·Adani signs MoU
with Australia's Woodside Energy; stk up
Adani Enterprises
has signed a memorandum of understanding ( MoU) with Australian
energy major Woodside Energy for cooperation for exploring business
opportunities across a broad spectrum in oil and gas sector in India,
as part of the Vibrant Gujarat initiative.
·LIC likely to
exit mutual fund JV, pare stake in LIC Housing
LIC is considering
exiting from its mutual fund joint venture with Nomura, and paring
its stake in LIC Housing Finance. LIC holds 45% stake in LIC –Nomura
MF and 40% in LIC housing finance (LIC housing also holds 20% in
LIC-Nomura MF).
·Reliance
announces investment intention of over Rs100,000 crore
Reliance Industries
announced investment intention of over Rs100,000 crore over the next
12-18 months in Gujarat.Further, it is indicated that the company
plans to partner with thousands of small businesses to expand in
retail and digital services.
· Tech Mahindra
gains on acquiring SOFGEN Holdings
Tech Mahindra signed
a definitive agreement to acquire Switzerland-based niche consulting
and services company SOFGEN Holdings. The transaction is expected to
close by March 2015, subject to regulatory approvals. The acquisition
will add USD 45 million to the revenue. SOFGEN has a worldwide
presence specializing in private, commercial and retail banking and
has around 20 Tier-I clients across geographies.
·Romania to develop
new drugs with Indian pharma companies
Romania's
state-owned drug agency 'Antibiotice Iasi' will collaborate with
Aurobindo Pharma to develop anti-viral medicines; Macleods Pharma
for tuberculosis and Cipla for cancer medicine.
The value of
bilateral trade between Indian and Romania is estimated at USD 3
million in pharma sector, which will be increased in near future.
·Bajaj Corp jumps
4% on robust Q3 revenue growth
Bajaj Corp revenues
grew by ~30% to Rs205.8crore, driven by volume growth ~21% in
Q3FY2015.The volume growth of flagship brand Bajaj Almond drop hair
oil stood at 19%. Nomarks brand contributed around Rs14crore during
the quarter. The gross margins improved by almost 200BPS to 62.6% and
the operating margins improved by 120BPS yoy to 28.7%. The PAT before
exceptional item grew by 30%yoy to Rs51.2crore, largely in-line with
strong top-line growth.
· Infosys' US based
subsidiary aids in improving healthcare access
Infosys announced
that its US based subsidiary, Infosys Public Services has
successfully implemented a premium billing and payments solution,
Benaissance's ExchangePoint financial management platform, for L.A.
Care Health Plan, the largest publicly operated health plan in the US
serving more than than 1.6 million members.
·Ranbaxy sued by
Novartis for challenging patent on Gleevec
Ranbaxy has
submitted an Abbreviated New Drug Application (ANDA) to the USFDA to
pursue the creation of a generic form of the Gleevec drug, which
under patent. This has prompted the Novartis (innovator) to file suit
against Ranbaxy. Gleevec (chemical name: Imatinib mesylate) is used
to treat chronic myeloid leukemia generates close to US$2bn of
revenue in US.
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