Dalal Street

Sintex will acquire ownership of Bright Brothers’ all five automotive component manufacturing plants located in close proximity to major automobile production hubs like Chennai, Sohna, Pune, Pithampur and Nashik.

The newly-formed entity will retain all 400 employees from the existing workforce of the automotive division.

Bright Brothers’ plastics unit makes consoles, trims, bumpers, seating and cockpit systems. Sintex primarily makes fuel tanks in its auto plastics division. The acquisition represents a significant step towards establishing a strong presence in the domestic plastic auto component market, Sintex said.

Ranbaxy Laboratories has announced that the company has received approval from the U.S. FDA to manufacture and market carvedilol tablets, 3.125 mg, 6.25 mg, 12.5, and 25 mg. The office of generic drugs, U.S. FDA, has determined the Ranbaxy formulations to be bioequivalent and have the same therapeutic effect as that of the reference listed drug coreg tablets, 3.125 mg, 6.25 mg, 12.5 mg, and 25 mg, respectively, of GlaxoSmithKline. Total annual market sales for carvedilol tablets were $ 1.6 billion.

Carvedilol is indicated for the treatment of mild-to-severe heart failure of ischemic or cardiomyopathic origin, usually in addition to diuretics, ACE inhibitor, and digitalis. Carvedilol is also indicated to reduce cardiovascular mortality in clinically stable patients who have survived the acute phase of a myocardial infarction, as well as in the management of essential hypertension, alone or in combination with other antihypertensive agents.

Cadila Healthcare has also received an approval from the US FDA to market carvedilol tablets 3.125 mg, 6.25 mg, 12.5 mg. and 25 mg, in the US market. The drug falls in the cardiovascular segment.

Hindustan Dorr Oliver has been awarded contract for design, residual basic engineering, detailed engineering, procurement, erection, construction and commissioning of HRDs & DCWs including flocculant preparation unit and cauticisation unit along with associated facilities and auxiliaries for Rs 770 million as a part of National Aluminium Company (NALCO) process of expansion of their alumina refinery at Damanjodi, Orissa from 1.575 million TPY to 2.1 million TPY capacity, by adding one more production line of 525 KTPY capacity. This expansion project is designated as NALCO phase — 2 expansion.

NALCO has appointed Engineers India, New Delhi (EIL) as their consultant and HDO will be executing the above mentioned HRD & DCW package — II on lumpsum turnkey basis in 16 months.

Sical Infra Assets was formed to park the Sical Logistics’ asset-heavy, capital-intensive, longer gestation infrastructure-based business. These capital-intensive business include the logistics hub at Nagpur, the iron ore terminal at Ennore port, the company’s container rail project, and the business of container terminals at Tuticorn and Chennai ports.

Old Lane Mauritius IV, a vehicle of Old Lane Opportunities Funds, has invested $26 million (Rs 107 crore) for a 26% stake in Sical Infra Assets, a new unit of Sical Logistics.

Reportedly, Sical Logistics also plans to list its new subsidiary on the stock exchanges to raise funds to finance the company’s growing infrastructure business.

Here is our report on Logistics Scenario in India.

Punj Lloyd has applied for an industrial licence to make guns, rockets and missile artillery systems in a bid to expand its businesses. The Indian defence equipment market is worth Rs 1,00,000 crore.

Reportedly, the licensing committee of the ministry of commerce is expected to take a decision on this soon. Leading companies such as Larsen & Toubro, Tata Group, Mahindra & Mahindra, and others have already secured licenses from the government to produce defense equipment, reports suggest.

Citigroup has a BUY recommendation on Punj Lloyd with a target price of Rs 350.