Here are some of the major updates that could move the markets tomorrow:
Tanla Platforms’ board approves ₹170 crore share buyback proposal
The Board of Directors of Tanla Platforms Ltd has approved a share buyback proposal aggregating ₹170 crore. The equity shares offered under the buyback have a face value of ₹1 each. The company has fixed ₹1,200 per share as the floor price for the buyback. The offer price represents a premium of 66.39% over the closing price of Tanla’s shares on NSE on Sept 1, 2022.
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Adani Group-led consortium gets extension to complete Haifa Port purchase
A consortium led by Adani Group has requested and received an extension from the Israeli Government to complete its purchase of Haifa Port. The extension of a month and a half comes at the consortium’s request and takes into account Jewish holidays, said Israel’s Finance Ministry. It set a new final date of Nov. 27.
In July 2022, Israel announced it would sell Haifa Port (a major trade hub on its Mediterranean coast) to winning bidders Adani Ports and local chemicals & logistics group Gadot for $1.2 billion.
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Tata Power RE to set up 100 MW solar project in Maharashtra
Tata Power Renewable Energy Ltd, a subsidiary of Tata Power, will set up a 100 MW solar power plant for Viraj Profile Pvt. Ltd (VPPL) in Maharashtra. The plant is expected to generate about 200 million units (MUs) of energy and offset approx. 170.43 million kg of carbon dioxide annually. VPPL is a stainless steel manufacturer, which owns and operates a plant located at Tarapur at Nandgaon.
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Dr. Reddy’s Labs launches generic Revlimid in US market
Dr. Reddy’s Laboratories Ltd has announced the launch of Lenalidomide Capsules in the US market. The drug is used to treat various types of cancers. It is a therapeutic equivalent generic version of Revlimid Capsules approved by the US Food & Drug Administration (USFDA). With this volume-limited launch, Dr. Reddy’s Labs is eligible for first-to-market, 180 days of generic drug exclusivity for Lenalidomide Capsules.
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USFDA asks Panacea Biotec to take corrective measures at Himachal unit
The US Food & Drug Administration (USFDA) has asked Panacea Biotech Ltd for further corrective actions at the manufacturing unit of its wholly-owned arm at Baddi, Himachal Pradesh. Otherwise, the health regulator may withhold approval of any pending product applications from the facility. After inspection of the unit in May-June, USFDA issued Form 483 with eight observations related to improvements in existing procedures.
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TVS Motor unveils updated Apache range
TVS Motor Company Ltd has unveiled the 2022 models of its flagship Apache range. The new models are upgraded versions with a host of new features and would strengthen the company’s product portfolio. The motorcycles of the new range are priced at ₹1.17 lakh for the 160cc (base variant) and ₹1.30 lakh (ex-showroom New Delhi) for the 180cc base variant.
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Hindustan Zinc incorporates fertilisers subsidiary
Hindustan Zinc Ltd (HZL) has formed fertiliser subsidiary called Hindustan Zinc Fertilisers. The newly formed entity will manufacture, sell, and deal with multiple grades of nitrogenous, phosphatic, and potassic fertilisers. Last week, HZL announced an investment of ₹350 crore for a 26% stake in a special purpose vehicle (SPV) that was created on February 18 to implement renewable energy power projects.
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Govt to acquire stake in Vodafone Idea after shares stabilise at ₹10 or above
According to reports, the government will acquire a stake in debt-ridden Vodafone Idea (Vi) after its stock price stabilises at ₹10 or above. Vi’s board has offered a stake to the government at a par value of ₹10 per share. The Finance Ministry had cleared the proposal to acquire a stake in VIL in July.
The Ministry of Finance cleared a proposal to convert the accrued interest on dues related to deferred adjusted gross revenue (AGR) worth Rs 16,130 crore of Vi into equity, reported Economic Times today.
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