Escorts teams up with Japan’s Tadano Group for manufacturing higher capacity cranes
India’s leading agriculture equipment maker, Escorts Limited (Escorts) has entered into a Joint Venture (JV) with Japan’s Tadano Group for manufacturing rough terrain (RT) cranes and truck-mounted cranes. Combined investment by both the companies in the JV will be Rs60cr. Escorts will own 49% stake in the JV, while Tadano will own 51% stake.
The JV will leverage the cost-effective frugal Indian engineering excellence of Escorts and world-leading Japanese technology from Tadano to cater to an expanding market for heavier capacity and efficient Truck & RT Cranes and sophisticated truck mounted and RT cranes in the 20 to 80 tonnage category.
Airtel expands strategic partnership with Netflix
Bharti Airtel and Netflix announced an expansion of their partnership in India through which subscribers of select Airtel Postpaid and V-Fiber Home Broadband plans will receive a three-month gift of a Netflix subscription.
Post these three months, these subscribers will be able to pay for their Netflix subscription using their Airtel postpaid or home broadband bill. Existing Netflix subscribers will also be eligible for this gift. Subscribers not eligible for the gift will be able to sign up to Netflix through Airtel's apps and pay for their subscription using their Airtel bill.
Lupin launches generic oral contraceptive
Lupin has launched Drospirenone, Ethinyl Estradiol, Levomefolate Calcium Tablets, and Levomefolate Calcium Tablets, 3 mg, 0.02 mg, 0.451 mg, and 0.451 mg, respectively, on Monday. The company had received an approval from the United States Food and Drug Administration (FDA) earlier.
These are the generic equivalent of Bayer's Beyazs Tablets and are used by women to prevent pregnancy as well as to treat symptoms of premenstrual dysphoric disorder (PMDD) in women who choose to use an oral contraceptive, the company said in a press release on Monday.
Sun Pharma falls on surprise inspection by USFDA
The United States Food and Drug Administration (USFDA) has started a surprise check at Sun Pharma's Halol plant in Gujarat. The company's shares declined ~1% following initial reports.
The site produces multiple dosage forms and was cleared by the USFDA in June, almost three years after a comprehensive remediation process was initiated.
SAIL gains 2% on plans to exit non-performing JV firms
Shares of Steel Authority of India (SAIL) were trading 2% up after a media report said that the company is all set to exit joint ventures that are either non-operational or non-performing.
As per a media report, the company in its annual report has stated that it is exploring options to monetize its investment in certain JV firms.
SAIL has formed JV firms in different segments, including power generation, rail wagon manufacturing, slag cement output, securing coking coal supplies from overseas sources, among others. The non-operating JVs of the company include UEC SAIL Information Technology and Romelt SAIL.
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