CG Power surges ~2% after inaugurating factory in Indonesia
Mumbai-based power generation MNC CG Power surged at ~2% after its subsidiary’s joint venture PT CPSI's factory was inaugurated in Indonesia.
PT CPSI is a joint venture company between CG International Holdings Singapore, which is a subsidiary of CG Power and Industrial Solutions Limited and PT Prima Layanan Nasional Enjiniring [a subsidiary of PT PLN (Persero)].
The JV has inaugurated Indonesia’s first High Voltage (HV) and Extra High Voltage (EHV) factory at the Modern Cikande Industrial Estate, Banten (Indonesia).
Dilip Buildcon bags order for Bhopal metro rail project
Dilip Buildcon has bagged a work order worth Rs247.06cr today for the Bhopal Metro rail project, Phase -I after emerging as the L-1 bidder. The order has been awarded by the Urban Administration and Development Department Madhya Pradesh Metro Rail, Bhopal (MP).
The work includes design and construction of the elevated viaduct, of 6.2km length between AIIMS and Subhash Nagar, excluding stations and including entry and exit to depot for Bhopal Metro Rail Project Phase-l. This is for a construction period of 27 months.
Ban on petcoke import as a fuel is credit positive for CGD entities
The announcement by the Government of India on August 17, banning the import of petcoke as a fuel nationwide except for use by a few industries is expected to benefit the City Gas Distribution (CGD) players in particular. As per an ICRA note, apart from the benefit to CGD entities, the increase in LNG demand would also benefit LNG importers, LNG regasification terminals, and gas pipeline entities as other industrial units shift from petcoke to alternate fuels such as natural gas.
Lupin gets USFDA nod for generic Hydrocortisone Butyrate Lotion
Shares of Pharma major Lupin were trading flat on the BSE after the company said it has received final USFDA approval for its Hydrocortisone Butyrate Lotion, 0.1%. The United States Food and Drug Administration's (USFDA) approval to Lupin is for marketing a generic version of PreCision Dermatology's Locoid Lotion, 0.1%.
Hydrocortisone Butyrate Lotion, 0.1%, had annual sales of approximately $13.8mn in the US in the year to April 2018 (IQVIA MAT).
Lupin's Hydrocortisone Butyrate Lotion, 0.1%, is a corticosteroid indicated for the topical treatment of mild-moderate atopic dermatitis in patients three months of age and older.
HCL Tech gains after shareholders approve buyback offer
HCL Technologies’ stock gained 2% in the late morning session on Tuesday after its shareholders approved a proposal to buy back shares worth Rs4,000cr.
This buyback is a part of the company’s strategy to return over 50% of its net income to the shareholders. HCL, in its filing to BSE on Monday after market hours, also said that 99.59% shareholders had voted in favor of the proposal.
Meanwhile, the company has also launched an Al-powered Testing Automation Platform for the communication service providers.
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