UltraTech Cement will acquire a 32.72 per cent stake in India Cements from promoters and their associates for ₹3,954 crore. Besides, Ultratech has also announced a ₹3,142.35 crore open offer to acquire another 26 per cent share of India Cements from its shareholders. The board of the Aditya Birla firm approved the acquisition of 32.72 per cent stake from promoters and their associates at ₹390 a share, according to a regulatory filing from UltraTech on Sunday.
Colgate-Palmolive (India) Ltd has received a tax demand notice of ₹248.74 crore from the Income Tax Authority in a transfer pricing-related issue. The FMCG major said it will be challenging the order before the appellate tribunal. The income tax demand is for the financial year ended on March 31, 2021, for transfer pricing-related issues.
Drug major Cipla expects to commence supplies to the US market from its China facility in the second half of the current fiscal after getting approval from the American health regulator, according to its MD and global CEO Umag Vohra. Addressing shareholders in the company’s Annual Report for 2023-24, he noted that the company is working with the USFDA to resolve issues with its various domestic plants. Meanwhile, Cipla’s Samina Hamied, non-executive director of the company, tendered her resignation from the Board with effect from October 2024 due to “personal and family commitments.”
The board of Cholamandalam Investment and Finance Company has announced the elevation of Ravindra Kumar Kundu as its Managing Director. His term of appointment would be for a period of five years with effect from October 7. Kundu currently serves Cholamandalam Investment and Finance Company as its Executive Director.
United States Food and Drug Administration (USFDA) had inspected Indoco Remedies’ Goa manufacturing facilities at Plant II (Sterile) and Plant III from July 16 to 26. On the conclusion of the inspection, the Company has received 7 (seven) observations in Form 483. In a separate notice, Indico Remedies said that it has received a GST demand of ₹58.95 lakh from West Bengal authority.
Bharat Heavy Electricals Ltd (BHEL) | has been awarded a contract by Damodar Valley Corporation (DVC) to set up the 2x800 MW Koderma phase-II thermal power station in Koderma district, Jharkhand. The total value of the order exceeds ₹10,000 crore, excluding taxes and duties.
The US Food and Drug Administration conducted the cGMP and pre-licensing inspection at Biocon Biologics’ facilities in Bengaluru during July 15-26. At the close of the inspection, the regulator issued a Form-483 with 10 observations: one across the four drug substance facilities, seven across the two drug product facilities, and two on the analytical quality control laboratories. Biocon Biologic is subsidiary of Biocon.
Maruti Suzuki has received a final assessment order with a total tax demand (including interest) of ₹779.2 crore. The company has received a final assessment order for the financial year 2019-20 from the Income Tax Authority, Maruti has received a Show Cause Notice for the initiation of penalty proceedings concerning this order.
Glenmark Life Sciences informed the exchanges that the Gujarat Pollution Control Board (‘the Board’) has ordered not to carry out production activity at GIDC, Ankleshwar unit. The Board has also ordered to deposit interim Environment Damage Compensation as and when decided by the Board.
Godawari Power and Ispat has received permission from the Chhattisgarh Environment Conservation Board for setting up a 2 mt pellet plant for the expansion of iron ore pelletisation capacity from 2.7 to 4.7 MTPA. The pellet plant is proposed to be financed from internal accruals of the company and is expected to be commissioned by Q1FY26.
Hindustan Zinc has received an order from the Assessment Unit, Income Tax Department (NFAC) for the Assessment Year 2013-14, demanding ₹1,884.3 crore on July 25. The company said that has already filed an application for rectification of mistakes on July 26 and is hopeful of a favourable outcome.
Manappuram Finance said that it has received intimation from its subsidiary company and its service vendor (Manappuram Comptech and Consultants) about a potential fraud of ₹20 crore perpetuated by an employee. It has appointed KPMG to conduct a detailed analysis of the fraud. In a separate notice, the company said the Reserve Bank of India has imposed a monetary penalty on the Company on account of non-compliance with certain provisions of the RBI’s Master Direction on Know Your Customer dated February 25, 2016 (as updated from time to time), in relation to the Company’s business as a payment system operator.
Jubilant Pharmov has received a tax demand of Rs 38.13 crore on its subsidiary Jubilant Generics from the Income-Tax departnebt due to mistakes apparent from records apart from certain transfer pricing adjustments.
Strides Pharma Sciences’ step-down subsidiary Strides Pharma Global Pte in Singapore has incorporated a company - Strides Pharma New Zealand Pty Limited in New Zealand. The New Zealand unit will hold market authorisations for the products in New Zealand and will also undertake trading in pharmaceutical products.
Laxmi Organic Industries has received an Assessment Order from the Income Tax Department for the assessment year 2020-21, demanding ₹26.27 crore for the income tax return filed for the financial year 2020-21. The company believes the claim under the said assessment order is not maintainable and is in the process of preferring an appeal and rectification against the said order. The assessment order has no material impact on the financials, operations, or other activities of the company.
Results calendar: ACC, Bharat Electronics, Arvind, ASK Automotive, Adani Total Gas, Adani Wilmar, Colgate Palmolive, CSB Bank, Data Patterns, Hindustan Petroleum Corporation, Indian Bank, Jindal Saw, Kansai Nerolac Paints, Kalpataru Projects International, Pfizer, Quess Corp,Strides Pharma Science, Voltamp Transformers, Whirlpool of India, and Wonderla Holidays