Railway stocks such as IRCTC, Connor, RITES, Titagarh Wagons, RVNL, IRFC, Texmaxo Rail, RailTel, BEML, Ircon, and Kernex Micro may come under focus following the tragic accident of Coromandel Express that killed 275 people on Friday, as experts believe an increased spend on railway infrastructure, especially on safety aspects.
Insurance Regulatory and Development Authority of India has identified SBI Life as the acquirer insurer of the life insurance business of Sahara India Life Insurance Company (SlLIC) to protect the interest of the policyholders. SBI Life will take over the policy liabilities of around two lakh policies of SILIC, backed by the policyholders’ assets, with immediate effect.
Tech Mahindra’s subsidiary Comviva Technologies along with the company’s step-down subsidiary Comviva Technologies BV agreed to sell 0.04 per cent and 99.96 per cent shareholding in Comviva Technologies do Brasil Indústria, Comércio, Importação e Exportação Ltda.
The buyer is Druid Internet Systems Comércio E Serviços Ltda. The transaction is expected to be completed by August 2023. The company will exit the product line without impacting its customers being served, it said.
Indoco Remedies Limited’s Clinical Research Organisation, AnaCipher, located in Hyderabad, was inspected by the United States Food and Drug Administration (USFDA) in July 2022. The USFDA has confirmed that no objectionable conditions were observed during their remote assessment.
However, it has received four observations from the USFDA for its Sterile Facility (Plant II) located in Goa. The USFDA inspected between February 20 and 28, 2023. USFDA has determined the inspection classification of this Facility as OAI (Official Action Indicated). The company is committed to working with USFDA for remediation of the concerns on the highest priority
Bharat Aluminium Company Limited (BALCO), a subsidiary of Vedanta Limited, has entered into a power delivery agreement to source 200 MW solar renewable power for its aluminium operations at BALCO, Chhattisgarh, through special purpose vehicle — affiliates of Serentica Renewables India Private Limited (erstwhile Sterlite Power Technologies Pvt Ltd), a company engaged in the business to supply renewable energy based on solar, wind and battery storage solutions.
Vedanta aims to achieve substantial consumption of renewable energy for smelting and associated operations, and meeting power requirements of capacity expansion at BALCO Operations.
Lemon Tree Hotels Limited announced the opening of two of its latest hotels — Lemon Tree Hotel, Agra, and Lemon Tree Hotel, Bhopal. With these two launches, the company makes its debut in both cities and also adds more than 100 rooms to its inventory.
Lupin Limited (Lupin) has announced the launch of Darunavir Tablets, 600 mg and 800 mg, to market a generic equivalent of Prezista® Tablets of Janssen Products, LP. Darunavir Tablets, 600 mg and 800 mg (RLD Prezista®) had estimated annual sales of $308 million in the US (IQVIA MAT March 2023).
Bajaj Finserv has signed a Memorandum of Understanding (MoU) with the government of Maharashtra, to develop a ₹5,000 crore project in Pune, one of the largest financial services investments in the country. The Bajaj Finserv campus is planned as an iconic landmark in Pune and will house Bajaj Finserv’s world-class workspaces.
The project is expected to create 40,000 jobs and continue to develop Pune as a financial centre. Work on the project will commence in 2023 and envisions state-of-the-art connectivity and facilities for business.
The Income Tax Department has carried out survey proceedings at IPCA Laboratories’ offices in Mumbai and at Sikkim manufacturing plants between May 30 and June 3.
NTPC Green Energy Limited, a wholly-owned subsidiary of NTPC Limited has incorporated a 50:50 joint venture with Indian Oil Corporation Limited — IndianOil NTPC Green Energy Private Ltd.
The JV will develop renewable energy-based power projects (viz. solar PV, wind, any other RE, energy storage, or any combination of same), to supply 650 MW or more renewable power on round a clock basis, to cater to the requirement of IOC.
Wonderla Holidays Limited has announced that the government of Tamil Nadu has granted a waiver of Local Body Tax (LBT) of 10 per cent for 10 years from the commencement of commercial operations, after persistent efforts by the Company.
However, the amendment is subject to the condition that the commercial operation shall be commenced within two years from June 2, which is very positive for the business of the company. With this, the company expects to commence the operations of the Chennai project at the earliest.
Indorama Yarns Private Limited, a wholly-owned subsidiary of Indo Rama Synthetics (India) Limited, has successfully started commercial production of “Bottle grade PET resins” from its newly constructed Solid-State Polymerisation (SSP) Plant at Butibori, Nagpur, Maharashtra, on June 2.
Cravatex Limited had mortgaged its properties located at Nariman Point (Mumbai) and Prabhadevi (Mumbai) in favour of HDFC Bank Limited as security against granting of credit facilities to Cravatex Brands Limited, the erstwhile subsidiary of the Company.
Consequent to the repayment of the credit facilities to the Bank by CBL and the sale/disposal of the company’s 100 per cent shareholding in CBL, the company arranged to release the mortgage on the properties.