the range of Rs 1,000 crore to Rs 2,500 crore. One of the orders involves building the tallest commercial building in India, with a height of over 300.05 metres. The project includes four-level basements and two towers with 70 and 50 floors, totaling a built-up area of 3.4 million square feet.

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Aditya Birla Group forays into branded jewellery retail business

Aditya Birla Group is entering the jewellery retail business with a Rs 5,000 crore investment. This is their third venture in two years, following paints and business to business (B2B) e-commerce. The new business, called ‘Novel Jewels Ltd’, will open big jewellery stores in India and feature their own jewellery brands.

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GTPL Hathway plans capex of Rs 1400 crore over the next three years

GTPL Hathway plans to invest Rs 1,400 crore in the next three years in capital expenditure (capex). They will allocate around Rs 450-500 crore annually for capex. The investment will be evenly split between their cable TV and broadband businesses. In FY22, they spent Rs 468.5 crore on capex, with Rs 225 crore for broadband and the remainder for cable TV.

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IPCA Labs undergoes crucial USFDA inspection at Ratlam facility amid import alert

The United States Food & Drugs Administration (USFDA) is currently inspecting IPCA Laboratories’ API facility in Ratlam. This inspection is important because the facility has been under import alert since FY15, affecting supplies to the US. Three major facilities of Ipca, including Ratlam, Silvassa, and Pithampur, are still under import alert. In April 2023, the USFDA inspected Ipca’s formulation facility in Silvassa, resulting in three observations.

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JK Cement to buy 100% stake in Toshali Cements for Rs 157 crore

JK Cement Ltd announced its plan to acquire a 100% stake in Toshali Cements Private Ltd for Rs 157 crore. The company aims to expand its presence in the eastern region with this acquisition. The Board of Directors approved to sign a Share Purchase Agreement for the acquisition. Toshali currently operates two manufacturing units, one in Odisha with a clinker capacity of 0.33 MTPA and a grinding capacity of 0.198 MTPA.

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KEC International receives two orders for train collision avoidance systems

KEC International has received two large orders worth Rs 600 crore for its Train Collision Avoidance System (TCAS) called Kavach. The recent tragic train collision in Odisha has highlighted the urgent need for TCAS implementation. With these orders in hand, the company anticipates more tenders and increased demand for their TCAS systems.

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Sonata Software partners with SAP Commerce to drive digital innovation, e-commerce solutions

Sonata Software has partnered with SAP Commerce to drive digital innovation and support businesses. The collaboration aims to offer customized e-commerce solutions and seamless experiences to customers. Sonata Software will provide implementation, customisation, and maintenance services, including integration with third-party systems. The partnership will enable customers to benefit from storefront design, services across multiple channels, and ongoing support and maintenance.

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Man Infra receives another redevelopment project in Mumbai’s Ghatkopar

Man Infraconstruction Ltd’s subsidiary MICL Creators LLP  has announced a new residential project in Ghatkopar East, Mumbai. By acquiring development rights from neighboring societies, the company will work on a total area of approximately 13 lakh square feet. The project is expected to be completed in the next 3.5 to 4 years, with a saleable carpet area of around 4 lakh square feet.

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Bank Nifty weekly options contract to now expire on Fridays

The National Stock Exchange (NSE) has changed the weekly options expiry day for Nifty Bank contracts based on feedback. Starting from July 7, 2023, Nifty Bank’s weekly options contracts will expire on Fridays instead of Thursdays. If Friday is a trading holiday, the expiry will occur on the previous day. Monthly contracts will also expire on the last Friday of each month, except when it coincides with a trading holiday, in which case the expiry will be on the previous Thursday. Existing F&O contracts will have their expiry and maturity dates rescheduled to Fridays from July 6.

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Infosys Reports 12% YoY Rise in Net Profit in Q4 – Top Indian Market News

Infosys Q4 Results: Net profit rises 12% YoY to Rs 5,686 crore 

Infosys Ltd reported a 12% YoY rise in consolidated net profit to Rs 5,686 crore for the quarter ended March (Q4 FY22). Net profit fell 2.12% when compared to the previous quarter. Its revenue from operations rose 23% YoY (or 1.28% QoQ) to Rs 32,276 crore during the same period. The IT company secured new deals worth $2.3 billion in Q4, taking the total order book to $9.5 billion for FY22. Infosys’ board has declared a final dividend of Rs 16 per share. 

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Auto sales fell 6% in FY22 due to supply-side disruptions: SIAM

The automobile industry saw a 6% decline in sales in FY22 as supply-side disruptions persisted. The segment comprising passenger cars, utility vehicles, and vans sold 2.79 lakh units in March, a 3.93% YoY decline. However, sales rose 6.28% when compared to February. Total two-wheeler sales fell 13.31% over Feb and ~20.88% YoY to 11.84 lakh units in March. The data was released by the Society of Indian Automobile Manufacturers (SIAM).

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Prestige Estates registers highest ever sales at Rs 10,382.2 crore in FY22

Prestige Estates Projects Ltd registered the highest ever sales of Rs 10,382.2 crore in FY22, up 90% YoY. It also recorded the highest ever collections of Rs 7,466.4 crore, up 47% YoY. During the year, the Group launched 16.77 million sq. ft. of realty projects across geographies. Prestige has lined up launches over 15 million sq. ft. across Bengaluru, Mumbai, NCR, Hyderabad, and Chennai.

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DGCA bars 90 SpiceJet pilots from flying 737 Max planes

The Directorate General of Civil Aviation (DGCA) has barred 90 SpiceJet pilots from operating Boeing 737 Max aircraft after finding them not properly trained. The regulator will take strict action against those found responsible for the lapse. The pilots will have to undergo training again on the 737 Max simulator.

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Blue Star doubles production capacity on inaugurating new unit in Wada

Blue Star has doubled its production capacity of deep freezers by opening its new manufacturing facility at Wada, Maharashtra. The new facility aims to cater to the production of the company’s commercial refrigeration products and solutions. It has the capacity to produce around 2 lakh deep freezers and 1 lakh storage water coolers per annum. The facility was built with a capital expenditure of Rs 130 crore. 

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Fino Payments Bank to acquire 12.19% stake in Paysprint

Fino Payments Bank Ltd’s board has approved a strategic investment in New Delhi-based fintech startup Paysprint. The company will acquire a 12.19% stake in Paysprint by subscribing to its shares. The move will enable Fino to leverage Paysprint’s technology to offer API (application programming interface) plugins for the bank’s digital platform. 

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Tata Motors adds 160 service workshops to its network

Tata Motors Ltd has added 160 new service workshops for passenger vehicles, taking the total number of operational workshops across India to 705. The automaker now provides extensive service coverage across 485 cities. They have also launched a new mobile servicing option called EzServe. The platform allows customers to get basic service work and quick repairs done on their vehicles at their preferred location. 

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Man Infra secures order worth Rs 938 crore

Man Infraconstruction Ltd has received a Letter of Acceptance (LoA) from Bharat Mumbai Container Terminal (BMCTPL) for a contract worth Rs 937.89 crore. The contract is for supplying materials for the reclamation works being done under Phase-II at JNPT, Navi Mumbai. The order will be executed in a time frame of two years.

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HCL Tech expands global partnership with Avaloq

HCL Technologies Ltd has expanded its global partnership with Zurich-based Avaloq, a leading provider of digital banking solutions. The IT major will develop a world-class lifecycle management center for Avaloq clients. It will also invest in ongoing training and development for HCL teams working with Avaloq products.

In other news, HCL Tech is extending its strategic partnership with Microsoft to bring security capabilities to clients worldwide. HCL has joined the Microsoft Intelligent Security Association (MISA). It is an integrated ecosystem of independent software vendors and managed security service providers. 

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Adani Green Energy becomes 8th most valued firm

With a market valuation of Rs 4.49 lakh crore, Adani Green Energy Ltd has become the eighth most valued firm in India after overtaking Bajaj Finance and HDFC. The company’s shares have rallied ~55% over the past month. AGEL is developing a renewable portfolio of 25 GW by 2025, which includes wind power, solar power, and hybrid power projects.

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Asian Paints to Invest Rs 960 crore to Expand Gujarat Unit – Top Indian Market News

Asian Paints to invest Rs 960 crore to expand Gujarat unit

Asian Paints Ltd has signed a Memorandum of Understanding (MoU) with the Govt of Gujarat, commencing the proposed expansion of manufacturing capacity at its Ankleshwar unit at a total investment of about Rs 960 crore. The manufacturing capacity of paint will go up from 1.3 lakh kilolitres (KL) to 2.5 lakh KL, and resins and emulsions from 32,000 metric tonnes (MT) to 85,000 MT. The capacity expansion will be completed over the next 2-3 years.

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Paytm Payments Bank launches transit cards for metro, bus travel

Paytm Payments Bank Ltd announced the launch of the Paytm Transit Card. The card will take care of users’ everyday needs— from travel in metro, railways, state-owned bus services, toll & parking charges to payments at offline merchant stores, online shopping, and more. The card also enables the withdrawal of money from ATMs. The first phase of the rollout is being launched in collaboration with Hyderabad Metro Rail, Ahmedabad Metro, and the Delhi Airport Express Line.

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Man Infra to develop luxury residential project in Tardeo, Mumbai

MICL Properties LLP, a subsidiary of Man Infraconstruction Ltd, is jointly developing an ultra-luxurious residential high-rise tower at Tardeo, Mumbai. The project is expected to generate approximately Rs 3,000 crore over the next 4-5 years. This landmark project will be one of the tallest residential structures in India, with a proposed height of more than 250 meters.

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Tata Chemicals in talks to acquire battery business of UK-based Johnson Matthey: Report

According to reports, Tata Chemicals Ltd is in discussions with London-based Johnson Matthey Plc to buy the company’s battery materials business. A deal for the battery materials unit could fetch $500-700 million. The deal will help group company Tata Motors expand its range of electric vehicles (EVs) and secure a cost advantage over rival carmakers in the EV space, as none of them have in-house battery materials manufacturing ability.

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Shakti Pumps’ board approves setting up of EV subsidiary

The Board of Directors of Shakti Pumps India Ltd has approved the incorporation of a wholly-owned subsidiary to conduct business in electric vehicle (EV) motors, EV chargers, and EV controllers. Shakti Pumps is a leading manufacturer of submersible pumps for domestic, industrial, horticultural, and agricultural use.

RBI supersedes the board of Reliance Capital, to start resolution process

The Reserve Bank of India (RBI) has superseded the Board of Directors of struggling Reliance Capital Ltd. RBI has also decided to approach the National Company Law Tribunal (NCLT) to kickstart the resolution process. The central bank’s move comes after Reliance Capital defaulted on multiple repayment obligations to its creditors and due to serious corporate governance issues. The non-bank lender fell onto hard times in the aftermath of the collapse of IL&FS in September 2018.

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SBI and Capri Global Capital signs MoU to accelerate MSME lending 

State Bank of India (SBI) has entered into a co-lending arrangement with Capri Global Capital Ltd to boost lending to micro, small, and medium enterprises (MSME). This association will offer strategic and customized financing solutions to the underserved MSMEs of India in line with RBI guidelines.

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RIL denies any intent to bid for UK telecom group BT

Reliance Industries Ltd (RIL) categorically denied any intent to bid for the UK telecom group, BT (formerly British Telecom). The company dismissed a report titled `Reliance mulling bid for UK’s telco BT Group’ as “completely speculative and baseless”. Reliance’s shares, which rose as much as 3.6% earlier in the day, closed 1.2% higher at Rs 2,441.50.

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Ather Energy to set up its 2nd manufacturing facility at Hosur

Hero MotoCorp-backed Ather Energy plans to set up its second manufacturing facility, which will expand its capacity from 1.2 lakh units at present to 4 lakh units. The new facility will come up at Hosur, Tamil Nadu, to cater to the growing demand for its e-two-wheelers 450 X and 450 Plus. Apart from EV manufacturing, the new facility will also focus on lithium-ion batteries, a key focus area for Ather Energy.

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LIC gets RBI approval to increase stake in Kotak Mahindra Bank

Life Insurance Corporation (LIC) has received approval from the Reserve Bank of India (RBI) to increase its stake in Kotak Mahindra Bank to 9.99%. Currently, LIC holds a 4.96% stake in the private lender. The approval of the central bank is valid for one year.

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Adani Ports Cargo Volumes Rise 24% in Sept – Top Indian Market News

adani ports and sez

Adani Ports cargo volumes rise 24% in September

Adani Ports & Special Economic Zone Ltd (APSEZ) handled total cargo volumes of 23.08 million metric tonnes (MMT) in September 2021, registering a growth of 24% year-on-year (YoY). The company’s container segment grew 18%, other bulk cargo by 22%, coal by 16%, and crude by 9% during the same month. During the first half of the financial year 2021-22, APSEZ handled an overall cargo volume of 160 MMT, which is a growth of 64% YoY.

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CEAT acquires 26% stake in Cleanwin Energy

CEAT Ltd has signed a Limited Liability Partnership (LLP) agreement with Yellowstone Clean Energy LLP to invest up to Rs 60 lakh in Cleanwin Energy Five LLP. Cleanwin owns, operates, and maintains a captive wind power generating plant in Maharashtra. The renewable energy unit will supply 5 megawatts (MW) of electricity on a captive basis to CEAT plants in Bhandup and Nashik. The tyre manufacturer will hold a 26% stake in Cleanwin Energy Five.

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Tata Communications, Cisco expand global strategic partnership

Tata Communications has extended its longstanding global strategic partnership with Cisco. The new agreement will empower enterprises with simple and easy to deploy, manage, and analyze IT infrastructure for delivering anywhere, anytime access. Cisco’s Meraki solution will enable Tata Communications to offer cloud-managed Wi-Fi services based on Wi-Fi 6 and Software-Defined Wide Area Network (SD-WAN) services across various industries.

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Man Infra’s board approves issue of bonus shares

The Board of Directors of Man Infraconstruction Ltd has approved the issue of bonus shares in the ratio 1:2. One equity share of the face value of Rs 2 each will be issued for every two equity shares of Rs 2 each held by shareholders of the company. The board has also declared an interim dividend of Rs 1.26 per share for the financial year 2021-22. Man Infra’s board has fixed October 14 as the record date for the interim dividend.

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KPIT Tech to boost investments in software-defined vehicle solutions

KPIT Technologies Ltd will make significant investments in middleware technologies and infrastructure to accelerate clients’ transformation to software-defined vehicles across both passenger and commercial vehicle segments. The company intends to develop and enhance technologies and infrastructure to help original equipment manufacturers (OEMs). It aims to address the emerging challenges through solutions in software integration and architecture consulting to help OEMs accelerate the stitching of diverse components together.

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UPL threatened with criminal probe after South African pollution

According to a report from South Africa’s environment department, UPL Limited illegally stored hazardous chemicals that were released into a residential area and a river system after its warehouse in Durban was looted and set ablaze in July 2021. The report further states that UPL did not have any appropriate permits. A criminal investigation is likely to be initiated on the company and the owners of the land where the warehouse is situated. UPL has denied any wrongdoing and said it was “disappointed” by the release of the report.

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Max Healthcare plans Rs 1,600 crore investment to add 1,000 beds in Gurugram

Max Healthcare Institute Ltd (MHIL) plans to invest ~Rs 1,600 crore to expand its capacity in the National Capital Region (NCR) by adding 1,000 beds over the next 4-6 years in Gurugram. The expansion plan is proposed to be funded by internal accruals, borrowings, and other modes. Two land parcels have been allotted to MHIL by Haryana Shahri Vikas Pradhikaran (HSPV) to set up two hospitals in Gurugram.

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Welspun India partners with Dupont Biomaterials to launch home textile range

Welspun India, in collaboration with DuPont Biomaterials, has launched a new home textile collection. It includes bath towels and bed sheets made with bio-based materials to meet the growing demand for sustainable home textile products. The collaboration brings together cotton and DuPont Sorona fibres to create home textile fabrics. The fabrics used in the new range provide comfort and moisture management.

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JK Lakshmi Cement halts production at Chhattisgarh plant due to strike

JK Lakshmi Cement has suspended production at its plant in Durg, Chhattisgarh, due to a strike called by Chhattisgarh Cement Transport Association. Dispatches from the Durg cement plant have completely stopped. Industry-wide negotiations are being held with the state government, and the company is hopeful of an amicable solution soon. The Durg plant has a production capacity of nearly 2.7 million tonnes per annum (MTPA).

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Divi’s Labs hits record high on Merck’s positive data for Covid-19 drug 

Shares of pharma company Divi’s Laboratories surged 10% today. The stock is in focus as the company is MSD’s authorised manufacturer for Molnupiravir API. As per a planned interim analysis of data from Phase-3 clinical trials by Germany-based Merck, Molnupiravir drug is found to reduce the risk of hospitalisation or death by approximately 50% of those most at risk of contracting Covid-19. The drug also demonstrated consistent efficacy across SARS CoV2 variants Gamma, Delta, and Mu.

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NSE, ONGC Buys Stake in IGX From Indian Energy Exchange – Top Indian Market News

NSE, ONGC buys stake in IGX from Indian Energy Exchange

Indian Energy Exchange (IEX) has divested 26% of its equity holding in Indian Gas Exchange (IGX) to the National Stock Exchange of India. NSE will purchase 1.92 crore equity shares of IGX from IEX for Rs 19.20 crore. IEX has also sold 5% of its equity holding in IGX to the Oil and Natural Gas Corporation (ONGC) for Rs 3.69 crore. “Having NSE and ONGC as partners is a natural choice in the endavour to deepen India’s gas markets,” said S N Goel, Chairman & MD of IEX.

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Easy Trip Planners IPO subscribed 159 times on final day of bidding

The Rs 510-crore initial public offering (IPO) of Easy Trip Planners was subscribed 159.30 times on the final day of bidding. The issue received bids for 240.27 crore equity shares against an offer size of 1.5 crore shares. The portion reserved for retail investors was subscribed 70.40 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 382.21 times and that of qualified institutional buyers (QIBs) 77.53 times.

Passenger vehicle sales grow 18% in February: SIAM

According to data released by the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales increased by 17.92% year-on-year (YoY) to 2.81 lakh units in February. The utility vehicles (UVs) segment saw a growth of more than 45% YoY. Sales of two-wheelers rose 10.20% YoY to 14.26 lakh units last month. The data also shows that sales of three-wheelers declined by 34% YoY to 27,331 units in February.

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Vodafone Idea partners with Disney+ Hotstar to provide one year of free content to users

Vodafone Idea (Vi) has partnered with Disney+ Hotstar to offer one year of VIP membership to its customers. Vi prepaid users will get three new unlimited recharge plans including one data-only plan with Disney+ Hotstar VIP subscription. The telecom company’s postpaid users can get access to the streaming service on plans starting at Rs 499. The offer comes just in time for the upcoming IPL cricket season, which begins on April 9. 

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Hitachi ABB Power Grids secures orders worth Rs 160 crore to supply transformers to Indian Railways

Hitachi ABB Power Grids in India has secured orders worth Rs 160 crore from the Government of India’s electric locomotive manufacturer, Chittaranjan Locomotive Works (CLW), and the Central Organization for Rail Electrification (CORE) to power electric freight locomotives for the Indian Railways. The company will deliver traction transformers to CLW for one of Indian Railways’ most successful classes of locomotives- the WAG 9. The firm will also supply trackside transformers to CORE.

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Magma Fincorp’s shareholders approve plans to raise Rs 3,456 crore by issuing shares to Rising Sun Holdings 

Magma Fincorp Limited announced that its shareholders have approved the company’s plans to raise Rs 3,456 crore by issuing preference shares to Adar Poonawalla-controlled Rising Sun Holding Pvt Ltd (RSHPL) and two members from the promoter group. Around 49.37 crore preference shares will be issued at Rs 70 per share to RSHPL and the two promoters. After the transaction, RSHPL will hold a controlling stake of 60% in Magma Fincorp.

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Sun Pharma’s subsidiary acquires 12% stake in Australia-based WRS Bioproducts

The Australian subsidiary of Sun Pharmaceutical Industries Ltd has acquired 4.28 lakh shares (or 12% fully diluted equity stake) of WRS Bioproducts Pty Limited. The total value of the acquisition was AUD 2 million (~Rs 11.24 crore). WRS Bioproducts is engaged in developing novel technologies to produce and commercialise supplements and nutraceutical ingredients from diverse algae species in Australia.

Man Infra’s subsidiary secures order worth Rs 84 crore

Man Vastucon, a wholly-owned subsidiary of Man Infraconstruction Ltd, has received an order worth Rs 84.32 crore from Mira Shaindar Municipal Corporation (MSMC). The scope of work consists of the construction of an auditorium situated off Western Express Highway, Mira Road East, Thane. The project will be completed and handed over to MSMC within a year.

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Dr Reddy’s gets 3 observations from USFDA for US-based API plant

Dr Reddy’s Laboratories said that the US Food & Drug Administration (USFDA) has issued a Form 483 with three observations after inspecting its active pharmaceutical ingredients (API) manufacturing plant in Middleburgh, New York. Form 483, which is issued to a firm at the end of an inspection, specifies any conditions that may be in violation of the Food Drug & Cosmetic Act or other regulations. Currently, Dr Reddy’s does not have any sales from this API plant.

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Quick Heal Technologies’ board approves proposal for Rs 155 crore share buyback plan

The Board of Directors of Quick Heal Technologies has approved the proposal to buyback 63.26 lakh equity shares at Rs 245 per share. This represents 0.85% of the total paid-up equity share capital of the software company. The total buyback size will be Rs 155 crore. The board has also approved the de-registration and closure of the company’s wholly-owned subsidiary, Quick Heal Technologies Africa. This closure was part of the firm’s recently concluded business reorganisation exercise.

Board of Shriram EPC approves the issuance of preference shares worth Rs 350 crore to lenders

The Board of Directors of Shriram EPC, on Wednesday, discussed and cleared the issuance of non-convertible redeemable preference shares (NCRPS) worth Rs 350 crore to the lenders of the company against their loans and for other related activities. Shriram EPC is a construction company based in Chennai.