LATEST BUSINESS NEWS

IOC to pick 38% stake in Rs 5,000 crore Dhamra LNG project in Odisha

GAIL will hold 11% stake while APTPL will also hold a 49% stake in the project and remaining 2% will be held by financial institutions

Indian Oil Corporation (IOC) and GAIL (India) will exercise their right to jointly acquire 49% stake in Adani Group’s Rs 5,000 crore Dhamra LNG project in Odisha. While, IOC will take a 38% stake, GAIL will pick up 11% stake in the proposed 5 million tonne per annum liquefied natural gas import terminal in Dharma, being set up by Adani Petroleum Terminal (APTPL). APTPL will also hold a 49% stake in the project and remaining 2% will be held by financial institutions.

IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
source:Ventura

 

Tata Chemicals’ arm commissions 5.5 million pound turbine in Northwich

The project - backed by a 2.5 million pound European Regional Growth Fund grant from the UK government -has taken two years to complete

Tata Chemicals Europe, a UK-based subsidiary of Tata Chemicals, has commissioned a new 5.5 million pound turbine at its Winnington CHP plant in Northwich, Cheshire, allowing the facility to provide energy for 200,000 households - an area the size of Liverpool. The project - backed by a 2.5 million pound European Regional Growth Fund grant from the UK government - has taken two years to complete. It will help provide energy for Tata Chemicals Europe’s sites across Cheshire, local businesses in the area and also for the National Grid. The steam used to generate electricity is a by-product of industrial procedures at the Tata Chemical plant, thus effectively recapturing spent energy and reducing overall energy demands.

Generating this electricity means that this volume of electricity doesn’t have to be generated elsewhere on the grid-saving 71,000 tonnes of CO2 in the UK, and goes a long way in helping the government meet decarbonisation requirements of a 75-percent-reduction by 2030. The government is seeking to achieve nearly 60 percent reductions in carbon emissions by 2030, and such initiatives play a crucial role in achieving reduction in carbon emissions. Additionally, the project will improve Tata Chemicals’ combined heat and power quality assurance (CHPQA) and the plant’s overall efficiency scores will also see a rise.

Tata Chemicals is the second-largest producer of soda ash in the world with manufacturing facilities in India, UK, Kenya and USA. It is India’s leading crop nutrients player and a leading player in crop protection business through its subsidiary Rallis India.
source:Ventura

 

Essel Propack to acquire 100% stake in EDG

The acquisition will help Essel unlock synergies such as enhanced cross selling opportunity in the German markets

Essel Propack, a global leader in laminated plastic tubes catering to the FMCG & Pharma space, has announced a complete buyout of Essel Deutschland Germany (EDG). Following this transaction, EDG will be a 100% subsidiary of Essel Propack. Until now, Essel has been a JV partner with 24.9% share in EDG. The enterprise value of EDG stands at $32 million.

The acquisition will help Essel unlock synergies such as enhanced cross selling opportunity in the German markets, sourcing flexibility and better capacity utilization at all of its Europe plants. The EDG revenue of approximately $40 million will now be consolidated in Essel’s global revenue and will boost consolidated revenue by 11%. In FY16, Essel Propack’s consolidated revenue stood at Rs 2,184 crore.

Essel Propack, part of the $2.4 billion Essel Group, is the largest specialty packaging global company, manufacturing laminated plastic tubes catering to the FMCG and Pharma space
source:Ventura

 

Aurobindo Pharma receives USFDA tentative approval for Dolutegravir

Dolutegravir 50mg is indicated for the treatment of HIV-1 infection in combination with other antiretroviral agents

Aurobindo Pharma has received tentative approval for Dolutegravir 50mg from US Food & Drug Administration (USFDA). Dolutegravir 50mg is indicated for the treatment of HIV-1 infection in combination with other antiretroviral agents. This important milestone marks the first FDA approval of a generic version of Dolutegravir (DTG), an integrase strand transfer inhibitor recommended for use in treatment-naive patients by the US Centers for Disease Control and Prevention (CDC) and the World Health Organization (WHO). Through an innovative collaboration with ViiV and the Clinton Health Access Initiative, Inc (CHAI), the product is expected to be launched in sub-Saharan Africa in late 2016.

The approved Abbreviated New Drug Application (ANDA) is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) Tivicay, of ViiV Healthcare. ViiV Healthcare and Aurobindo Pharma signed a licensing agreement in 2014 that allows Aurobindo Pharma to supply Dolutegravir 50mg in 92 licensed countries, following completion of required local regulatory approval processes. The approval of the generic version of DTG shows the commitment towards the larger cause of bringing affordable HIV drugs to millions of people. This is a one-of-its-kind agreement between innovator and generic company where the generic version of the drug will be launched in around three years from the originator product.

Aurobindo Pharma is engaged in manufacturing pharmaceutical products. It offers active pharmaceutical ingredients, intermediates and generic formulations like astemizole, domeperidone and omeprazole; anti-infective, oral and sterile antibiotics, pain management and osteoporosis segments
source:Ventura

 

@RAMA MURTHY SASTRY CHALLA ,what are your views on Arrow Greentech?

 

@saturn

at present high priced stock ......

 

Aren't valuations now stretched all across shares? I was seeking your views about its businesses and future potential.

 

Morepen Laboratories in-talks to sell its OTC business: Report

The company has mandated Deloitte Touche Tohmatsu to run a formal process and the negotiations are at quite an advanced stage

Morepen Laboratories is reportedly in talks with Ajay Piramal Group to sell its OTC (over-the-counter) business of market leading brands such as Burnol. This step has been taken in order to monetize some of its mainstream brands when larger rivals look to expand their consumer product portfolio. Morepen has mandated Deloitte Touche Tohmatsu to run a formal process and the negotiations are at quite an advanced stage.

Founded in 1985, Morepen Laboratories has a wide range of front-ranking presence in the wellness category. Its spectrum of popular OTC products, such as Burnol, Lemolate and Sat Isabgol are leading brands in the respective categories.
source:Ventura

 

Reliance Defence bags contract worth Rs 300 crore for refit of 3 naval war ships

The refit of INS Jamuna, INS Deepak and INS Savitri is expected to be completed by April next year

Reliance Defence & Engineering (RDEL) has won a contract for undertaking refit works of Indian Navy vessels at its facility at Pipavav in Gujarat. The value of the order is pegged at Rs 300 crore. The refit of the three warships -- identified as survey ship INS Jamuna, fleet tanker INS Deepak and patrol vessel INS Savitri -- is expected to be completed by April next year. Other bidders in the fray included Hindustan Shipyard, Cochin Shipyard Limited and L&T.

Reliance Defence and Engineering is engaged in defence, offshore, marine and engineering sectors. The company has two units, one special economic zone (SEZ) unit and another export oriented unit (EOU).
source:Ventura

 

Wipro's FMCG arm inks pact to acquire 100% stake in Zhongshan: Report

The deal is likely to get regulatory approvals by the end of October

Wipro's fast-moving consumer goods (FMCG) arm -- Wipro Consumer Care & Lighting -- has reportedly entered into agreement to buy 100% stake in Zhongshan Ma Er Daily Products to boost its presence in the fast-growing toiletries and liquid detergent space in south China.

The deal is likely to get regulatory approvals by the end of October. This will be the company’s second largest acquisition after Unza Holdings, which it acquired back in 2007 for $246 million.

Wipro is engaged in providing information technology solutions. It offers solutions for systems integration, information systems outsourcing, package implementation, system integration, network integration, software solutions and information technology services, software application development and maintenance and research and development services to corporations globally.
source:Ventura

 

Idea Cellular adds 4.10 lakh new mobile subscribers in August

The company’s total subscriber count stood at 17.70 crore

Idea Cellular, one of the biggest cellular carrier of the country, has added 4.10 lakh new mobile subscribers in August, 2016. Following the addition, the company’s total subscriber count stood at 17.70 crore.

Idea Cellular, an AV Birla group company, provides Global System for Mobile communications (GSM)-based wireless service at the pan-India level, it is present in all 22 telecom circles.
source:Ventura

 

Bharti Airtel adds 7.00 lakh subscribers in August

The company’s total customer base has increased to 25.75 crore

Bharti Airtel, a leading global telecommunications company with operations in 20 countries across Asia and Africa, has added 7.00 lakh users in August, 2016. Following this, the company’s total customer base has increased to 25.75 crore.

Bharti Airtel is a leading integrated telecommunications company with operations in 20 countries across Asia and Africa. The company ranks amongst the top 5 mobile service providers globally in terms of subscribers.
source:Ventura

 

Brigade signs MoU with rental solutions provider 'NestAway'

The company will offer comprehensive rental assistance to all of its existing customers

Brigade Group has signed a Memorandum of Understanding (MoU) with NestAway, a premier rental solutions provider to become the first builder in India to address the commonly-faced rental concerns of its customers on exclusive basis.

Through this collaboration, company will offer comprehensive rental assistance to all of its existing customers as well as over 10,000 apartments in different stages of construction that are currently in the process of being readied for handover, across our projects. Brigade customers will now be able to avail of a rental default guarantee that assures them timely rent.

Brigade Group is one of the India’s leading Real Estate player headquartered in Bangalore has over the past 29 years created many landmarks and innovative projects across South India. It offers property development, property management services, hospitality and education services. The firm develops luxury apartments, integrated enclaves, software and retail facilities, serviced residences, resorts, clubs, schools, hotels, a convention centre and hospitals.
source:Ventura

 

Marksans Pharma gets USFDA's nod for Loratadine Liquid Filled Capsules

Loratadine is an antihistamine that reduces the effects of natural chemical histamine in the body

Marksans Pharma has received US Food & Drug Administration’s (USFDA) approval for an Abbreviated New Drug Application (ANDA) Loratadine Liquid Filled Capsules 10 mg.

Loratadine Liquid Filled Capsules 10 mg is therapeutically equivalent to the reference listed drug Claritin Liqui-Gels Capsules 10 mg of Bayer Healthcare LLC. Loratadine is an antihistamine that reduces the effects of natural chemical histamine in the body. Loratadine is used to treat sneezing, runny nose, watery eyes, hives, skin rash, itching and other allergy symptoms.

Marksans Pharma is engaged in production of prescription drugs, caters in areas like oncology, gastroenterology, antidiabetic, cardiovascular, pain management, gynaecology and others.
source:Ventura

 

ING Mauritius sells 2.5% stake in Kotak Mahindra Bank

The shares were sold on an average price of Rs 782.32, valuing the transaction at Rs 3,653.43 crore

ING Mauritius Investments has sold a total of 4.67 crore shares (or around 2.5% stake) of Kotak Mahindra Bank through an open market transaction. The shares were sold on an average price of Rs 782.32, valuing the transaction at Rs 3,653.43 crore. Following the sale, ING’s stake in Kotak declined to 3.9% from previous holding of 6.4%.

Kotak Mahindra Bank offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of personal finance, investment banking, life insurance, and wealth management.
source:Ventura

 

UFO Moviez plans to set up at least 20 screens in non-metro regions

The company has shortlisted five franchisees including in Maharashtra, Punjab and Gujarat

In order to set up at least 20 screens in non-metro regions by next year, UFO Moviez India is planning to invest Rs 15 crore. In this regard, the company has shortlisted five franchisees including in Maharashtra, Punjab and Gujarat.

The company will be following the franchisee model for its business and the first screen is expected to be up and running by November in Moga, Punjab.

UFO Moviez, a digital cinema distribution network and in-cinema advertising platform, has launched Nova Cinemas under its subsidiary Valuable Digital Screens (VDSPL).
source:Ventura

 

Majesco enters into a strategic partnership with DropIn

The companies will be working together to identify joint business opportunities with new and existing clients

Majesco, a global provider of core insurance software, consulting and services for insurance business transformation, has entered into a strategic partnership with DropIn, an innovative provider of an on-demand live video platform for auto and home insurance, using smartphones and drones. In addition, DropIn has access to a crowdsourced independent contractor network of 60,000 Droperators and 1100 drone pilots, smartphone users who capture on-demand live video streams and photos for insurance professionals.

As part of this partnership, the companies have pre-integrated DropIn’s solution with the Majesco CloudInsurer through the Majesco DigitalConnect platform to offer the advanced, innovative claims capabilities which will enhance and streamline the claims experience for the insurers. The companies will be working together to identify joint business opportunities with new and existing clients, focused on helping Majesco customers further innovate claims using these emerging technologies and methods. In particular, this integrated solution and access to the Droperator network is expected to be appealing to new greenfields and startups.
source:Ventura

 

Jubilant Life Sciences' arm receives USFDA approval for RUBY-FILL

RUBY-FILL is a cutting-edge technology for PET MPI for diagnosis of coronary artery disease

Jubilant Life Sciences’ wholly own subsidiary Jubilant Pharma, through one of its units Jubilant DraxImage Inc. Montreal Canada, has received US Food and Drug Administration (USFDA) approval for RUBY-FILL, for its New Drug Application (NDA). RUBY-FILL is a cutting-edge technology for PET MPI for diagnosis of coronary artery disease.

This approved new drug application provides for the use of RUBY-FILL for Positron Emission Tomography (PET) imaging of the myocardium under rest or pharmacologic stress conditions to evaluate regional myocardial perfusion in adult patients with suspected or existing coronary artery disease.

The product is expected to be launched in the current quarter (third quarter of financial year 2017) under the company’s registered brand name RUBY-FILL for which the current estimated US market size is $76 million and has a potential to grow up to $250 million annually in the next five years.

Jubilant Life Sciences is an integrated global Pharmaceutical and Life Sciences Company engaged in manufacture and supply of APIs, Solid Dosage Formulations, Radiopharmaceuticals, Allergy Therapy Products and Life Science Ingredients.
source:Ventura

 

Inox Wind bags repeat orders for 350 MW wind turbine generators

The orders cumulatively are worth more than Rs 2,000 crore and are expected to be commissioned by March 2017

Inox Wind has bagged new orders for the supply and installation of wind turbine generators of 350 MW in total to several repeat customers. The orders cumulatively are worth more than Rs 2,000 crore and are expected to be commissioned by March 2017.

The projects will be executed on turnkey basis across locations in Gujarat, Andhra Pradesh, and Karnataka. The contracts include supply and commissioning of the wind turbines as well as multi-year operations and maintenance agreements. The company provides its customers with end to end integrated solutions for the entire wind power value chain.

Inox Wind offers its clients total wind power solutions including wind resource assessment, acquiring land, developing the entire site infrastructure, building the power evacuation system, supplying the WTGs, erection and commissioning services, long term operations and maintenance services as well as post-commissioning support.
source:Ventura

 

Atul Auto reports 8.46% jump in September sales

The company has sold 4,666 units in the month of September 2016 as compared to 4,302 units sold in September 2015


Atul Auto has reported a sale of 4,666 units, showing a rise of 8.46% for the month of September 2016, as compared to 4,302 units sold in September 2015. However, the company’s total sales for the April- September 2016 declined by 6.72% and stood at 19,367 units, as compared to 20,763 units in the same period last year.

Atul Auto is a leading manufacturer of 3-Wheeled Commercial Vehicles in the state of Gujarat, presently engaged in the manufacturing of Three Wheelers like 6-seater Auto Rickshaws, Pick-Up Vans and Chassis of Passenger Vehicles.
source:Ventura