IDBI Bank stock fluctuates on report of LIC acquiring stake
Shares of IDBI Bank were oscillating between gains and losses in afternoon trade on Tuesday before closing in the green after CNBC reported that the board of Life Insurance Corporation of India (LIC) will meet on September 4 to consider the acquisition of 36% stake in the bank.
The media report stated that an acquisition agreement between LIC and IDBI is likely to be concluded in the next two months. For now, LIC will effectively hike only 6.9% stake in the bank.
Domestic steel manufacturers to hike prices amid increased input costs
The troubles of a depreciating rupee are spreading and now, the dive in the Indian currency is set to affect the domestic steel manufacturing industry.
The industry is gearing up to hike prices from September to counterbalance the fall in the rupee, the reason behind the rising cost of raw materials, as per media reports.
Moreover, this price rise will close the gap between the price of steel in the domestic and the international markets. Incidentally, Indian steel is 5-8% cheaper than its price abroad. This will obviously add to the Indian manufacturers' pricing advantage while exporting.
Government may sell 5% stake in ONGC
The Centre is likely to sell 5% stake in the country's largest oil exploration & production company ONGC, media reports have claimed. This could be one of the largest disinvestments by the government in the current fiscal and may fetch the exchequer ~Rs11, 300cr, as per media reports.
The government owns 67.45% in ONGC. ONGC had, earlier this year, bought the government’s 51% stake in HPCL for Rs36, 915cr.
Jubilant FoodWorks appoints Kapil Grover as Chief Marketing Officer for Domino’s Pizza
Jubilant FoodWorks Ltd, one of the largest food service companies in the country, announced the appointment of Kapil Grover as Chief Marketing Officer of Domino’s Pizza.
Kapil Grover brings with him a rich experience of 18 years and will be responsible for leading the marketing strategy for the brand.
Lupin receives USFDA approval for Gabapentin tablets
Lupin has received the US health regulator's approval to market Gabapentin tablets USP (600 mg & 800 mg).
"The tablets are used to treat partial seizures and neuropathic pain," the company said in a statement to the exchanges on Tuesday. They are a generic version of Pfizer's Neurontin Tablets (600 mg & 800 mg).
"It is used for the treatment of postherpetic neuralgia in adults and adjunctive therapy in the treatment of partial onset seizures, with and without secondary generalization, in adults and pediatric patients three years and older with epilepsy.
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