Tata Motors to hike prices of commercial vehicles from April 1
Tata Motors Ltd will hike prices of its range of commercial vehicles by 2-2.5%, depending upon individual models and variants, from April 1. The increase in prices of commodities such as steel aluminium, and other raw materials has forced the automaker to hike prices. Mercedes-Benz India will hike prices of its entire range by up to 3% from April 1 to partially offset the impact of higher input costs.
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Jubilant FoodWorks to acquire 10% stake in JV with Golden Harvest
Jubilant FoodWorks Ltd (JFL) will acquire the remaining 10% stake in its joint venture Jubilant Golden Harvest Ltd (JGHL) from Golden Harvest. After the acquisition, JGHL will become a wholly-owned subsidiary of JFL. JGHL operates Domino’s Pizza outlets in Bangladesh. As of December 31, 2021 (Q3 FY22), JGHL was operating eight restaurants.
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Indoco Remedies gets final approval from USFDA for Locasamide tablet
Indoco Remedies Ltd has received final approval from the US Food & Drug Administration (USFDA) for Lacosamide tablets. The drug is indicated for the prevention and control of seizures. As per IQVIA January 2022 data, the generic version of the product had achieved annual sales of ~1.7 billion (~Rs 12,933 crore).
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TCS partners with IIT Madras to launch M Tech in Industrial AI
Tata Consultancy Services (TCS) has partnered with the Indian Institute of Technology Madras (IIT-M) to launch a user-oriented program on Industrial Artificial Intelligence (AI). The program aims to upskill corporate employees on the applications of AI to industrial problems. In consultation with TCS, IIT-M will offer the 18-month course through virtual classes.
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Bombay HC allows Invesco’s appeal against ZEEL injunction
The Bombay High Court has allowed an appeal filed by Invesco Developing Markets Fund (IDMF) against a single-judge order granting an interim injunction on holding an Extraordinary General Meeting (EGM) to remove ZEEL’s CEO Punit Goenka. The HC has quashed and set aside the single bench order of October 2021. IDMF is the largest shareholder of Zee Entertainment Enterprises Ltd (ZEEL). In September 2021, Invesco called for an EGM as it felt ZEEL was not running as smoothly as desired. You can read more about it here.
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Hester Biosciences to venture into pet care industry
Hester Biosciences Ltd (HBL) is all set to foray into the rapidly growing pet care industry by April 2022. The company’s initial pet care portfolio will include dermatology, nutrition, grooming, and specialty products. HBL also plans to expand by way of pet biologicals and diagnostics. India has the fastest-growing pet care market worldwide, growing at 14% in 2022. Ahmedabad-based HBL is an animal and poultry vaccines manufacturer.
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Infosys to acquire German digital marketing firm Oddity for €50 million
Infosys Ltd has announced a definitive agreement to acquire Oddity, a Germany-based digital marketing agency, in an all-cash deal of €50 million. The cost of acquisition will include earn-out, management incentives, and bonuses. Oddity has more than 300 digital experts across Stuttgart, Berlin, Cologne, Belgrade, Shanghai, and Taipei. The acquisition will strengthen Infosys’s creative, branding, and experience design capabilities.
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M&M Financial’s Quiklyz to lease 500 EVs to BluSmart
Mahindra Group’s vehicle leasing and subscription platform Quiklyz has partnered with electric vehicle (EV) ride-hailing startup BluSmart Mobility. As part of the partnership, Quicklyz will provide customized leases for up to 500 EVs for BluSmart’s fleet. The EVs will be deployed in the Delhi-NCR region and used for BluSmart’s all-electric ride-hailing services.
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SBI Card partners with Nature’s Basket to launch International Gourmet Card
SBI Cards & Payment Services Ltd has partnered with Nature’s Basket to launch the first-of-its-kind credit card, ‘Nature’s Basket SBI Card’. The card will cater to the fast-evolving gourmet taste of premium consumers. Cardholders will be able to derive maximum value from their spending at Nature’s Basket stores and other key spend categories such as international travel, dining, and entertainment.
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Indiabulls to raise up to Rs 50,000 crore via NCDs
Indiabulls Housing Finance Ltd’s board has approved a proposal to raise up to Rs 50,000 crore via non-convertible debentures (NCDs) on a private placement basis. Shareholders’ approval for the issue will be sought at the Extraordinary General Meeting (EGM) on April 18. IHFL is a mortgage lender headquartered in Haryana.
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