October 21, 2017

TOP CORPORATE NEWS

  • Center to invest Rs10000 crore in power sector

As per media reports, the centre will invest Rs10,000 crore in the power sector of the eight North Eastern states, including Sikkim. The Centre has already approved a scheme for strengthening the transmission and distribution system in Arunachal Pradesh and Sikkim.There was also plan to restart the Teesta Hydro Electric Project in Sikkim with an investment of Rs13,000 crore.

  • IDFC to start banking operations from 1st October 2015

IDFC to start banking operations from 1st October  2015. Each shareholder in IDFC to get 1 share of IDFC Bank- positive.

  • Glenmark Generics gets ANDA approval

 Glenmark Pharmaceuticals announced that Glenmark Generics Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration ( US FDA) for the oral contraceptive Levonorgestrel and Ethinyl Estradiol Tablets USP, 0.09 mg/0.02 mg, the therapeutic equivalent of Lybrel® of Wyeth Pharmaceuticals, Inc. (which is no longer being marketed in the United States).

  • Max India gets CCI approval for demerger

Competition Commission has approved Max India’s proposed corporate restructuring plan to vertically split the company through a demerger into three separate listed firms, including one for life insurance.

  • IndusInd Bank to buy RBS’s India jewellery financing business

IndusInd Bank said it would buy Royal Bank of Scotland’s diamond and jewellery financing business in India and the related deposit portfolio. RBS’s India diamond and jewellery financing loan book is about Rs45 billion ($721.7 million) in size, IndusInd said. It did not give a value for the deal.

  • Aurobindo Pharma gets USFDA approval for anesthesia drug

Aurobindo Pharma has received final approval from the US Food and Drug Administration (USFDA) to manufacture and market Atracurium Besylate injection in single and multi-dose vials.

The market size of the drug is not immediately known, injectible being a niche segment, the company may gain significantly from this product.

  • Coal India likely to be permitted to sell coal through e-auction

As per media reports, coal India is likely to be permitted to sell an increased amount of its coal through e-auction, which is having better margin.

The report suggests that Coal India will be allowed to sell up to 10% of coal through e-auction, against 7% in last year. Positive read through.

  • NFL restarts production in Panipat Unit

National Fertilizers Ltd (NFL) announced that it has resumed production at its Panipat Plant w.e.f. April 06, 2015. The plant was under annual turnaround w.e.f. March 04, 2015.

  • Coal India likely to be permitted to sell coal through e-auction

As per media reports, coal India is likely to be permitted to sell an increased amount of its coal through e-auction, which is having better margin.The report suggests that Coal India will be allowed to sell up to 10% of coal through e-auction, against 7% in last year. Positive read through.

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