TOP CORPORATE NEWS - 28 JULY 2015

·Power Grid approves Rs307 cr investment for transmission project
Power Grid Corporation of India has announced that the Board of Directors of the Company at its meeting held on July 24, 2015, have accorded the investment approval for 'Transmission System associated with RAPP 7 & 8 Part-B’ at an estimated cost of Rs307.18 Crore, with commissioning schedule of 28 months from the date of investment approval, matching with the Implementation Agreement (IA) signed with the generator.
·Hero MotoCorp enters into settlement agreement for EBR’s consulting biz
Hero MotoCorp has entered into a settlement agreement with the Receiver appointed by the US Court for Erik Buell Racing after it filed for bankruptcy. As per the agreement Hero will acquire ownership of certain tangible and intangible assets of EBR for USD2.8mn. Hero and the Receiver have entered into an agreement to resolve all disputes and give mutual releases.                                                                               
·Tata Motors working on a new platform for SCVs
Tata Motors is working on a new platform for small commercial vehicles (SCVs) which will replace the Ace platform. The ACE platform is 10 years old and hence the company is developing a new product to address the change in customer requirements.
·Siemens bags order worth Rs67 crore from L&T
 Siemens has bagged an order worth Rs67 crore for supply of high voltage gas insulated switchgear from Larsen & Toubro – Positive for Siemens.
·Ambuja Cement lower realization, muted demand dent Q2 earnings
The net sales declined by 7.9% on YoY basis to Rs2493 crore. The decline in the revenue is on account of decrease in the realization by 9% YoY to Rs4239 per tone. However, volume for the quarter rose by 1.6% to 5.88 million tonnes. In addition to the lower realization, the cost pressure has also continue to remain higher which resulted in to contraction in the operating profit margin. Consequently the operating profit has declined by 36.2% YoY to Rs366 crore.
·Glenmark Pharma's Finacea generic infringes Bayer patent
The federal court said Glenmark's proposed gel would be absorbed into the skin in a similar way to Finacea, violating Bayer's patent. Germany's Bayer had sued Glenmark in 2013 after Glenmark filed an application to market a copycat version of the USD 95 million drug in the United States.                                                                                                                                                                                                                                                    ·Aurobindo receives final approvals for Esmolol Hydrochloride Injection
Aurobindo Pharma has received final approvals from the US Food & Drug Administration ( USFDA) to manufacture and market Esmolol Hydrochloride Injection, 100mg/10mL.
Aurobindo now has 13 ANDAs (represented by 10 product classes) approved out of Unit IV formulation facility in Hyderabad, India for manufacturing general injectable products. Positive for the company.
·IRB Infra achieves financial closure for Kaithal Tollway project
IRB Infrastructure Developers announced that Kaithal Tollway, wholly-owned Subsidiary of the Company, has achieved financial closure in terms of the Concession Agreement executed with NHAI, by tying up of Project finance of Rs1,400 crore. The total cost of this project is Rs 2290 crore, out of which Viability Gap Funding from NHAI will be Rs234 crore, equity contribution by the Company will be approx. Rs656 crore and remaining will be funded through Project finance of Rs1,400 crore.
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