Hindustan Unilever (HUL) signed an agreement with Vijaykant Dairy and Food Products Limited (VDFPL) and its group company to acquire its ice cream and frozen desserts business. VDFPL’s ice cream and frozen segment consists of its flagship brand Adityaa Milk including the front end distribution network across geographies. The acquisition amount is not disclosed.
The proposed acquisition is in-line with HUL's strategic intent to strengthen its position in the rapidly growing ice cream and frozen dessert market in India. The transaction is subject to fulfilment of certain conditions and the parties will work together to complete this over the next few months. VDFPL will manage the business until the transaction is completed, and will also continue to manufacture for HUL for an agreed period of time.
HDFC AMC makes a bumper debut; Lists at Rs1,739/share, a premium of 58% to issue price
HDFC AMC Ltd, the second largest AMC in India, made a stellar debut on the stock exchanges today. The company listed at Rs1,739/share, a premium of 58.1% over the issue price of Rs1,100.
HDFC AMC's Rs2,800cr IPO was open from July 25 - July 27, 2018 and the price band for the offer was fixed at Rs1,095-1,100/share.
Ceat to invest Rs2,000cr in new manufacturing plant at Chennai
Ceat, a leading Indian tyremaker, is planning to invest about Rs2,000cr to set up a new manufacturing facility in Chennai over the next 3-5 years, as per media reports. Despite the announcement, the stock was trading down over 1%.
Media reports have added that the first phase of the plant will probably begin in 2019. Reportedly, the enterprise has already acquired a 163-acre parcel of land for the project.
The company currently ships tyres to more than 100 countries.
Indraprastha Gas receives LoI for development of CGD network from PNGRB
Indraprastha Gas Limited (IGL) has received letter of intent dated August 04, 2018 from Petroleum and Natural Gas Regulatory Board (PNGRB) for grant of authorization to the company for development of City Gas Distribution (CGD) network in the Geographical Area (GA) of Meerut (except areas already authorized), Muzaffarnagar & Shamli District, as per press release.
Based upon the bid evaluations, PNGRB in its 79th Board meeting approved issue of Letters of Intent (LoI) to the 18 successful bidders for 48 GA.
Alembic Pharma receives tentative USFDA approval for gLatisse solution
Alembic Pharmaceuticals has received tentative USFDA approval for its Abbreviated New Drug Application (ANDA) for Bimatoprost Ophthalmic Solution, 0.03%. The tentatively approved ANDA is therapeutically equivalent to Allergan’s Latisse ophthalmic solution, 0.03%.
Bimatoprost Ophthalmic Solution is indicated to treat hypotrichosis of the eyelashes by increasing their growth including length, thickness and darkness. According to IQVIA, Bimatoprost Ophthalmic Solution, 0.03% has an estimated market size of $63mn for CY17.
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