TOP CORPORATE NEWS - 27 OCT 2015

·PuraCap suit may impact Cipla's $550-million deal

PuraCap Pharmaceutical, a New Jersey-based drug maker, has filed a civil lawsuit last week against InvaGen and Exelan in a US court alleging that InvaGen breached certain obligations to PuraCap by 'improperly negotiating' with a unit of Cipla when it was legally prohibited from doing so. Although strong in markets like India and Africa, Cipla lags its leading local peers in terms of market share in the US. The acquisitions were aimed at boosting its presence in the US, from where it targets to generate at least 20% of overall revenue by 2020. 

· NIIT Technologies to build airline-specific IT systems for Flydubai

Dubai-based airline fly dubai has signed NIIT Technologies to build airline-specific IT systems to better passenger satisfaction. NIIT Technologies plans to deliver these services through its global delivery center at its campus in Greater Noida, India. This will include a dedicated Testing Center of Excellence. NIIT Technologies will also provide support on software development projects with data center services through its Infrastructure Management Services. 

·Nestle resumes manufacturing of Maggi noodles

Nestle India has resumed the manufacturing of its instant noodles Maggi at three of its India facilities and will hit the markets after getting clearances from food testing laboratories; the product is expected to hit the market next month (around the launch of Patanjali atta Noodles) – sentimentally positive for Nestle India.

·Thomas Cook subsidiary forays into adventure tourism

Thomas Cook India’s subsidiary Sterling Holidays acquired Nature Trails Resorts PVT. Ltd –an adventure holidaying company that operates four resorts in Maharashtra. The financial details of the deal have not been disclosed by the company. However media reports indicate that the deal is valued at Rs 50crore.  This acquisition will not only increase the room inventory of Sterling Resorts (current room inventory 1767 rooms), but will also adventure tourism products into its existing product profile.

·Crompton to sell Power Systems Business in Canada

Crompton Greaves board approved the decision to sell Power Systems Business in Canada to PTI Holdings Corporation in a structured deal for an enterprise value of 20 million Canadian dollars (Rs100 crore). Value unlocking for the company hence– Positive for Crompton Greaves.

                                                                                                                                                                              

· Workers strike at Raymond's Chhindwara plant

Raymond’s workers at its Chhindwara plant in MP have gone on strike demanding unreasonable and unlawful bonus. The management is in dialogue with the workers and is trying to resolve the situation.

Apart from the said unit, the company has its plant at Vapi and Jalgaon which are continuing their normal operations and hence the current strike is unlikely to impact the avaliabilty of finished goods in the market.

                                                                   

· Havells India launches new range of products

Havells India has introduced a new range of premium, super premium and concept of personalised distribution boards available in leather, wood and marble finish. It has also launched Euro II range of switchgear First 'Made in India' circuit breakers from its portfolio. Havells ACCL is a fully automatic high precision microcontroller based 'Source Changeover' device that offers easy and controlled changeover between main power supply and generator supply. Havells is the first organised sector company in India to manufacture ACCL.

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