LATEST BUSINESS NEWS

Vedanta to invest Rs 20,000 crore over three years

The company wants to expand the capacity of its Lanjigarh alumina refinery to 5 million tonnes and double the capacity of its Jharsuguda aluminium smelter to 2 million tonnes

In order to expand its alumina and aluminium producing capacity, Vedanta is planning to invest Rs 15,000 to Rs 20,000 crore ($2.93 billion) over three years. The company wants to expand the capacity of its Lanjigarh alumina refinery to 5 million tonnes from the current 2 million tonnes and double the capacity of its Jharsuguda aluminium smelter to 2 million tonnes. Both these plants are located in the state of Odisha.

Vedanta is an India-based global diversified natural resources company with operations across zinc, lead, silver, oil and gas, iron ore, copper, aluminum and commercial power. The company operates through segments, including Copper, Aluminium, Iron Ore, Power and Others
source : ventura

 

Shriram Transport raises Rs 100 crore on private placement basis

The date of allotment was December 01, 2016 and the interest payable will be 8.50% per annum

Shriram Transport Finance Company has allotted 1000 Unsecured Redeemable Rated Non-Convertible Subordinated Debt of face value of Rs 10 lakh each, aggregating to Rs 100 crore on private placement basis. The Allotment Committee - NCDs of the company in its meeting held on December 01, 2016 has approved for the same. The date of allotment was December 01, 2016 and the interest payable will be 8.50% per annum.

Shriram Transport Finance is a flagship company of the Chennai-based Shriram group and is classified as deposit taking Asset Financing NBFC. The company was with an objective to provide hire purchase and lease finance for the medium and heavy commercial vehicles to individual truck operators.
source : ventura

 

M&M's FES reports 21% drop in tractors sales in November

The export for month stood at 1344 units as against 898 units in November 2015 with 50% growth

Mahindra Tractors, a farm equipment sector (FES) of Mahindra & Mahindra, has recorded total tractor sales (domestic + export) at 17,262 units in November 2016 as compared to 21717 units in November 2015 thus, showing a drop in sales by 21%. Of total, domestic sales being 15918 units in November 2016, registered a 24% fall as compared to 20819 units in November 2015. However, the export for month stood at 1344 units as against 898 units in November 2015 with 50% growth.

Mahindra & Mahindra (M&M) is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.
source : ventura

 

Coal India reports 50 million tonnes of production in November 2016

The company’s total off-take for the month of November stood at 48.16 million tonnes, as against a target of 49.80 million tones

Coal India, the world’s largest coal miner by output, has reported provisional production of 50.00 million tonnes in November 2016, as against a target of 53.85 million tonnes. The company’s total off-take for the month of November stood at 48.16 million tonnes, as against a target of 49.80 million tonnes.

Coal India is the world’s largest coal mining company. It also produces non-coking coal and coking coal of various grades for diverse applications.
source : ventura

 

Entertainment Network commences broadcast from its radio station at Pune

The company's second channel has been branded ‘Mirchi Love’

EntertainmentNetwork (India) has commenced broadcast from its radio station at Pune (2ndchannel - 104.2 FM - acquired under Phase 3 auctions held last financial year).The company has commenced the same with effect from December 05, 2016. Thesecond channel has been branded ‘Mirchi Love’.

EntertainmentNetwork India (ENIL) is one of the leading entertainment and Media Company.ENIL operates in three segments: radio broadcasting segment, out-of-home mediasegment and experiential marketing segment. Radio broadcasting segment operatesunder the brand Radio Mirchi.
source : ventura

 

Dalmia Bharat Group to invest Rs 2000 crore for expansion: Report

Dalmia Bharat, the flagship company of Dalmia Bharat Group owns 74.6 per cent stake in OCL India

In order to expand the capacity of its cement plant in Odisha, Dalmia Bharat Group is reportedly planning to invest Rs 2000 crore. Dalmia Bharat, the flagship company of Dalmia Bharat Group owns 74.6 per cent stake in OCL India, a leading cement maker with the largest market share in Odisha

OCL India with a total installed capacity of 5.4 million tonne per annum distributed between its two manufacturing units in Odisha, has consistently been fulfilling the ‘Make in Odisha’ agenda of the state since 1950.
source : ventura

 

Today (06.12.16) foll cos. will declare Q2 results :
DCW, Electrosteel Casting, Future Retail, Subex, Surya Roshni, Venky’s India
source: ventura

 

Lupin's arm receives USFDA approval for generic Topicort Ointment

Topicort had US sales of $14.4 million, as per IMS MAT September 2016

Lupin’s US subsidiary, Lupin Pharmaceuticals, Inc. (collectively Lupin) has received final approval for its Desoximetasone Ointment USP, 0.25% from the United States Food & Drug Administration (USFDA) to market a generic version of Taro Pharmaceuticals, Inc.’s Topicort Ointment, 0.25%. Topicort had US sales of $14.4 million, as per IMS MAT September 2016.

Lupin’s Desoximetasone Ointment USP, 0.25% is the AB rated generic equivalent of Taro Pharmaceuticals, Inc.’s Topicort Ointment, 0.25%. It is indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid-responsive dermatoses.

Lupin is a pharmaceutical company and is engaged in formulation of drugs and active pharmaceutical ingredients (APIs), generics, biotechnology, novel drug discovery and development, drug delivery systems and specialty pharmaceuticals.
source: ventura

 

Today (07.12.16) foll cos. will declare Q2 results :
Ansal Properties, Crompton Greaves, GMR Infra, Krebs Bio, PNC Infra, Prestige Estates
source: ventura

 

Today (08.12.16) foll cos. will declare Q2 results :
GOL Offshore, Electrosteel Steels, Finolex Ind, MMTC, NLC India, Jindal Steel, Seamec, Purvankara, SAIL
source: ventura

 

Escorts concludes divestment of OEM, Export business of Auto Products division

The company has completed the divestment to Pune’s Badve Engineering on December 6, 2016

Escorts’ has completed the divestment of its Original Equipment Manufacturer (OEM) & Export business of Auto Products division to Pune’s Badve Engineering on December 6, 2016.

Earlier in August, the company had inked an agreement to sell its OEM & Export business of Auto Products division to Badve Engineering. The all-cash deal was part of the company’s planned strategic reorientation of the business to focus on core verticals in the agri-machinery, construction equipment and railway equipment.

Escorts offer a comprehensive range of tractors with more than 45 variants starting from 25 to 80 HP. The company also manufactures and markets a diverse range of equipments like cranes, loaders, vibratory rollers and forklifts.
source: ventura

 

Phoenix Mills enters into SPA to acquire 20.01% stake in K2A

The proposed acquisition by the company will be effected on the terms and conditions mutually agreed between the company and K2A

Phoenix Mills has entered into a Share Purchase Agreement (SPA) on December 6, 2016 for acquisition of the entire 20.01% shareholding of K2A Hospitality (K2A), an equity shareholder in Alliance Spaces (ASPL). The proposed acquisition by the company will be effected on the terms and conditions mutually agreed between the company and K2A and will be subject to fulfillment of certain conditions precedent and other independent conditionalities contained in the SPA.

Besides, the company’s subsidiary - Phoenix Hospitality Company has 57.99% equity shareholding in Alliance Spaces (ASPL) as on date. Hence, ASPL is an indirect subsidiary of the company as per Companies Act, 2013 and the company has an effective shareholding of 33.01% as on date.

Phoenix Mills is engaged in property development in India. Its activities include planning, execution, and marketing of projects, property rental and management, and maintenance and sale of the completed properties.
source: ventura

 

Prestige Estate to acquire additional 20% stake in Villaland Developers

The company’s overall stake in Villaland Developers stands at 80%

Prestige Estate Projects has received an approval for acquisition of additional stake of 20% in Villaland Developers LLP. Subsequent to the acquisition, the company’s overall stake in the LLP stands at 80%. The board of directors at its meeting held on December 7, 2016 has approved for the same.

Prestige Estates Projects is engaged in the business of real estate development. The company’s principal products/services include Development and construction of Properties, Leasing of commercial properties and Share of profit /loss from partnership firm.
source: ventura

 

USFDA inspects Divis Laboratories’ Unit-II at Visakhapatnam

The company has been issued a form 483 with 5 observations

Divis Laboratories’ Unit-II at Visakhapatnam, Andhra Pradesh has had an inspection by the US Food and Drug Administration (USFDA) from November 29, 2016 to December 06, 2016. The company has been issued a form 483 with 5 observations and these shall be responded within the time permitted.

Earlier, the company had successful inspection by the USFDA for its Unit-2 at Chippada, Bheemunipatnam near Visakhapatnam during February, 2016 with no observations.

Divis Laboratories focussed on developing new processes for the production of Active Pharma Ingredients (APIs) & Intermediates. The company in a matter of short time expanded its breadth of operations to provide complete turnkey solutions to the domestic Indian pharmaceutical industry.
source: ventura

 

GIPCL commissions two WTGs of 1.5 MW each in Gujarat

The company has now commissioned 15 MW (10 x 1.5 MW) Wind Mills at Kotadapitha Site in Gujarat state

Gujarat Industries Power Company (GIPCL) has commissioned two more Wind Turbine Generators (WTGs) of 1.5 MW each at Kotadapitha village, Babra taluka, Amreli district in state of Gujarat. Gujarat Energy Development Agency (GEDA) has issued Certificate of Commissioning of the said WTGs.

With the commissioning of two WTGs, the company has now commissioned 15 MW (10 x 1.5 MW) Wind Mills at Kotadapitha Site.

Gujarat Industries Power Company is a Electrical Power Generation company. It is engaged in production of electricity through naphtha and gas and lignite cased power plants.
source: ventura

 

Cipla receives final approval from USFDA for generic Baraclude tablets

Baraclude Tablets and generic equivalents had US sales of approximately $206 million for the 12 month period ending October 2016

Cipla has received final approval for its Abbreviated New Drug Application (ANDA) for Entecavir Tablets USP 0.5 mg and 1 mg, from the United States Food and Drug Administration (USFDA). Entecavir Tablets, USP 0.5 mg and 1 mg, are AB-rated generic equivalents of Bristol-Myers Squibb’s Baraclude tablets 0.5 mg and 1 mg and are a Hepatitis B virus nucleoside analog reverse transcriptase inhibitor indicated for the treatment of chronic Hepatitis B virus infection.

Baraclude Tablets and generic equivalents had US sales of approximately $206 million for the 12 month period ending October 2016, according to IMS Health. The product will cater to the US market and will be commercially available in the coming weeks.

Cipla is a global pharmaceutical company which uses cutting edge technology and innovation to meet the everyday needs of all patients. For 80 years, Cipla has emerged as one of the most respected pharmaceutical names in India as well as across more than 100 countries.
source: ventura

 

Nse TCS 3.50 lakhs @ 2184 value 76.55 crs

 

Nse SRTRANSFIN 6.41 lakhs @ 910.10 value 58.40 crs

 

SBI inks agreement with Haryana Government for promotion of digital transactions

The customers would be provided with the facility of making their payments towards government dues through PoS machines

State Bank of India (SBI) has inked an agreement with Haryana Government for promotion of digital transactions in the state. The customers would be provided with the facility of making their payments towards government dues through Point of Sale (PoS) machines.

The Bank would install 3,000 PoS machines in a phased manner. As many as 500 PSTN (Public Switched Telephone Network) and other PoS devices would be provided three days after receiving the list of locations and the remaining in batches of 500 every fortnight.

Besides, the Bank would not charge the Haryana Government for any transaction made on PoS machines and would also not charge any amount from customers for any PoS machines transactions. The Bank would also impart training government officials to operate PoS machines.
source: ventura

 

Nse HDFCBANK 3 lakhs @ 1192.50 value 35.85 crs