Corporate Current Affairs

Weekly Corporate Current Affairs

Strides Shasun said that it will hive off its commodity focused active pharmaceuticals ingredients (API) manufacturing unit as a separate business that would emerge as a supplier to global Pharma firms.

Reliance Communications (RCom) announced the introduction of “Next-Gen app-to-app calling in the country and worldwide”. The offer launched by the company has been billed as ‘Calling Ka Naya Tareeka’ and in this introductory offer it is offering 300 minutes of app-to-app calling for Rs39.

To increase capital base, Bank of India has raised Rs5.40bn through monetisation of its non-core assets so far in 2016-17 and is planning to raise a similar amount in the rest of the year.

Unitech Ltd was directed by the Supreme Court to deposit Rs150mn principal amount by September-end to pay back investors who had bought flats in its Gurgaon project but not got possession on time.

Lupin said its subsidiary Gavis Pharmaceuticals has received final approval from the US health regulator to market potassium chloride extended release capsules, used for treating potassium deficiency in the bloodstream, in the American market.

Indiabulls Housing Finance has raised Rs8bn by issuing non convertible debentures (NCDs) on a private placement basis.

Dewan Housing Finance Corporation said it will raise up to Rs100bn through issuance of secured non-convertible debentures (NCDs) in one or more tranches.

Nestle India launched new variants in its Maggi Noodles portfolio and re-launched cup noodles.

Power Grid Corporation of India is looking to participate in intra-state projects, a deviation from its traditional role as the central power transmission utility that has been prompted by the reforms in state-run power distribution companies.

Some foreign players have expressed interest in partnering with Hindustan Petroleum (HPCL) and GAIL to build a petrochemicals complex in Andhra Pradesh.

Roche has sued Zydus Cadila and India’s central drug regulator at the Delhi High Court over the approval and launch of breast cancer drug Vivitra (trastuzumab). Roche is planning to block the product from the market.

Dilip Buildcon has bagged Rs20.16bn road project in Uttar Pradesh.

Wipro has bought minority stake in Israeli cyber security company, Intsights Cyber Intelligence for $1.5 million.

Trent has assigned a capital outlay of Rs1.50bn to expand to West Asia and launch its own mass market apparel stores, apart from adding about 50 stores across formats such as Westside and Star Bazaar.

The Government has slapped an additional penalty of USD380mn (around Rs25bn) on Reliance Industries and its partners for producing less than targeted natural gas from eastern offshore KG-D6 fields.

Singtel said it will buy 7.39% stake in Bharti Telecom Ltd, the holding company of Bharti Airtel, for USD659.5mn (over Rs44bn).

BHEL has secured an order to set up solar photovoltaic (SPV) plants estimated to cost Rs1.69bn.

Lubrizol Advanced Material India, announced the termination of all processor agreements for its CPVC pipes and fittings with Astral Poly Technik.

Spark Minda group flagship firm, Minda Corporation has formed a joint venture with China’s Shandong Beiqi Hai Hua Automobile Parts Co (SBHAP).

Tata Realty & Infrastructure is in advanced talks with a Macquarie Group and State Bank of India to buy two road assets, more than doubling its investment in three years.

Tata Power Solar today said it has commissioned a 100mw solar project for NTPC in Anantapur, Andhra Pradesh, the biggest solar project commissioned using domestically manufactured solar cells and modules.

JSW Steel will acquire 74% stake in JSW Praxair Oxygen Pvt Ltd (JPOPL) for Rs2.40bn in cash.

Natco Pharma has received an Establishment Inspection Report (EIR) for its Kothur facility in Telangana from the US health regulator after successful completion of an inspection.

Cadila Healthcare has received Establishment Inspection Report (EIR) for its Changodar manufacturing plant located near Ahmedabad from the US health regulator after successful completion of inspection.

The launch of State Bank of India’s (SBI) much-awaited payments bank has been delayed further, because its private partner wants to first launch its mobile telecom business Reliance Jio, wait for it to stabilise before launching the payments bank.

Idea Cellular is rapidly expanding its 4G LTE services ahead of Reliance Jio’s launch. The company now offers high-speed next generation mobile broadband services in 390 towns spread over 32 districts in Maharashtra and Goa.

JK Lakshmi Cement has received environment clearance for expansion of its limestone mine output in Rajasthan, entailing an investment of Rs1.20bn.

Piramal Enterprises Ltd announced that its wholly owned subsidiary in the US has entered into an agreement to acquire 100% stake in Ash Stevens Inc., a US based Contract Development and Manufacturing Organization (CDMO), in an all cash deal for a consideration of USD42.95mn plus an earn-out consideration capped at USD10mn. This potential transaction is expected to be completed by the end of August.

Escorts announced the divestment of its OEM and export business of auto products division to Pune’s Badve Engineering. The company, however, did not disclose the deal size.

GVK Power & Infrastructure Ltd has said it is hopeful of bagging the mandate to develop the Navi Mumbai greenfield airport project.

In a big blow to Infosys, the Royal Bank of Scotland (RBS) has cancelled a major contract that will impact as many as 3,000 of Infosys employees and impact revenues for the year by about USD40mn.

Hindalco’s Novelis unit will launch a bond sale in the US to raise as much as USD1.1bn to refinance debt.

Yes Bank plans to raise USD1bn (about Rs68.85bn) through QIP in the next 7 months for which it has started engagement with large investors across geographies.

Kotak Mahindra Bank has started an ‘Innovation Lab’ in Bengaluru to tap into the best technology that impacts its operations, and is open to investing in startups.

GVK Power & Infrastructure Ltd said it was in advanced stage of negotiations to sell one of its BOT road projects as part of its ongoing efforts to reduce the debt levels.

Oil and Natural Gas Corp and its partners will invest Rs8.23bn to produce natural gas from coal seams of its Bokaro block in Jharkhand from 2017-18.

Aurobindo Pharma will set up a facility to manufacture 50mn dosages of vaccines per annum as it plans to launch its vaccine products commercially in 2018.