Tag: marksans pharma

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Jio-bp to Set Up Charging Network for M&M – Top Indian Market Updates

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

Jio-bp to set up charging network for M&M’s upcoming e-SUVs launches

Jio-bp said it will set up a charging network for Mahindra & Mahindra’s upcoming electric SUV launches. Starting with 16 cities, Jio-bp will install DC fast chargers at M&M’s dealership network and workshops across India. M&M launched its first all-electric SUV, the XUV400, at Mahindra Research Valley in Chennai earlier this month. Jio-bp is a fuels & mobility joint venture between Reliance Industries Ltd (RIL) and UK-based bp.

Sobha achieves highest-ever quarterly sales value in Q2

Sobha Ltd achieved its highest-ever quarterly sales value of ₹1,164 crore during the Sept quarter (Q2 FY23), up 13% YoY. In terms of volume, total sales fell 0.89% YoY to 1.35 million sq. ft. during the same period. Total average price realization improved to ₹8,709 per square feet in Q2, registering a growth of 14% YoY. 

Sobha has launched three new residential projects— two in Bangalore and one in Thiruvananthapuram with a total saleable area of 880,893 sq. ft.

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India to offer 26 blocks for producing oil, gas in mega offshore bid round

The Directorate General of Hydrocarbons said the Indian government will offer 26 blocks or areas for finding and producing oil & gas in a mega offshore bid round. Out of the 26 blocks, 15 areas are in ultra-deepwater, 8 in the shallow sea, and 3 blocks are onland. Around 16 areas for prospecting for coal-bed methane (CBM) are also being offered in a separate round. 

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Power Grid acquires SPV to build transmission project

Power Grid Corporation of India has acquired 100% equity in a special purpose vehicle (SPV) to build an inter-state transmission project for eastern and northeastern regions. The consideration paid for the acquisition was ₹7.04 crore, including 50,000 equity shares and assets & liabilities of the company. The SPV is yet to start commercial operations.

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JSW Neo Energy to develop 126 MW Chhatru hydel project in Himachal Pradesh

JSW Neo Energy (a subsidiary of JSW Energy Ltd) has received a Letter of Intent from the Himachal Pradesh government for developing the 126 megawatts (MW) Chhatru hydro-power plant. JSW Energy has set an ambitious target for a 50% reduction in its carbon footprint by 2030 and to achieve carbon neutrality by 2050. It has set a target to reach 20 GW capacity by 2030, with the share of renewable energy increasing to 85%.

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Marksans Pharma to acquire Teva’s manufacturing site in Goa

Marksans Pharma has entered into an agreement with Israeli drugmaker Teva to acquire its manufacturing site in Goa on a slump sale basis. The Mumbai-based company has agreed to retain the site employees with existing terms of employment. Marksans Pharma has also entered into a business transfer agreement with Tevapharm India to acquire its business relating to the manufacture and supply of bulk pharmaceutical formulations.

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L&T Construction wins order under its water and effluent treatment business

Larsen & Toubro Ltd’s (L&T) construction arm has secured a significant contract (in the range of ₹1,000-2,500 crore) from the Government of Odisha to execute irrigation projects.  The scope of work includes the execution of 23 lift irrigation schemes consisting of intake points spread across Anandapur Left Main Canal, Bidydharpur Barrage, Hadagarh Reservoir, Anandapur Barrage & Kharsua, Kani & Baitarani Rivers. 

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NMDC signs pact with RailTel for ICT and digital solutions

NMDC and RailTel Corporation of India have entered into an agreement covering the information & communications technology (ICT) and digital transformation services of NMDC at its corporate offices and mining complexes. This partnership will focus on the optimal utilization of resources and build mineral accountability. RailTel will provide consultancy, project management, and execution services to enhance NMDC’s efficiency and transparency.

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G M Breweries Q2 Results: Net profit rises 4% YoY to ₹22 crore

G M Breweries Ltd reported a 3.8% YoY (or 40.4% QoQ) increase in net profit to ₹22.69 crore for the quarter ended September (Q2 FY23). The company’s revenue from operations rose 22.35% YoY to ₹141.86 crore during the same period. Total expenses stood at ₹532.60 crore in Q2, up 26.11% YoY. G M Breweries manufactures country liquor (CL) and Indian-made foreign liquor (IMFL).  

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Dr Reddy’s Labs’ plant gets World Economic Forum recognition

The World Economic Forum has recognised Dr. Reddy’s Laboratories Ltd’s largest manufacturing facility in Bachupally, Hyderabad, as part of its Global Lighthouse Network. Lighthouses are factories leading the way in Fourth Industrial Revolution technologies to drive impact in productivity, workforce engagement, sustainability, and supply chain resilience.

Read more here.

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Hero MotoCorp, BPCL to Set Up EV Charging Infra – Top Indian Market News

Hero MotoCorp partners with BPCL to set up EV charging infra across India

Hero MotoCorp has partnered with Bharat Petroleum Corp Ltd (BPCL) to set up charging infrastructure for electric two-wheelers across India. The two entities will first establish a substantial charging infrastructure within the existing nationwide energy station network. They may broaden the collaboration to develop more synergies within the EV ecosystem and adjacent business verticals.

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Godrej Agrovet introduces new insecticide, eyes increased market presence

Godrej Agrovet Ltd (GAVL) has announced the launch of Gracia, an insecticide that helps control chewing and sucking pests in a variety of pulses and vegetable crops. The company believes the product will help strengthen its presence in the insecticides market. Gracia is a wide-spectrum product discovered and developed by Nissan Chemical Corporation Japan.

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Wipro invests in US-based AI start-up vFunction to boost cloud migration

Wipro Ltd has formed a joint go-to-market partnership with vFunction, a US-based start-up that has developed a scalable, AI-based technology platform. The partnership aims at modernising Java applications and accelerating migration to the cloud. Wipro Ventures, the IT major’s corporate investment arm, has invested in vFunction’s Series A funding round to deepen the strategic partnership.

Adani Group signs MoU with Ballard Power for hydrogen fuel cell JV

The Adani Group has signed a non-binding Memorandum of Understanding (MoU) with Ballard Power Systems to evaluate making a joint investment for the commercialization of hydrogen fuel cells in various mobility and industrial applications in India. Both parties will examine several options to cooperate, including potential collaboration for fuel cell manufacturing. Efforts under this MoU will be anchored by Adani New Industries Ltd (ANIL), a newly formed subsidiary of Adani Enterprises Ltd.

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Bharti Airtel likely to raise up to Rs 5,000 crore via rupee bonds

According to an ET report, Bharti Airtel Ltd is likely to raise up to Rs 5,000 crore through rupee-denominated bonds from the local market. The telco seeks to refinance high-cost debt and strengthen its balance sheet ahead of the 5G spectrum auction. It will be part of the Rs 7,500 crore fundraising plan announced by Bharti Airtel earlier this month.

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India expects fuel demand to grow 5.5% in FY23

Initial government estimates show that India’s fuel demand is likely to grow 5.5% in the next financial year (FY23). This reflects a pick-up in industrial activity and mobility after months of stagnation. India’s fuel consumption in FY23 (a proxy for oil demand) could rise to 214.5 million tonnes (MT) from the revised estimates of 203.3 MT for the current fiscal year. The estimates were released by the Petroleum Planning and Analysis Cell (PPAC).

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Marksans Pharma gets UK MHRA approval for Bells Healthcare’s all-in-one oral solution

Marksans Pharma Ltd. announced that UK Medicines and Healthcare products Regulatory Agency (MHRA) has granted market authorization to its subsidiary Bell Sons & Co. (Druggists) Ltd for Bells Healthcare All-in-One Oral Solution. The drug provides short-term symptomatic relief for colds, chill, and influenza. Mumbai-based Marksans Pharma is a global pharmaceutical company.

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There is a buzz and interest in market for LIC IPO, will go ahead with it: FM Sitharaman

Finance Minister Nirmala Sitharaman said the government will go ahead with the initial public offering (IPO) of Life Insurance Corp. of India despite market volatilities. “There is a buzz and interest in the market for the LIC IPO and we will be going ahead with it,” she said. LIC filed the draft red herring prospectus (DRHP) for its IPO with market regulator SEBI earlier this month.

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Samco Mutual Fund under fire from SEBI for misleading investors

Newly launched asset management company (AMC) Samco Mutual Fund has come under fire from SEBI for misleading investors during their maiden New Fund Offer (NFO). In January, Samco MF had kicked off their first NFO, Samco Flexi Cap Fund, publicizing it as a ‘pure’ equity scheme. 

Besides the equity component, the scheme intended to allocate up to 35% in TREPS (Tri-party repo dealing & settlement). Any allocation to TREPS is considered a cash call by the mutual fund scheme. Thus, SEBI is of the view was that any scheme with such a high cash allocation fails to be called a ‘pure’ equity scheme.

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Centre to Become Largest Shareholder in Vi – Top Indian Market News

Govt to become largest shareholder in Vodafone Idea

Vodafone Idea’s (Vi) board has informed the Department of Telecommunications (DoT) that it will opt for converting the interest on spectrum and adjusted gross revenue (AGR) dues into government equity. The Indian govt will hold 35.8% and become the single largest shareholder in Vi. The cash-strapped telecom company had past AGR dues worth Rs 58,254 crore, of which it has paid Rs 7,854 crore.

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JSW Steel combined output grows 28% in Q3

JSW Steel Ltd reported a 28% YoY growth in combined steel production to 5.35 million tonnes (MT) for the quarter ended December (Q3 FY22). The company’s standalone output rose 8% YoY to 4.41 MT during the same period. JSW Steel’s capacity utilisation at the standalone level stood at 94% in Q3. 

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DLF sells properties worth Rs 1,500 crore in new luxury housing project in Delhi

DLF Limited has sold properties worth Rs 1,500 crore in its newly launched housing project at Moti Nagar in Delhi. On Friday, the realty major launched its luxury housing project ‘ONE Midtown’ comprising 913 units at Shivaji Marg in Moti Nagar, with a starting price of Rs 3 crore. DLF is developing this project in partnership with Singapore sovereign wealth fund GIC.

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L&T’s heavy engineering arm dispatches mega tubular reactors to petrochemical complex overseas

Larsen & Toubro (L&T) Ltd’s heavy engineering arm has dispatched two large ethylene oxide reactors weighing 1,200 tonnes each from Hazira (Gujarat) to a large petrochemical complex overseas. This was a repeat order after four identical reactors were supplied by L&T to the same client in 2020. These highly complex reactors are crucial equipment for the production of mono ethylene glycol in the petrochemical complex.

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Tata Teleservices opts for conversion of interest to equity; Centre to hold 9.5%

Tata Teleservices has opted for converting the interest from adjusted gross revenue (AGR) dues amounting to Rs 850 crore to equity. The government will hold 9.5% in the company. Tata Teleservices has AGR dues of Rs 16,798 crore, of which it has paid Rs 4,197 crore and had opted for the 4-year AGR and spectrum payment moratorium.

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Marksans Pharma gets USFDA approval for Cetrizine Hydrochloride tablets

Marksans Pharma Ltd has received final approval from US Food & Drugs Administration (USFDA) for over-the-counter Cetirizine Hydrochloride tablets. The drug is indicated for the treatment of perennial allergic rhinitis, including sneezing, postnasal discharge, watery eyes, and running nose. The product will be marketed under store brand labels and is comparable to the brand Zyrtec.

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Aurobindo Pharma in talks with PEs for stake sale in injectable business: Report

As per a report from the Economic Times, Aurobindo Pharma Ltd has initiated talks with private equity (PE) funds to sell a stake of around 30-35% in its injectable business for Rs 4,500-5,250 crore. With this move, the drugmaker plans to unlock value in its core businesses. TPG Capital Management, Advent International, Bain Capital, and Blackstone have been contacted for a potential transaction, valuing the business at Rs 15,000 crore.

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Delta Corp Q3 Results: Net profit at Rs 70 crore

Delta Corp Ltd reported a consolidated net profit of Rs 70.38 crore for the quarter ended December (Q3 FY22). It had reported a net profit of Rs 1.28 crore in the corresponding quarter last year (Q3 FY21). The company’s revenue jumped 104% YoY to Rs 247 crore in Q3 FY22. EBITDA stood at Rs 106.9 crore during the same period, an increase of 813% YoY.

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Future Group seeks SC’s permission to proceed with sale of assets to Reliance Retail

Future Group has sought permission from the Supreme Court (SC) to proceed with the deal to sell its retail assets to Reliance Retail. The court was hearing a combination of several cases filed by Amazon and Future Group in a dispute arising out of the e-commerce giant’s objection to the Indian company’s Rs 25,000 crore deal with Reliance. “We should be allowed to secure shareholder approval, seek nod from CCI, NCLT,” said senior advocate Harish Salve, representing Future Retail.

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Federal Bank’s subsidiary FedFina to initiate IPO process

The Board of Directors of Federal Bank has approved the process of an initial public offering (IPO) of its subsidiary Fedbank Financial Services Ltd (FedFina). FedFina is the retail-focused non-banking finance company set up by the Kerala-based bank. The IPO is subject to approvals from the Securities and Exchange Board of India (SEBI).

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Adani Green posts 84% YoY growth in total operational capacity in Q3

Adani Green Energy’s total operational capacity increased by 84% year-on-year (YoY) to 5,410 megawatts (MW) for the quarter ended December. The company’s sale of energy increased by 97% YoY at 2,504 million units during the same period.

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India Lifts Ban on Boeing 737 MAX – Top Indian Market News

India lifts ban on Boeing 737 MAX aircraft

The Directorate General of Civil Aviation (DGCA) has allowed Boeing 737 MAX aircraft to fly in Indian airspace again— after carrying out necessary safety modifications. The air safety regulator had banned Boeing 737 MAX operations in India in March 2019 after two fatal accidents. Meanwhile, SpiceJet expects B757 MAX jets in its fleet to return to service at the end of September 2021, following a settlement with aircraft leasing company Avolon.

Nearly 175 countries have allowed the B737 MAX to return to service following a safety ban, with 30 airlines already restarting their MAX aircraft services.

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Reliance Life Sciences seeks approval for Phase-I trial of its Covid-19 vaccine: Report

According to a report from ET, Reliance Life Sciences has applied for regulatory approval to begin early-stage human trials of its Covid-19 vaccine candidate. The Subject Expert Committee (SEC) of India’s drug regulator will review the application at a meeting on Thursday. The aim of Phase I clinical trials is to obtain reliable information on the safety, tolerability, and mechanism of action of drugs to determine the maximum tolerated dose (MTD). Reliance Life Sciences is a subsidiary of Reliance Industries Ltd.

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Standard Bank selects TCS BaNCS Cloud for digital claims transformation

Tata Consultancy Services (TCS) announced that Standard Bank’s short-term insurance business in South Africa has selected the TCS BaNCS Cloud for Insurance platform to power its digital claims transformation. TCS BaNCS Cloud for Insurance will be offered on a Software-as-a-Service (SaaS) model on AWS Cloud. It will help the insurer coordinate more than 60 products spread across four claims administration platforms, enabling faster and accurate claims processing.

Affle India board stock split in 1:5 ratio

The Board of Directors of Affle India Ltd has approved a stock split (sub-division of equity shares) in the ratio of 1:5. One equity share of the face value of Rs 10 each will be split into 5 equity shares of the face value of Rs 2 each. Affle India has fixed October 8, 2021, as the record date for the stock split. The stock split is subject to the approval of shareholders. A stock split helps boost the stock’s liquidity, particularly among retail investors.

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Wockhardt partners with Jemincare for novel respiratory antibiotic Nafithromycin

Wockhardt Bio AG has partnered with China-based Jiangxi Jemincare Group Co. for the development and commercialisation of its novel respiratory antibiotic Nafithromycin in China, Hong Kong, Macau, and Taiwan. The drug is used for the treatment of community-acquired bacterial pneumonia and other respiratory tract infections. Under the terms of the agreement, Jemincare will be responsible for the exclusive development and commercialisation of Nafithromycin in the select markets.

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RailTel launches AI-based attendance for 48,000 government schools in Assam

RailTel Corporation of India Ltd has deployed an Artificial Intelligence (AI)-based attendance system for 48,000 government schools across Assam. The state-owned company has configured and customised the system for capturing attendance across the elementary, secondary, and higher secondary schools across all 33 districts of Assam. The total project value for RailTel is Rs 19.20 crore, out of which Rs 12 crore is a one-time cost being released post completion of the project.

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Carborundum Universal to acquire 67.94% stake in PLUSS

Carborundum Universal Ltd (CUMI) has entered into definitive agreements for acquiring a controlling stake in PLUSS Advanced Technologies Pvt Ltd. PLUSS is a specialty materials research and manufacturing company based in Gurugram. CUMI will acquire equity shares equivalent to 67.94% of the issued and paid-up share capital of PLUSS by October 31. The acquisition will aggregate to Rs 115 crore and will be funded through internal accruals. CUMI is a material sciences engineering solutions provider and is part of the Murugappa Group.

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Thermax secures boiler package order worth Rs 293 crore

Thermax Babcock & Wilcox Energy Solutions (TBWES) has secured a Rs 293 crore boiler package contract from a refinery and petrochemical complex in western India. TBWES is a wholly-owned subsidiary of Thermax Ltd. The scope of the order includes design, manufacturing, installation, erection, commissioning, and testing of 3x oil and gas-fired boilers. Pune-based Thermax is a leading energy and environment solutions provider. 

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Wipro partners with DataRobot to deliver Scalable Enterprise AI solutions

Wipro Ltd has announced a global strategic partnership with US-based DataRobot, Inc., a leader in Augmented Intelligence. The partnership will deliver Augmented Intelligence (AI) at scale to help customers become AI-driven enterprises and accelerate their business impact. DataRobot’s Augmented Intelligence platform complements Wipro’s expertise in enterprise AI. The collaboration will help accelerate the execution of AI strategy and ensure quicker ‘data to value’ for businesses. 

Marksans Pharma gets USFDA approval for pain killer drug

Marksans Pharma Ltd has received approval from the US Food & Drug Administration (USFDA) for Acetaminophen Extended-Release Tablets USP, 650 mg. The drug is used as a pain reliever and fever reducer. Marksans will manufacture the products at its USFDA approved solid oral dosage facility located in Goa.

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