rail vikas nigam Archives

BPCL to set up 1,000 EV charging stations

Bharat Petroleum Corporation Ltd (BPCL) plans to add 1,000 electric vehicles (EV) charging stations in the short term. The company aims to tap new business opportunities as a hedge against the displacement of auto fuels. BPCL will offer multiple fuelling options at 7,000 petrol pumps to facilitate owners of vehicles powered by gas, electricity, and hydrogen. It also plans to spend Rs 5,000 crore to build its renewable power portfolio of 1,000 megawatts (MW) over the next five years.

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TCS secures 5-year contract from German bank NORD/LB

Tata Consultancy Services Ltd (TCS) has secured a five-year IT transformation contract from NORD/LB, a leading German commercial bank. TCS will work with the bank to simplify and transform its application estate across multiple businesses through application consolidation and automation. The IT major will also build new features and functionality to support NORD/LB´s transformation goals.

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BHEL secures order from Goa Shipyard for warship gun mount

Bharat Heavy Electricals Limited (BHEL) has secured an order from Goa Shipyard for a warship gun mount. The order includes the supply of an upgraded Super Rapid Gun Mount (SRGM), which is the main gun onboard most warships of the Indian Navy. The upgraded SRGM is a state-of-the-art weapon system that comprises features such as the capability to manage different types of ammunition to engage fast, radio-controlled targets.

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Sun Pharma launches cough syrup Chericof 12 in India

Sun Pharmaceutical Industries announced the launch of a novel formulation in cough management— Chericof 12 in India. It is the first prescription cough syrup in India that gives relief for up to 12 hours. Chericof 12 is manufactured using polistirex technology for sustained release of the drug. The technology helps in improving patient compliance and avoids the need for frequent dosing.

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RVNL secures order worth Rs 382 crore for Indore Metro Rail Project

Rail Vikas Nigam Ltd (RVNL) has secured a contract from the Madhya Pradesh Metro Rail Corporation worth Rs 381.95 crore. The contract is for the design and construction of seven elevated metro rail stations of the Indore Metro Rail Project. RVNL will construct the viaduct portion within the stations and transition spans on either side of the stations, entry-exit structures, etc.

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SEBI board approves framework for gold exchange

The Securities Exchange Board of India (SEBI) has approved the framework for gold exchange. The instrument representing gold will be called Electronic Gold Receipts (EGRs) and will have trading, clearing, and settlement features similar to other securities. The proposed gold exchange would lead to efficient and transparent domestic spot price discovery, assurance in the quality of gold, and augment gold recycling in India.

SEBI has also approved the creation of a Social Stock Exchange (SSE), which will help social entrepreneurs raise funds.

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SC rejects Adani Gas’ plea seeking authorisation for city gas distribution network in Ahmedabad district

The Supreme Court (SC) has rejected Adani Gas Ltd’s plea challenging the bidding process for the supply of PNG and CNG in Sanand, Bavla, and Dholka of Ahmedabad district. The SC also upheld the authorisation provided by Petroleum and Natural Gas Regulatory Board (PNGRB) to Gujarat Gas Ltd for establishing and operating the city gas distribution network in the areas adjacent to Ahmedabad. Further, the court imposed Rs 10 lakh cost on Adani Gas.

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IndiGo signs code-sharing agreement with American Airlines

InterGlobe Aviation (IndiGo), India’s largest airline, has signed a code-sharing agreement with American Airlines. The US airline is gearing up to launch new flights between the two countries. Code-sharing allows an airline to sell seats on a flight operated by its partner, such that it can fly passengers to destinations it does not serve. The agreement, expected to start in October, will see American Airlines’ code on 29 of IndiGo’s domestic routes in India.

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Bal Pharma to strengthen its position in diabetes segment via Gliclazide API

Bal Pharma Ltd is further strengthening its market-leading position in the diabetes segment via Gliclazide (API) with higher capacity utilization at the existing facility. The company will also streamline the new facility that commenced production of Gliclazide in September 2020. The pharma company is one of the largest producers and exporters of Gliclazide active pharmaceutical ingredient (API), used to treat Type-2 diabetes. Bal Pharma is a fully integrated pharmaceutical company specialized in Prescription Drugs, Generics, pharma intermediates, and Bulk Actives.

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Anupam Rasayan signs contract worth Rs 145 crore with European customers to supply active ingredient

Anupam Rasayan India has signed a Letter of Intent (LoI) worth Rs 145 crore with existing long-term European multinational customers for supplying a new life science-related active ingredient. The company will enter into a long-term contract for the next three years to supply the specialty chemical product. Anupam Rasayan manufactures products for over 66 domestic and international customers, including 24 multinational companies.

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Loan moratorium cannot be extended: Supreme Court

The Supreme Court (SC), on Tuesday, refused to extend the six-month loan moratorium period offered by the Reserve Bank of India (RBI) last year, saying that it is a ‘policy decision’ on the part of the Central government and RBI. The SC also said that a complete waiver of interest during the moratorium period could not be granted, as banks have to pay interest to account holders and pensioners. The court directed that no compound or penal interest will be charged from borrowers for the moratorium period. Banks can now start declaring their non-performing assets (NPAs) or bad loans.

On March 27, 2020, the RBI had announced a moratorium on loan installments due between March 1 and May 31 and later extended it by three months till August 31, 2020.

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Adani Ports to acquire 58% stake in Gangavaram Port for Rs 3,604 crore

Adani Ports and Special Economic Zone Ltd (ASPEZ) will acquire a 58.1% stake held by DVS Raju and his family in Gangavaram Port Limited (GPL). The cost of the acquisition is Rs 3,604 crore. On March 3, ASPEZ had announced the acquisition of Warburg Pincus’s 31.5% stake in GPL. After the completion of both transactions, ASPEZ will hold an 89.6% stake in GPL. GPL is located in the northern part of Andhra Pradesh and has a capacity of 64 million metric tonnes (MMT).

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Mahindra Defence to make armoured tactical vehicles for Indian army

Mahindra Defence Systems Ltd (MDSL) has secured a contract worth Rs 1,056 crore to manufacture and supply armoured tactical vehicles for the Indian Army for its weapon carrier requirements. The light specialist vehicles (LSVs) have undergone rigorous and elaborate trial procedures carried out by the Indian Army in different terrains. The induction of LSVs is said to be completed within four years. MDSL is a subsidiary of Mahindra & Mahindra Ltd.

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Allana Group acquires 1% stake in LT Foods for Rs 20 crore

Processed food manufacturer Allana Group said it has pickled a 1% stake in LT Foods Limited for Rs 20 crore. Both companies have plans to use their synergies and technology transfer to expand LT Foods’ consumer products business to focus on value-added and impulse products. LT Foods is a leading player in the rice market with leading brands like Daawat, Royal, and Devayya. The company has established a network in over 65 countries.

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Cipla’s subsidiary partners with SIGA Technologies to develop novel antibiotics

Cipla Limited said its subsidiary, Cipla Therapeutics, has partnered with US-based SIGA Technologies to develop novel antibiotics. The partnership is aimed at making Cipla’s novel antibiotics available to the US government as part of preparations against biological threats. The strategic partnership will deliver sustained innovation and access to novel anti-bacterial drugs, particularly against biothreats.

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Govt to raise Rs 755 crore by selling 15% stake in RVNL

The Central government will raise nearly Rs 755 crore by selling its 15% stake in Rail Vikas Nigam Ltd (RVNL) through an offer for sale (OFS). The floor price for the OFS has been fixed at Rs 27.50 per share. The issue will open on Wednesday for non-retail investors and on Thursday for retail investors. The Centre’s shareholding in RVNL will decline to 74.67% after the stake sale.

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HG Infra receives provisional completion certificate for road project in Maharashtra

HG Infra Engineering has received a provisional completion certificate from the National Highways Authority of India (NHAI) for a road project in Maharashtra. The project consisted of four-laning the Bhandara- Khat-Ghotitok Junction section (NH-7, NH-547E) in Maharashtra on an engineering, procurement, and construction (EPC) mode. The NHAI had declared the project fit for entry into operation as of February 29, 2020.

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Bharti Airtel’s Africa unit to sell 1,421 towers to Helios for $108 million

Bharti Airtel’s Africa unit (Airtel Africa) has signed a pact with Helios Towers Plc to sell 1,229 towers in Madagascar and Malawai for $108 million (~Rs 782 crore). Airtel Africa Plc will also build 195 sites across the two regions over the next three years for $11 million (~Rs 79.72 crore). These sites will be handed over to Helios Towers upon completion. The transactions are expected to close in or around Q4 of calendar year 2021.

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Glenmark Pharma gets USFDA approval for diltiazem hydrochloride capsules

Glenmark Pharmaceuticals said it has received final approval from the US Food & Drug Administration (USFDA) for diltiazem hydrochloride extended‐release (ER) capsules. The product is indicated for the treatment of hypertension. As per IQVIA data, the generic version of the capsules had sales of approximately $56.7 million (~Rs 410.75 crore) for the 12 months ended January 2021.

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Trident partners with California-based Kathy Ireland Worldwide

Trident Limited said it has further strengthened its brand portfolio with the recent addition of the “Kathy Ireland” brand. The company has entered into a licensing agreement with California-based Kathy Ireland Worldwide Inc. As per the agreement, Trident will have the right to use the “Kathy Ireland” trademark under its range of home textile products. The collection will also be included in Trident’s rapidly expanding e-commerce business.

Alkem Labs partners with Tata Memorial Centre

Alkem Laboratories has partnered with Tata Memorial Centre (TMC) for establishing an advanced radiotherapy facility in Muzaffarpur and to set up three mini cancer centers in Bihar. These centers will connect cancer patients of Buxar, Jehanabad, and Bhagalpur districts by telemedicine to Homi Bhabha Cancer Hospital & Research Center, Muzaffarpur. The centers will also work with the district administration on community activities such as cancer awareness and screening.

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