Category: Breaking Corporate India Earnings News

Aurobindo Pharma has announced that the UK-MHRA has issued a certificate of GMP Clearance for its unit-VIII situated at Kazipally, near Hyderabad Andhra Pradesh. With this clearance, the API site completes one of the important formalities of supplies to be made in the European Union and observer states. The certificate is also recognized by several other regulatory agencies and customers globally. The facility has already been inspected successfully in the past by US-FDA and WHO-Geneva as well.

Fortis Healthcare has announced that International Hospital,a wholly owned subsidiary of the company has together with Oscar Investments entered into an agreement for acquisition of equity shares of Malar Hospitals, Chennai. 39,00,000 equity shares from promoters of Malar Hospitals representing approximately 28% of its present paid-up equity capital.

Allotment of 46,66,666 equity shares of Malar Hospitals representing 25.10% of the fully expanded voting equity capital, by way of preferential allotment consequent to conversion of loan into equity.

Kirloskar Brothers has announced that the joint ventures formed by the company have received contracts from the Government of Andhra Pradesh, irrigation & CAD department.

Hindri Niva Sujala Sravanthi (HNSS) project main canal for stage II of Phase I on EPC Turnkey system, in respect of investigation, design, manufacture, supply of pumps, motors and pressure mains at site of work including erection, commissioning and testing of 8 numbers at each pumping station of hydro mechanical, electro mechanical and other accessories and maintenance of 12 pumps at each pumping station and the system for 15 years. The total contract value is Rs 761.24 crore. KBL portion of contract value: Rs 114.16 crore.

The company has received additional order for supply of pumps & pumping system from Megha Engineering & Infrastructures in respect of the aforesaid project at a contract value of Rs 145.84 crore.

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.