Automobile sales for the month of June will be released on Friday by Tata Motors, M&M, Maruti Suzuki, Ashok Leyland, Escorts, Bajaj Auto, TVS Motor and Hero MotoCorp among others. According to analysts, the sector is expected to see mixed trend with strong wholesale sales in segments like passenger vehicles and commercial vehicles, while two-wheelers may continue to remain under pressure.
Reliance Brands Ltd, retail arm of Reliance Industries,has announced a strategic partnership with global fresh food and organic coffee chain, Pret A Manger, to launch and build the brand in India. With this long-term master franchise partnership, RBL will open the food chain across the country starting with major cities and travel hubs. Pret A Manger, French for ‘ready to eat', first opened in London in 1986.
Phoenix Mills Ltd, RZPL and PML subsidiaries (viz. Offbeat Developers-ODPL, Graceworks Realty and Leisure-GRLPL and Vamona Developers-VDPL) have executed an additional subscription agreement. After this, Reco Zinnia, owned by GIC (Realty), has completed its second tranche of investment of ₹400 crore across ODPL, VDPL and GRLPL on private placement basis by subscribing to the equity shares of each of the PML subsidiaries. As a result, Phoenix Mills (PML) and RZPL hold 67.10 per cent and 32.90 percent respectively, stakes in each of the PML subsidiaries.
Globus Spirits will be providing various services starting from engineering to ongoing operations, maintenance, and marketing services for distillery assets owned by Tilaknagar Industries. It has entered into an arrangement for strategic, technical, manufacturing and marketing tie-up with the aim to offer an integrated service to operate the plant at the envisaged rated capacity of 140 KLPD distillery asset owned by TIL located at Ahmednagar, Maharashtra. The company will get service fee as a share of EBIDTA generated by the distillery assets.
UPL has acquired 100 per cent holding in Nature Bliss Agro (NBAL), making it a wholly-owned subsidiary. NBAL proposes to carry out the business of manufacture and sale of crop protection and allied products, which has synergy with the existing business activities of UPL.
Lupin has received approval from US FDA for its Abbreviated New Drug Application (ANDA)—Paliperidone extended-release tablets. The drug is a generic equivalent of Invega extended-release tablets of Janssen Research and Development, LLC. The product will be manufactured at Lupin's facility in Goa. The drug had an estimated annual sale of $152 million in the US, as per IQVIA MAT March 2022 data. The drug is used in the treatment of schizophrenia.