Bajaj Auto
Bajaj Auto’s sales disappointed in July too, as dull demand conditions and a strike at its Chakan plant appear to be hurting sales. Compared to June, its motorcycle sales have not declined by much but its CV-segment sales have fallen sharply. Domestic has done better compared to exports, over a year ago.
Companies
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Vivimed acquires Actavis drug facility for Rs 122 crore, gets US generic entry
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Vivimed Labs is acquiring a drug-making facility in India, that comes with regulatory approval from the US Food and Drug Administration (US FDA), giving it acess to the US market. It will get two products as part of the deal and some outsourcing contracts that will give it access to quicker revenue streams. In the longer run, it plans to file to sell new drugs from this facility.
Filed under: Companies, Top News, Generic Medicines, M&A, Pharmaceutical, USFDA, Vivimed Labs
Pipavav Defence to raise $150 million on LSE
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Pipavav Defence and Offshore Engineering plans to raise $150 million U.S. dollars (roughly Rs 892 crore) by listing on the London Stock Exchange (LSE) by October 2013, the company said. The capital raised will be invested in two subsidiaries and will also go towards reducing the company’s overall debt.
Filed under: Companies, Quick News, Shipping & Logistics, fund raising, Pipavav Defence
L&T gets Rs 8,250 crore Riyadh Metro order
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Engineering and construction company Larsen & Toubro (link) has won a sizeable international order from the Arriyadh Development Authority (link), as part of a consortium to build a metro for the city of Riyadh, in Saudi Arabia. L&T said that it has got an order worth $1.4 billion or Rs 8,250 crore for design, construction and commissioning of a metro project.
Filed under: Companies, Engineering, Infrastructure & Construction, Top News, Companies International, Larsen & Toubro
Holcim’s Ambuja-ACC deal: have investors got it all wrong?
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The stock market verdict on Holcim’s restructuring of its India is an unequivocal thumbs-down. Both Ambuja Cements and ACC are down on Thursday, a day after the merger was announced. Ambuja Cements took a bigger hit and fell by 10.5% while ACC was down by 3%.
Filed under: Companies, News Analysis, ACC, Ambuja Cements, Companies International, M&A, Valuation
Holcim stops short of merging ACC and Ambuja, makes a cash windfall
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A merger of Ambuja Cements and ACC has been long speculated upon, since both are owned by the same parent company Holcim. On July 24, Ambuja Cements declared its results and also announced a rather complex restructuring to bring ACC into its fold.
Filed under: Companies, Top News, ACC, Ambuja Cements, Companies Mergers & Acquisitions, M&A
Special pension for DLF directors: golden handshake a precursor to top deck shuffle?
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Real estate major DLF is asking its shareholders permission to set up a special pension scheme for its directors. The company said that while it is allowed to set up pension schemes for its employees in general, it wants to set up a specific limited pension scheme targeted at its directors who are retiring.
Filed under: Companies, Quick News, Directors, DLF
Blue Dart Express’ June quarter operating profit down by 15.8%
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Courier company Blue Dart Express, a DHL group company, reported a rather dull set of numbers for the June quarter.
The company’s sales rose by 5.4% to Rs 453.2 crore, a figure that includes a fuel surcharge component linked to market-based prices.
Filed under: Companies, Quick News, Blue Dart, Courier, June 2013 quarter, Results
Lupin to sell generic Glumetza in US market, with 6-month sole seller status
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Lupin’s U.S. subsidiary, Lupin Pharmaceuticals Inc., has got approval to sell the generic form of an anti-diabetes drug (for type II diabetes) in the U.S. market. Currently, specialty biopharmaceutical company Santarus Inc. holds the right to market the patented drug Glumetza HCL ER in the U.S. market, the generic form of which (Metformin Hydrochloride extended release tablet) Lupin will market in dosages of 500 mg and 1000 mg. Continue Reading →
Filed under: Companies, Quick News, Generic Medicines, Lupin, Pharmaceutical, Sun Pharma, USFDA
Bayer CropScience takes tender route for Rs 455 crore buyback
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Bayer CropScience’s share has jumped by 9.4% to Rs 1749 since it announced a week ago, that it is planning a share buyback. Today, its board said it has approved the proposal. But minority shareholders are likely to get a jolt, as the buyback will be through the tender route instead of a buyback routed through the stock market. And, what could be more upsetting is that the price has been fixed at Rs 1,580, a discount of 9.7% to the current price.