Bombay Dyeing rises 5% as board gives nod for closure of subsidiary
Shares of Bombay Dyeing & Manufacturing Company were trading 5% higher on Tuesday after the company board approved a proposal for closure of its subsidiary PT Five Star Textile Indonesia.
"The Company has given its consent by signing the Shareholder's Resolution of its subsidiary in Indonesia, i.e., PT Five Star Textile Indonesia on Dec 17, 2018, for the closure of the same," the company said in a press note after-market hours to the exchanges on Monday.
Glenmark gets USFDA nod for Fluocinolone Acetonide oil
Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for Fluocinolone Acetonide Oil, 0.01% (Ear Drops), a generic version of DermOtic Oil, 0.01% (Ear Drops), of Hill Dermaceuticals, Inc. According to IQVIA sales data for the 12-month period ending October 2018, the DermaOtic Oil,0.01% (Ear Drops) market achieved annual sales of ~$18.1mn. Glenmark current portfolio consists of 146 products authorized for distribution in the US marketplace and 54 ANDAs pending approval with the USFDA.
JLR said to have roped in Boston Consulting Group to bring in GBP2.5bn cost reduction
British luxury carmaker Jaguar Land Rover (JLR) owned by Indiaâ Tata Motors Limited (TML) has charted a turnaround plan worth £2.5bn for saving costs to that extent over next two years. According to media sources, JLR has hired Boston Consulting Group (BCG) to advice on the turnaround plan. Along with the plan, it is also being reported by media sources that JLR could go in for aggressive job cuts to the tune of 5,000. However, this news is not confirmed. The management has targeted £2.5bn of cost, cash, and profit improvements through FY20 led by slashing investments by £500mn each to £4bn in FY19 and FY20, ii) £500mn through inventory rationalization and working capital reduction and iii) £1bn of profit and cost actions.
Tata Steel, thyssenkrupp appoint Goss as CEO for planned JV
Tata Steel in its filing to the exchanges informed that the company with thyssenkrupp has appointed Andreas Goss, currently Chief Executive Officer (CEO) of thyssenkrupp's Steel division, as future Chief Executive Officer of the planned Joint Venture- thyssenkrupp Tata Steel B.V. The announcement was made after market hours on Monday. Tata Steel and thyssenkrupp have signed an agreement in June 2018 to combine their European steel businesses in a 50-50 Joint Venture. The proposed new company will be named as thyssenkrupp Tata Steel B.V, the company said in a press note.
ABB to sell power grid division to Hitachi for ~$7bn
ABB Ltd, in a release to the exchanges after-market hours on Monday, announced that it will sell its power grid business to Japanese conglomerate Hitachi for a consideration of ~$7bn. According to the details of the deal, ABB will sell 80.1% of the division with total enterprise value, including net debt, of $11bn.
ABB will retain the remaining stake and plans to return ~$7.8bn to shareholders through share buyback or other means. However, the company will have the option to sell the 19.1% stake until three months after the completion of this deal. It also mentioned in the release that $500mn of non-operating restructuring charges will be spent in the next two years, the release added.
Shares of Bombay Dyeing & Manufacturing Company were trading 5% higher on Tuesday after the company board approved a proposal for closure of its subsidiary PT Five Star Textile Indonesia.
"The Company has given its consent by signing the Shareholder's Resolution of its subsidiary in Indonesia, i.e., PT Five Star Textile Indonesia on Dec 17, 2018, for the closure of the same," the company said in a press note after-market hours to the exchanges on Monday.
Glenmark gets USFDA nod for Fluocinolone Acetonide oil
Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for Fluocinolone Acetonide Oil, 0.01% (Ear Drops), a generic version of DermOtic Oil, 0.01% (Ear Drops), of Hill Dermaceuticals, Inc. According to IQVIA sales data for the 12-month period ending October 2018, the DermaOtic Oil,0.01% (Ear Drops) market achieved annual sales of ~$18.1mn. Glenmark current portfolio consists of 146 products authorized for distribution in the US marketplace and 54 ANDAs pending approval with the USFDA.
JLR said to have roped in Boston Consulting Group to bring in GBP2.5bn cost reduction
British luxury carmaker Jaguar Land Rover (JLR) owned by Indiaâ Tata Motors Limited (TML) has charted a turnaround plan worth £2.5bn for saving costs to that extent over next two years. According to media sources, JLR has hired Boston Consulting Group (BCG) to advice on the turnaround plan. Along with the plan, it is also being reported by media sources that JLR could go in for aggressive job cuts to the tune of 5,000. However, this news is not confirmed. The management has targeted £2.5bn of cost, cash, and profit improvements through FY20 led by slashing investments by £500mn each to £4bn in FY19 and FY20, ii) £500mn through inventory rationalization and working capital reduction and iii) £1bn of profit and cost actions.
Tata Steel, thyssenkrupp appoint Goss as CEO for planned JV
Tata Steel in its filing to the exchanges informed that the company with thyssenkrupp has appointed Andreas Goss, currently Chief Executive Officer (CEO) of thyssenkrupp's Steel division, as future Chief Executive Officer of the planned Joint Venture- thyssenkrupp Tata Steel B.V. The announcement was made after market hours on Monday. Tata Steel and thyssenkrupp have signed an agreement in June 2018 to combine their European steel businesses in a 50-50 Joint Venture. The proposed new company will be named as thyssenkrupp Tata Steel B.V, the company said in a press note.
ABB to sell power grid division to Hitachi for ~$7bn
ABB Ltd, in a release to the exchanges after-market hours on Monday, announced that it will sell its power grid business to Japanese conglomerate Hitachi for a consideration of ~$7bn. According to the details of the deal, ABB will sell 80.1% of the division with total enterprise value, including net debt, of $11bn.
ABB will retain the remaining stake and plans to return ~$7.8bn to shareholders through share buyback or other means. However, the company will have the option to sell the 19.1% stake until three months after the completion of this deal. It also mentioned in the release that $500mn of non-operating restructuring charges will be spent in the next two years, the release added.
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